HomeMy WebLinkAboutCity Council Committees - Firemen’s Relief and Pension Board - 07/19/2022
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Firefighter’s Relief & Pension Board
Agenda
Board Members: Dana Ralph, Mayor,
Kimberley A. Komoto, City Clerk, Councilmember Les Thomas,
Sam Grubbs, Retired Firefighter, Marvin Berg, Retired Firefighter
Steven Barber, Alternate
July 19, 2022
3:30 p.m.
THIS IS A REMOTE MEETING
To listen to this meeting, call 1-888-475-4499, or 253-215-8782
and enter the Meeting ID 852 0014 4275
Item Description Action Speaker Time
1. Call to order Mayor Ralph 1 min
2. Roll Call Kim Komoto 1 min
3. Changes to the Agenda
MOVE TO APPROVE THE AGENDA
Yes Mayor Ralph 1 min
4. Approval of Minutes of April 19, 2022
Move to approve the minutes of the
meeting of April 19, 2022
Yes Mayor Ralph 1 min
5. INFO ONLY: Financial Report NO Paula Painter 5 min
6. Election Results for Position No. 1 NO Kim Komoto 5 min
7. Adjournment Yes Mayor Ralph 1 min
Firefighter’s Relief and Pension Board April 19, 2022
Minutes Kent, Washington
Pending Approval
Page | 1
BOARD MEMBERS PRESENT: Mayor Ralph, Les Thomas, Sam Grubbs and Kim
Komoto, Secretary.
STAFF MEMBERS PRESENT: Paula Painter, Finance Director and Senior Financial
Analyst, Susanne Shaw.
1. Call to Order
The meeting was called to order at 3:31 p.m., with Mayor Ralph presiding.
2. Roll Call
Mayor Dana Ralph - Present
Councilmember Les Thomas – Present
Kim Komoto – Present
Sam Grubbs – Present
Marvin Berg – Excused
Alternate, Steven Barber - Excused
3. Changes to the Agenda
None. Councilmember Thomas moved to approve the agenda as presented, seconded
by Sam Grubbs. The motion passed unanimously with a vote of 4-0.
4. Approval of Minutes, dated October 19, 2021
Thomas moved to approve the minutes dated October 19, 2021, seconded by Grubbs.
The motion passed unanimously with a vote of 4-0.
5. Financial Reports
Finance Director, Paula Painter provided details of the Cash and Investments as of
December 31, 2021 and the Statement of Revenues and Expenses as of December
31, 2021.
6. Pension Benefit Overpayment
Finance Director, Paula Painter provided details on the pension benefit overpayments
and indicated payment plans have been established that will begin on April 20, 2022.
All affected members and/or their surviving spouses have been notified.
7. Change to Benefit Amount charge
Senior Financial Analyst, Susanne Shaw advised of the 4.75% COLA for LEOFF
members. This change will reduce the City’s portion of the benefit charge.
8. Update on Recruitment for Position No. 1
City Clerk, Kim Komoto advised of the recent recruitment process for position no. 1.
There were not applications received, so Komoto will move forward with formally
reelecting Sam Grubbs to position no. 1.
9. Adjournment
At 3:40 p.m., Mayor Ralph declared the meeting adjourned.
Firefighter’s Relief and Pension Board April 19, 2022
Minutes Kent, Washington
Pending Approval
Page | 2
Kimberley A. Komoto
Firemen’s Relief and Pension Board Secretary
April 19, 2022
Date Presented: 07/19/2022
CITY OF KENT
FIREMEN’S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
March 2022
MANAGEMENT REPORTS
Cash and Investments as of March 31, 2022
5-year comparison and breakdown of current investments 1
Statement of Revenues and Expenses for the Three Months
Ended March 31, 2022 2
Date Presented: 07/19/2022
City of Kent
Firemen’s Relief & Pension Trust Fund
Executive Summary
March 2022
Cash & Investments – March 31, 2022
• Total Cash and Investments have decreased since the same period in 2021, primarily
due to the declining investment interest earnings and increased expenses.
• The Fire Relief & Pension Fund owns a portion of the City’s investment portfolio. At the
end of the first quarter the LGIP was earning 0.226%, and the other investments were
averaging 1%.
Statement of Revenues and Expenses – March 31, 2022
• Interest income for the quarter was $3,268, which is lower than interest income for last
year at the same time. This is primarily due to declining interest rates.
• Pension expense, health insurance cost and other expenses totaled $105,786 for this
quarter.
