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08-20-09CITY OF ATLANTIC BEACH PENSION BOARD OF TRUSTEES PUBLIC NOTICE NOTICE IS HEREBY GIVEN THAT THE ATLANTIC BEACH GENERAL EMPLOYEE AND ATLANTIC BEACH POLICE EMPLOYEE PENSION BOARD OF TRUSTEES WILL MEET AS FOLLOWS: PLACE: COMMISSION CHAMBERS 800 Seminole Road Atlantic Beach, FL 32233 DATE: AUGUST 20, 2009 TIME: 7:00 P.M. THE ABOVE MEETING IS OPEN TO THE PUBLIC. In accordance with the Americans with Disabilities Act, persons needing a special accommodation to participate in this proceeding should contact Finance Department, Nelson Van Liere at 247-5807 or at City Hall, 800 Seminole Road. FOR ADDITIONAL INFORMATION OR QUESTIONS CONTACT: CITY OF ATLANTIC BEACH FINANCE DEPARTMENT PHONE 247-5807 Notice Posted: 08/17/09 Posted by: Nelson Van Liere CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS BOARD MEETING AGENDA FOR August 20, 2009 at 7:00 P.M. 1. Call to Order both boards 2. Confirm election results placing Dale Hatfield's on the board for another term on the Police Pension Board of Trustees (I ) 3. Approval of General Employee's Pension Board of Trustees (II ) 4. Approval of Police Employee's Pension Board of Trustees (III ) 5. Police Board to select a Chairman of the Board 6. Approval of the Minutes for May 14, 2009 General Employees board meeting (IV ) 7. Approval of the Minutes for May 14, 2009, Police Employees board meeting (V ) 8. Approval of the Minutes for May 21, 2009, General Employees board meeting (VI ) 9. Approval of the Minutes for May 21, 2009, Police Employees board meeting (VI ) 10. Meeting Calendar: Establish the next meeting date (VII ) 11. Quarterly Investment Performance Report for the quarter ended 06/30/09 (To be provided by UBS, Van Price from Atlanta office to attend) 12. Review of UBS General Pension Fund Account #NU 02234 Share Adjustment Cost Basis on 07/10/09 (VIII ) 13. Review of UBS Police Pension Fund Account #NU 02235 Share Adjustment Cost Basis on 07/10/09 (IX ) 14. Affirmation of General Employees Pension Changes (X ) 15. Affirmation of Police Employees Pension Changes (XI ) 16. Reinstatement of Pension Credited Service, Determination of Final Average Compensation & Pension Contribution Amounts -Victor L. Raynor (XII ) 17. Correction to Buy Back of Service - Barrion C. Hill (XIII ) 18. Approval to Renew Fiduciary Liability Insurance - $2,501.21 per Policy Dated 10/01/09 to 09/30/10 for General Employees & Police Officers Pension (XIV ) 19. Approval for Annual Actuarial & Consulting Services for the General Employee Retirement System -Gabriel Roeder Smith & Company, $7,575 per year (XV ) 20. Approval for Annual Actuarial & Consulting Services for the Police Officer's Retirement System - Gabriel Roeder Smith & Company, $7,150 per year (XVI ) 21. Discuss if General Employee's & Police Officer's Pension Plans Desire Separate External Audits (XVII) 22. Review Letter from Michael A. Callaway (XVIII ) 23. Financial Expenditures through June 30, 2009 -General (XIX ) 24. Financial Expenditures through June 30, 2009 -Police (XX ) CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS BOARD MEETING AGENDA FOR August 20, 2009 at 7:00 P.M. 25. Investment Consultant Selection (Costs are Combined for Both Plans): The Bogdahn Group -Joe Bogdahn & Daniel Johnson, $31,000 per Year Asset Strategy Consultants -Fran M. Coopersmith & Andrea C. Stewart, $35,000 per Year Citi Smith Barney -Michael T. O' Shields, $10,000 per Year Thistle Asset Consulting -John McCann, $32,000 per Year 26. Discuss Matters of Interest to the General & Police Employees Pension Board -Pension Board Attorney Scott Christiansen of Christiansen & Dehner, P.A. 27. Change of Beneficiary - Charles A Greene -Police Pension Plan (XXI ) 28. Change of Beneficiary -Raymond D. Kaczmarczyk -Police Pension Plan (XXII ) 29. Discuss Share Plan for Police Officer's Retirement System -Dale Hatfield (XXIII ) 30. Discuss Significant Variations & Special Calculations for the Police Officer's 2008 Premium Taxes -Department of Management Services Letter (XXIV ) 31. Any New Business. 32. Adjournment -General 33. Adjournment -Police NOMINATIONS FOR PENSION BOARD REPRESENTATIVE POLICE OFFICERS Notice is hereby given that an election for an employee representative on the Police Employee Pension Board will be held to select one employee to either re-elect or replace Dale Hatfield, a member whose term is expiring. Current Board Members are: NAME POSITION STATUS TERM Dale Hatfield Chairman Employee Elected 08/06/09 Bob Sternfeld Member Selected by Commission 12/31/09 John Wolfel Member Selected by Commission 10/11/09 Harry McNally Member Selected by above members 05/14/11 Vic Gualillo Chair Pro-tem Employee Elected 12/14/09 All sworn Police Officers who are members of City's Police Employee Pension Plan are eligible to be nominated and vote. If you are interested in nominating an employee, or being a member of the Police Pension Board, please complete the nomination section below and return to the Finance Department, Nelson Van Liere, no later than Monday, August 3, 2009. Prior to preparing ballots for voting, all employees nominated will be contacted by the Finance Department to determine if they are willing to serve. Once all nominees are contacted, voting will be held for "one week only" at the Public Safety facility. Employees who will be unable to vote during the week established for voting will be allowed to cast an "absentee" ballot. The duties of a Pension Board member consist of attending quarterly Pension Board meetings, reviewing the investment performance of the Pension Fund, processing employee retirements, and making recommendations to the City Commission as pertains to the Pension Plan. Meetings are normally held quarterly at 6:00 or 7:OOp.m. during the months of February, May, August and November. Special meetings may also be held to discuss items of special interest or to approve/disapprove disability retirements. Note: All sworn Police are categorized as Public Safety. All other employees including Emergency Communications, Animal Control, and clerical employees within the Public Safety Department are considered as General Employees. POLICE OFFICER PENSION BOARD NOMINATION RETURN TO FINANCE DEPARTMENT NOT LATER THAN AUGUST 3, 2009. I hereby wish to nominate the following employee to be a member of the City's Police Employee Pension Board. FI.+ Na em of Employee being nominated CITY OF ATLANTIC BEACH GENERAL EMPLOYEE'S PENSION BOARD OF TRUSTEES: 4 year term; no term limit Business Home Term Name and Address Position Phone Phone Expiration Employee Elected Timothy Townsend (Tim) Chair 247-5839 249-9707 O1/O1/10 428 Hopkins Street Neptune Beach, FL 32266 Employee Elected Malcolm Clemons Chairman Pro-Tem 247-5839 565-9949 09/12/10 3709 Forest Blvd. Jacksonville, FL 32246 Civilian Appointed by Commission Bob Sternfeld Secretary 296-8635 246-8064 12/31/11 2248 Barefoot Trace Atlantic Beach, FL 32233 bobsternfeld@comcast.net Civilian Appointed by Commission Alan Gleit Member 241-9966 10/11/11 10 Tenth Street #32 Atlantic Beach e-mail: agleit@hotmail.com Resident selected by Board, Confirmed by Commission Harry E. McNally Member 247-5838 241-4694 OS/10/11 353 Buoy Lane FAX: 247-5872 Atlantic Beach, FL 32233 CITY OF ATLANTIC BEACH POLICE EMPLOYEE'S PENSION BOARD OF TRUSTEES: 2 year term; no term limit Business Home Name and Address Position Phone Phone Employee Elected Vic Gualillo Chair Pro-Tem 247-5859 N/A Atlantic Beach Police Department 850 Seminole Road Atlantic Beach, FL 32233 Employee Elected B. Dale Hatfield Chair 247-5859 N/A Atlantic Beach Police Department 850 Seminole Road Atlantic Beach, FL 32233 Civilian Appointed by Commission Bob Sternfeld Secretary 296-8635 246-8064 2248 Barefoot Trace Atlantic Beach, FL 32233 bob sternfeldCa~jhancock.com Civilian Appointed by Commission Term Expiration 12/14/09 08/06/09 12/31 /09 John Wolfel Member 699-8887 10/11/09 435 Inland Way 241-9800 (FAX) Atlantic Beach, FL 32233. e-mail: John.Wolfel@comcast.net Resident selected by Board, Confirmed by Commission Harry E. McNally Member 247-5838 241-4694 05/10/09 353 Buoy Lane FAX: 247-5872 Atlantic Beach, FL 32233 CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND GENERAL EMPLOYEES PENSION BOARD MEETING May 14, 2009 1. The City of Atlantic Beach General Employee Pension Board meeting was called to order at 5:30 P.M. Those members in attendance were trustees, Tim Townsend, Alan Gleit, Harry McNally, Bob Sternfeld and Malcolm Clemons. Also in attendance were Nelson Van Liere, Plan Administrator 2. Interview with the law firm Gray Robinson Attorneys at Law was conducted. Kelly A. Bosecker was the firm representative and was accompanied by Rick Burke. 3. Approval of the minutes from the February 19, 2009, General Employees Pension Board Meeting: The motion was made by Tim Townsend and seconded by Malcolm Clemons. The minutes were unanimously approved. 4. Meeting Calendar Established The board established Thursday August 13~', 2009 as the date for the next regular board meeting with the time of the meeting being 6:OOp.m. 5. Quarterly Investment Report was provided by Dino Ragazzo, the Executive Director of North Florida Market Area Manager of UBS. He was accompanied by Thomas Burdette. The resignation of Michael O' Shields was announced. Dino Ragazzo gave a brief update of his background and of those in the Atlanta office and indicated that the Atlanta office would be primarily responsible for the investment reporting going forward. Ragazzo also informed us that the Atlanta office could send a representative two times a year and the other two quarterly reports would be via conference call. The UBS report was by conference call to the Atlanta PRIlVIE Consulting Group. The report was given by Van Price and Jon LeDoyen and a hard copy report was provided at the meeting. The results were a negative 3.46% for the quarter and year to date ended March 31, 2009. The board indicated a desire to have the change in balance shown on the report by fund. UBS agreed that that will be in the report in the future. Mr. Ragazzo next gave testimony to the error and the proposed resolution of the trade that was reversed in error. E explained that the error was a gain that should go back to UBS. Mr. Ragazzo read a prepared letter attached to these minutes as an explanation of the transaction. The Board requested that Mr. Ragazzo fmd out from UBS if the profits related to the increase in value after the trade date in question could be given to Atlantic Beach. He indicated he would get that question answered before they proceeded with any transfers of balances to correct the error. 6. Financial Expenditures: The board was provided a detailed listing of expenditures through March 31, 2009. Harry McNally made a motion to approve the expenditures and Tim Townsend seconded; the vote was unanimous to approve. 7. City of Atlantic Beach General Employee Retirement System Annual Actuarial Valuation Report from Gabriel Roeder Smith & Company was distributed by the Plan Administrator. The Plan Administrator reported that this report was presented to the City Commission. Highlights of the report were discussed including the funding ratio and the annual contribution from the City to the plan. The funded ratio was 72.9 percent and the contribution from the City to the plan will be $599,292 for fiscal budget year 2010. This represents an increase of $70,864. Page 1 of 2 I Y CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND GENERAL EMPLOYEES PENSION BOARD MEETING May 14, 2009 A motion to accept the report was made by Tim Townsend and seconded by Alan Gleit. The vote was unanimous to approve the report for September 2008. 8. The board was provided a letter indicating that the State's Department of Management Services had received the 2008 Actuarial Valuation Report. 9. Adjourn -Motion by Tim Townsend at 8:26pm Tim Townsend Board Chairperson Bob Sternfeld Board Secretary Minutes taken and prepared by Nelson Van Liere, Pension Board Plan Administrator and represent a summary of the actions taken. Audio tapes of the meetings are reta,nea for a oompleta pubi,~ record, 247-5807 Page 2 of 2 May 13, 2009 City of Atlantic Beach 800 Seminole Road Atlantic Beach, FL 32233-5444 RE: NU02234 General Employees Retirement System NU02235 Police Officers Retirement System Dear Mr. Van Liere: I am writing in regards to recent trading activity which was processed in the accounts referenced above. After careful review, it' has come to my attention that in carrying out the instnictions from the Boards of the Retirement Systems to convert certain mutual fund shares from one class to another, we incorrectly canceled and repurchased a portion of those shares. The purpose of this letter is to lay out clearly what actions were taken and the steps we are now taking to correct the transactions to accurately reflect the instructions given to us by the Boards. On January 15, 2009, UBS consultant Michael O'Shields met with the Boards to discuss several matters, including a proposed rebalancing of assets to the target allocations of each plan. Each Board authorized mutual fund purchases to effect the rebalancing, and as a result on January 16, 2009, the rebalance took place, including the following three fund purchases: American Funds Growth fund of America Class A, American Funds Washington Mutual fund Class A and American Funds Euro Pacific Growth fund Class A. Those purchases are set forth on confirnlations and on the January account statement for each account. On February 19, 2009, Michael again met with the Boards to discuss converting the American Funds -both those that the Retirement Systems had transferred into UBS in December 2008, and those purchased in January 2009 -from Class A shares to Class F shares. Each Board approved the conversion of all of the Class A shares to Class F shares. Consistent with these instructions, UBS proceeded to convert to Class F those Class A shares that were transferred into UBS in December 2008; that conversion process (which takes some time to complete operationally) was completed on March 2, 2009. For the shares that were purchased in January 2009, however, we have discovered that instead of correcting the share class as described those shares were incorrectly treated as a cancel of the January 16 purchase and a subsequent repurchase of Class F shares on February 23, 2009. Rather, we should have cancelled the January 16 purchase of A shares and replaced this purchase with Class F shares, in essence correcting the original January 16 buy to be in line with the internal selling agreement with American Funds. It is important for both the Boards' records and the records of UBS that we correct our back-office processing error, and process these transactions as the Boards instructed and our agreement with American Funds requires. This will result in a new set of confirmations and correcting entries on the Retirement Systems' account statements which will reflect the Class F Share purchases with a January 16 NAV versus February 23 NAV. While the same dollar amount will be invested we will reduce the number of shares since the NAV in January was higher than February. In order to assist the Boards in understanding the corrections being undertaken, I have outlined these corrections on an attached exhibit. I can be available to you or any member of the Board to