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HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 01/07/2014 (3) 04 uuuusammaauu�';ml9�BS�RU a„aa" K E N T Fireman's Relief & Pension Board AGENDA January 7, 2014 3:30 p.m. Mayor's Conference Room 1. Minutes of October 1, 2013 — Action 2. September, October, and November 2013 Financial Transactions — Action 3. Actuarial Study — Action 4. Cost of Living Allowance, RFA — Information 5. Other Business 6. Adjournment pllF�hmvvm»»umllA�lllplW KENT WASH'..NOTOX Firemen's Relief & Pension Board Minutes October 1, 2013 Board Members present: Suzette Cooke (via phone), Sam Grubbs, Al Bond, Ronald F. Moore Others present: Gene Grenstad, Paula Barry, Mayor Cooke called the meeting to order at 3:35 p.m. Minutes of July 2, 2013. Al Bond moved to approve the minutes of July 2, 2013, as written, seconded by Sam Grubbs. Motion carried 4-0. Financial Transactions for June, July, and August 2013. Paula Barry discussed the financials stating that interest income decreased by about $3,600 compared to the same time last year primarily the result of the investment that matured in 2012. She also said the fire insurance premium tax contribution was up by about $9,000. Barry also stated that the fair market value is down by about $128,000. Barry also noted that expenses were down slightly compared to last year due to recapturing some of the overpayment in pensions and not being required to complete an actuarial study doing 2013. Al Bond moved to accept the financials for June, July, and August, as presented, seconded by Sam Grubbs. Motion carried 4-0. Other Business. None. Adiournment. The meeting adjourned at 3:51 p.m. Ronald F. Moore, MMC City Clerk Firemen's Relief and Pension Trust Fund Financial Summary As of November 30, 2013 Revenue Revenues for the first eleven months of 2013 have decreased by $127,159 as compared to the same period in 2012. Revenue highlights include: • Interest income as of November 30, 2013 has decreased by $3,999 or nearly 57% as compared to the same time last year. This decrease is primarily the result of a REFCORP investment which matured on January 15, 2012 at which time interest income of $3,070 was realized. Also, the average state pool interest rate for • General Contributions revenue of $155,012 reflects the Fire Insurance Premium Tax received from the State. This was up by $9,220 or 6.3% compared to the amount received in 2012. • The decrease in fair market value adjustments were recorded through November 2013 as $25,804. At the same time last year, the fair market value adjustment was recorded as an increase of $106,576 resulting in a net reduction of $132,380 when comparing 2013 to 2012. This is primarily the result of the Federal Home Loan Mortgage Corp investment. With an interest rate of $8.5%, this investment had seen substantial growth when interest rates dropped. Now that it is getting closer to maturity it is seeing a slight decline in its market value. Please see the table below for more details: Federal Home Loan Mortgage Corp Investment Increase/(Decrease) in Fair Market Value 2012 2013 Fair Market Value - January 1 $764,079 $862,723 Fair Market Value - November 30 $873,553 $836,919 Increase/(Decrease) in Fair Market Value $109,474 ($25,804) Expenditures The 2013 operating expenses decreased by $14,876 or 4.8% compared to the same period last year. Expenditure highlights include: • Pension distributions have decreased by $7,051 or 5.8% as compared to the first eleven months of 2012. This reflects, in part, eleven months of repayment of the pensions overpaid to the retirees during 2012. • Debt and Financial Services have decreased by $7,825 as compared to the same time in 2012. The Firemen's Relief and Pension Fund is required to have an actuarial study performed once every other year. The next study is required for January 2014. Net Income and Retained Earnings Retained earnings decreased by $162,452 during the first eleven months of 2013 compared to a decrease of $50,169 during the same eleven months of 2012. Firemen's Relief and Pension Trust Fund YT® Statement of Revenue and Expenditures Comparison Analysis of November 30, 2012 to November 30, 2013 11/30/2012 11/30/2013 Variance $ Variance Operating Revenues Interest Income 7,021 3,022 (3,999) -56.96% General Contributions (fire tax) 145,792 155,012 9,220 6.32% Increase (Decrease) Fair Market Value 106,576 (25,804) (132,380) -124.21% Total Operating Revenues 259,389 132,230 (127,159) -49.02% Operating Expenses Salaries & Wages (Pension Distribution) 121,150 114,099 (7,051) -5.82% Benefits 180,583 180,583 0.00% Debt & Financial Services 7,825 - (7,825) -100.00% Total Operating Expenses 309,558 294,682 (14,876) -4.81% Net Income (Loss) (50,169) (162,452) (112,283) -223 81% 0 T KENT WASHINGTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT NOVEMBER 2013 FINANCIAL STATEMENTS BalanceSheet................................................ ................. ................................. .....................................1 Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statementof Cash Flows......................................................... ...... ........................3 INVESTMENT INFORMATION Schedule of Changes in Cash and Investments........................................................................................4 Graphof Investment Types.........._... ............ ....................................................................................5 Schedule of Investments-Market Values.............................................................................................6 EstimatedCash Flows............................................................................ ................................7 N O M tp ro W W W (O 16 ,6N n N (O Oo 'pn N q W Oi V t�t 5 N M M V tD V � V N O M M M M M N 00 O Vi Y! 4i 69 f9 M 0 O N y_ N 0 N N ONi ONi w M V n Yf N N O) O) N N N w 00 w YL O N N N Cl! � N O P1 M M M C9 OLL N N 0 NPN Cl! aN- � N T O M M N N .� N o W N }� N o N N M 17 c] M G = N Y - O • 0 0 C: L N �yy� OO VNN ty(N! 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N 7 z C Z a Z U` Z Z w ❑ N Z LU > � a� N m w ui w W 2 •� C6 vi z LU> ° a W a n W z z i�I[' _ M O Z Z U W "' N U zLli IlJ Q Q z H 0 W Z c x a p ❑ ❑ o W W W w5 06 zLu z z d N Q N N r+ Q Q Q O � (7 c � 0U) mCL ❑ � Z K K N \ _ / j \ / § � � 0 � C: C) „ » = % « (14 « % ) c0 - - D2 § N ` ~ ) ) z — \ . \\\ \\ @ E - c 0 ) E, § / /Ow ; W) / }(\ < k) \ !{{ / , �\ \ E© \ |] (0 ° ` )O <w )\ ) - - ()`( ) ) |\t) Io _ Ol ® iif/ § w go{{)\ W920 »- - ` ! !2 §!f ; 00 9 FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING NOVEMBER,2013 Purchase Increases or Interest Date Security Description Yield Coupon Maturity 11/1/2013 (Decreases) 11/30/2013 Income 11/30/t3 Slate Treasury Investment Pool 0.116% 0.000% Overnight 2,100,000.00 (30,000.00) 2,070,000.00 198.24 04/10/87 Federal Home Loan Mortgage Assoc.. 8.508% 0.000% 11/29/19 565,976.50 0.00 565,976.50 0.00 TOTALS 2,665,976.50 (30,000.00) 2,635,976.50 198.24 CASH BALANCE: Beginning Cash 1,064.20 Receipts Interest Income 198.24 Fire insurance Premium 0.00 Misc A/R 0.00 Decreases in Investments 30,000.00 Disbursements: Retirement Pensions (10,049,54) Actuarial Study 0,00 Legal Services 0.00 Funeral Expense 0.00 Medical Premium Reimbursement to General Fund (16,416.67) Increases in investments 0.00 Total Crash 1,064.20 3,732.03 4,796.23 7'O'FAL CASH&INVESTMENTS 2,667,040.70 (26,267.97) 2,640,772.73 4 Z C ® � � � E v GG '. L U VNi vi W � � p" Z c� W � �, ! W� � ! a v� WE [�]]� t O I!�^! � 0. � �n O 3 � N O N N uu w V m �� ��-_ �` l _ �� N_ M 0 o O O o O � O � � r N N --� -� z z spuesnoq.l. CITY OF KENT FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS MARKET VALUE-NOVEMBER,2013 Purchase Investment Markel Value Increase/ Date TYPE Security llesriptiva Yield Coupon Maturity Total 1U30/2013 (Decrease) %Inc(Dee) 11/30/13 1 State Treasury Investment Pool 0.116% 0,000% Overnight 2,070,000.00 2,070,000.00 0.00 0.00°% 04/10/87 4 FHI,M-zeros 8.508°% 0.000% 11/29/19 565,976.50 836919.00 27094250 4797% 2,635,976.50 2906,919.00 270,942.50 10.28% 6 ( { $ \ r } � 3 C j } % \ ! \ } \ \ \ / ra \ U Fl ) \ { / ) ) 4401) ` \ 2 ( [ ee ; } E 5 ( \ (exe d a e KENT WASHING70N CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT OCTOBER 2013 FINANCIAL STATEMENTS BalanceSheet..........................................................................................................................................1 Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statementof Cash Flows.........................................................................................................3 INVESTMENT INFORMATION Schedule of Changes in Cash and Investments........................................................................................4 Graphof Investment Types.................................................................................................................5 Schedule of Investments-Market Values.............................................................................................6 EstimatedCash Flows.............................................................................................................7 