CC WORKSESSION 06031997 - Laserfiche WebLink

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MEMORANDUM DATE: April 8, 1997 TO: Mayor, Councilmembers, City Manager FROM: Dick Johnson, Fire Chief ITEM: RELIEF ASSOCIATION INFORMATION Just a few notes on the enclosed information: 1. The General Fund budget - although this fund is audited by Stu Bonniwell, there are few restrictions on how this money is spent. The annual dues for each member is $100, but this amount can be reduced through participation in fund raising activities. The following expenses: audit, conferences, memberships, office supplies, and treasurer's bond may be paid from the special pension fund, but we choose to keep them in the general fund to maximize benefits. 2. Page 10 of Stu's report shows a ten -year history of the Special Fund. In 1990 we increased benefits from $600 per year of service to $1,000 and then paid off a number of retiring members. This is reflected in both the unfunded liability and the reduction of assets during that year. Under "other revenue" at the bottom of page 10, the $3,358 is the last of the City's "seed money" to get the fund started. 3. I have included the latest copy of Schedules I & II, which are referred to on page 12 of Stu's report. These schedules are submitted to City Hall each year, are currently on file in Connie's office, and are used to project our financial situation for the following year.