HomeMy WebLinkAbout2024.04.08 Fireman Pension Board Agenda Packet
FIREMAN PENSION BOARD
Meeting Agenda
____________________________________________________________________
April 8, 2024
6:30 p.m.
Pasco City Hall, Pasco Conference Room, 1st Floor
525 N. Third Avenue, Pasco, WA 99301
1. Call to order and Roll call:
Present: Scott Maloy Harvey Swoboda VACANT - Alternate
Mayor Pete Serrano Mayor Pro Tem David Milne - Alternate
Darcy Buckley, Finance Director Debby Barham, City Clerk
2. Minutes:
Approve Fireman Pension Board Meeting Minutes.
Motion: I move to approve the January 8, 2024, Fireman Pension Board Meeting
Minutes.
3. Bills:
Approve 2024 First (1st) Quarter Transaction Ledger.
Motion: I move to approve the 2024 First (1st) Quarter expenditure transactions as
presented for a total of $46,424.28.
4. Financial Statement:
Review the 2024 First (1st) Quarter Financial Statement - presentation by Finance Director
Buckley
5. New Business:
6. Old Business:
7. Adjourn:
Next Regular Meeting: Monday, July 8, 2024
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City of Pasco
FIREMAN PENSION BOARD
January 8, 2024
MINUTES
Call to Order:
The meeting was called to order at 6:05 PM, by Mayor Serrano in Pasco Conference located
in Pasco City Hall.
Roll Call:
Present: Mayor Pete Serrano, Chair; Scott Maloy, Board Member; Darcy Buckley, Finance
Director; and Debby Barham, City Clerk.
Approval of Minutes:
MOTION: Mr. Maloy moved, and Mayor Serrano seconded a motion to approve October 10,
2023, meeting minutes. Motion carried unanimously.
Transaction Ledger:
Ms. Buckley presented a copy of the 2023 Fourth (4th) Quarter Transaction Ledger.
MOTION: Mayor Serrano moved, and Mr. Maloy seconded a motion to approve the
expenditure transactions as presented for $43.965.51. Motion carried unanimously.
Financial Report:
Ms. Buckley provided a brief report on the 2023 Fourth (4th) Quarter financial statement.
New Business:
Introductions of the new Pension Board members were made.
Then there was discussion to move the meeting start time to 6:30 PM.
Old Business:
There was no old Business.
Adjournment:
There being no other business, the meeting was adjourned at 6:15 PM
________________________________
Debra Barham, Secretary
October 10, 2023, Fireman Pension Board Meeting Minutes - Approved on _____________
DRAFT
Number Date Reconciled/
Voided Date Source Payee Name Transaction
Amount
FUND 610 - PENSION
54636 1/1/2024 1/8/2024 Payroll Check Parks, Randall 1,220.53
54652 2/1/2024 2/12/2024 Payroll Check Parks, Randall 1,550.27
54674 3/1/2024 3/8/2024 Payroll Check Parks, Randall 1,550.27
$ 4,321.07
EFT
30202042 1/1/2024 1/2/2024 Payroll EFT Covington, Alvie 797.31
30202043 1/1/2024 1/2/2024 Payroll EFT Ellingson, Janet 1,130.70
30202044 1/1/2024 1/2/2024 Payroll EFT Maloy, Walter 2,118.20
30204675 1/1/2024 1/2/2024 Payroll EFT Swoboda, Harvey 1,723.71
30203344 2/1/2024 2/1/2024 Payroll EFT Covington, Donna 1,135.07
