HomeMy WebLinkAbout2023-10-19 - Agendas - FinalLioneld Jordan Chairman
Kara Paxton Treasurer
Eldon Roberts Secretary
Retired Position 1
Ruston Cole Retired Position 2
John Brown Retired Position 3
Melvin Stanley Retired Position 4
Frank Johnson Retired Position 5
Policemen's Pension and Relief Fund
Board of Trustees Meeting Agenda
October 19, 2023
A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees will be held
on October 19, 2023 at 3:00 p.m. in Room 326 of the City Administration Building located at 113
West Mountain Street, Fayetteville, Arkansas.
Roll Call
Garrison Financial:
• Quarterly reports ending June 30, 2023 & September 30, 2023
Minutes:
• Approval of the April 20, 2023 meeting minutes
Pension List Changes:
• None
Approval of the Pension List:
• Approval of the November 2023 April 2024 Pension Lists
Unfinished Business: None
New Business:
• None
Informational:
• Revenue Expense Summary Reports for September 30, 2023
• Analysis of Fayetteville's Premium Tax
2024 Meeting Calendar
• Next Meeting — April 18, 2024
Note: All meetings are tentative and subject to change. The City meetings calendar is
located at www.fayetteville-ar.gov
owi, GARRISON
ASSET MANAGEMENT
July 13, 2023
Ms. Kara Paxton
City of Fayetteville
113 West Mountain Street
Fayetteville, Arkansas 72701-6069
Dear Kara,
Enclosed are your quarterly reports for the quarter ended June 30, 2023.
Tighter credit conditions, a debt ceiling showdown and continued geopolitical unrest did not scare investors
away from risk assets in the 2nd quarter as the equity markets continued their stellar performance that
kicked off in the fourth quarter of 2022. Bond investors were a bit more cautious pushing rates up and
prices down the past three months.
Equity market gains the last six months as measured by the S&P 500 have been interesting to say the least.
It's been a tale of two markets with wide divergence in sectors, and the majority of gains attributed to a
handful of the mega -cap names. The S&P 500 has gained +16.89% year to date, but five of the eleven
sectors are in the red with Energy, Utilities and Healthcare retreating the most, down-7.26%, -7.16% and -
2.33% respectively. Removing the top and bottom 10 performers in the S&P 500, the market gains are
almost cut in half to +8.8%. When looking at the equally weighted S&P 500, the performance is more than
cut in half to +7.03%. This speaks to the vast outperformance by the mega -cap names in the index. Year-to-
date the Dow Jones Industrial Average gained +4.94%, while the tech heavy NASDAQ charged ahead
+32.32%. The NASDAQ is dominated by a small number of mega -cap technology companies, so much so
that a "special rebalancing" of the NASDAQ 100 index will take place to redistribute the weight of the
index's members. As of July 3rd, just six companies in the NASDAQ 100 had a combined weighting over 50%
of the index. On the style front, growth trounced value with the Russell 1000 Growth index rising +29.01%
with value up a meager+5.10%.
For the quarter, Technology, Consumer Discretionary and Communications Services drove the market
higher gaining +16.69%, +14.31% and +12.82% respectively. Utilities, Energy and Consumer Staples ended
the quarter in the red down-3.26%, -1.79% and -.2%.
Fixed income markets continued to be volatile with the yield curve moving up across the entire spectrum.
The Treasury curve flattened a bit this quarter but continues to be inverted with the 2yr, Syr, 10yr and 30yr
Treasuries ending the quarter with yields of 4.9%, 4.16%, 4.06% and 3.86% respectively. The Barclays
Intermediate Govt./Corp index lost -.81% in the most recent quarter but is hanging on to a slight gain of
+1.5% for the year.
Washington reached a deal in early June suspending the debt ceiling for two years, so the deficit and
ballooning debt have been kicked down the road again. Projections show the debt will continue to grow
faster than the economy in the next few years. This problem will come to roost one day, just not yet. The
current path of government spending is not sustainable.
Even though inflation has eased from the +8% level last summer, it remains sticky, far above the Fed's 2%
mandate, but is heading in the right direction. Optimistic news on the inflation front showed up in the June
numbers with CPI up 3% from last June, the smallest advance in more than two years. Excluding food and
energy, core CPI advanced 4.8%. Both of these measures were better than expected, but still higher than
the 2% target. The Fed has repeatedly cited the need for a "sustained period of below -trend growth" so it is
unlikely the Fed will come to the rescue anytime soon when the illusive slowdown eventually sets in. We
expect interest rates to remain at current levels or slightly higher over the near and intermediate term.
As painful as 2022 was for bond holders, the interest rate increases finally pushed rates back into what we
consider a normal range for the first time since the global financial crisis in 2008. Thankfully the Fed hit the
pause button in June, but if the economy does not slow more in the coming months, additional rate hikes
could be coming. We're still hopeful the economy will slow in the back half of the year, which should limit
further rate hikes to one or two.
We just came through the longest stretch of artificially low interest rates in history. 3% mortgages are not
something we should expect. It's normal and healthy for the efficient allocation of capital for investors to
earn a decent return on their capital and for borrowers to pay an appropriate rate on funds they use.
The economy has remained remarkably resilient in the face of the nine interest rate hikes by the Fed the
last 14 months. GDP growth remains positive, and the consumer is holding up quite well due to the
continued strong job market. Time will tell whether the Fed can accomplish the difficult task of engineering
a soft landing, raising short term interest rates enough to bring inflation into check without tipping the
economy into recession.
As always, we appreciate your trust and confidence in our firm in helping you with your investments. If you
have any questions or would like to schedule a review, please call our office.
Sincerely,
Kerry Bradley, CFA, MBA
Equity Portfolio Manager
Garrison Asset Management
605 W. Dickson Street, Suite 201 • Fayetteville, Arkansas 72701
479-587-1045 • 888-442-7637. 479-587-1257 Facsimile • www.GarrisonFinancial.com
0001,
GARRISON
ASSET MANAGEMENT
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
Quarter Ending June 30, 2023
PORTFOLIO SUMMARY
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
June 30, 2023
10.8%
65.3
■ Cash & Equivalents 91,856.91
Money Market 596,019.92
Account Fixed Income 1,231,365.13
Account Equities 3,616,290.50
Damson Asset Management
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
June 30, 2023
Adj Unit Total Adjusted Market Pet. Unit Annual
Quantity Security Cost Cost Price Value Assets Income Income Yield
CASH AND EQUIVALENTS
Schwab Bank Sweep 91,856.91 91,856.91 1.7 0.450
TRADED - MONEY MARKET
596,020 Schwab Govt Money
Fund Investor Shares
TREASURY NOTE
100,000 US Treasury Note
0.125% Due 07-15-23
150,000 US Treasury Note
2.500% Due 01-31-24
Accrued Interest
CORPORATE BONDS
125,000
Procter & Gamble
Company
3.100% Due 08-15-23
110,000
JB Hunt Transport
Services, Inc.
3.875% Due 03-01-26
100,000
Adobe, Inc.
2.150% Due 02-01-27
110,000
Kroger Company
3.700% Due 08-01-27
60,000
Laboratory Corporation
of America Holdings
3.600% Due 09-01-27
110,000
General Dynamics
Corporation
2.625% Due 11-15-27
100,000
Tyson Foods, Inc.
4.350% Due 03-01-29
100,000
PepsiCo, Inc.
2.625% Due 07-29-29
110,000
FedEx Corporation
3.100% Due 08-05-29
Accrued Interest
COMMON STOCK
1,680
AT&T, Inc.
525
AbbVie, Inc.
710
Abbott Laboratories
300
Accenture Plc.
600
Akamai Technologies,
Inc.
380
Alphabet, Inc. Class C
435
American Electric
Power
295
Amgen, Inc.
250
Ansys, Inc.
560
Apple, Inc.
91,856.91
1.00 596,019.92 1.00
99.83
99,832.56
99.80
98.82
148,229.15
98.34
248,061.71
100.14
125,178.61
99.70
103.12
113,433.65
96.27
104.39
104,385.96
91.82
103.08
113,390.46
95.02
103.54
62,123.18
94.86
101.95
112,150.19
91.35
115.22
115,218.17
95.24
103.29
103,287.67
89.97
100.10
110,108.90
89.93
959,276.79
21.31
35,806.37
15.95
66.58
34,953.92
134.73
39.36
27,945.60
109.02
90.81
27,241.91
308.58
55.76
33,454.45
89.87
125.26
47,597.47
120.97
78.40
34,102.70
84.20
114.33
33,727.26
222.02
75.67
18,918.47
330.27
17.86
10,002.18
193.97
fl
91,856.91 1.7
596,019.92 10.8 4.770
596,019.92 10.8
99,796.87 1.8 0.125
147,515.62 2.7 2.500
1,611.19 0.0
248,923.68 4.5
124,624.00
2.3
3.100
105,898.65
1.9
3.875
91,819.90
1.7
2.150
104,522.22
1.9
3.700
56,916.36
1.0
3.600
100,488.74
1.8
2.625
95,240.40
1.7
4.350
89,968.80
1.6
2.625
98,923.00
1.8
3.100
10,423.87
0.2
878,825.94
15.9
26,796.00
0.5
1.110
70,733.25
1.3
5.920
77,404.20
1.4
2.040
92,574.00
1.7
4.480
53,922.00
1.0
0.000
45,968.60
0.8
0.000
36,627.00
0.7
3.320
65,495.90
1.2
8.520
82,567.50
1.5
0.000
108,623.20
2.0
0.960
413.36 0.4
413.36 0.4
28,430.15 4.8
28,430.15 4.8
125.00 5.1
3,750.00 5.5
3,875.00 5.3
3,875.00 5.5
4,262.50 5.5
2,150.00 4.7
4,070.00 5.1
2,160.00 5.0
2,887.50 4.9
4,350.00 5.4
2,625.00 4.6
3,410.00 5.1
29,790.00 5.1
1,864.80 7.0
3,108.00 4.4
1,448.40 1.9
1,344.00 1.5
0.00 0.0
0.00 0.0
1,444.20 3.9
2,513.40 3.8
0.00 0.0
537.60 0.5
Damson Asset Management
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension
and Relief Fund
Charles Schwab #2448-5630
June 30,
2023
Adj Unit
Total Adjusted
Market
Pet.
Unit
Annual
Quantity
Security
Cost
Cost
Price
Value
Assets
Income
Income
Yield
685
AptarGroup, Inc.
63.47
43,477.91
115.86
79,364.10
1.4
1.520
1,041.20
1.3
580
Arista Networks, Inc.
52.16
30,250.97
162.06
93,994.80
1.7
0.000
0.00
0.0
56
Aspen Technology
166.30
9,312.80
167.61
9,386.16
0.2
0.000
0.00
0.0
33
AutoZone, Inc.
516.09
17,031.09
2,493.36
82,280.88
1.5
0.000
0.00
0.0
1,350
BCE, Inc.
24.40
32,934.20
45.59
61,546.50
1.1
2.810
3,793.50
6.2
200
Becton, Dickinson &
111.11
22,222.05
264.01
52,802.00
1.0
3.640
728.00
1.4
Company
135
Broadcom, Inc.
239.03
32,268.40
867.43
117,103.05
2.1
18.400
2,484.00
2.1
225
Broadridge Financial
41.33
9,298.79
165.63
37,266.75
0.7
2.900
652.50
1.8
Solutions, Inc.
1,368
Brown -Forman Corp.
35.52
48,596.98
66.78
91,355.04
1.7
0.820
1,121.76
1.2
Cl B
385
Bunge Ltd.
84.56
32,556.82
94.35
36,324.75
0.7
2.650
1,020.25
2.8
1,445
Cisco Systems, Inc.
19.70
28,470.99
51.74
74,764.30
1.4
1.560
2,254.20
3.0
1,400
Coca-Cola Company
30.98
43,374.60
60.22
84,308.00
1.5
1.840
2,576.00
3.1
865
ConocoPhillips
55.58
48,077.77
103.61
89,622.65
1.6
5.340
4,619.10
5.2
220
Deere & Co.
