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HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 07/01/2014 (3) 04 uuuusammaauu�';ml9�BS�RU a„aa" K E N T Fireman's Relief & Pension Board AGENDA July 1, 2014 3:30 p.m. Mayor's Conference Room 1. Minutes of April 1, 2014 — Action 2. March, April and May, 2014 Financial Transactions — Action 3. Cost of Living Allowance — Information 4. Election Results, Board Position No 1. 5. Other Business 6. Adjournment pllF�hmvvm»»umllA�lllplW KENT WASH'..NOTOX Firemen's Relief & Pension Board Minutes April 1, 2014 Board Members present: Council President Dana Ralph, City Clerk Ronald Moore, Sam Grubbs, Al Bond Others present: Assistant Finance Director Paula Barry, Senior Financial Analyst Susanne Shaw Council President Ralph called the meeting to order at 3:36 p.m. Minutes of January 7, 2014. Al Bond moved to approve the minutes of January 7, 2014, as written, seconded by Council President Ralph. Motion carried 4-0. Financial Transactions for December. January, and February 2014. Barry discussed the transactions. She noted that the fair market value fluctuates and decreases because interest rates remain study and the investment is getting close to maturity. However, she communicated in February that will change. Al Bond moved to accept the financials for December, January, and February 2014, as presented, seconded by Council President Dana Ralph. Motion carried 4-0. Actuarial Study. Barry communicated there will be an actuarial study in 2014. Cost of Living Allowance, Information. Senior Financial Analyst Shaw stated that there will be a 1.22% COLA increase and the first check will be sent to members on April 20. Board Position No. 1 — Election. City Clerk Ronald Moore communicated that the term for Position No. 1 expires on July 1, 2014 and he would be sending out nomination forms to conduct an election and announce the results at the July 1, 2014 meeting. Other Business. Barry communicated that the State Pool continues to drop and that there needs to be a determination made on where to reinvest funds. She confirmed with Bond that there isn't a penalty to do this. Adiournment. The meeting adjourned at 3:50 p.m. Ronald F. Moore, MMC City Clerk 2 Firemen's Relief and Pension Trust Fund Financial Summary As of May 31, 2014 Revenue Revenues for the first five months of 2014 have increased by $61,594 as compared to the same period in 2013. Revenue highlights include: • Interest income as of May 31, 2014 has decreased by $591 or 41% as compared to the same time last year. The average interest rate earned in the local government investment pool (LGIP) during the first five months of the year was 0.16% in 2013 and 0.11% in 2014. • General Contributions revenue of $178,899 reflects the Fire Insurance Premium Tax received from the State. This was up by $23,887 or 15% compared to the amount received in 2013. • The increase in fair market value adjustments was recorded through May 2014 as $42,835. As of May 2013, the adjustments to the increase in fair market value totaled $4,537. The 2014 increase in fair market value is likely reflective of the slight decline seen in interest rates making the Federal Home Loan Mortgage investment more attractive in the market. Exoenditures The 2014 operating expenses increased by $6,303 or 5% compared to the same period last year. Expenditure highlights include: • Pension distributions have increased by $6,303 or 12% as compared to the first five months of 2013. Salaries for the first five months of 2013 were reduced by $4,884 reflecting monies collected for 2012 pension overpayments. During 2014, pension distributions increased due to a net impact of the Kent RFA labor contract salary schedule effective January 1, 2014 and the Washington State CPI for LEOFF 1 pension benefits which was effective on April 1, 2014. • Based on the most recent actuarial study completed in 2012 by Milliman, it was recommended that the amount