postgres 7.0.3 on FreeBSD 3.4

I have a web server running FreeBSD 3.4. I installed postgres 7.0.3 and
tried to run not too large database (200k records, 20MB in size) accessed
via PHP. I keep getting this i my logfile:
syslogd: /var/run/utmp: Too many open files in system

I have filelimit set to 5000, so I think it should be sufficient. Where to
look further ?

Thanks,
WHiZZ