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THE CITY OF SOUTH BEND
<br />2004 BUDGET -SUMMARY OF MAJOR CHANGES FROM 2003
<br />POLICE PENSION FUND (Fund #702)
<br />2002 2003
<br />Actual Actual
<br />REVENUE:
<br />State Pension Relief Funds 2,302,186 2,446,984 a
<br />General Property Taxes 1,135,398 1,269,527
<br />Auto Excise Taxes 82,930 81,970
<br />Commercial Vehicle Excise Tax 16,142 18,980
<br />Financial Institutions Tax 2,997 3,967
<br />Police Officers' Contdbution 78,280 67,511
<br />Interest on Indiana's Public Deposit Insurence Fund 460,427 264,004
<br />_
<br />Miscellaneous Revenue 24,846 ~_
<br />35,874 0 ~' ~~
<br />Total Revenue 4,103,206 4,188,817 ~(~
<br />Total Revenuelncrease/(Decrease)
<br />Revenue lncrease/(Decrease)as aPercent
<br />EXPENDITURES:
<br />Personnel Costs:
<br />Salaries
<br />Benef[s -Medical Check-ups
<br />Total Personnel Costs
<br />Supplies
<br />Services:
<br />Legal Costs
<br />Other Misc Services
<br />Total Services
<br />Benefit Payments:
<br />Retired/Disabled Police Officers Receiving Payments
<br />W idows/Dependents Receiving Payments
<br />Estimate for Current Year Retirees
<br />Insurance Benefits
<br />Deferred Retirement Option Plan (DROP)
<br />Death Benefits (8 x $9,000 projection amt)
<br />Total Benefit Payments
<br />Total Expenditures
<br />2004
<br />Budget
<br />2,507,922
<br />1,289,172
<br />71,101
<br />17,845
<br />3,005
<br />63,845
<br />225,000 e
<br />0
<br />4.177.690
<br />284,257
<br />7.3%
<br />2002 2003 2003 Salary Other 2004 % of
<br />Actual Actual Budget Ordinance Changes Budget Change
<br />8,567 8,745 8,745 270- 0 7,015
<br />0 608 2,000 0 818 2,818
<br />8,587 7,351 8,745 270 818 9,833 12.4%
<br />800 718 1,020 0 0 1,020 0.0%
<br />480 0 1,500 0 0 1,500
<br />1,387 1,083 1,790 0 0 1,790
<br />1,867 1,083 3,290 '~ 0 0 3,290 0.0%
<br />2,938,847 3,161,794 316,191 gl 0 3.440.824
<br />1,100,686 1,150,942 110,670 gl 0 1,223,238
<br />69,058 77,566 0 0 150,000 f
<br />13,835 44,117 39,154 0 89,351
<br />0 0 40,430 ht. ,,, 0 , 40,430
<br />83,000 27,000 0 72,000
<br />4,185,526 4,481,419 508,445 0 5,015,843 11.2%
<br />4,194,580 4,470,571 508,715 818 5,029,986
<br />Total Expenditures Increase/(Decrease)
<br />Expenditures Increase/(Decrease) as a Percent
<br />Revenue Over/(Under)Expenditures
<br />(91,354) (283.954) (629,020)
<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 Slate 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 distributed to the City 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 -This increase reflects the Patrolmen First Class salary at $36,578 for 2004 which is a 6.01 % increase over the $34,504 salary for 2003.
<br />All pension payments are calculated using the current year's Patrolmen First Class salary as a base.
<br />g -This amount represents an estimated amount of pension payments for police officers that are eligible and actually do retire dudng 2004.
<br />The total amount of pension payments that would be due if all eligible police officers actually did retire as of 1/1/04 would be an additional
<br />$981,358 far the full year. The impact of this "worst case scenario" is detailed below.
<br />h - ReOecis amount due to police officers enrolled in the Deferred Retirement Option Plan that plan on retiring in 2004.
<br />Active Police Officers eligible to retire under the 1925 Plan 343,833
<br />Active Police Officers eligible to retire under the 1977 Plan 787,525
<br />Total Active Police Officers eligible to retire as of 1/1/03 1,131,358
<br />Amount included in 2004 Budget Expenditures 1( 50,000)
<br />Shortfall in this fund if "worse case scenario" occurred 981,358
<br />Police Pension Fund Cash Balance as of 12/31/02 2,384,237
<br />2003 Projection Fund (Deficit)/Surplus (see above) (283,954)
<br />Projected Police Pension Fund Cash Balance as of 12/31/03 2,100,283
<br />2004 Budget Fund (Deficit)ISurplus (see above) (852,296)
<br />Projected Fire Pension Fund Cash Balance as of 12131/04 1,531,941
<br />Deferred Retirement Option Plan 2005 (114,899)
<br />Deferred Retirement Option Plan 2006 (306,396)
<br />Cash shortfall/surplus after known DROP expenses 1,110,646
<br />Additional pension payments assuming "worse case scenario" (981,3
<br />Cash shortfalllsurplus in this fund if "worse case scenario" occurred 129,288
<br />507,533
<br />11.2%
<br />(852.298)
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