Staff recommends approval of additional funding of $79,131 bringing the total City contribution for plan year 2007-08 to $226,701.
On December 12, 2007, the Police Pension Board directed Foster and Foster to provide an actuarial estimate of the funding requirements necessary to keep the plan actuarially sound through fiscal year 2008-09. In a letter dated July 9, 2008 Foster & Foster recommended additional City funding of $226,701 and $253,448 for fiscal years 2007-08 and 2008-09 respectively. The 2007-08 budget included City funding of $147,570 which is $79,131 below the actuarial recommendation of $226,701. The City is required by Florida Statutes, Chapter 185.07d to maintain certain minimum benefit levels and to fund any actuarial deficiency shown by an actuarial valuation as provided in part VII of chapter 112. Additional City funding of $253,448 is included in the fiscal year 2008-09 budget.
1. Approve the additional contribution to the 185 Police Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
A budget amendment will be necessary to utilize un-appropriated fund balance of $79,131 for this purpose.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. ___________JB_______
Deputy C.M. _________EFS________
City Manager ___________________
Account No. 001-2111-521-22-10___
Project No. ___________________
WF No. ______________________
Budget ___ $79,131.00__________
Available __ $79,131.00_________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING ADDITIONAL FUNDING OF $79,131 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 additional contribution to the 185 Police Pension Plan for the 2007-08 fiscal year in the amount of $79,131.00 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 __8th___ day of _September_____ 2008.