Fort Walton Beach Council agenda — 06-24-03 regular Council agenda — reading text

ordinances or parts of ordinances containing provisions in conflict 394 herewith are hereby repealpd to the extent of such conflict. 9 395 396 397 SECTION U. EFFECmTE DATE. This ordinance shall take effect immediately upon 398 approval by city council and signature of the Mayor. 399 400 PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON 401 BEACH,FLORIDA ON THE _ DAY OF , 2003. 402 403 404 405 406 407 GLENDA GLOVER 408 MAYOR 409 410 411 ATTEST: 412 413 414 415 HELEN A SPENCER 416 CITY CLERK 417 The form and legal sufficiency of the foregoing 418 has been reviewed and approved by the City 419 Attorney. 420 421 422 J. JEROME r:vnLLER 423 CITY ATTORNEY 424 425 NOTE: Additions are underlined; deletions are stricken. 426 10  Resolution A RESOLUTION OF THE CITY OF FORT WALTON BEACH E8T:\ BLISHING AMENDING CITY INSPECTION FEES AND TOWING RATES FOR WRECKERS REGULATION, REPEALING CONFLICTING RESOLUTIONS; AND PROVIDING FOR AN EFFECTIVE DATE HEREOF. CH, FLORID1\ BE IT ORDf~lNED BY THE CITY COUNCIL OF THE CITY OF FORT W.^.L TON BB.^. mA+: WHEREAS. The City of Fort Walton Beach Ordinance # 1283 authorizes the establishment of fees to be charged bv any Towing Service operatine: within the entire area of the City of Fort Walton Beach. and WHEREAS. the City Council of Fort Walton Beach. Florida has determined that the fees set forth herein are reasonable. NOW. THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF FORT WALTON BEACH. FLORIDA.that: Section I.The fellowmg fees fur ' reg1:l1atioe are esmalished: The schedule of fees established and Nreeker!> maximum for towing of vehicles is set forth as follows: adopted CITY INSPECTION FEE FOR WRECKERS: 15. 00 $ 25.00 City of Fort Walton Beach Rotation Wrecker Towing Rate Structure Class A Wreckers ( Including Roll- Back or Slide Back Carriers} BASE RATE- 75. 00 $ 110. 00 2. 00 MILEAGE RATE - per mile charge beyond 1 mile of the City limits HOURLY RATE - for waiting or working time on scene after the ftrst 30 minutes b(il ed bv V4 hour) 50. 00 $ 65. 00 CLASS B WRECKERS 110.00 $ 130. 00 BASE RATE 4. 00 MILEAGE RATE (per mile charge beyond 1 mile of the city limits) 100. QO.1Ir $ 65. 00 HOURLY RATE ( for waiting or working time on scene after the first 30 minutes) billed bv V4 hour CLASS C WRECKERS 175. 00 BASE RATE MILEAGE RATE- per mile charge beyond 1 mile of the city limits L. Q4J! HOURLY RATE-for waiting: or working time on scene after the first 30 minutes (bil ed bv V4 hour) 65. 00 SEPAR\ TE CIl:\RCES: FT 25. 00 A. REMO'l AL OF DRIVB SH.^. 10. 00 B. :\ IR HOOK UP 1B!Pur~ L f. xLB 15. 00 C. REMO' 25. 00 D. REMOVB BUMPER 15. 00 E. REMOVE i\ IR FOILS ILBR Semi raIl back or drop back trailer or tnlck TP....^. N/ A NDOLL F. L.^.  IR BAG8 G. E.. .'\ Class " C"~:..n~ 100. 00 per Hr. per be;; ekers..... $ G. EXTRA MANPOWER - Class " C" wreckers Per man hour charge normal busiriess- skil1ed per hr. 32.50 H. RETRIEVAL OF PERSONAL PROPERTY AFTER HOURS, per visit 25. 00 STORAGE FOR ALL CLASSES OF SERVICE e fees are calculated after the first six Stora!!: hours 25. 00 INSIDE STORAGE - per day rate Class " A" OUTSIDE STORAGE - per day rate Class " A" " B" and " C" Wreckers ~ Ph:ls$ 1.00 Per ft. over 20 feet 00 per day. 18. 00 for ftrst 20 feet ~ $1.00 per foot thereafter: maximum $ 40. Section II - COLLECTION OF FEES AND CHARGES 1. All fees shall be collected by the Company providing service Towin!!: A receipt shall be issued to the payer at the time of payment of the fees. A CODY of the receipt 2. shall be retained by the payee. Section III - SCHEDULE OF FEES . or repealed. in whole or in part. bv The schedule of fees as established hereinmay be amended when reauired to SUDport the resolution of the City Council of Fort Walton Beach. Florida 38. Article 7. adeauate rendition of the services provided for in Chapter Section IV- EFFECTIVE DATE This Resolution shall take effect on the day of ADOPTED: MAYOR: Glenda Glover ATTEST: CITY CLERK Helen Spencer The form and legal sufficiency of the foregoing has been reviewed and approved by the City Attorney. J. Jerome Miller CITY ATTORNEY CITY COUNCIL MEETING June 24, 2003 First Reading of Ordinance 1562 Amending the Firefighters' Pension Trust Fund Agenda Item No.