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<br /> <br />City of Lake Elmo Volunteer Fire Department 2 <br /> <br />Valuation Results <br />Financial Requirement for Following Calendar Year <br /> <br /> 2025 2024 <br />1. Determination of Surplus / (Deficit) <br />a. Projected Assets $ 1,840,719 $ 1,542,698 <br />b. Accrued Liability 1,260,175 1,046,711 <br />2. Surplus / (Deficit) <br /> [1a-1b] $ 580,544 $ 495,987 <br />3. Financial Requirement Charges <br />a. Increase/(Decrease) in liability $ 176,160 $ 139,530 <br />b. Administrative Fees 2,340 1,980 <br />c. One-Tenth of Deficit / (Surplus)^ (58,054) 0 <br />d. Net Financial Requirement Charge <br />[3a+3b+3c, not less than zero] <br /> <br />$ 120,446 <br /> <br />$ 141,510 <br />4. Financial Requirement Credits <br />a. Fire State Aid Current Year x 1.035 $ (134,614) $ (106,671) <br />b. Supplemental State Aid Current Year (19,820) (18,034) <br />c. 6% interest on Projected Present Assets (110,443) (92,562) <br />d. Net Financial Requirement Credit <br />[4a+4b+4c] <br /> <br />$ (264,877) <br /> <br />$ (217,267) <br />5. Required Contribution <br />[3d+4d, not less than zero] <br /> <br />$ 0 <br /> <br />$ 0 <br />6. Contribution Due Date 12/31/2026 12/31/2025 <br /> <br />Benefit Level Analysis <br /> <br /> 2025 2024 <br />1. Current Benefit Level $ 8,000 $ 7,000 <br />2. Financial Requirement Charges 120,446 141,510 <br />3. Fire State Aid (including supplemental aid) 154,434 124,705 <br />4. Fire State Aid Use Ratio 78% 113% <br /> <br />^ Zero if the plan has had a surplus for only one year. <br /> <br />Your organization uses only a portion of Fire State Aid towards its financial requirement. <br /> <br />