discuss these corrections at your convenience. In delivering the UBS Client Experience, we are committed to understanding your needs and goals and seek to proactively provide appropriate solutions. On behalf of UBS, we sincerely apologize for these processing errors and will work quickly to resolve these and reflect all transactions for which the Boards provided instructions. We look forward to a continued prosperous relationship. Sincerely, Dino Ragazzo Executive Director Market Area Manager Enclosure cc: Tom Burdette Exhibit -Trade Corrections Process F Slzare Purchases as of 1/16/09 and cancel shares overbought with 2/23/09 pricing NU02234 General Employees Retirement System NAV of F NAV of F # shares if # shares Change Dictated by Shares close of Shares close purchased on purchased on Shares to be Manager 1/16/09 Rebalance 1/16/09 of 2/23/09 1/16/09 2/23/09 cancelled Growth Fund of America +$137,953.84 $19.59 $18.06 7,042.054 7,638.640 596.586 Washington Mutual +$38,663.45 $20.00 $17.44 1,933.172 2,216.941 283.769 EuroPocific Growth +$265,481.50 $26.17 $23.88 10,144.497 11,117.316 972.819 NU02235 Police Officers Retirement System NAV of F NAV of F # shares if # shares Change Dictated by Shares close of Shares close purchased on purchased on Shares to be Manager 1/16/09 Rebalance 1/16/09 of 2/23/09 1/16/09 2/23/09 cancelled Growth Fund of America +$93,822.35 $19.59 $18.06 4,789.298 5,195.036 Washington Mutual +$106,493.37 $20.00 $17.44 5,324.668 6,106.271 EuroPocific Growth +$110,498.95 $26.17 $23.88 4,222.351 4,627.259 Account will show as follows once correetio~zs have been placed: NU02234 General Employees Retirement System NAV of F # shares Change Dictated by Shares close of purchased on Manager 1/16/09 Rebalance 1/16/09 1/16/09 Growth Fund of America +$137,953.84 $19.59 7,042.054 Washington Mutual +$38,663.45 $20.00 1,933.172 EuroPocific Growth +$265,481.50 $26.17 10,144.497 NU02235 Police Officers Retirement System NAV of F # shares Change Dictated by Shares close of purchased on Manager 1/16/09 Rebalance 1/16/09 1/16/09 Growth Fund of America +$93,822.35 $19.59 4,789.298 Washington Mutual +$106,493.37 $20.00 5,324.668 EuroPocific Growth +$110,498.95 $26.17 4,222.351 405.738 781.603 404.908 CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND POLICE EMPLOYEES PENSION BOARD MEETING May 14, 2009 1. The City of Atlantic Beach Police Employee Pension Board meeting was called to order at 5:30 P.M. Those members in attendance were trustees, Dale Hatfield, John Wolfel, Harry McNally and Bob Sternfeld. Also in attendance were Nelson Van Liere, Plan Administrator 2. Nomination to fill the expired term of Harry McNally was received as Dale Hatfield made a motion to select Harry McNally to continue to serve another two year term on the Police Retirement System Board of Trustees. The motion was seconded by Bob Sternfeld and unanimously approved. The new term will expire May 14, 2011. 3. Interview with the law firm Gray Robinson Attorneys at Law was conducted. Kelly A. Bosecker was the firm representative and was accompanied by Rick Burke. 4. Approval of the minutes from the February 19, 2009, Police Employees Pension Board Meeting: The motion was made by Dale Hatfield and seconded by John Wolfel. The minutes were unanimously approved. 5. Meeting Calendar Established The board established Thursday August 13~', 2009 as the date for the next regular board meeting with the time of the meeting being 6:OOp.m. 6. Quarterly Investment Report was provided by Dino Ragazzo, the Executive Director of North Florida Market Area Manager of UBS. He was accompanied by Thomas Burdette. The resignation of Michael O' Shields was announced. Dino Ragazzo gave a brief update of his background and of those in the Atlanta office and indicated that the Atlanta office would be primarily responsible for the investment reporting going forward. Ragazzo also informed us that the Atlanta office could send a representative two times a year and the other two quarterly reports would be via conference call. The UBS report was by conference call to the Atlanta PRIlVIE Consulting Group. The report was given by Van Price and Jon LeDoyen and a hard copy report was provided at the meeting. The results were a negative 3.37% for the quarter and year to date ended March 31, 2009. The board indicated a desire to have the change in balance shown on the report by fund. UBS agreed that that will be in the report in the future. Mr. Ragazzo next gave testimony to the error and the proposed resolution of the trade that was reversed in error. E explained that the error was a gain that should go back to UBS. Mr. Ragazzo read a prepared letter attached to these minutes as an explanation of the transaction. The Board requested that Mr. Ragazzo fmd out from UBS if the profits related to the increase in value after the trade date in question could be given to Atlantic Beach. He indicated he would get that question answered before they proceeded with any transfers of balances to correct the error. 7. Financial Expenditures: The board was provided a detailed listing of expenditures through March 31, 2009. Harry McNally made a motion to approve the expenditures and Bob Sternfeld seconded; the vote was unanimous to approve. Page 1 of 2 ` r CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND POLICE EMPLOYEES PENSION BOARD MEETING May 14, 2009 8. City of Atlantic Beach Police Employee Retirement System Annual Actuarial Valuation Report from Gabriel Roeder Smith & Company was distributed by the Plan Administrator. The Plan Administrator reported that this report was presented to the City Commission. Highlights of the report were discussed including the funding ratio and the annual contribution from the City to the plan. The funded ratio was 71.1 percent and the contribution from the City to the plan will be $337,017 for fiscal budget year 2010. This represents an increase of $80,543. A motion to accept the report was made by John Wolfel and seconded by Harry McNally. The vote was unanimous to approve the report for September 2008. 9. Request for Change of Beneficiary by Charles Green was deferred by a motion from Dale Hatfield and seconded by John Wolfel in order to obtain legal advice on the request. The motion was seconded by John Wolfel and unanimously approved. 10. Request for Change of Beneficiary from Raymond D. Kaczmarczyk was deferred by a motion from Dale Hatfield and seconded by John Wolfel in order to obtain legal advice on the request. The motion was seconded by John Wolfel and unanimously approved. 11. The board was provided a letter indicating that the State's Department of Management Services had approved the 2008 Financial Report. 12. Adjourn -Motion by Dale Hatfield at 8:26pm Dale Hatfield Board Chairperson Bob 5ternfeld Board Secretary Minutes taken and prepared by Nelson Van Liere, Pension Board Plan Administrator and represent a summary of the actions taken. Audio tapes of the meetings are retained for a complete public record, 247-5807 Page 2 of 2 May 13, 2009 City of Atlantic Beach 800 Seminole Road Atlantic Beach, FL 32233-5444 RE: NU02234 General Employees Retirement System NLT02235 Police Officers Retirement System Dear Mr. Van Liere: I am writing in regards to recent trading activity which was processed in the accounts referenced above. After careful review, it has come to my attention that in carrying out the instructions from the Boards of the Retirement Systems to convert certain mutual fiuzd shares from one class to another, we incorrectly canceled and repurchased a portion of those shares. The purpose of this letter is to lay out clearly what actions were taken and the steps we are now taking to correct the transactions to accurately reflect the instructions given to us by the Boards. On January 15, 2009, UBS consultant Michael O'Shields met with the Boards to discuss several matters, including a proposed rebalancing of assets to the target allocations of each plan. Each Board authorized mutual fund purchases to effect the rebalancing, and as a result on January 16, 2009, the rebalance tools place, including the following three fund purchases: American Funds Growth fund of America Class A, American Funds Washington Mutual fund Class A and American Funds Euro Pacific Growth fund Class A. Those purchases are set forth on confirmations and on the January account statement for each account. On February 19, 2009, Michael again met with the Boards to discuss converting the American Funds -both those that the Retirement Systems had transferred into UBS in December 2008, and those purchased in January 2009 -from Class A shares to Class F shares. Each Board approved the conversion of all of the Class A shares to Class F shares. Consistent with these instructions, UBS proceeded to convert to Class F those Class A shares that were transferred into UBS in December 2008; that conversion process (which takes some time to complete operationally) was completed on March 2, 2009. For the shares that were purchased in January 2009, however, we have discovered that instead of correcting the share class as described those shares were incorrectly treated as a cancel of the January 16 purchase and a subsequent repurchase of Class F shares on February 23, 2009. Rather, we should have cancelled the January 16 purchase of A shares and replaced this purchase with Class F shares, in essence correcting the original January 16 buy to be in line with the internal selling agreement with American Funds. It is important for both the Boards' records and the records of UBS that we correct our back-office processing error, and process these transactions as the Boards instructed and our agreement with American Funds requires. This will result in a new set of confirnlations and correcting entries on the Retirement Systems' account statements which will reflect the Class F Share purchases with a January 16 NAV versus February 23 NAV. While the same dollar amount will be invested we will reduce the number of shares since the NAV in January was higher than February. In order to assist the Boards in understanding the corrections being undertaken, I have outlined these corrections on an attached exhibit. I can be available to you or any member of the Board to discuss these corrections at your convenience. In delivering the UBS Client Experience, we are committed to understanding your needs and goals and seek to proactively provide appropriate solutions. On behalf of UBS, we sincerely apologize for these processing errors and will work quickly to resolve these and reflect all transactions for which the Boards provided instructions. We look forward to a continued prosperous relationship. Sincerely, Dino Ragazzo Executive Director Market Area Manager Enclosure cc: Tom Burdette Exhibit -Trade Corrections Process F Share Purchases as of 1/16/09 a~zd ca~zcel shares overbought with 2/23/09 pricing NU02234 General Employees Retirement System NAV of F NAV of F # shares if # shares Change Dictated by Shares close of Shares close purchased on purchased on Shares to be Manager 1/16/09 Rebalance 1/16/09 of 2/23/09 1/16/09 2/23/09 cancelled Growth Fund of America +$137,953.84 $19.59 $18.06 7,042.054 7,638.640 596.586 io Washington Mutua( +$38,663.45 $20.00 $17.44 1,933.172 2,216.941 283.769 y~I EuroPacific Growth +$265,481.50 $26.17 $23.88 10,144.497 11,117.316 972.819 Z3i 3~'iI~~/1 NU02235 Police Officers Retirement System NAV of F NAV of F # shares if # shares Change Dictated by Shares close of Shares close purchased on purchased on Shares to be Manager 1/16/09 Rebalance 1/16/09 of 2/23/09 1/16/09 2/23/09 cancelled Growth Fund of America +$93,822.35 $19.59 $18.06 4,789.298 5,195.036 405.738~3`c; Washington Mutua( +$106,493.37 $20.00 $17.44 5,324.668 6,106.271 781.6031365 EuroPacific Growth +$110,498.95 $26.17 $23.88 4,222.351 4,627.259 404.908 ~6G 3Q ~~ Account will show as follows once corrections have been placed: NU02234 General Employees Retirem ent System NAV of F # shares ~ Change Dictated by Shares close of purchased on Manager 1/16/09 Rebalance 1/16/09 1/16/09 Growth Fund of America +$137,953.84 $19.59 7,042.054 Washington Mutua( +$38,663.45 $20.00 1,933.172 EuroPacific Growth +$265,481.50 $26.17 10,144.497 NU02235 Police Officers Retirement System NAV of F # shares Change Dictated by Shares close of purchased on Manager 1/16/09 Rebalance 1/16/09 1/16/09 Growth Fund of America +$93,822.35 $19.59 4,789.298 Washington Mutua( +$106,493.37 $20.00 5,324..668 EuroPacific Growth +$110,498.95 $26.17 4,222.351 CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND GENERAL AND POLICE EMPLOYEES PENSION BOARD MEETING May 21, 2009 1. The City of Atlantic Beach General and Police Employee Pension Board meeting was called to order at 5:34 P.M. Those members of the General Board that were in attendance were trustees, Tim Townsend, Alan Gleit, Harry McNally, Bob Sternfeld and Malcolm Clemons. Those members of the Police Board that were in attendance were trustees, Dale Hatfield, John Wolfel, Harry McNally, and Bob Sternfeld. Also in attendance were Nelson Van Liere, Plan Administrator 2. Interview with the law firm Klausner & Kaufman P.A. was conducted. Stuart A Kaufinan was the fum representative. 3. Interview with the law firm Christiansen & Dehner, P.A. was conducted. Scott Christiansen was the fum representative. 4. Discussion related to the resolution of the UBS transaction error resulted in both boards concluding to accept the UBS proposed fiz which includes distributing the profit that the plans would have benefited from since those transactions had they been recorded correctly. Alan Gliet made a motion to cancel the shares purchased on our behalf and the overage is to be credited to our account per Mr. Regazzo's suggestion. Harry McNally Seconded the motion. The vote was unanimous to approve. Dale Hatfield made a motion to cancel the shares purchased on our behalf and the overage is to be credited to our account per Mr. Regazzo's suggestion. Jon Wolfel Seconded the motion. The vote was unanimous to approve. 5. Both boards discussed the replacement of UBS as our investment consultant and to meet again on June 11, to decide what course to take. Dale Hatfield made a motion to have the Plan Administrator obtain updated quotes from the firms previously solicited. Harry McNally seconded the motion and the vote was unanimous to approve. Alan Gleit made a motion to have the Plan Administrator obtain updated quotes from the firms previously solicited. Harry McNally seconded the motion and the vote was unanimous to approve. 6. Adjourn -Motion by Harry MaNally at 8:40pm 7. Adjourn -Motion by John Wolfel at 8:40pm General Emplovee Tim Townsend Board Chairperson Police Emplovee Dale Hatfield Board Chairperson Bob Sternfeld Board Secretary Bob Sternfeld Board Secretary Minutes taken and prepared by Nelson Van Liere, Pension Board Plan Administrator and represent a summary of the actions taken. Audio tapes of the meetings axe retained for a complete public record, 247-5807 ~ I November 2 0 0 9 "°vember 2009 b~ 2°09 S M T W T F 5 S M T W T F S 1 2 3 4 5 6 7 1 2 3 4 5 8 9 10 11 12 13 14 6 7 8 9 10 11 12 15 16 17 18 19 20 21 13 14 15 16 17 18 19 22 23 24 25 26 27 28 20 21 22 23 24 25 26 29 30 27 28 29 30 31 Sunday Monday Tuesday Wednesday Thursday Friday Saturday Nov 1 2 3 4 5 6 7 0 Z 8 9 10 11 12 13 14 v o~ 0 z 15 16 17 18 19 20 21 N lff .