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<br />
<br />City of Lake Elmo Volunteer Fire Department 4
<br />
<br />Cost Impact of Increase in Benefit Level
<br />
<br /> 2024
<br />2023* Benefit Level $7,000 $7,100 $7,200 $8,000
<br />1. Determination of Surplus / (Deficit)
<br />a. Projected Assets $ 1,542,698 $ 1,542,698 $ 1,542,698 $ 1,542,698
<br />b. Accrued Liability 1,046,711 1,056,499 1,066,286 1,144,587
<br />2. Surplus / (Deficit)
<br /> [1a-1b] $ 495,987 $ 486,199 $ 476,412 $ 398,111
<br />3. Financial Requirement Charges
<br />a. Increase/(Decrease) in liability $ 139,530 $ 141,213 $ 142,897 $ 156,364
<br />b. Administrative Fees 1,980 1,980 1,980 1,980
<br />c. One-Tenth of Deficit / (Surplus)^ 0 0 0 0
<br />d. Net Financial Requirement Charge
<br />[3a+3b+3c, not less than zero]
<br />
<br />$ 141,510
<br />
<br />$ 143,193
<br />
<br />$ 144,877
<br />
<br />$ 158,344
<br />4. Financial Requirement Credits
<br />a. Fire State Aid Current Year x 1.035 $ (106,671) $ (106,671) $ (106,671) $ (106,671)
<br />b. Supplemental State Aid Current Year (18,034) (18,034) (18,034) (18,034)
<br />c. 6% interest on Projected Present Assets (92,562) (92,562) (92,562) (92,562)
<br />d. Net Financial Requirement Credit
<br />[4a+4b+4c]
<br />
<br />$ (217,267)
<br />
<br />$ (217,267)
<br />
<br />$ (217,267)
<br />
<br />$ (217,267)
<br />5. Required Contribution
<br />[3d+4d, not less than zero]
<br />
<br />$ 0
<br />
<br />$ 0
<br />
<br />$ 0
<br />
<br />$ 0
<br />
<br />^ Zero if the plan has had a surplus for only one year.
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