HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 10/24/1974 FIREMEN'S PENSION BOARD MEETING
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October 24, 1974
A meeting of the Firemen's Pension Board was called to order at 9; 10 by Mayor
Hogan. Board members present : Mayor Hogan, Lt . Orndorff, City Clerk Marie
Jensen. Also present : Finance Director Winkle'& City Treasurer Drotz,
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Discussion was had on the requirement for an actuarial survey. It was pointed
out that the firrn of MiIIlman & Rob'ertsnn had made such a survey as of August 12, �"'
1909. When the survey was authorised, 11 was bet ioved 'ihatl such a survey was
required every five years. 'Finance Director Winkle pointed out" however, that as
" he interpreted RCW 41 . 16.060, a report from 'an actuary is required annual in
order to establish that the additional property tax of one mill is unnecessary to
meet the estimated demands on the Firemen's Pension Board Fund for the ensuing
year. ( If the one mill is not required for the Firemen's Pension Fund, it may be
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diverted to any other municipal purpose. ) Orndorff moved to direct the staff
( including the City Attorney) to determine how oftenthe sunvey' is required, and
to take steps to have a survey, made. Jensen seconded, motion carried. Orndorff
suggested that if an annual survey is required, we should attempt to have an, update
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eec'n year rather than going to the expense of shaving a complete survey each year.
It was nointed out that the Firemen's Pension Fund had purchased 4 notes from the
city. These were issued by the city in 'lieu of bonds for LID's 25,7, 258, 269 and
273. The city will soon be issuing bonds for LID 275, and could buy back each of
the notes from the Firemen's Pension Fund except the note for LID 273, and Include
IDs 257,258 and 269 with the bonds. to be issued for LID 275. The Firemen's
Pension Fund would, thereby, gain a greater Interest 'on it 's money by having the `
cash on hand to invest in Certificates of Deposit , which yield 10% interest . It
was determined that the cost of issuing the bonds was city expense and there
would be no cost to the, Firemen's Pension Fund. Orndorff moved to liquidate the
3 notes and for the City Treasurer to be authorized to invest the money in Ceriif—
icates of Deposit. Mayor Hogan seconded, motion carried.
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The meeting was i)djourned at 9:35 A.M.
Respectfully submitted,
Marie Jenserf,City 'Clerk
Secretary ofi the Board { .
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Lt. Orndorff
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M. Drotz
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