HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 04/18/2017 (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 1-800-833-6388.
Firemen’s Relief & Pension Board
Agenda
Board Members: Suzette Cooke, Mayor,
Kimberley A. Komoto, City Clerk, Dana Ralph, Chair of Operations Committee,
Sam Grubbs, Retired Firefighter, Al Bond, Retired Firefighter
April 18, 2017
3:30 p.m.
Item Description Action Speaker Time
1. Call to order Mayor Cooke 1
2. Roll Call Kimberley A. Komoto 1
3. Changes to the Agenda Mayor Cooke 1
4. Approval of Minutes of January 17, 2017 Yes Mayor Cooke 1
5. 1st Quarter 2017, Financial Transactions Yes Lavina Brennecke 5
6. LEOFF 1 Retirees’ COLA Effective 4/10/17 NO Lavina Brennecke 1
7. Board Position No. 2 Election Results Mayor Cooke 5
8. Adjournment Yes Mayor Cooke 1
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Firemen’s Relief and Pension Board January 17, 2017
Minutes Kent, Washington
Approval Pending
BOARD MEMBERS PRESENT: Board Chair, Mayor Suzette Cooke, board members
Dana Ralph, Sam Grubbs, and Kim Komoto, Secretary.
STAFF MEMBERS PRESENT: Aaron BeMiller, Finance Director, Suzanne Shaw,
Senior Financial Analyst, and Lavina Brennecke, Accounting & Reporting Manager.
ABSENT: Al Bond
1. Call to Order
The meeting was called to order at 3:35 p.m., with Committee Chair Mayor Cooke
presiding.
2. Roll Call
Committee member Al Bond was absent
3. Changes to the Agenda
There were no changes to the agenda.
4. Approval of Minutes, dated October 18, 2016
With the correction of the motion approving the minutes of October 18, 2016,
referencing board member Grubbs, rather than board member Bond moving to
approve the minutes, board member Grubbs moved to approve the minutes dated
October 18, 2016, and board member Ralph seconded the motion.
The motion passed unanimously by a vote of 3-0.
5. 4th Quarter 2016 Financial Transactions
Lavina Brennecke, Accounting & Reporting Manager provided details regarding the
financial reports for the months of October, November, and December of 2016.
Board member Sam Grubbs moved to approve the financial reports for October,
November, and December of 2016, and board member Ralph SECONDED the
motion.
The motion passed unanimously by a vote of 3-0.
6. Board Position No. 1 Election Results
Ballots were opened by the City Clerk. All votes cast were for Sam Grubbs. Sam
Grubbs term will expire June 30, 2018.
Page | 1
Firemen’s Relief and Pension Board January 17, 2017
Minutes Kent, Washington
Approval Pending
7. COLA/Rate Adjustment
Suzanne Shaw, Senior Financial Analyst, advised the board that the Puget Sound
Regional Fire Authority authorized an increase in salaries for 2017. Members of the
Firemen’s Relief and Pension Board will receive the same increase.
*After the meeting, Suzanne Shaw indicated the rate increase will be 2% over 2016
salaries.
8. Adjournment
At 3:46 p.m., Chair, Mayor Cooke declared the meeting adjourned.
Kimberley A. Komoto
Firemen’s Relief and Pension Board Secretary
Page | 2
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KENT
WasHrN(floN
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
March, 2017
MANAGEMENT REPORTS
Cash and Investments as of March 31,2017
5 year comparison and breakdown of current investments
Statement of Revenues and Expenses
for the Three Months Ended March 31,2017
1
2
Date Presented: O4/L8/2O[7
City of Kent
Firemen's Relief & Pension Trust Fund
Executive Summary
March,2017
Cash & fnvestments- March 31.,2Ot7
The City has begun pooling our investments in a different manner beginning in 2OL7 .
Prior to 20L7, the City purchased investments and they were owned by several different
funds. The Fire Relief & Pension Fund owned a portion of two Fico Strip investments.
A change was made at the beginning of this year to streamline our record keeping.
For 2OL7, the Fire Relief & Pension Fund owns a percentage of all of the City
investments. These are included on the Cash & Investments report as Other
lnvestments. They earn from .7%to 2.55o/o and have a range of maturity dates from 5
months to 5 years.
