CC Minutes 02/26/2007 - Laserfiche WebLink

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CASSELBERRY CITY COMMISSION Minutes of February 26, 2007 - Regular Meeting Page 4 of 10 2) Ken Tinkler, Carlton Fields Law Firm, 4221 Boy Scout Boulevard, Tampa, spoke on behalf of the applicant, Saticoy. Mr. Tinkler thanked the City Commission for consideration of the designation and was available for inquiries. 3) John Casselberry, 700 South Lost Lake Lane, voiced concerns about possible detrimental affects the Brownsfield designation of any property could have on surrounding properties. MOTION: Commissioner Hufford moved to refer Resolution 07- 1767 to a second public hearing on March 12, 2007. Motion was seconded by Vice Mayor Doerner. Motion carried unanimously by voice vote 5 - O. B. SECOND READING OF 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 -121O 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." Notice of Public Hearing: Notice of Public Hearing relevant to Ordinance 07-1210 was advertised in the Orlando Sentinel on February 16, 2007. 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 for 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. Ordinance 07-1210 was passed on first reading on February 12, 1007. 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 second and final reading. Public Hearing: No one came forward to address Ordinance 07-1210. Mayor Goff closed the Public Hearing.