HomeMy WebLinkAbout2018.10.08 FPB Agenda
FIREMAN PENSION BOARD
Special Meeting Agenda
____________________________________________________________________
October 8, 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 June 25, 2018 Meeting Minutes.
Motion was made by ____________________and seconded by _______________
to approve the minutes. Motion passed unanimously.
3. Bills
Approval of second and third quarter transaction ledgers.
Motion was made by ____________________and seconded by _______________
to approve the minutes. Motion passed unanimously.
4. Financial Statement:
Presentation by staff of third quarter financial statement.
5. New Business:
• Schedule Meetings for 2019
• One position will be up for election and results to be announced at January Meeting.
6. Adjourn:
Next Regular Meeting: TBD
FIREMAN PENSION BOARD
Special Meeting - Minutes – June 25, 2018
Page - 1
FIREMAN PENSION BOARD
Special Meeting
June 25, 2018
MINUTES
Call to Order:
The meeting was called to order at 6:33 p.m., by Ms. Sigdel, in Conference Room No. 1 at
Pasco City Hall.
Roll Call:
Present: Harvey Swoboda, Alvie Covington, Scott Maloy (Board Alt.), and Daniela Erickson.
Absent: Mayor Matt Watkins
Guest: Colleen Chapin, Human Resources Manager
Approval of Minutes:
Mr. Swoboda moved and Mr. Covington seconded to approve the April 9, 2018 Meeting
minutes as presented. Motion carried unanimously.
Transaction Ledger and Financial Report:
Ms. Sigdel presented a copy of the most recent Transaction Ledger and Financial Report.
Following discussion, Mr. Swoboda moved and Mr. Covington seconded to approve the
expenditure transactions as presented. Motion carried unanimously.
New Business:
• Colleen Chapin presented the recent COLA and retro pay calculations.
Following discussion, Mr. Covington moved and Ms. Sigdel seconded to approve the COLA
and retro pay retiree benefits as presented. Motion carried unanimously.
Adjournment: There being no other business the meeting adjourned at 6:52 p.m.
Next regular meeting: October 8, 2018
____________________________________
Daniela Erickson, Secretary
CITY OF PASCO
FIRE PENSION FUND
FINANCIAL STATEMENTS -3rd Quarter 2018
JULY 1, 2018 through SEPTEMBER 30, 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 6,034 6,034 42,705 42,705 452,387 452,387 443,179 443,179
INVESTMENTS
AMERICAN FUNDS - INVEST CO. OF AMERICA*2,271,878 2,401,139 1,929,796 2,162,033
AMERICAN FUNDS - WASH. MUT. INVESTORS*2,986,331 3,155,608 2,532,615 2,841,004
SBA Dev. PARTICIPATION CERTIFICATES 24,889 22,366 29,638 28,810
INVESTMENT IN LID 146 18,330 18,330 33,954 33,954
TOTAL ASSETS 2,992,365 3,161,642 2,575,320 2,883,709 2,767,484 2,894,221 2,436,567 2,667,976
FUND EQUITY
RESERVED FUND EQUITY 2,992,365 2,575,320 2,767,484 2,436,567
TOTAL LIABILITIES AND FUND EQUITY 2,992,365 2,575,320 2,767,484 2,436,567
STATEMENT OF REVENUES OVER EXPENDITURES SEPTEMBER 30 SEPTEMBER 30
EXCLUDING UNREALIZED GAINS & LOSSES 2018 2017 2018 2017
REVENUES
FIRE INSURANCE PREMIUM TAX (STATE-Annual/May)73,414 63,503
INTEREST INCOME-AMERICAN FUNDS 39,679 36,475 25,994 23,969
INVESTMENT INTEREST INCOME 87 479 4,395 3,912
TOTAL REVENUES 39,766 36,954 103,803 91,384
EXPENDITURES
PENSIONS 96,667 91,124
MISCELLANEOUS PROF SERVICES 375 187 3,500 1,750
ADMINISTRATIVE SERVICES 1,625 2,898 1,067 3,087
MEDICAL INSURANCE - INTERFUND 65,655 72,950 - -
1RETIREE MEDICAL SERVICES 3,119 50,003 - -
TOTAL EXPENDITURES 70,774 76,035 101,234 95,961
REVENUES OVER EXPENDITURES (31,009) (39,081) 2,569 (4,577)
*Book value means 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
SEPTEMBER 30 SEPTEMBER 30
20172018 2018 2017
OPEB (MEDICAL) - FUND 619 PENSION - FUND 610
UNADJUSTED FINAL UNADJUSTED FINAL
SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30
Page 2 of 5
Number Date Reconciled/
Voided Date Source Payee Name Transaction
Amount
FUND 610 - PENSION
Journal Entry
2018-374 7/31/2018 7/31/2018 Administrative Expense Chargeback City of Pasco 118.58
2018-374 8/31/2018 8/31/2018 Administrative Expense Chargeback City of Pasco 118.58
2018-374 9/30/2018 9/30/2018 Administrative Expense Chargeback City of Pasco 118.58
Type JE Totals:$355.74
52005 7/31/2018 8/3/2018 Payroll Check Bailie, Beverly 301.19
52006 7/31/2018 8/7/2018 Payroll Check Parks, Randall 1,013.08
52007 7/31/2018 8/3/2018 Payroll Check Swoboda, Harvey 1,216.75
52182 8/31/2018 9/6/2018 Payroll Check Bailie, Beverly 301.19
52183 8/31/2018 9/6/2018 Payroll Check Parks, Randall 1,600.38
52184 8/31/2018 9/6/2018 Payroll Check Swoboda, Harvey 2,904.96
52255 9/30/2018 Payroll Check Bailie, Beverly 301.19
52256 9/30/2018 Payroll Check Parks, Randall 1,093.93
52257 9/30/2018 Payroll Check Swoboda, Harvey 1,437.97
$10,170.64
EFT
30123484 7/31/2018 7/31/2018 Payroll EFT Covington, Alvie 669.38
30123485 7/31/2018 7/31/2018 Payroll EFT Ellingson, Janet 840.41
30123486 7/31/2018 7/31/2018 Payroll EFT Maloy, Walter 1,390.83
30123487 7/31/2018 7/31/2018 Payroll EFT Nelson, Opal 1,196.09
30123488 7/31/2018 7/31/2018 Payroll EFT Rickenback, Barbara 2,798.13
30125133 8/31/2018 8/31/2018 Payroll EFT Covington, Alvie 1,273.24
30125134 8/31/2018 8/31/2018 Payroll EFT Ellingson, Janet 840.41
30125135 8/31/2018 8/31/2018 Payroll EFT Maloy, Walter 4,332.88
30125136 8/31/2018 8/31/2018 Payroll EFT Nelson, Opal 4,221.43
30125137 8/31/2018 8/31/2018 Payroll EFT Rickenback, Barbara 2,798.13
30126187 9/30/2018 9/30/2018 Payroll EFT Covington, Alvie 752.51
30126188 9/30/2018 9/30/2018 Payroll EFT Ellingson, Janet 840.41
30126189 9/30/2018 9/30/2018 Payroll EFT Maloy, Walter 1,768.64
301261190 9/30/2018 9/30/2018 Payroll EFT Nelson, Opal 1,584.60
301261191 9/30/2018 9/30/2018 Payroll EFT Rickenback, Barbara 2,798.13
2 - Payroll Totals 26 Transactions $28,105.22
All Types Totals Fund 610 - Pension $38,631.60
CITY OF PASCO - PRODUCTION
Fire Pension Fund Payment Register
From Payment Date: 7/1/2018 - To Payment Date: 9/30/2018
2 - Payroll
Check
Page 3 of 5
Number Date Reconciled/
Voided Date Source Payee Name Transaction
Amount
CITY OF PASCO - PRODUCTION
Fire Pension Fund Payment Register
From Payment Date: 7/1/2018 - To Payment Date: 9/30/2018
FUND 619 - OPEB (Medical)
2018-512 7/1/2018 7/1/2018 Old Fire Pension Medical Premium City of Pasco 7,295.00
2018-512 8/1/2018 8/1/2018 Old Fire Pension Medical Premium City of Pasco 7,295.00
2018-512 9/1/2018 9/1/2018 Old Fire Pension Medical Premium City of Pasco 7,295.00
Insurance Premium Totals 21,885.00$
2018-374 7/31/2018 7/31/2018 Administrative Expense Chargeback City of Pasco 180.58
2018-374 8/31/2019 8/31/2019 Administrative Expense Chargeback City of Pasco 180.58
2018-374 9/30/2018 9/30/2018 Administrative Expense Chargeback City of Pasco 180.58
Administrative Expense Totals $ 541.74
2018-2342 7/20/2018 7/20/2018 Medical Reimbursement Old Fire Participant 287.98
Medical Reimbursement Totals $287.98
$ 22,714.72 All Types Totals: Fund 619 - OPEB (Medical)
Page 4 of 5
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
2018-0374 6/30/2018 6/30/2018 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:$3,855.74
51409 4/30/2018 Payroll Check Bailie, Beverly 285.17
51410 4/30/2018 Payroll Check Parks, Randall 1,096.50
51411 4/30/2018 Payroll Check Swoboda, Harvey 1,336.72
51468 5/31/2018 Payroll Check Bailie, Beverly 285.17
51469 5/31/2018 Payroll Check Parks, Randall 1,096.50
51470 5/31/2018 Payroll Check Swoboda, Harvey 1,336.72
51554 6/30/2018 Payroll Check Bailie, Beverly 301.19
51555 6/30/2018 Payroll Check Parks, Randall 1,013.08
51556 6/30/2018 Payroll Check Swoboda, Harvey 1,216.75
$7,967.80
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
30119288 6/30/2018 6/30/2018 Payroll EFT Covington, Alvie 669.38
30119289 6/30/2018 6/30/2018 Payroll EFT Ellingson, Janet 840.41
30119290 6/30/2018 6/30/2018 Payroll EFT Maloy, Walter 1,390.83
30119291 6/30/2018 6/30/2018 Payroll EFT Nelson, Opal 1,196.09
30119292 6/30/2018 6/30/2018 Payroll EFT Rickenback, Barbara 2,798.13
2 - Payroll Totals 26 Transactions $21,044.10
All Types Totals Fund 610 - Pension $32,867.64
CITY OF PASCO - PRODUCTION
Fire Pension Fund Payment Register
From Payment Date: 4/01/2018 - To Payment Date: 6/30/2018
2 - Payroll
Check
Page 5 of 5
Number Date Reconciled/
Voided Date Source Payee Name Transaction
Amount
CITY OF PASCO - PRODUCTION
Fire Pension Fund Payment Register
From Payment Date: 4/01/2018 - To Payment Date: 6/30/2018
FUND 619 - OPEB (Medical)
2018-0512 4/1/2018 4/1/2018 Old Fire Pension Medical Premium City of Pasco 7,295.00
2018-0512 5/1/2018 5/1/2018 Old Fire Pension Medical Premium City of Pasco 7,295.00
2018-0512 6/1/2018 6/1/2018 Old Fire Pension Medical Premium City of Pasco 7,295.00
Insurance Premium Totals 21,885.00$
2018-2034 6/22/2018 6/22/2018 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
2018-0374 6/30/2018 6/30/2018 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 $ 916.74
$ 25,345.15 All Types Totals: Fund 619 - OPEB (Medical)