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09.b1 Staff Report Relief Benefit level increase Staff Report Date of Meeting: October, 15th 2024 To: City Council From: Mike Hinz, Fire Chief Re: Relief Association Benefit Level Increase Background: The Scandia Firefighter Relief Association entered the statewide volunteer firefighter plan (PERA) in 2010 at a level of $2,500 per year of service. As a department we became vested in the plan in 2015. Every year the PERA board sends funding information for review and recommends increasing the benefit level if the fund is more than 100% funded. In 2018 an increase from $2,500 to $2,800 was approved. Then again in 2020 an increase from $2,800 to $3,500 was approved The Relief Association board of trustees reviewed the annual actuarial valuation report provided by PERA for last year (2023). After review the board is requesting the council to approve a resolution to increase the benefit level from $3,500 per year of service to $3,800 per year of service. Issue: Should the city council approve a benefit level increase effective January 1st 2025? Proposal Details: Notify PERA of resolution to increase benefit level to $3,800 per year of service Fiscal Impact: The proposed increase should still keep the fund at 103.4% funded, so there would not be any financial requirement from the city. Options: (1) Approve the benefit level increase from $3,500 to $3,800 (2) Approve a different benefit level increase (3) Decline a benefit level increase Recommendation: Option (1). CITY OF SCANDIA RESOLUTION NO. 10-15-24-02 A RESOLUTION OPTING TO INCREASE THE BENEFIT LEVEL FOR FIREFIGHTERS WHO ARE VESTED IN THE STATEWIDE VOLUNTEER FIREFIGHTER PLAN The City Council of the City of Scandia, Minnesota, does ordain: WHEREAS: The City previously authorized the fire department to join the Statewide Volunteer Firefighter Plan administered by the Public Employees Retirement Association (PERA); and WHEREAS: The City requested and obtained a cost analysis of increasing the benefit level for firefighters who are vested in the Statewide Volunteer Firefighter Plan from PERA not more than 120 days ago; and WHEREAS: The City understands that Minnesota statutes do not have provisions for a decrease in benefit levels; and WHEREAS: The City highly values the contributions of City Fire Department members to the safety and well being of our community and wishes to safeguard their pension investments in a prudent manner. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SCANDIA, MINNESOTA: 1) The City hereby approves an increase in the benefit level for firefighters who have completed at least 5 years of good time service credit as a member of the Statewide Volunteer Firefighter Plan administered by PERA at the $3,800.00 benefit level per year of service, effective January 1, 2025; and 2) The City Administrator and Mayor are hereby authorized to execute all documents necessary to effectuate the intent of this resolution. The motion for the adoption of the foregoing resolution was proposed by Councilmember ________________ and was duly seconded by Councilmember ______________ and upon vote being taken thereon, the following voted in favor: And the following voted against the same: Whereupon said resolution was declared duly passed and adopted by the City Council of the City of Scandia, on October 15th, 2024. BY: ATTEST: Christine Maefsky Mayor Kyle Morell, City Administrator CITY OF SCANDIA Page 1 ` Public Employees Retirement Association of Minnesota Statewide Volunteer Firefighter Plan Actuarial Valuation Report as of December 31, 2024 for the City of Scandia Volunteer Fire Department City of Scandia Volunteer Fire Department Table of Contents Cover Letter - Executive Summary 1 Summary of Results................................................................................................................................ 1 Valuation Results 2 Financial Requirement for Following Calendar Year .............................................................................. 2 Benefit Level Analysis ............................................................................................................................. 2 Projection of Accrued Liability ............................................................................................................... 3 Projection of Assets ................................................................................................................................ 