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Home My WebLink About4.n. Certification for 1994 Fire Relief Association City Funding : CITY OF ROSEMOIINT EXECUTIVE SIIMMARY FOR ACTION CITY COUNCIL MEETING DATE: Augus� 3, 1993 AGENDA ITEM: Certification for 1994 Fire AGENDA SECTIONr Relief Association - City Funding Needs Consent PREPARED BY:Stephan Jilk AGENDA N � 1 1 �I Y I '17" `°C �� ATTACHI+�NTS: Benefits and City Funding APP D Calculation Sheets Each year the Rosemount Fire Relief Association must make a formal request to the City Council for approval of the City portion of the funding for the pension fund support. Funding for the pension program comes from three essential areas . Those areas are: fire insurance premium state aids investment income from the associations reserves tax levy support from the city In 1994, based on the calculations provided b� the Relief Association with the approved rate of pension, the Citys support is set at $�4658 . This amount is lower than 1993 and is based upon the formula required to be followed by the state considering the rate of pension approved by the City, Council . Please refer to the attached sheets which are copies of the calculations to determine the citys portion of the funding need for 1994 . I would recommend the approval of the City funded portion. RECOIrIl�1ENDED ACTION:Motion to approve the amount of city funding for Rosemount Fire Relief Association pension for 1994 in the amount of $4658 . COLTNCIL ACTION: � t RbSEMOUNT FIREFIGHTSRS' RELIEF ASSOGIATIQN Report of financial condition to end of 1993 and requirements for 1994 SC�DUI,fi I CALCULATION OF SPECrAL FUND LIABILITY FOR ALL MEMBSRS AT PENSION LEVEL OF $1,600 PfiR YEAR 4F ACTIVS SFsRVTCT � ENTRY TO BND OF 19�3 T4 fiND OF 1994 ----��---------I�9TE_------�s-----LI9H--------_Y85-----LIAB---------------- =_�Q===-------- - ------ ------ - -- ---- ---- ------ -------- ---- - -- --- --- - - - ----- --- ------ -- 1 McNfiARNTsY Oct-66 27 43,200 28 44,800 2 TUREK Oct-66 27 43,200 28 44,800 3 LUNDELL Oct-69 24 38,400 25 40,000 4 SWANSON Jun-?4 ZO 32,000 21 33,6(30 � C STAUFFFR * Dec-74 1? 24,960 17 24,960 6 STRBSE Feb-78 16 22,848 17 24,960 7 AKFR Apr-82 12 15,392 13 17,120 8 HAEG Apr-82 12 15,392 13 17,I20 9 RSIS Agr-82 12 15,392 13 17,120 10 KORNOVICH Sep-82 lI 13,728 12 . 15,392 11 R ANDfiRSON Apr-83 11 13,72$ 12 ' I5,392 12 COARIGAN Apr-84 30 12,160 lI . 13,728 13 TABFsRY * Oct-85 7 7,872 7� ?,872 14 BUI�KAAI,TER Nov-85 8 9,216 9 10,656 15 BVENSON Apr-86 8 9,216 9 10,656 I6 GBRRITS 3uI-86 7 ?,872 $ 9,2i6 1? PAULSON Jul-86 7 7,872 8 9,216 18 ZWART Apr-8? ? 7,$72 8 9,216 19 J fiRICRSON Oct-88 5 5,344 6 6,560 20 BAILBY Apr-89 5 5,344 6 6,560 21 SMITH Apr-89 5 5,344 6 6,560 22 D STAUFFER Apr-90 4 4,160 5 5,344 23 TUCKFR Apr-90 4 4,160 a 5,344 24 WIDSTROM Apr-90 4 4, 160 5 5,344 25 MOONEY Au�-90 3 3,040 4 4,160 26 TRACHET Aug-90 3 3,Q40 4 4,160 27 FORD Jui-91 2 1,984 3 3,040 28 HELGESON Jul-91 2 1,984 3 3,040 29 LATZKF Jul-91 2 1,984 3 3,Q4Q 30 GARDINIfiR Jan-92 2 l,984 3 3,040 31 SNYDER Jan-92 2 1,984 3 3,040 32 C ERICKSON Nov-92 1 960 Z 1,984 33 ANDERSON Nov-92 1 960 2 1,984 3� HILL Nov-92 1 960 2 1,984 36 37 * = LOA OR 39 MED LEAVE 40 41 � � 42 DfiF. 43 J WALSH ZO X 1400 30,870 32,414 4�4 45 47 J�ANDERSON 1?,952 17,952 48 M McDONOUGH 9,792 9,?92 49 B SZCZENSNIAK 8,400 8,400 50 J OXBQR4UGH 8,400 8,4Q0 ACCRUED LIAB FOR ACTIV£ I�MBERS 387,712 431,008 ACCRUED LIAB FOR DEFERRED NIEMBERS 30,870 32,41� ACCRUED LIAB FOR EARLY VfiSTED MBRS 44,544 44,�44 ACCRUED LIAB FQR iJNPD INSTALLMENTS A ACCRUED LIABILITY THROIiGH 1994 50?,9E6 B� ACCRUED LIABILITY THROUGH 1993 463, 126 463,126 C L.A - L.B; NORMAL COST FOR 1994 44,840 . � 1 SCHEDUL� II ------------------------------------------------------------------------------------ Section 1. Calculatian of Mini�nwn Municipal Contribution . PftOJECTION OF SPECIAL FUND ASSETS TO DECEMBER 3]., 1993 ASSETS AT JANUARY l, 1993 (12/31/92}------- 1. $ 345,Z53 FXPECTED INCOMR T4 DBCEMBER 31, 1993 A Minn. State Aid $ 24,563 B City Contribution 26,OD0 C Fundraisers, etc. 0 D Interest, Inv. Income 2�,168 E Realized Gains (losses) 0 � F Unrealized " (losses) 0 G Other income 0 TOTAL OF LINES A THROUGH G--- --- 2. $ ?4,731 BEGINNING ASSETS FLUS EXP�CT&B INCON!