agenda - Keys Energy Services

Transcription

AGENDA
UTILITY BOARD OF THE CITY OF KEY WEST, FL
REGULAR MEETING 5:00 P.M. – WEDNESDAY, APRIL 23, 2014
1. Pledge of Allegiance
2. Invocation
3.
Roll Call
4. Set Agenda
5. Recognition and Presentation:
a) 2014-2015 Energy Conservation Calendar Art Contest
6. Informational Items:
a) Department Staff Report
b) Generation Report – March
c) Quarterly Safety Report
d) Quarterly Unit Price Purchase Orders Report
e) Investment Planning Report
7. Consent Agenda*
a) Approve Minutes - Regular Utility Board Meeting – April 9, 2014
b) Approve Disbursements Report
8. Action Items
a) Appoint New Member to Advisory Committee, District Three
b) Accept Actuarial Valuation Report as of January 1, 2014 and Approve
Change to Pension Contribution Percentage
9. Other Business
10. Adjournment
*Item is considered to be routine and enacted by one motion with no separate
discussion, unless requested by a Utility Board Member or citizen, in which event
the item will be considered independently.
Megawatts [MWs]
Generation Unit Capacity vs System Peak Load for March 2014
145
140
135
130
125
120
115
110
105
100
95
90
85
80
75
70
65
60
55
50
45
40
35
30
25
20
15
10
5
0
Load
CT4
CT3
Capacity
CT2
CT1
MSD 2
MSD 1
Capaci
ty
Load
Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
MWs Available
Quarterly Safety Report
Goal: Maintain a safe system for employees
January 1, 2014 Thru March 31, 2014
350
1
Meeting and Training Sessions
Incidents & Accidents
300
0
0
1
250
1
Number of Events
er of Events
Man ‐ Hours
200
150
1
100
0
50
0
0
287
59
Informal
Formal w/ Consultant
Specialized Classes
0
MEAG (T&D Training)
Dept. Safety mtgs.
59
287
Prepared By: Management Services
1
1
Reportable Injuries
Non Reportable Injuries
0
Near Misses
0
0
Property Damage
Contractor's Safety Issues
Contractors
0
0
0
0
0
KEYS Employees
1
1
0
0
0
Robert Barrios, Safety & RIsk Officer
4/16/2014
Utility Board of the City of Key West
Schedule of Unit Price Purchase Orders (PO)
as of March 31, 2014
Vendor
Name
PO
No.
Board
Approval
Date
Date
of
PO
S. G. Pinney & Associates
Ayres Associates
Gresco Utility Supply
Electric Supply
Tri-State Utility
Wesco Distribution
Gresco Utility Supply
Reinshausen Manufacturing
NovaTech
Reinshausen Manufacturing
HD Supply
318
15222
15356
15358
15359
15360
15357
15361
15544
15644
15883
10/27/04
09/25/13
10/09/13
10/09/13
10/09/13
10/09/13
10/09/13
10/09/13
11/20/13
01/08/14
03/19/14
11/04/04
09/27/13
10/10/13
10/10/13
10/10/13
10/10/13
10/10/13
10/10/13
12/03/13
01/10/14
03/20/14
767,585.50
214,000.00
61,258.00
35,465.00
20,250.00
238,727.00
26,316.00
155,929.28
143,135.00
39,190.14
333,000.00
Multi Year Contracts
Asplundh Tree Exprert
Banner Tire
BV Oil Company
Dion Oil
D & V Commercial A/C
Diversified Services
First State Bank
Waste Management
InfoSend
Xerox Corporation
Monroe County Sheriff
15416
15262
15446
15447
15242
15505
15427
15374
15370
15529
15533
05/14/08
09/28/11
10/30/13
10/30/13
09/22/10
08/25/10
08/14/13
10/23/13
10/13/13
11/01/13
11/01/13
10/01/13
11/14/13
10/25/13
10/15/13
10/15/13
11/25/13
11/25/13
177,398.40
31,000.00
114 611 37
114,611.37
59,496.93
26,100.00
52,012.00
51,943.80
22,640.00
165,000.00
27,183.00
26,926.17
04/10/13
11/20/13
11/20/13
Original
PO
Amount
Increases
(Decreases)
to PO
140,872.20
14,350.00
4,871.81
G:\BIDS & CONTRACTS\UNIT PRICE PO'S\FY14\[Schedule of Unit Price Purchase Orders - Qtr Ended 03-31-14.xlsx]Schedule
Revised
PO
Amount
Claims
on PO
Remaining
Value
of PO
Description of Service
767,585.50
214,000.00
61,258.00
35,465.00
20,250.00
238,727.00
26,316.00
155,929.28
143,135.00
39,190.14
333,000.00
635,028.00
214,000.00
61,258.00
35,465.00
20,250.00
238,727.00
26,316.00
155,929.28
117,463.47
132,557.50
25,671.53
39,190.14
333,000.00
Transmission Pole Foundation Repair
Transmission Pole Foundation Svcs
Purchase Transformers
LTC Upgrade
RTU Replacement
LTC Monitoring System Upgrade
Purchase Meters
318,270.60
31,000.00
114 611 37
114,611.37
59,496.93
26,100.00
66,362.00
51,943.80
27,511.81
165,000.00
27,183.00
26,926.17
147,788.52
20,150.57
48 488 81
48,488.81
23,453.83
14,847.55
34,956.00
29,320.46
13,606.53
68,511.92
2,852.75
170,482.08
10,849.43
66 122 56
66,122.56
36,043.10
11,252.45
31,406.00
22,623.34
13,905.28
96,488.08
24,330.25
26,926.17
Tree Trimming Services
Tire Service
Fuel for Fleet
Fuel for Fleet
Air Conditioning Services
Janitorial Services
Bank Services
Disposal Services
Outsource of Mailing of Bills
Copier Lease
Shared Radio System - Interlocal
Agenda Item Summary Sheet
Meeting Date: April 23, 2014
Proposer: Lynne E. Tejeda, General Manager & CEO
Department: Manager’s
Agenda Item #: 7a
AGENDA ITEM WORDING: Approve the Minutes of the Regular Utility Board
Meeting – April 9, 2014
REQUESTED ACTION: Approve the Minutes of the Regular Utility Board
Meeting – April 9, 2014
FINANCIAL IMPACT:
Total Cost: N/A
Budgeted: N/A
MINUTES FROM A REGULAR MEETING OF THE UTILITY BOARD OF THE
CITY OF KEY WEST, FLORIDA, HELD AT 5:00 P.M. ON WEDNESDAY,
APRIL 9, 2014 AT THE WILLIAM ARNOLD SERVICE BUILDING
LOCATED AT 1001 JAMES STREET, KEY WEST, FL
1. Pledge of Allegiance
2. Invocation
3. Roll Call
Present: Mr. Barry Barroso, Mr. Charles Bradford, Ms. Mona Clark, Mr. Timothy
Root, Chairman Batty
Also present at the meeting:
Lynne Tejeda, General Manager & CEO; Nathan Eden, Board Attorney; Jack
Wetzler, Assistant General Manager & CFO; David Price, Transmission/Distribution
Director; Dale Finigan, Engineering/Control Center Director; Alex Tejeda, Customer
Services Director and Eddie Garcia, Generation Director
4. Set Agenda
5. Recognition and Presentation
a) Erica Zarate- Completion of Meter Apprenticeship
6. Informational Items:
a) Department Staff Report
• David Price - Street Light Audit/Helicopter Static Wire Ground
Repair/Lineman Competition
• Jack Wetzler – Upcoming Budget Process
• Alex Tejeda – Net Metering Program
• Dale Finigan- Joint Transmission Upgrade
b) Power Supply Report – March
c) Rate Comparison Report – February
d) Financial and Operational Indicators – February
e) Inaccessible Easement Project - Quarterly Report
f) Self Insurance Annual Certificate
g) Transmission Access Policy Study Group (TAPS)
h) FKEC Billing Issue
7. Consent Agenda*
a) Approve Minutes - Regular Utility Board Meeting – March 19, 2014
b) Approve Disbursements Report
c) Request for Excused Absence for Peter Batty from the March 19, 2014
Regular Utility Board Meeting
d) Request for Excused Absence for Timothy Root from the March 19, 2014
Wednesday, April 9, 2014
Page 2
Motion: To Approve Consent Agenda, Moved by Ms. Clark, Seconded by Mr.
Bradford. Motion passed unanimously
8. Action Items:
a) Approve Renewal of Windstorm Insurance through Citizen’s Property
Insurance Corporation for KEYS Non-Generation Properties on Stock
Island for the period May 1, 2014 through April 30, 2015
Motion: To Approve Renewal of Windstorm Insurance with Citizens Property
Insurance Corporation, in the amount of $96,211.00, for KEYS Non-Generation
Properties on Stock Island and additional premium for the New T&D Building
Amendment, for the period May 1, 2014 through April 30, 2015, Moved by Mr.
Bradford, Seconded by Ms. Clark. Motion passed unanimously
9. Other Business
Mr. Barroso - Service Building Relocation Update
Chairman Batty - Future Board Meetings
10. Adjournment
Motion: To Adjourn the Regular Utility Board Meeting of April 9, 2014,
at 5:46 p.m., Moved by Mr. Bradford, Seconded by Ms. Clark
APPROVE:
____________________________
Peter Batty, Chair
ATTEST:
__________________________________________
Lynne E. Tejeda, General Manager/CEO & Secretary
/ed
UTILITY BOARD OF THE CITY OF KEY WEST
AGENDA ITEM SUMMARY SHEET
MEETING DATE:
April 23, 2014
FROM:
Jack Wetzler, Assistant General Manager & CFO
AGENDA ITEM #:
7b
PROPOSER:
Lynne Tejeda, General Manager & CEO
AGENDA ITEM WORDING:
Approve Disbursement Report
BRIEF BACKGROUND:
Payments are processed under Section 11 of Florida Statute 69-1191 and in accordance with Resolution No. 679 approved
October 13, 1999. Staff has processed payments from the Operation & Maintenance Fund, from the Renewal & Replacement
Fund and the Construction Fund . Check Registers and listings are attached for review.
Type of Disbursement
Check Payments
$
Electronic Payments
470,137.91
$
890,958.74
Voided Checks
(276.45)
To Be Paid List
-
Total Disbursements
Renewal &
Replacement
Fund:
Operation &
Maintenance Fund:
$
1,360,820.20
31,777.90
Construction Fund:
$
-
-
$
31,777.90
$
STAFF RECOMMENDATION:
Approve the Disbursement Report for the Operation & Maintenance Fund and Renewal & Replacement Fund .
DISPOSITION:
1 of 7
-
-
Disbursement Report
For the Periods April 4 to April 17, 2014
Ref # Date
Amount
OM Wire Payments
3209
04/07/14
41,644.11
3210
04/09/14
25,242.21
3211
04/09/14
73,620.33
3212
04/11/14
272,413.36
3213
04/11/14
62,701.29
3214
04/11/14
832.13
3215
04/11/14
18,484.05
3216
04/11/14
203,660.17
3217
04/11/14
175,803.21
3218
04/11/14
4,388.25
3219
04/11/14
489.77
3220
04/11/14
2,476.07
3221
04/11/14
9,203.79
890,958.74
Total O&M Wires
Payee
Purpose
CIGNA HEALTHCARE
FIRST TENNESSEE
FLORIDA MUNICIPAL INS TRUST
ADP ACH NET PR
ADP TAXES
ADP WAGE GARNISHMENT
CIGNA HEALTHCARE
DEPARTMENT OF REVENUE
DEPARTMENT OF REVENUE
FL LEAGUE OF CITIES
FL PREPAID COLLEGE PROGRAM
ING DEFERRED COMPENSATION
NATIONWIDE RETIRE SOLUTION
EMPLOYEE & RETIREE BENEFITS
CARD PURCHASE
NET PAYROLL
PAYROLL TAXES
NET PAYROLL
SALES TAX EXPENSE
GROSS RECEIPTS TAX
DEFERRED COMPENSATION
EMPLOYEE DEDUCTIONS
RR Wire Payments
Total RR Wires
Disbursements from the Renewal & Replacement Fund (Capital Projects):
10520
04/10/14
27,560.00 BENDER & ASSOC ARCHITECTS PA
10521
04/10/14
2,716.91 LIZ CARPENTRY LLC
10522 4/17/2014
1,500.99 OFFICE MAX
Total R&R
31,777.90
Disbursements from the Operations & Maintenance Fund (Expenses):
148562
04/08/14
200.00 MONROE COUNTY BUILDING DEPT
148563
04/10/14
358.76 AAA COOPER TRANSPORTATION
148564
04/10/14
1,281.33 ADP INC
148565
04/10/14
10,369.98 ASPLUNDH TREE EXPERT CO
148566
04/10/14
1,558.86 AT&T
148567
04/10/14
750.00 BANK OF NEW YORK
148568
04/10/14
9,000.00 BENDER & ASSOC ARCHITECTS PA
148569
04/10/14
6,000.00 CHERRY BEKAERT & HOLLAND LLP
148570
04/10/14
519.34 CINTAS CORPORATION
148571
04/10/14
545.00 CIRCUIT BREAKER SALES & SERV
148572
04/10/14
264.60 COOKE COMMUNICATIONS LLC
148573
04/10/14
750.41 DELL MARKETING LP
148574
04/10/14
8,463.18 DION OIL CO, LLC
148575
04/10/14
6,151.00 DIVERSIFIED SERVICES CO
148576
04/10/14
202.98 DYNA SYSTEMS
148577
04/10/14
249.60 ELECTRIC SUPPLY INC
148578
04/10/14
600.00 EMC OIL CORP
148579
04/10/14
4,856.92 FIRST STATE BANK OF FL KEYS
148580
04/10/14
29.68 FL KEYS AQUEDUCT AUTHORIT
148581
04/10/14
300.00 FL KEYS AQUEDUCT AUTHORIT
148582
04/10/14
275.00 GRAYBAR
148583
04/10/14
2,675.00 HAVERFIELD CORPORATION
148584
04/10/14
3,240.00 HD SUPPLY UTILITIES LTD
148585
04/10/14
10,620.00 HUBBELL POWER SYSTEMS INC
148586
04/10/14
5,769.39 INFOSEND, INC.
