Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section

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1 November 5, 2018 VIA Ms. Karen Lauer City of New Port Richey Firefighters Retirement System 5919 Main Street New Port Richey, FL Re: City of New Port Richey Firefighters' Retirement System Section , Florida Statutes Compliance Dear Karen: Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section Our office will submit this information electronically to the Department of Management Services. However, it is important for you to be aware that this report must also be made available on the Plan or Plan Sponsor s website, if such website exists. A deadline for this website publication is not made clear in the law. In addition to the enclosed report, the Plan or Plan Sponsor's website must provide a link to the Division of Retirement's Actuarial Summary Fact Sheet for the Plan, and also report the previous five years' assumed and actual rates of return, along with their respective asset allocations. The Board should contact its Investment Consultant for this information. If there are any questions, concerns, or comments about any of the items contained in this report, please feel free to contact me. Respectfully submitted, Foster & Foster, Inc. By: PTD/lke Enclosures Patrick T. Donlan, EA, ASA, MAAA Enrolled Actuary # cc via H. Lee Dehner, Board Attorney Parker Commons Blvd., Suite 104 Fort Myers, FL (239) Fax (239)

CITY OF NEW PORT RICHEY FIREFIGHTERS' RETIREMENT SYSTEM SECTION 112.

2 CITY OF NEW PORT RICHEY FIREFIGHTERS' RETIREMENT SYSTEM SECTION , FLORIDA STATUTES COMPLIANCE With respect to the reporting standards for defined benefit retirement plans or systems contained in Section (1), F.S., the actuarial disclosures required under this section were prepared and completed by me or under my direct supervision and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate, and in my opinion, meet the requirements of Section (1), Florida Statutes, and Rule 60T , Florida Code. By: Date: 11/5/2018 Patrick T. Donlan, EA, ASA, MAAA Enrolled Actuary #

3 INTRODUCTION When reviewing the following schedules, please note the following: 1) The purpose of producing this report is solely to satisfy the requirements set forth by Section , Florida Statutes, and is mandatory for every Florida public pension fund, excluding the Florida Retirement System (FRS). 2) None of the schedules shown have any impact on the funding requirements of the Plan. These schedules are for statutory compliance purposes only. 3) In the schedules that follow, the columns labeled ACTUAL represent the final recorded GASB 67/68 results. The columns labeled HYPOTHETICAL illustrate what the results would have been if different assumptions were used. 4) It is our opinion that the Plan s actual assumptions utilized in the October 1, 2017 Actuarial Valuation Report, as adopted by the Board of Trustees, are reasonable individually and in the aggregate, and represent our best estimate of future Plan experience. 5) The Number of Years Expected Benefit Payments Sustained calculated in Section II: Asset Sustainability should not be interpreted as the number of years the Plan has left until it is insolvent. This calculation is required by , Florida Statutes, but the numeric result is irrelevant, since in its calculation we are to assume there will be no further contributions to the Fund. As long as the Actuarially Determined Contribution is made each year the Plan will never become insolvent. City of New Port Richey Firefighters' Retirement System FOSTER & FOSTER 3

4 SECTION I - GASB SCHEDULE OF CHANGES IN NET PENSION LIABILITY FISCAL YEAR SEPTEMBER 30, 2017 ACTUAL HYPOTHETICAL 8.00% 6.00% 10.00% RP-2000 RP-2000 RP-2000 Generational Generational Generational Total Pension Liability Service Cost 252, , ,677 Interest 961, , ,745 Change in Excess State Money 243, , ,050 Changes of Benefit Terms 68,651 86,733 55,552 Differences Between Expected and Actual Experience (38,501) (13,118) (57,896) Changes of Assumptions Benefit Payments, Including Refunds of Employee (823,985) (823,985) (823,985) Net Change in Total Pension Liability 663, , ,143 Total Pension Liability - Beginning 12,591,231 15,587,792 10,515,879 Total Pension Liability - Ending (a) $ 13,254,653 $ 16,374,815 $ 11,091,022 Plan - Employer 305, , ,906 - State 243, , ,050 - Employee 94,225 94,225 94,225 Net Investment Income 1,334,993 1,334,993 1,334,993 Benefit Payments, Including Refunds of Employee (823,985) (823,985) (823,985) s (67,139) (67,139) (67,139) Net Change in Plan 1,087,050 1,087,050 1,087,050 Plan - Beginning 11,069,295 11,069,295 11,069,295 Plan - Ending (b) $ 12,156,345 $ 12,156,345 $ 12,156,345 Net Pension Liability - Ending (a) - (b) $ 1,098,308 $ 4,218,470 $ (1,065,323) City of New Port Richey Firefighters' Retirement System FOSTER & FOSTER 4

