Projected
FY 2023-24
Proposed
FY 2024-25 Variance Notes
Fund Balance, Beginning of Year 3,464,914 3,664,069
Assessments charged 539,574 - (539,574) 1
Interest Income 160,300 128,200 (32,100) 2
Benefit payments (500,719) (514,834) 14,115 3
Projected Fund Balance, End of Year 3,664,069 3,277,435 Detailed Analysis:
Note 1 (Assessments charged)
Variance
Rounded to
nearest
$1,000
(540,000)
Note 2 (Interest Income)
(32,000)
Note 3 (Benefit Payments)
14,000
Compensated Absences Internal Service Fund
Considering that the projected FY 2024-25 beginning fund balance is sufficient to pay for the projected benefits of $514,834, no assessments charges are requested in this budget year.
This amount varies greatly depending on payouts that occur each year. Staff estimates that assessments charged in FY 24/25 will match the benefit payments.
FY 2023-24 is expected to end strong with approximately 5% average returns. However, a conservative 3.5% investment returns are estimated for FY 2024-25.