parking lot just to the south if these doors are for some reason blocked please go back out into the main lobby out the front door around the building and back into the same lot on the south side tom hubbard and i will be responsible for making sure that don't number three is the agenda review any additions deletions or changes in the order of agenda items the only thing i see and somehow we need to get it back into our regular agenda is the committee reports do you have one for tonight yes and then if we have something from g m t that would be great so could we put that perhaps what's your pleasure we have moved these things to the end of the agenda don't number four and that's comments and questions from the public not related to the agenda for anybody here would like to come forward right seeing none will keep going and tires i don't think there's an ordinance on it but she wanted to know if there's generally guidance from the city if we don't prefer started snow tires of paper they're known to be a hazard for our streets i don't know how to respond but i mean also to follow i think i saw some post something about this missal we did cover a couple interesting pieces where with the c b d if you were if you had a full spectrum c b d product it could render you you know positive on a drug test for trace amounts of t some more and got a little more information so just interesting aspect of our changing marijuana landscape you know about the mental health initiative did you discuss that too i left we for kevin gave  only thing that i wanted to put forward publicly and i shared it with kevin personally this morning because i could not get to the bus stop to get to get to work to get t v s and i personally had my husband drive me was looking at the prioritization of the snow clearing i think that would be interesting for us to know how those choices are made because obviously choices have to be made we can't you know curious to know where we are with our equipment you know and our personnel our level of you know response that we can provide i think that would be helpful for the community to hear as well so i just is that something that you would be interested in there were a lot of complaints about you know amount of snow on roadways last i mean i don't know what should snow storm right and it went from saturday night sunday and not so much and it was a done by sunday night but there's a lot of high wind event and every event it will but difference i'm not so concerned about i think they do the best they can i have a student who actually told me today to all nighters over the weekend he drives part time for one of the towns i forget which town  if there was a lot of snow it was wicked cold wicked windy we do the very best we can and we can't do any more i mean and so i think that's what they did and i'm ok with it i mean i  talking roads roads and sidewalks and i think they're doing the best they can i mean you certainly can has got a curiosity how it's prioritized but it's to me it doesn't make any difference i have faith in the decisions they make  think they're doing the best they possibly can when we get significant snow i mean you know i agree but i think if if we could just be cute and on the prioritization that that might be helpful and if we see perhaps you know a right we were on the road yesterday morning so right so i'm fine i love the privatization so we can talk to community members about their sidewalks but i just want to echo what you just said we owe them a big thank you they were all night saturday on a sunday and they're still working four hours and then you can ask we do the best we can all around ok i think that was the only thing that i heard bubbling up from the community and that i saw this morning but i think that tom's emphasis on the big thank you is what needs to come through loud and clear so kevin we have your announcements couple scheduling things the self promotion rotary event awards event it's not a dinner and order and cocktails five thirty seven thirty on thursday at the traitor dupes and i also want to let you know that there is a resolution it reached out to me the other day and asked about next step in the cost benefit analysis complete part of the i c process and there are a couple of local economist next to kind of get the scope of the project down and what we would need to hire out and what we might be able to do with some volunteer help and so we need to get that now that i think is twice the committees are going we need  part of the planning commission's work is moving forward we need to get moving on this so hopefully i'll get to meet with them this week or early next and have a report for you on your february fourth meeting the  also asked if we could get an update on the regional dispatch project and i'll have a much more detailed one for you also probably on the fourth more than one thousandth but right now we have the consultant is on board and it it's forty possibly as early as july one so that's what we're shooting for and then and when you ski will be in the mix and then probably burlington after that so by this time next year we hope to surveying for governmental entities so it's surveying in real time and continuously on a particular issue and they want a pilot they want to community work with on a pilot program and we're discussing this with them so would be the ability to have ongoing survey on what's to say traffic on doors history and have that data roll out over time and watch us up and down no  just staff time some limited staff time but again it's up it's a pilot project much like the one that diana facilitated and it would likely occur in the late spring early summer this is a company o i'm guessing hour and a half max and what i'm thinking more like an hour and fifteen minutes from the to your meeting because it's supposed to be seven or eight you just let them go let them meet probably and go back and forth maybe sorry so we have item number six the consent of jenna and that is the approval and signing of the disbursements the approval of the minutes for december seventeenth and i did catch one thing i had a cup of flour in those and authorization to allow me to execute a quit claim deed for the conveyance of the city glebe interests of fourteen hundred speer street resolution establishing the energy one question and one of these i'm happy to make the motion and then two during discussion the question is on the enter and zoning of location fees the