3 (Gain) / Loss ............................................................................................................................................ 3 Cost Impact of Increase in Benefit Level ................................................................................................ 4 Summary of Participant Data ........................................................................................................................ 5 Assessment of Risk ........................................................................................................................................ 6 Low-Default-Risk Obligation Measure ......................................................................................................... 7 Methods and Assumptions ........................................................................................................................... 8 Summary of Plan Provisions ......................................................................................................................... 9 Plan Member Detail .................................................................................................................................... 10 July 15, 2024 Public Employees Retirement Association of Minnesota St. Paul, Minnesota Re: City of Scandia Volunteer Fire Department Actuarial Valuation as of December 31, 2024 Dear PERA Trustees: The results of the December 31, 2024 Actuarial Valuation of the City of Scandia Volunteer Fire Department (the Plan) are presented in this report. This report was prepared at the request of the Board and is intended for use by the Public Employees Retirement Association (PERA) and the Plan and those designated or approved by the Board or the Plan. This report may be provided to parties other than PERA and the Plan only in its entirety and only with the permission of the Board or the Plan. GRS is not responsible for unauthorized use of this report. The purposes of the valuation are to measure the Plan’s funding progress and to determine the required contribution for the fiscal year ending December 31, 2025. This report should not be relied on for any purpose other than the purposes described herein. Determinations of financial results, associated with the benefits described in this report, for purposes other than those identified above may be significantly different. The contribution in this report is determined using the actuarial assumptions and methods disclosed on page 8 of this report. This report includes risk metrics on page 6 but does not include a more robust assessment of the risks of future experience not meeting the actuarial assumptions. Additional assessment of risks was outside the scope of this assignment. This valuation assumed the continuing ability of the governing body to make the contributions necessary to fund this plan. A determination regarding whether or not the governing body is actually able to do so is outside our scope of expertise and was not performed. The findings in this report are based on data and other information through December 31, 2023. The valuation was based upon information furnished by PERA concerning the Plan, financial transactions, plan provisions, and active and terminated members. We checked for internal reasonability and year-to-year consistency, but did not audit the data. We are not responsible for the accuracy or completeness of the information provided by PERA. Public Employees Retirement Association of MN City of Scandia Volunteer Fire Department July 15, 2024 Page 2 Actuarial assumptions, including discount rates, and others identified in this report, are prescribed by Minnesota Statutes Section 353G.08, the Legislative Commission on Pensions and Retirement (LCPR), and the Trustees. These parties are responsible for selecting the plan’s funding policy, actuarial valuation methods, asset valuation methods and assumptions. The policies, methods and assumptions used in this valuation are those that have been so prescribed and are described in the Methods and Assumptions section of this report. PERA is solely responsible for communicating to GRS any changes required thereto. All actuarial assumptions used in this report are reasonable for the purposes of this valuation. The combined effect of the assumptions is expected to have no significant bias (i.e. not significantly optimistic or pessimistic). All actuarial assumptions and methods used in the valuation follow the guidance in the applicable