HomeMy WebLinkAboutCity Council Committees - Firefighter's Relief Pension Board - 04/20/2021 (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
April 20, 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 950 9054 1761
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 January 19, 2021 Yes Mayor Ralph 1 min
Move to approve the minutes of the
meeting of January 19, 2021.
S. Update on Pensions No Susanne Shaw 5 min
6. Update on Election No Kim Komoto 2 min
7. Financial Reports No Paula Painter 5 min
8. 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 19, 2021
Minutes Kent, Washington
Pending Approval
BOARD MEMBERS PRESENT: Mayor Ralph, Les Thomas, Sam Grubbs and Kim
Komoto, Secretary.
STAFF MEMBERS PRESENT: Paula Painter, Finance Director
1. Call to Order
The meeting was called to order at 3:35 p.m., with Mayor Ralph presiding.
2. Roll Call
Mayor Dana Ralph - Present
Councilmember Les Thomas - Present
Kim Komoto - Present
Al Bond - Absent
Sam Grubbs - Present
Marvin Berg (Alternate)- Absent
3. Changes to the Agenda
No changes. Sam Grubbs moved to approve the agenda as presented, seconded by
Councilmember Thomas. The motion passed unanimously with a vote of 4-0.
4. Approval of Minutes, dated July 21, 2020
Sam Grubbs moved to approve the minutes dated July 21, 2020, seconded by Les
Thomas. The motion passed unanimously with a vote of 4-0.
S. Financial Report
Finance Director, Paula Painter provided details regarding the Executive Summary for
Cash and Investments as of September 2020, and the Statement of Revenues and
Expenses as of September 30, 2020.
6. Adjournment
At 3:42 p.m., Kim Komoto declared the meeting adjourned.
Kimberley A. Komoto
Firemen's Relief and Pension Board Secretary
January 19, 2021
Page 11
40
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KENT
W A 5 H I N G T O N
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
December, 2020
MANAGEMENT REPORTS
Cash and Investments as of December 31, 2020
5 year comparison and breakdown of current investments 1
Statement of Revenues and Expenses
for the December Months Ended December 31, 2020 2
Date Presented: 04/20/2021
City of Kent
Firemen's Relief& Pension Trust Fund
Executive Summary
December, 2020
Cash & Investments— December 31 2020
■ Total Cash and Investments have decreased by approximately$50,000 since the same
period in 2019, largely due to the decreased investment interest earnings in 2020.
• The Fire Relief& Pension Fund owns a percentage of all the City investments. The LGIP is
currently earning 0.559%, and the other investments are averaging 1.62%.
Statement of Revenues and Expenses— December 31 2020
• The Fire Insurance Premium Tax was$298,650 this year, slightly down from $305,467
last year.
• Interest income for the 2020 has decreased from the prior year, as expected with
declining interest rates.
Date Presented: 04/20/2021
City of Kent
Firemen's Relief&Pension Trust Fund#620
Cash&Investments
December31, 2020
Five Year Comparison
12/31/16 12/31/17 12/31/18 12/31/19 12/31/20
CASH&INVESTMENTS
Cash in Checking&LGIP $ 719,115 30.88% $ 955,370 42.11% $ 868,541 39.25% $ 1,063,406 47.42% $ 1,088,902 49.68%
Investments 1.609,989 69.12% 1,313,512 57.89% 1,344,329 60.75% 1,178,901 52.58% 1,102,811 50.32%
TOTAL CASH&INVESTMENTS $ 2.329,104 100.00% $ 2,268,882 100.00% $ 2,212,870 100.00% $ 2,242,307 100.00% $ 2,191,713 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses $ 6,596 0.28% $ 6.676 0.29% $ 7.126 0.32% $ 7.424 0.33% $ 7.462 0.34%
Held in trust for Pension Benefits 2,322,508 99.72% 2,262,206 99.71% 2,205,744 99.68% 2,234.883 99.67% 2.184.251 99.66%
TOTAL LIABILITIES&RETAINED EARNINGS $ 2,329,104 100.00% $ 2,268,882 100.00% $ 2,212,870 100.00% $ 2,242,307 100.00% $ 2,191,713 100.00%
CITY OF KENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
December 31, 2020 $
Purchase Investment 030,233
Date Security Desch tion Yield maturity Total
12/31/20 CashinChecking 0.000% $ 58,669
12/31/20 T.ocal GoVt investment Pool 0.5593'o Overnight $ 1,030433
12/31/20 Other Investments 1.620% 976 Days $ 1,102,811
$ 2,191,713
Cash in Checking
Local Gov't Investment Pool
Other Investments
Date Presented: 04/20/2021
City of Kent
Firemen's Relief and Pension Trust Fund#620
Statement of Revenues and Expenses
For the Year Ended December 31, 2020
Five Year Comparison
12/31/16 12/31/17 12/31/18 12/31/19 12/31/20
OPERATING REVENUES
Interest Income $ 76,528 25.16% $ 82,859 27.11% $ 99,231 30.06% $ 105,358 25.65% $ 45,239 13.16%
Fire Insurance Premium Tax 227,665 74.84% 222,783 72.89% 230.881 69.94% 305.467 74.35% 298,650 86.84%
TOTAL REVENUES $ 304,193 100.00% $ 305,642 100.00% $ 330,112 100.00% $ 410,824 100.00% $ 343,889 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 158,944 40.06% 162,942 44.53% 174,299 45.14% 180,966 47.09% 180,311 45.77%
Health Insurance 226,000 56.96% 200,000 54.65% 200,000 51.80% 200,000 52.05% 200,000 50.77%
Other Expenses 11,825 2.98% 3.000 0.82% 11,825 3.06% 3,300 0.86% 13,611 3.46%
TOTAL EXPENSES $ 396,769 100.00% $ 365,942 100.00% $ 386,124 100.00% $ 384,267 100.00% $ 393,922 100.00%
NET INCOME(LOSS) $ (92.576) $ (60,300) $ (56,013) $ 26.558 $ (50,033)
Date Presented: 04/20/2021 2
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K E N T
W A S H I N c r o N
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
March, 2021
MANAGEMENT REPORTS
Cash and Investments as of March 31, 2021
5 year comparison and breakdown of current investments 1
Statement of Revenues and Expenses
for the March Months Ended March 31, 2021 2
Date Presented: 04/20/2021
City of Kent
Firemen's Relief& Pension Trust Fund
Executive Summary
March, 2021
Cash & Investments— March 31, 2021
• Total Cash and Investments have decreased by approximately $44,000 since the same
period in 2020, largely due to the declining investment interest earnings.
