title
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AN AMENDED FY 2024-2025 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: $3,908,584)
staffcontact
(Staff Contact: Joshua Watters)
summary
Summary Explanation/Background:
F.S. Chapter 185 requires a retirement 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. This resolution appropriates the premium tax revenues to fund the plan.
The amount of Premium Tax retirement distributions was unknown when the FY 2025 budget was adopted. Since the City must report revenues and expenditures on its annual financial statements, staff requests a Resolution to amend the FY 2025 budget, adopted via Resolution #2024-219 on September 19, 2024, accepting the FY 2025 Premium Tax retirement distribution for Fire and Police, totaling $3,908,584 in the General Fund, allocated as follows:
Fire
Revenue: $1,938,991; Account: 001-0000-334-29-10
Expenditure: $1,938,991; Account: 001-2205-522-22-21
Police
Revenue: $1,969,593; Account: 001-0000-334-29-11
Expenditure: $1,969,593; Account: 001-2170-521-22-21
Origin of request for this action: Budget Office
Fiscal impact and source of funding: $3,908,584 General Fund budget for FY 2025.