HomeMy WebLinkAbout2024-04-18 - Agendas - Final
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Policemen’s Pension and Relief Fund
Board of Trustees Meeting Agenda
April 18, 2024
A meeting of the Fayetteville Policemen’s Pension and Relief Fund Board of Trustees will be held
on April 18, 2024, 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 December 31, 2023 & March 31, 2024
Minutes:
Approval of the October 19, 2023 meeting minutes
Pension List Changes:
Vicky Bloss-Watson Passed Away on April 7th, 2024
Approval of the Pension List:
Approval of the May 2024 – October 2024 Pension Lists
Unfinished Business: None
New Business:
LOPFI – Is the Board Interested in Consolidating
Informational:
Revenue Expense Summary Reports for December 31, 2023 & March 31, 2024
Upcoming Elections – Ballots will be mailed at the end of April 2024
2024 Meeting Calendar - Next Meeting – October 17, 2024
Note: All meetings are tentative and subject to change. The City’s public meetings calendar is
located at www.fayetteville-ar.gov
Lioneld 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
January 11, 2024
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 December 31, 2023.
Many noteworthy things happened in 2023, but one thing that did not happen was a recession.
US labor markets and the American consumer proved incredibly resilient. This time last year
almost every economist on the street was calling for a recession in 2023. Jerome Powell warned
us in March that bringing down the rate of inflation would cost millions of American jobs. None of
that has come to pass and both inflation and employment are headed in the right direction and
now most economists expect the US to avoid a recession in 2024.
Equities ended the year with an incredibly strong 4th quarter. The S&P 500 was up a whopping
+11.68% in the last quarter of the year leaving year‐to‐date gains at +26.26%. The market breadth
widened a bit in the 4th quarter but well over half of the return in the index was still driven by just
a handful of stocks. Information Technology sector was the big winner in 2023 as investors piled
into a handful of stocks expected to drive the artificial intelligence market. Communication
Services and Consumer Discretionary stocks followed closely behind, clocking in outsized gains.
Utilities, Energy and Consumer Staples were the laggards, all ending in the red for the year down ‐
10.20%, ‐4.8% and ‐2.16%, respectively. The sector returns were certainly not what one would
expect when a recession is on the horizon.
Fixed income markets remained volatile. In spite of the volatility, the first half of the year was
relatively flat with the Barclays Intermediate Govt/Corp index up a mere 65 basis points at the end
of the 3rd quarter. A good inflation print in October was all investors needed to signal what they
hope will be the end of the monetary tightening cycle. Bond rates plunged in October dropping
from a high of 4.99% on Oct. 19th to end the year yielding 3.88%. This rally allowed the index to
end the year with a return of +5.24%
We believe 2024 is shaping up to be the year of “back to normal”. Interest rates have finally
climbed back to historical norms after 16 years of an abnormally low‐rate environment caused by
the financial crisis of 2008. Although still higher than the Fed target, inflation is now closer to the
norm of 2‐3%. The massive disruptions and dislocations caused by the pandemic are fading as
consumers and supply chains are exhibiting more normal behavior.
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
Despite the shift back to “normal” 2024 will have its own set of challenges. Geopolitical turmoil is
at the forefront with wars still raging in Ukraine and the Middle East. Escalation or spread of those
conflicts could stir up inflationary pressures again. Election year uncertainty in the U.S could also
add to volatility in the coming year.
Outsized gains in the equity market the last twelve months have elevated valuations as earnings
did not keep up with stock prices. Should revenue and earnings growth disappoint, those
stretched valuations will be harder to justify. And the elephant in the room of the national debt,
which investors continue to ignore, will likely weigh on the markets in the coming years.
The closing of 2023 marked four years of incredible volatility in both the fixed income and equity
markets. Early 2020 to year end 2023 has seen the equity markets sell off ‐34% in one month
during the height of the pandemic, then gain +120% from the depths of the pandemic through
2021. Then back down ‐20% in 2022 and gain +26% in 2023. A similar whipsaw has taken place in
the bond market with the 10yr treasury going from a low of .50% in August of 2020 to a soaring 16
year high of 4.99% in October of 2023 with many violent moves in between. These unpredictable
swings can shake you in the short‐term, but also reinforce the importance of taking a long‐term
perspective once you’re on the other side of them.
We do not expect 2024 to be a repeat of 2023, but given the unpredictable nature of the markets,
we remain invested in strong companies that we believe will weather most turbulence and provide
suitable risk adjusted returns over the long run.
On a more personal level, we would like to let you know Glenn Atkins will be retiring in early 2024.
He has been an invaluable part of the Garrison team and dear friend to all of us for over twenty‐
five years. Please join us in wishing him a joyous and well‐deserved retirement.
Wishing you and your family a happy, healthy, and prosperous 2024. As always, we appreciate
your trust and confidence in our firm, and we look forward to serving you in the years to come.
Sincerely,
Kerry Bradley, CFA, MBA
Equity Portfolio Manager
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
Quarter Ending December 31, 2023
0.1%
6.1%
29.4%
64.4%
PORTFOLIO SUMMARY
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
December 31, 2023
Cash & Equivalents 3,656.21
Money Market 356,529.37
Account Fixed Income 1,721,474.30
Account Equities 3,766,130.17
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
December 31, 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 3,656.21 3,656.21 0.1 0.450 16.45 0.4
3,656.21 3,656.21 0.1 16.45 0.4
TRADED - MONEY MARKET
356,529 Schwab Govt Money
Fund Investor Shares
1.00 356,529.37 1.00 356,529.37 6.1 5.060 18,040.39 5.1
356,529.37 356,529.37 6.1 18,040.39 5.1
TREASURY BILL
400,000 US Treasury Bill 99.65 398,582.51 99.66 398,645.52 6.8 0.000 0.00 5.0
0.000% Due 01-25-24
Accrued Interest 0.00 0.0
398,582.51 398,645.52 6.8 0.00 5.0
TREASURY NOTE
150,000 US Treasury Note 99.83 149,748.92 99.75 149,625.00 2.6 2.500 3,750.00 5.5
2.500% Due 01-31-24
300,000 US Treasury Note 98.97 296,904.59 99.00 297,000.00 5.1 2.250 6,750.00 5.4
2.250% Due 04-30-24
Accrued Interest 2,690.28 0.0
446,653.51 449,315.28 7.7 10,500.00 5.4
CORPORATE BONDS
110,000 JB Hunt Transport
Services, Inc.
102.55 112,803.38 97.88 107,663.27 1.8 3.875 4,262.50 5.0
3.875% Due 03-01-26
100,000 Adobe, Inc. 103.78 103,778.94 93.83 93,833.40 1.6 2.150 2,150.00 4.3
2.150% Due 02-01-27
110,000 Kroger Company 102.72 112,993.55 96.86 106,549.85 1.8 3.700 4,070.00 4.7
3.700% Due 08-01-27
60,000 Laboratory Corporation
of America Holdings
103.13 61,879.10 96.65 57,987.30 1.0 3.600 2,160.00 4.7
3.600% Due 09-01-27
110,000 General Dynamics
Corporation
101.74 111,912.77 93.48 102,830.53 1.8 2.625 2,887.50 4.5
2.625% Due 11-15-27
100,000 Tyson Foods, Inc. 113.92 113,918.33 97.08 97,084.30 1.7 4.350 4,350.00 5.1
4.350% Due 03-01-29
100,000 PepsiCo, Inc. 103.03 103,030.39 92.15 92,146.90 1.6 2.625 2,625.00 4.3
2.625% Due 07-29-29
110,000 FedEx Corporation 100.09 110,100.65 92.63 101,888.71 1.7 3.100 3,410.00 4.7
3.100% Due 08-05-29
Accrued Interest 9,042.74 0.2
830,417.10 769,027.00 13.2 25,915.00 4.7
COMMON STOCK
1,680 AT&T, Inc. 21.31 35,806.37 16.78 28,190.40 0.5 1.110 1,864.80 6.6
525 AbbVie, Inc. 66.58 34,953.92 154.97 81,359.25 1.4 6.200 3,255.00 4.0
710 Abbott Laboratories 39.36 27,945.60 110.07 78,149.70 1.3 2.200 1,562.00 2.0
300 Accenture Plc. 90.81 27,241.91 350.91 105,273.00 1.8 5.160 1,548.00 1.5
600 Akamai Technologies,
Inc.
55.76 33,454.45 118.35 71,010.00 1.2 0.000 0.00 0.0
380 Alphabet, Inc. Class C 125.26 47,597.47 140.93 53,553.40 0.9 0.000 0.00 0.0
435 American Electric
Power
78.40 34,102.70 81.22 35,330.70 0.6 3.520 1,531.20 4.3
1
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
December 31, 2023
Adj Unit Total Adjusted Market Pct. Unit Annual
Quantity Security Cost Cost Price Value Assets Income Income Yield
295 Amgen, Inc. 114.33 33,727.26 288.02 84,965.90 1.5 9.000 2,655.00 3.1
250 Ansys, Inc. 75.67 18,918.47 362.88 90,720.00 1.6 0.000 0.00 0.0
560 Apple, Inc. 17.86 10,002.18 192.53 107,816.80 1.8 0.960 537.60 0.5
685 AptarGroup, Inc. 63.47 43,477.91 123.62 84,679.70 1.4 1.640 1,123.40 1.3
480 Arista Networks, Inc. 52.16 25,035.29 235.51 113,044.80 1.9 0.000 0.00 0.0
56 Aspen Technology 166.30 9,312.80 220.15 12,328.40 0.2 0.000 0.00 0.0
33 AutoZone, Inc. 516.09 17,031.09 2,585.61 85,325.13 1.5 0.000 0.00 0.0
1,350 BCE, Inc. 24.40 32,934.20 39.38 53,163.00 0.9 2.870 3,874.50 7.3
200 Becton, Dickinson &
Company
111.11 22,222.05 243.83 48,766.00 0.8 3.500 700.00 1.4
125 Broadcom, Inc. 239.03 29,878.15 1,116.25 139,531.25 2.4 21.000 2,625.00 1.9
225 Broadridge Financial
Solutions, Inc.
41.33 9,298.79 205.75 46,293.75 0.8 3.200 720.00 1.6
1,368 Brown-Forman Corp.
