Miami City Council
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⚠️ Discrepancies & Missing Documents (3)
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[00:02] Okay, we're going to call the order of the Miami City Council meeting for today's date and time item two
[00:08] This public input and unscheduled personal parenthesis and you want to be honest with you address the council on any of the agenda
[00:15] So then item three is consent agenda staff is recommending items four through six for the consent agenda
[00:22] If there are no questions on any of those items, they're trying to motion to approve the percentage of the as recommended
[00:29] Second roll call please
[00:34] I don't have a presentation by orders in associates for the fiscal year 2017 2018
[00:40] All of it in the financial statements and entertainment orders report, and he had you
[00:45] I just was telling him on the way in it seemed like he was just here a couple of months ago
[00:48] But he said he's never presented in this room before so it's been a little while
[01:04] 2018 financial statements you all shared down the big packet financial payments in your back
[01:10] I'm not going to be into detail unless you all want me to
[01:15] But you know
[01:17] Just a couple of things first off are on the thing you was in here. It's the standard unbounded by the
[01:32] The nice thing you're gentle phone
[01:34] The other thing I'm sure you all were having a performer done by the conference and so I wrote some of this too
[01:40] But then I'm going to be to I really
[01:42] But your general fund the judge is one thing that's usually
[01:47] You all know if you're right if you're an annual general fund that is a dry up and go
[01:52] I wouldn't have about a month's worth of reserves and
[01:56] So typically we say one to three months is a get spot to be in so you all know the low end of a good spot
[02:03] Now also
[02:06] I'll be ready they fund that's not part of that
[02:09] You know that's another point
[02:12] So I think we're a very good position
[02:15] That other thing I'll be using it through the utilities
[02:18] There's not a whole lot of municipalities that do the electric there are some it's not a lot
[02:23] We also audit them. They do they have electric a bigger community that very similar in the activities and so I can pair of you on to
[02:33] And just your revenues in your your operating income
[02:36] So if you take all the new revenues and utilities and then just all of your operating expenses
[02:42] You know salaries the purchase of the electric the appreciation
[02:46] You know maintenance all those costs and what's up for sons of your revenues
[02:52] End of about 22% you all are about 22% as well once we account for some of the years
[02:58] We'll kind of one time cost
[03:00] So, very consistent, there are a couple other communities called Cassini Stiller.
[03:07] Also, I have a lecture there, a little bit higher.
[03:10] We don't work with Stiller, so I'm not sure what would happen there.
[03:13] I'll just see that if that had a couple of one-time events to the good
[03:17] that is making a percent of the higher.
[03:19] So, really, you're very well consistent with what we're seeing elsewhere.
[03:22] So, that would encourage you.
[03:24] Then the last thing, your pensions, you all have three of them.
[03:28] There's the police fire and then the city police.
[03:31] Police and fire, you have no control over it all.
[03:34] The state runs those in the night telling you to contribute next to 70% of the police.
[03:39] That's what we can do.
[03:41] But, that police plan is, without a risk of being 100% of the funding.
[03:46] And I think actually this year, we risked your over 100%.
[03:50] So, it's a real good shape.
[03:52] Fire is about 66% of the funding.
[03:55] And so, you know, each city of the state is absorbing some of that liability
[04:00] that remain 35% in one of the edits.
[04:03] So, including mine.
[04:04] But again, there's nothing you can do with that.
[04:06] You can't pay extra.
[04:07] You can't pay less.
[04:09] You have to pay less for the state sales.
[04:11] So, just to be clear on that.
[04:13] So, it's 66%.
[04:15] But that's a statewide pool.
[04:17] Right.
[04:18] And so, you're saying the state pool is two-thirds funded.
[04:21] One-third, not are underfunded.
[04:23] Right.
[04:26] And so, the accounting state is essentially, you know, I think everyone's important at each other.
[04:30] And it's who's going to pick up the tax for that third.
[04:33] You know, the state's funded at the cities.
[04:35] The cities are funded at the state.
[04:36] And it's up on the accounting standards came in and said,
[04:39] And essentially, cities you want to be picking it up.
[04:42] And so, do we have to report that as a liability?
[04:44] Yes.
[04:45] You're, you're reporting a piece of that third.
[04:47] Right.
[04:48] So, along with the other, you have to have to be able to see you.
[04:50] Some kind of, some proactive share.
[04:52] Okay.
[04:53] Okay.
[04:54] So, that's what the very last one is, the city's own plan,
[04:57] which you all are a complete control.
[04:59] You know, the state doesn't have anything to do with that.
[05:02] And that plan, this is, this is, that has a journey of 17.
[05:07] It's a year behind, just to get the city time to get the sense of staying in the actual
[05:11] to do their thing and then for us to audit it.
[05:13] You know, there's a year to wait.
[05:15] So, that journey of 17, you know, we're about 70% of the time.
[05:20] And so, typically, you know, what I hear is 80% of the above is considered, you know,
[05:25] fairly well funded plan.
[05:27] So, you all are, you know, on the downside of where we like to see you.
