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THE CITY OF SOUTH BEND
<br />2005 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2004
<br />FIRE PENSION FUND (Fund #701)
<br />REVENUE:
<br />State Pension Relief Funds
<br />General Property Taxes
<br />Auto Excise Taxes
<br />Commercial Vehicle Excise Tax
<br />Financial Institutions Tax
<br />Firefighters' Contribution
<br />Interest on Indiana's Public Deposit Insurance Fund
<br />Miscellaneous Revenue
<br />Total Revenue
<br />Total Revenue €ncreasel(Decrease)
<br />Revenue Increasel(Decrease) as a Percent
<br />EXPENDITURES:
<br />Personnel Costs:
<br />Salaries
<br />Benefits - 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 Firefighters Receiving Payments
<br />Widows /Dependents Receiving Payments
<br />Estimate for Current Year Retirees
<br />Insurance Benefits
<br />Deferred Retirement Option Plan (DROP)
<br />Death Benefit Payments (8 x $9,000)
<br />Total Benefit Payments
<br />Total Expenditures
<br />Total Expenditures Increasel(Docrease)
<br />Expenditures Increaselpecrease) as a Percent
<br />Revenue Over I (Under) Expenditures
<br />2003
<br />2004
<br />2004
<br />Anticipated
<br />Total Active Firefighters eligible to retire as of 111105
<br />2006
<br />Amount included in 2005 Budget Expenditures
<br />Actual
<br />Actual
<br />Budget
<br />Changes
<br />(1,680,875)
<br />budget
<br />(1,114,000)
<br />2,165,111
<br />2,381,019
<br />2,290,150
<br />163,800 a
<br />2,453,950
<br />1,416,008
<br />835,107
<br />1,436,506
<br />63,206 b
<br />1,499,712
<br />91,428
<br />89,412
<br />79,226
<br />7,631 c
<br />85,857
<br />18,939
<br />19,926
<br />19,885
<br />992 c
<br />20,877
<br />4,426
<br />4,177
<br />3,349
<br />0
<br />3,349
<br />55,850
<br />45,660
<br />69,054
<br />(23,054)
<br />45,000
<br />264,004
<br />156,684
<br />230,000
<br />0
<br />230,000 d
<br />14,332
<br />17,393
<br />10,000
<br />0
<br />10,000
<br />4,030,098
<br />3,529,378
<br />4,138,170
<br />212,575
<br />4,350,745
<br />212,575
<br />5.1%
<br />2003
<br />2004
<br />2004
<br />Salary
<br />Other
<br />2006
<br />95 of
<br />Actual
<br />Actual
<br />Budget
<br />Ordinance
<br />Changes
<br />Budget
<br />Change
<br />9,508
<br />6,430
<br />9,515
<br />1,196
<br />0
<br />10,711
<br />150
<br />0
<br />2,580
<br />0
<br />D
<br />2,500
<br />9,658
<br />6,430
<br />_ 12,015
<br />1,196
<br />0
<br />13,211
<br />10.0%
<br />30
<br />0
<br />200
<br />0
<br />0
<br />200
<br />0.0%
<br />545
<br />0
<br />2,000
<br />0
<br />0
<br />2,000
<br />1,499
<br />2,882
<br />_ 2,841
<br />0
<br />0
<br />2,841
<br />2,044
<br />2,682
<br />4,841
<br />0
<br />0
<br />4,841
<br />0.0%
<br />2,710,540
<br />2,829,809
<br />2,867,528
<br />299,483 e
<br />0
<br />3,167,011
<br />1,133,156
<br />1,191,477
<br />1,194,528
<br />127,557 f
<br />0
<br />1,322,185
<br />29,343
<br />69,191
<br />175,000
<br />(75,000)
<br />0
<br />100,000 g
<br />107,067
<br />122,454
<br />132,668
<br />(10,335)
<br />0
<br />122,333
<br />D
<br />91,338
<br />118,475
<br />0
<br />(14,104) h
<br />104,371
<br />36,000
<br />64,000
<br />72,000
<br />0
<br />0
<br />72,000
<br />4,016,106
<br />4,358,269
<br />4,580,299
<br />341705
<br />(14,104)
<br />4,907,900
<br />7.2%
<br />4,027,638
<br />4,367,381
<br />4,597,355
<br />342,941
<br />(14,104)
<br />4,926,152
<br />328,797
<br />7.2%
<br />2,260
<br />8( 38,003
<br />(459,185}
<br />5�
<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 4.4% increase over prior year's tax levy.
<br />c - Represents the State Tax Board's estimate.
<br />d - This increase reflects the Firefighters First Class salary at $40,000 for 2005, a 12.3% increase over the $35,600 salary for 2004.
<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 2005.
<br />The total amount of pension payments that would be due if all eligible firefighters actually did retire as of 111 M4 would be an additionai
<br />$1,114,000 for the full year. The impact of this "worst case scenario" is detailed below.
<br />In - Reflects amount due to firefighters enrolled in the Deferred Retirement Option Plan that plan on retiring in 2005.
<br />Active Firefighters eligible to retire under the 1937 Plan
<br />236,800
<br />Active Firefighters eligible to retire under the 1977 Plan
<br />977,200
<br />Total Active Firefighters eligible to retire as of 111105
<br />1,214,000
<br />Amount included in 2005 Budget Expenditures
<br />[100,000)
<br />Shortfall in this fund if Nvorse case scenario" occurred
<br />1,114,000
<br />Fire Pension Fund Cash Balance as of 12/31/04
<br />1,483,512
<br />2005 Budget Fund Deficit (see above)
<br />(575,407)
<br />Projected Fire Pension Fund Cash Balance as of 12131105
<br />908,105
<br />Deferred Retirement Option Plan 2008
<br />(594,655)
<br />Deferred Retirement Option Plan 2007
<br />(1994,324)
<br />Cash shortfalllsurplus after known DROP expenses
<br />(1,680,875)
<br />Additicral pension payments assuming "worse case scenario"
<br />(1,114,000)
<br />Cash shortfalllsurplus In this fund if "worse case scenario" occurred (2,794,875)
<br />
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