- PH 4  v 01 ytvt/Wohtm 7.JeacA Memorandum To: Reid Silverboard, City Manager From: Joyce Shanahan, Finance Director Subject: Revision of Equity Limits in Police and Fire Pension Plans Date: June 16, 2003 BACKGROUND: The existing language in the Police Officers and Firefighters Pension Trust funds limits the aggregate of the funds investment ( stocks) to 50% of cost value of the assets. The equity cost basis is computed by dividing the cost value of stocks by the market value of the total portfolio. When the Police Officers and Firefighters Pension Trust funds changed investment managers about 2 years ago, the market value of the stocks at that time became the new cost basis for the respective plans. Since the overall stock market is down sharply, this cost basis now exceeds the 50% limit mandated by the existing language of the language Plans and limits the amount of stocks the plans can purchase in the future. DISCUSSION: Currently both the Police Officers and Firefighters Pension Trust Funds have very low equity allocations with only 35- 40 percent of their respective portfolio' s market value exposed to stocks. Although this language did not adversely impact the Plans' investment performance when stocks were performing poorly, it will put them at a disadvantage as we begin to see the stock market improve due to the Plans' limited ability to purchase any new or additional holdings. The cost basis language in the Plans mirrored the language in the State of Florida Police Officers and Firefighters Pension Plans F.S. S. Chapters 175 and 185. It was initially thought that limiting the aggregate value of equity investments to 50% of the Plan' s cost value was a However, according to Larry Cole way to control or limit the risk of the pension portfolio. of Merrill Lynch Consulting Services, in reality it does very little to limit risk to the overall portfolio. In fact, according to Mr. Cole, this current language could force the plans to sell stocks in a declining market at a loss. A better way, according to Mr. Cole, to control risks is by placing market value limits on a portfolio.Thus the recommendation by Merrill Lynch to change the investment language from 50% at cost to not exceed 70% of the rnarket value of the assets. This revised " market value" language provides the investment managers with the flexibility to purchase additional holdings when stocks are valued low and sell those holding when they are at a premium. The investment managers maintain diversified portfolios that balance fixed income with equities and they rebalance those assets as time and market conditions dictate. Failing to Page 1 change the Pension Plans language may also impact the City' s annual investment contribution requirements to the Plans if they are unable to achieve the actuarial assumed rate of return of 8%. The Police Officers and Firefighters Pension Attorney H. Lee Dehner of Christiansen & Dehner, P. A. drafted the revised The City' s Pension Attorney James W. pension language. Linn of Lewis, Longeman and Walker, P.A. has reviewed the amendments and has approved them for form and legal sufficiency. CONCLUSION: Therefore, Staff respectfully requests that the City Council adopt Ordinances 1562 and 1563 amending the investment language of the Police Officers and Firefighters Pension Plans. Respectfully Submitted: ce Director V Concur