two hundred seventy five that mirrors the development review board with this be in place of the two hundred seventy five or would they be paying the two seventy five in terms owning and another two hundred seventy five for the site plan before the d r b it's duplicated i believe it's both but i can check with paul well the other question on that is is this comparable to what it has been when we had in terms owning in the past the last two times the last twenty years and when wilson's got it is this a normal fee amount of two hundred seventy five dollars or is this  a new amount we're charging my understanding is it's the same as well as charge the last time that five year four years ago interim zoning was introduced this comes with some precedent get it was my mistake we review these ahead of time so i'm sorry for not catching this before but it's in that second paragraph mr chittenden moved to a point sophie muzza roddy i don't know that we didn't have that corrected but we might as well and so w i t a ok alan strong vince what happens at every school so this year i've come up with this preparation for this and also talk to all of our staff at all five schools in addition talk to the rotary chief burke and also school district including union unanimous support from the school board will be raising of what black eyes matter flag as a symbol of inclusion especially for students of color the flag will fly for the month of february this year and the years to come also important to note that february is also black history month and this student led initiative ties to a larger educational work of the school district including but not limited to those of you obviously been around our schools we have some pretty important things that we call our and so what do we want our students to be able to achieve at the end of their journey with us in preparation for their future obviously one is being academically proficient essing the qualities or dispositions as lifelong learners possessing the skills to be take to grow personally and and finally being good citizens and we think that this effort strongly supports that w in addition to the students have also worked to connect with other constituencies around the community and we believe that again the students rising raising likewise matter will inspire a greater understanding of racial inequity and steps we may each take to address inequity we have a lot of information on our website i think one of the most important pieces if you are asked in the community which many of us are asked in many different places we would ask that you direct them again if you're happy to respond if someone says why are they doing that you can direct them to the website on our site to gain more information we have a series of f a q's are frequently asked questions which we think are really important and then also and part of that i think is important it's the statement of intent from students staff and community cat community members on the black lives matter flag raising committee and they provided this statement that i think is important that it resonates and i'll just quickly read it to you the self joins from students of the racism that infiltrates every institution in united states our purpose is to engage your school community in hopes that it will leave with a greater understanding of racial inequity more specifically its impact throughout vermont and our country as a whole the flag will be a reminder that history including black history is not just something of the past history is constantly being made and this flag and this movement are part of the raising of the black lives matter flag is our kickoff for black history month we intend for it to generate courageous community wide conversations about racial and actually recognize a month of celebration of the achievements of black americans and their contributions to our country so as i said more information is to be to be for you know to be available for anybody who wants and again several folks obviously the high school myself susie this committee were happy to answer any questions about that but the last thing we want to do is something happens something an event happens like this we like to make sure that people are informed and when we are asked we can direct accordingly to make sure that people can get the information so that said if any particular questions i'll see some of you tomorrow and i will talk a little bit about our budget and some of the other things are going on so i think answer any questions or have to move on item number eight consider and possibly authorize the city manager to enter into a contract related to conducting a feasibility study of consolidated residential trash hauling  even just in robert a director of public works normally as you're aware of the award of contracts particularly ones of this relative dollar amount show up on consent agenda and we move on but this is a topic of discussion that has a little bit of history in the county and we hope to engender is more discussion going forward so we wanted to have it on the deliberative agenda more just to have the discussion about what are we doing and as importantly what are we not doing what is this not lock us into home one of the time frames where the question is really an answer so in comes which was involved early on in this and was the proponent of us working with the solid waste district and the city of detroit and i'll just do a real bit of quick history and solid waste district has visited this topic a couple times over the past decade  eventually largely due to hollar opposition they never took the next steps obviously they never implemented a consolidated trash hauling  however that they did decide in two thousand and fourteen that because they had the x the experience and expertise they would serve as a resource to communities that might want to explore this on their own i know that we've had this topic unrelated to this specific solution comes up every now and then with the council and with the citizens so what we are proposing tonight is a joint effort between the cities of south burlington and burlington  their board of finance and city council are considering this action at the coming monday's meeting as well as with the solid waste district each each agency would be have a fiscal share in this but we would all have an equal voice as we know in south burlington there are we don't know the exact numbers and soft burlington burlington they