HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 10/15/2019 (2)Firemen's Relief and Pension Board
Minutes
October L5,20t9
Kent, Washington
Approved t/2L/2O
BOARD MEMBERS PRESENT: Les Thomas, Chair of the Operations Committee,
Sam Grubbs and Kim Komoto, Secretary.
STAFF MEMBERS PRESENT: Paula Painter, Finance Director and Joe Bartlemay,
Senior Financial Analyst.
1. Call to Order
The meeting was called to orderat 3:31 p.ffi., with Kim Komoto presiding.
2. Roll Call
Mayor Dana Ralph - Absent
Councilmember Les Thomas - Present
Kim Komoto - Present
Al Bond - Absent
Sam Grubbs - Present
3. Changes to the Aqenda
Sam Grubbs moved to approve the agenda as presented, seconded by Les Thomas
The motion passed unanimously with a vote of 3-0.
4. Aooroval of Minutes, dated July 16, 2O19
Sam Grubbs moved to approve the minutes dated July 16, 2OL9, and Les Thomas
seconded the motion. The motion passed unanimously with a vote of 3-0.
5. Amendment to Ooerating Policv
Kim Komoto advised that the City Council recently changed the committee structure
and the Operations Committee no longer exists. The Operating Policy specifies that
the Chairof the Operations Committee is a memberof the board. The policy is being
amended removing that reference and providing that the member will be a council
member appointed by the Council President.
Sam Grubbs moved to approve the amendment and Les Thomas Seconded the
motion. The motion passed unanimously with a vote of 3-0.
6. 3'd Quarter 2O19, Financial Report
Joe Bartleffidy, Senior Financial Analyst, provided details regarding the Executive
Summary for Cash and Investments as of September 30, 2OL9, and the Statement
of Revenues and Expenses as of September 30, 2019.
Bartlemay reviewed the Firemen's Relief and Pension Trust Fund Cash and
Investments ending September 30, 2019, that also included a five-year comparison.
7. Adiournment
At 3:38 p.m., Kim Komoto declared the meeting adjourned,
Page l1
Firemen's Relief and Pension Board
Minutes
Kimbe Kom
ief and Pension Board SecretarY
1 019
October 15, 2019
Kent, Washington
Approved tl2L/20
Firemen
October
Page l2
KENT
WAsHtNcroN
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
September,2019
MANAGEMENT REPORTS
Cash and lnvestments as of September 30, 2019
5 year comparison and breakdown of current investments
Statement of Revenues and Expenses
for the Nine Months Ended September 30, 2019
1
2
Date Presenred: LO/ t5l2OL9
City of Kent
Firemen's Relief & Pension Trust Fund
Executive Summary
September,z0tg
Cash & lnvestments - September 30. 2019
Total Cash and lnvestments have increased about 533,000 since the same period in
20L8, due to the increased Fire lnsurance Premium Tax and increased investment
interest.
The Fire Relief & Pension Fund owns a percentage of all the City investments. The LGIP is
currently earning over 2o/o, and the other investments are earning between L.3% and
3.5%. Our Federal Home Loan Mortgage investment will mature in November of this
year.
Statement of Revenues and ses - Seotember 30. 2019
lnterest income for 2OL9 has increased over the prior year, as expected with rising rates
Year to date interest ¡s $24,196, as compared to S19,525 for the same period in 2018.
Pension costs year to date are about 55,000 higher than the prior year to date. These
payments represent the difference between what firefighters would have received
under the city pension vs. their current LEOFF pension benefits.
o
a
o
a
Date Presented: IO/ 15/2Ot9
City of Kent
Firemen's Relief & Pension Trust Fund #620
Cash & lnvestments
September 30, 2019
Five Year Comparison
9/30/16
CASH & INVESTMENTS
Cash in Checking & LGIP
lnvestments, at Cost
TOTAL CASH & INVESTMENTS
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses
Held in trust for Pension Benefits
TOTAL LIABILITIES & RETAINED EARNINGS
9/30/1 5
$ 776,372 31.68%
1,674,018 68.32%
$ 2,450,390 100.00%
$ 6.471 0.260/o
2,443,919 99.74%
s 2,450,390 100.00%
$ 814,261
1,538,531
$ 2.352.792
34.610/"
65.39%
9t30t17
$ 1,498,788
786,845
9/30/1 I
$ 1,369,767
852,807
9/30/1 I
$ 1,328,787
926,901
65.57o/"
34.43o/o
61.63%
38.37o/"
58.91%
41.09%
100.00% $ 2,285,633 100.00% $ 2,222,574 100.00% $ 2.255.6EE lO0.O0%
$ 6,596 0.28% $ 0,020 0.29%$ I,lZl O.32Yo $ 7,244 0.32o/o2346j96 99.72%
i 2,352,792 100.00%
2,278,958 99.71%2,215,446 99.68%2,248,444 99.68%
$ 2,2E5,633 100.00% $ 2,222,574 100.00% $ 2.255.6S8 100.00%
r Cash in Checking
I Locai Gov't lnvestment Pool
"r: Other lnvestmenis
rr FHLM from L987
CITY OF KENT
FIREMEN'S RELIEF AND PENSION FT]ND INVESTMENTS
September 30, 2019
InvestmentPurchase
SecurÍty Description Yield Maturitv TotalDate
09/301t9
09/301t9
09130/19
04lt0l87
CashinChecking
Local Godt Invesfnent Pool
Other Investrrpnts
Federal Horne Loan Mortgage
0.000%
2.t95%
1.34-3.59o/o
8.508%
Ovemigþt
6 rno.-5 ys.
tU29/19
ls3,720
743,740
431,327
926,901
$
$
$
$
$ 2,255,688
Date Presented: LO/ l5/2OL9
City of Kent
Firemen's Relief and Pension Trust Fund #620
Statement of Revenues and Expenses
For the Nine Months Ended September 30, 2019
Five Year Comparison
9/30/16 9130t17
OPERATING REVENUES
lnterest lncome
Fire lnsurance Premium Tax
TOTAL REVENUES
OPERATING EXPENSES
Pens¡on Palments to Ret¡rees
Health lnsurance
Actuarial Study
TOTAL EXPENSES
NET TNCOME (LOSS)
i 220,731 100.00% t 232.166 100.00% $ 232,930 100.00%
9130118
$ 19,525 7 .800/o
230,881 92.2oo/o
$ 250,406 100.00%t 329,663 100.00%
$
9130115
1,699
219,032
1 18,295
169,s00
3,000
0.77o/o
99.23o/o
40.680/o
58.29o/o
1.03o/o
4,500
227,666
1.94o/o
98.06%
10,147
222,783
436%
95.640/o
9/30/1 9
24,196
305,467
7.34o/o
92.660/o
$$$
119,369
169,500
11,825
39.70o/o
56.37o/o
3.93%
122,389
150,591
3,000
44.35o/o
54.57o/o
1.09o/o
131,541
150,000
11,825
44.U%
51.13o/o
4.03%
136,423
150,000
3,300
47.09o/o
51.77o/o
1.140/o$ 290,795 100.00% $ 300,694 100.00%
$ ø0.064)3 t68.528)
$ 275,9E0 100.00% $ 293,366 l00.OO% g 2E9,723 1o0.OO%
$ (43.050)$ (42,e60)S 39.9,10
2Date Presented: 1011512019