Cl B
35.52 48,596.98 57.10 78,112.80 1.3 0.870 1,190.16 1.5
385 Bunge Global SA 84.56 32,556.82 100.95 38,865.75 0.7 2.650 1,020.25 2.6
1,445 Cisco Systems, Inc. 19.70 28,470.99 50.52 73,001.40 1.2 1.560 2,254.20 3.1
1,400 Coca-Cola Company 30.98 43,374.60 58.93 82,502.00 1.4 1.840 2,576.00 3.1
865 ConocoPhillips 55.58 48,077.77 116.07 100,400.55 1.7 4.540 3,927.10 3.9
220 Deere & Co. 87.76 19,307.71 399.87 87,971.40 1.5 5.880 1,293.60 1.5
500 Disney, Walt Company 110.91 55,454.90 90.29 45,145.00 0.8 0.600 300.00 0.7
250 EOG Resources Inc 132.67 33,166.43 120.95 30,237.50 0.5 3.640 910.00 3.0
335 Fortrea Holdings, Inc. 17.74 5,942.06 34.90 11,691.50 0.2 0.000 0.00 0.0
600 Intel Corporation 20.53 12,320.72 50.25 30,150.00 0.5 0.500 300.00 1.0
560 Johnson & Johnson 64.70 36,229.62 156.74 87,774.40 1.5 4.760 2,665.60 3.0
365 Kimberly-Clark
Corporation
107.07 39,079.82 121.51 44,351.15 0.8 4.720 1,722.80 3.9
335 Laboratory Corp.
America Holdings
108.13 36,221.93 227.29 76,142.15 1.3 2.880 964.80 1.3
450 Lincoln Electric
Holdings, Inc.
67.20 30,239.08 217.46 97,857.00 1.7 2.840 1,278.00 1.3
65 MSCI, Inc. 514.92 33,469.77 565.65 36,767.25 0.6 5.520 358.80 1.0
120 Mastercard, Inc. 295.65 35,477.92 426.51 51,181.20 0.9 2.640 316.80 0.6
640 Medtronic Plc. 77.60 49,662.77 82.38 52,723.20 0.9 2.760 1,766.40 3.4
755 Merck & Co., Inc. 49.00 36,994.17 109.02 82,310.10 1.4 3.080 2,325.40 2.8
210 Palo Alto Networks 126.26 26,514.23 294.88 61,924.80 1.1 0.000 0.00 0.0
475 Pepsico, Inc. 93.75 44,533.57 169.84 80,674.00 1.4 5.060 2,403.50 3.0
630 Phillips 66 72.18 45,473.90 133.14 83,878.20 1.4 4.200 2,646.00 3.2
570 Procter & Gamble
Company
59.42 33,868.04 146.54 83,527.80 1.4 3.760 2,143.20 2.6
500 Revvity, Inc. 97.03 48,515.80 109.31 54,655.00 0.9 0.280 140.00 0.3
825 Roche Holding, Ltd.
ADR
43.72 36,069.41 36.23 29,889.75 0.5 0.800 660.00 2.2
330 Rockwell Automation,
Inc.
165.23 54,524.36 310.48 102,458.40 1.8 5.000 1,650.00 1.6
250 Skyworks Solutions 126.14 31,535.10 112.42 28,105.00 0.5 2.720 680.00 2.4
470 Texas Instruments, Inc. 58.53 27,511.42 170.46 80,116.20 1.4 5.200 2,444.00 3.1
710 Ventas, Inc. 73.52 52,195.91 49.84 35,386.40 0.6 1.800 1,278.00 3.6
355 Verisk Analytics, Inc. 81.80 29,039.45 238.86 84,795.30 1.5 1.360 482.80 0.6
500 Vertiv Holdings
Company
19.01 9,504.95 48.03 24,015.00 0.4 0.030 15.00 0.1
595 WalMart, Inc. 62.11 36,953.86 157.65 93,801.75 1.6 2.280 1,356.60 1.4
510 Waste Management, Inc. 42.21 21,525.65 179.10 91,341.00 1.6 2.800 1,428.00 1.6
500 Xylem, Inc. 64.30 32,148.42 114.36 57,180.00 1.0 1.320 660.00 1.2
252 Zscaler, Inc. 243.08 61,256.26 221.56 55,833.12 1.0 0.000 0.00 0.0
1,708,755.00 3,474,267.25 59.4 65,153.51 1.9
2
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
December 31, 2023
Adj Unit Total Adjusted Market Pct. Unit Annual
Quantity Security Cost Cost Price Value Assets Income Income Yield
MUTUAL FUNDS
3,005.19400 Dodge & Cox Intl Stk 44.60 134,035.74 49.16 147,735.34 2.5 1.130 3,395.87 2.3
2,854.59300 Invesco Oppenheimer
Developing Mkts Cl Y
38.91 111,064.73 38.62 110,244.38 1.9 0.310 884.92 0.8
245,100.47 257,979.72 4.4 4,280.79 1.7
UNIT TRUSTS
2,340 FT Energy Income &
Growth
34.20 80,032.95 14.48 33,883.20 0.6 1.200 2,808.00 8.3
3,350 iShares S&P US Pfd Stk 38.34 128,422.50 31.19 104,486.50 1.8 2.070 6,934.50 6.6
208,455.45 138,369.70 2.4 9,742.50 7.0
TOTAL PORTFOLIO 4,198,149.64 5,847,790.05 100.0 133,648.64 3.0
You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies.
3
PURCHASE AND SALE
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 To 12-31-23
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
Shares
1.00 361,000.00
07-20-23 07-21-23 195,000 Schwab Govt Money Fund Investor
Shares
1.00 195,000.00
08-16-23 08-17-23 125,000 Schwab Govt Money Fund Investor
Shares
1.00 125,000.00
08-17-23 08-18-23 75,000 Schwab Govt Money Fund Investor
Shares
1.00 75,000.00
11-20-23 11-21-23 34,000 Schwab Govt Money Fund Investor
Shares
1.00 34,000.00
12-28-23 12-29-23 25,000 Schwab Govt Money Fund Investor
Shares
1.00 25,000.00
12-29-23 01-02-24 80,000 Schwab Govt Money Fund Investor
Shares
1.00 80,000.00
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
1,693,025.99
REINVESTED DIVIDENDS
12-18-23 12-18-23 68.59800 Dodge & Cox Intl Stk 48.16 3,303.67
12-13-23 12-13-23 23.80300 Invesco Oppenheimer Developing
Mkts Cl Y
37.26 886.89
01-17-23 01-17-23 496 Schwab Govt Money Fund Investor
Shares
1.00 496.08
02-15-23 02-15-23 991 Schwab Govt Money Fund Investor
Shares
1.00 990.71
03-15-23 03-15-23 933 Schwab Govt Money Fund Investor
Shares
1.00 933.42
04-17-23 04-17-23 982 Schwab Govt Money Fund Investor
Shares
1.00 981.79
05-15-23 05-15-23 1,380 Schwab Govt Money Fund Investor
Shares
1.00 1,380.22
06-15-23 06-15-23 2,399 Schwab Govt Money Fund Investor
Shares
1.00 2,399.01
07-17-23 07-17-23 2,500 Schwab Govt Money Fund Investor
Shares
1.00 2,500.01
1
PURCHASE AND SALE
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 To 12-31-23
Trade Settle Unit
Date Date Quantity Security Price Amount
08-15-23 08-15-23 1,850 Schwab Govt Money Fund Investor
Shares
1.00 1,850.50
09-15-23 09-15-23 2,418 Schwab Govt Money Fund Investor
Shares
1.00 2,418.01
10-16-23 10-16-23 1,220 Schwab Govt Money Fund Investor
Shares
1.00 1,219.60
11-15-23 11-15-23 896 Schwab Govt Money Fund Investor
Shares
1.00 895.90
12-29-23 12-29-23 1 Schwab Govt Money Fund Investor
Shares
1.00 1.31
12-29-23 12-29-23 1,624 Schwab Govt Money Fund Investor
Shares
1.00 1,624.12
21,881.24
SALES
05-03-23 05-03-23 125,000 Apple Inc. 100.00 125,000.00
2.400% Due 05-03-23
12-28-23 01-02-24 100 Arista Networks, Inc. 237.26 23,725.80
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
11-28-23 11-28-23 1 Broadcom, Inc. 938.20 821.86
12-28-23 01-02-24 15 Broadcom, Inc. 1,121.28 16,819.22
12-28-23 01-02-24 10 Broadcom, Inc. 1,121.28 11,212.81
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 1,068.83300 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
12-19-23 12-21-23 660 Embecta Corporation 17.71 11,686.63
12-19-23 12-21-23 10 Embecta Corporation 17.71 177.07
12-19-23 12-21-23 20 Embecta Corporation 17.71 354.14
12-19-23 12-21-23 10 Embecta Corporation 17.71 177.07
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
12-28-23 01-02-24 46 Lincoln Electric Holdings, Inc. 218.88 10,068.42
12-28-23 01-02-24 54 Lincoln Electric Holdings, Inc. 218.88 11,819.45
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
2
PURCHASE AND SALE
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 To 12-31-23
Trade Settle Unit
Date Date Quantity Security Price Amount
04-21-23 04-24-23 3.80600 Oppenheimer Developing Mkts A 39.94 152.01
04-21-23 04-24-23 189.24100 Oppenheimer Developing Mkts A 39.94 7,558.28
04-21-23 04-24-23 6.10800 Oppenheimer Developing Mkts A 39.94 243.95
04-21-23 04-24-23 8.84200 Oppenheimer Developing Mkts A 39.94 353.15
04-21-23 04-24-23 65.53900 Oppenheimer Developing Mkts A 39.94 2,617.63
04-21-23 04-24-23 978.34200 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
Shares
1.00 60,000.00
04-06-23 04-10-23 20,000 Schwab Govt Money Fund Investor
Shares
1.00 20,000.00
07-25-23 07-26-23 7,000 Schwab Govt Money Fund Investor
Shares
1.00 7,000.00
07-27-23 07-28-23 450,000 Schwab Govt Money Fund Investor
Shares
1.00 450,000.00
09-22-23 09-25-23 7,000 Schwab Govt Money Fund Investor
Shares
1.00 7,000.00
09-25-23 09-26-23 320,000 Schwab Govt Money Fund Investor
Shares
1.00 320,000.00
07-17-23 07-17-23 100,000 US Treasury Note 100.00 100,000.00
0.125% Due 07-15-23
11-24-23 11-24-23 120 VMWare, Inc 67.69 8,122.50
04-21-23 04-25-23 60 WalMart, Inc. 151.68 9,100.99
12-28-23 01-02-24 406 Warner Brothers Discovery, Inc. 11.61 4,714.13
1,857,477.23
3
REALIZED GAINS AND LOSSES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 Through 12-31-23
Gain Or Loss
Open Close Cost Amort. or
Date Date Quantity Security Basis Accretion Proceeds Short Term Long Term
03-06-23 60,000 Schwab Govt Money Fund
Investor Shares
60,000.00 60,000.00 0.00*
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
Investor Shares
20,000.00 20,000.00 0.00*
02-11-21 04-19-23 1,145 Freeport-McMoRan, Inc. Cl
B
35,741.98 48,180.12 12,438.14
12-14-21 04-21-23 3.80600 Oppenheimer Developing
Mkts A
180.42 152.01 -28.41
12-14-21 04-21-23 189.24100 Oppenheimer Developing
Mkts A
8,970.02 7,558.28 -1,411.74
12-13-19 04-21-23 6.10800 Oppenheimer Developing
Mkts A
278.41 243.95 -34.46
12-13-19 04-21-23 8.84200 Oppenheimer Developing
Mkts A
403.02 353.15 -49.87
12-13-19 04-21-23 65.53900 Oppenheimer Developing
Mkts A
2,987.29 2,617.63 -369.66
04-19-18 04-21-23 978.34200 Oppenheimer Developing
Mkts A
43,673.17 39,074.98 -4,598.19
04-19-18 04-21-23 1,068.83300 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 WalMart, Inc. 3,726.44 9,100.99 5,374.55
07-24-14 04-21-23 71 Lincoln Electric Holdings,
Inc.