[05:31] Now, along the flip side, you all have an actuary that also comes in and helps you all determine what the fund each year.
[05:40] You all satisfied money each year.
[05:43] But you're not going to pay the clients for another 20 or 30 years.
[05:46] So, I must do on either the set of side now that I have these clients pulling you a 30 years from now,
[05:51] but I don't know.
[05:52] So, an actuary helps you.
[05:54] And an actuary tells you all, here's what I think her dash remains you should pay.
[06:00] you all are paying that actually to determine that.
[06:03] So that's a positive.
[06:04] And a lot of times that's how you get unfunded
[06:07] is because you don't pay what you actually recommends
[06:10] because you can't afford it.
[06:11] And you're putting it off, you're putting it off.
[06:13] But in your case, you are funding what you actually are deciding.
[06:16] And do you remember, say, 15 and 16?
[06:20] Well, are we trending upward or?
[06:23] I've been over the last four or five years.
[06:25] It's been about 65 to 70% somewhere in that area.
[06:29] And out of the last four years, I think two years,
[06:33] you actually paid more.
[06:34] You've funded more than what the actuary is said.
[06:37] The other two years, you've funded what the actuary is said.
[06:40] And so what are that two is just,
[06:42] what is the revenue invested in it?
[06:44] These money you've said aside are those going up
[06:47] to the top of the top of the top of the top of the top of the top
[06:48] of the top of the top of the top of the top of the top.
[06:49] Three months later, it could be a different number
[06:52] because it's starting like it's changed.
[06:54] And so again, that's at June 17,
[06:57] the stock market had a good run-up in 18.
[07:00] And then at some point it kind of fell off the cliff.
[07:02] And now it's back up.
[07:04] So now what the actuary is, look,
[07:07] I think they generally go over a 30 year period.
[07:10] When they're saying, here's how much they're fund,
[07:11] is to get you funded over a 30 year period.
[07:14] So it's a long, it's a long time period.
[07:18] But I think it's well that the pebble is,
[07:21] as long as you pay what the actuary says to pay,
[07:25] if you're doing what you can.
[07:27] And theoretically that ought to get you there.
[07:30] Now, actually, I mean, they now have the first of all.
[07:33] They're doing the best they can change.
[07:36] So that's the financial report.
[07:39] There's also a two-page report at the back of this.
[07:43] That's the part on the state.
[07:45] The thoughts about the integral controls and your compliance.
[07:49] The benefit of the integral control and compliance.
[07:52] But we had any issues to discuss underneath of those two topics.
[07:57] That report would reference them, and there's nothing in there.
[08:00] That's good news.
[08:02] So the report's here, but that's not referencing any issues.
[08:04] That's good.
[08:06] So unless anyone else has a question or coming on the list,
[08:10] that's really all I wanted to get into this.
[08:12] But for four of you, I've seen it not for you all,
[08:15] but I've seen it in other places with very good
[08:17] as a very good job of explaining 100 and some pages
[08:20] and 10 pages that you come make sense.
[08:24] So this can get in a lot of control, if you're not,
[08:27] and we'll be doing the performance with you and people.
[08:30] Hey, Paul, let's say, they've done this audit to you, right?
[08:35] OK.
[08:37] The other topic now, I'll just take a second.
[08:39] There's a communication letter.
[08:40] It's a little two-a-three-page statement.
[08:43] Well, I say it.
[08:44] Two-a-three-based letter.
[08:46] This is something we're required to give the government a body.
[08:49] And there are seven or at both points in it that have to be in there.
[08:52] Rather than you do, you can't have to talk about it or not.
[08:55] They really, there's not a whole lot to talk about.
[08:58] Don't do things that would point out.
[09:00] that's in here.
[09:01] On the attention, the actuaries, when I come out and say,
[09:04] here's what we think your job that you've incurred is,
[09:08] is to understand there's a bunch of estimates,
[09:11] and that actually, in front of the number,
[09:12] there's demographics, calling people going to live on,
[09:15] and they're going to order what's your turnover,
[09:17] what your pay raise is going to be,
[09:19] what's the equation, what's the financial numbers,
[09:22] what's the interest rate's going to do,
[09:24] and the investment's going to be turned.
[09:26] So obviously, the law of investments,
[09:28] and every year, they've got what that does estimates,
[09:31] but it is a reasonable guess, and so we're using that.
[09:35] The other thing that's in here is for this year,
[09:38] you have to implement a new account and standard,
[09:40] and this gets a little kind of scoring on apologize,
[09:44] but you all have a health benefit,
[09:46] with to where, when a employee requires,
[09:50] they can stay on your health insurance.
[09:53] Now, they have to pay a premium to stay on it, but they can.
[09:57] The premium they pay is essentially being subsidized by the city,
[10:01] and so because it's subsidized, you're encouraging costs,
[10:05] that is they've worked now, and so there's a liability being established for that.
[10:09] And so that's about a $3,000 liability,
[10:12] it's been wrong for the first time,
[10:13] because of this new accounting standard.
