The URL can be used to link to this page

Home My WebLink About2022.10.10 Fireman Pension Board Agenda Packet FIREMAN PENSION BOARD Meeting Agenda ____________________________________________________________________ October 10, 2022 6:00 p.m. Pasco City Hall, Conference Room No. 1 525 N. Third Avenue, Pasco, WA 99301 1. Call to order and Roll call: Present:  Alvie Covington  Harvey Swoboda  Scott Maloy - Alternate  Mayor Blanche Barajas  Mayor Pro Tem Craig Maloney - Alternate  Darcy Buckley, Finance Director  Debby Barham, City Clerk 1. Minutes: Approve August 15, 2022, Meeting Minutes. Motion: I move to approve the August 15, 2022, Meeting Minutes. 2. Bills: Approve 2022 Third (3rd) Quarter Transaction Ledger. Motion: I move to approve the expenditure transactions as presented. 3. Financial Statement: 2022 Third (3rd) Quarter Financial Statements - presentation by Finance Director Buckley 4. New Business: Proposed 2023 Meeting Schedule Upcoming Board Elections 5. Old Business: 6. Adjourn: Next Regular Meeting: January 9, 2023 August 15, 2022 Fireman Pension Board Meeting Minutes - Approved on _____________ City of Pasco FIREMAN PENSION BOARD AUGUST 15, 2022 MINUTES Call to Order: The meeting was called to order at 6:20 p.m., by Mayor Pro Tem Craig Maloney in Conference Room No. 1 at Pasco City Hall. Roll Call: Present: Mayor Pro Tem Craig Maloney, Chair; Alvie Covington, Board Member; Harvey Swoboda, Board Member; Darcy Buckley, Finance Manager; and Debby Barham, City Clerk. Approval of Minutes: Ms. Buckley moved, and Mr. Covington seconded a motion to approve April 11, 2022, meeting minutes. Motion carried unanimously. Transaction Ledger: Ms. Buckley presented a copy of the 2022 Second (2nd) Quarter Transaction Ledger. Mr. Covington moved, and Mr. Swoboda seconded a motion to approve the expenditure transactions as presented. Motion carried unanimously. Financial Report: Ms. Buckley briefly discussed the 2022 Second (2nd) Quarter financial statement and noted that she would provide the Board a revised financial statement as this statement was inaccurate and included the December 31, 2021, totals in the column titled, “30 – Jun 2021”. Instead, those numbers should have been representative of June 30, 2021, year -to-date figures. The error caused the comparison of the two years’ activity to be inaccurate. Also, the expense line titled, “Retiree Medical Services”, did not report any expenses for the year 2022. New Business: Colleen Chapin, Human Recourses Director presented the new Cost of Living Adjustments that went into effective July 1, 2022. She also noted that there may be another increase in January 2023 when the new collective bargaining agreement is approved. DRAFT August 15, 2022 Fireman Pension Board Meeting Minutes - Approved on _____________ Old Business: None. Adjournment: There being no other business, the meeting was adjourned at 6:28 p.m. ________________________________ Debra Barham, Secretary Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount FUND 610 - PENSION Journal Entry 2022-00000704 7/1/2022 Administrative Expense Chargeback City of Pasco 154.83 2022-00000704 8/1/2022 Administrative Expense Chargeback City of Pasco 154.83 2022-0000074 9/1/2022 Administrative Expense Chargeback City of Pasco 154.83 Type JE Totals:$464.49 53964 7/1/2022 7/6/2022 Payroll Check Parks, Randall 1,170.71 54043 8/1/2022 8/17/2022 Payroll Check Parks, Randall 1,170.71 54097 9/1/2022 Payroll Check Parks, Randall 1,170.71 $3,512.13 EFT 30177007 7/1/2022 7/1/2022 Payroll EFT Covington, Alvie 