City of Olney Police Pension Board met May 23.
Here are the minutes provided by the board:
City of Olney
Police Pension Board Meeting May 23, 2023
AGENDA #1 CALL TO ORDER: President, Rick Runyon, called to order the City of Olney Police Pension Board meeting for May 23, 2023, at 8:30 a.m.
AGENDA #2 ROLL CALL: The following were present: Sergeant Josh Schlick, Sergeant Holly Hamilton, Rob Brown, Chuck Sanders, and Rick Runyon. City Treasurer Jane Guinn was also present.
AGENDA #3 APPROVE MINUTES FROM POLICE PENSION BOARD MEETING ON FEBRUARY 28, 2023: The Board was provided with the minutes from February 28, 2023. Sergeant Schlick moved to approve the minutes from February 28, 2023, seconded by Mr. Runyon. A majority affirmative voice vote was received.
AGENDA #4 TREASURER’S REPORT:
4-A “Discussion: Income & Expense May 1, 2022 – April 30, 2023” The Board was provided with a copy an income and expense statement from May 1, 2022, through April 30, 2023.
Mrs. Guinn told the Board that the income and expense statement for the 2022/2023 fiscal year was still unaudited. She expected that some adjustments would be made by the auditors.
Income for the fiscal year came in at about $805,000.00 and an amount of $763,000.00 had been budgeted. Expenses for the fiscal year came in at about $700,000.00 versus the $687,000.00 that had been budgeted.
Cash balance showed $165,000.00 at the First National Bank in Olney, and the IPOPIF pool had about $6,400,000.00. Total funds came to $6,675,000.00.
Mrs. Guinn would continue to keep three months worth of pension payments on hand at the First National Bank, and this would total $163,000.00.
4-B “Discussion: Investment Results Summary – April 30, 2023” Mrs. Guinn stated that a couple of CDs would be coming due in November of this year.
The Board also reviewed the return statement from IPOPIF. YTD, a return of 5.24% had been received.
Mr. Brown asked if the listed withdrawals were made by City. Mrs. Guinn confirmed.
Mr. Brown moved to approve the Treasurer’s Report, seconded by Sergeant Schlick. A majority affirmative voice vote was received.
AGENDA #5 ACCEPTANCE OF APPLICATIONS FOR MEMBERSHIP INTO THE POLICE PENSION FUND FOR KEAGAN BOGARD AND LOGAN MUSTON: Mr. Brown moved to approve applications for membership into the Police Pension Fund for Keagan Bogard and Logan Muston, seconded by Sergeant Schlick. A majority affirmative voice vote was received.
AGENDA #6 RESOLUTION: APPOINT AUTHORIZED AGENTS FOR THE POLICE PENSION FUND: The IPOPIF had previously asked for a resolution appointing authorized agents during the pension funds transfer, but now the IPOPIF needed appointments of authorized agents for Fund now that the transfer was complete.
Sergeant Schlick moved to approve PP2023-R-01 which would appoint Mr. Runyon and Mrs. Guinn as authorized agents for the Police Pension Fund, seconded by Mr. Sanders. A majority affirmative voice vote was received.
AGENDA #7 APPROVE TREASURER TO TRANSFER FUNDS AS NEEDED BETWEEN THE FIRST NATIONAL BANK ACCOUNT & THE IPOPIF FUND: Mrs. Guinn asked for this same permission in the prior year and was approved. She felt that this should be approved annually.
Sergeant Schlick moved to approve the Treasurer to transfer funds as needed between the First National Bank Account and the IPOPIF Fund, seconded by Mr. Brown. A majority affirmative voice vote was received.
AGENDA #8 DISCUSSION: TRAINING HOURS: Sergeants Schlick and Hamilton were re elected to the Police Pension Board by the current police officers. Mr. Brown’s term technically expired at the first of this month but he would stay seated until the retiree election was completed.
Mrs. Guinn still needed Mr. Brown’s four hour certificates from the online IML training. Mr. Brown said he could do the training, if needed, but may not continue serving on the Board based on the election. Mrs. Guinn reminded him that the certificates she needed were for the 2022/2023 year.
Mrs. Guinn recommended that the Board members start on their 2023/2024 training.
AGENDA #9 PUBLIC COMMENTS/PRESENTATIONS: No one from the public was present.
AGENDA #10 SCHEDULING OF NEXT MEETING: The next meeting of the Police Pension Board was scheduled for September 19, 2023, at 8:30 a.m.
AGENDA #11 ADJOURN: Mr. Brown moved to adjourn, seconded by Sergeant Schlick. A majority affirmative voice vote was received. The meeting of the Police Pension Board adjourned at 8:45 a.m.
https://cms2.revize.com/revize/olneynew/pp%20may%2023%202023.pdf
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