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$2,500 per year of service and still maintain a $6,000 surplus at the end of <br />1997. <br /> <br />In past years several members of the council have expressed concern that the <br />City might be liable for extra expense in the event that a series of <br />extraordinary events could occur. To address those concerns, the association <br />has completed a series of annual reports of the fund that considers <br />retirements, new members, and estimated income. A tabulation of the <br />results of those reports is included. They show that not only are current <br />benefit rates sustainable, they can also increase at approximately the rate of <br />inflation. The Relief Association histories of benefit increases during the <br />past 12 years and projected into the next five years have always been <br />consistent with income and have not placed any unusual liability on the City. <br />This proposal is fair because it maximizes the benefits for the members yet <br />maintains a surplus for the future. <br /> <br />TABULATION <br /> <br />Year 97-98 98-99 99-00 00-01 01-02 <br /> <br />Benefit 2575 2700 2750 2750 2950 <br /> <br />Surplus 956 (1134) (1085) 7843 92 <br />(Deficit) <br /> <br />ASSUMPTIONS <br /> <br />6% Return on Fund <br /> <br />2% Yearly Increase in State Aid <br /> <br />$19,000 Yearly Contribution From City <br /> <br />Two Retirements Even Years, One Odd Years <br /> <br />34 Member Total <br /> <br /> <br />