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From YouTube: Finance & Budget Committee Meeting 2-14-2023
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A
A
To
order
take
take
roll.
A
All
right,
very
good,
so
we'll
open
up
for
public
comment.
C
Hi
committee
members,
my
name-
is
Dave
Ellis
lifelong
resident
of
Evanston
worked
for
the
fire
department
with
over
34
years
of
service,
been
involved
with
pension
issues
for
just
about
40
years.
At
this
point,
so
I've
been
involved
with
the
process
since
the
early
80s
and
I'd
just
like
to
thank
you
for
last
year's,
or
this
year's
contribution
of
100
funding
I.
Think
it's
a
real
smart
thing
to
do.
We
reviewed
their
I've
reviewed
I
was
around
when
we
did.
The
Blue
Ribbon
committee
was
at
every
meeting.
C
C
So
in
1997,
the
total
liability
for
the
fire
in
police
Pension
funds
was
48
million
dollars.
2008
was
145
million
dollars.
Now
it's
over
280
million
dollars,
it's
18
million
dollars
a
year
of
interest,
is
what
we're
paying
the
taxpayers
are
paying
to
fund
this
back
in
2007
or
eight.
Rather,
when
the
Blue
Ribbon
committee
study
was
released,
the
actuaries
Gabriel
wrote
or
Smith
and
Company
said
that
the
total
liability
to
the
city
would
be
over
530
million
dollars.
C
C
They
didn't
assert
blame,
but
they
did
acknowledge
that
the
council,
the
city
manager
and
the
mayor
were
asleep
at
the
wheel
for
not
to
do
it
taking
action.
So
this
is
previous.
This
is
the
2008.
Yes,
okay,
we
can
agree
it's
2008,
but
it's
been
a
40
over
40
year
problem
right,
okay,
great!
We
can
agree
on
that
and
they
stated.
C
We
clearly
assert
that
the
buck
starts
and
stops
with
the
council,
and
you
guys
demonstrated
last
year
that
that's
where
it
starts
and
stops-
and
that's
I,
applaud
that
and
just
for,
as
far
as
what
was
going
on
you
know
previously.
C
Had
the
previous
councils
sought
to
refinance
some
pension
obligation
is
the
study
references
it
take
opportune
times
to
look
at
its
Financial
defension
fundings,
Financial
Health
and
look
at
alternative
ways
to
finance
that
they
could
have
been
able
to
get
two
two
percent
financing
a
while
ago
and
that
savings
would
have
been
about
12.2
million
bucks
a
year.
C
My
suggestion
is
that
going
forward
that
we
look
at
a
funding
mechanism,
which
is
at
least
100
percent
going
forward
and
that
we
follow
the
IMR
of
the
Illinois
Municipal
retirement
funds,
position
or
policy
how
the
city
funds
that
that's
not
something
that's
discussed
every
year.
It's
a
budget
item.
It's
there's,
not
contentious
debates.
It
doesn't
increase
100
million
dollars
every
10
years.
It
doesn't
put
an
undue
burden
on
the
taxpayers,
it's
more
definitive.
As
far
as
planning
goes
for
other
budget
issues
of
the
city,
it
gives
taxpayers
relief
immediately.
C
Yes,
there's
going
to
be
painful,
there
is
going
to
be
a
a
hurdle
as
we
cut
away
at
the
city's
history
of
not
financing
the
funds
properly,
but
there's
no
getting
around
it.
You
know
when
Daniel
this
was
the
senator.
He
tried
he
did
pass
law
a
state
senator
he
passed,
laws
to
diminish,
reduce
and
eliminate
pensions,
but
that
was
ruled
on
constitutional
at
the
Supreme
Court.
The
city
was
in
the
90s
and
2000s.
C
Had
this
corporate
Council
Jack
Siegel
convinced
the
council
at
that
time
that
all
we
had
to
do
was
unfund
the
pensions
they'll
go
bankrupt
and
we
will
escape
liability.
That's
what
the
council
bought
into.
They
did
that
for
a
number
of
years,
Jack
Siegel
was
here
at
city
council
meeting
I
was
here
when
he
was
here
making
his
presentation
and
he
admitted
to
that.
What
resulted
out
of
that
was
this
Blue
Ribbon
committee.
That
was
the
city's
plan.
C
They
gave
it
a
good
shot
and
the
committee
recommends
you
know,
suggested
if
they
could
get
out
of
it.
They
should
we're
past
that
point
that
ship
is
set
sail.
Let's
work
on
saving
the
taxpayers
money.
Let's
be
transparent
about
what
we're
doing,
let's
re-up
the
council's
time,
not
to
keep
doing
this
arm
wrestling
routine
every
year,
every
budget,
the
IMF,
how
that's
funded,
is
financially
sound.
C
D
D
Happy
Valentine's
Day,
everyone
I'm
sure
your
spouse
is
Ernest
pleases.
Mine
I'm
here
so
I
want
to
talk
I
just
recently
on
Jack
mortell
long
time,
resident
retired
fire
captain
trustee
onto
Epson
firefighters,
pension
fund
I
have
a
legal
and
binding
fiduciary
responsibility
to
the
fund.
D
I
can
be
sued
by
the
members.
If
I
don't
do
my
utmost
to
maintain
the
fund
at
the
highest
level,
it
can
be,
and
that's
100
percent
I-
take
that
very
seriously
and
to
give
we
just
had
a
meeting
this
past
week
and
I
know
it's
just
one
line.
You
know
you
look
at
the
budgets
what's
500
pages
or
four
and
we're
just
a
couple
lines
here
and
there,
but
behind
that
line
here,
I
I
would
this?
Is
we
produce
this?
This
is
what
I
have
to
all
these
numbers.
D
I
have
to
double
check
that
they're
correct.
That's
my
job
is
when
we're
presented.
This
is
where
we're
going.
This
is
how
the
money's
coming
in
this
is
how
it's
going
out.
But
again
this
is
just
one
line,
so
I
can
imagine.
What's
behind
the
budget
itself
for
City
of
Evanston,
just
one
line
has
this
much
would
fill
this
room
I
understand
that
but
I
I
want
to
say
that
I
feel
I
have
an
advantage
over
you,
because
I
can
just
focus
on
one
line.
D
One
or
two
lines
on
the
budget
and
I
can
track
them
pretty
closely,
and
even
then
I
can
tell
you
it's
a
full-time
job.
I
can't
tell
you
I'd,
like
to
at
some
point
sit
down
with
you
and
show
you
the
things
that
I've
come
across,
but
I'm
going
to
bring
up
one
or
two
things
quickly
when
when
there
was
a
contentious
Arguments
for
funding
the
pension
at
100
last
year,
the
finance
department's
events
and
they
were
asked
to
okay,
do
we
have
reserves
or
anything
else?
It
was
at
the
end
of
November.
D
What
are
these
funds
going
to
look
like
at
12
31?
So
that's
33
days,
you
know
there's
33
days
left
in
a
year
they
were
asked.
Okay,
give
us
a
list
of
all
the
stuff
like
now.
I
can't
check
these
other
ones,
but
since
I'm
a
trustee
I
have
I,
have
access
to
the
actual
numbers
and
when
I
remember
was
up
on
the
screen
and
no
one
could
really
read
it
right.
D
It
was
hard
to
see,
but
I
could
see
that
I'm
going
wow,
that's
I,
don't
know
how
that
could
that's
a
big
number
I,
don't
know
how
it
can
go
up
that
much
money
in
like
33
days
and
I
talked
to
Tim
Schoolmaster.
He
was
the
same
way.
Well
and
again,
this
is
a
projection.
City
councils
trying
to
make
decisions
on
this
again.
I
know
how
much
you
have
to
wrestle
with,
but
you
need
really
good
information,
so
you
can
make
informed
decisions,
and
so
they
a
total
late
between
the
two
Pension
funds.
D
D
D
I'm
actually
going
to
give
this
to
you.
I've
got
one
piece
all
right,
but
it's
they
called
projected
ending
fund
balance.
Okay
and
so
I
get
reports
from
my
I
get
reports.
What
comes
in
monthly
once
what
it
is
to
date.
Etc
then
I
get
the
end
of
the
year
and
then
Tim
has
the
same
thing.
It's
a
little
different
format
like
this,
but
I
added
those
up
at
the
end
of
the
year
once
and
it
was
overestimated
at
50
over
57
million
dollars.