5 Table 1 Plan Assumptions: 8.00% and RP-2000 Generational Mortality Total Benefit ,156,345-1,098, ,575 11,986, ,986, , ,620 12,001, ,001, , ,553 12,010, ,010, , ,682 12,004, ,004, , ,956 11,965, ,965, , ,933 11,926, ,926, , ,870 11,886, ,886, , ,762 11,845, ,845, , ,590 11,803, ,803, , ,985 11,751, ,751, , ,153 11,678, ,678, , ,545 11,579, ,579,933-1,027, ,281 11,437, ,437,379-1,034, ,614 11,276, ,276,577-1,034, ,765 11,103, ,103,319-1,037, ,778 10,912, ,912,908-1,043, ,290 10,700, ,700,634-1,043, ,313 10,471, ,471,507-1,042, ,036 10,225, ,225,438-1,036, ,573 9,965, ,965,457-1,022, ,337 9,699, ,699,301-1,010, ,541 9,424, ,424, , ,181 9,143, ,143, , ,343 8,856, ,856, , ,152 8,566, ,566, , ,843 8,276, ,276, , ,621 7,989, ,989, , ,650 7,705, ,705, , ,085 7,428, ,428, , ,107 7,160, ,160, , ,894 6,903, ,903, , ,638 6,659, ,659, , ,552 6,432, ,432, , ,846 6,225, ,225, , ,721 6,039, ,039, , ,370 5,878, ,878, , ,980 5,743, ,743, , ,725 5,637, ,637, , ,763 5,562, ,562, , ,235 5,519, ,519, , ,277 5,511, ,511, , ,021 5,539, ,539, , ,597 5,604, ,604, , ,117 5,708, ,708, , ,681 5,853, ,853, , ,374 6,038, ,038, , ,270 6,266, ,266, , ,447 6,537,254 City of New Port Richey Firefighters' Retirement System FOSTER & FOSTER 5

6 Table 1 Plan Assumptions: 8.00% and RP-2000 Generational Mortality Total Benefit ,537, , ,993 6,852, ,852, , ,010 7,213, ,213, , ,614 7,622, ,622, , ,939 8,080, ,080, , ,147 8,589, ,589, , ,431 9,153, ,153, , ,026 9,775, ,775,106-95, ,198 10,458, ,458,045-84, ,253 11,206, ,206,541-74, ,526 12,025, ,025,141-65, ,382 12,918, ,918,783-57,138-1,031,217 13,892, ,892,862-49,202-1,109,461 14,953, ,953,121-41,930-1,194,572 16,105, ,105,763-35,320-1,287,048 17,357, ,357,491-29,390-1,387,424 18,715, ,715,525-24,164-1,496,275 20,187, ,187,636-19,680-1,614,224 21,782, ,782,180-15,857-1,741,940 23,508, ,508,263-12,655-1,880,155 25,375, ,375,763-9,998-2,029,661 27,395, ,395,426-7,841-2,191,320 29,578, ,578,905-6,106-2,366,068 31,938, ,938,867-4,728-2,554,920 34,489, ,489,059-3,646-2,758,979 37,244, ,244,392-2,801-2,979,439 40,221, ,221,030-2,149-3,217,596 43,436, ,436,477-1,640-3,474,853 46,909, ,909,690-1,245-3,752,725 50,661, ,661, ,052,856 54,713, ,713, ,377,019 59,089, ,089, ,727,131 63,816, ,816, ,105,266 68,920, ,920, ,513,661 74,434, ,434, ,954,735 80,388, ,388, ,431,100 86,819, ,819, ,945,578 93,765, ,765, ,501, ,266, ,266, ,101, ,367, ,367, ,749, ,117, ,117, ,449, ,566, ,566, ,205, ,771, ,771, ,021, ,793, ,793, ,903, ,696, ,696, ,855, ,552, ,552, ,884, ,436, ,436, ,994, ,431,774 City of New Port Richey Firefighters' Retirement System FOSTER & FOSTER 6

7 Table 1 Plan Assumptions: 8.00% and RP-2000 Generational Mortality Total Benefit ,431, ,194, ,626, ,626, ,490, ,116,420 *All DROP Balances paid in Number of Years Expected Benefit Payments Sustained: This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 8.00% interest. It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year. City of New Port Richey Firefighters' Retirement System FOSTER & FOSTER 7