4,772.55 11,344.64 6,572.09
07-24-14 04-21-23 54 Lincoln Electric Holdings,
Inc.
3,628.69 8,628.31 4,999.62
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
Investor Shares
7,000.00 7,000.00 0.00*
07-27-23 450,000 Schwab Govt Money Fund
Investor Shares
450,000.00 450,000.00 0.00*
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
Investor Shares
7,000.00 7,000.00 0.00*
09-25-23 320,000 Schwab Govt Money Fund
Investor Shares
320,000.00 320,000.00 0.00*
12-18-20 11-24-23 120 VMWare, Inc 10.57 8,122.50 8,111.93
12-18-20 11-28-23 1 Broadcom, Inc. 821.86 821.86 0.00
1
REALIZED GAINS AND LOSSES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-23 Through 12-31-23
Gain Or Loss
Open Close Cost Amort. or
Date Date Quantity Security Basis Accretion Proceeds Short Term Long Term
04-29-22 12-19-23 660 Embecta Corporation 19,626.82 11,686.63 -7,940.19
09-25-14 12-19-23 10 Embecta Corporation 142.81 177.07 34.26
09-25-14 12-19-23 20 Embecta Corporation 285.60 354.14 68.54
09-25-14 12-19-23 10 Embecta Corporation 142.80 177.07 34.27
07-24-14 12-28-23 46 Lincoln Electric Holdings,
Inc.
3,091.11 10,068.42 6,977.31
07-24-14 12-28-23 54 Lincoln Electric Holdings,
Inc.
3,628.69 11,819.45 8,190.76
12-18-20 12-28-23 15 Broadcom, Inc. 14,072.97 16,819.22 2,746.25
06-27-17 12-28-23 10 Broadcom, Inc. 2,390.25 11,212.81 8,822.56
04-09-20 12-28-23 100 Arista Networks, Inc. 5,215.68 23,725.80 18,510.12
10-24-08 12-28-23 406 Warner Brothers Discovery,
Inc.
11,621.33 4,714.13 -6,907.20
TOTAL GAINS 0.00 164,904.12
TOTAL LOSSES 0.00 -35,836.26
1,739,709.72 -11,300.35 1,857,477.23 0.00 129,067.86
TOTAL REALIZED GAIN/LOSS 129,067.86
CAPITAL GAIN DISTRIBUTIONS
12-29-23 Schwab Govt Money Fund
Investor Shares
1.31*
TOTAL DISTRIBUTIONS 1.31 1.31 0.00
1.31 129,067.86
TOTAL GAIN/LOSS 129,069.17
An '*' denotes an average cost transaction.
2
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.
PERFORMANCE SUMMARY
GROSS OF FEES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
December 31, 2023
PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO
Market Pct.
Value Assets Yield
Cash & Equivalents 3,656.21 0.1 0.4 Portfolio Value on 12-31-22 5,434,371.02
Money Market 356,529.37 6.1 5.1 Accrued Interest 13,018.97
Account Fixed
Income
1,721,474.30 29.4 5.0 Net Additions/Withdrawals -283,622.85
Account Equities 3,766,130.17 64.4 1.9 Realized Gains 47,924.07
Account
Commodities
0.00 0.0 - Unrealized Gains 499,916.68
Income Received 137,468.12
Change in Accrued Interest -1,285.95
Portfolio Value on 12-31-23 5,836,057.03
Accrued Interest 11,733.02
Total 5,847,790.05 100.0 3.0 5,847,790.05
TIME WEIGHTED RETURN
Annualized
Quarter Last 12 Inception
To Date Months To Date
Account 7.30 13.04 6.19
40% Fixed Income/60%
Equity Blended Index
8.83 17.59 7.93
Account Fixed Income 3.12 5.47 1.95
Barclays Capital Intermed
Govt/Credit
4.56 5.24 1.58
Account Equities 9.72 17.06 8.91
S&P 500 11.68 26.26 11.88
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.
January 10, 2024
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 October 1 through December 31, 2023
Portfolio Value as of 09-30-23 5,456,875
Portfolio Value as of 10-31-23 5,367,098
Portfolio Value as of 11-30-23 5,626,894
Portfolio Value as of 12-31-23 5,847,790
Average of 4 Months 5,574,664
5,574,664 @ 0.5000% per annum 6,968
Quarterly Management Fee 6,968
TOTAL DUE AND PAYABLE 6,968
April 12, 2024
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 March 31, 2024.
The strong equity returns of 2023 continued in the first quarter of 2024 with the S&P
500 up another +10.55% as the index clocked in 22 new record highs. Communication
Services, Energy and Technology led the gains, up +15.57%, +12.68% and +12.48%
respectively. Real Estate was the only sector in the red, down ‐1.36%.
The fixed income markets struggled to make any ground so far in 2024. The 10yr
Treasury started the year yielding 3.88% after a strong 4Q23 rally brought the rate down
from a high in October of 4.99%. Rates rose steadily through the first three months of
the year, with the benchmark 10yr ending the quarter at 4.2% and the Barclays
Intermediate Govt/Corp. index retreated ‐.15%.
Strong employment and inflation data the last two weeks snuffed out any flicker of hope
the Fed would start easing this summer. Strong economic data and rising oil prices will
likely put upward pressure on rates in the coming months. If you know someone waiting
to refinance their home, tell them not to hold their breath.
It’s easy to get caught up in the daily distractions and disheartening news hitting the
headlines. There are always challenges we are aware of, but it’s also inevitable there will
be unknown setbacks that occur throughout the year. These surprises can drive market
volatility in the near term, but it’s company fundamentals that drive long‐term value
creation. We remain focused on the long‐term and are positioned to weather any
storms that crop up in the future.
Please join us in extending a heartfelt congratulations to our colleague Carla Atkins who
will be retiring at the end of April. For 23 years Carla has been our trusted portfolio
accountant as well as a client service expert, a valuable teammate, and above all else a
dear friend. Carla was an integral part of the growth of our firm over the last two
decades. Our hearts have been with Carla following the loss of her husband, our
recently retired colleague and friend Glenn Atkins.
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
Over the years we have shared literally thousands of lunches together around our
conference table; the lunches will continue but they will never be quite the same.
Carla’s experience, insight, and sense of humor will be missed and there will be a seat
open any time she can join us. As she begins a new chapter surrounded by the love of
her family and friends, Carla plans to travel, and spend time with family, especially her
grandchildren. With sincere gratitude for a long, successful career that made all of us
better at what we do, we wish Carla a joyful retirement!
We would also like to inform you of our newest team member Melissa Nixon. She joined
us in January and has been working closely with Carla for the last three months. She
comes to us with a background in small business, marketing and accounting and has
picked up the intricacies of our business very quickly. We are very excited that she has
joined our team and know you will enjoy getting to know and work with her in the
future.
As always, we appreciate your trust and confidence in our firm, and look forward to
serving you in the years to come. If you have any questions or would like to schedule a
review, please call our office.
Cordially,
Kerry Bradley, CFA, MBA
President
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
Quarter Ending March 31, 2024
1.3%
7.3%
27.0%
64.4%
PORTFOLIO SUMMARY
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
March 31, 2024
Cash & Equivalents 77,414.14
Money Market 440,821.58
Account Fixed Income 1,637,845.00
Account Equities 3,898,845.52
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
March 31, 2024
Adj Unit Total Adjusted Market Pct. Unit Annual
Quantity Security Cost Cost Price Value Assets Income Income Yield
CASH AND EQUIVALENTS
Schwab Bank Sweep 77,414.14 77,414.14 1.3 0.450 348.36 0.4
77,414.14 77,414.14 1.3 348.36 0.4
TRADED - MONEY MARKET
440,821.58 Schwab Govt Money
Fund Investor Shares
1.00 440,821.58 1.00 440,821.58 7.3 5.020 22,129.24 5.0
440,821.58 440,821.58 7.3 22,129.24 5.0
CERTIFICATE OF DEPOSIT
53,000 Wells Fargo Bank NT
SD
100.00 53,000.00 99.70 52,838.83 0.9 4.800 2,544.00 5.2
4.800% Due 01-29-25
Accrued Interest 425.16 0.0
53,000.00 53,263.99 0.9 2,544.00 5.2
TREASURY BILL
130,000 US Treasury Bill 98.60 128,174.74 98.55 128,110.74 2.1 0.000 0.00 5.2
0.000% Due 07-11-24
71,000 US Treasury Bill 99.57 70,693.45 99.31 70,511.87 1.2 4.250 3,017.50 5.3
4.250% Due 12-31-24
Accrued Interest 754.37 0.0
198,868.19 199,376.99 3.3 3,017.50 5.2
TREASURY NOTE
300,000 US Treasury Note 99.75 299,246.91 99.73 299,203.11 4.9 2.250 6,750.00 5.5
2.250% Due 04-30-24
Accrued Interest 2,818.68 0.0
299,246.91 302,021.79 5.0 6,750.00 5.5
AGENCY BONDS
80,000 Federal Home Loan
Bank
100.00 80,000.00 99.91 79,928.64 1.3 5.500 4,400.00 5.6
5.500% Due 01-26-26
60,000 Federal Home Loan
Bank
100.02 60,014.45 100.04 60,025.44 1.0 6.000 3,600.00 6.1
6.000% Due 11-28-28
Accrued Interest 2,024.44 0.0
140,014.45 141,978.52 2.3 8,000.00 5.8
CORPORATE BONDS
110,000 JB Hunt Transport
Services, Inc.
