HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 04/16/2019
Unless otherwise noted, the Firemen’s Relief and Pension Board meets quarterly at 3:30 p.m. in
the Mayor’s Office located in the City Hall Building, 220 Fourth Ave S, Kent, WA 98032.
For additional information please contact Kimberley A. Komoto at 253-856-5788 or via email at
Kkomoto@KentWA.gov.
Any person requiring a disability accommodation should contact the City Clerk’s Office
at 253-856-5725 in advance. For TDD relay service call Washington
Telecommunications Relay Service at 7-1-1.
Firemen’s Relief & Pension Board
Agenda
Board Members: Dana Ralph, Mayor,
Kimberley A. Komoto, City Clerk, Les Thomas, Chair of Operations Committee,
Sam Grubbs, Retired Firefighter, Al Bond, Retired Firefighter
April 16, 2019
3:30 p.m.
Item Description Action Speaker Time
1. Call to order Mayor Ralph 1
2. Roll Call Kim Komoto 1
3. Changes to the Agenda
MOVE TO APPROVE THE AGENDA
Yes Mayor Ralph 1
4. Approval of Minutes of January 15, 2019
Move to approve the minutes of the
meeting of January 15, 2019.
Yes Mayor Ralph 1
5. Board Position #2 Election Results
Term: July 1, 2019 – June 30, 2021
Kim Komoto 5
6. LEOFF 1 Retirees’ COLA – Information
Only
No Susanne Shaw 5
7. 1st Quarter 2019, Financial Transaction
Report
No Lavina Brennecke 5
8. Adjournment Yes Mayor Ralph 1
Firemen’s Relief and Pension Board January 15, 2019
Minutes Kent, Washington
Pending Approval
Page | 1
BOARD MEMBERS PRESENT: Council President Bill Boyce in place of
Councilmember Thomas, Sam Grubbs and Kim Komoto, Secretary (Chairing the
meeting).
STAFF MEMBERS PRESENT: Lavina Brennecke, Accounting and Reporting
Manager
1. Call to Order
The meeting was called to order at 3:38 p.m., with Kim Komoto presiding
2. Roll Call
Council President Bill Boyce attending for Les Thomas– Present
Councilmember Les Thomas – Absent
Kim Komoto – Present
Al Bond – Absent
Sam Grubbs – Present
Mayor Ralph - Absent
3. Changes to the Agenda
None
4. Approval of Minutes, dated October 16, 2018
Sam Grubbs moved to approve the minutes dated October 16, 2018, and Boyce
seconded the motion. The motion passed unanimously with a vote of 3-0.
5. Board Position #2 Election – Information Only
Komoto provided an update on the upcoming election for position #2 currently held
by Al Bond. Nomination forms will be mailed on March 4, 2019.
6. Benefit Adjustment to Reflect Puget Sound Regional Fire Authority
COLA Increase
Lavina Brennecke, Accounting & Reporting Manager, provided an update on the
increase for battalion chiefs and district chiefs. Brennecke advised that negotiations
for the increases for firefighters is not yet complete and that she will report the
outcome at the next meeting.
7. 4th Quarter 2018, Financial Report
Brennecke, provided details regarding the Executive Summary for Cash and
Investments as of December 31, 2018, and the Statement of Revenues and Expenses
as of December 31, 2018.
Firemen’s Relief and Pension Board January 15, 2019
Minutes Kent, Washington
Pending Approval
Page | 2
Brennecke reviewed the Firemen’s Relief and Pension Trust Fund Cash and
Investments ending December 31, 2018, that also included a five-year comparison.
8. Adjournment
At 3:45 p.m., Komoto declared the meeting adjourned.
Kimberley A. Komoto
Firemen’s Relief and Pension Board Secretary
January 15, 2019
KENT
WasHrNcroN
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
March, 2019
MANAGEMENT REPORTS
Cash and lnvestments as of March 31,2019
5 year comparison and breakdown of current investments
Statement of Revenues and Expenses
for the Year Ended March 31,2019
1
2
Date Presented: 4/ L6/2OL9
City of Kent
Firemen's Relief & Pension Trust Fund
Executive Summary
March, 2019
Cash & Investments - March 31. 2019
Total Cash and lnvestments have decreased approximately 552,000 since the same time
last year.
The FR&P Fund also owns the one Federal Home Loan Mortgage investment. This is an
amazing investment story. The original cost of this investment on 4/L0/L987 was
565,937.50. When it matures on tI/29/I9 it will be worth S1M.
