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Little Canada <br />Fire Department, Inc. 325 Little Canada Road East <br />Little Canada, Minnesota 55117 <br />Office: (651) 792-7680 <br />Fax: (651) 766-7092 <br /> <br /> <br /> <br />To: Mayor Keis and Members of the City Council <br />From: Don Smiley, Fire Chief <br />Date: June 3, 2022 <br />RE: Fire relief increase <br /> <br />ACTION TO BE CONSIDERED: The Little Canada Fire Relief Association received <br />their annual audit for the year 2021. The funded ratio of the account was 124.4% as <br />of December 31, 2021. Per our agreement a benefit level increase can be requested <br />if the funding ratio is at or above 110% after the increase. The Little Canada Fire <br />Department Board of Directors is requesting a $710 a year benefit level increase <br />starting in 2022. This increase would bring the funded ratio to 110.4%. <br /> <br />Here are the calculations from Attachment A of the 2022 Little Canada Fire <br />Department contract. <br /> <br /> Benefit per year of service: $4,680 <br /> Ending assets: $2,163,734 as of 12/31/2021 <br /> Pension liability: $1,738,925 <br /> Overfunded: $424,809 <br /> Percent funded: 124.4% <br /> <br /> <br />Thank you for considering this request. <br />Don Smiley <br /> Fire Chief <br />