AGENDA MEMORANDUM

 

 

Meeting Date:           April 27, 2009

 

From:                          Jerry Boop, Finance Director, CPA, CGFO

 

Subject:                      Resolution authorizing a contribution of up to $266,581 to fund the 175 Fire Pension Plan

 

 

Staff Recommendation:

Staff recommends approval of a contribution of up to $266,581, which is the actuarial amount needed to fund the 2006-07 plan year.

 

Analysis:

Because of  the health concerns of the previous actuary, the Fire Pension Board hired Foster and Foster  to take over the Fire Pension valuation process during the summer of 2008.  In order to understand the funding position of the plan, Foster and Foster performed a valuation for plan year 2007 which was completed March 10, 2009.  The valuation for plan year 2006-07 resulted in an actuarial shortfall of $266,581. 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.

 

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 of the $266,581 will need to be provided from the Fund Balance of the General Fund.

 

Submission Date and Time:    4/23/2009 9:01 AM____

 

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. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _001-2220-522-2210__

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

 

RESOLUTION NO._______________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING A CONTRIBUTION OF UP TO $266,581 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 2006-07 fiscal year in an amount up to $266,581 as required by Florida Statute 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 27th day of April 2009.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk