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City reports $1.18 million balance in police and fire pension fund; city contribution maintained
Summary
Finance staff reported the city’s policeman and firemen pension fund began 2024 with $1,114,560, recorded investment income and a $220,000 city contribution, ending the year with a balance of $1,178,967. The fund covers 11 participants.
Melissa Clayton presented the annual report on the Hopkinsville policeman and firemen pension fund as required under KRS 95.623, giving council the calendar-year 2024 financial summary.
Clayton said the fund began 2024 with $1,114,560. Investment revenue (interest and dividends) totaled $59,630. The city made an annual contribution of $220,000 in 2024 and paid benefits and expenses of $215,223, leaving a December 31, 2024, fund balance of $1,178,967. The report noted 11 participants currently receive monthly payments totaling $16,822.50; that annualizes to $201,870 in benefit payments. Clayton said the city made a 2025 contribution of $200,000 in January and has budgeted $200,000 for 2026.
Why it matters: this fund covers retired city police officers and firefighters who retired before the city entered the state retirement system. The council receives this annual report under state statute to track fund solvency and city contributions.
Details from the report - Beginning balance (1/1/2024): $1,114,560 - Investment income (interest/dividends): $59,630 - City contribution (2024): $220,000 (2025 contribution noted as $200,000) - Expenses/benefit payments (2024): $215,223 - Ending balance (12/31/2024): $1,178,967 - Participants: 11; monthly payments total $16,822.50 (annual $201,870)
Council response: Clayton invited questions; none were recorded in the transcript. The report will be kept on record and used for future budget planning.
Ending: Clayton offered to answer questions and concluded the annual report.
