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RPVCCA_CC_SR_2015_04_07_03_FY15-16_Budget_Policy_IssuesWR ER on ►r,,r= ,T• - ,1!I_ IqRANCHO PALOS VERDES TO: HONORABLE MAYOR & CITY COUNCIL MEMBERS FROM: KATHRYN DOWNS, ACTING DIRECTOR OF FINANCE DATE: APRIL 7, 2015 SUBJECT: FY15-16 BUDGET POLICY ISSUES , ,, 9 REVIEWED: DOUG WILLMORE, CITY MANAGERONv RECOMMENDATION 1. Provide direction to Staff for each of the FY15-16 Budget Policy Issues; 2. Re -affirm prior direction or provide alternative direction regarding the service level expenditures that should be placed on the Menu for the City Council's Hybrid Zero - Based Budget exercise tentatively scheduled for May 5, 2015. DISCUSSION The City Council's 2014 Goals & Priorities are listed below. Staff has identified a number of Budget Policy Issues that support these goals (see Attachment A). ➢ Public Safety and Traffic Control ➢ Infrastructure ➢ Citizen Involvement and Public Outreach ➢ Government Efficiency, Accountability, Oversight ➢ Parks and Recreation Programs ➢ Intergovernmental Issues Budget Process and Timeline Fiscal Control, Transparency and The City's Hybrid Zero -Based Budget process is exhibited below. The Baseline budget is comprised of expenditures that meet certain criteria; which have not been selected for inclusion on the Menu, as described below. FY15-16 BUDGET POLICY ISSUES April 7, 2015 Page 2 of 3 BASELINE MENU Non -Discretionary Certain Current Revenue Generating Service Levels Current Service Levels Discretionary Full Staffing Capital Funding sss�± Previously, City Council direction for General Fund expenditures to be included on the Menu has been: 1. Expenditures increasing more than 5% and $25,000 from the prior year; 2. Discretionary expenditures; 3. Increases of service levels (including new mandates); 4. Expenditures of $250,000 or more; and 5. Proposals to support City Council Goals. Staff requests the City Council to either affirm the methodology, or provide alternative direction for expenditures to be placed on the Menu. Staff presents the Baseline budget to the City Council, along with the Menu of expenditures from which the City Council builds the draft General Fund expenditure budget. The results of the City Council's Menu exercise will be integrated into the draft FY15-16 Budget and presented to City Council for full document review, along with the draft 2015 Five -Year Financial Model and the draft 2015 Five -Year Capital Improvement Plan. After the full document review, the City Council will conduct a public hearing to consider adoption of the FY15-16 budget. APRIL 7 MAY 5 JUNE 2 JUNE 16 Budget PolicyMenu Review Draft Adopt Budget Issues Exercise Budget General Fund Expenditure List A list of General Fund expenditures is included with this Staff Report (see Attachment B). The list includes 3 years of history, plus the FY14-15 budget (as adjusted at Midyear). Expenditures have been categorized as follows. PAI FY15-16 BUDGET POLICY ISSUES April 7, 2015 Page 3 of 3 Requirement Frequency Non -Discretionary Recurring Revenue Generating One -Time Service Level Discretionary The City Council may choose to use the list to identify expenditures that should be included in the Menu Exercise on May 5t" Budget Policy Issues The following budget policy issues are presented for City Council consideration. Staff requests direction from the City Council on these topics before preparation of the draft FY15-16 budget. Narratives for each Issue are attached to this Report (see Attachment A). 1. Human Resources Analyst 2. RPVTV Staffing 3. Paydown Unfunded Employee Pension Liability 4. Automated License Plate Recognition System 5. Neighborhood Traffic Calming 6. Abalone Cove Sewer District Subsidy 7. Funding of Annual Residential Street Rehabilitation Project 8. Building Replacement Funding 9. Hesse Park Improvements Attachments - A — Budget Policy Issue Narratives (page 4) Exhibit 1 — Memorandum from Finance Advisory Committee, Unfunded Employee Pension Liability (page 16) B — List of General Fund Expenditures (page 33) 3 BUDGET POLICY ISSUE NARRATIVES Attachment A Page 1 of 12 RECLASSIFY THE HUMAN RESOURCES INTERN POSITION TO A HUMAN RESOURCES ANALYST - Supports 2014 City Council Goal of Government Efficiency, Accountability, Fiscal Control, Transparency and Oversight At the June 3, 2014 meeting, the City Council approved the creation of a full-time Council Liaison position and incorporated it into the FY14-15 Budget. The position was budgeted at the same salary range as an Administrative Analyst ($4,886 to $6,346 per month). Subsequently, a recruitment was completed, but on July 22, 2014, Council directed Staff to not fill the position until the new City Manager was on board to determine the scope of work and duties of the position. Since September 2013, the City has used a part-time Human Resources Intern to assist the Human Resources Manager/Risk Manager with a variety of personnel and loss prevention tasks. Administrative support for the City Council members is primarily provided by the Executive Assistant in the City Manager's Office, with additional support provided by the Deputy City Manager, a Senior Administrative Analyst and the Human Resources Intern. On March 3, 2014, the City Council received and filed the Koff & Associates' Classification and Compensation Study, which recommended reclassification of the Human Resources Intern position to a Human Resources Analyst. In order to implement the consultant's recommendation, Staff proposes to reclassify the previously approved and funded Council Liaison position to a Human Resources Analyst starting in FY15-16. The Human Resources Intern position would not be included in next year's budget. Job assignments for the Human Resources Analyst would include, but not be limited to, implementing the recommendations of the Classification and Compensation Study; assisting with job recruitments; research and analysis of personnel policies and programs; coordination of special events and projects; and, employee training and development. The Human Resources Analyst would report to the Human Resources Manager/Risk Manager. While the position would be involved in all aspects of human resources support, the position would also be available for additional assignments and projects to assist other City Administration and Executive Management staff. Due to the nature of the tasks typically performed by a Human Resources Analyst, it is recommended that the position be designated as confidential, at-will and FLSA exempt. Based on the analysis in Koff's Classification and Compensation Study, the salary range for the position should be equivalent to that of an Administrative Analyst II ($4,886 to $7,341 per month) The following options were identified by Staff: 1. The City could retain the Council Liaison position in the draft FY15-16 Budget. El BUDGET POLICY ISSUE NARRATIVES Attachment A Page 2 of 12 2. Remove the full-time position from the draft FY15-16 Budget, and do not reclassify the Human Resources Intern position. The existing salary range for the Council Liaison position is equivalent to that of an Administrative Analyst. The top of the monthly range for the Administrative Analyst is $6,346, while the top of the monthly range for an Administrative Analyst II is $7,341. Therefore, substituting the Council Liaison position for a Human Resources Analyst could require as much as a $995 increase per month in the budget, or $11,940 annually, depending on where the individual hired for the position falls within the salary range, based on their experience and qualifications. Funding for the position would come from the City's General fund — Personnel Program. However, funding for the Human Resources Intern would be omitted from the FY15-16 Budget, resulting in an overall savings in the budgeted personnel costs compared to FY14-15. Proposed Budget Policy Decision Shall the City reclassify the Council Liaison position to Human Resources Analyst as recommended in Koff & Associates' Classification and Compensation Study? The increase in Personnel costs to fund this reclassification would be partially offset by removing the Human Resources Intern position from the FY15-16 Budget. RPVTV STAFFING - Supports 2014 City Council Goals of Citizen Involvement and Public Outreach, and Government Efficiency, Accountability, Fiscal Control, Transparency and Oversight The 