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HomeMy WebLinkAboutReso - CC - 121-2018RESOLUTION NO. l2l - 2018 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGATTIE APPROVING THE CITY'S RESPONSE TO THE SAN TATEO COUNTY CtVtL GRAND JURY REPORT: .SOARING CITY PENSION COSTS - IME FOR HARD CHOICES" WHEREAS, lhe 20'17-2018 San Mateo County Civil Grand Jury released a report entitled, "Soaring City Pension Costs - Time for Hard Choices' on July '17, 2018; and WHEREAS, the report concludes that there are a number of options to consider in addressing these rising pension costs; and - WHEREAS, the Grand Jury has recommended that each city report, communicate, and publicly discuss these options, and develop a financial plan to address rising pension costs; and WHEREAS, the City Council has received the proposed draft response letter attached hereto as Exhibit A. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME RESOLVES ANO ORDERS AS FOLLOWS: That the letter in response to the San Mateo County Grand Jury Report, "Soaring City Pension Costs - Time for Hard Choices' is approved, and the Mayor is authorized to sign and convey said letter on behalf of the City. Michael B l, Meaghan Hassel-Shearer, City Clerk of the City of Burlingame, certify that the foregoing Resolution was introduced at a regular meeting of the City Council held on the 17h day of September, 2018 and was adopted thereafter by the following vote: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, KEIGHRAN, ORTIZ COUNCILMEMBERS: NONE COUNCILMEMBERS: NONE M AYES: NOES: ABSENT: eaghan l-Shearer, City Clerk WHEREAS, the report summarizes the impacl of recent changes in CaIPERS actuarial assumptions on the funding status of municipal pension obligations, which result in rising pension costs for cities within the county of San Mateo; and