HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 10/18/2016 (2) :•I I
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WASHIN GTON
Firemen's Relief and Pension Board Agenda
Board Members: Chair Suzette Cooke - Dana Ralph - Al Bond - Sam Grubbs
ALTERNATE: Gene Grenstad
City Staff: Sue Hanson, Secretary - Aaron BeMiller, Treasurer
October 18, 2016
3:30 p.m.
Mayor's Conference Room
Item Description Action Speaker
1. Call to order Mayor Cooke
2. Roll Call Mayor Cooke
3. Changes to the Agenda Mayor Cooke
4. Minutes of July 19, 2016 YES Mayor Cooke
5. 3rd Quarter 2016 Financial Transactions YES Lavina Brennecke
6. Other Business NO Mayor Cooke
7. Adjournment Mayor Cooke
Unless otherwise noted, the Firemen's Relief and Pension Board meets at 3:30 p.m. on the
Third Tuesday of each quarter at Kent City Hall, 2nd Floor, Mayor's Office, 220 Fourth Ave S,
Kent, WA 98032.
For additional information please contact Sue Hanson at 253-856-5725.
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 Minutes
July 19, 2016
Board Members present: Chair Suzette Cooke -Al Bond - Same Grubbs
City Staff: Sue Hanson, Secretary-Aaron BeMiller, Treasurer
Other City Staff: Lavina Brennecke, Accounting and Reporting Manager - Susanne
Shaw, Senior Financial Analyst
Mayor Cooke called the meeting to order at 3:30 p.m.
Changes to the Agenda None
Executive Summary June 2016 Lavina communicated on the Trust Fund #620
one investment was gone, the value $199,000 earned 1.782%, where there were 6
investments now there are S.
Fire Insurance Premium Tax of $231,666 was threatened by legislature to increase
$8,600 from last year money, remove from City health insurance exactly the same.
Sam Grubbs moved to approve the financial transactions for April, May and
June 2016, seconded by All Bond. Motion carried 4-0.
CPI Increase Information Susanne communicated that the Consumer Price
Index (CPI) urban wage earners for 2014-2015 was 3.3 index points, below 2%
threshold.
Other Business None
Adjournment The meeting was adjourned at 3:38 p.m.
Sue Hanson
Board Secretary/Interim City Clerk
i
WASHINGTONE NOT
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
September, 2016
MANAGEMENT REPORTS
Cash and Investments as of September 30, 2016
5 year comparison and breakdown of current investments 1
Statement of Revenues and Expenses
for the Year Ended September 30, 2016 2
Date Presented: 10/18/2016
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City of Kent
Firemen's Relief& Pension Trust Fund
Executive Summary
September, 2016
Cash &Investments—September 30,2016
® We have the same investments in September 2016 that we had in June, 2016. We have
$90,000 less in our LGIP (Local Government Investment Pool)than we did in June, but
the other investment values have not changed. We don't have any investments
maturing until February of 2018 so you can expect that our investments will not change
much in the next year.
Statement of Revenues and Expenses—September 30, 2016
® Interest revenue is$4500 for the year,which is almost $3000 more than last year at this
time. The increase has occurred because we moved the investments from the LGIP to
Federal securities which earn higher interest.
® The$227,666 is the State payment for the Fire Insurance Premium Tax that we received
In May 2016.
® The pension payments have increased about$1,000 as compared to the first half of
2015. (2016-$119,369 vs 2015-$118,295)
® Health insurance costs are set by the actuarial and are the same as 2015 costs. Total
costs for 2016 will be$226,000. We are three quarters through the year, and
September 2016 shows three quarters of that cost.
® Actuarial costs for 2016 were higher than in previous years due to the extra work
required by GASB 68,which is the new Governmental Accounting Standard relating to
Pensions.
Date Presented: 10/18/2016