AGENDA MEMORANDUM

Meeting Date:           February 8, 2010

From:                          Jerry Boop, Finance Director, CPA, CGFO

Subject:                      Resolution authorizing a contribution of up to $909,601 to fund the 175 Fire Pension Plan

Staff Recommendation:

Staff recommends approval of a contribution of up to $909,601, which is the actuarial amount needed to fund the 2009-10 plan year.

Analysis:

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.

Options:

1.  Approve the contribution to the 175 Fire Pension Plan; or

2.  Such alternative action as the Commission may deem appropriate

Fiscal Impact: 

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.

Submission Date and Time:    2/4/2010 10:46 AM____

Department: __Finance_____________ Prepared by:  _Jerry Boop_________                      Attachments:         Yes_X__   No ______ Advertised:   ____Not Required ______ Dates:   __________________________                      Attorney Review :       Yes___  No ____ _________________________________            Revised 6/10/04

Reviewed by: Dept. Head ___JB___ Finance  Dept. __________JB______                                    Deputy C.M. ___________________                                          Submitted by: City Manager ___________________

Account No. 001-2220-522-22-11___ Project No. ___________________ WF No. ______________________ Budget  ______$759,601_________ Available _____$759,601_________

RESOLUTION 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.

                                                                            __________________________

                                                                             Mayor

ATTEST:

__________________________

City Clerk