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THE CITY OF SOUTH BEND
<br />2005 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2004
<br />POLICE PENSION FUND (Frond #702)
<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 />Police Officers' Contribution
<br />Interest on Indiana's Public Deposit Insurance Fund
<br />Miscellaneous Revenue
<br />Total Revenue
<br />Total Revenue Increasel(Decrease)
<br />Revenue Increasel(Decrease) as a Percent
<br />EXPENDITURES:
<br />Personne€ Costs:
<br />Salaries
<br />Benefits - Medical Check -ups
<br />Total Personnel Costs
<br />Supplies
<br />Services:
<br />Legal Casts
<br />Other Misc Services
<br />Total Services
<br />Benefit Payments
<br />RefredlDisabled Police Officers Receiving Payments
<br />WldowslDependents Receiving Payments
<br />Estimate for Current Year Retirees
<br />Insurance Benefits
<br />Deterred Retirement Option Plan (DROP)
<br />Death Benefits (8 x $9,000 projection amq
<br />Total Benefit Payments
<br />Total Expenditures
<br />Total Expenditures Increasel(Decrease)
<br />Expenditures Increase /(Decrease) as a Percent
<br />Revenue Over! (Under) Expenditures
<br />2003 2004
<br />Actual Actual
<br />2,446,984 2,682,906 a
<br />1,269,527 748,751
<br />81,970 80,168
<br />16,980 17,866
<br />3,967 3,744
<br />67,511 63,009
<br />264,004 156,684
<br />35,674 20,596
<br />4,166,617 3,773,724
<br />2004
<br />Anticipated
<br />2006
<br />Budget
<br />Changes
<br />Budget
<br />2,507,922
<br />233,073 a
<br />2,740,995
<br />1,289,172
<br />56,724 b
<br />1,345,893
<br />71,101
<br />6,771 c
<br />77,872
<br />17,845
<br />892 c
<br />18,737
<br />3,005
<br />0
<br />3,005
<br />63,645
<br />0
<br />63,645
<br />225,000
<br />0
<br />225,000
<br />0
<br />0
<br />0
<br />4,177,690
<br />297,460
<br />4,475,150
<br />297,460
<br />7.1%
<br />2003
<br />2004
<br />2004
<br />Salary
<br />Other
<br />2005
<br />% Of
<br />Actual
<br />Actual
<br />Budget
<br />Ordinance
<br />Changes
<br />Budget
<br />Change
<br />6,745
<br />7,015
<br />7,015
<br />281
<br />0
<br />7,296
<br />606
<br />1,610
<br />2,818
<br />52
<br />2,870
<br />7,351
<br />8,625
<br />9,833
<br />333
<br />0
<br />10,166
<br />3.4%
<br />718
<br />620
<br />1,020
<br />0
<br />80
<br />1,100
<br />7.8%
<br />0
<br />376
<br />1,500
<br />0
<br />(500)
<br />1,000
<br />1,083
<br />3.632
<br />1,790
<br />0
<br />(80)
<br />1,110
<br />1,083
<br />4,007
<br />3,290
<br />0
<br />(580)
<br />2,710
<br />-17.6%
<br />3,161,794
<br />3,370,820
<br />3,440,824
<br />291,249 d
<br />0
<br />3,732,073
<br />1,150,942
<br />1,237,059
<br />1,223,238
<br />112,655 d
<br />0
<br />1,335,893
<br />77,565
<br />45,357
<br />150,000
<br />0
<br />0
<br />150,000 e
<br />44,117
<br />49165
<br />89,354
<br />(12,227)
<br />0
<br />77,124
<br />0
<br />0
<br />40,430
<br />74,470 f
<br />0
<br />114,900
<br />27,000
<br />27,000
<br />72,000
<br />0
<br />72,000
<br />4,461,419
<br />4,729,401
<br />5,015,843
<br />466,147
<br />0
<br />5,481,990
<br />9.3%
<br />4,470,571
<br />4,742,653
<br />5,029,988
<br />466,480
<br />(500)
<br />5,495,966
<br />{283,954} 96( 8,929) {852,296y
<br />NOTES:
<br />a -These distributions are based on an estimate of the pension payments the City will make in the currant year.
<br />At least 50% of the pension payments the City makes will be covered by the pension relief fund and the rest is tc 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 years tax levy.
<br />c - Represents the State Tax Board's estimate.
<br />d - This increase reflects the Patrolmen First Class salary at $40,000 for 2005 which is a 9.36% increase over the $35,578 salary for 2004.
<br />All pension payments are calculated using the current year's Patrolmen First Class salary as a base.
<br />e - This amount represents an estimated amount of pension payments for police officers that are eligible and actually do retire duting 2004.
<br />The total amount of pension payments that would be due if all eligible police officers actually did retire as of 111!04 would be an additional
<br />$1,078,800 for the full year. The Impact of this "worst case scenario" is detailed below.
<br />f - Reflects amount due to police officers enrolled in the Deferred Retirement Option Plan that plan on retiring in 2005.
<br />Active Police Officers eligible to retire under the 1925 Plan 350,400
<br />Active Police Officers eligible to retire under the 1977 Plan 876,400
<br />Total Active Police Officers eligible to retire as of 111105 1,228,800
<br />Amount included in 2005 Budget Expenditures (150,000)
<br />Shortfall in this fund if'Worse case scenario° occurred 1,078,800
<br />Police Persian Fund Cash Balance as of 12131104 1,130,771
<br />2005 Budget Fund (Deficit)1Surplus (see above) (1,020,816)
<br />Prolecled Police Pension Fund Cash Balance as of 12131105 109,955
<br />Deferred Retirement Option Plan 2006 (306,396)
<br />Deferred Retirement Option Plan 2007 1,290,671)
<br />Cash shortfallisurpius after known DROP expenses {1,597,067}
<br />Additional pension payments assuming 'Worse case scenario" (1 .078,800)
<br />Cash shortfalllsurplus in this fund If "worse case scenario" occurred {2,675,867}
<br />465,980
<br />9.3%
<br />(1,020,816}
<br />
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