Attend in person, 2212 Beach Boulevard, 2nd floor. Or, view on local television or live feed Pacificcoast.TV, (formerly pct26.com). If you miss civic meetings, view on PCT 26 You Tube! The city council meeting begins at 7 p.m., or shortly there following. City council updates and archives are available on the City website.
Closed session. None.
Open Session, 7:00 p.m. Call to order, roll call, salute to flag, closed session report.
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| Item 8. Goodbye this time to the 320 Esplanade apartment building |
Special Presentations, Proclamation: Sports Hall of Fame.
Consent Calendar
1. Approve financial disbursements (Finance department), 2/3/16 - 2/12/16.
2. Approve Minutes (City Clerk), 2/8/16.
3. Proclamation
Confirming Existence of Local Emergency of the Pacifica Coastline from
Westline Drive to the End of Beach Boulevard, (City Council meeting, 1/25/16). Report. 1) Proclamation, 1/22/16. 2) Update photographs, 2/16.16.
4. Adopt the Community Choice Aggregation Program, Peninsula Clean Energy, (second reading). Report/ordinance.
5. Approval of the engineering design services (Cotton, Shires and Associates) for Milagra Creek Outfall repair, $45,000, Fund 30 Excess ERAF.
6. Adopt Finance Department cash flow Interfund Loan policy. Report. Administrative policy,
includes a) identified purpose, repayment source, date, b) documentation requirements.
7. Comprehensive Annual Financial Report (CAFR), 2014-15, year ending 6/30/15. (Maze and Associates, Government Accounting Standards (GASB 68) audit). Report. Attachments (7).
Communications - Public Oral, Council, Staff.
Public Hearings
8. Appeal of Planning Commission approval to demolish apartment building, 320 Esplanade Drive (APN 009-413-020), coastal development permit, (CDP-361-15). The building was condemned by the City in 2010 due to unsafe conditions. Report. Note: the recommend action states, "No action required. Appellant has withdrawn his appeal." City Council appropriated $400,000 from Fund 30 Excess ERAF Fund, 12/19/15.
Consideration
9. Updated report regarding the Marijuana Cultivation Interim Urgency Ordinance, adopted by the City 1/11/16. Report.
Adjourn.
Note photograph from San Francisco Chronicle/SF Gate/Carolyn Jones, 1/25/10, "Spectators riveted as Pacifica buildings teeter. Storms' impact."
Posted by Kathy Meeh
10 comments:
Item 7 on the consent calendar the Comprehensive Annual Financial Report (CAFR) for the first time is reporting The City of Pacifica's full current pension obligation a staggering 27.5 million dollars. This is a number that will only grow as more employees retire. It is hard to believe that this data has never before included in the CAFR. How can the City Council make sound budgetary decisions without knowing what the is owed and must be set aside for the future?
Anybody bother to read #7? Are we bankrupt? Sure looks like it.
Tom it looks like we have a total pension liability of $83 million dollars if you look at note 15c
Wait a minute Tom are you saying our pension obligation is going up?
Isn't this impossible we funded bonds to pay these down early so we wouldn't have to worry?
I believe that the bonds you are talking about were to pay for obligations we already
owed to Calpers. The City had been paying the minimum amount that Calpers billed an when the housing/stock market crash happen Calpers, not have a return on investment but a loss, billed all its members for the money it needed to pay pensioners.
The City later refinanced that bond and we are now paying off the refinanced amount with an inter-fund loan from the sewer maintenance fund.
The shot answer to your question is yes the City's pension obligation goes up each year as more people retire at higher & higher wages.
What is new is that CARF is now reflecting the impact on the City,s bottom line of the pension obligation.
Glad to see some people are finally waking up here. All levels of government (i.e., Fed, state and local) have been hiding our pension obligations/debt so that we don't know how bad things have really gotten and we will keep re-electing/employing them. When politicians talk about balanced budgets/surpluses, they are not talking about pension obligations. These can be found under the category of "unfunded liabilities". At the federal level, unfunded liabilities are in the trillions. Locally, I am certain it is in the tens of millions. This is REAL debt, not fantasy stuff. We are financing this debt with more debt - i.e., bonds. This is a Ponzi scheme that can only end badly. Welcome to "Finances, public sector style".
Oh what the hell folks. It's not like we can do anything about that debt. It's out in the open now. That's transparency! So let's move forward and just build us a shiny new library, slap some names on a plaque and call it a day. Because we deserve it and it'll feel so good.
It's not like the City hasn't been carrying considerable debt for about 15 years. And the unfunded City employee pension debt was $20-23 million 10+ years ago, so the current $27.5 million is no surprise either. 10 years ago, City debt was about $100-130 million (as I recall).
Nothing new about City infrastructure and revenue deficiencies. We live with those deficiencies. And in that regard, Nimbies on and off City Council have done this City no favors.
If these same Nimbies cause City default through their long-term actions, and probable strategic intentions, you may again thank them. Nimbies are the anti-City "gift that keeps on giving".
It's commies like John Keener that conspire to keep our city in debt with their free teacher housing and rent control programs!
634 It's throwbacks like you who provide the big laughs. And, at 634AM! Clearly, a morning person.
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