D
No
I
I
know
estimates
are
estimates.
You
know
the
budget's
a
whole
estimate,
you
know
so
to
be
this
far
off.
It
really
makes
me
scratch
my
head
and
I'll
when
I'm
done,
I'll
give
it
to
you
I'm
putting
big
red
up
here,
but
that
so
I'm
gonna
say
in
some
ways.
I
feel
sorry
for
you
guys
it's
tough
to
make
informed
decisions.
If
you
don't
have
numbers
that
are
at
least
close
and
I,
don't
have
it
with
me,
but
I've.
D
We
were
shorted
on
our
yearly
contribution
for
2022
and
we've
addressed
that
I've
been
answered.
The
real
estate
taxes
came
in
late,
blah
blah
and
I've
been
told
a
number
a
couple
times.
No,
no.
You
got
this
much
money
toward
that.
The
pension
fund
I
said
okay,
but
then
I
go
to
my
I.
Don't
have
it
with
me.
I
can
set
I
can
send
it
out
to
you.
I
go
because
I
we
go
to
our
administrators
or
with
Amalgamated
Bank.
D
E
Mr
may
I
just
just
for
a
point
of
clarification,
so
the
the
fund
balance
was
presented
at
being
302.
F
D
Dollars
it
was
30,
it
was
33
days
before
the
end
of
the
year.
Right
so
I
mean
it
I
realize
you
have
to
estimate
I'm
almost
done,
but
to
be
that
far
off
and
the
budget
being
a
whole
estimate.
One
I
wonder
how
much
accurate
these
other
numbers
are.
This
was
this
was
I
think
this
was
like
four
sheets
there's
four
sheets
of
this,
and
just
these
two
lines
were
off
that
much
it's
it's
like
23
and
a
half
percent.
So
that's
that's.
D
What
I'm
here
I
I
I'd
like
a
chance
to
I
could
go
further
on
with
Dave
with
the
pprt
and.
D
Just
public,
that's
that's
generous
thing.
That's
a
good
good
comments.
I
could
talk
about
where
I
I
enjoyed
reading
the
2008
things
is
where
that
our
community
has
a
legal
and
moral
obligation
to
fund
thing,
but
they
also
talk
on
page
three,
fully
funded
plans
based
on
Actuarial
estimated
annual
payments,
ensure
that
our
fire
and
police
Personnel
do
not
have
cost
or
concern
about
their
pensions.
D
Similarly,
fully
funded
pension
plans
ensure
the
city
and
the
citizens
do
not
have
a
cost
for
concern
about
disruptive
scrambles
to
fund
or
Finance
its
pension
obligations
in
the
years
ahead.
I
think
that's
a
big
statement.
So
thank
you
very
much
for
your
time.
I
know
I
rattled
on
a
bit,
but
I'll
give
you
these
and
I'll
I'll
show
you
the
other
thing
where
the
17
000
it
I'm
an
odd
guy,
A
and
B
have
to
add
up
right.
G
All
right,
Trisha
Conley
second
word
I
just
want
to
back
up
both
Dave
Ellis
and
Jack
Martell.
You
know
when
this
committee
was
formed.
G
I
think
it
was
a
turning
point
for
us
at
the
City
of
Evanston
to
really
be
the
Guardians
of
our
budget
and
the
kind
of
things
we
can
do
in
order
to
do
right
by
our
community
and
do
right
by
people
who
work
for
the
City
of
Evanston
and
do
right
by
the
taxpayers
so
I
encourage
you
all
to
you
know,
go
beyond
this
last
year
of
funding
the
police
and
fire,
but
actually
make
a
plan
indefinitely.
So
thank
you.
B
F
Yes,
I'd
just
like
to
make
a
brief
public
comment
on
the
topic
of
financial
inclusion
and
just
because
I
was
excited
to
see
that
you're
gonna
have
this
presentation
from
Amaya
pawar
in
just
a
moment.
So
my
background
is
in
federal
at
the
federal
and
state
level
on
financial
policy
and
Regulation,
and
a
lot
of
that
was
at
the
Federal
Reserve
and
at
a
state
agency
and
and
so
it
tends
to
be
more
in
the
financial
Plumbing,
but
I
think
kind
of
why,
from
my
perspective,
why
this
whole
topic
is
important?
F
Is
we
you
know
the
plumbing
of
our
financial
system
works
in
some
ways?
You
know
we've
seen
you
know
in
the
headlines.
You
know
not
long
ago.
F
You
know
many
ways
that
it
it
does
fail,
but
then
there's
also,
you
know
ways
that
it
fails
in
in
smaller
ways
every
day
for
for
millions
of
half
muscles
that
don't
have
direct
access
to
critical
financial
services
and
that's
the
on
Bank
population-
and
there
are,
you,
know,
I,
think
one
thing
that
would
be
helpful
for
the
committee
to
start
to
consider
is,
you
know
we
have
these
statistics,
but
how
do
we
get
come
to
Grapple
with
what
it
means
to
be
unbanked
in
Evanston,
and
you
know:
are
there
ways
that
we
can
study
that
more
closely,
so
that
we
can
more
finely
tailor
the
policy
solutions
for
our
city?
F
F
That's
that's
not
always
the
case
right,
but
since
right
now,
in
this
moment
of
time
that
that
is
the
case
figuring
out
how
Evanston
could
partner
with
them
could
be
really
important,
so
we'll
find
out.
Do
we
have
some
of
those
connections
in
order
to
do
that?
F
Whether
that's
through
pilot
programs
or
taking
advantage
of
ongoing
initiatives,
for
instance,
the
state
of
Illinois,
is
just
the
you
know-
depends
on
how
you
count
second
or
third
state
of
the
nation
to
do
a
community
reinvestment
Act
of
its
own,
that
expands
it
from
Banks
to
credit
unions
and
then
also
to
mortgage
companies.
So
are
there
opportunities,
since
that
program
will
be
coming
online
too
and
we'll
push
those
institutions
to
make
access
to
financial
products
more
at
the
Forefront?
F
Are
there
opportunities
to
them
partner
with
State
at
the
state
level,
and
also
with
financial
institutions
as
well?
And
then,
finally,
you
know
I'm
relatively
newer
to
Evanston,
but
in
learning
and
learning
that,
though
we
have
our
challenges,
one
of
the
biggest
assets
of
the
community
is
its
people
and
the
skill
sets
and
the
diverse
backgrounds
that
we
have.
F
So
you
know
how
can
we
tap
into
all
of
that
so
that
you
know
whether
that's
through
you
know,
ad
hoc
collaborations,
or
you
know
subcommittees
you
know
to
tackle
this
issue
head
on.
You
know
I
think
you
know
be
very
helpful
to
see
how
people
in
the
community
who
have
direct
background
could
potentially
lend
their
skill
sets,
so
that
City
staff
can
can
start
to
look
at
this
more
closely.
Thank
you.
B
H
B
A
Very
good,
thank
you,
everybody
for
your
for
your
comments.
Moving
on
to
the
next
item
approval
the
minutes.
Hopefully,
everyone
had
a
chance
to
review
the
minutes.
From
our
last
meeting,
the
motion
to
I'd.
A
Very
good
all
right,
so,
let's
move
on
then
to
Mr
Poor's
presentation
on
financial
inclusion.
A
And
yes,
please
councilmember
Kelly,
please,
if
you'd
like
to
introduce
him,
certainly.
E
Thank
you
yeah.
Thank
you,
we're
very
pleased
and
honored
this
evening
to
have
amea
pawar
with
us
to
discuss
Financial
inclusion
and
how
we
can
create
a
more
Equitable
city.
Mr
pawar
has
a
very
impressive
and
full
Prof
bio,
so
I'll
try
to
just
give
give
you
some
of
it,
but
it's
really
very
impressive.
So
Mr
pawar
is
a
senior
advisor
to
the
academy
group
advising
the
CEO
on
social
Enterprises
and
real
estate
development
in
Chicago's.
E
Most
resilient
neighborhoods
he's
also
a
senior
fellow
with
the
economic
security
project
and
works
on
efforts
to
advance
public,
Banking
and
inclusive
Finance
policies
to
drive
Equitable
Economic
Development.
As
part
of
this
work,
Maya
testified
before
the
U.S
House
of
Representatives
Financial
Services
Committee.
In
addition,
Maya
has
published
many
articles
in
Tribune
and
many
other
places.
