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