99-26 v -
1110 RESOLUTION NO. 99 -26
A RESOLUTION AMENDING THE OPERATING BUDGET FOR THE CITY OF
ATLANTIC BEACH, FLORIDA, FOR THE FISCAL YEAR BEGINNING
OCTOBER 1, 1998 AND ENDING SEPTEMBER 30,1999,
WHEREAS,the City Charter of the City of Atlantic Beach requires that the City Commission
approve all budgetary increases and transfers at the fund level,and
WHEREAS,the nature of budgetary systems and those day to day decisions affecting such
budgetary systems require adjustments from time to time.
NOW,THEREFORE,BE IT RESOLVED by the City Commission of the City of Atlantic
Beach,that the following Budget Modification be approved for the 1998-1999 Operating Budget.
GENERAL FUND
Expenses:
Police Department
Administration-Pension 00120015212203 $1,046
Patrol-Pension 00120025212203 $4,555
Detective-Pension 00120035212203 $554
General Government
Transfer to Fire Pension Fund 00110095819105 $12,000
• Description:
Funding from the General Fund is increased by charging the divisions in which the employees
payroll is charged for their benefits. This increase is a result of the less than expected funds
received from the state. The transfer to the Fire Pension Fund from the General Fund-General
Government division is to cover additional administrative expenses including actuary costs and
attorney fees that by City Code,the City is required to pay.
GENERAL EMPLOYEE PENSION FUND
Expenses:
General Employee retiree payments 60380305183605 $16,500
Professional Services-Management Fees 60380305183100 $10,600
Description:
To increase the budget to true up the budget for pension retiree monthly payments and
unexpected legal fees. Actual payments exceeded originally budgeted amounts due to fire
retirees being paid longer than expected and the monthly retirement payroll being higher than
expected.
POLICE PENSION FUND
Revenues:
Employer contributions 60100003681000 $6,155
Casualty Insurance Premium Tax 185 60100003125200 -$4,452
0 Expenses:
Cr a
Professional Services-Management Fees 60180105183100 $7,900
Description:
P
To increase the City's contribution to the employees retirement plan to meet the total
contribution requirement as calculated by the pension actuary for this fiscal year and reduce the
amount budgeted for Casualty Insurance Premium Tax to the amount actually received by the
City. Also to increase the Investment Management fees which are higher than expected due to
the increased value of the investment portfolio.
FIRE PENSION FUND
Revenues:
Transfer from General Fund 60200003811000 $12,000
Expenses:
Professional Services 60280205183100 $15,600
Fire Department retiree payments 60280205183603 $20,100
Description:
To increase the budget for higher than anticipated pension payroll and professional expenses
related to the fire contract with Jacksonville. The transfer from the General Fund is for
administration expenses required to be paid for by the City. The administrative expenses to be
paid for by the City are professional services for the actuary and the attorney. Investment
management fees are paid for by the Pension Fund.
III
CONVENTION DEVELOPMENT TAX FUND
Expenses:
Buildings - original budget Russell Park Bldg 12000005196200 -$99,946
Description:
The 1998/1999 budget had appropriated these funds for a building at Russell Park. The funding
was re-designated for Bull Park Improvements in the 1999/2000 Budget. This modification
releases the funds in the current year to make them available for next year.
GENERAL FUND
Expenses:
Public Works- Streets ' ' ion 00150025426 I ' $72,600
Description:
The purpose of this request is to make i :' _ = .ilable for the award of bid number 9899-25,
Storm Water System Improveme . he total amo seeded is$422,560. The original budget
for this project was$279 and available funds being re-. s • o.riated within the existing
budget are$71,0 . e remaining funds would be from Genera . i 9 reserves of$72,600. The
award of ' umber 9899-25 is also on this agenda for approval. If the = . not awarded,this
• of the resolution may be stricken.
III
Adopted by the City Commission this 27th day of September, 1999.
•
Suzanne Shaughnessy
Mayor/Presiding Off 40
Approved as to form and correctness:
fan C. Je Esquire
City Attor ey
ATTEST:
Mau een King, CM
City Clerk
i
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1.1.
p
Determining Dollar Contributions
r
For any period of time, the percent-of-payroll contribution rate needs to be converted to dollar
amounts. We recommend one of the following procedures.
J
Procedure (1) Contribute dollar amounts at the end of each payroll period which are equal to the
percent-of-payroll contribution requirement multiplied by the covered active member payroll for the
period. Adjustments should be made as necessary to exclude items of pay that are not covered
1 compensation for Retirement System benefits and to include non-payroll amounts that are covered
J compensation.
Procedure (2) Contribute the amounts indicated in the following schedule. Included in these
amounts is the projected effect of base salary increases for 1-1/2 years, which produces a projection
factor of 1.083624, i.e., [(1.055)15]
I
General Police* Fire*
City Contribution $257,597 $94,599 $0
Chapter 185/175 N/A 74,203 42,139
Totals $257,597 $168,802 $42,139
The above dollars amounts are assumed to be contributed, on average, halfway through the fiscal
year. If contributions are made on a later schedule, interest should be added at the rate of .70%
(.0070) for each month of delay.
FS 112.64 requires City contributions to be deposited not less frequently than quarterly. Member
contributions, which are in addition to the City contributions, must be deposited not less frequently
than monthly.
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* Chapter 175185 Florida Statutes. The base City contribution amount may need to be increased if the
I amount received under the provisions of Chapter 175/185, Florida Statutes, is not sufficient to meet the total
contribution requirement.
I 111.
GABRIEL, ROEDER, SMITH & COMPANY A-3