Staff recommends approval of a contribution of up to $266,581, which is the actuarial amount needed to fund the 2006-07 plan year.
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.
1. Approve the contribution to the 175 Fire Pension Plan; or
2. Such alternative action as the Commission may deem appropriate
Funding of the $266,581 will need to be provided from the Fund Balance of the General Fund.
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. ___________________
City Manager ___________________
Account No. _001-2220-522-2210__
Project No. ___________________
WF 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.