AGENDA MEMORANDUM

 

 

Meeting Date:           September 24, 2007

 

From:                          Jerry Boop, Deputy Finance Director

 

Subject:                      Resolution Authorizing a Contribution to the 175 Fire Pension Plan

 

 

Staff Recommendation:

Staff recommends approval of a contribution up to $278,560.08 which includes the required contribution of $257,926 plus accrued interest of $20,634.08. 

 

 

Analysis:

Attached is a copy of the letter received from the Department of Managerial Services referencing the 2006 Annual Report for the Leesburg Firefighters’ Pension Fund requesting a contribution of $257,926 plus accrued interest at 8%.  Interest is calculated from 10/01/06 to the date of deposit.   The date of deposit used for interest calculation purposes was 9/30/07.  The City is required by Florida Statutes, Chapter 175.091(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.

 

Prior to receiving notification from the Department of Managerial Services staff engaged the services of Williams Actuarial International, LLC and Fowler, White, Boggs and Banker Attorneys at Law. The purposes of the engagements were to review and provide opinions on the actuarial soundness of the plan as well as compliance with all legal and IRS requirements.  Certain recommendations were made and staff is working with the Firefighters’ Pension Board to update and implement changes to the plan.

 

 

Options:

1.  Approve the contribution to the 175 Fire Pension Plan; or

2.  Such alternative action as the Commission may deem appropriate

 

 

Fiscal Impact

It will be necessary to amend the budget and utilize un-appropriated fund balance of $278,560.08 for this purpose. 

 


 

 

Submission Date and Time:    9/24/2007 11:49 AM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                      

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __________________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _001-2220-522.12-10__

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

RESOLUTION NO._______________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION TO 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 funding of the designated contribution to the 175 Fire Pension Plan for the 2006/2007 fiscal year up to $278,560.08 as required by Florida Statute, 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 24 day of  September 2007.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk