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LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION
<br />Schedule B -1
<br />PROJECTED FINANCIAL ACTIVITY - SPECIAL FUND
<br />BASED ON REQUIRED CITY CONTRIBUTION
<br />WTTH ROSTER CHANGES
<br />@ $2,000
<br />per year *
<br />Actual * Projected at $2,050 per year
<br />1992 * 1993 1994 1995 1996 1997 1998
<br />*
<br />BEGINNING ASSETS 5849,210 * $958,757 $937,446 5889,765 $851,235 5816,407 $894,341
<br />*
<br />REVENUE: *
<br />*
<br />City - minimum 0 * 0 16,103 15,976 15,419 13,848 10,226
<br />- additional 12,000 * 16,500
<br />State 20,971 * 22,020 23,121 24,277 25,491 26,766 28,104
<br />Investment earnings 79,602 * 70,769 yX 43,695 Or 41,567 42,562 40,820 44,717
<br />*
<br />Total Revenue
<br />EXPENSES:
<br />112,573 * 109,289 82,919 81,820 83,472 81,434 83,047
<br />*
<br />*
<br />*
<br />Benefits 0 * 127,100 127,100 116,850 114,800 0 0
<br />Administrative 3,026 * 3,500 3,500 3,500 3,500 3,500 3,500
<br />*
<br />Total Expenses 3,026 * 130,600 130,600 120350 118300 3,500 3,500
<br />*
<br />ENDING ASSETS 958,757 * 937,446 889,765 851,235 816,407 894,341 973,888
<br />*
<br />ACCRUED PENSION LIABILITY: *
<br />@ $2,000 per year of service (959,425) *
<br />@ 52,050 per year of service * (935,397) (887,716) (849,186) (814358) (892,292) (971,839)
<br />*
<br />(UNFUNDED) / OVERFUNDED ($668) * $2,049 52,049 $2,049 $2,049 $2,049 $2,049
<br />PERCENT FUNDED 100% 100% 100% 100% 100% 100% 100%
<br />Assumptions:
<br />Investment earnings of 8% for 1993
<br />Investment earnings of 5% for 1994 through 1998
<br />Annual increase in state aid of 5%
<br />2/20/93
<br />Page 22
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