HomeMy WebLinkAbout07-18-13 - Signed MinutesDenis Law, Mayor
Terri Briere, Council Finance Committee Chair
(Substitute: Don Persson, Council Finance Committee Vice -Chair)
Bonnie Walton, City Clerk
Ray Barilleaux, Fire Department Representative
Bruce Phillips, Fire Department Representative
Chuck Christensen, Fire Department Alternate
The regular meeting of the Firemen's Pension Board was called to order by Mayor Denis Law at
2:00 p.m. in the Mayor's Conference room, 7th floor of Renton City Hall. In attendance were
Board members Mayor Denis Law, Don Persson (substitute), Ray Barilleaux, Bruce Phillips, and
Bonnie Walton. Also present was Jill Masunaga, Finance Department Representative.
MOVED BY BARILLEAUX, SECONDED BY PHILLIPS, THE PENSION BOARD APPROVE THE MINUTES
OF THE MAY 16, 2013 MEETING. CARRIED.
CORRESPONDENCE
A memorandum from Bonnie Walton was presented with the US Department of Labor's 2012
Annual Consumer Price Index (CPI) report for All Urban Consumers in the Seattle -Tacoma -
Bremerton area. Approval of a 2.5% cost of living increase for widows pursuant to RCW
41.18.104 was recommended.
MONTHLY STATEMENT
The financial report for May 31, 2013, and a draft financial report for June 30, 2013 were
presented and reviewed. Total cash/investment balance as of June 30, 2013, was
$4,587,106.94. (See New Business)
MONTHLY BILLS AND PENSION PAYMENTS
MOVED BY BARILLEAUX, SECONDED BY PERSSON, THE BOARD APPROVE THE PENSION
PAYMENTS FOR JUNE AND JULY 2013 IN THE AMOUNTS OF $15,040.34 AND $15,270.11
RESPECTIVELY, WHICH INCLUDES A 2.5% CPI INCREASE FOR WIDOWS EFFECTIVE JULY 1ST, TO
BE PAID FROM THE FIREMEN'S PENSION FUND. CARRIED.
NEW BUSINESS
Finance Department Representative Jill Masunaga presented a report recapping the Firemen's
Pension Fund (611) Investments as of January 1, 2013. Of the $2,317.079.90 total purchase
price, 14 US Treasury Strips invested through Union Bank of California in November 1997 at a
6.1+% interest rate will mature in annual sequence through November 15, 2024, and 1 US
Treasury Strip at a 5.6% interest rate (purchased in the amount of $356,701.36) will mature
August 15, 2025. The remaining $99,555.84 invested in Federal National Mortgage Association
(FNMA) through US Bank in May 2004 at a 5.9% interest rate, will mature on May 15, 2021.
ADJOURNMENT
MOVED BY WALTON, SECONDED BY BARILLEAUX, THE MEETING OF THE FIREMEN'S PENSION
BOARD BE ADJOURNED. CARRIED. Time: 2:17 p.m.
Bonnie I. Walton, City Clerk
Member and Secretary, Firemen's Pension Board
Next Meeting: September 19, 2013
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