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