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

deadline. I have coordinated with these advisors- Angela Balent with O' Sullivan Creel ( City' s External Auditors), Michael Tierney with Actuarial Concepts ( GE Plan Actuary), and Jim Linn with Lewis Longman & Walker (City' s Pension and have set- up a calendar as follows: Attomey)-- 7/ 25/ 07 - First Draft of Reports Due, to be shared with all parties 8/ 01/07 - Second Draft of Reports Due 8/ 07/ 07 - Final Reports Due for 8/ 14/ 07 City Council Agenda 8/ 2/ 2007 CITY OF FORT WALTON BEACH Page 3 of3 This calendar has been discussed with and agreed to by these Advisors. The content of the reports will be: 1.) opinions on past practices, 2.) opinions on the recommendations made by the Finance DirectorlPlan Administrator, and 3.) any other advice or suggestions they wish to make to City Council on the GE Pension Plan. In addition, I will be working with Mark Wiltsie, Chairman of the GE Pension Plan Advisory Committee, to set- up a meeting within these dates so that the Advisory Committee may make or add recommendations to these reports. Please let me know at the 6/26/ 07 City Council meeting: If these arrangements do not meet your expectations, so that I can make adjustments to this plan to meet your needs, or If you have specific questions or information you wish to have addressed in these reports. Thank you, and please let me know if you have any questions. 8/ 2/ 2007  Page 1 of 1 Helen Spencer From: Joyce Shanahan Sent: Thursday, August 02, 20079: 12 AM To: 4eagles@cox. net Cc: Helen Spencer; ' Mike Holmes'; Virgil; Dennis Reeves; Mike Anderson; ' Bill Garvie'; ' Wayne Pullen ( E- mail)'; Mike Minich'; toni@tlcpa. gccoxmail. com; Lisa Absher; Charlotte Dunworth Subject: RE: Comprehensive Budget Good Morning Mr. Hartwell: The strategic plan has been updated through June and we are working to get that distributed to Council, I apologize for the delay. The budget document is the City Manager' s estimate of revenues and expenses for the ensuing fiscal year. City staff, as we have done in prior years, solicits the assistance of the actuary to estimate these costs for the upcoming year. We did so again this year and Mr. Tierney recommended this methodology and we incorporated it into our budget development. The General Employees Pension Advisory Committee, nor the Police Officers or Fire Fighter Pension committees have ever reviewed or the approved used to develop the City' s budget estimates for our pension costs. methodology I hope you don' t mind, but I have copied other members of Council as they may have similar questions. Thank you for the opportunity to respond. Joyce Shanahan City Manager City of Fort Walton Beach. FL Phone: 850- 833- 9504 Fax: 850- 833- 9640 Cell: 850- 803- 9621 Please Note: Florida has a very broad public records law. Most written communications to or from City of Fort Walton Beach officials are public be subject to public disclosure. records available to the public and media upon request. Your e- mail address and communications may therefore From: James E. Hartwell Jr [ mailto: 4eagles@cox. net] Sent: Thursday, August 02, 2007 7: 35 AM To: Joyce Shanahan Cc: Helen Spencer Subject: Comprehensive Budget Joyce. of While preparing for a taping of 'City Desk' I was reviewing entries in the Comprehensive Budget. I have a couple questions: When will the Council receive a status update of the items from the Strategic Plan? I am especially interested in those date. items that were given a 6 month suspense for full implementation, as we are within 30 days of that completion In the Executive Summary, pg 10, under the Top 5 Budget Issues, is listed a ' new' methodology for Pension Pension Board? Contributions!? When did the Pension Committee submit this approach to Pension Contributions to the asked two members of the Committee and they both said they were unaware of this change. in my schedule. Sorry, for this piecemeal approach