2006 Performance Based Budget - Laserfiche WebLink

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interfiand transfers for both Fire and Police Pen.~ion are $3.8 million for 2007. • 'The new state law that was passed in early 1998 has had the effect of shifting the responsibility for pension payments for certain police and firefighters from the City's pay as-yoo-ga pensiton plan to the State's 1977 Pension Plan, The pensioners that are impacted are those police and firefighters that have retifed (or became disabled) before July 1, 1998 and have already opted to convert to the 1977 fund when the fiord was established (even though the City was still financially responsible for all pension payments fvr those that had chosen to convert to the new plan). The City estimates that this change in pension payment responsibility will save the City approximately $1.5 million on an anaaual basis during the lifetime of those affected pensioners and their dependents. At this time, the City does not know how this bill will impact the state pension relief fiords the City anticipates to receive in the years to come. Following this Executive Sununaxy, the reader will find the 2006 Budget Summary, along with each fluid's projected annual revenue. A fund description summary precedes the 2006 Expenditure Budget by major classification as it was adopted by the City's Common Council, Following the 2006 Budget by Fund, a historical comparison of each fund's revenue and expenditures for the years 2003, 2004, and 2005 along with the 2005 orig~al (i.e., excluding additional appropriations approved during the year} budget, will provide the reader with a broad view of the City's financial trends. Also inchuied in this section is a multi-year forecast of revenue and expenditures for the City's budgeted funds. 'Phis has been provided, along with an explanation of the general assumptions used, in order to give the reader a better understanding of the City's projected financial fiiture. This section ends with a persoffiel summary that provides historical data on staBmg levels for the past three years. B-11