102.26 112,488.55 97.66 107,424.13 1.8 3.875 4,262.50 5.2
3.875% Due 03-01-26
100,000 Adobe, Inc. 103.48 103,477.71 93.32 93,317.90 1.5 2.150 2,150.00 4.7
2.150% Due 02-01-27
110,000 Kroger Company 102.54 112,795.11 95.98 105,581.41 1.7 3.700 4,070.00 5.1
3.700% Due 08-01-27
60,000 Laboratory Corporation
of America Holdings
102.93 61,757.16 95.21 57,128.94 0.9 3.600 2,160.00 5.2
3.600% Due 09-01-27
110,000 General Dynamics
Corporation
101.63 111,794.39 92.68 101,943.49 1.7 2.625 2,887.50 4.9
2.625% Due 11-15-27
100,000 Tyson Foods, Inc. 113.27 113,271.76 96.64 96,645.00 1.6 4.350 4,350.00 5.2
4.350% Due 03-01-29
1
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
March 31, 2024
Adj Unit Total Adjusted Market Pct. Unit Annual
Quantity Security Cost Cost Price Value Assets Income Income Yield
71,000 Polaris Inc. 105.81 75,125.22 106.09 75,321.70 1.2 6.950 4,934.50 5.6
6.950% Due 03-15-29
100,000 PepsiCo, Inc. 102.90 102,902.17 90.81 90,811.10 1.5 2.625 2,625.00 4.6
2.625% Due 07-29-29
110,000 FedEx Corporation 100.09 110,096.53 91.67 100,832.49 1.7 3.100 3,410.00 4.9
3.100% Due 08-05-29
Accrued Interest 4,227.05 0.1
903,708.60 833,233.21 13.8 30,849.50 5.0
COMMON STOCK
1,680 AT&T, Inc. 21.31 35,806.37 17.60 29,568.00 0.5 1.110 1,864.80 6.3
525 AbbVie, Inc. 66.58 34,953.92 182.10 95,602.50 1.6 6.200 3,255.00 3.4
710 Abbott Laboratories 39.36 27,945.60 113.66 80,698.60 1.3 2.200 1,562.00 1.9
300 Accenture Plc. 90.81 27,241.91 346.61 103,983.00 1.7 5.160 1,548.00 1.5
600 Akamai Technologies,
Inc.
55.76 33,454.45 108.76 65,256.00 1.1 0.000 0.00 0.0
380 Alphabet, Inc. Class C 125.26 47,597.47 152.26 57,858.80 1.0 0.000 0.00 0.0
435 American Electric
Power
78.40 34,102.70 86.10 37,453.50 0.6 3.520 1,531.20 4.1
295 Amgen, Inc. 114.33 33,727.26 284.32 83,874.40 1.4 9.000 2,655.00 3.2
250 Ansys, Inc. 75.67 18,918.47 347.16 86,790.00 1.4 0.000 0.00 0.0
560 Apple, Inc. 17.86 10,002.18 171.48 96,028.80 1.6 0.960 537.60 0.6
685 AptarGroup, Inc. 63.47 43,477.91 143.89 98,564.65 1.6 1.640 1,123.40 1.1
480 Arista Networks, Inc. 52.16 25,035.29 289.98 139,190.40 2.3 0.000 0.00 0.0
56 Aspen Technology 166.30 9,312.80 213.28 11,943.68 0.2 0.000 0.00 0.0
33 AutoZone, Inc. 516.09 17,031.09 3,151.65 104,004.45 1.7 0.000 0.00 0.0
1,350 BCE, Inc. 24.40 32,934.20 33.98 45,873.00 0.8 2.900 3,915.00 8.5
200 Becton, Dickinson &
Company
111.11 22,222.05 247.45 49,490.00 0.8 3.800 760.00 1.5
125 Broadcom, Inc. 239.03 29,878.15 1,325.41 165,676.25 2.7 21.000 2,625.00 1.6
225 Broadridge Financial
Solutions, Inc.
41.33 9,298.79 204.86 46,093.50 0.8 3.200 720.00 1.6
385 Bunge Global SA 84.56 32,556.82 102.52 39,470.20 0.7 2.650 1,020.25 2.6
1,445 Cisco Systems, Inc. 19.70 28,470.99 49.91 72,119.95 1.2 1.600 2,312.00 3.2
1,400 Coca-Cola Company 30.98 43,374.60 61.18 85,652.00 1.4 1.940 2,716.00 3.2
865 ConocoPhillips 55.58 48,077.77 127.28 110,097.20 1.8 3.120 2,698.80 2.5
220 Deere & Co. 87.76 19,307.71 410.74 90,362.80 1.5 5.880 1,293.60 1.4
500 Disney, Walt Company 110.91 55,454.90 122.36 61,180.00 1.0 0.900 450.00 0.7
250 EOG Resources Inc 132.67 33,166.43 127.84 31,960.00 0.5 3.640 910.00 2.8
600 Intel Corporation 20.53 12,320.72 44.17 26,502.00 0.4 0.500 300.00 1.1
560 Johnson & Johnson 64.70 36,229.62 158.19 88,586.40 1.5 4.760 2,665.60 3.0
365 Kimberly-Clark
Corporation
107.07 39,079.82 129.35 47,212.75 0.8 4.880 1,781.20 3.8
335 Laboratory Corp.
America Holdings
108.13 36,221.93 218.46 73,184.10 1.2 2.880 964.80 1.3
450 Lincoln Electric
Holdings, Inc.
67.20 30,239.08 255.44 114,948.00 1.9 2.840 1,278.00 1.1
65 MSCI, Inc. 514.92 33,469.77 560.45 36,429.25 0.6 6.400 416.00 1.1
120 Mastercard, Inc. 295.65 35,477.92 481.57 57,788.40 1.0 2.640 316.80 0.5
640 Medtronic Plc. 77.60 49,662.77 87.15 55,776.00 0.9 2.760 1,766.40 3.2
755 Merck & Co., Inc. 49.00 36,994.17 131.95 99,622.25 1.6 3.080 2,325.40 2.3
210 Palo Alto Networks 126.26 26,514.23 284.13 59,667.30 1.0 0.000 0.00 0.0
475 Pepsico, Inc. 93.75 44,533.57 175.01 83,129.75 1.4 5.060 2,403.50 2.9
630 Phillips 66 72.18 45,473.90 163.34 102,904.20 1.7 4.200 2,646.00 2.6
570 Procter & Gamble
Company
59.42 33,868.04 162.25 92,482.50 1.5 3.760 2,143.20 2.3
500 Revvity, Inc. 97.03 48,515.80 105.00 52,500.00 0.9 0.280 140.00 0.3
2
PORTFOLIO APPRAISAL
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
March 31, 2024
Adj Unit Total Adjusted Market Pct. Unit Annual
Quantity Security Cost Cost Price Value Assets Income Income Yield
825 Roche Holding, Ltd.
ADR
43.72 36,069.41 31.92 26,334.00 0.4 0.870 717.75 2.7
330 Rockwell Automation,
Inc.
165.23 54,524.36 291.33 96,138.90 1.6 5.000 1,650.00 1.7
250 Skyworks Solutions 126.14 31,535.10 108.32 27,080.00 0.4 2.720 680.00 2.5
470 Texas Instruments, Inc. 58.53 27,511.42 174.21 81,878.70 1.4 5.200 2,444.00 3.0
710 Ventas, Inc. 73.52 52,195.91 43.54 30,913.40 0.5 1.800 1,278.00 4.1
355 Verisk Analytics, Inc. 81.80 29,039.45 235.73 83,684.15 1.4 1.560 553.80 0.7
500 Vertiv Holdings
Company
19.01 9,504.95 81.67 40,835.00 0.7 0.100 50.00 0.1
1,785 WalMart, Inc. 20.70 36,953.86 60.17 107,403.45 1.8 0.830 1,481.55 1.4
510 Waste Management, Inc. 42.21 21,525.65 213.15 108,706.50 1.8 3.000 1,530.00 1.4
500 Xylem, Inc. 64.30 32,148.42 129.24 64,620.00 1.1 1.440 720.00 1.1
252 Zscaler, Inc. 243.08 61,256.26 192.63 48,542.76 0.8 0.000 0.00 0.0
1,654,215.97 3,595,661.44 59.4 63,749.65 1.8
MUTUAL FUNDS
3,005.194 Dodge & Cox Intl Stk 44.60 134,035.74 50.70 152,363.34 2.5 1.120 3,365.82 2.2
2,854.593 Invesco Oppenheimer
Developing Mkts Cl Y
38.91 111,064.73 39.44 112,585.15 1.9 0.310 884.92 0.8
245,100.47 264,948.48 4.4 4,250.74 1.6
UNIT TRUSTS
2,340 FT Energy Income &
Growth
34.20 80,032.95 16.34 38,235.60 0.6 1.200 2,808.00 7.3
3,350 iShares S&P US Pfd Stk 38.34 128,422.50 32.23 107,970.50 1.8 2.000 6,700.00 6.2
208,455.45 146,206.10 2.4 9,508.00 6.5
TOTAL PORTFOLIO 4,220,845.77 6,054,926.24 100.0 151,147.00 3.0
You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies.
3
PURCHASE AND SALE
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-24 To 03-31-24
Trade Settle Unit
Date Date Quantity Security Price Amount
PURCHASES
01-25-24 01-26-24 80,000 Federal Home Loan Bank 100.00 80,000.00
5.500% Due 01-26-26
01-25-24 01-26-24 60,000 Federal Home Loan Bank 100.02 60,014.94
6.000% Due 11-28-28
02-23-24 02-27-24 71,000 Polaris Inc. 105.92 75,200.36
6.950% Due 03-15-29
02-07-24 02-08-24 150,000.00 Schwab Govt Money Fund Investor
Shares
1.00 150,000.00
03-13-24 03-14-24 55,000.00 Schwab Govt Money Fund Investor
Shares
1.00 55,000.00
01-25-24 01-26-24 130,000 US Treasury Bill 97.68 126,978.09
0.000% Due 07-11-24
01-25-24 01-26-24 71,000 US Treasury Bill 99.46 70,620.15
4.250% Due 12-31-24
01-25-24 01-30-24 53,000 Wells Fargo Bank NT SD 100.00 53,000.00
4.800% Due 01-29-25
670,813.54
REINVESTED DIVIDENDS
01-16-24 01-16-24 741.20 Schwab Govt Money Fund Investor
Shares
1.00 741.20
02-15-24 02-15-24 1,648.58 Schwab Govt Money Fund Investor
Shares
1.00 1,648.58
03-15-24 03-15-24 1,902.43 Schwab Govt Money Fund Investor
Shares
1.00 1,902.43
4,292.21
SALES
03-27-24 04-01-24 1,368 Brown-Forman Corp. Cl B 51.64 70,639.30
03-13-24 03-15-24 335 Fortrea Holdings, Inc. 38.76 12,983.80
02-23-24 02-26-24 100,000.00 Schwab Govt Money Fund Investor
Shares
1.00 100,000.00
03-14-24 03-15-24 25,000.00 Schwab Govt Money Fund Investor
Shares
1.00 25,000.00
01-25-24 01-25-24 400,000 US Treasury Bill 100.00 400,000.00
0.000% Due 01-25-24
01-31-24 01-31-24 150,000 US Treasury Note 100.00 150,000.00
2.500% Due 01-31-24
758,623.10
REALIZED GAINS AND LOSSES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
From 01-01-24 Through 03-31-24
Gain Or Loss
Open Close Cost Amort. or
Date Date Quantity Security Basis Accretion Proceeds Short Term Long Term
12-19-22 01-31-24 150,000 US Treasury Note 146,663.78 3,336.22 150,000.00 0.00
2.500% Due 01-31-24
02-23-24 100,000.00 Schwab Govt Money Fund
Investor Shares
100,000.00 100,000.00 0.00*
03-19-15 03-13-24 335 Fortrea Holdings, Inc. 5,942.06 12,983.80 7,041.74
03-14-24 25,000.00 Schwab Govt Money Fund
Investor Shares
25,000.00 25,000.00 0.00*
12-31-14 03-27-24 1,368 Brown-Forman Corp. Cl B 48,596.98 70,639.30 22,042.32
TOTAL GAINS 0.00 29,084.06
TOTAL LOSSES 0.00 0.00
326,202.82 3,336.22 358,623.10 0.00 29,084.06
TOTAL REALIZED GAIN/LOSS 29,084.06
NO CAPITAL GAINS DISTRIBUTIONS
An '*' denotes an average cost transaction.