2000 Cable Television Franchise Agreement ("Agreement") between the City and Cox Communications ("Cox") continued a Government Access Channel which had been in place for many years under the prior franchise agreement with Times Mirror. Government Access Channel 35 is shared among three of the Peninsula cities (Rolling Hills does not participate) and is used primarily to broadcast City Council and Planning Commission meetings, as well as some legacy community- based programming, and hosts a reader board for posting public meeting agendas and other government announcements. The Agreement also provided the City with the option of creating an Educational Access Channel. The City exercised this option in 2004, establishing its own cable television studio at City Hall and officially launching Educational Access Channel 33 on August 27, 2005. Channel 33, which later became known as RPVty, was initially operated on a volunteer basis, first through a collaboration between Palos Verdes on the Net and a resident volunteer Studio Manager, and then by the volunteer manager with the assistance of volunteer cable interns. After operating under this model for a few years, the activities of the channel grew significantly. On January 27, 2007, the City Council decided to move oversight of 5 BUDGET POLICY ISSUE NARRATIVES Attachment A Page 3 of 12 the cable studio operations to the City Manager's Office. Ultimately, a new structure was adopted where the channel was managed by a contract Cable Studio Manager and a combination of part-time and contract producers (program development and talent) and contract technicians (camera operators, editors, etc.). RPVty has successfully operated and continued to grow under this structure for the last eight years, consistently providing a variety of local origination programming for the community, including RPV City Talk, Peninsula Beat, public service announcements, special event coverage, rebroadcasting City Council and Planning Commission meetings, and hosting a community bulletin board highlighting local events. The Franchise Agreement with Cox is scheduled to expire on October 16, 2015. However, California's Digital Infrastructure Competition Act ("Act"), which was passed in 2006, allows video service providers to apply for franchise agreements from the state, thus bypassing the prior local franchise process. Although Cox obtained a state franchise in November 2011, the Act required the company to continue providing "grandfathered" services to the City until the expiration of the local agreement. In the City's case, these services include Cox's videotaping City Council and Planning Commission meetings and providing complementary cable service to public buildings (City Hall, Hesse Park and the Ladera Linda Community Center). After the expiration of the City's local franchise agreement, Cox will still be required to pay a 5% Franchise Fee to the City and to broadcast the Government and Educational Access Channels over its network. The City will be required to support the broadcasting of local meeting and will be charged for cable service to public buildings. Considering the growth of RPVty since its inception nearly 10 years ago and the fact that the Agreement with Cox set to expire this fall, now is a good time to consider RPVtv's operating structure and capabilities, and to determine what direction the City Council would like to take concerning this City program in the future. The FY14-15 Operating Budget for RPVty is $168,600. Based on the current operating model, the majority of this amount ($103,000) is for Professional/Technical Services, such as the contract Station Manager, producers and technical consultants. The Station Manager is currently scheduled to work approximately 32 hours per week and maintains other contracts outside of his service to the City. However, based on the current workload and the number of projects and requests that must be turned down in order to stay within the current budget, there appears to be a reasonable need for a full-time position. The Station Manager has worked independently for the last 8 years with light oversight provided by the City Manager's Office, which is appropriate given the fact that the Station Manager is a contract position, However, the position also supervises the part-time and other contract personnel working at RPVty and manages the student intern program, X • BUDGET POLICY ISSUE NARRATIVES Attachment A Page 4 of 12 which is not standard and should be corrected. Added to this will be the additional responsibility of videotaping City Council and Planning Commission meetings once the Agreement with Cox expires in October 2015. Lastly, the adopted policies and procedures for the Cable Studio date back to its inception as a volunteer -run enterprise and need to be thoroughly reviewed and updated to reflect the current operation of RPVty. Given all of these factors, Staff believes that it would be appropriate to bring the functions of the Station Manager in-house. The following cities have positions similar to the proposed RPVty Station Manager position: City of Calabasas - Media Operations Director ($124,525 - $155,515 per year) 2. City of EI Segundo — Community Cable Program Manager ($103,010 - $122,106 per year) 3. City of Torrance - Cable and Community Relations Manager ($108,389 - $139,578 per year) If the City Council wishes to proceed with further exploration of this proposal, Staff can conduct additional research prior to the presentation of the Draft FY15-16 Budget to the Council in May 2015. However, based on the experience and qualifications that would be expected for the position in Rancho Palos Verdes, Staff anticipates a salary range of $80,000 to $120,000. Further, due to the level of responsibility and nature of the tasks typically performed by a Station Manager, it is recommended that the position be designated as an at -will and FLSA exempt management position. Converting the Station Manager position from a part-time contract to an in-house full-time position will increase the personnel costs for the program by approximately $86,000, including benefits. However, it would also reduce the budget for Professional/Technical Services by approximately $56,000. Therefore, the actual increase in the program budget would be approximately $30,000. However, it should be noted that adding a full-time position will increase the City's pension costs. Funding for the position would come from the City's General fund. Additional information Although the City is not currently collecting this fee, the City's municipal code allows for the payment of a 1 % Public/Education/Government (PEG) support fee from video service providers with a state franchise. However, these funds can only be used for capital purchases and cannot be used to support operating expenses. Once the City assumes full -responsibility for the production of City meetings, the Council may wish to consider collecting this fee from the video services providers (Cox and Verizon). In FY13-14, the 5% Franchise Fee generated $555,570 in revenue; therefore, a 1 % PEG fee would be expected to generate approximately $110,000 in revenue annually. Due to the restricted use of these funds for capital N BUDGET POLICY ISSUE NARRATIVES Attachment A Page 5 of 12 equipment and the needs of the Cable Television Studio for these types resources, the City may decide to collect some fraction of the maximum allowed amount (such as .25% or .5%), which is permitted under the Digital Infrastructure Competition Act. Proposed Budget Policy Decision Shall the City create an in-house Studio Manager position and include funds for the position in the FY15-16 Budget? Or will the City continue to manage RPVty under the current contract arrangement? PAYDOWN OF UNFUNDED EMPLOYEE PENSION LIABILITY—Supports 2014 City Council Goal of Government Efficiency, Accountability, Fiscal Control, Transparency and Oversight The City provides a pension benefit to its employees, administered by the California Public Employee Retirement System (CalPERS). There are 3 tiers of benefits, with employee membership determined by timing of employment at the City and prior membership in a public employee pension plan. The Tier 1 plan has an Unfunded Liability (UL) of $7.2 million as of June 30, 2013; calculated as the plan's accrued liability, less the plan's share of the market