HomeMy WebLinkAboutInv# 093024 - CITY OF DANIA BEACH POLICE & FIRE - 03/20/2024
INVOICE
FIRE PENSION CONTRIBUTIONS
VENDOR # 471 (City of Dania Police & Fire) INV#: 09302024
DESCRIPTION: Fire Annual Payment Pension Contribution
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Annual Contribution:
001-22-01-522-22-10 – 300,065.00
(FYE 9/30/24 annual contribution amount based on 10/1/2022
Valuation Report)
*HOLD CHECK FOR FINANCE*
Original check to Cathy David. Once the packet is scanned into
Laserfiche, a copy should be e-mailed to pfpens@gmail.com. 954-393-
9061
Prepared by: __ __ Approved by: __ __
Date: __ __ Date: __ __
Dania Beach Police and Firefighters Retirement System
Actuarial Valuation as of October 1, 2022
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 $ 0 $ 0
Firefighters: 922,047 733,340 188,707
Total: $ 922,047 $ 733,340 $ 188,707
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 $ 0 $ 0
Firefighters: 300,065 111,358 188,707
Total: $ 300,065 $ 111,358 $ 188,707
* Excluding Pick‐Up Contributions for Firefighters
Required Employer Contribution
(Excluding Pick‐Up Contributions for
Firefighters)
For FYE 9/30/2024
Based on
10/1/2022
Valuation
For FYE 9/30/2023
Based on
10/1/2021
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 2023 and 2024 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 2024 would increase from $300,065 to $310,697.
The actual employer and State contributions for police officers during the year ending September 30,
2022 were $0 and $67,890, respectively, for a total of $67,890. The required contribution was $0. The
excess contribution amount of $67,890 is being held in a prepaid contribution reserve. This reserve may
be used by the City to satisfy future required contributions for police officers.