HomeMy WebLinkAboutDocumentation_Regular_Tab 17_09/13/2007VILLAGE OF TEQUESTA
MEETING AGENDA ROUTING SHEET
MEETING DATE: September 13, 2007
REQUESTED ACTION/SUMMARY: Increase the General Fund #001 Budget by increasing
revenue from Insurance Premium Taxes and increasing expenditures for pension contributions
RESOLUTION OR ORDINANCE NUMBER: Res # 79-06/07
ORIGINATING DEPARTMENT: Finance Department
FUNDING SOURCE: Current Budget
ACCOUNT AFFECTED: Insurance Premium Tax -Fire
Insurance Premium Tax - Polie
Other Pension Contributions
CURRENT BUDGETED AMOUNT AVAILABLE: $0.00
BUDGET TRANSFER REQUIRED: No
APPROPRIATE FUND BALANCE: No
APPROVALS:
DEPARTMENT HEAD: JoAnn Forsythe
FINANCE DIRECTOR: JoAnn Forsythe
VILLAGE MANAGER: ~~ `"''~
VILLAGE MANAGER RECOMMENDATION:
APPROVE ITEM: ^
DENY ITEM: ^
VILLAGE ATTORNEY: APPROVED FOR LEGAL SUFFICIENCY
^ Yes X No
^ Not Applicable (n/a)
MEMORANDUM
DATE: AUGUST 31, 2007
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 BUDGET TO RECOGNIZE INSURANCE PREMIUM
TAX REVENUES
Please add the attached agenda item to the September 13, 2007 Regular Meeting of the Village Council.
This item is a requesting that we increase the General Fund 2007 Budget to recognize revenues received
insurance premium tax proceeds and to record the expense as pension contributions in accordance with
Florida Statutes, Sections 175 and 185. As the insurance premium proceeds are a tax, the revenue are
recognized by the Village and then forwarded to the pension trusts as a contribution.
8/31/072:48 PM
RESOLUTION NO. 79-06/07
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, PALM BEACH COUNTY, FLORIDA, AND AMENDING AND
INCREASING THE 2006/2007 GENERAL FUND #001 BUDGET
$147,882.07 BY INCREASING REVENUES AND EXPENDITURES IN THE
ACCOUNTS LISTED BELOW AND AUTHORIZING THE VILLAGE
MANAGER TO PROCEED ON BEHALF OF THE VILLAGE.
Revenues:
insurance Premium Tax -Fire $73,949.72
Insurance Premium Tax -Police $73,932.35
Expenditures:
Other Pension Contributions $147,882.07
WHEREAS, the Village of Tequesta received revenues from insurance premium tax
proceeds check dated August 17, 2007; and
WHEREAS, the funds must be used in accordance with Florida Statutes, Sections
175 and 185 related to funding of police and firefighter pensions; and
WHEREAS, the funds are required to flow-through the General Fund #001;
WHEREAS, this will not require appropriating Fund Balance
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE OF TEQUESTA, PALM
BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1. A resolution and amending and increasing the 2006!2007 General Fund
#001 budget $147,882.07 by increasing revenues and expenditures in that amount as
detailed above and authorizing the Village Manager to proceed on behalf of the Village, is
hereby approved.
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 Jim Humpage
Vice-Mayor Pat Watkins
Council Member Dan Amero
Council Member Tom Paterno
Council Member Calvin Turnquest
The Mayor thereupon declared the Resolution duly passed and adopted this
day of , 2007.
MAYOR OF TEQUESTA
Jim Humpage
ATTEST:
Lori McWilliams, CMC
Village Clerk