Staff recommends approval of a contribution up to $231,702 for the actuarial estimate required to fund the Police Pension Plan and the additional required contribution of $48,533 totaling $280,235.
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 as of October 1, 2009, recommends the City use 6.8% of payroll which is estimated to be $231,702. 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.
In addition, it is necessary to fund additional contributions of $48,533 for plan year 2009-10. A budget adjustment is not necessary as the Police Department has made a contribution to fund balance of $229,620 over and above this additional required contribution.
1. Approve the payments to the 185 Police Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
Funding for the $231,702 is included in the 2010-11 operational budget. Funding for the additional required contribution of $48,533 was absorbed by category. The Police Department made a contribution to fund balance of $229,620 over and above the statutorily required contribution of $48,533.
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. _001-2111-521-22-11_
Project No. ___________________
WF No. ______________________
By Category 48,533
By Category 48,533
RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING A CONTRIBUTION OF UP TO $280,235.00 TO FUND 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 in an amount up to $280,235.00 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 _20th____ day of _December________ 2010.