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HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 10/01/2013 (3) 04 uuuusammaauu�';ml9�BS�RU a„aa" K E N T Fireman's Relief & Pension Board AGENDA October 1, 2013 3:30 p.m. Mayor's Conference Room 1. Minutes of July 2, 2013 - Action 2. June, July, and August 2013 Financial Transactions — Action 3. Other Business 4. Adjournment waau�i��p�mooiw�'�W��VU��VippV�gpq��»u(mtio1111i�}�71���� KEN T WASHINGTOQN Firemen's Relief & Pension Board July 2, 2013 Board Members present: Suzette Cooke, Sam Grubbs, Al Bond, Les Thomas Others present: Gene Grenstad, Paula Barry, Susanne Shaw, Mary Simmons Mayor Cooke called the meeting to order at 3:35 p.m. Minutes of January 2, 2013. Sam Grubbs moved to approve the minutes of April 2, 2013, as written, seconded by Al Bond. Motion carried 4-0. Financial Transactions for March, April, and May 2013. Paula Barry discussed the financials stating that interest income decreased in May by about $2,800 compared to last year and that the fire insurance premium tax contribution was up by about $9,000. She also said the fair market value is down by about $20,000 on City investments. Les Thomas inquired who the decision-maker is on financial investments and Ms. Barry replied that most of the investments are sitting in the State Investment Pool. Financial policies were passed which sets the type of investments that are allowed, she said. Additionally, she noted that plan will be formed by committee. She said she has been working on putting together a cash flow model and until the data is gathered to make an informed decision it is wiser to keep investing in the state pool. She noted that it takes two years of investment to see any dividends. Paula noted that expenses are down slightly from last year largely due to recapturing some of the overpayment in pensions. Al Bond moved to accept the financials for March, April, and May, as presented, seconded by Sam Grubbs. Motion carried 4-0. Cost of Living Allowance. Susanne Shaw noted that the CPI based group was affected by the cost of living, according to the Bureau of Labor and Statistics; we did our calculation and the increase is 2.3%. She stated that one member is affected and will see a semi-monthly increase of $37.91 Board Position No. 2 Election. Mary Simmons noted that Al Bond was elected to Board Position No. 2. Other Business. Al Bond requested a copy of the Operation Manual for the Disability Board be sent to Gene Grenstad. Adiournment. The meeting adjourned at 3:49 p.m. Ronald F. Moore, MMC City Clerk Firemen's Relief and Pension Trust Fund Financial Summary As of August 31, 2013 Revenue Revenues for the first eight months of 2013 have decreased by $122,772 as compared to the same period in 2012. Revenue highlights include: • Interest income as of August 31, 2013 has decreased by $3,628 or 60.3% 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. • 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 August 2013 as $45,998. At the same time last year, the fair market value adjustment was recorded as an increase of $82,366 resulting in a net reduction of $128,364 when comparing 2013 