N fO W OI V d' �a N T p O V N Ca to N p M M M co M 00 O ei N f9 ei vi e9 O N (M006pi c Q N N N a V N N a i a N 06 M V N 1616 O l m N m N O N N N N N LL O M M M M M O N 3 N fA fA f9 fA 19 d3 M N N 19 N N r N N N Q N h N!M W M N .r- p N N M M C'J M V Q Q � N � O v- M N F»v>F»»w Mvi »ew M Q /� U y N NM a o �(ay u) co co y Q S f C] M M 0 o N N U cd W O NWN NN m 0 M Q N N M M M Y Q Q M .n m� vrnm uMi uMi a v m fu rmnMo ww o CL � mrn � n vv mm n C N r N o C o O C EO N M M M M N Q N u U V O p M O] p O OJ t0 f0 Mto N O� Oo O� 01 (V N lV (V Cl fR f9 f9 f9 W FA H3 fA b3 19 m N C Z a m m z E U m 2 m � 2 c N j W Z o W ❑ a Z G W F Z 49 Y3- a�' N V) m x = c m W N N a Q F W N O m N J J J N J Z �i K J tW/1 w d v u F m m 2 A 1¢- ¢ m la- Q U= = a' p J J QH KZF Np] M W It COOM O 0 V O x = v r W W m 0 a N m M W 0 � M N r M YJ O E9 E9 E9 EA V3 v3 4! 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L 0 8 C O N M V (OD (nD n EEDD It r N m N N a M o0 O c0 O) O r N N 0 _ w E m C N M co M (OD M E -_ N d O'.O N O M N 0) 2- -- m � (, O M O O 40 0 0 0 0 O O O O O O O 'o itl- O m O In O n a W N O n M 0 0 M N (D N � (fl n n W NT M +R r N (O OO O a a (D N CO L d (V N O(D co M (V W � N M W w N N °x O ER FH fA V! f9 fR EA ER tfJ H ff! fA --.. .._..... -..._.- E E N 7 C Z o Z 0 Z Z ui ❑ (a W Z L�LI W N (n mW 7 N ui LL W O ^U) W (/) o w (n Z Z u xx of N .2 N Z W t6 U Z O ¢ QaQ O C N > (O N 0- W z � W c 0 0 W Z oty c c X O ❑ O N mQ N kN w U..f. WQ zzQz Q WE d 40 K0s � o0OS (D ( m 0 z N R2 ! \ j 0 ` Z % = c § m ( \ BQ 000 / R „ .- - « o \ o C,4 ) � 00 � / G G f( E E / ; ) � � \ ( ! ) /� ) / j) / «) ) 2 / 2 2 ® §[ § )\(§ ( }§ § f� 1 - 7 Ef [ )> \\ \ / /\ ) )\ ){)§ k § ƒ\� )/\k ( \\ \ \ \Cn )}\Z w §§ ( FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING OCTOBER,2013 Purchase increases or Interest Date Security Description Yield Coupon Maturity 101112013 (Decreases) 10/31/2013 Income 10/31/13 State Treasury investment Pool 0.126% 0.000% Overnight 2,125,000.00 (25,000.00) 2,100,000.00 224.45 04/10/87 Federal Home Loan Mortgage Assoc.. 8,508% 0.000% 11/29/19 565,976.50 0.00 565,976.50 0.00 I OTALS 2,690,976.50 (25,000.00) 2,665,976.50 224.45 CASH BALANCE, Beginning Cash 2,305.96 Receipts Interest Income 224.45 Fire Insurance Premium 0.00 Misc A/R 0.00 Decreases in Investments 25,000.00 Disbursements: Retirement Pensions (10,049.54) Actuarial Study 0.00 Legal Services 0.00 Funeral Expense 0.00 Medical Premium Reimbursement to General Fund (16,416.67) Increases in investments 0.00 'I wall Cash 2,305.96 (1,241.76) 1,064.20 TOTAL CASH&INVESTMENTS 2,693,282.46 (26,241,76) 2,667,040.70 4 A - Z ® a W Z IW� IWN� I� W O W N N � � N N z. N N M O o 0 0 0 Yl C V) O U U spunsnoyy O O 13 CITY OF KENT FIREMEN'S RELIEF AND PENSION FEND INVESTMENTS MARKET VALUE-OCTOBER,2013 Pnrehase Investment Market Value Increase/ Date TVPE SecurityDesriptimt Yield Coupon Maturity Total 10/31/2013 (Decrease) %Ine(Dec) 10/31/13 1 State Treasury Investment Pool 0.126% 0.000% Overnight 2,100,000.00 2,100,000.00 0.00 0.00% 04/10/97 4 FHLM-zcros 8.508% 0,000% 11/29/19 565,976.50 842835.00 276,858.50 48.92% 2,665,976.50 2,942,835.00 276,858.50 10.38°% 6 2 2 J > { g \ \ \ \ » \ , ( \ \ ) \ \ A ± B § \ / \ \ 00220 ez = ; 6ma KENT WASHINOTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT SEPTEMBER 2013 FINANCIAL STATEMENTS BalanceSheet..........................................................................................................................................1 Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statementof Cash Flows.........................................................................................................3 INVESTMENT INFORMATION Schedule of Changes in Cash and Investments........................................................................................4 Graphof Investment Types.................................................................................................................5 Schedule of Investments-Market Values.............................................................................................6 EstimatedCash Flows.............................................................................................................7 N O M 1`N M W W Ip Ld�- N 4 4 0 0 h in c&'m a d ui ri m m co °� a a a N 00 O w w A N N W O O N��(( N N N m I N 06 M Vi f` N h 16 C6 W N fly a/ p N O N N N N N TI. � N M M M M M C o LL N wwwww ww ww w 7 M O o r o eo ri h oS ri ce 0 L Y •- U) to w ` N wwwww ww ww w O d � M W pMp�� OO NN M O N ro V N N N .N- W d M N U M Q N N M C) M Hi ,^ 0 v' O ww wf9w ww ww w N o (gyp r V O