village of wellington, florida

NOTE 11. COMMITMENTS (Continued)Forest Hill BoulevardWellington has contracted with various contractors for improvements to Forest Hill Boulevard. Thisproject is one of the Village’s economic development initiatives and the improvements serve to promoteand enhance the roadway as the main corridor through the Village. The improvements include drainageimprovements, milling and resurfacing, additional signage, landscaping and irrigation, hardscapeimprovements, lighting and pedestrian crossing signals. As of September 30, 2009, contracts totalingapproximately $5.4 million have been awarded. The total project is estimated to cost $6.1 million and isbeing accounted for in the Gas Tax Capital Fund. Federal stimulus monies totaling approximately $5million will be used as funding for the project.Wastewater Treatment Facility Expansion and ImprovementsWellington has contracted with Wharton Smith, Inc. for the construction of additional treatment, reuse andbiosolids processing facilities at the wastewater treatment facility. This project will increase the capacity ofthe wastewater treatment facility from 4.75 MGD to 6.50 MGD. In addition, the project will allow theVillage to comply with current and pending regulatory requirements mandated by the Florida Departmentof Environmental Protection and to strengthen odor control. A contract has been awarded in the amountof approximately $21.6 million with an anticipated completion date of August 2011 and is being accountedfor in the Utility System Fund.NOTE 12. OTHER POSTEMPLOYMENT BENEFITSPlan Description: On September 28, 2007, the Village established the Employee Retirement HealthcareTrust Fund, an agent multiple-employer, defined benefit healthcare plan administered by the League ofCities. The Plan provides medical and dental insurance benefits to eligible retirees and their spouses andfamilies. The Village Council is authorized to establish and amend benefit levels, subject to the minimumrequirements set forth by Florida Statutes, and to approve the actuarial assumptions used in thedetermination of contribution levels. The Plan does not issue a separate financial statement and requiredsupplementary information. There were two retirees eligible to receive benefits as of September 30, 2009.Funding Policy: The Village Council is authorized to establish benefit levels and to approve the actuarialassumptions used in the determination of contribution levels. The Village Council also establishes thecontribution requirements of plan members and the Village. These contributions are neither mandated norguaranteed. The retiree contributes the premium cost each month. Spouses and other dependents are alsoeligible for coverage, although the retiree pays the full cost of the premium. The Village does not subsidizeany member premiums. Plan members receiving benefits contribute 100% of the monthly premium rangingfrom a minimum of $692 to a maximum of $2,019.Annual OPEB Cost: The annual other postemployment benefit (OPEB) cost for the fiscal year was$50,000, an amount actuarially determined in accordance with the parameters of GASB Statement 45. Theannual OPEB cost, percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation(asset) for the fiscal year ended September 30, 2009 and the preceding year were as follows:51