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HomeMy WebLinkAboutMinutes - City Council - 08/04/2010City Council 4 August 2010 The South Burlington City Council held a special meeting on Wednesday, August 4, 2010, 5pm in the large conference room at City Hall, 575 Dorset Street Members present: M. Boucher, Chair, S. Dooley, J. Knapp, M. Emery, F. Murray Also present: S. Miller, City Manager, T. Whipple, Chief of Police, J. Rabidoux, Public Works Director, D. Brent, Chief of Fire Dept., K. Dattilio, E. Spooner, C. Follensbee, C. Corbin, M. Lyons, A. Cliff, A. Spencer, L. Murphy, W. Moran, D. O’Rourke, B. Cimonetti 1. Consideration of authorization of stormwater permits for Dorset Farms: The City Manager requested that this item be added to the agenda to ask Council to give him approval to sign on the City’s behalf the Stormwater permits for Dorset Farms. This was approved by Council and will ratify this approval at the Sept. 7th council meeting. 2. Consideration of entering executive session: Mr. Murray moved the Council adjourn and reconvene in executive session to discuss personnel matter and negotiations. Mr. Knapp seconded. Motion passed unanimously. 3. Regular Session: On a motion by Mr. Knapp for council to exited executive session and return to regular session. Ms. Emery seconded. Motion passed unanimously. 4. Discussion of status of South Burlington Retirement Income Plan (Pension Plan) and related issues: The City Manager, Mr. Miller disclosed that the city’s self­funded pension plan is 8.9 million unfunded, 50% of the total obligation. Mr. Miller said this information was discovered a few days after his employment began. At that point, Mr. Miller informed Council of his finding, which Council had no prior knowledge. Mr. Miller noted that the City of South Burlington is legally and morally bound to fulfill our pension obligations to all employees and retirees. An RFP will be sent out on Thursday, August 5th for an audit of the annual financial audits and actuarial reports that are related to the City’s Retirement Income Plan for the current year end, June 30, 2009 and five years preceding. Council is looking to have this audit completed by November. The actuarial vs. the city audit was presented showing that the audit did not show the actuarial underfunding totals. A copy of the actuarial and city audit for fiscal year 2009 will be found on the City’s website. Mr. Boucher stated they are exploring various solutions by looking at cost cutting, new sources of revenue and maybe tax increases. Council is currently looking at a new plan for new non- union employees and current non-union members. Unionized employees have contractual retirement benefits and changes would have to be negotiated, even for new unionized employees. Mr. Cimonetti asked if more than one plan is being considered. Mr. Miller said at this time they have been looking at VMERS. Mr. Cimonetti also asked if they have looked at other pension plans that are comparable to the city’s plan to see how they are performing. Council said they have not but that would be one of their tasks. Ms. Cliff said that the school’s pension fund is also underfunded but the school board is aware of the underfunding and is disclosed in their audit. They have been budgeting additional funds to help make up the underfunding. Mr. Boucher concluded that the Council has begun working on the underfunding and this will take several months to get all the answers about the current pension plan and moving forward to a solution. 5. Consideration of entering executive session: Mr. Murray moved the Council adjourn and reconvene in executive session to discuss personnel matter and negotiations. Ms. Dooley seconded. Motion passed unanimously. 6. Regular Session: Council returned to regular session. As there was no further business Mr. Knapp moved for Council adjournment. Ms. Emery seconded. Motion passed unanimously. Council adjourned at 7pm. ______________________ Clerk Published by ClerkBase ©2019 by Clerkbase. No Claim to Original Government Works.