87.76
19,307.71
405.19
89,141.80
1.6
5.000
1,100.00
1.2
500
Disney, Walt Company
110.91
55,454.90
89.28
44,640.00
0.8
0.000
0.00
0.0
550
Eastman Chemical
85.25
46,885.10
83.72
46,046.00
0.8
3.160
1,738.00
3.8
Company
700
Embecta Corporation
28.85
20,198.03
21.60
15,120.00
0.3
0.600
420.00
2.8
600
Intel Corporation
20.53
12,320.72
33.44
20,064.00
0.4
0.500
300.00
1.5
560
Johnson & Johnson
64.70
36,229.62
165.52
92,691.20
1.7
4.760
2,665.60
2.9
365
Kimberly-Clark
107.07
39,079.82
138.06
50,391.90
0.9
4.720
1,722.80
3.4
Corporation
335
Laboratory Corp.
125.86
42,163.99
241.33
80,845.55
1.5
2.880
964.80
1.2
America Holdings
550
Lincoln Electric
67.20
36,958.88
198.63
109,246.50
2.0
2.560
1,408.00
1.3
Holdings, Inc.
120
Mastercard, Inc.
295.65
35,477.92
393.30
47,196.00
0.9
2.280
273.60
0.6
640
Medtronic Plc.
77.60
49,662.77
88.10
56,384.00
1.0
2.760
1,766.40
3.1
755
Merck & Co., hic.
49.00
36,994.17
115.39
87,119.45
1.6
2.920
2,204.60
2.5
210
Palo Alto Networks
126.26
26,514.23
255.51
53,657.10
1.0
0.000
0.00
0.0
475
Pepsico, Inc.
93.75
44,533.57
185.22
87,979.50
1.6
5.060
2,403.50
2.7
630
Phillips 66
72.18
45,473.90
95.38
60,089.40
1.1
4.200
2,646.00
4.4
570
Procter & Gamble
59.42
33,868.04
151.74
86,491.80
1.6
3.760
2,143.20
2.5
Company
500
Revvity, Inc.
97.03
48,515.80
118.79
59,395.00
1.1
0.280
140.00
0.2
825
Roche Holding, Ltd.
43.72
36,069.41
38.20
31,515.00
0.6
0.800
660.00
2.1
ADR
330
Rockwell Automation,
165.23
54,524.36
329.45
108,718.50
2.0
4.720
1,557.60
1.4
Inc.
250
Skyworks Solutions
126.14
31,535.10
110.69
27,672.50
0.5
2.480
620.00
2.2
470
Texas Instruments, hic.
58.53
27,511.42
180.02
84,609.40
1.5
4.960
2,331.20
2.8
120
VMWare, Inc
124.21
14,905.40
143.69
17,242.80
0.3
0.000
0.00
0.0
710
Ventas, Inc.
73.52
52,195.91
47.27
33,561.70
0.6
1.800
1,278.00
3.8
355
Verisk Analytics, Inc.
81.80
29,039.45
226.03
80,240.65
1.4
1.360
482.80
0.6
500
Vertiv Holdings
19.01
9,504.95
24.77
12,385.00
0.2
0.010
5.00
0.0
Company
595
Wa1Mart, Inc.
62.11
36,953.86
157.18
93,522.10
1.7
2.280
1,356.60
1.5
406
Warner Brothers
28.62
11,621.33
12.54
5,091.24
0.1
0.000
0.00
0.0
Discovery, Inc.
510
Waste Management, Inc.
42.21
21,525.65
173.42
88,444.20
1.6
2.800
1,428.00
1.6
500
Xylem, Inc.
64.30
32,148.42
112.62
56,310.00
1.0
1.320
660.00
1.2
252
Zscaler, Inc.
243.08
61,256.26
146.30
36,867.60
0.7
0.000
0.00
0.0
1,750,054.40
3,333,510.52
60.2
64,826.61
1.9
2
Damson Asset Management
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
June 30, 2023
Adj Unit
Total Adjusted Market
Pet.
Unit
Annual
Quantity
Security
Cost
Cost Price Value
Assets
Income
Income
Yield
MUTUAL FUNDS
2,936.596
Dodge & Cox Intl Stk
44.52
130,732.07 47.73 140,163.73
2.5
1.180
3,465.18
2.5
2,786.023
Oppenheimer
39.55
110,177.84 39.49 110,020.05
2.0
0.050
139.30
0.1
Developing Mkts A
240,909.91 250,183.78
4.5
3,604.48
1.4
UNIT TRUSTS
2,340
FT Energy Income &
34.20
80,032.95 13.93 32,596.20
0.6
1.200
2,808.00
8.6
Growth
3,350
iShares S&P US Pfd Stk
38.34
128,422.50 30.93 103,615.50
1.9
1.640
5,494.00
5.3
208,455.45 136,211.70
2.5
8,302.00
6.1
TOTAL PORTFOLIO
4,094,635.09 5,535,532.45
100.0
139,241.60
3.0
You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies.
3
Trade Settle
Date Date
PURCHASES
05-26-23 05-31-23
05-03-23 05-04-23
Garrison Asset Management
PURCHASE AND SALE
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 To 06-30-23
Quantity
REINVESTED DIVIDENDS
01-17-23 01-17-23
02-15-23 02-15-23
03-15-23 03-15-23
04-17-23 04-17-23
05-15-23 05-15-23
06-15-23 06-15-23
SALES
Security
380 Alphabet, Inc. Class C
361,000 Schwab Govt Money Fund Investor
Shares
496 Schwab Govt Money Fund Investor
Shares
991 Schwab Govt Money Fund Investor
Shares
933 Schwab Govt Money Fund Investor
Shares
982 Schwab Govt Money Fund Investor
Shares
1,380 Schwab Govt Money Fund Investor
Shares
2,399 Schwab Govt Money Fund Investor
Shares
Unit
Price Amount
125.26 47,597.47
1.00 361,000.00
408,597.47
1.00
496.08
1.00
990.71
1.00
933.42
1.00
981.79
1.00 1,380.22
1.00 2,399.01
7,181.23
05-03-23
05-03-23
125,000 Apple Inc.
100.00
125,000.00
2.400% Due 05-03-23
04-21-23
04-25-23
10 AutoZone, Inc.
2,686.44
26,864.42
04-21-23
04-25-23
15 Broadcom, Inc.
631.45
9,471.82
04-21-23
04-25-23
100 ConocoPhillips
101.95
10,195.37
04-21-23
04-25-23
30 Deere & Co.
387.06
11,611.86
04-21-23
04-24-23
1,068.833 Dodge & Cox Intl Stk
46.76
49,975.00
04-19-23
04-21-23
1,145 Freeport-McMoRan, Inc. Cl B
42.08
48,180.12
03-17-23
03-21-23
3,865 Huntington Bancshares, Inc.
10.35
40,003.80
04-21-23
04-25-23
605 Intel Corporation
30.29
18,328.24
04-21-23
04-25-23
71 Lincoln Electric Holdings, Inc.
159.78
11,344.64
04-21-23
04-25-23
54 Lincoln Electric Holdings, Inc.
159.78
8,628.31
03-10-23
03-14-23
680 Masco Corp.
49.94
33,956.18
04-21-23
04-25-23
345 Merck & Co., Inc.
115.33
39,790.10
05-01-23
05-01-23
110,000 Nike, Inc.
100.00
110,000.00
2.250% Due 05-01-23
04-21-23
04-24-23
3.806 Oppenheimer Developing Mkts A
39.94
152.01
04-21-23
04-24-23
189.241 Oppenheimer Developing Mkts A
39.94
7,558.28
04-21-23
04-24-23
6.108 Oppenheimer Developing Mkts A
39.94
243.95
04-21-23
04-24-23
8.842 Oppenheimer Developing Mkts A
39.94
353.15
1
Garrison Asset Management
PURCHASE AND SALE
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 To 06-30-23
Trade
Date
Settle
Date
Quantity Security
Unit
Price
Amount
04-21-23
04-24-23
65.539 Oppenheimer Developing Mkts A
39.94
2,617.63
04-21-23
04-24-23
978.342 Oppenheimer Developing Mkts A
39.94
39,074.98
04-21-23
04-25-23
55 Pepsico, Inc.
185.43
10,198.67
04-21-23
04-25-23
60 Procter & Gamble Company
156.12
9,367.01
03-06-23
03-07-23
60,000 Schwab Govt Money Fund Investor
1.00
60,000.00
Shares
04-06-23
04-10-23
20,000 Schwab Govt Money Fund Investor
1.00
20,000.00
Shares
04-21-23
04-25-23
60 WalMart, Inc.
151.68
9,100.99
702,016.53
2
Garrison russet Management
REALIZED GAINS AND LOSSES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 Through 06-30-23
Open
Date
Close
Date
Quantity Security
Cost
Basis
Amort. or
Accretion
Proceeds
Gain Or Loss
Short Term Long Term
03-06-23
60,000 Schwab Govt Money Fund
60,000.00
60,000.00
0.00*
Investor Shares
02-18-21
03-10-23
680 Masco Corp.
36,805.20
33,956.18
-2,849.02
03-23-17
03-17-23
3,865 Huntington Bancshares, Inc.
50,444.36
40,003.80
-10,440.56
04-06-23
20,000 Schwab Govt Money Fund
20,000.00
20,000.00
0.00*
Investor Shares
02-11-21
04-19-23
1,145 Freeport-McMoRan, Inc. Cl
35,741.98
48,180.12
12,438.14
B
12-14-21
04-21-23
3.806 Oppenheimer Developing
180.42
152.01
-28.41
Mkts A
12-14-21
04-21-23
189.241 Oppenheimer Developing
8,970.02
7,558.28
-1,411.74
Mkts A
12-13-19
04-21-23
6.108 Oppenheimer Developing
278.41
243.95
-34.46
Mkts A
12-13-19
04-21-23
8.842 Oppenheimer Developing
403.02
353.15
-49.87
Mkts A
12-13-19
04-21-23
65.539 Oppenheimer Developing
2,987.29
2,617.63
-369.66
Mkts A
04-19-18
04-21-23
978.342 Oppenheimer Developing
43,673.17
39,074.98
-4,598.19
Mkts A
04-19-18
04-21-23
1,068.833 Dodge & Cox Intl Stk
49,875.32
49,975.00
99.68
01-13-14
04-21-23
345 Merck & Co., Inc.
16,904.62
39,790.10
22,885.48
07-24-14
04-21-23
10 AutoZone, Inc.
5,160.94
26,864.42
21,703.48
06-22-06
04-21-23
605 Intel Corporation
12,423.40
18,328.24
5,904.84
03-18-09
04-21-23
60 Wa1Mart, Inc.
3,726.44
9,100.99
5,374.55
07-24-14
04-21-23
71 Lincoln Electric Holdings,
4,772.55
11,344.64
6,572.09
Inc.
07-24-14
04-21-23
54 Lincoln Electric Holdings,
3,628.69
8,628.31
4,999.62
Inc.
03-19-09
04-21-23
60 Procter & Gamble Company
3,565.06
9,367.01
5,801.95
05-20-10
04-21-23
100 ConocoPhillips
5,558.12
10,195.37
4,637.25
03-19-15
04-21-23
55 Pepsico, Inc.
5,156.52
10,198.67
5,042.15
06-27-17
04-21-23
15 Broadcom, Inc.
3,585.38
9,471.82
5,886.44
03-19-15
04-21-23
30 Deere & Co.
2,632.87
11,611.86
8,978.99
09-12-19
05-01-23
110,000 Nike, Inc.
111,576.26
-1,576.26
110,000.00
0.00
2.250% Due 05-01-23
07-15-16
05-03-23
125,000 Apple Inc.
