Staff recommends approval of a contribution up to $253,448.00, the amount projected to fund the Police Pension Plan for Fiscal Year 2008-09.
Foster & Foster was requested to provide an actuarial estimate of City contributions for Fiscal Year ending September 30, 2009. The attached letter, dated July 9, 2008, recommends the City use 6.5% of payroll which is estimated to be $253,448. The City is required by Florida Statutes, Chapter 185.07(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. Staff recommends the City pay three installments of $63,362.00 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 $253,448.00, staff will seek additional direction from the Commission.
1. Approve the payments to the 185 Police Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
Funding for the $253,448.00 is included in the 2008-09 operational budget.
Prepared by: Jerry Boop_________
Attachments: Yes_X__ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head __JB____
Finance Dept. ____________JB____
Deputy C.M. _______EFS_________
City Manager ___________________
Account No. _001-2111-512-22-10
Project No. ___________________
WF No. ______________________
Available ___ $492,245__________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION OF UP TO $253,448.00 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 2008-09 fiscal year in an amount up to $253,448.00 as required by Florida 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 December 2008