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Pension
Combined Summary Expenditures
REVISED
ACTUAL ACTUAL BUDGET BUDGET INCREASE
1995.98 1998.87 1997.88 1999.99 DECREASE
Revenues:
Pension Fund Revenues 1,307,590 1,986,101 1,027
858 1
398
703 370
84
, .
, ,
5
Total Revenues 1,307~1i90 1~9861~01 1027.858 1,398 7~ 370,845
Expenditures:
Pension 336,487 430,948 463,732 485,875 22,143
Total Expenses 336y87 430,948 463.732 485875 22,143
Resource Allocation
Personal Services 280,159 360,891 378,732 400,000 21,268
Operating Expenses 56,328 70,057 85,000 65,875 875
Capital Outlay
Debt Servfee
Transfers
Total Expenses 336.487 430 9, 48 463,732 _465,875 221, 43
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Pension
Code: 600-0000-519
Purpose:
The Pension Fund provides for the Employee Retirement System which is funded by both the City
and the employees. Some funding is also provided by the State of Florida for Police and Fire
supplemental benefits, which is based on the percentage of premiums on automobile and property
insurance within the City limits. Additional funding sources are provided by interest on
investment earnings from the pension funds in compliance with Florida State Statutes, Chapters
175 and 185.
Key Objectives:
To monitor the Plan's Fund Manager
for compliance with the Plan's
Investment Policy and recommend
changes to the Policy, if necessary, to
assure the plan participants and
recipients that the benefits specified
in the Plan will be available
To keep the plan cuaent as to
compliance with IRS code
requirements and any State or Federal
changes
Issues, Trends, Highlights:
Legal expenses were higher than normal in FY 1997/98 due to a review and rewrite of the
code. In addition, fiduciary liability insurance covering actions of pension boazd members
and officers was added in FY 1996/97. However, since the City Pension ordinance requires
that the City pay for pension fund expenses other than management fees, these costs were
covered by a transfer from the General Fund.
(Note: The balance forward in the Pension Fund represents the pension's assets at market
value.)
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CITY OF ATLANTIC BEACH
DEPARTMENTAL SUMMARY
PENSION FUND
REVISED
ACTUAL ACTUAL BUDGET BUDGET INCREASE
1996-98 1998.97 1997.98 1998.99 DECREASE
ASH CARRY FORWARD 6.646.070 6.617.171 8.073.649 8.6]7.775 664.126
REVENUES
Stale • Fire 29,544 39,785 20,004 38,000 17,898
State • Poece 82,428 88,968 87,188 72,500 5,334
Earnings on Investments 782,581 1,428,885 450,000 800,000 350,000
Member Contrlbu0ons 111,431 98,778 85,360 70,000 4,840
City ContrlbuUons 329,495 331,541 382,828 382,828
Transfer horn General Fund 12.133 18.768 42.500 35.375 (7.125)
TOTAL REVENUES 1.307.890 1.986.101 1.027.858 1.398.703 370.845
OTHER FINANCING SOURCE 1.325
TOTAL RECOURCES _¢,653.560_ _~.594.59L 9~ ~0.036.4Z8_ 9?1,971
EXPENDITURES
Professional SeMces
50,210
63,751
75.500
78,000
500
Travel and Per Diem 2,228 2,448 5,000 500 (4,500)
Retirement Benefits 280,159 360,891 376,732 400,000 21,268
Insurance 3,833 3,889 3,800 3,875 75
Books, Training and Memberships 257 150 700 5.500 4,800
Other 19
TOTAL EXPENDITURES 3]9 X87 4309.48 46.732 495.875 22.17]
CASH RESERVES 6.517,171 8.073,619 8,837,778 9,650,803 812.828
OTHER FINANCING USES 2
TOTAL EXPENDITURES d
CASH RESERVES 8,883_8¢0 8.80a 897 9 101.607 10,036 ~LB_ 934.971
RESOURCEALLOCATION
Personal SeMces 280,159 380,891 378,732 400,000 21,288
OpenUng Expenses 58,328 70,057 85,000 85.875 875
Capital Outlay
Debt SeMca
Transfers
TOTAL 3]8,467_ 430.946 I6]_.737~, 485878_ 42.143
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