provided for retiree benefits be $197,000 per year. The monthly equivalent remains the same as we enter 2014 and will be updated when Milliman finalizes it newest report. Net Income and Retained Earnings Retained earnings increased by $80,217 during the first five months of 2014 compared to a increase of $24,926 during the same five months of 2013. The largest impacts to retained earnings resulted from an increased fair market value of investments and the increase in Fire Insurance Premium Tax. Firemen's Relief and Pension Trust Fund YTD Statement of Revenue and Expenditures Comparison Analysis of May 31, 2013 to May 31, 2014 5/31/2013 5/31/2014 Variance $ Variance Operating Revenues Interest Income 1,440 849 (591) -41% General Contributions (fire tax) 155,012 178,899 23,887 15% Increase (Decrease) Fair Market Value 4,537 42,835 38,298 844% Total Operating Revenues 160,989 222,583 61,594 38% Operating Expenses Salaries & Wages (Pension Distribution) 53,980 60,283 6,303 12% Benefits 82,083 82,083 - 0% Total Operating Expenses 136,063 142,366 6,303 5% Net Income (Loss) 24,926 80,217 55,291 -222% • KENT WA$HINGTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT MAY 2014 FINANCIAL STATEMENTS BalanceSheet............................................................................................ 1 Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statement of Cash Flows..................... ... ... . ............ ... .. ... ... . ..........................3 INVESTMENT INFORMATION Schedule of Changes in Cash and Investments........................................... ... ... ..................................4 Graphof Investment Types................................................ ........................ .... ... .....................5 Schedule of Investments-Market Values......... .................................... .... .............. .. ... .... 6 Estimated Cash Flows............................................... 7 CD 11; % � ®�2 4 - $ } j / � Cl! � o 7 7 ) 04 ¥ E / IL ® k / 2 E ; »^ ; §§ § a) 0 ) --- 2 - § OL \ \� \ }\ \\ \ ƒ _ \ i ~Lq ( 2 \ _ ) kz { \o . z 0 § {/}i0 \ _) ) ) ! 5 \ :- _ : ! 7 § \ - ` ! : 4 }} ƒ§ ± \ ) ) \ )j / d0 N00N O In 0 W N [ O -OO n N �m O r rN w Ln O _ — m G N M N M M N N o W M _ 0 } _ O fR fA fR 69 fR FR EA lf1 H3 fA fR fA - N W f� O (O N W (0 0 0 N O O N N O 00 (OOM N MOO W O C m W` Nd' O N N 'd' ONI� W 0 C O m O N M M N W w a N o := N N �- (00 � ac I� M �ON LLJO N M N w N O N L L ` { M O N O N W o e IL? 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Z2 \ M. §!)k § )® ! `3E 5\*[ ! w / | K 6 / \/ ( -- - ! #2` §!{® z )k w FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING MAY,2014 Purchase Increases or Interest Date Security Description Yield Coupon Maturity 5/1/2014 (Decreases) 5/31/2014 Income 05/31/14 State Treasury investment Pool R091% 0.000% Overnight 1,940,000.00 150,000.00 2,090,000.00 149.85 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 TOTAIS 2,554,535.04 150,000.00 2,704,535,04 149.85 CASH BALANCE: Beginning Cash 1,878.67 Receipts Interest Income 149.85 Fire Insurance Premium 178,899.40 Misc A/R 0.00 Decreases in Investments 0.00 Disbursements: Retirement Pensions (10,050,62) Actuarial Study 0.00 Legal Services 0.00 Funeral Expense 0.00 Medical Premium Reimbursement to General Fund (16,416.67) Increases in Investments (150 000.00) Total Cash 1,878.67 2.581.96 4,460.63 TOTAL CASH&INVESTMENTS 2,556,413.71 152,58196 2 708 995.67 4 t � r N Vl tp z 0 az - a � r z w r� F� s U O O N O CjC N c�{ at m Q 00 O O O N N r+ O ■ spuesn U CITY OF KENI FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS MARKET VALUE-MAY,2014 Purchase Investment Market Value Increase/ Date TYPE Security Destitution Yield Coupon Maturity Total 5/31/2014 (Decrease) % Inc(Dec) 05/31/14 1 State Treasury Investment Pool 0.091% 0.000% Overnight 2,090,000.00 2,090,000.00 0.00 0.00% 04/10/87 4 FIILM-zerus 8 508% 0 000% 11/29/19 614,535.04 879,903.00 265,367.90 43 18% 2,704,535.04 2,969,903.00 265,367,96 9 81% 6 - c 2 2 ƒ 7- = s IN / / ° ° - - < J 4 IN IN IN IN { � l � ) ) \ \ \ \ \ � _ \> / § / f / / ) ƒ \ > > \ � ± g : ) ) � 2 / j0 \ ) a ; � � { [ /} } � \ ( ) \ ) j ) ) \ ± / / ƒ \ \ cl m �u2 4400 KENT WASHINGTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT APRIL 2014 FINANCIAL STATEMENTS BalanceSheet..........................................................................................................................................1 Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statement of Cash Flows.,..................................... ................... .. .. .. .......... 3 INVESTMENT INFORMATION Schedule of Changes in Cash and Investments........................................................................................4 Graphof Investment Types.................................................................................................................6 Schedule of Investments-Market Values.............................................................................................6 EstimatedCash Flows.............................................................................................................7 w inw � m ww m <o o m m h a N N m rn ai a vi p N N N p M M M M M N Q fR fA f9 fA V! fR f9 f9 M W Q Q N^x � �m 0 W � � NF N MTy1AJ p m N C6 m Q N N M C!M M C) Q 04 LL 1 L - fi9 U3 E9 f9 M M19 fR (A fq try r y V r � Mw M OO NNµµ pC�mi ^, r N N (V N M M M Ml Y 'uj � N Q ,F � N G N IL U M (Y) - r n rn n ro p m m p f6 L Q r p �d c v'a d of U °� (Q Q N N O N O Ow \ O w O m O N N M M M M LL Q YY fR G3(A f9 d3 U1 (9 N f9 C N M M m N N m m LlJ h N w O O N h t0 Q M 4 N N C M ct�ON W Mn w W Nm C W W W O N N V N N O N U n r M m M N N cc m w Ana m oo ow 0 CNN N� O^iT n r ao M (V N N N N E9 fR Vi f9 W W E9 f9 fA f9 N N Z C E Z m z c v o Q m W ILLLLL11 c c Q N N Y M w C) 2 m Ai a off ' Zi- E w c U K c W N Z v � «w W N N l a 2 (0 Qc c �N W� N y@ a Q w O < N � In N N N U 0 p2 N a @ F (O @ > > N Q w U O N O Q U E CKF- J JQ � d' Zf-O H — N OM1 O�Mm WOr C C Oi M O M0N) W = a p rn N N M M ....,_.. 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N }O H3 fA M ER fp fA fR fA fH ffl M- 4H m m LL p co a Wa N N 7 (00 O W O O '..d N N O O S O 0 0 O 0 g U 0 C O O O S O O sv<»En ss M a3 v)ua ut v3 v> ca 0 0 g 0 0 0 0 w 0o � 00S0 c ov 1Mo Ov Nt It- N 00 s ui ro 0 co m o 0 r r N N m 0 Q (V <V f9 69 fPr 64 tp fA f9£R EA HT ER fR w E N C _Z o Z C7 Z_ Z C w 0 m N W Z W ` in W Z G LL z m (n J m fn dx m U) CO W m Z Z W N - Z Z Z � 0 N Z W O1 m Q� < U' 0 � U' @ c W W W W Z o V o W Z m e o- g 0 Nw 0 f' y y LL W 0 W W C N FQ- W N d Q Q Q IL 0 O CC7 E � Ocnma OF- Z fr K N = j J ,: } I\ \\ § C%4 k } \ \ \ ., » "0 > R & , « GI {3 g / EN m \ \ § § k ) ) r § \ \ _> k z\ k ® - - )k§/ \ - mo - \>"w zu -\ ) )\ § \ ) 0)®2 } 2 )!\ \ROM } �\ } 2: ! \ \s \}/� / \\ w ° FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING APRIL,2014 Purchase Increases or Interest Date Security Description Yield Coupon Maturity 4/1/2014 (Decreases) 4/30/2014 Income 04/30/14 State Treasury Investment Pool 0.101% 0.000% Overnight 1,965,000.00 (25,000.00) 1,940,000.00 161.11 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 '1'01'ALS 2,579,535.04 (25,000.00) 2,554,535.04 161.11 CASH BALANCE: Beginning Cash 3,443.27 Receipts Interest Income 161.11 Fire Insurance Premium 0.00 Misc AIR 0.00 Decreases in Investments 25,000.00 Disbursements: Retirement Pensions (10,309.04) 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 3,443.27 (1,564.60) 1,878.67 TOTAL CASH&MWESTMEN'IS 2,582,978.31 (26,564.60) 2,556,413.71 4 4 � i _ U G W v A C �. fy N z w � i w - Qw� q °o o v a M d O O O O O Fi spunsnoq,L CITY OF KENT FIREMEN'S RELIEF AND PENSION FUND INV KSI MENTS MARKET VALUE-APRIL,2014 Purchase Investment Market Value Increase/ Date TYPE Security Desriplion Yield CnupnR Maturity Total 4/30/2014 (Decrease) %Ine(Dcc) 04/30/14 1 State treasury Investment Pool 0,101% 0.000% Overnight 