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July 10, 1997 <br /> <br />Elk River City Council Members <br /> <br />July 14, 1997, Council meeting agenda for the Elk River Fire Department Relief Association <br />Schedules I and II on the pension benefit. <br /> <br />Schedule I and II attached showing an increase in the service pension amount to $2674.00 per year. This is <br />a request by the Board of Directors of the Relief Association. <br /> <br />Also attached is some supporting data from the Auditors annual statement and a five year projection using <br />these same schedules. <br /> <br />The Auditors statement shows that we funded at 97.5% to 104.9% for the past 6 years. The next four years <br />shows that we were funded at 85.6% to 93.8 %. These lower funded percentages were due to how the <br />Auditor was calculating our fund value. They used original purchase price rather than current value. This <br />issue was discussed and worked out between the Auditor and the State of Minnesota. If these four years <br />were corrected then our fund would show a near 100% funding for the past ten years. <br /> <br />Projections for the next five years were provided by Gus Welter, whom we have hired as a consultant to <br />help us each year with our schedules for the State. These are projections based on the following <br />assumptions. <br /> The State 2% contribution will increase by $2000.00 per year <br /> The City of Elk River contribute $17,500.00 per year <br /> Retirements of two each odd numbered year and one on each even numbered year <br /> Adding Fire Fighters only as Fire Fighters retire keeping the total roster at 34. <br /> Fund gains of 6% per year (conservative figure) <br /> <br />Elk River Fire Department Relief Association <br /> <br /> <br />