277897 WHITE - CITY CLERK � t`['}(j��1g��''yj
PINK - FINANCE COUIICII �� f V�/
CANARY - DEPARTMENT G I TY O F SA I NT PA IT L �
BLUE - MAYOR File N O.
� �� cil Resolution
Presented B
Referred To Committee: Date
Out of Committee By Date
WHEREAS, The Mayor pursuant to Section 10.07.1 of the Charter of the City of
Saint Paul does certify there is ava.ilable for appropriation total revenue in excess
of those estimated in the 1982 budget; and
WHEREAS, the Mayor recommends that the following additions be made to the
1982 budget:
Financing Summaxy
General Revenue Fund
Miscellaneous Revenue
Interest Earned $106,843
Appropriation Summary
General Government Accounts
09010-414 Police Relief Association 52,948
09011-415 Firemen Relief Association 53,895
Total $106,843
Now, therefore, be it I
RESOLVED, that the Council of the City of Saint Paul accepts the Mayor's . ,
recommendation and adopts the above add.itions to the 1982 budget.
Approved as to Funding: Approved: i
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Dir. , Dept. f Finance & Budget i ctor I
�ana emen Servic s �
jU�o--,---r,��-�Sl ;
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COUNCILMEN Requestgd by Department of:
Yeas Nays - 1,, `
Hunt /Nf�Nc=-�. � ��i<MI ' �i^1��r�:�S
Levine �_ [n Favor
Maddox � �
McMahon A ainst
Showaiter -- g
Tedesco
Wilson
JAN 5 ��p2 Form Approved ity torne
Adopted by Council: Date 1 '
Certified -sed by Council Secre By
By o
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` � JAN 7 �ga2 Approved by ay for Su ' n to Council
Approvtid by :4layor. D�`te' , -
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By? �_..��..�a�_�' � By ��
� PUBLISHED JAN 16 198?
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�\` `t11 ''L�'" CITY OF SAINT PAUL
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��~ ~�= DEPARTMENT OF FINANCE AND MANAGEMENT SERVICES
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= TREASURY DIVISION
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GEORGE LATIMER Saint Paul, Minnesota 55102
MAYOR 612-29&4406
November 3, 1981
MEMORANDUM
T0: Robert Trudeau
FROM: Gary Norstrem
RE: 1982 BUDGET: GENERAL FUND INTEREST
rsy memo of September 24, 1981, provides data relating to the effect of changing
Police and Fire Pension payments from monthly to semi-annual installments.
You will note on page two of the memo that interest earnings will increase
$215,000 as a result of the proposed change. That is still true.
We recently have been informed that the State is delaying the distribution
of November and December aids to the City. Although this is unrelated to the
pension issue, it does result in a loss of 1982 General Fund interest earnings
amounting to $68,000. This assumes the delays will only be until December 31, 1981.
Therefore, the current financing picture for General Fund-Interest is as follows:
1982 Budget (adopted) $680,000
Result of rescheduling Police & Fire Pension Payments + 215,000
Result in delay of State Aids until December 31, 1981 - 68,000
1982 Budget (estimate under current conditions) $827,000
Since it is pure speculation as to when the balance of 1981 State Aid distribution
will take place and any delays beyond year end will further reduce interest
earnings, the resolution increasing the Police and Fire Pension appropriation
should not show financing in excess of the increase in said appropriations.
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cc: Bernard Carlson
Greg Blees
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=���`�T' ''�°''�-- CITY OF SAINT PAUL
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�� ''= DEPARTMENT OF FINANCE AND MANAGEMENT SERVICES
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,��'"'lm,�������` 219 City Hall
GEORGE L/►TIMER Saint Paul, Minnesota 55102
MAYOR 612-298-4406
September 24, 1981
MEMORANDUM
Tfl: Robert Trudeau
FROM: Gary Norstrem
RE: 1982 BUDGET: EFFECTS OF CHANGING PAYMENT DATES FOR
POLICE AND FIRE PENSION OBLIGATIONS
Presently, the payments to the Police and Fire Pension Funds are made on
the first of each month (12 equal installments) . The calculations determining
the City's minimum obligation are based on this method of payment. You asked
what would happen, if beginning in 1982, the payments were changed from a
monthly basis to a semi-annual basis, since we will be facing a serious cash
flow problem.