2 of 7
SERVICES
FACILITIES SERVICES
OFFICE FURNITURE
SERVICES
FREIGHT
PAYROLL SERVICES
TREE TRIMMING SERVICES
SERVICES
BANKING SERVICES
SERVICES
SERVICES
UNIFORM SERVICES
BREAKER
ADVERTISING
COMPUTER REPAIRS/SERVICES
FUEL
JANITORIAL SERVICES
SUPPLIES
REC'V LINE MATERIAL
SERVICES
BANKING SERVICES
WATER
WATER
PARTS, SUPPLIES
ELECTRICAL REPAIRS/SERVICES
EQUIPMENT
SAFETY TRAINING
SERVICES
Disbursement Report
Ref # Date
Amount
Payee
148587
04/10/14
98.88 JACK WETZLER CUSTODIAN
148588
04/10/14
200.00 KEY WEST HIGH SCHOOL
148589
04/10/14
278.64 KEY WEST RESORT UTILITIES CORP
148590
04/10/14
490.00 KEY WEST TRANSFER STATION
148591
04/10/14
523.00 KEYS ARMORED EXPRESS INC
148592
04/10/14
170.00 KEYS RADIO GROUP
148593
04/10/14
387.30 KIM FREE
148594
04/10/14
71.00 LAURENCE MARIUS
148595
04/10/14
4,240.00 LAW OFFICES OF PAUL T RYDER
148596
04/10/14
1,187.95 NAPA AUTO PARTS
148597
04/10/14
6,115.62 NATHAN EDEN
148598
04/10/14
2,621.48 NATHAN EDEN PA
148599
04/10/14
77.08 NILES SALES & SERVICE
148600
04/10/14
128.10 PALMETTO FORD TRUCK SALES INC
04/10/14
451.35 PAYMENTUS CORP
148601
148602
04/10/14
230.00 PROTECTION PLUS
148603
04/10/14
250.00 RADIO RITMO
148604
04/10/14
18.18 SILTEK GROUP INC
148605
04/10/14
2,860.00 SOCIETY HUMAN RESOURCE MGM
148606
04/10/14
310.83 SPRAYER DEPOT
148607
04/10/14
20,104.30 STUART C IRBY CO
148608
04/10/14
81.40 SUNSHINE STATE ONE CALL
148609
04/10/14
76.00 TERMINIX PROCESSING CENTER
148610
04/10/14
2,101.08 THYSSENKRUPP ELEVATOR
148611
04/10/14
294.00 TOUAX MODULAR BUILDING USA
148612
04/10/14
924.00 FLORIDA KEYS MEDIA, LLC WCNK-F
148613
04/10/14
625.00 WIIS - FM 107.1 RADIO
148614
04/10/14
718.68 WKYZ RADIO - KEY MEDIA CO. INC
148615
04/10/14
741.00 FLORIDA KEYS MEDIA, LLC WWUS
148616
04/10/14
372.16 XEROX CORP
148617
04/10/14
355.67 XEROX CORPORATION
148618
04/11/14
25.00 CANCER FOUND OF THE FL KEYS
148619
04/11/14
1,964.76 IBEW LOCAL 1990
148620
04/11/14
134,591.96 KEYS PENSION FUND
148622
04/11/14
97.00 UNITED WAY OF MONROE COUNTY
148623
04/14/14
345.71 ADAM J BIER
148624
04/14/14
19.83 ALAN J VOLCKMANN
148625
04/14/14
79.84 ALESSANDRO RAJSHID PIAZZO
148626
04/14/14
129.30 ALLIED HEALTHCARE ASSOCIATES
148627
04/14/14
91.59 ANN S LOONSTRA
148628
04/14/14
69.75 ARTHUR G SAGER
148629
04/14/14
8.47 AZIZJON AZIZOV
148630
04/14/14
972.55 BENITO LOPEZ GONZALEZ
148631
04/14/14
2,128.00 BLAIR CHARLES MOONEY
148632
04/14/14
164.20 CANNON BLUE ENTERPRISES
148633
04/14/14
86.36 CARL MERL HERMAN
148634
04/14/14
33.53 CAROL A SWINFORD
148635
04/14/14
119.64 CECELIA ANN MANNING
148636
04/14/14
1,964.33 CLAIRE B COONEY
148637
04/14/14
2,040.42 CLEAR CHANNEL METROPLEX INC
148638
04/14/14
68.45 CORY JASON HEYDON
148639
04/14/14
119.45 COURTNEY M COOLEY
148640
04/14/14
43.15 CRAIG SCOTT MURDOCK
148641
04/14/14
29.29 EDWIN ANTONIO PARADA CHAVEZ
148642
04/14/14
51.16 ELENA V BARANOVA
3 of 7
Purpose
PETTY CASH FUND REIMB
SPONSOR
ANNUAL PAYMENT
DISPOSAL SERVICES
ARMORED SERVICES
ADVERTISING
REIMBURSEMENT
REIMBURSEMENT
LEGAL SERVICES
AUTO PARTS/SUPPLIES
LEGAL SERVICES
LEGAL SERVICES
PARTS, SUPPLIES
VEHICLES, PARTS, SERVICES
SERVICES
MATERIALS
ADVERTISING
CUSTOMER REFUND REISSUE
SUBSCRIPTIONS
FACILITIES EQUIPMENT
LINE MATERIAL
SERVICES
FACILITIES SERVICES
SERVICES
RENTAL EXPENSE
ADVERTISING
PROMOTIONAL ITEMS
ADVERTISING
ADVERTISING
SUPPLIES
SUPPLIES
DONATION
EMPLOYEE DEDUCTIONS
UTILITY BOARD CONTRIBUTION
EMPLOYEE DEDUCTIONS
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
CUSTOMER REFUND
Disbursement Report
Ref # Date
Amount
Payee
148643
04/14/14
223.69 ERNEST E BALCAITIS
148644
04/14/14
43.60 FERDINAND RIVERA VICENTE
148645
04/14/14
25.75 FIRST COMMERCE CREDIT UNION
148646
04/14/14
32.78 FRANK T YOWONSKE JR
148647
04/14/14
718.14 FREDERICK LOUIS TROIKE II
148648
04/14/14
45.80 GALYNA KORUNYCH
148649
04/14/14
82.12 GERALD DAVID CAPUTO
148650
04/14/14
588.70 GUY ALAN ROSS
148651
04/14/14
48.88 HABITAT FOR HUMANITY OF KW
148652
04/14/14
62.91 HABITAT FOR HUMANITY OF KW
148653
04/14/14
33.29 ISLAND HOME BUILDERS INC
148654
04/14/14
57.64 IVETA FAZEKASOVA
148655
04/14/14
135.19 J WILLIAM SEMICH
148656
04/14/14
70.21 JOANNE L SCURFIELD
04/14/14
73.24 JOSE LUIS DIVORA III
148657
148658
04/14/14
13.33 KENNETH DWIGHT WARDLOW
148659
04/14/14
108.39 KEVIN PATRICK MCGINTY
148660
04/14/14
82.72 KEY WEST VENTURES LLC
148661
04/14/14
1,224.49 KEYS MEDIA COMPANY INC
148662
04/14/14
84.76 KW2R LLC
148663
04/14/14
89.92 LEAH BARBARA BENNER
148664
04/14/14
179.36 LITTLE PALM COTTAGES LLC
148665
04/14/14
94.18 LITTLE PALM COTTAGES LLC
148666
04/14/14
1,959.75 LLOYD PRESTON BREWER JR
148667
04/14/14
288.59 LONA LOUISE HALL
148668
04/14/14
233.37 LYNN M LANGDALE
148669
04/14/14
104.19 MARIA T NICOLAU
148670
04/14/14
93.38 MICHAEL J MEIVES
148671
04/14/14
13.86 NORISLEY GOMEZ VERDIA
148672
04/14/14
77.14 OLIMPO E HURTADO
148673
04/14/14
24.24 OLITHA MARIE MUMFORD
148674
04/14/14
85.23 RICHARD BRUCE MATTERN
148675
04/14/14
50.33 RICKY NGUYEN
148676
04/14/14
167.93 RITA J PALMENO
148677
04/14/14
61.46 SAFEGUARD PROPERTIES
148678
04/14/14
19,968.51 SH KEY WEST LTD
148679
04/14/14
86.32 SIDDIQ A KHAN
148680
04/14/14
937.02 SPRINT SPECTRUM LP
148681
04/14/14
759.61 STEPHEN LOUIS MCCLENDON
148682
04/14/14
69.76 STEVEN MICHAEL BROWN
148683
04/14/14
8.35 SUNSET MARINA 5601 LLC
148684
04/14/14
101.19 SUSAN PATRICIA ROBINSON
148685
04/14/14
53.69 THOMAS JOHN MAWN
148686
04/14/14
54.33 THOMAS MICHAEL DOLAN
148687
04/14/14
200.00 THREE FINE COOKS LLC
148688
04/14/14
48.73 TIM FRANCIS GALLAGHER
148689
04/14/14
109.49 TIMOTHY J GAFFNEY
148690
04/14/14
35.96 TODD D MAXON
148691
04/14/14
124.82 TOMMIE GRIMSTAD
148692
04/14/14
53.35 TRUMAN ANNEX REAL ESTATE
148693
04/14/14
409.92 VOX COMMUNICATIONS GROUP LLC
148694
04/14/14
413.12 WENDY LORRAINE ARESTY
148695
04/14/14
10.09 WILBUR WRIGHT 725 LLC
148696
04/14/14
49.47 WILLIAM JOHN ALBURY
148697
04/14/14
72.04 YASVIEL GONZALEZ TRUJILLO
4 of 7
Purpose
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
CUSTOMER
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
REFUND
Disbursement Report
Ref #
148698
148699
148700
148701
148702
148703
148704
148705
148706
148707
148708
148709
148710
148711
148712
148713
148714
148715
148716
148717
148718
148719
148720
148721
148722
148723
148724
148725
148726
148727
148728
148729
148730
148731
148732
148733
148734
148735
148736
148737
148738
148739
148740
148741
148742
148743
148744
148745
148746
148747
148748
148749
148750
148751
148752
Date
Amount
Payee
4/17/2014
574.99 ADP INC
4/17/2014
282.24 AIRGAS SOUTH
4/17/2014
98.11 ALTEC INDUSTRIES INC
4/17/2014
6,704.86 AT&T
4/17/2014
3,123.84 BANNER TIRE OF KW INC
4/17/2014
504.00 BARRY BARROSO
4/17/2014
960.00 ORR PROTECTION SYSTEMS dba BORRELL
4/17/2014
505.00 BROOKS BROTHERS TRAILERS
4/17/2014
90.72 BROWARD ELECTRIC
4/17/2014
1,424.00 CATEGORY 5 INC
4/17/2014
263.52 CINTAS CORPORATION LOC 017
4/17/2014
96,211.00 CITIZENS PROPERTY INS CORP
4/17/2014
1,100.50 FLORIDA KEYS MEDIA
4/17/2014
205.26 COMCAST
4/17/2014
267.00 COMFORT INN & SUITES AT TROPICANA
4/17/2014
291.72 CSC INC
4/17/2014
92.00 DAN SABINO
4/17/2014
204.00 DAVID COTTAR
4/17/2014
90.00 EDWARD GARCIA
4/17/2014
423.36 FLORIDA KEYS AQUEDUCT AUTHORITY
4/17/2014
544.98 FLORIDA MUNICIPAL INS TRUST
4/17/2014
10,000.00 GEHRING GROUP
4/17/2014
633.36 GRAINGER
4/17/2014
204.00 HAROLD KNOWLES
4/17/2014
183.00 HD SUPPLY UTILITIES LTD
4/17/2014
964.38 INFOSEND, INC.
4/17/2014
3,436.82 IRON MOUNTAIN
4/17/2014
502.32 JAMES NEWTON
4/17/2014
508.48 JEREMY EDWARDS
4/17/2014
204.00 JOEY DIAZ
4/17/2014
754.00 JOPPA OF FLORIDA ROSE OF SHARON, DBA
4/17/2014
60.00 JULIO J TORRADO
4/17/2014
204.00 KEVIN CROCKETT
4/17/2014
393.99 KEY WEST ENGINE SERVICE INC
4/17/2014
490.00 KEY WEST TRANSFER STATION
4/17/2014
48.00 KEY WEST URGENT CARE INC
4/17/2014
45.90 LANDS END CORPORATE SALES
4/17/2014
1,280.15 LOW KEY
4/17/2014
112.00 LYNNE TEJEDA
4/17/2014
509.26 MANNY ESTEVEZ
4/17/2014
511.17 MICHAEL EULISS
4/17/2014
795.00 MILSOFT UTILITY SOLUTIONS
4/17/2014
1,135.63 NATHAN EDEN PA
4/17/2014
225.94 PALMETTO FORD TRUCK SALES INC
4/17/2014
1,596.52 PARADISE TRANSMISSION
4/17/2014
509.94 PEDRO ARENCIBIA
4/17/2014
479.20 PHSI
4/17/2014
598.08 QUALITY INN
4/17/2014
4,455.27 REINHAUSEN MANUFACTURING
4/17/2014
8,254.00 SAWGRASS ASSET MANAGEMENT, LLC
4/17/2014
430.00 SPENCERS BOAT YARD
4/17/2014
435.00 SPIEGEL & MCDIARMID
4/17/2014
34.28 STRUNKS ACE HARDWARE
4/17/2014
1,224.50 STUART C IRBY CO
4/17/2014
407.08 TERRY BEEMAN
5 of 7
Purpose
PAYROLL SERVICES
SAFETY SUPPLIES
EQUIPMENT SERVICE
SERVICES
AUTO PARTS/SUPPLIES
REIMBURSEMENT
MISCELLANEOUS
TRAILERS
MATERIALS
ADVERTISING
UNIFORM SERVICES
INSURANCE
ADVERTISING
CABLE SERVICES
ACCOMODATIONS
SERVICES
REIMBURSEMENT
REIMBURSEMENT
REIMBURSEMENT
WATER
CONSULTING SERVICES
SUPPLIES
REIMBURSEMENT
EQUIPMENT
SERVICES
STORAGE
REIMBURSEMENT
REIMBURSEMENT
REIMBURSEMENT
SERVICES
REIMBURSEMENT
REIMBURSEMENT
MATERIALS
DISPOSAL SERVICES
SERVICES
MATERIALS
JANITORIAL SUPPLIES
REIMBURSEMENT
REIMBURSEMENT
REIMBURSEMENT
SEMINARS
LEGAL SERVICES
VEHICLES, PARTS, SERVICES
AUTO REPAIRS/SERVICES
REIMBURSEMENT
WATER SYS
ACCOMODATIONS
ELECTRICAL SUPPLIES
CONSULTING SERVICES
MATERIALS, SERVICES
LEGAL SERVICES
SUPPLIES
LINE MATERIAL
REIMBURSEMENT
Disbursement Report
Ref # Date
Amount
148753 4/17/2014
322.00
148754 4/17/2014
6,504.00
148755 4/17/2014
672.74
148756 4/17/2014
8,067.00
148757 4/17/2014
260.00
148758 4/17/2014
504.00
Total O&M
470,137.91
Payee
THOMAS RYAN GOMEZ
UTILITIES STRUCTURES INC
VERIZON WIRELESS
WESCO DISTRIBUTING
WESSPUR TREE EQUIPMENT
WXKW BUTLER BROADCASTCONSULTING
6 of 7
Purpose
REIMBURSEMENT
ELECTRICAL SUPPLIES
SERVICES
LINE MATERIAL
TOOLS
ADVERTISING
Utility Board of the City of Key West, FL
Voided Payment List
Utility Board Meeting 04/23/14
REF
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
REF
1
REF
1
O&M
Check #
140757
147819
RR Check
#
WIRE
Check #
Reason
Code
G
A
Vendor Name
SILTEK GROUP INC
