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Management's Discussion and Analysis <br /> The discussion and analysis of the Elk River Fire Relief Association's(the Association)financial performance provides an overview <br /> of the financial activities and funding conditions for the fiscal years ended December 31,2012 and 2011. <br /> Using the Annual Report <br /> The financial statements,which reflect the activities of the Special Pension Trust(the Plan),are reported in the Statements of <br /> Fiduciary Net Position(see page 22)and the Statements of Changes in Fiduciary Net Position(see page 23).These statements are <br /> presented on a full accrual basis and reflect all trust activities as incurred.The financial statements also include activities of the <br /> General fund,which is primarily used to account for the fund raising activities of the Association. <br /> Financial Highlights <br /> • The Plan's net position increased by$195,481 (or 8.6 percent)as a result of the fiscal year's activities. <br /> • The contributions from the State and the City decreased$8,557. <br /> • Net investment income increased$254,302(or 616.5 percent). <br /> • Accrued pension liability increased$11,065(or-0.4 percent). <br /> • The General fund balance decreased$2,178(or 55.8 percent).The fund balance of the General fund is$1,727 at year end. <br /> -13- <br />