The Local Government lnvestment Pool (LGIP) is earning 2.532% currently. ln March of
2018 it was earningI.577%.
ln March of 20L8, our Other lnvestments were earning .84%to 2.94%; in March of 2OL9
they are earning L.43o/o - 3.59o/o.
Statement of Revenues and Expenses - March 31. 2019
o lnterest income for the quarter was 57,425, which is higher than the interest income for
last year at this time. ln the L't quarter of 2018 we earned 55,483 in interest.
o Pension expense and health insurance costs totaled S101,002 for the quarter.
¡ This quarter we paid for a partial Actuarial study. The cost was LO% greater than
expected, up from 53,000 last year to 53,300 in 2019.
o
o
a
a
Date Presented: 4/ L6/20I9
3t31t15
$ 748,873
1,674,018
$ 2,422,891
$ 587,01 5
l ,738,I 63
30.9r%
69.09%
City of Kent
Firemen's Relief & Pension Trust Fund #620
Cash & lnvestments
March 31, 20'lg
Five Year Comparison
3t31t16 3131117
$ 9r5,098 40s1%
I,321,518 59.09%
$ 2.236.616 100.00%
25.250/0
74.75%
3t31t18
$ 834,702
1,340,506
3131t19
$ 807,7r 9 38.05%
I,315,098 61.95%
$ 2,122,817 100.00%
38.370/o
61.63%
CASH & INVESTMENTS
Cash in Ghecking & LGIP
lnvestments, at Cost
TOTAL CASH & INVESTMENTS
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses
Held in trust for Pension Benefits
TOTAL LIABILITIES & RETAINED EARNINGS
100.00% $ 2,325,178 100.00%$ 2,17s,208 100.00%
2,4't6,082 99.72yo 2,318,439 99"71% 2,229,528 99.68%
s 2,422,891 100.00% $ 2,325,17S 100.00% $ 2.236.616 l0o.0o%
$ 6,809 0.28% $ 6.739 0.29%$ 7,088 0.32Y" $ l,tzt 0.36%
2,167,471 99.64%
_$_&g!¿99__1qqq92!_
$ 8,070 0.38%
2,114,747 99.62a/o
s 2.',122.817 100.00%
r Cash in Checking
I Local Gov't lnvestment Pool
; Other lnvestments
r FHLM from 1987
CITY OF KEI{T
FIREMEN'S RELIEF AI\D PENSIOI\ FI.IND INVESTMEI{TS
March 31,2019
InvestmentPurchase
Date Security Description Yield Maturitv Total
03/3r/t9
03/3t/19
03/3v19
041t0187
Cash in Checking
Local GoVt Investnpnt Pool
Other Investrents
Federal Honre l¡an Mortgage
0.000%
2.532yo
1.43-3.s9%
8.508%
Ovemigþt
6 rno.-5 yrs.
rt/29/19
138,349
669,370
388,197
926,901
$
$
$
$
$ 2,122,817
Date Presented: Oal t6/2OL9
City of Kent
Firemen's Relief and Pension Trust Fund #620
Statement of Revenues and Expenses
For the Three Months Ended March 31, 2019
Five Year Comparison
3t31t16
OPERATING REVENUES
lnterest lncome
Fire lnsurance Premium Tax
TOTAL REVENUES
OPERATING EXPENSES
Pension Payments to Retirees
Health lnsurance
Actuarial Study
TOTAL EXPENSES
NET TNCOME (LOSS)
3131t15
$624 100.00%
0.00%
$650
$624 100.00% g
41.960/o
58.04o/o
0.00%
$ 97,3s5 100.00% $ 96,935
$ (e6,731)$ (96.285)
100.00%
0.00%
5,4E3 100.00% S
3131t19
$ 7,425 100.00%
0.00%
7.425 100.00%
47,702 47.23%
50,000 49.50%
3,300 3.270/0
I 101,002 100.00%
$ (93,578)
650 100.00% s 1.322 100.00% s
100.00%
0.00%
41.71o/o
58.29o/o
0.00%
3t31t17
g 1,322
42,529
51,773
100.00%
0.00%
45.10Vo
54.90o/o
0.00%
3t31t18
$ s,483
46,420
50,000
40,855
56,500
40,435
56,500
48.14o/o
sr.86%
0.00%
100.00% $ 94,302 100.00% $ 96,420 100.00%
$ (e2,980)s (90.936)
2Date Presented: 041 1612019