HomeMy WebLinkAboutOrdinance 4191 ORDINANCE NO, 4191
AN ORDINANCE LEVYING A TAX ON THE REAL AND
PERSONAL PROPERTY WITHIN THE CITY OF
FAYETTEVILLE, ARKANSAS, FOR THE YEAR 1999 FIXING
THE RATE THEREOF AT 1 .0 MILS AND CERTIFYING THE
SAME TO THE COUNTY CLERK OF WASHINGTON COUNTY,
ARKANSAS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1 . That a tax is hereby levied on the real and personal property within the City
of Fayetteville, Arkansas, for the year 1999, to be collected in 2000, for the following purposes at
the following rates: co
CO
REAL ANIS PERSONAL PROP PROPERTY
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rnm nS_Wion2. That the real and personal property tax so levied and the rates provided
cntherefo'?e a hereby certified to the Clerk of Washington County, Arkansas, to be placed in the tax
book by the County Clerk and collected in the same manner that the county and school district taxes
are collected.
S .tion The City Clerk is hereby authorized and directed to file certified copies of this
ordinance in the office of the County Recorder, County Clerk, County Assessor, and the County Tax
Collector for Washington County, Arkansas.
PASSED AND APPROVED this-,5'h day of October , 1999.
_.. APPROVED:
Ir/ ( By:
u �a t %`';' • '' J =A .'t Fr d Hanna, Mayor
r � ` {A' PT T.
�J Heather Woo uff, City Clerk
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4191
STAFF REVIEW FORM
XX AGENDA REQUEST
_ CONTRACT REVIEW
GRANT REVIEW
For the Fayetteville City Council meeting of October 5, 1999
FROM:
Stephen Davis Budget & Research Admin. Services
Name Division Department
ACTION REQUIRED : Council Action is requested to adopt real and personal property tax rates for 1999 for the Police
and Fire Pension funds. The rate to be adopted is 0.5 mils for real property and 0.5 mils for personal property. There is no
millage proposed for general government operations.
COST TO CITY:
$ N/A $ N/A
Cost of this Request Category/Project Budget Category/Prcject Name
$ N/A
Account Number Funds Used To Date Program Name
$ N/A
Project Number Remaining Balance Fund
BUD ET REVIEW: XX Budgeted Item uLi et Adjustment Attached
B t ana erAkffifinstrative Services Director
CONTRACT/GRANT/LEASE REVIEW: GRANTING AGENCY:
AccoVngv� a Date Internal Auditor Date
� yz,� s
Ci Attom Date ADA Coordinator Date
9 a \ -qct
Purchasing Officer Date
STAFF RECOMMENDATION: Staff recommends adoption of millage rates.
Divisio Head Date Cross Reference
New Item: Yes No
De artment Director �JD�ate
(� Prev Ord/Res #:
rmnistra v ervices Director Date
flM
Orig Contract Date:
Mayor Date H:\BUDGET\PROJECTS\MUlAGM99FTMIL.AGA.wpd
FAYETTEVILLE
THE CITY OF FAYETI'EVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
To: Fayetteville City Council
Thru: Fred Hanna, Mayor
Kevin Crosson, Administrative Services Director
From: Budget & Resear404
Re: 1999 Millage Levy
Date: September 20, 1999
Each year the City must approve an ordinance to renew the levy of ad valorem taxes on real and
personal property within the City. This request will provide for such levy on property assessed during
1999.
The total assessed value of real and personal property located within the city limits of Fayetteville,
as of September 13, 1999, is approximately $563 million. The assessed valuation is before the
Washington County Board of Equalization has made all the changes to the County Assessors
Abstract.
A millage levy ordinance must be approved by City Council in order for the City to continue to collect
property taxes for the Fire and Police Pension Funds. The City levy will be added to the levies by
Washington County, the various school districts, improvement districts and other cities within the
County when the Washington County Quorum Court adopts its millage levy for 1999.
