|
This and the following page are summaries of MCERA's financial statements.
A "Statement of Changes of Net Assets" is generally equivalent to an Income Statement in the private sector. It lists the Additions and Deductions from the Retirement Fund's "Net Assets". Under "Investment income" it reports the change in market value, or "fair value" of the Fund's investments. The "bottom line" is the Net Increase or Decrease in Net Assets. It then shows the balance of Net Assets at the beginning and end of the fiscal year.
The amounts listed below are the total for MCERA. The audited statements for fiscal years 1998 through 2002 showed separate columns for "Retirement Plan" and "Health Care Plan". But after 2002 they were no longer reported separately - there was only one total column.
However, we are absolutely convinced they should be separated. There are hard and fast rules in the 1937 Act about the conditions required before Pension funds can be used to pay Retiree Healthcare benefits. MCERA's financial statements do not allow the reader to see if the law was followed. (For more on this - see Payment of Retiree Healthcare from Pension Fund "Excess Earnings".)
The data is obtained from MCERA's Audited Financial Statements for each of these years. The auditor was V. James Sligh. We've checked the data and think it's the same as on the audits, but it's always possible a number or two might be wrong.
(Note: You can highlight the table, copy it, and paste it into a spreadsheet such as Excel if you want.)
|
|
|
|
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
|
ADDITIONS |
|
|
|
|
|
|
|
|
|
|
|
|
Contributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Employer |
2,660,973 |
3,342,487 |
3,690,694 |
6,239,658 |
6,378,300 |
6,661,397 |
4,220,141 |
3,806,222 |
6,463,725 |
7,231,002 |
|
|
|
Plan Member |
2,518,479 |
2,873,284 |
3,093,154 |
3,855,758 |
4,334,027 |
5,341,060 |
6,648,590 |
6,617,782 |
5,998,176 |
6,002,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ttl Contributions |
5,179,452 |
6,215,771 |
6,783,848 |
10,095,416 |
10,712,327 |
12,002,457 |
10,868,731 |
10,424,004 |
12,461,901 |
13,233,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reimburse Health Care Premiums |
271,427 |
0 |
0 |
0 |
0 |
0 |
2,079,496 |
2,675,469 |
0 |
0 |
|
|
|
Reimburse Admin Exp |
158,245 |
248,729 |
123,527 |
149,749 |
161,350 |
175,377 |
202,411 |
213,336 |
266,011 |
295,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ttl Other |
429,672 |
248,729 |
123,527 |
149,749 |
161,350 |
175,377 |
2,281,907 |
2,888,805 |
266,011 |
295,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change - Investments Fair Value |
6,567,667 |
5,525,815 |
11,433,526 |
(18,009,735) |
(13,272,252) |
3,592,784 |
29,854,677 |
18,634,983 |
24,851,741 |
44,232,592 |
|
|
|
Interest |
4,311,292 |
4,267,887 |
4,718,837 |
4,752,065 |
3,795,859 |
3,710,411 |
3,759,842 |
3,925,089 |
5,182,274 |
5,631,917 |
|
|
|
Dividends |
2,647,345 |
903,416 |
1,297,587 |
770,502 |
508,385 |
367,726 |
1,136,303 |
1,734,635 |
2,339,599 |
2,772,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub |
13,526,304 |
10,697,118 |
17,449,950 |
(12,487,168) |
(8,968,008) |
7,670,921 |
34,750,822 |
24,294,707 |
32,373,614 |
52,637,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less-Investment Expense |
634,438 |
649,726 |
698,419 |
274,638 |
241,597 |
238,252 |
263,731 |
275,436 |
294,844 |
337,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) |
12,891,866 |
10,047,392 |
16,751,531 |
(12,761,806) |
(9,209,605) |
7,432,669 |
34,487,091 |
24,019,271 |
32,078,770 |
52,299,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Ordinary Yearly Additions |
18,500,990 |
16,511,892 |
23,658,906 |
(2,516,641) |
1,664,072 |
19,610,503 |
47,637,729 |
37,332,080 |
44,806,682 |
65,828,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds - Pension Ob Bonds |
0 |
0 |
0 |
0 |
0 |
76,299,000 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Additions |
18,500,990 |
16,511,892 |
23,658,906 |
(2,516,641) |
1,664,072 |
95,909,503 |
47,637,729 |
37,332,080 |
44,806,682 |
65,828,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEDUCTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Benefits |
7,090,096 |
7,138,172 |
7,784,532 |
8,258,047 |
8,894,035 |
9,353,248 |
10,233,623 |
11,268,991 |
12,878,043 |
14,152,746 |
|
|
Refunds of Contributions |
620,745 |
415,620 |
662,161 |
503,625 |
506,988 |
962,313 |
728,369 |
933,453 |
1,067,748 |
1,035,899 |
|
|
Health Care Premiums |
1,127,376 |
1,359,515 |
1,614,191 |
1,338,221 |
2,295,076 |
2,256,850 |
2,758,826 |
2,680,365 |
3,410,319 |
3,382,351 |
|
|
Administrative Expense |
174,488 |
109,949 |
112,483 |
133,958 |
197,137 |
251,509 |
360,445 |
252,721 |
347,765 |
415,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Deductions |
9,012,705 |
9,023,256 |
10,173,367 |
10,233,851 |
11,893,236 |
12,823,920 |
14,081,263 |
15,135,530 |
17,703,875 |
18,986,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) |
9,488,285 |
7,488,636 |
13,485,539 |
(12,750,492) |
(10,229,164) |
83,085,583 |
33,556,466 |
22,196,550 |
27,102,807 |
46,842,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHANGES IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Net Trust Assets - Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Year |
133,905,892 |
143,394,177 |
150,882,813 |
164,368,352 |
151,617,860 |
141,388,696 |
224,474,279 |
258,030,745 |
280,227,295 |
307,330,102 |
|
|
|
End of Year |
143,394,177 |
150,882,813 |
164,368,352 |
151,617,860 |
141,388,696 |
224,474,279 |
258,030,745 |
280,227,295 |
307,330,102 |
354,172,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of Year |
143,394,177 |
150,882,813 |
164,368,352 |
151,617,860 |
141,388,696 |
224,474,279 |
258,030,745 |
280,227,295 |
307,330,102 |
354,172,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
