AGENDA MEMORANDUM

 

 

Meeting Date:           January 9, 2012

 

From:                          Jerry Boop, Finance Director, CPA, CGFO

 

Subject:                      Resolution authorizing a Contribution of $59,696.03 for the 185 Police Pension Plan

 

 

Staff Recommendation:

Staff recommends approval of a contribution of $59,696.03, which is the actuarial amount needed to complete funding for 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, 2011, reflects that the plan was underfunded by $59,696.03.  The shortfall is directly attributable to poor market performance during the month of September and the year ending financial value of plan assets.  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

A budget adjustment of $59,696.03 from fund balance will be necessary to cover the difference.

 

 

Submission Date and Time:    1/5/2012 1:47 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. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

RESOLUTION NO._______________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION OF $59,696.03 TO FUND THE ACTUARIAL SHORTFALL FOR THE 185 POLICE 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 hereby authorized to fund the actuarial shortfall of $59.696.03 for the 185 Police 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.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

____________________________________

City Clerk