Staff recommends approval of a contribution of $405,529.00, the actuarial amount projected to fund the Fire 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. In a letter dated June 17, 2008 Foster & Foster recommended funding from the City equal to 36.8% of payroll less contributions from other sources. In a subsequent phone conversation the funding level was revised to 33.8%. At this funding level the City is required to contribute an additional $405,529.00. Florida Statutes, Chapter 175.091(d) requires the City 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 $101,382.25 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 the total to be paid of $405,529.00, staff will seek additional direction from the Commission.
1. Approve the contribution to the 175 Fire Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
Funding for the $405,529.00 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. _001-2220-522-22-10__
Project No. ___________________
WF No. ______________________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING A CONTRIBUTION UP TO $405,529.00 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 Mayor and City Clerk are hereby authorized to fund the designated contribution to the 175 Fire Pension Plan for the 2008-09 fiscal year in an amount up to $405,529.00 as required by Florida Statute Chapter 175.
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.