[10:16] So typically, when I hear health insurance, that they go,
[10:19] when my employer is promising to pay my health insurance,
[10:21] the health insurance, as long as I live until a certain day,
[10:24] you won't be doing that,
[10:26] but you aren't allowing them to stay on, even though they pay for it,
[10:29] but it's not essentially a reduced rate.
[10:33] So because of that, we're having to report another thing,
[10:36] and that's not really the three million.
[10:37] And that $3,000 is also, I don't know, what the proper term would be,
[10:43] amortized over 30 years, it's not a one year or number.
[10:47] No, that'll get us to say that every year,
[10:49] and they go up and they go down, it will most likely go up,
[10:52] because unlike your pension, you fund every year,
[10:56] and you put money into a trust.
[10:58] You set your side, that money is really protected only for the pension.
[11:02] This health insurance, you're not funding as you go along.
[11:06] So the liability will most likely grow over time,
[11:10] but you're not funding it.
[11:12] So if they're paying a number to zero,
[11:14] I mean, this doesn't even have a right to get there.
[11:18] But still, it's an actuarial number, isn't it?
[11:21] Yes.
[11:22] OK.
[11:22] So it's, if we stop today, and all the retired employees
[11:27] lived another 30 years, it's the estimated cost of subsidizing
[11:31] their insurance for 30 years.
[11:34] I'm assuming they're using 30, if that's what they're using for the entire.
[11:38] It's a little different, but the good thing I actually
[11:40] is going to do is just, look at your current employee base,
[11:44] and say, who do I think is going to make it to that point?
[11:47] How many are going to use it?
[11:48] And then how long are they going to live until you're all like that?
[11:53] So the 30 years is how long is actually looking out
[11:57] to determine how much you should pay?
[12:00] If you're underfunded, you actually doesn't say,
[12:02] make it all up in year one.
[12:04] They say, make it up over the 30 years.
[12:05] That's the 30 years, that's the 30 years, that's it.
[12:09] So that was the Southern document.
[12:15] And really, that's my report.
[12:17] Before I see the photo, I'd certainly like to thank
[12:21] or she, Jill and Dean Ray had been wonderful
[12:24] and worked with and very helpful and we enjoyed it.
[12:27] And so I just thanks to them.
[12:29] And we certainly appreciate the business.
[12:33] And any questions for Andy?
[12:36] It's always nice to get a report with no exceptions.
[12:40] And a timely report.
[12:41] I mean, really, it's March.
[12:44] This is last year's report.
[12:45] But that's really welcoming the way to get it on it
[12:49] for the previous year or so.
[12:51] OK, thanks, Andy.
[12:56] And we don't have to accept that or anything.
[12:59] It's just a presentation.
[13:01] OK.
[13:02] Item 8 is new business.
[13:05] Any new business?
[13:06] Speak up.
[13:09] Item 9 is staff reports that are in the packet.
[13:12] And they're available if you have questions.
[13:16] Tim is mayor and council committee announcements.
[13:18] City announcements anyone.
[13:20] Anybody go to the ward off all school reunion?
[13:24] Maybe a ward off?
[13:26] I guess there's just two more ward off.
[13:29] You're a ward off.
[13:30] Are you the only ward off up here?
[13:32] I have a ward off, but I didn't make it.
[13:34] OK.
[13:35] Well, never mind.
[13:37] It looked like it was well-offended on Facebook.
[13:39] But most of them have here greater than mine.
[13:41] So city manager comments.
[13:46] Just a couple of things.
[13:48] I wanted to thank the street department to this ice and the snowstorm.
[13:52] They were out there doing quite a bit of work.
[13:54] And I wanted to just publicly thank them.
[13:57] And then also wanted to thank Christine.
[13:58] We had our meeting last night with landlords and re-literate sign-up.
[14:03] You and Ryan were at that.
[14:06] It was very happy about how positive the meeting was.
[14:09] And some good ideas that were given us that were following up on, especially in regards to utilities and some communications.
[14:16] And one of the suggestions made that we would agree to is trying to do this maybe on a quarterly basis.
[14:22] And understanding that they're trying to put together some type of a roof of roof or not re-literate the landlords.
[14:30] It might be of a work with us on some property maintenance issues and do it in a positive manner.
[14:35] So it just had a room had a really good feel last night.
[14:39] We weren't sure exactly what to expect.
[14:41] We were very happy with feedback that we got and happy with the attitudes that were there.
[14:45] And we want to keep it going and I do appreciate that you were there as well.
[14:49] So it was one of the thing, Christine.
[14:51] Because that was her hard work and her staff.
[14:54] And they do a lot of hard work for us.
[14:57] And they don't always get a lot of thanks.
[14:59] So I think it's kind of the duty.
[15:02] Okay, thank you, Chris, to it was a good meeting. Anything else?
[15:08] Item 12 is the German. We have almost two adjourned.
[15:13] And a second?
[15:14] I'll a second.
[15:15] Oh, call please.