Pensionr
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Pension Funds
Combined Summary of Revenues and Expenses
Actual Actual Estimate Budget Increase
1998-1999 1999-2000 2000-2001 2001-2002 (Decrease)
Revenues:
Generai Pension 719,169 559,234 674,858 707,070 32,212
Police Pension 502,145 444,932 469,526 536,812 67,286
Fire Pension 227,819 128,081 0 0 0
Total Revenues ~ 1,449,133 1,132,247 1,144.384 1,243,882 99,488
Excenses:
General Pension 225,080 233,352 263.525 281,295 17,770
Police Pension 197,204 208,726 210,952 249,726 38,774
Fire Pension 102,860 1,662,926 0 0 0
Total Expenses 525,144 2,105,004 474,477 531,021 56,SM
Resource Allocation:
Personal Services 416,699 385,357 403,000. 459,250 56,250
Operating Expenses 108,445 1,719,647 71,477 71,771 294
Capital Outlay 0 0 0 0 0
Debt Service 0 0 0 0 0
Transfers 0 ~ 0 0 0 0
Total Resource Allocation: 625,144 2,105,004 474,477 531,021 b6,544
Summary of Authotaed Positions
Allocation 2000-tool 2001-2002
Pension
• Plan Administrator -Duties curtently under Human Resources
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Pension
Code: 600.8000-518
Purpose:
The Pension Fund provides for the Employee Retirement System which is funded by contributions
from both the City and the employees. Some funding is also provided from Police supplemental
benefits. These benefits are a result of casualty insurance premium tax monies collected by and
received from the State of Florida, in accordance with Florida State Statute, Chapter 185. Interest -'
from investment earnings on Plan assets also assist in funding the Plan. The current City pension
ordinance requires that the City pay for pension fund expenses other than management fees and
retirement benefits. These expenses are covered by a transfer from the General Fund.
Key Objectives:
• To monitor the Plan's fund manager • To keep the plan current as to
for compliance with the Plan's compliance with IRS code
investment policy and recommend requirements and any State or Federal '
changes to the policy, if necessary, changes _
to assure the plan's participants and
recipients that the benefits specified
in the Plan will be available
Issues, Trends, Highlights: ~
• Legal expenses were higher than normal in FY 1998/99 due to a review and rewrite of the
code to comply with State mandates. Legal expenses were high in FY 1999/2000, as a
variety of recent mandates have been passed, one of which requires separate retivement _
systems to be organized for the Police and General employee benefit groups.
• This year's budget shows the pension funds split up into General, Police and Fire for the first
• time.
• The Fire Department function and employees were transferred to the City ofJacksonville on
June 1, 1999. The contract with Jacksonville stipulates the pension assets related to the fire
employees will be transferred to the City of Jacksonville's plan.
• Com leted Chan es t i
p g o C ty Ordinance to estabhsh separate General Employee and Police
Employee Pension Boards and separate Pension Plans.
• Completed and provided employees with an individual retirement benefit statement
(Note: The balance forward in the Pension Fund represents the pension's assets at market
value.)
