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Home My WebLink About2019.07.08 FPB Packet FIREMAN PENSION BOARD Meeting Agenda ____________________________________________________________________ July 8, 2019 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  Angela Pashon  Mayor Matt Watkins  Richa Sigdel  Councilmember Craig Maloney - Alternate  Griselda Garcia 2. Minutes: Approve April 8, 2019 Meeting Minutes. Motion was made by ____________________and seconded by _______________ to approve the minutes. Motion passed unanimously. 3. Bills: Approve Second 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: Presentation by Colleen Chapin, Human Resources Manager regarding recent COLA and retro pay calculations 6. Old Business: 7. Adjourn: Next Regular Meeting: October 14, 2019 FIREMAN PENSION BOARD Minutes – April 8, 2019 FIREMAN PENSION BOARD April 8, 2019 MINUTES Call To Order: The meeting was called to order at 6:01 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, Griselda Garcia, Lead Accountant, Scott Maloy, Alternate and Angela Pashon, Interim City Clerk. Approval of Minutes: Mr. Covington moved and Mr. Swoboda seconded to approve the amended January 14, 2019 meeting minutes. Motion carried unanimously. Transaction Ledger: Ms. Garcia presented a copy of the 2019 1st Quarter Transaction Ledger. 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 2019 1st Quarter financial statement presented by Ms. Garcia. New Business: None. Old Business: None. Adjournment: There being no other business, the meeting was adjourned at 6:15 p.m. ________________________________ Angela Pashon, Secretary CITY OF PASCO FIRE PENSION FUND FINANCIAL STATEMENTS -2nd Quarter 2019 APRIL 1, 2019 THROUGH JUNE 30, 2019 BALANCE SHEET BOOK MARKET BOOK MARKET BOOK MARKET BOOK MARKET VALUE VALUE VALUE VALUE VALUE VALUE VALUE VALUE ASSETS CASH - INVESTED WITH CITY PORTFOLIO 44,053 44,053 27,497 27,497 489,950 489,950 418,614 418,614 - INVESTMENTS AMERICAN FUNDS - INVEST CO. OF AMERICA*2,084,823 2,353,143 2,271,878 2,234,192 AMERICAN FUNDS - WASH. MUT. INVESTORS*2,784,174 3,175,820 2,986,331 2,932,034 SBA Dev. PARTICIPATION CERTIFICATES 17,308 17,588 26,144 24,889 INVESTMENT IN LID 146 18,330 27,346 27,346 27,346 TOTAL ASSETS 2,828,227 3,219,874 3,013,828 2,959,531 2,610,411 2,888,027 2,743,982 2,705,041 FUND EQUITY RESERVED FUND EQUITY 2,828,227 3,013,828 2,610,411 2,743,982 TOTAL LIABILITIES AND FUND EQUITY 2,828,227 3,013,828 2,610,411 2,743,982 *Redemption of investment 6/17/19 (60,000) STATEMENT OF REVENUES OVER EXPENDITURES EXCLUDING UNREALIZED GAINS & LOSSES REVENUES FIRE INSURANCE PREMIUM TAX (STATE-Annual/May)81,458 73,414 INTEREST INCOME-AMERICAN FUNDS 28,040 26,167 19,059 17,156 INVESTMENT INTEREST INCOME 11 136 3,935 4,835 TOTAL REVENUES 28,051 26,303 104,452 95,404 EXPENDITURES PENSIONS - 67,497 58,391 MISCELLANEOUS PROF SERVICES - 375 - 3,500 ADMINISTRATIVE SERVICES 995 1,083 845 711 MEDICAL INSURANCE - INTERFUND 43,770 43,770 - 1RETIREE MEDICAL SERVICES 238 2,831 - - TOTAL EXPENDITURES 45,003 48,060 68,341 62,602 REVENUES OVER/(UNDER) EXPENDITURES (16,952) (21,756) 36,111 32,802 *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. 2019 2018 2019 2018 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 2019 2018 2019 2018 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 UNADJUSTED FINAL UNADJUSTED FINAL Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount FUND 610 - PENSION Journal Entry 2019-0056 4/1/2019 4/1/2019 Administrative Expense Chargeback City of Pasco 140.75 2019-0056 5/1/2019 5/1/2019 Administrative Expense Chargeback City of Pasco 140.75 2019-0056 6/1/2019 6/1/2019 Administrative Expense Chargeback City of Pasco 140.75 Type JE Totals: $422.25 52505 4/30/2019 4/30/2019 Payroll Check Bailie, Beverly 301.19 52506 4/30/2019 4/30/2019 Payroll Check Parks, Randall 1,204.52 52507 4/30/2019 4/30/2019 Payroll Check Swoboda, Harvey 1,592.77 52542 5/31/2019 5/31/2019 Payroll Check Bailie, Beverly 301.19 52543 5/31/2019 5/31/2019 Payroll Check Parks, Randall 1,204.52 52544 5/31/2019 5/31/2019 Payroll Check Swoboda, Harvey 1,592.77 52606 6/30/2019 6/30/2019 Payroll Check Bailie, Beverly 301.19 52607 6/30/2019 6/30/2019 Payroll Check Parks, Randall 1,204.52 52608 6/30/2019 6/30/2019 Payroll Check Swoboda, Harvey 1,592.77 $9,295.44 EFT 30132791 4/30/2019 4/30/2019 Payroll EFT Covington, Alvie 866.23 30132792 4/30/2019 4/30/2019 Payroll EFT Ellingson, Janet 840.41 30132793 4/30/2019 4/30/2019 Payroll EFT Maloy, Walter 1,913.08 30132794 4/30/2019 4/30/2019 Payroll EFT Nelson, Opal 1,733.13 30132795 4/30/2019 4/30/2019 Payroll EFT Rickenback, Barbara 2,798.13 30133836 5/31/2019 5/31/2019 Payroll EFT Covington, Alvie 866.23 30133837 5/31/2019 5/31/2019 Payroll EFT Ellingson, Janet 840.41 30133838 5/31/2019 5/31/2019 Payroll EFT Maloy, Walter 1,913.08 30133839 5/31/2019 5/31/2019 Payroll EFT Nelson, Opal 1,733.13 30133840 5/31/2019 5/31/2019 Payroll EFT Rickenback, Barbara 2,798.13 30134902 6/30/2019 6/30/2019 Payroll EFT Covington, Alvie 866.23 30134903 6/30/2019 6/30/2019 Payroll EFT Ellingson, Janet 840.41 30134904 6/30/2019 6/30/2019 Payroll EFT Maloy, Walter 1,913.08 30134905 6/30/2019 6/30/2019 Payroll EFT Nelson, Opal 1,733.13 30134906 6/30/2019 6/30/2019 Payroll EFT Rickenback, Barbara 2,798.13 2 - Payroll Totals 26 Transactions $24,452.94 All Types Totals Fund 610 - Pension $34,170.63 CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 4/01/2019 - To Payment Date: 6/30/2019 2 - Payroll Check Page 1 of 2 Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 4/01/2019 - To Payment Date: 6/30/2019 FUND 619 - OPEB (Medical) 2019-0834 4/1/2019 4/1/2019 Old Fire Pension Medical Premium City of Pasco 7,295.00 2019-0834 5/1/2019 5/1/2019 Old Fire Pension Medical Premium City of Pasco 7,295.00 2019-0834 6/1/2019 6/1/2019 Old Fire Pension Medical Premium City of Pasco 7,295.00 Insurance Premium Totals 21,885.00$ 2019-0056 4/1/2019 4/1/2019 Administrative Expense Chargeback City of Pasco 165.83 2019-0056 5/1/2019 5/1/2019 Administrative Expense Chargeback City of Pasco 165.83 2019-0056 6/1/2019 6/1/2019 Administrative Expense Chargeback City of Pasco 165.83 Administrative Expense Totals $ 497.49 $ 22,382.49 All Types Totals: Fund 619 - OPEB (Medical) Page 2 of 2 June 30, 2019 W.Scott Maloy Dear Mr. Maloy, I have been notified by the Department of Retirement Systems (DRS) that the LEO FF 1 retiree Cost of Living Adjustment (COLA) in the amount of3.36% has been applied to your retiree benefit beginning April 1, 2019. They have notified me that your LE OFF monthly benefit is now $3,225.83. As you are aware, that benefit amount ($3,225.83) is what I use to recalculate your Old Fire Pension (OFP) benefit effective July 1st each year. I have enclosed the calculation spreadsheet reflecting the new amount of your OPP benefit of $1,810.48 per month. This change is effective July 1, 2019 and is noted in your Old Fire Pension check dated on or about July 1, 2019. If you have any questions, please feel free to contact me at 545-3473. Sincerely, Colleen Chapin Human Resources Manager