AGENDA MEMORANDUM

Meeting Date:           November 28, 2011

From:                          Jerry Boop, Finance Director, CPA, CGFO

Subject:                      Resolution authorizing a Contribution of up to $297,431 for the 185 Police Pension Plan

Staff Recommendation:

Staff recommends approval of a contribution up to $297,431 for the actuarial estimate required to fund the Police Pension Plan.

Analysis:

Foster & Foster was requested to provide an actuarial estimate of City contributions for Fiscal Year ending September 30, 2012.  The attached summary of report, from the actuarial valuation as of October 1, 2010, recommends the City fund 9.04% of payroll which is estimated to be $297,431.  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.

Options:

1.  Approve the payments to the 185 Police Pension Plan; or

2.  Such alternative action as the Commission may deem appropriate

Fiscal Impact: 

Funding of $297,431 was included in the current budget.

Submission Date and Time:    11/23/2011 5:20 PM____

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 _____ Finance  Dept. ______JB________                                    Deputy C.M. ___________________                                          Submitted by: City Manager ___________________

Account No. _001-2111-521-22-11_ Project No. ___________________ WF No. ______________________ By Category         Budget  ______$297,431_________ By Category         Available _____$297,431_______

RESOLUTION NO._______________

RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION OF UP TO $297,431 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 $297,431.00 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 _28th____ day of _November________ 2011.

                                                                            __________________________

                                                                             Mayor

ATTEST:

__________________________

City Clerk