5.1. SR 06-01-2009 - Laserfiche WebLink

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Management's Discussion and Analysis (Unaudited) The discussion and analysis of the Ells River Fire Relief Association's (the Association) financial performance provides an overview of the fmancial activities and funding conditions for the fiscal years ended December 31, 2008 and 2007. Using the Annual Report The fmancial statements, which reflect the activities of the Special Pension Trust (the Plan), are reported in the Statements of Fiduciary Net Assets (see page 1) 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 fmancial 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 decreased by $724,386 (or 30 percent) as a result of the fiscal year's activities. • The contributions from City and State decreased by $15,024. • Net investment income decreased by $853,694 from fiscal year 2007. • The average rate of return decreased from 7.66 to (33.08) percent. • Pension payments increased $181,172 due to two retirements in 2008. • The General Fund balance decreased $1,407 to $5,198. Plan Highlights The Plan's investment income was lower than last year and contributions from the State decreased and the City increased. The Plan's funding level decreased from 114.7 percent to 70.9 percent. Plan Net Assets Cash and cash equivalents Investments Receivables December 31, 2008 2007 Change $ 74,642 $ 59,651 $ 14,991 1,619,714 2,361,091 (741,377) State of Minnesota 2,000 - 2,000 Total restricted net assets $ 1,696,356 $ 2,420,742 $ (724,386) For the current fiscal year 2008 there is a net decrease of $724,386 from the previous fiscal year 2007. The previous fiscal year 2007 had a net increase of $328,391 from fiscal year 2006. -I-