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THE CITY OF SOUTH BEND
<br />2006 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2005
<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 />Interfund Transfer - General Fund
<br />Miscellaneous Revenue
<br />Total Revenue
<br />Total Revenue lncreasei(Decrease)
<br />Revenue Increasel(Decrease) as a Percent
<br />EXPENDITURES:
<br />Personnel Ccsls:
<br />Salaries
<br />Benefits - Medical Check -ups
<br />Total Personnel Costs
<br />Supplies
<br />SerVlceS:
<br />Legal Costs
<br />Other Misc Services
<br />Total Services
<br />Benefit Payments:
<br />Retired /Disabled Firefighters Receiving Payments
<br />WidowslDependents 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(Decrease)
<br />Expenditures Increasel(Decrease) as a Percent
<br />Revenue Over/ (Under) Expenditures
<br />2004
<br />2005
<br />2005
<br />Anticipated
<br />Projecled Fire Pension Fund Cash Balance as of 12131/06
<br />2006
<br />Deferred Retirement Option Plan 2007
<br />Actual
<br />Actual
<br />Budget
<br />Changes
<br />8( 99,015)
<br />Budget
<br />2,361,019
<br />2,488,926
<br />2,453,950
<br />328,816 a
<br />2,782,766
<br />835,107
<br />1,443,033
<br />1,499,712
<br />56,969 b
<br />1,556,681
<br />89,412
<br />89,560
<br />86,857
<br />0 c
<br />86,857
<br />19,926
<br />21,203
<br />20,877
<br />1,046 c
<br />21,923
<br />4,177
<br />4,155
<br />3,349
<br />0
<br />3,349
<br />45,660
<br />38,891
<br />46,000
<br />(26,416)
<br />19,584
<br />156,684
<br />89,283
<br />230,000
<br />(145,000)
<br />85,000
<br />0
<br />0
<br />0
<br />1,100,000 In
<br />1,100,000
<br />17,393
<br />37,950
<br />10,000
<br />-5,000
<br />5,000
<br />3,529,378
<br />4,213,001
<br />4,350,745
<br />1,310,415
<br />5,fi61,160
<br />1,310,415
<br />30.1 %
<br />2004
<br />2005
<br />2005
<br />Salary
<br />Other
<br />2006
<br />% of
<br />Actual
<br />Actual
<br />Budget
<br />Ordinance
<br />Changes
<br />Budget
<br />Change
<br />6,430
<br />9,914
<br />10,711
<br />216
<br />0
<br />10,927
<br />0
<br />0
<br />2,500
<br />0
<br />0
<br />2,500
<br />5,430
<br />9,914
<br />13,211
<br />216
<br />0
<br />13,427
<br />1,6%
<br />0
<br />26
<br />200
<br />0
<br />0
<br />200
<br />0.0%
<br />0
<br />0
<br />2,000
<br />0
<br />9
<br />2,000
<br />2,682
<br />12,126
<br />2,841
<br />0
<br />(250)
<br />2,591
<br />2,682
<br />12,126
<br />4,841
<br />0
<br />(2500)
<br />4,591
<br />-5.2%
<br />2,829,809
<br />3,029,453
<br />3,187,011
<br />(48,713) d
<br />0
<br />3,136,298
<br />1,191,477
<br />1,344,911
<br />1,322,185
<br />30,735 e
<br />0
<br />1,352,920
<br />69,191
<br />72,038
<br />100,000
<br />134,000
<br />0
<br />234,000 f
<br />122,454
<br />103,488
<br />122,333
<br />51,323
<br />0
<br />173,656
<br />91,338
<br />104,371
<br />104,371
<br />0
<br />490,286 g
<br />594,657
<br />54,000
<br />51,750
<br />72,000
<br />0
<br />0
<br />72,000
<br />4,358,269
<br />4,706,011
<br />4,907,900
<br />167,345
<br />490,286
<br />5,565,531
<br />114%
<br />4,367,381
<br />4,728,077
<br />4,926,152
<br />167,561
<br />490,036
<br />5,583,749
<br />(838,003} (515,076) (575 407)
<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 3.9% increase over prior year's tax levy.
<br />c - Represents the Department of Local Government 8 Finance estimate.
<br />d - This increase reflects the Firefighters First Class salary at $40,800 for 2006, a 2% increase over the $40,000 salary for 2005_
<br />All pension payments are calculated using the current year's Firefighters First Class salary as a base.
<br />e - 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 />f - This amount represents an estimated amount of pension payments for firefighters that are eligible and actually do retire during 2006.
<br />The total amount of pension payments that would be due if all eligible firefighters actually did retire as of 111106 would be an additional
<br />$899,016 for the full year. The impact of this "worst case scenario' is detailed below
<br />g - Reflects amount due to firefighters enrolled in the Deferred Retirement Option Plan that plan on retiring in 2006,
<br />h - An interfund transfer from the General Fund is necessary to cover additional costs in this fund due to the fact that the current level
<br />of funding is inadequate to cover projected and future pension payments. (see footnotes below)
<br />Active Firefighters eligible to retire under the 1937 Plan 241,536
<br />Active Firefighters eligible to retire under the 1977 Plan 691,460
<br />Total Active Firefighters eligible to retire as of 111106 1,133,016
<br />Amount included in 2906 Budget Expenditures (234,000)
<br />Shortfall in this fund if "worse case scenario" occurred 899,016
<br />Fire Pension Fund Cash Balance as of 111106
<br />1,548,435
<br />2006 Budget Fund deficit {see above)
<br />77,411
<br />Projecled Fire Pension Fund Cash Balance as of 12131/06
<br />1,625,646
<br />Deferred Retirement Option Plan 2007
<br />(1,919,657)
<br />Cash shortfalllsurplus after known DROP expenses
<br />(293,811)
<br />Additional pension payments assuming'worse case scenario'
<br />8( 99,015)
<br />Cash shonfalllsurplus in this fund it "worse case scenario" occurred (1,192,827)
<br />657,597
<br />13.3%
<br />77,411
<br />
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