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Home My WebLink AboutCity Council Committees - Fireman's Relief Pension Board - 04/17/2018 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 1-800-833-6388. Firemen’s Relief & Pension Board Agenda Board Members: Dana Ralph, Mayor, Kimberley A. Komoto, City Clerk, Les Thomas, Chair of the Operations Committee, Sam Grubbs, Retired Firefighter, Al Bond, Retired Firefighter April 17, 2018 3:30 p.m. Item Description Action Speaker Time 1. Call to order Mayor Ralph 1 Min 2. Roll Call Kim Komoto 1 Min 3. Changes to the Agenda MOVE TO APPROVE THE AGENDA Yes Mayor Ralph 1 Min 4. Approval of Minutes of January 16, 2018 MOVE TO APPROVE THE MINUTES OF January 16, 2018 Yes 1 Min 5. Financial Report MOVE TO APPROVE THE FINANCIAL REPORT ENDING March 31, 2018 Yes Lavina Brennecke 5 Min 6. Board Position No. 1. Election Results – Term: July 1, 2018 – June 30, 2020 Mayor Ralph 5 Min 7. LEOFF 1 Retirees’ COLA – Information Only Susanne Shaw 5 Min 8. Adjournment MOVE TO ADJOURN THE MEETING OF April 17, 2018 Yes Mayor Ralph 1 Min Firemen’s Relief and Pension Board January 16, 2018 Minutes Kent, Washington Approval Pending BOARD MEMBERS PRESENT: Board Chair, Mayor Dana Ralph, board members Sam Grubbs, Al Bond and Kim Komoto, Secretary. STAFF MEMBERS PRESENT: Aaron BeMiller, Finance Director, Lavina Brennecke, Accounting and Reporting Manager, and Susanne Shaw, Senior Financial Analyst 1. Call to Order The meeting was called to order at 3:34 p.m., with Committee Chair Mayor Ralph presiding. 2. Roll Call Mayor Dana Ralph– Present Councilmember Les Thomas – Present Kim Komoto – Present Al Bond – Present Sam Grubbs - Present 3. Changes to the Agenda Sam Grubbs moved to approve the agenda as presented, seconded by Al Bond. The motion passed unanimously with a vote of 5-0. 4. Approval of Minutes, dated October 17, 2017 Sam Grubbs moved to approve the minutes dated October 17, 2017, and Al Bond seconded the motion. The motion passed unanimously with a vote of 5-0. 5. Financial Report Lavina Brennecke, Accounting & Reporting Manager, provided details regarding the cash and investments as of December 31, 2017, and reviewed the 5-year comparison and breakdown of current investments. Lavina also provided details regarding the statement of revenues and expenses for the year ending December 31, 2017. Sam Grubbs moved to approve the financial report ending December 31, 2017, seconded by Al Bond. The motion passed unanimously with a vote of 5-0. Page | 1 Firemen’s Relief and Pension Board January 16, 2018 Minutes Kent, Washington Approval Pending 6. Benefit Adjustment to Reflect the Puget Sound Regional Fire Authority COLA Increase – Information Only Susanne Shaw provided details regarding the benefit adjustment to reflect the Puget Sound Regional Fire Authority COLA increase. 