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L <br /> <br />ELK RIVER FIRE DEPARTMENT RELIEF ASSOCIATION <br />ELK RIVER, MINNESOTA <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31, 1996 <br /> <br />Note 4: CONTRIBUTIONS REQUIRED AND CONTRIBUTIONS MADE <br /> <br />The total contribution, which was not actuarially determined, in 1996 <br />amounted to $73,630 of which $16,837 was contributed by a City tax levy <br />and $56,793 (including $1,000 supplemental aid) was from State of <br />Minnesota Aid. <br /> <br />Note 5: HISTORICAL TREND INFORMATION <br /> <br />Historical trend information related to the pension plan is presented here. <br />The information is presented to enable the reader to assess the progress <br />made by the Relief Association in accumulating sufficient assets to pay <br />pension benefits as they become due. <br /> <br />Ten-year historical trend information is required by GASB Statement No. 5. <br />This information is intended to help readers of the financial statements <br />assess the Relief Association's funding status on a going-concern basis, <br />assess progress made in accumulating assets to pay benefits when due, and <br />make comparisons with other relief associations. <br /> <br />Net Asset Pension <br />Available Benefit Percentage <br />for Benefits Obliqation Funded <br /> <br />1996 $ i 001 056 $ 953 938 104.9% <br />1995 895 562 906 891 98.8 <br />1994 759 890 779 372 97.5 <br />1993 764 918 763 098 100.0 <br />1992 658 625 636 918 100.0. <br />1991 568 624 567 949 100.0 <br />1990 475 001 553 039 85.9 <br />1989 466 410 497 085 93.8 <br />1988 408 808 447 660 85.6 <br />1987 336 071 409 696 89.3 <br /> <br /> Funded <br />(Unfunded) <br /> Pension <br /> Benefit <br /> Obliqation <br /> $ 47 118 <br /> (11 329) <br /> (19 482) <br /> 1 820 <br /> 21 707 <br /> 625 <br /> (78 038) <br /> (30 675) <br /> (68 852) <br /> (73 625) <br /> <br />Revenue by Source <br /> <br /> City, State <br /> and Other Investment Other <br /> Contribution Income Income <br />1996 $ 73 630 $ 60 923~! $ - <br />1995 43 754 93 246(z) - <br />1994 60 526 19 402 - <br />1993 57 514 48 449 2 816 <br />1992 58 590 33 450 506 <br />1991 60 907 39 373 33 295 <br />1990 56 321 33 357 (8 374) <br />1989 51 297 32 358 13 672 <br />1988 48 509 25 785 (405) <br />1987 41 837 29 073 (45 420) <br /> <br /> ExDenses by Type <br /> Adminis- <br />Benefit trative <br />Payments ExDenses <br />$ 26 850 $2 209 <br /> - 1 328 <br />82 400 2 556 <br /> 2 486 <br /> 2 545 <br /> 38 000 1 767 <br /> 70 200 1 563 <br /> 38 500 i 225 <br /> - 1 152 <br /> - 1 232 <br /> <br />(1)Includes decrease in market value of $7,569. <br />cZ)Includes increase in market value of $45,354. <br /> <br />-9- <br /> <br /> <br />