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I 8.A.a I <br /> Councilwoman Wilcox said should the debt be paid down with other monies? She <br /> thinks it's a bad idea to commit a dollar amount each year. <br /> Councilman Sischka said they can't commit a dollar amount for future councils. <br /> Mr. Aarons asked f they want to take a very optimistic view and use the .75% and <br /> existing General Fund money or take a very ultra conservative view and pay off by the <br /> ten years. <br /> Councilman Sischka said they need to maintain trust with the electorate. Let the <br /> electorate know and ask them what they want to do and be honest. Paying off in five c <br /> years is disingenuous. It is up to each council to decide to keep the trust of the g <br /> electorate. w <br /> Ts <br /> Mayor Oberg said there is a lot of uncertainty in front of them. They may see an a <br /> increase in unfunded liability with PSPRS. He thinks trying to set up paying this off a <br /> earlier is a little optimistic and they should continue with the original intent and every N <br /> CD <br /> year the Council can review to see where they are at that time. <br /> Pro Tem Lamerson said the .75% is committed. Council can't commit for future r <br /> councils. He can't obligate next year's budget. Mr. Aarons said there are three c <br /> options: c <br /> c <br /> 1. Optimistic with a time frame. <br /> 2. Very conservative view point not obligating future councils. d <br /> 3. Can take middle ground and pay the unfunded liability as expeditiously as practical. >, <br /> This will give staff flexibility. <br /> r <br /> u) <br /> Objective #2-Council consensus. 0 <br /> Retire PSPRS unfunded liability based on FY17-18 actuarial administrative and financial ° <br /> rs <br /> assumptions as soon as is possible. o <br /> N <br /> O <br /> Objective #3-Legislative relief(impact fees and revenue/expense flexibility) el <br /> d <br /> Mr. Lamar asked what kind of help are they going to get from the Legislature with 0 <br /> PSPRS. What are they going to do since we did what is needed. Councilman Sischka 9 <br /> asked what kind of impact does the legislature have to change the PSPRS situation. <br /> Mr. Aarons said it will require all of the municipalities. City of Prescott decided to take g <br /> hold of the unfunded liability and tried to solve it themselves. They can work with the o <br /> League of Arizona Cities and Towns and get other municipalities involved. This could a <br /> be an objective. <br /> Councilwoman Wilcox said impact fees need to be addressed and reviewed. Mr. <br /> Paladini said it is complicated with impact fees because the statute is complex and no <br /> one understands what the statute requires. <br /> 4 <br /> I Packet Pg. 11 I <br />