AGENDA MEMORANDUM

Meeting Date:           December 20, 2010

From:                          Jerry Boop, Finance Director, CPA, CGFO

Subject:                      Resolution authorizing a contribution of up to $891,813 to fund the 175 Fire Pension Plan

Staff Recommendation:

Staff recommends approval of a contribution of up to $891,813, which is the estimated actuarial amount needed to fund the 2010-11 plan year.

Analysis:

Foster & Foster was requested to provide an actuarial estimate of City contributions for Fiscal Year ending September 30, 2011.  The attached summary of report, from the actuarial valuation dated October 1, 2009, recommends the City use 30.3% of payroll which is estimated to be $891,813.  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 $891,813 is included in the 2010-11 budget.

Submission Date and Time:    12/17/2010 4:41 PM____

Department: Finance___________ Preparedby:  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  ___$891,813__________ Available __$891,813__________

RESOLUTION NO._______________

RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING A CONTRIBUTION OF UP TO $891,813 TO FUND 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 2010-11 fiscal year in an amount up to $891,813.00 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 _20th____ day of _December________ 2010.

                                                                            __________________________

                                                                             Mayor

ATTEST:

__________________________

City Clerk