E
Ameya
teaches
at
the
University
of
Chicago's
Crown
School
of
Social
Work
policy
and
practice,
and
he
was
appointed
to
the
Illinois
Finance
Authority
by
Governor
JB
pritz
pritzker,
to
help
Drive
efforts
to
finance
Clean,
Energy
projects
and
and
green
industrial
policy.
Recently,
he
served
as
senior
advisor
and
Chicago
director
for
the
First
Midwest
group,
a
large
commercial,
real
estate
development
firm
on
their
cannabis
business.
Business
line
in
2020
Amaya
was
a
leadership
and
government.
E
Fellow
with
the
open,
Society
foundations,
a
fellowship
awarded
to
senior
level
government
officials
and
before
that
he
was
mayor,
was
Alderman
of
Chicago's,
47th,
Ward
and
and
the
first
Asian
and
Indian
American
elected
to
the
Chicago
city
council.
While
in
office
he
focused
his
legislative
efforts
on
social
justice,
worker
rights
and
economic
Justice
to
this
enemy
of
LED.
E
Almost
all
labor
policy
and
worker
rights
legislation
passed
in
Chicago
between
2011
in
2019,
including
raising
the
minimum
wage
guaranteeing
paid
sick
leave,
creating
the
office
for
labor
standards,
combating
wage
theft
and
preserving
housing
for
Chicago's
most
vulnerable
I
may
also
chaired
the
Chicago
resilient
families
task
force.
He
holds
degrees
from
the
University
of
Chicago
and
The
Illinois
Institute
of
Technology.
In
addition,
he
is
a
U.S
state,
Department,
critical
language
program
Alum
and
he
was
named
to
Chicago's
crane
40
under
40
in
2011..
Thank
you
very
much
for
joining
us
this
evening.
Mr
Pilar.
J
Elder
Kelly
chair.
J
Chair
and
then
the
city
manager,
Stowe
and
all
the
members
of
the
committee,
thank
you
for
having
me
tonight
before
I
begin.
I
just
wanted
to
check
to
make
sure
everyone
could
hear
me
and
the
video
was
okay,
because
it'll
work;
okay,
yes,
so
I'm
I'm
here
to
talk
about
financial
inclusion
and
kind
of
thinking
about
Public,
Finance
and
champ.
J
You
know
sort
of
thinking
about
public
money
as
a
public
good
right
and
how
we
might
think
about
using
public
money
to
solve
for
market
failures,
that
existing
communities
and
so
I'm
going
to
share
my
screen
and
a
lot
of
this
work.
J
For
me,
it
began
when
I
served
on
the
city
council
in
Chicago
and
I
represented
the
communities
of
Lincoln,
Square,
North,
Center
and
ravenswoods,
and
you
know
these
are
communities
that
we're
doing
okay
when
I
took
office
and
we're
doing
better
when
I
left
and
one
of
the
things
that
struck
me
towards
the
end
of
my
time
in
office.
J
J
How
do
you
end
up
in
a
situation
where
one
Community
had
systematic
financing
and
lending
and
other
communities
are
completely
left
behind,
so
I?
Look
at
Financial,
reimagining,
Public
Finance
from
the
context
of
the
racial
wealth,
Gap
right,
and
so
this
is
data
that
was
that
I
get
from
Northwestern.
J
So
in
2020,
for
every
dollar
of
wealth
held
by
a
white
family,
a
black
family
had
just
one
penny:
Latino
families
fared
slightly
better
with
eight
cents.
This
data
point
is
Stark.
It's
offensive.
It's
all
of
the
things
that
you
know
kind
of
people
talk
about,
that's
in
reports
on
a
daily
basis
about
okay.
Well,
how
do
we?
How
do
we
narrow
this?
How
do
we
solve
for
this
and
I?
Think
it's
important
to
recognize
that
this
racial
wealth
Gap
was
manufactured
by
public
policy?
J
H
J
Is
how
it
started
one
of
the
ways
in
which
it
started
so
when
we
think
about
the
New
Deal,
you
know
during
the
Great
depress
in
response
of
the
Great
Depression.
J
What
president
Roosevelt
knew
back
then
was:
yes,
we
needed
new
supports
to
Working
Families.
We
needed
to
spend
money
on
infrastructure
to
put
people
back
to
work,
and
all
of
that
was
really
great,
but
I.
J
Think
his
administration
also
understood
that
you
know
fiscal
policy
can
only
go
so
far,
that
you
can
build
bridges
in
schools
and
Roads
and
those
would
have
a
multiplier
effect,
but
it
wouldn't
have
the
same
kind
of
multiplier
effect
that
building
new
homes
would
right
and
so
what
they
decided
and
what
they
understood
was
that
A
banks,
weren't
lending
after
several
Bank,
runs
and
the
economy
crashed
after
the
stock
market
crash
and
so
Roosevelt
put
together
the
federal
Home
Loan
Bank
they
invented.
J
At
the
end,
the
invention
of
the
30-year
mortgage
created
a
loan
product
that
had
low
rates
with
low
down
payments,
predictable
terms,
in
essence,
a
loan
that
set
up
people
for
Success,
the
federal
Home
Loan
Bank
backstopped
those
loans,
assuming
the
banks,
lent
them
out,
lend
out
money
and
the
Reconstruction
Finance
Corporation
channeled
Capital,
two
Banks,
so
that
if
they
didn't
have
money
to
lend,
they
had
the
money
to
lend
the
federal
Home
Loan
Bank
within
loans
or
carry
those
loans
on
their
balance
sheet,
and
the
idea
behind
all
of
this
was,
if
you
manufacture
the
suburbs,
if
you
build
homes
well,
when
you
build
a
home,
you
need
a
carpenter,
you
need
a
plumber,
you
need
electricians,
they
need
to
buy
raw
materials
when
the
home
is
built.
J
Someone
needs
to
buy
it.
So
then
the
bank
makes
money.
When
someone
moves
into
a
home,
they
need
to
buy
furniture,
they
might
need
a
landscaper,
they
need
shops
to
go
to,
and
so
home
construction,
in
my
opinion,
was
really
what
lifted
the
country
out
of
the
Great
Depression
over
a
couple
Generations
in
that
it
created
the
suburbs.
It
created
Economic
Development.
It
created
a
broader
tax
base,
Antiquated
neighborhood
stability
and
generational
wealth
at
the
household
level.
J
The
problem
was
is
that,
as
we
all
know,
is
that
lots
of
communities
were
excluded
from
this
manufacturing
of
wealth,
primarily
black
and
brown
through
redlining
and
redlining,
essentially
is
a.
It
was
a
is
a
risk
management
tool
right.
It
was
literally
saying
that
you
couldn't
have
people
of
different
races
mixing
within
a
specific
community
and
if
you
and
if
they
did
well,
then
that
would
be
an
investment
risk.
So
certain
communities
were
able
to
access
this
systematic
acts.
J
Capital
other
communities
were
redlined
out,
and
so
one
of
the
things
that
I
learned
as
I
started
kind
of
connecting
the
dots
at
the
end
of
my
time
in
office
was
one.
Is
that
Banks
and
access
to
banks
are
you
know
it's
the
basic
building
block
of
Economic
Development
and
that's
because
banks
have
a
superpower
that
often
doesn't
get
discussed
and
that's
they
have
the
ability
to
create
new
money
through
Lending,
so
most
people
think
of
banks
as
they
take
my
deposits
and
lend
to
someone
who's
a
borrower.
J
J
The
proof
of
this
is
that
today,
there's
about
two
trillion
dollars
in
currency
and
coin
and
depending
on
the
day
about
14
trillion
dollars
in
bank
accounts,
and
the
reason
for
this
is
that
when
Banks
lend
they
just
mark
up
the
accounts
and
they
have
access
to
What's
called
the
Federal
Reserve
master
account
at
the
U.S
federal
reserve,
where
they
can
basically
run
a
massive
overdraft
system.
So
banks
are
constantly
trying
to
move
money
between
one
another
to
make
payments
work
and
in
doing
so
when
they
create
new
money,
that
new
money
flows
through.
D
J
Community
and
where
that
new
money
flows
systematically
as
they
have
in
majority
white
communities,
we
see
higher
property
values,
a
broader
tax
base,
better
funded
public
services
and
household
and
generational
wealth,
and
then,
when
Banks,
lend
more
there's
more
demand
for
additional
home
loans
and
businesses
and
as
demand
for
homes
and
businesses,
increases
there's
more
Economic
Development.