1,940,000.00 1,940,000.00 0.00 0.00% 04/10/87 4 HILM-zeros 8.508% 0.000% 11/29/19 614,535.04 860,954.00 246.418.96 40.10% 2,554,535.04 2,800,954.00 246,418.96 9,65% 6 � N (V N O N iD iD �G d' 00 O O N N OM V r � b V�1 N lip v N rn b O O N N O O1 y l0 1p M [� •--i M d' W M CO N P O N1 Orn l� � h m Ob N z � F 5 o ❑ 71 d nA 5 46 oA � •°' ' ? m vxi •� � bA D 7j a U 0 W u^ (7 a�i •^ „o a"i a C7 y 8 � � 33 vi vi O F °`'� m aQi �• a�i > x z z `� a P- R Q Q ` abi a w A ,G y F o z 3 w w z WQ O O N w w U ai 43 x x x x h W w Q U U U U • KENT WASHINGTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT MARCH 2014 FINANCIAL STATEMENTS BalanceSheet....................................... I Statement of Revenues. Expenses and Changes in Retained Earnings....................................................2 Statement of 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 o Ci } / - k 6 K , / / ^ ,,,,\ / a) - ` \\ ) \\ \ 2 = a) 0 w § oo § m o \ % ) C „ ) oak § §/2 , . / E 2 ; ! ƒ $ k \ \\\ \ \} \\ \ � / , \ 4 EN N \ _) z \ � ( - ( k0 .18 I_ !(f§ - $ ); / * 3 ® a ! ) 2 \ \_ _ }r \ \FO ) \ } \ ) / a M W M0 00 0 - (00 Nm 0A0 00 M O M O C O n N m N w n V M (A p N W cM itlM N M <Y M N M N N N = o 6 N M M m } R 00 fA f9 FR E9 mN N • _' m G O CD Cn (A N M O O CO O h (n C Cn C O W M O VM' MN cN- NNf� M M N n LQ - r N(0 0 l0 M M _ N W O N � co M OMCA MO ' M (T N 0 rs(6 a 1� u'1 O O m N � N M Cq 0 N 0 N M - w O r C 0 IW M � tM N M N o LL 'N N M M .f .yam vi } _ 3 C O Z -,37 _ E- � N r a O0) 00 0O N N N CO � N a o U o ' aN Mlh CFO N O M N _ N "O N M � (V o ai rn r r It ui 7 rn o We- OV N V N (n M M N (p CC 0 m O M N i- M O W N M .O mN >,a N L E } - a C U H>69 W E9 to V3 N f9 f9 (A fA Ff! 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M O19 (9Mm(A Wl9M M bi f9 m C) r W W OWi (MO IMO IMO N N N C) LL C W Q M VI N M (9 W f9 f9 M H 4) b3 M(9 M O `� t0 N N m V vnl N '2 W M Q LL N N (O W (V m l0 N M N N (n r r N C C N O N 4 O N f6 N O m Y d V r N w« ww « ww v M 9 w O O 0 M T C O ry Myrn0 mm M N� M U N N f6 N N ry u NW Mm M�Mp f9 bfW (9 Vi f9 M c� M N Mr M W V NfWO nIM(1 r C Q N LL O o U L n' � M mHMf9 (9 t9W M MN (9 y M N N O N N M f9 00.. !9(9 19 (9 00, m z F 2 2 W W F F W >w> 2 2 w p w W J J H O ti O ti a z n a h W F N W w F Q W ~ p > p E w Q z w z ? 00 aEF F =z x pw x w m m p z a5> O z o zz c `y. F w EZ w =TT pyOy0 m > E >0 N OF <> w ZTn O0 W w c c $9 E o, V Z W V 2 'N 7, c) W Q z °�' m E d ff oh 0 W ¢a w um Z Ooa¢ U' Q C Z U d U LL h U O z(DO qa w x°' mti z zz z M a EIz mm � Z t- uo F 0 c B U N c Z m W z FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING MARCH,2014 Purchase Increases or Interest Date Security Description Yield Coupon Maturity 3/l/2014 (Decreases) 3/31/2014 Income 03/31/14 State Treasury Investment Pool 0,110% 0.000% Overnight 1,995,000.00 (30,000.00) 1,965,000.00 189.79 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 2,609,535.04 (30,000.00) 2,579,535.04 189.79 CASH BALANCE: Beginning Cash 237.53 Receipts Interest Income 189.79 Fire Insurance Premium 0.00 Misc A/R 0.00 Decreases in Investments 30,000.00 Disbursements: Retirement Pensions (10,567.38) Actuarial Study 0.00 Legal Services 0.00 Funeral F,xpense 0.00 Medical Premium Reimbursement to General Fund (16,416.67) Increases in Investments 0.00 Total Cash 237.53 3,205.74 3,443.27 '1'0IA,L CASH&INVESTMENTS 2,609,772.57 (26,794.26) 2,582,978.31 4 i i I U O - v V1 y w � az w rA z s w - a 1 E3 spuusnoy,�, CITY OF KENT FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS MARKET VALUE-MARCH,2014 Purchase Investment Market Value Increase/ (late TYPE Security Desription Yield Coupon Maturity Total 3/31f2014 (Decrease) %Inc(Dec) 03/31/14 1 State"Treasury Invcstncnt Pool 0.110% 0.000% Overnight 1,965,000,00 1,965,000.00 0.00 0.00% 04/t0/87 4 FHLM-zeros 8.508% 0.000% 11/29/19 614 535.04 855 113 00 240,577.96 39 15°% 2,579,535.04 2,820,113.00 240,577.96 9 33% 6 L^ CO 00 DO O .N. 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