CINTAS CORPORATION
Reason
Code
Vendor Name
Vendor Name
Check Date
05/14/12
01/28/14
Check Amount
18.18
258.27
Total O&M
276.45
Check Date
Check Amount
Total for RR
$0.00
Reason
Code
Check Date Check Amount
F
Total for WIRE
TOTAL FOR O&M, RR and WIRE
$276.45
Reason Code:
A Cust/Vendor did not receive, lost check or staledate, stop payment search performed and ck replaced
B Wrong vendor entered into system and detected when matching check with invoice
C Customer service processed a work ticket requesting check to be voided (i.e. deposit
should have been transferred and not refunded, change of name, etc.)
D Wrong amount
E Printed check in error, should not be paid at this time
F Vouched in error
G Research performed on stale dated checks
H Other
7 of 7
Department: Executive
Agenda Item #: 8a
AGENDA ITEM WORDING:
District Three.
Appoint New Member to Advisory Committee,
REQUESTED ACTION: Appoint the District Three Representative to Keys
Energy Services’ (KEYS) Advisory Committee
DISCUSSION:
The District Three seat of KEYS’ Advisory Committee was
recently vacated. KEYS Communications Department advertised for a new
member to represent Shark Key to Sugarloaf Key. One application was
received from Sandra ‘Sandy’ Walters, her application is attached for your
review.
FINANCIAL IMPACT:
Total Cost: N/A
Budgeted: N/A
Source of Funds: N/A
Keys Energy Services
Advisory Committee Application
Name:
Sandra "Sandy" Walters
Address: 16823 East Point Drive
Home Phone:
Key:
Zip:
Sugarloaf Key
33042
Occupation: Environmental, planning & communications consultant
305-924-0195
Place of Work:
SWC
Work Phone: 305-294-1238 Fax: 305-294-2164
Work Address:
6410 5th Street, Suite 3
City: Key West, FL
Zip:
33040
How long have you been a resident of the Lower Florida Keys? 30 years
Where would you prefer to receive correspondence?
Home
X
Office
Where would be the most convenient location for meeting:
X
Old Town Key West
X Sugarloaf
X
X
New Town Key West
Cudjoe Key
X
Stock Island
Big Pine Key
Which type of customer would you represent?
X
Residential
X
Small Commercial
Large Commercial
The subjects of interest to me include:
1.
Tree trimming policies
2.
Street and individual outdoor lighting policies
3.
Ongoing efforts to reduce outages
4.
Ongoing efforts to save on electric costs
Efforts to increase use of solar and other alternative energy sources
Efforts to provide better wireless internet services within the Keys Energy service area
Page 2
The Advisory Committee members do not serve as representatives of particular
groups and selection is not dependent on membership in organizations.
However, ties with various groups are useful in forming a Committee that reflects
a broad spectrum of viewpoints, backgrounds and interests.
Please list below groups with which you are presently affiliated (e.g. community,
public interest, business, labor, activist, professional).
Treasurer of South Florida Regional Planning Council appointed by Governor Scott (serving since 2005)
Member, Truman Waterfront Advisory Committee appointed by Commissioner Yanis
Member of Unity of the Keys (former board member)
Board member of South Florida Association of Environmental Professionals
Member of Keys Chorale
Member of EPA's Water Quality Steering Committee for Florida Keys National Marine Sanctuary
Member of Key West, Lower Keys, Marathon, Islamorada and Key Largo chambers of commerce
Member of Florida Keys Builders Association
Why do you want to serve on Keys Energy Services’ Advisory Committee?(you
may continue on a separate page).
I previously served for several years on the Advisory Committee, including as chair. I found the service to
be very interesting and informative, and enjoyed contributing to several Keys Energy initiatives during
that time, including installation of solar backup facilities for street lights in Key West. I would like to
continue my earlier contributions by becoming fully familiar again with Keys Energy policies and initiatives,
and assisting in any way can with improving services. My previous participation gives an advantage as
I am already acquainted both with the basic generation and transmission system, the membership of
this utility in the Statewide consortium through which we purchase power, and general, ongoing policies.
I believe my coming back on the Committee will be mutually beneficial and hope you will seriously
consider my candidacy.
Page 3
Have any organizations endorsed your application for membership (not
required)?
Yes
X
No
If yes, please name the organization. I have not requested endorsement but believe the
Sugarloaf Key HOA would endorse me, if asked.
What is your educational background? I have a masters degree in Marine Affairs from the
Rosenstiel School of Marine and Atmospheric Science of the University of Miami, and a bachelor of
science degree from the University of California at Davis
Please attach your resume and any letters of endorsement and return to:
Julio J. Torrado
Keys Energy Services
1001 James Street
Key West, FL 33040
BY-LAWS
KEYS ENERGY SERVICES ADVISORY COMMITTEE
ARTICLE I - NAME
The name of the Committee shall be Keys Energy Services' Advisory
Committee.
ARTICLE II - PURPOSE
The purpose of the Advisory Committee shall be to provide the Utility Board with
input about the community’s views on Keys Energy Services issues. Additionally,
the Advisory Committee will share information about Keys Energy Services with
any other organizations in which they may participate. Discussions of the
Advisory Committee will be reported to the Utility Board as additional
information, which Utility Board members may use in making their decisions as
elected officials. The Utility Board will not be bound to act upon the
recommendations of the Advisory Committee.
ARTICLE III – MEETINGS
The Committee shall meet bi-monthly. KEYS staff shall be responsible for the
set-up, time and location for each meeting. All meetings shall be advertised on
the Keys Energy Services (KEYS) website at least 24 hours preceding the
meeting.
Three members of the Advisory Committee shall constitute a quorum for all
meetings. The affirmative vote of the majority present shall be required for any
question to carry. This shall apply notwithstanding the absence of one or two
members of the Committee.
At all meetings of the Advisory Committee, regular or special, parliamentary
procedure shall be in accordance with Roberts Rules of Order, except in the
event of a conflict between Roberts Rules of Order and these By-Laws, these ByLaws shall prevail.
ARTICLE IV – AGENDA IV
The General Manager & CEO shall prepare an agenda for each regular meeting.
Any Advisory Committee member may place any matter upon the agenda with a
written or verbal request to the General Manager & CEO, made no later than
three o’clock PM of the Thursday preceding the regularly scheduled meeting. A
copy of the agenda shall be mailed to each Advisory Committee member, no
later than noon on the Friday preceding the regularly scheduled meeting.
ARTICLE V - MEMBERSHIP
The Advisory Committee shall consist of five voting members selected by the
Utility Board from applicants from five districts:
District
District
District
District
District
One – Key West to Stock Island
Two – Key Haven to Big Coppitt
Three – Shark Key to Sugarloaf
Four – Cudjoe Key to the Torch Keys
Five – Big Pine Key to the Seven-Mile Bridge.
Also, a Utility Board member, the General Manager & CEO and/or Assistant
General Manager & COO will attend all meetings of the Advisory Committee as
non-voting members.
The five voting members of the Advisory Committee shall serve without pay, but
shall be reimbursed for necessary expenses incurred in the performance of their
official duties, upon approval of the General Manager & CEO.
ARTICLE VI - TERMS
Each member will serve a three-year term. An Advisory Committee member may
serve no more than two consecutive terms.
If any member resigns, the Utility Board shall fill the vacancy for the remainder
of the term.
ARTICLE VII - ABSENCES
If an Advisory Committee incurs two consecutive absences from regular meetings
without an excuse acceptable to the Advisory Committee, the member shall be
removed from the Advisory Committee.
If a member is absent from a regular meeting for any reason, the member shall
present an excuse for the absence to the Advisory Committee at the next regular
meeting. Presentation of excuses for absence need not be on the agenda.
Upon presentation of an excuse for absence, the Advisory Committee shall, after
motion, second, discussion, and vote upon the acceptability of the excuse. If a
member shall fail for any reason to present an excuse for absence at the time
prescribed, the absence shall be recorded as unexcused.
ARTICLE VIII - ORGANIZATION
The Advisory Committee shall select one of its members as Chairperson for a
one-year term. The Chairperson shall preside at all meetings of the Advisory
Committee and will act as a liaison between the Advisory Committee and the
Utility Board.
ARTICLE IX - DUTIES OF COMMITTEE
The duties of the Committee shall be to:
1).
Serve as a channel of communications between the Utility
Board, utility staff, and the customers of Keys Energy Services, in order to
understand and help solve the many complex issues relating to the electric
industry.
2).
Promote public access to information on Keys Energy
Services facilities, services, policies, and programs concerning energy, and to
consider the future energy needs of the community with respect to the utility.
and services.
3).
Assist utility staff by suggesting and/or reviewing programs
ARTICLE X - AMENDMENT OF BY-LAWS
These By-Laws may be amended by a majority vote of the Advisory Committee
members present at any duly constituted meeting. These By-laws or any
amendments to these By-Laws must not conflict with the Advisory Committee
Policy adopted by the Utility Board.
Approved:
Updated:
January 6, 1999
May 12, 2005
January 23, 2007
May 18, 2010
February 16, 2011
December 17, 2013
Department: Finance
Agenda Item #: 8b
AGENDA ITEM WORDING: Accept Actuarial Valuation Report as of January 1, 2014
and Approve Change to Pension Contribution Percentage.
REQUESTED ACTION: Motion to accept Actuarial Valuation Report as of January 1,
2014, and approve the change in the Pension Contribution Percentage from 39.6% to
39.2%.
DISCUSSION: The attached January 1, 2014, annual actuarial valuation concludes
that the pension contribution, as a percentage of covered payroll, be decreased from
39.6% to 39.2%. The method used to determine the calculation is referred to as the
level percentage of payroll. During 2013, the Plan experienced an actuarial gain of
$3,397,417.
The decrease in the Required Pension Contribution is a result of the following:
• Pay increases were less than the prior average pay increase assumption of 7.2%.
This suggests pay increases were generally a source of actuarial gain this year.
• Member turnover was 120% of assumed turnover. This suggests employee
turnover was generally an additional source of actuarial gain this year.
• Investments had a smoothed actuarial value return of 12.8% against the 8.0%
assumption, which was favorable.
A true-up cash payment from the Retirement System of $11,075.35 is required to
reflect the lower rate for payrolls from January 1, 2014 to April 11, 2014 [at which time
the pension contribution rate was changed in the payroll system to conform to the
Actuarial Report]. KEYS will reimburse FMPA for $1,202.18. The process was
implemented several years ago in an effort to minimize the eventual cash true-up.
FINANCIAL IMPACT:
Total Cost FY14: $3,724,811
FMPA Reimbursement: down to $409,394
Due to % decrease: $38,205
FMPA Reimbursement: down to $4,177
Budgeted: Yes
Source of Funds: O&M
April 14, 2014
Ms. Kim Free
Pension Plan Administrator
1001 James Street
Key West, Florida 33040-6935
Re:
January 1, 2014 Actuarial Valuation
Dear Kim:
As requested, we are pleased to enclose two (2) copies of the January 1, 2014 Actuarial
Valuation Report for the Retirement System for General Employees of the Utility Board of
the City of Key West.
We appreciate the opportunity to work with the Board on this important project. We look
forward to presenting the key financial results of our Valuation at an upcoming Pension
Board Meeting.
As you are aware, a copy of the Report should be filed with the State at the following
address upon approval by the Pension Board.
Mr. Douglas E. Beckendorf, A.S.A.
Actuary
Florida Division of Retirement
Post Office Box 9000
Tallahassee, Florida 32315-9000
The Actuarial Section of the CAFR will follow shortly.
If you should have any questions concerning the above, please do not hesitate to contact us.
Sincerest regards,
Lawrence F. Wilson, A.S.A.
Senior Consultant and Actuary
Enclosures
cc:
Mr. Harry L. Bethel, Chairman
RETIREMENT SYSTEM FOR GENERAL EMPLOYEES OF THE UTILITY
BOARD OF THE CITY OF KEY WEST
ACTUARIAL VALUATION AS OF JANUARY 1, 2014
This Valuation Determines the Annual Contribution for the Plan Year January 1, 2014 through December 31, 2014
to be Paid in the Calendar Year Ending December 31, 2014
April 14, 2014
Retirement System for General Employees of the
TABLE OF CONTENTS
Page
Commentary
1
I.
Summary of Retirement Plan Costs ................................................................................. 5
II.
Comparison of Cost Data of Current and Prior Valuations ............................................. 8
III.
Characteristics of Participants in Actuarial Valuation ..................................................... 9
IV.
Statement of Assets ........................................................................................................ 10
V.
Reconciliation of Plan Assets......................................................................................... 11
VI.
Actuarial Gains (Losses) for Plan Year ......................................................................... 13
VII.
Amortization of Unfunded Actuarial Accrued Liability ................................................ 14
VIII.
Accounting Disclosure Exhibit ...................................................................................... 15
IX.
Outline of Principal Provisions of the Retirement Plan ................................................. 26
X.
Actuarial Assumptions and Actuarial Cost Methods Used ............................................ 30
XI.
Reconciliation of Plan Participants ................................................................................ 35
XII.
Distribution of Plan Participants by Attained Age Groups and Service Groups............ 36
XIII.
Statistics for Participants Entitled to Deferred Benefits and Participants
Receiving Benefits ........................................................................................................ 37
XIV.
Review of Compensation, Termination and Investment Return Experience ................. 38
XV.
Utility Board Contribution Information ......................................................................... 39
XVI.
State Required Exhibit ................................................................................................... 40
April 14, 2014
Board of Trustees
c/o
Mr. Jack Wetzler
Assistant General Manager & C.F.O.
Post Office Drawer 6100
Key West, Florida 33040
Re:
Retirement System for General Employees of the Utility Board of the City of Key West
Dear Trustees:
We are pleased to present our January 1, 2014 Actuarial Valuation for the Retirement System for
General Employees of the Utility Board of the City of Key West (System). The purpose of this report
is to indicate appropriate contribution levels, comment on the actuarial stability of the System and to
satisfy State requirements. Gabriel, Roeder, Smith & Company (GRS), as System actuary, is
authorized by the Board of Trustees to prepare an annual actuarial valuation under Section 8.04(f) of
the System.
This report consists of this commentary, detailed Tables I through XV, and the State Required Exhibit
on Table XVI. The Tables contain basic System cost figures plus significant details on the benefits,
liabilities and experience of the System. We suggest that you thoroughly review the report at your
convenience and contact us with any questions that may arise.
Pension Plan Costs
The minimum payment consists of payment of annual normal costs and amortization of the
components of the unfunded actuarial accrued liability over various periods as prescribed by law. The
minimum payment for the fiscal year ending December 31, 2014 is 39.2% ($3,614,947) of covered
payroll. The figure in parentheses is the System cost expressed as the percentage of covered annual
payroll applied to projected covered payroll as of January 1, 2014 ($9,226,528).
Changes in Actuarial Assumptions, Methods and System Benefits
The System provisions affecting actuarial calculations remain unchanged from the System provisions
considered for the January 1, 2013 Actuarial Valuation. System benefits are summarized on Table IX.
Assumed System investment return has been updated to 7.5%, net of investment expenses,
compounded annually. Employee withdrawal rates, salary increase factors and assumed retirement
Board of Trustees
April 14, 2014
Page Two
ages have also been updated based upon our Experience Investigation. The remaining actuarial
assumptions and methods are unchanged from the January 1, 2013 Actuarial Valuation. The actuarial
assumptions and methods are outlined on Table X.
Projected Government Accounting Standards Board Statement Number 67 and Number 68 (GASB 67
and 68) actuarial disclosures are included.
Comparison of January 1, 2013 and January 1, 2014 Valuation Results
Table II of our report provides information of a comparative nature. The right columns of the Table
indicate the costs as calculated for January 1, 2013. The center columns indicate the costs as
calculated for January 1, 2014, prior to the update in actuarial assumptions. The left columns indicate
the costs as calculated for January 1, 2014, after the update in actuarial assumptions.
Comparing the right and center columns of Table II shows the effect of System experience during the
year. The number of active participants decreased by approximately 4% while covered payroll
decreased by approximately 3%. The total normal cost increased both as a percentage of covered
payroll and as a dollar amount. The unfunded actuarial accrued liability decreased both as a
percentage of covered payroll and as a dollar amount. The minimum funding requirement increased as
a percentage of covered payroll but decreased as a dollar amount.
Comparing the center and left columns of Table II shows the effect of the update of the actuarial
assumptions. The unfunded actuarial liability increased both as a percentage of covered payroll and as
a dollar amount. The total normal cost and minimum funding requirement decreased both as a
percentage of covered payroll and as a dollar amount.
The present value of vested accrued benefits exceeds the market value of System assets. The Vested
Benefit Security Ratio is 87.4% (92.0% prior to the update in actuarial assumptions). This is an
increase from 81.7% as of January 1, 2013.
Actuarial Gains (Losses)
The System experienced an actuarial gain of $3,397,417 for 2013. Our Actuarial Valuation report
tracks the actual experience in three areas that are very significant in determining whether a gain or
loss occurs. Table XIV presents compensation experience, tracks employee turnover and provides
information on investment returns.
Table XIV provides statistics on increases in pay enjoyed by active System Members. During 2013 pay
increases to active Members averaged 3.1%. Pay increases were less than the prior average pay
increase assumption of 7.2%. This suggests pay increases were generally a source of actuarial gain
this year. The three, five and ten year average annual pay increases are 3.8%, 4.0% and 6.4%,
respectively.
Board of Trustees
April 14, 2014
Page Three
In addition, Table XIV provides statistics for active System Members terminating service in
comparison to the number of active System Members who were assumed to terminate under the prior
withdrawal assumptions. Member turnover was 120% of expected turnover during 2013. This
suggests employee turnover was generally an additional source of actuarial gain this year. Three, five
and ten year average termination experience is 80%, 60% and 100% of expected turnover, respectively.
Table XIV also provides comparative statistics on the investment experience for the System. During
2013, the System experienced a smoothed actuarial value return of approximately 12.8%. This return
was more than the 8.0% anticipated rate of return (prior assumption). Investment return was a
significant source of actuarial gain this year. The average actuarial value rate of return over the last
three, five and ten years is 6.2%, 6.6% and 4.9%, respectively. The corresponding one year, three
year, five year and ten year average market value rates of return are 21.0%, 11.6%, 12.9% and 6.5%,
respectively.
Member Census and Financial Data
The Utility Board submitted the Member census data as of January 1, 2014 used for this valuation to
us. This information contains name, Social Security number, date of birth, date of hire, current rate of
pay and actual salary paid in 2013. Dates of termination and retirement are provided where applicable.
The Utility Board updated information on inactive participants including retirees, beneficiaries and
vested terminees. Name, Social Security number and January 1, 2014 monthly benefit payment were
provided for these members.
The Utility Board also supplied information on the assets of the System as of December 31, 2013.
We do not audit the Member census data and asset information that is provided to us. However, we
perform certain reasonableness checks and on this basis we believe that the information that we
received is reliable.
Summary
In our opinion the benefits currently provided for under the System will be sufficiently funded through
the payment of the amount as indicated in this and future Actuarial Valuation reports. We will
continue to update you on the future payment requirements for the System through our actuarial
reports. These reports will also continue to monitor the future experience of the System.
Future actuarial measurements may differ significantly from the current measurements presented in
this report due to such factors as the following: System experience differing from that anticipated by
the economic or demographic assumptions; changes in economic or demographic assumptions;
increases or decreases expected as part of the natural operation of the methodology used for these
measurements (such as the end of an amortization period); and changes in System provisions or
Board of Trustees
April 14, 2014
Page Four
applicable law. Due to the limited scope of the actuary’s assignment, the actuary did not perform an
analysis of the potential range of such future measurements.
This report should not be relied on for any purpose other than the purpose described in the primary
communication. Determinations of the financial results associated with the benefits described in this
report in a manner other than the intended purpose may produce significantly different results.
This report has been prepared by actuaries who have substantial experience valuing public employee
retirement systems. To the best of our knowledge the information contained in this report is accurate
and fairly presents the actuarial position of the System as of the valuation date. All calculations have
been made in conformity with generally accepted actuarial principles and practices, with the Actuarial
Standards of Practice issued by the Actuarial Standards Board and with applicable statutes.
This report may be provided to parties other than the Board only in its entirety and only with the
permission of an approved representative of the Board.
The signing actuaries are independent of the System and Utility Board.
The undersigned are Members of the American Academy of Actuaries and meet the qualification
standards of the American Academy of Actuaries to render the actuarial opinions contained in this
report. We are available to respond to any questions with regards to matters covered in this report.
Very truly yours,
Senior Consultant and Actuary
Kelly L. Adams, A.S.A.
Consultant and Actuary
Table I
Retirement System for General Employees of
the Utility Board of the City of Key West
Summary of Retirement Plan Costs
Current Assumptions
Hired after
Hired before
May 31, 2010
June 1, 2010
January 1, 2014
January 1, 2014
Cost
% of
Cost
% of
Data
Payroll
Data
Payroll
A. Participant Data Summary (Table III)
1. Active Employees
2. Terminated Vested
3. Receiving Benefits
4. Total Participants
5. Annual Payroll of Active Employees
Current
Assumptions
Total
January 1, 2014
Cost
% of
Data
Payroll
10
0
0
10
$ 486,293
N/A
N/A
N/A
N/A
100.0%
120
26
170
316
$ 8,740,235
N/A
N/A
N/A
N/A
100.0%
130
26
170
326
$ 9,226,528
N/A
N/A
N/A
N/A
100.0%
$ 42,909
4,398
2,379
1,984
$ 51,670
N/A
N/A
8.8%
0.9%
0.5%
0.4%
10.6%
$ 1,357,644
153,241
57,118
69,251
$ 1,637,254
N/A
N/A
15.5%
1.8%
0.7%
0.8%
18.7%
$ 1,400,553
157,639
59,497
71,235
$ 1,688,924
67,103
$ 1,756,027
15.2%
1.7%
0.6%
0.8%
18.3%
0.7%
19.0%
Prior
Assumptions
Total
January 1, 2014
Cost
% of
Data
Payroll
$
Total
January 1, 2013
Cost
% of
Data
Payroll
130
26
170
326
9,226,528
N/A
N/A
N/A
N/A
100.0%
136
24
164
324
$ 9,558,105
N/A
N/A
N/A
N/A
100.0%
1,126,578
151,763
52,388
52,027
1,382,756
633,695
2,016,451
12.2%
1.6%
0.6%
0.6%
15.0%
6.9%
21.9%
$ 1,160,677
149,607
54,121
52,885
$ 1,417,290
497,419
$ 1,914,709
12.1%
1.6%
0.6%
0.6%
14.8%
5.2%
20.0%
B. Total Normal Costs
1.
