Create policy to use half of surplus money for retiree health costs
In Plain English
The city owes money for retired employee health benefits but has not set aside enough to cover these costs. This policy would automatically put half of any unexpected revenue or leftover budget money toward reducing this debt. If approved, the city builds a dedicated fund to pay future retiree health costs instead of using general funds.
Auto-generated summary. Source: official agenda documents.
Votes
To adopt a policy of placing into trust half of any one time revenues and half of any year-end surplus in excess of the City's minimum reserve policy (7%) in paying down the City's unfunded liability for retired employee health costs (OPEB obligations)
5 to 1
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