The millage levied by this ordinance for the Fire Pension and Relief Fund and the Police Pension fund
is 0.5 mils for real property and 0.5 mils for personal property. Any increase in millage rate for either
the Fire Pension and Relief Fund and Police Pension must be approved by the voters.
H.\BUDGET\PROJECTS\M R.I.AGE\99PTM a..MEM.wpd
City of Fayetteville
Property Tax Revenue per Mil
September 20, 1999
Milla e Approximate Revenue
0. 10 $52,000
0.20 $1039000
0.30 $155,000
0.40 $207,000
0.50 $259,000
0.60 $310,000
0.70 $362,000
0.80 $414,000
0.90 $466,000
1 .00 $5172000
The millage revenue reflected above is based on the Washington County Preliminary
Summary Report of County assessments for the Year 1999 dated September 13, 1999
and excludes real and personal property for Utilities. The current millage rate for
operations is set at 0.0 mils. The City Council can approve up to 5.0 mils for operations.
The table assumes a 95% collection rate. Total real and personal property
assessments for 1999 amount to approximately $545 million excluding real estate and
personal property for utilities.
The change in assessed value, for real estate, from 1998 to 1999 is approximately $12
million or 3.0%. The change in assessed real estate value is due to newly discovered,
newly constructed property and increases in personal property.
The following tables illustrate how each city divides its portion of the Real Estate and Personal Property Taxes.
REAL ESTATE TAXES
POLICE FIRE POLICE FIRE G.O. YOUTH
CITY GENERAL PENSION PENSION VOL VOL LIBRARY BONDS CENTER TOTAL
FAYETTEVILLE 0.0 0.5 0.5 1 .0
SPRINGDALE 5.0 0.5 0.5 0.5 6.5
FARMINGTON 5.0 5.0
ELKINS 2.3 2.3
WINSLOW 3.0 3.0
PRAIRIE GROVE 5.0 1 .0 0.5 3.0 9.5
LINCOLN 5.0 1 1 .0 0.5 6.5
GREENLAND 3.0 3.0
WEST FORK 5.0 5.0
JOHNSON 5.0 2.4
ELM SPRINGS 2.0 5.0
ONTITOWN 2.0 2.0
RFORT
SMITH 5.0 1 .0 1 .0 1 .0 0.5 8.0
ROGERS 3.0 0.5 0.5 0.9 4.9
PERSONAL PROPERTY TAXES
POLICE FIRE POLICE FIRE G.O. YOUTH
CITY GENERAL PENSION PENSION VOL VOL LIBRARY BONDS CENTER TOTAL
FAYETTEVILLE 0.0 0.5 0.5 1 .0
SPRINGDALE 5.0 0.5 0.5 0.5 6.5
FARMINGTON 5.0 5.0
ELKINS 2.3 2.3
WINSLOW 3.0 3.0
PRAIRIE GROVE 5.0 1 .0 0.5 3.0 9.5
LINCOLN 5.0 1 .0 0.5 6.5
GREENLAND 3.0 3.0
WEST FORK 5.0 5.0
JOHNSON 5.0 2.4
ELM SPRINGS 2.0 5.0
TONTITOWN 2.0 2.0
FORT SMITH 5.0 1 .0 1 .0 1 .0 0.5 8.0
ROGERS 3.0 0.5 0.5 0.9 4.9
Sent By,: , Washington Co Assessor ; 501 444 151.8 ; t Sep - 20 - 99 3 : 48PM ; Page 2 / 3
Washington County
Preliminary Summary Report of County Assessments for the Year 1999
City Totals
1988 1988 %change
Elkins 8,091 ,360 81829,812 9
Elm Springs 6,770,104 6,821 ,132 2
Farmington 21 ,457,022 23,7440586 11
Fayetteville 541 ,040,341 563,437,269 4
Goshen 5,5089377 649861005 9
Greenland 5,2101069 5,4461775 5
Johnson 13,142,249 151857,516 21
Lincoln 109230,008 10,989, 181 7
Prairie Grove 18,671 ,715 1 %311 ,879 3
Springdale 382,706,776 414,468,995 8
Tontitown 9,683,712 10,520133 9
West Fork 11 ,402,333 11 ,9341880 5
Winslow 2, 123,449 2, 113,037 (0)
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JUL-07-98 TUE 09 . 49 P, 02
r� ( ARKANSAS FIRE & POLICE PENSION REVIEW BOARD
� P.O. DRAWER 34164
LITTLE Rock. ARKANsAs 72203
TELEPHONE (501 ) 662. 1745
FA) : (501 ) 682. 7751
TO : The Board of Trustees
