PensionPension Funds
Combined Summary of Revenues and Expenses
Actual Actual Estimate Budget Increase
2000-2001 2001-2002 2002-2003 2003-2004 (Decrease)
Revenues:
General Pension 260,847 63,786 641,606 701,518 59,912
Police Pension 222,974 50,602 479,335 482,587 3,252
Total Revenues 483,821 114,388 1,120,941 1,184,105 63,164
Expenses:
General Pension 267,880 332,183 333,438 344,297 10,859
Police Pension 209,898 253,807 260,637 282,812 22,175
Total Expenses 477,778 585,990 594,075 627,109 33,034
Resource Allocation:
Personal Services 397,011 476,936 493,915 522,000 28,085
Operating Expenses 69,137 109,054 100,160 105,109 4,949
Capital Outlay 0 0 0 0 0
Debt Service 0 0 0 0 0
Transfers 11,630 0 0 0 0
Total Resource Allocation: 477,778 585,990 594,075 627,109 33,034
Summary of Authorized Positions
Allocation 2002-2003 2003-2004
Pension
* Plan Administrator -Duties currently under Human Resources
134
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 sate of Florida, in accordance
with Florida State Statute, Chapter 185. Interest from investment earnings on Plan assets
also assists 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. A
transfer from the General Fund covers these expenses.
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's participants and
recipients that the benefits specified in the Plan will be available.
• To keep the plan current as to compliance with IRS code requirements and any State or
Federal changes.
• Complete and provide employees with an individual retirement benefit statement (Note:
The balance forward in the Pension Fund represents the pension's assets at market value).
135
General Employee Pension Fund
Combined Summary of Revenues and Expenditures
Actual Actual Estimate Budget Increase
2000-2001 2001-2002 2002-2003 2003-2004 (Decrease)
Cash Forward 5,128,384 5,117,904 4,857,273 5,165,441 308,168
Revenues
Earnings on Investments (72,564) (295,165) 256,500 250,000 (6,500)
Employer Contributions 266,148 288,070 315,106 381,518 66,412
Employee Contribwtions 53,186 57,505 55,000 55,000 0
Transfers from General Fund 14,077 13,376 15,000 15,000 0
Total Reveunes 280,847 83,788 641,808 701,518 59,912
Other Financing Sources 7,766
Total Resources 5,387,211 5,189,456 5,498,879 5,866,959 368,080
Expenditures
Benefits Paid
Retirement Benefds 225,232 254,472 272,200 280,000 7,800
Contribution Refunds 3,268 14,720 5,000 5,000 0
Subtotal 228,500 269,192 277,200 285,000 7,800
Operating Expenses
Professional Services 36,156 59,649 51,100 53,300 2,200
Insurance 2,430 2,607 3,138 3,997 859
Printing
Books, Training 794 735 2,000 2,000 0
Other
Subtotal 39,380 62,991 56,238 59,297 3,059
DMSION TOTALS 267,880 332,183 333,438 344,297 10,859
Other Financing Uses 1,427
Ending Cash 5,117,904 4,857,273 5,165,441 5,522,862 357,227
Total Expenses and Cash 5,387,211 5,189,456 5,498,879 5,866,959 388,080
Resource Allocation
Personal Services 228,500 269,192 277,200 285,000 7,800
Operating Expenses 39,380 62,991 56,238 59,297 3,059
Capital Outlay
Debt Service
Transfers
Total Resources 287,880 332,183 333,438 344,297 10,859
136
Police Employee Pension Fund
Combined Summary of Revenues and Expenditures
Actual Actual Estimate Budget Increase
2000-2001 2001-2002 2002-2003 2003-2004 (Decrease)
Cash Forward
Revenues
Insurance Premium Tax Sec 185
Earnings on Investments
Employer Contributions
Employee Contributions
Transfers from General Fund
Total Reveunes
Other Financing Sources
Total Resources
Expenditures
Benefits Paid
Retirement Benefits
Contribution Refunds
Subtotal
Operating Expenses
Professional Services
Insurance
Printing
Books, Training
Subtotal
Transfers
DMSION TOTALS
Other Financing Uses
Ending Cash
Total Expenses and Cash
I
Resource Allocation
Personal Services
Operating F~enses
Capital Outlay
Debt Service
Transfers
Total Resources
3,802,983 3,814,241 3,821,858 3,840,358 218,698
69,557 85,719 70,239 70,239 0
10,089 (219,798) 215,344 200,000 (15,344)
113,534 154,523 155,752 172,348 16,596
19,280 24,076 23,000 25,000 2,000
10,514 6,082 15,000 15,000 0
222,974 50,802 479,335 482,587 3,252
10,623
4,025,957 3,875,488 4,100,993 4,322,943 221,950
168,340 205,164 213,715 234,000 20,285
171 2,581 3,000 3,000 0
188,511 207,744 216,715 237,000 20,285
26,878 44,782 40,200 42,400 2,200
849 913 1,722 1,412 (310)
0
2,030 369 2,000 2,000 0
29,757 46,063 43,922 45,812 1,890
11,630
209,898 253,807 280,637 282,812 22,175
1,818
3,814,241 3,821,858 3,840,358 4,040,131 199,775
4,025,957 3,875,466 4,100,993 4,322,943 221,950
168,511 207,744 216,715 237,000 20,285
29,757 46,063 43,922 45,812 1,890
11,630 0 0 0 0
209,898 253,807 260,837 282,812 22,175
137