AGENDA MEMORANDUM

Meeting Date: December 22, 2008

From:                          Jerry Boop, Finance Director, CPA, CGFO   

Subject:                      Resolution authorizing a Contribution of up to $253,448 to the 185 Police Pension Plan

Staff Recommendation:

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.

Analysis:

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. 

Options:

1.  Approve the payments to the 185 Police Pension Plan; or

2.  Such alternative action as the Commission may deem appropriate

Fiscal Impact: 

Funding for the $253,448.00 is included in the 2008-09 operational budget.

Submission Date and Time:    12/19/2008 3:52 PM____

Department: _Finance______________ Prepared by:   Jerry Boop_________                      Attachments:         Yes_X__   No ______ Advertised:   ____Not Required ______ Dates:   __________________________                      Attorney Review :       Yes___  No ____ _________________________________            Revised 6/10/04

Reviewed by: Dept. Head __JB____ Finance  Dept. ____________JB____                                    Deputy C.M. _______EFS_________                                          Submitted by: City Manager ___________________

Account No. _001-2111-512-22-10 Project No. ___________________ WF No. ______________________ Budget  _____$514,463__________ Available ___ $492,245__________

RESOLUTION NO._______________

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

                                                                            __________________________

                                                                             Mayor

ATTEST:

__________________________

City Clerk