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L'ttle Canada Fire Relief Association
<br />Benefit Per Year of Service 3,200
<br />Beginning Assets
<br />4/30 Balance - $3,200 Benefit Level
<br />Actual Projected
<br />2012__ 2013 2014 2015 2016 2017 2018
<br />April 30, 2013
<br />$ 1,687,941 $ 1,912,767 $ 1,958,761 $ 1,872,784 $ 1,903,629 $ 1,932,484 $ 1,965,739
<br />Revenue:
<br />City contribution 15,000 15,000 15,000 15,000 15,000 15,000 15,000
<br />State Aid 38,731 38,731 38,731 38,731 38,731 38,731 38,731
<br />Investment earnings @ 5% 162,854 92,300 91,000 92,500 94,000 95,600
<br />Other 1,000 - - -
<br />Total Revenue 217,585 53,731 146,031 144,731 146,231 147,731 149,331
<br />Expenses:
<br />Benefit payments 95,500 - 224,000 105,600 108,800 105,600 108,800
<br />Administrative 6,475 7,737 8,008 8,286 8,576 8,876 9,187
<br />Total Expenses 101,975 7,737 232,008 113,886 117,376 114,476 117,987
<br />Ending Assets 1,803,551 1,958,761 1,872,784 1,903,629 1,932,484 1,965,739 1,997,083
<br />Pension Liability (1,831,150) (1,972,819) (1,864,580) (1,865,591) (1,863,431) (1,860,363) (1,851,611)
<br />(Unfunded) /Overfunded $ (27,599) $ (14,0.58) $ 8,204 $ 38,038 $ 69,053 $ 105,376 $ 145,472
<br />Percent Funded 98% 99% 100% 102% 104% 106% 108%
<br />^nefit Per Year of Service $ 3,200 $ 3,200 $ 3,200 $ 3,200 $ 3,200 $ 3,200 $ 3,200
<br />Annual Financial Requirements:
<br />Service pensions costs:
<br />Normal cost $ 115,761 $ 106,611 $ 106,640 $ 102,532 $ 100,049
<br />Deficit amortization @ 10% 4,166
<br />Administrative costs 8,008 8,286 8,576 8,876 9,187
<br />Total Financial requirements 127,934 114,897 115,216 111,408 109,235
<br />Anticipated revenue:
<br />State aid - @ no increase 38,731 38,731 38,731 38,731 38,731
<br />5% of projected assets at year end 97,938 93,639 95,181 96,624 98,287
<br />10% of surplus - 820 3,804 6,905 10,538
<br />Total anticipated revenue 136,669 133,191 137,716 142,261 147,556
<br />Required city support (8,735) (18,293) (22,501) (30,853) (38,320)
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