FY 27 Proposed Operating Budget

VOLUNTEER FIREMEN'S TRUST (LOSAP) FUND LOSAP - LENGTH OF SERVICE AWARD PROGRAM FISCAL YEAR 2027

Purpose

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

The Volunteer Firemen's Length of Service Award Program (LOSAP) was established in 1975 to provide a Length of Service Award Program 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 LOSAP Committee of the Association of the Volunteer Fire and Emergency Medical Services of Harford County.

Net Position Held In Trust for LOSAP Benefits -

45,169,429

June 30, 2025

Estimated Revenues: Investment Income

3,035,660 1,664,340

General Fund - Firemen's LOSAP Total Estimated Revenues

4,700,000

Estimated Expenses: Firemen's Pension

(2,750,000) (35,000) (139,429)

Death Benefits

Actuarial & Investment Services Total Estimated Expenditures

(2,924,429)

Estimated Net Position Held In Trust for LOSAP Benefits - June 30, 2026

46,945,000

Fiscal Year 2027

Estimated Revenues: Investment Income

3,018,519 1,081,481

General Fund - Firemen's LOSAP Total Estimated Revenues

4,100,000

Estimated Expenditures: Firemen's Pension

(3,000,000) (35,000) (140,000) (925,000)

Death Benefits

Actuarial & Investment Services

Unfunded Liability

Total Estimated Expenditures

(4,100,000)

Estimated Net Position Held In Trust for LOSAP Benefits - June 30, 2027

46,945,000

699