HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 10/16/2018 (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
October 16, 2018
3:30 p.m.
Item Description Action Speaker Time
1.Call to order Council President
Boyce
1
2.Roll Call Kimberley A. Komoto 1
3.Changes to the Agenda
Move to approve the agenda.
Council President
Boyce
1
4.Approval of Minutes of July 17, 2018
Move to approve the minutes of the
meeting of July 17, 2018.
Yes Council President
Boyce
1
5.3rd Quarter 2018, Financial Transactions No Lavina Brennecke 5
6.Adjournment Yes Council President
Boyce
1
This page intentionally left blank.
Firemen’s Relief and Pension Board July 17, 2018
Minutes Kent, Washington
Pending Approval
Page | 1
BOARD MEMBERS PRESENT: Board Chair, Mayor Dana Ralph, Bill Boyce,
attending in the place of Les Thomas, Chair of the Operations Committee, board
members 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 3:32 p.m., with Committee Chair Mayor Ralph
presiding.
2. Roll Call
Mayor Dana Ralph– Present
Councilmember Les Thomas – Excused Absence
Bill Boyce – Attending in the place of Les Thomas
Kim Komoto – Present
Al Bond – Present
Sam Grubbs - Absent
3. Changes to the Agenda
Al Bond moved to approve the agenda as presented, seconded by Kim Komoto.
The motion passed unanimously with a vote of 4-0.
4. Approval of Minutes, dated April 17, 2018
Al Bond moved to approve the minutes dated April 17, 2018, and Kim Komoto
seconded the motion.
The motion passed unanimously with a vote of 4-0.
5. 2nd Quarter 2018, Financial Report
Lavina Brennecke, Accounting & Reporting Manager, provided details regarding the
Executive Summary for Cash and Investments as of June 30, 2018, and the
Statement of Revenues and Expenses as of June 30, 2018.
Brennecke reviewed the Firemen’s Relief and Pension Trust Fund #620 Cash and
Investments ending June 30, 2018, that also included a five-year comparison.
Brennecke provided details regarding the full version of the actuary study that is
required every other year. The full study costs around $11,825, where the minor
study costs around $3,000.
Firemen’s Relief and Pension Board July 17, 2018
Minutes Kent, Washington
Pending Approval
Page | 2
6. CPI Increase for Retiree of Off-Duty Disabled – Information Only
Susanne Shaw, Senior Financial Analyst, advised that there is one pension member
that has received a 3.48% CPI increase.
7. W-4P Rules
Brennecke advised that the new W-4P rules now require the City to send out W-4P
forms annually to members.
8. Adjournment
At 3:41 p.m., Chair, Mayor Ralph declared the meeting adjourned.
Kimberley A. Komoto
Firemen’s Relief and Pension Board Secretary
City of Kent
Firemen's Relief & Pension Trust Fund
Executive Summary
September,20tS
Cash & lnvestments - September 30. 2018
Total Cash and lnvestments have decreased about 563,000 since the same period in
20L7, which is what we expected.
The Fire Relief & Pension Fund owns a percentage of allthe City investments. The LGIP is
now earning over 2o/o, ãnd the other investments are earning between 1,.26% and 3.5%.
Our Federal Home Loan Mortgage investment has just over one year remaining before it
matures.
Statement of Revenues and Expenses - September 30, 2018
lnterest income for 2018 has increased over the prior year, as expected with rising rates
Year to date interest is 519,525, as compared to Stl,tql for the same perio d in 20L7.