N IM N m m 0 r W h m O O m O a) Q " mmZn av mm n E O E N O N U t wwwww ww ww w LL- M M Ori N h o O V 4 N N p (O N CI Cli OI Ql M N N fV lV N' N w w w w w w w w w N Yi O C d N_ Z m ul a K o C Q Q m W L w w Z cl w a U N Z `o W Q o ? ofm z E w 5 U '` oN O w NIL QN Q u v in N w 6 t c v CO w W ❑ � W N wm E E > J J J d J Z N K J N w m m u 0 m W m > > m 0 Q < o w m o O Q U55 fL l- J JQH � ZF F NM M W I N (0_M O (0 V O r N W O N m M M N V '^ N W M V M 7 tD ;f rn N co N N 'O B M W M N O O 0 (0 (D m N @O1 W OO W of O M r O m ti C (0 C 0 N 6) r I,-: V IN (() O) W c1 cM- MNM NMr N O N N M M LU m r N ,� O U a I� NO (GOON W O N Lo to "O ar O ( O V NONrM W 0 C C � C C O W M r r N r N M N r N e: _ 44 t 4 HT fPr V}61!(A (A (A fR N _ O N a) n M a) m O O «1 N O e� N ••� C (� N _- d r I� M (0 (D (n O (0 N w 'O O M a ` � c MO N00 N M Q M W M r M N M (L __ m 0 a O s M M o N E } w U � � � � v3u>(»v> (n(nwww (n (» (a Z m m m C-O N N (D O m O ' (0 M M 0 M N X O W O O O O N N N f 0 7 p a; LU (Q -0 p Mf mo NO c0r r N _ o ON N(0 O d O) " r t0 f m N N (9 -O C = m V' (D V N O M O (D m C r N r r M r O -_ w W W M C C N ` — N W 0 v N (0 O O O (0 M W - oN LR N OM (m00N(00 O r r (OO. It a =LU a N 0m- N N O W 0 O (n _= 0 0 0 0 0000U) 0 w 0888000 0 O ER HT fR N} to NT K}(p fA fA (A V3 O O O O O O O w 0 0 0 0 0 0 0 0 0 N IT O d' It � N It L .O M M ow (O N N N 7� E N m rn 0 a r r r N N T N (n w N 7 C Z 0 Z (7 Z Z w z @ W Z M > M m (n m W W m W U_ N Z (n Z U W O ^0 W fn @M M Z Z N W U M K � 9 NZ Wm y@Z O QK K `U W @ C W W W W Z c U 0 W Z 05 c c a O 0 0 o - w w U y y U w � y Q N y LL J Z Z Z_ W ` c h W ' Q Q Q Oru O S (D5F- 0U) md0 � z Er of N } - .- 2 g � - -- & 0 - - - - - ; L _ C14 ac: kk � \ „ / 2 ¥ ! 4 cIea - - - - - C) a) ) k � { } / n �� \\ 0 ) # } \ \\\\ \\\ \ \\ \ § § k k ! 0- }/) § B ( § \ /\ ! ,« 2 tE ! E| \ 00 0 > >0 k ) § - !) ))i\ § � ;F 02 / \� } \ \\ � \}\� \ \/ w ° FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING SEPTEMBER,2013 Purchase Increases or Interest Date Security Description Yield Coupon Maturity 9/l/2013 (Decreases) 9/30/2013 income 09/30/13 State Treasury Investment Pool 0.122% 0,000% Overnight 2,150,000.00 (25,000,00) 2,125,000.00 214.44 04/l0/87 Federal Home Loan Mortgage Assoc.. 8.508% 0.000% I1/29/19 565,976.50 0.00 565,976.50 0.00 TOTALS 2,715,976.50 (25,000,00) 2,690,976.50 214.44 CASH BALANCE: Beginning Cash 3,557.73 Receipts Interest Income 214.44 Fire Insurance Premium 0.00 Misc A/R 0.00 Decreases in Investments 25,000.00 Disbursements: Retirement Pensions (10,049.54) Actuarial Study 0.00 Legal Services 0.00 Funeral Expense 0.00 Medical Premium Reimbursement to General Fund (16,416.67) Increases in Investments 0.00 Total Cash 3,557.73 (1,251.77) 2,305.96 TOTAL CASH&INVESTMFNTS 2,719,534.23 (26,251,77) 2,693,282.46 4 A w w � I z w s w a � N N U N r� O V1 C v� W W N N - spnesnoyy O CITY OF KENT FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS MARK FT VALUE-SEPTEMBER,2013 Purchase Investment Market Value Increase/ Date TYPE Security Desription Yield Coupon Maturity Total 9/30/2013 (Decrease) %Inc(Dee) 09/30/13 1 State Treasury Investment Pool 0.122% 0M00% Overnight 2,125,000.00 2,125,000.00 0.00 0.00% 04/10/87 4 FHLM-zeros 8.508% 0.000% 11/29/19 565,976.50 830 197 00 264,220.50 46 68% 2,690,976.50 2 955.197 00 264,220.50 9 82% 6 w N O Q N N Q N N o r m M N o0 O O z N N N hl N �n O O N N O b � 16 M [� O N N N N G z G O N C d J O O c 5 a b FA 0 P. N N 7 c5 O F-i y�, O O 477U x w .n u V1 rs,,. p/y G L4 Q Q CNJ td ti Q Q Q U U y ly po NVU w � N � z gww" � 0 0 04 uuuusammaauu�';ml9�BS�RU a„aa" K E N T Fireman's Relief & Pension Board AGENDA January 7, 2014 3:30 p.m. Mayor's Conference Room 1. Minutes of October 1, 2013 — Action 2. September, October, and November 2013 Financial Transactions — Action 3. Actuarial Study — Action 4. Cost of Living Allowance, RFA — Information 5. Other Business 6. Adjournment pllF�hmvvm»»umllA�lllplW KENT WASH'..NOTOX Firemen's Relief & Pension Board Minutes October 1, 2013 Board Members present: Suzette Cooke (via phone), Sam Grubbs, Al Bond, Ronald F. Moore Others present: Gene Grenstad, Paula Barry, Mayor Cooke called the meeting to order at 3:35 p.m. Minutes of July 2, 2013. Al Bond moved to approve the minutes of July 2, 2013, as written, seconded by Sam Grubbs. Motion carried 4-0. Financial Transactions for June, July, and August 2013. Paula Barry discussed the financials stating that interest income decreased by about $3,600 compared to the same time last year primarily the result of the investment that matured in 2012. She also said the fire insurance premium tax contribution was up by