East Central Reporter

City of Olney Fire Pension Board met Oct. 11.

Here are the minutes provided by the board:

AGENDA #1 CALL TO ORDER

The Olney Fire Pension Board met in the Fire Station at 9:00 a.m. on October 11, 2022, with Secretary Chief Rusty Holmes presiding.

AGENDA #2 ROLL CALL

The following members were present: City Treasurer Jane Guinn, Chief Rusty Holmes, and Leon Stallard. City Clerk Kelsie Sterchi was also present. Firefighter Robert Sakowicz was absent. Firefighter Daron Harmon entered the meeting under topic 4-C.

AGENDA #3 APPROVE MINUTES FROM FIRE PENSION BOARD MEETING ON JUNE 21, 2022

Mrs. Guinn moved to approve the Fire Pension Board minutes from June 21, 2022, seconded by Mr. Stallard. A majority affirmative voice vote was received.

AGENDA #4 TREASURER’S REPORT

4-A “Discussion: Income and Expense May 1, 2021 – April 30, 2022 (Final)” The Board was provided with a copy of an final income and expense statement from May 1, 2021, to April 30, 2022.

Mrs. Guinn told the Board that Kemper CPA Group had completed their audit of the Fire Pension Fund for FY 2021/2022. The FY ended with a total income of $119,314.26 and a total expense of $301,524.46. The Fund saw a net loss of ($182,210.20). Mrs. Guinn expected that the loss was due to the pension reimbursement to Mitchell Pflaum, the markets going back down, and how the auditors had to record some of the investments at the time of the State transfer.

4-B “Discussion: Income and Expenses May 1, 2022 – September 30, 2022” The Board was provided with an income and expense statement from May 1, 2022, to September 30, 2022.

Mrs. Guinn explained that as of September 30, 2022, the Fund had seen $158,954.31 in income. This number included the first receipt of tax levy funds, but not the most recent tax levy installment received just last week. Expenses totaled $111,729.95.

Also, as of August 31, 2022, a total of $70,121.28 was held in cash at First National Bank of Olney, and $47.19 was held in cash at TrustBank. The IFPIF pool held $2,255,641.01.

4-C “Investment Results Summary” Mrs. Guinn reviewed the IFPIF pool summary. She also told the Board that three months worth of expenses needed to be kept on hand. A total of $78,000.00 would be needed for that time frame.

The IFPIF pool had started at $1,844,830.09. A total of $875,000.17 was contributed from local holdings. An amount of $98,000.00 had been withdrawn for pension payments.

Unrealized gains/losses reflected ($245,915.33) YTD which contributed to the YTD loss of ($365,759.79). Fee expenses also totaled $429.46.

The ending value of the pool as of August 31, 2022, was $2,255,641.01 which reflected a (3.05%) loss in August and (14.64%) YTD.

Mr. Stallard was still encouraged to see that the plan was still light in equities. Due to an emergency call, Chief Holmes exited the meeting at 9:05 a.m.

Mr. Stallard continued to state that the fixed-side had the worst bond marked in 40 years during the first quarter.

Mrs. Guinn was unsure whether or not the State had to comply with the same rules that the local Fire Pension Board had to in regards to limitations on fixed and equity investments.

Firefighter Harmon entered the meeting at 9:07 a.m.

Mr. Stallard moved to approve the Treasurer’s Report, seconded by Firefighter Harmon. A majority affirmative voice vote was received.

AGENDA #5 REVIEW/ACCEPT FILING OF ANNUAL REPORT

Mrs. Guinn had submitted the Annual Report to the State so that she could start working on the tax levy process. Kemper CPA Group had completed the financial portion of the report, and Mrs. Guinn completed the employee portion and other statements.

Mr. Stallard moved to accept the filing of the Annual Report, seconded by Firefighter Harmon. A majority affirmative voice vote was received.

AGENDA #6 ACKNOWLEDGE RESIGNATION OF ROBERT SAKOWICZ

Mrs. Guinn informed the Board that Robert Sakowicz had resigned his position on the Board as a result of his resignation from the Fire Department. Mrs. Guinn advised Firefighter Harmon that the firefighters would need to hold an election to replace Firefighter Sakowicz’s term on the Board.

AGENDA #7 AUTHORIZE REFUND OF ROBERT SAKOWICZ’S PENSION CONTRIBUTIONS”

Firefighter Harmon moved to refund Robert Sakowicz’s pension contributions in the amount of $8,182.00, seconded by Mr. Stallard. A majority affirmative voice vote was received.

AGENDA #8 ACCEPT DANIEL RUNYON’S APPLICATION FOR MEMBERSHIP IN THE FIRE PENSION FUND

Daniel Runyon had been hired into the Fire Department upon Mitchell Pflaum’s resignation, and the Board would need to accept his membership into the Fire Pension Fund.

Mrs. Guinn moved to accept Daniel Runyon’s application for membership in the Fire Pension Fund, seconded by Mr. Stallard. A majority affirmative voice vote was received.

Firefighter Harmon signed the application, and Mrs. Guinn would get Chief Holmes’ signature at a later date.

AGENDA #9 DISCUSSION/POSSIBLE ACTION: OPTIONS FOR TRAINING

Mrs. Guinn told the Board that the IML now provided free, online training that would help the Board members meet their annual training hours. She wondered if the Board would like to use this option instead of paying the college to have Rick Runyon conduct the training. The Board seemed agreeable that they would like to utilize the free, online training provided by IML.

AGENDA #10 AUTHORIZE PAYMENT/REIMBURSEMENT OF INVOICES

Mrs. Guinn had an invoice to be paid to Kemper CPA Group for completion of the audit in the amount of $800.00 and for completion of their portion of the Annual Report in the amount of $2,717.50.

Mr. Stallard moved to reimburse the City in the amount of $3,517.50 to Kemper CPA Group for the charges detailed above, seconded by Mrs. Guinn. A majority affirmative voice vote was received.

AGENDA #11 PUBLIC COMMENTS/PRESENTATIONS

No one from the public was present.

AGENDA #12 SCHEDULING OF NEXT MEETING

The next meeting of the Fire Pension Board was scheduled for 9:00 a.m. on November 22, 2022.

AGENDA #13 ADJOURN

Firefighter Harmon moved to adjourn, seconded by Mr. Stallard. A majority affirmative voice vote was received.

The Fire Pension meeting adjourned at 9:16 a.m.

https://cms2.revize.com/revize/olneynew/fp%2010112022.pdf

https://cms2.revize.com/revize/olneynew/fp%2010112022.pdf