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WORK STUDY SESSION <br />WS -1. STAFF PRESENTATION OF THE FOLLOWING: <br />• FISCAL YEAR 2017-18 MID -YEAR BUDGET REVIEW, <br />• FIVE (5) YEAR FORECAST, <br />• FISCAL YEAR 2018-19 PRELIMINARY BUDGET, AND <br />• DISCUSSION AND DIRECTION REGARDING CALIFORNIA PUBLIC <br />EMPLOYEES' RETIREMENT SYSTEM (PERS) <br />AGENDA <br />• City Manager Overview / Governing Principles. <br />• Pension Overview <br />• FY 2017-18 Adopted General Fund Balance <br />• FY 2017-18 General Fund Mid -Year Report <br />• Preliminary FY 2018-19 General Fund Budget <br />• Five -Year General Fund Forecast <br />GOVERNING PRINCIPLES <br />• Be transparent and honest about the problem <br />• Use a comprehensive approach for all funds <br />• Establish a vision, develop a budget that promotes long term <br />sustainability, implement best practices and utilize a combination of <br />cost reductions and revenue increases. <br />• Use a multi-year approach to achieve financial sustainability <br />• Identify core services and focus on funding core services <br />• Provide clear vision and direction from leadership <br />• Engage in a collaborative approach <br />PENSION OVERVIEW <br />• Current Overview & Funding History <br />• Impacts to Unfunded PERS Liability <br />• Impacts to City Budget <br />• League of California Cities Study & Findings on Retirement System <br />Sustainability <br />• Strategies to Address Rising Pension Costs <br />CURRENT OVERVIEW <br />CaIPERS Fund <br />• History of CalPERS <br />1932: <br />1947: <br />1998: <br />Established as State retirement system <br />City entered into CaIPERS <br />"Golden Age" CalPERS peak!! <br />• 95% of statewide Miscellaneous employees <br />were on 2% at 60 Plan <br />• 50% of statewide Safety employees had the <br />2.5% at 55 Plan <br />Employer Contribution Rates <br />CITY COUNCIL MINUTES 3 FEBRUARY 5, 2018 <br />