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Home My WebLink About2018.01.08 FPB Agenda FIREMAN PENSION BOARD Meeting Agenda ____________________________________________________________________ January 8, 2018 6:00 p.m. Pasco City Hall – Conference Room No. 1 1. Call to order and Roll call: Present:  Alvie Covington  Harvey Swoboda  Scott Maloy-Alternate  Daniela Erickson  Saul Martinez - Alternate  Richa Sigdel 2. Minutes: Approve October 9, 2017 Meeting Minutes. Motion was made by ____________________and seconded by _______________ to approve the minutes. Motion passed unanimously. 3. Bills: Approve Fourth Quarter Transaction Ledger. Motion was made by ____________________and seconded by _______________ to approve the expenditure transactions as presented. Motion passed unanimously. 4. Financial Statement: Presentation by staff. 5. New Business: Election Ballot results – Harvey Swoboda re-elected to a two-year term ending 12/31/2019. 6. Old Business: Reschedule the June 18, 2018 meeting regarding COLA & Retro Pay Calculations with Colleen Chapin, HR Manager, to June 25, 2018. 7. Adjourn: Next Regular Meeting: April 9, 2018. FIREMAN PENSION BOARD Minutes – October 9, 2017 Page - 1 FIREMAN PENSION BOARD October 9, 2017 MINUTES Call To Order: The meeting was called to order at 6:05 p.m., by Rebecca Francik, Chairperson, in Conference Room No. 1 at Pasco City Hall. Roll Call: Present: Rebecca Francik, Alvie Covington, Harvey Swoboda, Richa Sigdel, Finance Director, and Daniela Erickson, City Clerk. Approval of Minutes: Ms. Francik moved and Mr. Covington seconded to approve the April 10, 2017 Meeting minutes as presented. Motion carried unanimously. Ms. Francik moved and Mr. Swoboda seconded to approve the June 26, 2017 Meeting minutes as presented. Motion carried unanimously. Transaction Ledger: Ms. Sigdel presented a copy of the 2017 2nd and 3rd Quarter Transaction Ledgers. Following discussion, Mr. Swoboda moved and Mr. Covington seconded to approve the expenditure transactions as presented. Motion carried unanimously. Financial Report: The Board discussed the 2017 2nd and 3rd Quarter financial statements presented by Ms. Sigdel. New Business: Schedule the meetings for 2018. Old Business: None presented. Adjournment: There being no other business, the meeting was adjourned at 6:40 p.m. ________________________________ Daniela Erickson, Secretary DRAFT OLD FIRE PENSION AND OPEB FINANCIAL STATEMENTS FOR PERIOD ENDING 12/31/17 2017 DRAFT FINANCIALS PREPARED BY FINANCE DEPARTMENT, CITY OF PASCO, WA CITY OF PASCO FIRE PENSION FUND FINANCIAL STATEMENTS -4th Quarter 2017 OCTOBER 1, 2017 through DECEMBER 31, 2017 BALANCE SHEET BOOK MARKET BOOK MARKET BOOK MARKET BOOK MARKET VALUE VALUE VALUE VALUE VALUE VALUE VALUE VALUE ASSETS CASH - INVESTED WITH CITY PORTFOLIO 19,935 19,935 131,789 131,789 454,662 454,662 440,925 440,925 - INVESTMENTS AMERICAN FUNDS - INVEST CO. OF AMERICA*1,929,796 2,271,878 1,757,318 1,929,797 AMERICAN FUNDS - WASH. MUT. INVESTORS*2,532,616 2,986,331 2,489,383 2,532,615 SBA Dev. PARTICIPATION CERTIFICATES 26,144 24,889 33,740 36,469 INVESTMENT IN LID 146 27,346 27,346 33,954 33,954 TOTAL ASSETS 2,552,551 3,006,267 2,621,172 2,664,404 2,437,947 2,778,775 2,265,936 2,441,144 FUND EQUITY RESERVED FUND EQUITY 2,552,551 2,621,172 2,437,947 2,265,936 TOTAL LIABILITIES AND FUND EQUITY 2,552,551 2,621,172 2,437,947 2,265,936 STATEMENT OF REVENUES OVER EXPENDITURES EXCLUDING UNREALIZED GAINS & LOSSES 2017 2016 2017 2016 REVENUES FIRE INSURANCE PREMIUM TAX (STATE-Annual/May)63,503 58,193 INTEREST INCOME-AMERICAN FUNDS 36,475 35,503 53,327 27,565 INVESTMENT INTEREST INCOME 557 12,858 6,347 14,186 TOTAL REVENUES 37,032 48,362 123,177 99,944 EXPENDITURES PENSIONS 120,503 118,053 MISCELLANEOUS PROF SERVICES 187 3,500 1,750 3,875 ADMINISTRATIVE SERVICES 3,861 3,786 4,120 4,039 MEDICAL INSURANCE - INTERFUND 94,835 105,048 - - 1RETIREE MEDICAL SERVICES 50,003 79,572 - - TOTAL EXPENDITURES 148,886 191,906 126,373 125,967 REVENUES OVER EXPENDITURES (111,854) (143,545) (3,196) (26,024) *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. 