HomeMy WebLinkAboutCity Council Committees - Firefighter's Relief Pension Board - 01/19/2021 (2) •
40 Firemen's Relief & Pension Board
KENT Agenda
WASH IN G T O N
Board Members: Dana Ralph, Mayor,
Kimberley A. Komoto, City Clerk, Councilmember Les Thomas,
Sam Grubbs, Retired Firefighter, Al Bond, Retired Firefighter
Marvin Berg, Alternate
January 19, 2021
3:30 p.m.
THIS IS A REMOTE MEETING DUE TO THE COVID-19
CORONAVIRUS EMERGENCY
To listen to this meeting, call 1-888-475-4499, or 253-215-8782
and enter the Meeting ID 987 9027 8751
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 Yes Mayor Ralph 1 min
MOVE TO APPROVE THE AGENDA
4. Approval of Minutes of July 21, 2020 Yes Mayor Ralph 1 min
Move to approve the minutes of the
meeting of July 21, 2020.
S. Financial Report No Paula Painter 5 min
6. Adjournment Yes Mayor Ralph 1 min
Unless otherwise noted, the Firemen's Relief and Pension Board meets quarterly at 3:30 p.m. in
the Mayor's Office located in the City Hall Building, 220 Fourth Ave S, Kent, WA 98032.
For additional information please contact Kimberley A. Komoto at 253-856-5788 or via email at
Kkomoto@KentWA.gov.
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 7-1-1.
Firemen's Relief and Pension Board July 21, 2020
Minutes Kent, Washington
Pending Approval
BOARD MEMBERS PRESENT: Les Thomas, Council Representative, Sam Grubbs,
Albert Bond, Marvin Berg, Alternate, and Kim Komoto, Secretary.
STAFF MEMBERS PRESENT: Paula Painter, Finance Director and Susanne Shaw,
Senior Financial Analyst.
1. Call to Order
The meeting was called to order at 3:30 p.m., with Kim Komoto presiding.
2. Roll Call
Mayor Dana Ralph - Absent
Councilmember Les Thomas - Arrived during item 6.
Kim Komoto - Present
Al Bond - Absent
Sam Grubbs - Present
Marvin Berg (Alternate)- Present
3. Changes to the Agenda
No changes. Sam Grubbs moved to approve the agenda as amended, seconded by
Kim Komoto. The motion passed unanimously with a vote of 3-0.
4. Approval of Minutes, dated January 21, 2020
Sam Grubbs moved to approve the minutes dated January 21, 2020, and Al Bond
seconded the motion. The motion passed unanimously with a vote of 3-0.
S. Board Position #1 Election Results Term: July 1, 2020-June 30, 2022
Komoto advised that Sam Grubbs was reelected to Position #1 for an additional two-
year term.
6. Annual CPI Based Increase for Non-Duty Disability Retiree
Senior Financial Analyst, Susanne Shaw provided details on the CPI increase.
7. 2nd Quarter 2020, Financial Report
Finance Director, Paula Painter provided details regarding the Executive Summary for
Cash and Investments as of June 30, 2020, and the Statement of Revenues and
Expenses as of June 30, 2020.
S. Adjournment
At 3:40 p.m., Kim Komoto declared the meeting adjourned.
Kimberley A. Komoto
Firemen's Relief and Pension Board Secretary
July 21, 2020
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KENT
WASH I NGTO N
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
September, 2020
MANAGEMENT REPORTS
Cash and Investments as of September 30, 2020
5 year comparison and breakdown of current investments 1
Statement of Revenues and Expenses
for the Nine Months Ended September 30, 2020 2
Date Presented: 01/19/2021
City of Kent
Firemen's Relief& Pension Trust Fund
Executive Summary
September, 2020
Cash & Investments—Se tember 30 2020
• Total Cash and Investments have increased about$24,000 since the same period in
2019, due to the increased investment interest earnings.
■ The Fire Relief& Pension Fund owns a percentage of all the City investments. The LGIP is
currently earning around 0.2%, and the other investments are averaging 1.75%.
Statement of Revenues and Expenses—September 30 2020
• The Fire Insurance Premium Tax was $298,650 this year, slightly down from $305,467
last year.
• Interest income for the 3rd quarter 2020 has decreased slightly from the prior quarter,
as expected with declining interest rates. Year to date interest is still higher than the
previous year at $38,391, as compared to $24,196 for the same period in 2019.
Date Presented: 01/19/2021
City of Kent
Firemen's Relief&Pension Trust Fund#620
Cash&Investments
September 30, 2020
Five Year Comparison
CASH&INVESTMENTS 9/30/16 9/30/17 9/30/18 9/30/19 9/30/20
Cash in Checking&LGIP $ 814,261 34.61% $ 1,498,788 65.57% $ 1,369,767 61.63% $ 1,328,787 58.91% $ 1,113,705 48.84%
Investments,at Cost 1,538,531 65.39% 786,845 34.43% 852,807 38.37% 926,901 41.09% 1,166,455 51.16%
TOTAL CASH&INVESTMENTS $ 2,352,792 100.00% $ 2,285,633 100.00% $ 2,222,574 100.00% $ 2,255,688 100.00% $ 2,280,160 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses $ 6,596 0.28% $ 6,676 0.29% $ 7,127 0.32% $ 7,244 0.32% $ 7,462 0.33%
Held in trust for Pension Benefits 2,346,196 99.72% 2,278,958 99.71% 2,215,447 99.68% 2,248,443 99.68% 2,272,698 99.67%
TOTAL LIABILITIES&RETAINED EARNINGS $ 2,352,792 100.00% $ 2,285,633 100.00% $ 2,222,574 100.00% $ 2,255,688 100.00% $ 2,280,160 100.00%
CITY OF SENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
September 30, 2020 553,623
Purchase Investment
Date Security Desciiption Yield Maturity Total
09/30/20 Cash in Checking 0.000% $ 53,623
$1'166'455 $z,o6a,os?
09/30/20 Local Gov't Investment Pool 0.206% Overnight $ 1,060,082
09/30/20 Other Investments 1.750% 992 Days $ 1,166,455
$ 2,280,160
s Cash in Checking
■Local Gov't Investment Pool
Other Investments
Date Presented: 01/19/2021
1
City of Kent
Firemen's Relief and Pension Trust Fund#620
Statement of Revenues and Expenses
For the Nine Months Ended September 30, 2020
Five Year Comparison
9/30/16 9/30/17 9/30/18 9/30/19 9/30/20
OPERATING REVENUES
Interest Income $ 4,500 1.94% $ 10,147 4.36% $ 19,525 7.80% $ 24,196 7.34% $ 38,391 11.39%
Fire Insurance Premium Tax 227,666 98.06% 222,783 95.64% 230.881 92.20% 305,467 92.66% 298,650 88.61%
TOTAL REVENUES $ 232,166 100.00% $ 232,930 100.00% $ 250,406 100.00% $ 329,663 100.00%
$ 337,041 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 119,369 39.70% 122,389 44.35% 131,541 44.84% 136,423 47.09% 135,539 45.39%
Health Insurance 169,500 56.37% 150,591 54.57% 150,000 51.13% 150,000 51.77% 150,000 50.23%
Other Expenses 11,825 3.93% 3.000 1.09% 11,825 4.03% 3,300 1.14% 13.088 4.38%
TOTAL EXPENSES $ 300,694 100.00% $ 275,980 100.00% $ 293,366 100.00% $ 289,723 100.00% $ 298,627 100.00%
NET INCOME(LOSS) $ (68,528) $ (43,050) $ (42,960) $ 39,940 $ 38.414
Date Presented: 01/19/2021 2