have a better angle on it because they run the recycling program so all of those hollers register with them so they we're not trying to come up with a solution that eliminates choice or is forcing any one particular price model or our current model on the residents but we are asked for residences of bring about the best cost is the most environmentally sensitive is there a way to reallocate the pie so everyone still gets roughly their equivalent slice that they have market share that they have today so i provided with below as a way of indicating that we we simply want to kind of have these questions asked have the community be involved in answering them there is a statistically valid survey that's part of the school proposal that will survey both south burlington and burlington as well hasn't gone south burlington in burlington county residents just to see what the flavor is and we have passed surveys to compare this data against and i think public works and would be administration we think this is something definitely especially at the cost of twenty thousand dollars which is an r f one thousand budget worth investigating a little further the consultant that we have proposed working with has done this numerous dozens of times across the country certainly with large markets they also have a history both in vermont and with a solid waste district and thought it was just the kind of the right mix of experience and personalities interestingly enough there are committees in vermont that are doing this so if you're if you're wondering others are state statutes you need to be worried about everything legislatively that the would remain at the local level so vermont communities do do this i know that some neighborhoods in south burlington be they condominium eyes primarily  not also do this and buy this just to be really clear is we're looking to geographically award hauling contracts so your neighbor is a butler farms trash is all going to be collected on a monday and thats it no more intrusion of haulers and recycling trucks and the damned the unnecessary wear and tear on our roads and the pollution on tuesday to friday and we would that would be burlington right now we don't know if we want our our geographic areas to be specific just to burlington or could there be some overlap again other than knowing that we want to study this we don't have we haven't given the consultant any gift the only thing we have said is they must be willing to provide beyond just original car service alak or services for example today if you want to get rid of a mattress or if you need backdoor collection this is that's probably more attuned to burlington if you need something beyond just a truck pulling up at your curb and and taking you know they will be they will price and provide the services some little want to exclude anyone for money for many services are getting today  it's a little bit of the background i hope it's kind of paints a clear picture i know when talking with concerts and perhaps he has a couple thoughts to share or i just really appreciate your leadership on this i think you understand the complexities of this used to serve on the c s w d boards you know the issue when i brought the thought back in two thousand and eight two thousand and nine i was probably in that wave when it was that when it wasn't going to happen right but one of the arguments for why there might be some residential resistance was that any consolidated trash hauling would preclude would prevent the residential drop offs that can happen now and i'm told that vermonters like to take care of their own trash  so is this something that would be able to continue or at least yet we have asked for them to consider an opt out portion of this so i believe our broken drop off center a patch of road is the healthiest and busiest that the district operates they have they have no desire and burlington also has a pretty active they're trying to relocate there is presently but they have no desire for these to replicate or eliminate the ability of our residents to continue doing what they've been doing historically so you could opt out of this if if we were to write it that way and i don't see why we would not talk about opt out does that include also the taxes that would probably be paying so we get so interesting is that how does this one and i don't know if i put it in my easy to do it's just a software situation does the hauler do it so we're going to explore all those alternatives also they have budgeted in time a number of public meetings so whether we want that to be kind of question i had with regard to you know what opportunities are options exist today some callers do provide real options as opposed to once a week pick up you have once every two weeks pick up or you do for anything with regard to the city yes and it turns out of how to construct a contract for the actual services yeah it's the the term of that contract would probably have to be of some significant length longer than kind of a standard contract to insure people if they have to make if companies have to make investments for whatever reason they don't think they need to but to insure them a stable user fee base for years and then it would be competitively bid  and we could choose to just go with a little bit or across the spectrum or we could choose to say that emery smalling has four hundred customers today we want emery's hollowing to remain a viable small business they are to frankly when there are a lot more smaller haulers the large dollars rally the smaller haulers to tell them how much they should be worried about this driving them out of business and then in subsequent years they just bought them out anyways but now there's there's there really is no more smaller compared to what we would consider the smaller of ten or twenty years ago at least not in burlington south or aunt and you're more likely to see them in other areas of judgment county so that was one of the main up positions in the past was there used to be areas is going to change when they have to start picking up or attics right and if i were a hauler i wouldn't want to waste somebodies garbage can you for a so i could charge them by weight so that people have some to reduce what they buy orders they produce what they throw away i mean you know because households depending upon their behavior can generate larger quantities of trash are not in the late ot so as the reverse approach of that if you recall i don't remember