2.
3.
4.
5.
6.
7.
Age Retirement Benefits
Deferred Vesting Benefits
Death Benefits
Disability Benefits
Subtotal*
Expenses
Total Annual Normal Costs
* Net of expenses
-5-
$
$
$
Table I
(Cont'd)
Current
Assumptions
January 1, 2014
Cost
% of
Data
Payroll
C. Total Actuarial Accrued Liability
1. Age Retirement Benefits Active Employees
2. Deferred Vested Benefits Active Employees
3. Death Benefits Active Employees
4. Disability Benefits Active Employees
5. Retired or Terminated Vested Participants
Receiving Benefits
6. Terminated Vested Participants Entitled to
Future Benefits
7. Deceased Participants Whose Beneficiaries
are Receiving Benefits
8. Disabled Participants Receiving Benefits
9. Total Actuarial Accrued Liability
Prior
Assumptions
January 1, 2014
Cost
% of
Data
Payroll
January 1, 2013
Cost
% of
Data
Payroll
$ 38,156,392
119,217
338,979
833,997
413.6%
1.3%
3.7%
9.0%
$ 36,987,306
111,113
315,426
777,811
400.9%
1.2%
3.4%
8.4%
$ 37,115,098
109,634
321,926
756,761
388.3%
1.1%
3.4%
7.9%
48,205,877
522.5%
46,084,644
499.5%
42,955,649
449.4%
1,822,158
19.7%
1,669,693
18.1%
1,473,314
15.4%
5,448,058
2,172,566
$ 97,097,244
59.0%
23.5%
1052.4%
5,183,427
2,083,828
$ 93,213,248
56.2%
22.6%
1010.3%
4,837,374
2,065,288
$ 89,635,044
50.6%
21.6%
937.8%
D. Market Value of Assets (Table IV)
$ 76,694,383
831.2%
$ 76,694,383
831.2%
$ 64,668,829
676.6%
E. Smoothed Actuarial Value of Assets (Table V)
$ 69,362,352
751.8%
$ 69,362,352
751.8%
$ 62,826,701
657.3%
F. Unfunded Actuarial Accrued Liability (C-E)
$ 27,734,892
300.6%
$ 23,850,896
258.5%
$ 26,808,343
280.5%
G. Minimum Required Contribution
1. Total Normal Cost
2. Amortization of Unfunded Liability
3. Interest Adjustment
4. Total Payment
$ 1,756,027
1,728,259
130,661
$ 3,614,947
19.0%
18.7%
1.4%
39.2%
$ 2,016,451
1,573,111
143,582
$ 3,733,144
21.9%
17.0%
1.6%
40.5%
$ 1,914,709
1,721,269
145,439
$ 3,781,417
20.0%
18.0%
1.5%
39.6%
H. Actuarial Gains (Losses) (Table VI)
$ 3,397,417
36.8%
$ 3,397,417
36.8%
$ (3,232,249)
(33.8%)
-6-
Table I
(Cont'd)
Current
Assumptions
January 1, 2014
Cost
% of
Data
Payroll
Prior
Assumptions
January 1, 2014
Cost
% of
Data
Payroll
January 1, 2013
Cost
% of
Data
Payroll
I. Actuarial Present Value of Vested Accrued Benefits
1. Retired, Terminated Vested, Beneficiaries,
Disabled Receiving Benefits
2. Terminated Vested Participants Entitled to
Future Benefits
3. Active Participants Entitled to Future Benefits
4. Total Actuarial Present Value of Vested
Accrued Benefits
J. Unfunded Actuarial Present Value of Vested
Accrued Benefits (I.4 - D., not less than zero)
K. Vested Benefit Security Ratio (D. ÷ I.4.)
$
55,826,501
605.1%
$ 53,351,899
578.2%
1,822,158
30,130,646
19.7%
326.6%
1,669,693
28,323,925
18.1%
307.0%
$
87,779,305
951.4%
$ 83,345,517
903.3%
$
11,084,922
120.1%
$
6,651,134
72.1%
87.4%
N/A
92.0%
N/A
-7-
$
49,858,311
521.6%
1,473,314
27,864,142
15.4%
291.5%
$
79,195,767
828.6%
$
14,526,938
152.0%
81.7%
N/A
Table II
Comparison of Cost Data of January 1, 2013 and January 1, 2014 Valuations
Current
Assumptions
January 1, 2014
Cost
% of Annual
Data
Compensation
A. Participants
1. Active Employees
2. Terminated Vested
3. Receiving Benefits
4. Annual Payroll of Active Employees
$
130
26
170
9,226,528
N/A
N/A
N/A
100.0%
B. Total Normal Costs
$
1,756,027
C. Total Actuarial Accrued Liability
$
D. Smoothed Actuarial Value of Assets
Prior
Assumptions
January 1, 2014
Cost
% of Annual
Data
Compensation
$
130
26
170
9,226,528
N/A
N/A
N/A
100.0%
19.0%
$
2,016,451
97,097,244
1052.4%
$
$
69,362,352
751.8%
E. Unfunded Actuarial Accrued Liability
$
27,734,892
F. Net Minimum Funding Payment
$
G. Actuarial Gain (Loss)
H. Unfunded Actuarial Present Value of
Vested Accrued Benefits
I. Vested Benefit Security Ratio
January 1, 2013
Cost
% of Annual
Data
Compensation
$
136
24
164
9,558,105
N/A
N/A
N/A
100.0%
21.9%
$
1,914,709
20.0%
93,213,248
1010.3%
$
89,635,044
937.8%
$
69,362,352
751.8%
$
62,826,701
657.3%
300.6%
$
23,850,896
258.5%
$
26,808,343
280.5%
3,614,947
39.2%
$
3,733,144
40.5%
$
3,781,417
39.6%
$
3,397,417
36.8%
$
3,397,417
36.8%
$
(3,232,249)
(33.8%)
$
11,084,922
120.1%
$
6,651,134
72.1%
$
14,526,938
152.0%
87.4%
N/A
81.7%
N/A
-8-
92.0%
N/A
Table III
Characteristics of Participants in
Actuarial Valuation as of January 1, 2014
A. Active Plan Participants Summary
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
B.
Active participants as of beginning of prior year
New entrants during prior year
Exits during prior year
Active participants as of beginning of year
Active participants fully vested
Active participants partially vested
Active participants non-vested
Annual payroll of active participants
Average pay
Average hire age
Average attained age
Percent female
136
7
(13)
130
72
39
19
$ 9,226,528
$
70,973
31.36 years
45.33 years
32.3%
Characteristics of Inactive Participants
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Inactives as of beginning of prior year
Newly inactive during prior year
Exits during prior year
Inactives as of beginning of year
Age retirees
Projected annual benefits for age retirees
Beneficiaries of deceased participants
Projected annual benefits for beneficiaries
Disabled participants receiving benefits
Projected annual benefits for disabled participants
Terminated vested due deferred benefits
Projected annual benefits for terminated vested participants
-9-
188
10
(2)
196
138
$ 3,983,131
22
$
447,483
10
$
203,865
26
$
194,018
Table IV
Statement of Assets as of January 1, 2014
Assets
Market Value
Investments at Market Value
Cash and Cash Equivalents
Government Securities
Mortgage Backed Securities
State and Local Bonds
Corporate Bonds
International Equities
Common Stocks
Real Estate
Other Bonds
Total Investments
$
$
5,514,201
3,704,019
6,408,561
594,401
2,524,586
9,986,091
41,213,235
6,435,558
15,106
76,395,758
Receivables
Accrued Interest
Pending Trades
Utility Board Contributions
Total Receivables
$
$
108,643
35,327
18,855
162,825
$
369,207
Accrued Benefits and Expenses
Pending Trades
Total Liabilities
$
$
155,235
78,172
233,407
Net Assets Available For Benefits
$
76,694,383
Other - Prepaid Benefits and Expenses
Liabilities
-10-
Table V
Reconciliation of Plan Assets*
A. Market Value of Assets as of January 1, 2013
$
64,668,829
$
3,628,209
$
1,798,159
511,045
1,287,114
B. Receipts During Year
1. Utility Board contributions
2. Interest, dividends and other
(a) Dividends, interest and other
(b) Investment fees
(c) Net dividends, interest and other [(a)-(b)]
$
3. Net appreciation / (depreciation)
11,627,743
4. Net receipts during year
$
16,543,066
$
4,394,862
C. Disbursements During Year
1. Pension benefit payments
2. Contribution refunds
0
3. Administrative expenses paid
122,650
4. Total disbursements during year
D. Market Value of Assets as of December 31, 2013
* As reported on financial statements prepared by Utility Board.
-11-
$
4,517,512
$
76,694,383
Table V
(Cont'd)
Development of Smoothed Actuarial Value of Assets as of December 31
2012
2013
2014
$ 61,863,804
$ 62,826,701
$ 69,362,352
B. Market value end of year
64,668,829
76,694,383
C. Market value beginning of year
58,164,551
64,668,829
D. Non-investment net cash flow
(1,266,881)
(1,400,348)
7,771,159
4,602,489
3,168,670
13,425,902
5,117,492
8,308,410
A. Preliminary smoothed actuarial value from prior year
2015
2016
2017
1,661,682
633,734
2,295,416
1,661,682
1,661,682
76,694,383
E. Investment return
1. Total market value return: B. - C. - D.
2. Amount for immediate recognition (8.0%)
3. Amount for phased-in recognition: E.1. - E.2.
F. Phased-in recognition of investment return
1. Current year: 20% of E.3.
2. First prior year
3. Second prior year
4. Third prior year
5. Fourth prior year
6. Total phased-in recognition of investment return
633,734
(795,197)
374,498
1,661,682
633,734
(795,197)
1,661,682
633,734
1,661,682
943,791
(3,529,537)
(2,372,711)
374,498
943,790
2,818,507
(795,197)
374,497
1,874,716
633,734
(795,199)
1,500,217
62,826,701
77,602,595
51,735,063
69,362,352
92,033,260
61,355,506
62,826,701
69,362,352
1,842,128
7,332,031
3.6%
12.8%
13.5%
21.0%
G. Smoothed actuarial value end of year
1. Preliminary smoothed actuarial value end of year:
A. + D. + E.2. + F.6.
2. Upper corridor limit:120% of B.
3. Lower corridor limit: 80% of B.
4. Smoothed actuarial value end of year:
G.1., not more than G.2., nor less than G.3.
H. Difference between market value and smoothed actuarial value
I.
Smoothed actuarial value rate of return
J.
Market value rate of return
-12-
Table VI
Actuarial Gains (Losses) for
Plan Year Ended December 31, 2013
A. Derivation of Actuarial Gain (Loss)
1.
2.
3.
4.
5.
6.
7.
8.
Normal cost previous valuation
Unfunded actuarial accrued liability previous valuation
Utility Board contributions
Interest on:
(a) Normal cost
(b) Unfunded actuarial accrued liability
(c) Utility Board contributions
(d) Net total: (a) + (b) - (c)
Increase (decrease) in unfunded actuarial accrued liability due to
assumption changes
Expected unfunded actuarial accrued liability current year:
(1. + 2. - 3. + 4. + 5.)
Actual unfunded actuarial accrued liability current year
Actuarial gain (loss): (6. - 7.)
$
1,914,709
26,808,343
3,628,209
$
$
153,177
2,144,667
144,374
2,153,470
$
3,883,996
$
31,132,309
27,734,892
3,397,417
$
B. Approximate Portion of Gain (Loss)
Due to Investments
1.
2.
3.
4.
5.
Smoothed actuarial value of assets previous year
Contributions during year
Benefits and expenses during year
Expected appreciation for period
Expected smoothed actuarial value of assets current year:
(1. + 2. - 3. + 4.)
6. Actual smoothed actuarial value of assets current year
7. Approximate gain (loss): (6. - 5.)
C. Approximate Portion of Gain (Loss)
Due to Liabilities: A.7. - B.7.
-13-
$
62,826,701
3,628,209
5,028,557
4,969,368
$
$
$
66,395,721
69,362,352
2,966,631
$
430,786
Table VII
Amortization of Unfunded Actuarial Accrued Liability
A.
