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Police/Fire Perrsivrr I3atn•d of Ti•rrstees <br />May I S, 2007 <br />Page 3 <br />7. Affn•matioat of Previous Action -Transfer of Fu2uls ($1,405,676.64) from Vanguard Total I3ottd <br />Market Inder• I+unci to Galliarcl Ca»ital Mauagesnent Tixecl Income P~•odtrct <br />This is an infnrntation item referencing the authorization and direction to liquidate Vanguard Tota[ Bond <br />Market Index Ftuid and utilize the proceeds to purchase theGalliard Capital Management Fred Income <br />Product. Tl-tc amount of the transfer ryas $1,405,676.64. {Copy of the atttltorization is attached to anti <br />made a part of these minutes.} <br />$. Discassioat of Multiplier I~tcrease- Toster & Toster- Patrick Do~tlan <br />Mr. Patrick Donlan, Foster & Foster, gave a presentation regarding the fitttding regttiremcnts far lte City's <br />fiscal years ending Septetnbcr 30, 2007 and September 30, 2008, using a method that pt•ojects the t•esults <br />of the actuarial valuation to the ~sca1 year thalbegins 12 months folla~ving the valuation date. Based on <br />this method the funding requirements are as follows; <br />Valuation Date 1011146 ] 011106 <br />Applicable Fiscal Year End 9130107 9/30/08 <br />Total Required Contribution 723,271 759,435 <br />of Projected Payroll 26.6% 26.6% <br />Expected Member Contributions 13,648 14,288 <br />Applicable State Contributions 183,117 I83,117 <br />Balance from City of Casselberry 526,546 562,030 <br />of Projected Payroll I9.3% 19.7% <br />Mr. Donlan stated tl><tt the City has a Funding Credit Balance of X333,948 as of October 1, 2006 that is <br />available to he]p offset their bottom line requirement, This change would represent a change in the <br />actuarial cost method attdhe recortunendedthe Board approve the presentation method, This method <br />allows the Cite appralimately t«ro tnonths Codetermine the fttndittg requiretnettts fortte~t fiscal yeat• <br />07108. In other words, the City would stave the figures in December fotbudgeting the fiscal yeat• starting <br />the following October: VlTith the approval of this method, the funding requirement the City will have to <br />meet is $562,030. <br />MOTION: Moved Uy Chief Jolw Pavlis to adopt the projection method for determining <br />the feutcliug rcgnirements faj• preparation of the achtarial evaluatim rel3ort. <br />Motion vt~as seconded by Mr. David Gonzalez and carrie[l irnat~imottsly on a <br />3 - 0 vote. <br />