Resolution No. 17-01RESOLUTION NO. 17-01
A RESOLUTION OF THE CITY OF ATLANTIC BEACH, FLORIDA
APPROVING A PROGRAM FOR EXTRA CONTRIBUTIONS TO THE
POLICE PENSION FUND TO BE CONSIDERED ANNUALLY BY THE
CITY COMMISSION IN ORDER TO IMPROVE THE FUNDING LEVEL
OF THE POLICE PENSION FUND; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, at the conclusion of many fiscal years, the Police Department returns unused
funds to the City's General Fund, often in amounts ranging from $250,000 to $400,000; and
WHEREAS, the actuarial value of the Atlantic Beach Police Pension Fund is sixty seven
percent (67%) of the Actuarial Accrued Liability, as stated in the most recent Actuarial Valuation
Report, dated September 30, 2015; and
WHEREAS, in order to improve the funding level of the Police Pension Fund, the program
would allow an annual contribution to the Police Pension Fund in an amount equal to ninety
percent (90%) of the amount returned to the General Fund by the Police Department at the
conclusion of the applicable fiscal year or Two Hundred Thousand Dollars ($200,000), whichever
is LESS; and
WHEREAS, on an annual basis, the City Commission shall consider whether to approve
any extra contribution to the Police Pension Fund in accord with the prior clause, taking into
account the then -current operating budget and other fiscal matters of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
ATLANTIC BEACH, FLORIDA:
SECTION 1. A program to allow extra pension contributions to the Police Pension Fund
as described herein, to be considered annually by the City Commission, is hereby approved.
SECTION 2. The program will allow an annual contribution to the Police Pension Fund
in an amount equal to ninety percent (90%) of the amount returned to the General Fund by the
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Police Department at the conclusion of the applicable fiscal year or Two Hundred Thousand
Dollars ($200,000), whichever amount is LESS.
SECTION 3. Annually, the City Commission shall consider whether to approve an extra
contribution to the Police Pension Fund in accord with Section 2, taking into account the then -
current operating budget and other fiscal matters of the City. Nothing in this Resolution shall
require any City Commission in the future to approve an extra contribution to the Police Pension
Fund.
SECTION 4. This Resolution shall become effective upon adoption.
PASSED AND ADOPTED by the Commission of the City of Atlantic Beach, Florida this
23rd day of January 2017.
Mitchell E. Reeves, Mayor
Attest: -
Donna L. Bartle, City Clerk
Approved as to form and correctness:
*enna M Dur en, City Attorney
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