HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 12/03/1997 (3) Firemen' s Relief & Pension Board
December 3, 1997
Boardmembers Present: Jon Johnson, Mary Berg, Gene Grenstad,
Brenda Jacober
Others Present: Laurie Murray, Susan Narick,
Brigitte Hoopes
I
The meeting was called to order at 9: 00 a.m.
Approval of the Minutes. Berg moved to approve the minutes of
the November 5, 1997 meeting. Grenstad seconded and the motion
carried.
Approval of Financial Transactions.
Murray explained the schedule of assets and liabilities as of
October 31st. She noted that the revenues and expenditures fund
remains constant and doesn't fluctuate very much.
Grenstad moved to approve the October finance transactions. Berg
seconded and the motion carried.
i
Mutual Fund Investments.
Narick noted that the mutual funds purchased in June have done
extremely well and earned $13 , 000 since that time. She explained
how the mutual funds could benefit and noted that if the Pension
wants to buy more, they could add to their rate or lower the
share price. Upon Murray's question, Narick noted that the FMA
fund has a negative increase percentage because it is below
market value. She explained that the market value is only a
measure or tool used to show what an investment would net if sold
in the current market.
CPI Changes. Hoopes noted that the CPI base year is tentatively
scheduled for change in January, 1999 but that it is not a fixed
date. She noted that for now the index will be published every
two months on even months for Seattle. She explained that the
base year currently is for 1984 but that it will be updated to
1995 and that the calculations will be based on different market
basket items which will include more of the metropolitan business
area.
Adjournment. There was no further business to come before the
board and the meeting adjourned at 9 : 20 a.m.
Brenda Jacober, CMC
City Clerk/Boardmember