--~ O Z 22 23 24 25 26 27 28 N N N O Z 29 30 Dec 1 2 3 4 5 v o rn N O Z I \ nsay, Debra 1 08/14/2009 2:06 AM City of Atlantic Beach UBS Account #NU 02234 General Pension Fund Share Adjustment Cost Basis FY 2008/2009 # of Shares per July, 2009 08/14/09 Statement Cost Per Transaction Share Adjustment Date As Of for American Funds Mutual Fund 07/10/09 07/10/09 July, 2009 Growth Fund of America 88.494 21.910 1,938.904 Euro Pacific 185.445 30.160 5,593.021 Washington Mutual Investors 11.512 19.720 227.017 285.451 7,758.941 VIII Adjustment for City of Atlantic Beach Unit Cost Total Cost Current Price Quantity 7110/09 7/10/09 7/23/09 City of Atlantic Beach General Employees Account American Funds Growth Fund of America 88.494 21.91 $1,938.90 24.09 American Funds Euro Pacific Fund of America 185.445 30.16 $5,593.01 33.62 American Funds Washington Mutual Investors 11.512 19.72 $227.01 21.66 Current Value 7/23/09 $2,131.82 $6,234.66 $249.35 City of Atlantic Beach UBS Account #NU 02235 Police Pension Fund Share Adjustment Cost Basis FY 2008/2009 # of Shares per July, 2009 08/14/09 Statement Cost Per Transaction Share Adjustment Date As Of for American Funds Mutual Fund 07/10/09 07/10/09 July, 2009 Growth Fund ofAmerica 60.185 21.910 1,318.653 Euro Pacific 77.196 30.160 2,328.231 Washington Mutual Investors 31.708 19.720 625.282 169.089 4,272.166 IX Adjustment for City of Atlantic Beach City of Atlantic Beach Police Officers Retirement System American Funds Growth Fund of America American Funds Euro Pacific Fund of America American Funds Washington Mutual Investors Unit Cost Total Cost Current Price Quantity 7/10/09 7/10/09 7/23/09 60.185 21.91 $1,318.65 24.09 77.196 30.16 $2,328.22 33.62 31.708 19.72 $625.28 21.66 Current Value 7/23/09 $1,449.86 $2,595.33 $686.80 City of Atlantic Beach Schedule of General Employees Pension Changes Status Report Retiree Name: Beverly Keys (general) Willie C. Davis (general) Glenda Dedenbach (general) Virgilio C. Rosario (general) Status Change: DROP/retired From vested to retired DRO P/retired Death 08/14/09 Date of Change: 07/17/08 04/02/09 07/23/09 07/24/09 X 08/14/09 City of Atlantic Beach Schedule of Police Officers Pension Changes Status Report Retiree Name: Status Change: Date of Chance: David Thompson (police) DROP/retired 10/01/08 XI CITY OF ATLANTIC BEACH DEPARTMENT OF HUMAN RESOURCES 800 SEMINOLE ROAD ATLANTIC BEACH, FLORIDA 32233-5455 TELEPHONE: (904) 247-5820 FAX: (904) 242-3498 www.coab.us July 23, 2009 MEMORANDUM TO: Police Officers' Retirement System Board of Trustees FROM: George Foster, Human Resource Manager~~ SUBJECT: Victor L. Raynor -Reinstatement of Pension Credited Service, Determination of Final Average Compensation and Pension Contribution Amounts The Police Officers' Retirement System Board of Trustees is requested to approve the following for Victor L. Raynor: Credited Service. Raynor shall be provided with Credited Service for the period of June 7, 2005 through July 27, 2008. (Ref: Section 2-301 and section 2-310.1, Supplement No. 36, City Code of Ordinances) Final Average Compensation (FAC). Upon retirement, the period, or portions thereof, from October 30, 2004 through July 27, 2008 may need to be utilized to determine the Final Average Compensation which isone-sixtieth (1/60th) of the aggregate amount of compensation paid during the period of sixty (60} months of the member's credited service in which the aggregate amount of compensation is greatest. If this period, or portions, of time is utilized to determine Final Average Compensation, then the following FAC shall be utilized. (Ref: Section Z-301, Supplement No. 36, City Code of Ordinances) Period From To 10/30/04 06/06/05 06/07/05 09/30/05 10/01/05 09/30/06 10/01/06 09/30/07 10/01/07 07/27/08 07/28/08 Retirement Final Average Compensation (FAC) FAC during administrative leave will be adjusted by +$ 7.92 per day FAC to be utilized during this period will be $ 142.12 per day FAC to be utilized during this period will be $ 149.12 per day FAC to be utilized during this period will be $157.35 per day FAC to be utilized during this period will be $ 157.42 per day FAC to be utilized during this period will be actual compensation paid. XII Pension Cgntribution. Raynor will have $6,543.01 deducted from gross pay on apre-tax basis and contributed to the Police Pension Plan for the period of 10/30/04 through 7/27/08 based upon the gross salary credit being provided and the varying pension contribution rates in affect over this period of time. (Ref: Section 2-310.27, Supplement No. 34, City Code of Ordinances) Period Number Compensation Pension Employee From Thru Days and Benefits Rate Contributions 10/30/04 06/06/05 n/a $ 1,741.85 2.8150% $ 49.03 06/07/05 09/30/05 116 $ 16,485.51 2.8150% $ 464.07 10/01/05 09/23/06 357 $ 53,281.80 2.8150• $ 1,499.88 09/24/06 09/30/06 8 $ 1,148.24 3.8150% $ 43.81 10/01/06 09/22/07 356 $ 56,068.10 3.8150% $ 2,139.00 09/23/07 09/30/07 9 $ 1,365.01 4.8150% $ 65.73 10/01/07 07/27/08 301 $ 47,382.94 4.8150°~6 $ 2,281.49 Totals: $ 6,543.01 Background: Victor L. Raynor was placed on paid administrative leave effective 10/30/04 and terminated effective 06/07/05. He submitted a grievance on his termination action which was process to arbitration. On June 22, 2006 arbitrator Stanley H. Sergeant sustained the grievance and directed the City to reinstate Raynor and to make him whole for all lost earnings and other benefits. The City appealed this action to the Circuit Court and on March 1, 2007 Circuit Court Judge Brad Stetson ordered that the Arbitrator decision be reversed as he (arbitrator) was "only empowered to pass upon whether the employee or employees concerned actually committed, participated in, or were responsible for the act of misconduct" and may nat "pass upon the nature ,extent, or severity of the disciplinary measure(s) taken, such determination being solely a managerial prerogative." (Florida State Lodge, Fraternal Order of Police, and Victor Raynor, Plantiffs/Respondents vs. Atlantic Beach Police Dept, City of Atlantic Beach, Florida, Defendant/Petitioner; Case No. 2006-CA-005084). The Union/Raynor appealed this decision and on July 15, 2008, First District Court of Appeal Chief Judge Edwin B. Browning reversed and remanded the Circuit Court's Order dated March 1, 2007 and quashed the Circuit Court's Order dated June 27, 2007 (Victor Raynor, Appellant v. Florida State Lodge, Fraternal Order of Police, and Atlantic Beach Police Department, City of Atlantic Beach, Florida, Appellees Case No. 1007-1439 and Victor Raynor and Florida State Lodge, Fraternal Order of Police, Appellants, v. Atlantic Beach Police Dept, City of Atlantic Beach, Florida, Appellee, Case no, 1007-3776). Accordingly, the City of Atlantic Beach reinstated Victor L. Raynor effective 07/28/08 and has, since this date, been in negotiations for settlement of all lost earnings and other benefits to include Police Pension Plan employee benefits and contributions for the period of 06/07/04 through 07/27/08. CITY OF ATLANTIC BEACH DEPARTMENT OF HUMAN RESOURCES 800 SEMINOLE ROAD ATLANTIC BEACH, FLORIDA 32233-5455 TELEPHONE: (904) 247-5820 FAX: (904) 242-3498 www.coab.us July 23, 2009 MEMORANDUM TO: General Employee Retirement System Board of Trustees FROM: George Foster, Human Resource Manage~~~ SUBJECT: Correction to Buy Back of Service -Barrion C. Hill On November 7, 2002, the General Employee Retirement System Board of Trustees approved the buy back of prior service for Barrion C. Hill. The period of service approved was from 01/20/89 to 08/30/96 or approximately 81.3 months with the employee required to repay the City all pension contributions refunded with interest. Based upon an audit of the employee's record, it has been determined that the above period of service is incorrect and should have been 11/20/89 (not: 01/20/89) through 07/14/97 (not: 08/30/96) for a total period of 91 months 25 days or 91.8333 months (not: approximately 81.3 months). As this difference is significant and considering the fact that the employee has paid back 100% of refunded pension contributions, with interest, to the City, it is being requested that the General Employee Retirement System Board approve changing the buy back service from 01/20/89 to 08/30/96, approximately 81.3 months to 11/20/89 through 07/14/97, 91 months Z5 days or 91.8333 months. Atch: November 7, 2002 Minutes XIII CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND GENERAL EMPLOYEES PENSION BOARD MEETING NOVEMBER 7, 2002 The City of Atlantic Beach General Employee Pension Board meeting was called to order at 6:07 P.M. Those members in attendance were Trustees Tim Townsend, Tony Downing, Harry McNally, and Tom Wells. Also in attendance were George Foster (Board Administrative Manager), Mike Callaway (Merrill Lynch) and Jane Higgins (Merrill Lynch). 1. Approval of the minutes of August 8, 2002. Motion made by Tim Townsend, seconded by Harry McNally, and unanimously carried to approve the minutes of the August 8, 2002 meeting. 2. Meeting Calendar. The Board established February 6, 2002 as the date for the next regular Board meeting with the time of the meeting being 6:00 p.m. 3. Merrill Lynch Financial Report. Mike Callaway of Merrill Lynch presented the September 30, 2002 financial summary report. Total Market Value: Bonds (Trusco): Equity (Trusco): Intl Equity (EuroPacific) Cash & Equiv (Trusco) $ 4,841,133 $ 2,210,808 (45.67%) $ 2,169,905 (44.82%) $ 458,107 (9.46.%) $ 2,313 (0.0%) Performance Qtr FisYTD 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr Total Fund: - 6.9% - 5.7% - 5.7% - 3.5% -0.4% 2.0% 3.5% Trusco: - 5.6% - 5.0% - 5.0% - 1.2% 1.4% 3.4% 4.6% EuroPacific: -17.6% -12.3% -12.3% -19.5% --- --- --- Total Net of Fees: - 7.1% - 6.2% - 6.2% - 4.1% -1.0% 1.3% --- 4. DROP Plan. Board was briefed that the City Commission had approved the establishment of a cost neutral DROP plan and that once the Ordinance was completed to implement, it would be forwarded to the City Commission. The Board was also advised that ICMA had been contacted fora "self directed" DROP investment and would be able to provide the City with such a plan. 5. Change to Retirees Benefit Payments. The Board was given an update of the change of retiree payments from the 15"' of each month to the 15` of each month and from retrospective to prospective to be effective December 1, 2002. 6. Section 185 Police Pension changes. The Board was briefed that the City Commission had approved the implementation of mandated benefit enhancements for Police Officers as required by CS/HB 261 and FS 185 and that once the Ordinance was completed to implement, it would be forwarded to the City Commission. Page 1 of 2 General Employee Pension Board November 7, 2002 Page 2 7. Election of Chair Pro-Tem After discussion, motion made by Harry McNally and seconded by Tim Townsend to select Tom Wells as Chair Pro-Tem. Motion was unanimously approved. 8. Buy Back of Prior Service. A request from Barrion C. Hill to "buy back" approximately 81.3 months of prior pension service over a 3 year biweekly repayment was discussed by the Board. Motion made by Tim Townsend, seconded by Tom Wells, and unanimously approved. Board also requested current buy-back policies and procedures be reviewed at the next Board meeting. 9. Any other business. There were no additional items brought up by the Board. 10. Adjournment. Motion by Harry McNally made to adjourn with the Board adjourned at 7:20 p.m. ~~ ~~~ Tim Townsend 1'~ Board Chairperson George Fost Pension Board Administrative Manager Minutes taken and prepared by George Foster, Pension Board Administrative Manager, 247-5890 Page 2 of 2 REINSTATEMENT OF PENSION SERVICE Period of Service: Refund Date: Refund of: Re-employment: Repayment to start Period: Interest Rate: BARRION C. HILL 01/20/89-08/30/96 07/23/97 $ 1,865.31 05/10/99 Approximately 81.3 months January 10, 2003 36 months, 78 pay periods 8% Requested Re-Payment Period: 3 Years biweekly effective 01/10/03 Lump sum repayment: $ 2,840.37 (If paid in lump sum on 01/10/03) 3 year repayment: $ 3,176.16 Per Pay Period: $ 40.72 Section 2-274 of the Atlantic Beach Code: A member's last forfeited credited service shall be restored to his/her individual service account if re-employed by the city and membership in the retirement system occurs within five years from and after the date of separation from city employment that caused the forfeiture provided that the member repays to the retirement system the contributions refunded under Section 2-298(c) hereof plus interest at the actuarially assumed rate in accordance with established by the board of trustees. I hereby agree to payroll deduction of $40.72 per pay period, effective 01/10/03 for 78 pay periods. Barrion C. Hill Date Anpraved by Pension Board on: ~° PRIAI PUBLIC RISK INSURANCE AGENCY CITY OF ATLANTIC BEACH TABLE OF CONTENTS Overview The Agency of Public Risk Insurance Agency An Introduction to Your Service Team Fiduciary Liability Z Broker Recommendation/Premium Recapitulation 3 Notes of Importance Carrier Financial Status Guide to Best's Ratings Items Required .Prior to Binding Signed Travelers Application Page 1 of 8 4 XIV IPRIAI PUBLIC RISK INSiJRANCE AGENCY THE AGENCY Public Disk Insurance Agency (PRIA) has established itself as one of the premier insurance services organizations for public entities in the United States. qur in-depth understanding of the unique risk exposures and operating environment of public entities allows us to tailor insurance products and services to effectively meet their needs. As the only independent insurance agency solely dedicated to the public entity market, we are uniquely qualified to meet and exceed the expectations of our clients. Our 17 years of insuring local governments has afforded us significant experience and insight into the unique challenges and constraints that our clients face. In March 2000, PRIA became part of the Brown & Brown, Inc. family of agencies. Brown & Brown, Inc. is the seventh largest independent insurance agency in the United States, according to Business Insurance Magazine. As a Brown & Brown company, PRIA has access to hundreds of insurance markets nationwide. With premium volume exceeding $2,500,000,000 Brown & Brown is the largest agent for many national insurance companies. The buying power and premium leverage within the organization is surpassed by few agencies. PRIA focuses on developing innovative approaches towards managing your risk. Cost effective insurance products, professional service, and commitment to client's needs are our primary goals. Proof of account satisfaction is reflected by a 97% business retention rate. Page 2 of S rown L~Y ro~wn PUBLIC RISK INSURANCE AGENCY AN INTRODUCTION TO YOUR SERVICE TEAM Alan Florez Executive Vice President /Profit Center Leader Paul Dawson Senior Vice President /Account Executive Michelle Martin Vice President /Account Executive Brian Cottrell Vice President /Account Executive Ann Hansen Director of Qperations Linda Burtchett Account Representative Stephanie Mayo Account Representative Robin Faircloth Account Representative Karen Hawkins Account Representative Robin Riley Account Representative Will assist with daily servicing of your account, including endorsements, client services, accounting and quality assurance. Our Service Team philosophy focuses on accountability at all levels of account management. Our goal is not simply to meet your service needs, but to exceed them. All of the employees at PRIG are dedicated to achieving this goal and' distinguishing ourselves fram the competitian. Resumes' for the above referenced personnel are included with this proposal for your review. Page 3 of 8 m~~~n ro~~~n PUBLIC RISK INSURANCE AGENCY CITY OF ATLANTIC BEACH FIDUCIARY LIABILITY Term: Company: Limits of Liability: Deductible: Notes of Importance: October 1, 2009 to October 1, 2010 Travelers Casualty & Surety Co. (Rated A+ XV by A.M. Best) $1,000,000 Annual Aggregate $5,000 Per Claim 1. Defense costs are within the policy linut. 2. This is a claims made policy. 3. A 12 month Extended reporting period option is available for a cost of 75% of the annual premium. Contingencies: 1. Explanation required for Question 13 on the Travelers Application. 2. Total number of employees required Page 4 of 8 ro~~-n , , . rc~~~~n PUBLIC RISK INSURANCE AGENCY CITY OF ATLANTIC BEACH PREMIUM RECAPITULATION Annual Premium Check Option Accepted Re,~ected Fiduciary Liability $5,002.42 ~ ~ I authorize PRIA to request the underwriters to bind coverage on the items indicated above and acknowledge receipt of the Compensation Disclosure(s) provided in this proposal. (Signature) (Name & Title) (Date) Page 5 of 8 ~J PUBLIC RISK INSURANCE AGENCY Notes of Imaortance: 1. Quotes provided in the proposal are valid until 1011/2009. After this date terms and conditions are subject to change by the underwriters. 2. Not all coverages requested may be provided in this quotation. 3. Quote is not bound until written orders to bind are received from the insured and the Company subsequently accepts the risk. 4. Should signed application reveal differing details/data than original application received, the entire quote/binder is subject to revision and possible retraction. 5. Higher limits of liability maybe available. Please consult with your agent. 6. This proposal is based upon exposures to loss made known to the Public Risk Insurance Agency. Any changes in exposures (i.e. new operations, new acquisitions of property or change in liability exposure) need to be promptly reported to us in order that proper coverage may be put into place. 7. This proposal is intended to give a brief overview. Please refer to coverage agreements for complete information regarding deductibles, sub-limits, restrictions and exclusions that may apply. Page 6 of 8 PRIM PUBLIC RISK INSURANCE AGENCY Retail Compensation Disclosure In addition to the commissions or fees received by us for assistance with the placement, servicing, claims handling, or renewal of your insurance coverages, other parties, such as excess and surplus lines brokers, wholesale brokers, reinsurance intermediaries, underwriting managers and similar parties, some of which may be owned in whole or in part by Brown & Brown, Inc., may also receive compensation for their role in providing insurance products or services to you pursuant to their separate contracts with insurance or reinsurance carriers. That compensation is derived from your premium payments. Additionally, it is possible that we, or our corporate parents or affiliates, may receive contingent payments or allowances from insurers based on factors which are not client-specific, such as the performance and/or size of an overall book of business produced with an insurer. We generally do not know if such a contingent payment will be made by a particular insurer, or the amount of any such contingent payments, until the underwriting year is closed. That compensation is partially derived from your premium dollars, after being combined (or "pooled") with the premium dollars of other insured's that have purchased similar types of coverage. We may also receive invitations to programs sponsored and paid for by insurance carriers to inform brokers regarding their products and services, including possible participation in company-sponsored events such as trips, seminars, and advisory council meetings, based upon the total volume of business placed with the carrier you select. We may, on occasion, received loans or credit from insurance companies. Additionally, in the ordinary course of our business, we may receive and retain interest on premiums you pay from the date we receive them until the date that the premiums are remitted to the insurance company or intermediary. In the event that we assist with placement and other details of arranging for the financing of your insurance premium, we may also receive a fee from the premium finance company. Questions and Information Requests: Should you have any questions or require additional information, please contact this office at 386-252-6176 or, if you prefer, submit your question or request online at http://www.bbinsurance.com/customerinquirv.shtml. Page 7 of 8 rown ~~ r~~~~, n PUBLIC RISK INSURANCE AGENCY Guide to Bests Ratio s Best Cate or Ratio Descri tion Secure A++ Superior Secure A+ Superior Secure A Excellent Secure A- Excellent Secure B++ Very Good Secure B+ Very Good Vulnerable B F~ Vulnerable B- Fair Vulnerable C++ Marginal Vulnerable C+ Marginal Vulnerable C Weak Vulnerable C- Weak Vulnerable D Poor Vulnerable E Under Regulatory Supervision Vulnerable F In Liquidation Vulnerable S Rating Suspended Not Rated NR-1 Insufficient Data Not Rated NR-2 Insufficient Size and/or operating experience Not Rated NR-3 Rating Procedure Inapplicable Not Rated NR-4 Company Request Nc~t Rated NR-5 Not Formally Followed Rating Modifier u Under Review Rating Modifier q Qualified Affiliation Code g Group Affiliation Code p Pooled Affiliation Code r Reinsured Reflects size of I Less than $1,000,000 insurance company II $1,000,000 - $2,000,000 based on their III $2,000,000 - $5,000,000 capital, surplus IV $5,000,000 - $10,000,000 and conditional V $10,000,000 - $25,000,000 reserve funds in VI $25,000,000 - $50,000,000 U.S. dollars. VII $50,000,000 - $100,000,000 VIII $100,000,000 - $250,000,000 IX $250,000,000 - $500,000,000 X $500,000,000 - $750,000,000 XI $750,000,000 - $1,000,000,000 XII $1,000,000,000 - $1,250,000,000 XIII $1,250,000,000 - $1,500,000,000 XIV $1,500,000,000 - $2,000,000,000 XV Greater than $2,000,000,000 Public Risk Insurance Agency always strives to place your coverage with highly secure insurance compacues. We cannot, however, guarantee the financial stability of any carrier. Page 8 of 8 R Gabriel Roeder Smith & Company One Towne Square 248.799.9000 phone Consuhants ~ Actuaries Suite 800 248.799.9020 fax Southfield, MI 48076-3723 www.gabrielroeder.com June 30, 2009 City of Atlantic Beach General Employee Retirement System 800 Seminole Road Atlantic Beach, Florida 32233 Attention: Mr. Nelson Van Liere, Director of Finance We currently provide normal annual actuarial and consulting services including the annual actuarial valuation, routine consultation, preparation of the Summary Annual Report and newsletters. Normal services are described on the following page. Our fee for the year beginning July 1, 2009 will be $7,575 in the absence of changes in governmental or financial reporting standards and the expectation that the General and Police Boards will coordinate their meetings. Our fees increase commensurate with the work being performed and will allow us to continue to provide the high level of attentive service that you have been receiving. The quoted fee includes an allowance for up to three benefit computations. Additional benefit computations will be billed at $150 per case. Our fee for the individual member Benefit Statements will be $975. Special project work not included in normal annual actuarial services will be provided on an advance quote basis and billed separately as has been the practice in the past. We sincerely appreciate the relationship that we have with the Board and staff and look forward to fulfilling your actuarial and consulting service needs for many years to come. Respectfully submitted, C.~ rad Lee Armstrong, A.S.A., E.A. BLA:bd Enclosure XV City of Atlantic Beach General Employee Retirement System Outline of NORMAL ACTUARIAL AND CONSULTING SERVICES Normal actuarial and consulting services during the year include the following items: • The annual actuarial valuation of active members, inactive members and retirants and beneficiaries on rolls as of September 30, in each year, based upon data furnished by the System in accordance with instructions furnished by the actuary. • Preparation of certain disclosures required by the Governmental Accounting Standards Board. • Response to audit request. • Preparation of Summary Annual Report to be used for FS112.66 compliance. • Attendance at one meeting of the Board of Trustees or City Commission, if requested, with the expectation that the meeting coincides with the Police meeting. • Up to three benefit computations. • Reasonable consulting services, via telephone, fax, email or written correspondence, concerning the System's operation or matters of general interest to a public sector retirement program during the course of the year. The above services are covered by the annual retainer fee. Additional Services not covered by the annual retainer fee are billed separately. R Gabriel Roeder SntiCh & C(~mpany One Towne Square 248.799.9000 phone Ccrosulranrs ~ Acnru-irs Suite 800 248.799.9020 fax Southfield, MI 48076-3723 www.gabrielroeder.com R Gabriel Roeder Smith & Company One Towne Square 248.799.9000 phone Cunsulrants ~ Actuaries Suite 800 248.799.9020 fax Southfield, MI 48076-3723 www.gabrielroeder.com June 30, 2009 City of Atlantic Beach Police Officers' Retirement System 800 Seminole Road Atlantic Beach, Florida 32233 Attention: Mr. Nelson Van Liere, Director of Finance We currently provide normal annual actuarial and consulting services including the annual actuarial valuation, routine consultation, preparation of the Summary Annual Report and newsletters. Normal services are described on the following page. Our fee for the year beginning July 1, 2009 will be $7,150 in the absence of changes in governmental or financial reporting standards and the expectation that the General and Police Boards will coordinate their meetings. Our fees increase commensurate with the work being performed and will allow us to continue to provide the high level of attentive service that you have been receiving. The quoted fee includes an allowance for up to two benefit computations. Additional benefit computations will be billed at $150 per case. Our fee for the individual member Benefit Statements will be $750. Special project work not included in normal annual actuarial services will be provided on an advance quote basis and billed separately as has been the practice in the past. We sincerely appreciate the relationship that we have with the Board and staff and look forward to fulfilling your actuarial and consulting service needs for many years to come. Respectfully submitted, GL~~ ~l C..~X Brad Lee Armstrong, A.S.A., E.A. BLA:bd Enclosure XVI City of Atlantic Beach Police Officers' Retirement System Outline of NORMAL ACTUARIAL AND CONSULTING SERVICES Normal actuarial and consulting services during the year include the following items: • The annual actuarial valuation of active members, inactive members and retirants and beneficiaries on rolls as of September 30, in each year, based upon data furnished by the System in accordance with instructions furnished by the actuary. • Preparation of page 6a, Actuarial Confirmation of the Use of State Moneys, for the State Report. • Preparation of certain disclosures required by the Governmental Accounting Standards Board. • Response to audit request. • Preparation of Summary Annual Report to be used for FS 112.66 compliance. • Attendance at one meeting of the Board of Trustees, if requested, with the expectation that the meeting coincides with the General Board meeting. • Up to two benefit computations. • Reasonable consulting services, via telephone, fax, email or written correspondence, concerning the System's operation or matters of general interest to a public sector retirement program during the course of the year. The above services are covered by the annual retainer fee. Additional Services not covered by the annual retainer fee are billed separately. June 30, 2009 Gabriel Roeder Smith & Company Van Liere, Nelson From: Benjamin, Jeri Sent: Friday, May 22, 2009 11:13 AM To: Van Liere, Nelson Cc: Hatfield, Dale Subject: Pension Budget FY 2010 Nelson, Please add to the agenda on the June meeting a discussion on whether the plans want a separate audit. Remember that the City is required to rotate auditors for the fiscal 2009-10 year, so when I am preparing the RFP for the City, I will need direction on what to include and will need to know the budgeted amount. Jeri Benjamin Deputy Finance Director City of Atlantic Beach, Florida 800 Seminole Road Atlantic Beach, Florida 32233 Phone: 904.247.5822 Fax: 904.247.5819 XVII MICHAEL A. CALLAWAY 6 SAN DIEGO ROAD PONTE VEDRA BEACH, FLORIDA 32082 m1 m2callawavCDstmail.com June 5, 2009 To My Friends, Associates and Former Clients: I am writing to inform you of the conclusion of the Securities and Exchange Commission's longstanding investigation of my Merrill Lynch institutional investment consulting business. As you may know, after an investigation lasting almost four years, the Enforcement Division of the S.E.C. made various allegations and brought certain administrative charges against me in January of this year. I chose to contest those allegations and charges because I did not believe they fairly represented the facts. The administrative hearing to decide these issues was scheduled to begin on May 1 1, 2009. However, two weeks prior to the hearing date, lawyers from the S.E.C. Enforcement Division contacted my attorneys to discuss a possible settlement. Those discussions did, in fact, result in a settlement agreement. Although the agreement is available in its entirety on the S.E.C.'s website, the following is a summary of the issues referred to in it. Many of my clients entered into contractual arrangements with Merrill Lynch that allowed them to pay their Consulting Services fees with a portion of the commissions they paid Merrill Lynch for the execution of securities transactions in their portfolios. Some of these clients were able to offset their entire Consulting Services fee through this arrangement. The S.E.C. claimed that, prior to 2004, I failed to make certain that a disclosure was made to each of those clients at the onset of the relationship that I, personally, would receive compensation from those commissions paid to Merrill Lynch in lieu of our consulting services fees. The S.E.C. believes that I had a personal responsibility to ensure this disclosure, despite the fact that I was never instructed to do so by Merrill Lynch. In fact, the S.E.C. made no claim that my conduct varied from Merrill Lynch procedures in effect at that time. 2. A limited number of our clients hired Merrill Lynch to assist them when transitioning large securities portfolios from one investment manager to another. The Merrill Lynch transition management team and I were careful to inform each of those clients of all costs incurred and all payments made to Merrill Lynch in connection with these transactions. However, the S.E.C. charged that I failed to make certain that a disclosure was made to each of those clients that I, personally, would receive some compensation from the fees they paid to Merrill Lynch. Again, the S.E.C. made no claim that this varied from Merrill Lynch procedures in effect at that time. XVIII The S.E.C. charged that in certain instances, the procedures followed by my office when determining what investment management firms to include on search lists provided to clients differed from the written procedures published by Merrill Lynch because in these instances, we included names of firms that were not approved in writing, in advance by Merrill Lynch Consulting Services in New Jersey. However, at the same time, the S.E.C. acknowledged that Merrill Lynch Consulting Services was aware that some firms were recommended prior to such approval. To further summarize issues 1 and 2 above, the S.E.C. claimed that I could not simply assume that my clients knew that I was compensated from the money they paid to my employer. In the case of number 3, the S.E.C. claimed that I had a personal responsibility to disclose to clients any instance in which our investment manager search procedures deviated from the standard or published descriptions. Although I believe most of our clients well understood that my compensation was derived from the money they paid Merrill Lynch, and that all of our investment manager recommendations were made with their best interests in mind, [agreed to this settlement with the S.E.C. because I believe the circumstances described in it are consistent with the facts, and this will finally bring an end to this investigation. Without admitting to any wrongdoing, I agreed to an S.E.C. reprimand and to pay a civil fine of $20,000. Most important to me, the S.E.C. acknowledged that my fee disclosure policies at that time were consistent with, and often exceeded, those of Merrill Lynch and Merrill Lynch Consulting Services. It also acknowledged that my policies and conduct were known to Merrill Lynch, which never instructed me to make changes or any further disclosures. Even with the advantage of hindsight, it is hard to believe how long this investigation lasted and the impact it had on our business, our clients, my family and my career. To say that it was unfortunate would clearly be an understatement. However, I am delighted that it is now behind us and we can all move on. For twenty-three years, those of us in my office worked hard to provide a high level of consulting services to all of our clients. We took our responsibilities seriously and acted at all times in what we believed to be our clients' best interest. I believe that our business grew and thrived over the years because our clients valued our contribution and I do not believe that this S.E.C. matter makes that contribution any less significant. It was my pleasure to have worked with so many of you. Sincerely, ' , ~ .- Michael A. Callaway 08/17/09 City of Atlantic Beach Pension Expense Analysis General Employees FY 2008/2009 3rd Quarter Transaction Transaction Group # or G/L Account # Vendor Name Tvpe Date Transaction # Amount Description of Services 603-8030-513.31-02 UBS AJ 05/31/09 2760 (60.00) Refund of transfer fee 603-8030-513.31-03 Gabriel, Roeder & Smith AP 03/31/09 89097 7,175.00 Actuarial Services -Individual Member Benefit Statements 603-8030-513.56-00 City allocation AJ 04/15/09 2873 606.34 City allocation AJ 05/15!09 2524 606.34 City allocation AJ 06/15/09 2284 606.34 Sub-Total 1,819.02 603-8030-518.36-07 Pension Benefits AJ 04/01/09 2007 22,023.66 Service Retired Pay Pension Benefits AJ 05/01/09 2375 22,055.63 Service Retired Pay Pension Benefits AJ 06/01/09 2680 22,055.63 Service Retired Pay Sub-Total 66,134.92 603-8030-518.36-08 Pension Benefits AJ 04/01/09 2007 3,746.51 Disablity Retired Pay Pension Benefits AJ 05/01/09 2375 3,746.51 Disablity Retired Pay Pension Benefits AJ 06/01/09 2680 3,746.51 Disablity Retired Pay Sub-Total 11,239.53 603-8030-518.36-09 Pension Benefits AJ 04/01/09 2007 5,405.52 Beneficiary Pay Pension Benefits AJ 05/01/09 2375 5,405.52 Beneficiary Pay Pension Benefits AJ 06/01/09 2680 5,405.52 Beneficiary Pay Sub-Total 16,216.56 603-8030-518.36-10 Pension Benefits AJ 04/01/09 2007 5,700.26 DROP Pay Pension Benefits AJ 05/01/09 2375 5,700.26 DROP Pay Pension Benefits AJ 06/01/09 2680 5,700.26 DROP Pay Sub-Total 17,100.78 603-8030-513.38-00 Pension Benefits AJ 04/01/09 2007 16,013.50 Pension Refund - Virgilio A. Rosario Pension Benefits AJ 04/01/09 207 287.39 Pension Refund -Kimberly M. Simms Pension Benefits AJ 06/01/09 2680 2,772.70 Pension Refund -Larry A. Jones X Sub-Total 19,073.59 Total 138,699.40 08/17/09 City of Atlantic Beach Pension Expense Analysis Police Employees FY 2008/2009 3rd Quarter Transaction Transaction Group # or G/L Account # Vendor Name Type Date Transaction # Amount Description of Services 601-8010-513.31-03 Gabriel, Roeder & Smith AP 03/31/09 89097 7,575.00 Actuarial Services -Individual Member Benefit Statements 601-8010-513.56-00 City allocation AJ 04/15/09 2873 287.92 City allocation AJ 05/15/09 2524 287.92 City allocation AJ 06/15/09 2284 287.92 Sub-Total 601-8010-518.36-07 Pension Benefits Pension Benefits Pension Benefits 601-8010-518.36-08 Pension Benefits Pension Benefits Pension Benefits 601-8010-518.36-10 Pension Benefits Pension Benefits Pension Benefits 601-8010-513.38-00 Pension Benefits AJ 04/01 /09 2007 AJ 05/01 /09 2375 AJ 06/01 /09 2680 863.76 22,315.35 Service Retired Pay 22,315.35 Service Retired Pay 22,315.35 Service Retired Pay Sub-Total 66,946.05 AJ 04/01/09 2007 8,290.60 Disablity Retired Pay AJ 05/01/09 2375 8,290.60 Disablity Retired Pay AJ 06/01/09 2680 8,290.60 Disablity Retired Pay Sub-Total 24,871.80 AJ 04/01/09 2007 8,894.26 DROP Pay AJ 05/01/09 2375 8,894.26 DROP Pay AJ 06/01/09 2680 8,894.26 DROP Pay Sub-Total 26,682.78 AJ 04/01/09 2007 652.56 Pension Refund -Kevin M. Lore 06/01/09 2680 621.15 Pension Refund -Yolanda M. Moreland Sub-Total 1,273.71 Total 128,213.10 X 4 p~~ANri ~~, ~'~, •, nr r v ? RIB CITY OF ATLANTIC BEACH REQUEST TO CHANGE BENEFICIARY FORM ^ General Employee Pension Plan }$~ Police Pension Plan SECTION L PERSONAL INFORMATION: Name: ~~T AR ~~.s /`7'• ~aeetN'2 SSN: DN -}-i ~ ~ Retirement Date: D 8// 0' ~0 0 3 Date: (~ ~ ~' 0 ~ CJ' Birth Date: O 8 /o I ~l 3 SECTION II. RETIREMENT OPTION SELECTED Upon retirement, Ielected a /~D o -SURV~Vo~~ ~2N.t/off retirement option SECTION III. CURRENT BENEFICIARY INFORMATION I am hereby requesting that the following beneficiary(s) be deleted: Name: G/i'~4 C E ~ • GR 2 en/ 2 Relationship: ~ ° ~~ SSN: O a/ ~-e Date of Birth: b 3 I i ~{ ~ 1 g S 2 Note: List any other Beneficiaries to be deleted on a supplemental page. Reasons for this action are: fi ~~ ~ ~ ~ ~ ~~ C/ ~~~~n f I have attached appropriate documentation such as death certificate, divorce documents, etc. Page 1 of 2 FORM 12 - FE$RUARY 2t` , ~ I SECTION IV. NEW BENEFICIARY INFORMATION I am hereby r~eq/uesting that the following beneficiary be added: Name: f'lr'r~ /~/~ Relationship: S SN: Date of Birth: Note: List any other beneficiaries to be added on a supplemental page. Reasons for this action are: Please attach appropriate documentation such as marriage certificate, birth certificate, or other documentation on date of birth. SECTION V. SIGNATURE AND DATE I understand that: - My beneficiary can only be changed twice after retirement. - T t this change-requir- approval of the Pension Board of Trustees. ~` Member's Signature Date SECTION VI. ACTION BY PENSION BOARD OF TRUSTEES / / Approved / / Disapproved / /Other: Secretary Date Board Chairperson Date Page 2 of 2 FORM 12 -FEBRUARY 2009 ~ P~LANp~ CITY OF ATLANTIC BEACH ° ~u 1, ~~ REQUEST TO CHANGE BENEFICIARY FORM ~ ~ ~.:. ~:.. ;, ~oR~ ^ General Employee Pension Plan ~ Police Pension Plan SECTION I. PERSONAL INFORMATION: Name: ,~- ~`...~f~~',ZMAR.G SSN: ~~o~°- BYO '- O?O~ Retirement Date: ,~ U~ °I l Date: ~ ~ 3~ Birth Date: ©~ /O ,,~ f l ~ ~/.S~ SECTION II. RETIREMENT OPTION SELECTED Upon retirement, I elected a .Sd °~o Su r Vi VOr ~(.~/lS/Ql~. retirement option SECTION III. CURRENT BENEFICIARY INFORMATION I am hereby requesting that the following beneficiary(s) be deleted: Name: ~__L)~ rcJ U ~ • ~C 2M~ R ~ 2 ~~ Relationship: ~,~=STI~iUS c° SSN: ~~ -- O ~ ~.~ ~ ~ Date of Birth: (~ q _ ,~~ ~~ ~~ Note: List any other Beneficiaries to be deleted on a supplemental page. Reasons for this action are: I~~ ~ L,c~~v~P ~J~,~~1~ C~~ ~ ~6/ao~ I I have attached appropriate documentation such as death certificate, divorce documents, etc. Page 1 of 2 FORM 12 -FEBRUARY 200'v v I I SECTION IV. NEW BENEFICIARY INFORMATION I am hereby requesting that the following beneficiary be added: Name: '~],Nd1/ ,/'~) ~~' oT 7`~ Relationship: ~a ~. SSN: ~ l S `"" 7 ~ ' ~ ~ ~.~ Date of Birth: Os' 7 / ~c Sex: _~ Note: List any other beneficiaries to be added on a supplemental page. Reasons for this action are: Lll~' ~r~ ~ti~A~~~ ~ti~ 1-it~rtiT~i~,r~Pr~. Please attach appropriate documentation such as marriage certificate, birth certificate, or other documentation on date of birth. SECTION V. SIGNATURE AND DATE I understand that: - My beneficiary can only be changed twice after retirement. - That this change requires approval of the Pension Board of Trustees. G3 G Date SECTION VL ACTION BY PENSION BOARD OF TRUSTEES / / Approved / / Disapproved / / Other: Secretary Date Board Chairperson Date Page 2 of 2 FORM 12 -FEBRUARY 2009 ~ P~ ~'A~`A CITY OF ATLANTIC BEACH .~. o `a+ ~- s REQUEST TO CHANGE BENEFICIARY FORM o s ~~aR~uP ^ General Employee Pension Plan ~ Police Pension Plan SECTION I. PERSONAL INFORMATION: Name: ,~4 May ~ ~ C LK~ rG[ y,(J SSN: ~~h 7D - D7p2- Retirement Date: ~ v 1 f Cj CJ,~ Date: ,S - s O~ Birth Date: ~ / S ~/rj [/~ SECTION IL RETIREMENT OPTION SELECTED Upon retirement, I elected a retirement option SECTION III. CURRENT BENEFICIARY INFORMATION (I am hereby requesting that the following beneficiary(s) be deleted: 4 n Name: J i1~a~v ~ /1G2 ~`?~~'~ Z~ Relationship: ~,~- t~-f SSN: a ~,3 - Oa - G~ ~j7 Sex: ~ Date of Birth: Q /.3 ~ y~ Note: List any other Beneficiaries to be deleted on a supplemental page. Reasons for this action are: ~/lJ ~ Irv P a C `1 / G fr C' ~` ~ Q 7 / /6 ~ O~ ~-'~-/ I have attached appropriate documentation such as death certificate, divorce documents, etc. Page 1 of 2 FORM 12 -FEBRUARY 2009 SECTION IV. NEW BENEFICIARY INFORMATION I am hereby requesting that the following beneficiary be added: Name: /jj ~ ti Relationship: SSN: Sex: Date of Birth: Note: List any other beneficiaries to be added on a supplemental page. Reasons for this action are: Please attach appropriate documentation such as marriage certificate, birth certificate, or other documentation on date of birth. SECTION V. SIGNATURE AND DATE I understand that: - My beneficiary can only be changed twice after retirement. - That this change requires approval of the Pension Board of Trustees. tuber s Signa e Date SECTION VI. ACTION BY PENSION BOARD OF TRUSTEES / / Approved / / Disapproved / / Other: Secretary Date Board Chairperson Date Page 2 of 2 FORM 12 -FEBRUARY 2009 NOMINATIONS FOR PENSION BOARD REPRESENTATIVE POLICE OFFICERS Notice is hereby given that an election for an employee representative on the Police Employee Pension Board will be held to select one employee to either re-elect or replace Dale Hatfield, a member whose term is expiring. Current Board Members are: NAME POSITION STATUS TERM Dale Hatfield Chairman Gmpl~~~yee Elected 08/06/09 Bob Sternfeld Member Selected by Commission 12/31/09 John Wolfel Member Selected by Commission 10/11/09 Harry McNally Member Selected by above members 05/14/11 Vic Gualillo Chair Pro-tem Employee Elected 12/14/09 All sworn Police Officers who are members of City's Police Employee Pension Plan are eligible to be nominated and vote. If you are interested in nominating an employee, or being a member of the Police Pension Board, please complete the nomination section below and return to the Finance Department, Nelson Van Liere, no later than Monday, August 3, 2009. Prior to preparing ballots for voting, all employees nominated will be contacted by the Finance Department to determine if they are willing to serve. Once all nominees are contacted, voting will be held for "one week only" at the Public Safety facility. Employees who will be unable to vote during the week established for voting will be allowed to cast an "absentee" ballot. The duties of a Pension Board member consist of attending quarterly Pension Board meetings, reviewing the investment performance of the Pension Fund, processing employee retirements, and making recommendations to the City Commission as pertains to the Pension Plan. Meetings are normally held quarterly at 6:00 or 7:OOp.m. during the months of February, May, August and November. Special meetings may also be held to discuss items of special interest or to approve/disapprove disability retirements. Note: All sworn Police are categorized as Public Safety. All other employees including Emergency Communications, Animal Control, and clerical employees within the Public Safety Department are considered as General Employees. POLICE OFFICER PENSION BOARD NOMINATION RETURN TO FINANCE DEPARTMENT NOT LATER THAN AUGUST 3, 2009. I hereby wish to nominate the following employee to be a member of the City's Police Employee Pension Board. i~ L. Name of nominated XXIII City of Hollywood Police Officers' Retirement System Share Plan Adopted by the Board of Trustees April 23, 2009 HOLLYWOOD POLICE OFFICERS' SHARE PLAN SECTION 1. CREATION; PURPOSE. Effective June 30, 2002, there is hereby created a plan to be entitled the "Hollywood Police Officers' Share Plan." The purpose of the Plan is to implement the provisions of Chapter 185, Florida Statutes, and to provide means whereby police officers of the City of Hollywood, Florida may receive benefits from the funds provided for that purpose by Chapter 185, Florida Statutes. The Plan hereby created shall be in addition to any other benefits, and nothing herein shall in any way affect any other benefits that now or hereafter exist. SECTION 2. DEFINITIONS. The following words and phrases shall, for the purpose of the Plan, have the meanings indicated below. (a) "Account" means the participant's share plan account credited with (i) Allocations of Contributions under Section 5(a) hereof ; (ii) Allocations of Forfeitures under section 5(b) hereof; (iii) Allocations of Investment Gains under section 5(c) hereof; and (iv) Allocations After Termination under section 5(d) hereof. (b) "Active Duty" means service for which an employee receives compensation as a Police Officer with Permanent Status in the Police Department of the City and is an active member of the City of Hollywood Police Officers' Retirement System. (c) "Beneficiary" means any person, persons or entity designated by a Participant to receive any benefits payable in the event of the Participant's death. If no Beneficiary designation is in effect at the Participant's death, or if no person, persons or entity so designated survives the Participant, the Participant's surviving spouse, if any, shall be deemed to be the Beneficiary; otherwise the Beneficiary shall be the Participant's estate. (d) "Board" means the Board of Trustees of the City of Hollywood Police Officers' Retirement System. (e) "City" means the City of Hollywood, Florida. (f) "Code" means the Internal Revenue Code, as from time to time amended. (g) "Credit" means, with respect to any