about $9,000. Barry also stated that the fair market value is down by about $128,000. Barry also noted that expenses were down slightly compared to last year due to recapturing some of the overpayment in pensions and not being required to complete an actuarial study doing 2013. Al Bond moved to accept the financials for June, July, and August, as presented, seconded by Sam Grubbs. Motion carried 4-0. Other Business. None. Adiournment. The meeting adjourned at 3:51 p.m. Ronald F. Moore, MMC City Clerk Firemen's Relief and Pension Trust Fund Financial Summary As of November 30, 2013 Revenue Revenues for the first eleven months of 2013 have decreased by $127,159 as compared to the same period in 2012. Revenue highlights include: • Interest income as of November 30, 2013 has decreased by $3,999 or nearly 57% as compared to the same time last year. This decrease is primarily the result of a REFCORP investment which matured on January 15, 2012 at which time interest income of $3,070 was realized. Also, the average state pool interest rate for • General Contributions revenue of $155,012 reflects the Fire Insurance Premium Tax received from the State. This was up by $9,220 or 6.3% compared to the amount received in 2012. • The decrease in fair market value adjustments were recorded through November 2013 as $25,804. At the same time last year, the fair market value adjustment was recorded as an increase of $106,576 resulting in a net reduction of $132,380 when comparing 2013 to 2012. This is primarily the result of the Federal Home Loan Mortgage Corp investment. With an interest rate of $8.5%, this investment had seen substantial growth when interest rates dropped. Now that it is getting closer to maturity it is seeing a slight decline in its market value. Please see the table below for more details: Federal Home Loan Mortgage Corp Investment Increase/(Decrease) in Fair Market Value 2012 2013 Fair Market Value - January 1 $764,079 $862,723 Fair Market Value - November 30 $873,553 $836,919 Increase/(Decrease) in Fair Market Value $109,474 ($25,804) Expenditures The 2013 operating expenses decreased by $14,876 or 4.8% compared to the same period last year. Expenditure highlights include: • Pension distributions have decreased by $7,051 or 5.8% as compared to the first eleven months of 2012. This reflects, in part, eleven months of repayment of the pensions overpaid to the retirees during 2012. • Debt and Financial Services have decreased by $7,825 as compared to the same time in 2012. The Firemen's Relief and Pension Fund is required to have an actuarial study performed once every other year. The next study is required for January 2014. Net Income and Retained Earnings Retained earnings decreased by $162,452 during the first eleven months of 2013 compared to a decrease of $50,169 during the same eleven months of 2012. Firemen's Relief and Pension Trust Fund YT® Statement of Revenue and Expenditures Comparison Analysis of November 30, 2012 to November 30, 2013 11/30/2012 11/30/2013 Variance $ Variance Operating Revenues Interest Income 7,021 3,022 (3,999) -56.96% General Contributions (fire tax) 145,792 155,012 9,220 6.32% Increase (Decrease) Fair Market Value 106,576 (25,804) (132,380) -124.21% Total Operating Revenues 259,389 132,230 (127,159) -49.02% Operating Expenses Salaries & Wages (Pension Distribution) 121,150 114,099 (7,051) -5.82% Benefits 180,583 180,583 0.00% Debt & Financial Services 7,825 - (7,825) -100.00% Total Operating Expenses 309,558 294,682 (14,876) -4.81% Net Income (Loss) (50,169) (162,452) (112,283) -223 81% 0 T KENT WASHINGTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT NOVEMBER 2013 FINANCIAL STATEMENTS BalanceSheet................................................ ................. ................................. .....................................1 Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statementof Cash Flows......................................................... ...... ........................3 INVESTMENT INFORMATION Schedule of Changes in Cash and Investments........................................................................................4 Graphof Investment Types.........._... ............ ....................................................................................5 Schedule of Investments-Market Values.............................................................................................6 EstimatedCash Flows............................................................................ ................................7 N O M tp ro W W W (O 16 ,6N n N (O Oo 'pn N q W Oi V t�t 5 N M M V tD V � V N O M M M M M N 00 O Vi Y! 4i 69 f9 M 0 O N y_ N 0 N N ONi ONi w M V n Yf N N O) O) N N N w 00 w YL O N N N Cl! � N O P1 M M M C9 OLL N N 0 NPN Cl! aN- � N T O M M N N .� N o W N }� N o N N M 17 c] M G = N Y - O • 0 0 C: L N �yy� OO VNN ty(N! M U W M d N N W N NN r- a- 6 M O O N fV M M CM M Y L.L O U3 M M M M W f9 t9 v3 ep (f� N A r n o M M M M 1 p L fD r v N N V Of n Ol n M R O)W O C p � f0 fMD r C E N n N O O 0 O O N M M M M N p N u U m n M W N N o o N o rn m rt oo m n Z aMI NN o0 ]CII mfH W N I 2 � z m W � o O N LLl � o a V Z o W Slig Q F c a v o � Y .. NN (� w x C_ W N mT W Q xn VW '" � J N ?_ J J J LLl ,c N � F m m 2 QQ Q N N > S N O Q Q U O N O O Q V � d' H J JQF KZI0 H a r- 0 m m Nm Mm V h mM O (o It O u LIJ 0 o I N T 00 O f9 6>69 6> 69 M fPr H3 ER EA O w N a M W M m O 0 u0") (09 m N 4 m d O O J O O m m 0 M O 0 _ V C f0 I� N m 6 W M � MNM N W M N N o, LLI 'O N } F»fA EA 6> Vf fA FA fR fA fA fA (fl = 3�' CDG O N N O a •d rN co 0)i cOOON 0) 0) N N 4k N N a 0 c0 L N M O W m O 0) ry U C � O V m V NON ^ M 0 r o �i r C C W M N N Cl) N N m W (n N d N of of a) 2 C M O Z C (J N N r O m a m C N .y -0 0 C � � �OMO c0 N r ram- CC o Y C N M N W m M N M 0 d N N E }N N � � KE W E s> _ e»vs E» F»v�w e»f» f» va va Zt:.; _ U N N O U1 N a' w- O. 0 Q N N 0 0 m0 ' LOM M (o M ¢ - m N X 0000 m N N N O c L m W Z a a M P_ W O N O m N r p m N N N N N 000 0 N a 06 d' N a ar lo � tOa � O M m c M � m N W W r ci M G M N } a O T E9 EA 69 M 49 EA NT fA fA fA fPr E!-7 p O C N N It O Q N .�...cM- O O W N O N (mD V E 0 W o NN M { m to N O N O. io.Z V g.;M M N 0 0 0 0 S 0 0 a C O O O O, O O c � mm m SSSSSSS M m m m O � P Im V d' L O) 0 "1 to rN COO VVo IR (C f0 K} 4R M W W b} a4 co � C E N M N c w 0 j N N T O Z Vj NT 69 69 69 UY EA M m m FR H3 _._....... ... _._. N 7 z C Z a Z U` Z Z w ❑ N Z LU > � a� N m w ui w W 2 •� C6 vi z LU> ° a W a n W z z i�I[' _ M O Z Z U W "' N U zLli IlJ Q Q z H 0 W Z c x a p ❑ ❑ o W W W w5 06 zLu z z d N Q N N r+ Q Q Q O � (7 c � 0U) mCL ❑ � Z K K N \ _ / j \ / § � � 0 � C: C) „ » = % « (14 « % ) c0 - - D2 § N ` ~ ) ) z — \ . \\\ \\ @ E - c 0 ) E, § / /Ow ; W) / }(\ < k) \ !{{ / , �\ \ E© \ |] (0 ° ` )O <w )\ ) - - ()`( ) ) |\t) Io _ Ol ® iif/ § w go{{)\ W920 »- - ` ! !2 §!f ; 00 9 FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING NOVEMBER,2013 Purchase Increases or Interest Date Security Description Yield Coupon Maturity 11/1/2013 (Decreases) 11/30/2013 Income 11/30/t3 Slate Treasury Investment Pool 0.116% 0.000% Overnight 2,100,000.00 (30,000.00) 2,070,000.00 198.24 04/10/87 Federal Home Loan Mortgage Assoc.. 8.508% 0.000% 11/29/19 565,976.50 0.00 565,976.50 0.00 TOTALS 2,665,976.50 (30,000.00) 2,635,976.50 198.24 CASH BALANCE: Beginning Cash 1,064.20 Receipts Interest Income 198.24 Fire insurance Premium 0.00 Misc A/R 0.00 Decreases in Investments 30,000.00 Disbursements: Retirement Pensions (10,049,54) Actuarial Study 0,00 Legal Services 0.00 Funeral Expense 0.00 Medical Premium Reimbursement to General Fund (16,416.67) Increases in investments 0.00 Total Crash 1,064.20 3,732.03 4,796.23 7'O'FAL CASH&INVESTMENTS 2,667,040.70 (26,267.97) 2,640,772.73 4 Z C ® � � � E v GG '. L U VNi vi W � � p" Z c� W � �, ! W� � ! a v� WE [�]]� t O I!�^! � 0. � �n O 3 � N O N N uu w V m �� ��-_ �` l _ �� N_ M 0 o O O o O � O � � r N N --� -� z z spuesnoq.l. CITY OF KENT FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS MARKET VALUE-NOVEMBER,2013 Purchase Investment Markel Value Increase/ Date TYPE Security llesriptiva Yield Coupon Maturity Total 1U30/2013 (Decrease) %Inc(Dee) 11/30/13 1 State Treasury Investment Pool 0.116% 0,000% Overnight 2,070,000.00 2,070,000.00 0.00 0.00°% 04/10/87 4 FHI,M-zeros 8.508°% 0.000% 11/29/19 565,976.50 836919.00 27094250 4797% 2,635,976.50 2906,919.00 270,942.50 10.28% 6 ( { $ \ r } � 3 C j } % \ ! \ } \ \ \ / ra \ U Fl ) \ { / ) ) 4401) ` \ 2 ( [ ee ; } E 5 ( \ (exe d a e KENT WASHING70N CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT OCTOBER 2013 FINANCIAL STATEMENTS BalanceSheet..........................................................................................................................................1 Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statementof Cash Flows.........................................................................................................3 INVESTMENT INFORMATION Schedule of Changes in Cash and Investments........................................................................................4 Graphof Investment Types.................................................................................................................5 