Police Pension and Relief Fund of FAYETT ILLE
FROM : Arkansas Fire and Police Pension Review Board
RE : 1997 Pension Fund Actuarial valuation
DATE : July 7 , 1998
In accordance with state law , the actuary under , ontract to this
office periodically tests all local fire and Pol ce pension funds for
actuarial soundness . The 1997 actuarial study of your pension fund is
attached . The financial tests for the pension f{ nd are to answer the
• following questions : I
XEaz l�
11 Is there enough annual income to the pensiop
fund to fully fund it ? (See page 4 of the
actuary ' s report . )
2 . Are there enough assets in the pension fund:
to cover all active member contributions , all
payments to current retirants , and at least'
75t of future payments earned by active
members ( See page 11 of the actuary ' s report ) ,
OR are current assets sufficient to cover 9p $
of all accrued actuarial liabilities ( See page
to of the actuary ' s report ) ?
3 . Is this pension fund considered actuarially,
sound under State law?
•
i
JUL-07-98 TUE 09 ; 50 R04
Osborn , Carreiro & Associates , Inc . One Union NaaorW Plau.SWte 16W
• AC (50124 West Capitol Avenue
TUARIES CONSULTANTS ANALYSTS ��` ROd`' 73''6 72241
(SOI )3768043
July 711998
Board of Trustees
Fayetteville Police Pension Fund
Gentlemen:
This report presents the results of our actuarial valuation of the assets and habilitis of the
Fayetteville Police Pension Fund as of December 31, 1997.
• This valuation is required by Arkansas Code Annotated 2411 -205. The purpose f this report is to
(1) evaluate the actuarial status of the Fund, (2) determine the level contributionuiremcnt needed,
(3) review the development of the Fund over the past several years, and (4) present certain actuarial
items on pages 8 and 9 for disclosure under Governmental Accounting Standards.! This report is not
intended for any other purpose.
The member and financial information used in this report was supplied by the Arkansas Fire & Police
Pension Review Board, whose cooperation is appreciated. We did not audit this information,
although we did review it for reasonableness and consistency.
!
I certify that this report has been prepared in accordance with generally accepted actuarial principles
and practices. In my opinion, the actuarial methods used are appropriate and the actuarial
assumptions produce results which, in the aggregate, are reasonable.
Sincerely,
Steve Osborn, F.S.A., M.A.A.A.
Actuary
i
i
I
i
JUL-07-98 TUE 09 ; 50 P. 05
I
TABLE OF CONTENTS
EXHIBIT 1 CONTRIBUTIONS
EXHIBIT 2 COST AND LIABILITIES
EXHIBIT 3 SUMMARY OF FINANCIAL INF " �RMATION
EXHIBIT 4 COMPARISON WITH PRIOR Y
RS
I
• EXHIBIT 5 SHORT CONDITION TEST
EXHIBIT 6 EMPLOYEE AND RETIREE PROFILES
EXHIBIT 7 PRINCIPLE PROVISIONS OF THE PLAN
EXHIBIT 8 ACTUARIAL METHODS AND ASSUMPTIONS
i
•
JUL-07-98 TUE 09 ; 50 P, 06
EA'HTBIT l
CONTRTBUTIONS
I
The following contribution level reflects the payment of the current year Normalost for benefits
attributable to said year (see Exhibit 2) plus an amount sufficient to pay off the U funded Actuarial
Liability over a 10-year period (5-year period for any unfunded retiree liability). [ hese costs DO
NOT include the contributions due to the Local Police and Firefighters Retirement System ("LOPFT")
for persons hired after 1982.
