09-17-96 Personnel & Finance - Laserfiche WebLink

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Committee Report Personnel and Finance Committee September 17, 1996 Page 2 STUDEBAKER CORRIDOR BOND 1996 BUDGETED $430,113 1997 REQUESTED $422,113 Mr. Rinard noted that payments are required on this bond issue through the year 2006. EDIT 1996 PROJECTED REVENUES $1,382,670 1997 PROJECTED REVENUESR $1,382,670 1996 BUDGET EXPENSES $313,000 1997 REQUESTED $464,141 Mr. Rinard noted in reviewing the Line Item detail that this includes the five-year commitment to Project Future. (A copy of Resolution #2354-96 is attached which shows the City's intent from 1997 through the year 2001 for a five-year commitment at$100,000 each year.) POLICE PENSION 1996 BUDGETED $3,305,271 1997 REQUESTED $3,549,184 Mr. Paul F. Niezgodzki and Rick Switalski then reviewed the Police Pension budget. Assistant Chief Switalski noted that Mr. Niezgodzki has been in this position as secretary to the Pension Board for just a few weeks. He noted that the Fire Department is under the 1937 and 1977 laws whereas the Police Department is under the 1925 and 1977 laws. Approximately $2,000,000 is projected. They noted that they must budget for all eligible officers who could retire. To date,eight police officers have retired and three on disability. It was further noted that $75,000 has been budgeted with $624,279 in reserve. Each officer must have the necessary years of service and be at least 55 years of age also to be eligible for pension benefits. Currently 86 are eligible but of that number 45 officers are eligible for payments. Assistant Chief Switalski noted that the 1997 Fund is now becoming an increasing burden to cities and towns throughout the State. • YOUTH SERVICE BUREAU Bonnie Stryker then joined the Committee to review the Youth Service Bureau Budget. She noted that from 1972 until 1986 they were part of the Civil City Budget and then at the request of Mayor Parent became a not-for-profit corporation in 1986. The budget detail . line item should be corrected for a request of $57,750 which is an increase from 1996 which was budgeted at $52,500. Overall, the total Youth Service Bureau Budget is approximately$800,000.