Budget Message / Highlights - Metropolitan Water Reclamation ...
Budget Message / Highlights - Metropolitan Water Reclamation ... Budget Message / Highlights - Metropolitan Water Reclamation ...
METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO 2009 BUDGET Gross income for the Fund is composed of employee contributions, employer contributions, and investment income. Employees contribute 9 percent of their salaries. Employer contributions come from real estate property tax levies and the Personal Property Replacement Tax and are based on the amount of employee contributions as described below. A revised calculation for loss in tax collections, approved in 2006, will increase the overall employer contribution. Investment income includes dividends and interest, as well as realized and unrealized appreciation (depreciation) in the fair value of the investments. The gross tax levy for the Fund is based primarily on the total employee contributions two years prior to the year of the levy times a multiplier. The multiplier is defined under Illinois Statute and is only changed upon recommendation by the Trustees of the Fund, based on fund requirements and approval by the Illinois State Legislature. A multiplier of 2.19 has been used for computing the levy since 1988. In 2003 the multiplier for the optional contributions was reduced to 1.0. Expenses are composed of annuity payments, investment management expenses, administrative expenses, refunds, and disability benefits. Gross income for 2007 was $108.8 million; reflecting $49.3 million lower income than 2006. The primary reason for the 2007 decrease was the lower than expected returns for the equity markets. As of December 31, 2007 the funded ratio of the Fund was 70.0 percent. Beginning in 1997, fund assets and this ratio are reported at the new Actuarial Asset Value required by the Governmental Accounting Standards Board. The funded ratio has been in the range from the current low of 70.0 percent to 87.6 percent during the last ten years. For the 2009 Budget, the gross levy totals $26.8 million, an increase of $1.1 million or 4.2 percent above the 2008 levy. The 2009 appropriation is $31,385,921. Million $ 250 200 150 100 50 152.5 54.0 98.8 58.8 Gross Income vs. All Expenses Gross Income Expenses 68.1 62.2 65.9 215.8 71.2 77.2 145.0 82.6 96.5 158.1 88.0 94.1 108.8 100.0 % 100 90 80 70 60 50 40 30 20 10 250 200 150 100 50 0 0 Million $ (50) (100) 120 100 80 60 40 20 85.6 86.4 Funded Ratio at Actuarial Value 87.6 85.9 77.3 75.5 73.6 70.8 70.1 70.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 152.5 Million $ 98.8 68.1 Gross Income 29.6 (23.1) 215.8 145.0 96.5 158.1 Employer Contributions Employee Contributions Investment Income 108.8 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 54.0 Annuities Disability Benefits Refunds Investment Expense Administrative Expense 58.8 62.2 65.9 Expenses 71.2 77.2 82.6 88.0 94.1 100.0 0 29.6 (23.1) 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 425 425
METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO 2009 BUDGET Appropriation Ordinance THE METROPOLITAN WATER RECLAMATION DISTRICT RETIREMENT FUND Amount of Estimated Expenditures for the Purpose of the Metropolitan Water Reclamation District Retirement Fund $31,385,921. Section 9. That the appropriation herein of the amounts for the payment of “unpaid bills” or “contractual liabilities,” or to defray the expense of any project or purpose, shall not be construed as an approval or an admission of liability by the Board of Commissioners of any said bills or contractual liabilities, or of any project or purpose mentioned herein but shall be regarded only as the provision of a fund or funds, for the payment thereof when said bills or contractual liabilities have been found to be valid and legal obligations against the Metropolitan Water Reclamation District of Greater Chicago and when properly vouchered and audited by the Department of Finance, or when any project or purpose is approved and authorized by the Board of Commissioners of the Metropolitan Water Reclamation District of Greater Chicago, as the case may be. Section 10. This ordinance shall take effect January 1, 2009. Approved as to Form and Legality: Approved: Deputy General Counsel President, Board of Commissioners of the Metropolitan Water Reclamation District of Greater Chicago General Counsel 426 426
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METROPOLITAN WATER RECLAMATION DISTRICT OF GREATER CHICAGO<br />
2009 BUDGET<br />
Appropriation Ordinance<br />
THE METROPOLITAN WATER RECLAMATION DISTRICT RETIREMENT FUND<br />
Amount of Estimated Expenditures for the Purpose of the<br />
<strong>Metropolitan</strong> <strong>Water</strong> <strong>Reclamation</strong> District Retirement Fund<br />
$31,385,921.<br />
Section 9. That the appropriation herein of the amounts for<br />
the payment of “unpaid bills” or “contractual liabilities,” or<br />
to defray the expense of any project or purpose, shall not<br />
be construed as an approval or an admission of liability by<br />
the Board of Commissioners of any said bills or<br />
contractual liabilities, or of any project or purpose<br />
mentioned herein but shall be regarded only as the<br />
provision of a fund or funds, for the payment thereof when<br />
said bills or contractual liabilities have been found to be<br />
valid and legal obligations against the <strong>Metropolitan</strong> <strong>Water</strong><br />
<strong>Reclamation</strong> District of Greater Chicago and when<br />
properly vouchered and audited by the Department of<br />
Finance, or when any project or purpose is approved and<br />
authorized by the Board of Commissioners of the<br />
<strong>Metropolitan</strong> <strong>Water</strong> <strong>Reclamation</strong> District of Greater<br />
Chicago, as the case may be.<br />
Section 10. This ordinance shall take effect January 1,<br />
2009.<br />
Approved as to Form and Legality:<br />
Approved:<br />
Deputy General Counsel<br />
President,<br />
Board of Commissioners of the<br />
<strong>Metropolitan</strong> <strong>Water</strong> <strong>Reclamation</strong> District<br />
of Greater Chicago<br />
General Counsel<br />
426<br />
426
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