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AGENDA ITEM # 813
JANUARY 10, 2011
Although the City is ready to start with this study, there are several
reasons that may warrant delaying until a later date. One reason is
that there may be changes to FS 185 Police Pension or other pension
mandates approved by the Florida legislature this upcoming session
that could change the direction of the study. A second issue is that
if the City were to delay, the City's 2010 annual actuarial pension
evaluation report could be used for the study and it may contain
slightly different data.
BUDGET: Forty-five thousand dollars ($45,000) was included within the
general government budget for this project.
RECOMMENDATIONS: That the Commission approves the selection of Foster &Foster (no
relationship).
That the City Manager be authorized to approve additional funds,
not to exceed the budget amount, which may be required during the
study if additional actuarial information is required.
That the City Manager be authorized to delay the start of this study,
as necessary, to determine if there are any pension changes that may
be authorized by the Florida legislature and what impact, if any,
using the 2010 actuarial report data versus the current 2009 actuarial
report data would have on the results of the study.
REVIEWED BY CITY MANAGE