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ELK RIVER FIRE DEPARTMENT RELIEF ASSOCIATION <br />STATEMENTS OF CHANGES IN FIDUCIARY NET ASSETS <br />FIDUCIARY FUND <br />YEARS ENDED DECEMBER 31, 2008 AND 2007 <br />REVENUES <br />Contributions <br />State of Minnesota <br />10% supplemental reimbursement <br />City of Elk River <br />Interest income <br />Net (depreciation) appreciation in investments <br />TOTAL REVENUES <br />EXPENDITURES <br />Pension benefits <br />Salaries <br />Professional fees <br />Bond <br />Miscellaneous <br />TOTAL EXPENDITURES <br />CHANGE IN NET ASSETS <br />NET ASSETS, JANUARY 1 <br />NET ASSETS, DECEMBER 31 <br />Special Pension Trust Fund <br />2008 2007 <br />$ 111,999 $ 129,223 <br />2,000 - <br />30,000 29,800 <br />32,524 52,211 <br />(713,435) 120,572 <br /> <br />(536,912) 331,806 <br /> <br />181,172 - <br />3,175 2,355 <br />2,749 220 <br />348 750 <br />30 90 <br />187,474 3,415 <br />(724,386) <br />2,420,742 328,391 <br />2,092,351 <br />$ 1,696,356 $ 2,420,742 <br />The notes to the financial statements are an integral part of this statement. <br />-6- <br />