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HomeMy WebLinkAboutDocumentation_Regular_Tab 15_08/13/2009~~ ~. PILLAGE couNCIL MEETING: ViLt.AGE AGENDA ITEM 1 Redistributed from 7/9/09 Meeting Resolution increasing the 2i3a8-2049 general fiund # t~1 budget ficyr additional contrlbuti~ to the ~blio safety pension trust 3. BUDGET / .FINANCIAL... IMPACT: Balance. Yes 4: EXECUTIVE SUMMARY of MAJOR ISSUES: (This is a snap shat ciescripti©n of fire aq~nda item} At the spec~# meeting, of the Village Council on June 23, 2Q49, it was agreed by consensus of the Council to fund the current 2008-2~I9 pension contribution to the Public Safety Pension 'Frost at 27.9'%0.. `fhis change resulted in an increase in pension contributions to the Public Safety Pension Trust. ofi $340,024. As the additional expenditure to fund at that :level was not budgeted, we are requesting the Village Council to approve increasing the X008-2t General Fund #t?01 Budget. and appropriating additional Fund Balance in the amount of the difference of $34©,924. Dep#, Head. Finance Director:,,~;~ ; ~: ` /, Attt>rney: (for legal sufflciencYl Pillage Manager. • SUBMIT FOR CQUNCIL DISGUSSIUN: [," .APPROVE ITEM.: • DENY :ITEM. [] f~~ ^ No 2. AGENDA ITEM TITLE: (Wording form the SUBJECT line of your staff report} ~E~~~~ DATE: JUNE 29, 2009 TO: MICHAEL R COUZZO, VILLAGE MANAGER FROM: JOANN PORSYTHE, FINANCE DIRECTOR FIN ~N CE DF.,PARTMEN"I' 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 re4uesting the Village Counc>7 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. 21-08 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 Viltage Council on June 23, 2009, it was agreed by consensus of the Village Council to fund the Pubtic 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°~ 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 $114,440.00 Whereas, this increase was not budgeted in the 2008-2009 General Fund #~01 budget the funds will 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: echo 1 The foregoing resolution amending and increasing the 2008/2009 General Fund #001 budget and appropriating Fund 8aiance 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 2