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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