AGENDA MEMORANDUM

 

Meeting Date:           September 22, 2008

 

From:                          Jerry Boop, Finance Director, CPA, CGFO

 

Subject:                      Resolution authorizing a contribution of up to $225,000 to the 175 Fire Pension Plan

 

 

Staff Recommendation:

Staff recommends approval of a contribution up to $225,000, the actuarial amount projected to fund the Fire Pension Plan for Fiscal Year 2007-08.

 

Analysis:

Foster and Foster was requested to provide an actuarial estimate of City contributions for Fiscal Year ending September 30, 2008.  The attached letter dated June 17, 2008, recommends the City use 25.6% of payroll which Foster and Foster has estimated to be $602,426.  The City budgeted $626,101 for this purpose and has been making monthly payments at 12% of payroll throughout the year.  To date the City has paid approximately $377,426 into the fund.  This final payment of up to $225,000 is to bring the total City contribution to the actuarial funding requirement of $602,426.  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.

 

Options:

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

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact

Funding for the $225,000 is included in the 2007-08 operational budget.

 

Submission Date and Time:    9/17/2008 5:44 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. ______EFS_________                                                                         

Submitted by:

City Manager ___________________

 

Account No. 001-2220-522-22-10__

 

Project No. ___________________

 

WF No. ______________________

 

Budget  _____$626,101.00________

 

Available ____$248,675.00________


 

RESOLUTION NO._______________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION OF UP TO $225,000 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 Finance Department is hereby authorized to fund the designated contribution to the 175 Fire Pension Plan for the 2007-08 fiscal year in an amount up to $225,000 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 22nd day of September 2008.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk