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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