HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 07/06/2010 (3) is
T
Firemen's Relief & Pension Board
July 6, 2010
Board Members Present: Suzette Cooke, Les Thomas, Sam Grubbs, Al Bond
Others Present: Bonnie Fell, Kathleen Etheredge, Mary Simmons
The meeting was called to order at 3:30 p.m. by Mayor Cooke.
Mayor Cooke introduced Councilmember Les Thomas and everyone introduced
themselves.
Minutes of April 6 and April 20, 2010. Bond moved to approve the minutes of
April 6 and April 20, 2010. Grubbs seconded and the motion carried.
Financial Transactions for March, April and May, 2010. Fell reviewed the
Financial Analysis Summary that she had submitted with the transactions, and
noted that the year-to-date revenues increased by $183,200 over the past three
months, which are largely due to the changes in the market value. She also noted
the five month year-to-date revenues is $224,200 compared to $51,400 for 2009,
which amounts to $172,800 greater 336% increase over 2009. Fell said the
revenue increases over 2009 are primarily attributable to the market value and also
an increase in contributions from the fire tax that went up to $14,500 which is 10%
and quite a bit higher than prior years. She explained that all the expenditures are
down slightly but are pretty consistent and the retained earnings for the first 5
months of year is up $91,298. Fell in answer to Thomas' question said that the
investments are done in-house. Grubbs moved to accept the finance report for
March, April and May, 2010. Bond seconded and the motion carried. Mayor Cooke
and all the Board members commented favorably to the summary that Fell had
provided.
Investment Policy Update. Fell noted that the investment policy language was
outdated and that Legal will be amending the Investment Policy ordinance which
will be available at the next meeting.
2010 Actuarial Study. Fell.commented that the GASB requirements were pro-
vided to the Mayor and that the study is required every two years. She explained
the fee schedule and the total cost for 2010 actuarial study is $7,825. Mayor Cooke
noted that a study had been done in 2009 regarding other actuarial firms who do
this type of study and none had qualified. Grubbs moved to approve the contract
with Milliman in the amount of $7,825 to conduct a biennial actuarial study of the
City of Kent Fire Relief and Pension as of January 1, 2010. Bond seconded and
motion carried.
CPI Increase. Etheredge noted that semi-monthly CPI increase is $4.72, around
$118 a year. Bond moved to approve the cost of living increases based on the CPI-
W Seattle for the Non-Duty Disability retirees. Grubbs seconded and the motion
carried.
i
1
Firemen's Relief & Pension Board July 6, 2010
Election Results — Information Only. Simmons commented that Sam Grubbs
was re-elected to the Board.
Other Business. Mayor Cooke asked Simmons to find out whether a vote is
necessary if the requirements are stated by state law. Bond moved to approve the
$500 funeral deferral expense for Robert See to his widow, Clarice See, in
accordance with RCW 41.18.140. Grubbs seconded and the motion carried.
Adjournment. The meeting adjourned at 3:45 p.m.
f IZ� II
/J
r ,
r,
Mary Simmons
Deputy City Clerk
i
2
j