HomeMy WebLinkAboutSupplemental Information received during meetingdux b� j &(j2, &OC 6V,&� ! ��
Last Council meeting I requested and Mrs. Deaton concurred by asking to place the
following item on the City's agenda.
That the City of Seal Beach establish a 5 year forward budget and projected
balance sheet as a Strategic Objective to be completed by May 101h of 2017
Placing this proposal on the Agenda will allow the City Council members to discuss,
modify and vote on the above objective. Without this being added to the Public
Agenda the Council members are severely limited by the Brown Act as to who,
what, when and how they may speak or communicate on this topic.
I recommend this objective for Four Reasons
• Compliance with County guidelines.
• Increased understanding of the budgeting process
• Improved decision making and operations
• Greater public transparency
In summary, many items that are needed to prepare a 5 year forward budget with
a Projected Balance Sheet are already done on a routine basis. The staff prepares
most of the necessary information in a number of reports and documents during
the year. These include but are not limited to a 5 -year capital improvement
budget, a schedule of Bond Redemption and Interest payments, etc. Outside
agencies, such as CalPERS also provide a number of reports.
If fact t I just received the Current CaIPERS reports for the miscellaneous plan and
it called for $9,323,626 of unfunded liability and $16,486,391 on the Safety Plan.
This is the amount we are underfunded even after paying into the fund for years.
This just catches us up to where we should be. We can pay $9,323,626 now on the
miscellaneous plan to catch up OR we can amortize over 30 years and pay
$20,564,892. Amortizing over a period of time is like either paying cash for a
kitchen repair /improvement to your home OR taking out a home equity loan paid
back with a 7.5% interest over 30 years. On the Safety Plan pay $16,486,391 on
6/30/2017 or finance over 30 years for $36,233,136!
You can see the relevant internal and external reports like these need only be
consolidated on one set of statements. A new or old council member would not
have to wait until the CAFR was complete. They would have search though the
document to find the pension report in the footnotes of the 134 page of our CAFR.
The type of projection I have recommended should give the Council, Residence
and the Employees who we have promised their pension an urgency to address
the choices that must be made. Having this type of report that OC Grand Jury
Recommend could assist all involved. Without it someone could miss a window
that could save the city millions.
Bruce Bennett
9/26/2016
ATION - June 30, 2015
THE CITY OF SEAL BEACH
Current Amortizatlon
Schedule
rl. o Balance Paymei
--'� 6/30/ 2017
6/3012018
6/30/2019
6/30/2020
6/30/2021
6/30/2022
6/30/2023
6/30/2024
6/30/2025
6/30/2026
6/30/2027
6/30/2028
6/30/2029
6/30/2030
6/30/2031
6/30/2082
6/30/2033
6/30/2034
6/30/2035
6/30/2036
6/30/2037
6/30/2038
6/30/2039
6/30/2040
6/30/2041
6/30/2042
6/30/2043
6/30/2044
6/30/2045
6/30/2046
Totals
9,323,626
9,514,076
9,608,494
9,593,516
9,531,943
9,408,985
9,251,669
9,056,665
8,820,369
8,538,884
8,207,998
7,823,156
7,379,438
6,871,527
6,293,682
5,639,703
4,971,753
4,291,904
3,602,537
2,906,374
2,206,509
1,937,762
1,635,831
1,297,837
920,674
645,045
377,070
183,206
74,948
64,928
490,751
597,150
709,490
753,346
808,098
832,341
857,311
883,031
909,522
936,807
964,912
993,859
1,023,675
1,054,385
1,086,017
1,052,184
1,015,343
975,346
932,034
885,246
418,814
431,379
444,320
457,650
332,438
305,119
214,255
117,665
15,087
67,318
Alternate Schedules
20 Year Amortization 15 Year Amortization
Balance
9,323,626
9,292,991
9,238,162
9,156,666
9,045,827
8,902,748
8,724,293
8,507,068
8,247,405
7,941,337
7,584,575
7,172,485
6,700,060
6,161,892
5,552,142
4,864,503
4,092,170
3,227,797
2,263,458
1,190,600
703,984
725,104
746,857
769,263
792,341
816,111
840,594
865,812
891,786
918,540
946,096
974,479
1,003,713
1,033,825
1,064,839
1,096,785
1,129,688
1,163,579
1,198,486
1,234,441
18,916,323
Balance
9,323,526
9,136,734
8,909,240
8,637,301
8,316,764
7,943,136
7,511,564
7,016,805
6,453,195
5,814,619
5,094,473
4,285,628
3,380,392
2,370,463
1,246,886
854,692
880,333
906,743
933,946
961,964
990,823
1,020,547
1,051,164
1,082,699
1,115,180
1,148,635
1,183,094
1,218,587
1,255,145
1,292,799
ia,ovo,oaa
Estimated Savings
1,648,570 4,668,542
Current CaIPERS Board policy prioritizes the order for which lump sum contributions in excess of the required employer
contribution shall be applied. Excess contributions shall first be applied toward payment on the plan's side fund, and any
remainder shall then be applied toward the plan's share of the pool's unfunded accrued liability.
