I. Employee Retirement Plans – Defined Benefit Plans (Continued)

City Council · 2026-04-21 · agenda_item

This item concerns the City of West Melbourne's Police Officers' Pension Plan. The city is reporting on pension expenses, deferred outflows, and deferred inflows of resources for the fiscal year ending September 30, 2025. The plan involves financial reporting and actuarial valuations. This is an ongoing financial review process. The work involves financial analysis, actuarial services, and reporting related to the pension plan's financial health and obligations. Local businesses specializing in financial consulting, accounting, and actuarial services may find opportunities to engage with the city on these matters. Early engagement could be beneficial as these financial reviews are a regular part of the city's operations.

pension expense

471,324 $

deferred outflows of resources from differences between expected and actual experience

568,612 $

deferred inflows of resources from differences between expected and actual experience

208,857 $

deferred outflows of resources from changes of assumptions

532,321 $

deferred inflows of resources from changes of assumptions

0 $

deferred outflows of resources from net differences between projected and actual earnings on pension plan investments

0 $

deferred inflows of resources from net differences between projected and actual earnings on pension plan investments

1,813,545 $

total deferred outflows of resources

1,100,933 $

total deferred inflows of resources

2,022,402 $

amounts recognized in pension expense for 2026

323,493 $

amounts recognized in pension expense for 2027

(575,021) $

amounts recognized in pension expense for 2028

(578,369) $

amounts recognized in pension expense for 2029

(91,572) $

amounts recognized in pension expense thereafter

0 $

total amounts recognized in pension expense thereafter

(921,469) $

payable to the police pension plan

21,700 $