Minutes

Finance Committee - 4/4/2018 Page 10

Alderman O’Brien

Yes thank you Mr. Mayor. | just want to say that as the liaison to the BPW pension board you are again pretty
accurate. We are in the mid-80’s in the funding and everything is going well with that, we have a great Board
as Mr. Griffin can say. We mostly work with Mr. Fredette, what is the company? But they are great advisors
and we meet monthly and we are meeting all the obligations. So it’s going very good on that end.

Mayor Donchess

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Mr. McIntire

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Alderman O’Brien

And if | may Mr. Mayor, to me it is a dangerous situation where eventually you are going to be last person
receiving the old style benefit and then you have a whole bunch of people who basically had a lot taken away
from them. It’s going to be difficult as it goes on into the future.

Alderwoman Kelly

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Mayor Donchess

What was it as of June 30, 2015 do you still have that?
Mr. McIntire

| do. It’s also on Page 130. There are three years there and that is how long these new accounting standards
have been present. As of June 30, 2016 it was slightly more than 65%.

Mayor Donchess
As of June 30, 2015?

Mr. McIntire

Yes.

Mayor Donchess

That’s a little depressing.
Mr. McIntire

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Alderman Laws

Thank you for that. | was wondering if there is a relationship between the pension liability on Page 32 and the
unassigned fund balance, if that is going to change over time. | mean is the pension liability going to increase
in the coming years? Is that something we should be concerned about? And does that mean that we have to
counteract how much the pension goes up by increasing the amount that we have in the unassigned fund?

Mr. McIntire

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on. Previously, it was probably disclosed on or around Page 100, it was kind of buried in the footnotes of your
financial statements.

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REPORT OF THE FINANCE COMMITTEE

APRIL 4, 2018

A meeting of the Finance Committee was held on Wednesday, April 4, 2018, at 7:00 p.m. in the Aldermanic
Chamber.

Mayor Jim Donchess, Chairman, presided.

Members of the Committee present: Alderman Michael B. O’Brien, Vice Chair
Alderwoman-at-Large Shoshanna Kelly
Alderman-at-Large Brandon Michael Laws
Alderman Patricia Klee
Alderman June M. Caron
Alderman Linda Harriott-Gathright
Alderman Ken Gidge
Alderman Jan Schmidt