127,787.50
-2,787.50
125,000.00
0.00
2.400% Due 05-03-23
TOTAL GAINS
0.00
110,324.67
TOTAL LOSSES
0.00
-19,781.91
615,837.53
-4,363.76
702,016.53
0.00
90,542.76
TOTAL REALIZED GAIN/LOSS 90,542.76
NO CAPITAL GAINS DISTRIBUTIONS
An'*' denotes an average cost transaction.
Damson Asset Management
PERFORMANCE SUMMARY
GROSS OF FEES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
June 30, 2023
PORTFOLIO COMPOSITION
CHANGE IN PORTFOLIO
Market
Pet.
Value
Assets
Yield
Cash & Equivalents
91,856.91
1.7
0.4
Portfolio Value on 12-31-22
5,434,371.02
Money Market
596,019.92
10.8
4.8
Accrued Interest
13,018.97
Account Fixed
1,231,365.13
22.2
5.2
Net Additions/Withdrawals
-269,320.92
Income
Account Equities
3,616,290.50
65.3
2.0
Realized Gains
11,139.00
Account
0.00
0.0
-
Unrealized Gains
279,609.24
Commodities
Income Received
67,699.06
Change in Accrued Interest
-983.90
Portfolio Value on 06-30-23
5,523,497.39
Accrued Interest
12,035.06
Total
5,535,532.45
100.0
3.0
5,535,532.45
Account
40% Fixed Income/60%
Equity Blended Index
Account Fixed Income
Barclays Capital Intermed
Govt/Credit
Account Equities
S&P 500
TIME WEIGHTED RETURN
Annualized
Quarter
Year
Last 12
Inception
To Date
To Date
Months
To Date
3.11
6.73
11.29
5.87
4.88
10.57
11.68
7.65
0.01
2.21
1.96
1.71
-0.81
1.50
-0.10
1.26
4.60
9.12
16.27
8.58
8.74
16.89
19.59
11.63
All "Account" returns refer to your portfolio. Benchmark indexes are also listed for reference. All returns are reported as
percentages.
This report is calculated using industry -standard accounting and performance calculation methodologies and is generated by our Axys
portfolio accounting software. Calculations are a time -weighted total return series based on monthly valuations, including all cash
and equivalents. All calculations are done based on trade date, employing the accrual method of accounting and include cash,
interest, dividends and realized and unrealized gains and losses. Performance is adjusted to accurately reflect portfolio deposits and
withdrawals. Results are presented after transaction costs but before management fees. Inception -to -date returns are annualized
numbers, except for accounts under management less than one year. Unsupervised assets are excluded in performance calculation.
At any given point in time an investment may be worth more or less than the original purchase price.
14111)1
GARRISON
ASSET MANAGEMENT
July 10, 2023
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
113 West Mountain
Fayetteville, AR 72701
STATEMENT OF MANAGEMENT FEES
For The Period April 1 through June 30, 2023
Portfolio Value as of 03-31-23
5,539,995
Portfolio Value as of 04-30-23
5,468,390
Portfolio Value as of 05-31-23
5,332,796
Portfolio Value as of 06-30-23
5,535,532
Average of 4 Months
5,469,179
5,469,179 @ 0.5000% per annum 6,836
Quarterly Management Fee 6,836
TOTAL DUE AND PAYABLE 6,836
This statement is for informational purposes only. As you requested, the fee will be automatically
deducted from your account. Please be advised that it is the responsibility of the client to verify the
accuracy of each fee calculation. The custodian will not determine whether the fee is properly calculated.
owi, GARRISON
ASSET MANAGEMENT
October 12, 2023
Ms. Kara Paxton
City of Fayetteville
113 West Mountain Street
Fayetteville, Arkansas 72701-6069
Dear Kara,
Enclosed are your quarterly reports for the quarter ended September 30, 2023.
The same concerns that did not deter the equity markets from charging ahead in the first half of
the year seemed to sink in with investors in the third quarter. Optimistic expectations of a Fed
pivot to lowering rates has been replaced with the realization of "higher rates for longer".
Equities retreated and interest rates rose as the 10-year treasury hit a 16-year high yield of 4.69%.
All the major stock indexes ended the quarter in the red with the S&P 500 retreating-3.27%,
leaving year-to-date gains up +13.07%. The market cap weighted nature of this index masks a lot
of underlying weakness in the broad market, as the index continues to be driven by a handful of
mega cap companies. When looking at an equal weighted measurement of the index, it's up a
mere +1.78% year-to-date. As of the close October 3rd, 273 of the index components are down
and only 227 up. The average stock in the index is up +.17% while the median stock in the index is
down-2.15%. 32% (160) of the 500 companies that make up the index are down more than -10%
year to date. Taking a broader look at equities, the Russell Mid -Cap Index, Russell Small -Cap Index,
and the Russell Value Index are up only +3.89%, +2.51% and +1.77% respectively for 2023.
The Energy and Communication Services sectors were the only positives this quarter, up +11.33%
and +2.84% respectively while Utilities, Real Estate and Consumer Staples sold off sharply down -
10.10%, -9.65% and-6.61%. Year-to-date performance by sector is split, with half up and half
down.
The yield curve remains inverted which typically portends a recession. The curve has inverted 28
times since 1900, and in 22 of those instances, a recession followed. Indicative of the curve
inversion, the yield on the 6-month Treasury bill is currently 5.56% versus a yield on the 10-year
Treasury note of 4.71%.
Rates as measured by the 10-year Treasury note rose almost +.8% in the third quarter to 4.6% and
are up from there slightly as we move into the fourth quarter. For the quarter, the bond market
was down -.83% as measured by the Barclays Intermediate Government/Credit Index. Year-to-
date the bond market is up a scant +.65%.
The economy, as measured by Gross Domestic Product (GDP), continues to muddle along at a
+2.1% annual rate as of June 2023. Inflation continues to run higher than the government's long-
term desired rate of 2%, registering +3.7% for the 12 months ending August 2023. Fortunately for
most of 2023 wages have outpaced inflation, coming in at an annual rate +5.6% through August.
Rising rates are finally spilling over into the economy. Consumer spending, which is the main input
of economic growth, has finally started to slow as pandemic savings dry up and lending conditions
tighten. Energy price hikes, auto and healthcare worker strikes and mortgage rates at their
highest levels in a generation will continue to hamper consumer spending in the future.
Disfunction in Washington and an unexpected conflict in the Middle East will also take its toll on
consumer sentiment. We expect the markets to remain volatile and the economy to slow further
over the coming quarters.
As always, we appreciate your trust and confidence in our firm in helping you with your
investments. If you have any questions or would like to schedule a review, please call our office.
Sincerely,
1�U
Kerry Bradley, CFA, MBA
Equity Portfolio Manager
Garrison Asset Management
605 W. Dickson Street, Suite 201 • Fayetteville, Arkansas 72701
479-587-1045 • 888-442-7637. 479-587-1257 Facsimile • www.GarrisonFinancial.com
001�1,
GARRISON
ASSET MANAGEMENT
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
Quarter Ending September 30, 2023
PORTFOLIO SUMMARY
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
September 30, 2023
0.5% 3.9
Cash & Equivalents 26,033.67
Money Market 213,788.44
Account Fixed Income 1,676,582.98
Account Equities 3,540,470.35
Garrison Asset Nkmagement
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
September 30, 2023
Adj Unit Total Adjusted Market Pct. Unit Annual
Quantity Security Cost Cost Price Value Assets Income Income Yield
CASH AND EQUIVALENTS
Schwab Bank Sweep 26,033.67 26,033.67
TRADED - MONEY MARKET
213,788 Schwab Govt Money
Fund Investor Shares
TREASURY BILL
400,000 US Treasury Bill
0.000% Due 01-25-24
Accrued Interest
TREASURY NOTE
150,000 US Treasury Note
2.500% Due 01-31-24
300,000 US Treasury Note
2.250% Due 04-30-24
Accrued Interest
CORPORATE BONDS
110,000
JB Hunt Transport
Services, Inc.
3.875% Due 03-01-26
100,000
Adobe, Inc.
2.150% Due 02-01-27
110,000
Kroger Company
3.700% Due 08-01-27
60,000
Laboratory Corporation
of America Holdings
3.600% Due 09-01-27
110,000
General Dynamics
Corporation
2.625% Due 11-15-27
100,000
Tyson Foods, Inc.
4.350% Due 03-01-29
100,000
PepsiCo, Inc.
2.625% Due 07-29-29
110,000
FedEx Corporation
3.100% Due 08-05-29
Accrued Interest
COMMON STOCK
1,680
AT&T, Inc.
525
AbbVie, Inc.
710
Abbott Laboratories
300
Accenture Plc.
600
Akamai Technologies,
Inc.
380
Alphabet, Inc. Class C
435
American Electric
Power
26,033.67
1.00 213,788.44 1.00
213,788.44
98.30 393,195.20 98.30
99.32
148,984.71
99.03
98.19
294,568.29
98.14
443,553.00
102.84
113,119.56
95.99
104.08
104,082.80
90.78
102.90
113,192.72
93.45
103.34
62,001.55
93.55
101.85
112,031.80
90.16
114.57
114,569.50
93.19
103.16
103,159.36
87.68
100.10
110,104.79
87.92
832,262.09
21.31
35,806.37
15.02
66.58
34,953.92
149.06
39.36
27,945.60
96.85
90.81
27,241.91
307.11
55.76
33,454.45
106.54
125.26
47,597.47
131.85
78.40
34,102.70
75.22
u
26,033.67
213,788.44
213,788.44
393,189.44
148,546.87
294,421.86
3,427.99
446,396.72
105,594.39
90,779.20
102,792.36
56,132.58
0.5 0.450
0.5
3.9 5.040
3.9
7.2 0.000
0.0
7.2
2.7 2.500
5.4 2.250
0.1
8.2
1.9 3.875
1.7 2.150
1.9 3.700
1.0 3.600
99,173.25 1.8 2.625
93,185.10 1.7 4.350
87,684.30 1.6 2.625
96,717.39 1.8 3.100
3,935.75 0.1
735,994.32 13.5
25,233.60
0.5
1.110
78,256.50
1.4
5.920
68,763.50
1.3
2.040
92,133.00
1.7
4.480
63,924.00
1.2
0.000
50,103.00
0.9
0.000
32,720.70
0.6
3.320
117.15 0.4
117.15 0.4
10,774.94 5.0
10,774.94 5.0
0.00 5.4
0.00 5.4
3,750.00 5.5
6,750.00 5.6
10,500.00 5.6
4,262.50 5.7
2,150.00 5.3
4,070.00 5.7
2,160.00 5.5
2,887.50 5.4
4,350.00 5.9
2,625.00 5.2
3,410.00 5.6
25,915.00 5.5
1,864.80 7.4
3,108.00 4.0
1,448.40 2.1
1,344.00 1.5
0.00 0.0
0.00 0.0
1,444.20 4.4
Garrison Asset Nkmagement
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
September 30, 2023
Adj Unit
Total Adjusted
Market
Pct.
Unit
Annual
Quantity
Security
Cost
Cost
Price
Value
Assets
Income
Income
Yield
295
Amgen, Inc.
114.33
33,727.26
268.76
79,284.20
1.5
8.520
2,513.40
3.2
250
Ansys, Inc.
75.67
18,918.47
297.55
74,387.50
1.4
0.000
0.00
0.0
560
Apple, Inc.
17.86
10,002.18
171.21
95,877.60
1.8
0.960
537.60
0.6
685
AptarGroup, Inc.
63.47
43,477.91
125.04
85,652.40
1.6
1.640
1,123.40
1.3
580
Arista Networks, Inc.
52.16
30,250.97
183.93
106,679.40
2.0
0.000
0.00
0.0
56
Aspen Technology
166.30
9,312.80
204.26
11,438.56
0.2
0.000
0.00
0.0
33
AutoZone, Inc.
516.09
17,031.09
2,539.99
83,819.67
1.5
0.000
0.00
0.0
1,350
BCE, Inc.