8 Table 2 Hypothetical Assumptions: 6.00% and RP-2000 Generational Mortality Total Benefit ,156,345-1,098, ,431 11,754, ,754, , ,036 11,524, ,524, , ,061 11,274, ,274, , ,588 10,993, ,993, , ,788 10,663, ,663, , ,051 10,315, ,315, , ,281 9,950, ,950, , ,414 9,565, ,565, , ,375 9,159, ,159, , ,818 8,722, ,722, , ,084 8,241, ,241, , ,704 7,713, ,713,340-1,027, ,965 7,117, ,117,470-1,034, ,016 6,479, ,479,070-1,034, ,724 5,802, ,802,771-1,037, ,051 5,082, ,082,633-1,043, ,651 4,312, ,312,720-1,043, ,460 3,496, ,496,740-1,042, ,541 2,633, ,633,176-1,036, ,894 1,723, ,723,516-1,022,493-72, , ,759-1,010, *All DROP Balances paid in Number of Years Expected Benefit Payments Sustained: This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 6.00% interest. It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year. City of New Port Richey Firefighters' Retirement System FOSTER & FOSTER 8

9 Table 3 Hypothetical Assumptions: 10.00% and RP-2000 Generational Mortality Total Benefit ,156,345-1,098,321-1,160,718 12,218, ,218, ,706-1,176,489 12,487, ,487, ,201-1,203,042 12,776, ,776, ,691-1,231,152 13,077, ,077, ,822-1,259,742 13,376, ,376, ,662-1,289,742 13,707, ,707, ,772-1,322,994 14,075, ,075, ,670-1,359,821 14,481, ,481, ,150-1,400,563 14,930, ,930, ,154-1,445,154 15,417, ,417, ,626-1,493,030 15,936, ,936, ,861-1,543,959 16,487, ,487,115-1,027,835-1,597,320 17,056, ,056,600-1,034,416-1,653,939 17,676, ,676,123-1,034,023-1,715,911 18,358, ,358,011-1,037,189-1,783,942 19,104, ,104,764-1,043,564-1,858,298 19,919, ,919,498-1,043,440-1,939,778 20,815, ,815,836-1,042,105-2,029,478 21,803, ,803,209-1,036,554-2,128,493 22,895, ,895,148-1,022,493-2,238,390 24,111, ,111,045-1,010,076-2,360,601 25,461, ,461, ,001-2,496,407 26,962, ,962, ,329-2,647,331 28,630, ,630, ,114-2,815,092 30,485, ,485, ,921-3,001,700 32,549, ,549, ,326-3,209,307 34,845, ,845, ,189-3,440,212 37,398, ,398, ,221-3,696,913 40,236, ,236, ,406-3,982,173 43,389, ,389, ,131-4,299,013 46,890, ,890, ,060-4,650,755 50,775, ,775, ,370-5,041,059 55,086, ,086, ,379-5,473,927 59,866, ,866, ,445-5,953,729 65,162, ,162, ,775-6,485,241 71,027, ,027, ,712-7,073,691 77,519, ,519, ,610-7,724,794 84,700, ,700, ,888-8,444,798 92,639, ,639, ,836-9,240, ,411, ,411, ,602-10,119, ,098, ,098, ,339-11,089, ,791, ,791, ,315-12,160, ,588, ,588, ,873-13,342, ,600, ,600, ,266-14,645, ,944, ,944, ,773-16,080, ,754, ,754, ,560-17,663, ,171, ,171, ,561-19,406, ,356,153 City of New Port Richey Firefighters' Retirement System FOSTER & FOSTER 9

10 Table 3 Hypothetical Assumptions: 10.00% and RP-2000 Generational Mortality Total Benefit ,356, ,689-21,325, ,482, ,482, ,873-23,439, ,741, ,741, ,047-25,766, ,345, ,345, ,041-28,327, ,526, ,526, ,648-31,146, ,541, ,541, ,531-34,248, ,670, ,670, ,479-37,661, ,225, ,225,982-95,259-41,417, ,548, ,548,558-84,757-45,550, ,014, ,014,419-74,926-50,097, ,037, ,037,189-65,740-55,100, ,071, ,071,881-57,138-60,604, ,619, ,619,074-49,202-66,659, ,229, ,229,319-41,930-73,320, ,508, ,508,224-35,320-80,649, ,121, ,121,960-29,390-88,710, ,803, ,803,297-24,164-97,579,122 1,073,358, ,073,358,255-19, ,334,842 1,180,673, ,180,673,417-15, ,066,549 1,298,724, ,298,724,109-12, ,871,778 1,428,583, ,428,583,232-9, ,857,823 1,571,431, ,571,431,057-7, ,142,714 1,728,565, ,728,565,930-6, ,856,288 1,901,416, ,901,416,112-4, ,141,375 2,091,552, ,091,552,759-3, ,155,094 2,300,704, ,300,704,207-2, ,070,281 2,530,771, ,530,771,687-2, ,077,061 2,783,846, ,783,846,599-1, ,384,578 3,062,229, ,062,229,537-1, ,222,891 3,368,451, ,368,451, ,845,071 3,705,295, ,705,295, ,529,496 4,075,824, ,075,824, ,582,385 4,483,405, ,483,405, ,340,578 4,931,746, ,931,746, ,174,603 5,424,920, ,424,920, ,492,040 5,967,412, ,967,412, ,741,227 6,564,153, ,564,153, ,415,337 7,220,568, ,220,568, ,056,862 7,942,625, ,942,625, ,262,543 8,736,887, ,736,887, ,688,793 9,610,576, ,610,576, ,057,670 10,571,634, ,571,634, ,057,163,435 11,628,797, ,628,797, ,162,879,777 12,791,677, ,791,677, ,279,167,754 14,070,845, ,070,845, ,407,084,529 15,477,929, ,477,929, ,547,792,982 17,025,722, ,025,722, ,702,572,280 18,728,295,078 City of New Port Richey Firefighters' Retirement System FOSTER & FOSTER 10

