CBBS (2) PFRS Bill-To-Budget Details

You would expect that the line item for the contribution to the Police & Firemen’s Retirement System (PFRS) would be routine. The state sends you a bill around April, 2020 when the June 30, 2019 valuations are done and you pay it a year later. That number should theoretically be what you put in your 2021 budget. For three counties in New Jersey it isn’t.

After putting 2021 budget numbers for PFRS contributions into a spreadsheet for all counties two things stand out:

  1. The increase is massive – 9.33% overall.
  2. Bergen, Monmouth, and Union Counties do put in a buffer. This is problematic since pension contributions are exempt from the tax levy cap and inflating that amount could allow for higher taxes that would otherwise not be allowed. However, whereas Bergen and Monmouth appear to ‘reserve’ the excess amount, Union appears to spend (steal) it. For what is a question for the next blog.
https://burypensions.files.wordpress.com/2021/08/aapfrs1.jpg
https://burypensions.files.wordpress.com/2021/08/pfuc2.jpg

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