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City of Paris, Texas <br />Notes to Financial Statements <br />September 30, 2007 <br />V. Other Information (Continued) <br />I. Employee Retirement Systems and Plans (Continued) <br />2. Firefighters' Relief and Retirement Fund (Continued) <br />Annual Pension Cost (Continued) <br />The initial asset value is the market value of assets five years prior to the valuation date. All <br />receipts from contributions, interest, dividends, and miscellaneous income over the last five <br />years are added to the initial asset value. Likewise, all benefit payments, contribution refunds, <br />and expenses are subtracted from the initial asset value. In this manner, all such receipts and <br />disbursements are recognized immediately. <br />January 1, <br />2003 2005 2007 <br />Actuarial Value of Assets <br />Actuarial Accrued Liability (AAL) <br />Unfunded AAL (UAAL) <br />Funded Ratio <br />Covered Payroll <br />$ 6,128,263 $ 6,967,797 $ 6,901,424 <br />9,676,328 10,802,145 10,951,137 <br />$ 3,548,065 $ 3,834,348 $ 4,049,713 <br />63.3% 64.5% 63.0% <br />$ 1,968,378 $ 2,093,252 $ 1,781,420 <br />UAAL as a Percentage of Covered Payroll 180.3% 183.2% 227.3% <br />53 <br />