Agenda Item 7A - Ordinance 20-15-135AGENDA ITEM:
SUBMITTED BY:
DATE:
BACKGROUND:
CITY OF ATLANTIC BEACH
C ITY COMMISSION MEETING
STAFF REPORT
ORDINANCE NO. 20-15-135
AN ORDINANCE AMEND ING THE
OPERA TlNG BUDGET FOR THE CITY OF
ATLANTIC BEACH, FLORIDA FOR FISCAL
YEAR BEGINNING OCTOBER l, 2014 AND
ENDING SEPTEMBER 30, 20l5 FOR
AMENDING THE GENERAL EMPLOYEE
PENSION BUDGET TO PROVIDE FOR
INCREASED RETIREMENT
DISTRIBUTIONS, AND PROVIDING AN
EFFECTIVE DATE.
Russe ll Caffey
Dh'cctor o f Fin ance
November I 0, 20 I 5
AGENDA ITEM t/7A
NOVEMBER 23,2015
The FY15 budget for Service Pay for Genera l Emplo yee Pen sioners was budgeted $490,300. In
January there was a steep increase in mon thl y payouts. The in crease is a result of more
pen sio ners ' retirin g and collecting during the fiscal year than was previously anti c ipated. The
li abi li ty for these payouts has been ca ptured by the C it y's Actuarial calcul ation of pension
liabi li ty . Staff is requesting the required e nd ofyear budget modification of$199 ,756 to fund the
distributions.
BUDGET: End of yea r budget modiiication of$ I 99 ,756
RECOMMENDATION: Approve Ord inance 20-J 5-135
ATTACHMENTS: I. Ordina nce 20-15-135
REVIEWED BY CITY MANAGER: .
~ ~~~A!:l...'~=-~~.....:::.__ ________ _
ORDINANCE NO. 20-15-135
AN ORDINANCE AMENDING THE OPERATING BUDGET
FOR THE CITY OF ATLANTIC BEACH, FLORIDA FOR
FISCAL YEAR BEGINNING OCTOBER 1, 2014 AND
ENDING SEPTEMBER 30, 2015 FOR AMENDING THE
GENERAL EMPLOYEE PENSION BUDGET TO PROVIDE
FOR INCREASED RETIREMENT DISTRIBUTIONS, AND
PROVIDING AN EFFECTIVE DATE.
AGENDA ITEM#7A
NOVEMBER 23, 2015
WHEREAS, the City Charter of the City of Atlantic Beach requires that the City
Commission approve all budgetary increases and transfers at the fund level, and
WHEREAS, the nature of budgetary systems and those day-to-day decisions affecting
such budgetary systems require adjustments from time-to-time, and
WHEREAS, the City is amending the operating budget to add net funds totaling
$199,756 for the increase in the General Employee Pension Fund-Service Pay-Retiree.
WHEREAS, additional payouts were required in Fiscal Year 2015 as more employees
retired than were initially anticipated, therefore this line item must be amended in order to have
sufficient funds appropriated within the City's Budget.
NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION ON
BEHALF OF THE PEOPLE OF THE CITY OF ATLANTIC BEACH, FLORIDA, that;
1. The Fiscal Year 2014/2015 Budget to be amended as follows:
~GENERAL EMPLOYEE PENSION FUND~
Expenses:
General Employee Pension Fund
Service Pay-Retiree
Total Expenses:
Fund Balance
2. This ordinance shall take effect immediately upon its adoption.
Approved as to form and correctness:
RICHARD KOMANDO, ESQUIRE
City Attorney
Mitchell Reeves
Mayor I Presiding Officer
ATTEST:
DONNA L. BARTLE, CMC
City Clerk
$199,756
$199.756
<$199.756>