HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 07/01/2014 ao��iu4uNMUm����oimmvmtnRll Poly
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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 Livinq 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
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