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Fireman's Relief & Pension Board
AGENDA
November 3, 2015
3:30 p.m.
Mayor's Conference Room
1. Minutes of July 21, 2015 — Action
2. 2nd Quarter 2015 Financial Transactions — Action
3. Cost of Living Allowance — Information
4. Board Appointments - Information
5. Other Business
6. Adjournment
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Firemen's Relief & Pension Board Minutes
July 21, 2015
Board Members present: Mayor Suzette Cooke, City Clerk Ronald Moore, Al Bond,
Gene Grenstad, and Sam Grubbs
Others present: Finance Director Aaron BeMiller, Accounting and Reporting Manager
Lavina Brennecke, and Senior Financial Analyst Susanne Shaw
Mayor Cooke called the meeting to order at 3:30 p.m.
Minutes of April 21, 2015. Al Bond moved to approve the minutes of April
21, 2015, as written, seconded by Sam Grubbs. Motion carried 5-0.
2"d Quarter 2015 Financial Transactions. Brennecke communicated the 2 n d
Quarter 2015 financial transactions and reviewed the balance sheet and an
executive summary which notes that the cash and investments were slightly higher.
She reviewed the statement of revenues and,expenses which included the state
payment of the fire Insurance premium tax in May. She highlighted a report which
shows changes in the State Investment Pool investments, She pointed out a long
term bond purchase of $1 million in long term investment bonds. Mayor Cooke also
noted that the explanation of what has occurred is noted in the April 21, 2015
minutes,
BeMiller highlighted,that the new management reports are included in this packet
for the board to compare. Brennecke highlighted the differences in the reports and
that the new ones are based on Generally Accepted Accounting Principles (GAAP).
Grubbs noted that the amount in the fund goes down by about $100,000 each year
and Mayor Cooke noted that the goal is to have enough money in the fund to take
care of the final pension member.
Brennecke communicated the revisions that were done to the new reports to
include renaming the items on the statement to be the Fire Insurance Premium
Tax, Health Insurance, Actuarial Study, and Pension Payments to Retirees.
Sam Grubbs moved to approve the financial transactions for the months of
January — June 2015, seconded by Al Bond. Motion carried 5-0.
BeMiller confirmed that the management reports are acceptable to the board and
much easier to read and understand.
Cost of Living Allowance - Information. Shaw communicated how the cost of
living allowance (COLA) is calculated and that the resulting amount was 1.87
percent. Therefore, the COLA is 2 percent.
Other Business. BeMiller discussed the dates the meetings were being held and
said that based on the City's closing processes he would like to hold this meeting
one month later. He explained the process of preparing the reports for the board
and recommended having them two weeks after the regular meeting date. Mayor
Cooke also noted the extra time would make getting the packets to the board
happen one week prior to the meeting.
Bond confirmed that revising the date doesn't affect the actuarial study.
Sam Grubbs moved to have the pension board meeting on the first Tuesday
on the second month at the end of the quarter, seconded by All Bond.
Motion carried 5-0.
The board confirmed the next meeting would. be November 3, 2015.
Adiournment. The meeting adjourned at 3:58 p.m.
Ronald F. .Moore, MMC
Board Secretary/City Clerk
2
City of Kent
Firemen's Relief& Pension Trust Fund
Executive Summary
September, 2015
Cash & Investments—September 30, 2015
® On page 1, under Cash & Investments, please note that the balance in Cash in Checking
and LGIP has decreased since the same period in 2014, and there has been a
corresponding increase in Investments. The listing of investments is in the chart on the
same page. It shows the Checking and LGIP (Local Government Investment Pool)
balances first, followed by the longer term investments and their maturities.
• The pie chart on this page shows each investment in relation to the total investment.
Fico Strips are Financing Corporation government securities that pay interest at
maturity.
Statement of Revenues and Expenses —September 30, 2015
® The Fire Insurance Premium Tax of$219,032 was received in May. The state payment
has been increasing over the last four years, up from $178,899 in 2014. The Fire
Insurance Premium Tax is a tax levied by the state on net fire insurance premiums. The
tax rate has not changed in many years, so the increase we are seeing is due to an
increase in these state tax receipts.
• Pension costs for the year to date are $118,295. Pension costs represent the difference
between what firefighters would have received under the city pension vs. their current
LEOFF pension benefits.
® Health insurance costs are set by the actuarial. For 2015 the total annual health
insurance cost will be $226,000. This is unchanged since 2014. These costs are a portion
of the cost of health insurance and long-term care insurance costs that are paid by the
City.
Date Presented: 11/03/2015
400,
KENT
WA5HINGTON
CITY OF KENT
FIREMEN'S RELIEF cos PENSION TRUST FUND
FINANCIAL REPORT
SEPTEM ER, 2015
MANAGE ENT REPORTS
Cash and Investments as of September 30, 2015
5 year comparison and breakdown of current investments 1
Statement of Revenues and Expenditures
for the Nine Months Ended September 30, 2015 2
Date Presented: 11/03/15
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