Subject:
Title
Fiscal Year 2018 Board Budget Amendment No. 1 supplementing the Sheriff’s General Fund Budget for increased Florida Retirement System costs.
label
Recommended Action:
Recommended Action
Approve Budget Amendment No. 1 realigning $172,270.00 from the General Government (Reserve for Contingencies) cost center to the Sheriff’s cost center within the General Fund for increased Florida Retirement System (FRS) costs.
Body
Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.1 Provide planning, coordination, prevention, and protective services to ensure a safe and secure community
Summary:
At the request of the Sheriff’s Office, this budget amendment realigns $172,270.00 from the Reserves Program to the Sheriff’s Office for FRS increases. The Special Risk category attributable to the Sheriff's sworn personnel increased from 23.27% to 24.50%. The contribution rates for the non-sworn personnel increased from 7.92% to 8.26%.
Background Information:
On March 20, 2018, House Bill 5007 was signed into law. This Bill establishes the Florida Retirement System employer contribution rates for the 2018-2019 plan years, which is based on the State of Florida's fiscal year that began on July 1, 2018.
Fiscal Impact:
This amendment will realign $172,270.00 from General Fund Reserve for Contingencies to the Pinellas County Sheriff’s Office cost center within the General Fund. This amendment is based on the fiscal impact resulting from the increase in FRS rates for July 1 - September 30. This amendment is consistent with the Fiscal Year 2018 (FY18) estimates used during the FY19 budget development process.
Staff Member Responsible:
Donald Mello Jr., Budget and Financial Management Analyst
Office of Management and Budget
Partners:
Pinellas County Sheriff’s Office
Attachments:
Budget Amendment No. 1
FY18 Florida Retirement Contribution Letter from PCSO