Consider and take action on Ordinance No. 20-03, amending the City's fiscal year 2019-2020 budget to appropriate additional funds for the City's contribution to the Texas City Firemen's Relief and Retirement Fund. (Finance)

Each pay period the City contributes to the Texas City Firemen's Relief and Retirement Fund.  As a result of the last actuarial report and the actuary's recommendation, management is recommending increasing the City's contribution from 16.18% to 19%.  This percentage increase amounts to approximately $110,000.00 more than what was approved in the adopted FY 19/20 budget.

The additional amount will be funded from the General Fund unassigned fund balance.

 

 

Budget Amendment:
General Fund (Fund 101); Fire Department (202):
Retirement Expense                $110,000.00
Unassigned fund balance       ($110,000.00)