HomeMy WebLinkAboutCity Council Committees - Firemen’s Relief and Pension Board - 04/19/2022 (2)
Unless otherwise noted, the Firemen’s Relief and Pension Board meets quarterly at 3:30 p.m.
via remote access.
For additional information, please contact Kimberley A. Komoto at 253-856-5728 or via email at
Kkomoto@KentWA.gov.
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856-5725 in advance. For TDD relay service call Washington Telecommunications Relay Service
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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
April 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 860 8916 6298
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 October 19, 2021
Move to approve the minutes of the
meeting of October 19, 2021
Yes Mayor Ralph 1 min
5. INFO ONLY: Financial Report NO Paula Painter 5 min
6. INFO ONLY: Pension Benefit Overpayment NO Paula Painter 5 min
7. Change to Benefit Amount Charge NO Susanne Shaw 5 min
8. Update on Recruitment for Position No. 1 NO Kim Komoto 5 min
9. Adjournment Yes Mayor Ralph 1 min
Firefighter’s Relief and Pension Board October 19, 2021
Minutes Kent, Washington
Pending Approval
Page | 1
BOARD MEMBERS PRESENT: Mayor Ralph, Les Thomas, Sam Grubbs, Marvin Berg
and Kim Komoto, Secretary.
STAFF MEMBERS PRESENT: Paula Painter, Finance Director and Accounting and
Reporting Manager, Lisa Thornton.
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 - Present
3. Changes to the Agenda
None. Sam Grubbs moved to approve the agenda as presented, seconded by Kim
Komoto. The motion passed unanimously with a vote of 5-0.
4. Welcome Steven Barber, Alternate Member
Mayor Ralph expressed appreciation of Steven Barber being willing to serve as the
board’s alternate member. Steven was unable to attend today’s meeting.
5. Approval of Minutes, dated July 20, 2021
Sam Grubbs moved to approve the minutes dated July 20, 2021, seconded by Les
Thomas. The motion passed unanimously with a vote of 5-0.
6. Amendments to Bylaws
City Clerk, Kim Komoto provided an overview of the amendments to the bylaws that
were made to make consistent with state law and the Kent City Code. Kim Komoto
moved to approve the amendments to the bylaws, seconded by Les Thomas. The
motion passed unanimously with a vote of 5-0.
7. Financial Reports
Finance Director, Paula Painter provided details of the Cash and Investments as of
September 30, 2021 and the Statement of Revenues and Expenses as of September
30, 2021.
8. Adjournment
At 3:43 p.m., Mayor Ralph declared the meeting adjourned.
Kimberley A. Komoto
Firemen’s Relief and Pension Board Secretary
October 19, 2021
Date Presented: 04/19/2022
CITY OF KENT
FIREMEN’S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
December 2021
MANAGEMENT REPORTS
Cash and Investments as of December 31, 2021
5-year comparison and breakdown of current investments 1
Statement of Revenues and Expenses
for the Twelve Months Ended December 31, 2021 2
Date Presented: 04/19/2022
City of Kent
Firemen’s Relief & Pension Trust Fund
Executive Summary
December 2021
Cash & Investments – December 31, 2021
• Total Cash and Investments have decreased by $51,000 since the same period in 2020,
as expenditures exceeded revenues. This is largely due to the decreased investment
interest earnings in 2021.
• The Fire Relief & Pension Fund owns a percentage of all the City investments. The LGIP
was earning 0.091% at year-end, and the other investments were averaging 0.900%.
• The portfolio allocation has been updated reflecting an increased balance in the
managed long-term investment portfolio and a decreased balance in the LGIP.
Statement of Revenues and Expenses – December 31, 2021
• The Fire Insurance Premium Tax was $306,966 this year, up from $298,650 last year.
• Interest income for 2021 has decreased from the prior year, as expected , with declining
interest rates.
CASH & INVESTMENTS
Cash in Checking & LGIP 955,370$ 42.11%868,541$ 39.25%1,063,406$ 47.42%1,088,902$ 49.68%684,883$ 31.99%
Investments, at Cost 1,313,512 57.89%1,344,329 60.75%1,178,901 52.58%1,102,811 50.32%1,455,830 68.01%
TOTAL CASH & INVESTMENTS 2,268,882$ 100.00%2,212,870$ 100.00%2,242,307$ 100.00%2,191,713$ 100.00%2,140,713$ 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses 6,676$ 0.29%7,126$ 0.32%7,424$ 0.33%7,462$ 0.34%7,241$ 0.34%
Held in trust for Pension Benefits 2,262,206 99.71%2,205,744 99.68%2,234,883 99.67%2,184,251 99.66%2,133,472 99.66%
TOTAL LIABILITIES & RETAINED EARNINGS 2,268,882$ 100.00%2,212,870$ 100.00%2,242,307$ 100.00%2,191,713$ 100.00%2,140,713$ 100.00%
City of Kent
Firemen's Relief & Pension Trust Fund #6200
Cash & Investments
December 31, 2021
Five-Year Comparison
12/31/17 12/31/18 12/31/19 12/31/20 12/31/21
CITY OF KENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
December 31, 2021
Purchase Investment
Date Security Description Yield Maturity Total
12/31/21 Cash in Checking 0.000%113,220$
12/31/21 Local Gov't Investment Pool 0.091%Overnight 571,663$
12/31/21 Other Investments 0.900%931 Days 1,455,830$
2,140,713$
Date Presented: 04/19/2022 1
OPERATING REVENUES
Interest Income 82,859$ 27.11%99,231$ 30.06%105,358$ 25.65%45,239$ 13.16%22,554$ 6.84%
Fire Insurance Premium Tax 222,783 72.89%230,881 69.94%305,467 74.35%298,650 86.84%306,966 93.16%
TOTAL REVENUES 305,642$ 100.00%330,112$ 100.00%410,825$ 100.00%343,889$ 100.00%329,520$ 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 162,942 44.53%174,299 45.14%180,966 47.09%180,311 45.77%175,148 46.06%
Health Insurance 200,000 54.65%200,000 51.80%200,000 52.05%200,000 50.77%200,000 52.59%
Actuarial Study and Other Expenses 3,000 0.82%11,825 3.06%3,300 0.86%13,611 3.46%5,151 1.35%
TOTAL EXPENSES 365,942$ 100.00%386,124$ 100.00%384,266$ 100.00%393,922$ 100.00%380,299$ 100.00%
NET INCOME (LOSS)(60,300)$ (56,013)$ 26,560$ (50,033)$ (50,779)$
City of Kent
Firemen's Relief and Pension Trust Fund #6200
Statement of Revenues and Expenses
For the Twelve Months Ended December 31
Five-Year Comparison
12/31/17 12/31/18 12/31/19 12/31/20 12/31/21
Date Presented: 04/19/2022
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