Actuarial Standards of Practice. Additional information about the actuarial assumptions is included in the section of this report entitled Methods and Assumptions. We have assessed that the contribution allocation procedure calculated under the current funding policy is a reasonable Actuarially Determined Employer Contribution (ADEC) and is not significantly inconsistent with the plan accumulating adequate assets to make benefit payments when due. This report was prepared using our proprietary valuation model and related software which, in our professional judgment, has the capability to provide results that are consistent with the purposes of the valuation and has no material limitations or known weaknesses. We performed tests to ensure that the model reasonably represents that which is intended to be modeled. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge, the information contained in this report is accurate and fairly presents the actuarial position of the Plan as of the valuation date and was performed in accordance with the requirements of Minnesota Statutes Section 353G.08, and the requirements of the Standards for Actuarial Work established by the LCPR. All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board, and with applicable statutes. Bonita J. Wurst and Sheryl L. Christensen are Members of the American Academy of Actuaries (MAAA) and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. In addition, GRS meets the requirements of “approved actuary” under Minnesota Statutes Section 356.215, Subdivision 1, Paragraph (c). The signing actuaries are independent of the plan sponsor. Respectfully submitted, Gabriel, Roeder, Smith & Company Bonita J. Wurst, ASA, EA, FCA, MAAA Sheryl L. Christensen, FSA, EA, FCA, MAAA City of Scandia Volunteer Fire Department 1 Executive Summary The Required Contributions for 2024 and 2025 are summarized in the following table: Summary of Results Plan Data 2024 2023* 1. Current Benefit Level 2. Number of Participants $ 3,500 $ 3,500 a. Active members 30 b. Deferred members 6 c. Total 36 Funded Status 2024 2023* 1. Projected Assets at End of Year $ 1,136,330 $ 942,614 2. Accrued Liability at End of Year 1,019,418 885,248 3. Surplus / (Deficit) $ 116,912 $ 57,366 4. Funded Ratio 111.47% 106.48% 5. Account Status Surplus Over Full Funding Surplus Over Full Funding Contributions 2024 2023* 1. Financial Requirement a. Total Financial Requirement $ 79,688 $ 72,080 b. Reduction to the Financial Requirement (118,169) (99,430) c. Required Contribution $ 0 $ 0 2. Contribution Due Date 12/31/2025 12/31/2024 * 2023 results calculated and provided by PERA. City of Scandia Volunteer Fire Department 2 Valuation Results Financial Requirement for Following Calendar Year 2024 2023* 1. Determination of Surplus / (Deficit) a. Projected Assets $ 1,136,330 $ 942,614 b. Accrued Liability 1,019,418 885,248 2. Surplus / (Deficit) [1a-1b] $ 116,912 $ 57,366 3. Financial Requirement Charges a. Increase/(Decrease) in liability $ 89,219 $ 76,887 b. Administrative Fees 2,160 930 c. One-Tenth of Deficit / (Surplus)^ (11,691) (5,737) d. Net Financial Requirement Charge [3a+3b+3c, not less than zero] $ 79,688 $ 72,080 4. Financial Requirement Credits a. Fire State Aid Current Year x 1.035 $ (42,735) $ (36,076) b. Supplemental State Aid Current Year (7,254) (6,797) c. 6% interest on Projected Present Assets (68,180) (56,557) d. Net Financial Requirement Credit [4a+4b+4c] $ (118,169) $ (99,430) 5. Required Contribution [3d+4d, not less than zero] $ 0 $ 0 6. Contribution Due Date 12/31/2025 12/31/2024 Benefit Level Analysis 2024 2023* 1. Current Benefit Level $ 3,500 $ 3,500 2. Financial Requirement Charges 79,688 72,080 3. Fire State Aid (including supplemental aid) 49,989 42,873 4. Fire State Aid Use Ratio 159% 168% * 2023 results calculated and provided by PERA. ^ Zero if the plan has had a surplus for only one year. Your organization uses all of the available Fire State Aid towards its financial requirement. City of Scandia Volunteer Fire Department 3 Projection of Accrued Liability 2024 2023* 1. Active Member Liability $ 925,462 $ 2. Deferred Member Liability 93,956 3. Total Accrued Liability at year-end (1+2) $ 1,019,418 $ 885,248 4. Projected Accrued Liability at next year-end 1,108,637 962,135 5. Increase/(Decrease) in Liability (4-3) $ 89,219 $ 76,887 Projection of Assets 2024 2023* 1. Actual Assets at Beginning of Year 2. Projected Change in Asset Value $ 1,027,232 $ a. Fire State Aid 41,290 b. Fire