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HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 11/03/2015 (3) ��iauuuuumux»>mltllof�l;�� u �. xruuoinnom���nmauauai�Nt KENT XENt�� w,arinaon Firemen's Relief & Pension Board Minutes November 3, 2015 Board Members present: Mayor Suzette Cooke, Councilmember Les Thomas, City Clerk Ronald Moore, Al Bond, Sam Grubbs, and Gene Grenstad Others present: Finance Director Aaron BeMiller, Accounting and Reporting Manager Lavina Brennecke, and City Clerk Ronald F. Moore Mayor Cooke called the meeting to order at 3:30 p.m. Minutes of July 21, 2015. Sam Grubbs moved to approve the minutes of July 21, 2015, as written, seconded by Al Bond. Motion carried 5-0. 3rd Quarter 2015 Financial Transactions. Brennecke communicated the 3rd Quarter 2015 financial transactions and communicated that the balance in the cash and checking has decreased from last year at this time because there were $1.6 million in investments this year. She added that money was moved from the Local Government Investment Pool to investments is the reason for the decrease. She explained that the pie chart highlights the individual investments and reviewed the maturity dates of each investment. BeMiller discussed the significant maturity yield differences from 1987 to today. Brennecke noted that over $2 million is in the fund. However, BeMiller noted that some of the cash is tied up in the investments. She continued and reviewed the statement of revenues and expenses. She stated that the fire insurance premium tax is up to $219,000 and it has been increasing over the last two years. She stated that it is a state levy on the premiums. Mayor Cooke noted that the fire insurance premium was one of the State Shared Revenues that was in jeopardy of being taken away by the legislature with the City of Kent having to replace these funds. Al Bond moved to approve the financial transactions for the months of July — September 2015, seconded by Sam Grubbs. Motion carried 5-0. Cost of Living Allowance - Information. Mayor Cooke communicated that the Cost of Living Allowance was 1.87 percent. Board Appointments — Information. Moore communicated that Position 2 previously occupied by Al Bond expired on June 30, 2015. He stated that a notice for candidates went to all members and no one was nominated. Moore stated that he called Al Bond to determine if he would like to continue on the board due to the lack of nominations and Mr. Bond agreed. Therefore, Mr. Bond has been re- appointed to a two-year term expiring on June 30, 2017. Adiournment. The meeting adjourned at 3:45 p.m. Ronald F. Moore, MMC Board Secretary/City Clerk 2