to examining the budget but I am time- restricted Thanks. Jim. 8/ 2/ 2007 CITY OF FORT WALTON BEACH Page 2 01' 3 Lisa Absher Finance Director City of Fort Walton Beach, Florida Office ( 850) 833- 9513 Original Message----- From: Joyce Shanahan sent: Monday, July 30, 2007 5: 18 PM To: Lisa Absher SUbject: RE: Update on Pension Advisor' s Reports Hi Lisa: Thank you for the information. I don' t believe that these reports should go to the Pension Advisory Committee until AFTER City Council has reviewed them. Thanks. Joyce Shanahan City Manager City of Fort Walton Beach, FL Phone: 850- 833- 9504 Fax: 850- 833- 9640 Cell: 850- 803- 9621 11 Walton Beach officials are Please Note: Florida has a very broad public records law. Most written communications to or from City of Fort and communications may therefore be subject to public public records available to the public and media upon request. Your e- mail address disclosure. From: Lisa Absher sent: Monday, July 30, 2007 5: 00 PM To: Joyce Shanahan SUbject: Update on Pension Advisor' s Reports Dear Joyce, We have received reports from: I. Angela Balent, City External Auditor Jim Linn, Pension Attorney I spoke with Michael Tierney today and he said that his report will be done by Wednesday, August 1st. Please Did you want the GE Pension Advisory Committee to review these reports prior to putting on CC agenda? let me know... Lisa Absher Finance Director City of Fort Walton Beach. Florida Office ( 850) 833- 9513 Original Message----- From: Lisa Absher sent: Monday, June 25, 2007 4: 54 PM Jim Hartwelll; Mike To: Virgil Miller; Mike Holmes; Bill Garvie ( WGarvie@aol. com); Dennis Reeves; Wayne Pullen; Minich Cc: Mike Anderson; Joyce Shanahan; Helen Spencer; ' toni@tlcpa. gccoxmail. com'; Lisa Absher SUbject: Update on Pension Advisor' s Reports Asking for your concurrance on timeline for reports, and questions addressed. CITY OF FORT WALTON BEACH MEMORANDUM 8/ 2/ 2007 CITY OF FORT WALTON BEACH Page 1 of3 Helen Spencer From: Lisa Absher Sent: Thursday, August 02, 20074: 19 PM To: Joyce Shanahan Cc: Helen Spencer; Carole Jones Subject: FW: Update on Pension Advisor's Reports Dear Joyce, I did not obtain a report to CC from Larry Cole, Investment Advisor. Was there an expectation of one? Lisa Absher Finance Director City of Fort Walton Beach, Florida Of1ice ( 850) 833- 9513 Original Message----- From: Carole Jones Sent: Thursday, August 02, 2007 1: 14 PM To: Lisa Absher Cc: Joyce Shanahan Subject: RE: Update on Pension Advisor' s Reports Lisa, Joyce, I heard from Larry Cole ( last of four) just this morning - Messrs Tierney, Linn & Cole, and Ms Balent are all available for a special meeting on Tuesday, August 28. I have told Helen. Thank you. Carole 833- 9504 cjones@fwb. org From: Lisa Absher Sent: Thursday, August 02, 2007 11: 58 AM To: Joyce Shanahan Cc: Carole Jones; Helen Spencer Subject: RE: Update on Pension Advisor's Reports Dear Joyce, Can you advise me on what date you are planning on having the meeting that these Advisors need to attend? They think it is still a workshop on 8/ 14... Thanks! Lisa Absher Finance Director City of Fort Walton Beach, Florida OtTice ( 850) 833- 9513 Original Message----- From: Joyce Shanahan Sent: Monday, July 30, 2007 5: 18 PM To: Lisa Absher SUbject: RE: Update on Pension Advisor' s Reports Hi Lisa: Thank you for the information. I don' t believe that these reports should go to the Pension Advisory Committee until AFTER City Council has reviewed them. 8/ 2/ 2007  Page 1 of 1 Helen Spencer From: Lisa Absher Sent: Monday, July 30, 20072:38 PM To: Helen Spencer; Mark Wiltsie; Tony Anderson; Michael Beedie Cc: Brandy Wunker ~ DPT005D Subject: GE Pension - New Contribution Methodology Dear GE Pension Advisory Committee Members, FY08 Budget. The City Manager has included a new strategy for City GE Pension Contributions in the proposed for the time- The method is referred to as " Contribution Delay" method, as it uses the 9/ 30/