Amortization of Unfunded Accrued Liability
Unfunded
Liability
Date
January 1, 2014
January 1, 2015
January 1, 2016
January 1, 2017
January 1, 2018
…
…
January 1, 2044
B.
Amortization
Payment
$
$
$
$
$
27,734,892
27,957,130
28,121,545
28,273,470
28,348,550
$
$
$
$
$
1,728,259
1,797,553
1,820,643
1,902,726
1,958,105
$
0
$
0
Covered Payroll History
Date
Covered
Payroll
Annual
Increase
January 1, 2014
January 1, 2013
January 1, 2012
January 1, 2011
January 1, 2010
$ 9,226,528
$ 9,558,105
$ 9,667,272
$ 10,005,398
$ 10,024,867
(3.5%)
(1.1%)
(3.4%)
(0.2%)
2.5%
January 1, 2009
January 1, 2008
January 1, 2007
January 1, 2006
January 1, 2005
$
$
$
$
$
9,782,010
9,202,549
8,343,673
7,644,008
6,933,885
6.3%
10.3%
9.2%
10.2%
0.5%
January 1, 2004
$
6,897,648
N/A
Ten-Year Average Annual Increase
3.0%
-14-
Table VIII
Accounting Disclosure Exhibit
Current
Assumptions
01/01/2014
I. Number of Plan Members
1. Retirees and beneficiaries receiving benefits
2. Terminated System members entitled to but not yet
receiving benefits
3. Active Plan members
4. Total
Prior
Assumptions
01/01/2014
01/01/2013
170
170
164
26
130
326
26
130
326
24
136
324
II. Financial Accounting Standards Board Allocation
As of January 1, 2014
A. Statement of Accumulated Plan Benefits
1. Actuarial present value of accumulated vested Plan
benefits
a. Participants currently receiving benefits
b. Other participants
c. Total
2. Actuarial present value of accumulated non-vested
Plan benefits
3. Total actuarial present value of accumulated Plan
benefits
$
B. Statement of Change in Accumulated Plan Benefits
1. Actuarial present value of accumulated Plan benefits
as of January 1, 2013
2. Increase (decrease) during year attributable to:
a. Plan amendment
b. Change in actuarial assumptions
c. Benefits paid
d. Other, including benefits accumulated, increase
for interest due to decrease in the discount period
e. Net increase
3. Actuarial present value of accumulated Plan benefits
as of January 1, 2014
C. Significant Matters Affecting Calculations
1. Assumed rate of return used in determining actuarial
present values
2. Change in Plan provisions
3. Change in actuarial assumptions
$
55,826,501
31,952,804
87,779,305
$
$
53,351,899
29,993,618
83,345,517
$
49,858,311
29,337,456
79,195,767
1,376,780
$
1,246,790
$
1,306,018
$
89,156,085
$
84,592,307
$
80,501,785
$
80,501,785
$
0
4,563,778
(4,394,862)
$
8,485,384
8,654,300
$
89,156,085
$
7.5%
None affecting calculations.
See Table X, Item L.
-15-
$
Table VIII
(Cont'd)
III. Annual Pension Cost For the Current Year and Related Information:
Actuarial valuation date
01/01/2014
Actuarial cost method
Entry age
Amortization method
Level % of pay, closed
Remaining amortization period
26 years
Asset valuation method
Five year smoothed market
Actuarial assumptions:
Investment rate of return *
Projected salary increases *
Cost of living adjustments
7.5%
4.5% - 10.0%
3.0%
* Includes inflation at
3.0%
-16-
Table VIII
(Cont'd)
IV. Historical Trend Information (thousands)
Schedule of Employer Costs (GASB No. 27)
Fiscal Year
Ending
Annual Pension
Cost (APC)
Percentage of
APC Contributed
Net Pension
Obligation/(Asset)
12/31/2008
12/31/2009
12/31/2010
$
$
$
2,536,372
3,317,874
3,044,502
100%
100%
102%
$
$
$
(78,832)
(79,679)
(138,972)
12/31/2011
12/31/2012
12/31/2013
$
$
$
3,172,924
3,354,519
3,626,500
100%
100%
100%
$
$
$
(140,932)
(142,774)
(144,483)
V. Annual Pension Cost and Net Pension Obligation (NPO) (GASB No. 27)
Fiscal Year Ended
Annual Required Contribution (ARC)
Interest on NPO / (NPA)
Adjustment to ARC
APC
Utility Board Contribution
Increase (Decrease) in NPO / (NPA)
NPO / (NPA) (beginning of year)
NPO / (NPA) (end of year)
$
$
$
$
-17-
12/31/2013
3,628,209
(11,422)
9,713
3,626,500
(3,628,209)
(1,709)
(142,774)
(144,483)
$
$
Projected
12/31/2014
3,614,947
(10,836)
9,493
3,613,604
Table VIII
(Cont'd)
Schedule of Funding Progress
(Dollar Amounts in Thousands)
VI. Schedule of Funding Progress
Smoothed
Actuarial
Value of Assets
(a)
Actuarial
Valuation Date
Actuarial Accrued
Liability (AAL)
- Entry Age
(b)
Unfunded
AAL
(UAAL)
(b - a)
Funded
Ratio
(a/b)
Covered
Payroll
(c)
UAAL as a
Percentage of
Covered Payroll
((b-a)/c)
01/01/2009
$
54,593
$
74,212
$
19,619
73.6%
$
9,782
200.6%
01/01/2010
$
60,033
$
77,840
$
17,807
77.1%
$ 10,025
177.6%
01/01/2011
$
61,383
$
81,599
$
20,216
75.2%
$ 10,005
202.1%
01/01/2012
$
61,864
$
85,044
$
23,180
72.7%
$
9,667
239.8%
01/01/2013
$
62,827
$
89,635
$
26,808
70.1%
$
9,558
280.5%
01/01/2014
1
$
69,362
$
93,213
$
23,851
74.4%
$
9,227
258.5%
01/01/2014
2
$
69,362
$
97,097
$
27,735
71.4%
$
9,227
300.6%
1
Prior to update in actuarial assumptions
2
After update in actuarial assumptions
-18-
Table VIII
(Cont'd)
VII. Net Pension Liability and Related Ratios (GASB No. 67 & No. 68)
Projected
12/31/2014*
Measurement date
A.
B.
Total Pension Liability
Service Cost
Interest
Benefit Changes
Difference Between Actual and Expected Experience
Assumption Changes
Benefit Payments, including Refunds of Member Contributions
Net Change in Total Pension Liability
Total Pension Liability (TPL) - (beginning of year)
Total Pension Liability (TPL) - (end of year)
Plan Fiduciary Net Position
Contributions - Plan Sponsor
Contributions - Member
Net Investment Income
Benefit Payments, including Refunds of Member Contributions
Administrative Expenses
Other
Net Change in Plan Fiduciary Net Position
Plan Fiduciary Net Position - (beginning of year)
Plan Fiduciary Net Position - (end of year)
$
$
$
$
1,688,924
7,232,131
0
(552,616)
3,883,996
(4,715,497)
7,536,938
93,765,864
101,302,802
3,614,947
0
5,706,209
(4,715,497)
(122,650)
0
4,483,009
76,694,383
81,177,392
C.
Net Pension Liability (NPL) - (end of year): (A) - (B)
D.
Plan Fiduciary Net Position as a Percentage of TPL: (B) / (A)
E.
Covered Employee Payroll
F.
NPL as a Percentage of Covered Employee Payroll: (C) / (E)
G.
Notes to Schedule:
Valuation Date
01/01/2014
Update procedures were used to roll forward the total pension liability to the measurement date
See Table X., Item L. for assumption changes during the year.
No benefit changes affecting calculations during the year.
20,125,410
80.13 %
$
* Projected - actual amounts will be available after fiscal year end
-19-
9,226,528
218.13 %
Table VIII
(Cont'd)
VIII. Schedule of the Employer's Net Pension Liability (GASB No. 67 and No. 68)
Fiscal Year
End
Pension
Liability
12/31/2014*
$ 101,302,802
Plan Net
Position
$
81,177,392
Net Pension
Liability
$
20,125,410
-20-
Plan Net Position
as a % of Total
Pension Liability
80.13%
Covered
Payroll
$
9,226,528
Net Pension Liability
as a % of
Covered Payroll
218.13%
Table VIII
(Cont'd)
IX. Schedule of Employer Contributions (GASB No. 67)
Fiscal Year
End
Actuarially
Determined
Contribution
Actual
Contribution
Contribution
Deficiency
(Excess)
12/31/2014*
$ 3,614,947
$ 3,614,947
$
0
Covered
Payroll
$ 9,226,528
Actual Contribution
as a % of
Covered Payroll
39.18%
X.
Notes to Schedule of Contributions (GASB No. 67)
Valuation Date:
Notes
01/01/2014
Actuarially determined contributions are calculated used a valuation
date as of the beginning of the plan year.
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method
Entry Age
Amortization Method
Level Percentage of Pay, Closed
Amortization Period
30 years
Asset Valuation Method
5-year smoothed market
Inflation
3.00%
Salary Increases
4.5% - 10.0%
7.50%
Investment Rate of Return
Retirement Age
Experience-based table of rates that are specific to the type of
eligibility condition
Mortality
For healthy participants, the RP 2000 Mortality Table was used, with
separate rates for males and females and for annuitants and nonannuitants, projected with full generational mortality improvements
with Scale AA.
For disabled participants, the RP 2000 Disabled Mortality Table was
used, with separate rates for males and females, projected with full
generational mortality improvements with Scale AA.
Cost-of-Living Increases
3.00%
Other Information:
Notes
-21-
Table VIII
(Cont'd)
XI. Schedule of Employer Contributions (GASB No. 68)
Fiscal Year
End
Actuarially
Determined
Contribution
Actual
Contribution
Contribution
Deficiency
(Excess)
9/30/2015*
$ 3,698,177
$ 3,698,177
$
0
Covered
Payroll
$ 9,434,125
Actual Contribution
as a % of
Covered Payroll
39.20%
XII. Notes to Schedule of Contributions (GASB No. 68)
Valuation Date:
Notes
01/01/2014
Actuarially determined contributions are calculated used a valuation
date as of the beginning of the plan year (each January 1st).
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method
Entry Age
Amortization Method
Level Percentage of Pay, Closed
Amortization Period
30 years
Asset Valuation Method
5-year smoothed market
Inflation
3.00%
Salary Increases
4.5% - 10.0%
7.50%
Investment Rate of Return
Retirement Age
Experience-based table of rates that are specific to the type of
eligibility condition
Mortality
For healthy participants, the RP 2000 Mortality Table was used, with
separate rates for males and females and for annuitants and nonannuitants, projected with full generational mortality improvements
with Scale AA.
For disabled participants, the RP 2000 Disabled Mortality Table was
used, with separate rates for males and females, projected with full
generational mortality improvements with Scale AA.
Cost-of-Living Increases
3.00%
Other Information:
Notes
-22-
Table VIII
(Cont'd)
XIII. Discount Rate (GASB No. 67 and No. 68)
A discount rate of 7.50% was used to measure the total pension liability. This discount rate was based
on the expected rate of return on System investments of 7.50%. The projection of cash flows used to
determine this discount rate assumed member contributions will be made at the current contribution
rate and employer contributions will be made at rates equal to the difference between actuarially
determined contribution rates and the member rate. Based on these assumptions, the pension plan's
fiduciary net position was projected to be available to make all projected future benefit payments of
current plan members. Therefore, the long-term expected rate of return on System investments was
applied to all periods of projected benefit payments to determine the total pension liability.
XIV. Sensitivity of the Net Pension Liability to the Discount Rate Assumption* (GASB No. 67 and No. 68)
Measurement date: 12/31/2014 *
Current
Discount Rate
1% Decrease
1% Increase
Discount Rate
Net Pension Liability
6.50%
$
32,792,331
7.50%
$ 20,125,410
8.50%
$
-23-
9,619,661
Table IX
(Cont'd)
XV. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
Pensions (GASB No. 68)
Pension Expense for Fiscal Year Ending September 30, 2015*:
$
3,925,041
Summary of Outstanding Deferred Inflows and Outflows of Resources as of September 30, 2015*
Deferred Outflows
of Resources
Differences between actual and expected
experience on liabilities
Changes of assumptions or other inputs
Net difference between projected and actual
earnings on pension plan investments
Total
$
Deferred Inflows
of Resources
0
2,912,997
414,462
0
0
0
2,912,997
$
414,462
Summary of Deferred Outflows and Inflows of Resources that will be Recognized in the Pension
Expense in Future Years.