Supplemental Aid 7,254 c. Required Contribution 0 d. Net Investment Income 61,634 e. PERA Administrative Fee (1,080) f. Net Change in Present Assets $ 109,098 $ 3. Projected Assets at End of Year $ 1,136,330 $ 942,614 (Gain)/Loss Assets Accrued Liability^ 1. Expected Value* $ 942,614 $ (962,135) 2. Actual Value 1,027,232 (1,019,418) 3. (Gain)/Loss [1-2] $ (84,618) $ 57,283 * 2023 results calculated and provided by PERA. ^ Includes the change in benefit level, if applicable. City of Scandia Volunteer Fire Department 4 Cost Impact of Increase in Benefit Level 2024 2023* Benefit Level $3,500 $3,600 $3,700 $4,500 1. Determination of Surplus / (Deficit) a. Projected Assets $ 1,136,330 $ 1,136,330 $ 1,136,330 $ 1,136,330 b. Accrued Liability 1,019,418 1,045,860 1,072,302 1,283,836 2. Surplus / (Deficit) [1a-1b] $ 116,912 $ 90,470 $ 64,028 $ (147,506) 3. Financial Requirement Charges a. Increase/(Decrease) in liability $ 89,219 $ 91,761 $ 94,304 $ 114,649 b. Administrative Fees 2,160 2,160 2,160 2,160 c. One-Tenth of Deficit / (Surplus)^ (11,691) (9,047) (6,403) 14,751 d. Net Financial Requirement Charge [3a+3b+3c, not less than zero] $ 79,688 $ 84,874 $ 90,061 $ 131,560 4. Financial Requirement Credits a. Fire State Aid Current Year x 1.035 $ (42,735) $ (42,735) $ (42,735) $ (42,735) b. Supplemental State Aid Current Year (7,254) (7,254) (7,254) (7,254) c. 6% interest on Projected Present Assets (68,180) (68,180) (68,180) (68,180) d. Net Financial Requirement Credit [4a+4b+4c] $ (118,169) $ (118,169) $ (118,169) $ (118,169) 5. Required Contribution [3d+4d, not less than zero] $ 0 $ 0 $ 0 $ 13,391 ^ Zero if the plan has had a surplus for only one year. City of Scandia Volunteer Fire Department 5 Summary of Participant Data December 31, 2024 December 31, 2023* Active Members Number 30 Average Age 45.0 Average Service 10.6 Deferred Vested Members Number 6 Average Age 47.7 Total Benefits $ 101,052 * 2023 results calculated and provided by PERA. City of Scandia Volunteer Fire Department 6 Risks Associated with Measuring the Accrued Liability and Actuarially Determined Contribution The determination of the accrued liability and the actuarially determined contribution requires the use of assumptions regarding future economic and demographic experience. Risk measures, as illustrated in this report, are intended to aid in the understanding of the effects of future experience differing from the assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the potential volatility in the accrued liability and the actuarially determined contribution that result from the differences between actual experience and the actuarial assumptions. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions due to changing conditions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period, or additional cost or contribution requirements based on the Plan’s funded status); and changes in plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis of the potential range of such future measurements. Examples of risk that may reasonably be anticipated to significantly affect the plan’s future financial condition include: 1. Investment Risk – actual investment returns may differ from the expected returns; 2. Asset/Liability Mismatch – changes in asset values may not match changes in liabilities, and are highly dependent on the timing of lump sum payments, thereby altering the gap between the accrued liability and assets and consequently altering the funded status and contribution requirements; 3. Contribution Risk – actual contributions may differ from expected future contributions. For example, actual contributions may not be made in accordance with the plan’s funding policy or material changes may occur in the anticipated number of covered employees or other relevant contribution base; 4. Other Demographic Risks – members may terminate, retire or become disabled at times or with benefits other than assumed resulting in actual future accrued liability and contributions differing from expected. The effects of certain trends in experience can generally be anticipated. For example, if the investment return since the most recent actuarial valuation is less (or more) than the assumed rate, the cost of the plan can be expected to increase (or decrease). The required contribution shown on page 1 may be considered as a minimum contribution that complies with Minnesota Statutes. The timely receipt of the actuarially determined contributions is critical to support the