BH.10 - Approve Fipo Retirement Fund Budget
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A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING AND ADOPTING THE ANNUAL BUDGET OF THE CITY OF MIAMI FIRE FIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST FUND ("FIPO RETIREMENT TRUST FUND"), ATTACHED AND INCORPORATED AS EXHIBIT "A," IN THE AMOUNT OF TWO MILLION, ONE HUNDRED EIGHTY-EIGHT THOUSAND, EIGHT HUNDRED SIXTY-SIX AND 00/100 DOLLARS ($2,188,866.00), TO PROVIDE FOR THE ADMINISTRATION OF THE FIPO RETIREMENT TRUST FUND FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2026, AND ENDING SEPTEMBER 30, 2027.
September 10, 2026
Department: Firefighters' and Police Officers' Retirement Trust
Category: Other
WHEREAS, Section 40-194 of the Code of the City of Miami, Florida, as amended, authorizes the Board of Trustees ("Trustees") to administer the City of Miami Fire Fighters' and Police Officers' Retirement Trust Fund ("FIPO Retirement Trust Fund"); and
WHEREAS, an annual budget is required to properly administer the FIPO Retirement Trust Fund; and
WHEREAS, the Trustees reviewed and approved the FIPO Retirement Trust Fund budget for Fiscal Year 2026-2027 on April 17, 2026; and
WHEREAS, the Trustees request the approval of the FIPO Retirement Trust Fund budget for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount of Two Million,One Hundred Eighty-Eight Thousand,Eight Hundred Sixty-Six and 00/100 Dollars ($2,188,866.00);
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as is fully set forth in this Section.
Section 2. The FIPO Retirement Trust Fund's Fiscal Year 2026-2027 budget, attached and incorporated, for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount of Two Million,One Hundred Eighty-Eight Thousand,Eight Hundred Sixty-Six and 00/100 Dollars ($2,188,866.00), to provide for the administration of the FIPO Retirement Trust Fund, is approved and adopted.
Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.
WHEREAS, an annual budget is required to properly administer the FIPO Retirement Trust Fund; and
WHEREAS, the Trustees reviewed and approved the FIPO Retirement Trust Fund budget for Fiscal Year 2026-2027 on April 17, 2026; and
WHEREAS, the Trustees request the approval of the FIPO Retirement Trust Fund budget for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount of Two Million,One Hundred Eighty-Eight Thousand,Eight Hundred Sixty-Six and 00/100 Dollars ($2,188,866.00);
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as is fully set forth in this Section.
Section 2. The FIPO Retirement Trust Fund's Fiscal Year 2026-2027 budget, attached and incorporated, for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount of Two Million,One Hundred Eighty-Eight Thousand,Eight Hundred Sixty-Six and 00/100 Dollars ($2,188,866.00), to provide for the administration of the FIPO Retirement Trust Fund, is approved and adopted.
Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.
Fiscal Impact
Total Fiscal Impact: $ 2,188,866.00