Item 7A - Ordinance 20-15-135AGENDA ITEM:
SUBMJTTED BY:
DATE:
BACKGROUND:
CITY OF ATLANTIC BEACH
CITY COMMISSION MEETING
STAFF REPORT
ORDINANCE NO. 20-15-135
AN ORDINANCE AMENDING THE
OPE RATING BUDGET FOR THE CITY OF
ATLANTIC .BEACH, FLORIDA FOR FISCAL
YEAR BEGINNING OCTOBER 1, 2014 AND
ENDJNG SEPTEMBER 30, 2015 FOR
AMENDING THE GENERAL EMPLOYEE
PENSION BUDGET TO PROVIDE FOR
INC REASED RETIREME NT DISTRIBUTIONS ~
AND PROVIDING AN EFFECTIVE DATE.
Russell Caffey \,--Y
Directo r of F inance
December 3, 20 15
A.GENDA ITEM #7A
DE CEM BER 14, 2015
T he FY l5 budget for Service Pay for Genera l Employee Pensioners was budgeted $490,300. In
J anuary there was a steep incr ease .in m o nthly payouts . The increase is a result of more
pensioners' retiring and collecting during the fiscal year than was previous ly a nticipated. The
lia bility for these payouts has been captllrcd by the City's Actuarial calc ul ation of pens io n
li a bility . Staff is requ es tin g the required e nd o f year budget modification of $199,756 to fund the
di stri butions.
BUDGET: End ofyearbudget modification of$199,756
RECOMMENDATION: Approve O rd inance 20-lS -135
ATTACHMENTS: I. Ordinance 20-15-135
REVIEWED BY CITY MANAGER:
' .. -=:ez v C'he7 a4_,4
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
DECEMBER 14, 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>