Res No 037-11-13351RESOLUTION NO. 37-11-13351
A Resolution of the Mayor and City Commission of
the City of South Miami, Florida, authorizing a
transfer of $6,540.00 from account number 001-
1610 -524 -2210, Pension Plan Contribution, to
account 001 - 1610 -524 -2220, ICMA Deferred
Compensation for $6,540.00; providing an effective
date.
WHEREAS, the budgeted pension contribution for the department
head was allocated and is no longer required due to the election as per
Ordinance 38 -10 -2063, which provided a one -time opt -out from the City of
South Miami Pension Plan. Therefore the budget pension contribution
funds are being transferred to account number 001 - 1610 - 524 -2220, ICMA
Deferred Compensation for $6,540.00; and
WHEREAS, the Mayor and the City Commission desire to transfer
sufficient funds from account 001- 1610 -524 -2210, Pension Plan
Contribution, with a current balance of $25,821.07, settlements to account
number 001 - 1610 - 524 -2220 for $6,540.00, ICMA Deferred Compensation,
with a current balance of $0.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA:
Section 1. The Mayor and the City Commission approve the
transfer of $6,540.00 from account 001 - 1610 - 524 -2110, Pension Plan
Contribution, settlements to account number 001 - 1610 - 524 -2220, ICMA
Deferred compensation for $6,540.00.
Section 2.. This resolution shall take effect immediately upon
adoption.
Passed and adopted this 15 day of Feb. 2011. .
Ci y�A t:.
... '
Read and approved as to form
and suffici cy.
:r
CITY ATTORNEY
App
Mayor
Commission Vote: 5 -0
Mayor Stoddard: Yea
Vice Mayor Newman: Yea
Commissioner Palmer: Yea
Commissioner Beasley: Yea
Commissioner Harris: Yea
South Miami
AlkNneticaCiN
CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER- OFFICE MEMORANDUM 2 °01
To: The Honorable Mayor and Members of the City Commission
Via: Hector Mirabile, PhD, City Manager �fy
From: Victor Citarella, P u\iidi /ng Department Director
Date: February 15, 2011 Agenda item No:
Subject:
A resolution of the Mayor and City Commission of the City of South
Miami, Florida, authorizing a transfer of $6,540.00 from account
number 001- 1610 - 524 -2210, Pension Plan Contribution, to account
001- 1610 -524 -2220, ICMA Deferred Compensation, for $6,540.00;
providing an effective date.
Background:
It is required that the budget for ICMA Deferred Compensation
Contribution be increased from account number 001- 1610 -524-
2210. The budgeted pension contribution for the department
head was allocated and is no longer required due to the election as
per Ordinance 38 -10 -2036, which provided a one -time opt -out from
the City of South Miami Pension Plan. Therefore, a portion of the
budget pension contribution funds are being transferred as
indicated.
Transfer Amount:
Transfer From:
Transfer To:
$6,540.00
Account 001 - 1610 -524 2210 -, Pension Plan Contribution, with a
current balance $25,821.07.
Account number 001- 1610 -524 -2220 for $6,540.00, ICMA Deferred
Compensation, with a current balance of $0.00.