Loading...
HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 17_08/04/2008M.aEMDRAIITDUM FINANCE DEPARTMENT DATE: JULY 28, 2008 TO: BOARD OF TRUSTEES, VILLAGE OF TEQUESTA PUBLIC SAFETY PENSION TRUST FROM: JOANN FORSYTHE, FINANCE DIRECTOR MONICA RAHIM, SENIOR ACCOUNTANT RE: 2008-2009 BUDGET WORKSHEET Attached please find the Budget Worksheet(s) for the 2008-2009 proposed budget(s) for your review. The following items should be considered as you review the budget: Revenues 1. The interest income and investment income are not projected. a. We expect the investment advisor to project the expected return. b. Pension contributions were based upon current and projected payroll/personnel information Expenses 1. Legal services reflect an 18% increase in fees. 2. Recording secretary increase was projected by the Village Clerk based upon additional work that may be required. 3. Investment services have increased: • Bogdahn Group increased rates from $8,000 to 15,000 (up 88%) 4. Travel and per diem, membership and seminars were based upon one member attending the trustee school in February 2009. • 7/28/0812:49 PM BUDGET WORKSHEET Page: 1 7/28/2008 Village of Tequesta 12:25 pm Prior --------------------------------Current Year ---------------------------- l6) (7) l8) Year Original Amended Actual Thru Estimated M /31/2008 Actual Budget Budget July Total PROPOSED TRUSTEE FINAL 601 -Village Employee Pension-Fire evenues Dept: 000 General Acct Class: 316 Other Taxes 312.510 Fire Insurance Prem Tax 0 0 0 0 0 Other Taxes 0 0 0 0 0 0 0 0 Acct Class: 361 Unrestricted Investment Earnin 361.100 Interest Income 59,492 0 0 44,508 0 361.102 Dividend/Distributions 47,978 0 0 17,277 0 361.103 Money funds Dividends 0 0 0 0 0 Unrestricted Investment Earnin 107,470 0 0 61,785 0 0 0 0 Acct Class: 367 Investment income 367.000 GainlLoss-Sale of Investments -6,638 0 0 -22,434 0 367.100 Unrealized gain/loss on invest 290,422 0 0 -172,955 0 Investment income 283,784 0 0 -195,389 0 0 0 0 Acct Class: 368 Pension Contributions 368.001 Pension Fund Cont-Employer 252,967 0 0 101,358 115,000 131,200 368.002 Pension Fund Cont-Employee 73,905 0 0 64,071 69,400 68,000 Pension Contributions 326,872 0 0 165,429 184,400 199,200 0 0 Acct Class: MISC Miscellaneous Revenues Other Miscellaneous Revenue 0 0 0 70 0 Miscellaneous Revenues 0 0 0 70 0 0 0 0 General 718,126 0 0 31,895 184,400 199,200 0 0 Total Revenues 718,126 0 0 31,895 184,400 199,200 0 0 Expenditures Dept: 000 General Acct Class: 530 Operating ExpenditureslExpense 531.301 Legal Services 3,670 5,000 5,000 1,721 3,500 4,000 531.304 Recording Secy Service 816 1,000 1,000 586 1,000 5,400 531.309 Actuarial Services 4,347 5,000 5,000 5,920 5,920 5,920 540.300 Travel & Per Diem 578 1,000 1,000 0 0 1,010 545.3001nsurance 2,535 2,700 2,700 2,370 2,370 2,500 549.300 Other Misc Chgs & Obligations 27 75 75 676 1,000 1,000 554.300 Books, Publ, Subs & Membership 339 200 200 86 100 350 554.600 Seminars & Training -Pensions 462 400 400 0 0 400 Operating ExpenditureslExpense 12,774 15,375 15,375 11,359 13,890 20,580 0 0 Acct Class: 531 Investment Expense 531.307 Investment Services 25,099 25,000 25,000 12,681 26,720 30,850 ~nvestment Expense 25,099 25,000 25,000 12,681 26,720 30,850 0 0 Ac ass: 590 Other Financing Sources & Uses A 567.100 Unrealized Loss on Investments 0 0 0 0 0 BUDGET WORKSHEET Village of Tequesta Page: 2 7/28/2008 12:25 pm Prior --------------------------------Current Year ------------------------------ C6) C7) C8) Year Original Amended Actual Thru Estimated Mo~13112008 Actual Budget Budget July Total PROPOSED TRUSTEE FINAL 6U1 -Village Employee Pension-Fire enditures Dept: 000 General Acct Class: 590 Other Financing Sources & Uses 590.600 Excess of additions over detluc Other Financing Sources & Uses Acct Class: OU Other Uses 549.391 Bank Charges Other Uses General Dept: 165 Pension Acct Class: 530 Operating Expenditures/Expense 531.300 Professional Services 536.300 Pension Distributions/Refunds Operating Expenditures/Expense Pension Total Expenditures Village Employee Pension-Fire Grand Total: 669,710 -40,375 X0,375 7,855 0 0 0 0 143,790 147,770 0 0 0 0 143,790 147,770 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 37,873 40,375 40,375 24,040 184,400 199,200 0 0 0 0 0 0 0 10,543 0 0 0 0 10,543 0 0 0 0 0 0 0 10,543 0 0 0 0 0 0 0 48,416 40,375 40,375 24,04C 184,400 199,200 0 0 669,710 -00,375 -40,375 7,855 0 0 0 0 0 0 0 0 • BUDGET WORKSHEET Village of Tequesta Page: 5 7/2812008 12:22 pm M 3112008 Prior Year Actual --------------------------------Current Year ------------------------------ Original Amended Actual Thru Estimated Budget Budget July Total ~6) PROPOSED ~7) TRUSTEE (8) FINAL 603 -Village Employee Pension-folic Revenues Dept: 000 General Acct Class: 316 Other Taxes 312.520 Casualty Insurance Premium Tax 0 0 0 0 0 Other Taxes 0 0 0 0 0 0 0 0 Acct Class: 361 Unrestricted Investment Earnin 361.100 Interest Income 20,103 0 0 15,842 0 361.102 DividendlDistributions 16,150 0 0 6,137 0 361.103 Money funds Dividends 0 0 0 0 0 Unrestricted Investment Earnin 36,253 0 0 21,979 0 0 0 0 Acct Class: 367 Investment income 367.000 Gain/Loss-Sale of Investments -2,184 0 0 -7,937 0 367.100 Unrealized gain/loss on invest 97,700 0 0 -60,936 0 Investment income 95,516 0 0 -68,873 0 0 0 0 Acct Class: 368 Pension Contributions 368.001 Pension Fund Cont-Employer 161,852 0 0 70,775 83,000 97,700 368.002 Pension Fund Cont-Employee 38,226 0 0 30,772 36,100 42,500 Pension Contributions 200,078 0 0 101,547 119,100 140,200 0 0 Ac lass: MISC Miscellaneous Revenues Other Miscellaneous Revenue 0 0 0 25 0 Miscellaneous Revenues 0 0 0 25 0 0 0 0 General 331,847 0 0 54,678 119,100 140,200 0 0 Total Revenues 331,847 0 0 54,678 119,100 140,200 0 0 Expenditures Dept: 000 General Acct Class: 530 Operating ExpenditureslExpense 531.301 Legal Services 531.304 Recording Secy Service 531.309 Actuarial Services 540.300 Travel & Per Diem 545.300 Insurance 549.300 Other Misc Chgs & Obligations 554.300 Books, Publ, Subs & Membership 554.600 Seminars & Training -Pensions Operating Expenditures/Expense Acct Class: 531 Investment Expense 531.307 Investment Services vestment Expense Acc ass: 590 Other Financing Sources & Uses 567.100 Unrealized Loss on Investments 1,218 1,600 1,600 606 1,000 1,500 273 300 300 206 300 1,850 1,470 1,500 1,500 2,104 2,104 2,104 190 350 350 0 0 1,010 821 1,000 1,000 836 836 1,000 9 30 30 243 300 500 111 100 100 31 40 350 158 150 150 0 0 400 4,250 5,030 5,030 4,026 4,580 8,714 0 0 8,403 8,000 8,000 4,483 9,160 10,550 8,403 8,000 8,000 4,483 9,160 10,550 0 0 0 0 0 0 0 BUDGET WORKSHEET Village of Tequesta Page: 6 7/28/2008 12:22 pm Prior ------------- -------------------Current Year ------------------------------ (6) (7) C8) Year Original Amended Actual Thru Estimated M~31/2008 Actual Budget Budget July Total PROPOSED TRUSTEE FINAL 603 -Village Employee Pension-folic Expenditures Dept: 000 General Acct Class: 590 Other Financing Sources & Uses 590.600 Excess of additions over deduc 0 0 0 0 105,360 120,936 Other Financing Sources & Uses 0 0 0 0 105,360 120,936 0 0 Acct Class: OU Other Uses 549.391 Bank Charges 0 0 0 0 0 Other Uses 0 0 0 0 0 0 0 0 General 12,653 13,030 13,030 8,509 119,100 140,200 0 0 Dept: 165 Pension Acct Class: 530 Operating Expenditures/Expense 531.300 Professional Services 0 0 0 0 0 536.300 Pension Distributions/Refunds 12,901 0 0 10,673 0 Operating Expenditures/Expense 12,901 0 0 10,673 0 0 0 0 Pension 12,901 0 0 10,673 0 0 0 0 Total Expenditures 25,554 13,030 13,03C 19,182 119,100 140,200 G G ' Village Employee Pension-folic 306,293 -13,030 -13,030 35,496 0 0 0 0 Grand Total: 1,204,875 -75,965 -75,965 110,243 310 0 0 0 • Account Current Year Chan es that affect ex ense 2009 Number Estimated Descri tion Amount Pro osed 531-301 Legal Services First Three Quarters $ 1,721 18% fee increase $ 580 Fourth Quarter $ 750 Add. Fee to prepare for reduction in pension contribs. $ 750 $ 3,221 $ 580 $ 4,000 531.304 Recording Secretary Reallocation of cost from $ 586 VOT to Pension $ 4,650 $ 200 $ 786 $ 4,650 $ 5,400 531.309 Actuarial Services $ 5,920 Waiting for response $ 5,920 from Gabriel Roeder 0 $ 5,920 540.300 Travel & Per Diem $ - Trustee School - St. Augustine Hotel - 4 nights 716 Travel 491.3 miles @.585 $ 288 $ - $ 1,004 $ 1,010 Quote - $4,137.97 545.300 Insurance $ 2,370 Fiduciary Insurance $ 2,370 Rates increased b 4% $ 95 $ 2,500 549.300 Other Misc Chgs & Obligations $ 676 Misc. Expenses $ 324 $ 1,000 $ 1,000 554.300 Bks, Pub, Subs & Membership $ 86 FPPTA Membership - $500 $ 14 50% -Fire & Police each $ 100 $ 250 $ 350 554.600 Seminars 8~ Training -Pension Reg. to Attend Trustee School - er erson $ 400 $ 400 5513.307 Investment Services Bogdahn - 88% increase $ 5,250 $ 12,681 Rockwood Capital $ 1,000 $ 11,000 Salem $ 700 $ 23,681 $ 6,950 $ 30,850 $ 51,430 Account Current Year Chan es that affect ex ense 2009 Number Estimated Description Amount Pro osed 531-301 Legal Services First Three Quarters $ 606 18% fee increase $ 200 Fourth Quarter $ 394 $ 1,000 $ 200 $ 1,500 531.304 Recording Secretary Reallocation of cost from $ 206 VOTto Pension $ 1,550 $ 94 $ 300 $ 1,550 $ 1,850 531.309 Actuarial Services $ 2,104 Waiting on response from $ 2,104 Gabriel Roeder 0 $ 2,104 540.300 Travel & Per Diem $ - Trustee School - St. Augustine Hotel - 4 nights 716 Travel 491.3 miles @.585 $ 287 $ - $ 1,003 $ 1,010 Quote - $4,137.97 545.300 Insurance $ 836 Fiduciary Insurance $ 836 Rates increased b 4% $ 35 $ 1,000 549.300 Other Misc Chgs & Obligations $ 243 Fourth Quarter $ 57 $ 300 $ 200 $ 500 FPPTA Membership - $500 554.300 Bks, Pub, Subs 8~ Membership $ 30 50% -Fire & Police each $ 250 Fourth Quarter $ 10 Advertisement, Publ 60 $ 40 $ 310 $ 350 554.600 Seminars 8 Training -Pension Reg. to Attend Trustee School - er erson $ 400 551.307 Investment Services First Two Quarters $ 4,483 Bogdahn - 88% increase $ 1,750 Second Two Quarters $ 3,800 Rockwood Capital $ 350 Salem $ 150 $ 8,283 $ 2,250 $ 10,550 $ 19,264