Adoption of a Resolution Revising City Council Policy Statement No. 5002 Financial Policies and Rescinding Resolution 2007 R043. City of Culver City California City Council Agenda Item Report Meeting Date: 6/22/09 AGENDA ITEM: Adoption of a Resolution Revising City Council Policy Statement No. 5002 Financial Policies and Rescinding Resolution 2007 R043. Item Number: C 9 Contact Person/Dept.: Nick Kimball Finance Department Fiscal Impact: Yes No x Phone Number: 310 253 6013 General Fund: Yes x No Public Hearing: Public Notification: Master E Mail Notification List (06/17/09) Action Item: Attachments: x Department Approval: Jeff Muir (06/15/09) Chief Financial Officer Approval: Jeff Muir (by M. Noller) (06/17/09) City Attorney Approval: Carol Schwab (by H. Baker) (06/17/09) City Manager Approval: Mark Scott (06/18/09) RECOMMENDATION: Staff recommends the City Council adopt a Resolution revising City Council Policy Statement No. 5002 Financial Policies to include an additional provision in the Fees and Charges section of the Policy and rescinding Resolution No. 2007 R043. BACKGROUND: Over the past 18 months the City Council has received information at various times on Government Accounting Standards Board Statement No. 45 (GASB 45) which requires governmental agencies to report the actuarially determined value of the liability for paying existing retirement benefits to current and future retirees (also referred to as Other Post Employment Benefits or OPEB ). At this time this is only a reporting requirement; there is no legal requirement to fund this liability. However it is reasonable to assume that at some point in the future a funding requirement may be implemented. As a matter of prudent financial management the City has started to identify different ways to begin funding this obligation. One potential funding source that has been suggested is to recover the OPEB cost for those positions that participate in fee based activities. On May 11 2009 the City Council appr...
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