HomeMy WebLinkAboutBoards & Commissions - Firefighter's Relief Pension Board - 07/16/2024 •
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
July 16, 2024
3:30 p.m.
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Meeting ID: 260 548 661 135
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Phone Conference ID: 615 726 062#
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 April 16 , 2024 Yes Mayor Ralph 1 min
Move to approve the minutes of the
meeting of April 16, 2024
5. INFO ONLY: Financial Reports NO Paula Painter 5 min
6. 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 April 16, 2024
Minutes Kent, Washington
Pending Approval
BOARD MEMBERS PRESENT: Mayor Ralph, Councilmember Zandria Michaud, Sam
Grubbs, Kim Komoto.
STAFF MEMBERS PRESENT: Paula Painter Finance Director, Susanne Shaw
Senior Financial Analyst, Neill Woods Payroll Supervisor
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
Councilmember Michaud - Present
Kim Komoto - Present
Sam Grubbs - Present
Marvin Berg - Excused
Alternate, Steven Barber - Absent
3. Changes to the Agenda
None. Sam Grubbs moved to approve the agenda as presented, seconded by
Councilmember Michaud. The motion passed unanimously with a vote of 4-0.
4. Approval of Minutes
Berg moved to approve the minutes dated January 16, 2024, seconded by Michaud.
The motion passed unanimously with a vote of 4-0.
S. INFO ONLY: Position No. 2 Election Update
City Clerk Kim Komoto advised Sam Grubbs has been re-elected to an additional two
year term from July 1, 2024 - June 30, 2026.
6. INFO ONLY: LEOFF 1 COLA
Senior Financial Analyst Susanne Shaw advised of the COLA increase of 5.52%
effective April 1, 2024.
7. INFO ONLY: Financial Reports
Finance Director Paula Painter provided details on the Cash and Investments through
December 31, 2023, in addition to details on the investment portfolio.
Painter reviewed the Statement of Revenues and Expenses through December 31,
2023, and provided details on the Fire Insurance Premium Tax and Interest Income.
8. Adjournment
At 3:33 p.m., Mayor Ralph declared the meeting adjourned.
Kimberley A. Komoto
Firefighter's Relief and Pension Board Secretary
April 16, 2024
Page 11
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KEN T
W A 5 H I N G T O N
CITY OF KENT
FIREMEN'S RELIEF & PENSION TRUST FUND
FINANCIAL REPORT
March 2024
MANAGEMENT REPORTS
Cash and Investments as of March 31, 2024
5-year comparison and breakdown of current investments 1
Statement of Revenues and Expenses for the Three Months
Ended March 31, 2024 2
Date Presented: 04/16/2024
City of Kent
Firemen's Relief&Pension Trust Fund#6200
Cash&Investments
March 31,2024
Five-Year Comparison
* Total Cash and Investments have increased above the same period in 2023 as revenues
have exceeded expenses_
+ The Fire Relief&Pension Fund owns a portion of the City's in-Vestment portfolio_At the
end of the first quarter the LGIP was earning 5.407%,and the tang-term investments
were aver-aging 2.450%-
3/31/20 3/31/21 3/31/22 3/31/23 3/31/24
CASH&INVESTMENTS
Cash in Checking&LGIP $ 1,022,584 47.67% $ 873,355 41.56% $ 677,581 33.22% $ 857,044 42.25% $ 853,143 40.06%
Investments,at Cost 1,122,500 52.33% 1,228,023 58.44% 1,362,011 66.78% 1,171,536 57.75% 1,276,627 59.94%
TOTAL CASH&INVESTMENTS $ 2,145,084 100.00% $ 2,101,378 100.00% $ 2,039,592 100.00% $ 2,028,580 100.00% $ 2,129,770 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses $ 7,886 0.37% $ 7,462 0.36% $ 8,638 0.42% $ 6,336 0.31% °5,598 0.26/°
Held in trust for Pension Benefits 2,137,198 99.63% 2,093,916 99.64% 2,030,954 99.58% 2,022,244 99.69% 2,124,172 99.74%
TOTAL LIABILITIES&RETAINED EARNINGS $ 2,145,084 100.00% $ 2,101,378 100.00% $ 2,039,592 100.00% $ 2,028,580 100.00% $ 2,129,770 100.00%
FIREk1•IEN'S RELIEF AND PENSION FUND EWESTMENTS
lWarch 31, 2024 7
Pirchase Investment 31
$1,276,627 $805�
Date Security Description Yield MaturitV Total
03/31/24 Cash in Checking 5.50YI0 5 47,312
03/31/24 Local Gov.'t Investment Pool 5.407% Oven fight 5 305,331
03/31/24 Other Investments 2.450% 771 Days $ 1,276,627
$ 2,129,770
■Cash in Checking
■Local GoVtInvestmentPool
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 Three Months Ended March 31,2024
Five-Year Comparison
• Interest income far the quarter was$19,109,which is higher than interest income for last
rear at the same time.This is primarily due to increasing short-term interest rates.
• Pension expense,health insurance cast and other expenses totaled$99,739 for this
quarter.
3/31/20 3/31/21 3/31/22 3/31/23 3/31/24
OPERATING REVENUES
Interest Income $ 12,429 100.00% $ 8,161 100.00% $ 3,268 100.00% $ 11,778 100.00% $ 19,109 100.00%
Fire Insurance Premium Tax - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
TOTAL REVENUES $ 12,429 100.00% $ 8,161 100.003/6 $ 3,268 100.00% $ 11,778 100.00% $ 19,109 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 47,316 43.21% 44,772 45.46% 53,700 50.76% 43,853 44.30% 33,589 37.85%
Health Insurance 50,000 45.66% 50,000 50.76% 50,000 47.27% 55,000 55.56% 55,000 61.98%
Other Expenses 12,199 11.14% 3,725 3.78% 2,086 1.97% 142 0.14% 150 0.17%
TOTAL EXPENSES $ 1099515 100.00% $ 989497 100.00% $ 105,786 100.00% $ 98,994 100.00% $ 88,739 100.00%
NET INCOME(LOSS) $ (97,086) $ (90,335) $ (102,518) $ (87,216) $ (69,630)
Date Presented: 04/16/2024 2