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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
October 15, 2024
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 July 16, 2024 Yes Mayor Ralph 1 min
Move to approve the minutes of the
meeting of July 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 July 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
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 April 16, 2024, seconded by Michaud. The
motion passed unanimously with a vote of 4-0.
S. INFO ONLY: Financial Reports
Finance Director Paula Painter provided details on the Cash and Investments through
March 31, 2024, in addition to details on the investment portfolio.
Painter reviewed the Statement of Revenues and Expenses through March 31, 2024,
and provided details on the interest income.
6. Adjournment
At 3:35 p.m., Mayor Ralph declared the meeting adjourned.
Kimberley A. Komoto
Firefighter's Relief and Pension Board Secretary
July 16, 2024
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
June 2024
MANAGEMENT REPORTS
Cash and Investments as of June 30, 2024
5-year comparison and breakdown of current investments 1
Statement of Revenues and Expenses for the Six Months
Ended June 30, 2024 2
Date Presented: 10/15/2024
City of Kent
Firemen's Relief&Pension Trust Fund#6200
Cash &Investments
June 30,2024
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 investment portfolio.At the
end of the second quarter the LGIP was earning 5.404%,and the long-term investments
were averaging 2.810%.
6/30/20 6/30/21 6/30/22 6/30/23 6/30/24
CASH&INVESTMENTS
Cash in Checking&LGIP $ 1,222,905 51.74% $ 907,902 39.16% $ 916,190 40.35% $ 1,051,250 45.19% $ 912,997 36.94%
Investments,at Cost 1,140,536 48.26% 1,410,519 60.84% 1,354,633 59.65% 1,274,806 54.81% 1,558,312 63.06%
TOTAL CASH&INVESTMENTS $ 2,363,441 100.00% $ 2,318,421 100.00% $ 2,270,823 100.00% $ 2,326,056 100.00% $ 2,471,309 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses $ 7,421 0.31% $ 7,241 0.31% $ 7,339 0.32% $ 4,533 0.19% $ 4,542 0.18%
Held in trust for Pension Benefits 2,356,020 99.690/6 2,311,180 99.69% 2,263,484 99.68% 2,321,523 99.810/6 2,466,767 99.82%
TOTAL LIABILITIES&RETAINED EARNINGS $ 2,363,441 100.00% $ 2,318,421 100.00% $ 2,270,823 100.00% $ 2,326,056 100.00% $ 2,471,309 100.00%
CITY OF KENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
June 30, 2024 $65,613
Purchase Investment w $847,384
Date Security Description Yield Maturity Total $1,558,312
06/30/24 Cash in Checking N/A $ 65,613
06/30/24 Local Gov't Investment Pool 5.404% Overnight $ 847,384
06/30/24 Other Investments 2.810% 811 Days $ 1,558,312
$ 2,471,309
(The weighted average maturity fot the LGIP is less than 60 days and quickly reflects current market conditions) ■Cash in Checking
(The Long-Term Portfolio has maturites up to five years and is slower to reflect the higher interest rates in the current market)
■ Local Gov't Investment Pool
Other Investments
Date Presented: 10/15/2024
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
• The Fire Insurance Premium Tax revenue was $404,626 this year, an increase from
$370,230 in 2023.
• Interest income for the quarter was $39,553, which is higher than interest income for
last year at the same time.
• Year to date expenses have decreased from the same period in the prior year.
6/30/20 6/30/21 6130/22 6/30/23 6/30/24
OPERATING REVENUES
Interest Income $ 26,488 8.15% $ 12,358 3.87% $ 6,879 2.00% $ 28,397 7.12% $ 39,553 8.90%
Fire Insurance Premium Tax 298,650 91.85% 306,966 96.13% 337,940 98.00% 370,230 92.88% 404,626 91.10%
TOTAL REVENUES $ 325,138 100.00% $ 319,324 100.00% $ 344,819 100.00% $ 398,627 100.00% $ 444,179 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 90,767 44.63% 88,256 45.87% 98,233 45.73% 72,616 38.92% 60,838 35.53%
Health Insurance 100,000 49.16% 100,000 51.98% 100,000 46.55% 110,000 58.96% 110,000 64.25%
Actuarial Study and Other Expense 12,634 6.21% 4,139 2.15% 16,574 7.72% 3,949 2.12% 376 0.22%
TOTAL EXPENSES $ 203,401 100.00% $ 192,395 100.00% $ 214,807 100.00% $ 186,565 100.00% $ 171,214 100.00%
NET INCOME(LOSS) $ 121,737 $ 126,929 $ 1309012 $ 212,063 $ 2729965
Date Presented: 10/15/2024 2