1998 Necessary Annual Contribution to pay:
1 Normal Cost, plus $ 1321306
2 Pay off the Unfunded Actuarial
Accrued Liability (28;679)
3 Totalnecessary $ 103j 27
• Less
4 Expected Employee Contribution - 29;485
(6.00°.6 of salary)
Necessary Employer Contribution $ 74,142
(This is the amount needed in
addition to investment income)
Covered Payroll $ 491 ,422
Necessary Employer Rate 15.09%
These contributions assume that the dollar contribution grows at a rate of 4% per year. The
contributions are assumed to be made continuously throughout the year.
The actual 1997 contribution was $588,261 from the employer.
• 4
I
JUL-07-98 TUE 09:50
P.07
0
EXHIBIT 2
COSTS AND LIABILITIES
A Normal Cost
(Cost to fund current active members)
1 Regular Retirement Benefits
2 Voluntary Termination Benefits
3 Survivors' Benefits
4 Disability Benefits
TOTAL
B Actuarial Accrued Liability
1 Active Lives
• Regular Retirement Benefits
Voluntary Termination Benefits
Survivors' Benefits
Disability Benefits
TOTAL ACTIVE LIVES
2 Inactive Lives
Retirees
Disability Retirees
Widows & Children
TOTAL INACTIVE LIVES
3 Total Liability
C Assets
D Unfunded Actuarial Accrued Liability
5
ES
December 31,
1997
Dollar
Percent
Amount
of nay
121,708
24.77%
2,712
0.55%
3,800
0.77%
4,086 0.83%
132,306 26.92%
$ i 2,918,517
0
2,227
4,917
$ 2,925,661
S 3,259,339
1,985,681
699,822
$ 5,944,842
$ 8,870,503
$ 9,126,449
$ (255,946)
- JUL-07-98 TUE 09:51
P.08
I•
EXHIBIT 3.
SUMMARY OF FINANCIAL rNFORMATION
(Items D -E determined by Osborn, Carreiro and Associates,Inc.)
Year Ended Year E} ded
A. INCOME 12/31/95
1 ConMbutions
Employee
Donations
Employer/Court Fines/Other
Insurance Tax
Local Millage
Adjustment to prior year
• asset value
2 Net Investment Income
TOTAL INCOME
B. EXPENSES
I Administrative
2 Benefits
3 Refunds
TOTAL EXPENSES
I.
Year Ended
_. 12/31/97
$ 32,206
$ 32644
$ 31,663
600
530
420
171,256
1751146
192,089
163,469
163,b03
158,283
166,068
215,222
237,469
0
0
0
318,782
753,400
874,170
$ 852,381
S 1,340,245
$ 1,494,094
$ 3,400 $ 3,725 S 3,000
403,839 435,322 453,553
0 0 0
$ 407,239 $ 439,047 $ 456,553
6
JUL-07-98 TUE 09:51
P. 09
EXHIBIT 3 (Continued)
C ASSETS (at book valuuc 12/31/95 12/31/96 12/31/97
1 Cash & Checking Accounts $ 0 $ c 0 $ 0
2 Bank Deposits 3,132 4 29 16,086
3 Savings and Loan Deposits 0 0 0
4 Other Cash Equivalents 722,791 752, 38 911,757
5 US Govt. Securities 2,671,628 3,182,81 3,032,039
6 Non -US Govt Securities 0 0 0
7 Mortgages 0 0 0
8 CorporatcBonds 1,157,519 1,043, 72 1,174,980
• 9 Common Stocks 2,534,108 3,017,49 3,907,641
10 Other 98,532 87,539 83,946
11 Payables 0 0 0
TOTAL ASSETS $ 7,187,710 $ 8,088,908 $ 9,126,449
D. RATIO OF ASSETS TO
ANNUAL EXPENSES: 17.6 18.4 20.0
E. NET INVESTMENT RETURN4.7% 10.4% 10.7%
F. TOTAL MARKET VALUE 8,455,191 9,970,550
(Used only for GASB calculations)
I • 7
JUL-07-98 TUE 09:51
P.10
• EXHIBIT 3 (Continued)
ACCOUNTrNG INFORMATION
This page is included to provide the information required by the Governmental Acounting
Standards Board Statement No. 5. The values below are based on the assumptiong contained in
Exhibit 8.
