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Home My WebLink About2017.01.09 FPB Agenda Packet - Meeting Cancelled Fireman Pension Board Meeting Agenda Date: January 9, 2017 Regular Meeting 6:00pm Location: Conference Room No. 1 CALL TO ORDER: Introduce: Lynn Kauer, Finance Department Lead Accountant ROLL CALL: Present:  Rebecca Francik  Harvey Swoboda  Scott Maloy-Board Alternate  Debbie Clark  Alvie Covington  Saul Martinez-City Council Alternate  Richa Sigdel, Finance Director  Lynn Kauer, Finance Department Lead Accountant MINUTES: Approval of October 10, 2016 Meeting Minutes Motion was made by ____________________and seconded by _________________ to approve the minutes. Motion passed unanimously. BILLS: Copy of the monthly transaction ledger for the fourth quarter of 2016 attached. Motion was made by ____________________and seconded by __________________ to approve the expenditure transactions as presented. Motion passed unanimously. NEW BUSINESS: Election results – Harvey Swoboda re-elected to a two-year term ending 12/31/2017 Election results - Alvie Covington re-elected to a two-year term ending 12/31/2018 Board Members appointment of Board Alternate FINANCIAL STATEMENT: Presented by staff OLD BUSINESS: ADJOURN Next regular meeting: April 10, 2017 FIREMAN PENSION BOARD Minutes – October 10, 2016 Page - 1 FIREMAN PENSION BOARD October 10, 2016 MINUTES Call To Order: The meeting was called to order at 6:04 p.m., by Rebecca Francik, Chairman, in Conference Room No. 1 at Pasco City Hall. Roll Call: Present: Harvey Swoboda, Alvie Covington, Scott Maloy, Rebecca Francik, Chairman and Debbie Clark, City Clerk. Excused Absence: Richa Sigdel, Finance Director Approval of Minutes: It was motioned by Mr. Swoboda and seconded by Mr. Covington and carried to approve the July 11, 2016 minutes as presented. Transaction Ledger: Ms. Francik presented a copy of the 2016 third quarter monthly transaction ledger. Following discussion, it was motioned by Mr. Covington seconded by Mr. Swoboda and carried to approve the expenditure transactions as presented. New Business: Elections Ms. Clark stated due to the numerous staff changes that have occurred in the Finance Department, the election of board members has not occurred in a timely manner. Through research of prior years, it was noted RCW 41.18.015 provides for two-representatives to be elected by secret ballot for a two-year term each. It has come to the attention of staff that the last election took place in 2014 by the mailing of a Memorandum. A draft Memorandum was presented for discussion. The Board directed staff to have the Memorandum reflect an election for the expired 2014 – 2015 term held by Harvey Swoboda. Staff acknowledged and advised that the Memorandum would be mailed out as soon as possible to all regularly employed or retired firefighters pursuant to RCW 41.18.015. Also, due to Alvie Covington’s 2014 – 2016 term expiring, an election would take place January 2017. DRAFT FIREMAN PENSION BOARD Minutes – October 10, 2016 Page - 2 Financial Report: Ms. Clark presented the financial statements. Following discussion, it was motioned by Mr. Covington, seconded by Mr. Swoboda and carried to approve the financial report as presented. Old Business: None presented Adjournment: There being no other business the meeting adjourned at 6:21 p.m. ____________________________________ Debbie Clark, Secretary FIRE PENSION AND OPEB PRELIMINARY FINANCIAL STATEMENTS DECEMBER 31, 2016 CITY OF PASCO CITY OF PASCO FIRE PENSION FUND PRELIMINARY FINANCIAL STATEMENTS 12/31/16 2016 2015 2016 2015 BALANCE SHEET BOOK MARKET BOOK MARKET BOOK MARKET BOOK MARKET VALUE VALUE VALUE VALUE VALUE VALUE VALUE VALUE ASSETSCASH - INVESTED WITH CITY PORTFOLIO (0.23%)211,361 211,361 (24,687) (24,687) 430,859 430,859 126,305 126,305 INVESTMENTS AMERICAN FUNDS - INVEST CO. OF AMERICA*1,696,295 1,929,797 2,199,285 1,996,295 AMERICAN FUNDS - WASH. MUT. INVESTORS*2,262,759 2,532,616 2,719,304 2,562,759 SBA Dev. Participation Certificates (5.37%)47,085 36,469 70,358 53,571 INVESTMENT IN LID 146 (4.1%)33,954 33,954 40,301 40,301 TOTAL ASSETS 2,474,120 2,743,977 2,694,617 2,538,072 2,208,193 2,431,079 2,436,249 2,216,472 FUND EQUITY RESERVED FUND EQUITY 2,474,120 