24.40
32,934.20
38.20
51,570.00
0.9
2.820
3,807.00
7.4
200
Becton, Dickinson &
111.11
22,222.05
258.53
51,706.00
0.9
3.640
728.00
1.4
Company
135
Broadcom, Inc.
239.03
32,268.40
830.58
112,128.30
2.1
18.400
2,484.00
2.2
225
Broadridge Financial
41.33
9,298.79
179.05
40,286.25
0.7
3.200
720.00
1.8
Solutions, Inc.
1,368
Brown -Forman Corp.
35.52
48,596.98
57.69
78,919.92
1.4
0.820
1,121.76
1.4
Cl B
385
Bunge Ltd.
84.56
32,556.82
108.25
41,676.25
0.8
2.650
1,020.25
2.4
1,445
Cisco Systems, Inc.
19.70
28,470.99
53.76
77,683.20
1.4
1.560
2,254.20
2.9
1,400
Coca-Cola Company
30.98
43,374.60
55.98
78,372.00
1.4
1.840
2,576.00
3.3
865
ConocoPhillips
55.58
48,077.77
119.80
103,627.00
1.9
4.540
3,927.10
3.8
220
Deere & Co.
87.76
19,307.71
377.38
83,023.60
1.5
5.400
1,188.00
1.4
500
Disney, Walt Company
110.91
55,454.90
81.05
40,525.00
0.7
0.000
0.00
0.0
250
EOG Resources Inc
132.67
33,166.43
126.76
31,690.00
0.6
3.300
825.00
2.6
700
Embecta Corporation
28.85
20,198.03
15.05
10,535.00
0.2
0.600
420.00
4.0
335
Fortrea Holdings, Inc.
17.74
5,942.06
28.59
9,577.65
0.2
0.000
0.00
0.0
600
Intel Corporation
20.53
12,320.72
35.55
21,330.00
0.4
0.500
300.00
1.4
560
Johnson & Johnson
64.70
36,229.62
155.75
87,220.00
1.6
4.760
2,665.60
3.1
365
Kimberly-Clark
107.07
39,079.82
120.85
44,110.25
0.8
4.720
1,722.80
3.9
Corporation
335
Laboratory Corp.
108.13
36,221.93
201.05
67,351.75
1.2
2.880
964.80
1.4
America Holdings
550
Lincoln Electric
67.20
36,958.88
181.79
99,984.50
1.8
2.560
1,408.00
1.4
Holdings, Inc.
65
MSCI, Inc.
514.92
33,469.77
513.08
33,350.20
0.6
5.520
358.80
1.1
120
Mastercard, Inc.
295.65
35,477.92
395.91
47,509.20
0.9
2.280
273.60
0.6
640
Medtronic Plc.
77.60
49,662.77
78.36
50,150.40
0.9
2.760
1,766.40
3.5
755
Merck & Co., Inc.
49.00
36,994.17
102.95
77,727.25
1.4
2.920
2,204.60
2.8
210
Palo Alto Networks
126.26
26,514.23
234.44
49,232.40
0.9
0.000
0.00
0.0
475
Pepsico, Inc.
93.75
44,533.57
169.44
80,484.00
1.5
5.060
2,403.50
3.0
630
Phillips 66
72.18
45,473.90
120.15
75,694.50
1.4
4.200
2,646.00
3.5
570
Procter & Gamble
59.42
33,868.04
145.86
83,140.20
1.5
3.760
2,143.20
2.6
Company
500
Revvity, Inc.
97.03
48,515.80
110.70
55,350.00
1.0
0.280
140.00
0.3
825
Roche Holding, Ltd.
43.72
36,069.41
33.93
27,992.25
0.5
0.800
660.00
2.4
ADR
330
Rockwell Automation,
165.23
54,524.36
285.87
94,337.10
1.7
4.720
1,557.60
1.7
Inc.
250
Skyworks Solutions
126.14
31,535.10
98.59
24,647.50
0.5
2.720
680.00
2.8
470
Texas Instruments, Inc.
58.53
27,511.42
159.01
74,734.70
1.4
5.200
2,444.00
3.3
120
VMWare, Inc
124.21
14,905.40
166.48
19,977.60
0.4
0.000
0.00
0.0
710
Ventas, Inc.
73.52
52,195.91
42.13
29,912.30
0.5
1.800
1,278.00
4.3
355
Verisk Analytics, Inc.
81.80
29,039.45
236.24
83,865.20
1.5
1.360
482.80
0.6
500
Vertiv Holdings
19.01
9,504.95
37.20
18,600.00
0.3
0.010
5.00
0.0
Company
595
Wa1Mart, Inc.
62.11
36,953.86
159.93
95,158.35
1.7
2.280
1,356.60
1.4
406
Warner Brothers
28.62
11,621.33
10.86
4,409.16
0.1
0.000
0.00
0.0
Discovery, Inc.
510
Waste Management, Inc.
42.21
21,525.65
152.44
77,744.40
1.4
2.800
1,428.00
1.8
2
Garrison Asset Nkmagement
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
September 30, 2023
Adj Unit
Total Adjusted Market
Pct.
Unit
Annual
Quantity
Security
Cost
Cost Price Value
Assets
Income
Income
Yield
500
Xylem, Inc.
64.30
32,148.42 91.03 45,515.00
0.8
1.320
660.00
1.5
252
Zscaler, Inc.
243.08
61,256.26 155.59 39,208.68
0.7
0.000
0.00
0.0
1,769,805.50 3,268,330.69
59.9
64,004.41
2.0
MUTUAL FUNDS
2,936.596
Dodge & Cox Intl Stk
44.52
130,732.07 47.10 138,313.67
2.5
0.960
2,819.13
2.0
2,786.023
Oppenheimer
39.55
110,177.84 36.99 103,054.99
1.9
0.200
557.20
0.5
Developing Mkts A
240,909.91 241,368.66
4.4
3,376.34
1.4
UNIT TRUSTS
2,340
FT Energy Income &
34.20
80,032.95 13.15 30,771.00
0.6
1.200
2,808.00
9.1
Growth
3,350
iShares S&P US Pfd Stk
38.34
128,422.50 30.15 101,002.50
1.9
2.110
7,068.50
7.0
208,455.45 131,773.50
2.4
9,876.50
7.5
TOTAL PORTFOLIO
4,128,003.26 5,456,875.45 100.0 124,564.34 3.2
You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies.
3
Ganison Asset Management
PURCHASE AND SALE
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 To 09-30-23
Trade Settle Unit
Date Date Quantity Security Price Amount
PURCHASES
05-26-23
05-31-23
380 Alphabet, Inc. Class C
125.26
47,597.47
09-15-23
09-19-23
250 EOG Resources Inc
132.67
33,166.43
09-22-23
09-26-23
65 MSCI, Inc.
514.92
33,469.77
05-03-23
05-04-23
361,000 Schwab Govt Money Fund Investor
1.00
361,000.00
Shares
07-20-23
07-21-23
195,000 Schwab Govt Money Fund Investor
1.00
195,000.00
Shares
08-16-23
08-17-23
125,000 Schwab Govt Money Fund Investor
1.00
125,000.00
Shares
08-17-23
08-18-23
75,000 Schwab Govt Money Fund Investor
1.00
75,000.00
Shares
07-27-23
07-28-23
400,000 US Treasury Bill
97.34
389,375.30
0.000% Due 01-25-24
09-25-23
09-26-23
300,000 US Treasury Note
98.14
294,417.02
2.250% Due 04-30-24
ter.
REINVESTED DIVIDENDS
01-17-23
01-17-23
496 Schwab Govt Money Fund Investor
1.00
496.08
Shares
02-15-23
02-15-23
991 Schwab Govt Money Fund Investor
1.00
990.71
Shares
03-15-23
03-15-23
933 Schwab Govt Money Fund Investor
1.00
933.42
Shares
04-17-23
04-17-23
982 Schwab Govt Money Fund Investor
1.00
981.79
Shares
05-15-23
05-15-23
1,380 Schwab Govt Money Fund Investor
1.00
1,380.22
Shares
06-15-23
06-15-23
2,399 Schwab Govt Money Fund Investor
1.00
2,399.01
Shares
07-17-23
07-17-23
2,500 Schwab Govt Money Fund Investor
1.00
2,500.01
Shares
08-15-23
08-15-23
1,850 Schwab Govt Money Fund Investor
1.00
1,850.50
Shares
09-15-23
09-15-23
2,418 Schwab Govt Money Fund Investor
1.00
2,418.01
Shares
13,949.75
SALES
05-03-23 05-03-23 125,000 Apple Inc. 100.00 125,000.00
2.400% Due 05-03-23
1
Garrison Asset Management
PURCHASE AND SALE
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 To 09-30-23
Trade Settle
Date Date Quantity
Security
Unit
Price Amount
04-21-23
04-25-23
10 AutoZone, Inc.
2,686.44
26,864.42
04-21-23
04-25-23
15 Broadcom, Inc.
631.45
9,471.82
04-21-23
04-25-23
100 ConocoPhillips
101.95
10,195.37
04-21-23
04-25-23
30 Deere & Co.
387.06
11,611.86
04-21-23
04-24-23
1,068.833 Dodge & Cox Intl Stk
46.76
49,975.00
08-31-23
09-05-23
420 Eastman Chemical Company
85.02
35,708.86
08-31-23
09-05-23
130 Eastman Chemical Company
85.02
11,052.74
04-19-23
04-21-23
1,145 Freeport-McMoRan, Inc. Cl B
42.08
48,180.12
03-17-23
03-21-23
3,865 Huntington Bancshares, Inc.
10.35
40,003.80
04-21-23
04-25-23
605 Intel Corporation
30.29
18,328.24
04-21-23
04-25-23
71 Lincoln Electric Holdings, Inc.
159.78
11,344.64
04-21-23
04-25-23
54 Lincoln Electric Holdings, Inc.
159.78
8,628.31
03-10-23
03-14-23
680 Masco Corp.
49.94
33,956.18
04-21-23
04-25-23
345 Merck & Co., Inc.
115.33
39,790.10
05-01-23
05-01-23
110,000 Nike, Inc.
100.00
110,000.00
2.250% Due 05-01-23
04-21-23
04-24-23
3.806 Oppenheimer Developing Mkts A
39.94
152.01
04-21-23
04-24-23
189.241 Oppenheimer Developing Mkts A
39.94
7,558.28
04-21-23
04-24-23
6.108 Oppenheimer Developing Mkts A
39.94
243.95
04-21-23
04-24-23
8.842 Oppenheimer Developing Mkts A
39.94
353.15
04-21-23
04-24-23
65.539 Oppenheimer Developing Mkts A
39.94
2,617.63
04-21-23
04-24-23
978.342 Oppenheimer Developing Mkts A
39.94
39,074.98
04-21-23
04-25-23
55 Pepsico, Inc.
185.43
10,198.67
04-21-23
04-25-23
60 Procter & Gamble Company
156.12
9,367.01
08-15-23
08-15-23
125,000 Procter & Gamble Company
100.00
125,000.00
3.100% Due 08-15-23
03-06-23
03-07-23
60,000 Schwab Govt Money Fund Investor
1.00
60,000.00
Shares
04-06-23
04-10-23
20,000 Schwab Govt Money Fund Investor
1.00
20,000.00
Shares
07-25-23
07-26-23
7,000 Schwab Govt Money Fund Investor
1.00
7,000.00
Shares
07-27-23
07-28-23
450,000 Schwab Govt Money Fund Investor
1.00
450,000.00
Shares
09-22-23
09-25-23
7,000 Schwab Govt Money Fund Investor
1.00
7,000.00
Shares
09-25-23
09-26-23
320,000 Schwab Govt Money Fund Investor
1.00
320,000.00
Shares
07-17-23
07-17-23
100,000 US Treasury Note
100.00
100,000.00
0.125% Due 07-15-23
04-21-23
04-25-23
60 Wa1Mart, Inc.
151.68
9,100.99
1,757,778.13
2
Garrison Asset Management
REALIZED GAINS AND LOSSES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 Through 09-30-23
Open
Date
Close
Date
Quantity Security
Cost
Basis
Amort. or
Accretion
Proceeds
Gain Or Loss
Short Term Long Term
03-06-23
60,000 Schwab Govt Money Fund
60,000.00
60,000.00
0.00*
Investor Shares
02-18-21
03-10-23
680 Masco Corp.
36,805.20
33,956.18
-2,849.02
03-23-17
03-17-23
3,865 Huntington Bancshares, Inc.
