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Home My WebLink About2018.06.25 FPB Agenda FIREMAN PENSION BOARD Special Meeting Agenda ____________________________________________________________________ June 25, 2018 6:00 p.m. Pasco City Hall – Conference Room No. 1 1. Call to order and Roll call: Present:  Alvie Covington  Harvey Swoboda  Richa Sigdel – Finance Dir.  Daniela Erickson  Mayor Matt Watkins  Scott Maloy - Alternate  Craig Maloney – City Council Alternate  Lynn Kauer – Lead Accountant, Finance Dept. 2. Minutes: Approve April 9, 2018 Meeting Minutes. Motion was made by ____________________and seconded by _______________ to approve the minutes. Motion passed unanimously. 3. Financial Statement: Presentation by staff. 4. New Business: Presentation by Colleen Chapin, Human Resources Manager regarding recent COLA and retro pay calculations 5. Adjourn: Next Regular Meeting: October 8, 2018. FIREMAN PENSION BOARD Minutes – April 9, 2018 FIREMAN PENSION BOARD April 9, 2018 MINUTES Call To Order: The meeting was called to order at 6:00 p.m., by Mayor Matt Watkins in Conference Room No. 1 at Pasco City Hall. Roll Call: Present: Mayor Matt Watkins, Alvie Covington, Harvey Swoboda, Richa Sigdel, Finance Director, and Daniela Erickson, City Clerk. Approval of Minutes: Mr. Covington moved and Mr. Swoboda seconded to approve the January 8, 2018 Meeting minutes as presented. Motion carried unanimously. Transaction Ledger: Ms. Sigdel presented a copy of the 2018 1st 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 2018 1st Quarter financial statements presented by Ms. Sigdel. New Business: None. Old Business: The July 9, 2018 meeting is moved to June 25, 2018 in conjunction with the Special Meeting regarding COLA and Retro Pay calculations. Adjournment: There being no other business, the meeting was adjourned at 6:18 p.m. ________________________________ Daniela Erickson, Secretary DRAFT CITY OF PASCO FIRE PENSION FUND FINANCIAL STATEMENTS - AS OF MAY 31, 2018 BALANCE SHEET BOOK MARKET BOOK MARKET BOOK MARKET BOOK MARKET VALUE VALUE VALUE VALUE VALUE VALUE VALUE VALUE ASSETS CASH - INVESTED WITH CITY PORTFOLIO 9,671 9,671 49,995 49,995 472,953 472,953 466,134 463,371 - INVESTMENTS AMERICAN FUNDS - INVEST CO. OF AMERICA*2,271,878 2,288,753 1,929,796 2,070,417 AMERICAN FUNDS - WASH. MUT. INVESTORS*2,986,331 3,004,648 2,532,615 2,692,798 SBA Dev. PARTICIPATION CERTIFICATES 22,366 21,885 29,638 29,018 INVESTMENT IN LID 146 27,346 27,346 33,954 33,954 TOTAL ASSETS 2,996,002 3,014,319 2,582,610 2,742,793 2,794,542 2,810,937 2,459,521 2,596,759 FUND EQUITY RESERVED FUND EQUITY 2,996,002 2,582,610 2,794,542 2,459,521 TOTAL LIABILITIES AND FUND EQUITY 2,996,002 2,582,610 2,794,542 2,459,521 STATEMENT OF REVENUES OVER EXPENDITURES EXCLUDING UNREALIZED GAINS & LOSSES REVENUES FIRE INSURANCE PREMIUM TAX (STATE-Annual/May)73,414 63,503 INTEREST INCOME-AMERICAN FUNDS 13,084 12,060 8,437 7,990 INVESTMENT INTEREST INCOME 129 329 