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include: <br />6.1.C. - Page 11 <br />• Specific objectives, such as identifying a target Funded Percentage, eliminating the <br />Unfunded Liabilities over "n" years and maintaining the City's share of Normal Costs <br />at "n" percentage of payroll. <br />• Policies to achieve these objectives. <br />• Specific measures to implement the policies. <br />• A process to monitor progress in implementing the measures and in achieving the <br />objectives. <br />• Consideration of alternative policies and measures, or a "Plan B," that may be used in <br />the event that CaIPERS's actuarial assumptions, especially the Discount Rate, are not <br />met in future years. <br />Response: Several of the recommendations have been developed and implemented within the <br />Five Year Forecast for the City's General Fund, which is included in the FY 2018-19 Adopted <br />Budget. In addition, staff will be working with the City Council's Finance and Audit Committee <br />to make recommendations on the feasibility of developing a plan with a longer horizon, which <br />could include the suggested components. <br />Thank you for allowing us to respond to your report and share our perspective. <br />Respectfully, <br />Ian Bain, Mayor <br />cc: Redwood City Council Members <br />Melissa Stevenson Diaz, City Manager <br />I:3 <br />