CC Minutes 02/12/2007 - Laserfiche WebLink

Home Browse Search

CASSELBERRY CITY COMMISSION Minutes of February 12, 2007 - Regular Meeting Page 4 of 10 9. PUBLIC HEARINGS No items were presented under Public Hearings. 10. FIRST READING OF ORDINANCES A. ORDINANCE 07-1210 - AMENDMENTS TO CHAPTER 62 OF THE CITY CODE. PERSONNEL. ARTICLE XXI. POLICE AND FIREFIGHTERS PENSION PLAN The City Clerk read Ordinance 07-1210 by title as follows: "AN ORDINANCE OF THE CITY OF CASSELBERRY, AMENDING CHAPTER 62, PERSONNEL, ARTICLE XXI, POLICE OFFICERS' AND FIREFIGHTERS' PENSION PLAN, OF THE CODE OF ORDINANCES OF THE CITY OF CASSELBERRY; AMENDING SECTION 62-2004, FINANCE AND FUND MANAGEMENT; AMENDING SECTION 62-2019 EXEMPTION FROM EXECUTION, NON-ASSIGNABILITY; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE." Staff Presentation: Ms. Barbara Lipscomb, City Manager, stated Ordinance 07-1210 will broaden the permissible investment restrictions for the plan by allowing more flexibility in the investment asset allocation in order to increase returns while still minimizing risk. Increased returns could result in a lower funding requirement from the City. The ordinance also will allow a retiree to direct retirement benefit deductions for payments to the City for benefits such as health insurance. Budget Impact: The Actuary for the Police Officers' & Firefighters' Pension Plan, Foster & Foster, opined that the proposed changes do not result in a financial impact to the plan and a formal Actuarial Impact Statement is not required in support of Ordinance 07-1210. Recommendation: The City Manager recommended approval of Ordinance 07-1210 on first reading and to schedule the second reading and public hearing for February 26,2007. MOTION: Vice Mayor Doerner moved to approve Ordinance 07- 1210 on first reading, as presented. Motion was seconded by Commissioner Hufford. Motion carried unanimously by voice vote 5 - O.