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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AN AMENDED FY 2023-2024 ANNUAL BUDGET OF ESTIMATED EXPENDITURES/EXPENSES AND RECEIPTS/REVENUES OF THE CITY OF POMPANO BEACH TO ACCEPT THE PREMIUM TAX RETIREMENT DISTRIBUTION FOR FIRE AND POLICE; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $3,574,754.81)
staffcontact
(Staff Contact: Erjeta Diamanti)
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Summary Explanation/Background:
F.S. Chapter 185 requires a defined contribution share plan for police and firefighters as part of the Police and Firefighters Retirement System funded by the premium tax revenues from the State of Florida. The premium tax revenues are allocated to fund the share plan and shall be credited to eligible member share accounts and distributed to eligible members.
The amount of Premium Tax retirement distributions was unknown when the FY 2024 budget was adopted. Since the City must report revenues and expenditures on its annual financial statements, staff requests a Resolution to amend the FY 2024 budget, adopted via Resolution #2023-220 on September 20, 2023, accepting the FY 2024 Premium Tax retirement distribution for Fire and Police, totaling $3,574,754.81, in the General Fund, allocated as follows:
Fire
Revenue: $1,815,296.55; Account: 001-0000-334-29-10
Expenditure: $1,815,296.55; Account: 001-2205-522-22-21
Police
Revenue: $1,759,458.26; Account: 001-0000-334-29-11
Expenditure: $1,759,458.26; Account: 001-2170-521-22-21
Origin of request for this action: Budget Office
Fiscal impact and source of funding: $3,574,754.81 in FY 2024 General Fund