Thursday, February 25, 2016

Reminder City Council goal setting study sessions, 2/26 and 2/27, 2016

Image result for goal setting picture
Impossible can happen when planned
City of Pacifica/City Council Agenda, "Council retreat and goal setting session."

Location:  Pacifica Police Station, 2075 Coast Highway, Pacifica.

Time:  Friday, 2/26/16. 3 p.m. - 8 p.m.  And, Saturday, 2/27/16. 8:00 a.m.- 5 p.m.

If you're interested in attending some of these sessions-- at City Council meeting 2/22/16, City Manager Lorie Tinfow mentioned that the Saturday session, 2/27/16, would likely be more productive for the public.

Note photograph/graphic from Meeting professionals international.

Posted by Kathy Meeh


Anonymous said...

City Council should immediately require staff to produce twice a year pension obligation reports.

Anonymous said...

914, we're already eight months into the 2016 annual report, it wouldn't surprise me if we've got another $8-15 million in pension obligations on deck and already incurred they'll try to hide from us for another year.

Kathy Meeh said...

914, 1018 City benefits and pensions are disclosed as part of the fiscal year City budgetary process, and the follow-up Comprehensive Annual Financial Report. See CAFRA fiscal year audit (see City Council meeting, 2/22/16, Item 6.

This process occurs each and every year, and various employee contracts (including union contracts) occur periodically or during the year.
And since budgets and CAFR reports are government process, this information is NOT hidden from the public-- never has been.

The City Council meeting 2/22/16 (PCT26 video) where the CAFR report, including pension obligations, was discussed is here. The meeting is 1:54 minutes, but the first item discussed was the CAFRA report.

Anonymous said...

So Digre, Ervin, Keener, Nihart and O'Neill have known that we're bankrupt since June and no one said anything?

Kathy Meeh said...

12:45, the anonymous comment you seem to be propagating is still a lie, that's why no one but you (and possibly your Gang of No) is hearing or talking about it.

The City has carried a weak balance sheet for years, nothing new. Financial improvement is needed, so you'll be supporting the path to sustainable economic development, right?

Anonymous said...

Kathy, what does a weak balance sheet mean?
Your link shows we have an A credit rating that's the absolute top, right?

I listened to Lorenzo Hines and if he is right I say we have nothing to worry about.

Kathy Meeh said...

You're right, the City has an A credit rating. At the same time, the City borrows a lot of money from itself in order to stay solvent, provide necessary improvements, and continue that "A" financial rating.

The City general fund is #20, the weakest in San Mateo County (of 20 cities), and that has been the case for many years.
In contrast to your "why worry" comment, moving into the future, and in terms of aging infrastructure integrity, this City has everything "to worry about".

Anonymous said...

1:45pm, an A credit rating is not the absolute top, it's the third level. There is one level below A where you can still borrow money.

This year as a city, the difference between a AAA and A credit rating when you borrow money is about 3%.

If a AAA city can borrow money at 4%, an single A rated city can borrow money at 7%.

The higher the interest rate, the longer it takes to pay off, so our very weak balance sheet makes every project we borrow money more expensive to complete.

Thomas Clifford said...

With all due respect to Mr.Hines Pacifica is not fine.

1. Calpers actuaries (Cheiron & EFI Actuaries) demanded that the State increase their pension plan fund from their planned +2 percent a year increase to off set for inflation to +10 percent for each year to address under-funding. On a compounded basis through 2020. Calpers payments will jump from +12 percent(5.3 billion to +61 percent 7.25 percent.

2. Even if the City gets the $29. million For damage repairs from the State we will be expected to cover 10% of those cost or 2.9 million.

As I see it the pension crisis has finally hit,and it will devour our very weak budget.

Thomas Clifford said...

That should read Calpers payments will jump from +12 percent($3.7 billion) to +61 percent ($7.25 Billion),over the next four years.

Anonymous said...

Not to worry, our fab new senior city staffers will absolutely keep grinning while Pacifica becomes a failed city. One day we'll all awake to news that we're no longer a city. News delivered with a smile.

Anonymous said...

Kathy, what would the long term effects of paying down an additional $5 million in pension obligation debt in 2016?

Would it help our credit rating?
Would it benefit us long term?
Or is this not something we should even worry about?