And
it's
really
a
you
know,
kind
of
a
self-fulfilling
prophecy.
In
that,
once
a
bank
starts
lending
systematically
and
repeatedly
in
a
community.
Everything
else
takes
off
over
time.
J
So
in
this
way
you
know
all
of
us
who
serve
on
the
council
or
in
government
we're
policy
makers,
but
Banks
also
are
policy
makers
because
where
they
lend
where
they
Channel
new
money,
has
as
much
of
an
impact
on
community
and
economic
development
and
the
trajectory
of
a
community
as
an
alder
passing
a
law
or
a
mayor
championing
a
public
policy
and
so
Ben.
It's
important
to
recognize
that
you
know
every
person
needs
access
to
a
bank.
J
Every
business
person
needs
access
to
a
bank
for
the
most
basic
things
like
depositing
their
paychecks,
paying
bills
or
drawing
money,
and
most
people
in
the
United
States
do
have
a
bank
account
and
a
bank
near
them.
J
But
there
are
vast
swaths
of
America
today,
where
there
are
no
banks
and
where
banks
are
continuing
to
divest,
but
in
those
communities,
people
still
deposit
money,
pay
their
bills
and
manage
their
financial
affairs,
but
in
the
communities
where
banks
have
completely
divested,
what
you
see
is
in
is
a
new
industry
that
replaces
banking
services
and
those
are
payday
lenders,
Check,
Cashers
and
currency
exchanges,
all
of
which
extract.
J
You
know
about
a
hundred
billion
dollars
annually
out
of
communities
that
don't
have
access
to
banking,
and,
let
me
just
say
that's
a
in
dollars
that
isn't
flowing
through
local
merchants
isn't
being
saved,
isn't
going
towards
rent
or
college
savings.
This
is
money
that's
being
extracted
from
people
simply
because
they
don't
have
a
bank
in
their
community.
J
And
from
a
long-term
perspective,
you
know,
the
banks
in
general
have
been
shrinking
their
Footprints
they've,
gotten
bigger
in
size
in
terms
of
assets
smaller
in
terms
of
footprint.
So
there
are
eighteen
thousand
banks
in
1985
less
than
4
400
as
of
a
couple
years
ago,
the
numbers
are
Stark.
Despite
you
know,
most
people
having
access
households
having
access
to
Banks,
80
million
Americans
are
under
banked
and
unbanked,
and
so
let
me
just
I
just
want
to
touch
on
that
point
really
quickly.
J
The
folks
under
Bank,
May
and
likely
do
have
a
bank
account,
but
that
bank
account
does
not
meet
all
of
their
financial
needs,
so
they're
still
relying
on
alternative
services
like
Check,
Cashers
and
payday
lenders,
and
so
this
Pro
this.
This
lack
of
access
to
the
financial
system
has
major
impacts
on
people
on
communities
and
the
economy
writ
large
and
again
just
to
provide
perspective
on
the
100
billion
dollars
that
gets
extracted
annually.
J
80
of
small
businesses
have
their
loans
denied
by
Banks,
and
so
they
often
have
a
lot
of
trouble,
making
payroll
accessing
working
capital
expanding
and
in
many
ways
that's
holding
job
creation
back.
J
J
So
I
think
when
you
take
all
of
this
into
account
right
when
Banks
systematically
divest
or
refuse
to
serve
a
community.
We
see
communities
that
are
were
formerly
Red
Line.
You
see
lower
property
values,
diminished
tax
revenues,
there's
less
household
wealth
and
it
triggers
this
cycle
of
public
and
private
disinvestment
and
in
these
communities.
J
Is
that
a
lot
of
the
tools
that
cities
currently
have
to
solve
for
problems
in
their
Community
are
all
sort
of
like
these
nudges
to
the
market?
Tax,
increment
financing,
for
example,
you're,
essentially
creating
a
a
subsidy
for
a
community,
low-income
housing,
tax
credits?
That's
the
that's
the
way
we
build
most
affordable
housing
in
the
United
States,
and
this
is
a
program
that
essentially
means
that
the
supply
of
affordable
housing
is
dependent
on
the
demand
for
tax
breaks
and
tax
reductions
for
wealthy
people.
J
Banks
and
corporations
seems
like
an
odd
way
to
build,
affordable
housing,
same
thing
with
philanthropy
and
grants
and
corporate
pledges.
All
of
these
tools
are
really
Market,
nudges,
the
incentivized
market
actors,
but
it
doesn't
put
cities
and
communities
in
the
driver's
seat
to
build
or
fund
or
drive
the
things
that
they
actually
want
to
do,
and
it
seems
to
me
that
a
lot
of
these
tools
are
trying
to
solve
for
a
lack
of
systematic
lending
within
communities
with
everything
but
systematic
limit.
J
So
that's
where
coming
back
to
public
money
and
public
banking
can
be
an
Innovative
way
to
tackle
the
problems
that
face
communities
right
and
so
Evanston
can
use
its
public
money
it's
Financial
Firepower
to
rather
than
relying
solely
on
the
comcasts
or
low-income
housing,
tax
credits
or
Market
actors
to
solve
for
a
child
care
desert
or
a
Broadband
desert.
It
could
you
know
partner
with
its
Pension
funds,
use
corporate
use
its
balance
sheet
and
or
Investment
Portfolio
to
finance
public
options.
J
It
could
develop
an
industrial
policy
at
the
local
level.
It
could
lend
directly
to
small
and
medium-sized
Enterprises
with
a
revolving
Loan
Fund,
and
it
could
offer
different
kinds
of
financial
services
and
undercut
the
private
actors
who
prey
on
low-income
populations,
and
so
this
leads.
This
leads
me
to
the
end,
which
is
what
do
policy
ideas.
J
Look
like
well,
I
think
you
could
probably
start
with
a
hearing
on
what
an
inclusive
Evanston
could
and
should
look
like
I
think
it
might
also
involve
in
putting
together
a
task
force
to
look
at
Financial
inclusion
really
at
Large,
especially
as
the
city
thinks
about
you,
know.
Cashless
transactions
and
I'll
touch
on
that
in
just
a
second,
but
this
two
start
items
that
you
see
here
are
things
that
you
could
do
right
now.
You
could
offer
free
check,
cashing
at
the
city,
clerk's
office
and
the
library
branches.
These
are.
J
These
are
offices
that
already
offer
already
offer
some
cash
transaction
Services
they
manage
cash,
they
have
a
vault,
they
have
security
protocols.
These
are
offices
that
could
essentially
return
five
percent
of
a
household
income
back
to
them.
By
simply
offering
check
cashing
services
and
undercutting
currency
exchanges.
J
The
city
could
establish
a
revolving
Loan
Fund
by
partnering,
with
Northwestern,
for
instance,
or
with
Community
foundations,
to
make
sure
that
small
businesses
have
access
to
Capital
list
of
things
you
can
do
and
then,
lastly,
on
cashless
transactions,
I
just
think
it's
really
important
that,
as
you
all
consider
whether
you're
going
to
allow
for
cashless
transactions
or
mandate
them
or
ban
them
understand
that
people
rely
on
the
use
of
cash
for
all
kinds.
J
Undocumented
populations,
people
without
banks
are
those
that
are
under
banked,
often
have
to
rely
heavily
on
cash
because
they
don't
have
credit,
they
don't
other
means
of
paying,
for
this
is,
and
so
they
are
very
cash
dependent
and
if
you
rule
them
out
and
make
it
impossible
for
them
to
use
cash,
you're,
pushing
them
towards
more
predatory
products.
And
it's
no
wonder
that
Banks
and
credit
card
companies
want
to
move
towards
a
cashless.
J
Society
is
because
the
payment
rail
system
that
they've
developed
and
the
charges
they
charge
to
retailers
is
a
huge
Revenue
driver
for
them,
and
so
in
my
mind,
as
you
think,
about
how
to
build
a
more
inclusive
and
financially
inclusive
Evanston,
you
might
think
about
how
to
think
about
cashless
transactions
from
a
different
perspective,
not
make
it
in
either
or
but
perhaps
look
at
developing
an
Evidence
in
token
or
a
currency
that
is
accepted
and
adopted
by
the
local
business
district.
So
you
don't
force
people
into
really
predatory
products.
J
You
could
establish
a
municipal
financing
Authority
that
could
position
Evanston
to
participate
in
affordable
housing
developments.
