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NON- CONTRIBUTORY PENSIONS <br /> <br />FISCAL 2005 BUDGET OVERVIEW <br /> <br />Expenditures: The total budget for Non-Contributory pensions is projected to decrease[ <br />from $315,048 in fiscal 2004 to $308,506 in fiscal 2005, for a total decrease of $6,542. <br /> <br />The decrease is a result of fewer retired city employees and retiree's spouses receivin <br />pension benefits. Funding necessary to support this budget comes from enterprise <br />revenues and tax levy funding. For fiscal 2005, $44,148 in enterprise revenues will be <br />utilized based on the number of direct former employees receiving such benefits for each <br />respective entity. Also, $18,007 in indirect charges is being assessed to the corresponding <br />enterprise based departments based on those city departments providing services to the <br />enterprise department. The balance of $246,351 is the recommended tax levy <br />appropriation to fund these retirement benefits for fiscal 2005. <br /> <br />The total budget identified represents the Non-Contributory pension costs associated with <br />the municipal operations departments only. Costs for Non-Contributory retirement <br />benefits associated with the Worcester Public Schools system are paid for out of the <br />department's fiscal 2005 budget. <br /> <br />CITY OF WORCESTER FISCAL 2005 ANNUAL BUDGET <br /> <br />Page 2 <br /> <br /> <br />