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.
PERFORMANCE SUMMARY
GROSS OF FEES
City of Fayetteville Police Pension and Relief Fund
Charles Schwab #2448-5630
March 31, 2024
PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO
Market Pct.
Value Assets Yield
Cash & Equivalents 77,414.14 1.3 0.4 Portfolio Value on 12-31-23 5,836,057.03
Money Market 440,821.58 7.3 5.0 Accrued Interest 11,733.02
Account Fixed
Income
1,637,845.00 27.0 5.3 Net Additions/Withdrawals -44,209.92
Account Equities 3,898,845.52 64.4 1.8 Realized Gains -5,806.20
Account
Commodities
0.00 0.0 - Unrealized Gains 222,830.64
Income Received 35,804.98
Change in Accrued Interest -1,483.31
Portfolio Value on 03-31-24 6,044,676.53
Accrued Interest 10,249.71
Total 6,054,926.24 100.0 3.0 6,054,926.24
TIME WEIGHTED RETURN
Annualized
Quarter Last 12 Inception
To Date Months To Date
Account 4.31 13.92 6.49
40% Fixed Income/60%
Equity Blended Index
6.20 18.46 8.39
Account Fixed Income 0.87 4.09 1.99
Barclays Capital Intermed
Govt/Credit
-0.152.691.52
Account Equities 6.22 19.19 9.34
S&P 500 10.55 29.86 12.72
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.
April 10, 2024
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 January 1 through March 31, 2024
Portfolio Value as of 12-31-23 5,847,790
Portfolio Value as of 01-31-24 5,890,796
Portfolio Value as of 02-29-24 5,991,697
Portfolio Value as of 03-31-24 6,054,926
Average of 4 Months 5,946,302
5,946,302 @ 0.5000% per annum 7,433
Quarterly Management Fee 7,433
TOTAL DUE AND PAYABLE 7,433
Policemen’s Pension and Relief Fund
Board of Trustees Minutes
October 19, 2023
Page 1 of 3
Policemen’s Pension and Relief Fund
Board of Trustees Meeting Minutes
October 19, 2023
A meeting of the Fayetteville Policemen’s Pension and Relief Fund Board of Trustees was 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.
Mayor Lioneld Jordan called the meeting to order.
Board Members Present: Board Members John Brown, Frank Johnson, Eldon Roberts,
Melvin Stanley, Mayor Lioneld Jordan, and City Clerk Treasurer Kara Paxton.
Staff and Others Present: Deputy Chief Financial Officer Steve Dotson, Beverly Brown
Accounting Manager, Marsha Hertweck Accounting Director, and Senior Deputy City Clerk
Treasurer Jackson Shelton. In addition, James Bell with Garrison Financial was also
present.
Absent: Board Member Ruston Cole
Garrison Financial:
Quarterly Reports ending June 30, 2023, and September 30, 2023
James Bell, Garrison Financial Representative presented an overview of the September 30, 2023,
Quarterly Report. He explained that the portfolio at the end of the quarter was $5.456 million. He
explained that the allocation was close to 65% in equities and the remainder in fixed income, cash,
and money markets. James explained that in order to keep the allocation close to 65% in equities,
Garrison Financial sold some of the equities. He briefly talked about U.S. Treasury bills due in
January 24 and April of 24. He stated that the bills were yielding 5.4% and the APR bond was
yielding 5.6%. James explained that the portfolio outperformed on both the equities and fixed
income side. He spoke and talked about the following performance numbers. The portfolio was
down 222 vs.327 on the S&P 500 index for stock, up 7 basis points vs. down 83 on the fixed
income index, and overall, the accounts for the quarter were down 130 vs 227. James explained
that he felt obligated to explain that the S&P 500 numbers can be misleading due to the 7 largest
companies being overweighted because the 7 companies were so large.
Lioneld 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 Minutes
October 19, 2023
Page 2 of 3
There was a brief conversation between the Board Members and the Garrison Financial
Representatives about the portfolio needing to stay above $5 million. The Garrison Financial
Representatives talked about what they expect to happen in the future when it comes to interest
rates, inflation, and potential recession.
Minutes:
Approval of the April 20, 2023 meeting minutes
Frank Johnson moved to approve the April 20, 2023, meeting minutes. Eldon Roberts
seconded the motion. The motion passed 6-0. John Brown, Frank Johnson, Eldon Roberts,
Melvin Stanley, City Clerk Kara Paxton and Mayor Jordan voted yes. Ruston Cole was
absent.
Pension List Changes:
None
Approval of the Pension List:
Approval of the November 2023 – April 2024 Pension Lists
John Brown moved to approve the November – December 2023 & January – April 2024.
Pension Lists. Melvin Stanley seconded the motion. The motion passed 6-0. John Brown,
Frank Johnson, Eldon Roberts, Melvin Stanley, City Clerk Kara Paxton and Mayor Jordan
voted yes. Ruston Cole was absent.
Unfinished Business:
None
New Business:
None
Informational:
Revenue Expense Summary Reports for June 30, 2023 & September 30, 2023
Analysis of Fayetteville’s Premium Tax
Board Member Eldon Roberts asked about state turnback funds. He wanted to know the
amount of the turnback funds. He also wanted to know more information about the millage tax.
Policemen’s Pension and Relief Fund
Board of Trustees Minutes
October 19, 2023
Page 3 of 3
Marsha Hertweck, Accounting Director explained that all the state turn-back funds had been
paid out. The only item left to be paid out would be county taxes. Marsha explained that the bulk
of the property tax received by the city was in September and October of each year.
2024 Meeting Calendar
Next Meeting – April 18, 2024
Note: All meetings are tentative and subject to change. The city meetings calendar is
located at www.fayetteville-ar.gov .
Adjourn: 3:22 p.m.
May 6800-9800 6800-9800
Month 5 Regular Mo 5335-00 5335-05
5
NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
Supplement for Fut Supp
BAYLES, BOBBI J 1,587.41$ 7,937.05$ 50.00$ 250.00$ 99820
BLACK, MILDRED 1,125.64$ 5,628.20$ 50.00$ 250.00$ 99820
BRADLEY, GERALD 4,820.09$ 24,100.45$ 50.00$ 250.00$ 99820
BRADLEY, RANDALL 2,860.17$ 14,300.85$ 50.00$ 250.00$ 99820
BROWN, JOHN 4,362.01$ 21,810.05$ 50.00$ 250.00$ 99820
CARROLL,RONALD L 2,106.04$ 10,530.20$ 50.00$ 250.00$ 99820
COLE, RUSTON 3,065.74$ 15,328.70$ 50.00$ 250.00$ 99820
DUGGER,GARY 3,163.74$ 15,818.70$ 50.00$ 250.00$ 99820
FOSTER, MARTHA 3,207.35$ 16,036.75$ 50.00$ 250.00$ 99820
FRIEND, JERRY 1,970.42$ 9,852.10$ 50.00$ 250.00$ 99820
HANNA, JANICE 1,368.59$ 6,842.95$ -$ -$
HANNA, MARK 1,368.59$ 6,842.95$ 50.00$ 250.00$ 99820
HELDER, TIM 5,838.12$ 29,190.60$ 50.00$ 250.00$ 99820
HOYT, RICK 7,460.01$ 37,300.05$ 50.00$ 250.00$ 99820
HOYT, RICK Plus 25 add pay 272.01$ 1,360.05$
JOHNSON, FRANK 7,974.81$ 39,874.05$ 50.00$ 250.00$ 99820
JOHNSON, JOYCE 2,455.50$ 12,277.50$ 50.00$ 250.00$ 99820
NORMA K. JONES 3,300.45$ 16,502.25$ 50.00$ 250.00$ 99820
JONES, MICHELE 1,182.26$ 5,911.30$
KILGORE, DONALD 2,046.48$ 10,232.40$ 50.00$ 250.00$ 99820
MARTIN, CONNIE 3,692.85$ 18,464.25$ 50.00$ 250.00$ 99820
MCCAWLEY, LARRY 1,694.79$ 8,473.95$ 50.00$ 250.00$ 99820
