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<br />
<br />City of Lake Elmo Volunteer Fire Department 4
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<br />Cost Impact of Increase in Benefit Level
<br />
<br /> 2025
<br />Benefit Level $8,000
<br />(Current) $8,100 $8,200 $9,000
<br />1. Determination of Surplus / (Deficit)
<br />a. Projected Assets $ 1,840,719 $ 1,840,719 $ 1,840,719 $ 1,840,719
<br />b. Accrued Liability 1,260,175 1,270,205 1,280,235 1,360,477
<br />2. Surplus / (Deficit)
<br /> [1a-1b] $ 580,544 $ 570,514 $ 560,484 $ 480,242
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<br />3. Funded Ratio
<br /> [1a/1b]
<br /> 146.07% 144.92% 143.78% 135.30%
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<br />4. Financial Requirement Charges
<br />a. Increase/(Decrease) in liability $ 176,160 $ 178,120 $ 180,080 $ 195,757
<br />b. Administrative Fees 2,340 2,340 2,340 2,340
<br />c. One-Tenth of Deficit / (Surplus)^ (58,054) (57,051) (56,048) (48,024)
<br />d. Net Financial Requirement Charge
<br />[4a+4b+4c, not less than zero]
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<br />$ 120,446
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<br />$ 123,409
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<br />$ 126,372
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<br />$ 150,073
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<br />5. Financial Requirement Credits
<br />a. Fire State Aid Current Year x 1.035 $ (134,614) $ (134,614) $ (134,614) $ (134,614)
<br />b. Supplemental State Aid Current Year (19,820) (19,820) (19,820) (19,820)
<br />c. 6% interest on Projected Present Assets (110,443) (110,443) (110,443) (110,443)
<br />d. Net Financial Requirement Credit
<br />[5a+5b+5c]
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<br />$ (264,877)
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<br />$ (264,877)
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<br />$ (264,877)
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<br />$ (264,877)
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<br />6. Required Contribution
<br />[4d+5d, not less than zero]
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<br />$ 0
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<br />$ 0
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<br />$ 0
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<br />$ 0
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<br />
<br />^ Zero if the plan has had a surplus for only one year.
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