2007-092 Budget Amendment - Police & Fire Pension PlanRESOLUTION 2007-92
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A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
PALM BEACH, FLORIDA, AUTHORIZING AND DIRECTING THE MAYOR AND
VILLAGE CLERK TO AMEND THE 2006-2007 BUDGET FOR THE PURPOSE OF
TRANSFERRING $25,255.00 FROM THE POLICE DEPARTMENT POLICE AND
FIRE PENSION ACCOUNT TO THE FIRE DEPARTMENT POLICE AND FIRE
PENSION ACCOUNT TO CORRECT AN UNDER FUNDING OF THE POLICE AND
FIRE PENSION PLAN; PROVIDING FOR CONFLICTS; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, as noted in the Comprehensive Annual Financial Report prepared by the Village Auditor for
the 2005-2006 fiscal year, the Village under funded the Police and Fire Pension Plan by $56,390.00 due
to a calculation error in arriving at the employer portion of the cost; and
WHEREAS, while there are enough funds in the Police Department's Police and Fire Pension Account
($31,135.00), there are insufficient funds in the Fire Department's Police and Fire Pension Account;
therefore, the Village Council seeks to transfer $25,255.00 from the Police Department Account to the
Fire Department Account to fund the Village's obligation.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA, as follows:
Section 1. The foregoing recitals are ratified as true and incorporated herein.
Section 2. The Village Council of the Village of North Palm Beach, Florida, does hereby approve
the budget amendment for transfer of amounts listed below:
Account Descri lion Use Source
General Fund:
A5711-12220 Police-Police & Fire Pension $ 25,255
A5812-12220 Fire-Police & Fire Pension $ 25,255
Total $ 25,255 $ 25,255
Section 3. The Mayor and Village Clerk are hereby authorized and directed to execute the budget
amendment for and on behalf of the Village of North Palm Beach.
Section 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the
extent of such conflict.
Section 5. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED THIS 27th DAY OF SEPTEM R 2007.
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(Village Seal) '
MAYOR
ATTEST:
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VILLAGE CLERK T`