b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM MANAGEMENTS DISCUSSION AND ANALYSIS (Unaudited)OVERVIEW OF THE FINANCIAL STATEMENTSThe following discussion and analysis are intended to serve as an introduction to the financial statements of the System, which are:1.Statements of Fiduciary Net Position 2.Statements of Changes in Fiduciary Net Position 3.Notes to the Financial StatementsThe Statements of Fiduciary Net Position is a snapshot of account balances at year-end. It indicates the amount of assets available for payment to retirees, beneficiaries, and any current liabilities owed at year-end.The Statements of Changes in Fiduciary Net Position reports additions to and deductions from the fiduciary net position during the year.The above statements are being prepared on an accrual basis of accounting. Investment gains and losses are shown at trade date, and account balances are based on fair values recognizing both realized and unrealized gains and losses on investments.Notes to the Financial Statements provide additional information essential to a full understanding of the data provided in the financial statements. These notes are presented on pages 17 to 56 of this report.The Required Supplementary Information (RSI) section includes the following five schedules with respect to the Pension Plan and Health Subsidy Plan:Pension Plan:Schedule of Changes in Net Pension Liability and Related Ratio Schedule of Employer Contributions Notes to Schedule of Employer Contributions Schedule of Investment Returns Schedule of Employers Net Pension LiabilityHealth Subsidy Plan:Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios Schedule of Employer Contributions Notes to Schedule of Employer Contributions Schedule of Investment Returns Schedule of Employers Net Other Postemployment Benefits Liability 5 22 LAFPP ANNUAL REPORT 2024'