City of Columbia, Missouri  
Meeting Minutes  
City Council  
City Hall  
Conference Room  
1A/1B  
Monday, June 1, 2026  
5:00 PM  
Pre-Council  
701 E. Broadway  
Columbia, MO  
I. CALL TO ORDER  
7 - Buffaloe, Foster, Peters, Carroll, Sample, Elwood, and Hartman  
Present:  
This item is open to the public: Police & Fire Pension Actuarial  
Valuation  
Attachments: Actuarial Valuation Report - September 2025  
Mayor Buffaloe introduced Matthew Lue and Jim McDonald, Director and Assistant  
Director of Finance. Jim introduced Mita Drazilov and Heidi Barry from GRS, who shared  
the results of the annual actuarial valuation for the Police and Fire pension. Mira  
reiterated the purpose of the annual valuation. Heidi outlined the actuarial valuation  
process. She reviewed data on active members for both Police and Fire, including DROP  
members. She shared data on retirees and beneficiaries. This data spanned from  
September 2021 to September 2025. Heidi shared an overview of the funding value of  
assets.  
Mita provided information on the computed employer contribution rates. The data was  
divided between pre- and post- October 1, 2012, as well as a weighted average. Mayor  
Buffaloe asked about the note on the slide related to the pre-2012 Police - Mita explained  
that there were differences based on the percentage of contributions. He shared that  
roughly ⅔ of liabilities are retirees and beneficiaries. Council member Hartman asked  
about the standard funded ratio - Mita noted that it varied. He added that public safety  
systems are generally less well funded than systems covering general employees, or  
teachers. He emphasized that there is not a norm. He stated that it varied by the  
assumptions in place for the valuations. Hartman asked about audits - Mita clarified that  
they took the data at face value, though if something looked suspect they would ask.  
Mita shared information on risk measures.  
Heidi provided a summary for both Police and Fire. Council member Peters asked a  
clarifying question on experience studies - Heidi explained it is a review of the  
assumptions compared to how it has actually done for the past five years.  
Jim introduced Marc Shegoski and David Sears from UBS. Marc shared an overview of  
the cash flows and annual funding. He noted in 2025 the City made a $1 million  
contribution. David shared information on the portfolio as of the end of May.  
Marc provided some information on how market conditions are evaluated, emphasizing  
how global affairs impact conditions. Mayor Buffaloe asked if the $1 million contribution  
was still their recommendation. Marc noted that it was a City decision, based on  
resources available.  
This item is open to the public: Motion for the City Council to go into  
closed session to discuss:  
-Legal actions, causes of action or litigation involving a public  
governmental body and confidential or privileged communications between  
a public governmental body or its representatives and its attorneys  
pursuant to Section 610.021(1) RSMo.  
-Preparation, including any discussions or work product, on behalf of a  
public governmental body or its representatives for negotiations with  
employee groups pursuant to Section 610.021(9) RSMo.  
At approximately 6:01 p.m., Mayor Buffaloe made a motion for the City Council of  
the City of Columbia, Missouri, to immediately go into a closed meeting in  
Conference Room 1A/1B of City Hall to discuss legal actions, causes of action or  
litigation involving a public governmental body and confidential or privileged  
communications between a public governmental body or its representatives and  
its attorneys pursuant to Section 610.021(1) of the Revised Statutes of Missouri,  
and the preparation, including any discussions or work product, on behalf of a  
public governmental body or its representatives for negotiations with employee  
groups pursuant to Section 610.021(9) of the Revised Statutes of Missouri. The  
motion was seconded by Council Member Peters.  
7 - Buffaloe, Foster, Peters, Carroll, Sample, Elwood, and Hartman  
Yes:  
This item is closed to the public: Closed meeting in Conference Room  
1A/1B.  
At approximately 6:02 p.m., the City Council went into closed session in Conference  
Room 1A/1B pursuant to RSMo Sections 610.021(1) and (9).  
II. UPCOMING MEETINGS & TOPICS  
None  
III. ANY OTHER ITEMS COUNCIL MAY WISH TO DISCUSS  
None  
IV. ADJOURNMENT  
The closed meeting adjourned at approximately 6:57 p.m.