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General Employee Pension Fund
Combined Summary of Revenues and Expenditures
Actual Actual Estimate Budget Incroase
1998.1999 1999-2000 2000.2001 2001-2002 (Decrease)
Cash Forward
Revenues
Earnings on Investmerds
Employer ConMbuSons
Employee Contributions
Transfers fran General Fund
TotalRevsunea
Other Financing Sources
Total Resources
Expenditures
Benefits Paid
ReSrement Benefns
Contribution Refunds
SubloGl
Operoting E:penses
Professional Services
Insurance
PrinOng
Boob, Training
Other
Subtotal
DMSION TOTALS
Other Financing Uses
Ending Cash
Total Expenses and Cash
Resource AOoaUon
Personal Services
Operating Expenses
Capital Outlay
Debt SeMCe
Transfers
Total Resources
4,320,243 4,799,155 5.126,364 _ 5,537,697 411,333
407,887 243,349 344,000 350,000 8,000
257,597 259,411 266,148 288.070 21,922
43,625 44,563 50,000 54,000 4,000
10,060 11,911 14,710 15,000 290
719,169 559,2]4 574,B5H 707,070 32,212
1,327 '
3,039,112 5.359,718 5,801,222 8,24!,767 443,545
!74,013 179,935 225,000 242,000 17,000 I
8,196 5.521 5,000 5,000 0
180,509 185,459 230,000 247,000 17,000
43,899 45,144 30,000 30,000 0
528 1,500 2,025 2,795 770
23
1M 1,226 1,500 1,500 0
44,571 47,893 33,523 31,295 770
225,080 233,352 263,525 261,295 17,770
15,177
4,799,155 5,128,384 5,537,897 5,963,472 425,775 I
5,039.412 5.359,718 5,801,222 6,2N,767 443,545
180,509 185,459 230,000 247,000 17,000
44,571 47,893 33,525 34,295 770
225,080 233,352 283,525 281,295 17,770 I
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Police Employee Pension Fund
Combined Summary of Revenues and Expenditures
Actual Actual Estimate Budget Ineroase I
1998-1999 1499-2000 2000-2001 2001-1002 (Deeroase)
Cash Forward
Revenues
Insurance Premium Tex Sec 185
Earnings on Investments
Employer Contribu0ons
Employee Contributions
Translen kam General Fund
Total Reveunes
ONer Flnancing Sources
Total Resources
ExoendRures
6enaTits Paid
Retirement Benefds
Contnbution Refunds
Subtotal
~~, Opero0ng Expenses
Professional Services
Insurance
Printing
Books, Training
Other
Subtotal
DMSION TOTALS
Other Financing Uses
' Ending Cash
Totai Ezpanses and Cash
Resource AIIowUon
Pereonal Services
Operating Expenses
Capital Outlay
Oebt SeMee
Transfers
Total Resources
3,243,22% 3,565,310 3,802,983 4,061,557 258,574 I
68,048 63,997 ~ 69,557 70,289 732
305,015 212,980 254,000 275,000 21,000
100,754 116,023 112,802 154,523 47,721
19,512 24,833 20,000 22,000 2,000
8.016 27,099 13,167 15,000 1,833
502,145 444,912 469,526 536,812 67,286
17,342 1,267
3,762,714 4,011,709 4,272,509 4,598,369 125,860
158,271 158,271 168,000 207,250 39,250
1,233 8.339 5.000 5,000 0
162,504 166,609 173,000 212,250 39,250
34,195 39,666 35,000 35,000 0
396 1,126 1,452 976 (476)
17 0
109 1,308 1,500 1,500 0
34,700 42,117 37,952 37,478 (476)
197,204 208,726 210,952 249,726 38,774
7,565,510 3,802,983 4,061,557 4,348,843 287,086 I
3,762,714 4,011,709 4,272,509 4,598,369 325,960
162,504 166,609 173,000 212,250 39250
34,700 42,117 37,952 37,476 (476)
197,204 208,726 210,952 219,726 18,774 I
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Fire Employee Pension Fund
Combined Summary of Revenues and Expenditures
Actual Actual Estimate Budget Increase I
1998-1999 1999-2000 2000-2001 2001.2002 (Deeroasel
Cash ForwaM
Revenues
Insurance Premium Tax Sec 175
Earnings on Investments
Employer Contributions
Employee Contributions
Transfers kern Genen4 Fund
TotalRevaunes
Other Financing Sources
Total Resources
Exeendlturcs
BeneflU Pald
Retirement Benefits
Contributlon Refunds
Subtotal
OpenOng Expenses
Processional Services
Insurance
Printing
Books, Training
Other
Subtotal
DMSION TOTALS
Other Financing Usea
Ending Cash
Total Ezpansas and Caah
Resource Attoeatlon
Personal Services
Opera0ng Expenses
Capital Outlay
Debt Servke
Tnnsfers
Total Resources
28,950 13,202 0
178 500 p
8 0
48 0
1.875,927
29,174 1,029,837 0 0 0
102,860 1.662,928 0 0 0
2,174
1,537,019 0 0 0 0
1,6]9,879 1,665,100 0 0 0
73,688 33,289 0 0 0
29,174 1.629,637 0 ~ 0 0
102,860 1.882,928 0 0 0
1,410,119 1,537,019 0 0 0
50,748 2,110 0
136,366 115,701 0
0 0
23,035 2,950 0
n,67o 7,310 0
227,819 128,081 0 0 0
1,911
1,839,879 1.865,100 0 0 0
71,069 23,886 0
2,617 9,803 0
73,888 33,289 0 0 0
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