2012-2013 Budget - City of Saginaw MI
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2012-2013 Budget - City of Saginaw MI

2012-2013 Budget - City of Saginaw MI 2012-2013 Budget - City of Saginaw MI

saginaw.mi.com
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12.07.2015 Views

REVENUE BUDGET SUMMARYPOLICE AND FIRE PENSION FUNDIn accordance with Chapter XVI Policemen and FiremenRetirement System, of the City of Saginaw’s CityCharter, the Police and Fire Pension Fund wereestablished. This fund accounts for asset accumulatedfor the payment of retirement benefits for City Policeand Fire personnel. Benefits for retired members arepaid from this fund. Active members contribute to thepension system through payroll deductions. Annually,the City provides appropriation from the General andPublic Safety Grant Funds. This allocation isdetermined and set by an annual actuarial valuation byGabriel, Roeder, Smith, & Company. The Police andFire Pension Board govern and administer this fund.This board is comprised of representatives from CityCouncil, City Administration, Police and Fire PersonnelSUMMARY OF REVENUESand Police and Fire Retirees. Although it is governed bya separate board, in accordance with City Charter, thisfund by charter mandate must be reflected in its annualapproved budget.In FY 2013, the Police and Fire Pension Fund will bebudgeted at $14,164,562. This represents a $472,204, or3.45% increase from the FY 2012 Approved Budget.This increase in revenues is attributed to a rise in therequired pension contribution. Because the valuation,provided by Gabriel, Roeder, Smith & Company, iscompleted in the arrears, the required pensioncontribution amount is a reflection of market conditionsin FY 2010, wherein the City realized significant lossesand began to rebound on its investments.2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected ApprovedCharge to Other Funds 4,931,700 4,453,364 4,469,001 5,369,001 5,369,001 5,473,418 6,000,000Interest and Rents 3,485,175 2,922,290 3,058,914 2,952,624 2,952,624 2,711,437 2,952,624Other Revenues (22,154,327) 15,268,549 22,503,895 5,370,733 5,583,173 6,136,527 5,211,938REVENUE TRENDSTotal Revenues (13,737,452) 22,644,203 30,031,810 13,692,358 13,904,798 14,321,382 14,164,56235,000,00030,000,00025,000,00020,000,00015,000,00010,000,0005,000,000-(5,000,000)(10,000,000)(15,000,000)(20,000,000)Total Police and Fire Pension Revenues Since2002Total Police and Fire PensionRevenues321

The above graph reflects numerical data from FY 2002 – FY 2011 Actual Revenues, and FY 2012 and FY 2013 ApprovedBudgets. The fluctuation in the revenues trends listed above is a direct result of fluctuations in market conditions.Although in FY 2009, the City realized a loss on investments of approximately $22 million, from FY 2010 and FY 2011,the City begins to realize a net gain on investments. For the Approved 2012 Budget, revenue gain or loss has not beenprojected. This will be recognized in a budget adjustment at fiscal year-end. FY 2013 reflects that the portfolio willremain steady with a slight increase from FY 2012. However, the contributions from the General and Public Safety GrantFunds are estimates due to the lag in the completion of the pension valuations. Revenues reflect an upward trenddepending on the completion of the actual valuation.EXPENDITURE BUDGET SUMMARYThe total Police and Fire Pension Fund expenditures willbe $14,164,562 for FY 2013. This represents anincrease of $472,204, or 3.45%. Personnel Services willincrease $466,718, or 3.63% from FY 2012. Thisincrease is due in large part to the increase in allocationfor Police Pension and Fire Pension payments to theretirees due to the addition of employees to theretirement system. Similarly, the Operating Expenseswill increase approximately $5,486, or .67% from theprevious fiscal year. This increase can be attributed to arise to the custodial fees for the various stockoptions/managers. The city did not budget for anyCapital Outlay or Miscellaneous Expenditures in FY2013.FUNDING LEVEL SUMMARY2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected Approved1765 Police and FirePension Administration 651,909 735,367 723,018 892,358 892,358 678,546 904,5621766 Police Pension 6,614,020 6,724,468 6,853,374 6,800,000 6,927,464 7,331,871 7,100,0001767 Fire Pension 5,792,959 5,875,027 5,937,927 6,000,000 6,084,976 6,310,965 6,160,000Total Expenditures 13,058,888 13,334,862 13,514,319 13,692,358 13,904,798 14,321,382 14,164,562FUNDING LEVEL BY CATEGORY2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected ApprovedPersonnel Services 12,445,457 12,640,981 12,836,982 12,871,410 13,088,215 13,718,093 13,338,128Operating Expenses 613,431 693,881 677,337 820,948 816,583 603,289 826,434Capital Outlay 0 0 0 0 0 0 0Total Expenditures 13,058,888 13,334,862 13,514,319 13,692,358 13,904,789 14,321,382 14,164,562SUMMARY OF POSTIONS2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 2012/13Actual Actual Actual Approved Adjusted Projected Approved1765 Police and Fire PensionAdministration0.00 0.45 0.45 0.85 0.85 0.85 0.85Total Positions 0.00 0.45 0.45 0.85 0.85 0.85 0.85322