50,444.36
40,003.80
-10,440.56
04-06-23
20,000 Schwab Govt Money Fund
20,000.00
20,000.00
0.00*
Investor Shares
02-11-21
04-19-23
1,145 Freeport-McMoRan, Inc. Cl
35,741.98
48,180.12
12,438.14
B
12-14-21
04-21-23
3.806 Oppenheimer Developing
180.42
152.01
-28.41
Mkts A
12-14-21
04-21-23
189.241 Oppenheimer Developing
8,970.02
7,558.28
-1,411.74
Mkts A
12-13-19
04-21-23
6.108 Oppenheimer Developing
278.41
243.95
-34.46
Mkts A
12-13-19
04-21-23
8.842 Oppenheimer Developing
403.02
353.15
-49.87
Mkts A
12-13-19
04-21-23
65.539 Oppenheimer Developing
2,987.29
2,617.63
-369.66
Mkts A
04-19-18
04-21-23
978.342 Oppenheimer Developing
43,673.17
39,074.98
-4,598.19
Mkts A
04-19-18
04-21-23
1,068.833 Dodge & Cox Intl Stk
49,875.32
49,975.00
99.68
01-13-14
04-21-23
345 Merck & Co., Inc.
16,904.62
39,790.10
22,885.48
07-24-14
04-21-23
10 AutoZone, Inc.
5,160.94
26,864.42
21,703.48
06-22-06
04-21-23
605 Intel Corporation
12,423.40
18,328.24
5,904.84
03-18-09
04-21-23
60 Wa1Mart, Inc.
3,726.44
9,100.99
5,374.55
07-24-14
04-21-23
71 Lincoln Electric Holdings,
4,772.55
11,344.64
6,572.09
Inc.
07-24-14
04-21-23
54 Lincoln Electric Holdings,
3,628.69
8,628.31
4,999.62
Inc.
03-19-09
04-21-23
60 Procter & Gamble Company
3,565.06
9,367.01
5,801.95
05-20-10
04-21-23
100 ConocoPhillips
5,558.12
10,195.37
4,637.25
03-19-15
04-21-23
55 Pepsico, Inc.
5,156.52
10,198.67
5,042.15
06-27-17
04-21-23
15 Broadcom, Inc.
3,585.38
9,471.82
5,886.44
03-19-15
04-21-23
30 Deere & Co.
2,632.87
11,611.86
8,978.99
09-12-19
05-01-23
110,000 Nike, Inc.
111,576.26
-1,576.26
110,000.00
0.00
2.250% Due 05-01-23
07-15-16
05-03-23
125,000 Apple Inc.
127,787.50
-2,787.50
125,000.00
0.00
2.400% Due 05-03-23
12-19-22
07-17-23
100,000 US Treasury Note
97,541.81
2,458.19
100,000.00
0.00
0.125% Due 07-15-23
07-25-23
7,000 Schwab Govt Money Fund
7,000.00
7,000.00
0.00*
Investor Shares
07-27-23
450,000 Schwab Govt Money Fund
450,000.00
450,000.00
0.00*
Investor Shares
09-15-16
08-15-23
125,000 Procter & Gamble Company
134,394.78
-9,394.78
125,000.00
0.00
3.100% Due 08-15-23
07-24-14
08-31-23
420 Eastman Chemical Company
36,915.81
35,708.86
-1,206.95
12-31-14
08-31-23
130 Eastman Chemical Company
9,969.29
11,052.74
1,083.45
09-22-23
7,000 Schwab Govt Money Fund
7,000.00
7,000.00
0.00*
Investor Shares
0
Garrison Asset Management
REALIZED GAINS AND LOSSES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 Through 09-30-23
Open Close
Date Date Quantity Security
09-25-23 320,000 Schwab Govt Money Fund
Investor Shares
TOTAL GAINS
TOTAL LOSSES
TOTAL REALIZED GAIN/LOSS 90,419.26
NO CAPITAL GAINS DISTRIBUTIONS
An'*' denotes an average cost transaction.
Cost Amort. or
Basis Accretion Proceeds
320,000.00 320,000.00
1,678,659.22-11,300.35 1,757,778.13
2
Gain Or Loss
Short Term Long Term
0.00*
0.00 111,408.12
0.00-20,988.86
0.00 90,419.26
arris-on Asset Management
PERFORMANCE SUMMARY
GROSS OF FEES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
September 30, 2023
PORTFOLIO COMPOSITION
CHANGE IN PORTFOLIO
Market
Pet.
Value
Assets
Yield
Cash & Equivalents
26,033.67
0.5
0.4
Portfolio Value on 12-31-22
5,434,371.02
Money Market
213,788.44
3.9
5.0
Accrued Interest
13,018.97
Account Fixed
1,676,582.98
30.7
5.6
Net Additions/Withdrawals
-276,404.39
Income
Account Equities
3,540,470.35
64.9
2.0
Realized Gains
16,683.35
Account
0.00
0.0
-
Unrealized Gains
169,467.01
Commodities
Income Received
105,394.73
Change in Accrued Interest
-5,655.23
Portfolio Value on 09-30-23
5,449,511.71
Accrued Interest
7,363.74
Total
5,456,875.45
100.0
3.2
5,456,875.45
Account
40% Fixed Income/60%
Equity Blended Index
Account Fixed Income
Barclays Capital Intermed
Govt/Credit
Account Equities
S&P 500
TIME WEIGHTED RETURN
Annualized
Quarter
Year
Last 12
Inception
To Date
To Date
Months
To Date
-1.30
5.34
13.85
5.56
-2.27
8.06
13.73
7.17
.07
2.28
3.96
1.67
-0.83
0.65
2.20
1.13
-2.22
6.70
19.17
8.07
-3.27
13.07
21.62
10.89
All "Account" returns refer to your portfolio. Benchmark indexes are also listed for reference. All returns are reported as
percentages.
This report is calculated using industry -standard accounting and performance calculation methodologies and is generated by our Axys
portfolio accounting software. Calculations are a time -weighted total return series based on monthly valuations, including all cash
and equivalents. All calculations are done based on trade date, employing the accrual method of accounting and include cash,
interest, dividends and realized and unrealized gains and losses. Performance is adjusted to accurately reflect portfolio deposits and
withdrawals. Results are presented after transaction costs but before management fees. Inception -to -date returns are annualized
numbers, except for accounts under management less than one year. Unsupervised assets are excluded in performance calculation.
At any given point in time an investment may be worth more or less than the original purchase price.
10*)l
GARRISON
ASSET MANAGEMENT
October 6, 2023
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
113 West Mountain
Fayetteville, AR 72701
STATEMENT OF MANAGEMENT FEES
For The Period July 1 through September 30, 2023
Portfolio Value as of 06-30-23
5,535,532
Portfolio Value as of 07-31-23
5,637,405
Portfolio Value as of 08-31-23
5,623,315
Portfolio Value as of 09-30-23
5,456,875
Average of 4 Months
5,563,282
5,563,282 @ 0.5000% per annum 6,954
Quarterly Management Fee 6,954
TOTAL DUE AND PAYABLE 6,954
This statement is for informational purposes only. As you requested, the fee will be automatically
deducted from your account. Please be advised that it is the responsibility of the client to verify the
accuracy of each fee calculation. The custodian will not determine whether the fee is properly calculated.
Lioneld Jordan Chairman
Kara Paxton Treasurer
Eldon Roberts Secretary
Retired Position 1
Policemen's Pension and Relief Fund
Board of Trustees Minutes
April 20, 2023
Page 1 of 3
Ruston Cole Retired Position 2
John Brown Retired Position 3
Melvin Stanley Retired Position 4
Frank Johnson Retired Position 5
Policemen's Pension and Relief Fund
Board of Trustees Meeting Minutes
April 20, 2023
A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees was held
on April 20, 2023 at 3:00 p.m. in Room 326 of the City Administration Building located at 113
West Mountain Street, Fayetteville, Arkansas.
Mayor Lioneld Jordan called the meeting to order.
Board Members Present: Board Members John Brown, Ruston Cole, Eldon Roberts, Melvin
Stanley, Mayor Lioneld Jordan, and City Clerk Treasurer Kara Paxton.
Staff and Others Present: City Attorney Kit Williams, Chief Financial Officer Paul Becker,
and Senior Deputy City Clerk Treasurer Jackson Shelton. In addition, Glenn Atkins and
James Bell with Garrison Financial were also present.
Absent: Board Member Frank Johnson
Garrison Financial:
Quarterly Reports ending December 31, 2022 and March 31, 2023
James Bell, Garrison Financial, explained the information located in the March 31, 2023 Quarterly
Report located in the agenda packet. He verbally covered the information in the packet that
documented the portfolio balance of $5.54 million. Due to the balance being above $5 million,
Garrison Financial can still sell individual securities on behalf of the Pension Board. He went on
to explain what state statute requires should the portfolio balance drop below $5 million. James
identified the need to support the portfolio's liquidity, Garrison Financial planned on selling stock
in order to drop the portfolio's accumulative stocks to 60%. He went on to explain that the overall
portfolio was up 3.5%, bonds up 2.2%, and stocks up 4.3%. He also explained Garrison Financials'
thought process, and why certain decisions had been made while selling and buying during the last
two quarters.
Glenn Atkins, Garrison Financial spoke and explained the S&P 500 in more detail and the
contribution of the entire performance of the index. He went on to explain, in detail, how
maturities are managed and how decisions were made in order to find the greatest yield for the
portfolio.
Policemen's Pension and Relief Fund
Board of Trustees Minutes
April 20, 2023
Page 2 of 3
Pension Board Members spoke, all agreed that the pension was being handled well by Garrison
Financial.
A brief discussion occurred between Glenn Atkins and Chief Financial Officer Paul Becker
regarding investment risks. Paul Becker preferred securities that yield more money but are viewed
as a lower risk.
Board Member Eldon Roberts explained that he recently spoke with another representative of
Garrison Financial regarding the potential consolidation of the Firemen's Pension and Relief Fund.
Minutes
Approval of the October 20, 2022 meeting minutes
Ruston Cole moved to approve the October 20, 2022 meeting minutes. Eldon Roberts
seconded the motion. The motion passed 6-0. John Brown, Ruston Cole, Eldon Roberts,
Melvin Stanley, City Clerk Kara Paxton and Mayor Jordan voted yes. Frank Johnson was
absent.
Pension List Chanizes:
None
Approval of the Pension List:
Approval of the May 2023 — October 2023 Pension Lists
Board Member Eldon Roberts asked for verification that no changes had happened regarding
the pension lists.
City Clerk Treasurer Kara Paxton explained no revisions or changes had occurred.
Eldon Roberts moved to approve the May — October 2023 Pension Lists. Melvin Stanley
seconded the motion. The motion passed 6-0. John Brown, Ruston Cole, Eldon Roberts,
Melvin Stanley, City Clerk Kara Paxton and Mayor Jordan voted yes. Frank Johnson was
absent.
Unfinished Business:
None
New Business:
None
Policemen's Pension and Relief Fund
Board of Trustees Minutes
April 20, 2023
Page 3 of 3
A brief discussion occurred regarding the mailout that LOPFI had requested the City of
Fayetteville to distribute. The board members present all agreed, they were glad the information
was sent out.
Informational:
• Revenue Expense Summary Reports for December 31, 2022 and March 31, 2023.
• Analysis of Fayetteville's Premium Tax
Chief Financial Officer Paul Becker explained the information he had received from Jody
Carreiro regarding the question that was asked by Eldon Roberts in a previous meeting. Jody
had given Paul an estimate of $90,000 for the premium taxes for 2023 and in the previous year
$155,000. Paul also explained that if there are any funds left after the first round then the left
over is distributed.
