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HomeMy WebLinkAboutMinutes - City Council - 12/05/2011CITY COUNCIL 5 DECEMBER 2011 The South Burlington City Council held a regular meeting on Monday, at 7:40 p.m., in the Conference Room, City Hall, 575 Dorset St. Members Present: S. Dooley, Chair; M. Emery, J. Knapp, P. Engels, R. Greco Also Present: S. Miller, City Manager; R. Rusten, Assistant City Manager; M. Young, S. Dopp, B. Stuono, M. Griffin, J. Biondo 1. Agenda Review: No changes were made to the Agenda. 2. Comments & questions from the audience not related to agenda items: No issues were raised. 3. Announcements & City Manager’s Report: Mr. Engels: Met with the Pension Advisory Committee this afternoon along with the representatives from Prudential. Things are going very well. Ms. Greco: Attended the Planning Commission meeting. Ms. Dooley: Participated in the Channel 17 panel with Ms. Greco to speak about the ballot items. Also spoke about this at the Rotary Club. Also met with Nancy Simpson of the Library Board regarding strategic planning. Mr. Miller: Noted the resignation of Susan Resnick from the Library Board of Trustees. The City’s Paramedics will graduate on 12 December at a ceremony at UVM Mr. Miller will attend. Mr. Rabidoux is working on a space needs analysis which may involve relocating some offices on the second floor. There will be an assessment of whether there is a continuing mold problem before any action is taken to be sure it is safe for everyone. 4. Presentation of South Burlington Pension Funding & Investments with Prudential: Ms. Griffin reviewed the Asset Allocation Report as of 30 September 2011. She stressed that the figures indicate the volatility of the market, both here and abroad and cited figures ranging from -10.43 in September to -2.94 in October. The 3-year return is +5.12, and the 10-year return is +4.85. Total assets are $19,641,493. This is an increase from $11,660,427 a year ago. Ms. Griffin recommended staying with the city’s long term strategy. Ms. Griffin then directed attention to the chart of Assets vs. Liability Growth. She noted the actuarial value of assets if $22,140,718. The funding target is $20,777,281, which results in a funded percentage of 106.56%. The recommendation is to retain the current equity allocation. Mr. Miller said the city has a policy for how investment allocations would occur. He stressed that the city is in a radically different position now than a year ago. He felt that having the committee set up to include the bargaining units was valuable. 5. Review Draft of Council Meetings Schedule for FY13 Budget Discussions and Regular Meetings in January through March election: Members reviewed the schedule. They agreed to hold budget meetings at 7 p.m. and regular meetings at 7:30 p.m. They also set a joint meeting with the School Board for 25 January at 6 p.m., prior to the School Board meeting at the Middle School. 6. Consider Approval of Capital Equipment Refunding Notes and Resolutions for: Highway Loader, Dump Truck and Trackless Sidewalk Plow: Mr. Miller noted the note is at 2.4% and the final year of a 3-year note. Ms. Emery moved to approve the Refunding notes and accompanying resolutions as present. Mr. Knapp seconded. Motion passed unanimously. 7. Minutes of 21 November 2011: It was noted that in the second paragraph under item 12 on p. 3, the word “not” should be inserted before the word “proposed” in the first sentence. On p. 5, the name “Mike Smith’ was corrected to “Ron Smith.” Ms. Emery moved to approve the Minutes of 21 November 2011 as amended. Mr. Engels seconded. Motion passed unanimously. 8. Sign Disbursement Orders: Disbursement Orders were signed. 9. Executive session: Mr. Knapp moved that the Council meet in executive session to discuss personnel, contract negotiations, real property transactions, and litigation and to resume regular session only for the purpose of adjournment. Ms. Emery seconded. Motion passed unanimously. 10. Regular Session: Council returned to regular session. As there was no further business Mr. Knapp moved for Council adjournment. Ms. Dooley seconded. Motion passed unanimously. Council adjourned. ________________ Clerk Published by ClerkBase ©2019 by Clerkbase. No Claim to Original Government Works.