STATEMENT OP CREDITED PROJECTED BENEFITS
December 31,
Actuarial present value of credited projected plan benefits 1997
Participants currently receiving benefits
Terminated employees not yet receiving benefits
Active employees
Accumulated employee contributions
• Employer Financed
Vested
Nonvested
•
Total actuarial present value of credited projected benefits
5,944,842
0
317,594
1,452,054
1,147,082
8,861,572
The actuarial present value of credited projected benefits is used in the financial statements of the
plan and the employer. Thcsc numbers arc used for disclosure purposes only, and are not used in
determining the actuarial contribution requirements.
Note: GASB No. 27 is effective January 1, 1998. The GASB No. 5 information on this page is
being shown for transition purposes only, and will not be shown in the future.
13
JUL-07-98 TUE 09:51 P. 11
• EXHIBIT 3 (Continued)
ACCOUNTING INFORMATION
This page is included to provide the information required by the Governmental Acf ounting Standards Board
Statement No. 25 and 27, effective January I, 1998. The values below are based of the assumptions contained
in Exhibit 8.
The Annual Pension Cost disclosed in this exhibit will almost always differ from 4e actual cash contribution to
the fund. We must emphasize that these disclosures are shown in the city's financi 1 statements; Sound
actuarial projections should be used to determine the actual cash contribution reo ements.
RECONCILIATION OF NET PENSION OBLIGATION
1.
2.
3.
4.
5.
Actuarially Required Contribution
Interest on NPO
Adjustmentto(1)
Annual Pension Cost (1)+(2)-(3)
Actual Contribution Made
1997
194,517
(117,305)
(162,318)
239,530
588,261
1998
0
(138,229)
(258,144
119,915
6.
• 7.
8.
Increase in NPO (4)-(5)
NPO Beginning of Year
NPO End of Year
(348,731)
(1,955,087)
(2,303,818)
(2,303,818)
REQUIRED SUPPLEMENTARY INFORMATION
(a)
(b)
(c)
(d)
(e)
(0
(8)
Unfunded
Entry Age
Accrued
UAL as a %
Actuarial
Market
Actuarial
Liability
Funded
Annual
of Covered
Valuation
Value of
Accrued
(UAL)
Ratio !
Covered
Payroll
Date
Plan Assets
Liability
(c) -(b)
(b)/(e)
Payroll
(d)/(f)
12/31/93
6,293,999
7,526,922
1,232,923
83.6%
536,070
230.0%
12/31/95
7,187,710
8,177,365
989,655
87.9%
518,643
190.8%
12/31/97
9,970,550
8,870,503
(1,100,047)
112.4%
491,422
-223.8%
• Note:
12131/93 and
12/31/95 are at amortized cost value,
• 9
JUL-07-98 TUE 13:32
P.01
EXIIIBIT 4
COMPARJSON WITH PRIOR YEARS
This exhibit compares current valuation results with those of prior years.
