FY 23 Approved Budget Book

VOLUNTEER FIREMEN'S PENSION TRUST (LOSAP) FUND LOSAP - LENGTH OF SERVICE AWARD PROGRAM FISCAL YEAR 2023

Volunteer Firemen's Pension Trust (LOSAP) Fund Statement of Estimated Net Position

Purpose

The Volunteer Firemen's Length of Service Award Program (LOSAP) was established in 1975 to provide a pension plan for volunteer fire and ambulance personnel. The County has hired an investment consultant and an investment manager to invest the pension funds for better investment return over the long period. This was done with the cooperation of the Pension Committee of the Association of the Volunteer Fire and Emergency Medical Services of Harford County, Inc.

Net Position Held In Trust for Pension Benefits -

40,074,837

June 30, 2021 Estimated Revenues: County Contributions Investment Income

1,877,503 2,592,497

Total Estimated Revenues

4,470,000

Estimated Expenses: Pension Payments

(2,400,000) (140,000)

Actuarial & Investment Services

Death Benefits

(50,000)

Total Estimated Expenditures

(2,590,000)

Estimated Net Position Held In Trust for Pension Benefits - June 30, 2022

41,954,837

Fiscal Year 2022-2023

Estimated Revenues: County Contributions Investment Income

2,777,628 2,789,732

Total Estimated Revenues

5,567,360

Estimated Expenditures: Pension Payments

(2,400,000) (140,000)

Actuarial & Investment Services

Death Benefits

(60,000)

Unfunded Liability

(2,967,360)

Total Estimated Expenditures

(5,567,360)

Estimated Net Position Held In Trust for Pension Benefits - June 30, 2023

41,954,837

846