HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 10/07/2014 (3) 04
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Fireman's Relief & Pension Board
AGENDA
October 7, 2014
3:30 p.m.
Mayor's Conference Room
1. Introduce new Finance Director Aaron BeMiller
2. Minutes of July 1, 2014 — Action
3. June, July and August 2014 Financial Transactions — Action
4. Other Business
5. Adjournment
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KENT
WASH'..NOTOX
Firemen's Relief & Pension Board Minutes
July 1, 2014
Board Members present: Mayor Suzette Cooke, Councilmember Les Thomas, City
Clerk Ronald Moore, Sam Grubbs, Al Bond
Others present: Interim Finance Director Paula Barry, Senior Financial Analyst
Susanne Shaw, Gene Grenstad
Mayor Cooke called the meeting to order at 3:30 p.m.
Minutes of April 1, 2014. Sam Grubbs moved to approve the minutes of
April 1, 2014, as written, seconded by Al Bond. Motion carried 5-0.
Financial Transactions for March, April, and May 2014. Barry discussed the
transactions. She noted that the revenues from the first five months have gone up
$61,594 as compared to the same period in 2013.
Barry explained to Mayor Cooke that the specific investments that the Pool chooses
are the reason why the results were so low. She added that the City is currently
working to better the results of those investments. She continued and noted that
expenditures are up 12 percent because of the 2012 pension overpayments and the
CPI adjustments.
Sam Grubbs moved to accept the financials for March, April, and May 2014,
as presented, seconded by Al Bond. Motion carried 5-0.
Actuarial Study. Barry communicated that the City has received the actuarial
results and the fund is looking great. She noted that on the last one noted that
retiree benefits fund could be $226,000 per year instead of the $197,000 from
2012. Mayor Cooke asked for an explanation and Barry explained that the benefits
will go to the LEOFF personnel for out of pocket health benefits. Barry noted that in
July the actuarial study cost $8,325.
Cost of Living Allowance, Information. Senior Financial Analyst Shaw Shaw
communicated that the CPI was 1.02 percent and Sidney Mickelson is the only
person that will be affected by the new CPI.
Grubbs discussed the statement with Susanne Shaw and noted what it means to
the members.
Board Position No. 1 — Election. City Clerk Ronald Moore communicated that
the term for Position No. 1 expired on July 1, 2014. Moore communicated that
nomination forms were mailed on April 2 and nine were received with one name
being nominated. Election forms were mailed and nine were received prior to May
31 and all nine votes were for Sam Grubbs. Mr. Grubbs will hold the two-year
position until July 1, 2016.
Other Business. Al Bond suggested having the financial report review period be
quarterly.
Al Bond moved to have the financial reports reviewed on a quarterly basis,
seconded by Sam Grubbs. Motion carried 5-0.
Mayor Cooke communicated that the bylaws would need to be reviewed and if it is
in conflict with the bylaws the motion would have to be rescinded by the board.
Adiournment. The meeting adjourned at 3:50 p.m.
Ronald F. Moore, MMC
City Clerk
2
•
KENT
WASHINGTON
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
MONTHLY FINANCIAL REPORT
JUNE 2014
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
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FIREMEN'S RELIEF&PENSION FUND
SCHEDULE OF CHANGES IN CASH&INVESTMENTS
FOR THE MONTH ENDING JUNE,2014
Purchase increases or Interest
Date Security Description Yield Coupon Maturity 6/1/2014 (Decreases) 6/30/2014 Income
06/30/14 State Treasury Investment Pool 0,099% 0.000% Overnight 2,090,000.00 (40,000.00) 2,050,000.00 147.35
04/10/87 Federal Home Loan Mortgage Assoc.. 8.508% 0.000% 11/29/19 614,535.04 0.00 614,535.04 0,00
TOTALS 2,704,535.04 (40,000.00) 2,664,535.04 147.35
CASFI BALANCE:
Beginning Crash 4,460,63
Receipts
Interest income 147.35
Fire Insurance Premium 0.00
Misc A/R 0.00
Decreases in Investments 40,000.00
Disbursements:
Retirement Pensions (19,454.79)
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 4,460.63 4,275.89 8,736.52
TOTAL CASH&INVESTMENTS 2,708,995.67 (35,724,11) 2,673,271.56
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CITY OF KENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
