The following is a brief synopsis of last night's council meeting:
Former Vistoso Golf Course: Town Manager, Mary Jacobs, reported that a framework
for the purchase and Preservation of this closed golf course has been worked out and
negotiations were continuing to bring this matter to a final resolution. After numerous
residents spoke during the call to audience, Council Member Solomon responded to
some of the criticism, regarding the process, by clarifying that all parties to the potential
preservation have been fully engaged and cooperative since October. He also noted
that, at no time was any party excluded from this process nor was the process ever
PSPRS (Public Safety Personnel Retirement System):Detailed discussion was held
regarding the Town’s PSPRS current funding level and potential future funding
depending upon several scenarios. A representative from PSPRS complemented the
Town on its current 61% funding level and answered questions about the fund, its risks
and returns. Recommendation for different funding options were presented by a
consultant hired by the Town and they recommended a $27 million dollar payment be
made through a combination of $10 million dollar cash payment and the Town obtaining
a $17 million bond for 20 years. Several concerns were discussed including that this
analysis and options were done in isolation and did not consider the other needs of the
Town and potentially larger savings by spending available funds on other needs.
Additionally, it was pointed out that this large expenditure of $27 million was being
proposed without public input or a public hearing. The Town Manager assured the
Council that this would be fully vetted, discussed and be part of a public hearing during
the upcoming Budget process.
The following motion was made and passes:
(6-0, Councilmember Greene abstains) ~ I MOVE that the Town Council authorize staff
to incorporate into the FY21/22 Recommended Budget and bring forward any other
required authorizations necessary to execute the recommended option of making a $10
million payment from General Fund reserves and issuing Pension Obligation Bonds at or
around $17 million to be deposited into the Town's PSPRS and CORP pension plans, while continuing to pay the current employer rates to PSPRS and CORP for next fiscal year.
Strategic Plan: The Town’s draft Strategic Plan was discussed and questions answered.
Staff was directed to make the recommended changes and bring back a revised Plan to
the April 21 Council Meeting