Not
just
wait
for
those
developments
to
come
up.
J
A
One,
if
we
could,
we
start
with
that
Mr
part
that
was
very,
very
good
presentation
very
insightful
I
would
be
interested
in
what
sort
of
data
would
do
you
think
we
should
be
collecting
and
how,
because
good
ideas,
but
maybe
Evenson,
varies
a
little
bit
and
unbanked.
How
do
we
really
drill
in
on
what
are
the
key
pieces
of
data
that
could
really
inform
what
sort
of
decisions
we
want?
We
want
to
make.
J
Been
a
great
question,
so
a
couple
things
you
know,
I
think
engaging
with
the
Federal
Reserve
in
Chicago
I
think
is
one
place
to
start
to
get
a
better
understanding
of
of
the
unbanked
population.
I
suspect
that
engaging
proactively
with
your
social
service
providers
that
serve
the
Evanston
community
can
give
you
a
pretty
decent
picture
or
window
into
how
many
people
how
many
program
participants
are
unbanked.
J
That's
one
place
to
start
too
I
think
there
are,
and
you
can
see
where
the
concentration
of
currency
exchanges
and
payday
lenders
are
in
Evanston,
just
simply
by
entering
it
onto
a
Google
map
right
and
it's.
It
should
be
no
surprise
that
those
happen
to
also
be
communities
where
seeing
more
disinvestment
communities
that
may
have
been
redlined
communities
of
color,
lower
income
communities,
and
so
you
it's
it's.
It
wouldn't
be
that
difficult
to
figure
out.
J
Given
the
density
of
these
kinds
of
alternative
service
provider,
how
many
people
are
likely
to
be
unbanked
or
underbanked?
So
that's
where
I
would
start.
K
K
You
know
they
also
have
have
trouble
accessing.
You
know
you
know,
financing
for
for
different
purposes,
so
I
just
wanted
to
elevate
that
I,
don't
think
it's
just
identifying
the
young
bank,
but
also
this.
This
has
more
far-reaching
impact.
K
H
I
have
a
quick
one,
it's
Sherry
right!
So
it's
very
interesting
about
caching
checks
in
the
library
or
this
or
the
where
we
have
the
city
anyway.
Library
have
you
has
other
communities
done
that
and
how
successful
has
that
been
yeah.
J
Other
I
don't
know
offhand,
I
did
and
I'm
sorry
I
should
have
wrote
that
there
are
communities
that
offer
check
cashing
services
in
their
libraries,
also
one
of
the
biggest.
If
I
may
one
of
the
bigger
problems
when
we
rolled
out
the
when
the
US
Government
Federal
Government
rolled
out,
the
stimulus
checks
was
where
the
folks
who
didn't
have
a
bank
account
on
record
with
the
IRS
or
couldn't
get
that
to
the
IRS.
J
They
not
only
had
to
wait
for
sometimes
weeks
in
some
cases
extreme
once
to
get
their
stimulus
check.
The
several
news
outlets
have
Quantified
how
much
Check,
Cashers
and
currency
exchanges
made
off
of
Simply,
cashing
those
checks,
those
stimulus
checks
and
I'll.
Just
the
reason.
I
say
that
is
because
most
people
who
go
to
check
cashers
are
cashing
a
payroll
check
that
they
get
from.
You
know,
work
a
social
security
check
or
some
sort
of
government
check.
These
are
checks
that
are
not
personal
checks.
J
They
don't
bounce,
so
there's
very
little
to
caching
these
checks.
Of
course,
there
is
a
cost
to
standing
up
a
service
at
your
clerk's
office
at
a
public
library
to
catch
those
checks,
but
I
suspect
that
the
cost
is
far
less
than
having
three
four
five
percent:
additional
income
going
back
into
the
pockets
of
Check
Cashers
that
money
it
will
flow
directly
into
local
businesses
and
I
suspect,
there's
a
way
to
predict
how
much
of
that
will
flow
back
to
Evanston
coffers
by
way
of
sales,
taxes.
H
A
E
Yep,
so
just
to
dovetail
on
that
it
would
be
great
if
we
could,
would
you
be
able
to
provide
us
with
a
few
examples
of
cities
that
we
could
reach
out
to
or
or
see.
For
example,
you
mentioned
two
measures
that
we
could
take
without
you
know
separate
from
perhaps
forming
a
committee
or
a
group
to
really
look
at
how
you
know
in
some
of
these
broader
measures
like
Municipal,
Development,
Corporation
and
others.
E
If
you
could
direct
us
to
maybe
cities
that
we
could
look
at
and
consult
with,
that
would
be
great,
like
I
think
it
was
check,
cashing
and
then
the
other
thing
you
mentioned.
You
mentioned
one
other
measure,
the
revolving
Loan
Fund,
yeah
yeah.
That
would
be
great.
E
And
so
you
know,
I
would
be
interested
here.
I
know
you
proposed.
You
said
some
policy
ideas
or
ways
to
move
forward,
maybe
creating
a
task
force
or
are
holding
a
public
hearing.
Could
you
talk
a
little
bit
about
what
such
a
public
hearing
would
look
like
and
how
how
that
could
be
a
means
of
moving
Evanston
forward
to
creating
more
inclusive,
finding
more
inclusive
Financial
policy.
J
J
There
is
the
benefit
of
a
public
hearing
is
I,
think
it
allows
stakeholders
and
community
members
really
did
come
forward
and
talk
about
access
of
the
lack
of
access
to
the
financial
system
and
what
it
means
for
them,
and
so
I
I
can
see
where
you
might
want
to
draw
from
local
Social
Service
organizations
that
work
with
people
who
live
in
at
or
around
poverty
and
talk
about
what
it
might
be
like
to
navigate
the
financial
system
without
having
access
to
it.
J
J
Well,
if
you
only
knew
what
was
available
to
you,
you
might
make
better
decisions
about
your
money.
Maybe
you
wouldn't
take
out
a
payday
loan,
and
maybe
you
wouldn't
go
to
a
Check
Casher.
But
what
kinds
of
programs
ignore?
Is
people
don't
have
access?
I
mean
there's
a
reason
why
banking
deserts
Broadband
deserts
Child
Care
deserts
food
deserts
all
overlap,
they're
all
in
the
same
community,
no
matter
where
you
look
it's
because
there's
been
systematic,
disinvestment
and
so
I
think
surfacing
a
lot
of
this
in
a
in
a
public
hearing.
J
Thinking
about
this,
if
you
all
decide
to
kind
of
produce
a
report
on
this
can
help
you
sort
of
develop
a
North
Star
right
on
how
you
address
the
racial
in
the
near
term
and
and
as
you
think,
about
four
five
ten
years
down
the
road.
E
Update
David,
sorry,
maybe
just
one
comment,
not
Mr
Mayor,
but
I
would
at
one
point:
maybe
we
can
talk
if
it's
not
now
like
how
we
might
want
to
proceed,
whether
it
be
through
the
finance
and
budget
committee,
not
on
not
like
work
it
out
now,
but
but
hopefully
we
can
discuss
either
I,
don't
know
there
would
be
a
task
force
or
if
we
do
want
to
look
into
we'll
get
some
more
of
that
data.
I
think
your
question
was
really
important
to
collect
data
like
do.
E
I
Yeah
I
think
yeah
I
really
appreciate
that
presentation.
It's
got
my
mind
starting
to
work.
I.
Think
probably
the
next
appropriate
step
is
take
some
time
to
digest
this,
maybe
do
a
little
bit
more
research
and
then
for
council
members
to
perhaps
connect
independently
put
our
heads
together
and
figure
out
how
we
want
to
proceed.
You
know
bureaucratically
to
my
mind,
this
doesn't
fit
in
the
finance
and
budget
committee.
The
purview
of
this
committee
is
the
city
budget.
I
What
we're
talking
about
is
community
focused,
but
I
don't
want
to
jump
to
conclusions
right
now.
I
think
this,
you
know,
merits
some
some
thinking
and
some
contemplation
and
something
I'd
be
willing
to
partner
on
great.
E
Okay,
so
maybe
we
could
Circle
back
to
it
at
our
next
meeting
and
see
where
we're
at
on
that
for
the
next
agenda.
Great
sure,
okay,
thank
you.
