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.
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.
1. Approve the contribution to the 175 Fire Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
Funding of the $891,813 is included in the 2010-11 budget.
Preparedby: 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. ______________________
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.