HomeMy WebLinkAboutDocumentation_Regular_Tab 07_11/12/2009VILLAGE OF TEQUESTA
AGENDA ITEM TRANSMITTAL FORM
1. VILLAGE COUNCIL MEETING:
Meeting Date:
11 /12/2009 Meeting Type: Regular Ordinance #: N/A
Consent Agenda: Yes Resolution #: 35-09
Originating Department: Finance
2. AGENDA ITEM TITLE: (Wording form the SUBJECT line of your staff report)
Approve increasing the 2008-2009 $202,002 to reflect the receipt of additional revenues from insurance
premium taxes and the corresponding expenditures for VOT pension contributions.
3. BUDGET /FINANCIAL IMPACT:
Revenues: Amount of this item: N/A
Ins. premium tax -Fire -$136,854 $202,002
Ins. premium tax -Police - $65,148
Expenditures:
VOT pension contributions -Fire $136,854
VOT ension contributions -Police $65,148
Current Budgeted Amount Available: Amount Remaining after item:
N/A N/A
Budget Transfer Required: Yes Appropriate Fund Balance: Yes
4. EXECUTIVE SUMMARY OF MAJOR ISSUES: (This is a snap shot description of fhe agenda item)
A resolution amending and increasing revenues and expenditures in the 2008/2009 General Fund
#001 Budget by $202,002 to recognize the Village of Tequesta's receipt of unbudgeted revenue from
Insurance Premium Tax proceeds and an equal amount in additional pension contributions as
required by Florida Statutes.
5. APPROVALS:
Dept. Head:
Attorney: (for legal sufficiency)
Village Manager:
r
• SUBMIT FOR COUNCIL DISCUSSION:
• APPROVE ITEM: ^
Finance Director:
Yes ^ No ^
• DENY ITEM: ^
MEMO~~INDIIM
~.
FIN ONCE DEPARTMENT
DATE: NOVEMBER 6, 2009
TO: MICHAEL COUZZO, VILLAGE MANAGER
CC: LORI MCWILLIAMS, VILLAGE CLERK
FROM: JOANN FORSYTHE, FINANCE DIRECTOR
RE: AGENDA ITEM -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 12, 2009 Regular Council Meeting of the Village of
Tequesta.
This resolution approves increasing the 2009 General Fund #001 budget by $202,002 which reflects the
receipts from Insurance Premium Taxes and the use of these funds as additional VOT pension contributions
in the Fire and Police Pension Trusts.
The Village received $202,002 in insurance premium taxes in fiscal year 9/30/2009 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 $136,854
Insurance premium tax-police $65,148
Expenditures:
Other pension contributions-fire $136,954
Other pension contributions-police $65,148
11/6/093:42 PM
RESOLUTION NO. 35-09
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA,
FLORIDA, AMENDING AND INCREASING REVENUES AND EXPENDITURES IN
THE 2008/2009 GENERAL FUND #001 BUDGET BY $202,002 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; PROVIDING FOR AN EFFECTIVE DATE AND FOR OTHER
PURPOSES.
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 $136,854
Insurance premium tax-police $65,148
Expenditures:
Other pension contributions-fire $136,854
Other pension contributions-police $65,148
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 2008-2009
General Fund #001 budget $202,002 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:
Mayor Patricia Watkins
Vice-Mayor Tom Paterno
Council Member Vince Arena
Council Member Jim Humpage
Council Member Calvin Turnquest
For Adoption Against Adoption
The Mayor thereupon declared the Resolution duly passed and adopted this 12th day of
November, 2009.
MAYOR OF TEQUESTA
ATTEST:
Lori McWilliams, CMC
Village Clerk
Patricia Watkins
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