Fiduciary Funds

Fiduciary Funds are used to account for assets held by the City in a trustee capacity or as an agent on behalf of others.

• General Employees’, Police Officers’, and Firefighters’ Pension Trust Funds – to account for the accumulation of resources to be used for retirement benefit payments to the City’s employees. Resources are contributed by the employees at rates fixed by law and by the City at amounts determined by annual actuarial valuations.

• City Commission Pension Trust Fund – to account for the accumulation of resources to be used for retirement benefit payments to City commissioners Resources are contributed by the City at fixed rates.

• General Employer and Management 401(a) Defined Contribution Plans – to account for the assets of eight employee 401(a) plans for which the City acts as an agent on behalf of plan participants.

• OPEB Trust Fund – to account for the accumulation of resources to be used for funding other postemployment benefit payments on behalf of City employees Resources are contributed by the City at amounts determined by bi-annual actuarial valuations