City Council Minutes 1982 07 20 - Laserfiche WebLink

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POLICE PENSION - AUTHORIZE ACTUARIAL STUDY Mayor Meier AUTHORIZATION APPROVED CHEMICALS AWARD BIDS AUTHORIZATION APPROVED COAL CREEK WATER STANDARDS 7/20/82 Page -9- Administrator ~.Jurl advised in several of the past audits, the auditors recommended that the City hire a firm to do an actuarial study of the Police Pension Fund as to the City's responsibilities. Inquired if the study would make recommenda- tions to make this fund solvent or self- supporting; what will be the end result of the actuarial study; will it tell us if we have any liabilities? Wurl advised that it would not; it would tell what the City's responsibilities are and what the problems are. Administrator Wurl to inform Council how this fund will be augmented. Wurl explained that our Police Dept. did not contribute to the fund and were funded wholly from the State. Eventually the State quit funding the Police Pension to the cities tha.t were not participating and in the meantime a retiree was added to the expenditures; consequently by December 31, 1982 the fund will be fully expended. Councilman Fauson moved, Councilman seconded that Alexander & Alexander authorized to do the Police Pension study. Question called for. All in favor. carried unanim.ously. Ferrera Co. be actuarial Motion Each councilmember had,)a copy of tnebids. Recommendation was to award bid to the lowest bidders. Councilman Cussen moved, Councilman Leary seconded that the low bidders be awarded the chemical bids as recommended. Question called for. All in favor. Motion carried unanimously. Administrator Wurl advised the State still has not issued our permit, but should do so this week. DRCOG will hold a meeting with the cities in the basin, in the Conference Room on Monday, July 26, 1982 and after this meeting and having received our permit a fur- ther report v;rill be made to Council.