HomeMy WebLinkAbout51 - PH-1 - Attachment 3 - 6/16/2015Council Mem
Steve Mensinger, MaTor—
Fiscal Impact Analysis for COIN Ordinance
New CMCEA Base Financial Analysis
Based on Fiscal Year 2015-16 Budgeted Costs
Existing Contract
Estimated FY 15-16
Cost to Citv (5)
$16,677,394
3,452,358
403,572
1,128,725
4,9114,655
2,602,608
126,959
3,329
3,500
44,679
1,250
240,494
40.767
87,341
43,143
4,557
17,346
1,007,315
224,870
0
$26,110,207
236
ATTACHMENT III
Settlement Existing Projected Existing Projected
Term Sheet Unfunded Unfunded Funded Funded
13 -May -15 Liability Liability Liability Liability
17,500,316 (7)
5,231,317
2,602,608
132,038
3,462
3,500
46,466
1,300
252,427
42,398
90,835
44,869
4,739
17.346
1,057,019
233,865
0
$27.264.504
$1,154,297
236
$78,789,261 (4)
15,543,332 (1)
$153,254,794 (4)
(A���
Gary-NIC715han. CcluncifMemDW
(1) - 6.04% rate per employee is not explicit in the contract, however is calculated based on the Annual Required Contribution (ARC) amount
calculated as of June 30, 2014 by Nyhart, an independent actuary for GASB 45 compliance, and documented in the Citys CAFR.
Existing net unfunded liability is 93.2% of covered payroll based on the June 2014 Nyhart report.
(2) - Prorated share based on FY 14-15 ratio of total overtime cost to total regular salaries.
(3) - Current MOU eliminated cash out of sick leave balances.
(4) Existing amounts from PERS valuation for Miscellaneous employees dated October 2014–including non-CMCEA represented employees.
(5) The FY 15-16 Preliminary Budget is in development. Council Adoption scheduled for June 15, 2015.
(6) Estimated based on 10 months actual of $1,039 for FY 14-15.
(7) Provides for a 4% general salary increase and merit increases unfrozen effective July 1, 2015.
Value of
Pay/
Benefit
Base Salary
Pension / Retirement Benefits
2.5% @ 55
2% @ 60
2%@62
Total Reitrement
Cafeteria Plan Benefits
$ 9,588
Bilingual Pay
5.00%
Bilingual Pay
2.50%
Class A / B license Pay
$700
Emergency Med Dispatch Pay
5.00%
Matron Pay (6)
MediCare
1.45%
Shift Differential Pay
5.00%
Shift Differential Pay
7.50%
Shift DiNerentiallAM Pay
10.00°x6
Shorthand Pay
2.50%
Uniform Pay
$ 197
Estimated Costs:
Retiree Medical
6.04% (1)
Overtime
(2)
Excess Accrual Payoff / Cashouts (3)
Total
Increase:
Total Number of Employees
Council Mem
Steve Mensinger, MaTor—
Fiscal Impact Analysis for COIN Ordinance
New CMCEA Base Financial Analysis
Based on Fiscal Year 2015-16 Budgeted Costs
Existing Contract
Estimated FY 15-16
Cost to Citv (5)
$16,677,394
3,452,358
403,572
1,128,725
4,9114,655
2,602,608
126,959
3,329
3,500
44,679
1,250
240,494
40.767
87,341
43,143
4,557
17,346
1,007,315
224,870
0
$26,110,207
236
ATTACHMENT III
Settlement Existing Projected Existing Projected
Term Sheet Unfunded Unfunded Funded Funded
13 -May -15 Liability Liability Liability Liability
17,500,316 (7)
5,231,317
2,602,608
132,038
3,462
3,500
46,466
1,300
252,427
42,398
90,835
44,869
4,739
17.346
1,057,019
233,865
0
$27.264.504
$1,154,297
236
$78,789,261 (4)
15,543,332 (1)
$153,254,794 (4)
(A���
Gary-NIC715han. CcluncifMemDW
(1) - 6.04% rate per employee is not explicit in the contract, however is calculated based on the Annual Required Contribution (ARC) amount
calculated as of June 30, 2014 by Nyhart, an independent actuary for GASB 45 compliance, and documented in the Citys CAFR.
Existing net unfunded liability is 93.2% of covered payroll based on the June 2014 Nyhart report.
(2) - Prorated share based on FY 14-15 ratio of total overtime cost to total regular salaries.
(3) - Current MOU eliminated cash out of sick leave balances.
(4) Existing amounts from PERS valuation for Miscellaneous employees dated October 2014–including non-CMCEA represented employees.
(5) The FY 15-16 Preliminary Budget is in development. Council Adoption scheduled for June 15, 2015.
(6) Estimated based on 10 months actual of $1,039 for FY 14-15.
(7) Provides for a 4% general salary increase and merit increases unfrozen effective July 1, 2015.