Board Member Eldon Roberts spoke and thanked Paul for the explanation.
Another group discussion occurred between the Board Members, addressing the potential issues
of the Firemen's Pension & Relief Fund Board voting to consolidate.
Mayor Lioneld Jordan encouraged everyone to watch the meeting of the Firemen's Pension &
Relief Fund board meeting the following week if they wanted to stay up to date on the status of
consolidation.
City Clerk Treasurer Kara Paxton explained that since the elections were to be held soon, she
brought up the fact that the results of the election of board members must be announced at the
first meeting following the election results.
Board Member Eldon Roberts explained that he was willing to continue to serve.
Board Members John Brown and Melvin Stanley spoke and explained they were willing to
continue to serve as well.
2023 Meeting Calendar
• Next Meeting — October 19th, 2023
Note: All meetings are tentative and subject to change. The City meetings calendar is
located at www.fayetteville-ar.gov .
Adjourn: 3:33 p.m.
POLICE PENSION FUND
Nov
Month 11
11
NAME
6800-9800
Regular Mo 5335-00
Benefit YTD Reg Benefit
6800-9800
5335-05
Suppl. YTD Suppl. Future
Supplement
BAYLES, BOBBI J
$
1,587.41
$
17,461.51
$ 50.00
$
550.00
BLACK, MILDRED
$
1,125.64
$
12,382.04
$ 50.00
$
550.00
BRADLEY, GERALD
$
4,820.09
$
53,020.99
$ 50.00
$
550.00
BRADLEY, RANDALL
$
2,860.17
$
31,461.87
$ 50.00
$
550.00
BROWN, JOHN
$
4,362.01
$
47,982.11
$ 50.00
$
550.00
CARROLL,RONALD L
$
2,106.04
$
23,166.44
$ 50.00
$
550.00
COLE, RUSTON
$
3,065.74
$
33,723.14
$ 50.00
$
550.00
DUGGER,GARY
$
3,163.74
$
34,801.14
$ 50.00
$
550.00
FOSTER, MARTHA
$
3,207.35
$
35,280.85
$ 50.00
$
550.00
FRIEND, JERRY
$
1,970.42
$
21,674.62
$ 50.00
$
550.00
HANNA, JANICE
$
1,368.59
$
15,054.49
$ -
$
-
HANNA, MARK
$
1,368.59
$
15,054.49
$ 50.00
$
550.00
HELDER, TIM
$
5,838.12
$
64,219.32
$ 50.00
$
550.00
HOYT, RICK
$
7,460.01
$
82,060.11
$ 50.00
$
550.00
HOYT, RICK Plus 25 add pay
$
272.01
$
2,992.11
JOHNSON, FRANK
$
7,974.81
$
87,722.91
$ 50.00
$
550.00
JOHNSON, JOYCE
$
2,455.50
$
27,010.50
$ 50.00
$
550.00
NORMA K. JONES
$
3,300.45
$
36,304.95
$ 50.00
$
550.00
JONES, MICHELE
$
1,182.26
$
13,004.86
KILGORE, DONALD
$
2,046.48
$
22,511.28
$ 50.00
$
550.00
MARTIN, CONNIE
$
3,692.85
$
40,621.35
$ 50.00
$
550.00
MCCAWLEY, LARRY
$
1,694.79
$
18,642.69
$ 50.00
$
550.00
MITCHELL, MICHAEL
$
2,305.29
$
25,358.19
$ 50.00
$
550.00
MUNSON,ANGELA
$
4,198.15
$
46,179.65
$ 50.00
$
550.00
MURPHY, MARGARET
$
405.75
$
4,463.25
$ 50.00
$
550.00
PERDUE, LARRY
$
2,322.67
$
25,549.37
$ 50.00
$
550.00
PERSHALL, ROBIN
$
1,525.07
$
16,775.77
$ -
$
-
PHILLIPS, LINDA SUE
$
1,754.44
$
19,298.84
$ 50.00
$
550.00
PRESTON, NORMA J
$
1,601.37
$
17,615.07
$ 50.00
$
550.00
RICKMAN, LOREN
$
2,231.07
$
24,541.77
$ 50.00
$
550.00
RIGGINS, BONNIE
$
1,669.37
$
18,363.07
$ 50.00
$
550.00
ROBERTS, ELDON
$
4,263.24
$
46,895.64
$ 50.00
$
550.00
ROBERTS, ELDON Plus 25 add pay
$
587.09
$
6,457.99
$ -
$
-
ROBERTS, CAROLYN K
$
3,216.13
$
35,377.43
$ -
ROBERTS, CAROLYN K Plus 25 add pay
$
442.89
$
4,871.79
$ -
SCHUSTER,JOHN H.
$
1,558.68
$
17,145.48
$ 50.00
$
550.00
SCHUSTER, NANCY R.
$
1,558.68
$
17,145.48
$ -
STANLEY, MELVIN
$
4,880.07
$
53,680.77
$ 50.00
$
550.00
SURLES, VELMA
$
2,721.40
$
29,935.40
$ 50.00
$
550.00
TAYLOR, DENNIS
$
2,063.93
$
22,703.23
$ 50.00
$
550.00
BLOSS-WATSON, VICKY
$
6,947.05
$
76,417.55
$ 50.00
$
550.00
$ 113,175.41 $ 1,244,929.51 $ 1,650.00 $ 18,150.00 $ -
Hours Code
for Fut Supp
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
POLICE PENSION FUND
Dec
Month 12
12
NAME
6800-9800
Regular Mo 5335-00
Benefit YTD Reg Benefit
6800-9800
5335-05
Suppl. YTD Suppl. Future
Supplement
BAYLES, BOBBI J
$
1,587.41
$
19,048.92
$ 50.00
$
600.00
BLACK, MILDRED
$
1,125.64
$
13,507.68
$ 50.00
$
600.00
BRADLEY, GERALD
$
4,820.09
$
57,841.08
$ 50.00
$
600.00
BRADLEY, RANDALL
$
2,860.17
$
34,322.04
$ 50.00
$
600.00
BROWN, JOHN
$
4,362.01
$
52,344.12
$ 50.00
$
600.00
CARROLL,RONALD L
$
2,106.04
$
25,272.48
$ 50.00
$
600.00
COLE, RUSTON
$
3,065.74
$
36,788.88
$ 50.00
$
600.00
DUGGER,GARY
$
3,163.74
$
37,964.88
$ 50.00
$
600.00
FOSTER, MARTHA
$
3,207.35
$
38,488.20
$ 50.00
$
600.00
FRIEND, JERRY
$
1,970.42
$
23,645.04
$ 50.00
$
600.00
HANNA, JANICE
$
1,368.59
$
16,423.08
$ -
$
-
HANNA, MARK
$
1,368.59
$
16,423.08
$ 50.00
$
600.00
HELDER, TIM
$
5,838.12
$
70,057.44
$ 50.00
$
600.00
HOYT, RICK
$
7,460.01
$
89,520.12
$ 50.00
$
600.00
HOYT, RICK Plus 25 add pay
$
272.01
$
3,264.12
JOHNSON, FRANK
$
7,974.81
$
95,697.72
$ 50.00
$
600.00
JOHNSON, JOYCE
$
2,455.50
$
29,466.00
$ 50.00
$
600.00
NORMA K. JONES
$
3,300.45
$
39,605.40
$ 50.00
$
600.00
JONES, MICHELE
$
1,182.26
$
14,187.12
KILGORE, DONALD
$
2,046.48
$
24,557.76
$ 50.00
$
600.00
MARTIN, CONNIE
$
3,692.85
$
44,314.20
$ 50.00
$
600.00
MCCAWLEY, LARRY
$
1,694.79
$
20,337.48
$ 50.00
$
600.00
MITCHELL, MICHAEL
$
2,305.29
$
27,663.48
$ 50.00
$
600.00
MUNSON,ANGELA
$
4,198.15
$
50,377.80
$ 50.00
$
600.00
MURPHY, MARGARET
$
405.75
$
4,869.00
$ 50.00
$
600.00
PERDUE, LARRY
$
2,322.67
$
27,872.04
$ 50.00
$
600.00
PERSHALL, ROBIN
$
1,525.07
$
18,300.84
$ -
$
-
PHILLIPS, LINDA SUE
$
1,754.44
$
21,053.28
$ 50.00
$
600.00
PRESTON, NORMA J
$
1,601.37
$
19,216.44
$ 50.00
$
600.00
RICKMAN, LOREN
$
2,231.07
$
26,772.84
$ 50.00
$
600.00
RIGGINS, BONNIE
$
1,669.37
$
20,032.44
$ 50.00
$
600.00
ROBERTS, ELDON
$
4,263.24
$
51,158.88
$ 50.00
$
600.00
ROBERTS, ELDON Plus 25 add pay
$
587.09
$
7,045.08
$ -
$
-
ROBERTS, CAROLYN K
$
3,216.13
$
38,593.56
$ -
ROBERTS, CAROLYN K Plus 25 add pay
$
442.89
$
5,314.68
$ -
SCHUSTER,JOHN H.
$
1,558.68
$
18,704.16
$ 50.00
$
600.00
SCHUSTER, NANCY R.
$
1,558.68
$
18,704.16
$ -
STANLEY, MELVIN
$
4,880.07
$
58,560.84
$ 50.00
$
600.00
SURLES, VELMA
$
2,721.40
$
32,656.80
$ 50.00
$
600.00
TAYLOR, DENNIS
$
2,063.93
$
24,767.16
$ 50.00
$
600.00
BLOSS-WATSON, VICKY
$
6,947.05
$
83,364.60
$ 50.00
$
600.00
$ 113,175.41 $ 1,358,104.92 $1,650.00 $ 19,800.00 $ -
Hours Code
for Fut Supp
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
POLICE PENSION FUND
Jan
Month 1
1
NAME
6800-9800
Regular Mo 5335-00
Benefit YTD Reg Benefit
6800-9800
5335-05
Suppl. YTD Suppl. Future
Supplement
BAYLES, BOBBI J
$
1,587.41
$
1,587.41
$ 50.00
$
50.00
BLACK, MILDRED
$
1,125.64
$
1,125.64
$ 50.00
$
50.00
BRADLEY, GERALD
$
4,820.09
$
4,820.09
$ 50.00
$
50.00
BRADLEY, RANDALL
$
2,860.17
$
2,860.17
$ 50.00
$
50.00
BROWN, JOHN
$
4,362.01
$
4,362.01
$ 50.00
$
50.00
CARROLL,RONALD L
$
2,106.04
$
2,106.04
$ 50.00
$
50.00
COLE, RUSTON
$
3,065.74
$
3,065.74
$ 50.00
$
50.00
DUGGER,GARY
$
3,163.74
$
3,163.74
$ 50.00
$
50.00
FOSTER, MARTHA
$
3,207.35
$
3,207.35
$ 50.00
$
50.00
FRIEND, JERRY
$
1,970.42
$
1,970.42
$ 50.00
$
50.00
HANNA, JANICE
$
1,368.59
$
1,368.59
$ -
$
-
HANNA, MARK
$
1,368.59
$
1,368.59
$ 50.00
$
50.00
HELDER, TIM
$
5,838.12
$
5,838.12
$ 50.00
$
50.00
HOYT, RICK
$
7,460.01
$
7,460.01
$ 50.00
$
50.00
HOYT, RICK Plus 25 add pay
$
272.01
$
272.01
JOHNSON, FRANK
$
7,974.81
$
7,974.81
$ 50.00
$
50.00
JOHNSON, JOYCE
$
2,455.50
$
2,455.50
$ 50.00
$
50.00
NORMA K. JONES
$
3,300.45
$
3,300.45
$ 50.00
$
50.00
JONES, MICHELE
$
1,182.26
$
1,182.26
KILGORE, DONALD
$
2,046.48
$
2,046.48
$ 50.00
$
50.00
MARTIN, CONNIE
$
3,692.85
$
3,692.85
$ 50.00
$
50.00
MCCAWLEY, LARRY
$
1,694.79
$
1,694.79
$ 50.00
$
50.00
MITCHELL, MICHAEL
$
2,305.29
$
2,305.29
$ 50.00
$
50.00
MUNSON,ANGELA
$
4,198.15
$
4,198.15
$ 50.00
$
50.00
MURPHY, MARGARET
$
405.75
$
405.75
$ 50.00
$
50.00
PERDUE, LARRY
$
2,322.67
$
2,322.67
$ 50.00
$
50.00
PERSHALL, ROBIN
$
1,525.07
$
1,525.07
$ -
$
-
PHILLIPS, LINDA SUE
$
1,754.44
$
1,754.44
$ 50.00
$
50.00
PRESTON, NORMAJ
$
1,601.37
$
1,601.37
$ 50.00
$
50.00
RICKMAN, LOREN
$
2,231.07
$
2,231.07
$ 50.00
$
50.00
RIGGINS, BONNIE
$
1,669.37
$
1,669.37
$ 50.00
$
50.00
ROBERTS, ELDON
$
4,263.24
$
4,263.24
$ 50.00
$
50.00
ROBERTS, ELDON Plus 25 add pay
$
587.09
$
587.09
$ -
$
-
ROBERTS, CAROLYN K
$
3,216.13
$
3,216.13
$ -
ROBERTS, CAROLYN K Plus 25 add pay
$
442.89
$
442.89
$ -
SCHUSTER,JOHN H.
