Pension Pension Funds
Combined Summary of Revenues and Expenses
Actual Actual Estimate Budget Increase
2009-2010 2010-2011 2011-2012 2012-2013 (Decrease)
Revenues:
General Pension 1,728,014 730,313 2,104,516 2,174,392 69,876
Police Pension 1,098,696 641,120 1,232,311 1,233,745 1,434
Total Revenues 2,826,710 1,371,433 3,336,827 3,408,137 71,310
Expenses:
General Pension 523,524 699,650 780,290 789,485 9,195
Police Pension 542,844 595,672 691,412 653,056 (38,356)
Total Expenses 1,066,368 1,295,322 1,471,702 1,442,541 (29,161)
Resource Allocation:
Personnel Services 0 0 0 0 0
Operating Expenses 1,066,368 1,295,322 1,471,702 1,442,541 (29,161)
Capital Outlay 0 0 0 0 0
Debt Service 0 0 0 0 0
Transfers 0 0 0 0 0
Total Resource Allocation: 1,066,368 1,295,322 1,471,702 1,442,541 (29,161)
Summary of Authorized Positions
2011-2012 2012-2013
Pension
* Plan Administrator-Duties currently under Finance Department
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Pension Funds
Purpose:
The General Employee and Police Employee Pension Funds are 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 assets
within these funds are held in trust for the future benefits of the employees and
are directed by two separate pension boards.
Key Objectives:
• The funding objective for both plans is to establish and receive contributions,
expressed as a percent of active member payroll, which will remain
approximately level from year to year and will not have to be increased for future
generations of citizens in the absence of benefit improvements.
• 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.
• To provide employees with an annual individual retirement benefit statement.
Issues, Trends and Highlights:
• Total Net Assets as of September 30, 2011 for the General Pension fund were
$10,448,470. This represents an increase of$30,663 over 2010.
• Total Net Assets as of September 30, 2011 for the Police Pension fund were
$6,056,405. This represents an increase of$45,448 over 2010.
• The City contributions to the General Pension Fund are projected to increase
$45,876 in FY 2013 to $1,044,392.
• The City contributions to the Police Pension Fund are projected to decrease
$22,169 in FY 2013 to $517,934.
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General Employee Pension Fund
Combined Summary of Revenues and Expenditures
Actual Actual Estimate Budget Increase
2009-2010 2010-2011 2011-2012 2012-2013 (Decrease)
Cash Forward 9,310,203 10,556,632 10,652,015 11,976,241 1,324,226
Revenues
Earnings on Investments 929,651 (180,860) 920,000 930,000 10,000
Employer Contributions 599,292 722,769 998,516 1,044,392 45,876
Employee Contributions 198,363 188,404 186,000 200,000 14,000
Other 708 0
Total Revenues 1,728,014 730,313 2,104,516 2,174,392 69,876
Other Financing Sources 41,939 64,720
Total Resources 11,080,156 11,351,665 12,756,531 14,150,633 1,394,102
Expenditures
Benefits Paid
Retirement Benefits 462,801 583,857 647,000 661,200 14,200
Contribution Refunds 5,606 5,661 10,000 10,000 0
Subtotal 468,407 589,518 657,000 671,200 14,200
Operating Expenses
Professional Services 44,173 98,033 105,000 101,000 (4,000)
Contract Services 0
Insurance 2,086 2,942 3,255 3,150 (105)
Printing 35 35 50 50 0
Office Supplies 0
Books,Training 1,464 1,369 5,000 5,000 0
Internal Service Charges 7,359 7,753 9,985 9,085 (900)
Subtotal 55,117 110,132 123,290 118,285 (5,005)
DIVISION TOTALS 523,524 699,650 780,290 789,485 9,195
Other Financing Uses
Ending Cash 10,556,632 10,652,015 11,976,241 13,361,148 1,384,907
Total Expenses and Cash 11,080,156 11,351,665 12,756,531 14,150,633 1,394,102
Resource Allocation
Personnel Services
Operating Expenses 523,524 699,650 780,290 789,485 9,195
Capital Outlay
Debt Service
Transfers
Total Resources 523,524 699,650 780,290 789,485 9,195
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Police Employee Pension Fund
Combined Summary of Revenues and Expenditures
Actual Actual Estimate Budget Increase
2009-2010 2010-2011 2011-2012 2012-2013 (Decrease)
Cash Forward 5,955,962 6,094,725 6,163,596 6,704,495 540,899
Revenues
Insurance Premium Tax Sec 185 88,806 86,391 88,500 88,806 306
Earnings on Investments 589,236 74,586 520,000 545,000 25,000
Employer Contributions 339,471 400,641 540,103 517,934 (22,169)
Employee Contributions 81,183 79,200 83,708 82,005 (1,703)
Other 302 0
Total Revenues 1,098,696 641,120 1,232,311 1,233,745 1,434
Other Financing Sources 23,423
Total Resources 7,054,658 6,759,268 7,395,907 7,938,240 542,333
Expenditures
Benefits Paid
Retirement Benefits 490,492 512,386 611,000 573,440 (37,560)
Contribution Refunds 7,981 6,853 7,000 6,000 (1,000)
Subtotal 498,473 519,239 618,000 579,440 (38,560)
Operating Expenses
Professional Services 38,650 69,119 60,000 61,000 1,000
Contractual Services 0
Insurance 2,086 2,942 3,255 3,150 (105)
Printing 12 12 25 20 (5)
Office Supplies 0
Internal Service Charges 3,623 4,135 5,132 4,446 (686)
Books,Training 225 5,000 5,000 0
Subtotal 44,371 76,433 73,412 73,616 204
Transfers
DIVISION TOTALS 542,844 595,672 691,412 653,056 (38,356)
Other Financing Uses 417,089
Ending Cash 6,094,725 6,163,596 6,704,495 7,285,184 580,689
Total Expenses and Cash 7,054,658 6,759,268 7,395,907 7,938,240 542,333
Resource Allocation
Personnel Services
Operating Expenses 542,844 595,672 691,412 653,056 (38,356)
Capital Outlay
Debt Service
Transfers
Total Resources 542,844 595,672 691,412 653,056 (38,356)
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