Staff recommends approval of a contribution of up to $909,601, which is the actuarial amount needed to fund the 2009-10 plan year.
Foster & Foster was requested to provide an actuarial estimate of City contributions for Fiscal Year ending September 30, 2010. The attached summary of report, from the actuarial valuation dated October 1, 2008, recommends the City use 26.9% of payroll which is estimated to be $909,601.00. Florida Statutes, Chapter 175.091(d) requires the City to maintain certain minimum benefit levels and fund any actuarial deficiency shown by an actuarial valuation as provided in part VII of Chapter 112.
1. Approve the contribution to the 175 Fire Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
Funding of the $759,601.00 is included in the 2009-10 budget and the remaining $150,000.00 will need to be provided from the Fund Balance of the General Fund.
Prepared by: _Jerry Boop_________
Attachments: Yes_X__ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ___JB___
Finance Dept. __________JB______
Deputy C.M. ___________________
City Manager ___________________
Account No. 001-2220-522-22-11___
Project No. ___________________
WF No. ______________________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION OF UP TO $909,601.00 TO THE 175 FIRE PENSION PLAN; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the City Commission hereby authorizes the Finance Director to fund the designated contribution to the 175 Fire Pension Plan for the 2009-10 fiscal year in an amount up to $909,601.00 as required by Florida Chapter 175.
THAT this resolution shall become effective immediately.
PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 8th day of February 2010.