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