East Central Reporter

City of Olney Police Pension Board met Sept. 25.

Here are the minutes provided by the board:

AGENDA #1 CALL TO ORDER: President Tim Dunahee called to order the City of Olney Police Pension Board meeting for September 25, 2024, at 8:30 a.m.

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

AGENDA #3 APPROVE MINUTES FROM POLICE PENSION BOARD MEETING ON JUNE 25, 2024: Mr. Ochs moved to approve the minutes from June 25, 2024, seconded by Sergeant Hamilton. A majority affirmative voice vote was received.

AGENDA #4 ELECTION OF OFFICERS: Sergeant Hamilton moved to elect Mr. Dunahee as President, herself as Vice President, and Mr. Sanders as Secretary, seconded by Officer Sturm. A majority affirmative voice vote was received.

Per State statute, Mrs. Guinn was required to be the Treasurer of the Police Pension Board due to her position as City Treasurer.

AGENDA #5 TREASURER’S REPORT:

5-A “Discussion: Income and Expense May 1, 2023 – April 30, 2024 (Final)” Mrs. Guinn explained that the auditors had completed their entries. FY 2023/2024 reported $1,415,524.56 for income and $690,654.31 for expenses. The Fund showed a net income of $724,870.25 and a total balance of $7,399,896.41.

5-B “Discussion: Income and Expense May 1, 2024 – August 31, 2024” The first installment of tax levy income had been received and current total income was at $402,929.40. An amount of $236,791.00 had been paid out so far on pension payments.

Mrs. Guinn continued to keep three months worth of pension payment funds available on-hand in the First National Bank of Olney money market account.

5-C “Discussion: Investment Results Summary – August 31, 2024” Mrs. Guinn told the Board that the IPOPIF was reporting a Fund value of $7,993,827.56.

Mr. Dunahee noted that the income and expense statement through August 31st had reported total funds at $8,175,456.53. He wondered why that number differed from IPOPIF. Mrs. Guinn replied that the IPOPIF fund only reported on investments. The income and expense statement included other balances, such as from local bank accounts.

IPOPIF was also reporting rate of return as 1.97% MTD, 4.38% QTD, and 9.98% YTD. Mrs. Guinn had also recently transferred $310,000.00 into the investment pool.

Mr. Sanders asked what caused the net asset value per units to change. Mrs. Guinn assumed that would be dependent on how income was being earned.

Mr. Sanders asked if this report was unique to Olney. Mrs. Guinn confirmed.

AGENDA #6 REVIEW/ACCEPT FILING OF ANNUAL REPORT: Mrs. Guinn was ready to file the Annual Report. She explained that the auditors completed the financial section of the report and that she completed the employer information and interrogatory statements.

Once submitted to the State, the State would use the report to work on their actuarial report that the City would use to help determine the next ax levy.

Officer Sturm moved to accept and file the Annual Report, seconded by Sergeant Hamilton. A majority affirmative voice vote was received.

AGENDA #7 AUTHORIZE PAYMENT/REIMBURSEMENT OF INVOICES: Mrs. Guinn had received a bill in the amount of $800.00 for the audit fee and $1,350.00 for the annual report. The City had paid the bill, so she was requesting the Police Pension Fund to reimburse the City for that bill.

Sergeant Hamilton moved to approve the reimbursement request, as presented, seconded by Mr. Sanders. A majority affirmative voice vote was received.

Mr. Sanders asked if the Kemper CPA Group would continue to perform the audits and annual reports in the future. Mrs. Guinn replied that the City was still in an agreement with Kemper for performing the annual audit. Because the Annual Report was now simpler to put together following the consolidation of pension funds, Mrs. Guinn supposed she may be able to create the entire report in the future.

AGENDA #8 PUBLIC COMMENTS/PRESENTATIONS: No one from the public was present.

AGENDA #9 SCHEDULING OF NEXT MEETING: The next meeting of the Police Pension Board would be held at 8:30 a.m. on November 13, 2024.

AGENDA #10 ADJOURN: Mr. Dunahee moved to adjourn, seconded by Mr. Sanders. A majority affirmative voice vote was received. The meeting of the Police Pension Board adjourned at 8:43 a.m.

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