Program Authorization: R.S. 11:101-103
Until Fiscal Year 1997, this program provided funding for state contributions toward retiree payments and the amortization of the unfunded accrued liability of this system over a twenty year period as required by statute. Starting with Fiscal Year 1997, the annual funding for this program has been budgeted in the Department of Public Safety - Office of State Police (Schedule 08-419) budget. The State Legislature appropriated in the Fiscal Year 1997 Basic Supplemental Appropriations Act (Act 471) one-time funding to continue the acceleration of the payoff of the unfunded accrued liability. This appropriation was from the Mineral Revenue Audit and Settlement Fund and the payment was made pursuant to a plan developed by the Commissioner of Administration and the Legislative Auditor to achieve the maximum reduction in total unfunded accrued liability.
RESOURCE ALLOCATION FOR THE PROGRAM
SOURCE OF FUNDING
The source of funding for this program was the Mineral Revenue Audit and Settlement Fund that was applied to the unfunded accrued liability of this system. (Per R.S. 39:32B.(8), see table below for a listing of expenditures out of each statutory dedicated fund).
ANALYSIS OF RECOMMENDATION
Annual funding costs for retiree benefits and unfunded accrued liability payments to the State Police Retirement System are contained in the Department of Public Safety and Corrections - Office of State Police (08-419). Actual Fiscal Year 1997 funding, reflected in schedule number 18-587, was a one-time appropriation applied to the payoff of the unfunded accrued liability of this retirement system.
ACQUISITIONS AND MAJOR REPAIRS
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