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2015 Annual Report • Finance Department • St. Anthony Village, Minnesota <br /> <br /> <br /> <br />4 <br /> <br />Wage Risk <br />$4.8 MM <br />City Assets <br />$28.5 MM <br />FIRE RELIEF ASSOCIA TIO N <br />The Finance Department continued to prepare various work papers on behalf of the SAFR to <br />assist with the completion of its annual audit. The completed audit resulted in a clean opinion. <br />The Finance Department and SAFR both value this cooperative approach. <br />The City Finance Director attends Relief Association meetings when budget, benefit levels and <br />investment strategies are agenda topics. This provides the Relief Association additional support <br />to make informed decisions on managing pension assets. The SAFR pension plan was 106.5% <br />funded, based on the State’s actuary method and 120.4% based on the 12/31/2015 audit. The SAFR <br />evaluates benefit level capacity based on the State’s actuary method; see a snapshot below. <br /> <br />INSURANCE <br />The insurance function provides the appropriate insurance coverage and protection for all aspects <br />of City operations. The insurance coverage includes general liability, liquor liability, property <br />and casualty, auto, theft, business interruption, and workers compensation. <br />The City takes advantage of the League of Minnesota Cities Insurance <br />Trust’s loss control programs and its internal Safety Committee as risk <br />management tools. <br />The Finance Department confirms that the levels of coverage, lists of <br />covered property and factors used in liability rating are sufficient and <br />accurate during the annual renewal process. Any changes in property <br />owned or additional liability assumed is communicated to the League <br />during the policy period. The City’s workman’s compensation policy insured a total wage risk of <br />4.8 million. Property and casualty coverage insured City assets with a cumulative replacement <br />value of 28.5 million. <br />MEMBER BENEFIT <br />INCREASE FOR 2015 <br />ASSETS 12-31-14 893,827.21$ <br />LIABILITIES ( @ 3000)768,412.00$ Active and deferred <br /> -------------------- <br />SURPLUS 125,415.21$ 116.32%Funding <br />90% OF SURPLUS 112,873.69$ <br />Difference 12,541.52$ <br /> ========================================================================= <br />Recommended <br />3100 3200 3300 3400 3500 <br />ASSETS 12-31-14 893,827.21$ 893,827.21$ 893,827.21$ 893,827.21$ 893,827.21$ <br />LIABILITIES @ BENEFIT AMOUNT 791,982.00$ 815,552.00$ 839,122.00$ 862,692.00$ 886,262.00$ <br />----------------------------------------------------------------------------------------'--------------------- <br />Must be greater than difference to increase benefit 101,845.21$ 78,275.21$ 54,705.21$ 31,135.21$ 7,565.21$ <br />Resulting Funding %112.86%109.60%106.52%103.61%100.85%