the program's a name but there you were to be incentivised for how much you recycled and we were we were we as you got money back for you were given you to get you could get gift cards only canford so we were given the roll off containers that had a chip on it however due to burlington's lack of participation the program because they did their own recycling and never got off the ground but they deployed tens of thousands of these large bins countywide  however if you been reading recently in the last week or two the notion of organics collectables at small meaning less than four residential units there's going to be discussion legislative session by the women in that may end at twenty twenty mandate so that's another reason why the you know it everyone's i was worried about the organics and in response to that they just keep kicking the can two years down the road so now the  perhaps a woman and the mandatory side of it for small residential properties but i agree with the incentives i think it's important to assess incentivize people to consume responsibly i really think so right well thank you i think we need to approve or authorize kevin dorn if that's what we choose to do so right i am number nine considering possibly authorize the city manager to proceed with formal acquisition of land interests for the community center on market street access parcel that one eighty market street and andrew b eighteen months ago or pull over a year ago relating to the community center parcel that's going to be known as one eighty market street and as you can if you look through the purchase and sale there is an option to  exercise this during the due diligence period and what we're asking tonight is to authorize cabin to move forward with that or that exercising the option as well as there's a portion of property that we're going to need for the roadway that we're also going to need from the adjacent property so this would also be to authorize kevin to execute any legal agreements necessary to accomplish this this land acquisition you have to call the pilot and turn or play around ok very good thank you and all right number ten the final public hearing on the vermont community development programs five hundred twenty five thousand  year so this is just a public hearing and i think we're going to just go ahead and move to enter a public hearing and you can tell us about all the successes this far only thing that we need to know programs the school kids have been over to connect so it's just a really fabulous new community and we're really excited to be open and really appreciate the support so unless there's any questions issues primarily there with our office space which is actually better than having the residents deal with that so we're working on that with their mechanical engineer and balancer and all that good stuff working through some more punch we did have an issue about the number of doors that need to be on market street which we've designed to that to that area and then there's something that talks about public entrance and so the c e o is denied because we don't keep our doors unlocked because it's a secure facility so it's a situation where public safety is bumped bumping against the code requirement around design so we feel that we should be able to have a secure facility because that's what we do in all of our properties so we're working through the process we have a appeal into d r be so that's that's one heck up that i have confidence will work through but since you asked  let you know that same question came up with the proposed hotel i read that yeah and so when i was at that meeting they talked about the ability of the person at the desk buzzing people in through the street door at night hours or the person using your personal card to get in i don't remember the exact resolution i don't know what if cation went to another meeting or not but that kind of discussion occurs it was a very similar situation so that might be helpful when the dia b goes to hear this case and look at what kind of precedence there is that's one heck up but other than that we're working through design issues with the site plan for the city's building we're very excited about the library it's going to be a great neighbor for our residents and so that's those are our highlights i think the building looks great we've got a lot of compliments on the  serving from extremely low income seniors below thirty percent of median up to one hundred twenty percent of every median income so it's truly a mixed income property and we saw a high demand for each kind of apartment we had so it's truly mixed income from formerly homeless to you know well resourced so it feels like a really great way to deliver healthy housing community and we see a tremendous need and so we look forward to developing more has in south burlington well we're starting the next one in burlington the former cambrian rise development i mean that at the current can be unwise development so we sort of have to spread things to be moving just court decision issued this week hopefully this week about temporary versus permanent receivership and sort of what the status is there so a lot to be worked out it's just up to the court and we' just said as an organization that we're willing to be helpful where we can so currently we're working as a contractor to printer paper is the receiver and stay tuned we're not sure what will happen but two hundred fifty residents and four communities so it's really significant as it was the four communities it was large as these are two variants of burlington and then one in st albans and there's a combination of independent living and licensed residential care so a lot of vulnerable folks so hopefully will help we're hoping for the best for those communities so thank you for your support in in many ways for the allard square property the affordable housing committee the housing trust fund the four base code applying to be a grant all of those all of those ways the city really has such a important impact on creating fertile communities because we just need more affordable housing i mean this this government shutdown really highlights how many people in this country are one paycheck away from being losing their housing it's quite staggering so thank you this is an opportunity for any chamber anyway right ye bank downtown burlington and they opened up their own burlington office on main street so our little group there basically moved down to