Fort Walton Beach Council agenda — 09-06-06 ‎(special-budget)‎ — reading text

October 1. This year' s 2. 99% adjustment for general employees was endorsed by City Council at the Budget Policy Workshop and is consistent with other municipalities. To remain competitive with the Sheriff, a 9. 00% adjustment is included for sworn police officers. The Fire Union is scheduled for a 2. 00% adjustment per the collective bargaining agreement; however, members will receive a 2. B9% adjustment consistent with general employees. These adjustments total 661, 721. b. Performance adjustment - Employees are eligible for a one step increase ( 3% for general employees and : 3. 5% for policelfire personnel) on their anniversary date contingent upon a satisfactory performance evaluation at an estimated cost of $247, 718. c. Pension contributions - The City is required to maintain its three pension plans in a fiscally sound manner. Investment earnings and employee/employer contributions comprise the plans' income. General employel~s and police officers contribute 5% of wages and fire personnel contribute 6.6% of wages into their respective plans. The City' s actuaries estimate investment earnings at 8% annually for each plan and estimate annual salary increases as follows: General 5.4%, Police 7. 5%, and Fire 6.:5%. The City' s contribution is based on these estimates and must be adjusted in future years to make up for any deviation from these estimates. As the graphs below depict, factors such as lower than anticipated investment earnings, more participants due to the early- out retirement program, additional fire personnel, and higher wages for employees have necessitated that the City contribution steadily increase over the past several years. General Emplovees Plan AdlUBlment Slllillitll!! R;_-:-~~~ : C" YCO"""':" _~ Ii% r--- I F-=-- . -- ~-: l=-=~_ 14%[- ______.___, 12% t--- -.--- --~-- 1 1 W~! fi--=--r~~-= ~--- ~=- . ~ l " l~. r-. ------~ -- I 2% 1 I' t=---~- ~_.==___=_.__ 1" - - - -'- - - - 0%; ~ FY 2000- FY 200'1- FY 2002- FY 2003- FY 200._ T_ FY 2005- FY 2006_ o: J' : FY 2000- t_--=-=- __,:--=-~~-- _~ J FY 2000_ FY FY 2001- FY 2002_ FY 2003 F'I' 200". FY 200S. FY 2006- 200'1-- FY 2002- FV 2003- FY 2004. FY 200S. FV 2006_ 01 ~ ro ~ ~ 00 01 01 01 02- 03 04 05 06 07 02 03 04 05 06 07 Actua-yEsl' lTIIIe AdlB)'ESllrr'IIIe AduaryEslllT1lllle Police Officers Plan Salar' I I Adjol. 8trT' lElrt CityConlrollUlion 1i"',--'-~_ ___ ._ ~ 1)"' 7~ '~'=-:J I-'-____~_ f~ i--. ---~--~----, -- oI,+----.---------,~--~. l&{ I L-~______ i J' t-- ------..-- t-- r~~- ~~-~- V -~ J L--=~----___=-=:~ 1-- ------___ ,_ j 3% -~-~- - _ 2~ 2%~ --- _ "__ J r=_=-=-__ --~=~=_~_==, o% L-_~ ____~__.__- ___._.___ FY 2000- FY 2001- FY 2002- FY 2003- FY 2004- FY 2005- n._