$
1,558.68
$
1,558.68
$ 50.00
$
50.00
SCHUSTER, NANCY R.
$
1,558.68
$
1,558.68
$ -
STANLEY, MELVIN
$
4,880.07
$
4,880.07
$ 50.00
$
50.00
SURLES, VELMA
$
2,721.40
$
2,721.40
$ 50.00
$
50.00
TAYLOR, DENNIS
$
2,063.93
$
2,063.93
$ 50.00
$
50.00
BLOSS-WATSON, VICKY
$
6,947.05
$
6,947.05
$ 50.00
$
50.00
$ 113,175.41 $ 113,175.41 $ 1,650.00 $ 1,650.00 $ -
Hours Code
for Fut Supp
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
POLICE PENSION FUND
Feb
Month 2
2
NAME
6800-9800
Regular Mo 5335-00
Benefit YTD Reg Benefit
6800-9800
5335-05
Suppl. YTD Suppl. Future
Supplement
BAYLES, BOBBI J
$
1,587.41
$
3,174.82
$ 50.00
$
100.00
BLACK, MILDRED
$
1,125.64
$
2,251.28
$ 50.00
$
100.00
BRADLEY, GERALD
$
4,820.09
$
9,640.18
$ 50.00
$
100.00
BRADLEY, RANDALL
$
2,860.17
$
5,720.34
$ 50.00
$
100.00
BROWN, JOHN
$
4,362.01
$
8,724.02
$ 50.00
$
100.00
CARROLL,RONALD L
$
2,106.04
$
4,212.08
$ 50.00
$
100.00
COLE, RUSTON
$
3,065.74
$
6,131.48
$ 50.00
$
100.00
DUGGER,GARY
$
3,163.74
$
6,327.48
$ 50.00
$
100.00
FOSTER, MARTHA
$
3,207.35
$
6,414.70
$ 50.00
$
100.00
FRIEND, JERRY
$
1,970.42
$
3,940.84
$ 50.00
$
100.00
HANNA, JANICE
$
1,368.59
$
2,737.18
$ -
$
-
HANNA, MARK
$
1,368.59
$
2,737.18
$ 50.00
$
100.00
HELDER, TIM
$
5,838.12
$
11,676.24
$ 50.00
$
100.00
HOYT, RICK
$
7,460.01
$
14,920.02
$ 50.00
$
100.00
HOYT, RICK Plus 25 add pay
$
272.01
$
544.02
JOHNSON, FRANK
$
7,974.81
$
15,949.62
$ 50.00
$
100.00
JOHNSON, JOYCE
$
2,455.50
$
4,911.00
$ 50.00
$
100.00
NORMA K. JONES
$
3,300.45
$
6,600.90
$ 50.00
$
100.00
JONES, MICHELE
$
1,182.26
$
2,364.52
KILGORE, DONALD
$
2,046.48
$
4,092.96
$ 50.00
$
100.00
MARTIN, CONNIE
$
3,692.85
$
7,385.70
$ 50.00
$
100.00
MCCAWLEY, LARRY
$
1,694.79
$
3,389.58
$ 50.00
$
100.00
MITCHELL, MICHAEL
$
2,305.29
$
4,610.58
$ 50.00
$
100.00
MUNSON,ANGELA
$
4,198.15
$
8,396.30
$ 50.00
$
100.00
MURPHY, MARGARET
$
405.75
$
811.50
$ 50.00
$
100.00
PERDUE, LARRY
$
2,322.67
$
4,645.34
$ 50.00
$
100.00
PERSHALL, ROBIN
$
1,525.07
$
3,050.14
$ -
$
-
PHILLIPS, LINDA SUE
$
1,754.44
$
3,508.88
$ 50.00
$
100.00
PRESTON, NORMA J
$
1,601.37
$
3,202.74
$ 50.00
$
100.00
RICKMAN, LOREN
$
2,231.07
$
4,462.14
$ 50.00
$
100.00
RIGGINS, BONNIE
$
1,669.37
$
3,338.74
$ 50.00
$
100.00
ROBERTS, ELDON
$
4,263.24
$
8,526.48
$ 50.00
$
100.00
ROBERTS, ELDON Plus 25 add pay
$
587.09
$
1,174.18
$ -
$
-
ROBERTS, CAROLYN K
$
3,216.13
$
6,432.26
$ -
ROBERTS, CAROLYN K Plus 25 add pay
$
442.89
$
885.78
$ -
SCHUSTER,JOHN H.
$
1,558.68
$
3,117.36
$ 50.00
$
100.00
SCHUSTER, NANCY R.
$
1,558.68
$
3,117.36
$ -
STANLEY, MELVIN
$
4,880.07
$
9,760.14
$ 50.00
$
100.00
SURLES, VELMA
$
2,721.40
$
5,442.80
$ 50.00
$
100.00
TAYLOR, DENNIS
$
2,063.93
$
4,127.86
$ 50.00
$
100.00
BLOSS-WATSON, VICKY
$
6,947.05
$
13,894.10
$ 50.00
$
100.00
$ 113,175.41 $ 226,350.82 $1,650.00 $ 3,300.00 $ -
Hours Code
for Fut Supp
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
POLICE PENSION FUND
Mar
Month 3
3
NAME
6800-9800
Regular Mo 5335-00
Benefit YTD Reg Benefit
6800-9800
5335-05
Suppl. YTD Suppl. Future
Supplement
BAYLES, BOBBI J
$
1,587.41
$
4,762.23
$ 50.00
$
150.00
BLACK, MILDRED
$
1,125.64
$
3,376.92
$ 50.00
$
150.00
BRADLEY, GERALD
$
4,820.09
$
14,460.27
$ 50.00
$
150.00
BRADLEY, RANDALL
$
2,860.17
$
8,580.51
$ 50.00
$
150.00
BROWN, JOHN
$
4,362.01
$
13,086.03
$ 50.00
$
150.00
CARROLL,RONALD L
$
2,106.04
$
6,318.12
$ 50.00
$
150.00
COLE, RUSTON
$
3,065.74
$
9,197.22
$ 50.00
$
150.00
DUGGER,GARY
$
3,163.74
$
9,491.22
$ 50.00
$
150.00
FOSTER, MARTHA
$
3,207.35
$
9,622.05
$ 50.00
$
150.00
FRIEND, JERRY
$
1,970.42
$
5,911.26
$ 50.00
$
150.00
HANNA, JANICE
$
1,368.59
$
4,105.77
$ -
$
-
HANNA, MARK
$
1,368.59
$
4,105.77
$ 50.00
$
150.00
HELDER, TIM
$
5,838.12
$
17,514.36
$ 50.00
$
150.00
HOYT, RICK
$
7,460.01
$
22,380.03
$ 50.00
$
150.00
HOYT, RICK Plus 25 add pay
$
272.01
$
816.03
JOHNSON, FRANK
$
7,974.81
$
23,924.43
$ 50.00
$
150.00
JOHNSON, JOYCE
$
2,455.50
$
7,366.50
$ 50.00
$
150.00
NORMA K. JONES
$
3,300.45
$
9,901.35
$ 50.00
$
150.00
JONES, MICHELE
$
1,182.26
$
3,546.78
KILGORE, DONALD
$
2,046.48
$
6,139.44
$ 50.00
$
150.00
MARTIN, CONNIE
$
3,692.85
$
11,078.55
$ 50.00
$
150.00
MCCAWLEY, LARRY
$
1,694.79
$
5,084.37
$ 50.00
$
150.00
MITCHELL, MICHAEL
$
2,305.29
$
6,915.87
$ 50.00
$
150.00
MUNSON,ANGELA
$
4,198.15
$
12,594.45
$ 50.00
$
150.00
MURPHY, MARGARET
$
405.75
$
1,217.25
$ 50.00
$
150.00
PERDUE, LARRY
$
2,322.67
$
6,968.01
$ 50.00
$
150.00
PERSHALL, ROBIN
$
1,525.07
$
4,575.21
$ -
$
-
PHILLIPS, LINDA SUE
$
1,754.44
$
5,263.32
$ 50.00
$
150.00
PRESTON, NORMA J
$
1,601.37
$
4,804.11
$ 50.00
$
150.00
RICKMAN, LOREN
$
2,231.07
$
6,693.21
$ 50.00
$
150.00
RIGGINS, BONNIE
$
1,669.37
$
5,008.11
$ 50.00
$
150.00
ROBERTS, ELDON
$
4,263.24
$
12,789.72
$ 50.00
$
150.00
ROBERTS, ELDON Plus 25 add pay
$
587.09
$
1,761.27
$ -
$
-
ROBERTS, CAROLYN K
$
3,216.13
$
9,648.39
$ -
ROBERTS, CAROLYN K Plus 25 add pay
$
442.89
$
1,328.67
$ -
SCHUSTER,JOHN H.
$
1,558.68
$
4,676.04
$ 50.00
$
150.00
SCHUSTER, NANCY R.
