1998_0622_packet - Laserfiche WebLink

Home

Date:REQUEST FOR COUNCIL ACTION Item To.: j—1 Department Approval: Manager Reviewed Agenda Section Dep lip Ordinances Relief Associ 5 ation Fulfillment of Fiscal Improvement Measures Item Description: Fire Background During the past several ears, the City has been concerned with the lack of market returns in the fur � � �' Firefighter p program.ro a.m. Two independent advisor studies and an evaluation of state-wide retirement lans b the Legislative Commission on Pensions verified concern, ed the City's conce To � y i protect the interests of the pensioners and the city's taxpayers, the City Council placed two conditions` i of fiscal improvement on a request for increased pension benefits from the Fire belief � Association as detailed in Resolution 9486 and amended by Resolution 9547. Those fiscal improvembnt measures were: 1. Implementation of an up-to-date investment policy. 2. Consolidation of all the Board's investments into the Minnesota State Board of Investment. The Rosevi lle Fire Relief Association has completed implementing the fiscal measures and those been veered b the attached Resolution 98-01 of the Association including the back-up moons have y documentation showing the funds having been moved. investment policy is currently being printed and copies be available at the ounce The revised p y meeting. Financial Implications The necessary financing has been included in the 1998 budget. Staff Recommendations ` Relief Association is discussing the possibility of securing an investment advisor. Because The Fire assuring a responsive Board of Trustees to investment concerns and the members of the nature � P best interest, staff recommends that the Council not consider any further investment changes from Board of Investment b the Trustees, until the year o01. This consideration will provide the Mate y � . k record of full ears of operations and will allow for sufficient data for future decision- s track y p m ng.