value of assets. There is no UL for the Tier 2 and Tier 3 plans. The City's employer contribution to the plan includes: 1) the normal cost (current employees' accrual of benefit, expressed as a percentage of pensionable wages); and 2) a payment to reduce the UL, expressed as a dollar amount beginning in FY15-16. Tier 1 is closed; meaning that no new employees will be enrolled, and the membership of Tier 1 will shrink with employee turnover. There are currently 37 full-time employees (out of 62 authorized) and 26 part-time employees (out of 41 employed) earning the Tier 1 benefit. CalPERS recently adopted a new amortization and smoothing policy that pays for all asset gains and losses over a fixed 30 -year period with a 5 -year ramp -up of required payments. The required UL payment for FY15-16 is $356,067 (about 9.37% of the annual $3.8 million pensionable wages for Tier 1 employees). CalPERS estimates that the City's required UL payment for FY19-20 (the 5th year of the ramp -up) will be $604,140 (about 15.9% of current annual pensionable Tier 1 wages). As the required UL payment is expressed in terms of dollars, the ratio of the UL payment to pensionable wages will increase as the population of Tier 1 decreases. The Finance Advisory Committee (FAC) has been studying the employee pension plan since March 2012, with periodic updates (latest update December 2014). On March 11, 2015, the FAC developed a recommendation to the City Council regarding the unfunded pension liability (see Exhibit 1 to this Narrative Attachment). E:1 BUDGET POLICY ISSUE NARRATIVES Attachment A Page 6 of 12 The following options were identified by Staff. 1. Take no action, and make the required $356,067 UL payment for FY15-16. 2. Make a lump -sum payment prior to June 30, 2015, and reduce the required UL payment for FY15-16. 3. Elect a shorter amortization period of 20 or 25 years, eliminating the "ramp - up" described above; which increases the initial UL payment in FY15-16. 4. Explore outside re -financing options (issue debt). 5. Establish an Irrevocable Supplemental 115 Trust as a rate stabilization tool to mitigate potential future rate volatility. The FAC's recommendation was approved unanimously. The FAC understands that the partial lump -sum payment or the reduced amortization period options will be available to the City annually. Based on that understanding and the risks of Ca/PERS assumptions and actual results for other participants in the City's Tier 1 employee pension plan risk pool, the FAC does not recommend a lump -sum payment or selection of a shorter amortization period for the unfunded liability at this time. The FAC recommends waiting until finalization of the Infrastructure Management Plan, expected during 2016, to have a better understanding of the competing demands for City funds before considering a lump -sum payment or other options. Proposed Budget Policy Decision Shall the City follow the FAC recommendation to take no action at this time? Or shall Staff prepare a detailed analysis for the City Council to consider one or more options identified above? AUTOMATIC LICENSE PLATE RECOGNITION — Supports 2014 City Council Goal of Public Safety and Traffic Control Automatic License Plate Recognition (ALPR) is a software system that uses advanced optical character recognition (OCR) to read and record vehicle license plates and can operate in almost all lighting conditions. When installed in a Sheriff's radio car, the ALPR system continuously reads and checks the license plates of vehicles it passes as the deputy drives through a jurisdiction. Radio cars are typically equipped with cameras mounted to the light bar pointing forward and backwards, and one pointing outward from the passenger side (to read the plates of parked vehicles). As the radio car drives, the system is continuously reading and checking the license plates of vehicles in front of and behind the car against the specified parameters. All vehicle license plates are then automatically run through a "wanted" system. This system will automatically notify the deputy with an audible and visible alert of any "hits" it receives, such as stolen vehicles, stolen license plates, felony wanted vehicles, Amber Alerts, etc. The system is 9 BUDGET POLICY ISSUE NARRATIVES Attachment A Page 7 of 12 completely automatic and the deputy in the patrol car does not have to operate the system in any manner. The ALPR system can read/recognize one license plate every four seconds in vehicular traffic. The system can scan and read up to 1,000 license plates per hour or 8,000 plates during a typical 8 hour shift. When a vehicle is recognized by the ALPR system, the license plate is recorded along with the date, time, GPS location stamp and a picture of the vehicle. This information is stored in a central database, which can be queried through an Internet browser and includes advanced search capabilities allowing an investigator to query license plates, partial plates, locations, dates and time to assist in identifying suspects or witnesses of crimes. The ALPR system is a law enforcement tool only. No one other than law enforcement personnel have access to the data or pictures. In 2009, the City purchased an ALPR-equipped radio car for the Lomita Sheriff's Station as a pilot program to test this new technology. The unit is used to patrol the Reporting District along Palos Verdes Drive East and Western Avenue. Around this same time, the City of Lomita purchased two ALPR-equipped radio cars to patrol the Reporting Districts within its jurisdiction. In 2011, the Peninsula Regional Cities (Rancho Palos Verdes, Rolling Hills Estates and Rolling Hills) jointly purchased a second ALPR-equipped radio car for the Lomita Sheriff's Station. This unit patrols throughout the Peninsula Region. Over the course of 2014, the Regional Law Enforcement Committee studied different regional crime prevention technology systems, including mobile cameras, fixed cameras and aerial camera surveillance. The Sheriff's Department highly recommended that any mobile and fixed camera systems considered for the Peninsula Region be equipped with ALPR technology. Due to the complexity and uncertain costs associated with the installation of a fixed video camera system, on November 13, 2014, the Committee forwarded a recommendation to each respective City Council to purchase a third ALPR system for a regional radio car at the Lomita Sheriff's Station to consider for inclusion in their FY15-16 Budgets. The existing ALPR-equipped radio cars have proven to be a useful tool for the Lomita Sheriff's Station, as well as the larger Sheriff's Department. Because ALPR provides "real time" information as the radio car is driven around, the system has allowed Sheriff's deputies to identify incidents that otherwise would have been unknown to them while on patrol, such as identifying stolen vehicles, stolen license plates and registered owners with outstanding warrants. This "real time" information has led to a number of arrests, including the noteworthy triple homicide suspect arrested on Western Avenue in 2010. However, one of the greatest advantage of the technology has been the resulting database, which has assisted Sheriff's detectives in conducting criminal investigations, which can ultimately lead to arrests and convictions County -wide. Captain Bolin has reported to staff that the Station's Surveillance and Apprehension Team (SAT) refers to the ALPR database on a nearly daily basis. Overall, the use of ALPR technology has proven 10 BUDGET POLICY ISSUE NARRATIVES Attachment A Page 8 of 12 to be a very cost effective law enforcement tool. The City has the option not to participate with the other Peninsula Regional Cities in purchasing a third ALPR system for the Lomita Sheriff's Station. It should be noted that the acquisition would only proceed if all three City Councils are in agreement to fund the purchase. To date, the Rolling Hills Estates City Council has included funds for the purchase in its draft FY15-16 Budget. Unlike the prior two purchases, which included a new patrol car with the purchase price, the County has modified the program to cover installation of a complete ALPR system on existing radio cars in the Station's fleet. The all-inclusive cost for the system is $5,000 per year for five years. When purchased for the Region, the cost would be shared based on the