$
1,558.68
$
4,676.04
$ -
STANLEY, MELVIN
$
4,880.07
$
14,640.21
$ 50.00
$
150.00
SURLES, VELMA
$
2,721.40
$
8,164.20
$ 50.00
$
150.00
TAYLOR, DENNIS
$
2,063.93
$
6,191.79
$ 50.00
$
150.00
BLOSS-WATSON, VICKY
$
6,947.05
$
20,841.15
$ 50.00
$
150.00
$ 113,175.41 $ 339,526.23 $1,650.00 $ 4,950.00 $ -
Hours Code
for Fut Supp
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
POLICE PENSION FUND
Apr
Month 4
4
NAME
6800-9800
Regular Mo 5335-00
Benefit YTD Reg Benefit
6800-9800
5335-05
Suppl. YTD Suppl. Future
Supplement
BAYLES, BOBBI J
$
1,587.41
$
6,349.64
$ 50.00
$
200.00
BLACK, MILDRED
$
1,125.64
$
4,502.56
$ 50.00
$
200.00
BRADLEY, GERALD
$
4,820.09
$
19,280.36
$ 50.00
$
200.00
BRADLEY, RANDALL
$
2,860.17
$
11,440.68
$ 50.00
$
200.00
BROWN, JOHN
$
4,362.01
$
17,448.04
$ 50.00
$
200.00
CARROLL,RONALD L
$
2,106.04
$
8,424.16
$ 50.00
$
200.00
COLE, RUSTON
$
3,065.74
$
12,262.96
$ 50.00
$
200.00
DUGGER,GARY
$
3,163.74
$
12,654.96
$ 50.00
$
200.00
FOSTER, MARTHA
$
3,207.35
$
12,829.40
$ 50.00
$
200.00
FRIEND, JERRY
$
1,970.42
$
7,881.68
$ 50.00
$
200.00
HANNA, JANICE
$
1,368.59
$
5,474.36
$ -
$
-
HANNA, MARK
$
1,368.59
$
5,474.36
$ 50.00
$
200.00
HELDER, TIM
$
5,838.12
$
23,352.48
$ 50.00
$
200.00
HOYT, RICK
$
7,460.01
$
29,840.04
$ 50.00
$
200.00
HOYT, RICK Plus 25 add pay
$
272.01
$
1,088.04
JOHNSON, FRANK
$
7,974.81
$
31,899.24
$ 50.00
$
200.00
JOHNSON, JOYCE
$
2,455.50
$
9,822.00
$ 50.00
$
200.00
NORMA K. JONES
$
3,300.45
$
13,201.80
$ 50.00
$
200.00
JONES, MICHELE
$
1,182.26
$
4,729.04
KILGORE, DONALD
$
2,046.48
$
8,185.92
$ 50.00
$
200.00
MARTIN, CONNIE
$
3,692.85
$
14,771.40
$ 50.00
$
200.00
MCCAWLEY, LARRY
$
1,694.79
$
6,779.16
$ 50.00
$
200.00
MITCHELL, MICHAEL
$
2,305.29
$
9,221.16
$ 50.00
$
200.00
MUNSON,ANGELA
$
4,198.15
$
16,792.60
$ 50.00
$
200.00
MURPHY, MARGARET
$
405.75
$
1,623.00
$ 50.00
$
200.00
PERDUE, LARRY
$
2,322.67
$
9,290.68
$ 50.00
$
200.00
PERSHALL, ROBIN
$
1,525.07
$
6,100.28
$ -
$
-
PHILLIPS, LINDA SUE
$
1,754.44
$
7,017.76
$ 50.00
$
200.00
PRESTON, NORMA J
$
1,601.37
$
6,405.48
$ 50.00
$
200.00
RICKMAN, LOREN
$
2,231.07
$
8,924.28
$ 50.00
$
200.00
RIGGINS, BONNIE
$
1,669.37
$
6,677.48
$ 50.00
$
200.00
ROBERTS, ELDON
$
4,263.24
$
17,052.96
$ 50.00
$
200.00
ROBERTS, ELDON Plus 25 add pay
$
587.09
$
2,348.36
$ -
$
-
ROBERTS, CAROLYN K
$
3,216.13
$
12,864.52
$ -
ROBERTS, CAROLYN K Plus 25 add pay
$
442.89
$
1,771.56
$ -
SCHUSTER,JOHN H.
$
1,558.68
$
6,234.72
$ 50.00
$
200.00
SCHUSTER, NANCY R.
$
1,558.68
$
6,234.72
$ -
STANLEY, MELVIN
$
4,880.07
$
19,520.28
$ 50.00
$
200.00
SURLES, VELMA
$
2,721.40
$
10,885.60
$ 50.00
$
200.00
TAYLOR, DENNIS
$
2,063.93
$
8,255.72
$ 50.00
$
200.00
BLOSS-WATSON, VICKY
$
6,947.05
$
27,788.20
$ 50.00
$
200.00
$ 113,175.41 $ 452,701.64 $ 1,650.00 $ 6,600.00 $ -
Hours Code
for Fut Supp
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
99820
Police Pension Fund Revenue Expense Summary
9/30/2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Revenues:
Employee Contributions
$
$
$
$
$
$
$
$
$
$
Employer Contributions
$
$
$
$
$
$
$
$
$
$
State Insurance Tax
$
163,826.78
$ 155,047.43
$ 197,968.02
$ 196,514.94
$ 183,385.77
$ 186,152.09
$ 184,445.89
$ 163,140.57
$ 160,680.88
$ 152,519.00
Local Millage (A mills)
$
480,006.49
$ 751,097.07
$ 685,875.24
$ 643,110.44
$ 624,223.49
$ 587,536.68
$ 566,513.87
$ 551,507.74
$ 539,827.30
$ 525,620.07
10% City Fines and Forfeitures
$
74,742.56
$ 107,376.50
$ 92,641.86
$ 100,394.32
$ 146,297.69
$ 145,562.44
$ 164,626.55
$ 141,769.98
$ 124,486.54
$ 101,595.92
Sale of Confiscated Goods
$
2,384.51
$ 14,980.96
$ 7,921.85
$ 1,235.52
$ 5,288.85
$ 4,003.00
$ -
$ 3,733.56
$ 4,068.81
$ 5,367.25
Interest and Dividends
$
103,220.66
$ 128,457.59
$ 139,645.15
$ 125,523.20
$ 136,459.26
$ 132,685.16
$ 131,204.03
$ 149,556.88
$ 175,768.80
$ 250,152.16
Gain (Loss) on Sales
$
86,977.56
$ 87,676.05
$ 222,745.73
$ 127,123.94
$ (83,178.67)
$ 217,689.67
$ 200,446.71
$ (18,559.71)
$ 122,582.56
$ 513,762.17
Police Supplement
$
30,700.00
$ 30,700.00
$ 30,700.00
$ 31,600.00
$ 31,500.00
$ 32,400.00
$ 33,300.00
$ 34,800.00
$ 35,100.00
$ 37,200.00
Future Supplement
$
81,594.15
$ 79,603.92
$ 77,662.20
$ 80,360.00
$ 78,400.00
$ 80,640.00
$ 72,520.00
$ 58,520.00
$ 43,290.00
$ 44,280.00
Misc Revenue
$
-
$ -
$ -
$ 310.29
$ -
$ 3,432.14
$ 3,862.29
$ -
$ 2.00
$ -
Total Revenue
$
1,023,452.71
$ 1,354,939.52
$ 1,455,160.05
$ 1,306,172.65
$ 1,122,376.39
$ 1,390,101.18
$ 1,356,919.34
$ 1,084,469.02
$ 1,205,806.89
$ 1,630,496.57
Expenditures
Regular Monthly Benefits
$
1,018,578.69
$ 1,358,304.92
$ 1,358,104.92
$ 1,395,168.88
$ 1,420,374.92
$ 1,443,274.40
$ 1,462,045.56
$ 1,471,260.21
$ 1,494,905.12
$ 1,533,945.72
Police Supplement
$
14,850.00
$ 19,800.00
$ 19,800.00
$ 20,700.00
$ 20,900.00
$ 21,600.00
$ 22,200.00
$ 22,750.00
$ 23,250.00
$ 24,550.00
Future Supplement
$
81,594.15
$ 79,603.92
$ 77,662.20
$ 78,064.00
$ 78,400.00
$ 80,640.00
$ 72,520.00
$ 58,520.00
$ 43,290.00
$ 44,280.00
Investment Manager Fees
$
20,475.00
$ 29,156.00
$ 29,856.00
$ 28,119.00
$ 28,924.00
$ 30,335.00
$ 29,859.75
$ 30,378.01
$ 33,743.02
$ 56,395.86
Other Expenses:
$
-
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
Office Supplies/printing
$
-
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ 51.52
Audit Fees
$
3,500.00
$ 3,500.00
$ 3,500.00
$ 3,500.00
$ 3,500.00
$ 3,500.00
$ 3,500.00
$ 3,500.00
$ 3,500.00
$ 3,500.00
Professional Services
$
-
$ -
$ -
$ -
$ -
$ -
$ -
$ 1,160.00
$ -
$ 103.75
Legal Fees
$
-
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
Bank Fees
$
32.10
$ 288.94
$ 404.50
$ 316.37
$ 232.09
$ 36.80
$ 25.29
$ 24.99
$ 43.39
$ 77.18
Total Expenses
$
1,139,029.94
$ 1,490,653.78
$ 1,489,327.62
$ 1,525,868.25
$ 1,552,331.01
$ 1,579,386.20
$ 1,590,150.60
$ 1,587,593.21
$ 1,598,731.53
$ 1,662,904.03
Net Income (Loss) Before Market Adj
$
(115,577.23)
$ (135,714.26)
$ (34,167.57)
$ (219,695.60)
$ (429,954.62)
$ (189,285.02)
$ (233,231.26)
$ (503,124.19)
$ (392,924.64)
$ (32,407.46)
Market Adjustment**
$
-
$ (771,933.87)
$ 379,075.96
$ 241,234.00
$ 934,853.76
$ (490,293.41)
$ 512,708.24
$ 339,636.99
$ (491,233.44)
$ (355,917.05)
Net Income (Loss)
$
(115,577.23)
$ (907,648.13)
$ 344,908.39
$ 21,538.40
$ 504,899.14
$ (679,578.43)
$ 279,476.98
$ (163,487.20)
$ (884,158.08)
$ (388,324.51)
Book Value Total Reserve Assets * $ 4,413,596.40 $ 4,503,800.67 $ 4,621,087.61 $ 4,663,684.22 $ 4,894,011.05 $ 5,317,033.82 $ 5,517,318.84 $ 5,740,891.38 $ 6,249,168.46 $ 6,653,793.10
Market Value Total Reserve Assets * $ 5,449,511.71 $ 5,434,371.02 $ 6,368,590.87 $ 6,003,980.03 $ 6,046,385.90 $ 5,588,421.78 $ 6,337,638.32 $ 5,928,508.61 $ 6,134,675.67 $ 7,030,014.20
*Assets less any liabilities
** Market Value calculated at year end
Osborn, Carreiro & Associates, Inc.
ACTUARIES • CONSULTANTS • ANALYSTS
September 18, 2023
Mr. David Clark, Executive Director
Arkansas Fire and Police Pension Review Board
620 West Third Street, Suite 200
Little Rock, AR 72201
RE: Fayetteville Fire Pension Fund
Estimated 2024 Premium Tax Allocation
Mr. Clark:
One Union National Plaza, Suite 1690
124 West Capitol Avenue
Little Rock, Arkansas 72201
(501)376-8043 fax (501)376-7847
We have estimated the base benefit calculations needed for the Premium Tax Allocation formula
created by Act 979 of 2011 and PRB Board Rule 12. This letter will provide these estimates for the
above referenced Local Plan.
Actual Benefits Valued l/l/2023
$1,214,210
Base Benefits Valued 1/l/2023
$679,663
Actuarial Cost of Base Benefits
$913,699
Estimated Premium Tax 2024
30% of Actuarial Cost
$274,110
Estimated Additional Allocation 2024, if eligible
15% of Actuarial Cost)
$137,055
2023 Employer Contributions for Additional
Allocation 2024 Eligibility (80% of Actuarial Cost) $730,959
Actual 2022 Reported Employer Contribution $788,720
Shortfall based on 2022 contributions $0
Expected Eligibility based on 2022 contributions Yes
The premium tax formula allocates monies based on an Actuarial Cost derived from a Local Plan's
Base Benefits (that is, 50% of Final Salary, minimum $350 per month for paid members, and $100
per month for volunteer members). Each Local Plan receives 30% of this calculated Actuarial Cost
as Premium Tax. A Local Plan is also eligible for an Additional Allocation equal to 15% of this
Actuarial Cost, provided that the Employer Contributions other than Premium Tax made by the
location are equal to at least 80% of the Actuarial Cost. The contributions made during calendar
year 2023 will determine eligibility for Additional Allocation for 2024. We have included last
year's contributions and the estimated shortfall to become eligible for the Additional Allocation if
Employer Contributions were to remain level in 2023.
As a reminder, these numbers constitute estimates and may vary materially from the actual premium
tax allocation. In particular, an additional employer contribution equal to the shortfall estimate
shown will not guarantee Additional Allocation eligibility in 2024. Please note that the
Additional Allocation may be proportionally reduced due to a shortfall in Premium Tax
revenues. Such a reduction last occurred in 2018, but has not occurred in recent years.