£s------ 3. $ `419,984 BXPECTED EXPENSE TO DfiCfiMBER 31� 1993 O H Pensians I Other benefits 0 J Administrative 900 TOTAL OF ZINES H-T-J -- 4. $ 900 PROJECTED ASSBTS AT 12/31/93 (L.3 - L.4} 5. $N 419,084 ------------------------------------------------------------------------------------ Section 2. Determi,nation of projected SURPLUS or �EFICiT<@ 12/31/93. Projected Assets (Line �) 6. $ 4Z9,084 Accrued Liability (Line B, Schedule 1) 7. $ 463,126 If L.6 > L.7, enter difference: SURPLUS 8a. $ ^ 0 If L.7 > L.6, enter difference: DfiFICIT Sb. $ 44,042 **Ga to Sectian 3 if SURPLUS **� To Section 4 if DEFICIT*� -------------------------------------------------- --------------- -------------------------__------------------------------------------ Sectian 3. Determination of 1994 Municipal Cantribution (if SURPLUS) Normal Cost (line C, Schedule 1) 9. $ 4 Administrative_ Expense (1.035 X L. J) 10. $ Q I.ess: K Minn. State Aid $ 0 L 5q of Line 5 $ 0 M lOq af Line 8a $ 0 Total Sabtractions 11. $ 0 ---------------- 1994 City Contribution if SUFiPLUS exists (L. 8a} 12. $ 0 ------------------------------------------------------------------------------------- Sectian 4. Determination of Municipal Contribution (if DEFICIT) Normal Cost (Line C, Sch. 1) ].3. $ 44,8�0 Amor�ization of deficit(sj incurred prior to end of 1993 YR ORIGIN. AMT RFsT AMT LEFT INCUR. AMQUNT PRfiV TO RE�IRE 19 �l� �2� �30 19 0 19 0 Tatals 0 0 0 TOT ORIG DEF 0 -- - X .10 =- 14. $ 0 Deduct col {3� total from L. 8b. If col 3 < L. b, difference is a NEW DEFICIT. $ 44,042 X .10 =---------15. $ 4,404 Calculated Administrative Expense ------- ----16. $ 931 ------------ Total Costs $ 50, 175 LESS: N) Minn. State Aid -- $ 24,563 0) 5� of Line 5----------$ 20,954 Total Subtractions ----- - -- --------17. $ 45,517 1994 City Contribution, if DEFICIT exists (L.$b} 18. $ 4,658� � 1 J AV�RAGE SPECIAL FUND INCOME (non-investment) PER MEMBER FOR PREVTOUS THREE YEAR PERIOD. • ACTV STATfi LOCAL 1/IO ANNUAL 3 YR FF AID TAXES SURPLUS TOTAL TOTAL 33 1592 24,563 28,607 �3,170 33 1991 23,866 32,802 56,66$ 33 I990 20,900 16,906 37,806 147,644 3YR TOT/3/#1�IBR 49,215 33 = 1,491 AVG PFsR MBR Max pension (Avg. X 1.85} �2,759 CfiRTIFICATION OF SPECIAL FUND R�4UIREMEPtTS This information must be certified to the clerk of the municipality or ta the independent non-prafit firefighting corporation by 08/t�i/93. We, the officers of the Rosemount Firefighters' Relief�Association, state that the accompa�ying schedules have been prepared in accordance with the provisions of the Min. Stat. Ch. 69.772, subd 4. The average amount of available financing per active member for the a.st three years was $1 491 Further, benefit levels have been estab �z ' �ccordance with t�ie averag'e amount of available financing, as The minim city contribution for 1994 is: $4,6�8 esident Date , ecretary Date_�'`d�[`� �---- _�_ ,? __ Treasurer Date_�M�9�-��---- �-------- These Schedules were �re ared Prepared by: fram information provide� by Gus Welter, consultant Officers of the Relief Association. I901 Meadowview Road Bloamingtan, MN 5�v425 Calculated as I2J31/93 (612} 854-$856 CLfiRK'S CERTI�ICATION I am the clerk (or other designated official) of the city of Rosemount. I have received the comp leted OFFICfi OF THE STATE AUDITOR SCHEDULES I & II ' fram the Rosemount Firefighters Relief Association on _ ; 1993. I have reviewed Sectivn 2: lines 8, .12 and 18. If 2ineZ�-or Tine 18 reflects a required municipal contrzbu�ion� I certify that I wi11 so advise the municipal gaverning body at its next regularly scheduled meeting. If the Certification of the Officers discloses that the Bylaws have been amended to provide a benefit increase, I certify that the municipal gaverning body has psssed a resolutian which approves the chsnge in the bylaws. A capy of the resolution is attached (if required} . Date ---�y��_,i993 Signature — --�M Phane # Title {Note: Failure to file this document in a timely manner, whether or not a municipal cantributian is required, will result in lass af state aid.)