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Plan Highlights
<br /> The Plan's funding level increased from 89.0 percent to 96.3 percent.
<br /> Plan Net Position
<br /> December 31,
<br /> 2012 2011 Change
<br /> Cash and cash equivalents $ 68,696 $ 72,669 $ (3,973)
<br /> Investments 2,386,412 2,193,006 193,406
<br /> Receivables 1,203 2,383 (1,180)
<br /> Total additions 2,456,311 2,268,058 188,253
<br /> Accounts payable - 7,228 (7,228)
<br /> Assets held in trust for pension benefits $ 2,456,311 $ 2,260,830 $ 195,481
<br /> For the current fiscal year 2012 there is a net increase of$195,481 from the previous fiscal year 2011.The previous fiscal year 2011
<br /> had a net increase of$71,382 from fiscal year 2010.
<br /> Changes in Plan Net Position
<br /> The following comparative summary of the changes in net assets reflects the activities of the Plan:
<br /> December 31
<br /> 2012 2011 Change
<br /> Revenues
<br /> Contributions $ 148,465 $ 157,022 $ (8,557)
<br /> Miscellaneous income 196 200 (4)
<br /> Net investment earnings 234,743 (18,153) 252,896
<br /> Less investment fees (21,688) (23,094) 1,406
<br /> Total revenues 361,716 115,975 245,741
<br /> Expenditures 166,235 44,593 121,642
<br /> Change in net position 195,481 71,382 124,099
<br /> Net position-January 1 2,260,830 2,189,448 71,382
<br /> Net position- December 31 $ 2,456,311 $ 2,260,830 $ 195,481
<br /> The Association's funding policy provided for contributions from the State of Minnesota(the State)and the City of Elk River in
<br /> amounts sufficient to accumulate assets to pay benefits when due.The annual contributions are the sum of the normal cost,the State
<br /> contribution payment and the provision for administrative expenses.
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