Year ending
9/30/2016
9/30/2017
9/30/2018
9/30/2019
9/30/2020
Thereafter
$
Amount
832,845
832,845
832,845
0
0
0
-24-
Table IX
(Cont'd)
XVI. Components of Pension Expense (GASB No. 68)
Projected
12/31/2014*
Measurement Date
Service Cost
Interest on Total Pension Liability
Current-Period Benefit Changes
Contributions - Member
Projected Earnings on Plan Investments
Administrative Expenses
Other Changes in Plan Fiduciary Net Position
Recognition of Beginning Deferred Outflows / (Inflows) due to Liabilities
Recognition of Beginning Deferred Outflows / (Inflows) due to Assets
Total Pension Expense
$
$
1,688,924
7,232,131
0
0
(5,706,209)
(122,650)
0
832,845
0
3,925,041
XVII. Recognition of Deferred Outflows and (Inflows) (GASB No. 68)
Recognition of Deferred Outflows / (Inflows) due to Liabilities
Established Initial Balance
2014*
$
2014*
$
Type
Initial
Recognition
Period
Remaining
Recognition
Period as of
12/31/2014
4.0
4.0
(552,616) Experience
3,883,996
Assumption Change
Recognition
Amount for
2014
Balance as of
12/31/2014
3.0
$
(138,154)
$
3.0
$
970,999
$
2,912,997
$
832,845
$
2,498,535
TOTAL
(414,462)
Recognition of Deferred Outflows / (Inflows) due to Assets
Established Initial Balance
2014*
$
Initial
Recognition
Period
Remaining
Recognition
Period as of
12/31/2014
5
4
0
TOTAL
-25-
Recognition
Amount for
2014
Balance as of
12/31/2014
$
0
$
0
$
0
$
0
Table IX
Outline of Principal Provisions of the Retirement Plan
A. Effective Date:
April 9, 1954, as amended and restated as of September 28, 1983, and further amended through
Resolution No. 82 effective January 15, 2014.
B. Eligibility Requirements:
All regular and permanent employees of the Utility Board shall become members of the Plan
immediately upon completion of probationary period. All regular and permanent employees of the
Utility Board employed prior to October 2, 2003 became members of the Plan immediately upon
employment. Elected Utility Board officials become members of the Plan immediately upon
election.
C. Member Contributions:
Eliminated effective October 1, 1985 (October 1, 1983 for management members).
D. Utility Board Contributions:
The Utility Board shall contribute an amount which will be determined annually by decision of the
Utility Board.
E. Credited Service:
Credited service is service performed subject to a maximum of 30 years. However, any member
with more than 30 years of credited service as of November 20, 1998 will be grandfathered under
the prior 35 year cap.
F. Average Final Compensation:
Average final compensation (AFC) equals the average annual pensionable earnings received
during a period of the five highest years out of the last ten years of service immediately preceding
retirement. Pensionable earnings are calculated using the member's base hourly rate each pay
period, multiplied by 80 hours, less any hours that are considered leave without pay .
G. Career Average Compensation:
Career average compensation (CAC) means the average of the pensionable earnings received by a
member from date of participation to termination of service. Pensionable earnings are calculated
using the member's base hourly rate each pay period, multiplied by 80 hours, less any hours that
are considered leave without pay .
-26-
Table IX
(Cont'd)
H. Normal Retirement:
1. Eligibility:
Earlier of:
(a) Attainment of age 60 and completion of 10 years of credited service, attainment of age 60 if
a Plan Member on or before November 13, 2008.
(b) Completion of 30 years of credited service.
2. Benefit:
For employees hired on or before May 31, 2010, 2.4% times AFC times years of credited
service. For employees hired on or after June 1, 2010, 2.0% times CAC times years of credited
service.
I. Early Retirement:
1. Eligibility:
Earliest of:
(a) Attainment of age 55 with completion of 10 years of credited service.
(b) Completion of 20 years of credited service.
2. Benefit:
Benefit as calculated for normal retirement based on credited service and AFC or CAC as of
early retirement date. The member may elect to defer receipt of the benefit until the normal
retirement date or alternatively, may elect a benefit reduced 5% for each year the benefit
commencement date precedes normal retirement date.
J. Disability Retirement:
1. Eligibility:
Totally and permanently disabled as defined under the Plan and completion of 10 years of
credited service as of date of disability.
-27-
Table IX
(Cont'd)
2.
Benefit:
For employees hired on or before May 31, 2010, benefit as calculated for normal retirement
based on credited service and average basic compensation during the three years immediately
preceding disability, minimum benefit of 20% of final three year average basic compensation at
date of disability.
For employees hired on or after June 1, 2010, benefit as calculated for normal retirement based
on credited service and CAC as of date of disability, minimum benefit of 20% of CAC at date
of disability.
These benefits will be offset by any benefits payable under Workers' Compensation or similar
injury or disability benefit payments.
K. Pre-Retirement Death Benefit:
In the case of death of a member while currently employed, the amount of the projected benefit
which such member would have received had the member continued employment until normal
retirement date at the current rate of pay shall be determined. Each Plan Member may elect survivor
payment under Option 1 or Option 2, however, Option 2 is only available if the Plan Member has
children under 21 years of age (25 years of age provided the child is a full-time student in college or
disabled under Social Security).
Option 1, 75% of the benefit calculated above payable during the remaining lifetime of the spouse
or domestic partner.
Option 2, 100% of the benefit calculated above payable until the youngest child is 21 years of age
(25 years of age provided the child is a full-time student in college or disabled under Social
Security). Upon attainment of age 21 (age 25 provided the child is a full-time student in college or
disabled under Social Security) by the youngest child, 60% of the benefit calculated above payable
during the remaining lifetime of the surviving spouse or domestic partner.
Notwithstanding the above, the minimum death benefit paid shall not be less than the accumulated
employee contributions, if any, as of date of death.
L. Termination Benefit:
Upon termination prior to normal or early retirement date a member shall be entitled to choose (1)
or (2) below, where:
(1) is a refund of employee contributions plus 1% if termination with 5 years or less of service, or
3% if termination after 5 years of service; and,
-28-
Table IX
(Cont'd)
(2) is (a) x (b), where (a) is the benefit as calculated for normal retirement, based on AFC or CAC
and credited service at date of termination, and (b) is a percentage as shown on the following
table:
Years of Credited Service
Percentage
Less than 5
5
6
7
8
9
10 or more
0%
25%
30%
40%
60%
80%
100%
If this option is selected, unreduced vested benefits commence as of the terminated employees'
normal retirement date. Alternatively, the member may elect to commence receiving a
reduced vested benefit any time after early retirement eligibility requirements are met. Such
benefit is reduced by 5% for each year that commencement of benefits precedes the date
which the member would have been eligible for normal retirement.
M. Normal Form of Payment:
Monthly life annuity with final payment due in month in which death occurs. Effective January 1,
1986, monthly benefits are increased 2% per annum. Effective January 1, 2001, monthly benefits
are increased 3% per annum.
N. Changes Since Previous Valuation
None affecting calculations.
-29-
Table X
Actuarial Assumptions and Actuarial Cost Methods
Used in the Valuation
A. Mortality
For healthy participants, the RP 2000 Mortality Table was used, with separate rates for
males and females and for annuitants and non-annuitants, projected with full generational
mortality improvements with Scale AA.
For disabled participants, the RP 2000 Disabled Mortality Table was used, with separate
rates for males and females, projected with full generational mortality improvements with
Scale AA.
B. Interest to be Earned by Fund
7.5%, net of investment expenses, compounded annually.
C. Allowances for Expenses or Contingencies
Average of actual administrative expenses during prior three (3) years.
D. Employee Withdrawal Rates
Withdrawal rates were used in accordance with tables per the following illustrative example:
Withdrawal Rates
Unisex
Service
Rates
0
1
2
3
4
10.00%
9.00%
8.00%
6.00%
4.00%
5+
3.50%
-30-
Table X
(Cont'd)
E. Salary Increase Factors
Current salary was assumed to increase according to the following table.
Age
< 25
25 - 34
35 - 44
45 - 54
55 & After
Salary Increase Factors
Assumed Promotion Total
Wage
&
Current
Inflation Seniority
Rates
3.50%
3.50%
3.50%
3.50%
3.50%
6.50%
4.00%
2.50%
1.50%
1.00%
10.00%
7.50%
6.00%
5.00%
4.50%
F. Disability Benefits
Class (01) Inter-Company modified disability rates for males were used. Rates for females
were doubled. No Workers' Compensation benefits are assumed to be payable.
G. Assumed Retirement Age
Employees are assumed to retire at the rates shown in the following table.
Age
Rate of Retirement
< 55
55 - 58
59 - 60
61 - 62
63 - 69
70
5%
15%
30%
10%
15%
100%
-31-
Table X
(Cont'd)
Employees who attain age 50 with 30 years of service after the valuation date are assumed to retire
no later than age 50 with 30 years of service. Employees who have reached age 70 or age 50 with
30 years of service as of the valuation date are assumed to remain employed for an additional year.
H. Death Benefits
1. The assumed incidence of deaths is 90% service incurred and 10% as non-service incurred.
2. 10% of participants are assumed to designate a child as beneficiary eligible for future children's
benefits.
3. 90% of participants are assumed to be married.
I. Valuation of Assets
The method used for determining the smoothed actuarial value of assets phases in the deviation
between the expected and actual return on assets at the rate of 20% per year. The smoothed
actuarial value of assets will be further adjusted to the extent necessary to fall within the corridor
whose lower limit is 80% of the fair market value of System assets and whose upper limit is 120%
of the fair market value of System assets.
J. Increase in Covered Payroll
3.0% per year, but limited to average annual increase over most recent ten years (3.0%).
K. Cost Method
Normal Retirement, Termination, Disability, and Death Benefits: Entry-Age-Actuarial Cost Method.
Under this method the normal cost for each active employee is the amount which is calculated to be
a level percentage of pay that would be required annually from his age at hire to his assumed
retirement age to fund his estimated benefits, assuming the Plan had always been in effect. The
normal cost for the Plan is the sum of such amounts for all employees. The actuarial accrued
liability as of any valuation date for each active employee or inactive employee who is eligible to
receive benefits under the Plan is the excess of the actuarial present value of estimated future
benefits over the actuarial present value of current and future normal costs. The unfunded actuarial
accrued liability as of any valuation date is the excess of the actuarial accrued liability over the
smoothed actuarial value of assets of the Plan.
-32-
Table X
(Cont'd)
L. Changes Since Previous Valuation
Interest to be Earned by Fund was:
8.0%, compounded annually.
Employee Withdrawal Rates were:
Withdrawal rates were used in accordance with tables per the following
Age
Withdrawal Rates
Per 100 Employees
Females
Males
20
25
30
35
40
7.0
8.0
14.5
8.0
4.6
9.0
9.0
13.0
10.0
6.5
45
50
55
60 & Over
4.0
0.0
0.0
0.0
3.5
0.0
0.0
0.0
Salary Increase Factors were:
Current salary was assumed to increase according to the following table.
Age
< 25
25 - 34
35 - 44
45 - 54
55 & After
Salary Increase Factors
Assumed Promotion
Total
Wage
&
Current
Inflation
Seniority
Rates
3.50%
3.50%
3.50%
3.50%
3.50%
6.50%
5.50%
4.00%
3.00%
2.50%
-33-
10.00%
9.00%
7.50%
6.50%
6.00%
Table X
(Cont'd)
L. Changes Since Previous Valuation (cont'd)
Assumed Retirement Ages were:
Employees were assumed to retire at the rates shown in the following table.
Age
Rate of Retirement
< 55
55 - 56
57
58
59
60
61 - 62
63 - 69
70
8%
10%
20%
35%
45%
30%
20%
10%
100%
-34-
Table XI
Reconciliation of Plan Participants
A. Active Participants
1.
2.
3.
4.
5.
6.
7.
8.
Active participants previous year
Retired during year
Deceased during year
Disabled during year
Terminated during year
New active participants
Rehired participants
Active participants
136
(6)
(1)
0
(6)
7
0
130
B. Participants Receiving Benefits
1.
2.
3.
4.
5.
6.
7.
Participants receiving benefits previous year
New retired participants
New terminated vested receiving benefits
New disabled receiving benefits
New beneficiaries receiving benefits
Deceased or ceased payment during year
Retired or terminated vested receiving benefits current year
164
6
1
0
1
(2)
170
C. Terminated Vested Participants Entitled to Future Benefits
1.
2.
3.
4.
5.
6.
7.
8.
Terminated vested entitled previous year
Deceased during year
Commenced receiving benefits during year
New terminated vested
Terminated vested paid lump sum
Terminated vested rehired during year
Adjustment
Terminated vested entitled current year
-35-
24
0
(1)
3
0
0
0
26
Table XII
Distribution by Attained Age Groups
and Service Groups as of January 1, 2014
Attained
Age Group
-----------------------------------------COMPLETED YEARS OF SERVICE----------------------------------------0-4
5-9
10-14
15-19
20-24
25-29
30 & Over
Total
Under 25
2
-
-
-
-
-
-
2
25-29
5
6
-
-
-
-
-
11
30-34
4
8
1
-
-
-
-
13
35-39
1
6
4
-
-
-
-
11
40-44
-
3
5
1
4
1
-
14
45-49
4
8
1
3
6
9
-
31
50-54
2
7
2
1
5
4
4
25
55-59
1
1
1
3
4
2
1
13
60-64
-
2
1
-
2
1
1
7
65 & Over
-
2
-
-
1
-
-
3
19
43
15
8
22
17
6
130
TOTAL
Average Attained Age
Average Hire Age
Average Pay
Percent Female
01/01/2013
45.48 years
31.66 years
$ 70,280
31.6%
-36-
01/01/2014
45.33 years
31.36 years
$ 70,973
32.3%
Table XIII
Statistics for Participants Entitled to Deferred Benefits
and Participants Receiving Benefits
A.