main street we're still working on there serving this area but now we have more resources across the country we have more and the funding country we're going into that i want to just take a step back and go over how how the funding happens for plan what and what's the actual funding method and what they mean and what they are so there's many different ways of funding  pension plan to the primary ones are what's called unit credit and then entry age normal so unit credit is basically saying we're going to look at the benefits earned in the plan based on current compensation current service and nothing projected to the future this is what's been earned in the past as a liability and that's what single pension plans have to do for their funding and that's what the city did for their funding up until january july one two thousand and fourteen and then after that we switched to entry age normal which will take your current service but it's been a project compensation out to the future in anticipation that employees are still working their competition going to go up in the future of the benefits you owe them for what they today ten years from now is going to be higher just because they have higher compensation so it takes that into account and it also primarily came about because the gaspe financial said you have to use this method display your liability on the financial statements y entry to normal form of liability this is a little bit more in depth but when we're talking about the entry to normal what it's really doing is it's it's taking your cost and attributing to each employee across and even percentage of compensation while they're employed so their cost per year is going to go up as it's supposed to be an even percentage of what that employees making in compensation a year so it's ten percent of your contribution for that employees ten percent each year of whatever their compensation is that year and the goal is that it's it's more even so it as a percentage of pay if you're doing your budget your percentage of pay more changes much from year to year because that's the way it's designed and it also attributes more liability to the past than unicron it would so we'll see in a second we'll see a little chart of the difference between the two but a point i want to make is at the end of the day when play retires their liability is the same it's just how you get there and what you're putting away now for what you're go so the top line is the entry age nor my liability for a participant in the bottom of the unit credit and the entry age that a little bit more whereas a unicredit may not have as much liability now but in the future of your annual contribution would start jumping up more and more each year and so the reason we fund on the entry agent or melissa because we want to dissipate that now and get there but we're also going to look at what you would be funded both ways to give you an idea because the unicredit right now would be a good representation of if you just froze benefits and no one and another benefit in the plan that would be your liability to that you wouldn't have to have you wouldn't hand additional liability accrue but we look at both because we want to fund toward what you net mentally to fund so just if you hear me talking about liability it's it's the present value of benefits and in the past and then i'm talking about the normal process what we expect to be earned during the current year so when we do funding we we look at what's been earned in the past we compare it to assets and then we also look at what's going to be earned in the coming year and we put that all together to get our recommended  contribution kind of covered this some of the reasons that we made the switch to enter regional was because it's last fall tile because gas we had to do it and we didn't want to be having two different liabilities so we didn't want to be showing your financial statement of one liability and your funding on another and because it is it does help you find now for your future liabilities and that's more conservative and prudent way to go  about talking about that so let's jump into the contribution so just in general your funding policy what you've generally contributed to the plan as a contribution each year as we take your past liabilities we compare to your assets and if you're unfunded liabilities we make in amortization payment on that based on a twenty year amount is asian period and then in addition to that the contribution money could benefits expected to be earned during the coming year through paying what's being are are making a payment towards anything that are in the past and then there's a little bit of interest because this is done as of july one twenty eighteen and the payment goes in a later date so we take that into account employees also fund a portion of this  we'll see a little graphic in the second this is just the cities so when we calculate the cost of the recommended contribution we do use what's called the actuarial value of assets is a smooth value we'll see that in a couple slides this year is very close to the market value of assets so these two contribution to be almost the same thing but at the top here we have current recommended contribution bottom is last year we show the ten in the twenty year just so you can see what the difference would be if you take down amortization payment over twenty or ten years so right now the recommended contribution is one million three hundred eighty four thousand compared to last on the twenty year compared to last year of one million two hundred forty six thousand and this is just kind of a breakdown of what the contribution is so the city portion which is one point three million that we just saw six hundred thirty thousand of that is for benefits being on in the year almost one hundred thousand is for benefit is is a unit credit form of liability so it's what's going on today if nothing else was earned and you walked away you'd be about one hundred two percent funded and then the entry jorma liability is significantly higher because funding towards the future and that's about eighty four percent so we'll see in a little bit the these are very good you want to you want to be at one hundred percent on the unit kind of method you would like to be working towards a hundred percent on intervention or more but it's not necessary you'll get there eventually and that's what because you're funding towards that that that is intended to go