Exh 25The Report of the
Annual Actuarial Valuation'
September 30,2003
City of Atlantic Beach
Police_Officers' Retirement System
Contribution Amounts are
For the Plan Year Beginning October 1,2004
i To be Contributed.During
The Fiscal Year Beginning October 1,2004
Submitted to
The Board=of Trustees
City of Atlantic Beach
Police Officers' Retirement System
Gabriel,Roeder,Smith & Company.
Actuaries • Consultants
CONTRIBUTIONS REQUIRED AND CONTRIBUTIONS MADE
The City's funding policy provides for periodic employer contributions at actuarially determined rates
that, expressed as percentages of annual covered payroll, are designed to accumulate sufficient assets
to pay benefits when due. The normal cost and actuarial accrued liability are determined using an
entry age actuarial funding method. Unfunded actuarial accrued liability is being amortized as a level
percent of payroll over periods of 5 to 30 years.
During the year ended September 30, 2003 contributions totaling $155,752 city, $24,283 employee
and $88,641 premium taxes from State -- were made in accordance with contribution requirements
determined by an actuarial valuation of the plan as of September 30, 2001. Employer contributions
represented 21.6% of covered payroll during the year ended September 30, 2003.
COMPUTED EMPLOYER CONTRIBUTION COMPARATIVE SCHEDULE
Fiscal
Year Valuation Contribution Rates Dollar Contribution
Ending Date As Percents of Valuation For Fiscal YearSeptember30September30ValuationPayrollPayrollComputedActual
1994 1992 10.34 % 744,717 $ 83,443 $ 84,91219951993 * 11.32 740,734 90,863 92,12019961994 * 14.95 768,662 124,525 124,48319971995 * 14.56 831,573 131,202 148,77419981996 * 18.90 837,853 171,596 182,213
1999 1997 * 18.98 820,949 168,846 168,8022000199817.67 940,002 179,988 180,0202001199916.70 1,018,459 183,091 183,0912002200017.10 1,213,234 224,812 224,81220032001 * 18.05 1,155,404 225,991 226,041
2004 2002 18.74 1,194,950 242,637
2005 2003 * 24.31 1,129,034 297,361
After changes in benefit provisions and/or actuarial assumptions and/or actuarial cost methods.
City of Atlantic Beach Police Officers'Retirement System
D-1