REVENUE BUDGET SUMMARYPOLICE AND FIRE PENSION FUNDIn accordance with Chapter XVI Policemen and FiremenRetirement System, <strong>of</strong> the <strong>City</strong> <strong>of</strong> <strong>Saginaw</strong>’s <strong>City</strong>Charter, the Police and Fire Pension Fund wereestablished. This fund accounts for asset accumulatedfor the payment <strong>of</strong> retirement benefits for <strong>City</strong> Policeand Fire personnel. Benefits for retired members arepaid from this fund. Active members contribute to thepension system through payroll deductions. Annually,the <strong>City</strong> provides appropriation from the General andPublic Safety Grant Funds. This allocation isdetermined and set by an annual actuarial valuation byGabriel, Roeder, Smith, & Company. The Police andFire Pension Board govern and administer this fund.This board is comprised <strong>of</strong> representatives from <strong>City</strong>Council, <strong>City</strong> Administration, Police and Fire PersonnelSUMMARY OF REVENUESand Police and Fire Retirees. Although it is governed bya separate board, in accordance with <strong>City</strong> Charter, thisfund by charter mandate must be reflected in its annualapproved budget.In FY <strong>2013</strong>, the Police and Fire Pension Fund will bebudgeted at $14,164,562. This represents a $472,204, or3.45% increase from the FY <strong>2012</strong> Approved <strong>Budget</strong>.This increase in revenues is attributed to a rise in therequired pension contribution. Because the valuation,provided by Gabriel, Roeder, Smith & Company, iscompleted in the arrears, the required pensioncontribution amount is a reflection <strong>of</strong> market conditionsin FY 2010, wherein the <strong>City</strong> realized significant lossesand began to rebound on its investments.2008/09 2009/10 2010/11 2011/12 2011/12 2011/12 <strong>2012</strong>/13Actual Actual Actual Approved Adjusted Projected ApprovedCharge to Other Funds 4,931,700 4,453,364 4,469,001 5,369,001 5,369,001 5,473,418 6,000,000Interest and Rents 3,485,175 2,922,290 3,058,914 2,952,624 2,952,624 2,711,437 2,952,624Other Revenues (22,154,327) 15,268,549 22,503,895 5,370,733 5,583,173 6,136,527 5,211,938REVENUE TRENDSTotal Revenues (13,737,452) 22,644,203 30,031,810 13,692,358 13,904,798 14,321,382 14,164,56235,000,00030,000,00025,000,00020,000,00015,000,00010,000,0005,000,000-(5,000,000)(10,000,000)(15,000,000)(20,000,000)Total Police and Fire Pension Revenues Since2002Total Police and Fire PensionRevenues321

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