HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 10/18/2016 i
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CITY OF (CENT
Firemen's Relief and Pension Board
Summary Minutes of Regular Meeting
October 18, 2016 Kent City Hall,
4:30 p.m. 2nd Floor - Mayor's Office
Kent, Washington
COMMITTEE MEMBERS PRESENT: Committee Chair, Mayor Suzette Cooke,
committee members Dana Ralph, and Sam Grubbs.
STAFF MEMBERS PRESENT: Aaron BeMiller, Finance Director 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 July 19, 2016
With the correction of the spelling of Sam Grubbs name, committee member Ba
moved to approve the minutes of July 19, 2016, and Councilmember Ralph
seconded the motion.
The motion passed unanimously by a vote of 3-0.
S. 3rd Quarter 2016 Financial Transactions
Lavina Brennecke, Accounting & Reporting Manager provided information regarding
the financial reports for the months of July, August, and September of 2016.
Interest earned is more than $3,000 over the same period from 2015 due to the
reinvestment of funds from the local government pool to securities. The revenue
from the Fire Insurance Premium Tax was received in May.
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Pension costs have not increased much over2015, health insurance costs stayed the
same, but the actuarial cost is over $11,000 for this year.
Due to new government accounting standards, the annual cost for the actuarial will
continue to be around $12,000.
Committee member Sam Grubbs MOVED to approve the financial reports for July,
August, and September, 2016, and Councilmember Ralph SECONDED the motion.
The motion passed unanimously by a vote of 3-0.
Item 6. Other Business
None
11. Adiournment
At 3:43 p.m., Mayor Cooke,, committee chair, declared the meeting adjourned.
Kimberley A. K moto
Firemen's Relief and Pension Board Secretary
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City of Kent
Firemen's Relief& Pension Trust Fund
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Executive Summary
December, 2016
Cash& Investments—December 31,2016
® The total cash &investments has decreased about$90,000 since the same period in
2015. The listing of investments is in the chart on the same page. It shows the Checking
and LGIP (Local Government Investment Pool) balances first,followed by the longer
term investments and their maturities.
® The pie chart shows each investment in relation to the total investment. Fico Strips are
Financing Corporation government securities that pay interest at maturity.
Statement of Revenues and Expenses —December 31, 2016
® The year to date interest income for 2016 ($79,045) is an estimate. We anticipate the
actual interest earnings will be very close to this number. Interest earnings increased
about$10,000 over the prior year. This was our first full year of owning government
securities. We anticipate that in 2017 interest should stay very consistent with 2016 or
decrease slightly as balances in the LGIP go down.
® Pension costs for the year to date are$158,944. Pension costs represent the difference
between what firefighters would have received under the city pension vs.their current
LEOFF pension benefits.
® Health insurance costs are set by the actuarial. For 2016 the total annual health
insurance cost was$226,000.This is unchanged.since 2014.These costs are a portion of
the cost of health insurance and long-term care insurance costs that are paid by the
City.
Date Presented: 1/17/2017
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WASHINGTONNT
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
December, 2016
.MANAGEMENT REPORTS
Cash and Investments as of December 31, 2016
5 year comparison and breakdown of current investments 1
Statement of Revenues and Expenses
for the Year Ended December 31, 2016 2
Date Presented: 1/17/2017
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