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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 P a g e | 1 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