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Jacksonville Beach pension boards adopt actuarial revisions; $178,601 police reserve, $27,608 firefighters reserve clarified
Summary
At a joint quarterly session, GRS Consulting presented actuarial valuation revisions that allocate previously reserved premium‑tax funds to prepaid employer reserves: $178,601 for police (combined city + state) and $27,608 for firefighters. Boards voted to adopt the revisions.
GRS Consulting presented revised actuarial valuations for the City of Jacksonville Beach police and firefighters retirement systems and the three pension boards voted to adopt the revisions.
The consultant said the police officers’ report allocates prior accumulations of Chapter 185 premium‑tax revenues and adds them to a prepaid employer reserve. “The prepaid employer reserve now totals $178,601,” the presenter said, explaining that amount reflects a preexisting city reserve of $25,120 plus roughly $153,481 in state premium‑tax receipts applied under the collective bargaining agreement.
For firefighters, the consultant identified a 2016 excess of Chapter 175 funds of $27,608 and said that amount is allocated to the City of Jacksonville Beach prepaid contribution reserve. The presenter noted firefighters’ Chapter 175 receipts have trended downward while police Chapter 185 receipts had increased in recent years.
Board members asked for clarifications about where the figures appear in the schedule and whether prepaid funds are separate from other state receipts. The presenter traced the numbers to the report schedules and explained that the $153,481 is state money added to the previously accumulated $25,120 city contribution to reach the $178,601 total for police. A question from Marvin Dupree prompted the presenter to point to the supplemental schedule and to describe the reconciliation.
Board motions to adopt the actuarial revisions carried for both the police and firefighters systems after roll‑call votes.
The consultant said adoption of the revised reports was necessary to confirm the retirement boards’ understanding of how Chapter 185 and Chapter 175 receipts are being applied under the respective collective bargaining agreements. The boards did not alter contribution requirements; the change records allocation of previously reserved funds into specific prepaid reserves.
The boards also heard that reconciliations prepared by internal audit were provided and that the reports should provide a roadmap for contribution requirements in coming fiscal years.
The boards took formal votes to adopt the revisions; no further action was indicated beyond implementation of the accounting and reporting changes described in the revised reports.
