HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 04/01/2014 (3) 04
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Fireman's Relief & Pension Board
AGENDA
April 1, 2014
3:30 p.m.
Mayor's Conference Room
1. Minutes of January 7, 2014 — Action
2. December 2013, January and February, 2014 Financial Transactions — Action
3. Cost of Living Allowance — Information
4. Board Position No 1. Election — Information
5. Other Business
6. Adjournment
Firemen's Relief and Pension Trust Fund
Financial Summary
As of December 31, 2013
Revenue
Revenues for the year ended December 31, 2013 have fallen by $116,401 or 46.75% as compared
to 2012. Revenue highlights include:
• Interest income as of December 2013 has decreased by $502 or nearly 1% as compared
to the same time last year. During 2012 the average interest rate in the Local State
Investment Pool (LGIP) was 0.163% compared to an average of 0.136% during 2013.
• 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 December 2013
as $74,214, As of December 2012, the fair market value adjustments were recorded as an
increase of $50,906 resulting in a net decrease of $125,120 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. Interest rates have remained fairly steady and 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 - December 31 $862,723 $837,068
Increase/(Decrease) in Fair Market Value $98,644 ($25,655)
Expenditures
The 2013 operating expenses decreased by $12,974 or 3.9% compared to the same period last
year. Expenditure highlights include:
• Pension distributions have decreased by $5,149 or 3.98% as compared to 2012. This
reflects, in part, the 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 actuary is currently working on the required study.
Net Income and Retained Earnings
Retained earnings decreased by $188,550 during 2013 compared to a decrease of $85,123 during
2012.
Firemen's Relief and Pension Trust Fund
YTD Statement of Revenue and Expenditures
Comparison Analysis of December 31, 2012 to December 31, 2013
12/31/2012 12/31/2013 Variance $ Variance
Operating Revenues
Interest Income 52,302 51,800 (502) -0.96%
General Contributions (fire tax) 145,792 155,012 9,220 6.32%
Increase (Decrease) Fair Market Value 50,906 (74,214) (125,120) -245.79%
Total Operating Revenues 249,000 132,599 (116,401) -46.75%
Operating Expenses
Salaries &Wages (Pension Distribution) 129,298 124,149 (5,149) -3.98%
Benefits 197,000 197,000 0.00%
Debt & Financial Services 7,825 - (7,825) -100.00%
Total Operating Expenses 334,123 321,149 (12,974) -3.88%
Net Income (Loss) (85,123) (188,550) (103,427) -121.50%
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FIREMEN'S RELIEF&PENSION FUND
SCHEDULE OF CHANGES IN CASH&INVESTMENTS
FOR THE MONTH ENDING DECEMBER,2013
Purchase Increases or Interest
Date Security Description Yield Coupon Maturity 12/1/2013 (Decreases) 12/31/2013 Income
12/31/13 State"Treasury Investment fool 0,127% 0.000% Overnight 2,070,000.00 (40,000.00) 2,030,000.00 219.85
04/10/87 Federal Home Loan Mortgage Assoc. 8.508% 0.000% 11/29/19 565,976.50 48,558.54 614,535.04 48,558.54
TOTALS 2,635,976.50 8,558.54 2,644,535.04 48,778.39
CASH BALANCK
Beginning Cash 4,796.23
Receipts
Interest Income 48,778.39
Fire Insurance Premium 0.00
Misc A/R 0.00
Decreases in Investments 0.00
Disbursements:
Retirement Pensions (10,049.54)
Actuarial Study 0.00
Legal Services 0.00
Funeral Expense 0.00
Medical Premium Reimbursement to General Fund (16,416.63)
Increases in Investments (8,558.54)
Total Cash 4,796.23 13,753.68 18,549.91
TOTAL CASH&INVESTMENTS 2,640,772.73 22,312.22 2,663,084.95
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FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
MARKET VALUE-DECEMDER,2013
Purchase Investment Market Value Increase/
Date 'TYPE Security Desription Yield Coupon Maturity Total 12/31/2013 (Decrease) %Ine(Dee)
12/31/13 1 State Treasury Investment Pool 0.127% 0,000% Overnight 2,030,000.00 2,030,000.00 0.00 0.00%
04/10/87 4 FHLM-7.eros 8,508% 0.000% 11/29/19 614,535.04 837,068.00 222,532.96 36.21%
2,644,535.04 2,867,068.00 222,532.96 8.41%
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•
KENT
WASHINGTON
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
MONTHLY FINANCIAL REPORT
JANUARY 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 JANUARY,2014
Purchase Increases or Interest
Date Security Description Yield Coupon Maturity 1/1/2014 (Decreases) IJ31/2014 income
01/31/14 Slate Treasury Investment Pool 0.110% 0.000% Overnight 2,030,000.00 (25,000.00) 2,005,000.00 188.97
