HomeMy WebLinkAbout2024.01.08 Fireman Pension Board Agenda Packet
FIREMAN PENSION BOARD
Meeting Agenda
____________________________________________________________________
January 8, 2024
6:00 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 October 10, 2023, Fireman Pension Board Meeting
Minutes.
3. Bills:
Approve 2023 Fourth (4th) Quarter Transaction Ledger.
Motion: I move to approve the 2023 Fourth (4th) Quarter expenditure transactions
as presented for a total of $43,965.51.
4. Financial Statement:
Review the 2023 Fourth (4th) Quarter Financial Statements - presentation by Finance
Director Buckley
5. New Business:
6. Old Business:
7. Adjourn:
Next Regular Meeting: Monday, April 8, 2024
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City of Pasco
FIREMAN PENSION BOARD
October 10, 2023
MINUTES
Call to Order:
The meeting was called to order at 6:05 PM, by Mayor Barajas in Pasco Conference located
in Pasco City Hall.
Roll Call:
Present: Mayor Barajas, Chair; Alvie Covington, Board Member; Harvey Swoboda, Board
Member; Scott Maloy, Alternate Board Member, Mayor Pro Tem Irvine Brown, Alternate
Chair; Darcy Buckley, Finance Director; and Debby Barham, City Clerk.
Approval of Minutes:
MOTION: Mr. Covington moved, and Mr. Swoboda seconded a motion to approve July 10,
2023, meeting minutes. Motion carried unanimously.
Transaction Ledger:
Ms. Buckley presented a copy of the 2023 Third (3rd) Quarter Transaction Ledger.
Mr. Swoboda questioned one expenditure for Mr. Butler’s medical reimbursement stating
that Mr. Butler is a LEOFF Board member only.
Ms. Buckley stated that she would research it and report back at the next meeting.
MOTION: Ms. Barham moved, and Mr. Covington seconded a motion to approve the
expenditure transactions as presented. Motion carried unanimously.
Financial Report:
Ms. Buckley provided a brief report on the Third (3rd) Quarter financial statement.
New Business:
2024 Meeting Schedule
Ms. Barham presented the 2023 Meeting Schedule and the Board approved it for the
second Monday for the months of January, April and July. The October meeting will be held
on the second Tuesday to match the City Council’s meeting schedule.
DRAFT
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Board Member Elections
Ms. Barham announced that Mr. Covington’s term will be ending on December 31, 2023
and the election for this position was scheduled for early December 2023.
Mr. Covington announced that he will not be running for reelection for the 204-2025 term.
POST NOTE TO MEETING – In reviewing the records after the meeting concluded, Ms.
Barham confirmed that Mr. Covington’s term will end on December 31 ,2024. It is Mr.
Swoboda’s term that will end on December 31 ,2023.
Old Business:
There was no Old Business.
Adjournment:
There being no other business, the meeting was adjourned at 6:12 PM
________________________________
Debra Barham, Secretary
October 10, 2023, Fireman Pension Board Meeting Minutes - Approved on _____________
Number Date Reconciled/
Voided Date Source Payee Name Transaction
Amount
FUND 610 - PENSION
54582 10/31/2023 10/3/2023 Payroll Check Parks, Randall 1,220.53
54601 11/30/2023 Payroll Check Parks, Randall 1,220.53
54618 12/31/2023 Payroll Check Parks, Randall 1,220.53
$ 3,661.59
EFT
30197421 10/31/2023 Payroll EFT Covington, Alvie 797.31
30197422 10/31/2023 Payroll EFT Ellingson, Janet 1,130.70