7. Adjournment At 3:38 p.m., Chair, Mayor Ralph declared the meeting adjourned. Kimberley A. Komoto Firemen’s Relief and Pension Board Secretary January 16, 2017 Page | 2 KENT WASHINGToN CITY OF KENT FIREMEN'S RELIEF & PENSION TRUST FUND FINANCIAL REPORT March,2018 MANAGEMENT REPORTS Cash and lnvestments as of March 31,2018 5 year comparison and breakdown of current investments Statement of Revenues and Expenses for the Three Months Ended March 31,2018 1 2 Date Presented: 4/ L7 /2OL8 City of Kent Firemen's Relief & Pension Trust Fund Executive Summary March,2018 Cash & Investments - March 31, 2018 The Fire Relief & Pension Fund owns a percentage of all of the City investments. These are included on the Cash & lnvestments chart as Other f nvestments. They earn from .84%to2.94% and have a range of maturity dates from L month to 5 years. 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/tO/1987 was s65,937.50. When it matures on tL/29/I9 it will be worth silvl. wow. Statement of Revenues and Expenses - March 31. 2018 lnterest income for the quarter was $5,483, which is higher than interest income for last year at this time. lnterest rates continue to benefit the FR&P fund. Pension expense and health insurance costs totaled 596,420 for this quarter. These total costs have not changed much over the last 4 years. a o a a Date Presented: 4/ L7 /2OtB City of Kent Firemen's Relief & Pension Trust Fund #620 Cash & lnvestments March 31,2018 Five Year Comparison 3t31t153131t14 $ 1,968,443 76.21yo 614,535 23.790/o _$_2,582,e?E r0O9!Ié_ 3131117 $ 915,098 40.91% r,321,518 59.09% $ 2,236,616 100.00% 3t31t18 $ 834,702 38.370/. 1,340,506 61.63% _q_42!¿g!___1_90. 0o%_ $ 748,873 1,674,018 3t31t16 $ 587,015 1,738,163 30.9170 69.09% 2525% 74.75% CASH & INVESTMENTS Cash in Checking & LGIP Investments, at Cost TOTAL CASH & INVESTMENTS LIABILIT¡ES AND RETAINED EARNINGS Accrued Expenses Held ín trust for Pens¡on Benefits TOTAL LIABILITIES & RETAINED EARNINGS $ 2.422.E91 100.00% S 2.325.178 100.00% $ 5,284 0.20% $ 0,AOS 0.28% $ 6,739 0.290/"$ 7,088 0.32o/o $ 7,737 0.36% 2,167,471 99.640/0 ¡ 2,175,208 100.00% 2,577,694 99.800/0 2,416,082 99.720/0 _9_2,5E2,92!___1q9492!_ _9_2,an,as1 ß0.00%_ 2,318,439 99.71%2,229,528 99.68% s 2.325.178 100.00% $ 2.236.616 100.00% I Cash in Checking I Local Gov't Investment Pool r Other lnvestments r FHLM from 1987 CITY OF KENT FIREMEN'S RELIEF AND PENSION F[]ND INVESTMENTS March 31, 2018 InvestmentPurchase Security Description Yield Maturity TotalDate 03/31/18 03l3vt8 03/3t/18 04/10/87 Cash in Checking Local GoVt Invesfrnent Pool Other Investrpnts Federal Horrp Loan Mortgge 0.000% 1.577% 0.84-2.94% 8.508% Ovemigþt I rm.-51rs. tt/29/19 175,353 659,349 487,699 852,807 $ $ $ $ $ 2,175,208 Date Presented: 04/ L7/2OLB City of Kent Firemen's Relief and Pension Trust Fund #620 Statement of Revenues and Expenses For the Three Months Ended March 31, 2018 Five Year Comparison 31311153131114 s38 100.00% 0.00% 538 100.00% s $624 40,855 56,500 r00.00% 0.00% 624 100.00% $ 3t31t17 $ 1,322 42,529 51,773 3131118 $ s,483 46,420 50,000 $ 3131t16 6s0 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) $ $ 31,654 49,250 39.13% 60.87o/o 0.00% 41.96o/o 58.04o/o 0.00% 40,435 56,500 r00.00% 0.00% 41.71% 58.29% 0.00% 650 100.00% $ ,t,322 100.00% $ 5,483 100.00% 100.00% 0.007o 45.1Ùo/o 54.90% 0.00% 100.00% 0.00% 48.14o/" 51.86% 0.00% $ 80,904 100.00% s 97,3ss 100.00% s 96,93s 100.00% $ 94,302 100.00% s 96,420 f00.00% $ (80.366)$ 196.73r)3 t96.285)$ 192.980ì $ (90,937) 2Date Presented: 04117 12018