financial health of the plan. Users of this report should be aware that contributions made at the actuarially determined rate do not necessarily guarantee benefit security. Additional Risk Assessment Additional risk assessment is outside the scope of the annual actuarial valuation. Additional assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a comparison of the present value of accrued benefits at low-risk discount rates with the actuarial accrued liability. City of Scandia Volunteer Fire Department 7 Low-Default-Risk Obligation Measure Actuarial Standards of Practice No. 4 (ASOP No. 4) was revised and reissued in December 2021 by the Actuarial Standards Board (ASB). It includes a new calculation called a Low-Default-Risk Obligation Measure (LDROM) to be prepared and issued annually for defined benefit pension plans. The transmittal memorandum for ASOP No. 4 includes the following explanation: “The ASB believes that the calculation and disclosure of this measure provides appropriate, useful information for the intended user regarding the funded status of a pension plan. The calculation and disclosure of this additional measure is not intended to suggest that this is the “right” liability measure for a pension plan. However, the ASB does believe that this additional disclosure provides a more complete assessment of a plan’s funded status and provides additional information regarding the security of benefits that members have earned as of the measurement date.” The following information has been prepared in compliance with this new requirement. Unless otherwise noted, the measurement date, actuarial cost methods, and assumptions used are the same as for the funding valuation covered in this actuarial valuation report. A. Low-Default-Risk Obligation Measure of benefits earned as of the measurement date: $1,052,673 B. Discount rate used to calculate the LDROM: 4.83% C. Other significant assumptions that differ from those used for the funding valuation: none D. Actuarial cost method used to calculate the LDROM: Entry Age Actuarial Cost Method E. Valuation procedures to value any significant plan provisions that are difficult to measure using traditional valuation procedures, and that differ from the procedures used in the funding valuation: none F. The LDROM is a market-based measurement of the pension obligation. It estimates the amount the plan would need to invest in low risk securities to provide the benefits with greater certainty. This measure may not be appropriate for assessing the need for or amount of future contributions. This measure may not be appropriate for assessing the sufficiency of plan assets to cover the estimated cost of settling the plan’s benefit obligation. The difference between the two measures (Valuation and LDROM) is one illustration of the savi ngs the sponsor anticipates by taking on the risk in a diversified portfolio. City of Scandia Volunteer Fire Department 8 Methods and Assumptions Actuarial Methods Valuation Date December 31, 2024, projected from data as of December 31, 2023 Funding Method Entry age normal level dollar with no pre-retirement decrements per MN Statutes 353G.08 Market Assets Trustee value plus any receivable income and less any payables Actuarial Assets Market assets projected to the end of the valuation year, per MN Statutes 353G.08 Economic Assumptions Valuation Rate 6.00%, net of investment expenses Increases to Fire State Aid 3.50% per year Future Benefit Level Increases None Interest on Deferred Benefits As indicated in member data Other Assumptions Mortality (pre-retirement) None Mortality (post-retirement) Not Applicable Disability None Withdrawal None Retirement Age Later of Age 50 or 20 years of service Form of Payment Lump Sum Administrative Expenses $30 per participant; increasing to $60 per participant for plan year 2025 Assumption Changes: None City of Scandia Volunteer Fire Department 9 Summary of Plan Provisions Following is a summary of the major plan provisions used to determine the plan’s financial position. It should not be used in determining plan benefits. Fire Department City of Scandia Volunteer Fire Department Plan Year Calendar year Vesting Schedule Members are 40% vested upon completion of 5 years of service. The vesting percentage increases by 4% for each complete year of service above 5 years until the member is 100% vested with 20 years of service. Normal Form of Payment Lump sum Deferred Vested Benefit Eligible upon termination, after