Projected
FY
2023-24
Proposed
FY 2024-25
Increase
(Decrease) Notes
Fund Balance, Beginning of Year 2,660,354$ 2,781,834$ Assessments charged for benefits earned 228,420 222,720 (5,700) 1 Investment Income 131,480 97,360 (34,120) 2 Benefits payments (228,420) (222,720) (5,700) 3 Actuarial valuation (10,000) (10,000) - Projected Fund Balance, End of Y
ear 2,781,834$ 2,869,194$
Detailed Analysis:
Increase
(Decrease)
Rounded to
nearest $100
Note 1 (Assessments charged)
(5,700)
Note 2 (Investment Income)
(34,100)
Note 3 (Benefit Payments)
(5,700)
Projected
FY 2023-24
Proposed
FY 2024-25
Increase
(Decrease) Notes
Fund Balance, Beginning of Year 6,287,275$ 6,591,995$ Assessments charged for benefits earned 235,843 257,760 21,917$ 1 Investment Income 314,720 230,720 (84,000) 2 Benefits payments (235,843) (257,760) 21,917 3 Actuarial valuation (10,000) (10,000) - Projected Fund Balance, End of Y
ear 6,591,995$ 6,812,715$
Detailed Analysis:
Increase
(Decrease)
Rounded to
nearest $100
Note 1 (Assessments charged)
21,900
Note 2 (Investment Income) (84,000)
Note 3 (Benefit Payments)
21,900 Increase in the estimated number of retirees receiving benefits Longevity Benefits Plan Comparison - Fund 507
Anticipated reduction in the number of participants from the prior year Anticipated reduction in the number of participants from the prior year Public Employees' Medical and Hospital Care Act (PEMHCA) Benefits Plan Comparison - Fund 508
Increase in assessment is based on increase in 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 FY2024-25.
FY 2023-24 is expecting to end strong with approximately 5% average returns. However, a conservative 3.5% investment returns are estimated for FY2024-25.