MARIMT VALUE-JUNE,2014
Purchase Investment Market Value Increase/
Date TYPE Security Desription Yield Coupon Maturity Total 6/30l2014 (Decrease) %Iuc(Dec)
06/30/14 1 State Treasury Investment Pool 0.099% 0.000% Overnight 2,050,000.0 22,050,000.00 0.00 0.00%
04/10/87 4 FHE.M-zeros 8.508% 0.000% 11/29/19 614,535.04 875,315.00 260,779 96 42 44%
2,664,535.04 2,925,315.00 260,779.96 9 79%
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•
KENT
WASHINGTON
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
MONTHLY FINANCIAL REPORT
JULY 2014
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
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FIREMEN'S RELIEF&PENSION FUND
SCHEDULE OF CHANGES IN CASH&INVESTMENTS
FOR THE MONTH ENDING JULY,2014
Purchase Increases or Interest
Date Security Description Yield Coupon Maturity 7/1/2014 (Decreases) 7/31/2014 income
07/31/14 State Treasury Investment Pool 0.099% 0.000% Overnight 2,050,000.00 (50,000.00) 2,000,000.00 171.28
04/10/87 Federal Home Loan Mortgage Assoc. 8.508% 0.000% 11/29/19 614,535.04 0.00 614,535.04 0.00
TOTALS 2,664,535.04 (50,000.00) 2,614,535.04 171.28
CASH BALANCE:
Beginning Cash 8,736.52
Receipts
Interest Income 171.28
Fire Insurance Premium 0.00
Mise A/R 0.00
Decreases in Investments 50,000,00
Disbursements-
Retirement Pensions (11,838.40)
Actuarial Study (8,325.00)
Legal Services 0.00
Funeral Expense 0.00
Medical Premium Reimbursement to General Fund (33,333,29)
Increases in Investments 0.00
Total Cash 8,736,52 (3,325.41) 5,411.11
TOTAL CASH&INVESTMENTS 2,673,271.56 (53.325.41) 2,619,946.15
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CITY OF KENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
MARKET VALUE-JULY,2014
Purchase Investment Market Value Increase/
Date TYPE Security Desriptlon Yield Coupon Maturity Total 7/3 112 01 4 (Decrease) %Ine(D c)
07/3 t/14 1 Stale Treasury Investment Pool 0.099% 0.000% Overnight 2,000,000.00 2,000,000.00 0.00 0.00%
04/10/87 4 FHLM-zeros 8.508% 0,000% 11/29/19 614,535.04 87113500 25659996 4176%
2,614,535,04 2,871,135.00 256,599.96 9 81%
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KENT
WASHINGTON
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
MONTHLY FINANCIAL REPORT
AUGUST 2014
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
Graph of Investment Types.................................................................................................................5
Schedule of Investments-Market Values.............................................................................................6
EstimatedCash Flows.............................................................................................................7
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FIREMEN'S RELIEF&PENSION FUND
SCHEDULE OF CHANGES IN CASH&INVESTMENTS
FOR THE MONTH ENDING AUGUST,2014
Purchase Increases or Interest -
Date Security Description .Yield Coupon Maturity 8/1/2014 (Decreases) 8731/2014 Income
08/31/14 State Treasury Investment Pool 0.094% 0.000% Overnight 2,000,000.00 (30,000,00) 1,970,000.00 158.02
04/10/87 Federal Home Loan Mortgage Assoc.. 8.509% 0,000% 11/29/19 614,535.04 0.00 614,535.04 0.00
TOTALS 2,614,535.04 (30,000,00) 2,584,535.04 158.02
CASH BALANCE:
Beginning Cash 5,411.11
Receipts
Interest Income 158.02
Fire Insurance Premium 0.00
Misc A/R 0.00
Decreases in Investments 30,000.00
Disbursements:
Retirement Pensions (11,873.16)
Actuarial Study 0.00
Legal Services 0.00
Funeral Expense 0.00
Medical Premium Reimbursement to General Fund (18,833.33)
Increases in Investments 0.00
Total Cash 5,411.11 (548.47) 4,862.64
TOTAL CASH&INVESTMENTS 2,619,946.15 (30,548.47) 2,599,397.68
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FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
MARKET VALUE-AUGUST,2014
Purchase Investment Market Value Increase/
Date TYPE Security Desription Yield Coupon Maturity Total 8/31f2014 (Decrease) % Inc(Dec)
08/31/14 1 Stale Treasury Investment Pool 0.094% 0.000% Overnight 1,970,000.00 1,970,000.00 0.00 0,00%
04/10/87 4 PHLM-74ros 8.509% 0,000% 11/29/19 614,535.04 882,994.00 268,458.96 43 68%
2,584,535.04 2,852,994.00 268,458.96 10 39%
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