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HomeMy WebLinkAbout2020.06.08 Fireman Pension Board Agenda Packet FIREMAN PENSION BOARD Remote Meeting Agenda ____________________________________________________________________ June 8, 2020 6:00 p.m. GoToMeeting 1. Call to order and Roll call: Present:  Alvie Covington  Harvey Swoboda  Scott Maloy-Alternate  Debby Barham  Mayor Saul Martinez  Richa Sigdel  Mayor Pro Tem Blanche Barajas - Alternate  Griselda Garcia  Colleen Chapin - Guest 2. Minutes: Approve February 10, 2020 Meeting Minutes. Motion was made by ____________________and seconded by _______________ to approve the minutes. 3. Bills: Approve 2020 First Quarter Transaction Ledger. Motion was made by ____________________and seconded by _______________ to approve the expenditure transactions as presen ted. 4. Financial Statement: Presentation by staff. 5. New Business: Recent COLA and Retro Pay Calculations - Presentation by Colleen Chapin, Human Resources Director 6. Old Business: 7. Adjourn: Next Regular Meeting: July 13, 2020 February 10, 2020 Fireman Pension Board Meeting Minutes - Approved on _____________ City of Pasco FIREMAN PENSION BOARD FEBRUARY 10, 2020 MINUTES Call To Order: The meeting was called to order at 6:07 p.m., by Mayor Saul Martinez in Conference Room No. 1 at Pasco City Hall. Roll Call: Present: Saul Martinez, Mayor; Alvie Covington, Board Member; Harvey Swoboda, Board Member; Scott Maloy, Board Member Alternate; Richa Sigdel, Finance Director; and Debby Barham, City Clerk. Approval of Minutes: Mr. Swoboda moved and Mr. Covington seconded a motion to approve October 14, 2019 meeting minutes. Motion carried unanimously. Transaction Ledger: Ms. Sigdel presented a copy of the 2019 Fourth (4th) Quarter Transaction Ledger. Following a brief discussion, Mr. Swoboda moved and Ms. Barham seconded a motion to approve the expenditure transactions as presented. Motion carried unanimously. Financial Report: Ms. Sigdel presented the 2019 Fourth (4th) Quarter financial statement and explained that the books for 2019 have not been closed as of yet and the final 2019 Financial Report will be presented at the next Board meeting. The Board discussed the financial report the upcoming actuarial study. Ms. Sigdel stated that the Washington State Auditor’s Office is recommending that the study be conducted annually (previously years it was completed on a biennial basis.) Ms. Sigdel will bring the model of how the study will be conducted to the next Board meeting. The Board also asked that the COLA increases for 2020 be brought back to the next meeting for formal approval by the Board. Ms. Barham will contact Colleen Chapin, Human Resources Director to provide the details of the 2020 COLA. New Business: None. DRAFT February 10, 2020 Fireman Pension Board Meeting Minutes - Approved on _____________ Old Business: None. Adjournment: There being no other business, the meeting was adjourned at 6:33 p.m. ________________________________ Debra Barham, Secretary Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount FUND 610 - PENSION Journal Entry 2020-0056 1/31/2020 1/31/2020 Administrative Expense Chargeback City of Pasco 147.75 2020-0056 2/28/2020 2/28/2020 Administrative Expense Chargeback City of Pasco 147.75 2020-0056 3/31/2020 3/31/2020 Administrative Expense Chargeback City of Pasco 147.75 Type JE Totals: $443.25 52382 1/1/2020 1/7/2020 Payroll Check Parks, Randall 1,216.59 53148 1/1/2020 1/3/2020 Payroll Check Swoboda, Harvey 1,605.96 53201 2/1/2020 2/10/2020 Payroll Check Parks, Randall 1,216.59 53202 2/1/2020 2/10/2020 Payroll Check Swoboda, Harvey 1,605.96 53241 3/1/2020 4/2/2020 Payroll Check Parks, Randall 1,216.59 53242 3/1/2020 3/4/2020 Payroll Check Swoboda, Harvey 1,605.96 $8,467.65 EFT 30143011 