Participant, each calendar month during which he is on Active Duty for the entire calendar month. (h) "Forfeiture" means the termination of a participant's account under section 6(e) of this Share Plan. 2 (i) "Fund" or "Plan" means the Share Plan, as provided for herein. (j) "Fund Year" means July 1 through June 30. (k) "Leave" means (I) any period during which an employee is absent due to (i) service in the uniformed services of the United States; (ii) the birth or adoption of a child, or caring for a child, spouse or parent who has a serious health condition or (iii) his own serious health condition if Credit or Vesting Service, as the case may be, is required to be given for such periods under the Uniformed Services Employment and Reemployment Rights Act of 1994 or the Family and Medical Leave Act of 1993, respectively, and (II) any other period of leave as approved on anon-discriminatory basis by the Board. (1) "Participant" means every Police Officer with Permanent Status who is on Active Duty and is entitled to Credit. (m) "Permanent Status" means membership as a Police Officer in the City of Hollywood Police Officers' Retirement System. (n) "Police Officer" means anyone defined as a police officer in the City of Hollywood Police Officers' Retirement System. (o) "State" shall mean the State of Florida. (p) "System" means City of Hollywood Police Officers' Retirement System as set forth in Section 33.125 et seq. "Police Officer's Retirement System," of Chapter 33 "City Employees," of Title III "Administration" of the City of Hollywood, Florida Code of Ordinances and any amendments thereto. (q) "Trustee" means any member of the Board. (r) "Valuation Date" means the last business day of any Fund Year and such other dates as the Board may deem necessary or convenient. (s) "Vesting Service" means, with respect to a Participant, each full calendar month as a Participant for which he receives compensation from the City; and each full calendar month during which he is absent on a Leave; provided, however, Vesting Service shall not include any Leave within the meaning of paragraph (k)(II) of Section 2 that exceeds five years. SECTION 3. FUNDING. (a) Contributions. The City shall contribute to the Fund each year an amount equal to the amount it receives under the provisions of Chapter 185, Florida Statutes, as amended. The City shall make its contributions to the Fund as soon as possible but in no event later than five days of 3 its receipt of such amount. The City shall not be required to levy any additional taxes on its residents to make any contributions to the Fund. (b) Payment of Costs, Expenses and Fees. All costs, expenses and fees of administering the Fund shall be paid from the assets of the Fund in such fashion as the Board shall determine. (c) Exclusive Benefit Rule. No part of the corpus or income of the Fund shall be used for, or diverted to, purposes other than for the exclusive benefit of Participants and other persons entitled to benefits under the Fund and paying the expenses of the Fund not paid directly by any other party. No person shall have any interest in, or right to, any part of the earnings of the assets of the Fund, or any right in, or to, any part of the assets held under the Fund, except as and to the extent expressly provided in the Plan. (d) Custody of Fund Assets. The Board shall hold all assets of the Fund intrust solely for use in paying the benefits provided by the Plan and paying the expenses of the Fund as described in paragraph (b) of this Section 3. SECTION 4. PARTICIPATION. (a) Participation. An Account shall be established for each Participant on the effective date of the Plan and for each Police Officer who becomes a Participant subsequent to the effective date of the Plan. (b) Termination of Participation. Every Police Officer who becomes a Participant shall remain a Participant until his Account is fully distributed to him. SECTION 5. ALLOCATION TO ACCOUNTS (a) Allocation of Contributions. As of each Valuation Date, all contributions made by the City since the preceding Valuation Date shall be allocated among the Participants' Accounts. The allocation shall be made solely in the proportion the total number of months of Credit accrued by each Participant in the immediately preceding Fund Year bears to the total months of Credit of all Participants in that Fund Year with no credit given on account of a Participant's seniority, rank or compensation. (b) Allocation of Forfeitures. As of the last Valuation Date in each Fund Year, and at such other Valuation Dates as the Board may determine, all amounts forfeited under Section 6 since the preceding date as of which forfeitures were allocated shall be prorated and credited to the Accounts of the individual Participants in the same manner as the City's contributions allocated under paragraph (a) of this Section 5. (c) Allocation of Investment Gains. The Board shall value the Fund's assets as of each Valuation Date and shall allocate to the Account of each Participant his share of the increase or decrease in the fair market value of the Fund's assets. The Participant's share of the 4 increase or decrease in the fair market value of the Fund or the separate investment account shall bear the same ratio to the total amount of the increase or decrease in the Fund as the value of the portion of the Participant's Account invested in the Fund bears to the total value of the Fund. (d) Allocations After Termination. Except as otherwise provided in this paragraph (d), no amounts shall be credited to a Participant's Account under paragraphs (a) and (b) of this Section 5 after he ceases to be on Active Duty. However, until completely distributed to him, the Account of a Participant not on Active Duty shall continue to be invested as part of the Fund and shall continue to share in the investment gains and losses of the Fund in accordance with the provisions of paragraph (c) of this Section 5. A Participant shall continue to receive allocations of contributions and forfeitures under paragraphs (a) and (b) of this Section 5 after he ceases to be on Active Duty if such contributions and forfeitures are attributable to a period when he was on Active Duty. (e) Determination of Account Value. Whenever an event requires the determination of the value of a Participant's Account, the value shall be computed as of the Valuation Date coincident with or immediately following the date of the determination. (f) Maximum Allocation Limitation. Notwithstanding any provision of the Plan to the contrary, the maximum amount allocated to the Participant's Account for any calendar year under the provisions of paragraphs (a) and (b) of this Section 5 shall not exceed the limitations set forth in Section 415 of the Code and any regulations issued thereunder. SECTION 6. BENEFITS. A Participant shall receive a benefit from the Fund upon his termination of employment, disability, retirement or death in accordance with this Section 6. However, no Participant shall receive a benefit from the Fund in excess of the amount credited to his Account. (a) Termination of Employment. Except as otherwise provided in this Section 6, if a Participant terminates his employment with the Police Department for any reason whatsoever, he shall receive a benefit equal to entire amount of his Account. (b) Death. If a Participant dies before payment of his benefits begin, the entire amount of his Account shall be paid to his Beneficiary. The Board may require and rely upon such proof of death and such evidence of the right of any Beneficiary or other person to receive the value of the Account of a deceased Participant as the Board may deem proper and its determination of the right of that Beneficiary or other person to receive payment shall be conclusive. (c) Retirement or Disability. A Participant who retires by reason of length of service or disability shall receive the entire amount of his Account. 5 (d) Purchase of Additional Benefits. Effective June 1, 2009, a Participant shall be allowed to purchase additional Continuous Service in the System with funds from his Share Plan Account. Any actuarial or other professional services required to determine the benefit enhancement shall be paid by the Participant so that there is no cost to the City or the System. (e) Forfeiture for Cause. Notwithstanding anything in the plan to the contrary, if a Participant is convicted of a specified offense, the provisions of Chapter 112.3173, Florida Statutes, as amended, shall apply and he shall forfeit all rights to receive a benefit from the Fund in accordance with the provisions of such Chapter. For purposes of this paragraph (e), "convicted" and "specified offense" shall have the meanings given to them in Chapter 112.3173. (f) Form of Benefit. A Participant shall receive his benefit in a single lump sum. (g) Payment of Benefits. Benefits under this Section 6 shall be payable as soon as possible following the Valuation Date coincident with or next following the Participant's termination of employment with the Police Department, but in no event later than one (1) year after such termination. Payment of a Participant's Account as provided in this Section 6 shall be in full settlement of all claims of a Participant against the Fund. (h) Required Distributions. In no event shall the provisions of the plan operate so as to allow the distribution of a Participant's Account to begin after the later of the April 1 following (i) the calendar year in which he attains age 70'/z or (ii) the calendar year in which he terminates his employment (the "required beginning date"). In the event a Participant is required to begin receiving payments while in service under the provisions of this paragraph (h), the Participant may elect to receive payments while in service in accordance with option (I) or (II) as follows: (I) A Participant may receive one lump sum payment on or before his required beginning date equal to his entire Account balance and annual lump sum payments thereafter of amounts accrued during each calendar year; or (II) A Participant may receive annual payments of the minimum amount necessary to satisfy the minimum distribution requirements of Section 401 (a)(9) of the Code. Such minimum amount will be determined on the basis of the joint life expectancy of the Participant and his Beneficiary. Such life expectancy will not be recalculated. An election under this paragraph (h) shall be made by a Participant by giving written notice to the Board within the 90 day period prior to his required beginning date. Upon the Participant's subsequent termination of employment, payment of his Account shall be made in accordance with the provisions of this Section 6. In the event a Participant fails to make an election under this paragraph (h), payment shall be made in accordance with subparagraph (II) above. 6 (i) Distribution Limitation. Notwithstanding any other provision of the Plan, all distributions from the Fund shall conform to the regulations issued under Section 401(a)(9) of the Code, including the incidental death benefit provisions of Section 401(a)(9)(G) of the Code. Further, such regulations shall override any provision of the plan that is inconsistent with Section 401 (a)(9) of the Code. (j) Direct Rollover of Certain Distributions. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee's election under this paragraph (j), a distributee may elect, at the time and in the manner prescribed by the Board, to have any portion of an eligible rollover distribution paid directly by the Fund to an eligible retirement plan specified by the distributee in a direct rollover. The following definitions apply to the terms used in this paragraph (j): (I) "Eligible rollover distribution" means any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include any distribution to the extent such distribution is required under Section 401(a)(9) of the Code, and the portion of any distribution that is not includible in gross income; (II) "Eligible retirement plan" means an individual retirement account described in section 408(a) of the Code, an individual retirement annuity described in section 408(b) of the Code, an annuity plan described in section 403(a) of the Code, or a qualified trust described in Section 401(a) of the Code, that accepts the distributee's eligible rollover distribution. However, in the case of an eligible rollover distribution to the surviving spouse, an eligible retirement plan is an individual retirement account or individual retirement annuity; (III) "Distributee" means an employee or former employee. In addition, the employee's surviving spouse is a distributee with regard to the interest of the spouse; and (IV) "Direct rollover" means a payment by the Fund to the eligible retirement plan specified by the distributee. SECTION 7. MISCELLANEOUS PROVISIONS. (a) Non-alienation of Benefits. The benefits provided by the Fund shall not be subject to garnishment, attachment, execution of any other legal process. (b) City's Responsibilities. The City shall have no responsibility for the operation of the Fund except those specified herein and shall bear no expense in connection therewith. (c) Facility of Payment. If the Board shall find that a Participant or other person entitled to a benefit is unable to care for his affairs or is a minor, or is legally incapacitated, the Board may direct that any benefit due him shall be paid to his duly appointed legal representative. 7 Any payment so made shall be a complete discharge of the liabilities of the Fund for that benefit. (d) Information. Each Participant, Beneficiary or other person entitled to a benefit, before any benefit shall be payable to him or on his account under the Fund, shall file with the Board the information that it shall require to establish his rights and benefits under the Plan. (e) Amendment. The provisions of the Plan are intended to meet the requirements of a qualified profit sharing plan under Section 401(a) of the Code and to be tax-exempt under Section 501(a) of the Code. Should any changes be required to the Plan for the Plan to comply or to continue to comply with the provisions of Sections 401(a) and 501(a) of the Code, the Board shall make any such required changes to the Plan. (f) Severability of Provisions. If any provision of the Plan is for any reason held unconstitutional, inoperative or void, such holding shall not affect the remaining provisions of the Plan. It shall be deemed to be the intent of the Board to create the Plan without such unconstitutional, inoperative or void provision and the remainder of the Plan, after the exclusion of such provision, shall be deemed and held to be valid as if such provision had not been included herein. (g) Gender. Whenever used in the Plan, the masculine shall include the feminine and the singular shall include the plural, unless the context indicates otherwise. (h) Captions. The caption preceding the sections and paragraphs of the Plan are for convenience only. In the case of ambiguity or inconsistency, the text rather than the captions shall control. (i) Reports. The Board shall issue a report of the Plan's operations at least annually. (j) Termination. The Share Plan may be terminated by the City, subject to full compliance with all applicable federal, state and local laws and regulations. Written notice of the termination and effective date thereof shall be given to the Participants and Beneficiaries and any vendors providing services to the Share Plan. Until all of the Share Plan assets have been distributed, the Share Plan will be kept in full compliance with current laws and regulations by making appropriate amendments to the Share Plan and by taking such other measures as may be required. Upon termination of the Share Plan, each Participant shall become 100% vested in his or her Account and the balance of each Participant's Share Plan Account will be distributed in a lump sum as soon as administratively practicable following the effective date of the Share Plan's termination. (k) USERRA. Notwithstanding any provision of this plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Code section 414(u). 