Regional Formula, which is: Rancho Palos Verdes: 68%, Rolling Hills Estates: 28% and Rolling Hills: 4%. Therefore, the City's share would be $3,400 per year for five years, for a total cost of $17,000. If directed to proceed by the Council, the cost would come from the City's General fund and would be included in the FY15-16 Public Safety — Special Programs budget. Proposed Budget Policy Decision Shall Staff include funding in the draft FY15-16 Budget for the City's share of an Automatic License Plate Recognition (ALPR) software system for an existing regional patrol unit at the Lomita Sheriff's Station? NEIGHBORHOOD TRAFFIC CALMING — Supports 2014 City Council Goal of Public Safety and Traffic Control A presentation on the City's Neighborhood Traffic Calming Program was provided to the City Council on August 19, 2014 and direction was given to Staff to continue the administration of the program by implementing various traffic calming tools where warranted, in response to resident requests. A recent request for a traffic calming study in the Forrestal Drive area is an example of one such request. Based on the history of requests that have been received by the City, it is anticipated that there will be a need to fund traffic calming improvements in residential areas. There are a variety of traffic calming tools provided in the Neighborhood Traffic Calming Program to address traffic -related concerns throughout the community. Staff recommends including a $90,000 allocation in the draft FY15-16 to budget provide for traffic calming tools, particularly for Level 1 and Level 2 solutions as defined in the Neighborhood Traffic Calming Program. Proposed Budget Policy Decision Shall the draft FY15-16 budget include a $90,000 allocation for Neighborhood Traffic Calming projects in various locations throughout the City, based on anticipated requests for studies from neighborhoods during the course of the year? HE BUDGET POLICY ISSUE NARRATIVES Attachment A Page 9 of 12 ABALONE COVE SEWER DISTRICT SUBSIDY — Supports 2014 City Council Goal of Infrastructure The sewer system user fee for the Abalone Cove Sewer District was established in 2001 (see RPVMC Section 13.06). The sewer system serves 181 parcels with 110 parcels connected and paying the annual user fee, and 71 parcels that are vacant and undeveloped, and which are not paying a user fee. All parcels were originally in the redevelopment project area. The fee is based on the fair -share operations and maintenance cost of wastewater flow through different piping systems identified as zones; with Zone A as a gravity subsystem only, Zone B being gravity and force main subsystems, Zone C as gravity and low pressure subsystems, and Zone D consisting of gravity, force main and low pressure subsystems. The user fee does not include capital replacement and improvements for any zone or address the potential cost of capacity increases that may be due to future private development in the District. The District has received a subsidy from the City's General Fund since FY02-03 ($35,000 in FY02- 03, $15,000 in FY03-04, $10,700 in FY04-05 through FY12-13, and $50,700 in FY13-14 through FY14-15). The user fee may be increased each year by the increase of the Consumer Price Index (CPI), not to exceed seven percent. The maximum fee has been charged since FY04-05, but is insufficient to keep pace with the maintenance demands of the system; thereby, necessitating increased subsidies from the General Fund. Furthermore, the system is aging far faster than expected: 10 new grinder pumps were purchased and installed in the last 18 months and several were rebuilt last year. Most of the problems with the grinder pumps are reported near the end of the weekly workday and weekends when residents are home and have observed problems, requiring after hours work force efforts and more than one site visit to repair. The pumps do not have the ability to send a message to the City of their operational status. Replacement parts for the 50 grinder pump installations are difficult to obtain on short notice and generally used quickly upon receipt. The design of the grinder pump system exacerbates maintenance costs in that full pump and motor removal and cleaning is required before even simple troubleshooting can be performed. During this time, the residents being served by the pump cannot use their sanitary facilities. Pump failure and situation -based maintenance, such as responding only to customer -requested service, puts the City in an urgent response mode and as the owner of the sewer system the City is solely responsible for overflows and spills. Failure to adequately operate and maintain the system in accordance with regulatory and environmental standards can result in costly fines and civil and criminal penalties from the Water Board in their role of enforcing the federal Clean Water Act. 12 BUDGET POLICY ISSUE NARRATIVES Attachment A Page 10 of 12 Approval of the first sewer system management plan (SSMP) for the District is also on the April 7th City Council agenda. The SSMP includes the contents and format required by the Water Board to plan for proper and safe collection and conveyance of wastewater. In its current state of repair, the County of Los Angeles is not interested in entering into an agreement with the City to maintain the Abalone Cove sewer system; which would be desirable, as the County already operates and maintains the citywide sewer system in a satisfactory manner. With the Midyear Financial Report, the City Council approved an increase of $50,000 to the maintenance appropriation for the acquisition and installation of replacement pumps. However, this work has not proceeded pending the approval of the SSMP. Although the system was designed for the build -out expected in 2001 (plus 47 additional lots), the user fee does not include provisions for additional capacity that might be required if vacant land develops differently. The system has not had its actual performance analyzed since construction and it is not readily apparent if it is working properly and efficiently. A fee study to determine the potential cost of providing for capital improvement and replacement, and to plan for capacity increases due to future private development is estimated to cost $25,000. Such a study, if approved by the City Council, would allow for realistic budgeting of future capital expenditures and appropriate fees to fund the system's long term infrastructure needs. Proposed Budget Policy Decision Should the City continue to subsidize the Abalone Cove sewer system maintenance at the current amount of $50,700, or increase the amount in proportion to the actual maintenance needs of the sewer system? Should the City prepare and fund on behalf of the Abalone Cove Sewer District a fee study to estimate the costs and revenue required for sewer system capital improvement and replacement, as well as potential sewer capacity increases created by private development within the District? RESIDENTIAL STREET REHABILITATION FUNDING — Supports 2014 City Council Goals of Infrastructure and Government Efficiency, Accountability, Fiscal Control, Transparency and Oversight City Council Policy No. 41 — Reserve Policies directs the following transfers of General Fund money to the Capital Improvement Project (CIP) Reserve: 1. An amount equivalent to the annual transient occupancy tax revenue; and 2. The actual favorable General Fund expenditure variance, if applicable, 13 BUDGET POLICY ISSUE NARRATIVES Attachment A Page 11 of 12 calculated upon closing the prior fiscal year. In addition to the transfers required by Policy No. 41, the City Council typically budgets an annual General Fund transfer to the CIP Fund to provide for a residential street rehabilitation project. In 2004, the City's voters ratified a 3% Utility Users Tax (UUT) rate adopted by the City Council in 1993, based upon information provided by the City that funding was needed for residential street rehabilitation. In 2014, in response to a claim against the City, the City Council took action to suspend collection of UUT on telecommunications services. The estimated UUT revenue for FY14-15 for water, electricity, and gas (no telecommunications) is $1.9 million. Proposed Budget Policy Decision Shall the City transfer $1.9 million from the General Fund to the CIP Reserve to provide for residential street