3,357 2,302 TOTAL REVENUES 13,212 12,389 85,208 73,795 EXPENDITURES PENSIONS 48,965 51,952 MISCELLANEOUS PROF SERVICES 375 187 3,500 1,750 ADMINISTRATIVE SERVICES 903 1,610 593 1,715 MEDICAL INSURANCE - INTERFUND 36,475 43,770 - - 1RETIREE MEDICAL SERVICES 2,831 48,616 - - TOTAL EXPENDITURES 40,584 94,183 53,058 55,417 REVENUES OVER/(UNDER) EXPENDITURES (27,372) (81,794) 32,150 18,377 *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 UNADJUSTED FINAL UNADJUSTED FINAL 31-May 31-May 31-May 31-May 2018 2017 2018 2017 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 31-May 31-May 31-May 31-May 2018 2017 2018 2017 Page 2 of 3 Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount FUND 610 - PENSION Journal Entry 2018-0374 4/30/2018 4/30/2018 Administrative Expense Chargeback City of Pasco 118.58 2018-0374 5/31/2018 5/31/2018 Administrative Expense Chargeback City of Pasco 118.58 2018-1010 4/10/2018 4/10/2018 Actuarial Studies- GASB 68 3,500.00 Type JE Totals:3,737.16$ 51621 4/30/2018 5/3/2018 Payroll Check Bailie, Beverly 285.17 51622 4/30/2018 5/4/2018 Payroll Check Parks, Randall 1,096.50 51623 4/30/2018 5/3/2014 Payroll Check Swoboda, Harvey 1,336.72 51728 5/31/2018 6/4/2018 Payroll Check Bailie, Beverly 285.17 51729 5/31/2018 6/4/2018 Payroll Check Parks, Randall 1,096.50 51730 5/31/2018 6/4/2018 Payroll Check Swoboda, Harvey 1,336.72 5,436.78$ EFT 30116816 4/30/2018 4/30/2018 Payroll EFT Covington, Alvie 767.13 30116817 4/30/2018 4/30/2018 Payroll EFT Ellingson, Janet 806.13 30116818 4/30/2018 4/30/2018 Payroll EFT Maloy, Walter 1,491.12 30116819 4/30/2018 4/30/2018 Payroll EFT Nelson, Opal 1,306.74 30116820 4/30/2018 4/30/2018 Payroll EFT Rickenback, Barbara 2,703.51 30117788 5/31/2018 5/31/2018 Payroll EFT Covington, Alvie 767.13 30117789 5/31/2018 5/31/2018 Payroll EFT Ellingson, Janet 806.13 30117790 5/31/2018 5/31/2018 Payroll EFT Maloy, Walter 1,491.12 30117791 5/31/2018 5/31/2018 Payroll EFT Nelson, Opal 1,306.74 30117792 5/31/2018 5/31/2018 Payroll EFT Rickenback, Barbara 2,703.51 2 - Payroll Totals 26 Transactions 14,149.26$ All Types Totals Fund 610 - Pension $ 23,323.20 CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 4/01/2018 - To Payment Date: 5/31/2018 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: 4/01/2018 - To Payment Date: 5/31/2018 FUND 619 - OPEB (Medical) 2018-0512 4/1/2018 4/1/2018 Old Fire Pension Medical Premium City of Pasco 7,295.00 2018-0512 5/1/2018 5/1/2018 Old Fire Pension Medical Premium City of Pasco 7,295.00 Insurance Premium Totals 14,590.00$ 2018-0291 5/29/2018 5/29/2018 Medical Expenses-Not covered City of Pasco 2,543.41 2,543.41$ 2018-0374 4/30/2018 4/30/2018 Administrative Expense Chargeback City of Pasco 180.58 2018-0374 5/31/2018 5/31/2018 Administrative Expense Chargeback City of Pasco 180.58 2018-1010 4/10/2018 4/10/2018 Healthcare Actuaries- GASB 74/75 Study 375.00 Administrative Expense Totals $ 736.16 $ 17,869.57 All Types Totals: Fund 619 - OPEB (Medical)