HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 04/19/2016
Firemen’s Relief & Pension Board Minutes
April 19, 2016
Boardmembers present: Mayor Suzette Cooke, Councilmember Dana Ralph, City
Clerk Ronald Moore, Al Bond, Gene Grenstad, and Sam Grubbs
Others present: Finance Director Aaron BeMiller, Accounting and Reporting Manager
Lavina Brennecke, and Senior Financial Analyst Suzanne Shaw
Mayor Cooke called the meeting to order at 3:30 p.m.
Changes to the Agenda. Mayor Cooke added a discussion on what occurred in the
legislature concerning the Firemen’s Relief and Pension Fund.
Minutes of January 19, 2016. Al Bond moved to approve the minutes of
January 19, 2016, as written, seconded by Sam Grubbs. Motion carried 6-0.
1st Quarter 2016 Financial Transactions. Brennecke communicated the 1st
Quarter 2016 financial transactions and highlighted why there is an increase with
no additional investment purchased. Brennecke highlighted the Cash and
Investments sheet from March 31, 2016 which noted that the investment total was
$2,325,178. Additionally, she reviewed the Statement of Revenues and Expenses
for the past five years ending March 31.
BeMiller inquired about the actuarial study being done every year and he added
that GASB 68 tries to breaks down and make the City’s financial position
transparent.
Mayor Cooke urged BeMiller find a way to not do the actuarial study and still be
compliant with GASB because the City’s pension group is small and spending
money on this every year when there isn’t much movement in the investments or
the members doesn’t make sense.
Brennecke communicated that an update to the actuarial study, instead of a full
study could be asked for.
Sam Grubbs moved to approve the financial transactions for the months of
January, February, and March 2016, seconded by Al Bond. Motion carried
6-0.
Base Pay Change. Suzanne Shaw communicated that the Cost of Living Allowance
(COLA) increase was 0.91 percent.
Other Business.
LEOFF I Firefighters Fire Insurance Premium. Mayor Cooke communicated that
the Senate prevailed and it could have costs the City $220,000 per year. The
Governor vetoed the specific section of the budget concerning this, which keeps the
cities whole as related to this premium.
BeMiller noted that the City paid $1.1 million in LEOFF I benefits with $25 million
unfunded. Mayor Cooke communicated that any questions need to be identified and
communicated to her so she can ask the questions at the Association of Washington
Cities (AWC) level. She added that any revisions to LEOFF I won’t decrease the
pensions, it will increase the financial liability to the City.
Adjournment. The meeting adjourned at 3:47 p.m.
Ronald F. Moore, MMC
Board Secretary/City Clerk
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