ATTACHMENT 1 - LONGEVITY FUND AND PEMHCA FUND BUDGET COMPARISON Projected
FY 2024-25
Proposed
FY 2025-26
Increase
(Decrease) Notes
Fund Balance, Beginning of Year 2,824,490 $ 2,924,490 $ Assessments charged for benefits earned 222,720 221,820 (900) 1 Investment Income 110,000 93,503 (16,497) 2 Benefits payments (222,720) (221,820) (900) 3 Actuarial valuation (10,000) (10,000) - Projected Fund Balance, End of Year 2,924,490 $ 3,007,993 $ Detailed Analysis:
Increase
(Decrease)
Rounded to
nearest $100
Note 1 (Assessments charged)
(900)
Note 2 (Investment Income)
(16,500)
Note 3 (Benefit Payments)
(900)
Projected
FY 2024-25
Proposed
FY 2025-26
Increase
(Decrease) Notes
Fund Balance, Beginning of Year 6,662,683 $ 6,911,683 $ Assessments charged for benefits earned 257,760 253,439 (4,321) $ 1 Investment Income 259,000 217,220 (41,780) 2 Benefits payments (257,760) (253,439) (4,321) 3 Actuarial valuation (10,000) (10,000) - Projected Fund Balance, End of Year 6,911,683 $ 7,118,903 $ Detailed Analysis:
Increase
(Decrease)
Rounded to
nearest $100
Note 1 (Assessments charged)
(4,300)
Note 2 (Investment Income) (41,800)
Note 3 (Benefit Payments)
(4,300) See explanation provided above under Note 1.
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
Decrease in assessment is due to the difference between the estimated and actual monthly rate for FY 2024-25, which was estimated at $163 with actual monthly rate of $158.
FY 2023-24 is expected to end strong with approximately 4.3% average returns. However, a conservative 3.2% investment returns are estimated for FY2025-26.
FY 2024-25 is expecting to end strong with approximately 4.3% average returns. However, a conservative 3.2% investment returns are estimated for FY2025-26.