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.
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.
1. Approve the payments to the 185 Police Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
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.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager ___________________
Account No. 001-2111-521-22-10_
Project No. ___________________
WF No. ______________________
Budget ____ $147,570.00_________
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.