HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 07/17/2018
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 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 17, 2018
3:30 p.m.
Item Description Action Speaker Time
1. Call to order Mayor Ralph 1
2. Roll Call Kimberley A. Komoto 1
3. Changes to the Agenda
Move to approve the agenda.
Mayor Ralph 1
4. Approval of Minutes of April 17, 2018
Move to approve the minutes for the
meeting of April 17, 2018.
Yes Mayor Ralph 1
5. 2nd Quarter 2018, Financial Transactions No Lavina Brennecke 5
6. CPI Increase for Retiree of Off-Duty
Disabled – Information Only
No Susanne Shaw 5
7. W-4P Rules – Information Only No Lavina Brennecke 5
8. Adjournment Yes Mayor Ralph 1
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Firemen’s Relief and Pension Board April 17, 2018
Minutes Kent, Washington
Pending Approval
Page | 1
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 3:28 p.m., with Committee Chair Mayor Ralph
presiding.
2. Roll Call
Mayor Dana Ralph– Present
Councilmember Les Thomas – Absent
Kim Komoto – Present
Al Bond – Present
Sam Grubbs - Present
3. Changes to the Agenda
Al Bond 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 16, 2018
Sam Grubbs moved to approve the minutes dated January 16, 2018, and Al Bond
seconded the motion.
The motion passed unanimously with a vote of 4-0.
5. Financial Report
Lavina Brennecke, Accounting & Reporting Manager, provided details regarding the
Executive Summary for Cash and Investments as of March 31, 2018, that included
information on the Federal Home Loan Mortgage investment that included the
original investment in 1987 of $65,937.50 and when it matures on 11/29/19, it will
be worth $1 million. Brennecke also reviewed the Statement of Revenues and
Expenses as of March 31, 2018.
Brennecke also advised that the actuary study fee is $11,825.
Bond moved to approve the financial report ending March 31, 2018, seconded by
Sam Grubbs.
The motion passed unanimously with a vote of 4-0.
Firemen’s Relief and Pension Board April 17, 2018
Minutes Kent, Washington
Pending Approval
Page | 2
6. Board Position No. 1 Election Results – Term: July 1, 2018 – June 30,
2020.
Kim Komoto, City Clerk, advised that Sam Grubbs received 100% of the votes and
has been elected to serve in Position No. 1 for the term of July 1, 2018 – June 30,
2020.
7. LEOFF 1 Retirees’ COLA
Susanne Shaw, Senior Financial Analyst, advised that LEOFF 1 members will receive
a 3.32% increase.
8. Adjournment
At 3:34 p.m., Chair, Mayor Ralph declared the meeting adjourned.
Kimberley A. Komoto
Firemen’s Relief and Pension Board Secretary
KENT
WaSHTN(3ToN
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
June,2018
MANAGEMENT REPORTS
Cash and Investments as of June 30, 2018
5 year comparison and breakdown of current investments
Statement of Revenues and Expenses
for the Six Months Ended June 30, 2018
1
2
Date Presented: 7 / 77 /2078
City of Kent
Firemen's Relief & Pension Trust Fund
Executive Summary
June,2018
Cash & lnvestments - June 30. 2018
Total Cash and lnvestments have increased over the prior quarter, due to the receipt of
the Fire lnsurance Premium Tax.
LGIP Rates are continuing to rise, as the Federal Reserve keeps raising rates. The
reserve raised rates in March to L75% and again in June to2.Oo/o. Two more rate
increases are expected this year. The LGIP was at L.890% at June 30, 20L8. This should
continue to go up whenever the Federal Reserve rates increase.
Statement of Revenu es and Exoenses-June 30.2018
o The Fire lnsurance Premium Tax was 5230,881this year, up from 5222,783|ast year.
o We paid 511,825 for our actuarial study this quarter. This was the payment for the full
actuarial study that is completed every other year. The cost was the same as in 2016.
