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A DIFFERENT TAKE TOP STORIES Firefighters' pension board cuts rate of return and mulls a potential snag with the county — Stan Zimmerman The City of Sarasota Firefighters Pension Board has complied with a city request to drop its estimated rate of return, but in a way unlike the two other boards overseeing city pensions. Facing millions in pension shortfalls, the City Commission recently requested all three boards cut their estimated rates of return on investments to 7 percent. Two did so – the Police Pension Board and the General Employees Pension Board. Each of the three boards is totally independent, a fact that manifests itself in various ways. For example, the Police and General Employees boards exclude management and operational fees from their expected rates of return. The firefighters pension fund includes a fee of one-half percent. Therefore, the Firefighters pension plan rate of return at 7 percent translates into an actual rate of return of 6.5 percent, once the management and operational fees are subtracted. The board recognized that difference and voted on Wednesday, Oct. 24, to cut its estimated rate of return to 7.5 percent. (Full story here) TALENT SEARCH EXTENDED City allowing itself more time to find a new finance director and new utilities director, with yet a third department chief position coming open soon — Stan Zimmerman It has been a year of changes for the City of Sarasota, changes at the top of the bureaucracy. Two of those transitions already have been completed, with a new city manager and new police chief named. Three more are coming. On Wednesday, Oct. 24, Human Resources Director Kurt Hoverter confirmed he is extending the search time for a new finance director and a new utilities director. Meanwhile, Hoverter is drafting yet another advertisement for the opening of a city department head position — his own. He plans to retire soon as well. (Full story here) AT A GLANCE