HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 10/06/2009 i
KENT
w., .o.o. Firemen's Relief & Pension Board
October 6, 2009
3:30 p.m.
Board Members Present; Tim Clark, Al Bond, Sam Grubbs, Alternate Gene
Grenstad, and Brenda Jacober. Others Present: Bonnie Fell
The meeting was called to order at 3:33 p.m.
Minutes of July 7, 2009. Grubbs moved to accept the minutes of July 7,
2009, as written. Bond seconded and the motion carried.
Financial Transactions of June, July and August 2009. Bonnie Fell of
the Finance Department distributed copies of the financial transactions and
noted that retained earnings have decreased by $113,000 and net income l
declined by $163,000 for the 8-month period ending August 31, 2009. She
said the decline in income is due largely to the decline in the fair market
value of investments, and the decline in investment earnings is due to
interest rates and the economic conditions. Fell also noted that the fire tax
premium was only slightly elevated this year and that salaries and benefits
have been fairly stable. She then pointed out the high yields on investments
and noted that one of them will mature soon and will be reinvested at likely a
much lower rate, She agreed to provide investment recommendations at the
January meeting. Grubbs then moved to accept the financial transactions,
Bond seconded, and the motion carried.
Other Business. Jacober noted that a letter regarding the ability to hold
meetings telephonically was sent to members, and that one response
indicating interest was received. It was clarified that this is a possibility for
the future if and when no fire fighter members live close enough to attend j
meetings in person.
Tom Foster. It was noted that former Fire Chief Tom Foster has brought up
a question to several Board members regarding compensation.
Adjournment. The meeting adjourned at 3:43 p.m.
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Brenda Jacober, CM6
City Clerk/Board Member
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