VALUATION SUMMARY

VALUATION RESULTS

SUPPLEMENTAL

INFORMATION

REPORTING INFORMATION

Purpose .......................................... i

Significant Issues in Valuation

Year.......................................... i

Summary of Key Valuation

Results....................................iii

A. Participant Data....................... 1

B. Financial Information .............. 4

C. Actuarial Experience............... 7

D. Recommended Contribution . 12

E. Information Required by the

GASB .................................... 14

EXHIBIT A

Table of Plan Coverage ................... 15

EXHIBIT B – 1

Participants in Active Service as of

September 30, 2003 (Total)............. 16

EXHIBIT B – 2

Participants in Active Service as of

September 30, 2003 (Fire)............... 17

EXHIBIT B – 3

Participants in Active Service as of

September 30, 2003 (Police) ........... 18

EXHIBIT C

Summary Statement of Income and

Expenses on an Actuarial Value

Basis................................................ 19

EXHIBIT D

Table of Financial Information ........ 20

EXHIBIT E

Development of the Fund Through

September 30, 2003 ........................ 21

EXHIBIT F

Development of Unfunded Actuarial

Accrued Liability for Year Ended

September 30, 2003 ........................ 22

EXHIBIT G

Definitions of Pension Terms .......... 23

EXHIBIT I

Summary of Actuarial Valuation

Results .............................................25

EXHIBIT II

Supplementary Information Required

by the GASB – Schedule of

Employer Contributions ..................26

EXHIBIT III

Supplementary Information Required

by the GASB – Schedule of Funding

Progress ...........................................27

EXHIBIT IV

Supplementary Information Required

by the GASB ...................................28

EXHIBIT V

Actuarial Assumptions and Actuarial

Cost Method....................................29

EXHIBIT VI

Summary of Plan Provisions............32

SECTION 1

SECTION 2

SECTION 3

SECTION 4