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FPDR year-end report: revenues near budget, pension line volatile due to overtime
Summary
Deputy Director Stacy Jones told trustees revenues finished at 99.8% of budget; personnel spending was below budget due to a held vacancy and limited merit increases; FPDR 3 pension contributions were slightly over projections but offset by underspending elsewhere.
Deputy Director Stacy Jones presented FPDR’s full-year spending report, saying revenues came in "right on the money, at 99.8% of budget." She told trustees personnel spending was significantly under budget largely because a position remained vacant and many employees were not eligible for merit pay increases.
Jones explained that the pension budget (FPDR 3) is volatile because pensionable overtime changes contributions and that the office has seen lower-than-projected overtime and police hiring, which reduced expected pension costs. She told the board the program’s budget is sizable and getting harder to manage, at roughly $50–60 million a year. Trustees asked whether recent draws and borrowing timings affected revenue recognition; staff explained the bureau used a $65,000,000 private-placement tax anticipation note closed July 15 and reported a true interest cost of 3.42% for that borrowing.
