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)
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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
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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