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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)