K
It's
here,
if
I
can
make
one
more
comment
on
this
I
I
think
it
does
apply
in
some
sense,
but
I
also
think
there
are
other
committees
that
it
applies
to,
depending
on
what
proposals
we
decide
to
to
advance
I'd
be
more
than
willing
counselor
member
Kelly
to
to
meet
with
you
offline
to
think
more
thoughtfully,
along
with
maybe
the
city
manager
on
how
to
advance
this.
So
I
just
wanted
to
offer
myself
as
a
you
know,
to
volunteer
to
look
more
into
this.
A
Okay,
so
now
I
guess
we'll
move
on
to
the
the
update
on
on
our
Five
Focus
areas.
So
there
has
been
I
think
some
significant
progress
on
at
least
three
of
our
Five
Focus
areas
over
the
course
of
the
last
month
and
I'd
like
to
just
talk
briefly
about
those
that
I
mean
I.
I
agree
with
some
of
the
comments
that
made
earlier
that
one
of
our
issues
is
not
having
the
clearest
or
most
accessible
information
relative
to
the
the
city
budget
and
the
general
fund,
or
all
the
funds.
A
So
one
of
one
of
our
target
areas
was
to
develop
a
multi-year
model
both
going
back
five
years
and
then
once
we
have
that
historical
information,
understood
and
initially
we're
talking
about
the
general
fund,
which
is
where
the
bulk
of
the
activity
is,
but
there's
certainly
other
Pockets
that
we
have
to
that.
We
have
to
think
about,
but
the
bulk
is.
Certainly
the
discretionary
activity
is
going
through.
A
The
general
fund
and
I
think
that
that
Clayton
and
and
Jess
have
really
made
a
lot
of
good
progress
on
analyzing,
the
2018
to
2022
and
incorporating
2023
budget
data
in
in
draft
form
attach
still
needs
to
go
through
this.
In
addition,
but
to
show
very
clearly
what's
been
going
on
with
reserves,
individual
items
of
Revenue
and
expense
and
really
roll
forward.
A
You
know
what
happened
through
the
through
the
pandemic,
so
I
think
you've
made
great
progress,
It's,
not
ready
for
broad
distribution
yet,
but
I
think
it
would
be
a
great
goal
in
our
next
meeting
to
take
the
group
through
the
historical
periods
of
of
2018
through
2023,
because
I
think
it
is
it's
pretty
insightful
to
see
what's
been
going
on
with
individuals,
significant
revenue,
streams,
pprt
or
individual
components
of
property
tax
sales
tax.
All
those
things
are
I
find
very
useful.
A
If
we
understand
the
history
and
I
think
we
can
then
I
think
very
quickly,
we
can
get
to
a
workable
longer
term
projection
model.
That
will
give
us
a
very
good
view
of
what
our
2024
budget
will
look
like
before
we
go
into
you
know
into
into
the
budget
season.
So
I
would
just
say
that
multi-year
model
again
that
we
can
distribute
more
particularly
after
after
hitesh
returns,
will
be,
will
be
very,
very
good
and
insightful
certainly
been
insightful
for
for
me,
and
we
can
talk
about
that
more
in
the
next
meeting.
A
So
good
progress
there,
not
with
respect
to
the
forecast
periods,
really
I,
do
think.
There's
some
additional
discussion
that
that
you're
planning
on
where
did
we
exactly
close
2022
relative
to
relative
to
reserves
and
also
some
immediate
updates?
We
can
start
thinking
about
of
of
the
public
safety
contracts
that
were
just
up.
A
Is
that
going
to
require
a
budget
amendment,
but
just
make
that
more
sort
of
make
that
more
part
of
our
general
discussion
and
put
it
in
a
form,
that's
easier
to
see
and
understand
so,
but
next
meeting
I
think
would
be
great
if
we
could
go
through
the
historical
periods
and
anything
we
know
about
relative
to
the
2023
budget,
but
we'll
talk
to
attached
20s
back
about
what
that
what
the
best
Avenue
is
to
discuss
that
great
progress
there.
A
The
second
item
it's
already
been
brought
up
earlier
is
pensions
I
mean
given
the
size
of
of
the
pension
obligation
of
the
of
the
related
assets?
That's
always
going
to
be
a
very
critical
item
that
we
need
to
talk
about.
Maybe
we
could
we
could
one
thing
before
we.
We
bring
up
a
slide
that
comes
out
of
the
database.
A
It
sort
of
immediately
shows
the
benefit
of
having
well
organized
I,
think
better
data,
but
one
one
thing
that
we've
been
discussing
is
the
need
to
get
an
updated
view
from
Foster
and
Foster
of
what
do
they
see
as
the
path
to
100
funding
between
now
and
2040..
Given
all
the
information
that
we
have
today,
what
were
what
was
our
our
year-end
22
asset
position?
A
A
What's
their
view,
then,
given
those
assumptions
of
these
specific
contributions,
that
should
be
necessary,
based
on
current
information
between
now
and
2040,
to
get
to
our
100
funding
goal,
because
that
number
will
always
be
changing
and
will
likely
need
to
be
updated
on
a
periodic
basis.
A
Whenever
you
have
major
shocks
like
the
market
returns
last
year
of
probably
something
on
the
order
of
negative
15,
although
I
haven't
seen
the
final
numbers
for
the
for
the
pension
plans
or
things
like
higher
inflation
yield
going
to
higher
wage
increases
which
are
going
to
affect
the
liability
so
any
projection
any
actuary.
Does
you.
I
A
Has
a
short
shelf
life,
but
it
needs
to
be
updated
periodically
and
I.
Think
now
is
a
really
good
time
to
get
the
best
current
view
on.
How
do
we
go
from
20
to
25
million
contribution
to
whatever
that
might
be?
Is
it
stable?
How
much
does
it
grow?
That
will
really
inform
us,
as
we
try
to
put
together
a
multi-year
model
on
how
does
the
totality
of
our
general
fund
revenues
and
expenses
come
together?
A
So
we've
been
working
with
the
test
to
you
know
to
to
Define
that
and
to
get
our
actuaries
to
help
us
understand
what
that
is
more
specifically,
so
if
we
could
bring
up
that
one
slide
go
to
the
pension
so
yeah.
This
was
sort
of
this
shows
some
of
the
benefits
this.
This
is
coming
off
the
database
that
that
that
Clayton
was
was
working
on
and
it
gives
us
from
2018
through
2023
budget
what
our
actual
City
contributions
have
been
to
the
pension
plan.
A
It's
interesting
and,
and
we
attached
to
the
materials,
the
Blue
Ribbon
Commission
information,
the
recent
pension
contributions
are
actually
pretty
close
to
what
was
envisioned
in
that
in
that
report,
which
I
think
highlights
there's
so
many
different
moving
pieces
relative
to
pension
that
I
did
not
see
in
there
with
their
estimated
funding
levels
would
be,
but
it
makes
it
a
bit
disappointing
that,
even
though
we
were
on
the
path
relative
to
the
contributions
that
were
foreseen
in
the
in
in
that
report
that,
as
pointed
out
earlier,
our
overall
pension
liability
over
that
period
has
gone
from
about
140
million
to
you
know
over
200
million
today.
A
So
it
shows
that,
regardless
of
how
much
was
contributed,
our
liability
and
our
and
our
investment
returns
have
have
varied
quite
a
bit.
So
at
any
rate,
you
can
see
here
that
we
went
from.
You
know,
18
to
19
to
20
now
in
2023
budget,
a
25
million
dollar
contribution
and
then
how
that
was
funded
is
below
there.
So
you
can
see
the
funding
sources
of
the
contribution
were
almost
entirely
property:
tax
property
pension
levies.
A
For
that
period,
just
a
small
amount
coming
out
of
the
the
just
unrestricted
general
fund
sort
of
sort
of
resources
until
23.
When
you
know
the
city
council,
you
know
made
the
decision
and
there
were
excess
reserves
at
the
time
to
do
that,
to
really
fund
that
jump
from
20.7
million
to
25.1
million
through
the
use
of
you
know,
available
reserves,
or
you
know
other
unrestricted
funds.
You
can
see.
A
There
was
sort
of
a
Detachment
from
almost
complete
Reliance
on
property
taxes
in
the
historical
period
to
the
five
million
dollar
contribution
coming
from
other
sources
to
get
up
to
the
25
million
and
I
think
this
is.