MITCHELL, MICHAEL 2,305.29$ 11,526.45$ 50.00$ 250.00$ 99820
MUNSON,ANGELA 4,198.15$ 20,990.75$ 50.00$ 250.00$ 99820
MURPHY, MARGARET 405.75$ 2,028.75$ 50.00$ 250.00$ 99820
PERDUE, LARRY 2,322.67$ 11,613.35$ 50.00$ 250.00$ 99820
PERSHALL, ROBIN 1,525.07$ 7,625.35$ -$ -$
PHILLIPS, LINDA SUE 1,754.44$ 8,772.20$ 50.00$ 250.00$ 99820
PRESTON, NORMA J 1,601.37$ 8,006.85$ 50.00$ 250.00$ 99820
RICKMAN, LOREN 2,231.07$ 11,155.35$ 50.00$ 250.00$ 99820
RIGGINS, BONNIE 1,669.37$ 8,346.85$ 50.00$ 250.00$ 99820
ROBERTS, ELDON 4,263.24$ 21,316.20$ 50.00$ 250.00$ 99820
ROBERTS, ELDON Plus 25 add pay 587.09$ 2,935.45$ -$ -$
ROBERTS, CAROLYN K 3,216.13$ 16,080.65$ -$
ROBERTS, CAROLYN K Plus 25 add pay 442.89$ 2,214.45$ -$
SCHUSTER,JOHN H. 1,558.68$ 7,793.40$ 50.00$ 250.00$ 99820
SCHUSTER, NANCY R. 1,558.68$ 7,793.40$ -$ -$
STANLEY, MELVIN 4,880.07$ 24,400.35$ 50.00$ 250.00$ 99820
SURLES, VELMA 2,721.40$ 13,607.00$ 50.00$ 250.00$
TAYLOR, DENNIS 2,063.93$ 10,319.65$ 50.00$ 250.00$ 99820
BLOSS-WATSON, VICKY deceased 4/7/24 -$ 27,788.20$ -$ 200.00$ 99820
106,228.36$ 558,930.00$ 1,600.00$ 8,200.00$ -$
POLICE PENSION FUND
Jun 6800-9800 6800-9800
Month 6 Regular Mo 5335-00 5335-05
6
NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
Supplement for Fut Supp
BAYLES, BOBBI J 1,587.41$ 9,524.46$ 50.00$ 300.00$ 99820
BLACK, MILDRED 1,125.64$ 6,753.84$ 50.00$ 300.00$ 99820
BRADLEY, GERALD 4,820.09$ 28,920.54$ 50.00$ 300.00$ 99820
BRADLEY, RANDALL 2,860.17$ 17,161.02$ 50.00$ 300.00$ 99820
BROWN, JOHN 4,362.01$ 26,172.06$ 50.00$ 300.00$ 99820
CARROLL,RONALD L 2,106.04$ 12,636.24$ 50.00$ 300.00$ 99820
COLE, RUSTON 3,065.74$ 18,394.44$ 50.00$ 300.00$ 99820
DUGGER,GARY 3,163.74$ 18,982.44$ 50.00$ 300.00$ 99820
FOSTER, MARTHA 3,207.35$ 19,244.10$ 50.00$ 300.00$ 99820
FRIEND, JERRY 1,970.42$ 11,822.52$ 50.00$ 300.00$ 99820
HANNA, JANICE 1,368.59$ 8,211.54$ -$ -$
HANNA, MARK 1,368.59$ 8,211.54$ 50.00$ 300.00$ 99820
HELDER, TIM 5,838.12$ 35,028.72$ 50.00$ 300.00$ 99820
HOYT, RICK 7,460.01$ 44,760.06$ 50.00$ 300.00$ 99820
HOYT, RICK Plus 25 add pay 272.01$ 1,632.06$
JOHNSON, FRANK 7,974.81$ 47,848.86$ 50.00$ 300.00$ 99820
JOHNSON, JOYCE 2,455.50$ 14,733.00$ 50.00$ 300.00$ 99820
NORMA K. JONES 3,300.45$ 19,802.70$ 50.00$ 300.00$ 99820
JONES, MICHELE 1,182.26$ 7,093.56$
KILGORE, DONALD 2,046.48$ 12,278.88$ 50.00$ 300.00$ 99820
MARTIN, CONNIE 3,692.85$ 22,157.10$ 50.00$ 300.00$ 99820
MCCAWLEY, LARRY 1,694.79$ 10,168.74$ 50.00$ 300.00$ 99820
MITCHELL, MICHAEL 2,305.29$ 13,831.74$ 50.00$ 300.00$ 99820
MUNSON,ANGELA 4,198.15$ 25,188.90$ 50.00$ 300.00$ 99820
MURPHY, MARGARET 405.75$ 2,434.50$ 50.00$ 300.00$ 99820
PERDUE, LARRY 2,322.67$ 13,936.02$ 50.00$ 300.00$ 99820
PERSHALL, ROBIN 1,525.07$ 9,150.42$ -$ -$
PHILLIPS, LINDA SUE 1,754.44$ 10,526.64$ 50.00$ 300.00$ 99820
PRESTON, NORMA J 1,601.37$ 9,608.22$ 50.00$ 300.00$ 99820
RICKMAN, LOREN 2,231.07$ 13,386.42$ 50.00$ 300.00$ 99820
RIGGINS, BONNIE 1,669.37$ 10,016.22$ 50.00$ 300.00$ 99820
ROBERTS, ELDON 4,263.24$ 25,579.44$ 50.00$ 300.00$ 99820
ROBERTS, ELDON Plus 25 add pay 587.09$ 3,522.54$ -$ -$
ROBERTS, CAROLYN K 3,216.13$ 19,296.78$ -$
ROBERTS, CAROLYN K Plus 25 add pay 442.89$ 2,657.34$ -$
SCHUSTER,JOHN H. 1,558.68$ 9,352.08$ 50.00$ 300.00$ 99820
SCHUSTER, NANCY R. 1,558.68$ 9,352.08$ -$ -$
STANLEY, MELVIN 4,880.07$ 29,280.42$ 50.00$ 300.00$ 99820
SURLES, VELMA 2,721.40$ 16,328.40$ 50.00$ 300.00$
TAYLOR, DENNIS 2,063.93$ 12,383.58$ 50.00$ 300.00$ 99820
BLOSS-WATSON, VICKY deceased 4/8/24 -$ 27,788.20$ -$ 200.00$ 99820
106,228.36$ 665,158.36$ 1,600.00$ 9,800.00$ -$
POLICE PENSION FUND
Jul 6800-9800 6800-9800
Month 7 Regular Mo 5335-00 5335-05
7
NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
Supplement for Fut Supp
BAYLES, BOBBI J 1,587.41$ 11,111.87$ 50.00$ 350.00$ 99820
BLACK, MILDRED 1,125.64$ 7,879.48$ 50.00$ 350.00$ 99820
BRADLEY, GERALD 4,820.09$ 33,740.63$ 50.00$ 350.00$ 99820
BRADLEY, RANDALL 2,860.17$ 20,021.19$ 50.00$ 350.00$ 99820
BROWN, JOHN 4,362.01$ 30,534.07$ 50.00$ 350.00$ 99820
CARROLL,RONALD L 2,106.04$ 14,742.28$ 50.00$ 350.00$ 99820
COLE, RUSTON 3,065.74$ 21,460.18$ 50.00$ 350.00$ 99820
DUGGER,GARY 3,163.74$ 22,146.18$ 50.00$ 350.00$ 99820
FOSTER, MARTHA 3,207.35$ 22,451.45$ 50.00$ 350.00$ 99820
FRIEND, JERRY 1,970.42$ 13,792.94$ 50.00$ 350.00$ 99820
HANNA, JANICE 1,368.59$ 9,580.13$ -$ -$
HANNA, MARK 1,368.59$ 9,580.13$ 50.00$ 350.00$ 99820
HELDER, TIM 5,838.12$ 40,866.84$ 50.00$ 350.00$ 99820
HOYT, RICK 7,460.01$ 52,220.07$ 50.00$ 350.00$ 99820
HOYT, RICK Plus 25 add pay 272.01$ 1,904.07$
JOHNSON, FRANK 7,974.81$ 55,823.67$ 50.00$ 350.00$ 99820
JOHNSON, JOYCE 2,455.50$ 17,188.50$ 50.00$ 350.00$ 99820
NORMA K. JONES 3,300.45$ 23,103.15$ 50.00$ 350.00$ 99820
JONES, MICHELE 1,182.26$ 8,275.82$
KILGORE, DONALD 2,046.48$ 14,325.36$ 50.00$ 350.00$ 99820
MARTIN, CONNIE 3,692.85$ 25,849.95$ 50.00$ 350.00$ 99820
MCCAWLEY, LARRY 1,694.79$ 11,863.53$ 50.00$ 350.00$ 99820
MITCHELL, MICHAEL 2,305.29$ 16,137.03$ 50.00$ 350.00$ 99820
MUNSON,ANGELA 4,198.15$ 29,387.05$ 50.00$ 350.00$ 99820
MURPHY, MARGARET 405.75$ 2,840.25$ 50.00$ 350.00$ 99820
PERDUE, LARRY 2,322.67$ 16,258.69$ 50.00$ 350.00$ 99820
PERSHALL, ROBIN 1,525.07$ 10,675.49$ -$ -$
PHILLIPS, LINDA SUE 1,754.44$ 12,281.08$ 50.00$ 350.00$ 99820
PRESTON, NORMA J 1,601.37$ 11,209.59$ 50.00$ 350.00$ 99820
RICKMAN, LOREN 2,231.07$ 15,617.49$ 50.00$ 350.00$ 99820
RIGGINS, BONNIE 1,669.37$ 11,685.59$ 50.00$ 350.00$ 99820
ROBERTS, ELDON 4,263.24$ 29,842.68$ 50.00$ 350.00$ 99820
ROBERTS, ELDON Plus 25 add pay 587.09$ 4,109.63$ -$ -$
ROBERTS, CAROLYN K 3,216.13$ 22,512.91$ -$
ROBERTS, CAROLYN K Plus 25 add pay 442.89$ 3,100.23$ -$
SCHUSTER,JOHN H. 1,558.68$ 10,910.76$ 50.00$ 350.00$ 99820
SCHUSTER, NANCY R. 1,558.68$ 10,910.76$ -$ -$
STANLEY, MELVIN 4,880.07$ 34,160.49$ 50.00$ 350.00$ 99820
SURLES, VELMA 2,721.40$ 19,049.80$ 50.00$ 350.00$
TAYLOR, DENNIS 2,063.93$ 14,447.51$ 50.00$ 350.00$ 99820
BLOSS-WATSON, VICKY deceased 4/8/24 -$ 27,788.20$ -$ 200.00$ 99820
106,228.36$ 771,386.72$ 1,600.00$ 11,400.00$ -$
POLICE PENSION FUND
Aug 6800-9800 6800-9800
Month 8 Regular Mo 5335-00 5335-05
8
NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
Supplement for Fut Supp
BAYLES, BOBBI J 1,587.41$ 12,699.28$ 50.00$ 400.00$ 99820
BLACK, MILDRED 1,125.64$ 9,005.12$ 50.00$ 400.00$ 99820
BRADLEY, GERALD 4,820.09$ 38,560.72$ 50.00$ 400.00$ 99820
BRADLEY, RANDALL 2,860.17$ 22,881.36$ 50.00$ 400.00$ 99820
BROWN, JOHN 4,362.01$ 34,896.08$ 50.00$ 400.00$ 99820
CARROLL,RONALD L 2,106.04$ 16,848.32$ 50.00$ 400.00$ 99820
COLE, RUSTON 3,065.74$ 24,525.92$ 50.00$ 400.00$ 99820
DUGGER,GARY 3,163.74$ 25,309.92$ 50.00$ 400.00$ 99820
FOSTER, MARTHA 3,207.35$ 25,658.80$ 50.00$ 400.00$ 99820
FRIEND, JERRY 1,970.42$ 15,763.36$ 50.00$ 400.00$ 99820
HANNA, JANICE 1,368.59$ 10,948.72$ -$ -$
HANNA, MARK 1,368.59$ 10,948.72$ 50.00$ 400.00$ 99820
HELDER, TIM 5,838.12$ 46,704.96$ 50.00$ 400.00$ 99820
HOYT, RICK 7,460.01$ 59,680.08$ 50.00$ 400.00$ 99820
HOYT, RICK Plus 25 add pay 272.01$ 2,176.08$
