Item 7B - Ordinance No. 20-17-142AGENDA ITEM 7B
JANUARY 23, 2017
STAFF REPORT
City of Atlantic Beach
Commission Meeting
AGENDA ITEM: ORDINANCE NO. 20-17-142
BUDGET AMENDMENT I POLICE PENSION FUND
DATE: December 27, 2016
SUBMITTED BY: Russell Caffey, Finance Director ~Y
BACKGROUND:
According to the most recent Actuarial Valuation report, the Police Pension Fund is currently 67%
funded. In an attempt to set sound fiscal policy, the City is proposing the implementation of a
program utilizing annual funds returned to the General Fund by the Police Department to pay down
the unfunded liability balance.
Annually, the plan will pay the lesser of $200,000 or 90% of the amount returned to the General
Fund by the Police Department. Additionally, at no point can this program result in a negative net
contribution to the General Fund by the City as a whole .
Fiscal Year 2016
The Police Dept. General Fund Contribution $ 286,477
Add'! Pension Contribution equals lesser of
$200,000 or 90% of $286, 4 77 ($ 256,929) $200.000
For Fiscal Year 2016 the additional payment amount equals $200,000.
BUDGET: Mid-year budget modification to transfer $ 200,000 from the General Fund to the
Police Pension Fund.
RECOMMENDATION: To adopt Ordinance NO. 20-17-142 amending the 2016-17 Annual
Budget to provide additional contribution to the Police Pension Fund.
ATTACHMENT: Ordinance No. 20-17-142
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REVIEWED BY CITY MANAGER:
ORDINANCE NO. 20-17-142
AGENDA ITEM 7B
JANUARY 23, 2017
AN ORDINANCE AMENDING THE OPERATING BUDGET FOR THE CITY OF
ATLANTIC BEACH, FLORIDA FOR FISCAL YEAR BEGINNING OCTOBER 1,
2016 AND ENDING SEPTEMBER 30, 2017 FOR APPROPRIATING
ADDITIONAL FUNDS TO THE POLICE PENSION FUND; AND PROVIDING AN
EFFECTIVE DATE.
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 desires to now amend the current operating budget to add net funds totaling
$200,000 to cover additional employer contributions to the Police Pension Fund.
NOW, THEREFORE, BE IT ENACTED BY THE CITY COMMISSION ON BEHALF OF THE
PEOPLE OF THE CITY OF ATLANTIC BEACH, FLORIDA, that:
SECTION 1. The Fiscal Year 2016/2017 Operating Budget is hereby amended as follows:
GENERAL FUND
Expenditures:
Transfer to the Police Pension Fund Total Expenses: $200.000
Fund Balance: <$200.000>
POLICE PENSION FUND
Revenues:
Employer Contributions
Total Revenue:
$200,000
$200.000
Fund Balance: $200.000
SECTION 2. This ordinance shall take effect immediately upon adoption.
PASSED by the City Commission on first reading this __day of , 2017.
PASSED by the City Commission on second and final reading this __day of , 2017.
Mitchell E. Reeves, Mayor
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Attest:
AGENDA ITEM 7B
JANUARY 23, 2017
Donna L. Bartle, City Clerk
Approved as to form and correctness:
Brenna M. Durden, City Attorney
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