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THE CITY OF SOUThi BEND
<br />2004 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2003
<br />FIRE PENSION FUND (Fund #701)
<br /> 2002 2003 2003 Anticipated 2004
<br />
<br />REVENUE: Actual Actual Budget Changes Budget
<br />State Pension Relief Funds 2,014,048 2,165,111 2,116,783 173,367 a 2
<br />290
<br />150
<br />General Property Taxes 1,265,971 1,416,008 1,368,101 68,405 b ,
<br />,
<br />1
<br />436
<br />506
<br />Auto Excise Taxes 92,466 91,428 88,029 (8,803) c ,
<br />,
<br />79
<br />226
<br />Commercial Vehicle Excise Tax 17,998 18,939 18,938 947 c ,
<br />19
<br />885
<br />Financial Institutions Tax
<br />' 3,342 4,426 3,349 0 ,
<br />3
<br />349
<br />Firefighters
<br />Contribution
<br />' 71,850 55,850 69,054 0 ,
<br />69
<br />054
<br />Interest on Indiana
<br />s Public Deposit Insurance Fund 460,727 264,004 230,000 0 ,
<br />230
<br />000 d
<br />Miscellaneous Revenue 16,651 14,332 0 10,000 ,
<br />10
<br />000
<br />Total Revenue 3,943,053 4,030,098 3.894,254 243,918 ,
<br />4.138,170
<br />Total Revenuelncrease/(Decrease)
<br />
<br />Revenue Increase/(Decrease) as a Percent 243,916
<br /> 6 3%
<br /> 2002 2003 2003 Salary Other 2004 % of
<br />
<br />EXPENDITURES: Actual Actual Budget Ordinance Changes Budget Change
<br />Personnel Costs:
<br />Salaries 8,567 9,508 9,245 270 0 9
<br />515
<br />Benefits -Medical Check-ups Epp 150 2500 0 0 ,
<br />2500
<br />Total Personnel Costs 7,167 9,658 11,745 270 0 12,015 2.3%
<br />Supplies 0 30 200 0 0 Z00 0.0%
<br />Services:
<br />Legal Costs 0 545 2,000 0 0 2,000
<br />Other Misc Services 1,612 1,499 2,841 0 0 2841
<br />Total Services 1,612 2,044 4,841 0 0 4,841 0.0%
<br />Benefit Payments:
<br />Retired/Disabled Firefighters Receiving Payments 2,503,800 2,710,540 2,821,195 66,333 e 0 2,887,528
<br />Widows/Dependents Receiving Payments 1,035,618 1,133,156 1,081,805 112,823 f 0 1,194,628
<br />Estimate for Curcent Year Retirees 163,313 29,343 175,000 0 0 175,000 g
<br />Insurance Benefits 116,113 107,067 83,565 49,103 0 132,668
<br />Deferced Retirement Option Plan (DROP) 0 0 0 118,475 h 118,475
<br />Death Benefit Payments (8 x $9,000) 72,000 36,000 72,000 0 0 72,000
<br />Total Benefit Payments 3,890,844 4,018,106 4,233,565 228,259 118,475 4,580,299 8.2°h
<br />Total Expenditures 3,899,623 4,027,838 4.250,351 228.529 118.475 4,597,355
<br />Total Expenditures Increase/(Decrease) 347 004
<br />Expenditures Increase/(Decrease) as a Percent 8 2%
<br />Revenue Over / (Under) Expenditures 43.430 2 2_60 3( 56.097)
<br />NOTES:
<br />a -These distributions are based on an estimate of the pension payments the City will make in the current year.
<br />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. This is a result of state legislation passed during 2001, SEA 260 -PENSION RELIEF FUND DISTRIBUTIONS.
<br />b - Represents a 5 % increase over prior year's tax levy.
<br />c -Represents the State Tax Board's estimate.
<br />d - 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 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 />e -This increase reflects the Firefighters First Class salary at $35,600 for 2004, a 5.17 % increase over the $33,850 salary for 2003.
<br />All pension payments are calculated using the current year's Firefighters First Class salary as a base.
<br />f -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 />g -This amount represents an estimated amount of pension payments for firefighters that are eligible and actually do retire during 2004.
<br />The total amount of pension payments that would be due if all eligible firefighters actually did retire as of 1/1/04 would bean additional
<br />$946,400 for the full year. The impact of this'bvorst case scenario" is detailed below.
<br />h -Reflects amount due to firefighters enrolled in the Deferred Retirement Option Plan that plan on retiring in 2004.
<br />Active Firefighters eligible to retire under the 1937 Plan 210,040
<br />Active Firefighters eligible to retire under the 1977 Plan 911,360
<br />Total Active Firefighters eligible to retire as of 1/1/04 1,121,400
<br />Amount included in 2004 Budget Expenditures (175,000)
<br />Shortfall in this fund if "worse case scenario" occurced 946,400
<br />Fire Pension Fund Cash Balance as of 12/31/02 2,318,670
<br />2003 Projection (DeficituSurplus (see above) 2,260
<br />Projected Fire Pension Fund Cash Balance as of 12/31/03 2,320,930
<br />2004 Budget Fund (DeficituSurplus (see above) (459,185)
<br />Projected Fire Pension Fund Cash Balance as of 12/31/04 1,859,485
<br />Deferred Retirement Option Plan 2005 (104,371)
<br />Deferred Retirement Option Plan 2006 (449,865)
<br />Cash shortfall/surplus after known DROP expenses 1,305,249
<br />Additional pension payments assuming "worse case scenario" (946,400)
<br />Cash shortfall/surplus in this fund if "worse case scenario" occurred 358,849
<br />4( 59.185)
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