8 ORDINANCE NO. 08-19 AN ORDINANCE OF THE CITY OF KEY WEST, FLORIDA, CREATING THE CITY OF REY WEST POLICE OFFICER'S AND FIREFIGHTER'S RETIREMENT FUND, SECTION 46-327 PROVIDING FOR CREATION OF A SHARE PLAN TO BE FUNDED SY FLORIDA STATUTE CHAPTER 175 AND 185 MONIES RECEIVED EACH YEAR; PROVIDING FOR THE BOARD OF TRUSTEES TO DISTRIBUTE NON-DEDICATED FUNDS PAYABLE SOLELY FROM STATE OF FLORIDA CHAPTER 175 AND 185 MOVIES= PROVIDING FOR CODIFICATIONf PROVIDING FOR SEVERASILITY,s PROVIDING AN EFFECTIVE DATE. WHEREAS, the granting of additional benefits will allow the Fund to continue to receive insurance premium tax rebate monies from the State of Florida; and WHEREAS, the granting of these benefits can be accomplished without increasing the liability of the City for employer contributions and maintaining the City cost within the aggregate sum of the contributions received from the State of Florida; and WHEREAS, the City of Key West Police Officer's and Firefighter's Retirement Fund receives insurance premium monies from the State of Florida each year that must be used to provide benefits for members of the Fund: and WHERLr]-S, it is the intention of the City of Key West that the assets of this Fund be used for the exclusive benefit of the members and beneficiaries of the Fund and for the purpose of defraying the reasonable expenses of the Fund; and WHEREAS, the Trustees of the Fund have received advice from the Fund actuary indicating that a share plan may be established if payable solely from the receipt of Chapter 175 and 185 monies from the State of Florida which will not create any cost to the taxpayers of the City of Key West; and WHEREAS, the Key west City Commission has determined that the passage of this ordinance is in the best interest of the citizens of the City of Key West; NOW, THEREFORS, BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF KEY WEST, FLORIDA THAT: 8ectioa 1: .Section 46-327 of the Code of the City of Key West is hereby created to read as follows: Section 46-327. Share Accounts. A. The purpose of this Section is to implement the provisions of Chapters 175 and 185, Florida Statutes, and to provide a mechanism to pay required "Chapter 1_75 and 185 monies" to police officers, firefighters and retirees based on the growth of premium tax revenue pursuant ~~to Chapters 175 and 185. The fund created by this Section, hereinafter the City of Key West Police Officer's and Firefighter's Retirement Fund Share Plan, shall be derived exclusively from monies received from the state and not from any additional taxes levied by the City and shall be in addition to the police officer and firefighter defined benefit pension paid by the City of Key West Police Officer and Firefighter Retirement Fund. The Share Plan shall be administered by the Board of Trustees of the City of Key West Folice Officer and Firefighter Retirement Fund (hereinafter the "Retirement Fund") B. In each year, after receipt of the annual distribution of Chapter money from the state, the Board of Trustees, with the advice of their actuary, shall determine the amount of non-dedicated Chapter money received by the City during the current fiscal year pursuant to F.S. §175.131 and § 185.11. The sum of these amounts shall be known as the "available funds." Allocation of shares shall be made within 30 days after approval by the Board, or as soon as is practicable thereafter. With regard to the available funds for share plan distribution on or before June 1, 2008,retirees separated from employment with the City shall receive the sum of $5,000.00, and the remaining available funds shall be equally distributed between the active members and DROP participants. All subsequent distributions will be made in equal shares to all active and inactive mem~e-~r~. 2 C. An individual share account shall be established for each active and retired member on the effective date of this ordinance. Available funds for active members shall be invested by the Board of Trustees and may be commingled for investment purposes with the other assets of the Retirement System. The individual balances and earnings or losses for each participant in the share plan shall be clearly identified on the monthly statements prepared by the plan administrator. Each active member will recognize investment gains or losses at the same rate as the rest of the plan's assets as invested by the plan investment managers. The calculation of interest and the rate shall clearly be identified each month on the statements prepared by the plan's administrator. The City of Key West shall not incur anv financial oblicration in anv manner relative to the share plan. D. After premium tax distributions are received from the state, the expense of administering the Share Plan for the preceding year shall be determined by the Board of Trustees and charged against monies received during such year. E. Available funds shall be allocated to each qualified participant in shares. Available funds shall be allocated to each active member by credit to the active member's individual account. An active member will not be entitled to his or her share account until fully vested in the Plan with ten years of service. Any members separating from service with less than ten years of service will forfeit their share account. Available funds shall be allocated and paid directly to each inactive member if he or she has retired under the terms of the Retirement Fund. F. The account balance for each active participant with at least ten years of credited service shall be payable to the active members within 30 days after retiring under the provisions of the Retirement Fund. G. The Board of Trustees shall be authorized to adopt any rules necessary for the administration of the Share Accounts. Section Zs This Section and any Ordinance approved pursuant to this Section, shall be codified and made a part of the Code of Ordinances of the City of Key West. In any such codification, the editor shall have the authority to re-number or re-letter any section of this ordinance as may be necessary provided, however, 3 that no such editorial change shall alter the substantive language of this ordinance. 3ectioa 3: Should any provision of this ordinance be declared invalid by a court of competent jurisdiction the remaining provisions of this ordinance shall remain in full force and effect as if the invalid provision had not been enacted. Section 4: This Ordinance shall go into effect immediately upon its passage and adoption and authentication by the signature of the presiding officer and the Clerk of the Commission. Read and passed on first reading at a regular meeting held this 21 day of October 2008. Read and passed on final reading at a regular meeting held this 5 day of November 2008. Authenticated by the presiding officer and Clerk of the Commission on 6 day of November 2008. Filed with the Clerk November 6 2008. MORGAN P1L~~HERSON, {MAYOR ATT S , CHERYL SMITH CITY CLERK 4 M E M O R A N D U M TO: Jim Scholl, City Manager City of Key West FROM: Stuart A. Kaufman, Esquire Klausner & Kaufman, P.A. Counsel for the City of Key W®st Police Officers and Firefighters Retirement Plan RE: Executive Summary Regarding Police and Fire Share Plan Ordinance FILE: 900343 DATE: September 29, 2008 The Board of Trustees of the City of Key West Police and Fire Retirement Plan have recommended approval of an ordinance creating a share plan for all active and retired members of the City of Key West Police and Fire Retirement Plan. Each year the Pension Fund receives monies from the State of Florida pursuant to Florida Statutes, Chapters 175 and 185. All insurance companies doing business in the State of Florida pay a premium tax to the State of Florida for doing business in the State. These monies are forwarded by the State to the appropriate municipalities to be used to provide benefits for police and fire retirement plan members. Florida Statute mandates that these monies be used to provide additional benefits for police and fire pension plan members. Florida Statutes also provide that a majority of the pension fund members determine what benefits to purchase with these tax monies. The firefighters and police Officers of the City of Key West have determined that a share plan should be established for its members and retirees. A share plan in effect sets up a share account for September 29, 2008 Page 2 every member of the Pension Fund and the premium tax monies are distributed evenly between all members and retirees. For the first year distribution, since retirees have not received a cost-of- living adjustment in many years, the current police officers and firefighters from the City of Key West determined to give the retirees an initial $5,000.00 payment, with a lesser amount to be given to current police and fire employees of the City of Key West. In all years going forward the premium tax monies will be distributed evenly between members and retirees. Retirees will receive a direct distribution from the Pension Fund, less applicable withholding taxes. The members will have their monies accounted for separately and invested with the assets of the Pension Fund until such time as they separate from service with the City of Key West. The actuary for the Pension Fund has prepared an actuarial impact statement showing that creation of the share plan will not cost the City any money. As stated in the ordinance, "the City of Key West shall not incur any financial obligation in any manner relative to the share plan." All administrative expenses, which will be minimal in nature, will be paid for with the premium tax monies before distributions are made to members of the Pension Fund. If the premium tax monies are not used to provide extra benefits for police officers and firefighters, the State of Florida can cease paying the premium tax monies to the Pension Fund. This would lead to additional funding requirements for the City of Key West to fund the benefits past and prior years with the premium tax monies. The police officers premium tax distribution for 2007 for Key West was $179,666.04. The premium tax distribution for firefighters for 2007 in the City of Key West was $285,116.38. Division of Retirement Municipal P'dice Officers' & Firefighters' Reta~rementTnust Funds Office ~'"~ PO (3ox 3010 TaNahassee, Florida 32315-3010 DEPARTMENT ~F MANAGEMENT ToN Froa877.73$.6737 e r v 1 e e s Te1:850.922.0667 Fax: 650.921.21 b I vrww dms.MyHorida.eom Governor Charlie Crist Secretary Linda H. South To: Mayor/Fire Commissioner, Addressed Plan From: Patricia F. Shoemaker, Benefits Administrator Municipal Police Officers' & Firefighters' Retirement Funds Re: Significant variations and special calculations for the 2008 premium taxes For 2008 the overall decrease in the gross amounts for the Firefighters' premium taxes amounted to 16.65%, and the Police Officers' premium taxes showed a decrease of 1.99% as compared to the amounts reported for 2007. Significant variations in the premium tax distribution sometimes occur when insurance companies file amended or late returns for prior years. This may have the effect of inflating amounts received in one year and diminishing amounts received in a later year as the "correction" is made in a subsequent distribution. If you wish to receive a detailed listing showing each insurance company reporting premiums sold within your corporate or fire district limits as compared to the amount reported last year, please contact our office. With the implementation of the Insurance Premium Tax (IPT) database, s. 185.085(6), F. S. required a proportionate calculation for the 2005, 2006, and 2007 police distributions. This provision has expired and this year's distribution does not include any adjustments to the police officers' premium tax distributions. No such calculation was required for the firefighters' premium taxes. This year is the first deduction requested by DOR for expenses related to administering the IPT database since its establishment in 2004. Pursuant to ss. 175.1015(4) and 185.085(4), the Department of Revenue assessed $50,000 per fund, for a total of $100,000 to pay their expenses in administering the IPT database. This amount was deducted on a pro-rata basis from each city/district. You may view a copy of the detailed calculations on our Web site at www.myflorida.com/frs/mpf showing the gross amount reported and the various assessments. Look under "Facts and Figures," scroll down to Premium Tax History and click on the 2008 Premium Tax Distributions for Fire and Police. If you have any questions or if this office can be of assistance, please let me know. P~ cc: Chair, Police Officers' & Firefighters' Retirement Plans We serve those who serve Florida. XXIV Police Officers' 2005 Premium Tax Distribution Unn+odlJled 2005 Ej)'ect of Flna13005 City Gross Premium 7.3:~ Distrlbudon /PT Database Distribution ~d City Name Tn esr Service CAarre ~ r Reallocadon Amount 106 ALTAMONTE SPRINGS 5290.983.14 $21,241.77 5289,741.37 535,755.71 5305,497.68 118 APOPKA 5340,560.85 524,880.93 $315,699.72 (53:8%.4.5) 5311,800.27 119 ARCADIA 596,859.88 57,070.77 589,789.11 (5268.55} 589,520.58 128 ATLANTIC BEACH $105,480.20 57,698.58 597,781.61 511,058.89 5706,818.30 130 AUBURNDALE St 18,474.32 58,648.63 $109.825.69 54,236.45 5114,062.74 732 AVENTURA 5184,221.63 511,988.18 5152,233.45 {52,686.22} 3149,587.23 134 AVON PARK 572,035.38 55,258.58 566,778.78 (3177.94) 586.598.64 141 BALHARBOURVILLAGE 555,884.33 54,078.10 551,768.23 ($2,733.10) 549,053.13 148 BARTOW $141,765.95 510,350.37 5131,435.58 5227.46 5131.663.04 151 BAY HARBOR ISLAND 531,734.43 52,318.81 529,417.82 53,171.42 532,589.24 765 BELLE GLADE 5107,6D7.36 57,855.34 599,752.02 {51,038.40) 598,713.62 167 BELLEAIR 510,310.88 52,942.88 537,387.98 (5689.18) 338,678.80 188 BELLEAIR BEACH 510,420.48 5760.70 39,659.78 51,592.49 511,252.27 168 BELLEVIEW 510,106.75 52,927.79 $37,178.98 320,580.18 557,739.14 183 BOCARATON 51,503,787.76 5109,776.50 51,394,011.26 (S15,280.03) 51,376,731.23 191 BOYNTON BEACH $725,928.86 552,992.81 5672,938.05 (51,267..25) 8871,873.80 192 BRADENTON 5837,147.12 546,511.74 5590,635.38 51,350.47 $591,985.65 203 BROOKSVILLE 5220,228.98 516,078.57 $204,150.42 IS4,17061j 5199,979.81 212 BUSHNELL 533,259.88 $2,427.98 530,831.70 ($1,602.17] 529,229.53 222 CAPE CORAL 5924,528.48 $67,490.68 5857,037.90 (527,521 73j 5629,516.17 229 CASSELBERRY 5758,131.62 511,543.81 $148,588,01 S44,t08.44 5190,896.45 251 CLEARWATER 51,072,264.92 578,276.80 5994,008.12 (59.598.37) 5984,411.75 253 CLERMONT 5221,396.47 576,181.94 5205,234.53 (56.199.11) 5799,035.42 257 COCOA 5220,544.97 518,099.78 5204,445.79 (35,032.88) 5199,412.31 258 COCOA BEACH 5102,906.52 57,512.18 595,394.31 (51,607.71} 593,786.63 265 COOPER CITY 5238,212.80 577,213.53 5218,989.27 (54.275.28) 5214,894.01 268 CORAL GABLES 5501,874.79 538,822.26 5485,052.53 {51.053.98} 5463,998.55 270 CORAL SPRINGS 5945,198.M 566,999.49 5878,198.95 (56,635.50} 5670,183.39 278 CRESCENT CITY 518,839.68 57,380.70 517,278.98 {31,162.21} 5/6,116.77 279 CRESTVIEW 5132,703.03 59,887.32 5123,015.77 (St~.i10.23) $121,105.48 287 DADE CITY 5148,486.04 510,911.02 5138,555.02 (55,715 33) 5132,839.09 288 DANIABEACH $134,127.32 39,791.29 5724,336.03 (S4136.G2y S72D,200.01 282 DAME $670,725.78 548,982.98 5821.782.80 {514,376.97) 5807,385.83 293 DAYTONABEAGH $438,703.39 532,025.35 $408,878.04 1$1,911.51) 5404,766.53 284 DAYTONA BEACH SHORES 517,855.01 51,288.82 $18,366.19 (557.02} 516,309.17 296 DEERFIELD BEACH 5482,585.98 535,229.50 $447,366.48 {59,473.61) 5437,892.85 298 DELAND 5221,824.40 516,412.18 5208,412.22 51,828.47 5210.040.69 301 DELRAY BEACH 5681,028.70 549,715.09 5631,373.61 538,175.30 5670,488.91 317 DUNNELLON 579,416.30 55,797.38 573,818.91 {52,455.01) 571,183.90 326 EATONVILLE 57,366.23 5537.73 56,828.50 52,852.86 59,681.36 331 EDGEWATER $730,827.28 $9,535.79 5121,091.47 r51,666.79) 5119,224.88 333 EDGEWOOD $18,215.93 5984.78 512,251.17 59,784.39 522,015.56 349 EUSTIS 5117,892.83 $8,808.78 5109,286.65 $1,211.80 5110,486.45 359 FERNANDINABEACH 5112,528.83 $8,274.48 5104,312.37 53,510.02 5107,822.39 381 FLAGLER BEACH SSO,S57,79 E3,890.28 $48,881.51 5671.41 547,532.92 365 FLORIDA CITY 542,810.01 53,125.13 539,684.88 {51,146.38] 538,538.56 371 FORTIAUDERDALE 52,059,558,55 5150,347.83 31,909,208.92 (,57,808.41] 51,901,400.51 374 FORTMYERS 5878.575.50 564,136.01 3814,439.49 (519,119.57) 5795,319.92 377 FORT PIERCE 5409,939.42 529,925.58 3360,013.84 (31G,014.36j 5369,999.48 379 FORT WALTON BEACH 5216,829.78 575,828.57 5207,001.21 ($56.95] 5200,944.28 384 FROSTPROOF 524,992.83 57,824.48 523,768.17 53,433.13 526,601.30 387 GAINESVILLE 5893,833.97 550,848.88 5843,184.09 (510,4D8.44j 5832,775.65 400 GOLDEN BEACH $17,829.