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LITTLE CANADA FIREMEN'S RELIEF ASSOCIATION
<br />Schedule E-1
<br />PROJECTED FINANCIAL ACTIVITY - SPECIAL FUND
<br />BASED ON REQUIRED CITY CONTRIBUTION
<br />WITH ROSTER CHANGES
<br />@ $2,000
<br />per year
<br />Actual * Projected at $2,200 per year
<br />1992 * 1993 1994 1995 1996 1997 1998
<br />*
<br />BEGINNING ASSETS $849,210 * $958 757 $927,712 $883.889 $849,961 $820,002 $911,052
<br />*
<br />REVENUE: *
<br />*
<br />City - minimum 0 * 0 29,980 29,636 28,752 26,784 22,620
<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 * 70,335 42,976 41,059 42,498 41,000 45,553
<br />*
<br />Total Revenue 112.573 * 108,855 96,077 94,972 96,741 94,550 96,277
<br />*
<br />EXPENSES: *
<br />*
<br />Benefits 0 * 136,400 136,400 125,400 123,200 0 0
<br />Administrative 3,026 * 3,503 3,500 3,500 3,500 3,500 3,500
<br />*
<br />Total Expenses 3,026 * 139,900 139,900 128,900 126,700 3,500 3,500
<br />*
<br />ENDING ASSETS 958,757 * 927,712 883,889 849,961 820,002 911,052 1,003,829
<br />*
<br />ACCRUED PENSION LIABILITY: *
<br />@ $2,000 per year of service (959,425) *
<br />@ $2,200 per year of service * (999,816) (948,445) (906,969) (869,462) (952,964) (1,038,193)
<br />*
<br />(UNFUNDED) /OVERFUNDED ($668) * ($72,104)4 SS 64556) ($57,008) ($49,460) ($41,912) $34,364)
<br />PERCENT FUNDED
<br />100% 93% 93% 94% 94% 96% 97%
<br />aw■e
<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 />2/22x93
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