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HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 01/03/2012 KENT FIREMEN'S RELIEF & PENSION BOARD AGENDA January 3, 2012 3 : 30 p. m. Mayor's Conference Room 1. Minutes of October 4, 2011 - Action 2. September, October and November 2011 Financial Transactions - Action 3. Investment Policy Ordinance - Information 4. Actuarial Study - Action 5. Cost of Living Allowance, RFA - Information 6. Other Business 7. Adjournment i KENT Firemen's Relief & Pension Board October 4, 2011 Board Members Present: Sam Grubbs, Al Bond, Debbie Raplee, Brenda Jacober Others Present: Bonnie Fell, Les Thomas, Josephine Bond The City Clerk called the meeting to order at 3:32 p.m., and introductions were made. Minutes of July 5, 2011. Bond moved to approve the minutes of July 5, 2011, as presented. Grubbs seconded and the motion carried. Financial Transactions for June. July and August 2011. Fell noted that there was a $590 shortage in the amount of the fire tax received, but that a check for that amount has now been received. She said the retained earnings as of December 31, 2010, were at $3,173,000 and that they are now $3,233,000, and explained that that figure will go down again. She added that the gain on investments is, as usual, volatile, but that the fund seems to be holding its own. Grubbs moved to accept the June, July, and August financial transactions. Bond seconded and the motion carried. Investment Policy Ordinance Update. Thomas stated that there is nothing to report. Other Business. Fell mentioned that an actuarial study must be done in 2012. It was noted that the next meeting will be held on January 3, 2012. Adiournment. The meeting adjourned at 3:39 p.m. Brenda Jacober, CMC Boardmember/City Clerk I p Fire Relief and Pension Trust Fund Financial Analysis Summary As of November 30, 2011 i Revenue • Total 2011 revenues increased by$24,000 during the first eleven months of 2011 to a year to date level of$297,000, compared to the first eleven months of 2010 total of $273,000, • Total 2011 revenues Increased by 9% during the first eleven months of 2011 compared to the revenue during same period during 2010. Interest revenue during the 2011, eleven month period decreased by$1,900 compared to the same eleven month period in 2010, The 2011 decline represents a 39%variance compared to the 2010 Interest earnings, However, the fair market value of investments increased by$21,000 or 17% for the comparable period, 2011 general fire tax contributions increased by $4,800 or a 3% increase compared to the first eleven months of 2010, Expenditures • Total expenditures decreased slightly for the first eleven months of 2011 compared to the same period during 2010, by$1,400 or less than 1%. Retained Earnings • Retained earnings (net income) increased minimally by$2,000 during the first eleven months of 2011 compared to the retained earnings decrease of$23,000 during the first eleven months of 2010. This comparison represents a $25,000 Increase for 2011 when compared to the same eleven month period during 2010, i Prepared by: Bonita R. Fell, CGFM I Firemen's Relief and Pension Trust Fund YTD Statement of Revenues and Expenses Comparison Analysis for 11 month periods ending November 30, 2010 and 2011 respectively 11/30/2010 11/30/2011 Variance Variance% Operating Revenues Interest Income 4,903 2,997 (1,906) -39% General