completion of at least 5 years of service. Lump sum of $3,500 per year of service, subject to the vesting schedule, payable at age 50. The benefit may be subject to an interest rate credit during the time that a member is deferred. Normal Retirement Benefit Eligible upon attainment of age 50 and completion of 20 years of service. Lump sum of $3,500 per year of service. City of Scandia Volunteer Fire Department 10 Plan Member Detail* As of 12/31/2024 Member Name Status Date of Entry Total Service Years Vesting % Vested Benefit Accrued Benefit Projected Ben at Ret Bancks, Nicholas A Active 6/1/2020 5 40% $7,000 $17,500 $70,000 Boyd, William Active 5/1/2000 25 100% $87,500 $87,500 $87,500 Caldwell, Zachary J Active 6/1/2022 3 0% $0 $10,500 $94,500 Firkus, Jeffery D Active 6/1/2021 4 0% $0 $14,000 $70,000 Foss, Paul E Active 6/1/2023 2 0% $0 $7,000 $70,000 Frank, Michael E Active 6/1/2012 13 72% $32,760 $45,500 $70,000 Giddings, Wesley Active 6/8/2023 2 0% $0 $7,000 $70,000 Gonzales, Kevin J Active 6/1/2023 2 0% $0 $7,000 $70,000 Greenhow, Steven B Active 6/1/2019 6 44% $9,240 $21,000 $70,000 Gross, Brent G Active 6/1/2022 3 0% $0 $10,500 $70,000 Havener, William A Active 9/1/1988 36 100% $126,000 $126,000 $126,000 Hinz, Michael J Active 1/1/1993 32 100% $112,000 $112,000 $112,000 Holtgreve, Shaun C Active 11/1/2017 7 48% $11,760 $24,500 $70,000 Horner, Benjamin D Active 12/1/2020 4 0% $0 $14,000 $70,000 Johnson, Jeremy R Active 11/1/2017 7 48% $11,760 $24,500 $70,000 Loeffler, Travis Active 6/1/2013 12 68% $28,560 $42,000 $84,000 Majeski, Christopher D Active 6/25/2007 18 92% $57,960 $63,000 $73,500 Mc Carty, Benjamin L Active 6/1/2014 11 64% $24,640 $38,500 $70,000 Michalski, Mark B Active 11/1/2022 2 0% $0 $7,000 $70,000 Myers, Adam G Active 6/1/2016 9 56% $17,640 $31,500 $70,000 Nora, Peter A Active 4/1/1983 42 100% $147,000 $147,000 $147,000 O Neill, Timothy G Active 6/1/2020 5 40% $7,000 $17,500 $73,500 Obrien, Matthew E Active 6/1/2021 4 0% $0 $14,000 $73,500 Rosenthal, Michael R Active 6/1/2023 2 0% $0 $7,000 $70,000 Rydeen, Allen S Active 6/25/2007 18 92% $57,960 $63,000 $87,500 Rydeen, Eric L Active 6/1/2012 13 72% $32,760 $45,500 $70,000 Skarja, Ian Active 7/1/2010 15 80% $42,000 $52,500 $70,000 Stefano, Steven M Active 6/1/2022 3 0% $0 $10,500 $98,000 Vannelli, Nick J Active 6/1/2019 6 44% $9,240 $21,000 $70,000 Biebl, Jeffrey N Deferred 6/1/2005 $7,152 $7,152 Hagen, John M Deferred 6/1/2014 $5,600 $5,600 Helke, Jason P Deferred 6/28/2003 $26,600 $26,600 Mead, David A Deferred 6/1/2012 $5,000 $5,000 Sipola, Aaron M Deferred 6/1/2012 $5,000 $5,000 Swenson, Kent B Deferred 9/1/1988 $51,700 $51,700 Krager, Adriane S Leave 6/1/2017 6 44% $9,240 $21,000 $70,000 *Information was provided by PERA for valuation purposes and should not be relied upon. Any changes in the data provided would produce different valuation results and estimated benefit amounts. 3,500$ 3,600$ 3,700$ 3,800$ 3,900$ 4,000$ 4,100$ 4,200$ 4,300$ 4,400$ 4,500$ Assets 1,136,330$ 1,136,330$ 1,136,330$ 1,136,330$ 1,136,330$ 1,136,330$ 1,136,330$ 1,136,330$ 1,136,330$ 1,136,330$ 1,136,330$ Liability 1,019,418$ 1,045,860$ 1,072,302$ 1,098,744$ 1,125,186$ 1,151,628$ 1,178,070$ 1,204,512$ 1,230,954$ 1,257,396$ 1,283,838$ Surplus/ Deficit 116,912$ 90,470$ 64,028$ 37,586$ 11,144$ (15,298)$ (41,740)$ (68,182)$ (94,624)$ (121,066)$ (147,508)$ Liability 89,219$ 91,761$ 94,304$ 96,848$ 99,393$ 101,939$ 104,486$ 107,034$ 109,583$ 112,133$ 114,649$ Admin 2,160$ 2,160$ 2,160$ 2,160$ 2,160$ 2,160$ 2,160$ 2,160$ 2,160$ 2,160$ 2,160$ 1/10 surplus 11,691$ 9,047$ 6,403$ 3,759$ 1,114$ (1,530)$ (4,174)$ (6,818)$ (9,462)$ (12,107)$ (14,751)$ Total income 79,688$ 84,874$ 90,061$ 95,249$ 100,439$ 105,629$ 110,820$ 116,012$ 121,205$ 126,400$ 131,560$ State aid 42,735$ 42,735$ 42,735$ 42,735$ 42,735$ 42,735$ 42,735$ 42,735$ 42,735$ 42,735$ 42,735$ Stae surplus 7,254$ 7,254$ 7,254$ 7,254$ 7,254$ 7,254$ 7,254$ 7,254$ 7,254$ 7,254$ 7,254$ 6% intrest 68,180$ 68,180$ 68,180$ 68,180$ 68,180$ 68,180$ 68,180$ 68,180$ 68,180$ 68,180$ 68,180$ Net Credit 118,169$ 118,169$ 118,169$ 118,169$ 118,169$ 118,169$ 118,169$ 118,169$ 118,169$ 118,169$ 118,169$ 111.47%108.65%105.97%103.42%100.99%98.67%96.46%94.34%92.31%90.37%88.51% 38,481$ 33,295$ 28,108$ 22,920$ 17,730$ 12,540$ 7,349$ 2,157$ (3,036)$ (8,231)$ (13,391)$ -$ -$ -$ -$ -$ -$ -$ -$ 3,036$ 8,231$ 13,391$ Credits Liability incease per $100 increase % funded Required city contribution Surplus/deficit Financial requirement Excess income 26,442.00$