HomeMy WebLinkAboutBoards & Commissions - Firefighter's Relief Pension Board - 04/16/2024 •
40 Firefighters' Relief & Pension Board
KENT Agenda
WASH IN G T O N
Board Members: Dana Ralph, Mayor,
Kimberley A. Komoto, City Clerk, Councilmember Zandria Michaud,
Sam Grubbs, Retired Firefighter, Marvin Berg, Retired Firefighter
Steven Barber, Alternate
April 16, 2024
3:30 p.m.
2nd Floor of City Hall
220 Fourth Avenue South
Kent, WA 98032
Click here to join the meeting
Meeting ID: 229 731 743 205
Passcode: aK59gT
Or call in (audio only)
872-239-8456,22562101
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
4. Approval of Minutes of January 16, 2024 Yes Mayor Ralph 1 min
5. INFO ONLY: Position No. 2 Election Update NO Kim Komoto 1 min
6. INFO ONLY: LEOFF 1 COLA NO Susanne Shaw 5 min
7. INFO ONLY: Financial Reports NO Paula Painter 5 min
8. Adjournment Yes Mayor Ralph 1 min
Unless otherwise noted, the Firefighters' Relief and Pension Board meets quarterly at 3:30 p.m.
in Kent City Hall, Mayor's Conference Room, 220 Fourth Avenue South, Kent, WA 98030.
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 16, 2024
Minutes Kent, Washington
Pending Approval
BOARD MEMBERS PRESENT: Mayor Ralph, Council President Bill Boyce, Sam
Grubbs, Marvin Berg and Kim Komoto.
STAFF MEMBERS PRESENT: Paula Painter Finance Director, Susanne Shaw
Senior Financial Analyst.
1. Call to Order
The meeting was called to order at 3:30 p.m., with Mayor Ralph presiding.
2. Roll Call
Mayor Dana Ralph - Present
Council President Bill Boyce - Present
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 5-0.
4. Approval of Minutes
Berg moved to approve the minutes dated July 18, 2023, seconded by Grubbs. The
motion passed unanimously with a vote of 5-0.
S. INFO ONLY: Second and Third Quarter 2023 Financial Reports
Finance Director Paula Painter provided details on the Cash and Investments through
September 30, 2023, in addition to details on the investment portfolio.
Painter reviewed the Statement of Revenues and Expenses through September 30,
2023 and provided details on the Fire Insurance Premium Tax and Interest Income.
6. INFO ONLY: CPI Increase
Senior Financial Analyst Susanne Shaw provided details on the LEOFF 1 COLA
increase of 4.5%.
7. Adjournment
At 3:35 p.m., Mayor Ralph declared the meeting adjourned.
Kimberley A. Komoto
Firefighter's Relief and Pension Board Secretary
January 16, 2024
Page 11
•
KEN T
W A 5 H I N G T O N
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
December 2023
MANAGEMENT REPORTS
Cash and Investments as of December 31, 2023
5-year comparison and breakdown of current investments 1
Statement of Revenues and Expenses
for the Twelve Months Ended December 31, 2023 2
Date Presented: 04/16/2024
City of Kent
Firemen's Relief& Pension Trust Fund #6200
Cash & Investments
December 31, 2023
Five-Year Comparison
Total Cash and Investments have increased since the same period in 2023.
• The Fire Relief&Pension Fund owns a portion of the City's investment portfolio.
• Our short-term portfolio was yielding 5.429%at the end of the 4th quarter. This portfolio has average
maturities of less than 60 days_The yields in this portfolio react quickly to market changes_
• At the end of the Vh quarter 2023, our long-term portfolio was averaging 2.170%. The investments in this
portfolio have maturities up to 5 years_The average yield in this portfolio is slower to react to market changes
due to the longer maturities_
12/31/19 12/31/20 12/31/21 12131/22 12/31/23
CASH&INVESTMENTS
Cash in Checking&LGIP $ 1,063,406 47.42% $ 1,088,902 49.68% $ 684,883 31.99% $ 884,647 41.81% $ 964,429 43.86%
Investments,at Cost 1,178,901 52.58% 1,102,811 50.32% 1,455,830 68.01% 1,231,334 58.19% 1,234,407 56.14%
TOTAL CASH&INVESTMENTS $ 2,242,307 100.00% $ 2,191,713 100.00% $ 2,140,713 100.00% $ 2,115,981 100.00% $ 2,198,836 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses $ 7,424 0.33% $ 7,462 0.34% $ 7,241 0.34% $ 6,106 0.29% $ 5,033 0.23%
Held in trust for Pension Benefits 2,234,883 99.67% 2,184,251 99.66% 2,133,472 99.66% 2,109,875 99.71% 2,193,803 99.77%
TOTAL LIABILITIES&RETAINED EARNINGS $ 2,242,307 100.00% $ 2,191,713 100.00% $ 2,140,713 100.00% $ 2,115,981 100.00% $ 2,198,836 100.00%
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
December 31, 2023
Purchase Investment $1 234,407
Date Security Description Yield Maturity Total
12131/23 Cash in Checking 5.500% $ 66,193
12/31/23 Local Gov't Investment Poel 5.429% Overnight $ 898,236
12/31/23 Other Investments 2.170% 744 Days $ 1,234,407
$ 2,198,836
e Cash in Checking
■Local Gov't Investment Pawl
Other Investments
Date Presented: 04/16/2024
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
0 Interest earnings have increased significantly over the prior year.
• The Fire Insurance Prernium Tax revenue was larger than the prior year_
• Year to date expenses have decreased from the same period in the prior year_
12/31/19 12/31/20 12/31/21 12/31/22 12/31/23
OPERATING REVENUES
Interest Income $ 105,358 25.65% $ 45,239 13.16% $ 22,554 6.84% $ 23,125 6.40% $ 66,602 15.25%
Fire Insurance Premium Tax 305,467 74.35% 298,650 86.84% 306,966 93.16% 337,941 93.60% 370,230 84.75%
TOTAL REVENUES $ 410,825 100.00% $ 343,889 100.00% $ 329,520 100.00% $ 361,066 100.00% $ 4369832 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 180,966 47.09% 180,311 45.77% 175,148 46.06% 164,109 42.62% 128,009 36.32%
Health Insurance 200,000 52.05% 200,000 50.77% 200,000 52.59% 200,000 51.94% 220,000 62.41%
Actuarial Study and Other Expenses 3,300 0.86% 13,611 3.46% 5,151 1.35% 20,968 5.45% 4,482 1.27%
TOTAL EXPENSES $ 384,266 100.00% $ 3939922 100.00% $ 380,299 100.00% $ 385,077 100.00% $ 3529491 100.00%
NET INCOME(LOSS) $ 26,560 $ (50,033) $ (50,779) $ (24,011) $ 84,341
Date Presented: 04/16/2024 2