1/1/2020 1/1/2020 Payroll EFT Covington, Alvie 866.14 30143012 1/1/2020 1/1/2020 Payroll EFT Ellingson, Janet 845.03 30143013 1/1/2020 1/1/2020 Payroll EFT Maloy, Walter 1,941.38 30143014 1/1/2020 1/1/2020 Payroll EFT Nelson, Opal 1,754.35 30143015 1/1/2020 1/1/2020 Payroll EFT Rickenback, Barbara 2,876.48 30143010 1/1/2020 1/1/2020 Payroll EFT Bailie, Beverly 290.21 30144532 2/1/2020 2/1/2020 Payroll EFT Covington, Alvie 866.14 30144533 2/1/2020 2/1/2020 Payroll EFT Ellingson, Janet 845.03 30144534 2/1/2020 2/1/2020 Payroll EFT Maloy, Walter 1,941.38 30144535 2/1/2020 2/1/2020 Payroll EFT Nelson, Opal 1,754.35 30144536 2/1/2020 2/1/2020 Payroll EFT Rickenback, Barbara 2,876.48 30144531 2/1/2020 2/1/2020 Payroll EFT Bailie, Beverly 290.21 30145541 3/1/2020 3/1/2020 Payroll EFT Covington, Alvie 866.14 30145542 3/1/2020 3/1/2020 Payroll EFT Ellingson, Janet 845.03 30145543 3/1/2020 3/1/2020 Payroll EFT Maloy, Walter 1,941.38 30145544 3/1/2020 3/1/2020 Payroll EFT Nelson, Opal 1,754.35 30145540 3/1/2020 3/1/2020 Payroll EFT Bailie, Beverly 290.21 30145545 3/1/2020 3/1/2020 Payroll EFT Rickenback, Barbara 2,876.48 2 - Payroll Totals 26 Transactions $25,720.77 All Types Totals Fund 610 - Pension $34,631.67 CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 1/01/2020 - To Payment Date: 3/31/2020 2 - Payroll Check Page 1 of 2 Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 1/01/2020 - To Payment Date: 3/31/2020 FUND 619 - OPEB (Medical) 2020-1372 1/1/2020 1/1/2020 Old Fire Pension Medical Premium City of Pasco 7,295.00 2020-1372 2/1/2020 2/1/2020 Old Fire Pension Medical Premium City of Pasco 7,295.00 2020-1372 3/1/2020 3/1/2020 Old Fire Pension Medical Premium City of Pasco 7,295.00 Insurance Premium Totals 21,885.00$ 2020-0056 1/1/2020 1/1/2020 Administrative Expense Chargeback City of Pasco 174.16 2020-0056 2/1/2020 2/1/2020 Administrative Expense Chargeback City of Pasco 174.16 2020-0056 3/1/2020 3/1/2020 Administrative Expense Chargeback City of Pasco 174.16 Administrative Expense Totals $ 522.48 $ 22,407.48 All Types Totals: Fund 619 - OPEB (Medical) Page 2 of 2 CITY OF PASCO FIRE PENSION FUND FINANCIAL STATEMENTS -1st Quarter 2020 JANUARY 1, 2020 THROUGH MARCH 31, 2020 BALANCE SHEET BOOK MARKET BOOK MARKET BOOK MARKET BOOK MARKET VALUE VALUE VALUE VALUE VALUE VALUE VALUE VALUE ASSETS CASH - INVESTED WITH CITY PORTFOLIO 10,414 10,414 271 271 422,297 407,878 INVESTMENTS AMERICAN FUNDS - INVEST CO. OF AMERICA*2,546,234 2,546,234 2,084,823 2,312,917 AMERICAN FUNDS - WASH. MUT. INVESTORS*3,438,460 3,438,460 2,844,174 3,124,576 FEDERAL SECURITIES (4.875% - 5.250%) SBA Dev. PARTICIPATION CERTIFICATES 15,070 15,070 19,368 19,374 INVESTMENT IN LID 146 10,869 10,869 18,330 18,330 INTEREST RECEIVABLE - INVESTMENTS - - TOTAL ASSETS 3,448,874 3,448,874 2,844,445 3,124,847 2,994,470 2,572,173 2,530,398 2,350,622 FUND EQUITY RESERVED FUND EQUITY 3,448,874 2,844,445 2,994,470 2,530,398 TOTAL LIABILITIES AND FUND EQUITY 3,448,874 2,844,445 2,994,470 2,530,398 STATEMENT OF REVENUES OVER EXPENDITURES EXCLUDING UNREALIZED GAINS & LOSSES REVENUES FIRE INSURANCE PREMIUM TAX (STATE-Annual/May)- - INTEREST INCOME-AMERICAN FUNDS - 14,020 - 9,530 INVESTMENT INTEREST INCOME 117 2 1,637 1,518 TOTAL REVENUES 117 14,022 1,637 11,048 EXPENDITURES PENSIONS 34,188 33,748 MISCELLANEOUS PROF SERVICES - - - - ADMINISTRATIVE SERVICES 522 497 443 422 MEDICAL INSURANCE - INTERFUND 21,885 21,885 1RETIREE MEDICAL SERVICES - 238 - - TOTAL EXPENDITURES 22,407 22,620 34,631 34,171 REVENUES OVER/(UNDER) EXPENDITURES (22,290) (8,599) (32,994) (23,123) *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-Mar 31-Mar 31-Mar 31-Mar 2020 2019 2020 2019 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 31-Mar 31-Mar 31-Mar 31-Mar 2020 2019 2020 2019