a. NDIRF annual mtg proxy vote - Laserfiche WebLink

NDIRF's CFO, Bob Tonolli, was then introduced. Mr. Tonolli stated that 2003 was a very good year financialll for NDIRF. With the City of Bismarck becoming a new member in 2003, it became the 2n highest year of written premium, up 4.6% from the previous year. Slides were then shown of 2003's written premium, losses paid (down from previous year), loss reserves (stabilized over last year), and net earnings, among others. Bob reported that, as of 12/31/03, assets were $34 million; liabilities were $15.9 million; and members' equity was $18.1 million. The loss ratio for 2003 was 43.2%. Overall, the NDIRF is in a strong financial position. To date, the cumulative surplus notes and the conferment of benefits total almost $35 million that has been returned to members since the Fund's inception. The 2-year operating ratio is at 57%, which shows that NDIRF is profitable. Bob completed his report by stating that the NDIRF's bond portfolio, which includes AAA or above bonds, was very high quality. Darrell Lingle, partner in Eide Bailly, LLP, was introduced to discuss the 2003 NDIRF financial audit. Mr. Lingle stated that, in accordance with generally accepted accounting principles, the NDIRF was given an unqualified (clean) opinion and that the NDIRF is in very good financial condition. The meeting was recessed at 11 :30 a.m. so the "Cities" and "Counties" members could caucus for election of board members. When the meeting reconvened at 11 :40 a.m., it was announced that Bob Frantsvog was re-elected to the "Cities" category and Steve Cichos was elected to the "Counties" category. Door prizes were won by Keith Seiler and Ken Frey. Chairperson Carlson thanked everyone for attending and then introduced incoming NDIRF Board Chairperson Burdell Johnson. Mr. Johnson thanked Mr. Carlson for his great leadership this past year and a job well done as board chairperson. A gift of appreciation was then presented to Mr. Carlson. There being no further business to come before the 2004 NDIRF Annual Meeting of Members, the meeting was adjourned at 11 :50 a.m. Respectfully submitted, Nancy M. Reis Recording Secretary