2012-2013 Budget - City of Saginaw MI
2012-2013 Budget - City of Saginaw MI 2012-2013 Budget - City of Saginaw MI
UNFUNDED LIABILITIES FUNDREVENUE BUDGET SUMMARYThe Unfunded Liabilities Fund is considered to be aFiduciary Fund of the City of Saginaw. This fund wasestablished to start funding the unfunded healthinsurance premiums or Other Post Employee Benefits(OPEB) that are fully paid for by city retirees. As of FY2010, the total unfunded liability was estimated at $215million. The major revenue source for this fund is“Charge for Services”. Each year, the Office ofManagement and Budget meets with the City Managerand determines how much is available in each fund toallocate toward the city’s OPEB responsibility.Historically, this amount has been approximately$470,000. A percentage of this established amount isallocated to each fund. This figure is based on thenumber of employees that retired from that fund.Another revenue sources for this fund are revenuesreceived for interest on investments. Generally, thisrevenue is driven by market conditions and therebyfluctuating from year to year.For FY 2013, the Unfunded Liabilities Fund’s revenueswill be $919,876. This is an increase of $797,003, fromthe previous fiscal year. This increase reflects theappropriation of fund equity to assist with the paymentof retiree healthcare for the General and Motor PoolOperations Funds. These reserves represent fundsapportioned from the General and Motor Pool OperationFunds since FY 2008. This appropriation is a one-timesource.SUMMARY OF REVENUES2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected ApprovedInterest and Rents 51,490 19,802 35,242 30,000 30,000 55,257 30,000Other Revenues (555,700) 66,041 564,759 0 0 (101,169) 889,876Charges to Other Funds 470,000 470,000 160,237 92,843 92,843 92,843 0REVENUE TRENDSTotal Revenues (34,210) 555,843 760,238 122,843 122,843 46,930 919,8761,000,000800,000600,000400,000200,000Total Unfunded Liabilities Revenues Since2002-(200,000)2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013Total Unfunded Liabilities Revenues311
The above graph reflects numerical data from FY 2002 – FY 2011 Actual Revenues, FY 2012 and FY 2013 ApprovedBudgets. The dramatic fluctuation in revenues is primarily attributed to the market conditions that affect the Other PostEmployee Benefit (OPEB) investment portfolio as well as the appropriation of reserve revenues to pay for retiree healthcare for the General and Motor Pool Operations Funds.EXPENDITURE BUDGET SUMMARYThe total Unfunded Liabilities Fund Expenditures willbe $919,876 for FY 2013, which is $797,033, higherthan the FY 2012 Approved Budget. In the FY 2013Approved Budget, the city has appropriated $919,876 ofreserve monies for the payment of retiree healthcare costfor the General and Motor Pool Operation Funds. Thesefunds represent amounts previously apportioned towardsthe OPEB Liability over the years both funds.FUNDING LEVEL SUMMARY2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected Approved8525 Retiree Health 0 0 0 0 0 0 919,8768559 Increase Fund Equity 0 0 0 122,843 122,843 122,843 0Total Expenditures 0 0 0 122,843 122,843 122,843 919,876FUNDING LEVEL BY CATEGORY2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected ApprovedPersonnel Services 0 0 0 0 0 0 919,876Operating Expenses 0 0 0 0 0 0 0Capital Outlay 0 0 0 0 0 0 0Miscellaneous 0 0 0 122,843 122,843 122,843 0Total Expenditures 0 0 0 122,843 122,843 122,843 919,876312
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The above graph reflects numerical data from FY 2002 – FY 2011 Actual Revenues, FY <strong>2012</strong> and FY <strong>2013</strong> Approved<strong>Budget</strong>s. The dramatic fluctuation in revenues is primarily attributed to the market conditions that affect the Other PostEmployee Benefit (OPEB) investment portfolio as well as the appropriation <strong>of</strong> reserve revenues to pay for retiree healthcare for the General and Motor Pool Operations Funds.EXPENDITURE BUDGET SUMMARYThe total Unfunded Liabilities Fund Expenditures willbe $919,876 for FY <strong>2013</strong>, which is $797,033, higherthan the FY <strong>2012</strong> Approved <strong>Budget</strong>. In the FY <strong>2013</strong>Approved <strong>Budget</strong>, the city has appropriated $919,876 <strong>of</strong>reserve monies for the payment <strong>of</strong> retiree healthcare costfor the General and Motor Pool Operation Funds. Thesefunds represent amounts previously apportioned towardsthe OPEB Liability over the years both funds.FUNDING LEVEL SUMMARY2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 <strong>2012</strong>/13Actual Actual Actual Approved Adjusted Projected Approved8525 Retiree Health 0 0 0 0 0 0 919,8768559 Increase Fund Equity 0 0 0 122,843 122,843 122,843 0Total Expenditures 0 0 0 122,843 122,843 122,843 919,876FUNDING LEVEL BY CATEGORY2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 <strong>2012</strong>/13Actual Actual Actual Approved Adjusted Projected ApprovedPersonnel Services 0 0 0 0 0 0 919,876Operating Expenses 0 0 0 0 0 0 0Capital Outlay 0 0 0 0 0 0 0Miscellaneous 0 0 0 122,843 122,843 122,843 0Total Expenditures 0 0 0 122,843 122,843 122,843 919,876312
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