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FIREFIGHTER'S RELIEF ASSOCIATION <br />2701 North Lexington Avenue <br />Roseville, Minnesota 55113 <br />April 15, 2003 <br />John Kysylyczyn, Mayor <br />Toni I ough, Council Member <br />Greg Schroeder, Council Member <br />Dean Maschka, Council Member <br />Craig Klausing, Council Member <br />ROE ILL E FIREFIGHTER'S RELIEF ASSOCIATION 2003/ 2004 FINANCIAL <br />REQUIREMENTS <br />The Board of Directors and Officers of the Relief Association have determined the <br />financial requirements in accordance with Minnesota Statute 69.773, subdivision 4 and 5, <br />utilizing the latest actuarial variance valuation and amortization schedules. The officers <br />of the Association certify this request to the Mayor and City Council Members as their <br />directed responsibility under Minnesota Statute 69.773, subdivision 5. <br />Accrued Liability per 2003 Estimated actuarial $7,4893194 <br />Less estimated assets in plan 12/31/03 5J27,888 <br />Unfunded Liability deficit 12/03 estimated <br />$ 2,3619306 <br />Funding Requirements <br />Normal cost per actuarial survey 1103 <br />133,06 <br />Amortization <br />277,054 <br />Expenses & Interest <br />52-.370 <br />Total annual costs for required Funding <br />$ 4621392 <br />Less State Aid (2002 Value) ,. 15 1,046 <br />City Requirement for Full funding $ 3 11,346 <br />City Committed Funding $ 1 003000 <br />Respectfally Submitted, <br />Roseville Firefighter's Relief Association <br />oard of Trustees <br />es A. l�od ard, Treasurer <br />cc: Deal beets, pity Manager <br />Chris Miller, Finance Director <br />Ed B ure k, State Director of Pension & Retirement <br />