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10-09-2019 Workshop & Council Packet
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10-09-2019 Workshop & Council Packet
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STAFF REPORT <br />TO:Mayor Keis and Members of City Council <br />FROM:Chris Heineman, City Administrator <br />Brenda Malinowski, Finance Director <br />DATE:October 4, 2019 <br />RE:Municipal Contribution to the Little Canada Firefighter’s Relief Association <br />BACKGROUND <br />The LCFD Long Range Planning Committee (Mayor Keis, Council Member Fischer, <br />Administrator Heineman and representatives from the Little Canada Fire Department) have met <br />quarterly throughout 2019. The Municipal Contribution to the Little Canada Firefighter’s Relief <br />Association has been one of the items discussed in those meetings. <br />The current contribution of $31,000 began in 2014. Prior to 2014, the contribution was $15,000. <br />Below is information from the MN State Auditor regarding the Financial and Investment Data <br />for Little Canada Firefighter’s Relief Association for the year ended December 31, 2017. This is <br />the most recent data that is available. <br />Amount Rank * <br />Net Assets $1,928,634 93% <br />State Aid $56,225 87% <br />Municipal Contribution $31,000 95% <br />Pension Amount $3,380 87% <br />Rate of Return 15.9%81% <br />Funding Ratio 127%50% <br />*The Little Canada Firefighters Relief Association as ranked relative to other MN associations of <br />the same type. <br />REQUESTED ACTION: <br />Council is asked to review the attached information and provide further guidance on how to <br />proceed with the Fire Relief Contribution for the 2020 budget.
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