Schedule of Investments-Market Values.............................................................................................6 EstimatedCash Flows.............................................................................................................7 N fO W OI V d' �a N T p O V N Ca to N p M M M co M 00 O ei N f9 ei vi e9 O N (M006pi c Q N N N a V N N a i a N 06 M V N 1616 O l m N m N O N N N N N LL O M M M M M O N 3 N fA fA f9 fA 19 d3 M N N 19 N N r N N N Q N h N!M W M N .r- p N N M M C'J M V Q Q � N � O v- M N F»v>F»»w Mvi »ew M Q /� U y N NM a o �(ay u) co co y Q S f C] M M 0 o N N U cd W O NWN NN m 0 M Q N N M M M Y Q Q M .n m� vrnm uMi uMi a v m fu rmnMo ww o CL � mrn � n vv mm n C N r N o C o O C EO N M M M M N Q N u U V O p M O] p O OJ t0 f0 Mto N O� Oo O� 01 (V N lV (V Cl fR f9 f9 f9 W FA H3 fA b3 19 m N C Z a m m z E U m 2 m � 2 c N j W Z o W ❑ a Z G W F Z 49 Y3- a�' N V) m x = c m W N N a Q F W N O m N J J J N J Z �i K J tW/1 w d v u F m m 2 A 1¢- ¢ m la- Q U= = a' p J J QH KZF Np] M W It COOM O 0 V O x = v r W W m 0 a N m M W 0 � M N r M YJ O E9 E9 E9 EA V3 v3 4! (A E13 V3 i N a MmMrn oo � m m m N r m !n 00, O000 M O Mr r O_ O O N of O n n d' ((1 M (P I. N � eO- Mu') M ` ro N W a o C Oj W Cl) r N M N (D N N O N N CM M m W17 'O r fA E9 E9 ER fR E9 f9 f9 f9 EN EA Eg - O G C) 04 •� W r- 0 a O N 0 r (D Ln O a n N W (D O O N W O N N — - m N a0 [O0O N M o mo0o n O .. N 'O O VO' O V NONnM W (OD o ttiA G G � W M N N M N I N LL M - ((D N N r -- N D }3 (T N F9 f9(A E1} f9 69 E9 EA EA E9 EA E9 _ y r C H t co N W n M 0 W O w m K1 (D a V' Mn tD O 0 Nr (0 1 , N C (•) O _ N r n M )D (D t O (A O Not Z a Y N N Cl) LL � c MO (qO N W r P Q { ? o co W M M N M W 00 U) ` Q � N M M Uc c o C) sA Ea(»(n <»ua Era Era EA 6 N U EU p N N ((OD O W O LL'7 M M 0 M O x O O W O O m 0 N N N (O cam- "6 a Mn (AO NO W r N (IfN N '0 ON (C4 V M V NOn1 nm W (00 LL o (n(1) C C r N r r M r O w C C W W M C6 M E > CD N _ � � � tR HT F9 fPr E9 fA fA fA fA f9 F1T fA �. L 0 8 C O N M V (OD (nD n EEDD It r N m N N a M o0 O c0 O) O r N N 0 _ w E m C N M co M (OD M E -_ N d O'.O N O M N 0) 2- -- m � (, O M O O 40 0 0 0 0 O O O O O O O 'o itl- O m O In O n a W N O n M 0 0 M N (D N � (fl n n W NT M +R r N (O OO O a a (D N CO L d (V N O(D co M (V W � N M W w N N °x O ER FH fA V! f9 fR EA ER tfJ H ff! fA --.. .._..... -..._.- E E N 7 C Z o Z 0 Z Z ui ❑ (a W Z L�LI W N (n mW 7 N ui LL W O ^U) W (/) o w (n Z Z u xx of N .2 N Z W t6 U Z O ¢ QaQ O C N > (O N 0- W z � W c 0 0 W Z oty c c X O ❑ O N mQ N kN w U..f. WQ zzQz Q WE d 40 K0s � o0OS (D ( m 0 z N R2 ! \ j 0 ` Z % = c § m ( \ BQ 000 / R „ .- - « o \ o C,4 ) � 00 � / G G f( E E / ; ) � � \ ( ! ) /� ) / j) / «) ) 2 / 2 2 ® §[ § )\(§ ( }§ § f� 1 - 7 Ef [ )> \\ \ / /\ ) )\ ){)§ k § ƒ\� )/\k ( \\ \ \ \Cn )}\Z w §§ ( FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING OCTOBER,2013 Purchase increases or Interest Date Security Description Yield Coupon Maturity 101112013 (Decreases) 10/31/2013 Income 10/31/13 State Treasury investment Pool 0.126% 0.000% Overnight 2,125,000.00 (25,000.00) 2,100,000.00 224.45 04/10/87 Federal Home Loan Mortgage Assoc.. 8,508% 0.000% 11/29/19 565,976.50 0.00 565,976.50 0.00 I OTALS 2,690,976.50 (25,000.00) 2,665,976.50 224.45 CASH BALANCE, Beginning Cash 2,305.96 Receipts Interest Income 224.45 Fire Insurance Premium 0.00 Misc A/R 0.00 Decreases in Investments 25,000.00 Disbursements: Retirement Pensions (10,049.54) Actuarial Study 0.00 Legal Services 0.00 Funeral Expense 0.00 Medical Premium Reimbursement to General Fund (16,416.67) Increases in investments 0.00 'I wall Cash 2,305.96 (1,241.76) 1,064.20 TOTAL CASH&INVESTMENTS 2,693,282.46 (26,241,76) 2,667,040.70 4 A - Z ® a W Z IW� IWN� I� W O W N N � � N N z. N N M O o 0 0 0 Yl C V) O U U spunsnoyy O O 13 CITY OF KENT FIREMEN'S RELIEF AND PENSION FEND INVESTMENTS MARKET VALUE-OCTOBER,2013 Pnrehase Investment Market Value Increase/ Date TVPE SecurityDesriptimt Yield Coupon Maturity Total 10/31/2013 (Decrease) %Ine(Dec) 10/31/13 1 State Treasury Investment Pool 0.126% 0.000% Overnight 2,100,000.00 2,100,000.00 0.00 0.00% 04/10/97 4 FHLM-zcros 8.508% 0,000% 11/29/19 565,976.50 842835.00 276,858.50 48.92% 2,665,976.50 2,942,835.00 276,858.50 10.38°% 6 2 2 J > { g \ \ \ \ » \ , ( \ \ ) \ \ A ± B § \ / \ \ 00220 ez = ; 6ma KENT WASHINOTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT SEPTEMBER 2013 FINANCIAL STATEMENTS BalanceSheet..........................................................................................................................................1 Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statementof Cash Flows.........................................................................................................3 INVESTMENT INFORMATION Schedule of Changes in Cash and Investments........................................................................................4 Graphof Investment Types.................................................................................................................5 Schedule of Investments-Market Values.............................................................................................6 EstimatedCash Flows.............................................................................................................7 N O M 1`N M W W Ip Ld�- N 4 4 0 0 h in c&'m a d ui ri m m co °� a a a N 00 O w w A N N W O O N��(( N N N m I N 06 M Vi f` N h 16 C6 W N fly a/ p N O N N N N N TI. � N M M M M M C o LL N wwwww ww ww w 7 M O o r o eo ri h oS ri ce 0 L Y •- U) to w ` N wwwww ww ww w O d � M W pMp�� OO NN M O N ro V N N N .N- W d M N U M Q N N M C) M Hi ,^ 0 v' O ww wf9w ww ww w N o (gyp r V O N IM N m m 0 r W h m O O m O a) Q " mmZn av mm n E O E N O N U t wwwww ww ww w LL- M M Ori N h o O V 4 N N p (O N CI Cli OI Ql M N N fV lV N' N w w w w w w w w w N Yi O C d N_ Z m ul a K o C Q Q m W L w w Z cl w a U N Z `o W Q o ? ofm z E w 5 U '` oN O w NIL QN Q u v in N w 6 t c v CO w W ❑ � W N wm E E > J J J d J Z N K J N w m m u 0 m W m > > m 0 Q < o w m o O Q U55 fL l- J JQH � ZF F NM M W I N (0_M O (0 V O r N W O N m M M N V '^ N W M V M 7 tD ;f rn N co N N 'O B M W M N O O 0 (0 (D m N @O1 W OO W of O M r O m ti C (0 C 0 N 6) r I,-: V IN (() O) W c1 cM- MNM NMr N O N N M M LU m r N ,� O U a I� NO (GOON W O N Lo to "O ar O ( O V NONrM W 0 C C � C C O W M r r N r N M N r N e: _ 44 t 4 HT fPr V}61!(A (A (A fR N _ O N a) n M a) m O O «1 N O e� N ••� C (� N _- d r I� M (0 (D (n O (0 N w 'O O M a ` � c MO N00 N M Q M W M r M N M (L __ m 0 a O s M M o N E } w U � � � � v3u>(»v> (n(nwww (n (» (a Z m m m C-O N N (D O m O ' (0 M M 0 M N X O W O O O O N N N f 0 7 p a; LU (Q -0 p Mf mo NO c0r r N _ o ON N(0 O d O) " r t0 f m N N (9 -O C = m V' (D V N O M O (D m C r N r r M r O -_ w W W M C C N ` — N W 0 v N (0 O O O (0 M W - oN LR N OM (m00N(00 O r r (OO. It a =LU a N 0m- N N O W 0 O (n _= 0 0 0 0 0000U) 0 w 0888000 0 O ER HT fR N} to NT K}(p fA fA (A V3 O O O O O O O w 0 0 0 0 0 0 0 0 0 N IT O d' It � N It L .O M M ow (O N N N 7� E N m rn 0 a r r r N N T N (n w N 7 C Z 0 Z (7 Z Z w z @ W Z M > M m (n m W W m W U_ N Z (n Z U W O ^0 W fn @M M Z Z N W U M K � 9 NZ Wm y@Z O QK K `U W @ C W W W W Z c U 0 W Z 05 c c a O 0 0 o - w w U y y U w � y Q N y LL J Z Z Z_ W ` c h W ' Q Q Q Oru O S (D5F- 0U) md0 � z Er of N } - .- 2 g � - -- & 0 - - - - - ; L _ C14 ac: kk � \ „ / 2 ¥ ! 4 cIea - - - - - C) a) ) k � { } / n �� \\ 0 ) # } \ \\\\ \\\ \ \\ \ § § k k ! 0- }/) § B ( § \ /\ ! ,« 2 tE ! E| \ 00 0 > >0 k ) § - !) ))i\ § � ;F 02 / \� } \ \\ � \}\� \ \/ w ° FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING SEPTEMBER,2013 Purchase Increases or Interest Date Security Description Yield Coupon Maturity 9/l/2013 (Decreases) 9/30/2013 income 09/30/13 State Treasury Investment Pool 0.122% 0,000% Overnight 2,150,000.00 (25,000,00) 2,125,000.00 214.44 04/l0/87 Federal Home Loan Mortgage Assoc.. 8.508% 0.000% I1/29/19 565,976.50 0.00 565,976.50 0.00 TOTALS 2,715,976.50 (25,000,00) 2,690,976.50 214.44 CASH BALANCE: Beginning Cash 3,557.73 Receipts Interest Income 214.44 Fire Insurance Premium 0.00 Misc A/R 0.00 Decreases in Investments 25,000.00 Disbursements: Retirement Pensions (10,049.54) Actuarial Study 0.00 Legal Services 0.00 Funeral Expense 0.00 Medical Premium Reimbursement to General Fund (16,416.67) Increases in Investments 0.00 Total Cash 3,557.73 (1,251.77) 2,305.96 TOTAL CASH&INVESTMFNTS 2,719,534.23 (26,251,77) 2,693,282.46 4 A w w � I z w s w a � N N U N r� O V1 C v� W W N N - spnesnoyy O CITY OF KENT FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS MARK FT VALUE-SEPTEMBER,2013 Purchase Investment Market Value Increase/ Date TYPE Security Desription Yield Coupon Maturity Total 9/30/2013 (Decrease) %Inc(Dee) 09/30/13 1 State Treasury Investment Pool 0.122% 0M00% Overnight 2,125,000.00 2,125,000.00 0.00 0.00% 04/10/87 4 FHLM-zeros 8.508% 0.000% 11/29/19 565,976.50 830 197 00 264,220.50 46 68% 2,690,976.50 2 955.197 00 264,220.50 9 82% 6 w N O Q N N Q N N o r m M N o0 O O z N N N hl N �n O O N N O b � 16 M [� O N N N N G z G O N C d J O O c 5 a b FA 0 P. N N 7 c5 O F-i y�, O O 477U x w .n u V1 rs,,. p/y G L4 Q Q CNJ td ti Q Q Q U U y ly po NVU w � N � z gww" � 0 0