1This account was added to account for medical expense not covered by insurance for Old Fire Pensioners, which was previously accounted for in General Fund. OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 2017 2016 2017 2016 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 UNADJUSTED FINAL UNADJUSTED FINAL Page 2 of 3 Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount FUND 610 - PENSION Journal Entry 2017-0006 10/12/2017 10/12/2017 Administrative Expense Chargeback City of Pasco 343.00 2017-0006 11/12/2017 11/12/2017 Administrative Expense Chargeback City of Pasco 343.00 2017-0006 12/12/2017 12/12/2017 Administrative Expense Chargeback City of Pasco 347.00 Type JE Totals:$1,033.00 51232 10/31/2017 11/7/2017 Payroll Check Bailie, Beverly 285.17 51233 10/31/2017 11/6/2017 Payroll Check Parks, Randall 1,096.50 51234 10/31/2017 11/6/2017 Payroll Check Swoboda, Harvey 1,336.72 51299 11/30/2017 12/6/2017 Payroll Check Bailie, Beverly 285.17 51300 11/30/2017 12/8/2017 Payroll Check Parks, Randall 1,096.50 51301 11/30/2017 12/4/2017 Payroll Check Swoboda, Harvey 1,336.72 51355 12/31/2017 Payroll Check Bailie, Beverly 285.17 51356 12/31/2017 Payroll Check Parks, Randall 1,096.50 51357 12/31/2017 Payroll Check Swoboda, Harvey 1,336.72 $8,155.17 EFT 30113904 10/31/2017 10/31/2017 Payroll EFT Covington, Alvie 767.13 30113905 10/31/2017 10/31/2017 Payroll EFT Ellingson, Janet 806.13 30113906 10/31/2017 10/31/2017 Payroll EFT Maloy, Walter 1,491.12 30113907 10/31/2017 10/31/2017 Payroll EFT Nelson, Opal 1,306.74 30113908 10/31/2017 10/31/2017 Payroll EFT Rickenback, Barbara 2,703.51 30114883 11/30/2017 11/30/2017 Payroll EFT Covington, Alvie 767.13 30114884 11/30/2017 11/30/2017 Payroll EFT Ellingson, Janet 806.13 30114885 11/30/2017 11/30/2017 Payroll EFT Maloy, Walter 1,491.12 30114886 11/30/2017 11/30/2017 Payroll EFT Nelson, Opal 1,306.74 30114887 11/30/2017 11/30/2017 Payroll EFT Rickenback, Barbara 2,703.51 30115853 12/31/2017 12/31/2017 Payroll EFT Covington, Alvie 767.13 30115854 12/31/2017 12/31/2017 Payroll EFT Ellingson, Janet 806.13 30115855 12/31/2017 12/31/2017 Payroll EFT Maloy, Walter 1,491.12 30115856 12/31/2017 12/31/2017 Payroll EFT Nelson, Opal 1,306.74 30115857 12/31/2017 12/31/2017 Payroll EFT Rickenback, Barbara 2,703.51 2 - Payroll Totals 26 Transactions $21,223.89 All Types Totals Fund 610 - Pension $30,412.06 CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 10/01/2017 - To Payment Date: 12/31/2017 2 - Payroll Check Page 3 of 3 Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 10/01/2017 - To Payment Date: 12/31/2017 FUND 619 - OPEB (Medical) 2017-3087 10/1/2017 10/1/2017 Old Fire Pension Medical Premium City of Pasco 7,295.00 2017-3398 11/6/2017 11/6/2017 Old Fire Pension Medical Premium City of Pasco 7,295.00 2017-3701 12/5/2017 12/5/2017 Old Fire Pension Medical Premium City of Pasco 7,295.00 Insurance Premium Totals 21,885.00$ 2017-0006 10/12/2017 10/12/2017 Administrative Expense Chargeback City of Pasco 322.00 2017-0006 11/12/2017 11/12/2017 Administrative Expense Chargeback City of Pasco 322.00 2017-0006 12/12/2017 12/12/2017 Administrative Expense Chargeback City of Pasco 319.00 Administrative Expense Totals $ 963.00 $ 53,260.06 All Types Totals: Fund 619 - OPEB (Medical) Fireman Pension Board 2018 Quarterly Meeting Schedule (Date subject to change due to availability of participants) Location: Pasco City Hall Conference Room No. 1 January 8, 2018 6:00 pm April 9, 2018 6:00 pm June 25, 2018 6:00 pm [COLA & Retro Pay Calculation Presentation by HR] July 9, 2018 6:00 pm October 8, 2018 6:00 pm