The 2016 payment doesn't show on this report because in 2016 the payment was made
in the 3'd quarter.
o
o
Date Presented: 7 /L7 /2OL8
City of Kent
Firemen's Relief & Pension Trust Fund #620
Cash & lnvestments
June 30,2018
Five Year Comparison
6/30/15
CASH & INVESTMENTS
Gash in Ghecking & LGIP
lnvestments, at Cost
TOTAL CASH & INVESTMENTS
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses
Held in trust for Pension Benefits
TOTAL LIABILITIES & RETANED EARNINGS
I 2,673,272 100.00%
s 5.902 0.220/" $ 6.436
2,667,370 99.780/0 2,538,916 99.75% 2,453,013 99.730/o
j_2,6r3,n2___1OO.O0%_ !,545,352_19{q?!_ _t 2,!!9f73 l0o.gg?!_
2,363,597 99.72%2,317,037 99.700/0
i 2,324,098 100.00%s 2.370.231 100.00%
: Cash in Checking
r Local Gov't lnvestment Pool
r Other lnvestments
r FHIM from 1987
6130114
$ 2,058,737
614,535
$ 871,334 34.23%
1,674,018 65.770/o
$ 2,545,352 100.00%
6/30/16
s 921,042
1,538,531
6t30t17
$ 1,045,396 44.110/o
6/30/18
$ 971,387
1,352,7',11
77.01%
22.99%
37.45o/o
62.55o/o
41.80%
58.20%
$ 2,459,573 100.00%
1,324,835 55.89%
| 2,370,231 100.00%s 2,324,098 100.00%
0.250/o $ 6,560 Q.270/o $ 0,0s¿ 0.280/o $ 7.061 o.3o%
CITY OF KENT
F'IREMEN IS RE LMF' AND PENSION FT]ND INVE S TMENT S
June 30,2018
InvestrrentPurchase
Des Yield Totalate
06/30/1 8
06/30/18
06/30/18
04/r0/87
Cash in Checking
Local Got't Investnent Pool
0.000%
r.890%
0.84-3.50%
8.508%
Overnigtrt
1 rno.-5 yrs.
tU29/t9
184,152
787,235
499,904
$
$
$
$
Other Invesûîerús
FederalHonæ I¡an
$
Date Presented: 07 /17/2OI8
City of Kent
Firemen's Relief and Pension Trust Fund #620
Statement of Revenues and Expenses
For the Six Months Ended June 30, 2018
Five Year Comparison
6/30/156130114
$997 0.55% $
178,899 99.45%
$ 179,E96 100.00%
1,370
219,032
$ 220,402
Q.620/o
99.38%
6/30/r6
3,418
227,666
1.48o/o
98.52o/o
6130t17
4,823
222,783
2.120/o
97.88o/o
$$
6/30/1 I
$ 11,691 4.820/o
230,881 95.18%
$ 242,572 100.00%
OPERATING REVENUES
lnterest lncome
Fire Insurance Premium Tax
TOTAL REVENUES
OPERATING EXPENSES
Pension Payments to Retirees
Health lnsurance
Actuarial Study
TOTAL EXPENSES
NET TNCOME (LOSS)
100.00% $ 23r,084 100.00% $ 227,606 100.00%
$ r70,5E7 100.00% $ 195,46E 100.00% $ 192,794 100.00%$ 1E6,517 100.00% $ 176,EEl 100.00%
$ 41.089 $ 65,6913
72,087
98,500
9,309
42.260/o
57.740/o
0.00%
41.39%
58.61%
0.00%
82,33s
101,182
3,000
44.14o/o
54.25o/o
1.610/o
81,723
83,333
11,825
46.20o/o
47.11o/o
6.69%
79,468
1 13,000
3,000
$ 24.934
40.66%
57.81o/o
1.53%
79,794
1 13,000
$ 38,290
2Date Presented: O7 I 17 12018