AGENDA MEMORANDUM

Meeting Date:           November 26, 2007

From:                          Jerry Boop, Interim Finance Director

Subject:                      Resolution authorizing a Contribution to the 185 Police Pension Plan

Staff Recommendation:

Staff recommends approval of a contribution up to $196,643.19, the amount projected to fund the Police Pension Plan for Fiscal Year 2007-08.

Analysis:

Foster & Foster was requested to provide an actuarial estimate of City contributions for Fiscal Year ending September 30, 2008.  The attached letter recommends the City use 5.6% of payroll as an estimate until the actuarial valuation is received.  Budgeted salaries of $3,511,485.60 multiplied by 5.6% equal $196,643.19.  Staff recommends the City pay three installments of $49,160.00 with the fourth installment to be used as a true up to the required amount from the actuarial report.  If the final amount varies significantly from $196,643.19, staff will request additional direction from the Commission.  Funding the plan on a quarterly basis will enable the plan to generate investment earnings more rapidly than in previous years. 

Options:

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

2.  Such alternative action as the Commission may deem appropriate

Fiscal Impact: 

The Fiscal Year 2007-08 Pension Plan payment was budgeted at $147,570.  The difference of $49,073.19 will need to be funded from Fund Balance.

Submission Date and Time:    11/21/2007 6:16 PM____

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 ___________________

001-0000-388-91-00 Account No. 001-2111-521-22-10_ Project No. ___________________ WF No. ______________________                         $ 49,073.19 Budget  ____ $147,570.00_________ Available ____$147,570.00_________

RESOLUTION NO._____________

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION OF UP TO $196,643.49  TO 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 Mayor and City Clerk are hereby authorized to fund the designated contribution to the 185 Police Pension Plan for the 2007-08 fiscal year in an amount up to $196,643.49 as required by Florida Statute 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 26th day of November 2007.

                                                                            __________________________

                                                                             Mayor

ATTEST:

__________________________

City Clerk