HomeMy WebLinkAboutR-2013-139 Authorized Transfer of $400,000.00 from Available Other Post-Employment Benefits Trust Fund Investment Account Balances to General Fund to Provide Partial Funding of Retiree Health RESOLUTION NO. 2013-139
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, AUTHORIZING TRANSFER OF FOUR HUNDRED
THOUSAND DOLLARS ($400,000.00) FROM AVAILABLE OTHER POST-
EMPLOYMENT BENEFITS ("OPEB") TRUST FUND INVESTMENT
ACCOUNT BALANCES TO THE CITY GENERAL FUND, TO PROVIDE
PARTIAL FUNDING OF RETIREE HEALTH COVERAGE COSTS
INCURRED DURING THE FISCAL YEAR ENDING SEPTEMBER 30, 2013;
PROVIDING FOR CONFLICTS; FURTHER, PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the City approved the establishment of an Investment Trust Fund, known as
the Other Post-Employment Benefits ("OPEB") Trust, that may solely and exclusively be used
for funding and payment of retiree health coverage costs; and
WHEREAS, the OPEB Trust has received and invested funds from the City during the
past five years, achieving a total available balance of$6,929,822.00 as of September 30, 2013,
after accumulating over$579,000.00 in investment earnings during the fiscal year; and
WHEREAS, the City has incurred and has paid more than $790,000.00 in retiree health
coverage costs during the fiscal year ending September 30, 2013; and
WHEREAS, the OPEB Trust's annual funding investments have accumulated
significantly during the past five (5) years, and balances are sufficient to allow the Trust to
provide some portion of funding toward annual costs of retiree health coverage care; and
WHEREAS, City Finance management recommends and the Administration supports,
that a portion of annual retiree health coverage costs incurred during the September 30, 2013
fiscal year, be funded by a transfer of Four Hundred Thousand Dollars ($400,000.00) in
available balances from the OPEB Trust;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH,FLORIDA:
Section 1. That the above "Whereas" clauses are ratified and incorporated into this
Resolution by this reference.
Section 2. That the City Commission of the City of Dania Beach approves the
transfer of Four Hundred Thousand Dollars ($400,000.00) from available OPEB Trust Account
balances to the General Fund.
Section 3. That those funds transferred from the OPEB Trust account shall be used
solely and exclusively to pay for retiree health coverage costs incurred by the City for the fiscal
year ending September 30, 2013.
Section 4. That all resolutions or parts of resolutions in conflict with this Resolution
are repealed to the extent of such conflict.
Section 5. That this Resolution shall be in force and become effective retroactively to
September 30, 2013 upon its passage and adoption.
PASSED AND ADOPTED on November 26, 2013.
ATTEST:
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LOUISE STILSON, C C WALTER B. DUKE,III
CITY CLERK MAYOR
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APPROVED TO FORM AND LEGALITY
THOMAS ATMBRO
CITY ATTORNEY ,
2 RESOLUTION#2013-139