HomeMy WebLinkAboutDocumentation_Regular_Tab 14_11/14/2019 Agenda Item #14.
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Regular Council
TAFF MEMO
COVM'
Meeting: Regular Council - Nov 14 2019
Staff Contact: Hugh Dunkley Department: Finance
TITLE
RESOLUTION NO. 50-19, A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, AMENDING AND INCREASING THE FISCAL YEAR 2018/2019 GENERAL
FUND #001 BUDGET BY $649,262.00 TO RECOGNIZE CHAPTER 185 INSURANCE PREMIUM
TAXES RECEIVED IN FISCAL YEAR 2018/2019
SUMMARY:
On March 8, 2018, the Village of Tequesta modified the police retirement plan from a 401a Defined
Contribution Plan to a Defined Benefit Plan. The Village of Tequesta became eligible to receive
annual Chapter 185 revenue that was allocated, but not received, for Fiscal Years Ending 2014-2018
when it made this change.
POTENTIAL MOTION / DIRECTION REQUESTED:
Amend and increase the Fiscal Year 2018/2019 General Fund #001 Budget by $649,262.00 to
•ecognize Chapter 185 insurance premium taxes received in Fiscal Year 2018/2019.
ATTACHMENTS:
20191114-185 INSURANCE PREMIUM TAXES-RESOLUTION.ADA
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Agenda Item #14.
• RESOLUTION NO. 50-19
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, AMENDING AND INCREASING THE FISCAL
YEAR 2018/2019 GENERAL FUND #001 BUDGET BY $649,262.00 TO
RECOGNIZE CHAPTER 185 INSURANCE PREMIUM TAXES
RECEIVED IN FISCAL YEAR 2018/2019; PROVIDING AN EFFECTIVE
DATE; AND FOR OTHER PURPOSES.
WHEREAS, the Village received the following insurance premium tax distributions in
Fiscal Year 2018/2019 totaling $649,261.81:
2013 $111,150.51 2014 $111,689.33
2015 $ 90,804.16 2016 $157,450.03
2017 $ 88,335.98 2018 $ 89,831.80
WHEREAS,the Fiscal Year 2018/2019 Budget will increase as follows:
Dr. 001-175-522.110 Other Pension Contributions $649,262.00
• Cr.001-000-312.520 Police Insurance Premium Tax; $649,262.00
NOW,THEREFORE,BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA,PALM BEACH COUNTY,FLORIDA,AS FOLLOWS:
Section 1 Resolution No. 50-19 is hereby approved amending and increasing the
Fiscal Year 2018/2019 General Fund #001 Budget by$649,262.00 to recognize Chapter
185 insurance premium taxes received in Fiscal Year 2018/2019;
Section 2 This Resolution shall become effective immediately upon passage.
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