30197423 10/31/2023 Payroll EFT Maloy, Walter 2,118.20
30197424 10/31/2023 Payroll EFT Swoboda, Harvey 1,723.71
30198754 11/30/2023 Payroll EFT Covington, Alvie 797.31
30198755 11/30/2023 Payroll EFT Ellingson, Janet 1,130.70
30198756 11/30/2023 Payroll EFT Maloy, Walter 2,118.20
30198757 11/30/2023 Payroll EFT Swoboda, Harvey 1,723.71
30200745 12/31/2023 Payroll EFT Covington, Alvie 797.31
30200746 12/31/2023 Payroll EFT Ellingson, Janet 1,130.70
30200747 12/31/2023 Payroll EFT Maloy, Walter 2,118.20
30200748 12/31/2023 Payroll EFT Swoboda, Harvey 1,723.71
17,309.76$
Journal Entry
2023-00002028 10/1/2023 Oct. I/F Admin Services 275.90
2023-00002028 11/1/2023 Nov. I/F Admin Services 275.90
2023-00002028 12/1/2023 Dec. I/F Admin Services 275.90
827.70$
All Types Totals Fund 610 - Pension $ 21,799.05
FUND 619 - OPEB (Medical)
Journal Entry
2023-00001260 10/1/2023 Old Fire Pension Health Ins Prem City of Pasco 7,295.00
2023-00001260 11/1/2023 Old Fire Pension Health Ins Prem City of Pasco 7,295.00
2023-00001260 12/1/2023 Old Fire Pension Health Ins Prem City of Pasco 7,295.00
21,885.00$
Journal Entry
2023-00002028 10/1/2023 April I/F Admin Services 93.82
2023-00002028 11/1/2023 May I/F Admin Services 93.82
2023-00002028 12/1/2023 June I/F Admin Services 93.82
281.46$
$ 22,166.46
CITY OF PASCO - PRODUCTION
Fire Pension Fund Payment Register
From Payment Date: 10/01/2023 - To Payment Date: 12/31/2023
Check
All Types Totals: Fund 619 - OPEB (Medical)
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CITY OF PASCO
FIRE PENSION FUND
FINANCIAL STATEMENTS - 4TH Quarter 2023
October 1, 2023 to December 31, 2023
BALANCE SHEET BOOK MARKET BOOK MARKET BOOK MARKET BOOK MARKET
VALUE VALUE VALUE VALUE VALUE VALUE VALUE VALUE
ASSETS
CASH - INVESTED WITH CITY PORTFOLIO 61,681 61,681 36,124 36,124 725,748 725,748 610,889 610,889
INVESTMENTS
AMERICAN FUNDS - INVEST CO. OF AMERICA*3,390,971 3,390,971 2,949,230 2,949,230
AMERICAN FUNDS - WASH. MUT. INVESTORS*4,250,189 4,250,189 4,041,915 4,041,915
FEDERAL SECURITIES (4.875% - 5.250%)
SBA Dev. PARTICIPATION CERTIFICATES (104) (104) 4,342 4,342
INVESTMENT IN LID 146 2,906 2,906 3,287 3,287
INTEREST RECEIVABLE - INVESTMENTS - -
TOTAL ASSETS 4,311,870 4,311,870 4,078,040 4,078,040 4,119,521 4,119,521 3,567,748 3,567,748
FUND EQUITY
RESERVED FUND EQUITY 4,311,870 4,078,040 4,119,521 3,567,748
TOTAL LIABILITIES AND FUND EQUITY 4,311,870 4,078,040 4,119,521 3,567,748
STATEMENT OF REVENUES OVER EXPENDITURES
EXCLUDING UNREALIZED GAINS & LOSSES
REVENUES
FIRE INSURANCE PREMIUM TAX (STATE-Annual/ May)123,869 107,183
INTEREST INCOME-AMERICAN FUNDS 47,456 76,874 62,564 31,931
INVESTMENT INTEREST INCOME 1,767 221 18,280 5,322
UNREALIZED GAIN/ LOSS 273,274 (458,790) 441,781 (591,601)
TOTAL REVENUES 322,496 (381,696) 646,493 (447,165)
EXPENDITURES
PENSIONS 91,409 79,788
MISCELLANEOUS PROF SERVICES - 375 - 3,500
ADMINISTRATIVE SERVICES 1,126 1,516 3,311 1,858
MEDICAL INSURANCE - INTERFUND 87,540 87,540 - -
1 RETIREE MEDICAL SERVICES - 1,020 - -
TOTAL EXPENDITURES 88,666 90,451 94,720 85,146
REVENUES OVER/ (UNDER) EXPENDITURES 233,830 (472,147) 551,773 (532,311)
*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.
2023 2022 2023 2022
OPEB (MEDICAL) - FUND 619 PENSION - FUND 610
31-Dec 31-Dec 31-Dec 31-Dec
31-Dec 31-Dec 31-Dec 31-Dec
2023 2022 2023 2022
OPEB (MEDICAL) - FUND 619 PENSION - FUND 610
UNADJUSTED FINAL UNADJUSTED FINAL