This
will
be
in
our
projections,
a
very
interesting
thing
of
how
do
we,
let's
say
Foster
and
Foster-
comes
back
and
says
the
result
says
we're
going
from
25
to
30
to
35
million
in
required
contribution,
given
the
various
factors.
A
Well,
there
are
multiple
pieces
that
we
can
go
to
to
fund
that
Gap,
be
it
a
pension
Levy,
be
it
pprt,
be
it
you
know,
reserves,
although
I
think
you
know
long
term,
it's
hard
to
rely
on
reserves.
Those
will
reverse
over
likely
over
time
and
we'll
we'll
just
see
how
that
forces
its
way
through
our
long-term
model.
A
So
I
I
would
just
love
to
have
the
increased
visibility
of
exactly
what
does
an
unbiased
Actuarial
view
of
the
required
contributions
to
get
to
100
by
2040
mean,
and
we
really
really
need
that
data
I
think
everyone
would
would
agree
on
that
point
and
we'll
look
at
how
we
fund
it.
That
sort
of
comes
out
of
the
model
yep.
A
That
is
City
total,
so
you
can
see
that
the
the
individual
components
of
profit
so
profits
excellent
plan
is
going
to
bring
out
that
you
know
there
was
sort
of
a
an
increase
in
property
taxes
in
the
early
part
of
this
period,
18
to
19
to
20
in
particular.
I,
don't
know
if
there's
anything
in
unusual
that
happened
in
20,
but
we
have
been
at
a
flat
essentially
flat
level
of
property
tax
in
the
last
four
budget
years
and
I.
A
Think
that
a
lot
of
reasons
for
that,
but
as
we
do
our
long-term
modeling,
we
we
will
likely
find
at
some
point
that
we
could
be.
We
could
be
undermining
our.
You
know
our
financial
stability
by
sticking
to
55,
but
let's
just
build
out
the
model
and
see
what
it
takes
is
pprt
growing
enough
that
we
can
hold
back
property
taxes.
So
I'm
not
saying
any.
Let
me
get
any
position
about
what
should
happen
with
the
property
taxes.
E
Yeah
I
mean
I
think
we
all
agree
that
it's
been
a
result
of
the
underfunding.
That's
led
us
to
where
we
now
are
pro.
Our
residents
are
paying
over
18
million
dollars
just
in
interest
and
fees
the
state
made
it
so
that
90
was.
You
know
you
had
to
minimally
fund
at
that,
so
many
cities
very
recklessly,
including
ours,
latched
on
to
that
number
and
as
a
result,
it
has
blown
up
to
over
250
280
million
dollars
now
and
so
I
just
want
to
say,
I
mean
there's.
E
That
is
that
that's
true
I
mean
the
underfunding.
Has
that
10
when
you're,
not
funding
that
that
has
you
know,
increase
that
has
tremendously
no
and
so
so
I
I
think
there's
a
lot
of
factors
at
play
and
I
think
we
do
already
have
the
numbers
in
roughly.
You
know
it's
early
in
the
year
to
even
know
next
year.
E
So
when
you
talk
about
2040
I
want
to
talk
to
you
in
more
detail
about
what
you
mean
by
those
projections,
I
think
right
now
we
do
have
a
very
ballpark
estimate
from
from
Foster
and
Foster
Foster
for
next
year,
and
things
will
vary
a
little
bit
based
on
mortality
based
on
retirement
based
on
all
kinds
of
things.
It'll
vary
a
little
bit,
but
as
we
fund
at
100
percent,
that
number
is
going
to
change.
It
could
go
up
a
little
bit
next
year,
but
we
also
have
a
tier
two
employees.
E
A
So
they
have
done
this
for
other
communities
to
say:
what's
your
funding
goal,
this
is
a
path
to
your
funding
goal
and
I
think
there
there
are
some
potentially
very
material
items
that
can
impact
the
contribution,
like
last
year's
negative
15
returns,
okay,
way
off
the
assumed
six
and
a
half
that
that
happens.
A
Things
like
wage
increases
that
are
above
the
long-term
growth
rates,
assumed
in
the
development
of
a
liability
so
I
I.
It
would
be
good
news,
I
think
if,
if
Foster
and
Foster
were
to
do
the
study
and
say
in
light
of
all
these
intervening,
changes
that
it's
26
million
next
year
and
26
million
will
get
you
to
100
percent
I
would
want
to
understand
that
I
would
want
to
understand
that
that
and
so
let's
let
them
do
the
work
right
right.
E
So,
but
the
only
problem
is
that
we
are
the
finance
and
budget
committee
and
our
finance
staff
need
direction
and
we're
still
we're
in
February
almost
in
March,
so
I
do
think
it's
very
important
that
we
make
a
decision.
I
was
hoping
we
would
vote
this
evening
to
to
instruct
in
terms
of
how
to
finance
that
100
for
24.,
so
I
I
would
encourage
us
to
put
make
sure
that
we're
we're,
at
least
by
our
next
meeting,
we're
giving
some
clear
instruction
on
that.
E
I
would
like
to
see
us
at
this
point:
I'm
looking
at
estimates
on
pprt
and
at
a
90
percent
Levy,
not
loving
at
90
for
the
pensions
look
at
putting
that
towards
the
hundred
percent.
E
But
at
some
point
we
should
soon
take
responsibility
as
a
committee
to
give
clear
instruction
to
our
staff.
We
shouldn't
wait
until
you
know
June
or
July
to
give
that
instruction
Okay.
So.
F
A
Can
get
it
to
us
by
next
month?
That's
you
know,
that's
good,
but
let's
build
this
into
a
long-term
model,
so
we
can
understand
where.
I
I
Subject
matter,
experts
who
do
this
for
a
living
I
mean
I
think
it's
very
clear,
the
intent
of
this
committee,
the
desire
of
this
committee.
The
goal
of
this
committee
is
to
fund
at
100
percent
to
make
a
decision
now
as
to
exactly
how
we
want
to
get
there.
I
think
would
be
premature.
E
D
These
you
know
they
have
what
it's
90
funding
or
100
funding
they
and
they
they're
the
ones
that
have
the
knowledge
and
and
I
would
also
like
to
see
how
they
do
it,
I'm,
not
okay,
what
what
factions
and
stuff,
but
they
they
do.
This
it's
been
agreed
by
the
city
and
the
funds
that
these
guys
are
independent
of
both
of
us
and
they
come
up
with
a
number
and
they
just
don't
pull
it
out
of
thin
air
I
mean
absolutely.
A
And-
and
all
we've
asked
for
here
is
to
they
could
normally
their
normal
course
not
take
into
account
wage
increases
that
are
after
the
end
of
the
year,
and
so
we
want
to
make
sure
they
take
all
the
current
information.
All
the.
D
A
D
If
I
can
put,
my
homeowner
hat
on
yeah
is
in
the
the
2008
report.
They
give
five
different
ways
to
reach
this
level
and
what
they
see
at
the
end.
The
committee
strongly
recommends
their
property
tax
increases
should
only
be
considered
as
a
last
resort
and
and
all
other
sources
of
revenue
and
budget
cuts
have
been
exhausted,
and
that
was
their
recommendation.
So
I.
A
E
Right
now,
you're
not
hearing
the
Lex
part
of
his
son,
what
he
just
said,
what
Mr
Mortel
just
said
you
can
fund
90
of
what's
owed.
It
doesn't
mean
that
you
have
to
raise
property
taxes
to
do
that.
Overall,
we're
talking
about
that
as
one
portion
of
the
property
taxes.
That
means
you
adjust
it.
You
make
Cuts
everywhere
else.
This
is
a
fundamental
piece
of
our
budget.
This
is
something
that
we
have
an
obligation
to.
This
is
like
collecting
garbage
I
mean
we're
not
gonna.
This
should
not
be
something
that
we
debate
about
again.
E
D
Like
I
said,
after
all,
other
sources
of
revenue
and
budget
cuts
have
been
exhausted.
Then
you
raise
property
taxes
so
I'm
just
these
aren't
my
words
these.
This
was
a
blue
ribbon
committee
that
the
city
put
together,
and
this
is
what-
and
these
were
guys
with
high
stand
in
the
community-
all
smart,
okay,
guys.
This
is
what
they
recommended
and.
A
And
I
think
that's
that's
up
at
the
city
council
to
ultimately
determine
in
light
of
where
we
are
today
what's
affordable
from
different
sources
and
going
going
back.
