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City of Paris, Texas
<br /> Notes to Financial Statements (Continued)
<br /> September 30, 2002
<br />
<br />IV. Other Information (Continued)
<br />
<br /> G. Employee Retirement Systems and Plans (Continued)
<br />
<br /> 2. Firefighter's Relief and Retirement Fund (Continued)
<br />
<br /> Schedule of Funding Progress
<br />
<br /> January 1,
<br /> 1997 1999 2001
<br /> Actuarial Value of Assets $ 3,847,050 $ 4,584,245 $ 5,661,952
<br /> Actuarial Accrued
<br /> Liability (AAL) 6,172,604 7,043,476 8,379,236
<br />
<br /> Unfunded AAL (UAAL) $ 2,325,554 $ 2,459,231 ~ 2,717,284
<br /> Funded Ratio 62.3% 65.1% 67.6%
<br /> Covered Payroll $ 1,424,967 $ 1,665,462 $ 1,938,970
<br />
<br /> UAAL as a Percentage
<br /> of Covered Payroll 163.2% 147.7% 140.1%
<br />
<br /> Development of the Actuarial Value of Assets
<br />
<br /> December 31,
<br /> 1999 2000 2001
<br />
<br /> Market Value as of January 1 $ 5,193,419 $ 5,598,120 $ 5,796,875
<br />
<br /> Contributions, Interest
<br /> and Dividends
<br /> Contributions by the City 179,611 194,783 194,175
<br /> Contributions by members 161,648 175,305 187,598
<br /> Dividends and interest 219,571 241,932 252,534
<br /> Other 151 1,905 2,231
<br /> 560,981 613,925 636,538
<br />
<br /> Disbursements
<br /> Benefits paid monthly 318,642 334,488 379,199
<br /> Refund of contributions
<br /> Administrative expenses 40,686 35,480 41,271
<br /> 359,328 369,968 420,470
<br />
<br /> Net Realized and Unrealized
<br /> Gains and Losses
<br /> Realized gains (losses) 295,705 163,307 17,747
<br /> Unrealized gains (losses) ( 92,657) ( 208,509) ( 210,866)
<br /> 203,048 ( 45,202) ( 193,119)
<br /> Market Value as of December 31 $ 5,598,120 $ 5,796,875 $ 5,819,824
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