• The Fire Relief& Pension Fund owns a percentage of all the City investment portfolio.
The LGIP is currently earning 0.115%, and the other investments are averaging 1.25%.
Statement of Revenues and Expenses— March 31, 2021
• Interest income for the quarter was $8,161, which is lower than interest income for last
year at this time. This is primarily due to declining interest rates.
• Pension expense, health insurance cost and other expenses totaled $98,497 for this
quarter.
Date Presented: 04/20/2021
City of Kent
Firemen's Relief&Pension Trust Fund#620
Cash&Investments
March 31,2021
Five Year Comparison
3/31/17 3/31/18 3/31/19 3/31/20 3/31/21
CASH&INVESTMENTS
Cash in Checking&LGIP $ 915,098 40.91% $ 834,702 38.37% $ 807,719 38.05% $ 1,022,584 47.67% $ 873,355 41.56%
Investments,at Cost 1,321,518 59.09% 1,340,506 61.63% 1.315.098 61.95% 1,122,500 52.33% 1,228,023 58.44%
TOTAL CASH&INVESTMENTS $ 2,236,616 100.00% $ 2.175.208 100.00% $ 2,122,817 100.00% $ 2,145,084 100.00% $ 2.101.378 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses $ 7,088 0.32% $ 7.737 0.36% $ 8,070 0.38% $ 7,886 0.37% $ 7,462 0.36%
Held in trust for Pension Benefits 2,229,528 99.68% 2,167,471 99.64% 2,114,747 99.62% 2,137,198 99.63% 2,093,916 99.64%
TOTAL LIABILITIES&RETAINED EARNINGS $ 2,236,616 100.00% $ 2,175,208 100.00% $ 2,122,817 100.00% 5 2,145,084 100.00% $ 2.101,378 100.00%
CITY OF ]KENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
March 31, 2021 51041351
Purchase Investment ' $769
Date Security Description Yield Maturity Total 51'az�.aa3
03/31/21 Cash in Checking 0.000% $ 104,351
03/31/21 Local Gov't Investment Pool 0.115% Overnight $ 769,004
03/31/21 Other Investments 1.250% 964 Days $ 1,228,023
$ 2,101,378
Cash in Checking
Local Gov't Investment Pool
Other Investments
Date Presented: 04/20/2021
City of Kent
Firemen's Relief and Pension Trust Fund#620
Statement of Revenues and Expenses
For the Three Months Ended March 31, 2021
Five Year Comparison
3/31/17 3/31/18 3/31/19 3/31/20 3/31/21
OPERATING REVENUES
Interest Income $ 1,322 100.00% $ 5,483 100.00% $ 7,425 100.00% $ 12,429 100.00% $ 8,161 100.00%
Fire Insurance Premium Tax - 0.00% - 0.00% - 0.00% 0.00% - 0.00%
TOTAL REVENUES $ 1,322 100.00% $ 5,483 100.00% $ 7,425 100.00% $ 12,429 100.00% $ 8,161 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 42,529 45.10% 46,420 48.14% 47,702 47.23% 47,316 43.21% 44,772 45.46%
Health Insurance 51,773 54.90% 50,000 51.86% 50,000 49.50% 50,000 45.66% 50,000 50.76%
Other Expenses 0.00% 0.00% 3,300 3.27% 12,199 11.14% 3,725 3.78%
TOTAL EXPENSES $ 94.302 100.00% $ 96,420 100.00% $ 101,002 100.00% $ 109,515 100.00% $ 98,497 100.00%
NET INCOME(LOSS) $ (92,980) $ (90,937) $ (93,577) $ (97,086) $ (90.335)
Date Presented: 04/20/2021 2