2,694,617 2,208,193 2,436,249 TOTAL LIABILITIES AND FUND EQUITY 2,474,120 2,694,617 2,208,193 2,436,249 STATEMENT OF REVENUES OVER EXPENDITURES DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER 31 EXCLUDING UNREALIZED GAINS & LOSSES 2016 2015 2016 2015 REVENUES FIRE INSURANCE PREMIUM TAX (STATE-Annual/May)58,193 54,506 INTEREST INCOME-AMERICAN FUNDS 48,362 40,567 1,740 INVESTMENT INTEREST INCOME REINVESTED - 152,270 173,851 TOTAL REVENUES 48,362 152,270 98,760 230,097 EXPENDITURES PENSIONS 118,053 116,770 MISCELLANEOUS PROF SERVICES 3,500 3,875 - ADMINISTRATIVE SERVICES 3,786 2,974 4,039 3,398 MEDICAL INSURANCE - INTERFUND 105,048 105,048 TOTAL EXPENDITURES 112,334 108,022 125,967 120,168 REVENUES OVER EXPENDITURES (63,972) 44,248 (27,207) 109,929 OPEB (MEDICAL)PENSION DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER 31 OPEB (MEDICAL)PENSION FINAL FINAL FINAL FINAL Page 2 of 3 Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount FUND 610 - PENSION Journal Entry 2016-031 10/1/2016 10/1/2016 Administrative Expense Chargeback City of Pasco 337.00 2016-032 11/1/2016 11/1/2016 Administrative Expense Chargeback City of Pasco 337.00 2016-033 12/1/2016 12/1/2016 Administrative Expense Chargeback City of Pasco 332.00 Type JE Totals:3 Transactions $1,006.00 49922 10/1/2016 10/4/2016 Payroll Check Bailie, Beverly $267.72 49923 10/1/2016 10/4/2016 Payroll Check Parks, Randall $1,023.57 49924 10/1/2016 10/4/2016 Payroll Check Swoboda, Harvey $1,118.76 50005 11/1/2016 11/3/2016 Payroll Check Bailie, Beverly $267.72 50006 11/1/2016 11/4/2016 Payroll Check Parks, Randall $1,023.57 50007 11/1/2016 11/7/2016 Payroll Check Swoboda, Harvey $1,118.76 50068 12/1/2016 12/5/2016 Payroll Check Bailie, Beverly $267.72 50069 12/1/2016 12/6/2016 Payroll Check Parks, Randall $1,023.57 50070 12/1/2016 12/5/2016 Payroll Check Swoboda, Harvey $1,118.76 $7,230.15 EFT 30099799 10/1/2016 10/1/2016 Payroll Check Covington, Alvie $631.86 30099800 10/1/2016 10/1/2016 Payroll Check Ellingson, Janet $775.91 30099801 10/1/2016 10/1/2016 Payroll Check Hager, Charlene $765.93 30099802 10/1/2016 10/1/2016 Payroll Check Maloy, Walter $1,396.72 30099803 10/1/2016 10/1/2016 Payroll Check McLeod, James, N.$8.77 30099804 10/1/2016 10/1/2016 Payroll Check Nelson, Opal $1,217.08 30099805 10/1/2016 10/1/2016 Payroll Check Rickenback,Barbara $2,635.00 30100824 11/1/2016 11/1/2016 Payroll Check Covington, Alvie $631.86 30100825 11/1/2016 11/1/2016 Payroll Check Ellingson, Janet $775.91 30100826 11/1/2016 11/1/2016 Payroll Check Hager, Charlene $765.93 30100827 11/1/2016 11/1/2016 Payroll Check Maloy, Walter $1,396.72 30100828 11/1/2016 11/1/2016 Payroll Check McLeod, James, N.$8.77 30100829 11/1/2016 11/1/2016 Payroll Check Nelson, Opal $1,217.08 30100830 11/1/2016 11/1/2016 Payroll Check Rickenback,Barbara $2,635.00 30101839 12/1/2016 12/1/2016 Payroll Check Covington, Alvie $631.86 30101840 12/1/2016 12/1/2016 Payroll Check Ellingson, Janet $775.91 30101841 12/1/2016 12/1/2016 Payroll Check Hager, Charlene $765.93 30101842 12/1/2016 12/1/2016 Payroll Check Maloy, Walter $1,396.72 30101843 12/1/2016 12/1/2016 Payroll Check McLeod, James, N.$8.77 30101844 12/1/2016 12/1/2016 Payroll Check Nelson, Opal $1,217.08 30101845 12/1/2016 12/1/2016 Payroll Check Rickenback,Barbara $2,635.00 2 - Payroll Totals 27 Transactions $22,293.81 All Types Totals Fund 610 - Pension $30,529.96 CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 10/1/2016 - To Payment Date: 12/31/2016 2 - Payroll Check Page 3 of 3 Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 10/1/2016 - To Payment Date: 12/31/2016 FUND 619 - OPEB (Medical) 2016-3399 10/31/2016 10/31/2016 Old Fire Pension Medical Benefit City of Pasco 8,754.00 2016-3913 11/30/2016 11/30/2016 Old Fire Pension Medical Benefit City of Pasco 8,754.00 2016-4187 12/31/2016 12/31/2016 Old Fire Pension Medical Benefit City of Pasco 8,754.00 2016-31 10/1/2016 10/1/2016 Administrative Expense Chargeback City of Pasco 316.00 2016-32 11/1/2016 11/1/2016 Administrative Expense Chargeback City of Pasco 316.00 2016-33 12/1/2016 12/1/2016 Administrative Expense Chargeback City of Pasco 310.00 6 Transactions $27,204.00 $27,204.00All Types Totals: Fund 619 - OPEB (Medical) Type JE Totals: