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June 11, 2019 Agenda Item D3, and overall proposed Budget Expenditures

From: domainremoved <Ronald>
Date: Tue, 11 Jun 2019 22:37:14 +0000

Honorable Council Members,

I am requesting that you pull Agenda Item D3 from the consent calendar for consideration at a future meeting. In staff report #19-124-CC staff is suggesting that the FAC committee is recommending the hiring of one FTE budget manager at $193,559. FAC has never discussed this proposed addition to staff. We have discussed improvements to the budget process and recommended to Council that Council decide whether FAC should continue discussions. At your last Council meeting we expressed our dismay at staff cancelling our meeting because our agenda was "flawed". For staff to imply that FAC agrees with their recommendation is incorrect.

In addition, before approving the budget I would like to highlight the following facts on General Fund expenditures:

                2017-2018 actual expenditures $52.49M
                2018-2019 estimated expenditures $57.60M A 10% INCREASE
                2019-2020 requested expenditure budget $66.76M A 16.5% INCREASE
                THESE INCREASES FAR EXCEED INFLATION

Staff also recommends an annual payment of $1,815,033 for 15 years to pay off the unfunded pension liability. 15 times $1.8M = $27M. The unfunded pension liability, using actual investment returns, is $75,000,000. The numbers don't add up.

I recommend that you demand staff provide accurate information so that you can make well-informed decisions.

Thank you,
Ron

Ronald W Shepherd, CPA
Treasurer/Principal
Shepherd & Associates Insurance Services
2055 Junction Avenue, Suite 212
San Jose, CA 95131
Phone: 408-526-1112
Fax: 408-526-1777
www.shepherd-insurance.com<https://url.emailprotection.link/?aQNjbqCIZi1DPtpwdvZy-00DHCJghBEkmZQTXYC9D3rsel_DxswEyAde7vAQB-y4YDqYDboeP2dz3ELFsnP-hLA~~>
LIC: #0B45304
Received on Tue Jun 11 2019 - 15:31:32 PDT

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