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LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION <br />PROJECTED FINANCIAL ACTIVITY - SPECIAL FUND <br />BASED ON CURRENT LEVEL OF CITY CONTRIBUTION <br />@ $1,800 <br />per year • <br />Actual • Projected at $2,000 per year <br />1990 * 1991 1992 1993 <br />• <br />BEGINNING ASSETS $667,159 * $731,198 $809,058 $892,151 <br />• <br />REVENUE: * <br />• <br />City 20,888 * 20,500 20,800 21,840 <br />State - regular 20,888 * 20,800 21,840 22,900 <br />- supplemental 2,000 • 0 0 0 <br />Investment earnings 79,263 * 36,560 40,453 44,608 <br />• <br />Total Revenue 123.039 * 77,860 83,093 89,348 <br />• <br />EXPENSES: * <br />• <br />Benefits 59,000 * 0 0 0 <br />Administrative 0 * 0 0 0 <br />Exhibit 3 <br />• <br />Total Expenses 59,000 * 0 0 0 <br />* <br />ENDING ASSETS 731,198 * 809,058 892,151 981,499 <br />* <br />ACCRUED PENSION LIABILITY: <br />@ $1,800 per year of service (745,028) * <br />@ $2,000 per year of service * (897,997) (969323) (1,043,215) <br />• <br />(UNFUNDED) / OVERFUNDED ($13,830) * ($88,939) ($77,172) ($61,716) <br />PERCENT FUNDED <br />98.14% 90.10% 92.0496 94.08% <br />Assumptions: <br />Investment earnings of 5% <br />City contribution equal to prior year state aid <br />annual increase in state aid of 5% <br />Page 15 <br />prepared by Voto, Tautges, Redpath and Co., Ltd. 49/z 0/45./ <br />