Full Paid Actuarial Computed
Active Members Employer Contribution Total Plan
Jnfunded Normal
Valuation Annual Percent Dollar &ctuarial Cost Funded
Date No. Payroll of Pay Amount Assets Liability Percent Percent
12/31/82 * 48 775,875 30.8% 239,145 1,968,196 ,564,043 23.5% 55.7%
12/31/84 38 691,245 32.9% 227,671 2,637,566 ,685,881 23.7% 61.0%
12/31/86 29 604,566 35.5% 214,342. 3,251,235 ,712,937 23.9% 65.5%
12/31/87 * 28 666,941 37.8% 252,114 3,374,250 ,065,775 24.6% 62.0%
12/31/89 25 634,711 38.8% 246,132 4,009,866 ,175,493 27.2% 64.8%
12/31/91 24 675,900 35.9% 242,541 5,144,950 ,632,194 28.2% 75.9%
12/31/93 17 536,070 37.2% 199,314 6,293,999 ,232,923 27.8% 83.6%
12/31/95 * 15 518,643 37.5% 194,517 7,187,710 989,655 27.7% 87.9%
12/31/97 12 491,422 15.1% 74,142 9,126,449 (255,946) 26.9% 102.9%
• "Benefits changed
Note: Normal cost prior to 12/31/89 is net of 6% employcc contribations.
• 10
JUL-07-98 TUE 10:•02 P, 01
SHORT CONDITION TEST
The Arkansas General Assembly has stated that the funding objective for these.plid
axis is to pay for
benefits with contributions that remain level as a percentage of employee payrolThus, the long-
term condition test is met when the actual contributions are fairly level and are p when due.
A short condition test can be used to measure a plan's progress. Under the short ylondition test, the
fund's assets are compared with: II
1) Active member contributions;
2) The liabilities for future benefits to the present retirees and inactive
3) The liabilities for service already rendered by active members.
If the plan has been following level cost funding, liability (1) and liability (2) abof a will almost
always be fully covered by the rest of the present assets. In addition, liability (3) kbove will at least
partially funded. The larger the funded portion of liability (3), the stronger the co dition of the fund.
• For a closed fund i.e., one like yours, where no new members are admitted), the finded portion of
liability (3) should be steadily increasing. I
The following table illustrates the history of the short condition test for this plan;
Computed
Actuarial Liabilities
Portion of Liabilities
covered by Assets
(l)
(2)
(3)
Active
Retirees
Actives -
Valuation
Members
and
Employer
Valuation
Date
Contributions
Inactives
Financed
Assets
(1)
(2)
(3)
12/31/82
141,635
1,538,508
1$852,096
1,968,196
100% .
100%
16%
12/31/84
186,492
2,220,660
1,916,295
2,637,566
100%
100%
12%
12/31/86
200,487
2,982,120
1,781,565
3,251,235
100%
100%
4%
12/31/87
229,457
3,095,232
2,115,336
3,374,250
100% •
100%
2%
12/31/89
266,726
3,719,388
2,199,245
4,009,866
100%
100%
1%
12/31/91
336,940
3,674,180
2,766,024
5,144,950
100% •
100%
41%
12/31/93
299,612
4,834,716
2,392,594
6,293,999
100%
100%
48%
12/31/95
319,728
5,358,162
2,499,475
7,187,710
100% i
100%
60%
12/31/97
317,594
5,944,842
2,608,067
9,126,449
100%
100%
110%
• 11
JUL-07-98 TUE 10:02
P.02
•
•
Exhibit 6
Employee Profile
Employee data needed for the valuation was obtained from the records furnished
by the Arkansas Fire and Police Pension Review Board. The f lowing table shows
a derailed breakdown of the present participants by the number f participants and
total salary.
Actives
Years
I 30 and
Age 0-5 5-10 10-15 15-20 20-25 Chin T,.,,1
Under
Count
0
0
0
0
0
0
25
Salary
0
0
0
0
0
0
25-29
Count
0
0
0
0
0
0
01:'.<;
:+' ?At.
30-34
Count
0
0
0
0
0
0
0 ,;.':
Salary
0
0
0
0
0
0
0};;0;
35-39
Count
0
0
0
3
1
0
Salary
000112,7792S,743.
0
0
112,779
28,743
I 0
0 `.:
`J4l;S22
.
4O44
Count
0
0
0
1
1
0
Salary
0
0
0
34,840
48,242
0
0 :$3$?;
45.49
Count
0
0
0
3
1
0
0
0
0
107,414
39,656
0
0.T4 ,.
