Harford County, Maryland FY 24 Proposed Operating Budget

VOLUNTEER FIREMEN'S PENSION TRUST (LOSAP) FUND LOSAP - LENGTH OF SERVICE AWARD PROGRAM FISCAL YEAR 2024

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 -

34,809,294

June 30, 2022

Estimated Revenues: County Contributions Investment Income

2,789,732 2,777,628

Total Estimated Revenues

5,567,360

Estimated Expenses: Pension Payments

(2,400,000) ( 14 0,000)

Actuarial & Investment Services

( 6 0,000)

Death Benefits

Total Estimated Expenditures

(2,600,000)

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

37,776,654

Fiscal Year 2023-2024

Estimated Revenues: County Contributions Investment Income

1 , 292 , 879 2 , 407 , 121

Total Estimated Revenues

3,700,000

Estimated Expenditures: Pension Payments

(2,750,000)

( 119 , 283 ) ( 31,500 ) (799,217)

Actuarial & Investment Services

Death Benefits

Unfunded Liability

Total Estimated Expenditures

(3,700,000)

Estimated Net Position Held In Trust for Pension Benefits - June 30, 2024

37,776,654

673