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<br />Management's Discussion and Analysis (Unaudited) <br /> <br />The discussion and analysis of the Elk River Fire Relief Association's (the Association) financial performance provides an <br />overview of the financial activities and funding conditions for the fiscal years ended December 31,2005 and 2004. <br /> <br />Using the Annual Report <br /> <br />The financial statements, which reflect the activities of the Special Pension Trust (the Plan), are reported in the Statements of <br />Fiduciary Net Assets (see page 1) and the Statements of Changes in Fiduciary Net Assets (see page 2). These statements are <br />presented on a full accrual basis and reflect all trust activities as incurred. <br /> <br />Financial Highlights <br /> <br />. The Plan's net assets increased by $240,052 as a result of the fiscal year's activities. <br /> <br />. The contributions from City and State decreased by $8,860. <br /> <br />. Net investment income decreased by $43,586 from fiscal year 2004 and the average rate ofretum went from 7.4 to 4.2 <br />percent. <br /> <br />Plan Highlights <br /> <br />The Plan's investment income was not as high as last year and contributions from the State and City decreased but the Plan's <br />funding level increased from 98.9 percent to 105.9 percent. The fund remains in a reasonably well funded financial condition. <br /> <br />Plan Net Assets <br /> <br /> December 31, <br /> 2005 2004 <br />$ 213,340 $ 48,850 <br /> 1,673,245 1,597,683 <br />$ 1,886,585 $ 1,646,533 <br /> <br />Cash and cash equivalents <br />Investments <br /> <br />Total restricted net assets <br /> <br />For the current fiscal year 2005 there is a net increase of $240,052 from the previous fiscal year 2004. The previous fiscal year <br />2004 had an increase of $292,208 from fiscal year 2003. <br /> <br />-ill- <br />