7070
50-54
Count
0
0
0
0
0
1 1
0
Salary
0
0
0
0
0
156,075
0•
55-59
Count
0
0
0
0
0
1 0
0
Salary
0
0
0
0
0
0
60-64
Count
0
0
0
0
0
0Y.
Ssikry
0
0
0
0
0
0
63,673 ;',f
`;463;7573';
65 &
Count
0
0
0
0
0
0
0 '% -2` 0'
Over
Salary
0
0
0
0
0
0
r..4``fYl
0
Unknown
Count
0
0
0
0
0
0
0
Age
Salary
0
0
0
0
0
0
Total
Count
♦,��
Ilry V� l l r`,1F
Yl.' T ikl'4i �,
r.Y
w 1 CI lr YY 1
T 4 �'
S
r'1. 4 Y ^ a V ..r 1. 1 1 v•
T Y)Y iVi , W,% Y IJ}ry .-Vn Y
i ♦
J
,ro
• w. rca
" 1
f v h
♦ 1
f
6fi673,
_
♦4:+9:.
,
.4�1'92E,
12
JUL-07-98 TUE 10;02
P.03
I.
Exhibit 6
Inactive Profile
Employee data needed for the valuation was obtained from the records f}mished by the
Arkansas Fire and Police Pension Review Board. The following table shows a detailed
breakdown of the present payees by the number of payces and total annuil benefit.
Retirees and Survivors
Years Since Retirement
Ate 0-1
1-2
9.1
I -A Ac
10 and
----
Under
Count
0
0
0
0
-
0
-.v
0
..,vu
1
lolal
40
Benefit
0
0
0
0
0
0
4,200
4,200
40-44
Count
0
1
0
0
1
0
1
3
Benefit
0
17,630
0
0
11,769
0
15,741
45,140
45-49
Count
0
0
0
1
0
1
0
2
Benefit
0
0
0
28,146
0
11,869
0
40,015
50-54
Count
0
0
1
0
0
3
2
6
Benefit
0
0
18,130
0
0
44,139
15,029
77,298
55-59
Count
1
0
0
0
0
4
6
11
Benefit
14,864
0
0
0
0
52,561
53,643
121,068
60-64
Count
0
0
0
0
0
1
7
8
Benefit
0
0
0
0
0
18,765
70,888
89,653
65-69
Count
0
0
0
0
0
0
5
$
Benefit
0
0
0
0
0
0
36,286
36,286
70-74
Count
0
0
0
0
0
0
5
5
Benefit
0
0
0
0
0
0
24,798
24,798
75-79
Count
0
0
0
0
0
0
3
3
Benefit
0
0
0
0
0
0
17,855
17,855
80-84
Count
0
0
0
0
0
j 0
1
1
Benefit
0
0
0
0
0
0
4,200
4,200
85&
Count
0
0
0
0
0
0
2
2
Over
Benefit
0
0
0
0
0
0
8,984
8,984
Unknown
Count
0
0
0
0
0
0
0
0
Age
Benefit
0
0
0
0
0
0
0
0
Total
Count
1
1
1
1
1
9
33
47
Benefit
14,864
,17,630
18,130.
28,146
11,769
127,334
251,624
469,497
This
includes
22 retirees
with annual benefit of
$246,274 .
This
includes
15 disableds
with annual betiefit of
$157,044 ,
This
includes
10 survivors
with annual benefit of
$66,179 .
I. 13
JUL-07-98 TUE 10:,03
P.04
EXHIBIT 7
EMPLOYEE Member of Police Department
EMPLOYER Fayetteville Police Department
MEMBERSHIP Condition of Employment Police officers h'I after 1982 must join the
statewide Local Police and Firefighters Reti -ment System
CREDITABLE SERVICE Determined on basis of service since employ nent
CONTRIBUTIONS
Employee 6.00% of salary. Refundable if member tcrm.nates before retirement
eligibility.
Employer I. Matching contribution equal to employee contribution
2. State Insurance Premium Tax turnback
3. Local Millage
4. 10% of all fines & forfeitures collected by the Police Department.
