This document is the independent auditor’s report and accompanying financial statements for the Firemen’s Relief and Retirement Fund, the fiduciary pension fund of the City of McAllen, covering the fiscal year ending September 30 2020. The auditor gave an unqualified (clean) opinion that the statements fairly present the fund’s financial position and changes. The fund held $57,956,229 in net assets for pension benefits, received $1,545,731 in member contributions and $1,675,942 in employer contributions, and earned a net investment gain of $5,318,377, resulting in total net additions of $8,542,185. Deductions for benefit payments, refunds, DROP payments, and administrative costs total $4,558,083. Total investments at fair value were $57,692,032 and the estimated rate of return for 2020 was 9.90%.
| Auditor's opinion | Unqualified (clean) opinion |
| Net position held in trust | $57,956,229 |
| Member contributions (2020) | $1,545,731 |
| Employer contributions (2020) | $1,675,942 |
| Net investment gain (2020) | $5,318,377 |
| Total net additions (2020) | $8,542,185 |
| Total deductions (2020) | $4,558,083 |
| Total investments at fair value | $57,692,032 |