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Home My WebLink AboutInv# 10012021 - CITY OF DANIA BEACH POLICE & FIRE - 04/30/2022 INVOICE FIRE PENSION CONTRIBUTIONS VENDOR # 471 (City of Dania Police & Fire) INV#: 10012021 DESCRIPTION: Police and Fire Annual Pension Contribution - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Contribution: 001-22-01-522-22-10 – 246,544.00 (FYE 2022 annual contribution amount based on 10/1/2020 Valuation Report) *HOLD CHECK FOR FINANCE* Original check to Cathy David. Once packet is scanned into OptiView, a copy should be e-mailed to pfpens@gmail.com. 954-393-9061 Dania Beach Police and Firefighters Retirement System Actuarial Valuation as of October 1, 2020 1 DISCUSSION OF VALUATION RESULTS Comparison of Required Employer Contributions The table below compares the required employer contributions developed in this year's and the previous actuarial valuations. Actuarially Determined Employer Contribution Police Officers:$0 $823,628 $(823,628) Firefighters: 859,522 5,537,756 (4,678,234) Total:$859,522 $6,361,384 $(5,501,862) Estimated Chapter 185 Credit (for Police)$67,890 $67,890 $0 Estimated Chapter 175 Credit (for Firefighters)$124,055 $124,055 $0 Estimated BSO Contribution (for Firefighters)$497,927 $497,927 $0 Net Required City Contribution Assuming full payment on October 1st* Police Officers:$0 $755,738 $(755,738) Firefighters: 237,540 4,915,774 (4,678,234) Total:$237,540 $5,671,512 $(5,433,972) * Excluding Pick-Up Contributions for Firefighters Required Employer Contribution (Excluding Pick-Up Contributions for Firefighters) For FYE 9/30/2022 Based on 10/1/2020 Valuation For FYE 9/30/2021 Based on 10/1/2019 Valuation Increase (Decrease) The net required City contribution has been computed under the assumption that the amount to be received from the State on behalf of members in 2021 and 2022 will be $67,890 for police officers and $124,055 for firefighters. These amounts are equal to the 1998 revenue plus the cost of minimum Chapter benefits and additional benefits that have been enacted since March, 1999. The net required City contribution has also been determined under the assumption that the annual amount to be received from the BSO will be $497,927. If the payments from the State or the BSO fall below these amounts, then the City must raise its contribution by the difference. Furthermore, the net required City contribution listed above has been calculated assuming the payment is made in full at the beginning of the fiscal year. If the City contributions are made quarterly instead, the net required City contribution for FYE 2022 would increase from $237,540 to $246,678. The actual employer and State contributions for police officers during the year ending September 30, 2020 were $819,774 and $67,890, respectively, for a total of $887,664, which is equal to the required contribution. The actual employer (City/BSO) and State contributions for firefighters during the year ending September 30, 2020 were $5,978,379 and $124,055, respectively, for a total of $6,102,434, which is equal to the required contribution. Account Actuarial Valuation Less Credit for BSO Contribution/175 Credit Interest Addition City Annual Contribution 001-22-01-522-22-10 859,522.00 (621,982.00)9,004.00 246,544.00 246,544.00 1 Gaines, Taneisha From:Segal, Adam Sent:Wednesday, May 11, 2022 1:45 PM To:Gaines, Taneisha Cc:DiPaolo, Frank Subject:FW: Police and fire contribution Importance:High Hi Taneisha, Please prepare the payment for the pension contribution as discussed before. See below for the amount which includes the accrued interest. Thanks Adam Segal CPA, CFE, FCCA Deputy Finance Director | City of Dania Beach asegal@daniabeachfl.gov | daniabeachfl.gov 100 W Dania Beach Blvd. | Dania Beach , FL , 33004 Phone:954-924-6800 x3620 Web: daniabeachfl.gov | App:AskDaniaBeach RISE - Respect, Integrity, Standard of Excellence Please note: Florida has a very broad public records law. Most written communications to or from City Officials regarding City business are public records available to the public and media upon request. Your e-mail communications may therefore be subject to public disclosure. From: dina.lerner@grsconsulting.com <dina.lerner@grsconsulting.com> Sent: Wednesday, May 11, 2022 1:32 PM To: Segal, Adam <asegal@daniabeachfl.gov> Subject: RE: Police and fire contribution **CAUTION** This email originated from external sources. Do not open attachments OR click any links until you have verified the authenticity of the message and its contents. Hi Adam, Yes, the increased amount with additional interest would be $246,544 if made within the next few days. Thanks, Dina 2 Dina Lerner, ASA, EA, MAAA, FCA Consultant and Actuary One E Broward Blvd | Suite 505 | Fort Lauderdale, FL 33301 Phone: 954.527.1616 | Fax: 954.525.0083 dina.lerner@grsconsulting.com The above communication shall not be construed to provide tax advice, legal advice or investment advice. Notice of Confidentiality: This transmission contains information that may be confidential and that may also be privileged. Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you may not copy, forward, or otherwise use it, or disclose its contents to anyone else. If you have received this email in error, please notify me immediately and delete it from your system. From: Segal, Adam <asegal@daniabeachfl.gov> Sent: Wednesday, May 11, 2022 9:52 AM To: Lerner, Dina (FLP1) <dina.lerner@grsconsulting.com> Subject: Police and fire contribution ** CAUTION: This message originated from an external source.** Do not click links or open attachments unless you recognize the sender and know the content is safe. Hi Dina, I believe we were supposed to pay $237,540 on Oct 1, 2021 based on your report but it doesn’t appear to have been paid. Would we need to pay some additional accrued interest now and if so how much? Thanks Adam Adam Segal CPA, CFE, FCCA Deputy Finance Director | City of Dania Beach asegal@daniabeachfl.gov | daniabeachfl.gov 100 W Dania Beach Blvd. | Dania Beach , FL , 33004 Phone:954-924-6800 x3620 Web: daniabeachfl.gov | App:AskDaniaBeach RISE - Respect, Integrity, Standard of Excellence Please note: Florida has a very broad public records law. Most written communications to or from City Officials regarding City business are public records available to the public and media upon request. Your e-mail communications may therefore be subject to public disclosure. This email has been scanned for spam and viruses by Proofpoint Essentials. Click here to report this email as spam.