Staff recommends approval of a contribution up to $250,800.00, the amount projected to fund the Police Pension Plan for Fiscal Year 2009-10.
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 as of October 1, 2008, recommends the City use 6.9% of payroll which is estimated to be $250,800. The City is required by Florida Statutes, Chapter 185.07(d) to maintain certain minimum benefit levels and fund any actuarial deficiency shown by an actuarial valuation as provided in part VII of chapter 112. Staff recommends the City pay four installments of $62,700.00.
1. Approve the payments to the 185 Police Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
Funding for the $250,800.00 is included in the 2009-10 operational budget.
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. _001-2111-512-22-11
Project No. ___________________
WF No. ______________________
Available ___ $250,800__________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION OF UP TO $250,800.00 TO THE 185 POLICE 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 185 Police Pension Plan for the 2009-10 fiscal year in an amount up to $250,800.00 as required by Florida Chapter 185.
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.