CASH & INVESTMENTS
Cash in Checking & LGIP 834,702$ 38.37%807,719$ 38.05%1,022,584$ 47.67%873,355$ 41.56%677,581$ 33.22%
Investments, at Cost 1,340,506 61.63%1,315,098 61.95%1,122,500 52.33%1,228,023 58.44%1,362,011 66.78%
TOTAL CASH & INVESTMENTS 2,175,208$ 100.00%2,122,817$ 100.00%2,145,084$ 100.00%2,101,378$ 100.00%2,039,592$ 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses 7,737$ 0.36%8,070$ 0.38%7,886$ 0.37%7,462$ 0.36%8,638$ 0.42%
Held in trust for Pension Benefits 2,167,471 99.64%2,114,747 99.62%2,137,198 99.63%2,093,916 99.64%2,030,954 99.58%
TOTAL LIABILITIES & RETAINED EARNINGS 2,175,208$ 100.00%2,122,817$ 100.00%2,145,084$ 100.00%2,101,378$ 100.00%2,039,592$ 100.00%
3/31/18 3/31/19 3/31/20 3/31/21 3/31/22
City of Kent
Firemen's Relief & Pension Trust Fund #6200
Cash & Investments
March 31, 2022
Five-Year Comparison
Date Presented: 07/19/2022 1
OPERATING REVENUES
Interest Income 5,483$ 100.00%7,425$ 100.00%12,429$ 100.00%8,161$ 100.00%3,268$ 100.00%
Fire Insurance Premium Tax - 0.00%- 0.00%- 0.00%- 0.00%- 0.00%
TOTAL REVENUES 5,483$ 100.00%7,425$ 100.00%12,429$ 100.00%8,161$ 100.00%3,268$ 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 46,420 48.14%47,702 47.23%47,316 43.21%44,772 45.46%53,700 50.76%
Health Insurance 50,000 51.86%50,000 49.50%50,000 45.66%50,000 50.76%50,000 47.27%
Other Expenses - 0.00%3,300 3.27%12,199 11.14%3,725 3.78%2,086 1.97%
TOTAL EXPENSES 96,420$ 100.00%101,002$ 100.00%109,515$ 100.00%98,497$ 100.00%105,786$ 100.00%
NET INCOME (LOSS)(90,937)$ (93,577)$ (97,086)$ (90,335)$ (102,518)$
City of Kent
Firemen's Relief and Pension Trust Fund #6200
Statement of Revenues and Expenses
For the Three Months Ended March 31
Five-Year Comparison
3/31/18 3/31/19 3/31/20 3/31/21 3/31/22
Date Presented: 07/19/2022
2
Date Presented: 07/19/2022
CITY OF KENT
FIREMEN’S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
June 2022
MANAGEMENT REPORTS
Cash and Investments as of June 30, 2022
5-year comparison and breakdown of current investments 1
Statement of Revenues and Expenses for the Six Months
Ended June 30, 2022 2
Date Presented: 07/19/2022
City of Kent
Firemen’s Relief & Pension Trust Fund
Executive Summary
June 2022
Cash & Investments – June 30, 2022
• Total Cash and Investments have decreased since the same period in 2021, primarily
due to the decrease in interest revenue and the increase to expenses.
• The Local Government Investment Pool (LGIP) was earning 1.013% at the end of the
second quarter. In June of 2021 it was earning 0.075%. The interest rate increased
significantly at the end of the second quarter this year.
• At the end of the 2nd quarter 2022, our managed investment portfolio was earning
1.130%. In June of 2021 the portfolio was earning 1.10 0%.
Statement of Revenues and Expenses – June 30, 2022
• The Fire Insurance Premium Tax revenue was $337,940 this year, an increase from
$306,966 in 2021.
• Year to date expenses have increased over the same period in the prior year. The
actuarial study is included in the second quarter expenses.
CASH & INVESTMENTS
Cash in Checking & LGIP 960,384$ 41.62%933,819$ 39.88%1,222,905$ 51.74%907,902$ 39.16%916,190$ 40.35%
Investments, at Cost 1,347,048 58.38%1,407,472 60.12%1,140,536 48.26%1,410,519 60.84%1,354,633 59.65%
TOTAL CASH & INVESTMENTS 2,307,432$ 100.00%2,341,291$ 100.00%2,363,441$ 100.00%2,318,421$ 100.00%2,270,823$ 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses 7,061$ 0.31%7,363$ 0.31%7,421$ 0.31%7,241$ 0.31%7,339$ 0.32%
Held in trust for Pension Benefits 2,300,371 99.69%2,333,928 99.69%2,356,020 99.69%2,311,180 99.69%2,263,484 99.68%
TOTAL LIABILITIES & RETAINED EARNINGS 2,307,432$ 100.00%2,341,291$ 100.00%2,363,441$ 100.00%2,318,421$ 100.00%2,270,823$ 100.00%
6/30/18 6/30/19 6/30/20 6/30/21 6/30/22
City of Kent
Firemen's Relief & Pension Trust Fund #6200
Cash & Investments
June 30, 2022
Five-Year Comparison
CITY OF KENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
June 30, 2022
Purchase Investment
Date Security Description Yield Maturity Total
06/30/22 Cash in Checking 0.000%147,904$
06/30/22 Local Gov't Investment Pool 1.013%Overnight 768,286$
06/30/22 Other Investments 1.130%908 Days 1,354,633$
2,270,823$
Date Presented: 07/19/2022 1
OPERATING REVENUES
Interest Income 11,691$ 4.82%15,317$ 4.77%26,488$ 8.15%12,358$ 3.87%6,879$ 1.99%
Fire Insurance Premium Tax 230,881 95.18%305,467 95.22%298,650 91.85%306,966 96.13%337,940 98.00%
TOTAL REVENUES 242,572$ 100.00%320,784$ 100.00%325,139$ 100.00%319,324$ 100.00%344,819$ 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 88,784 44.26%91,880 47.07%90,767 44.62%88,256 45.87%98,233 45.73%
Health Insurance 100,000 49.85%100,000 51.23%100,000 49.16%100,000 51.98%100,000 46.55%
Actuarial Study and Other Expense 11,825 5.89%3,300 1.69%12,634 6.21%4,139 2.15%16,574 7.72%
TOTAL EXPENSES 200,609$ 100.00%195,180$ 100.00%203,401$ 100.00%192,395$ 100.00%214,807$ 100.00%
NET INCOME (LOSS)41,963$ 125,604$ 121,738$ 126,929$ 130,012$
City of Kent
Firemen's Relief and Pension Trust Fund #6200
Statement of Revenues and Expenses
For the Six Months Ended June 30
Five-Year Comparison
6/30/18 6/30/19 6/30/20 6/30/21 6/30/22
Date Presented: 07/19/2022
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