up over time all the others options are big long graph you had earlier with those two lines and how we're currently farthest away from each other the unit cost versus the entry age normal what was the span of that graph in your mind is thirty years twenty years what are we going to get to that closer with the two lines or closer the hole than is a proximately twenty three years so you're right in the middle and it's really that the remaining active working span of active employees right now so it's the employees that are in this plan how much longer they have until they retire and then they're retiring at the top of that you're simply being pushed out because if there's new employees being added you'll be being  the so just year over year from last year the actual return on assets was a little bit greater than the assumed return so that's a small net gain we'll talk more about mortality and a little bit but the change the update  the mortality projection scale from last year to this year was a small gain but there was larger than normal compensation increases which jumped up liabilities about and it's not so much compensation as much as it was over time compared to the prior year jumped up so the prior year over time is kind of low in this year jumped up a line that that led to a large increase in compensation which increases the liability so our actual performance is above what we assumed but we're still contributing one hundred thousand dollars or so more than previous and that's because of the mostly firefighters over time or is that across the board pretty across the board for the overtime  a historical graph of the two measures of funding and then she is normal only goes back to seventy one fourteen because that's when i first started being calculated but they do move pretty fast together in the same movements and the p v a be method has been consistently after about one hundred percent for the last and this is just some comparison to other entities part of the reason for gas b was everyone had their own funding method so if you're trying to compare one city to another one state to another you're looking at two numbers and they mean two completely different things so that's be a little higher than that but it wasn't available for the sienna the reason that eighty three percent and the reason these discount rates are there is because different discount rates get different liabilities overfunding our pension to the point since we're leading the pack year not that we could ever do that because the pensions important board i'm saying is when budgets are tight we do have the option to put less than the one point three million this year and we would lower that eighty four percent down to some other smaller percentage possibly bringing this more line with our neighborhood as allergies is that correct that we have that option minimal contributions still the amount we want to meet so that that funding ratio can actually get to close to a hundred percent over the twenty saying that somehow we would gain something that we can reinvest it was just to help the long term value of the plan to make a more realistic rate of return so bringing it down to seven point two five as erick showing you right here puts us in a better funding ratio because if we have consistent years where we're not meeting the seven a half and i i'm sure patrick and mike will talk more about this now that that could compromise the plan more so i mean we may in at some point but not this year maybe not next year when maybe even look at bringing that down to seven so it was a it was the right move it doesn't help us reinvest money it actually cost us more in the short term in terms of a billet increasing but it's going to be worth worth it in the long run so when we calculate these liabilities there's a lot of assumptions that go into these are just some brief overview of the major ones the discount rate more we're just talking about the seven point two five percent it's the long term rate of return but it's also how we discount future liabilities to the salary growth has a medium impact on liabilities and then just we have an assumption about when people retire and if they leave employment before they hit retirement have less of an impact they still have a medium so we're not going to go to india but the mortality assumption uses standardized mortality tables but every year there's an updated projection scale to those mortality tables and that projection scale is saying in the future we expect mortality to move to someone who's seventy today compared to some of the seventy twenty years from now is not going to have the  of mortality so that's kind of what that's doing every year it's updated from social security data and that gets updated into the plan every year since the last three years it's been slight again so it was originally too much improvement now there's a standardized turnover table i don't have the rates here but turnover is if someone leaves for reasons other than retirement disability or death on to return this can also the discount rate hasn't changed none of these have changed from last year we assume public safety employees retire at the age of fifty three which a couple of years ago that was changed based on a study we did that when the average retirement age was they can retire at fifty with the full benefit a lot of them stay safety employees have annual increases in compensation of five percent and nonpublic safety of four percent and that is everything so that merit cost of living promotions extra variations and over time and there is a slight minor change to this is that how the social security officer was valued in the plan which had almost no change on the liability we're not really going to updated tables but they keep getting updated from that point every year retirement age is changing twenty fourteen and this is just because the discount rate such a big factor this is the sensitivity to it so your entry is normal liability right now at some point two five percent is about forty point five million a swing and that is to a point two five percent will lower your liabilities by four point four million so when we do the funding we use a smooth asset method because it helps to smooth out the change this year there's changes in the market and long term it gets you to the same point it's just each year you don't want your contribution jumping up or jumping down so what we do is we take the assumed return and we smooth that