&1 51,308.88 $18,820.96 58,828.84 $25,419.80 415 GREEN COVE SPRINGS $62,857.02 Se,033.98 576,623.08 $4,693.81 $81,316.87 416 GREENACRES 5158,581.82 571,575.00 5146,986.62 !55.524.82] 5141,461.80 425 GULF BREEZE 583,445.85 54,83153 558,814.12 (3773.991 558,100.13 427 GULFPORT 585,273.38 58,224.98 579,048.42 (53.424.91) 575,823.57 431 HAINES CITY 8172,304.78 58,198.25 5104,106.51 52,487.82 5108,594.33 432 HALLANDALE BEACH 5208,884.94 515,248.80 5183,838.34 ($47.17} 5193,589.17 442 HL4LEAH 57,324,841.01 596,698.79 $1,227,942.22 322,721.78 51,250,684.00 443 HIALEAIi GARDENS 5107,177.09 57,623.93 599,353.18 5464.95 599.818.11 458 HOLLY HILL 573,488.39 55,384.51 588,121.88 56,577.42 574,899.30 459 HOLLYWOOD 51,227,012.32 589,571.90 51,137,440.42 (524.636.15) 51,112,804.26 Pape 1013 8/1/2006 1130 AM Police Officers' 2006 Premium Tax Distribution Calculation Final Amount Gross 7.30°~ Unmodified 2006 Effect of 2006 Returned to City City Premium Service Distribution IPT Database Distribution General Code _ _ _ _ Name Taxes _ Charge Amount Reallocation Amount Revenue ~ __ 106 ALTAMONTE SPRINGS 298,755.75 21,809.17 276,946.58 28,550.50 305,497.08 - 118 APOPKA 345,065.99 25,189.82 319,876.17 (5,017.48) 314,858.69 - 119 ARCADIA 88,573.91 6,465.90 82,108.01 6,754.80 88,862.81 - 128 'ATLANTIC BEACH 101,121.30 7,381.8_5 93,739.45 15,078.85 108,818.30 - 130 AUBURNDALE , 134,419.14 9,812.60 124,606.54 (3,001.48) 121,605.06 - 132 AVENTURA 179,976.09 13,138.25 166,837.84 (6,774.98) 160,062.86 - 134 AVON PARK 109,076.81 7,962.61 101,114.20 (9,948.93) 91,165.27 - 141 BAL HARBOUR VILLAGE 63,802.55 4,657.59 59,144.96 (4,778.15) 54,366.81 - 148 BARTOW 139,936.88 10,215.39 129,721.49 1,941.55 131,663.04 - 151 BAY HARBOR ISLAND 34,968.13 2,552.67 32,415.46 173.78 32,589.24 - 165 BELLE GLADE 105,340.09 7,689.83 97,650.26 (421.28) 97,228.98 - 167 BELLEAIR _ _ 43,192.58 3,153.06 40,039.52 (1,437.13) 38,602.39 - 168 BELLE_AIR BEACH 13,287.90 970.02 12,317.88 (303.33) 12,014.55 - 169 BELLEVIEW ~ 43,951.61 3,208.47 40,743.14 16,996.00 57,739.14 - 183 BOCA RATON ~ 1,539,381.91 112,374.88 _ 1,427,007.03 (24,394.89) _ 1,402,612.14 _ __ - 191 192 BOYNTON BEACH BRADENTON 746,315.34 588,626.91 54,481.02 + 42,969.76. 691,834.32 1_ _ _ 545,657.15 (6,618.77) 46,328.70 685,215.55 i 591,985.85! - ____ - 203 BROOKSVILLE ! 185,950.19 13,574.36 172,375.83 17,389.02 189,764.85 ~ - 212 BUSHNELL 28,111.10 2,052.11 26,058.99 (214.51) 25,844.48 ', - 222 CAPE CORAL 1,109,522.57 80,995.15 1,028,527.42 (75,836.83) 952,690.59 ~ - 229 CASSELBERRY 186,499.51 13,614.46 172,885.05 17,811.40 190,696.45 - 251 CLEARWATER 1,049,927.77 76,644.73 973,283.04 (3,522.69) 969,760.35 - 253 CLERMONT 240,551.41 17,560.25 222,991.16 (11,141.01) 211,850.15 ! - 257 COCOA 193,535.75 14,128.11 ~ 179,407.64 7,677.79 187,085.43 - 258 COCOA BEACH 101,006.00 7,373.44 ; 93,632.56 (1,077.02) 92,555.54 - 265 COOPER CITY 254,318.84 18,565.28 235,753.56 (8,975.32) 226,778.24 ' - 2ti8 CORAL GABLES _542,252.78 39,584.45 502,668.33 (11,742.25) 490,926.08 _ _ - 270 CORAL SPRINGS 978,680.69 71,443.69 907,237.00 (14,761.01) 892,475.99 - 278 CRESCENT CITY _ 19,450.30 1,419.87 18,030.43 J (1,355.01) 16,675.42 __ - 279 CRESTVIEW 129,355.37 9,442.94 119,912.43 (992.19) 118,920.24 - 287 DADE CITY '146,321.16 10,681.44 135,639.72 4,782.29 130,857.43 _ - 288 DANIA BEACH 163,451.71 11,931.97 151,519.74 (11,798.82) 139,720.92 - 292 DAVIE 691,427.81 50,474.23 ~ 640,953.58 (19,578.61) 621,374.97 ! - 293 DAYTONA BEACH 432,232.28 31,552.96 ' 400,679.32 (169.26) 400,510.06 ! - 296 DEERFIELD BEACH 530,857.58 38,738.00 !' 491,919.58 21,983.72 469,935.86 - Polic e Officers' 2007 Premium Tax Distribution Calculation _- ~ _ Final Gross 7.3% Unmodified 2007 Effect of _ __ 2007 _C~_ - __ City ____ _ Premium - _ Service Distribution _ IPT Database Distribution ~lfi~illS _- _ -- - _ ___ 106 ALTAMONTE SPRINGS _ 309,029.17 22,559.13 286,470.04 19,027.04 305,497.08 118 APOPKA ___ __ - 327,299.33 -- _ 23,892.85 303,406.48 (534.52 302,871.96 __119 ARCADIA 83,310.10 6,081.64 ______77,228.46 _ 11,834.35 88,862.81 128 ---- ATLANTIC BEACH _ 99,381.57 7,253.39 92,108.18 18,710.12 _ 108,818.30 __130 AUBURNDALE 126,402.05 9,227.35 117,174.70 (1,437.93 __ _ 115,736.77 f32 AVENTURA _ 194,503.82 14,198.7_8_ ____180,305.04 17,217.03 163,088.01 134 ---- AVON PARK 67,011.14 4,891.81 62,119.33 4,043.88 66,163.01 141 BAL HARBOUR VILLAGE 49,189.64 3,590.84 _ 45,598.80 (1,496.71) 44,102.09 148 BARTOW 126,925.07 9,285.53 117,659.54 14,003.50 131,663.04 151 BAY HARBOR ISLAND 31,328.26 2,286.96 29,041.30 3,547.94 32,589.24 165 BELLE GLADE 100,448.90 7,332.77 93,116.13 3,054.15 96,170.28 167 BELLEAIR 48,705.90 3,555.53 45,150.37 (4,693.49) 40,456.88 168 BELLEAIR BEACH 13,414.02 979.22 12,434.80 (546.30 11,888.50 169 BELLEVIEW 43,331.22 3,163.18 40,168.04 17,571.10 57,739.14 183 BOCA RA70N 1,418,203.49 103,382.85 1,312,820.64 28,485.63 1,341,306.27 191 ' BOYNTON BEACH 758,109.41 55,341.99 702,767.42 (15,792.81 686,974.61 192 BRADENTON 554,986.54 40,514.02 514,472.52 77,513.33 591,985.85 203 BROOKSVILLE 168,993.13 12,336.50 156,656.63 33,108.22 189,764.85 212 'BUSHNELL 32,466.40 2,370.05 30,096.35 2,213.32 27,883.03 222 CAPE CORAL 1,197,554.69 87,421.49 1,110,133.20 (160,779.82) 949,353.38 229 CASSELBERRY 174,341.24 12,726.91 161,614.33 29,082.12 190,696.45 251 CLEARWATER 1,017,973.00 74,312.03 943,860.97 1.7,246.66 960,907.63 253 CLERMONT 267,324.86 19,514.71 247,810.15 29,547.17 218,262.98 257 COCOA 182,886.76 13,350.73 169,536.03 17,549.40 187,085.43 258 COCOA BEACH _ _ _ __114,174.58 8,334.74 105,839.84 (7,387.44 98,452.40 265 COOPER CITY 251,720.43 ____ 18,375.59 233,344.84 (13,453.78) 219,891.08 288 CORAL GABLES 528,965.36 ~ 38,614.47 490,350.89 (13,368.77) _ 476,984.12 _ 270 CORAL SPRINGS __ _ 1,092,132.68 79,725.88 1,012,407.00 (72,542.64 ___ _ u 939,864.36 278 CRESCENT CITY 18,836.87 1,455.39 _ _ 18,481.48 (2,407.50) 18,073.98 279 CRESTVIEW 125,150.53 9,135.99 116,014.54 412.28 116,426.80 287 __ DARE CITY ___ ____.____132,405.80 9,665.62 122,740.18 (1,802.15) 120,938.03 _ _ 288 - __ OANtABEACH 195,274.15 _ 14,255.0! _ __ __ _ 181,019.14 _ 32,777.02 148,242.12 2_92 293 DAVIE DAYTONA BEACH 762,452.74 415,383.89 _ 55,659.05 30,323.02 706,793.69 385,060.87 _- (62,191.86 15,023.84 __ __644,601.83 400,08 4.71 298 _ DEERFIELD BEACH _615,010.87 44,895.79 - 570,115.08 _ 71,803.16) _ 498,311.92 _ 298 DELAND ____ __i_ _ __ _ 209,821.66 - - - 15,316.98 ___ 194,504.68 15,536.01 210,040.69 301 DELRAY BEACH _ __ ~ 712,287.37 51,996.98 660,290.39 10,198.52 670,488.91 317 DUNNELLON _ _ _ _ _ _ __ 55,056.63 4,019.13 --- 51,037.50 14,113.43 65,150 .93 326 EATONVILLE 7,620.18 558.27 7,063.91 2,617.45 _ 9,681.36 331 EDGEWATER 146,812.39 _ ~ 10,717.30 __ 136,095.09 (9,906.04 __ 128,189.05 _ 333 EDGEWOOD 19,121.96 __ 1,395.90 __ 17,726.06 4,289.50 22,015.56 349 EUSTIS 128,591.23 9,241.18 _ 117,350.07 3,165.29 114,184.78 359 FERNANDINA BEACH 115,882.55 8,444.83 107,237.72 584.87 107,822.39 381 FLAGLER BEACH 46,996.94 3,430.78 43,566.16 3,966.76 47,532.92 385 FLORtOACtTY 84,591.85 4,715.20 59,876.65 11,154.89 48,721.76 371 ; FORT LAUDERDALE 1,939,557.43 141,587.89 1,797,989.74 84,305.84 1,882,275.58 374 FORT MYERS 827,076.66 60,376.60 766,700.06 (8,412.23) 758,287.83 377 FORT PIERCE 292,539.94 21,355.42 271,184.52 74,287.06 345,471.58 379 FORT WALTON BEACH 196,942.50 14,378.80 182,565.70 18,239.08 200,804.78 384 FROSTPROOF 27,849.20 2,032.99 25,816.21 785.09 26,601.30 387 GAINESVILLE 724,353.61 52,877.81 671,475.80 29,855.84) 641,819.96 400 GOLDEN BEACH 15,025.47 1,096.86 13,928.61 11,521.19 25,449.80 415 GREEN COVE SPRINGS 80,503.10 5,876.73 74,626.37 6,690.30 81,316.67 416 GREENACRES 240,475.23 17,554.89 222,920.54 43,883.48) 179,037.06 425 GULF BREEZE 74,027.55 5,404.01 68,623.54 (5,669.47 62,954.07 427 GULFPORT 94,388.08 6,890.18 87,495.88 9,360.07 78,135.81 431 HAINES CITY 114,558.39 8,362.76 106,195.83 398.70 106,594.33 432 : FiALLANDALE BEACH 2! !,328.30 15,428.82 195,899.48 1,120.89 194,778.79 442 HIALEAH 1,541,595.46 112,538.47 1,429,058.99 (82,414.47 1,346,644.52 443 HIALEAH GARDENS 107 741.23 7,865.11 99,878.12 26.80 99,849.32 Police O acers' 2008 Premium Tara Distribution PrroWrrt Servla Ore/ran /PT Ddabase /Nafri4uffon RNrm fo 7.39% 550,000 106 ALTAMONTE SPRINGS 5336,606.78 124,572.29 50.00 5243.74 5311,780.76 10.00 118 APOPKA 3312,886.81 522,&70.72 50.00 5228.56 1289,819.33 50.00 178 ARCADIA 374,937.87 j6,470.45 50.00 354.28 389,412.96 30.00 128 ATLANTIC BEACH _ 593,312.38 38,817.80 50.00 367.57 386,433.01 $0.00 130 AUBURNDALE ____ 5728,128.99 19,35342 __ 50.00 __ ~ 192.78 5118,882.79 $0.00 137 AVENTURA 1288,431.28 520.909.48 30.00 $207.40 _ 3285,314.38 50.00 134 AVON PARK $82,511.22 54,563.32 50.00 345,28 567,902.84 10.00 141 BALHARSOUAVILLAGE 559,990.22 34,379.28 10.00 343.44 355,5B7.d9 10.00 148 BAR70W 3721,738.99 58,888.80 50.00 588.15 E112,782.04 E0.00 167 BAY HARBOR ISLAND 534,838.01 52,528.43 10.00 525.08 532,082.50 - 50.00 187 BELLEAIR 547,150.82 33,442.01 50.00 534.14 543,874.67 50.00 189 BELLEVIEW $42,844.57 33,113.05 30.00 $30.88 339,500.84 30.00 183 BOCARATON 31,372,731.48 $100,185.80 50.00 3993.58 31,270,972.32 SO.OD 191 BOYNTON BEACH 3753,700.99 355,020.17 50.00 $545.75 3898,135.07 50.00 792 BRADENTON 5512,645.08 _ _5_37,42309 30.00 5371.27 _ $474,850.79 10.00 203 BROOKSVILLE 3181,057.60 511,757.20 30.00 __ 5118.62 $148,183.78 50.00 212 BUSHNELL $30,383.22 $2,218.52 30.00 $21.99 528,124.71 $0,00 222 CAPE CORAL $1,131,280.04 382,583.44 50.00 5819.18 51,047,877.44 SO.OD 229 CASSELBERRY 1187,498.b7 512,227.40 50.00 3121.29 $755,149.88 10.00 251 CLEARWATER _ 57,019,819.86 574,432.25 ____.....__.---- 50.00 5738.31 1944,449.30 $0.00 253 CLERMONT 3232,119.79 518,9M.74 30.00 5188.08 5215,008.97 SD.00 257 COCOA 3182,352.71 511,851.75 50.00 $117.58 $150,383.40 $0.00 258 COCOA BEACH 3104,713.82 17,844.08 50.00 $75.82 398,993.71 50.00 265 COOPER CITY 5237,788.35 $17,368.55 50.00 5172.18 $220,257.82 50.00 288 CORAL GABLES $516,696.78 -- 337.884.82 ---- $0.00 -- 3375.59 3480,465.77 $0.00 270 CORAL SPRINGS ~ 3997,787.46 372,399.02 -- 30.00 3718.14 - - 3918,650.30 30.00 278 __ CRESCENT CITY _ $17,848.83 _ 51,302.95 _ 50.00 512.92 518,532.78 50.00 279 CRESTVIEW $141,031.39 510,295.28 50.00 $102.12 5730,833.98 30.00 287 DADE CITY SU4,868.52 58,389.93 30.00 383.02 5108,203.57 30.00 288 DANIA BEACH $197,248.92 314,399.02 50.00 5142.83 $182,705.07 50.00 _292 DAVIE 3742,281.91 554,188.58 30.00 5537.49 5887,557.84 $0.00 293 DAYTONA BEACH 1388,895.24 328,228.75 50.00 ___ 5280.01 5358,186.48 $0.00 298 DEERFIELD BEACH 5589,501.37 543,033.80 50.00 5428.88 3646,040.91 30.00 298 DELAND S19b,818.40 374,294.80 50.00 5141.79 5181,380.01 30.00 307 DELRAY BEACH 5887,478.20 550,911.53 30.00 $605.00 3848,001.87 50.00 317 DUNNELLON $44,852.88 53,259.88 30.00 532.33 541,360.89 50.00 328 EATONVILLE 59,960.56 $727.12 30.00 57.21 $9,228.22 50.00 331 EDGEWATER $141,672.75 510,342.11 50.00 5102.69 $131.226.05 50.00 349 EUSTIS $123,843.89 59,040,59 50.00 SBB.BB 3114,713.42 E0.00 369 FERNANDINA BEACH 5112,921.39 58,243.28 50.00 SB1.77 3104,598.38 30.00 38_1 FLAGLER BEACH 548,930.82 $3,571.95 50.00 E35.43 $45,323.44 50.00 371 FORT LAUDERDALE 57,881,077.34 5137,318.64 50.00 $1,382.09 51,742,398.61 30.00 374 FORT MYERS 5749,478.92 $54,711.81 E0.00 5542.70 $894,222.41 30,00 377 FORT PIERCE $298,985.08 521,825.91 30.00 5216.49 3276,942.88 30.00 379 FOR7 WALTON BEACH 5185,781.88 313,518.82 30.00 5134.08 $171,510.98 50.00 384 FROSTPROOF 327,938.8_5 _ 32,039.52 $0.00 520.23 $25,878.90 SD.00 387 GAINESVILLE 5720,958.48 552,629.82 $0.00 $522.04 5887,804.82 30.00 400 GOLDEN BEACH 511,823.71 51,082.13 30.00 _ $10.73 E73,730.85 ~ 10.00 415 GREEN COVE SPRINGS 586,773.34 58,281.45 30.00 582.11 379,449.78 SD.00 418 GREENACRES 5250,430.81 578,281.45 50.00 5181.34 3231,988.02 30.00 425 GULF BREEZE 583,324.88 54,822.70 50.00 545.85 558,856.11 30.00 427 GULFPORT 595,154.25 38,946.28 _ 50.00 568.90 $88,139.09 50.00 431 HAINES CITY 5113,095.32 58,255.96 $0.00 381.89 5104,767.47 50.00 432 HALLANDALE BEACH $248,972.18 518,170.69 30.00 E780.24 5230,581.35 30.00 442 HIALEAH 31,815,315.28 f117,818.01 50.00 E7,169.65 $1,498,227.82 $0.00 443 HUILEAH GARDENS 5125,952.77 59,194.55 SO.DO $91.20 5716,887.02 SD.00 458 HOLLY HILL _ _~.~__ 381,349.82 55,938.54 30.00 558.91 175,352.37 50.00 459 HOLLYWOOD 51,308,524.38 $95,595.28 30.00 _ 5948.23 $1,212,980.85 SD.00 461 HOLMESBEACH 542,878.47 53,730.73 50.00 (31.05 339,717.29 30.00 484 HOMESTEAD 3361,701.78 328,380.43 30.00 5281.47 5334,479.88 30.00 472 HOWEY-IN-TME-HILLS 510,371.88 3757.15 SO.DO 37.51 59,807.20 30.00 477 INDIALANTIC 340,737.22 12,973.82 30.00 529.50 537,733.90 30.00 479 INDIAN HARBOUR BEACH 388,547.98 AS,OOd.00 30.00 149.84 183,494.34 10.00 480 INDIAN RIVER SHORES 582,875.95 14,575.34 50.00 345.38 $58,055.23 50.00 481 INDIAN SHORES $20,159.99 57,471.88 30.00 $14.80 $18,873.71 $0.00 481 JACKSONVILLE $6,016,818.55 f388,227.T5 50.00 53,832.88 54,848,958.12 SO.W 482 JACKSONVILLE BEACH 1194,827.70 _--- 514,207.34 30.00 1740.93 3180,272.83 50.00 507 JUPITER _ __ 5898,089.91 361,032.70 _ __ 30.00 5506.20 _ 3847,531.81 E0.00 505 KEY BISCAVNE 5114,306.91 58,341.40 $0.00 $82.77 5705,879.74 50.00 509 KEY WEST 5179,898.84 373,177.85 30.00 5730.12 1166,448.87 50.00 515 KISSIMMEE $602,475.27 $43,980.89 30.00 5438.25 5558,058.33 50.00