To be�in with, the change would involve an additional step in calculating
the City�s minimum obligation to the Police-Fire Pension Funds. After discussing
this with the Pension Funds Actuary and assuming that the first one half
payment would be made by August 1, 1982, and the last one half payment would
be made in the latter part of December, we agreed the factor to use to determine
the new minimum obligation is 1.0144083 times the minimum obligation based on
equal installments. (For clarification see attachment.)
Since the delay in payment of these funds also affects the flow of funds which
are invested and earn interest for credit to the General Fund, we can increase
the General Fund interest earnings projection accordingly.
Therefore, the 1982 Bud�et would be affected as follows:
Appropriation Original Oblif�ation New ObliQation Increase
St. Paul Police Relief Assn. $3,674,847 $3,727,795 $ 52,948
St. Paul F ire Dept.
Relief Assn. 3,740,572 3,794,467 53,895
$106,843
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Memorandum to Robert Trudeau
Page 2
September 24, 1981
Financin� Ori�inal Forecast New Forecast Increase
General Fund
Interest Earned $680,000 $895,000 $215,000
Since a change of this nature also affects the cash flow for the two Pension
Funds, I have alerted them of this possible change and offered my assistance
in determining their cash flow.
If any additional information is required, please contact me.
jm
Attached
cc: Bernard J. Carlson
Greg Blees
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Jane R6ttner
12/3/sl
A1 Olson --
Attached is resolution which was approved
by the Finance Committee at today's
meeting.
This resolution should not be placed on i
the City Council agenda until after '
January 1, 1982, per note attached from I
Jerry Segal. '
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�R 0 �il = C o T1 it�i��'E v O IT . Fzrr�vcE, MANAGEMENT & PERSONNEL, . .. . = � .
� � George McMahon':� i chairman, makes the fa�to4'11r1g ` ,� . - .
. ce part on C.F. - :. .. � Ordinatzce . .. .
• . . . � . . ti) � �x Resol��ion -. _ �.
• . . . " : . . . � O:fier . • . :
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� At its meeting of December .3, 1981, the Finance' Committee recommended approval -
.,,;.�._�.. �of the fo�owing: . ; . - .__,,.-__ __ �---
1. 1982 Supplemental budget for Pol�ce and Fire Pensions. -� - -
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.^.t7�' �I��LL SE�'EhTH FtOO:Z S.�I�'T PALjL., aIi1�FSJT.L S�l�_
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� - . �.a . � � . � . - . . . - . VI9 U1. . 1L/ 17!J '�'�",- . ..
: Rev. : 9/8/76 '
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EXPLANATIOtd OF ADiNINISTRATIVE ORDERS,
RESQtUTIONS, AN ORDINANCES :
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Qate: November 2, 1981 0,�� �,/� /�j
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tio^��,�FO�T ��A
TQ: MAYOR GEORGE LATIMER � �'�.q�,�Nj.�'����`�� \``i'
��• � Bernsrd J. Carlson � ��Nj. 'ci,y�'T�
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RE: 1982 Supplemental budget for Police a.nd Fire Pensions R��G'FS
. RECEIVED
�
NOV 1 � 1981
ACTION REQUESTED: � MAYQRS OFFICE
Approval.: Director of Finance ;
Budget Director
: City Attarney I
_ Mayor �
Counci l
'�y. _
PURPOSE AMD RATIQNALE �4R THIS ACTIOPd:
Background•
Througl� 1981 the City has made monthly payments to the Police & Fire pension
associations. S�art��$ with 1982 payments will be made twice a year - -
, August gnd December. ' - :
Purpose and rationale: The new payment schedule urill coincide with the property
tax collections and discontinue payment prior to collection of property tax.
AiTACHMEM1ITS:
Two memos; 9/24/81 and 11/3/81 fro Norstrem to Trudesu _
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