Entitled to Deferred Benefits
Current Age
Group
Less than 50
50-54
55-59
60-64
65-69
70 & Over
TOTAL
Total
Annual
Benefit
Count
17
6
3
26
$
$
141,414
42,004
10,600
194,018
Average
Annual
Benefit
$
$
8,318
7,001
3,533
7,462
B. Receiving Benefits
Current Age
Group
Less than 50
50-54
55-59
60-64
65-69
70-74
75-79
80-84
85 & Over
TOTAL
Total
Annual
Benefit
Count
7
15
23
25
30
28
20
12
10
170
$
$
-37-
141,851
457,262
544,414
674,615
734,209
986,057
604,057
238,366
253,648
4,634,479
Average
Annual
Benefit
$
$
20,264
30,484
23,670
26,985
24,474
35,216
30,203
19,864
25,365
27,262
Table XIV
Recent Compensation, Termination and Investment Return Experience
Investment Return
Calendar
Year
Compensation
% Increase
Assumed
(Decrease)
Increase
Termination
Ratio of Actual
to Expected
Smoothed
Actuarial
Value
Market
Value
Assumed Rate
of Return
2013
2012
2011
2010
2009
3.1%
3.8%
4.4%
2.5%
6.3%
7.2%
7.2%
7.4%
7.3%
7.2%
1.2
0.4
0.9
0.5
0.3
12.8%
3.6%
2.6%
3.8%
10.8%
21.0%
13.5%
1.2%
11.5%
18.4%
8.0%
8.0%
8.0%
8.0%
8.0%
2008
2007
2006
2005
2004
7.8%
10.4%
8.3%
10.2%
7.2%
5.5%
5.5%
5.5%
5.5%
5.5%
1.5
1.7
1.5
2.2
2.6
(7.0%)
9.2%
5.1%
4.6%
5.3%
(21.9%)
7.6%
10.8%
3.8%
6.2%
8.0%
8.0%
8.0%
8.0%
8.0%
Last 3 Years
3.8%
7.3%
0.8
6.2%
11.6%
8.0%
Last 5 Years
4.0%
7.3%
0.6
6.6%
12.9%
8.0%
Last 10 Years
6.4%
6.4%
1.0
4.9%
6.5%
8.0%
-38-
Table XV
Utility Board Contribution Information
Valuation
Date
Contribution
Fiscal
Year End
Minimum Required
Utility Board
Contributions
01/01/2014
01/01/2013
01/01/2012
01/01/2011
01/01/2010
12/31/2014
12/31/2013
12/31/2012
12/31/2011
12/31/2010
$
$
$
$
$
3,614,947 *
3,628,209
3,356,361
3,174,884
3,045,252
$
$
$
$
N/A
3,628,209
3,356,361
3,174,884
3,103,795
01/01/2009
01/01/2008
01/01/2007
01/01/2006
12/31/2009
12/31/2008
12/31/2007
12/31/2006
$
$
$
$
3,318,721
2,537,303
2,462,847
2,208,905
$
$
$
$
3,318,721
2,537,303
2,462,847
2,208,905
* 39.2% of expected 2014 covered payroll - $9,226,528
-39-
Actual Utility
Board
Contributions
Table XVI
State Required Exhibit
Current
Assumptions
01/01/2014
Prior
Assumptions
01/01/2014
130
130
136
$
160
10
26
9,226,528
$
160
10
26
9,226,528
$
154
10
24
9,558,105
$
4,634,479
$
4,634,479
$
4,315,575
$
69,362,352
$
69,362,352
$
62,826,701
$
$
$
44,814,311
1,250,571
650,896
1,046,393
47,762,171
$
$
48,800,869
1,533,840
751,566
1,291,818
52,378,093
$
45,721,489
1,258,781
707,393
1,097,316
48,784,979
$
1,822,158
$
1,669,693
$
1,473,314
$
48,205,877
2,172,566
5,448,058
55,826,501
$
46,084,644
2,083,828
5,183,427
53,351,899
$
42,955,649
2,065,288
4,837,374
49,858,311
01/01/2013
A. Participant Data
1. Active participants
2. Retired participants and beneficiaries receiving
benefits
3. Disabled participants receiving benefits
4. Terminated vested participants
5. Annual payroll of active participants
6. Annual benefits payable to those currently
receiving benefits
B. Smoothed Actuarial Value of Assets
C. Liabilities
1. Actuarial present value of future expected benefit
payments for active members
a. Retirement benefits
b. Vesting benefits
c. Death benefits
d. Disability benefits
e. Total
payments for terminated vested members
payments for members currently receiving benefits
a. Service retired
b. Disability retired
c. Beneficiaries
d. Total
-40-
$
$
$
Table XVI
(Cont'd)
4. Total actuarial present value of future expected
benefit payments
5. Actuarial accrued liability
6. Unfunded actuarial liability
Current
Assumptions
01/01/2014
Prior
Assumptions
01/01/2014
01/01/2013
$ 110,026,752
$ 97,097,244
$ 27,734,892
$ 102,783,763
$ 93,213,248
$ 23,850,896
$ 100,116,604
$ 89,635,044
$ 26,808,343
$
$
$
D. Statement of Accumulated Plan Benefits
1. Actuarial present value of accumulated vested
benefits
a. Participants currently receiving benefits
b. Other participants
c. Total
2. Actuarial present value of accumulated nonvested System benefits
3. Total actuarial present value of accumulated
System benefits
$
55,826,501
31,952,804
87,779,305
$
1,376,780
$
89,156,085
$
80,501,785
$
0
4,563,778
(4,394,862)
E. Statement of Change in Accumulated Plan Benefits
1. Actuarial present value of accumulated Plan
benefits as of January 1, 2013
2. Increase (decrease) during year attributable to:
a. Plan amendment
b. Change in actuarial assumptions
c. Benefits paid
d. Other, including benefits accumulated and
increase for interest due to decrease in the
discount period
e. Net increase
3. Actuarial present value of accumulated Plan
benefits as of January 1, 2014
-41-
$
8,485,384
8,654,300
$
89,156,085
53,351,899
29,993,618
83,345,517
$
1,246,790
$
84,592,307
49,858,311
29,337,456
79,195,767
1,306,018
$
80,501,785
Table XVI
(Cont'd)
Current
Assumptions
01/01/2014
F.
Total normal cost
Payment required to amortize unfunded liability
Interest adjustment
Total required contribution
Item 4 as a percentage of payroll
Estimated employee contributions
Net amount payable by Utility Board
$
$
$
$
1,756,027
1,728,259
130,661
3,614,947
39.2%
0
0.0%
3,614,947
39.2%
$
$
$
$
2,016,451
1,573,111
143,582
3,733,144
40.5%
0
0.0%
3,733,144
40.5%
$
$
$
$
1,914,709
1,721,269
145,439
3,781,417
39.6%
0
0.0%
3,781,417
39.6%
Past Contributions
1. Total contribution required (% of actual payroll) $
2. Actual contributions made
3,614,947
N/A
$
3,733,144
N/A
$
$
3,628,209
3,628,209
$
3,397,417
$
3,397,417
$
(3,232,249)
$
72,868,040
$
65,446,497
$
68,939,304
$
0
$
0
$
0
H. Net Actuarial Gain (Loss)
I.
01/01/2013
Pension Cost
1.
2.
3.
4.
5.
6.
7.
8.
9.
G.
Prior
Assumptions
01/01/2014
Disclosure of Following Items:
1. Actuarial present value of future salaries attained age
2. Actuarial present value of future employee
contributions - attained age
3. Actuarial present value of future contributions
from other sources
4. Amount of active members' accumulated
contributions
5. Actuarial present value of future salaries and
future benefits at entry age
6. Actuarial present value of future employee
contributions at entry age
N/A
$
-42-
15,976
N/A
$
15,976
N/A
$
20,402
N/A
N/A
N/A
N/A
N/A
N/A
Table XVI
(Cont'd)
Unfunded Actuarial
Accrued Liabilities
01/01/1985
01/01/1985
01/01/1986
01/01/1986
01/01/1987
01/01/1988
01/01/1989
01/01/1990
01/01/1991
01/01/1991
01/01/1992
01/01/1993
01/01/1994
01/01/1994
01/01/1995
01/01/1996
01/01/1996
01/01/1996
01/01/1997
01/01/1997
01/01/1998
01/01/1999
01/01/1999
01/01/2000
01/01/2001
01/01/2001
01/01/2002
01/01/2002
01/01/2003
01/01/2003
01/01/2003
01/01/2004
01/01/2005
01/01/2005
Current
Assumptions
Amortization
Payment
Current Unfunded
Liabilities
Assumption and Method Change $
Actuarial Loss (Gain)
Plan Amendment
Plan Amendment
Plan Amendment
Plan Amendment
Assumption Change
Assumption Change
Plan Amendment
Plan Amendment
Plan Amendment
Method Change
Assumption Change
Retiree Benefit Corrections
(12,185)
(4,754)
(17,377)
74,291
(72,285)
5,692
(67,544)
(149,018)
425,874
141,803
(341,771)
348,256
(11,773)
(127,064)
3,003,706
(5,804,101)
3,378,862
1,631,558
(3,629,828)
(306,006)
(5,189,912)
(4,988,136)
4,018,356
(3,059,355)
3,630,251
4,173,289
4,580,180
9,632
9,508,998
(8,210,050)
(519,111)
2,029,929
(1,314,219)
1,945,906
-43-
$
(12,185) $
(4,754)
(8,874)
37,940
(25,132)
1,516
(14,688)
(27,565)
68,914
22,946
(49,381)
45,635
(1,416)
(15,287)
335,087
(605,305)
352,379
170,154
(356,308)
(30,038)
(482,294)
(441,021)
355,279
(258,458)
294,151
338,152
357,133
751
715,608
(617,855)
(39,066)
147,827
(92,832)
137,452
Prior
Assumptions
Amortization
Payment
(12,185)
(4,754)
(8,894)
38,026
(25,246)
1,526
(14,819)
(27,870)
69,822
23,249
(50,135)
46,425
(1,444)
(15,583)
342,239
(619,414)
360,592
174,120
(365,302)
(30,796)
(495,387)
(453,819)
365,589
(266,434)
303,762
349,200
369,438
777
741,515
(640,223)
(40,480)
153,433
(96,509)
142,897
Remaining
Funding
Period
1 year
1 year
2 years
2 years
3 years
4 years
5 years
6 years
7 years
7 years
8 years
9 years
10 years
10 years
11 years
12 years
12 years
12 years
13 years
13 years
14 years
15 years
15 years
16 years
17 years
17 years
18 years
18 years
19 years
19 years
19 years
20 years
21 years
21 years
Table XVI
(Cont'd)
Unfunded Actuarial
Accrued Liabilities
01/01/2006
01/01/2007
01/01/2007
01/01/2008
01/01/2009
01/01/2009
01/01/2009
01/01/2010
01/01/2011
01/01/2012
01/01/2013
01/01/2014
01/01/2014
Current Unfunded
Liabilities
Plan Amendment
Assumption Change
Plan Amendment
Assumption Change
TOTAL
Current
Assumptions
Amortization
Payment
2,548,114
48,661
1,743,003
(390,195)
10,281,868
1,889,702
35,497
(2,229,861)
2,269,625
2,674,271
3,295,534
(3,397,417)
3,883,996
$
27,734,892
Prior
Assumptions
Amortization
Payment
174,956
3,254
116,553
(25,455)
655,440
120,463
2,263
(139,103)
138,736
160,381
194,124
(196,771)
224,953
$
1,728,259
182,176
3,393
121,552
(26,588)
685,629
126,012
2,367
(145,724)
145,549
168,494
204,224
(207,289)
N/A
$
Remaining
Funding
Period
22 years
23 years
23 years
24 years
25 years
25 years
25 years
26 years
27 years
28 years
29 years
30 years
30 years
1,573,111
This actuarial valuation and/or cost determination was prepared and completed by me or under my direct
supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the results are
complete and accurate, and in my opinion, the techniques and assumptions used are reasonable and meet the
requirements and intent of Part VII, Chapter 112, Florida Statutes. There is no benefit or expense to be provided
by the Plan and/or paid from the Plan's assets for which liabilities or current costs have not been established or
other wise provided for in the valuation. All known events or trends which may require material increase in Plan
costs or required contribution rates have been taken into account in the valuation.
Enrollment Number: 14-02802
Dated:
April 14, 2014
-44-

agenda - Keys Energy Services

Transcription

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