30203345 2/1/2024 2/1/2024 Payroll EFT Ellingson, Janet 1,130.70
30203346 2/1/2024 2/1/2024 Payroll EFT Maloy, Walter 2,563.53
30203347 2/1/2024 2/1/2024 Payroll EFT Swoboda, Harvey 2,193.59
30204672 3/1/2024 3/1/2024 Payroll EFT Covington, Donna 1,135.07
30204673 3/1/2024 3/1/2024 Payroll EFT Ellingson, Janet 1,130.70
30204674 3/1/2024 3/1/2024 Payroll EFT Maloy, Walter 2,563.53
30204675 3/1/2024 3/1/2024 Payroll EFT Swoboda, Harvey 2,193.59
19,815.70$
Journal Entry
1/1/2024 I/F Admin Services 87.50
2/1/2024 I/F Admin Services 87.50
3/1/2024 I/F Admin Services 87.50
262.50$
All Types Totals Fund 610 - Pension $ 24,399.27
FUND 619 - OPEB (Medical)
Journal Entry
2024-00001957 1/1/2024 Old Fire Pension Health Ins Prem City of Pasco 7,295.00
2024-00001957 2/1/2024 Old Fire Pension Health Ins Prem City of Pasco 7,295.00
2024-00001957 3/1/2024 Old Fire Pension Health Ins Prem City of Pasco 7,295.00
21,885.00$
Journal Entry
1/1/2024 Jan. I/F Admin Services 46.67
2/1/2024 Feb. I/F Admin Services 46.67
3/1/2024 March I/F Admin Services 46.67
140.01$
$ 22,025.01
CITY OF PASCO - PRODUCTION
Fire Pension Fund Payment Register
From Payment Date: 1/1/2024 - To Payment Date: 3/31/2024
Check
All Types Totals: Fund 619 - OPEB (Medical)
Page 1 of 1
CITY OF PASCO
FIRE PENSION FUND
FINANCIAL STATEMENTS - 1st Quarter 2024
January 1 to March 31, 2024
BALANCE SHEET BOOK MARKET BOOK MARKET BOOK MARKET BOOK MARKET
VALUE VALUE VALUE VALUE VALUE VALUE VALUE VALUE
ASSETS
CASH - INVESTED WITH CITY PORTFOLIO 84,032 84,032 79,354 79,354 724,364 724,364 598,906 598,906
INVESTMENTS
AMERICAN FUNDS - INVEST CO. OF AMERICA*3,732,144 3,732,144 2,949,230 2,949,230
AMERICAN FUNDS - WASH. MUT. INVESTORS*4,582,749 4,582,749 3,976,915 3,976,915
FEDERAL SECURITIES (4.875% - 5.250%)
SBA Dev. PARTICIPATION CERTIFICATES 2,624 2,624 4,342 4,342
INVESTMENT IN LID 146 2,906 2,906 3,287 3,287
INTEREST RECEIVABLE - INVESTMENTS - -
TOTAL ASSETS 4,666,780 4,666,780 4,056,270 4,056,270 4,462,038 4,462,038 3,555,765 3,555,765
LIABILITIES
ACCOUNTS PAYABLE - 252
FUND EQUITY
RESERVED FUND EQUITY 4,666,780 4,056,270 4,461,786 3,555,765
TOTAL LIABILITIES AND FUND EQUITY 4,666,780 4,056,270 4,462,038 3,555,765
STATEMENT OF REVENUES OVER EXPENDITURES
EXCLUDING UNREALIZED GAINS & LOSSES
REVENUES
FIRE INSURANCE PREMIUM TAX (STATE-Annual/ May)- -
INTEREST INCOME-AMERICAN FUNDS 16,424 - 11,478 10,741
INVESTMENT INTEREST INCOME 904 397 7,283 3,589
UNREALIZED GAIN/ LOSS - - - -
TOTAL REVENUES 17,329 397 18,761 14,331
EXPENDITURES
PENSIONS 17,146 25,486
MISCELLANEOUS PROF SERVICES - - - -
ADMINISTRATIVE SERVICES 140 281 263 828
MEDICAL INSURANCE - INTERFUND 21,885 21,885 - -
1 RETIREE MEDICAL SERVICES - - - -
TOTAL EXPENDITURES 22,025 22,166 17,409 26,313
REVENUES OVER/ (UNDER) EXPENDITURES (4,696) (21,770) 1,352 (11,983)
*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
31-Mar 31-Mar 31-Mar 31-Mar
2024 2023 2024 2023
OPEB (MEDICAL) - FUND 619 PENSION - FUND 610
31-Mar 31-Mar 31-Mar 31-Mar
2024 2023 2024 2023