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 2,644,535.04 (25 000.00) 2,619,535,04 188.97
CASH BALANCE:
Beginning Cash 18,549.91
Receipts
Interest Income 188.97
Fire Insurance Premium 0.00
Mise A/R 0.00
Decreases In Investments 25,000.00
Disbursements:
Retirement Pensions (10,260.25)
Actuarial Study 0.00
Legal Services 0.00
Funeral Expense 0.00
Medical Premium Reimbursement to Ocneral Fund (16,416.67)
Increases in Investments 0.00
Total Cash 18,549.91 (1,48T95) 17,061.96
'1'O'1'AL CASH&INVESTMENTS 2,663,084.95 (26,487.95) 2,636,597.00
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FIREMEN'S RELIEF AND PENSION FUND ENVESTMEN'I'S
MARKET VALUE-3ANUARY,2014
Purchase Investment Market Value Increase/
Date TYPE Security Desription Yield Coupon Maturity 'Total 1/31/2014 (Decrease) %lnc(Dec)
O1/31/14 1 State Treasury Investment Pool 0.110% 0.000% Overnight 2,005,000.()0 2,005,000,00 0.00 0.00%
04/10/87 4 FHI.M-7eros 8.508% 0.000% 11/29/19 614,535.04 864264.00 24972896 4064%
2,619,535.04 2,869,264.00 249,728.96 9.53%
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Firemen's Relief and Pension Trust Fund
Financial Summary
As of February 28, 2014
Revenue
Revenues for the first two months of 2014 have increased by $23,828 as compared to the same
period in 2013. Revenue highlights include:
• Interest income as of February 28, 2014 has decreased by $244 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 two months of the year was 0.17% in 2013 and
0.11% in 2014.
• The increase in fair market value adjustments was recorded through February 2014 as
$26,672. As of February 2013, the adjustments to the increase in fair market value totaled
$2,600. 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.
Expenditures
The 2014 operating expenses decreased by $2,032 or 9% compared to the same period last year.
Expenditure highlights include:
• Pension distributions have decreased by $2,032 or 9% as compared to the first two
months of 2013. In January 2013, a payment was made to one retiree in the amount of
$2,584 to correct the CPI calculations in his pension for the years 2007-2012.
• 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 within the next
couple months as Milliman finalizes it newest report.
Net Income and Retained Earnings
Retained earnings decreased by $26,900 during the first two months of 2014 compared to a
decrease of $52,759 during the same two months of 2013. The largest impact to retained earnings
resulted from an increased fair market value of investments.
Firemen's Relief and Pension Trust Fund
YTD Statement of Revenue and Expenditures
Comparison Analysis of February 28, 2013 to February 28, 2014
2/28/2013 2/28/2014 Variance $ Variance
Operating Revenues
Interest Income 593 349 (244) -41%
Increase (Decrease) Fair Market Value 2,600 26,672 24,072 926%
Total Operating Revenues 3,193 27,021 23,828 746%
Operating Expenses
Salaries & Wages (Pension Distribution) 23,119 21,087 (2,032) -9%
Benefits 32,833 32,833 0%
Total Operating Expenses 55,952 53,920 (2,032) -4%
Net Income (Loss) (52,759) (26,900) 25,859 49%
•
KENT
WASHINGTON
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
MONTHLY FINANCIAL REPORT
FEBRUARY 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 FEBRUARY,2014
Purchase Increases or Interest
Date Security Description Yield Coupon Maturity 2/1/2014 (Decreases) 2/28/2014 Income
02/28/14 State Treasury Investment Pool 0.110% 0,000% Ovomight 2,005,000.00 (10,000.00) 1,995,000.00 159.62
04/10/87 Federal Home Loan Mortgage Assoc.. &508% 0,000% 11/29/19 614;535.04 0.00 614,535.04 0.00
'rOrALS 2,619,535.04 (10,000,00) 2,609,535.04 159.62
CASHBALANCE:
Beginning Cash 17,061.96
Receipts
Interest Income 159.62
Fire Insurance Premium 0.00
Mise A/R 0.00
Decreases in Investments 10,000.00
Disbursements:
Retirement Pensions (t0,567.38)
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 17,061.96 (16,824.43) 237.53
TOTAL CASH&INVESTMENTS 2,636,597.00 (26,824A3) 2,609,772.57
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CITY OF KENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
MARKET VALUE-FEBRUARY,2014
Purchase Investment Market Value Increase/
Date TYPE Security Desription Yield Coupon Maturity Total 2/28/2014 (Decrease) %lnc(Dec)
02/28/14 I State'treasury lnvesmtent Pool 0,110% 0.000% Overnight 1,995,000.00 1,995,000,00 0.00 0.00%
04/10/87 4 FHLM-zeros 8.508% 0,000% 11/29/19 614,535.04 863,740.00 24%204.96 40.55%
2,609,535.04 2,858,740.00 249.204.96 9,55%
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