Laserfiche WebLink
280 <br /> <br />Tax Map 53, and to execute such instruments as may be <br />necessary for the proceedings. <br /> <br />ORDINANCE: RETIREMENT AMENDMENTS <br /> <br /> Mr. Hendrix stated that actuarial evaluations of the <br />City's retirement plan are conducted every two years and the <br />actuaries have recommended that changes be made in the way <br />the City's contribution is made. Mr. Hendrix explained that <br />the unfunded liability increased as a result of the <br />conversion of a portion of sick leave to service credit, an <br />increase in the death benefit, and the recent early <br />retirement opportunity, but noted that if the plan were <br />stopped all beneficiaries currently in the plan could be <br />paid. Mr. Hendrix listed the changes recommended by the <br />actuaries: bring the funding method in line with the <br />government accounting standard; change from a rolling 40 <br />year to 30 year amortization; and amortize future changes <br />over 20 years. Mr. Hendrix sta%ed that the changes will <br />actually lower the City's contribution to 10.25% of payroll <br />since the plan's investments have been significant and the <br />salary increases have been less than anticipated. <br /> <br /> On motion by Ms. Slaughter, seconded by Rev. Edwards, <br />the ordinance entitled "AN ORDINANCE AMENDING AND REORDAINING <br />SECTION 19-92 OF THE CODE OF THE CITY OF CHARLOTTESVILLE, <br />1990, AS AMENDED, RELATED TO SUPPLEMENTAL RETIREMENT OR <br />PENSION PLAN" was offered and carried over to the next <br />meeting for consideration. <br /> <br />PUBLIC <br /> <br /> Col. Carroll Smith, 620 Watson Avenue, thanked the City <br />for the drainage improvements and sidewalk on Watson Avenue. <br /> <br />OTHER BUSINESS <br /> <br /> Ms. Sl-aughter offered a resolution recognizing the life <br />of Arthur Ashe, Jr., Rev~ Edwards seconded the motion and the <br />resolution was unanimously approved by Council. <br /> <br /> WHEREAS, Arthur Ashe, Jr. served this Commonwealth and <br />nation throughout his lifetime; and <br /> <br /> WHEREAS, Arthur Ashe committed his time and energy as a <br />leader and to educate and advocate for equal justice in <br />Virginia, the nation and abroad; and <br /> <br /> WHEREAS, when he became ill with HIV, Arthur Ashe made <br />his physical crisis into another opportunity with which to <br />educate the public at large about AIDS; and <br /> <br /> WHEREAS, Arthur Ashe was a singular leader, one who <br />never disappointed us and who lived up to the highest ideals <br />of leadership; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the City Council of <br />the City of Charlottesville, Virginia, states its <br />appreciation for the life of Arthur Ashe, Jr. and extends its <br />sympathy to his family. <br /> <br /> With regard to the upcoming work session on drug <br />initiatives, Mr. Toscano stated that he felt the discussion <br />should be broad and not only focused on law enforcement and <br />requested that staff provide an update of what has happened <br />since the last major funding for anti-drug efforts and how <br />those efforts are working. <br /> <br /> ~_T~~s adjourned. <br />PreSident <br /> <br /> <br />