HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 07/16/2019 (2)
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
July 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 April 16, 2019
Move to approve the minutes of the
meeting of April 16, 2019.
Yes Mayor Ralph 1
5. 2nd Quarter 2019, Financial Transaction
Report
No Shane Sorenson 5
6. CPI Increase for Retiree of Off Duty
Disabled – Information Only
No Shane Sorenson 5
7. Adjournment Yes Mayor Ralph 1
Firemen’s Relief and Pension Board April 16, 2019
Minutes Kent, Washington
Pending Approval
Page | 1
BOARD MEMBERS PRESENT: Mayor Ralph, Les Thomas, Chair of the Operations
Committee, Sam Grubbs, Al Bond and Kim Komoto, Secretary.
STAFF MEMBERS PRESENT: Lavina Brennecke, Accounting and Reporting
Manager, Susanne Shaw, Senior Financial Analyst and Barbara Lopez, Interim
Finance Director
1. Call to Order
The meeting was called to order at 3:32 p.m., with Mayor Ralph presiding.
2. Roll Call
Mayor Dana Ralph - Present
Councilmember Les Thomas – Present
Kim Komoto – Present
Al Bond – Absent
Sam Grubbs – Present
3. Changes to the Agenda
None.
Les Thomas moved to approve the agenda as presented, seconded by Sam Grubbs.
The motion passed unanimously with a vote of 4-0.
4. Approval of Minutes, dated January 15, 2019
Sam Grubbs moved to approve the minutes dated January 15, 2019, and Les Thomas
seconded the motion. The motion passed unanimously with a vote of 4-0.
5. Board Position #2 Election Results
Komoto provided an update on the election for position #2. Al Bond received a vote
on five of the six ballots returned. Al Bond will hold position #2 for the term of July
1, 2019 through June 30, 2021.
6. LEOFF 1 Retirees’ COLA – Information Only
Susanne Shaw, Senior Financial Analyst, advised that effective April 1, 2019, the
COLA increase was 3.36%.
7. 1st Quarter 2019, Financial Report
Lavina Brennecke, Accounting and Reporting Manager, provided details regarding the
Executive Summary for Cash and Investments as of March 31, 2019, and the
Statement of Revenues and Expenses as of March 31, 2019.
Brennecke reviewed the Firemen’s Relief and Pension Trust Fund Cash and
Investments ending March 31, 2019, that also included a five-year comparison.
Firemen’s Relief and Pension Board April 16, 2019
Minutes Kent, Washington
Pending Approval
Page | 2
8. Adjournment
At 3:37 p.m., Komoto declared the meeting adjourned.
Kimberley A. Komoto
Firemen’s Relief and Pension Board Secretary
April 16, 2019
KENT
WASHTNGToN
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
''l^Ï;il,liffoRr
MANAGEMENT REPORTS
Cash and lnvestments as of June 30, 2019
5 year comparison and breakdown of current investments
Statement of Revenues and Expenses
for the Six Months Ended June 30, 2019
1
2
Date Presented: 7 /16/2O79
City of Kent
Firemen's Relief & Pension Trust Fund
Executive Summary
June,2019
Cash & lnvestments - June 30. 2019
Total Cash and Investments have increased over the prior quarter, due to the receipt of
the Fire lnsurance Premium Tax.
The Local Government lnvestment Pool (LGIP) is earning 2.506% currently. ln June of
20L8 it was earningL.S9O%.
The FR&P Fund owns one Federal Home Loan Mortgage investment that yields 8.508%.
This investment will mature in November of this year.
At the end of the 2nd quarter 2O!g, our Other lnvestments were earning 1.43%to 3.59%.
ln June of 2018 they were earning O.84% - 3.50%.