contributions (fire tax) 146,577 151,337 4,760 3% Increase(Decrease) Fair Market Value 121,517 142,685 21,168 17% Total operating Revenues 272,997 297,019 24,022 9% Operating Expenses Salaries and Wages(Pension Distribution) 114,046 111,448 (2,598) -2% Benefits 171,417 183,333 11,916 7% Professional/Misc,Services 2,902 - (2,902) -100% Debt& Financial Services 7,825 - (7,825) -100% Total Operating Expenses 296,190 294,781 (1,409) 0% Net Income (Loss) (23,194) 2,237 25,430 110% Ali i KENT WASHINOTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT SEPTEMBER 2011 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 I EstimatedCash Flows.............................................................................................................7 I� j W O) MM .r� N oyO i{g+� Pr h O1T t1V� � fO f0 � M romp o vi M of of �i N M MMwM ww ww w uo�P C] O h N N OI m rOn h NrM YMSm (� N M M 00 www w ww ww w o as v o M M t i M t+J N w w w ww w f0 h10 r N Nlp nh N O NON N� nn i3 O N t•] HI M M fJ O N 06 � wwwww Mw ww w r WW C O 9 ArN N �i ino n hh r n o p N r r r v o f`f M m m rj 7 O N � � � N wwwwryw� w Nw ww Mw . 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W 0 n n C6 I N 0 0 w 0 0 0 0 0 0 8 4 tq 0 co Q 0 16 (R q C� Ck C� CDL m 14, (6 cli 0 0 a 0 N 0 0 0 oc� Ki ff� N uj co CD z (6 4 6 Z CD Z — z Z U) > LU E uj D 2 w V) 0 LL a z w (D O -aw Lu Now z z L W LL, IL U) LU w 7a z CDW a G C N > (D LLI IL C.) s 0 z Lu 0 0 0 0 LL C) LU &D • z z < � : 2 E LLJ LU CL 0 M (J) S� p o U) m Q. a z 0 0 Ca g 7 f J > \ \ § $ / CD { ( ) / ) \ § � am a o ( * ! § 4 $ � E § | § ! e 8 � Do n - ( \ ) . )\)( 7 ` � /\ \_ \ N \);! m § i |a) m, § ! }\ / ) #)fm , , & ` §!! § ))\ ( FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING SEPTEMBER 30,2011 It Purehnse Increases m• Interest Date Security Description Yield Coupon Maturity 9/1/2011 (Decreases) 9/30/2011 Income 09/30/11 State Treasury Investment Pool 0.134% 0.000% Overnight 1,640,000.00 (25,000.00) 1,615,000,00 177.82 06/12/90 Resolution Funding Corporation 8,930% 0,0006A 01/15/12 782,806,52 0.00 782,806.52 0.00 04/10/87 Federal Home Loan Mortgage Assoc. 8.508% 0.000% 11/29/19 479,958.81 0,00 479,958.81 0.00 TOTALS 2,902,765.33 (25,000.00) 2,877,765.33 177.82 r� CASH BALANCE; Beginning Cash 3,777,89 Receipts Interest Income 177.82 Fire Insurance Premium 592,10 Misc A/R 0.00 Decreases in Investments 25,000.00 Disbursements: Retirement Pensions (10,069.92) Actuarial Study 0.00 Legal Services - 0.00 Funeral Expense 0.00 Medical Premium Reimbursement to General Fund (16,666.67) Increnscs in investments 0.00 Total Cush 3,777.89 (966.67) 2,811.22 TOTAL CASH&INVESTMENTS 2,906,543.22 (25,966.67) 2,880,576.55 it 4 Y CCC444TTT� . W S=a F ,;. �r a yqa CITY OF KENT FIREMEN'S RELIEF AND PENSION FUND INVESTNIENTS MARKET VALUE-SEPTEMBER 30,2011 Purchase Investment Market Value Increase/ Date TYPE Security Desription Yield Coupon Maturlty Total 9130/2011 (Decrease) %Ine(Dee) WWII 1 State'I'reasury Investment Pool 0,134% 0,000% Ovemipht 1,615,000.00 1,615,000.00 0.00 0,00% 06/12/90 4 REFCORP Strips 8.930% 0,000% 01/15/12 732,806.52 856,076.68 73,270.16 936°% 04/10/87 4 MLM-zeros 8,508% 0,000% 11/29/19 479,958.91 751,979.00 272,020.19 56.68% 2,877,765.33 3,223,055.68 345,290.35 12,00% i i 6 II / 7 . _ & _ » 2 ) 0 CO \ ) ( / O�KE4T WA5 III NO TON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT OCTOBER 2011 FINANCIAL STATEMENTS BalanceSheet...................................... ...... ................................................ ........................................... 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 B `\ § » m m }) \# F @ Ift m\� \ \} k Vk \ / jww�ww / � §� \ CO 0 0 = o )l4q §R § 1333 . 0 \ ccro / I { \ \ / ! _ U \\ \ . \ )))\) \ \)49 (/\ § w 0 0 N 0 N 0 w A 't N m 0 w 0 0 Q LU m — q v !� 'TP In N C6 C6 C6 LU 0 C6 >- 0 lk, tO w m 0 m m C� Wo 0 w 0 (D UJ LL C6 C6 cl; co 69 I-AN oU 22 0 0900 0 NM (D m cy�CL cm�cyl MO M ex I�T (D L6 ofN w """i�,N 611 z co w V� 0 0 cy� (31 Lli a) wmC6 C6 T 0 Zl� 0 D 0 cl N w 4i� O CL M n (6 CO 00 0 E C6 A fA(AWww q r� I t 1� w 0 0 0 0 0 0 0 0 Q 0 0 0 0 0 0 a 0 NW O In cq C� C� cz� ct C� C� C� 0 0 C', 0 0 0 0 0 0 0 0 rl 0 0 0 0 0 N R 'L� LQ rk N oj (6 m m m of On 60 fR (D LU Q) z o Z 0 C) z z 3 z w z 0) f m w LU E 0). 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Increases or Interest Date Security Description Yield Coupon hlnturlty 10/l/2011 (Decreases) 10/31/2011 Income 10/31/II State Treasury Investment Pool 0,149% 0,000% Overnight 1,615,000.00 (25,000.00) 1,590,000.00 152,38 06/12/90 Resolution Funding Corporation 8.930% 0.000% 01/15/12 782,806.52 0,00 782,806,52 0100 04/10/87 Federal Home Loan Mortgage Assoc. 8.508% 0.000% 11/29/19 479,958.81 0.00 479,958.81 0.00 'fO'I'ALS 2,877,765.33 (25,000.00) 2,852,765.33 152.38 CASII➢ALANCB; Beginning Cash 2,811,22 Receipts Interest Income 152.38 ''.. Fire Insurance Premium 0.00 Misc AIR 0,00 Decreases in Investments 25,000,00 Disbursements; Retirement Pensions (10,069,92) Actuarial Study 0.00 Legal Services 0.00 Funeral Expense 0.00 Medicnl Premium Reimbursement to General Fund (16,666,67) Increases in Investments 0.00 Total Cash 2,811.22 (1,584.21) 1,227,01 TOTAL CASH&INVESTMENTS 2,880,576.55 (26,584.21) 2,853,992.34 i 4 i N N I I z � az w � z Z � h o { To a N U U O O apu¢sno4y i i CITY OF KENT FIREMEN'S RELIEF AND PENSION FUND INVEST ibIIENTS MARKET VALUE-OCTOBER 31,2011 Purchase Investment Mcirket Value Increase/ Date TYPE Security Deaription Yield Coupon Maturity Total 10/31/2011 (Decrease) %ine(Dee) 10/31/11 1 State Treasury Investment Pool 0.148% 0.000% Ovemight 1,590,000.00 1,590,000,00 0.00 0.00% 06/12/90 4 REP CORP Strips 8,930% 0.000% 01/15/12 782,806.52 856,439.31 73,632,79 9.41% 04/10/87 4 FHLM-zeros 9.508% 0.000% 11/29/19 479,958.81 729,659A0 249,700.19 52 03% 2,852,765,33 3,176,098.31 323,332.98 11.33% i ill i' 6 I I r V M V V T b b a I O �p n b o O b b v V Cp" Q �p O z: V D H v v F I NU `O '^ j O ~ 83 � ti q � � 20 i • KENT WASHINGTON CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND MONTHLY FINANCIAL REPORT NOVEMBER 2011 FINANCIAL STATEMENTS BalanceSheet.................................................................. .......... ............ ............. Statement of Revenues, Expenses and Changes in Retained Earnings....................................................2 Statementof Cash Flows.......................... ......... ............ ..................................................... INVESTMENT INFORMATION Schedule of Changes in Cash and Investments................ ..... ...... .......... ..............................................4 Graphof Investment Types....... .............. ...... ................................. .................................................5 Schedule of Investments-Market Values..... ...................... - . ._................................... ..................6 EstimatedCash Flows.......................................................... ................................... ..............7 \k( R ®» ® MET Iw ;# » j 06 ~ 2 S \f/ ' ; / © _ /; r \\ \ / ! ww 5 t \ ) 7(w } % § a)0 , f \ § / I 0 ƒ § \ k 2 k ( } `® Q 5 §\\ 2 )!!!e ) A §!a m i G � ooNh � � o N V '(. •• ^mil W 0 O N M M M N M N N V3 43 V) o V3�W77 b`Y fYpY flY 6} fA v! .4 1 �;��i N O W N , r M ry O w 00 N _ N 'a N m ro �n 'n r t- 'p p' cy�0 mco C�wvr rom o �o v v o C C O vo C6� W O (dO W rn o! N � M tF m V 1 rA �r op umi M M N "! O en F» w Z r F L N W 'N d' O — 0 10 , X C C p �. 'F O r cV e-ro m r n 'V vi N Oi QQ �• li @ N M N M W N W N W q (� N N o 4 v ry W @ N N VJ VY VJ fR Vl V}Vl V!V!V1 VY V) V7 Vi FA ` .a) W �Ntrcq m m V 0 0 N d o cd cd M. m V'o tV rN tp of LO O ^ N r t� Y, 7 W CY N � N M N N �- n W M Ci C) Cl $ Y N 46 V}V} VY m O N V E OZ Nr N r- � O V) 0 0p 0p 0 O 0 'O m o 0 0 0 0 0 0 0 r O N N M 0 0 N N o m N 16 r r S 0 0 0 p 0p 0 0 0 c W 1 ,D Itl V'x m N 'l 0 M Mri C) C'i m m ri m Ci Ci m wvrwwwww +�* Z V}V}Y}V)V} VY 69 Vi Vl Vl V) fH VT fA E w m m a z y z Z z a 4z (n N ftl W W Z -� LU = N � m 0 U N W O Z 4 Z U' c� E e y C93 c W � W w W Z $ cie Z � c c O mC) O t a = mw F 2Ir 8 W EF W N I i 8 \ "E ON T 5 s} 5 � n ) \ G\ 2 C 0 L g ^ . .0w. wool 0 ,. , ) \ \ \ § % ' t«! /§ƒ ® ^ I \ 7 \ ) / a 1) N 5 o a \){ § § ( [ § ! ! ! «, 0 E ) , ®) § ) ) IVo poll ( . ) �$� / f]g� §//� \§( ( ` FIREMEN'S RELIEF&PENSION FUND SCHEDULE OF CHANGES IN CASH&INVESTMENTS FOR THE MONTH ENDING NOVEMBER 30,2011 '.. Purchase Increases ar Interest Date Security Description Yield Coupon Maturity I1/l/2011 (Decreases) 11/30/2011 Income 11/30/11 State Treasury Investment Pool 0,148% 0.000% Overnight 1,590,000,00 (30,000.00) 1,560,0K00 190.66 06/12/90 Resolution Funding Corporation 8,930% 0.000% 01/15/12 732,806.52 0100 782,806.52 0100 04/10/87 Federal Ilame Loan Mortgage Assoc, 8.508% 0.000% 11Y29/19 479,958.81 0.00 479,958.81 0.00 TOTALS 2,852,765.33 (30,000.00) 2,822,765.33 190.66 CASH BALANCE.; Beginning Cash 1,227.01 Receipts Interest Income 190.66 Fire Insurance Premium 0.00 Misc A/R 0.00 Decreases In Investments 30,000.00 Disbursements: Retirement Pensions (10,069.92) Actuarial Study 0.00 Legal Services 0100 Funeral Expense 0100 Medical Premium Reimbursement to General Fund (16,666,67) Increases in Investments 0,00 Tend Cash 1,227.01 3,454.07 4,681.08 TOTAL CASH&INVESTMENTS 2,853,992.34 (26,545,93) 2,827,446.41 i III i E Thonsnnds G C i N a a Oo o N P o. co g o 0 0 0 0 0 0 0 0 P V O O Mil«.1 � t T� V+ r^ �y " yyV l� � H a li I CITY OF RENT FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS MARRET VALUE-NOVEMBER,2011 Purchase Investment Mnrke(Value Incrensc/ Date TYPE Security Dcsripffon Yield Coupon Maturity Total 11/30/2011 (Decrease) % Inc(Dee) 11/30/11 1 State Treasury hwestment Pool 0,148% 0.000% Ovemight 1,590,000.00 1,590,000.00 0.00 0.00% 06/12/90 4 REPCORP Ships 8.930% 0.000% 01/15/12 782,806.52 856,789,93 73,983.41 9,45% 04/10/97 4 FIILM-zeros 8.508% 000% 11/29/19 479,958,81 758,928.00 278,969 19 58 12% 2,852,765.33 3,205,717,93 352,952.60 12 37% II l 6 O b I^ H V Ate' T O b' gyp" ,.." ti M CI N v1 rn of In b Ole b le ll� h h O kl v V ti p 1 1 O b In oCol h n . N o b N ° m N n b O 16 N A '• b O �O b b In N z s w � C o kOa. '�y o o a d m h a. a6 � C) o 0 Q4 au uo z ° ° 0 0 ww� z u U c