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Trustees approve piggybacking pension audit on the city's audit, ratify routine expenses
Summary
Trustees voted to include the pension fund in the city's annual audit (prorated cost to the pension) rather than commission a stand-alone audit, and they ratified routine fund expenses and distributions at the meeting.
The Oldsmar Firefighters' Pension Board voted to include its financials in the city's audit this cycle and to cover the pension's prorated share of the cost, rather than pay for a separate stand-alone audit.
Staff presented two cost options: inclusion in the city's audit for $5,250 or a stand-alone audit for $7,570. Trustees discussed economies of scale, oversight benefits of periodic RFPs and whether the board should consider soliciting bids in future years. One trustee recommended piggybacking this year and then reconsidering whether to issue an RFP for a future cycle.
A motion to piggyback the pension audit on the city's audit and to authorize payment of the pension plan's prorated cost was moved, seconded and carried by voice vote.
Separately, the board moved to ratify routine expenses and distributions that staff had already paid from the fund between meetings (administrative fees, actuarial fees, audit/accounting fees, attorney/legal fees, fiduciary liability insurance, dues and subscriptions). The motion to ratify was moved, seconded and carried.
Trustees heard a brief attorney update (no pending legal matters reported), noted the CHAP supplemental distribution and confirmed the 2026 meeting dates. A trustee announced a planned resignation effective April 1 due to relocation; trustees thanked the member for their service.
Next steps: the board will cover its prorated audit cost for this cycle and staff will continue to present routine expenses to the board for ratification.
