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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
January 21, 2025
3:30 p.m.
Mayor's Conference Room
220 Fourth Avenue South
Kent, WA. 98032
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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
4. Approval of Minutes of October 15, 2024 Yes Mayor Ralph 1 min
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.
Firefighters' Relief and Pension Board October 15, 2024
Minutes Kent, Washington
Pending Approval
BOARD MEMBERS PRESENT: 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 3:34 p.m., with Kim Komoto presiding.
2. Roll Call
Mayor Dana Ralph - Excused
Councilmember Michaud - Present
Kim Komoto - Present
Sam Grubbs - Present
Marvin Berg - Excused
Alternate, Steven Barber - Absent
3. Changes to the Agenda
None. Councilmember Michaud moved to approve the agenda as presented, seconded
by Sam Grubbs. The motion passed unanimously with a vote of 3-0.
4. Approval of Minutes
Berg moved to approve the minutes dated July 16, 2024, seconded by Michaud. The
motion passed unanimously with a vote of 3-0.
S. INFO ONLY: Financial Reports
Finance Director Paula Painter provided details on the Cash and Investments through
June 30, 2024, in addition to details on the investment portfolio.
Painter reviewed the Statement of Revenues and Expenses through June 30, 2024,
and provided details on the interest income.
6. Adjournment
At 3:39 p.m., Kim Komoto declared the meeting adjourned.
Kimberley A. Komoto
Firefighter's Relief and Pension Board Secretary
October 15, 2024
Page I 1
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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
September 2024
MANAGEMENT REPORTS
Cash and Investments as of September 30, 2024
5-year comparison and breakdown of current investments 1
Statement of Revenues and Expenses for the Nine Months
Ended September 30, 2024 2
Date Presented: 01/21/2025
City of Kent
Firemen's Relief&Pension Trust Fund#6200
Cash &Investments
September 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 third quarter the LGIP was earning 5.232%, and the
long-term investments were averaging 3.070%.
9/30120 9/30/21 9/30/22 9/30/23 9/30/24
CASH&INVESTMENTS
Cash in Checking&LGIP $ 1,113,705 48.84% $ 650,338 29.16% $ 873,104 39.93% $ 988,283 43.68% $ 848,381 35.24%
Investments,at Cost 1,166,455 51.16% 1,579,641 70.84% 1,313,745 60.07% 1,274,248 56.32% 1,559,327 64.76%
TOTAL CASH&INVESTMENTS $ 2,280,160 100.00% $ 2,229,979 100.00% $ 2,186,849 100.00% $ 2,262,531 100.00% $ 2,407,708 100.00%
LIABILITIES AND RETAINED EARNINGS
Accrued Expenses $ 7,424 0.33% $ 7,241 0.32% $ 6,106 0.28% $ 5,033 0.22% $ 4,542 0.19%
Held in trust for Pension Benefits 2,272,736 99.67% 2,222,738 99.68% 2,180,743 99.72% 2,257,498 99.78% 2,403,166 99.81%
TOTAL LIABILITIES&RETAINED EARNINGS $ 2,280,160 100.00% $ 2,229,979 100.00% $ 2,186,849 100.00% $ 2,262,531 100.00% $ 2,407,708 100.00%
CITY OF KENT
FIREMEN'S RELIEF AND PENSION FUND INVESTMENTS
September 30, 2024
$7,
Purchase Investment
Date Security Description Yield Maturity Total $1 559 327 ~
09/30!24 Cash in Checking N/A S 7,181
09/30/24 Local Gov't Investment Pool 5.232% Overnight S 841,200
09.+30!24 Other Investments 3.070% 875 Days S 1,559,327
S 2,407,708
■Gash inChectdng
(The weighted average maturity fot the LGIP is less than 60 days and quickly reflects current market conditions) ■Locai Gov't I nvestment Pool
(The Long-Term Portfolio has maturites up to five years and is slower to reflect the higher interest rates in the current market)
Other Investments
Date Presented: 01/21/2025
City of Kent
Firemen's Relief and Pension Trust Fund#6200
Statement of Revenues and Expenses
For the Nine Months Ended September 30
Five-Year Comparison
• Interest earnings have increased significantly over the prior year_
• The Fire Insurance Premium Tax revenue was larger than the prior year-
Yea r to date expenses have decreased from the same period in the prior year_
9/30/20 9/30/21 9130/22 9/30/23 9/30/24
OPERATING REVENUES
Interest Income $ 38,391 11.39% $ 17,721 5.46% $ 12,942 3.69% $ 47,299 11.33% $ 62,878 13.45%
Fire Insurance Premium Tax 298,650 88.61% 306,966 94.54% 337,941 96.31% 370,230 88.67% 404,626 86.55%
TOTAL REVENUES $ 337,041 100.00% $ 324,687 100.00% $ 350,883 100.00% $ 417,529 100.00% $ 467,504 100.00%
OPERATING EXPENSES
Pension Payments to Retirees 135,539 45.39% 131,702 46.02% 134,869 44.42% 100,312 37.22% 88,088 34.12%
Health Insurance 150,000 50.23% 150,000 52.41% 150,000 49.41% 165,000 61.23% 169,500 65.66%
Actuarial Study and Other Expense 13,088 4.38% 4,498 1.57% 18,743 6.17% 4,179 1.55% 552 0.21%
TOTAL EXPENSES $ 298,627 100.00% $ 286,200 100.00% $ 303,612 100.00% $ 269,491 100.00% $ 258,140 100.00%
NET INCOME(LOSS) $ 38,414 $ 38,487 $ 47,271 $ 148,038 $ 209,364
Date Presented: 01/21/2025 2