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HomeMy WebLinkAbout2024.10.15 Fireman Pension Board Agenda Packet FIREMAN PENSION BOARD Meeting Agenda ____________________________________________________________________ October 15, 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 July 22, 2024 Fireman Pension Board Meeting Minutes. 3. Bills: Approve 2024 Third (3rd) Quarter Transaction Ledger. Motion: I move to approve the 2024 Third (3rd) Quarter expenditure transactions as presented for a total of $44506.17. 4. Financial Statement: Review the 2024 Third (3rd) Quarter Financial Statement - presentation by Finance Director Buckley 5. New Business: Proposed Meeting Schedule for 2025 6. Old Business: 7. Adjourn: Next Regular Meeting: Monday, January 13, 2025 P a g e | 1 City of Pasco FIREMAN PENSION BOARD July 22, 2024 MINUTES Call to Order: The meeting was called to order at 6:35 PM, by Mayor Serrano in Pasco Conference located in Pasco City Hall. Roll Call: Present: Mayor Pete Serrano, Chair; Harvey Swoboda, Board Member; Scott Maloy, Board Member; Darcy Buckley, Finance Director; and Debra Barham, City Clerk. Minutes: Approve Fireman Pension Board Meeting Minutes. Motion: Mr. Maloy moved to approve the April 8, 2024 and July 8, 2024 Fireman Pension Board Meeting Minutes. Seconded by Mr. Swoboda. Motion carried unanimously. Bills: Approve 2024 Second (2nd) Quarter Transaction Ledger. Motion: Ms. Swoboda moved to approve the 2024 Second (2nd) Quarter expenditure transactions as presented for a total of $59,584.98. Seconded by Ms. Barham. Motion carried unanimously. Financial Statement: Ms. Buckley provided a brief overview of the 2024 Second (2nd) Quarter Financial Statement. Old Business: Follow up to RCW Section 41.18.140 Funeral Expenses Reimbursement Increase – Finance Director Buckley Ms. Buckley confirmed that the increase for funeral expenses reimbursement when into effect in June 2024. Adjournment: The meeting adjourned at 6:45 PM ________________________________ Debra Barham, Secretary July 22, 2024, Fireman Pension Board Meeting Minutes - Approved on _____________ DRAFT Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount FUND 610 - PENSION 54767 7/1/2024 7/24/2024 Payroll Check Parks, Randall 1,330.72 54794 8/1/2024 8/27/2024 Payroll Check Parks, Randall 1,330.72 54822 9/1/2024 9/9/2024 Payroll Check Parks, Randall 1,330.72 $ 3,992.16 EFT 30210780 7/1/2024 7/1/2024 Payroll EFT Ellingson, Janet 1,193.16 30210781 7/1/2024 7/1/2024 Payroll EFT Maloy, Walter 2,293.12 30210782 7/1/2024 7/1/2024 Payroll EFT Swoboda, Harvey 1,879.89 30212203 8/1/2024 8/1/2024 Payroll EFT Ellingson, Janet 1,193.16 30212204 8/1/2024 8/1/2024 Payroll EFT Maloy, Walter 2,293.12 30212205 8/1/2024 8/1/2024 Payroll EFT Swoboda, Harvey 1,879.89 30213629 9/1/2024 9/3/2024 Payroll EFT Ellingson, Janet 1,193.16 30213630 9/1/2024 9/3/2024 Payroll EFT Maloy, Walter 2,293.12 30213631 9/1/2024 9/3/2024 Payroll EFT Swoboda, Harvey 1,879.89 16,098.51$ Journal Entry 2024-00003104 7/1/2024 I/F Admin Services 732.58 2024-00003104 8/1/2024 I/F Admin Services 732.58 2024-00003104 9/1/2024 I/F Admin Services 732.58 2,197.74$ All Types Totals Fund 610 - Pension $ 22,288.41 FUND 619 - OPEB (Medical) Journal Entry 2024-00001957 7/1/2024 Old Fire Pension Health Ins Prem City of Pasco 7,295.00 2024-00001957 8/1/2024 Old Fire Pension Health Ins Prem City of Pasco 7,295.00 2024-00001957 9/1/2024 Old Fire Pension Health Ins Prem City of Pasco 7,295.00 2024-00003104 7/1/2024 I/F Admin Services 110.92 2024-00003104 8/1/2024 I/F Admin Services 110.92 2024-00003104 9/1/2024 I/F Admin Services 110.92 22,217.76$ $ 22,217.76 All Types Totals: Fund 619 - OPEB (Medical) CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 7/1/2024 - To Payment Date: 9/30/2024 Check Page 1 of 1 CITY OF PASCO FIRE PENSION FUND FINANCIAL STATEMENTS - 3rd Quarter 2024 January 1 to September 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 70,634 70,634 83,229 83,229 846,649 846,649 718,001 718,001 INVESTMENTS AMERICAN FUNDS - INVEST CO. OF AMERICA* AMERICAN FUNDS - WASH. MUT. INVESTORS*5,398,023 5,398,023 4,250,189 4,250,189 4,524,379 4,524,379 3,390,971 3,390,971 FEDERAL SECURITIES (4.875% - 5.250%)2,261 2,261 3,552 3,552 SBA Dev. PARTICIPATION CERTIFICATES INVESTMENT IN LID 146 1,511 1,511 2,906 2,906 INTEREST RECEIVABLE - INVESTMENTS - - TOTAL ASSETS 5,468,657 5,468,657 4,333,417 4,333,417 5,374,800 5,374,800 4,115,430 4,115,430 LIABILITIES ACCOUNTS PAYABLE - - FUND EQUITY RESERVED FUND EQUITY 5,468,657 4,333,417 5,374,800 4,115,430 TOTAL LIABILITIES AND FUND EQUITY 5,468,657 4,333,417 5,374,800 4,115,430 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 50,034 47,456 34,480 43,979 INVESTMENT INTEREST INCOME 2,365 1,148 24,778 10,975 UNREALIZED GAIN/ LOSS 815,274 273,274 792,339 441,781 TOTAL REVENUES 867,673 321,877 989,833 620,603 EXPENDITURES PENSIONS 62,956 70,438 MISCELLANEOUS PROF SERVICES 3,700 - 5,750 - ADMINISTRATIVE SERVICES 998 844 6,593 2,483 MEDICAL INSURANCE - INTERFUND 65,655 65,655 - - 1 RETIREE MEDICAL SERVICES - - - - TOTAL EXPENDITURES 70,353 66,499 75,300 72,921 REVENUES OVER/ (UNDER) EXPENDITURES 797,320 255,378 914,533 547,682 *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-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 2024 2023 2024 2023 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 UNADJUSTED FINAL UNADJUSTED FINAL City Clerk’s Office • (509) 543-3096 • FAX (509) 543-5727 525 N. 3rd Ave. • P.O. Box 293 • Pasco, WA 99301 • www.pasco-wa.gov Fireman’s Pension Board 2025 Quarterly Meeting Schedule (Date subject to change due to availability of participants) Location: Pasco City Hall Pasco Conference Room (No. 1) Monday, January 13, 2025 6:30pm Monday, April 14, 2025 6:30pm Monday, July 14, 2025 6:30pm Tuesday, October 14, 2025 6:30pm (Monday is a Federal Holiday – Columbus Day)