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.
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.
1. Approve the Contribution to the 175 Fire Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
Funding for the $225,000 is included in the 2007-08 operational budget.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ______EFS_________
City Manager ___________________
Account No. 001-2220-522-22-10__
Project No. ___________________
WF 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.