Minutes 04/24/1990 - Laserfiche WebLink

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direct exp~ns propos from t invest app~oD dis~bi pen~ic icompen iretire City u ~ct~ ionly d icom en the~ items mos taxeS durln sig~if pos~ik the~Sc exceed this fiscal the~la April 24, 1990 from the retirement funds, S~nce ~thes~- fees ~ which is directly related t0 the investnent budget recommends that these expenses~ )e paid retirement funds beginning July i1, 199]. The~ nt management fees have been removed fr)m the ati!ons in the recommenided 1990,91 operating bu¢ . Whenever employees retire on service ty under the Portsmouth~ Retirement Syst ~hich is usuall~ two-thirds of their average tion. These retirees are also eligible for wo~ tion benefits, To avoid duplication ofilbene~i~ nt code provides for a reduction in thei retiren e equal to the amount of compensation w~ich is er the Provisions of the Virginia Workers'" Com~ e reduction in the disability retiremen~ pensi¢ ing the period for which the retiree is~receiv] tion payments (usually 500 weeks). Payments tion benefits are paid from the City's ~elf-in~ he proposed budget recommends that the ~etireme to provide for the retirement funds to bay to ~rance fund an amount equal to the pens[on redt retirement funds would be reimbursing part of the cost of workers' compensat ual to the savings in pension payments 9tirement systems. The proposed budget will total $700,000 in the 1990- extremely important to continue to m of our retirement systems. Even though will place added expenditures in the continue to be fiscally sound. As of valuation, June 30, 1989, the unfunde was completelY eliminated and actuari re approximately $8 million. Although of the status of the retirement funds ar point in time, our actuarial consult commended changes are fiscally appropri FUND BALANCE 1989-90 budget was adopted last year o~ the b~ .ilization of the available fund balance of $( due to a sluggish regional and nationa~ econon revenue are lagging behind budget estlmates~ !nificant ones include sales, cigarette ~nd res~ Also, Several State revenue sources hav~ been -~ id-year such as the lLaw Enforcement Gra~t (HB5~ School Board has ~reported that they ar ant shortfall in their projected revenu as great as $1,200,000~ Even though b ol Administration have implemented act utes during the seoond half of the curr heless expected that the combined reven he expenditure reductions for the year. avorable budget variance to be $1,500,0 ear. Based on the actual budget varian fiscal year, and our projeCtions for t fund balance available is $4,270,931. amount to be appropriated as an eme ncy. Consequently, the 1990-91 recomme one, epresent a~ nings, the directly efore, eneral Fun( get. d receive s, the en~:. ~ pa~ d by th en~atio 1 n applies ng workers workers' urance nt code be he ctions. the se]f-insuranc~ [on, that part ~hich a~e incurred estimates that 31 fiscal year. ~intain adequate the tw¢ above cetirement funds, our moat recent ~ actuarial accrue ~1 accr%ed net that represents a at only one ~nts corcur that ate. sis of no ,035,409. y several Some of aurant foo( educed ) funding. ~ expecting a ~s from the State, Dth the City and ions to curtail ~nt fiscal year, il ~e shortfall will We~haye projecte( ]0 for ~he current De at t~e close of %e !curr~nt fiscal We ha% e~ budgeted ~gency [ 1 udget ~ded bu¢ [et is a