to 2012. During 2013, the decrease in fair market value reflected, in large part, the reduced amount of cash available to invest. In fact, there has been a reduction in the State Pool Investment of $165,000 when comparing August 2013 to August 2012. In addition, the fair market value of the Federal Home Loan Mortgage Investment reduced from $849,343 in August 2012 to $816,725 or a net reduction of $32,618. Expenditures The 2013 operating expenses decreased by $13,415 or 5.9% compared to the same period last year. Expenditure highlights include: • Pension distributions have decreased by $5,590 or 6.2% as compared to the first eight months of 2012. This reflects, in part, eight 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 $103,885 during the first eight months of 2013 compared to an increase of $5,472 during the same eight months of 2012. Firemen's Relief and Pension Trust Fund YTD Statement of Revenue and Expenditures Comparison Analysis of August 31, 2012 to August 31, 2013 8/31/2012 8/31/2013 Variance $ Variance Operating Revenues Interest Income 6,013 2,385 (3,628) -60.34% General Contributions (fire tax) 145,792 155,012 9,220 6.32% Increase (Decrease) Fair Market Value 82,366 (45,998) (128,364) -155.85% Total Operating Revenues 234,171 111,399 (122,772) -52.43% Operating Expenses Salaries &Wages (Pension Distribution) 89,541 83,951 (5,590) -6.24% Benefits 131,333 131,333 0.00% Debt & Financial Services 7,825 - (7,825) -100.00% Total Operating Expenses 228,699 215,284 (13,415) -5.870% Net Income (Loss) 5,472 (103,885) (109,357) 1998.48% KENT WASHING70N CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT AUGUST 2013 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 EstimatedCash Flows.............................................................................................................7 N r M �C W w W 0 tU V Cl! 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LLl.. m mco N 0 O (0 65 M N 0 O 0 o 0 $0 U) � dCq � 000000 InoLcoIc0 O a 't IO O (O m m m M M N N p cM- N 7 N O V eD It C ? CO O] O (p N 6 0 m v w Qco V E N 7 z C Z Q Z (D _Z Z FD Q 0) > 0] W Z m LL W o 6(n W an d (n � Z Z > '- w W a m 0 � W o z z LU a m p W m m m 0) " 0L d' D c w O m "� W W Q > z � m `mIL o 0 H V �� F- 05 2LE W W W a�i Q m c "-d a � N i Q QH Q W W c F- N H 0 -C (D s 00m0- 0 � z w K N / § - - -- 2 f \ § } (n CN q / 2\ m [ ) k � » = ± 2w G © a) \ \ e,/ a : = 5 An E cu L y CD e E E / § § [ § ■ # 2 z §5 z !\ \ § !\ / j e !: ' )\;§ y - [k § &# |E ° `^ \ E/ ! ,z [!f« )i zucf wx )\ / \5 2 <, ° �I_vo \ ��� / \\ \ \.CzNZ \\\� \\ w ` FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING AUGUST,2013 Purchase Increases or Interest Date Security Description Yield Coupon Maturity 9/1/2013 (Decreases) 8/31/2013 hncome 08/31/13 State Treasury Investment Pool 0.122% 0.000% Overnight 2,175,000.00 (25,000.00) 2,150,000.00 223.66 04/10/87 Federal IIome Low)Mortgage Assoc.. 