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1. VILLAGE COUNCIL MEETING:
VILLAGE OF TEQUESTA
AGENDA ITEM TRANSMITTAL FORM
Meeting Date:
11/13/2008 Meeting Type: Regular Ordinance #: N/A
Consent Agenda: Yes Resolution #: 51-08
Originating Department: Finance
2. AGENDA ITEM TITLE: (Wording form the SUBJECT line of your staff report)
Increase the General Fund #001 Budget by $229,173.09 to budget revenues from Insurance premium
tax revenues and increase an equal amount in pension contribution expenditures in the police and fire
departments.
3. BUDGET /FINANCIAL IMPACT:
Revenues: Amount of this item: N/A
001-171-312.520 Casualty Ins. Prem Tax Revenues: $229,193.09
001-192-312.510 Fire Ins Premium Tax Expenditures: $229
193.09
Expenditures: ,
001-171-522.110 Other Pension Contr.(Police)
001-192.522.110 Other Pension Contr. (Fire)
Current Budgeted Amount Available: Amount Remaining after item:
$0 N/A
00
Budget Transfer Required: No Appropriate Fund Balance: No
4. EXECUTIVE SUMMARY OF MAJOR ISSUES: (This is a snap shot description of the agenda item)
The Village received $229,173.09 in fire insurance premium taxes in fiscal year 9/30/2008 that were
not budgeted and increase budgeted expenditures of an equal amount in the Police and Fire
department's budgets for pension contributions to the Public Safety Pension Trust as required.
5. APPROVALS:
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Dept. Head: ~ _ % ~~ Finance Director:-.__ '~.~~'
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Attorney: (for legal sufficiency)
Village Manager: ~ ~
• SUBMIT FOR COUNCIL DISCUSSION:
• APPROVE ITEM:
• DENY ITEM: ^
Yes ^ No ^
MEMORANDUM
DATE: NOVEMBER 4, 2008
TO: MICHAEL COUZZO, VILLAGE MANAGER
CC: LORI MCWILLIAMS, VILLAGE CLERK
FROM: JOANN FORSY'I'HE, FINANCE DIRECTOR
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FINANCE DEPARTMENT
RE: AGENDAITEM -INCREASE REVENUES AND EXPENDITURES IN THE
GENERAL FUND # 001 2007-2008 BUDGET TO BUDGET REVENUES FROM
INSURANCE PREMIUM TAX REVENUES AND THE RELATED
EXPENDITURES
Please add the attached agenda item to the November 13, 2008 Regular Council Meeting of the Village of
Tequesta.
This resolution approves increasing the 2007-2008 General Fund # 001 budget by $229,173.09 without
appropriating additional fund balance.
The Village received $229,173.09 in fire insurance premium taxes in fiscal year 9/30/2008 that were not
budgeted and recorded expenditures of an equal amount in the Police and Fire department's budgets for
pension contributions in compliance with Florida Statutes # 175 and # 185 as well as generally accepted
accounting principles. The amounts received and expended are as follows;
Revenues:
Insurance premium tax-fire $158,602.28
Insurance premium tax-police $70,570.81
Expenditures:
Other pension contributions-fire $158,602.28
Other pension contributions-police $70,570.81
11/4/0811:59 AM
RESOLUTION NO. 51-08
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA,
FLORIDA, AMENDING AND INCREASING REVENUES AND EXPENDITURES IN
THE 2007/2008 GENERAL FUND #001 BUDGET BY $229,173.09 AS THE
VILLAGE RECEIVED UNBUDGETED REVENUE FROM INSURANCE PREMIUM
TAXES AND EXPENDED AN EQUAL AMOUNT IN ADDITIONAL PENSION
CONTRIBUTIONS AS REQUIRED BY FLORIDA STATUTES SECTIONS 175
AND 185.
Whereas, the Village of Tequesta received unbudgeted revenues from insurance
premium tax proceeds and expended additional pension contributions as follows
Revenues:
Insurance premium tax-fire $158,602.28
Insurance premium tax-police $70,570.81
Expenditures:
Other pension contributions-fire $158,602.28
Other pension contributions-police $70,570.81
Whereas, the funds must be used in accordance with Florida Statutes,
Sections 175 and 185 related to funding of police and firefighter pensions;
Whereas, the funds are required to flow-through the General Fund #001;
Whereas, this will not require appropriating additional Fund Balance.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1 The foregoing resolution amending and increasing the 2007/2008
General Fund #001 budget $229,173.09 is approved.
Section 1 This Resolution shall become effective immediately upon passage.