rehabilitation projects? Making an annual transfer equivalent to UUT revenue will create a nexus to clearly demonstrate to the public that UUT paid by the residents is used for residential street rehabilitation. FUNDING TRANSFER TO THE BUILDING REPLACEMENT FUND — Supports 2014 City Council Goal of Infrastructure In FY99-00, the City established a Building Replacement Fund to accumulate money for future major repairs and upgrades to existing City -owned buildings. The fund was established with an initial General Fund transfer of $782,000. Over the next 8 fiscal years, the City made additional General Fund transfers to the Building Replacement Fund totaling $1,003,725 (the last funding transfer was made in FY07-08). Over the years, expenditures have been made from the fund for major repairs to City -owned buildings, such as roof replacement. The estimated Building Replacement Fund balance at June 30, 2015 is about $945,000. In the future, City -owned buildings such as those at the Civic Center will need to undergo major rehabilitation or replacement to continue providing service to the public. The current balance of the Building Replacement Fund is likely insufficient for this purpose. By making transfers to a dedicated fund, the City Council may clearly communicate to the public that money is methodically being accumulated for a potentially large future capital expenditure. Proposed Budget Policy Decision Shall Staff propose a FY15-16 General Fund transfer to the Building Replacement Fund to resume accumulation of funds for future rehabilitation or replacement of M BUDGET POLICY ISSUE NARRATIVES Attachment A Page 12 of 12 City -owned buildings? LOWER HESSE PARK IMPROVEMENTS — Supports 2014 City Council Goal of Parks and Recreation Programs Lower Hesse Park is 18 acres of parkland which is largely undeveloped with no infrastructure. The largest costs to improve the park will include installing infrastructure (electricity, sewer, and irrigation), grading, and landscaping. In June 2015, Staff expects to recommend a scaled back plan with phasing options, feedback from Home Owners' Associations (HOAs), and more precise costing. Staff expects to recommend that phase one include engineering plans, infrastructure, some landscaping (a passive beautification improvement supported by the local Pacific View HOA), and other elements that are cost effective to install within phase one. While staff is currently working with a landscape architect on the revised plan and cost estimate, the previous estimate and Staff experience indicates that $1.3 Million will more adequately cover the first phase of park construction. Additional information that will likely be presented to City Council in June includes the long range improvement plan for the lower area of Hesse Park that will balance the neighborhood and larger community's needs, and the park's place within the Parks Master Plan. While the Pacific View HOA does not support any active recreation placed in the park, the working group has created a plan in which active elements are reduced, and moved to areas of the park that are less visible from the neighborhood. Staff expects to present information to help the City Council decide whether to develop the park with active recreational elements. Additional information presented will likely include park maintenance costs and Staff's proposal to scale back the park design to include a low irrigation landscaping/interpretive area for which staff will pursue grant funding and volunteer projects. Staff recommends increasing the budget for the first phase of Lower Hesse Park improvements from $0.5 million to $1.3 million. Lower Hesse and Grandview Park improvements were grouped together and budgeted in FY10-11 for $2.0 million. In 2010, Staff completed work with a landscape architect on an improvement plan with a cost estimate of $2.5 million. In 2012, the City Council directed staff to work with the local HOA to scale back the design and phase the Lower Hesse Park project; and in FY14-15, the City Council reduced the budget for the first phase to $0.5 million. Proposed Budget Policy Decision Shall the draft FY15-16 budget include an additional allocation of $0.8 million to add to the existing FY14-15 appropriation of $0.5 million, for total project funding of $1.3 million? 15 Exhibit 1 TO: The Honorable Mayor and City Council Members FROM: Finance Advisory Committee SUBJECT: Unfunded Employee Pension Liability The Finance Advisory Committee (FAC) met on March 11, 2015 to continue work on its 2014-2015 Work Plan assignments. At the meeting, the Staff presented a memorandum dated March 11, 2015 regarding the City's employee pension plan administered by the California Public Employee Retirement System ("CaIPERS"). Please see the attached memorandum. In particular, the paper identified the City's $7.230 million unfunded Tier 1 pension liability (as at June 30, 2013) (the "UL") and CaIPERS present requirement for paying down the UL. The Staff paper considered options for paying down the UL which included: 1. Reduced Amortization Period, 2. Partial Lump Sum Payment, and 3. Irrevocable Supplemental 115 Trust. The staff outlined the pros and cons of accelerating the repayment of the UL. The principal benefit identified of a partial lump sum payment or a reduced amortization would reduce the aggregate sums required to be paid to satisfy the UL. Further, a reduction in the UL may reduce the financial statement impact as the City will be required to record the UL on its balance sheet beginning with the June 30, 2015 financial statements. FAC Discussion: The FAC reviewed the data presented in the Staff's memorandum, which indicated the City may be able to reduce the aggregate sums to be paid to satisfy the UL through a favorable interest rate arbitrage. The potential interest rate arbitrage would be the trade-off between the 7.5% discount rate on the UL and the City's 0.25% return on its investments. However, the Staff also pointed out that accelerating the retirement of the UL does NOT guaranty that the City will not accrue a 16 Exhibit 1 new UL or an increase in the UL in the future. This is due to the fact that the UL is comprised of numerous assumptions, anyone of which, could cause the UL to increase or decrease in the future regardless of whether or not the City makes a partial lump -sum payment. The FAC discussed the pros and cons of both a lump sum payment and an acceleration of the amortization period as outlined in the Staff memorandum. The FAC cited that the discount rate of 7.5% is only one of many assumptions embedded in the calculation of the UL. The FAC noted that the UL is not a "hard" liability, meaning that it's extinguishment today does NOT guarantee that another UL could arise in the future. The Staff also provided oral information regarding the UL of several of the City's neighboring communities who also participate in CaIPERS. Based upon the oral data provided, it seems that the City's UL is at or below neighboring communities. Further, as a participant in the CalPERS program, the City's pension and other assets are not shielded from the insolvency of other CalPERS participants in the risk pool, which, by law, could negatively impact the UL of all remaining participants. FAC Recommendation: The FAC understands that the partial lump -sum payment or the reduced amortization period options will be available to the City annually. Based on that understanding and the risks of CalPERS assumptions and actual results for other participants in the City's Tier 1 employee pension plan risk pool, the FAC does not recommend a lump -sum payment or selection of a shorter amortization period for the unfunded liability at this time. The FAC recommends waiting until finalization of the Infrastructure Management Plan, expected during 2016, to have a better understanding of the competing demands for City funds before considering a lump -sum payment or other options. 