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Independent auditor: Oldsmar firefighters' pension plan is slightly overfunded; trustees accept report
Summary
An independent audit presented to the Oldsmar Firefighters' Pension Board reports the plan had about $12.66 million in assets and a net pension asset, and trustees voted to accept the audited financial statements. The auditor reviewed funding sources and actuarial assumptions.
John Houser, the independent auditor for the city of Oldsmar, told trustees the firefighters’ pension plan showed a net pension asset and was roughly 104% funded under current actuarial assumptions.
"The net position, assets minus the liabilities, was $11,000,008.68," Houser said while reviewing the auditor’s report for the fiscal year ending Sept. 30, 2025. He reported total plan assets of about $12.66 million and described contributions, investment earnings and distributions that produced a net increase for the year.
Houser explained the plan’s funded status is sensitive to the discount rate the actuary uses. Under the plan’s current 6.75% discount rate the plan appears overfunded; a 1-percentage-point change in that rate would materially change whether the plan reports a net asset or a liability.
Houser also summarized how the plan is funded: employee contributions, actuarially determined city contributions (including any advance contributions), and receipts from the fire insurance premium tax. He noted the city has met its actuarially determined contribution in recent years.
Chair (S4) moved to accept the audited pension fund financial statements as presented; a second was recorded on the floor and the board approved the motion by voice vote.
The auditor invited questions and thanked staff for assistance compiling the materials. Trustees did not direct additional action beyond accepting the report.