783.13 30177008 7/1/2022 7/1/2022 Payroll EFT Ellingson, Janet 1,057.51 30177009 7/1/2022 7/1/2022 Payroll EFT Maloy, Walter 1,910.89 30177010 7/1/2022 7/1/2022 Payroll EFT Swoboda, Harvey 1,531.99 30178813 8/1/2022 8/1/2022 Payroll EFT Covington, Alvie 783.13 30178814 8/1/2022 8/1/2022 Payroll EFT Ellingson, Janet 1,057.51 30178815 8/1/2022 8/1/2022 Payroll EFT Maloy, Walter 1,910.89 30178816 8/1/2022 8/1/2022 Payroll EFT Swoboda, Harvey 1,531.99 30180052 9/1/2022 Payroll EFT Covington, Alvie 783.13 30180053 9/1/2022 Payroll EFT Ellingson, Janet 1,057.51 30180054 9/1/2022 Payroll EFT Maloy, Walter 1,910.89 30180055 9/1/2022 Payroll EFT Swoboda, Harvey 1,531.99 $15,850.56 All Types Totals Fund 610 - Pension $19,827.18 FUND 619 - OPEB (Medical) Journal Entry 2022-00002013 7/1/2022 Old Fire Pension Health Ins Prem Jul-22 7,295.00 2022-00002013 8/1/2022 Old Fire Pension Health Ins Prem Aug-22 7,295.00 2022-00002013 9/1/2022 Old Fire Pension Health Ins Prem Sep-22 7,295.00$ 21,885.00$ Journal Entry 2022-00000704 7/1/2022 Administrative Expense Chargeback City of Pasco 126.33 2022-00000704 8/1/2022 Administrative Expense Chargeback City of Pasco 126.33 2022-00000704 9/1/2022 Administrative Expense Chargeback City of Pasco 126.33 Administrative Expense Totals $ 378.99 $ 22,263.99 CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 7/1/2022 - To Payment Date: 9/30/2022 Check All Types Totals: Fund 619 - OPEB (Medical) Page 1 of 1 CITY OF PASCO FIRE PENSION FUND FINANCIAL STATEMENTS -3rd Quarter 2022 July 1, through September 30, 2022 BALANCE SHEET BOOK MARKET BOOK MARKET BOOK MARKET BOOK MARKET VALUE VALUE VALUE VALUE VALUE VALUE VALUE VALUE ASSETS CASH - INVESTED WITH CITY PORTFOLIO 12,971 12,971 54,489 54,489 614,984 614,984 554,652 554,652 INVESTMENTS AMERICAN FUNDS - INVEST CO. OF AMERICA*3,540,655 3,540,655 2,866,912 2,866,912 AMERICAN FUNDS - WASH. MUT. INVESTORS*4,500,705 4,500,705 3,554,976 3,554,976 FEDERAL SECURITIES (4.875% - 5.250%) SBA Dev. PARTICIPATION CERTIFICATES 5,555 5,555 9,088 9,088 INVESTMENT IN LID 146 3,837 3,837 4,821 4,821 INTEREST RECEIVABLE - INVESTMENTS - - TOTAL ASSETS 4,513,676 4,513,676 3,609,465 3,609,465 4,165,031 4,165,031 3,435,472 3,435,472 FUND EQUITY RESERVED FUND EQUITY 4,513,676 3,609,465 4,165,031 3,435,472 TOTAL LIABILITIES AND FUND EQUITY 4,513,676 3,609,465 4,165,031 3,435,472 STATEMENT OF REVENUES OVER EXPENDITURES EXCLUDING UNREALIZED GAINS & LOSSES REVENUES FIRE INSURANCE PREMIUM TAX (STATE-Annual/ May)107,183 98,371 INTEREST INCOME-AMERICAN FUNDS 30,506 44,023 21,189 30,095 INVESTMENT INTEREST INCOME 151 16 1,919 484 UNREALIZED GAIN/ LOSS 240 TOTAL REVENUES 30,657 44,040 130,291 129,190 EXPENDITURES PENSIONS 60,425 57,798 MISCELLANEOUS PROF SERVICES 375 190 3,500 1,750 ADMINISTRATIVE SERVICES 1,137 872 1,393 1,286 MEDICAL INSURANCE - INTERFUND 65,655 65,655 1 RETIREE MEDICAL SERVICES - - - - TOTAL EXPENDITURES 67,167 66,717 65,319 60,834 REVENUES OVER/ ( UNDER) EXPENDITURES (36,510) (22,677) 64,972 68,356 *Book value as it relates to these statements is the fair market value at end of previous year plus reinvested dividends, less redemptions in current year. 1 This account was added to account for medical expense not covered by insurance for Old Fire Pensioners, which was previously accounted for in General Fund. OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 UNADJUSTED FINAL UNADJUSTED FINAL 30-Sep 30-Sep 30-Sep 30-Sep 2022 2021 2022 2021 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 30-Sep 30-Sep 30-Sep 30-Sep 2022 2021 2022 2021