HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 07/18/2017
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
July 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 April 18, 2017 Yes Mayor Cooke 1
5. 2nd Quarter 2017, Financial Transactions Yes Lavina Brennecke 5
6. CPI Increase for Retiree of Off-Duty
Disabled
No Susanne Shaw 5
7. Legislative Update on Pension Fund No Mayor Cooke 5
8. Adjournment Yes Mayor Cooke 1
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Firemen’s Relief and Pension Board April 18, 2017
Minutes Kent, Washington
Approval Pending
Page | 1
BOARD MEMBERS PRESENT: Board Chair, Mayor Suzette Cooke, board members
Dana Ralph, Sam Grubbs, and Sue Hanson for Kim Komoto, Secretary.
STAFF MEMBERS PRESENT: Aaron BeMiller, Finance Director, Suzanne Shaw,
Senior Financial Analyst, and Lavina Brennecke, Accounting & Reporting Manager,
Laura Horea, Benefits Manager.
ABSENT: Al Bond
1. Call to Order
The meeting was called to order at 3:32 p.m., with Committee Chair Mayor Cooke
presiding.
2. Roll Call
Committee member Al Bond was absent
3. Changes to the Agenda
Susanne Shaw will be the speaker for item No. 6.
4. Approval of Minutes, dated January 17, 2017
Sam Grubbs moved to approve the minutes dated January 17, 2017, and board
member Ralph seconded the motion.
The motion passed unanimously by a vote of 3-0.
5. 1st Quarter 2017 Financial Transactions
Lavina Brennecke, Accounting & Reporting Manager provided details regarding the
financial reports for the months of January, February, and March of 2017.
Board member Sam Grubbs moved to approve the financial reports for January,
February, and March of 2017 and board member Ralph SECONDED the motion.
The motion passed unanimously by a vote of 3-0.
6. LEOFF 1 Retirees’ COLA Effective April 1, 2017
Susanne Shaw advised that there will be a 2.28% increase for LEOFF 1 retirees.
The first distribution will be on the checks issued on the 20st. This annual COLA
increase applies to all of LEOFF1 retirees.
Firemen’s Relief and Pension Board April 18, 2017
Minutes Kent, Washington
Approval Pending
Page | 2
This increase to the LEOFF benefit reduces the city obligation a small amount until it
is time to increase their total benefit amount by either local CPI increase or changes
to current Fire Fighter contracts.
6. Board Position No. 2 Election Results
Ballots were opened by the City Clerk. All votes cast were for All Bond. Al’s term
will expire June 30, 2020.
8. Adjournment
At 3:50 p.m., Chair, Mayor Cooke declared the meeting adjourned.
Sue Hanson
For Kimberley A. Komoto
Firemen’s Relief and Pension Board Secretary
City of Kent
Firemen's Relief & Pension Trust Fund
Executive Summary
lune,2OL7
Cash & ln vestments - June 30.2OI7
a Total Cash & lnvestments has increased over the March 2017 balances, due to the cash
coming in for the Fire lnsurance Premium. The Fire lnsurance Premium monies were
invested in the Local Gov't lnvestment Pool, so those balances are approximately
S1ZS,OOO higher than last quarter.
Statement of Revenues and Exoenses -June 3O.2O17
lnterest income for the first 6 months o12OL7 was $4,823, which is 51,404 higher than
interest income for last year at this time.
We received the State payment for the Fire lnsurance Premium Tax in May 2017. This
year we received 5222,783, which ¡s 54,883 less than we received in 2016.
This quarter we paid 53,000 to Milliman, our actuary. A full actuarial study was done last
year; this year's cost was for updating the required schedules. These updates are
required by GASB 68, the new Governmental Accounting Standard related to Pensions.
a
a
a
Date Presented: 7 / 78/2OI7
KENT
WasHtNGloN
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
June, 2017
MANAGEMENT REPORTS
Cash and lnvestments as of June 30,2017
5 year comparison and breakdown of current investments
Statement of Revenues and Expenses
for the Six Months Ended June 30, 2017
1
2
Date Presented: 07 / L8/2OL7
6/30/13
$ 2,205,681
565,977
$ 2,058,737 77.01%
614,535 22.99%
_gJs?32?2__1oo.oo%
6/30/16
s 921,042
6t30t17
$ 1,045,396
1,324,835
79.58%
20.42%
City of Kent
Firemen's Relief & Pension Trust Fund #620
Cash & lnvestments
June 30,2017
Five Year Comparison
6130t14 6t30t1s
$ 871,334 34.23%
1,674,018 65.77%
$ 2,545,352 100.00%
37.45%
62.55o/o
44.11%
55.89%
CASH & INVESTMENTS
Cash in Checking & LGIP
lnvestments, at Cost
TOTAL CASH & INVESTMENTS
LIABILITIES AND RETAÍNED EARNINGS
Accrued Expenses
Held in trust for Pension Benefits
TOTAL LIABILITIES & RETAINED EARNINGS
2,766,723 99.820/0
_9 ryZ1f9z__r!9{921
2,667,369 99.78%
$ 2,673,272 100.00%
2,538,916 99.75%
$ 2,545,352 100.00%
$ 2.771.657 100.00%$ 2,370,231 100.00%
$ 4,936 0.18% $ 5,902 0.22% $ 6,436 0.25% $ 6.560 0.27% $ 6.634 0.28yo
2,453,014 99.730/0 2,363,597 99.72%
$ 2,459,573 100.00% $ 2,370,231 100.00%
r Cash in Checking
r Local Gov't lnvestment Pool
r Other lnvestments
r FHLMfrom 1987
CITY OF KENT
FIREMEN'S RELIEF AT\D PENSION FT]ND INVESTMENTS
June 30,2017
InvestmentRrrchase
Date Security Description Yield Maturity Total
06130tr7
06/30/17
06/30/t7
04/t0187
Cash in Checking
I¡cal GoVt Invesûnent Pool
Other Investnents
Federal Home Loan Mortgage
0.000%
0.980%
0.880-2.55o/o
8.508%
Ovemigþ
2 mo.-5 yrs.
t1/29/t9
198,183
847,213
537,990
786,845
$
$
$
s
s 2,370,231
Date Presented: 07/18/2OL7
City of Kent
Firemen's Relief and Pension Trust Fund #620
Statement of Revenues and Expenses
For the Six Months Ended June 30, 2017
Five Year Comparison
6t30t146t30t't3
$ r,664 1.06%
155,Q12 98.940/o
$ 156,677 100.00%
$997
178,899
0.55o/o
99.45%
6t30t15
1,370
219.032
0.62%
99.38%
6t30t17
4,823
222,783
2.12%
97.88o/o
$
6/30/1 6
$ 3,418 1 .480/o
227,666 98.520/0
$ 231,083 100.00%s 227.606 100.00%
$
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)
$ 179,896 100.00% $ 220,402 100.00%
39.33%
60.670/o
0.00%
$ 162.352 100.00%
$ (5.676)
72,087 42.26%
98,500 57.74%
0.00%@
$ 9.309
852
500
63,
98,
79,468
1 13,000
3,000
40.66%
57.81o/o
1.53%
79,794
1 13,000
41.39%
58.61o/o
0.00%
82,335 44.14%
101 ,182 54.250/o
3,000 1.61%
$ 186,517 100.00%
$ 41.090
$ 195,468 100.00% $ 192,794 100.00%
w $ 38.290
2Date Presented: 07 /1812017