Analysis: Venice Police Pension Fund would go broke in three years without taxpayer subsidy
The fund has $401,238 in total assets. If the funds annual losses were the same, it would run out of money in three years without these subsidies.
The fund earned $575 in investment income and other revenue in 2016. At the same time, it paid out $149,801 in expenses, according to the 2017 biennial report detailing the health of each of the states pension funds and retirement systems. The difference between the two shows the funds annual loss without subsidies.
Taxpayers added $110,422 to the funds revenue last year – an amount that has increased from $29,207 five years ago. Members contributed an additional $20,827 – $6,664 more than five years ago.
In all, subsidies amounted to $131,249 in 2016.