with the actual return and that's how we get i'm not going to each step but this is a graph this was first adopted three years ago it from twenty fifteen to twenty sixteen the smooth values on top you see kind of smooth out but they've come back together and ultimately the end of the day they're going to the market's going to jump up and down around the smooth value and your contributions are going to largely be the same it's just that they're more fluid over time and soon reach some point two five last year are this is just a rough calculation of it based on you know what when and when when out the seven point six your fourth twelve point two and three year averages are all pretty close to seven point two five but when you do if you do look at the long term return you really you're looking at the future more than the past so these are i ams for reference but if you're to ever lower or decide to keep the same you'd want to look at capital market sanctions and what's projected to happen in the future more so than what's happened in the past and last nine years it's decrease my hundred twenty nine two hundred four disciplines the middle section is people who've earned a benefit in the plan they no longer work  is just sitting there and they most likely can't take it yet they're too young then to reach these drop benefits so they're just sitting out there right now and that's grown from twenty two to forty four over time and the bottom section is retirees people who are are active is that because they're moving over to the femurs employees or is there another explanation than no public safety or that is part of  and eleven years of public safety that's really the average age the average time from now until they're expected to hit their retirement age and the average age is opposite about fifty five public safety about where how does that compare to you know kind of how do you take that into account when you look at the project current employees are expected to reach their retirement age doesn't count for new employees and then once that happens you have seventy more years to make to those employees  actually you do have just our projection of benefit payments like each year sixty ish years until those payments drop below million dollars are expected to drop a lot so you have all a long time frame off of not necessarily plan depending on if new employees go if the last employee is in line to get this annuity and there are no new ones coming then i mean one hundred percent is a good goal to have because ideally when the last employee passes away the last dollar is issued to them just prior is that the concept of yes you would you want your funding now for the future payments for  yes i mean so it if you you technically have that now in that you're over one hundred percent funded on the present value for crude contents but you want to make sure you're there ten years from now when those employees are an additional so two we might not have any more new entrants so actuarily projecting out how many years would remain in the plan do you think tall and it's just i'm just ballpark curious you know about how many how many years that is because that's the person that would know best thank we're just going to go through some market commentary i'm sure you're all curious with what happened in november december for a lot of volatility but will speak through some of that and then i'll get into some of the numbers later on been quite a bit of volatility in the market place a lot of the numbers that are reported in our update are through the end of december thankfully markets have recovered quite a bit since then we still have some more room to recover but a lot of the numbers and the volatility that we've seen is that fully you know coming back into our favor adding some more return to the plan so through at you know through last night with this morning you know again being evidence that we continue to see quite a bit of volatility in the marketplace so and that's something that we haven't really felt for a number of years page six and seven which i will speak to very briefly really just highlight when you look across many different corners of a well diversified portfolio across stocks hold in the united states  international stocks areas like commodities it was a very difficult road to matter where you were invested there was really no place to be fully immune to the volatility that we saw particularly during the fourth quarter but when you include what we saw in february of two thousand and eighteen a pretty choppy year when we extend this to page seven and you see it in the bond market you can really see what historically at times can sometimes shows you some positive returns in areas like treasuries as investors really seek safety some broader more credit oriented areas like high yield bonds emerging market that really added to some of the negative returns that we saw something interesting is at the very bottom of this list bloomberg barclays u s ag that's basically the broad investment market for investment grade fixed income in the u s the barclays usually is fairly positive in times of stress as investors kind of for them to safe haven assets like treasuries but as interest rates rose during two thousand and eighteen with the federal reserve hiking and we saw a gradual kind of climb in interest rates that resulted in a very flat experience so when you think about a well diversified portfolio you saw a negative return coming from many different areas it wasn't just a single source of negative return  dominating the experience that you see in the numbers i want to spend too much time diving into each particular market put i think it's worth spending a little bit of time on page twelve and thirteen this kind of the return quilt and then the important us takeaway is many things that we looked at in two thousand and eighteen that were very very poor performers like international equities for instance we often get a lot of questions like what's the role that's playing in my portfolio and we use this to remind investors that over time as early as just simply last year or two thousand and seventeen that was an area that was returning thirty seven twenty five percent so we think about strategically investing money for a pension plan it's very important to us that we strategically build this by portfolio that's very well diversified across all of these asset classes and we as over the very long term so today in our meeting this