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Home My WebLink About2021.10.11 Fireman Pension Board Agenda Packet FIREMAN PENSION BOARD Meeting Agenda ____________________________________________________________________ July 12, 2021 6:00 p.m. Pasco City Hall, Conference Room No. 1 525 N. Third Avenue, Pasco, WA 99301 1. Call to order and Roll call: Present:  Alvie Covington  Harvey Swoboda  Scott Maloy-Alternate  Debby Barham  Mayor Saul Martinez  Darcy Buckley  Mayor Pro Tem Blanche Barajas - Alternate  Charlene Sandland 2. Minutes: Approve April 12, 2021 Meeting Minutes. Motion was made by ___________________ and seconded by _______________ to approve the July 12, 2021, Meeting Minutes. 3. Bills: Approve 2021 Third Quarter Transaction Ledger. Motion was made by ___________________ and seconded by _______________ to approve the expenditure transactions as presented. 4. Financial Statement: Second (2nd) and Third (3rd) Quarter Financial Statements - presentation by Finance Manager Buckley 5. New Business: Proposed 2022 Meeting Schedule Upcoming Board Elections 6. Old Business: 7. Adjourn: Next Regular Meeting: January 10, 2022 October 11, 2021 Fireman Pension Board Meeting Minutes - Approved on _____________ City of Pasco FIREMAN PENSION BOARD JULY 12, 2021 MINUTES Call to Order: The meeting was called to order at 6:01 p.m., by Mayor Saul Martinez. Roll Call: Present: Mayor Saul Martinez, Chair; Alvie Covington, Board Member; Harvey Swoboda, Board Member; Scott Maloy, Alternate Board Member; and Debby Barham, City Clerk. Approval of Minutes: Mr. Covington moved, and Mr. Swoboda seconded a motion to approve April 12, 2021 meeting minutes. Motion carried unanimously. Transaction Ledger: The Firemen Pension Board members reviewed the 2021 Second (2nd) Quarter Transaction Ledger. Following discussion, Mr. Swoboda moved, and Ms. Barham seconded a motion to approve the expenditure transactions as presented. Motion carried unanimously. Financial Report: Since there was no discussion regarding the investments, Mr. Covington moved to table the discussion of the Second Quarter Financial Reports and bring them back for discussion at the next scheduled Fireman Pension Board meeting. Mr. Swoboda seconded. The motion carried unanimously. New Business: None. Old Business: None. Adjournment: There being no other business, the meeting was adjourned at 6:18 p.m. ________________________________ Debra Barham, Secretary DRAFT Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount FUND 610 - PENSION Journal Entry 2021-00001376 6/30/2017 Administrative Expense Chargeback City of Pasco 142.88 2021-00001376 7/31/2017 Administrative Expense Chargeback City of Pasco 142.88 2021-00001376 8/31/2017 Administrative Expense Chargeback City of Pasco 142.88 Type JE Totals:$428.64 53627 6/30/2017 7/8/2017 Payroll Check Parks, Randall 1,165.18 53628 6/30/2017 7/8/2017 Payroll Check Swoboda, Harvey 1,377.32 53709 7/31/2017 Payroll Check Parks, Randall 1,165.18 53710 7/31/2017 Payroll Check Swoboda, Harvey 1,377.32 53740 8/31/2017 Payroll Check Parks, Randall 1,165.18 53741 8/31/2017 Payroll Check Swoboda, Harvey 1,377.32 $7,627.50 EFT 30162927 6/30/2017 6/30/2017 Payroll EFT Covington, Alvie 717.32 30162928 6/30/2017 6/30/2017 Payroll EFT Ellingson, Janet 886.60 30162929 6/30/2017 6/30/2017 Payroll EFT Maloy, Walter 1,887.41 30164557 7/31/2017 Payroll EFT Covington, Alvie 717.32 30164558 7/31/2017 Payroll EFT Ellingson, Janet 886.60 30164559 7/31/2017 Payroll EFT Maloy, Walter 1,887.41 30165689 8/31/2017 Payroll EFT Covington, Alvie 717.32 30165690 8/31/2017 Payroll EFT Ellingson, Janet 886.60 30165691 8/31/2017 Payroll EFT Maloy, Walter 1,887.41 Payroll Totals $10,473.99 Professional Services Check All Types Totals Fund 610 - Pension $18,530.13 CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 7/01/2021 - To Payment Date: 9/30/2021 Payroll Check Page 1 of 2 Number Date Reconciled/ Voided Date Source Payee Name Transaction Amount CITY OF PASCO - PRODUCTION Fire Pension Fund Payment Register From Payment Date: 7/01/2021 - To Payment Date: 9/30/2021 FUND 619 - OPEB (Medical) 2021-00000018 6/30/2017 Old Fire Pension