HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 02/07/1996 i
Firemen's Relief & Pension Board
February 7, 1996 j
Boardmembers Present: Mary Berg, Gene Grenstad, Brenda Jacober
Brigitte Hoopes, May Miller Susan
Others Present: John Hillman, g p , y ,
Narick
Approval of Minutes. Grenstad moved to approve the minutes of
the meetings of December 6, 1995 and January 3, 1996. Berg
seconded and the motion carried.
Appproyal of November and December Financial Transactions.
Hillman distributed copies of November and December financial
transactions and said there has not been much change since
October. He noted that there was a gain of approximately $32, 000
on mutual funds in December and that interest accruals as of
December 1 are considerable. He stated that the fund balance at
the end of 1995 should be equal to or greater than 1994, even
though payments have been made. Berg moved to accept the
financial reports. Grenstad seconded and the motion carried.
Meridian Annexation Fire Insurance Premiums. Hillman said that
nothing will be received until 1997 and there will be an increase
of approximately 10%, or $10, 000 . It was explained that this
will come from the state.
{ Investment Policy (Added Item) . Narick distributed copies of a
recently adopted City investment policy. Miller explained that
the top priority is to maintain the safety of the principle, to
provide cash flow to meet city needs, and then to consider yield.
She explained the policy and noted that an investment committee
will meet quarterly. Narick provided a graph showing all invest-
ments, and said she will provide a graph depicting only the j
Firemen's Relief & Pension periodically. She will also provide
information showing whether an investment is in a gain or loss
position, which would indicate if there is a problem. Berg moved
to accept the City' s new investment ordinance. Grenstad seconded
and the motion carried.
Election Results (Added Item) . Berg announced that Gene Grenstad
has been elected to the Board for a two-year term, and said that
an alternate will be selected by the next meeting.
1996 Salary Schedules (Added Item) . Brigitte Hoopes distributed
and explained a handout showing January 1996 salary changes for
retirees. She noted that there is quite an increase and that not
all retirees are eligible. She added that the new longevity
rates are very different. She pointed out that Darrell Orndorff
owes only 80 cents at this time, and when that is paid he will
receive a full check. Grenstad moved for approval of the January
1996 salary change schedule. Berg seconded. It was clarified
that this rate was not reflected in the last checks, and that
retros will be done for one month. Motion carried.
i
Next Meeting (Added Item) . Berg announced that he will be out of
town on the next meeting date, and Miller said there will be no
new financial, payroll or investment information by then. Berg
noted that the state requires that the Board meet monthly, and it
was determined that the next meeting will be held on March 6.
Adjournment. Grenstad moved to adjourn at 9:22 a.m. Berg
seconded and the motion carried.
�'-7" i.¢..-s,-;_ -F�
Brenda Jacoberyyy' City Clerk
Boardmember /
I
i
i