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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 />To: Mayor Fischer and Members of the City Council <br />From: Don Smiley, Fire Chief <br />Date: July 17, 2025 <br />RE: Fire relief increase <br />ACTION TO BE CONSIDERED <br />Consideration of a request from the Little Canada Fire Department to increase <br />to the benefit level for the Little Canada Fire Relief Association by $155 per year <br />pursuant to contractual provisions. <br />BACKGROUND <br />The Little Canada Fire Relief Association received their annual audit for the year <br />2024. The funded ratio of the account was 112.35% as of December 31, 2024. Per <br />our agreement a benefit level increase can be requested if the funding ratio is at or <br />above 110% after the increase. The Little Canada Fire Department Board of <br />Directors is requesting a $155 a year benefit level increase starting in 2025. This <br />increase would bring the funded ratio to 111%. <br />Here are the calculations from Attachment A of the 2025 Little Canada Fire <br />Department contract. <br /> Benefit per year of service: $5,390 <br />Ending assets: $2,242,537 as of 12/31/2024 <br /> Pension liability: $1,996,085 <br /> Overfunded: $246,452 <br /> Percent funded: 112.35% <br />Thank you for considering this request. <br />Don Smiley <br /> Fire Chief