AFRF Update

[Colleen Pate]

Council:

I'm happy to report that there is an agreement regarding the Firefighter Retirement System. The Austin Firefighter Retirement Fund (AFRF) and the City have signed a Memorandum of Understanding and there will be Committee Substitutes for the pertinent legislation. There will be hearings on the compromise bills next Wednesday in both the Senate (SB 2345 by Schwertner) and in the House (HB 2802 by Bucy).

As you know, the AFRF is currently projecting a significant unfunded liability. This legislation will make the fund actuarially sound. From the beginning and wearing both of my hats (as Mayor and as statutory Chair of the Fund), my goal has been to ensure fiscal soundness. This took a little longer than I initially wanted, but that often happens with big issues and complicated legislation. I'm grateful we're here.

There are several people to thank for their good work and I'll make sure we do that, but I particularly want to say thanks to the City's CFO Ed Van Eenoo.

Everyone have a great weekend.

Kirk

On behalf of Mayor Watson