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r�t� le <br />uanada <br />MAYOR <br />13111 Blesener <br />COUNCIL <br />Rick Montour <br />John Keis <br />Michael McGraw <br />Shelly Boss <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 ADMINISTRATOR <br />www.ciiittle- canada.nnr.us Joel R. Hanson <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: May 17, 2013 <br />RE: Little Canada Fire Relief Benefit Increase <br />The Little Canada Fire Relief Association is requesting a $50 benefit increase ($3,150 per year of <br />service to $3,200). <br />Attached are two sets of financial runs projecting the impact of this increase. The first run is <br />based on the Standard Schedules I and II Calculation. It factors in the two most senior Fire <br />Department members retiring in 2013 and then projects one retirement (most senior member) per <br />year through 2018. The second run uses the fund asset value at 4/30/13 with no further interest <br />earnings in 2013. You will note that there will be a slight deficit in 2013, but there is no required <br />City contribution. However, the City would still provide its 515,000 contribution. <br />Staff recommends the benefit increase as requested bringing the Fire Relief Benefit level to <br />$3,200 per year of service. <br />1 <br />