HomeMy WebLinkAboutCity Council Committees - Firefighter's Relief Pension Board - 07/18/2023 •
40 Firefighters' 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, Marvin Berg, Retired Firefighter
Steven Barber, Alternate
July 18, 2023
3:30 p.m.
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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 17, 2023 Yes Mayor Ralph 1 min
Move to approve the minutes of the
meeting of January 17, 2023
5. INFO ONLY: Position No. 2 Election Update NO Kim Komoto 5 min
6. INFO ONLY: LEOFF 1 COLA NO Susanne Shaw 5 min
7. INFO ONLY: Pension Changes Effective NO Susanne Shaw 5 min
July 1, 2023
8. INFO ONLY: Financial Report NO Courtney Black 5 min
9. Adjournment Yes Mayor Ralph 1 min
Unless otherwise noted, the Firefighters' 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.
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.
Firefighter's Relief and Pension Board January 17, 2023
Minutes Kent, Washington
Pending Approval
BOARD MEMBERS PRESENT: Mayor Ralph, Sam Grubbs, Marvin Berg and Kim
Komoto, Secretary.
STAFF MEMBERS PRESENT: Paula Painter, Finance Director, Susanne Shaw,
Senior Financial Analyst.
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 - Excused
Kim Komoto - Present
Sam Grubbs - Present
Marvin Berg - Present
Alternate, Steven Barber - Absent
3. Changes to the Agenda
None. Sam Grubbs moved to approve the agenda as presented, seconded by Marvin
Berg. The motion passed unanimously with a vote of 4-0.
4. Approval of Minutes, dated October 18, 2022
Berg moved to approve the minutes dated October 18, 2022, seconded by Grubbs.
The motion passed unanimously with a vote of 4-0.
S. INFO ONLY: Benefit Adjustment to Reflect Puget Sound Regional Fire
Authority COLA Increase
Senior Financial Analyst, Susanne Shaw provided details on the recent COLA increase
of 5% that will be reflected on the January 20, 2023 pay checks.
6. City Clerk, Kim Komoto advised of the upcoming election for position No. 2 and
indicated that Marvin Berg is eligible to continue serving. Komoto will initiate the
election process February 1, 2023.
6. Adjournment
At 3:34 p.m., Mayor Ralph declared the meeting adjourned.
Kimberley A. Komoto
Firefighter's Relief and Pension Board Secretary
January 17, 2023
Page 11
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40
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
December 2022
MANAGEMENT REPORTS
Cash and Investments as of December 31, 2022
5-year comparison and breakdown of current investments 1
Statement of Revenues and Expenses
for the Twelve Months Ended December 31, 2022 2
Date Presented: 04/18/2023
City of Kent
Firemen's Relief& Pension Trust Fund
Executive Summary
December 2022
Cash & Investments— December 31, 2022
• Total Cash and Investments have decreased by $24,011 since the same period in 2021,
as expenditures have exceeded revenues.
• The Firemen's Relief& Pension Fund owns a portion of the City's investment portfolio.
The LGIP was earning 4.117% at year-end, and the other investments were averaging
1.590%.
Statement of Revenues and Expenses— December 31, 2022
• The Fire Insurance Premium Tax was $337,941 this year, up from $306,966 the prior
year.
• Interest income for 2022 increased slightly from the prior year, as expected, with
increasing interest rates.
Date Presented: 04/18/2023
City of Kent
Firemen's Relief & Pension Trust Fund #6200
Cash & Investments
December 31 , 2022
Five-Year Comparison
12/31/18 12/31/19 12/31/20 12/31/21 12/31/22
CASH & INVESTMENTS
Cash in Checking & LGIP $ 868,541 39.25% $ 1,063,406 47.42% $ 1,088,902 49.68% $ 684,883 31.99% $ 888,981 42.02%
Investments, at Cost 1,344,329 60.75% 1,178,901 52.58% 1,102,811 50.32% 1,455,830 68.01% 1,226,586 57.98%
TOTAL CASH & INVESTMENTS $ 2,212,870 100.00% $ 2,242,307 100.00% $ 2,191,713 100.00% $ 2,140,713 100.00% $ 2,115,567 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses $ 7,126 0.32% $ 7,424 0.33% $ 7,462 0.34% $ 7,241 0.34% $ 6,106 0.29%
Held in trust for Pension Benefits 2,205,744 99.68% 2,234,883 99.67% 2,184,251 99.66% 2,133,472 99.66% 2,109,461 99.71%
TOTAL LIABILITIES & RETAINED EARNINGS $ 2,212,870 100.00% $ 2,242,307 100.00% $ 2,191,713 100.00% $ 2,140,713 100.00% $ 2,115,567 100.00%
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
December 31, 2022 $62,223
$1,226,586
Purchase Investment $826,758
Date Security Description Yield Maturity Total
12/31/22 Cash in Checking N/A $ 629223
