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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 Page | 1 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 Page | 2 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) Page 1 of 1 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