ATTACHMENT 1 - COMPENSATED ABSENCES BUDGET COMPARISON
Projected
FY 2024-25
Proposed
FY 2025-26 Variance Notes
Fund Balance, Beginning of Year 4,075,217 3,701,383 Assessments charged - - - 1 Interest Income 141,000 117,300 (23,700) 2 Benefit payments (514,834) (493,029) (21,805) 3 Projected Fund Balance, End of Year 3,701,383 3,325,654 Detailed Analysis:
Note 1 (Assessments charged)
Variance
Rounded to
nearest
$1,000
-
Note 2 (Interest Income)
(24,000)
Note 3 (Benefit Payments)
(22,000)
Compensated Absences Internal Service Fund
Considering that the projected FY 2025-26 beginning f und balance is sufficient to pay for the projected benefits of $493,029, 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 25/26 will match the benefit payments.
FY 2024-25 is expected to end strong with approximately 4.3% average returns. However, a conservative 3.2% investment returns are estimated for FY 2025-26.