Title
Revised Pension Payroll and Financial Report - Quarter Ending March 31, 2025 (Finance - Funds 101 & 102)
Body
To: Chairman and Members of the Pension Board
From: Ross McCarthy, Finance Director
Re: Pension Payroll and Financial Report - Quarter Ending March 31, 2025
The following is a summary of the Fiscal Year 2024-25 third quarter pension charges for Plan 1079 and Plan 1082:
In January & February 2025, monthly pension charges without the uniform allowance for Plan 1079 (Fire) increased 6% from $37,994 in calendar year 2024 to $40,356 in calendar year 2025. March’s total pension expenses of $41,537 included the quarterly uniform allowance payout, which increased to $1,181 in January. This is a 2% increase from the 2024 uniform allowance amount of $1,159.
Pension charges for Plan 1082 (Police) increased 2% in January, from $2,904 in calendar year 2024, to $2,962, for calendar year 2025.
Please refer to the attached Exhibit 1 summarizing operating revenues and expenses for Plan 1079 (Police and Fire) and Plan 1082 (Police).
Respectfully submitted,
Ross McCarthy
Finance Director
Exhibit:
1. Quarterly Financial Report as of March 31, 2025