12/31/22 Local Gov't Investment Pool 4. 117% Overnight $ 8269758
12/31/22 Other Investments 1 .590% 904 Days $ 19226,586
$ 29115,567 ■Cash in Checking
■ Local Gov't Investment Pool
Other Investments
Date Presented: 04/18/2023 1
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
12/31/18 12/31/19 12/31/20 12/31/21 12/31/22
OPERATING REVENUES
Interest Income $ 99,231 30.06% $ 105,358 25.65% $ 45,239 13.16% $ 22,554 6.84% $ 23,125 6.40%
Fire Insurance Premium Tax 230,881 69.94% 305,467 74.35% 298,650 86.84% 306,966 93.16% 337,941 93.60%
TOTAL REVENUES $ 330,112 100.00% $ 410,825 100.00% $ 343,889 100.00% $ 329,520 100.00% °$ 361,066 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 174,299 45.14% 180,966 47.09% 180,311 45.77% 175,148 46.06% 164,109 42.62%
Health Insurance 200,000 51.80% 200,000 52.05% 200,000 50.77% 200,000 52.59% 200,000 51.94%
Actuarial Study and Other Expenses 11,825 3.06% 3,300 0.86% 13,611 3.46% 5,151 1.35% 20,968 5.45%
TOTAL EXPENSES $ 386,124 100.00% $ 384,266 100.00% $ 393,922 100.00% $ 380,299 100.00% $ 385,077 100.00%
NET INCOME(LOSS) $ (56,013) $ 26,560 $ (50,033) $ (50,779) $ (24.011)
Date Presented: 04/18/2023 2
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40
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 2023
MANAGEMENT REPORTS
Cash and Investments as of March 31, 2023
5-year comparison and breakdown of current investments 1
Statement of Revenues and Expenses for the Three Months
Ended March 31, 2023 2
Date Presented: 04/18/2023
City of Kent
Firemen's Relief& Pension Trust Fund
Executive Summary
March 2023
Cash & Investments— March 31, 2023
• Total Cash and Investments have decreased since the same period in 2022 as expenses
have exceeded revenues.
• 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 4.758%, and the other investments were
averaging 1.740%.
Statement of Revenues and Expenses— March 31, 2023
• Interest income for the quarter was $11,778, which is higher than interest income for
last year at the same time. This is primarily due to increasing interest rates.
• Pension expense, health insurance cost and other expenses totaled $98,994 for this
quarter.
Date Presented: 04/18/2023
City of Kent
Firemen's Relief & Pension Trust Fund #6200
Cash & Investments
March 31 , 2023
Five-Year Comparison
3/31/19 3/31/20 3/31/21 3/31/22 3/31/23
CASH & INVESTMENTS
Cash in Checking & LGIP $ 807,719 38.05% $ 1,022,584 47.67% $ 873,355 41.56% $ 677,581 33.22% $ 857,044 42.25%
Investments, at Cost 1,315,098 61.95% 1,122,500 52.33% 1,228,023 58.44% 1,362,011 66.78% 1,171,536 57.75%
TOTAL CASH & INVESTMENTS $ 2,122,817 100.00% $ 2,145,084 100.00% $ 2,101,378 100.00% $ 2,039,592 100.00% $ 2,028,580 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses $ 8,070 0.38% $ 7,886 0.37% $ 7,462 0.36% $ 8,638 0.42% $ 6,336 0.31%
Held in trust for Pension Benefits 2,114,747 99.62% 2,137,198 99.63% 2,093,916 99.64% 2,030,954 99.58% 2,022,244 99.69%
TOTAL LIABILITIES & RETAINED EARNINGS $ 2,122,817 100.00% $ 2,145,084 100.00% $ 2,101,378 100.00% $ 2,039,592 100.00% $ 2,028,580 100.00%
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
March 31, 2023 $ 7,334
Purchase Investment $1,171,536
$819,710
Date Security Description Yield Maturity Total
03/31/23 Cash in Checking N/A $ 379334
03/31/23 Local Gov't Investment Pool 4.758% Overnight $ 8199710
03/31/23 Other Investments 1 .740% 865 Days $ 191719536 00
$ 290289580
Cash in Checking
■ Local Gov't Investment Pool
Other Investments
Date Presented: 04/18/2023 1
City of Kent
Firemen's Relief and Pension Trust Fund #6200
Statement of Revenues and Expenses
For the Three Months Ended March 31 , 2023
Five-Year Comparison
3/31/19 3/31/20 3/31/21 3/31/22 3/31/23
OPERATING REVENUES
Interest Income $ 7,425 100.00% $ 12,429 100.00% $ 8,161 100.00% $ 3,268 100.00% 11,778 100.00%
Fire Insurance Premium Tax - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
TOTAL REVENUES $ 7,425 100.00% $ 12,429 100.00% $ 8,161 100.00% $ 3,268 100.00% $ 11,778 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 47,702 47.23% 47,316 43.21% 44,772 45.46% 53,700 50.76% 43,853 44.30%
Health Insurance 50,000 49.50% 50,000 45.66% 50,000 50.76% 50,000 47.27% 55,000 55.56%
Other Expenses 3,300 3.27% 12,199 11.14% 3,725 3.78% 2,086 1.97% 142 0.14%
TOTAL EXPENSES $ 101,002 100.00% $ 109,515 100.00% $ 98,497 100.00% $ 105,786 100.00% $ 98,994 100.00%
NET INCOME (LOSS) $ (93,578) $ (97,086) $ (90,335) $ (102,518) $ (87,216)
Date Presented: 04/18/2023 2