HomeMy WebLinkAboutCity Council Committees - Firefighter's Relief Pension Board - 07/20/2021 Firemen's Relief and Pension Board July 20, 2021
Minutes Kent, Washington
Approved October 20, 2021
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 3:36 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
Mayor Ralph added "Discuss Remote Meetings" after item 6. Councilmember Thomas
moved to approve the agenda as presented, seconded by Sam Grubbs. The motion
passed unanimously with a vote of 5-0.
4. Approval of Minutes, dated April 20, 2021
Sam Grubbs moved to approve the minutes dated April 20, 2021, seconded by Les
Thomas. The motion passed unanimously with a vote of 5-0.
S. Election Results
City Clerk, Kim Komoto advised the recent election resulted in Marvin Berg being
elected to serve his first full term from July 1, 2021- June 30, 2023.
6. Financial Reports
Finance Director, Paula Painter provided details of the Cash and Investments as of
June 30, 2021 and the Statement of Revenues and Expenses as of June 30, 2021.
7. Remote Meeting Discussion
Members discussed the remote meeting option. Komoto confirmed that Ordinance
4406 provides that the Board can meet remotely, so long that conditions are met as
detailed in the ordinance.
S. Adjournment
At 3:46 p.m., Mayor Ralph declared the meeting adjourned.
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Kimberley A. Komoto
Firemen's Relief and Pension Board Secretary
July 20, 2021
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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
June 2021
MANAGEMENT REPORTS
Cash and Investments as of June 30, 2021
5 year comparison and breakdown of current investments 1
Statement of Revenues and Expenses
for the Year Ended June 30, 2021 2
Date Presented: 7/20/2021
City of Kent
Firemen's Relief& Pension Trust Fund
Executive Summary
June 2021
Cash & Investments—June 30, 2021
• Total Cash and Investments have increased over the prior quarter, due to the receipt of
the Fire Insurance Premium Tax.
• The Local Government Investment Pool (LGIP) is earning 0.07% currently. In June of
2020 it was earning 0.37%.
• At the end of the 211 quarter 2021, our managed investment portfolio was earning
1.10%. In June of 2020 the portfolio was earning 2.25%.
• The portfolio allocation has been updated with an increased balance in the managed
investment portfolio and a decreased balance in the LGIP.
Statement of Revenues and Expenses—June 30, 2021
• The Fire Insurance Premium Tax revenue was $306,966 this year, slightly up from
$298,650 last year.
• Interest income for the 2nd quarter was $4,197, which is less than the interest income
for last year at this time. In the 2nd quarter of 2020 we earned $14,059 in interest. The
lower interest earnings are primarily due to declining interest rates.
Date Presented: 7/20/2021
City of Kent
Firemen's Relief & Pension Trust Fund #6200
Cash & Investments
June 30, 2021
Five-Year Comparison
6/30/17 6/30/18 6/30/19 6/30/20 6/30/21
CASH & INVESTMENTS
Cash in Checking & LGIP $ 1,045,396 44.11% $ 960,384 41.62% $ 933,819 39.88% $ 1,222,905 51 .74% $ 907,902 39.16%
Investments, at Cost 1,324,835 55.89% 1,347,048 58.38% 1,407,472 60.12% 1,140,536 48.26% 1,410,519 60.84%
TOTAL CASH & INVESTMENTS $ 2,370,231 100.00% $ 2,307,432 100.00% $ 2,341,291 100.00% $ 2,363,441 100.00% $ 2,318,421 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses $ 6,634 0.28% $ 7,061 0.31% $ 7,363 0.31% $ 7,421 0.31% °7,241 0.31 /a
Held in trust for Pension Benefits 2,363,597 99.72% 2,300,371 99.69% 2,333,928 99.69% 2,356,020 99.69% 2,311,180 99.69%
TOTAL LIABILITIES & RETAINED EARNINGS $ 2,370,231 100.00% $ 2,307,432 100.00% $ 2,341,291 100.00% $ 2,363,441 100.00% $ 2,318,421 100.00%
CITY OF KENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
June 30, 2021 $123,539
Purchase Investment $784 36
Date Security Description Yield Maturity Total $1,410,519
06/30/21 Cash in Checking 0.000% $ 123,539
06/30/21 Local Gov't Investment Pool 0.075% Overnight $ 7849363
06/30/21 Other Investments 1 . 100% 939 Days $ 11410,519
$ 2,318,421
Cash in Checking
Local Gov't Investment Pool
Other Investments
Date Presented: 07/20/2021 1
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
6/30/17 6/30/18 6/30/19 6/30/20 6/30/21
OPERATING REVENUES
Interest Income $ 4,823 2.12% $ 11,691 4.82% $ 15,317 4.77% $ 26,488 8.15% °12,358 3.87/o
Fire Insurance Premium Tax 222,783 97.88% 230,881 95.18% 305,467 95.22% 298,650 91.85% 306,966 96.13%
TOTAL REVENUES $ 227,606 100.00% $ 242,572 100.00% $ 320,784 100.00% $ 325,139 100.00% $ 319,324 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 82,335 44.14% 81,723 46.20% 91,880 47.07% 90,767 44.62% 88,256 45.87%
Health Insurance 101,182 54.25% 83,333 47.11% 100,000 51.23% 100,000 49.16% 100,000 51.98%
Actuarial Study and Other Expense 3,000 1.61% 11,825 6.69% 3,300 1.69% 12,634 6.21% 4,139 2.15%
TOTAL EXPENSES $ 186,517 100.00% $ 176,881 100.00% $ 195,180 100.00% $ 203,401 100.00% $ 192,395 100.00%
NET INCOME (LOSS) $ 41,089 $ 65,691 $ 125,604 $ 121,738 $ 126,929
Date Presented: 07/20/2021 2