East Central Reporter

City of Olney Police Pension Board met Feb. 12.

Here are the minutes provided by the board:

AGENDA #1 CALL TO ORDER: Vice President Holly Hamilton called to order the City of Olney Police Pension Board meeting for March 12, 2024, at 8:34 a.m.

AGENDA #2 ROLL CALL: The following were present: Sergeant Holly Hamilton, Officer Timothy Sturm, Tim Dunahee, and Charles “Chuck” Sanders. City Treasurer Jane Guinn and City Clerk Kelsie Sterchi were also present.

AGENDA #3 RECOGNIZE RESIGNATION OF RICK RUNYON Mrs. Guinn stated that Rick Runyon had submitted his resignation from the Police Pension Board. She encouraged Board members to recommend a replacement member.

AGENDA #4 ELECTION OF OFFICERS Because Rick Runyon had been serving as President of the Police Pension Board, a new President would need to be elected.

Sergeant Hamilton moved to nominate Tim Dunahee as President, seconded by Officer Sturm. A majority affirmative voice vote was received with no other nominations. Mr. Dunahee was elected as President.

AGENDA #5 APPROVE MINUTES FROM POLICE PENSION BOARD MEETING ON JANUARY 25, 2024: Mr. Dunahee moved to approve the minutes from January 25, 2024, seconded by Sergeant Hamilton. A majority affirmative voice vote was received.

AGENDA #6 TREASURER’S REPORT:

6-A “Discussion: Income and Expense May 1, 2023 – February 29, 2024” Mrs. Guinn reported that total income for the fiscal year was currently at $746,033.58 with total expense at $568,496.51. Net income equaled $177,537.07. Mrs. Guinn did not expect much more income this fiscal year.

Mr. Dunahee asked if expenses would also stall. Mrs. Guinn indicated that there would be more expense before the end of the fiscal year.

Mr. Dunahee then asked what was being done to be sure that the Fund did not run out of money. Mrs. Guinn replied that the income and expense statement was not indicative of the total Police Pension Fund. The statement only showed activity during the current fiscal year. Total Police Pension funds were at $7,415,460.68.

6-B “Discussion: Investment Results Summary – January 31, 2024” The Fund’s fiscal year ended in December with the new fiscal year beginning January 2024. MTD returns were (0.41%), but the 2023 fiscal year had ended with 7.59%.

Mrs. Guinn then told the Board that she had transferred $60,000.00 out of the IPOPIF pool on January 23, 2024, in order to make pension payments.

Mr. Dunahee moved to accept the Treasurer’s Report, seconded by Sergeant Hamilton. A majority affirmative voice vote was received.

AGENDA #7 AUTHORIZE CHANGES TO CHECK SIGNATORY & IPOPIF AUTHORIZATIONS Because the title of President had been transferred to Mr. Dunahee, Mrs. Guinn would need to order a new check stamp, send appropriate documentation to the State, and update bank signatory documents.

Officer Sturm moved to change check signatory and IPOPIF authorizations to reflect Mr. Dunahee as President, seconded by Sergeant Hamilton. A majority affirmative voice vote was received.

AGENDA #8 APPROVE APPLICATION FOR MEMBERSHIP IN POLICE PENSION FUND – KYLE SEALS Kyle Seals was a newly hired officer in the Police Department and was requesting membership into the Police Pension Fund.

Mr. Dunahee moved to approve Kyle Seals’ application for membership in the Police Pension Fund, seconded by Officer Sturm. A majority affirmative voice vote was received.

AGENDA #9 DISCUSSION/APPROVAL: 2024-2025 PROPOSED POLICE PENSION BUDGET Mrs. Guinn projected that for the new fiscal year, $100,000.00 would be received from unrealized gains/losses on investments. She also expected interest income to come in at $4,500.00 with investment pool income at $50,000.00. Employee contributions should come in at $83,000.00, corporate replacement tax at $32,023.00, and Police Pension tax at $632,948.00

For expenses, Mrs. Guinn expected $716,547.00 in pension payments, audit expense at $2,150.00, liability insurance at $12,500.00, and investment fees at $9,000.00. This proposed budget showed a favorable amount of $162,274.00.

Mr. Dunahee moved to approve the proposed 2024-2025 Police Pension Budget, seconded by Sergeant Hamilton. A majority affirmative voice vote was received.

AGENDA #10 DISCUSSION: TRAINING HOURS DUE BY APRIL 30, 2024 Mrs. Guinn reviewed which trainings each Board member still needed to complete by April 30, 2024. These trainings would need to be completed so that Mrs. Guinn could complete the annual report.

AGENDA #11 PUBLIC COMMENTS/PRESENTATIONS: No one from the public was present.

Mr. Dunahee asked if all benefits had been taken care of for Sergeant Schlick’s family. Mrs. Guinn confirmed.

AGENDA #12 SCHEDULING OF NEXT MEETING: The next meeting of the Police Pension Board would be held at 8:30 a.m. on June 25, 2024.

AGENDA #13 ADJOURN: Mr. Dunahee moved to adjourn, seconded by Officer Sturm. A majority affirmative voice vote was received. The meeting of the Police Pension Board adjourned at 8:50 a.m.

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