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HomeMy WebLinkAbout2023.01.09 Fireman Pension Board Agenda PacketFIREMAN PENSION BOARD Meeting Agenda ____________________________________________________________________ January 9, 2023 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 October 10, 2022, Meeting Minutes. Motion: I move to approve the October 10, 2022, Meeting Minutes. 2.Bills: Approve 2022 Fourth (4th) Quarter Transaction Ledger. Motion: I move to approve the expenditure transactions as presented. 3.Financial Statement: 2022 Fourth (4th) Quarter Financial Statements - presentation by Finance Director Buckley 4.New Business: Board Election Results 5.Old Business: 6.Adjourn: Next Regular Meeting: April 10, 2023 October 10, 2022, Fireman Pension Board Meeting Minutes - Approved on _____________ City of Pasco FIREMAN PENSION BOARD OCTOBER 10, 2022 MINUTES Call to Order: The meeting was called to order at 6:03 p.m., by Mayor Pro Tem Maloney in Conference Room No. 1 at Pasco City Hall. Roll Call: Present: Mayor Pro Tem Maloney, Chair; Alvie Covington, Board Member; Harvey Swoboda, Board Member; Darcy Buckley, Finance Director; and Debby Barham, City Clerk. Approval of Minutes: Mr. Swoboda moved, and Mr. Covington seconded a motion to approve August 15, 2022, meeting minutes. Motion carried unanimously. Transaction Ledger: Ms. Buckley presented a copy of the 2022 Third (3rd) Quarter Transaction Ledger. Ms. Barham 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 Third (3rd) Quarter financial statement that the investment information was not updated as the authorization from previous Finance Director Sigdel was currently being transferred to Ms. Buckley. New Business: Proposed 2023 Meeting Schedule Ms. Barham discussed the proposed 2023 Board Meeting Schedule, meeting the second Tuesday of each quarter and will send out the schedule to the board members later in the week. There was a question if the October 2023 Board meeting should be moved to Tuesday as that Monday is a legal holiday, Columbus Day and the Council does not meet on legal holidays. The Board will decide on that as October 2023 approaches. DRAFT October 10, 2022, Fireman Pension Board Meeting Minutes - Approved on _____________ Upcoming Board Elections Ms. Barham announced that Mr. Covington’s term is expiring on December 31, 2022, and that the ballots would be mailed in early December 2022. The ballot will include Mr. Covington, Mr. Maloy, currently an alternate Board member, and a write-in option. The ballots will be due by end of the third week of December and the results of the election will be mailed out to the pensioners and the Fireman Pension Board will be notified by email. Other Mayor Pro Tem Maloney announced that Ms. Buckley was recently promoted to Finance Director replacing Richa Sigdel, who left the City to pursue another job opportunity. Old Business: None. Adjournment: There being no other business, the meeting was adjourned at 6:16 p.m. ________________________________ Debra Barham, Secretary Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount FUND 610 - PENSION Journal Entry 2022-00000704 10/1/2022 Administrative Expense Chargeback City of Pasco 154.83 11/1/2022 Administrative Expense Chargeback City of Pasco 154.83 12/1/2022 Administrative Expense Chargeback City of Pasco 154.83 2022-00000704 2022-00000704 Type JE Totals:$464.49 54142 10/1/2022 10/6/2022 Payroll Check Parks, Randall 1,170.71 54169 