Please contact the plan actuary before making such a payment to ensure that the payment is applied correctly.
Rate Plan belonging to the Miscellaneous Risk Pool
Page 10
W
U
Date
Balance
Payment
6/3012017
16,486,391
886,527
6/30/2018
16,803,699
1,064,928
6/30/2019
16,959,836
1,253,234
6/30/2020
16,932,443
1,335,688
6/30/2021
16,817,506
1,427,644
6/30/2022
16, 598,606
1,470,473
6/30/2023
16,318,883
1,514,587
6/30/2024
15,972,442
1,560,025
6/30/2025
15,552,907
1,606,825
6/30/2026
15,053,383
1,655,030
6/3012027
14,466,415
1,7G4,681
6/30/2028
13,783,945
1,755,822
6/30/2029
12,997,266
1,808,496
6/30/2030
12,096,972
1,862,751
6130/2031
11,072,904
1,918,634
6/30/2032
9,914,090
1,866,192
6/30/2033
8,722,737
1,808,877
6/30/2034
7,501,458
1,746,444
6/30/2035
6,253,316
1,678,637
6/3012036
4,981,867
1,605,190
6/30/2037
3,691,210
693,348
6/30/2038
3,249,173
714,148
6130/2039
2,752,417
735,572
6/30/2040
2,196,190
757,640
6/30/2041
1,575,367
564,215
6/30/2042
1,108,529
516,908
6/30/2043
655,727
366,836
6/30/2044
324,562
207,296
6/30/2045
133,976
37,852
6/30/2046
104,778
108,636
Totals " 36,233,136
n
Alternate Schedules
20 Year Amortization 15 Year Amortization
Balance
Payment
16,486,391
1,244,812
16,432,222
1,282,156
16,335,270
1,320,621
16,191,167
1,360,240
15,995,178
1,401,047
15,742,180
1,443,078
15,426,628
1,486,371
15,042,523
1,530,962
14,583,377
1,576,891
14,042,175
1,624,197
13,411,335
1,672,923
12,682,661
1,723,111
11,847,301
1,774,804
10,895,693
1,828,048
9,817,509
1,882,890
8,601,600
1,939,377
7,235,932
1,997,558
5,707,515
2,057,485
4,002,333
2,119,209
2,105,265
2,182,785
33,448,565
Balance
Payment
16,486,391
1,511,300
16,155,921
1,556,639
15,753,658
1,603,338
15,272,806
1,651,438
14,706,019
1,700,981
14,045,356
1,752,011
13,282,234
1,804,571
12,407,383
1,858,708
11,410,787
1,914,469
10,281,632
1,971,903
9,008,241
2,031,061
7,578,011
2,091,992
5,977,338
2,154,752
4,191,543
2,219,395
2,204,792
2,285,977
28,108,535
Estimated Savings 2,784,571 8,124,601
Current CalPERS Board policy prioritizes the order for which lump sum contributions in excess of the required employer
contribution shall be applied. Excess contributions shall first be applied toward payment on the plan's side fund, and any
remainder shall then be applied toward the plan's share of the pool's unfunded accrued liability.
Please contact the plan actuary before making such a payment to ensure that the payment Is applied correctly.
Rate Plan belonging to the Safety Risk Pool
Page 10
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POLV' Gov,
ITEM R 6A AN N CITY
- rog Mrs vK
City of Seal Beach Accounts Payable
Printed: 09/15/2016 15:43
User:vrodriguez Checks by Date - Detail By Check Date
Detail
Check Amount
Check No: 113833 Check Date: 09115/2016
Vendor: TIM04 Time Warner Cable LLC
280213294/ 9448400280213294 Services9.10to10 -10-16
09/01/2016
629.99
280260410/ 8448400280260410 Services 9- 10to10 -916
09/012016
93.21
Cheek Total:
723.20
Check No: 113834 Check Date: 09 /152016
Vendor: TRA29 Transtech En ineers, Ioc
20162178 Iterim Building an ety vc- u y 016
07/312016
12,607.50
20162177 Iterim Building and Safety Svc -July 2016
07/31/2016
6,685.28
Cbeck Total:
9,292. 8
RESOLUTION 6384: Section 3
Pursuant to the authority conferred by Section 420 of the City Charter
the City Council hereby authorizes the City Manager to bind the City
with or without a written contract for the acquisition of equipment
materials, supplies, labor,services, or other items included within the
budget approved by the City Council up to an amount for each
acquisition equal to the bidding threshold amount for public works
rp ojects then applicable under Section 1010 of the Charter [Currentl
$28,797 per Resolution 64051.
Check No: 113844 Check Date: 09/162016
Vendor: CI748 SBSPA
PR Batch 19 9 2016 SBSPA Dues (CEA) 09/13/2016 219.26
Check Total: 219.26
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