This document is the independent auditor’s report and the accompanying audited financial statements for the Firemen’s Relief and Retirement Fund, a fiduciary fund of the City of McAllen, covering the year ended September 30 2017. It includes the auditor’s unqualified opinion, a management discussion, the statement of fiduciary net position, changes in net position, notes, and supplementary schedules. The fund held $49,459,309 in net position, received $1,266,209 in member contributions and $1,498,194 in employer contributions, earned a net investment gain of $5,489,970, added $8,254,373 total net additions, paid $3,205,562 in benefits, and had $3,554,119 total deductions. Investment assets were $47,657,245 at fair value, with an estimated 12.29 % return for 2017, above the required 7.5 % actuarial rate.
| Total fiduciary net position (trust) as of 9/30/2017 | $49,459,309 |
| Total net additions in 2017 | $8,254,373 |
| Total net deductions in 2017 | $3,554,119 |
| Net investment gain in 2017 | $5,489,970 |
| Employer (city) contributions in 2017 | $1,498,194 |
| Member contributions in 2017 | $1,266,209 |
| Total investment assets at fair value (2017) | $47,657,245 |
| Estimated rate of return for 2017 | 12.29% |