17 Exhibit 1 MEMORANDUM TO: HONORABLE CHAIR & MEMBERS OF THE FINANCE ADVISORY COMMITTEE FROM: KATHRYN DOWNS, ACTING DIRECTOR OF FINANCE DATE: MARCH 11, 2015 SUBJECT: UNFUNDED EMPLOYEE PENSION LIABILITY RECOMMENDATION Develop a recommendation to the City Council regarding payment of the employee pension plan Unfunded Liability (UL). BACKGROUND The Finance Advisory Committee (FAC) 2014-15 Work Plan approved by the City Council includes the following task: "Receive a presentation of the City's annual employee pension plan actuarial valuation reports, continue to monitor changes to pension plan provider assumptions and methodologies, and make recommendations to the City Council when appropriate". The FAC received an update of the employee pension plan on December 10, 2014. At that time, the FAC agreed with Staff to develop recommendations to the City Council for paying down the UL during the 2015 budget process. The City's employee pension plan is administered by the California Public Employee Retirement System (CalPERS). The City's employee pension plan includes 3 tiers of benefits. • Tier 1 — Employees hired prior to local pension reform action by City Council on September 20, 2011. • Tier 2 — Employees hired after local pension reform, who previously worked for another governmental agency with a reciprocating pension plan. • Tier 3 — Employees hired after state-wide pension reform effective January 1, 2013; who have not previously worked for another governmental agency with a W• UNFUNDED EMPLOYEE PENSION LIABILITY Exhibit 1 March 11, 2015 Page 2 of 6 reciprocating pension plan, or have not worked for such an agency within six months of being hired by the City. Tier 1 is closed to new employees; meaning that with employee turnover, the number of active employees earning Tier 1 benefits will decrease. There are currently 37 full-time employees (out of 62 authorized) and 26 part-time employees (out of 41 employed) earning Tier 1 benefits. The City is required to make 2 annual employer contributions to the pension plan: 1. The normal cost (the payment for current employees' accrual of benefit), expressed as a percentage of pensionable wages; and 2. A payment to reduce the UL, expressed as a dollar amount. Summary of normal cost contributions: Employee Employer Contribution Normal Cost' Tier 1 8.000% 9.671% Tier 2 7.000% 6.709% Tier 3 6.250% 6.237% The City's UL for Tier 1 was $7,230,081 as of June 30, 2013 (most recent data available). The City does not have a UL for Tiers 2 & 3. The UL is calculated as: the plan's accrued liability (the present value of future payments for past service), less the market value of the assets held by CaIPERS to pay future benefits. Every year the balance of the UL will change based upon actual plan results. Although the UL will be included in the City's June 30, 2015 financial statements, it does not represent an amount due; but rather an estimated liability based upon assumptions that may or may not be realized. The City's required FY15-16 payment for the UL is $356,067 (about 9.6% of annual $3.69 million pensionable wages for Tier 1 employees). To reduce ULs for all member agencies, CaIPERS recently adopted an amortization and smoothing policy that pays for all gains and losses over a fixed 30 -year period with a 5 -year ramp up. CaIPERS has estimated that the City's payment for the UL during FY19-20 will be $604,140 (the 5t" year of the ramp up). [ORWII -K91,11J The City has no outstanding debt, healthy reserves, and a balanced budget. It may be in the City's best interest to consider alternatives for paying down the UL faster than what is currently required by CaIPERS. However, care must be exercised in restructuring the payments. If actual results outperform assumptions, the City could make payments that exceed the actual liability. One such assumption is the discount rate (investment rate of return) of 7.5% on its assets. As such, the UL is expected to grow annually by 7.5%. The City currently earns about 0.25% on its investments. IR UNFUNDED EMPLOYEE PENSION LIABILITY Exhibit 1 March 11, 2015 Page 3 of 6 Payment of the UL does not guarantee the absence of a UL in the future. If actual plan results are less favorable than CalPERS assumptions (e.g. CalPERS investments earn less than the 7.5% assumption), the City will accrue another UL. In addition, the City's ability to make a larger payment must be weighed with other proposed expenditures for the FY15-16 budget, including infrastructure rehabilitation projects recommended by the City's new Infrastructure Management Advisory Committee (IMAC). Pros and cons for faster repayment of the UL are summarized below. Pros Cons The unpaid balance of the City's UL will Less reserve cash will be available for continue to grow by CaIPERS assumed infrastructure projects. 7.5% discount rate; and the City currently earns about 0.25% on its investments. Faster repayment of the UL will ultimately Higher annual UL payments must be decrease the City's annual pension weighed against competing demands for expense. the City's operating budget. Faster repayment of the UL will contribute If the City pays the entire UL, which is to an increased funding ratio (a stronger based on CalPERS assumptions pension system). (mortality rates, future salary increases, etc.); and the actual results of the Tier 1 pension plan outperforms CalPERS assumptions, then the City will have overpaid CaIPERS. Option for Reduced Amortization Period The City's UL is primarily comprised of two amounts (see excerpt from June 30, 2013 Actuarial Valuation Report, Attachment A). • Share of pre -2013 risk pool unfunded liability — $4.2 million, amortized over 21 years. • Asset loss established June 30, 2013 - $3.0 million, amortized over 30 years. CalPERS has offered its member agencies the option to select an alternative amortization period: 20 years, for $3.3 million of savings; or 25 years, for $0.3 million of savings (see excerpt from June 30, 2013 Actuarial Valuation Report, Attachment B). As noted above, the minimum required UL payment is based upon a 5 -year ramp up. Both alternative amortizations offered by CalPERS establish a fresh -start baseline for the City; with a higher initial FY15-16 payment, and a stream of payments that increase 3% annually (no 5 -year ramp up). Future asset gains and losses will be amortized separately and netted against the payments for the $7.2 million estimated liability at June 30, 2013. All 3 amortization schedules (original and 2 alternatives) are attached to this report (see Attachments C, D & E). 20 UNFUNDED EMPLOYEE PENSION LIABILITY Exhibit 1 March 11, 2015 Page 4 of 6 Opting into a reduced amortization period is the most conservative approach offered by CaIPERS; considering the significant savings, and payments that increase by only 3% annually. Option for Partial Lump Sum Payment The City also has the option of making a partial lump sum payment of the UL. The payment may be applied to either of the two amounts noted above, with the following outcomes. • Share of pre -2013 risk pool unfunded liability —a lump -sum payment on this liability will have the most immediate impact on annual required payments. • Asset loss established June 30, 2013 — a lump -sum payment on this liability will result in the most savings over time. Option for Refinancing The City may obtain outside refinancing of the UL (issue debt to pay CaIPERS). At this time, Staff does not recommend this option for the following reasons. • The Government Finance Officers Association has issued an Advisory recommending that state and local governments do not issue Pension Obligation Bonds (POB) (see Attachment G). The invested POB proceeds (used to pay CalPERS for the UL) may fail to earn more than the interest rate owed over the term of the bonds, leading to increased overall liabilities for the government. POBs are complex instruments that carry considerable risk, and rating agencies may not view the proposed issuance of POBs as credit positive. • Debt issuance costs will mitigate some of the savings (7.5% CalPERS discount rate vs. a lower rate with outside financing). • CaIPERS is unaware of any agencies entering into a pooled re -financing arrangement. Such arrangements could produce savings by spreading debt issuance costs over multiple agencies; however, other agencies interested in this option may have a lower credit rating than the City, potentially reducing actual savings. • If debt is issued to pay the UL, the City will owe that debt regardless of actual future plan results. For example, if CalPERS investment returns exceed the 7.5% assumption, and the City has refinanced the UL, the City will not benefit. Option for Irrevocable Supplemental 115 Trust Although CaIPERS has adopted smoothing policies that are expected to reduce rate volatility, there is no guarantee that the City's required contribution rate will not fluctuate in the future. For example, the normal cost contribution rate is highly sensitive to the discount rate set by CalPERS (currently 7.5%). If CalPERS were to reduce its discount rate to 6.5%, the City's Tier 1 normal cost contribution would likely increase from 9.671 % to 13.6% (about $145,000 annual cost increase based upon today's Tier 1 pensionable wages). 