This is the audited financial report for the Firemen’s Relief and Retirement Fund, the pension fund that provides retirement benefits to McAllen firefighters. The report, covering the fiscal year ending September 30 2018, includes the auditor’s unqualified opinion that the statements are fairly presented, a discussion of the fund’s assets, contributions, investment earnings, benefit payments and other expenses, and tables showing the fund’s investment portfolio and its yearly rate of return. In 2018 the fund held about $52.7 million in net assets, received roughly $2.9 million in contributions, earned $4.3 million from investments, paid $3.4 million in retirement benefits, and ended the year with $42.8 million in investments that generated an 8.31% return, exceeding the 7.5% actuarial benchmark.
| Net position held in trust (Sept 30 2018) | $52,675,409 |
| Member contributions (2018) | $1,360,361 |
| Employer contributions (2018) | $1,547,133 |
| Net investment gain (2018) | $4,256,675 |
| Benefit payments to retirees (2018) | $3,393,986 |
| Total investments at fair value (2018) | $42,793,699 |
| Estimated rate of return (2018) | 8.31 % |
| Auditor's opinion | Unqualified – financial statements present fairly in all material respects |