HomeMy WebLinkAboutCity Council Committees - Firefighter's Relief Pension Board - 07/18/2023 (2) Firefighter's Relief and Pension Board July 18, 2023
Minutes Kent, Washington
Approved January 16, 2024
BOARD MEMBERS PRESENT: Mayor Ralph, Council member Thomas, Sam Grubbs,
Marvin Berg and Kim Komoto.
STAFF MEMBERS PRESENT: Courtney Black, Deputy Finance Director, Susanne
Shaw, Senior Financial Analyst.
1. Call to Order
The meeting was called to order at 3:32 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
Alternate, Steven Barber - Absent
3. Changes to the Agenda
None. Thomas moved to approve the agenda as presented, seconded by Grubbs. The
motion passed unanimously with a vote of 5-0.
4. Aunroval of Minutes
Thomas moved to approve the minutes dated January 17, 2023, seconded by Grubbs.
The motion passed unanimously with a vote of 5-0.
5. INFO ONLY: Position No. 2 Election Update
Komoto advised the recent election resulted in Marvin Berg being reappointed to
Position No. 2 for a term that will expire on June 30, 2025. Additionally, Berg advised
that this will be his last term.
6. INFO ONLY: LEOFF 1 COLA
Senior Financial Analyst, Susanne Shaw provided details on the LEOFF 1 COLA
increase of 8.81% that went into effect on April 1, 2023. This lowered the City's
obligation.
7. INFO ONLY• Pension Changes Effective July 1, 2023
Senior Financial Analyst, Susanne Shaw provided details on the CPI increase. There
are no beneficiaries that are in the CPI Group.
8. INFO ONLY: FINANCIAL REPORTS
Deputy Finance Director, Courtney Black provided details on the 5-Year Cash and
Investments through December 31, 2022 and pointed out the decrease since the
same period in 2021. Black detailed the investment portfolio.
Black reviewed the Statement of Revenues and Expenses through December 31,
2022 and provided details on the Fire Insurance Premium Tax and Interest Income.
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Firefighter's Relief and Pension Board July 18, 2023
Minutes Kent, Washington
Approved January 16, 2024
Black provided details on the Cash and Investments through March 31, 2023 and
pointed out the decrease since the same period in 2022. Black detailed the
investment portfolio.
Black reviewed the Statement of Revenues and Expenses through March 31, 2023
and provided details on the Interest Income and pension expenses, including health
insurance costs.
9. Adjournment
At :44 p.m., Mayor Ralph de fared the meeting adjourned.
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Kimberley Komoto
Firefighter's Relief and Pension Board Secretary
July 18, 2023
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