b'SUMMARY OF EXPENDITURESThe Departments expenses are divided into three categories: Pensions and Benefits, Investment Management, and Administrative Expenses. For 2024-25, expenses totaled $1.80 billion, a decrease of $15.42 million, or -0.85%, from 2023-24. PENSIONS AND BENEFITS EXPENSE INVESTMENT MANAGEMENT EXPENSE TheDepartmentsPensionsandBenefitsExpenseIn2024-25,theInvestmentManagementExpense includes Service Pensions, Deferred Retirement Optionwas $193.44 million, which represented 10.77% of total Plan (DROP) Distributions, Disability Pensions, Survivingexpenses and an increase of $37.57 million, or +24.11%, Spouse/Domestic Partner Pensions, Minor/Dependentfrom 2023-24. Actual payments to investment manag-Child Pensions, Refund of Member Contributions, anders depend on the amount of assets under manage-health benefit-related expenses. In 2024-25, Pensionsment, portfolio performance, the period in which the and Benefits Expenses were $1.57 billion, which repre- fee is calculated, and the terms and conditions of the sented 87.64% of total expenses and a decrease ofindividual contracts as approved by the Board.$54.86 million, or -3.37%, from 2023-24. The decreaseADMINISTRATIVE EXPENSE inPensionsandBenefitsExpensecanbelargely attributed to lower DROP Distributions and Refunds ofAdministrativeExpenseincludesstaffsalariesand Contributions, which offset modest increases in otherbenefits, and operating costs. In 2024-25, the Depart-Pensions and Benefits Expense categories. mentsAdministrativeExpensewas$28.64million, whichrepresented1.59%oftotalexpensesandan increase of $1.87 million, or 6.98%, from 2023-24. The Detail of Administrative Expense is provided on page 94. 2024-25 Budget Actual ExpendituresService Pensions, 57.02%Investment Management Expense, 10.77%Health Insurance Premium Subsidy, Dental Insurance Premium Subsidy, Medicare & Health Insurance Premium Reimbursement, 9.78% Surviving Spouse/Domestic Partner& Minor/Dependent Child Pensions, 9.49%Disability Pensions, 6.24%Service Pensions-DROP Distributions, 4.84%Administrative Expense, 1.59%Refund of Member Contributions, 0.27%SECTION 3DEPARTMENT BUDGET 93'