afternoon with the investor could be you know we talked a lot about staying the course maintaining the current allocation that we have thinking about ways that we will continue to kind of capture value as we go forward and as a reminder sci is a manager of managers so when you look at our portfolio and you see ten to twelve different asset classes that you're investing in underneath that additional four to six managers on average in each and every one of those strategies so that translates to almost projects that have been discussed so that's you know the types of projects  that are that we're talking about so those are the changes to article three the local lot the additional one percent tax on article four section thirteen going to be a new section thirteen fifteen zero eight actually made some additional edits since the ballot when now based on information received on the the amount of money that could be generated from rental sales tax in the city and i don't know kevin if you want to touch on that at all so before you have the version that andrew is talking about in your package on your desk you also have two letters one from enterprise holding dean thompson and i think  represented here tonight and sharon partner from the american car rental association both commenting on the on article for andrew alludes to some changes that we that we would like to promote proposed partly coming from the economic development committee and partly coming from an dated evaluation of what would be raised from such a tax going first to the what would be raised you have should have before you memo from andrew that states that the in tax year twenty seventeen still total state tax revenues from car rentals four point two million dollars so the state takes nine percent on every car rental in the state if we were to estimate in this is just a an estimate that seventy five percent of total state car rentals occur in south growing tim that's seventy five percent then of the full state take tax take would be about three point one five million so every based on that nine percent for us every one percent would generate about three hundred fifty thousand dollars half a percent would be one hundred seventy five thousand so we had an earlier projection much much lower than that and this is been updated today thanks to ender's work the economic development committee and i'll get back to these numbers the economic development committee i met last night and they said they took a motion and unanimously supported this provision except that they wanted the ultimate percentage to be based on some level proportionality against him so the economic development committee feels that there is an impact on our roads and on our  public safety resources through the lease of rental cars in our community but that the ultimate tax burden borne by those customers should be roughly proportional to what the impact is so that half a percent it's one hundred seventy five thousand dollars and that would be reflective of the impact on roads other infrastructure and our public safety associated with servicing those folks so to be consistent with what the economic development committee is recommending we're proposing that the num ber in the rental car article four be reduced to up to one percent as a target in our recommendation is that it be set  timidly be set by the the city council at half a percent so this is a change from what you saw in the first version and what i would like to do is to you about looking for a direct relationship between what the wheels on these rental cars are doing and you know the one hundred percent so that it would receive a full point five percent yes and the city would administer that does that does this have to go to the legislature yes so do i have this right that the the ultimate dollars seventeen thousand five hundred dollars  i'm supportive of this i'm fine with a half percent or one percent i think it makes sense for a lot of the for reasons but i'm also supportive of just pressing the legislature since seventy five percent of the rental cars are in south burlington maybe we just need a larger part of the park part of the nine percent that they're already collecting but either way we're bearing the  six million three point one five million is that number that three hundred fifty thousand to represent one percent of you know one of that total were are we that since this is applied evenly across all rental agencies in the city that the airport and the f a a would not take special issue with it in in the be intern some legal th view that this is not a discriminatory tax that applies to all car rentals in our community not just those at the airport not just those off the airplane if it were only confined to the airport are readily agencies there would be a case but because it's applied across to all rental agencies in town it is not discriminatory in that way i think the cardinal folks would have a different opinion on that but that's our opinion even like we have representatives here who would want to speak to those options like to proceed because there are people here want to speak to the rental car if they want to speak to that issue and there's nobody just want to speak to a local sort of replacement because it was actually essentially replacing their vehicle which would normally be on the road and then also people running for work purposes solely have to travel on a work trip then you're you're traveling with it with a rental car versus your personal car  that's the vast majority of it and majority of those are car replacement vehicle so people who are often on some sort of accident or mechanical issue with their vehicles unfortunately i had one of the some help three years ago and had a car for forty days monk looting vermonters who travel on our pallet there is i see some stacks in order to have the the cart and those are cars right car drivers so you  know obvious just covered by the used the roads and to five percent s it's been harder to rent a car to to go somewhere else in the state or going to get back so  this council to consider this task like your responsibility here is to use a car whether it's a rental car or bodies but i i was trying to think of other to represent i so why don't more is there are you may have said this and i want to hear how many how many transaction remote friends i have many cars are there i mean it's like twelve hundred thirteen hundred on the rest of the state that's nonstop burlington