Staff recommends approval of a contribution of $62,919.91, which is the actuarial amount needed to complete funding for 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, 2011, reflects that the plan was underfunded by $62,919.91. The shortfall is directly attributable to poor market performance during the month of September and the year ending financial value of plan assets.
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
A budget adjustment of $62,919.91 from fund balance will be necessary to cover the difference.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. ______JB__________
Deputy C.M. ___________________
City Manager ___________________
Account No. _________________
Project No. ___________________
WF No. ______________________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION OF $62,919.91 TO FUND THE ACTUARIAL SHORTFALL FOR THE 175 FIRE PENSION PLAN FOR FISCAL YEAR 2010-11; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the City Commission hereby authorizes funding of the actuarial shortfall of 62,919.91 for the 175 Fire Pension Plan.
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 9th day of January 2012.