CITY COMMISSION - SPECIAL MEETING, OPEB Meeting and CRA Meeting on 2025-12-02 12:35 PM - Dec 02, 2025
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What opening remarks and agenda items are introduced at the beginning of the meeting?
Good afternoon, everybody. Um Welcome to the City Commission conference meeting uh this uh December second, twenty twenty five. Thank you all for being here today. I know we got some exciting stuff to deal with today. It's gonna be a landmark and pivotal moment in our history to be able to hopefully at the end of the afternoon um the end of the afternoon session to be able to come up with a uh uh a decision as to um how we're gonna move forward with the building of our new city hall. So uh um it's gonna be a long day and uh I appreciate everyone's patience. But before we get to that there's some other business we need to take care of and uh so why don't we get through that and then we can move on to the uh the city hall presentations.
So C F one annual investment report for fiscal year ended September thirtieth, twenty twenty five. City Manager. Mayor, I I think we were gonna do OPEB first. I'm sorry? Uh to do OPEB first and then the I'm just reading from the co from the Oh we're gonna do uh that's a separate one. Yeah, that was a separate one. You wanna do that one first? Yeah, okay. I believe that's all right. So um we'll do the OPEC meeting. All right. Alright, so switching course Mr. Clerk, please call the roll. Uh Vice Chair Herbs is on his way. Commissioner Glossman? Here. Commissioner Beasley Pittman? Here. Commissioner Swanson? Here. Chair Trentals. Here. BR one, uh this is regarding other postemployment benefits, trust annual investment report for fiscal year ending September thirtieth, twenty twenty five.
City Manager.
Sir Mayor and Commission, this is the annual meeting of OPEB, of which you serve as the board. We're here to report on the performance of our portfolio. I'm going to turn it over to our finance director, Miss Linda Short. Linda.
Good afternoon. Mayor, commissioners. So positive news story which I like to bring to you guys. Um the OPEP portfolio both for the health and the PPS fund performed fairly well. The benchmark that we have set for it is seven percent and they both earned over ten percent, which means that it reduces our unfunded liability as well as provides enough funding for the benefits that are paid from it.
Wow. Good
question. Any questions?
Who's your investment advisor? This
guy right here.
Well actually with this particular fund, several years ago when we first opened it up, you guys decided to use a passive investment strategy with it. So basically set it and forget it, and it's been doing very well for us. So we don't really have an advisor on the funds because they're all passively invested. Right.
Okay, great. Any questions?
There being none, thank you so much. No problem. Moving on to M one motion approving the minutes for the December seventeenth, twenty twenty four. Other post employment benefits trust board meeting. Probably should have done that first, but uh uh anyway, do I hear a motion to approve the minutes from last year? Seconded. Commissioner Sorensen. Yes. Vice Chair Herbst not present. Commissioner Glassman? Yes. Commissioner Beasley Pittman? Yes. Chair Trental. Yes. That meeting is now concluded. We now Move on to the uh special meeting for this afternoon. Anything else, Mr Clerk? Before we do this? No, we're good. We're good? Okay. All right. So now moving on to CF one annual investment report for fiscal year ended September thirtieth, twenty twenty five.
Linda?
Good afternoon, honorable mayor and commissioners. So another great news story to present to you guys. I do have our financial our investment advisor from PFM here just to give you a brief market update. But I want to report on how well we did overall as a city. The actual investments in in this particular pooled investment funds earned close to thirty five million dollars last year. Our budget for the investment pool was eight million dollars. So we've earned well over what we anticipated earning. So let me answer on you,
Linda.
Let me tell you what that means in dollars and cents for us. For instance, our general fund had a budget of one point eight million, we end up earning five point eight million on that.
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Agenda
8 items
1
What opening remarks and agenda items are introduced at the beginning of the meeting?
0:01–5:03
2
How does the discussion transition to the OPEB (Other Post‑Employment Benefits) presentation and questions?
5:03–15:48
3
What key points are covered when the staff presents the evaluation process and financing options for the new city hall?
15:48–1:35:59
4
What is an availability payment and how is it structured for the City Hall project?
1:35:59–2:10:56
5
How do financing assumptions, equity returns and interest rates affect the proposed deal?
2:10:56–2:49:14
6
Why are contingencies, insurance and soft‑cost estimates so high and how will they be refined?
2:49:14–3:38:28
7
What experience and design capabilities does the team highlight for the new City Hall project?
3:38:28–4:22:32
8
How do the presenters compare direct construction costs, indirect costs, and financing options?
4:22:32–5:15:36
Speakers
3 identifiedOfficials recognised by voice; public commenters shown as “Speaker N” unless they state their name.
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