The Oldsmar Firefighters Pension Board of Trustees approved a proposed administrative budget for fiscal year 2025–26 at its July 10 meeting in Oldsmar.
Board members voted to adopt the estimate after staff reviewed current-year spending and proposed increases for actuarial, audit and legal services. The board’s attorney described the document as an estimate rather than a binding appropriation.
Board attorney Pedro, speaking during the attorney report, told trustees, “It’s not a balanced budget. It’s really just, you know, more like what you may use at your own, you know, in your own household,” and said exceeding the estimate would be addressed later by adopting a revised budget if necessary.
Trustees discussed several line items: staff reported an actuary fee increase and provided an estimate of about $6,750 for the coming year from Southern Actuarial Services, which the board has used for decades. Trustees also discussed obtaining an engagement letter from the certified public accountant firm that will perform the annual audit. Legal fees were reviewed: the prior-year legal expense shown on packet materials was $12,001.85, trustees noted, and counsel confirmed the board is billed via a monthly retainer (about $1,100 per month was noted during the discussion).
Staff explained the budget presented is a cash-based estimate of administrative expenses and that if expenses exceed the estimate the board can adopt an amended budget at a later meeting. After discussion, a trustee proposed adopting the FY 2025–26 budget as presented; another trustee seconded, and the motion carried by voice vote with no opposition.
The adopted estimate covers routine administrative items, actuarial work (including required GASB and benefit statements), audit services and counsel retainer fees. Staff said the actuary will begin the annual evaluation on Oct. 1 once plan data are available.
Less critical logistical details — including how travel reimbursements are processed through the city — were provided by staff but did not change the board’s action. The board set no additional conditions on the budget and agreed to revisit any line items if actual expenses materially exceed the estimate.