Loading...
HomeMy WebLinkAbout2024.07.08 Fireman Pension Board Agenda Packet - Moved to July 22, 2024 FIREMAN PENSION BOARD Meeting Agenda ____________________________________________________________________ July 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 April 8, 2024, Fireman Pension Board Meeting Minutes. 3. Bills: Approve 2024 Second (2nd) Quarter Transaction Ledger. Motion: I move to approve the 2024 Second (2nd) Quarter expenditure transactions as presented for a total of $59,584.98. 4. Financial Statement: Review the 2024 Second (2nd) Quarter Financial Statement - presentation by Finance Director Buckley 5. New Business: 6. Old Business: Follow up to RCW Section 41.18.140 Funeral Expenses Reimbursement Increase – Finance Director Buckley 7. Adjourn: Next Regular Meeting: Tuesday, October 15, 2024 (Monday, October 14th is a federal holiday and Council will meet on Tuesday) P a g e | 1 City of Pasco FIREMAN PENSION BOARD April 8, 2024 MINUTES Call to Order: The meeting was called to order at 6:30 PM, by Mayor Serrano in Pasco Conference located in Pasco City Hall. Roll Call: Present: Mayor Pete Serrano, Chair; Scott Maloy, Board Member; Harvey Swoboda, Board Member; Darcy Buckley, Finance Director; and Debby Barham, City Clerk. Approval of Minutes: MOTION: Mayor Serrano moved, and Mr. Swoboda seconded a motion to approve January 8, 2024, meeting minutes. Motion carried unanimously. Transaction Ledger: Ms. Buckley presented a copy of the 2024 First (1st) Quarter Transaction Ledger. MOTION: Mayor Serrano moved, and Mr. Swoboda seconded a motion to approve the expenditure transactions as presented for $46,424.28. Motion carried unanimously. Financial Report: Ms. Buckley provided a brief report on the 2024 First (1st) financial statement. New Business: Mr. Swoboda asked about the status of the funeral reimbursement for Mr. Covington’s recent funeral. Ms. Buckley stated that per the RCW Section 41.18.140, Mrs. Covington will receive $500 to apply towards the funeral expenses. A check is in process and will be issued soon. Ms. Buckley also shared that Washington State is working on increase the reimbursement amount that that will go into effect in June/July of 2024. Mayor Serrano asked Ms. Buckley to follow up the funeral reimbursement increase to determine if the Fireman’s Pension Board needs to take any action to adopt the increase or not. Ms. Buckley will report back at the July 2024 Fireman’s Pension Board meeting. DRAFT P a g e | 2 Old Business: There was no old Business. Adjournment: There being no other business, the meeting was adjourned at 6:15 PM ________________________________ Debra Barham, Secretary April 8, 2024, Fireman Pension Board Meeting Minutes - Approved on _____________ Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount FUND 610 - PENSION 54691 4/1/2024 4/3/2024 Payroll Check Parks, Randall 1,550.27 54698 5/1/2024 5/15/2024 Payroll Check Parks, Randall 1,550.27 54734 6/1/2024 6/12/2024 Payroll Check Parks, Randall 1,550.27 $ 4,650.81 EFT 30205998 4/1/2024 4/1/2024 Payroll EFT Ellingson, Janet 1,130.70 30205999 4/1/2024 4/1/2024 Payroll EFT Maloy, Walter 2,563.53 30206000 4/1/2024 4/1/2024 Payroll EFT Swoboda, Harvey 2,193.59 30205997 4/1/2024 4/1/2024 Payroll EFT Covington, Donna 1,135.07 30207346 5/1/2024 5/1/2024 Payroll EFT Ellingson, Janet 