JOHNSON, FRANK 7,974.81$ 63,798.48$ 50.00$ 400.00$ 99820
JOHNSON, JOYCE 2,455.50$ 19,644.00$ 50.00$ 400.00$ 99820
NORMA K. JONES 3,300.45$ 26,403.60$ 50.00$ 400.00$ 99820
JONES, MICHELE 1,182.26$ 9,458.08$
KILGORE, DONALD 2,046.48$ 16,371.84$ 50.00$ 400.00$ 99820
MARTIN, CONNIE 3,692.85$ 29,542.80$ 50.00$ 400.00$ 99820
MCCAWLEY, LARRY 1,694.79$ 13,558.32$ 50.00$ 400.00$ 99820
MITCHELL, MICHAEL 2,305.29$ 18,442.32$ 50.00$ 400.00$ 99820
MUNSON,ANGELA 4,198.15$ 33,585.20$ 50.00$ 400.00$ 99820
MURPHY, MARGARET 405.75$ 3,246.00$ 50.00$ 400.00$ 99820
PERDUE, LARRY 2,322.67$ 18,581.36$ 50.00$ 400.00$ 99820
PERSHALL, ROBIN 1,525.07$ 12,200.56$ -$ -$
PHILLIPS, LINDA SUE 1,754.44$ 14,035.52$ 50.00$ 400.00$ 99820
PRESTON, NORMA J 1,601.37$ 12,810.96$ 50.00$ 400.00$ 99820
RICKMAN, LOREN 2,231.07$ 17,848.56$ 50.00$ 400.00$ 99820
RIGGINS, BONNIE 1,669.37$ 13,354.96$ 50.00$ 400.00$ 99820
ROBERTS, ELDON 4,263.24$ 34,105.92$ 50.00$ 400.00$ 99820
ROBERTS, ELDON Plus 25 add pay 587.09$ 4,696.72$ -$ -$
ROBERTS, CAROLYN K 3,216.13$ 25,729.04$ -$
ROBERTS, CAROLYN K Plus 25 add pay 442.89$ 3,543.12$ -$
SCHUSTER,JOHN H. 1,558.68$ 12,469.44$ 50.00$ 400.00$ 99820
SCHUSTER, NANCY R. 1,558.68$ 12,469.44$ -$ -$
STANLEY, MELVIN 4,880.07$ 39,040.56$ 50.00$ 400.00$ 99820
SURLES, VELMA 2,721.40$ 21,771.20$ 50.00$ 400.00$
TAYLOR, DENNIS 2,063.93$ 16,511.44$ 50.00$ 400.00$ 99820
BLOSS-WATSON, VICKY deceased 4/8/24 -$ 27,788.20$ -$ 200.00$ 99820
106,228.36$ 877,615.08$ 1,600.00$ 13,000.00$ -$
POLICE PENSION FUND
Sep 6800-9800 6800-9800
Month 9 Regular Mo 5335-00 5335-05
9
NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
Supplement for Fut Supp
BAYLES, BOBBI J 1,587.41$ 14,286.69$ 50.00$ 450.00$ 99820
BLACK, MILDRED 1,125.64$ 10,130.76$ 50.00$ 450.00$ 99820
BRADLEY, GERALD 4,820.09$ 43,380.81$ 50.00$ 450.00$ 99820
BRADLEY, RANDALL 2,860.17$ 25,741.53$ 50.00$ 450.00$ 99820
BROWN, JOHN 4,362.01$ 39,258.09$ 50.00$ 450.00$ 99820
CARROLL,RONALD L 2,106.04$ 18,954.36$ 50.00$ 450.00$ 99820
COLE, RUSTON 3,065.74$ 27,591.66$ 50.00$ 450.00$ 99820
DUGGER,GARY 3,163.74$ 28,473.66$ 50.00$ 450.00$ 99820
FOSTER, MARTHA 3,207.35$ 28,866.15$ 50.00$ 450.00$ 99820
FRIEND, JERRY 1,970.42$ 17,733.78$ 50.00$ 450.00$ 99820
HANNA, JANICE 1,368.59$ 12,317.31$ -$ -$
HANNA, MARK 1,368.59$ 12,317.31$ 50.00$ 450.00$ 99820
HELDER, TIM 5,838.12$ 52,543.08$ 50.00$ 450.00$ 99820
HOYT, RICK 7,460.01$ 67,140.09$ 50.00$ 450.00$ 99820
HOYT, RICK Plus 25 add pay 272.01$ 2,448.09$
JOHNSON, FRANK 7,974.81$ 71,773.29$ 50.00$ 450.00$ 99820
JOHNSON, JOYCE 2,455.50$ 22,099.50$ 50.00$ 450.00$ 99820
NORMA K. JONES 3,300.45$ 29,704.05$ 50.00$ 450.00$ 99820
JONES, MICHELE 1,182.26$ 10,640.34$
KILGORE, DONALD 2,046.48$ 18,418.32$ 50.00$ 450.00$ 99820
MARTIN, CONNIE 3,692.85$ 33,235.65$ 50.00$ 450.00$ 99820
MCCAWLEY, LARRY 1,694.79$ 15,253.11$ 50.00$ 450.00$ 99820
MITCHELL, MICHAEL 2,305.29$ 20,747.61$ 50.00$ 450.00$ 99820
MUNSON,ANGELA 4,198.15$ 37,783.35$ 50.00$ 450.00$ 99820
MURPHY, MARGARET 405.75$ 3,651.75$ 50.00$ 450.00$ 99820
PERDUE, LARRY 2,322.67$ 20,904.03$ 50.00$ 450.00$ 99820
PERSHALL, ROBIN 1,525.07$ 13,725.63$ -$ -$
PHILLIPS, LINDA SUE 1,754.44$ 15,789.96$ 50.00$ 450.00$ 99820
PRESTON, NORMA J 1,601.37$ 14,412.33$ 50.00$ 450.00$ 99820
RICKMAN, LOREN 2,231.07$ 20,079.63$ 50.00$ 450.00$ 99820
RIGGINS, BONNIE 1,669.37$ 15,024.33$ 50.00$ 450.00$ 99820
ROBERTS, ELDON 4,263.24$ 38,369.16$ 50.00$ 450.00$ 99820
ROBERTS, ELDON Plus 25 add pay 587.09$ 5,283.81$ -$ -$
ROBERTS, CAROLYN K 3,216.13$ 28,945.17$ -$
ROBERTS, CAROLYN K Plus 25 add pay 442.89$ 3,986.01$ -$
SCHUSTER,JOHN H. 1,558.68$ 14,028.12$ 50.00$ 450.00$ 99820
SCHUSTER, NANCY R. 1,558.68$ 14,028.12$ -$ -$
STANLEY, MELVIN 4,880.07$ 43,920.63$ 50.00$ 450.00$ 99820
SURLES, VELMA 2,721.40$ 24,492.60$ 50.00$ 450.00$
TAYLOR, DENNIS 2,063.93$ 18,575.37$ 50.00$ 450.00$ 99820
BLOSS-WATSON, VICKY deceased 4/8/24 -$ 27,788.20$ -$ 200.00$ 99820
106,228.36$ 983,843.44$ 1,600.00$ 14,600.00$ -$
POLICE PENSION FUND
Oct 6800-9800 6800-9800
Month 10 Regular Mo 5335-00 5335-05
10
NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code
Supplement for Fut Supp
BAYLES, BOBBI J 1,587.41$ 15,874.10$ 50.00$ 500.00$ 99820
BLACK, MILDRED 1,125.64$ 11,256.40$ 50.00$ 500.00$ 99820
BRADLEY, GERALD 4,820.09$ 48,200.90$ 50.00$ 500.00$ 99820
BRADLEY, RANDALL 2,860.17$ 28,601.70$ 50.00$ 500.00$ 99820
BROWN, JOHN 4,362.01$ 43,620.10$ 50.00$ 500.00$ 99820
CARROLL,RONALD L 2,106.04$ 21,060.40$ 50.00$ 500.00$ 99820
COLE, RUSTON 3,065.74$ 30,657.40$ 50.00$ 500.00$ 99820
DUGGER,GARY 3,163.74$ 31,637.40$ 50.00$ 500.00$ 99820
FOSTER, MARTHA 3,207.35$ 32,073.50$ 50.00$ 500.00$ 99820
FRIEND, JERRY 1,970.42$ 19,704.20$ 50.00$ 500.00$ 99820
HANNA, JANICE 1,368.59$ 13,685.90$ -$ -$
HANNA, MARK 1,368.59$ 13,685.90$ 50.00$ 500.00$ 99820
HELDER, TIM 5,838.12$ 58,381.20$ 50.00$ 500.00$ 99820
HOYT, RICK 7,460.01$ 74,600.10$ 50.00$ 500.00$ 99820
HOYT, RICK Plus 25 add pay 272.01$ 2,720.10$
JOHNSON, FRANK 7,974.81$ 79,748.10$ 50.00$ 500.00$ 99820
JOHNSON, JOYCE 2,455.50$ 24,555.00$ 50.00$ 500.00$ 99820
NORMA K. JONES 3,300.45$ 33,004.50$ 50.00$ 500.00$ 99820
JONES, MICHELE 1,182.26$ 11,822.60$
KILGORE, DONALD 2,046.48$ 20,464.80$ 50.00$ 500.00$ 99820
MARTIN, CONNIE 3,692.85$ 36,928.50$ 50.00$ 500.00$ 99820
MCCAWLEY, LARRY 1,694.79$ 16,947.90$ 50.00$ 500.00$ 99820
MITCHELL, MICHAEL 2,305.29$ 23,052.90$ 50.00$ 500.00$ 99820
MUNSON,ANGELA 4,198.15$ 41,981.50$ 50.00$ 500.00$ 99820
MURPHY, MARGARET 405.75$ 4,057.50$ 50.00$ 500.00$ 99820
PERDUE, LARRY 2,322.67$ 23,226.70$ 50.00$ 500.00$ 99820
PERSHALL, ROBIN 1,525.07$ 15,250.70$ -$ -$
PHILLIPS, LINDA SUE 1,754.44$ 17,544.40$ 50.00$ 500.00$ 99820
PRESTON, NORMA J 1,601.37$ 16,013.70$ 50.00$ 500.00$ 99820
RICKMAN, LOREN 2,231.07$ 22,310.70$ 50.00$ 500.00$ 99820
RIGGINS, BONNIE 1,669.37$ 16,693.70$ 50.00$ 500.00$ 99820
ROBERTS, ELDON 4,263.24$ 42,632.40$ 50.00$ 500.00$ 99820
ROBERTS, ELDON Plus 25 add pay 587.09$ 5,870.90$ -$ -$
ROBERTS, CAROLYN K 3,216.13$ 32,161.30$ -$
ROBERTS, CAROLYN K Plus 25 add pay 442.89$ 4,428.90$ -$
SCHUSTER,JOHN H. 1,558.68$ 15,586.80$ 50.00$ 500.00$ 99820
SCHUSTER, NANCY R. 1,558.68$ 15,586.80$ -$ -$
STANLEY, MELVIN 4,880.07$ 48,800.70$ 50.00$ 500.00$ 99820
SURLES, VELMA 2,721.40$ 27,214.00$ 50.00$ 500.00$
TAYLOR, DENNIS 2,063.93$ 20,639.30$ 50.00$ 500.00$ 99820
BLOSS-WATSON, VICKY deceased 4/8/24 -$ 27,788.20$ -$ 200.00$ 99820
106,228.36$ 1,090,071.80$ 1,600.00$ 16,200.00$ -$
POLICE PENSION FUND
1
Paxton, Kara
From:Jen Sines <jsines@lopfi-prb.com>
Sent:Tuesday, April 2, 2024 12:35 PM
To:Becker, Paul; Baker, Jodie; Shepard, Tracy; Paxton, Kara; Riley, Nancy; Brown, Beverly
Subject:RE: 2024 Consolidation Memo - Fayetteville Police
Attachments:Consolidation Memo - 2024.pdf
Importance:High
Follow Up Flag:Follow up
Flag Status:Flagged
CAUTION: This email originated from outside of the City of Fayetteville. Do not click links or open attachments unless you recognize
the sender and know the content is safe.
