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POLICE PENSION
<br />SUMMARY OF FUNDING SOURCES AND EXPENDITURES
<br />2008 BUDGET
<br />(2) State distributed pension relief from cigarette tax
<br />(3) Cash balance 1/1/07
<br />$ 1,851,954
<br />2007 projected revenue
<br />8,342,642
<br />2007 projected expenditures
<br />% Change
<br />12/31/07 projected
<br />FY 06
<br />FY07
<br />FY07
<br />FY08
<br />07 Adopted
<br />12/31/08 projected
<br />Actual
<br />Budget
<br />As of 6/30/07
<br />Estimate
<br />08 Estimate
<br />Expenditure by Cost Center
<br />Pension
<br />5,455,994
<br />7,201,189
<br />2,903,934
<br />6,480,860
<br />-10%
<br />5,455,994
<br />7,201,189
<br />2,903,934
<br />6,480,860
<br />-10%
<br />Expenditure by Classification
<br />Salaries
<br />7,442
<br />7,442
<br />3,721
<br />7,591
<br />2%
<br />Fringe Benefits
<br />0
<br />0
<br />0
<br />1,037
<br />0%
<br />Supplies
<br />600
<br />200
<br />610
<br />1,100
<br />450%
<br />Retirement Benefits
<br />5,437,288
<br />7,150,100
<br />2,899,024
<br />6,468,461
<br />-10%
<br />Contractual Services and Other Charges
<br />10,665
<br />4,591
<br />579
<br />2,671
<br />0%
<br />Capital
<br />0
<br />0
<br />0
<br />0
<br />0%
<br />Total Expenditures
<br />6,435,996
<br />7,162,333
<br />2,903,934
<br />6,480,860
<br />-10%
<br />Full Time Personnel
<br />0.16
<br />0.16
<br />0.16
<br />0.16
<br />Funding Sources
<br />Fund 702 Police Pension Fund
<br />Property Taxes
<br />1,397,265
<br />1,452,996
<br />0
<br />1,449,805
<br />0%
<br />Other Taxes
<br />100,415
<br />101,541
<br />0
<br />100,650
<br />-1%
<br />Intergovernmental Grants (2)
<br />3,585,818
<br />3,123,000
<br />2,389,396
<br />3,598,226
<br />15%
<br />Miscellaneous Revenue
<br />81,638
<br />20,478
<br />17,010
<br />5,219
<br />-75%
<br />Transfers In (1)
<br />1,300,000
<br />1,800,000
<br />0
<br />0
<br />-100%
<br />Total Designated Funding Sources
<br />6,466,136
<br />6,498,015
<br />;2,406,406
<br />6,163,900—
<br />%
<br />Funding Sources over /(under) expenditures
<br />1,009,141
<br />(664,318)
<br />(497,528)
<br />(1,326,960)
<br />(3)
<br />(1) Transfers In are transfers from the Police Department budget in
<br />the General
<br />Fund of $1,300,000 (2006 actual)
<br />and $1,800,000 (2007 budgeted).
<br />(2) State distributed pension relief from cigarette tax
<br />(3) Cash balance 1/1/07
<br />$ 1,851,954
<br />2007 projected revenue
<br />8,342,642
<br />2007 projected expenditures
<br />(7,486,194)
<br />12/31/07 projected
<br />$ 2,708,402
<br />2008 revenue estimate
<br />5,153,900
<br />2008 budget estimate
<br />(6,480,860)
<br />12/31/08 projected
<br />$ 1,381,442
<br />Note: projected revenue is higher than budgeted due to 50% reimbursement for DROP payment by the
<br />State.
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