Fort Walton Beach Council agenda — 08-22-2007 special agenda — reading text

matter considered at ihls meeting will need 0 rec- ord of the proceedings, and for such purpose ensure that may need to a verbatim record of the Publication date: Friday, August 17, 2007 proceedings is made, which record includes the testimony and evidenc~ the appeal IS upon wHich to be posed. FS286.0 105).. The City' of Fort Walton Beach adheres. t? t~~ Americans with DIS9b1h- ties Act and will make reasonable modifications for access to this meeting Please upon request. tlie City Clerk, He en Clal! at Seenc@r . 850-833-9509 to make a request. For Heari~ g the City Imp,aired call 833- 9925" Hall TDD # or 1- 800-955- 8771 or TDDL .. .. 1. 800.955-8770 . Naice). Requests must be re- ceivea at least 48 hours in advance of the meet- in order to allow the. ing CIty time to provide re- quested service. HELEN A.SPENCER CITY CLERK . 833-9509 . 1:\ LEGAlS\ COUNCll0\ 8- 22-07. DOC legal 2659 2007 August 17, CITY OF FORT WALTON BEACH GENERAL EMPLOYEES' RETIREMENT FUND 2006 ACTUARIAL VALUATION ADJUSTED FOR CONTRIBUTION PAYMENT DELAY JULY 2007 ACTUARIAL VALUATION AS OF OCTOBER 1, 2006 TO DETERMINE CONTRIBUTIONS TO BE PAID FOR FISCAL YEAR 2007- 2008 I U;"';I' l L.: Conc~ Rts A _~__........._:........! L LULl! =: II! S_ =a III!' Conc~ pts nl AdvilJOr8 M8088cnJ(: ndi~ c!Jpc:ci8li8IJJ : July 19, 2007 Ms. Joyce Shanahan City Manager City of Fort Walton Beach P.O. Box 4009 Fort Walton Beach, Florida 32549 Dear Ms. Shanahan: This report presents the results of the 2006 actuarial valuation of the City of Fort Walton Beach General Employees' Retirement Fund adjusted for recognition of a one- year delay in payment of contribution requirements. Therefore, this report determines contribution requirements for fiscal year October 1, 2007, through September 30, 2008. This changein will be effective starting on October I, 2007, and will continue procedure to apply for future valuations. Actuarial Concepts was retained by the Board to perform the actuarial valuation and prepare this report. This actuarial valuation was prepared and completed by us or under our direct and we acknowledge responsibility for the results. To the supervision, best of our knowledge, the results are complete and accurate and, in our opinion, the techniques and used are reasonable and meet the requirements and intent assumptions of Part VII, Chapter 112, Florida Statutes. There is no benefit or expense to be provided by the Plan and/ or paid from the Plan' s assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends that require a material increase in plan costs or required contribution rates have been taken into account in the valuation. The use of the valuation results for financial or administrative purposes, other than those outlined in the report, is not recommended without an advance review by Actuarial Concepts of the appropriateness of such application. Members of our staff are available to discuss this report and related issues. Very truly yours, ACTUARIAL CONCEPTS By: t) Ha..~: 1~ Michael J. Tierney #5- 1337 ASA, MAAA, FCA, EA 0 3020 Hartlc)' euitc 250. Jacksonville. r~32257 Rd.. Phone: (904) 262- 3020. fax: (904) 268- 337. C- mail: ac@ luari conepll. .. com TABLE OF CONTENTS SECTION 1 1- 1 KEY VALUATION RESULTS SUMMARY......................................................................... Results 1- 1 Key Synopsis. ........... ............ ............ .... ............... ....... ....................... ....... ...... Since Last Valuation ........................................................ ........................... 1- 1 Changes 1- 2 Plan Experience ........................ ................................................................................... 3 Contribution Requirements.............. ....... ............... ............ ....... ............... .... 1-............. 1- 4 CUIrent Funded Status - Current Liabilities ........................................................... CUIrent Funded Status - 1- 5 Projected Liabilities......................................................... Funded Trend (Projected Liability) .......................................................................... 1- 6 1- 7.... ........... Valuation Trend. ...................... ........ ....... ............ ....... ........ ................... ....... 1- 8 .......... .... Participation Trend ... ................ .................. ....... .... ........ .... ......... ...... ............ 1- 8 True Costs ....... ............ .......... ........ .................. ..... ........... ..... ........ .......... ..... .............. ... SECTION 2 ACTUARIAL VALUATION