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

being why hasn' t it been presented to the Board application adopted... 8/ 3/2007  Page 2 of3 I would have hoped this City Council) , from the Pension Committee via. the Pension Plan Administrator. would have received the Committee' s approval and then have had it briefed to the Council for approval. change for City The way I read the Comprehensive Budget, this new approach was more than a ' budget estimate tool' Plan savings methodology. Have I read this correctly? budget estimates... you have changed the Pension Thanks for your patience in answering my questions. And thank you for forwarding all of my e- mails to other council members. I prefer to operate totally in the sunshine' and to maintain a record of all communications. Jim. From: Joyce Shanahan [ mailto:jshanahan@fwb. org] Sent: Thursday, August 02, 20079: 12 AM To: 4eagles@cox. net Mike Cc: Helen Spencer; Mike Holmes; Virgil; Dennis Reeves; Mike Anderson; Bill Garvie; Wayne Pullen ( E- mail); Minich; toni@tlcpa. gccoxmail. com; Lisa Absher; Charlotte Dunworth SUbject: RE: Comprehensive Budget Good Morning Mr. Hartwell: I The strategic plan has been updated through June and we are working to get that distributed to Council, apologize for the delay. The budget document is the City Manager' s estimate of revenues and expenses for the ensuing fiscal year. City for the staff, as we have done in prior years, solicits the assistance of the actuary to estimate these costs upcoming year. We did so again this year and Mr. Tierney recommended this methodology and we incorporated Police Officers or it into our budget development. The General Employees Pension Advisory Committee, nor the the City' s Fire Fighter Pension committees have ever reviewed or approved the methodology used to develop budget estimates for our pension costs. 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 of Fort Walton Beach officials are Please Note: Florida has a very broad public records law. Most written communications to or from City available the and media Your request.. e-mail address and communications may therefore be subject to public public records to public upon disclosure. From: James E. Hartwell Jr [ mailto: 4eagles@cox. net] Sent: Thursday, August 02, 20077: 35 AM To: Joyce Shanahan Cc: Helen Spencer SUbject: Comprehensive Budget Joyce. I have a couple While preparing for a taping of 'City Desk' I was reviewing entries in the Comprehensive Budget. of questions: interested in When will the Council receive a status update of the items from the Strategic Plan? I am especially for full implementation, as we are within 30 days of that those items that were given a 6 month suspense completion date. for Pension In the Executive Summary, pg 10, under the Top 5 Budget Issues, is listed a ' new' methodology 8/ 3/ 2007  Page 3 of3 Contributions!? When did the Pension Committee submit this approach to Pension Contributions to the Pension Board? I asked two members of the Committee and they both said they were unaware of this change. Sorry, for this piecemeal approach to examining the budget but I am time- restricted in my schedule. Thanks. Jim. Moody friends. Drama queens. Your life? Nope! - their life, your story. Play Sims Stories at Yahoo! Games. 8/ 3/ 2007  CITY OF FORT WALTON BEACH, FLORIDA MEMORANDUM DATE: August 3, 2007 TO: Helen Spencer, City Clerk cc: Honorable Mayor and Council Members City Attorney Finance Director FROM: Joyce Shanahan, City Manage~ SUBJECT: Request for Special Meeting oifAu; ust 22, 2007 Please schedule a Special Meeting on Wednesday, August 22, 2007 at 5: 30pm. The subject will be Review of General Employees' Pension Fund. My staff has confirmed this date and time with Mr. Jim Linn, Mr. Mike Tierney and Ms. Angela BaJent. Thank you. Icj U:\ CJones\DPT0 2b\ CMO\Memos\ Memos 2007\ 08-03. 07 CC re sp mtg.doc Mike Anderson From: Joyce Shanahan Sent: Sunday, July 22, 2007 11: 44 AM To: Bill Garvie; Dennis Reeves; Jim Hartwell ( 4eagles@cox. net); Mike Anderson; Mike Holmes mikeycmat@aol.com); Mike Minich ( mike@seminc. net); Toni L Craig; Virgil Miller; Wayne Pullen Cc: Lisa Absher; Helen Spencer; Mark Wiltsie; Carole Jones Subject: FW: Memo re Workshop on Retirement Issues Attachments: Shanahan re Retirement Workshop. doc Shanahan re etirement Worksho. Good Morning All: Please find attached a letter from Pension Attorney Jim Linn. He is suggesting in his email that Council consider a workshop meeting for the consideration of changes to the Pension Plan. I concur that this information is better suited for a single topic workshop. I will ask for some available dates from Mr. Linn, as well as the Actuary and auditors and investment manager. Once we have those dates, I will ask the City Clerk to arrange a time for a special workshop/ meeting. It will likely have to be a special meeting because Council will have some decision points to make. Thank you. Joyce Shanahan City Manager City of Fort Walton Beach, FL Phone: 850- 833- 9504 Fax: 850- 833- 9640 Cell: 850- 803- 9621 Email: jshanahan@fwb. org Please Note: Florida has a very broad public records law. Most written communications to or from City of Fort Walton Beach officials are public records available to the public and media upon request. Your e- mail address and communications may therefore be subject to public disclosure. Original Message----- From: Jim Linn [ mailto: jlinn@llw- law. com] Sent: Friday, July 20, 2007 4: 50 PM To: Joyce Shanahan Cc: Lisa Absher Subject: Memo re Workshop on Retirement Issues Joyce - could you please transmit the attached memo/ recommendation to City Council? Thanks, Jim James W. Linn Lewis, Longman & Walker, P. A. Post Office Box 10788 Tallahassee, FL 32302 850) 222- 5702 1  850) 224- 9242 ( Facsimile) THE INFORMATION CONTAINED IN THIS ELECTRONIC MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL( S) OR ENTITY NAMED ABOVE. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE IMMEDIATELY NOTIFY US BY TELEPHONE OR E- MAIL AND DELETE THIS MESSAGE. THANK YOU. 2  LEWIS, LONGMAN & WALKER, P.A. I T 1. 1 !/ f'! [ V~) ;'\ L J\ vl/ REPLY To: TALLAHASSEE MEMORANDUM TO: Joyce Shanahan, City Manager City of Fort Walton Beach FROM: Jim Linn, Pension Counsel CC: Lisa Absher, Finance Director DATE: July 20, 2007 RE: General Employees' Retirement Fund Over the past several weeks I have had an opportunity to review and consider all of the documents relevant to Ms. Absher' s June 8, 2007 " Report on Financial Condition of the GE Pension Fund." I have also done additional research concerning some of Ms. Absher' s fmdings and recommendations. I will be providing a complete report on these matters in the near future. It is my understanding that the City Council is scheduled to consider my report, as well as reports from the City Auditor and Actuary, at its August 14, 2007 regular meeting. However, I believe it will be extremely difficult for the City Council to digest all of the infonnation and make critical decisions concerning the future of the retirement plan in the course of a regular meeting. For example, Ms. Absher has proposed, in broad tenns, that the roles and responsibilities of the City Council and Advisory Committee be extensively revised. Underlying this recommendation are fundamental