Statement of Revenues and Expenses - March 31. 2017
lnterest income for the quarter was $L,322, which is higher than interest income for last
year at this time.
Pension expense and health insurance costs totaled 594,302 for this quarter. That is a
little less than last year at this time. Pension costs represent the difference between
what firefighters would have received under the city pension vs. their current LEOFF
pension benefits.
a
a
Date Presented: 4/ t8/2OL7
3131t13
$ 2,129,499
565,977
79.00%
21.00o/o
$ 1,968,443
614,535
76.21%
23.790/o
City of Kent
Firemen's Relief & Pension Trust Fund #620
Cash & lnvestments
March 31,2017
Five Year Comparison
3131t14 3131115
$ 748,873 30.9r%
1,674,018 69.09%
$ 2,422,891 100.00%
3131116
$ 587,01 5
I ,738, r 63
3131t17
$ 915,098 40.9',tyo
1,321,518 59.090/0
_q_æ!9qq___!_q0.o0%.
25.25%
74.75o/o
CASH & INVESTMENTS
Cash in Ghecking & LGIP
Investments, at Gost
TOTAL CASH & INVESTMENTS
LIABIL¡T]ES AND RETAINED EARNINGS
Accrued Expenses
Held in trust for Pension Benefits
TOTAL LIAB¡L¡TIES & RETAINED EARNINGS
$ 2,695,476 100.00% $ 2,582,97E 100.00%
$ 5,469 0.2oo/o $ 5,284 0.20% $ 6.809 O.28yo
s 2.325.178 100.000/.
2,690,007 99.80% 2,577,694 99.80Vo
_! 2,6e5/Zg__!q00%_ _!_1,582,e?E r0ogg2!_
$ 6,739 0.290/o $ 7,08S O32%
2,416,082 99.720/o 2,318,439 99.71yo 2.229.528 99.68%
$ 2,422,891 100.00% g 2,325,178 100.00% $ 2.236.616 100.00%
r Cash in Checking
¡ Local Gov't lnvestment Pool
r Other lnvestments
r FHLM from 1987
CITY OF KENT
FIREMEN'S RELIEF AND PENSION FTJND INVESTMENTS
March 31,2017
InvestmentPurchase
Date Security Description Yield Maturity Total
03/3u17
03/31/17
03/3U17
04/10t87
Cash in Checking
Local Got't InvesÍnent Pool
Other Investnents
Federal Horne Loan Mortgage
0.000%
0.702%
0.700-2.55%
8.508%
Ovemigþt
5 mo.-5 yrs.
ru29l19
192,243
722,855
534,673
786.845
$
s 2.236.616
Date Presented: O4/I8l2Ol7
City of Kent
Firemen's Relief and Pension Trust Fund #620
Statement of Revenues and Expenses
For the Three Months Ended March 31,2017
Five Year Comparison
3t31t14
OPERATING REVENUES
lnterest lncome
Fire lnsurance Premium Tax
TOTAL REVENUES
OPERATING EXPENSES
Pension Palments to Retirees
Health lnsurance
Actuarial Study
TOTAL EXPENSES
NET TNCOME (LOSS)
3131113
917 100.00%
0.00%
917 100.00% $
100.00%
0.00%
538 100.00% $
3t31t15
$624 100.00%
- 0.00%
$
624 100.00% $
41.96Yo
58.04o/o
0.00%
$ 97,355 100.00%
$ t96.731t
3131t16
650 100.00%
0"00%
41.71o/o
58.29o/o
0.00%
3t31t17
$ 1,322
42,529
51.773
100.00%
0.00%
45.10o/o
54.90o/o
0.00%
$
s
40.88o/o
59.120/0
0.00%
$538
31,654
49,250
39.13%
60.87o/o
0.00%
650 100.00% $ 1,322 100.00%
34,058
49,250
40,855
56,500
40,435
56,500
$ E3,308 100.00% $ E0.904 100.00%
$ (82.391t $ (80,366)
$ 96,935 100.00% $ 94,302 100.00%
$ (96.2E5)$ (e2,s80)
2Date Presented: 0411812017