6.2. SR 06-02-2014 - Laserfiche WebLink

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Management's Discussion and Analysis The discussion and analysis of the Elk River Fire Relief Association's(the Association)financial performance provides an overview of the financial activities and funding conditions for the fiscal years ended December 31,2013 and 2012. Using the Annual Report The financial statements,which reflect the activities of the Special Pension Trust(the Plan),are reported in the Statements of Fiduciary Net Position(see page 18)and the Statements of Changes in Fiduciary Net Position(see page 19).These statements are presented on a full accrual basis and reflect all trust activities as incurred.The financial statements also include activities of the General fund,which is primarily used to account for the fund raising activities of the Association. Financial Highlights • The Plan's net position increased by$424,268(or 17.3 percent)as a result of the fiscal year's activities. • The contributions from the State and the City increased$48,638. • Net investment income increased$149,133 (or 70.0 percent). • Accrued pension liability increased$40,926(or 1.6 percent). • The General fund balance decreased$1,464(or 84.8 percent).The fund balance of the General fund is$263 at year end. Plan Highlights The Plan's funding level increased from 96.3 percent to 111.1 percent. Plan Net Position December 31, 2013 2012 Change Cash and cash equivalents $ 66,144 $ 68,696 $ (2,552) Investments 2,812,230 2,386,412 425,818 Receivables 2,205 1,203 1,002 Assets held in trust for pension benefits $ 2,880,579 $ 2,456,311 $ 424,268 For the current fiscal year 2013 there is a net increase of$424,268 from the previous fiscal year 2012.The previous fiscal year 2012 had a net increase of$195,481 from fiscal year 2011. -11-