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THE CITY OF SOUTH BEND
<br />2007 BUDGET - SUMMARY OF MAJOR CHANGES FROM 2006
<br />POLICE PENSION FUND (Fund #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 />Intertund Transfer- General Fund
<br />Miscellaneous Revenue
<br />Total Revenue
<br />Total Revenue Increase/(Decrease)
<br />Revenue Increase/(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 Police Officers Receiving Payments
<br />Widows/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 />Total Expenditures Increase/(Decrease)
<br />Expenditures Increase/(Decrease) as a Percent
<br />Revenue Over/(Under)Expenditures
<br />2005 2006 2006 Anticipated 2007
<br />Actual Projection Budget Changes Budget
<br />2,795,531 2,841,431 a 2,841,431 196,569 a 3,038,000
<br />1,296,055 1,340,627 1,398,129 54,867 b 1,452,996
<br />80,438 76,716 77,872 (1,156) c 76,716
<br />19,044 20,074 19,674 1,403 c 21,077
<br />3,732 3,747 3,005 742 3,747
<br />62,936 30,366 39,200 (18,721) 20,479
<br />89,283 85,000 85,000 0 85,000
<br />0 1,300,000 1,300,000 500,000 g 1,800,000
<br />34,105 30,182 0 0 0
<br />4,381,124 5,728,143 5,764,311 733,704 6,498,015
<br />733,704
<br />12.7
<br />2005 2006 2006 Salary 2007 % of
<br />Actual Projection Budget Ordinance Budget Change
<br />7,296 7,442 7,442 0 7,442
<br />868 1,705 2,905 75 2,980
<br />8,164 9,147 10,347 75 10,422 0.7%
<br />600 700 1.100 0 1.100 0.0
<br />0 500 1,000 0 1,000
<br />19,162 1,375 1,575 0 1,575
<br />19,162 1,875 2,575 0 2,575 0.0%
<br />3,614,953 3,790,814 3,820,814 143,695 d 3,964,509
<br />1,246,925 1,216,162 1,276,162 (65,697) d 1,210,465
<br />86,444 135,000 150,000 0 150,000 e
<br />44,761 55,485 57,485 125,961 183,446
<br />114,899 306,400 306,400 1,300,272 f 1,606,672
<br />54,000 54,000 72,000 0 72,000
<br />5,161,982 5,557,861 5,682,861 1,504,231 7,187,092 26.5%
<br />5,189,908 5,569,583 5,696,883 1,504,306 7,201,189
<br />1, 504, 306
<br />26.4
<br />(808,784) 158,560 67,428 (703,175)
<br />NOTES:
<br />a -These distributions are based on an estimate of the pension payments the City will made in 2006 and will be reimbursed in 2007.
<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 % increase over prior year's approved DLGF tax levy.
<br />c -Represents the Department of Local Government & Finance estimate.
<br />d -This increase reflects the Patrolmen First Class salary at $42,025 for 2007 which is a 2.5 % increase over the $41,000 salary for 2006.
<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 during 2006.
<br />The total amount of pension payments that would be due if all eligible police officers actually did retire as of 1/1/07 would be an additional
<br />$1,085,926 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 2007.
<br />g - An intertund 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 Police Officers eligible to retire under the 1925 Plan 342,084
<br />Active Police Officers eligible to retire under the 1977 Plan 743,842
<br />Total Active Police Officers eligible to retire as of 1/1/07 1,085,926
<br />Amount included in 2007 Budget Expenditures (150,000)
<br />Shortfall in this fund if "worse case scenario" occurred 935,926
<br />Police Pension Fund Cash Balance as of 12/31/06 842,040
<br />2006 Projected Fund Surplus/(Deficit) (see above) 158,560
<br />Projected Police Pension Fund Cash Balance as of 12/31/06 1,000,600
<br />Projected Police Pension Fund Cash Balance as of 1/1/07 1,000,600
<br />2007 Budget Fund (Deficit)/Surplus (see above) (703,175)
<br />Projected Police Pension Fund Cash Balance as of 12/31/07 297,425
<br />Deferred Retirement Option Plan 2008 (380,000)
<br />Cash shortfall/surplus after known DROP expenses (82,575)
<br />Additional pension payments assuming "worse case scenario" (935,926)
<br />Cash shortfall/surplus in this fund if "worse case scenario" occurred (1,018,501)
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