2489_00001RESOLUTION NO.2489
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOSES LAKEOPPOSINGINITIATIVE790
RECITALS:
1.The Moses Lake CityCouncil has reviewedthecontent of I-790.
2.The CityCouncil finds1-790willgreatlydiminish the use of positive investment returns inthe pensionfundtooffsetnegativeinvestmentretums,thusnecessitating increased pensioncontribution rates fromemployersandemployeesalike.
3.The City Councilfinds 1-790willcreate a pension governingboard dominated bythe beneficiaries ofthepensionfundandwillalsograntthatnewboardsoleauthoritytoincreasepensionbenefitswithoutlegislativeapproval,thusincreasing associated contributionrates.
4.The CityCouncil findsthecurrent pension program is wellmanaged and uses positiveinvestmentreturnsappropriatelytominimizecontributionratesnecessarytoprovidetheprescribedpensionbenefitsandisaffordabletoemployersandemployeesalike.
5.The State Actuary's estimate of a five-fold increase in the employercontribution ratewithinas littleasoneyearrepresentsatleasta$131,000 increase intheannual cost of the currentlevel of police andfirefighteroperationsinMosesLake.
6.Such a cost increase would,in tum,require a substantial increase in the local property taxlevy or acommensuratereductioninpublicsafetyorotherlocalservices.
7.The current pension system for policeofficersand firefighters providesexcellent retirement benefitsforitsmembers.Currentlypoliceofficesand firefighterscan retire at age 53 with a fullpension equalto60%oftheirfinal average compensation.
8.The City Council greatlyappreciates theservices performed byis police officers and firefighters,butfinds1-790willremovefinancial controlfrom thehands of those elected to represent thetaxpayer andplaceitinthehandsofthosewhowillbenefitatsubstantialtaxpayerexpense.
RESOLVED:
1.The Moses Lake City Councilbelieves itis inthe best interests ofMoses Lake citizens tooppose thepassageofInitiative790asitwillbeextremelyexpensiveforthecityatatimewhenthecitycan't afforditandsincethepoliceofficersandfirefightersalreadyhaveagenerouspensionprogram.
Adopted by the CityCouncil on October22,2002.
ATTEST:Mayor
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