Medical Premium City of Pasco 7,295.00 2021-00000018 7/31/2017 Old Fire Pension Medical Premium City of Pasco 7,295.00 2021-00000018 8/31/2017 Old Fire Pension Medical Premium City of Pasco 7,295.00 Insurance Premium Totals 21,885.00$ 2021-00001376 6/30/2017 Administrative Expense Chargeback City of Pasco 96.89 2021-00001376 7/31/2017 Administrative Expense Chargeback City of Pasco 96.89 2021-00001376 8/31/2017 Administrative Expense Chargeback City of Pasco 96.89 Administrative Expense Totals $ 290.67 Professional Services Check $ 22,175.67 All Types Totals: Fund 619 - OPEB (Medical) Page 2 of 2 CITY OF PASCO FIRE PENSION FUND FINANCIAL STATEMENTS - 2nd Quarter 2021 APRIL 1, 2021 THROUGH JUNE 30, 2021 BALANCE SHEET BOOK MARKET BOOK MARKET BOOK MARKET BOOK MARKET VALUE VALUE VALUE VALUE VALUE VALUE VALUE VALUE ASSETS CASH - INVESTED WITH CITY PORTFOLIO 47,160 47,160 2,166 2,166 553,676 553,676 481,169 481,169 INVESTMENTS AMERICAN FUNDS - INVEST CO. OF AMERICA*2,866,912 2,866,912 2,866,912 2,866,912 AMERICAN FUNDS - WASH. MUT. INVESTORS*3,554,976 3,554,976 3,629,976 3,629,976 FEDERAL SECURITIES (4.875% - 5.250%) SBA Dev. PARTICIPATION CERTIFICATES 9,088 9,088 10,567 10,567 INVESTMENT IN LID 146 4,821 4,821 8,469 8,469 INTEREST RECEIVABLE - INVESTMENTS - - TOTAL ASSETS 3,602,136 3,602,136 3,632,142 3,632,142 3,434,497 3,434,497 3,367,117 3,367,117 FUND EQUITY RESERVED FUND EQUITY 3,602,136 3,632,142 3,434,497 3,367,117 TOTAL LIABILITIES AND FUND EQUITY 3,602,136 3,632,142 3,434,497 3,367,117 STATEMENT OF REVENUES OVER EXPENDITURES EXCLUDING UNREALIZED GAINS & LOSSES REVENUES FIRE INSURANCE PREMIUM TAX (STATE-Annual/May)98,371 89,252 INTEREST INCOME-AMERICAN FUNDS 14,526 29,279 10,004 19,947 INVESTMENT INTEREST INCOME 9 145 371 2,391 I/F LOAN REPAY 240 TOTAL REVENUES 14,535 29,424 108,986 111,590 EXPENDITURES PENSIONS 38,999 65,177 MISCELLANEOUS PROF SERVICES 190 3,500 1,750 375 ADMINISTRATIVE SERVICES 581 625 857 861 MEDICAL INSURANCE - INTERFUND 43,770 43,770 1RETIREE MEDICAL SERVICES - - - - TOTAL EXPENDITURES 44,541 47,895 41,606 66,413 REVENUES OVER/(UNDER) EXPENDITURES (30,006) (18,471) 67,380 45,177 *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. 2021 2020 2021 2020 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 30-Jun 2021 2020 2021 2020 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 UNADJUSTED FINAL UNADJUSTED FINAL CITY OF PASCO FIRE PENSION FUND FINANCIAL STATEMENTS - 3rd Quarter 2021 July 1 2021 through September 30, 2021 BALANCE SHEET BOOK MARKET BOOK MARKET BOOK MARKET BOOK MARKET VALUE VALUE VALUE VALUE VALUE VALUE VALUE VALUE ASSETS CASH - INVESTED WITH CITY PORTFOLIO 54,487 54,487 (8,486) (8,486) 554,629 553,676 478,435 478,435 INVESTMENTS AMERICAN FUNDS - INVEST CO. OF AMERICA*2,866,912 2,866,912 2,546,234 2,546,234 AMERICAN FUNDS - WASH. MUT. INVESTORS*3,554,976 3,554,976 3,438,460 3,438,460 FEDERAL SECURITIES (4.875% - 5.250%) SBA Dev. PARTICIPATION CERTIFICATES 9,088 9,088 11,810 11,810 INVESTMENT IN LID 146 4,821 4,821 10,869 10,869 INTEREST RECEIVABLE - INVESTMENTS - - TOTAL ASSETS 3,609,463 3,609,463 3,429,974 3,429,974 3,435,450 3,434,497 3,047,348 3,047,348 FUND EQUITY RESERVED FUND EQUITY 3,609,463 3,429,974 3,435,450 3,047,348 TOTAL LIABILITIES AND FUND EQUITY 3,609,463 3,429,974 3,435,450 3,047,348 STATEMENT OF REVENUES OVER EXPENDITURES EXCLUDING UNREALIZED GAINS & LOSSES REVENUES FIRE INSURANCE PREMIUM TAX (STATE-Annual/May)98,371 89,252 INTEREST INCOME-AMERICAN FUNDS 44,023 29,279 30,095 19,947 INVESTMENT INTEREST INCOME 15 146 461 2,560 I/F LOAN REPAY 240 TOTAL REVENUES 44,038 29,425 129,167 111,759 EXPENDITURES PENSIONS 57,798 89,766 MISCELLANEOUS PROF SERVICES 190 3,500 1,750 375 ADMINISTRATIVE SERVICES 872 938 1,286 1,292 MEDICAL INSURANCE - INTERFUND 65,655 65,655 1RETIREE MEDICAL SERVICES - - - - TOTAL EXPENDITURES 66,717 70,093 60,834 91,433 REVENUES OVER/(UNDER) EXPENDITURES (22,679) (40,668) 68,333 20,326 *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. 2021 2020 2021 2020 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 2021 2020 2021 2020 OPEB (MEDICAL) - FUND 619 PENSION - FUND 610 UNADJUSTED FINAL UNADJUSTED FINAL