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THE CITY OF SOUTH BEND
<br />2003 BUDGET -SUMMARY OF MAJOR CHANGES FROM 2002
<br />POLICE PENSION FUND (Fund #7012)
<br /> 2001 2002 2002 Anticipated 2003
<br /> Actual Actual Budget Changes Budget
<br />REVENUE:
<br />State Pension Relief Funds 4,082,384 2,302,186 a 2,150,579 104,120 a 2,254,699
<br />General Property Taxes 1,103,084 1,135,398 1,169,317 58,466 b 1,227,783
<br />Auto Excise Taxes 81,395 82,930 73,232 5,769 c 79,001
<br />Commercial Vehicle Excise Tax 15,388 16,142 17,491 (496) c 16,995
<br />Financial Institutions Tax 2,811 2,997 2,808 197 3,005
<br />Police Officers' Conbibution 83,138 78,280 107,850 (20,900) d 86,950
<br />Interest on Indiana's Public Deposit Insurance Fund 0 460,427 0 225,000 a 225,000
<br />Interfund Transfer from General Fund 800,000 0 840,000 (840,000) f 0
<br />Miscellaneous Revenue 8,874 24,846 0 0 0
<br />Total Revenue 6,177,074 4,103,206 4,361,277 (467,844) 3,893,433
<br />Total Revenuelncrease/(Decrease) (467,844)
<br />Revenue Increase/(Decrease) as a Percent -10.7%
<br /> 2001 2002 2002 Salary Other 2003 % of
<br /> Actual Actual Budget Ordinance Changes Budget Change
<br />EXPENDITURES:
<br />Personnel Costs:
<br />Salaries 8,314 6,567 6,567 178 I d tt:7~$
<br />Benefits -Medical Check-ups 0 0 2,000 0 ~-
<br />¢
<br />~
<br />Total Personnel Costs 6,314 8,567 8,567 178 ~~, ~
<br />~ __ 2.1%
<br />Supplies 0 600 1,020 0 ~ 0 1.02d 0.0%
<br />Services:
<br />Legal Costs 230 480 t,8~ 0, i 0 1.500
<br />Other Misc Services 1,078 1,387 1
<br />- 0 . ' 0 1,790
<br />Total Services 1,308 1,867 -.
<br />~ 0 ~ _ 3,290 0.0%
<br />Benefit Payments:
<br />Retired/Disabled Police Officers Receiving Payments 2,858,926 2,938,847 3,033,334 91,299 g 0 3,124,633
<br />Widows/Dependents Receiving Payments 1,006,656 1,100,686 1,045,824 66,744 g 0 1,112,568
<br />Estimate for Cunent Year Retirees 27,696 69,058 150,000 0 0 150,000 h
<br />Insurance Benefits 0 13,935 0 50,197 I 0 50,197
<br />Death Benefits (8 x $9,000 projection amt) 72,000 63,000 72,000 0 72,000
<br />Total Benefit Payments 3,965,278 4,185,526 4,301,158 208,240 ~
<br />0 4,509,398 4.8%
<br />Total Expenditures 3,972,900 4,194,560 4,314,035 208,418 ~..~ 4,522,453
<br />Total Expenditureslncrease/(Decrease) 208,418
<br />Expenditures Increase/(Decrease)as aPercent 4.8%
<br />Revenue Over I (Under) Expenditures 2.204,174 (91,354) 47,242 (829,020)
<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 be 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 police officers.
<br />e - In 2001 state legislation passed SEA 524. This will result in revenue from interest earned from the Indiana's Public Deposit Insurance Fund.
<br />These revenues will be disUibuted to the Ciiy to assist in funding a portion of the pre-1977 Police 8 Fire Pension liabilities. This represents
<br />an amount estimated the State Treasurer.
<br />f -The interfund transfer from the General Fund that is not necessary to cover additional costs in this fund could be decreased due to the fact that the cunent level
<br />of funding will be adequate to cover projected and future pension payments. (see footnotes below)
<br />g -This increase reflects the Patrolmen First Class salary at $33,850 for 2002 which is a 3.57 % increase over the $32,682 salary for 2002.
<br />All pension payments are calculated using the cunent year's Patrolmen First Class salary as a base.
<br />h -This amount represents an estimated amount of pension payments for police officers that are eligible and actually do retire during 2003.
<br />The total amount of pension payments that would be due if all eligible police officers actually did retire as of 1/1102 would be an additional
<br />$1,319,870 for the full year. The impact of this "worst case scenario" is detailed below.
<br />Active Police Officers eligible to retire under the 1925 Plan 423,019
<br />Active Police Officers eligible to retire under the 1977 Plan 1,046,851
<br />Total Active Police Officers eligible to retire as of 1/1/03 1,469,870
<br />Amount included in 2003 Budget Expenditures (150,000
<br />Shortfall in this fund if "worse case scenario" occurred 1,319,870
<br />Police Pension Fund Cash Balance as of 12/31/01 2,475,592
<br />2002 Budget Fund (Deficit)/Surplus (see above) (91,354)
<br />Projected Police Pension Fund Cash Balance as of 12/31/02 2,384,238
<br />2003 Budget Fund (Deficit)/Surplus (see above) 6( 29,020)
<br />Projected Fire Pension Fund Cash Balance as of 12/31/03 1,846,572
<br />Additional pension payments assuming "worse case scenario" 1,3( 19,870)
<br />Cash shortfall in this fund if "worse case scenario" occuned 2,281,920
<br />2002 Budget Fund DeficiUSurplus (see above) 0
<br />Projected Police Pension Fund Cash Balance as of 12/31/02 2,281,920
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