8.508% 0.000% 11/29/19 565,976.50 0.00 565976.50 0.00 TOTALS 2,740,976.50 (25,000,00) 2,715,976.50 223.66 CASH BALANCE: Beginning Cash 4,800.28 Receipts Interest Income 223.66 Fire Insurance Premium 0.00 Misc AM 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 4,800.28 (1,242.55) 3,557.73 TOTAL CASH&INVESTMENTS 2,745,776.78 (26,242.55) 2,719,534.23 4 Fy v r� NWN _ O SIN N aa�N� iy _ V] N M O O O O O O 00 O 00 O � CJ CJ N N spu p ti C esnoyy � CITY OF KENT FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS MARKET VALUE-AUGUST,2013 Purchase Investment Markel Value Increase/ Dale TYPE Security Desription Yield Coupon Maturity Total 8/31/2013 (Decrease) %Iae(Dec) 08/31/13 1 State Treasury Investment Pool 0.122% 0.000% Overnight 2,150,000.00 2,150,000.00 0.00 0.00% 04/10/87 4 FHLM-7zms 8.509% 0.000% 11/29/19 565,976.50 816,725.00 250,748.50 44.30% 2,715,976.50 2,966,725.00 250,748.50 9.23% 6 O V V N N N Vl M O Q N N N ^ O l0 �O iV d W W O p Q N N Vl .� iD Vl V1 O Z N N h f+ b h O Vl O V V N N N m O U N N � N N h 0 0 m m M N N N � � H bo c z � o o o D P, o d7 U � a o x x x x UwQ � U z V U KENT WASHINGTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT JULY 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 vrp N O M l9 OJ CO W M b my IMp v v a ty� �ri m 0 O C N V W N p M M M M M 00 N ® d3 M FA f9 lA tl! 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[ ( _ ! / < \ 2 § )\ ■ )Nw \{|P # \_ _ FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING JULY,2013 Purchase Increases or interest Date Security Description Yield Coupon Maturity 7/1/2013 (Decreases) 7/31/2013 Income 07/31/13 State Treastuy Investment Pool 0.119% 0,000% Overnight 2,205,000.00 (30,000,00) 2,175,000.00 496.59 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 2,770,976.50 (30,000,00) 2,740,976.50 496.59 CASH BALANCE: Beginning Cash 680.74 Receipts Interest Income 496.59 Fire Insurance Premium 0,00 Misc A/R 0.00 Decreases in investments 30,000.00 Disbursements: Retirement Pensions (9,960.38) 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 680.74 4,119.54 4,800.28 TOTAL CASH&INVF.'S'1'MENI'S 2,771,657.24 (25,880.46) 2,745,776.79 4 A w z c ® c Flo o A W As � a � N N N M Vt O O Vi FK\ N N spnasnagy 13 CITY OF KEN'T FIREMEN'S RELIEF AND PENSION FUND INVESTM ENfS MARKET VALUE-SOLY,2013 Purebase Investment Market Value Increase/ Date TYPE Security Desriptlon Yield Coupon Maturity Total 7/31/2013 (Decrease) % Inc(Dec) 07/31/13 1 State Treasury lnveshnent Pool 0.119°/ 0.000% Overnight 2,175,000.00 2,175,000.00 0.00 0.00% 04/10/87 4 FHI,M-zeros 8.508% 0.000% t 1/29/19 565,976.50 835 210,00 269,233.50 47 57°/ 2,740,976.50 3,010,210.00 269 233.50 9 82% 6 z » 4 ¥ © 3 Cli § 2 & 2 \ \ ) ) \ ) e / £ \ » ( 2 / / = % = > e � — G a o ; : § ; ] \ Iaa § ) z u 4a 2 & ( 0E , Q2 \ ) ( [ 2 E § ) \ # 4 KENT WASHINGTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT JUNE 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 v r o C t6 N A (O f O O O A N (O N p1 a y N N 01 O M O V N N N N O M M M M M N 00 O w w w ww w O ® C\l N06 M V I� N N N W W N �Vyy m N O N N N N N TF � O � O N � N � Mwwww ww wv> w T N r N N N L O ++ N O O N M p N M M M M V/ P T N N O -C CD N O cN C N wwwww MM ww w 0 a) Cq C_ G) T M.0 M 99 N N M U °b RS CV N W N n N N N N O (V M t+J C) M O N Y-� of O w w w w w w w w w w �1N� •� n m r M O M ONl O W Q a (4 (O A C C N r N O O O O C C O N M M M M N O C U t wwwww ww ww w rm � M (ON rr N �rnN w rnm 66 m � ov g vv oo vi O n N O O O M N M M M M wNwfAw FAw N)N w N U' c ? 