AGENDA MEMORANDUM

 

 

Meeting Date:           December 22, 2008

 

From:                          Jerry Boop, Finance Director, CPA, CGFO

 

Subject:                      Resolution authorizing a contribution of up to $405,529.00 to the 175 Fire Pension Plan

 

 

 

Staff Recommendation:

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. 

 

Analysis:

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. 

 

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 $405,529.00 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. _001-2220-522-22-10__

 

Project No. ___________________

 

WF No. ______________________

 

Budget  _____$810,217.00________

 

Available ____$752,229.00________


 

 

 

RESOLUTION 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.

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk