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r Council. He reviewed the process that had been undertaken to select the firm for investment advisory services that had included a review of bid packages and presentations and interviews with the finalist candidates by the Finance and Investment Committee. Councilmembers Mordo and Jones had participated in the selection process as members of the Finance and Investment Committee. MOTION SECONDED AND CARRIED: Moved by Jones, seconded by Mordo and passed unanimously to award the bid for investment services to PFM Asset Management LLC and to adopt 1) Resolution No.105-05 approving and authorizing the City Manager to Execute an Agreement with PFM Asset Management LLC for investment advisory services and to adopt 2) Resolution No. 106-05 authorizing the Town to join with other public agencies as a participant of the California Asset Management Trust and to invest in shares of the Trust and in individual portfolios. 4.5 Request for Amendment of Maximum Contribution to Employee Health Coverage Premiums Administrative Services Director Sarah Ragsdale advised Council that the item under consideration was the annual review of health insurance premiums and the establishment of a new cap that would set the maximum Town contribution towards each employee's premium for the calendar year. She reviewed the previously set caps for the years 2003- 2006, adding that the projected increase for 2005 was 15% with an actual increase of 9%. Ragsdale noted that the annual calculation of the cap was set at 110% of the average premium of health plans available to employees. Jim Abraham, resident, explained that he had requested Council review this item separately because of his concerns of escalating health benefit costs for retiring P g g employees. He believed these could potentially be very costly to the Town. Council offered that the CalPers health coverage was below the public/private aggregate, very affordable at a competitive cost and an excellent health care package. They noted that an actuarial review of employee retirement benefits was scheduled for the near future. MOTION SECONDED AND CARRIED: Moved by Mordo, seconded by O'Malley and passed unanimously to adopt Resolution-No. 107-05 "Fixing the Employer's Contribution of Health Care Premium under the Public Employees' Medical and Hospital Care Act." 5. UNFINISHED BUSINESS 5.1 Town Goals 5.1.1 Implementation of Strategic Conservation Goals Mayor Kerr reported that the Environmental Initiatives Committee had not met since the last Council meeting. 5 City Council Meeting Minutes November 17,2005