1,130.70 30207347 5/1/2024 5/1/2024 Payroll EFT Maloy, Walter 2,563.53 30207348 5/1/2024 5/1/2024 Payroll EFT Swoboda, Harvey 2,193.59 30207345 5/1/2024 5/1/2024 Payroll EFT Covington, Donna 1,135.07 30209376 6/1/2024 6/3/2024 Payroll EFT Ellingson, Janet 1,130.70 30209377 6/1/2024 6/3/2024 Payroll EFT Maloy, Walter 2,563.53 30209378 6/1/2024 6/3/2024 Payroll EFT Swoboda, Harvey 2,193.59 30209375 6/1/2024 6/3/2024 Payroll EFT Covington, Donna 1,135.07 21,068.67$ 263664 4/12/2024 Old Fire Pension Funeral Benefit Donna Covington 500.00 264086 4/1/2024 GASB 75 OPEB & LEOFF 1 OPEB - GASB 68 Old Fire Pension Healthcare Actuaries 5,250.00 $ 5,750.00 Journal Entry 2024-00003104 4/1/2024 I/F Admin Services 732.58 2024-00003104 5/1/2024 I/F Admin Services 732.58 2024-00003104 6/1/2024 I/F Admin Services 732.58 2,197.74$ All Types Totals Fund 610 - Pension $ 33,667.22 FUND 619 - OPEB (Medical) Check 264086 4/1/2024 GASB 75 OPEB & LEOFF 1 OPEB - GASB 68 Old Fire Pension Healthcare Actuaries 3,700.00 $ 3,700.00 Journal Entry 2024-00001957 4/1/2024 Old Fire Pension Health Ins Prem City of Pasco 7,295.00 2024-00001957 5/1/2024 Old Fire Pension Health Ins Prem City of Pasco 7,295.00 2024-00001957 6/1/2024 Old Fire Pension Health Ins Prem City of Pasco 7,295.00 2024-00003104 4/1/2024 I/F Admin Services 110.92 2024-00003104 5/1/2024 I/F Admin Services 110.92 2024-00003104 6/1/2024 I/F Admin Services 110.92 22,217.76$ $ 25,917.76 Professional Services CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 4/1/2024 - To Payment Date: 6/30/2024 Check All Types Totals: Fund 619 - OPEB (Medical) Page 1 of 1 CITY OF PASCO FIRE PENSION FUND FINANCIAL STATEMENTS - 2ndt Quarter 2024 January 1 to June 30, 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 75,034 75,034 89,020 89,020 848,865 848,865 724,936 724,936 INVESTMENTS AMERICAN FUNDS - INVEST CO. OF AMERICA*3,732,144 3,732,144 3,390,971 3,390,971 AMERICAN FUNDS - WASH. MUT. INVESTORS*4,582,749 4,582,749 4,250,189 4,250,189 FEDERAL SECURITIES (4.875% - 5.250%) SBA Dev. PARTICIPATION CERTIFICATES 2,261 2,261 3,552 3,552 INVESTMENT IN LID 146 1,511 1,511 3,287 3,287 INTEREST RECEIVABLE - INVESTMENTS - - TOTAL ASSETS 4,657,783 4,657,783 4,339,209 4,339,209 4,584,782 4,584,782 4,122,745 4,122,745 LIABILITIES ACCOUNTS PAYABLE - - FUND EQUITY RESERVED FUND EQUITY 4,657,783 4,339,209 4,584,782 4,122,745 TOTAL LIABILITIES AND FUND EQUITY 4,657,783 4,339,209 4,584,782 4,122,745 STATEMENT OF REVENUES OVER EXPENDITURES EXCLUDING UNREALIZED GAINS & LOSSES REVENUES FIRE INSURANCE PREMIUM TAX (STATE-Annual/ May)138,235 123,869 INTEREST INCOME-AMERICAN FUNDS 32,848 31,374 22,956 32,900 INVESTMENT INTEREST INCOME 1,734 855 16,231 7,609 UNREALIZED GAIN/ LOSS - 273,274 105 441,741 TOTAL REVENUES 34,582 305,502 177,526 606,119 EXPENDITURES PENSIONS 42,866 49,467 MISCELLANEOUS PROF SERVICES 3,700 - 5,750 - ADMINISTRATIVE SERVICES 666 563 4,395 1,655 MEDICAL INSURANCE - INTERFUND 43,770 43,770 - - 1 RETIREE MEDICAL SERVICES - - - - TOTAL EXPENDITURES 48,136 44,333 53,011 51,122 REVENUES OVER/ (UNDER) EXPENDITURES (13,553) 261,169 124,515 554,997 *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. 2024 2023 2024 2023 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 2024 2023 2024 2023 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 UNADJUSTED FINAL UNADJUSTED FINAL