21 UNFUNDED EMPLOYEE PENSION LIABILITY Exhibit 1 March 11, 2015 Page 5 of 6 To mitigate future rate volatility, the City may consider a rate stabilization fund in the form of a 115 Trust, which could only be used to pay CaIPERS contributions. The benefit of using a 115 Trust (vs. simply depositing money into a separate fund) is two -fold: investments are less restricted, and the balance of the 115 Trust reduces the City's net pension liability for financial reporting purposes. Staff Recommendation The estimated June 30, 2015 General Fund Reserve is $12.7 million ($2.6 million in excess of the City Council Policy threshold). During the 2015 budget process, a proposal can be submitted to the City Council for a partial lump -sum payment of the UL using the excess Reserve; which would be weighed with other proposals. If a partial lump -sum payment is approved by the City Council, Staff recommends that it be applied to the Share of pre -2013 risk pool unfunded liability to have the greatest immediate impact. Staff would recommend opting into the 20 -year alternative amortization period for the balance of the UL to reduce overall costs. Staff has prepared a 4th amortization schedule reflecting a $2 million lump -sum payment and a 20 -year alternative amortization period (see Attachment F). This amortization schedule is an estimate only. The estimated FY15-16 UL payment would be more than what is currently required by CalPERS (estimated $423,497 vs. required $356,067); however, the payment would only increase by 3% annually during the 20 -year amortization. Estimated Savings Summary: Original Amortization with No Action $19,758,123 Staff Recommendation: Lump -Sum Payment (2,000,000) Revised Amortization (11,379,531) Estimated Savings $ 6!378,592 If no action is taken during the 2015 budget process, based upon the ramp -up described above, the FY19-20 payment would exceed 16% of Tier 1 employee wages. When added to the estimated 10.1% normal cost for FY19-20, this may result in an employer contribution of more than 26% of Tier 1 wages. The total contribution as a percentage of payroll will continue to increase as the employee population of Tier 1 shrinks. Population of full-time employees receiving Tier 1 benefits: 22 UNFUNDED EMPLOYEE PENSION LIABILITY Exhibit 1 March 11, 2015 Page 6 of 6 Considering the ages of the Tier 1 full-time employee population, and likely remaining years of service, Staff recommends a shorter amortization period. Going forward, the City may want to consider additional lump -sum payments of the UL as the Tier 1 employee group shrinks with turnover in the future. The Process If the City Council decides to move forward with a lump sum payment and/or a fresh start amortization, Staff will contact CalPERS to request a formal calculation. CalPERS estimates a two-week turn around to produce the calculation. As long as the potential lump -sum payment is made by June 30, 2015, the FY15-16 required UL payment will be adjusted accordingly. The City Council is scheduled to hear Budget Policy Issues on March 17, 2015. FAC comments or recommendations can be forwarded to the City Council in advance of the March 17th meeting, or at any time during the 2015 budget process. 23 Count Ages 30-39 6 Ages 40-49 8 Ages 50-59 19 Ages 60+ 4 Total Tier 1 Full -Time Population 37 Average Age 50 Considering the ages of the Tier 1 full-time employee population, and likely remaining years of service, Staff recommends a shorter amortization period. Going forward, the City may want to consider additional lump -sum payments of the UL as the Tier 1 employee group shrinks with turnover in the future. The Process If the City Council decides to move forward with a lump sum payment and/or a fresh start amortization, Staff will contact CalPERS to request a formal calculation. CalPERS estimates a two-week turn around to produce the calculation. As long as the potential lump -sum payment is made by June 30, 2015, the FY15-16 required UL payment will be adjusted accordingly. The City Council is scheduled to hear Budget Policy Issues on March 17, 2015. FAC comments or recommendations can be forwarded to the City Council in advance of the March 17th meeting, or at any time during the 2015 budget process. 23 w u, o O m e o. o oo 5va..CD. Ln. 01'' �a a W O !Ott O. N? L :tr!�o M d •' tp M: Ln a CD LL9 dLW Mvr LA R N' N a c 3i d"m m o; ari M A&. 'Al \ 0; -p ttr Ln i 'a 41 c r, _.1 Ln d E i+R x m o; y,L p N p rnirn iPr. co 0) V'i; iMl� m O N'N C). CD. CD M' dEm N a >,*r; xmo LU p p Ln fPr Ol .-L yM i0 0 U rq; i0!d mo VM M ! etr to m n 'L' o 0 Irl �m N Q B m G C), p NM �LLa� S Z'ON : ;U) LL Lu. 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There has been considerable interest from many agencies in paying off these unfunded accrued liabilities sooner and the possible savings in doing so. As a result, we have provided alternate amortization schedules to help analyze your current amortization schedule and illustrate the advantages of accelerating unfunded liability payments towards your plan's unfunded liability of $7,682,475 as of June 30, 2015, which will require total payments of $18,853,207. Shown below are the level rate payments required to amortize your plan's unfunded liability assuming a fresh start over the various periods noted. Note that the payments under each scenario would increase by 3 percent for each year into the future. Level Rate Period 2015-16 Total Total Savings Payment Payments Interest 25 $ 507,769 $ 18,512,884 $ 10,830,409 $ 340,323 20 $ 580,069 $ 15,586,671 $ 7,904,196 $ 3,266,536 Current CalPERS Board policy calls for lump sum contributions in excess of the required employer contribution shall first be used to eliminate the side fund, if applicable, and then the plan's share of the pool's unfunded accrued liability. Please contact your plan actuary before making such a payment to ensure that the payment is applied correctly. Rate Plan belonging to the Miscellaneous Risk Pool Page 13 25 Original Amortization City of Rancho Palos Verdes Exhibit 1 Attachment C 6/30/xx Share of Pre -2013 Pool UAL Year Payment Balance Asset (Gain)/Loss Year Payment Balance 2015 $ 4,191,341 $ 3,523,634 2016 21 $ 306,964 $ 4,187,424 30 $ 49,560 $ 3,736,522 2017 20 $ 217,081 $ 4,276,407 29 $ 102,094 $ 3,910,908 2018 19 $ 233,362 $ 4,355,183 28 $ 157,735 $ 4,040,683 2019 18 $ 250,864 $ 4,421,720 27 $ 216,622 $ 4,119,135 2020 17 $ 269,679 $ 4,473,741 26 $ 278,901 $ 4,138,900 2021 16 $ 289,905 $ 4,508,692 25 $ 287,268 $ 4,151,471 2022 15 $ 311,647 $ 4,523,721 24 $ 295,886 $ 4,156,050 2023 14 $ 335,021 $ 4,515,643 23 $ 304,763 $ 4,151,768 2024 13 $ 360,148 $ 4,480,907 22 $ 313,906 $ 4,137,687 2025 12 $ 387,159 $ 4,415,560 21 $ 323,323 $ 4,112,785 2026 11 $ 416,195 $ 4,315,207 20 $ 333,023 $ 4,075,958 2027 10 $ 447,410 $ 4,174,962 19 $ 343,013 $ 4,026,011 2028 9 $ 480,966 $ 3,989,409 18 $ 353,304 $ 3,961,649 2029 8 $ 517,038 $ 3,752,537 17 $ 363,903 $ 3,881,470 2030 7 $ 555,816 $ 3,457,695 16 $ 374,820 $ 3,783,958 2031 6 $ 597,502 $ 3,097,519 15 $ 386,065 $ 3,667,475 2032 5 $ 642,315 $ 2,663,866 14 $ 397,647 $ 3,530,247 2033 4 $ 690,489 $ 2,147,742 13 $ 409,576 $ 3,370,358 2034 3 $ 742,275 $ 1,539,215 12 $ 421,863 $ 3,185,738 2035 2 $ 797,946 $ 827,328 11 $ 434,519 $ 2,974,149 2036 1 $ 857,792 $ - 10 $ 447,555 $ 2,733,176 2037 0 $ - $ - 9 $ 460,981 $ 2,460,208 2038 0 $ - $ - 8 $ 474,811 $ 2,152,430 2039 0 $ - $ - 7 $ 489,055 $ 1,806,799 2040 0 $ - $ - 6 $ 503,727 $ 1,420,034 2041 0 $ - $ - 5 $ 518,839 $ 988,593 2042 0 $ - $ - 4 $ 427,523 $ 619,472 2043 0 $ - $ - 3 $ 330,261 $ 323,510 2044 0 $ - $ - 2 $ 226,780 $ 112,644 2045 0 $ - $ - 1 $ 116,791 $ 0 2046 0 $ - $ - 0 $ - $ 0 2047 0 $ - $ - 0 $ - $ 0 2048 1 0 $ - $ - 0 $ - $ 0 Total Payment $ 9,707,574 $ 10,144,113 26 Original Amortization 6/30/xx Non -Asset (Gain)/Loss Year Payment Balance 2015 $ (32,500) 2016 30 $ (457) $ (34,464) 2017 29 $ (942) $ (36,072) 2018 28 $ (1,455) $ (37,269) 2019 27 $ (1,998) $ (37,993) 2020 26 $ (2,572) $ (38,175) 2021 25 $ (2,650) $ (38,291) 2022 24 $ (2,729) $ (38,333) 2023 23 $ (2,811) $ (38,294) 2024 22 $ (2,895) $ (38,164) 2025 21 $ (2,982) $ (37,934) 2026 20 $ (3,072) $ (37,594) 2027 19 $ (3,164) $ (37,134) 2028 18 $ (3,259) $ (36,540) 2029 17 $ (3,356) $ (35,800) 2030 16 $ (3,457) $ (34,901) 2031 15 $ (3,561) $ (33,827) 2032 14 $ (3,668) $ (32,561) 2033 13 $ (3,778) $ (31,086) 2034 12 $ (3,891) $ (29,383) 2035 11 $ (4,008) $ (27,432) 2036 10 $ (4,128) $ (25,209) 2037 9 $ (4,252) $ (22,692) 2038 8 $ (4,379) $ (19,853) 2039 7 $ (4,511) $ (16,665) 2040 6 $ (4,646) $ (13,098) 2041 5 $ (4,785) $ (9,118) 2042 4 $ (3,943) $ (5,714) 2043 3 $ (3,046) $ (2,984) 2044 2 $ (2,092) $ (1,039) 2045 1 $ (1,077) $ 0 2046 0 $ - $ 0 2047 0 $ - $ 0 2048 0 $ - $ 0 Total Payment $ (93,564) Exhibit 1 Attachment C 27 Alternative 20 -Year Amortization City of Rancho Palos Verdes 6/30/xx Year Payment Balance 2015 $ 7,682,475 2016 20 $ 580,069 $ 7,657,233 2017 19 $ 597,471 $ 7,612,054 2018 18 $ 615,395 $ 7,544,904 2019 17 $ 633,857 $ 7,453,575 2020 16 $ 652,872 $ 7,335,681 2021 15 $ 672,458 $ 7,188,637 2022 14 $ 692,632 $ 7,009,648 2023 13 $ 713,411 $ 6,795,692 2024 12 $ 734,813 $ 6,543,498 2025 11 $ 756,858 $ 6,249,533 2026 10 $ 779,564 $ 5,909,979 2027 9 $ 802,951 $ 5,520,711 2028 8 $ 827,039 $ 5,077,272 2029 7 $ 851,850 $ 4,574,850 2030 6 $ 877,406 $ 4,008,250 2031 5 $ 903,728 $ 3,371,864 2032 4 $ 930,840 $ 2,659,638 2033 3 $ 958,765 $ 1,865,043 2034 2 $ 987,528 $ 981,030 2035 1 $ 1,017,154 $ (0) 2036 0 $ - $ (0) 2037 0 $ - $ (0) 2038 0 $ - $ (0) 2039 0 $ - $ (0) 2040 0 $ - $ (0) Total Payment $ 15,586,659 Exhibit 1 Attachment D Ct • Alternative 25 -Year Amortization Exhibit 1 Attachment E City of Rancho Palos Verdes 6/30/xx 2015 $7,682,475 2016 $507,769 $7,732,195 2017 $523,002 $7,769,849 2018 $538,692 $7,794,060 2019 $554,853 $7,803,331 2020 $571,498 $7,796,039 2021 $588,643 $7,770,424 2022 $606,303 $7,724,578 2023 $624,492 $7,656,434 2024 $643,226 $7,563,755 2025 $662,523 $7,444,118 2026 $682,399 $7,294,901 2027 $702,871 $7,113,267 2028 $723,957 $6,896,147 2029 $745,676 $6,640,225 2030 $768,046 $6,341,915 2031 $791,087 $5,997,342 2032 $814,820 $5,602,319 2033 $839,265 $5,152,325 2034 $864,442 $4,642,477 2035 $890,376 $4,067,501 2036 $917,087 $3,421,708 2037 $944,600 $2,698,954 2038 $972,938 $1,892,612 2039 $1,002,126 $995,532 2040 $1,032,190 ($0) $18,512,879 29 LL C N E u m Q NM 0) V lO CY O V 00 LD W LO 00 Nm Ql Ml M m N 0 0 0 0 0 0 0 0 0 0 0 N..'. 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N M ri N c -I ei ri N ri . ri c -I N L1 O. m d' Ln lD I� 0 O O ri N m a M lD n 0 M O r N M C Ln LD r 0 m O mO m E ri ri -1 .-1 N N N N r1l N N NNNMMMM mMmm m m V d V � V OO O o O oOOOOoOO0 OO O OO O 0 OOOOOoOoOO O -OooOoOOoOOOOOOOO N N N NN r -I N o 0 O r4 O r O O N O O O O O N O N O N N O NN mN m m m m coM M m m M m M m M M m M M M M M M M M M M M D O LD LD LD O W W D D LO D D DLDDDDW DDDDDD0LDLDoO lO N yl Q N M WW 0 i M Ln r- W D7 O -I ri N M 1 ct N Ml N lD I� N W ti O N O N N N N N m N cl' N Ln N LO N r N W N Ol N O m `} O �'D c ri ri c ri � LL/f N u Q �,z" Exhibit 1 GFOA Advisory Pension Obligation Bonds Attachment G GFOA Advisories identify specific policies and procedures necessary to minimize a governments exposure to potential loss in connection with its financial management activities. It is not to be interpreted as GFOA sanctioning the underlying activity that gives rise to the exposure. Background. Pension obligation bonds (POBs) are taxable bondsl that some state and local governments have issued as part of an overall strategy to fund the unfunded portion of their pension liabilities by creating debt. The use of POBs rests on the assumption that the bond proceeds, when invested with pension assets in higher -yielding asset classes, will be able to achieve a rate of return that is greater than the interest rate owed over the term of the bonds. However, POBs involve considerable investment risk, making this goal very speculative.2 Failing to achieve the targeted rate of return burdens the issuer with both the debt service requirements of the taxable bonds and the unfunded pension liabilities that remain unmet because the investment portfolio did not perform as anticipated. In recent years, local jurisdictions across the country have faced increased financial stress as a result of their reliance on POBs, demonstrating the significant risks associated with these instruments for both small and large governments. Recommendation. The Government Finance Officers Association (GFOA) recommends that state and local governments do not issue POBs for the following reasons: 1. The invested POB proceeds might fail to earn more than the interest rate owed over the term of the bonds, leading to increased overall liabilities for the government. 2. POBs are complex instruments that carry considerable risk. POB structures may incorporate the use of guaranteed investment contracts, swaps, or derivatives, which must be intensively scrutinized as these embedded products can introduce counterparty risk, credit risk and interest rate risk.3 3. Issuing taxable debt to fund the pension liability increases the jurisdiction's bonded debt burden and potentially uses up debt capacity that could be used for other purposes. In addition, taxable debt is typically issued without call options or with "make -whole" calls, which can make it more difficult and costly to refund or restructure than traditional tax-exempt debt. 4. POBs are frequently structured in a manner that defers the principal payments or extends repayment over a period longer than the actuarial amortization period, thereby increasing the sponsor's overall costs. 5. Rating agencies may not view the proposed issuance of POBs as credit positive, particularly if the issuance is not part of a more comprehensive plan to address pension funding shortfalls. 203 North LaSalle Street, Suite 2700 1 Chicago, Illinois 60601-1210 1 phone 312,977.9700 1 fox 312.977.48061 www.gfoll9 Government Finance Officers Association Advisory Exhibit 1 References. "Developing Formal Debt Policies," Government Finance Review, August 1991. "Elements of a Comprehensive Local Debt Policy," Government Finance Review, October 1994. GFOA Best Practice, "Setting of Government Charges and Fees," 1996. Recommended Budget Practices: A Framework for Improved State and Local Government Budgeting, National Advisory Council on State and Local Budgeting, 1998. A Guide for Preparing a Debt Policy, Patricia Tigue, GFOA, 1998. Notes. 1 The Tax Reform Act of 1986 eliminated the tax exemption for pension obligation bonds. 2 Alicia H. Munnell, Jean-Pierre Aubry, and Mark Cafarelli, "An Update on Pension Obligation Bonds," Center for Retirement Research at Boston College, July 2014. 3 See GFOA Advisory — Using Debt -Related Derivatives and Developing a Derivatives Policy (2015) Approved by the GFOA's Executive Board, January, 2015. 32 tq J W H Z W a x LU 0 z LL lC) o O 0 0 0 0 0 0 0 0 o O o O O o 0 0 LO 0 ,rlo 0 O ::.O 0 0 O O M O 000 O W OD 0 N 0 O C 0 0 0 0 O r 0 000 (D 0 0 N LO 0 0 0 0 o OD 0 0 0 O lO 0 O O W O O O O O D O N 000 LO C o Ln O I� O O O O N O N O c O O O O O o O LO r LO N O LO o r - lo r- O O O d' N O Cl)- O :M O LD OD cr r LO (D O O r� M M LO M (M O r M LO N N O M LO d'j(fl N ,4 e l N (D N N Co LO I- LO W .- W OD N r; r W N LL', r:0 O W O O (D V O W h r O V O (O ' O O O N M N O O LO O Ln r N O CD O- cc LO LO M O M N (D w co I� r O O (D (D M N r O LO LO (D V M O W O V' N M M o V' I- N o I-- OD LO M W O r N O CA M N r V _ O O O' M Ln O I- LO Ln O V M co Ln co D) V' Ln O o V V [Y r r I� (D O O LO M tt N M T W N N N LO V [t O N V'I--M I N r N N V N O oo OD co r O (p W r o N W r r 0 I� N r I- N (n r M V W V r O CO OD N LL` r {y O O o') O N N O N LO M r M O 0(D O r r 0 M r- M Ln W <Y O r N LO m y D O O oo O V D) M O O O LO M n N W LO W O O a1 Lo N V CD w N O O Lb o W O (D V (O 0 r M O m N O O o LO O 0 a-: O O I` V (D r� r (D r oc (D r W O Nm V O V W M N' N W O 1� r O O Il- r r' OD O O O M LO t0 V O (D M N V I-- N o LO V I- N V r- r- V V r V Ln (D r O N O Lb N - N r- r N o O N LO N co N(D(D D1 N (D r LL O O 0 0 I- O Lo M O O o N O V M O M O (D O Lo O O W W O W O o o N V' N I� r o O O d' O M M M O O W LO O o N V co m M N M o o O CD LO LO V M LO OD f� O N O o M O (D O W O!V o o r.: O O O M M LO N! 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