5.5. SR 06-02-2008 - Laserfiche WebLink

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C~ CJ 1VIanagement's Discussion and Analysis (Unaudited) The discussion and analysis of the Elk Rivex 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, 2007 and 2006. 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 Assets (sec page ])and the Statements of Changes in Fiduciary Net Assets (see page 2). 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 assets increased by $328,391(or 16 percent) as a result of the fiscal year's activities. • The contributions from City and State decreased by $18,382. • Aret investment income decreased by $31,518 fi~om fiscal year 2006. • The average rate of return decreased from 10 ~7 to 7.66 percent. • The annual benefit level increased from 54,175 to S4,450. • In 2007, a General Fund was added and the fiord balance is $6,605. Plan Highlights t The Plan's investment income was lower than last year and contributions from the State decreased and the City increased. The Plan's funding ]eve] decreased from 114.8 percent to 114.7 percent. The fund remains in a reasonably well funded financial condition. Cash and cash equivalents Investments Keceivables State of Minnesota Total restricted net assets Plan_Vet Assets December 31, 2007 2006 Change $ 59,651 S 54,821 $ 4,83D 2,36],09] 2,035,530 325,561 2,000 (2,000) $ 2,420,742 $ 2,092,351 $ 328,391 For the current fiscal year 2007 there is a net increase of $328,391 from the previous fiscal year 3006. The previous fiscal year 2006 had an increase of $2D5,766 from fiscal year 2005. 1