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$2,242,537 <br />1,996,085 (Based on Current Benefit Level of $5,390) <br />Current Benefit Level <br />Assets-12/31/2024 <br />Liabilities <br />Surplus $242,452 112.35% <br />With Benefit Increase to $5,545 <br />Assets-12/31/2024 $2,242,537 <br />Liabilities $2,017,010 (Based on Proposed Benefit Level of $5,545) <br />Surplus $225,527 111.18%, <br />If there is a 20% loss in asset balance <br />with benefit increase to $5,545 <br />Assets $1,794,029.92 <br />Liabilities 2,017,010 (Based on Proposed Benefit Level of $5,545) <br />Surplus/(deficit) $(222,980.08) <br />Required Contribution Calculation: <br /> Normal Costs $166,350 <br /> Administrative Costs 30,351 <br /> Amortization of deficit 22,298 <br /> Less: State Aid (89,672) <br /> Less: 5% Return on Assets (89,701) Based on 20% reduction of 12/31/2024 balance <br /> Required Contribution $39,625.61 (This is more than City’s current contribution of $37,333) <br />It is estimated that the City would be required to make a larger contribution than the current budgeted <br />City Contribution ($37,333) if the Fire Relief Investment holdings lost 20% of market value in 2025. <br />This does not reflect any adjustments that are made to the Administrative Costs or State Aid during the <br />2026 budget process. The following table shows the benefit levels since 1999: <br />Year Increase Pension Level <br />1999 $100 $2,500 <br />2001 $200 $2,700 <br />2002 $100 $2,800 <br />2006 $50 $2,850 <br />2007 $250 $3,100 <br />2011 $50 $3,150 <br />2013 $50 $3,200 <br />2014 $65 $3,265 <br />2015 $35 $3,300 <br />2017 $80 $3,380 <br />2018 $560 $3,940 <br />2020 $255 $4,195 <br />2021 $485 $4,680 <br />2022 $710 $5,390 <br />RECOMMENDED ACTION <br />Staff recommends approval of an increase to the benefit level for the Little Canada Fire Relief <br />Association by $155 per year pursuant to Attachment A of the City contract with the LCFD.