11 Table 3 Hypothetical Assumptions: 10.00% and RP-2000 Generational Mortality Total Benefit ,728,295, ,872,829,508 20,601,124, ,601,124, ,060,112,459 22,661,237,044 *All DROP Balances paid in Number of Years Expected Benefit Payments Sustained: This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 10.00% interest. It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year. City of New Port Richey Firefighters' Retirement System FOSTER & FOSTER 11

12 SECTION III - FUNDING ACTUAL AND HYPOTHETICAL CONTRIBUTIONS APPLICABLE TO THE FISCAL YEAR ENDING SEPTEMBER 30, 2019 Valuation Date: 10/1/2017 ACTUAL HYPOTHETICAL 8.00% 6.00% 10.00% RP-2000 RP-2000 RP-2000 Generational Generational Generational Total Required Contribution (Fixed $) $496,297 $995,963 $102,389 Total Required Contribution (% of Payroll) 35.2% 70.7% 7.3% Expected Member Contribution 95,279 94,363 96,195 Expected State Money 120, , ,266 Expected Sponsor Contribution (Fixed $) $280,752 $781,334 $0 Expected Sponsor Contribution (% of Payroll) 20.2% 55.7% 0.0% ASSETS Actuarial Value ¹ 12,218,790 12,218,790 12,218,790 Market Value ¹ 12,156,345 12,156,345 12,156,345 LIABILITIES Present Value of Benefits Active Members Retirement Benefits 3,182,823 4,950,449 2,148,371 Disability Benefits 360, , ,429 Death Benefits 49,087 72,704 35,036 Vested Benefits 411, , ,341 Refund of 62,625 67,098 58,647 Service Retirees 8,425,187 10,299,742 7,096,599 DROP Retirees ¹ 806, , ,901 Beneficiaries 624, , ,493 Disability Retirees 52,460 56,722 48,801 Terminated Vested 660, , ,890 Share Plan Balances ¹ Excess State Monies Reserve 728, , ,711 Total: 15,363,181 19,933,689 12,408,219 Present Value of Future Salaries 10,896,796 12,129,683 9,882,264 Present Value of Future Member 708, , ,347 Total Normal Cost 387, ,770 25,731 Present Value of Future Normal Costs (Entry Age Normal) 2,187,502 3,679,905 1,368,818 Total Actuarial Accrued Liability (EAN) ¹ 13,175,679 16,253,784 11,039,401 Total Actuarial Accrued Liability (Aggregate) ¹ 12,218,790 12,218,790 12,218,790 Unfunded Actuarial Accrued Liability (UAAL) City of New Port Richey Firefighters' Retirement System FOSTER & FOSTER 12

13 SECTION III - FUNDING ACTUAL AND HYPOTHETICAL CONTRIBUTIONS APPLICABLE TO THE FISCAL YEAR ENDING SEPTEMBER 30, 2019 Valuation Date: 10/1/2017 ACTUAL HYPOTHETICAL 8.00% 6.00% 10.00% RP-2000 RP-2000 RP-2000 Generational Generational Generational PENSION COST Normal Cost ² 422, ,352 28,368 s ² 73,316 72,611 74,021 Payment Required To Amortize UAAL ² Total Required Contribution $496,297 $995,963 $102,389 ¹ The asset values and liabilities include accumulated DROP and Share Plan Balances as of 9/30/2017. ² developed as of 10/1/2017 displayed above have been adjusted to account for assumed salary increase and interest components. City of New Port Richey Firefighters' Retirement System FOSTER & FOSTER 13

Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section

Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section May 23, 2018 VIA EMAIL Mr. Ryan Holt 7301 Gulf Blvd St. Pete Beach, FL 33706 Re: City of St. Pete Beach Firefighters' Retirement System Section 112.664, Florida Statutes Compliance Dear Ryan: Please find