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FIRE PENSION
<br />SUMMARY OF FUNDING SOURCES AND EXPENDITURES
<br />2008 BUDGET
<br />FY 06 FY07 FY07 FY08
<br />Actual Budget As of 6/30/07 Estimate
<br />Expenditure by Cost Center
<br />Pension 5,133,627 7,165,818 3,043,376 5,688,519
<br />Total Expenditures by cost center 5,133,627 7,165,818 3,043,376 5,688,519'
<br />Expenditure by Classification
<br />% Change
<br />07 Adopted
<br />08 Estimate
<br />-21%
<br />-21%
<br />Salaries
<br />7,442
<br />10,927
<br />3,794
<br />10,927
<br />0%
<br />Fringe Benefits
<br />0
<br />0
<br />0
<br />0
<br />0%
<br />Supplies
<br />100
<br />200
<br />26
<br />200
<br />0%
<br />Retirement Benefits
<br />5,118,903
<br />7,147,600
<br />3,038,695
<br />5,670,301
<br />-21%
<br />Contractual Services
<br />7,182
<br />7,091
<br />861
<br />7,091
<br />0%
<br />Internal Services
<br />0
<br />0
<br />0
<br />0
<br />0%
<br />Capital
<br />0
<br />0
<br />0
<br />0
<br />0%
<br />Full -Time Personnel
<br />Funding Sources
<br />Fund 701 General Fund
<br />0.16 0.16 0.16 0.16
<br />-21%
<br />Property Tax
<br />1,554,387
<br />1,616,386
<br />0
<br />1,632,663
<br />1%
<br />Other Taxes
<br />111,707
<br />112,960
<br />0
<br />113,543
<br />1%
<br />Intergovernmental Grants
<br />3,236,188
<br />2,843,000
<br />2,136,097
<br />3,447,939
<br />21%
<br />Miscellaneous Revenue
<br />47,672
<br />40,100
<br />21,334
<br />40,100
<br />0%
<br />Transfers In (1)
<br />1,100,000
<br />800,000
<br />0
<br />0
<br />-100%
<br />Total Designated Funding Sources
<br />6,049,954
<br />5,412,446
<br />2,157,431
<br />5,234,245'
<br />-3%
<br />Funding Sources over /(under) expenditures 916,327 (1,753,372) (885,945) (454,274) (2)
<br />(1) Transfers In from the Fire Department budget in the General Fund are $1,100,000 (2006 actual) and
<br />$800,000 (2007 budgeted).
<br />(2) Cash balance 1/1/07
<br />2007 projected revenue
<br />2007 projected expenditures
<br />12/31/07 projected balance
<br />2008 revenue estimate
<br />2008 budget estimate
<br />12/31/08 projected cash balance
<br />$ 2,463,992
<br />7,021,536
<br />(7,176,892)
<br />$ 2,308,636
<br />5,234,245
<br />(5,688,519)
<br />$ 1,854,362
<br />Note: projected revenue is higher than budgeted due to 50% reimbursement for DROP payment by the
<br />State.
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