I
think
that
developing
a
five-year
projection
model
with
solid
numbers
for
what
we
think
based
on
all
the
information
we
have
today
is
the
required
pension
contribution,
will
inform
us
and
allows
the
city
council
to
make
the
trade-offs
between
how
much
is
available
in
pprt.
How
much
should
come
from
property
tax?
How
much
should
come
from
reserves?
A
D
I
just
asking
that
the
narrative
changes
a
bit
because
even
on
on
the
first
page
on
the
first
page,
I
say
that
the
how
addition
to
City
shall
Levy
annually
attacks,
which
will
produce
an
amount
which,
when
added
to
the
deductions
from
the
salaries
and
wages
of
police
fires
and
revenues
available
from
other
sources,
I
just
want
to
get
away
from
the
revenue
that
we're
going
to
get
100.
And
oh
everyone's
got
to
have
this
big
tax.
You're.
The
taxes
I'd.
A
Rather
not
turn.
I
was
just
trying
to
report
on
progress
that
we've
made
right
and
I
think
that
that
getting
the
right,
short-term
numbers.
If
we
go
out
five
years,
if
I
would
prefer
to
say
what
is
the
entire
path
to
2040,
but
at
any
rate,
Foster
and
Foster
has
done
this
or
other
communities.
We've
asked
them
to
do
it.
A
E
Scare
Tactics,
like
oh
I,
think
we
have
to
be
really
careful
and
understand.
This
is
Our
obligation
to
pay
this
and
it's
not,
and-
and
this
is
what
we
need
to
own
and
and
do
this
and
then
we
can
talk
about
other
things.
Other
perhaps
you
know
not
absolutely
necessary
items
that
need
to
be
spent
on
that
there.
But
this
no.
E
That
I
mean
we
we
take.
What
is
it
going
to
cost
next
year
for
100
I?
Think
it's
going
to
be
a
little
bit
more
because
of
whatever
the
you
know,
whatever
the
numbers
are
giving
them
not
much,
but
we
should
we
We.
You
can
know
what
that
is
even
today
and
we
need
to
buy
next
meeting.
We
need
to
give
staff
instruction
on
how
that's
going
to
be
covered
so
that
this
doesn't
drag
out
all
year,
so
that
we're
not.
This
is
Our
obligation
to
pay
this
and
enough
of
increasing
fees.
I
A
E
E
A
D
Think
there
is
another
meeting
at
success:
property
snafu
with
the
county
yeah
that
delay
it
delayed
the
payment
into
there.
I
did
ask
the
one:
I
did
ask
the
finance
department.
Well,
if
it's
going
to
be
delayed,
why
wouldn't
you
use
reserves
to
make
it
the
fund
full
and
then,
when
the
property
tax
comes
in,
you
can
replenish
the
reserves
all
right
and
they
just.
A
Good
point:
let
me
go
into
that
to
the
last
point,
because
I
know
we're
under
some
some
time
pressure
here
so
on
debt
planning,
I
did
talk
to
Mr
Desai,
based
on
his
current
thinking.
A
It
appeared
that
we're
not
going
to
need
to
access
the
credit
markets
until
the
second
half
of
the
Year.
Okay,
we
have
the
short
term.
We
we
have
a
short-term
facility
and
likely
we
could
make
it.
You
know
beyond
the
federal
debt
limit
discussion
and
all
that
and
and
will
have
in
effect
gone
an
entire.
We
will
have
missed
a
cycle
of
debt
issuance,
which
was
is
good,
given
the
interest
rate
environment
that
were
that
were
now
looking
at.
A
Maybe
it
will
normalize
more
by
the
second
half
of
the
year,
but
that,
even
though
we
did
not
do
our
normal
course
of
debt
issuance
in
the
fall
of
22
likely,
we
can
make
it
to
the
fall
of
23
before
we
have
to
think
about
an
additional
Bond
issuance,
and
that
will
also
be.
A
Sure
sure
so,
I
think
two
areas,
that
of
our
Five
Focus
areas
that
we
have
not
made
progress
as
much
progress
on
which
will
be
helpful
is,
is
one
improving
the
clarity
of
the
information
that
goes
to
the
city
council,
so
we've
talked,
we've
talked
about
that
so
I
think
there's
some
other
examples
from
neighboring
communities
that
maybe
we
can
think
about
of.
How
do
we
get
better
information
going
to
the
city
council?
A
That's
more
relevant
and
actionable
and
may
be
clearer
if,
if
people
think
they're
not
getting
what
they
have
today
and
then
finally,
we
have
not
made
significant
progress
relative
to
Capital
planning
priorities,
which
I
think
is
another
area
that
would
be
good
to
make
further
progress
on.
F
A
We
had
all
five
of
those
things.
It
will
make
next
year's
budget
cycle
much
much
easier
and
I
fully
agree.
We
we
should
have
complete
clarity
well
before
we
do
the
budget
on
what
we're
going
to
contribute
on
pensions
and
how
okay
and
what
our
debt
issuance
plans
are
going
to
be,
and
ideally
what
our
main
capital
priorities
are.
So
the
city
council
could
just
focus
on
what
are
the
areas
that
really
need
discussion
and
not
just
basic
basic
bricks
and
mortar
items
that
we
need
to
you.
H
This
is
Sherry
councilman,
newsman
and
I
did
work
on
the
financials.
We
worked
with
attached
to
clarify
it
a
little
bit.
So
if
there
is
some
time
in
a
meeting,
we
can
walk
through
I
think
we
got
it
down
to
four
or
five
pages
so.
A
So
we
did
it
right
away.
Okay,
so
I
think
we
sort
of
talked
about
the
Blue
Ribbon
committee.
That
was
you
know
in
in
background,
but
good
report,
it's
good
that
the
city
somewhat
arrested
it
it's
back
in
in
08.
It's
unfortunate
that
actually,
the
dollar
amount
of
the
liability
has
continued
to
grow
and
that's
what
we're
all
working
to
try
to
arrest
and
improve
going
forward.
E
So
I
would
just
like
us
to
commit
to
being
able
to
direct
staff
next,
because
I
don't
want
to
leave
them,
have
bring
them
too
far
into
the
air
and
then
suddenly
have
to
scramble
or
rearrange,
or
you
know
know
how
funds
are
being
allocated
because
it
will
need
it'll,
be
additional
funding,
whether
it's
pprt
or
anything
else.
Just
so
I.
Just
don't
think
we
should
be
waiting
past,
I,
I,
guess
we're
meeting
I
thought
we're
going
to
be
meeting
next
week.
I
thought
we
were
just
having
Mr
pawar's
presentation.
A
I'm
not
aware
that
a
Tesh
is
actually
executed.
The
engagement.
What
we
had
talked
about
before
was
a
couple
of
months
to
get
to
a
preliminary
View
and
then
really
a
locked
in
view
by
sort
of
the
August
time
frame,
concurrent
with
their
overall
Actuarial
work
that
they
do
as
part
of
the
audit.
I
A
A
A
You
know
we're
still
a
ways
away.
I
think
sounds
like
we
have
consensus
and
have
had
consensus.
We
want
to
be
on
a
path
to
100,
but
but
let's
make
sure
we're
on
the
right,
let's
make
sure
we're.
We
understand
what
that
path
is,
and
that
will
help
us
inform
how
much
of
it
needs
to
come
from
different
sources
and
also
what
has
come
out
of
some
of
the
initial
information
on
the
multi-year
study
is
pprt
looks
to
be
sort
of
very
volatile
itself,
and
that
is
a
source
of
funding.
A
So
it's
another
key
element
of
what
are
the
revenue
sources
which
ones
do
we?
Are
we
comfortable
that
we
can
project
what
are
the
Dynamics
of
pprt
and
then
what's
the
council's
view
on
on
what
should.
E
Happen
we're
all
members
of
the
committee
I
think
we
decide
together.
It's
not
just
the
council
members.
Just
as
a
point
of
clarification.
We
can
get
and
I
know
the
pension
boards
already
have
it
now.
Ballpark
estimates
for
next
year.
So
and
we
know
what
pprt
estimates
are
for
this
year,
so
we
won't
know
necessarily
and
I
know
I
filed
the
iml's.
You
know
estimates
for
pprt.
We
we
can.
We
won't
know
what
the
pprt
is
going
to
be
in
five
years
from
now.
We
won't
know
what
interest
rates
are.
C
A
Good
is
there
anything
else
to
discuss
with
this
evening?
Okay,
I.