Statement of Revenues and Expenses - June 30. 2019
o The Fire lnsurance Premium Tax was 5305,467 this year, up from 5230,881 last year.
o lnterest income for the 2nd quarter was $7,892, which is higher than the interest income
for last year at this time. ln the 2nd quarter of 2018 we earned 56,208 in interest.
a
o
o
Date Presented: 7 /L6/2OL9
6/30/1 5
$ 871,334
1,674,018
g 921,042 37.450/o
1,538,531 62.55%
$ 2,459,573 100.00%
6130t17
$ 1,045,396
1,324,835
34.23%
65.77%
City of Kent
Firemen's Relief & Pension Trust Fund #620
Cash & lnvestments
June 30,2019
Five Year Comparison
6/30/16 6/30/1 I
$ 971 ,387 41.800/o
1,352,711 58.200/o
_$jr4,0e8 roogg2L
44.11o/o
55.89%
6/30/19
$ 933,819 39.88%
1,407 ,472 60j20/0
s 2,U't,291 100.00%
CASH & ¡NVESTMENTS
Gash in Checking & LGIP
lnvestments, at Cost
TOTAL CASH & INVESTMENTS
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses
Held in trust for Pens¡on Benef¡ts
TOTAL LIABILITIES & RETA¡NED EARNINGS
$ 2.545.352 100.00%
$ 6.436 0.25% $ 6.560 0.27%
2.538.916 99.75%2,453,013 99.730/o 2,363,597 99.720/0
$ 2,545,352 100.00% S 2,459,573 100.00% $ 2,370,231
s 2.370.231 100.00%
$ 6,634 0.28% $ 7,061 0.30% $ Z,S0g o.310/o
2,317,037 99.70% 2,333,928 99.69%
100.00% $ 2,324,098 100.00% $ 2,341,291 100.00%
r Cash in Checking
r Local Gov't lnvestment Pool
ã Other lnvestments
r FHIM from 1987
CITY OF KENT
FIREMEN'S RELIEF AI\[D PENSION F'[]ND INVESTMENTS
June 30,2019
InvestmentPurrchase
Date Security Description Yîeld Maturity Total
06/30/19
06130119
061301t9
04/10/87
CashinClrccking
Local GoVt lnvestnent Pool
Other Investrpnts
Federal Honæ Loan Mortgaç
0.000%
2.s06%
t.43-3.59%
8.508%
Overnigþt
3 rn.-5 yrs.
tt/29/T9
177,030
756,789
480,571
926,901
$
$
$
$
$ 2,341,291
Date Presented: 07 / l6/20L9
City of Kent
Firemen's Relief and Pension Trust Fund #620
Statement of Revenues and Expenses
For the Six Months Ended June 30, 2019
Five Year Comparison
6/30/166/30/1s
$ 1,370 0.620/o
219,032 99.380/o
i 220,402 100.OOo/o
6/30/t I
$ 11,691 4.82o/o
230,881 95.18%
$ 242,572 lOO.OOo/o
$1,370
219.032
0.620/o
99.38%
6/30/1 9
15,317
305,467
4.77o/o
95.22o/o
6130t17
$ 4,823 $
OPERATING REVENUES
Interest lncome
Fire Insurance Premium Tax
TOTAL REVENUES
OPERATING EXPENSES
Pension Pa¡nnents to Retirees
Health lnsurance
Actuarial Study
TOTAL EXPENSES
NET TNCOME (LOSS)
2.12o/o
97.88o/o222783
î 220,&2 100.00% $ 227,606 100.00%$ 320,784 100.00%
79,468 40.660/o
1 13,000 57 .81o/o
3,000 1.53%
t 195,468 100.00%
s 24,934
79,468 40.660/o
11s,000 57.81%
3,000 1.53%
$ 195,46E 100.00%
$ 24.934
82,335
101,182
44.14o/o
54.25o/o
1.61%
81,723
83,333
11,825
46.200/o
47.11o/"
6.69%
91,880 47 .070/o
100,000 51.230/0
3,300 r.69%
$ 195,180 100.00%
$ 125,604
3 000
$ 186,517 100.00% $ 176,EEl 100.00%
s 41.089 $ 65,691
2Date Presented: O7 11612019