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Police pension report shows $8.08M in assets, council approves levy request
Summary
Council received the police pension board's actuarial report showing $8,077,000 in assets, a funded ratio of 59.2% and an unfunded liability of $5,559,000, and approved the board's tax-levy request totaling $670,892 for the coming year.
The council heard the police pension board's annual actuarial presentation and approved the board's tax‑levy request to help meet benefit obligations. The presenter reported $8,077,000 in actuarial assets, expected employee payroll deductions of $104,928, employer contributions of $673,813 and an annual actuarial requirement of $534,592. Net income for the year was reported as $712,000 with an assumed rate cited; the funded ratio stands at 59.2%, up slightly from 57.2% the prior year, and the unfunded actuarial accrued liability was reported as $5,559,000.
Miss Quinn presented the formal levy request: the actuarial-required amount of $534,592 plus administrative and insurance expenses and a proposed additional contribution of $115,000, producing a total requested levy of $670,892 (compared with $654,000 last year). Council moved, seconded and approved the request on a voice vote.
