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1. VILLAGE COUNCIL MEETING:
VILLAGE OF TEQUESTA
AGENDA ITEM TRANSMITTAL FORM
Meeting Date:
July 9, 2009 Meeting Type: Regular Ordinance #: N/A
Consent Agenda: Resolution #: 21-09
Originating Department: Finance
2. AGENDA ITEM TITLE: (Wording form the SUBJECT line of your staff report)
Resolution increasing the 2008-2009 general fund # 001 budget for additional contribution to the public safety
pension trust
3. BUDGET /FINANCIAL IMPACT:
VOT Pension Contribution Fire - $225,584.00 Amount of this item
VOT Pension Contribution Police - Total increase $340,024.00
$114,440.00
Current Budgeted Amount Available: Amount Remaining after item:
N/A N/A
Budget Amendment Required: Yes
Appropriate
4. EXECUTIVE SUMMARY OF MAJOR ISSUES: (This is a snap shot description of the agenda item)
At the special meeting of the Village Council on June 23, 2009, it was agreed by consensus of the
Council to fund the current 2008-2009 pension contribution to the Public Safety Pension Trust at
27.9%. This change resulted in an increase in pension contributions to the Public Safety Pension
Trust of $340,024. As the additional expenditure to fund at that level was not budgeted, we are
requesting the Village Council to approve increasing the 2008-2009 General Fund #001 Budget and
appropriating additional Fund Balance in the amount of the difference of $340,024.
APPROVALS:
Dept. Head:
Attorney: (for legal sufficiency)
Village Manager:
• SUBMIT FOR COUNCIL DISCUSSION:
• APPROVE ITEM: L'J
• DENY ITEM: ^
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Finance Director: _ ~ i _ .
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Yes ^ No ^
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FIN ONCE DEPART1~iENT
DATE: JUNE 29, 2009
TO: MICHAEL R. COUZZO, VILLAGE MANAGER
FROM: jOANN FORSYTHE, FINANCE DIRECTOR
RE: RESOLUTION 21-09 INCREASING THE 2008-2009 GENERAL FUND # 001
BUDGET FOR ADDITIONAL CONTRIBUTION TO THE PUBLIC SAFETY
PENSION TRUST
At the special meeting of the Village Council on June 23, 2009, it was agreed by consensus of the Council to
fund the current 2008-2009 pension contribution to the Public Safety Pension Trust at 27.9%. This change
resulted in an increase in pension contributions to the Public Safety Pension Trust of $340,024. As the
additional expenditure to fund at that level was not budgeted, we are recluesting the Village Council to approve
increasing the 2008-2009 General Fund #001 Budget and appropriating additional Fund Balance in the
amount of the difference of $340,024.
6/29/094:55 PM
RESOLUTION NO. 21-09
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, AMENDING AND INCREASING THE 2008/2009
GENERAL FUND #001 BUDGET BY $340,024 BY MAKING AN
ADDITIONAL PAYMENT TO THE PUBLIC SAFETY PENSION TRUST
AND EFFECTIVELY INCREASING THE 2008-2009 PENSION
CONTRIBUTION RATE FOR THE 2008-2009 BUDGET YEAR AND
APPROPRIATING FUND BALANCE TO FUND THE ADDITIONAL
CONTRIBUTION AND AUTHORIZING THE VILLAGE MANAGER TO
EXECUTE ON BEHALF OF THE VILLAGE.
Whereas, at a Special Meeting of the Village Council on June 23, 2009, it was
agreed by consensus of the Village Council to fund the Public Safety Pension Trust at
an effective contribution rate of 27.9 percent for the 2008-2009 budget year,
Whereas, the current pension contribution rate is 10.57°l° for Fire and
11.5% for Police, the additional contribution required to affect a 27.9% rate is
as follows;
Pension-Fire $225,584.00
Pension-Police $~ 14,440.00
Whereas, this increase was not budgeted in the 2008-2009 General Fund
#001 budget the funds wilt need to be appropriated from 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 2008/2009
General Fund #001 budget and appropriating Fund Balance in the amount of $340,024
is approved.
Section 1 This Resolution shall become effective immediately upon passage.
The foregoing Resolution was offered by ,who
moved its adoption. The motion was seconded by ,and
upon being put to a vote, the vote was as follows:
For Adoption Against Adoption
Mayor Patricia Watkins
Vice-Mayor Tom Patemo
Council Member Vince Arena
Council Member Jim Humpage
Council Member Calvin Tumquest
The Mayor thereupon declared the Resolution duly passed and adopted this 9th day of July,
2009.
MAYOR OF TEQUESTA
Patricia Watkins
ATTEST:
Lori McWilliams, CMC
Village Clerk
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