0 v v y m m o a C Q N N oin Z m d o :E C mliQF Z y �' aw J - w Q w v W N Y N �- ul ` mo w wuj o � N m a F - y N W v J N ro > > v 0 Q Q o o m o O Q 0 � � d' H J J Q �- KZf- t- - N W O W O L� a Lh M N o m o e »OD cs fl v v e3 cs v> N a M W Mm OO Lin l(1 (OO lq N D) C dM m 00 m wo M , aO} 0 y E OJ W o � MNM � a0- rm: Id Ncli o N O } f9(A H3 fA fR 69 Vj Efl f9 CA fR H3 =__ __ O CA (O IT O N Ln N@ O a I� NO (O 0ON0) m N N @ N '0w0 f00mN Mommo O .. N W 0f0 W 7 0 N I� O O O M v U s- Lj O IT NN O M W Ln O ti C C Cl) N 7 Z _ LL (n ON N N M M w -C M N a °� m r ro o w 0 LO W N Z O N - 0m Y C C N W M 16t{ MCO, NN M W : Q m Ch CM W - yt O d N M s- '�- Q C) N N O O N ! 0000 W OO NLn M M (O co L "6 It o a N N N N N �CA CP Ln C r r N 't CP C N a � LnItLnv Nm m LO 0 M O C N M O q N U1 W M N N - @ N a) di fR fA V} ffl ER EH Efl U3 4H f9 W> f - o O .... w n l C O N: CO O O N O O (O d' f� E Ln N It W N ro 0) 0 N a W. j lb N M (O W O N O 00 - O O m M M O 0 00 0 0 0 0 0 U o, 0CLgC8CC 0000000 Ls Ln o Ln o in a N "p M N O W M a O v C C N N N N O O w E N C _Z � Z Z U' ❑ (n > y W Z n N N 0] W W W V c N n Z G W zLU N C!7 'o y W a y 0 (n W O Z Z lll to > >( 0 N m COEr z Z c U LL, QwO EEcU W Z c0 w X 0p ❑ ❑ J Z W W w N C N uj W l0 C 9 1¢- Q < 0 s (D c � Oti) m IL z of x N § ,.,. ... / .- E 2 f : &( LL \ e. ƒ § \ { ` : G „ § ( \ � 2 \ o t & - - -® \ CD ® \\$ ! R2 M a) ; - - g D \ 04 / / \ ®`\ / . � E r ° _ / § § ( k , } § ) k § w - W) �2 \ : - - \\|§ \ <, \ \) ii �( PVE / } \\\§ j>.\ § ZW [m § \ \ �\\ \/\§ / z\ } \ \/�� \}\z w \\ w ° FIREMEN'S RELIEF 8,PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING JUNE, 2013 Purchase - Increases or Interest Dale Security Description Yield Coupon Maturity 6/1/2013 (Decreases) 6/30/2013 Income 06/30/13 State Treasury Investment Pool 0.123% 0,000% Overnight 2,230,000.00 (25,000.00) 2,205,000.00 223.96 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 2,795,976.50 (25,000.00) 2,770,976.50 22396 CASH BALANCE: Beginning Cash 1,744.59 Receipts Interest Income 223.96 Fire insurance Premium 0.00 Misc A/R 0.00 Decreases in Investments 25,000.00 Disbursements: Retirement Pensions (9,871,14) 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 1,744.59 (1,063,85) 680.74 'TOTAL CASH&INVESTMENTS 2,797,721.09 (26,063.85) 2,771,657.24 4 / ; z ) 2 �ƒ�` ® z � �«�/� ; gG \ < ��� § ° ` , =ate u . G � ? y -� } / \ - « : 4 ¥ . # z 5 / \ z . � k \ w ����-��. �,. � =w .� . . . % -��+�������A���� ) aG ��������������� : d?: < �?��+«�:���6�� ! » Q z �������������� . � ����\����������\ ) « § . � , , �_! � ` \ § CITY OF RENT FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS MARKET VALUE-NNE,2013 Purchase Investment Market Value Increase/ Date TYPE Security Desription Yield Coupon Maturity Total 6/30/2013 (Decrease) %Ioc(Dec) 06/30/13 1 State Treasury investment Pool 0.123% 0.000% Overnight 2,205,000,00 2,205,000.00 0.00 0,00% 04/10/87 4 FHLM-zeros 8.508% 0.000% 11/29/19 565,976.50 840,232.00 274,255.50 48.46% 2,770,976.50 3,045,232.00 274,255.50 9.90% 6 § , ¥ © J , # © z \ \ ` \ ` _ z \ ) } a ) j j % \ \ ) \ ° e < m \ \4 ID \ j /) ) \ \ \ \ \