HomeMy WebLinkAbout169-14 RESOLUTIONRESOLUTION NO. 169-14
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE
AMOUNT OF $12,563.00 TO RECOGNIZE REVENUE RECEIVED FROM
THE ARKANSAS FIRE AND POLICE PENSION BOARD FOR A FUTURE
SUPPLEMENT TO PENSIONERS OF THE FAYETTEVILLE FIREFIGHTERS
PENSION AND RELIEF FUND
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the
attached budget adjustment in the amount of $12,563.00 to recognize revenue received from the
Arkansas Fire and Police Pension Board for a future supplement to pensioners of the Fayetteville
Firefighters Pension and Relief Fund.
PASSED and APPROVED this 16th day of September, 2014.
APPROVED: ATTEST:
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By: '
SO RA E. SMITH, City Clerk/Treasurer
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City of Fayetteville Staff Review Form
2014-0386
Legistar File ID
9/16/2014
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
Kevin Springer
Submitted By
8/26/2014
Submitted Date
Budget & Information Management /
Finance & Internal Services Department
Division / Department
Action Recommendation:
To approve a budget adjustment in the amount of $12,563 to recognize the additional revenue received by the
Arkansas Fire and Police Pension Board for a future supplement to pensioners on the old fire pension plan.
Budget Impact:
6810.9810.5335.06
Account Number
Project Number
Budgeted Item? Yes
Does item have a cost? No
Budget Adjustment Attached? Yes
Fire Pension
Fund
Current Budget
Funds Obligated
Current Balance
Project Title
44,000.00
56,563.00
(12,563.00)
Item Cost $
Budget Adjustment
Remaining Budget
12,563.00
Previous Ordinance or Resolution #
Original Contract Number:
Comments:
V20140710
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/14,_
City of Fayetteville, Arkansas -
Budget Adjustment Form (Legistar)
Budget Year
2014
Division:
Dept.:
Requestor:
Budget & Information Management
Finance & Internal Services
Barbara Fell
Adjustment Number
BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION:
To recognize the additional revenue received by the Arkansas Fire and Police Pension Board for a future supplement to
pensioners on the old fire pension plan.
RESOLUTION/ORDINANCE
COUNCIL D -ATE:
LEGISTAR FILE ID#:
9/16/2014
2014-0386
KoviivvSpriAver
8/26/2014 2:19 PM
Budget Director
TYPE:
DESCRIPTION:
GLDATE:
POSTED:
Date
TOTAL 12,563
12,563
Increase / (Decrease)
Account Number Expense Revenue
Project.Sub#
Project Sub AT
Account Name
v.20140716
6810.9810.5335.06 12,563
EX Future Supplemental Bene
6810.0981.4301.06
12,563 RE Future Supplement
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CITY OF
i .
ARKANSAS
CITY COUNCIL AGENDA MEMO
MEETING OF SEPTEMBER 16, 2014
TO: Mayor and City Council
THRU: Paul A. Becker, Chief Financial Officer 1110b -
FROM:
0b -
FROM: Kevin Springer, Budget Director
DATE: August 26, 2014
SUBJECT: Recognize Fire Pension Future Supplemental Revenue
RECOMMENDATION:
Staff recommends approval of the budget adjustment recognizing the increase in revenue from
the Arkansas Fire and Police Pension Review Board (PRB) for the Future Supplemental
benefits paid to pensioners.
BACKGROUND:
This account is budgeted based on the prior year amount. Each year the PRB sends a
distribution that complies with Act 1373 of 2003. The amount received is then distributed to
each retiree, beneficiary, and DROP participant as reflected on the Annual Financial Report for
the Local Plan at December 31 of the prior year. The effective date of distribution is July 1 of the
current year.
DISCUSSION:
The amount varies from year to year. For 2014, the amount is $1,235 for each paid participant.
This is a one time distribution each year.
BUDGET/STAFF IMPACT:
As the amount of funds received are to be paid out, the fund this year increased by the
additional revenue of $12,563.
Attachments:
SRF_Fire Pension Revenue
SRM_Fire Pension Revenue
BA Fire Pension Revenue
Mailing Address:
113 W. Mountain Street
Fayetteville, AR 72701
www.fayetteville-ar.gov
RESOLUTION NO.
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE
AMOUNT OF $12,563.00 TO RECOGNIZE REVENUE RECEIVED FROM
THE ARKANSAS FIRE AND POLICE PENSION BOARD FOR A FUTURE
SUPPLEMENT TO PENSIONERS OF THE FAYETTEVILLE FIREFIGHTERS
PENSION AND RELIEF FUND
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves
the attached budget adjustment in the amount of $12,563.00 to recognize revenue received from
the Arkansas Fire and Police Pension Board for a future supplement to pensioners of the
Fayetteville Firefighters Pension and Relief Fund.
PASSED and APPROVED this 16th day of September, 2014.
APPROVED: ATTEST:
By: By:
LIONELD JORDAN, Mayor SONDRA E. SMITH, City Clerk/Treasurer