Mr. Becker,
Thank you for taking the time to speak with me on March 18 th in regards to the Consolidation Memo. It was
emailed to the Local Plans on March 29, 2024.
We would like to ask that the Local Board of Trustees discuss consolidation at the May 2024 Board meeting
when they meet to elect new member trustees in accordance to ACA 24-11-801 (Fire) and ACA 24-11-405
(Police)
I would like to remind you all of a few of the benefits to the City and retirees should they consolidate:
o The location will not be required to assist in managing the assets of the Local Plan.
Local Plan assets will be held in their own account in the LOPFI system and will receive
investment income based off LOPFI’s investment return.
GASB reports and valuation(s) will be sent to the City each year outlining Local Plan
asset information.
o LOPFI will process all monthly benefit payments for each Local Plan participant.
o No more 1099-Rs associated with the Local Plan will have to be issued at the end of each year
by the location.
o The Annual Financial Report for the Local Plan will be a thing of the past.
o The local board of trustees for the Local Plan will be dissolved, so no more local board meetings.
o The current benefit payment to the participants will not change unless, a 3% COLA is approved
by the city at the time of consolidation.
Please note that if a Local Plan is actuarially sound, current law requires implementation
of a 3% COLA at the time of consolidation.
o Monthly benefits are payable for lifetime
No possibility of pro-rating 24-11-807 (states pro-rate) 24-11-804 (2)(D) (fire) & 24-11-
406(b)(4)(C) (Police) No pro-rating under administration of the System.
o The once a year Future Supplement payment in August will continue.
Please provide a copy of the May 2024 meeting minutes once they are available.
2
If you have any questions please let me know.
Respectfully,
Jen Sines
Chief Financial Officer
Local Police & Fire Retirement (LOPFI)
(501) 682-1745
From: Jen Sines
Sent: Friday, March 29, 2024 9:59 AM
To: kcavette@fayetteville-ar.gov; Baker, Jodie <jbaker@fayetteville-ar.gov>; trshepard@fayetteville-ar.gov;
kapaxton@fayetteville-ar.gov; nriley@fayetteville-ar.gov; Brown, Beverly <bbrown@fayetteville-ar.gov>
Subject: 2024 Consolidation Memo - Fayetteville Police
Importance: High
Hello-
Attached you will find a memo regarding consolidation of your Local Fire and/or Police Pension Plan(s)
with LOPFI. There are many benefits of consolidation.
Some of those are:
The location will not be required to assist in managing the assets of the Local Plan.
o Local Plan assets will be held in their own account in the LOPFI system and will receive investment
income based off LOPFI’s investment return.
o GASB reports and valuation(s) will be sent to the City each year outlining Local Plan asset
information.
LOPFI will process all monthly benefit payments for each Local Plan participant.
No more 1099-Rs associated with the Local Plan will have to be issued at the end of each year by the
location.
The Annual Financial Report for the Local Plan will be a thing of the past.
The local Board of Trustees for the Local Plan will be dissolved, so no more local board meetings.
If the Board of Trustees of your Local Plan is interested in consolidation, please follow the process
outlined in the attached LOPFI Consolidation Memo by submitting a request to LOPFI for the actuarial
valuation along with a check payable to “Gabriel, Roeder, Smith & Co.” for the appropriate fee amount. The
window for a Local Plan to consolidate with LOPFI spans from April 1, 2024 through September 30, 2024.
If you have any questions or need further information, you may contact Jen Sines or Lesley Weaver at
501.682.1745.
Respectfully,
LOPFI Staff
3
NOTICE: Information contained in this E-mail, including attachments, may be confidential. It is intended
only for the named individual(s). The intended recipient(s) is/are advised that state and federal privacy
laws may restrict your use of confidential or personal information. If the reader of this message is not the
intended recipient(s), you are hereby notified that you should not disseminate, distribute, or forward this
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notify the sender and delete the material from your computer system. All email sent to or from this
address is subject to archival, monitoring or review by, and/or disclosure to, someone other than the
recipient.
To: Local Fire and Police Pension Funds (Local Plans)
From: Local Police and Fire Retirement System (LOPFI)
Re: Consolidation of Local Plan
Date: 2024-Year
A Local Plan can legally assign its administration (consolidate) to LOPFI, which means LOPFI
serves as the administrator of the Local Plan. Legal benefits do not change unless the
municipality approves a benefit increase such as the addition of a three percent (3%) compound
cost of living adjustment (COLA) for the Local Plan.
As of January 1, 2024, LOPFI administers benefits and invests the assets for 253 consolidated
Local Plans. At that time, there remained 33 locally administered Local Plans. A concern from
some locally administered Local Plans is if their municipality could use the assets
for infrastructure/equipment purchases once all benefit recipients have passed away. The answer
Local Plans must comply with the Internal Revenue Code as a qualified plan, so assets
cannot be used for purposes other than the exclusive benefit of the participants. At the stage of a
that all benefit recipients have passed away, the Local Plan will have
previously consolidated1 with LOPFI. LOPFI ensures assets are sufficient and used only for
their lawful purposes. When benefit recipients pass away, the actuarial costs
decrease, so the prospect that a large sum of monies will be left when the last benefit recipient
passes away is remote. Any assets that do remain shall be used solely by that municipality to
fund retirement costs for their LOPFI-covered police officers or firefighters.
An initial step when considering consolidation is to request an actuarial valuation2 to determine
the employer contribution rate to fund the Local Plan benefits. The valuation has an
employer contribution rate to implement a 3% compound COLA for the Local Plan and a rate
without a COLA. The valuation fee is $850. The check for this fee is to be payable to Gabriel,
Roeder, Smith, & Co. and mailed to LOPFI. The valuation process takes about four (4) weeks to
complete and begins after the request and payment are received by LOPFI. LOPFI will send the
completed valuation to the Local Plan along with guidance for the next steps to proceed with
consolidation if that is the desire of the Local Plan.
Please contact Jen Sines or Lesley Weaver with questions about consolidation.
1
include beneficiaries. Because mandatory consolidation stipulates that a local board of trustees may no
longer exist, consolidation must begin without delay once there are fewer than five members.
2LOPFI accepts valuation requests from April 1st through September 30th of each year.
Police Pension Fund Revenue Expense Summary
12/31/2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Revenues:
Employee Contributions -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
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 (.4 mills)814,173.15$ 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 103,277.68$ 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 2,930.95$ 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 139,845.75$ 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 60,125.51$ 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 1,396,473.97$ 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 1,358,104.92$ 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 19,800.00$ 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 27,429.00$ 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 1,490,460.17$ 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 ***(93,986.20)$ (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**484,445.91$ (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) 390,459.71$ (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 *4,436,885.81$ 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 *5,835,520.73$ 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
***
4/15/2024 C:\Users\kapaxton\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\PQMSMTAT\Police Pension Summary 12.31.23 (002)
Police Pension Fund Revenue Expense Summary
03//31/2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Revenues:
Employee Contributions -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Employer Contributions -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
State Insurance Tax 10,900.00$ 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$
Local Millage (.4 mills)55,662.04$ 814,173.15$ 751,097.07$ 685,875.24$ 643,110.44$ 624,223.49$ 587,536.68$ 566,513.87$ 551,507.74$ 539,827.30$
10% City Fines and Forfeitures 32,360.95$ 103,277.68$ 107,376.50$ 92,641.86$ 100,394.32$ 146,297.69$ 145,562.44$ 164,626.55$ 141,769.98$ 124,486.54$
Sale of Confiscated Goods 309.06$ 2,930.95$ 14,980.96$ 7,921.85$ 1,235.52$ 5,288.85$ 4,003.00$ -$ 3,733.56$ 4,068.81$
Interest and Dividends 32,023.00$ 139,845.75$ 128,457.59$ 139,645.15$ 125,523.20$ 136,459.26$ 132,685.16$ 131,204.03$ 149,556.88$ 175,768.80$
Gain (Loss) on Sales 72,342.82$ 60,125.51$ 87,676.05$ 222,745.73$ 127,123.94$ (83,178.67)$ 217,689.67$ 200,446.71$ (18,559.71)$ 122,582.56$
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$
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$
Misc Revenue -$ -$ -$ -$ 310.29$ -$ 3,432.14$ 3,862.29$ -$ 2.00$
Total Revenue 203,597.87$ 1,396,473.97$ 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$
Expenditures
Regular Monthly Benefits 339,526.23$ 1,358,104.92$ 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$
Police Supplement 4,950.00$ 19,800.00$ 19,800.00$ 19,800.00$ 20,700.00$ 20,900.00$ 21,600.00$ 22,200.00$ 22,750.00$ 23,250.00$
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$
Investment Manager Fees 6,968.00$ 27,429.00$ 29,156.00$ 29,856.00$ 28,119.00$ 28,924.00$ 30,335.00$ 29,859.75$ 30,378.01$ 33,743.02$
Other Expenses:-$ -$ -$ -$ -$ -$ -$ -$
Office Supplies/printing -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
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$
Professional Services -$ -$ -$ -$ -$ -$ -$ -$ 1,160.00$ -$
Legal Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Bank Fees 16.89$ 32.10$ 288.94$ 404.50$ 316.37$ 232.09$ 36.80$ 25.29$ 24.99$ 43.39$
Total Expenses 351,461.12$ 1,490,460.17$ 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$
Net Income (Loss) Before Market Adj ***(147,863.25)$ (93,986.20)$ (135,714.26)$ (34,167.57)$ (219,695.60)$ (429,954.62)$ (189,285.02)$ (233,231.26)$ (503,124.19)$ (392,924.64)$
Market Adjustment**-$ 484,445.91$ (771,933.87)$ 379,075.96$ 241,234.00$ 934,853.76$ (490,293.41)$ 512,708.24$ 339,636.99$ (491,233.44)$
Net Income (Loss) (147,863.25)$ 390,459.71$ (907,648.13)$ 344,908.39$ 21,538.40$ 504,899.14$ (679,578.43)$ 279,476.98$ (163,487.20)$ (884,158.08)$
Book Value Total Reserve Assets *4,331,436.86$ 4,436,885.81$ 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$
Market Value Total Reserve Assets *6,043,668.71$ 5,835,520.73$ 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$
*Assets less any liabilities
** Market Value calculated at year end
***
4/15/2024 C:\Users\kapaxton\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\PQMSMTAT\Police Pension Summary 03.31.24 (002)