Pension costs year to date are about 59,000 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.
a
a
o
Date Presented: IO / 76 / 2Ot8
',ì
I
KENT
WasHrNGloN
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
September,2018
MANAGEMENT REPORTS
Cash and lnvestments as of September 30, 2018
5 year comparison and breakdown of current investments
Statement of Revenues and Expenses
for the Nine Months Ended September 30, 2018
1
2
)
)
Date Presented: 1O/ L6/2OI8
City of Kent
Firemen's Relief & Pension Trust Fund #620
Cash & lnvestments
September 30, 2018
Five Year Comparison
9/30/1 5
CASH & INVESTMENTS
Cash in Checking & LGIP
lnvestments, at Cost
TOTAL CASH & INVESTMENTS
LIABILITIES AND RETANED EARN¡NGS
Accrued Expenses
Held in trust for Pension Benefits
TOTAL LIABILITIES & RETANED EARNINGS
9t30t14
$ 1,944,313 75.980/0
6',t4,535 24.020/0
$ 2,558,848 100.00%
$ 5.937 0-230/"
2,552,911 99.77%
$ 2,55E,E48 100.00%
$ 776,372
1,674,018
31.68%
68.32o/o
9/30/16
$ 8r4,261
1,538,531
9130t17
$ r,498,788
786,845
9/30/r I
$ 1,369,767 61.63%
852,807 38.370/o
g 2,222,574 100.00%
U.610/0
65.39%
65.57o/o
34.43%
$ 2,450,390 100.00% $ 2,352,792 100.00%$ 2.285.633 100.00%
$ 6,¿zt 0.26% $ 0,s90 Q.280/o $ 0,020 0.290/o $ 7,127 Q.320/o
2,443,919 99.740/o 2.346.196 99.720/"2,278.957 99.71%2,215,447 99.680/"
î 2,222,574 100.00%$ 2,450.390 100.00% s 2.352.792 100.00% s 2.285.633 100.00%
r Cash in Checking
: Local Gov't lnvestment Pool
r Other lnvestments
r FHLlvl from 1987
CITY OF KENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
September 30, 2018
InvestmentPurchase
Security Description Yield Maturitv TotalDate
09/30/r8
09/30/18
09/30/18
04/t0/87
CashinChecking
I-ocal Got't Invesftrpnt Pool
Other Investnrents
Federal Horrp l-oan Mortpge
0.000%
2.062%
t.26-3.50%
8.508%
Ovemiglrt
3 mo.-5 yrs.
1U29/r9
158,461
766,677
444,629
852,807
$
$
$
$g 2.222.574
Date Presented: LO/L6/2O18
City of Kent
Firemen's Relief and Pension Trust Fund #620
Statement of Revenues and Expenses
For the Nine Months Ended September 30, 2018
Five Year Comparison
9/30/1 5 9/30/16
OPERATING REVENUES
lnterest Income
Fire Insurance Premium Tax
TOTAL REVENUES
OPERATING EXPENSES
Pens¡on Palnnents to Retirees
Health lnsurance
Actuarial Study
TOTAL EXPENSES
NET TNCOME (LOSS)
$
9130t14
1,482
178.899
0.82o/o
99.18%
1,699
219,032
0.77o/o
99.23o/o
4,500
227,666
1.94o/o
98.06%
9/30/18
19,525
230.881
7.80o/o
92.2Oo/"
$$
9t30t17
$ 10,147 4.360/o
222,783 95.640/0
$ 232,930 f00.00%$ 250,¡tO6 100.00%
$
t 180,381 100.00% $ 220,73't 100.00% t 232,166 100.00%
107,706
r69,500
8,325
37.72o/o
59.36%
2.92o/o
1 18,295
169,500
3,000
40.680/o
58.29o/o
1.03o/o
119,369
169,500
11,825
39.70o/o
56.37o/o
3.93%
122,389
150,59r
3.000
44.35o/o
54.57o/o
1.09o/o
131,541
'150,000
11.825
44.84o/o
51j3%
4.03o/"
$ 28s,531 100.0970 $ 290'79s 100.00% S 300,694 100.00% $ 275,9E0 100.00% $ 293,366 íOO.O0%
t (105.rs0)3 (70.064ì s t68.528ì $ (43,050)$ (42.960)
2Date Presented: 1011612018