|
THE CITY OF SOUTH BEND
<br />2003 BUDGET' -SUMMARY OF MAJOR CHANGES FROM 2002
<br />FIRE PENSION FUND (Fund #701)
<br /> 2001 2002 2002 Anticipated 2003
<br /> Actual Actual Budget Changes Budget
<br />REVENUE:
<br />State Pension Relief Funds 3,466,084 2,014,048 1,945,331 171,452 a 2,116,783
<br />General Property Taxes 1,230,701 1,265,971 1,303,789 64,312 b 1,368,101
<br />Auto Excise Taxes 90,813 92,466 81,653 6,376 c 88,029
<br />Commercial Vehicle Excise Tax 17,168 17,998 19,503 (565) c 18,938
<br />Financial Institutions Tax 3,136 3,342 3,131 218 3,349
<br />Firefighters'Contribution 92,199 71,850 114,200 (45,146)d 69,054
<br />Interest on Indiana's Public Deposit Insurance Fund 0 460,727 0 230,000 a 230,000
<br />Miscellaneous Revenue 1,377 16,651 0 0 0
<br />Interfund Transfer from General Fund 100,000 0 459,000 (459,000) f 0
<br />Total Revenue 5,001,478 3.943,053 3,926,807 (32,353) 3,894,254
<br />Total Revenuelncrease/(Decrease) (32,353)
<br />Revenue Increase/(Decrease) as a Percent -0.8%
<br /> 2001 2002 2002 Salary Other 2003 % of
<br /> Actual Actual Budget Ordinance Changes Budget Change
<br />EXPENDITURES:
<br />Personnel Costs:
<br />Salaries 8,843 6,587 9,067 178 9,245
<br />Benefits -Medical Check-ups 600 600 2,500 0 0 2,500
<br />Total Personnel Costs 9,443 7,167 11,567 ~ 0 ~ 178 11,745 1.5%
<br />Supplies 157 0 200 0 0 200 0.0%
<br />Services:
<br />Legal Costs 0 0 2,000 0 0 2,000
<br />Other Misc Services ' 1,485 1,612 2,841 0 0 2,841
<br />Total Services 1,485 1,612 4,841 0.0%
<br />Benefit Payments:
<br />Retired/Disabled Firefighters Receiving Payments 12,307,028 2,503,80,0 2,639,112 182,083 g 0 2,821,195
<br />Widows/Dependents Receiving Payments 988,749 1,036,818 1,004,550 77,255 h 0 1,081,805
<br />Estimate for Curtent Year Retirees ' 173,013 183,313 175,000 0 0 175,000
<br />Insurance Benefits 0 118,113 0 83,565 83,565
<br />Death Benefit Payments (8 x $9,000) ' 54,000' 72,000 72,000 0 0 72,000
<br />Total Benefit Payments art 522,790 3,890;844 3,890,662 259,338 83,565 4,233,565 8.8%
<br />Total Expenditures 3533875"' 3
<br />899.823 3.907.270 259,338 83.743 4,250.351
<br /> ~
<br />Total Expenditureslncrease/(Decrease) 343,081
<br />Expenditures Increase/(Decrease) as a Percent 8.8%
<br />Revenue Over / (Under) Expenditures 1,467,603 43,430 19,337 356 097
<br />NOTES:
<br />a - As a result of state legislation passed during 2001, SEA 260 -PENSION RELIEF FUND DISTRIBUTIONS, City governments will change on
<br />how they receive pension relief distribution. These distributions will now tie based on an estimate of the pension payments the City will make in the
<br />current year. At least 50% of the pension payments the City makes will be covered by the pension relief fund and the rest is to be covered
<br />by the City.
<br />b - Represents a 5% increase over prior year's tax levy.
<br />c -Represents the State Tax Board's estimate.
<br />d - Represents an decrease in pension base because of retirement of firefighters.
<br />e - in 2001 state legislation passed SEA 524. This will result in revenue from interest earned from the I ndiana's Public Deposit Insurance Fund.
<br />These revenues will be distributed to the City to assist in funding a portion of the pre-1977 Police & Fire Pension liabilities. This represents
<br />an amount estimated the State Treasurer.
<br />f - An interfund transfer from the General Fund is not necessary to cover additional costs in this fund due to the fact that the curtent level
<br />of funding is adequate to cover projected and future pension payments. (see footnotes below)
<br />g -This increase reflects the Firefighters First Class salary at $33,850 for 2003, a 4.05 % increase over the $32,534 salary for 2002.
<br />All pension payments are calculated using the current year's Firefighters First Class salary as a base.
<br />h -Reflects the change in the anticipated pension payments after taking into account the reduction of the pension rolls due to the death of widows.
<br />i -This amount represents an estimated amount of pension payments for firefighters that are eligible and actually do retire during 2003.
<br />The total amount of pension payments that would be due if all eligible firefighters actually did retire as of 1/1/02 would be an additional
<br />$945,096 for the full year. The impact of this "worst case scenario" is detailed below.
<br />Active Firefighters eligible to retire under the 1937 Plan 219,348
<br />Alive Firefighters eligible to retire under the 1977 Plan 900,748
<br />Total Active Firefighters eligible to retire as of 1/1/03 1,120,096
<br />Amount included in 2003 Budget Expenditures (175,000)
<br />Shortfall in this fund if "worse case scenario" occurred 945,096
<br />Fire Pension Fund Cash Balance as of 12/31/01 2,275,239
<br />2002 Projection (Deficit)/Surplus (see above) 43,430
<br />Projected Fire Pension Fund Cash Balance as of 12/31/02 2,318,669
<br />2003 Budget Fund (Deficit)/Surplus (see above) (356,097)
<br />Projected Fire Pension Fund Cash Balance as of 12/31/03 1,919,142
<br />Additional pension payments assuming "worse case scenario" (945,096)
<br />Cash shortfall in this fund if "worse case scenario" occurced 974,046
<br />
|