11/1/2022 11/17/2022 Payroll Check Parks, Randall 1,170.71 54205 12/1/2022 12/9/2022 Payroll Check Parks, Randall 1,170.71 $3,512.13 EFT 30181227 10/1/2022 10/3/2022 Payroll EFT Covington, Alvie 783.13 30181228 10/1/2022 10/3/2022 Payroll EFT Ellingson, Janet 1,057.51 30181229 10/1/2022 10/3/2022 Payroll EFT Maloy, Walter 1,910.89 30181230 10/1/2022 10/3/2022 Payroll EFT Swoboda, Harvey 1,531.99 30182371 11/1/2022 11/1/2022 Payroll EFT Covington, Alvie 783.13 30182372 11/1/2022 11/1/2022 Payroll EFT Ellingson, Janet 1,057.51 30182373 11/1/2022 11/1/2022 Payroll EFT Maloy, Walter 1,910.89 30182374 11/1/2022 11/1/2022 Payroll EFT Swoboda, Harvey 1,531.99 30183519 12/1/2022 12/1/2022 Payroll EFT Covington, Alvie 783.13 30183520 12/1/2022 12/1/2022 Payroll EFT Ellingson, Janet 1,057.51 30183521 12/1/2022 12/1/2022 Payroll EFT Maloy, Walter 1,910.89 30183522 12/1/2022 12/1/2022 Payroll EFT Swoboda, Harvey 1,531.99 $15,850.56 All Types Totals Fund 610 - Pension $19,827.18 FUND 619 - OPEB (Medical) Check 252732 12/9/2022 Medical Reimbursement Covington, Alvie 319.98 252817 12/9/2022 Medical Reimbursement Schultz, Steve 700.00 $1,019.98 Journal Entry 2022-00002013 10/1/2022 Old Fire Pension Health Ins Prem Oct-22 7,295.00 2022-00002013 11/1/2022 Old Fire Pension Health Ins Prem Nov-22 7,295.00 2022-00002013 12/1/2022 Old Fire Pension Health Ins Prem Dec-22 7,295.00$ 21,885.00$ Journal Entry 2022-00000704 10/1/2022 Administrative Expense Chargeback City of Pasco 126.33 2022-00000704 11/1/2022 Administrative Expense Chargeback City of Pasco 126.33 2022-00000704 12/1/2022 Administrative Expense Chargeback City of Pasco 126.33 Administrative Expense Totals $ 378.99 $ 23,283.97 CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 10/1/2022 - To Payment Date: 12/31/2022 Check All Types Totals: Fund 619 - OPEB (Medical) Page 1 of 1 CITY OF PASCO FIRE PENSION FUND FINANCIAL STATEMENTS - 4TH Quarter 2022 October 1, 2022 to December 31, 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 5,468 5,468 49,481 49,481 610,889 610,889 548,867 548,867 INVESTMENTS AMERICAN FUNDS - INVEST CO. OF AMERICA*2,949,230 2,949,230 3,540,655 3,540,655 AMERICAN FUNDS - WASH. MUT. INVESTORS*4,041,915 4,041,915 4,500,705 4,500,705 FEDERAL SECURITIES (4.875% - 5.250%) SBA Dev. PARTICIPATION CERTIFICATES 4,656 4,656 6,700 6,700 INVESTMENT IN LID 146 3,287 3,287 3,837 3,837 INTEREST RECEIVABLE - INVESTMENTS - - TOTAL ASSETS 4,047,383 4,047,383 4,550,186 4,550,186 3,568,061 3,568,061 4,100,059 4,100,059 FUND EQUITY RESERVED FUND EQUITY 4,047,383 4,550,186 3,568,061 4,100,059 TOTAL LIABILITIES AND FUND EQUITY 4,047,383 4,550,186 3,568,061 4,100,059 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 46,217 61,186 31,931 40,182 INVESTMENT INTEREST INCOME 221 22 5,322 785 UNREALIZED GAIN/ LOSS (458,790) 945,729 (591,287) 673,667 TOTAL REVENUES (412,352) 1,006,937 (446,852) 813,005 EXPENDITURES PENSIONS 79,788 76,598 MISCELLANEOUS PROF SERVICES 375 190 3,500 1,750 ADMINISTRATIVE SERVICES 1,516 1,163 1,858 1,715 MEDICAL INSURANCE - INTERFUND 87,540 87,540 1 RETIREE MEDICAL SERVICES 1,020 - - - TOTAL EXPENDITURES 90,451 88,893 85,146 80,062 REVENUES OVER/ (UNDER) EXPENDITURES (502,803) 918,044 (531,998) 732,942 *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. 2022 2021 2022 2021 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 2022 2021 2022 2021 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 UNADJUSTED FINAL UNADJUSTED FINAL