§ 58-5. Estimate of income for ensuing year; deficiencies.
Latest version.
It shall be the duty of the trustees each year,
prior to January 31, to prepare a full and detailed statement of the
anticipated income of said Police Pension Fund for the ensuing fiscal
year and the estimated amount which will be required to pay in full
all pensions expected to be payable during such fiscal year and to
certify the same to the Board of Police Commissioners. If such certificate
shows an anticipated deficiency of income, it shall be the duty of
the Board of Police Commissioners each year at the time of making
up the departmental estimate, on or before the 31st day of January,
to present the said certificate to the Board of Estimate and Apportionment,
together with a statement of the amount of money required to enable
the trustees to pay the said pensions in full, as certified to them.
It shall be the duty of said Board of Estimate and Apportionment and
of the Common Council to make an appropriation sufficient to provide
for such deficiency, and the amount so appropriated shall be included
in the annual appropriations and in the annual tax levies, and the
Comptroller shall pay over the moneys so appropriated to the treasurer
of the Police Pension Fund.
In the event that the amount appropriated for
deficiency of income in any fiscal year shall prove insufficient to
enable the trustees to pay all pensions in full that shall be due
and payable during said fiscal year, the trustees shall certify such
fact to the Board of Estimate and Apportionment and the Common Council.
In the event that the amount appropriated for
deficiency of income in any fiscal year shall prove more than sufficient
to enable the trustees to pay all pensions in full that shall be paid
during said fiscal year, the treasurer of said pension fund shall
retain such excess in the income account of said fund, and shall apply
the same as income to the payment of pensions which shall become due
and payable during the next succeeding fiscal year.
[L. 1943, Ch. 710 (Title 34).]
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