• FINAL SALARY Highest salary fur any continuous twelve-month period of time worked
prior to retirement
RETIREMENT BENEFITS
EliQibilitv 20 Years of Service regardless of age.
Benefit 50% of Final Salary, but not less than $4,200.; If service exceeds 20 years,
the annual benefit is increased by $240 for eabh year over 20, up to $1,200/
year extra.
If service is more than 25 years, member receives an extra 1.25% (for each
year over 25) of Final Salary, payable once the retiree reaches age 60. The
benefit cannot exceed 100% of Final Salary. `.
DEATH BENEFITS
Eliaibilitv Death of an active member or member receiving benefits.
Benefit 1. Widow receives same amount as member is receiving or eligible
for, excluding the 1.25% additional formula for service over 25
years.
2. Each child under age 18 (23 if still ir; school) receives $1,500/year.
3. If no widow or children, widowed mother receives $1,500/year.
• 14
JUL-07-98 TUE 1003
• EXHIBIT 7 (Continued)
DISABILITY BENEFITS
Elieibilitv
Benefit
•
•
Permanent physical or mental disability
unless disability is incurred in the line o
Non -duty disability
Retirement benefit but not less than
Duty related disability
Retirement benefit but not less than
less than $4,200/year.
15
P.05
service requirement
of Final Salary and not
JUL-07-98 TUE 10:03
i
•
EXHIBIT 8
ACTUARIAL, METHODS ANT) ASSUMPTIONS
The assumptions for this valuation have been selected in accordance with Actuarial Standards of Practice No. 27.
The asset valuation method is prescribed in Arkansas Code Annotated 24-11-2071IIto be the amortized cost
method. This prescribed asset valuation method directly impacts the investment rjctum assumption. The
assumed salary growth is restricted by A.C.A. 24-11-205 in relation to the inves ent return assumption.
ACTUARIAL COST METHOD
PRE -RETIREMENT MORTALITY
POST RETIREMENT MORTALITY
VOLUNTARY TLRMINATIONS
'ihe "entry age normal" cost
Deaths have been projected on
Annuity Table for Males, set b;
Mortality rates at a few sample
Age
Mortality i
25
0.
35
1.
45
2.
55
8
The 1971 Group Annuity Mortal
females, the male table was used
life expectancy according to this
has been used.
basis of the 1971 Group
five years for females.
:s are:
Table was used - For
th a five-year setback. The
de is as follows;
Age
Males
Females
55
22.71
27.99
65
15.11
19.24
Annual termination rates at a few sample ages are
_Age
. Termination rate per 1000
20
50
25
45
30
.39
35
23
40
9
45
5
50
5
55
5
• 16
JUL-07-98 TUE 10:04
P.07
•
ASSUMED INVESTMENT RETURN
DISABILITIES
ASSET VALUATION
When a person had less than 4
his chances of voluntary termi
thereafter rates, with the follot
1st year 2.1
2nd year 2.(
3rd year l„
4th year
6.0%
We continued the disability rate≤
Disability rates at a few sample
AM Disability rz
20
25
30
35
40
45
50
55
60
One third of the disabilities were
For mortality after disability, we
Eleventh Actuarial Valuation of
for occupational disabilities
Book Value
0 17
s of service, we assumed that
n were a multiple of
multiples being used:
d in prior reports.
are:
0.8
0.8
0.8
0.8
2.0
2.6
4.9
8.9
14.1
Lsumed to be service related.
ssumed rates based on the
Lc Railroad Retirement System,
. JUL-07-98 TUE 10:04
P.08
EXHrBTT 8 (continued)
SALARY GROWTH
EXPECTED RETIREMENT PAT 'RN
I
We have used the salary scale
assumed growth at a few saint
in
prior
reports.
Annual
es
is:
13
se
Merit
Total
20
4.
/0
4.0%
8.0%
25
4.
/0
3.2%
7.2%
30
4.
/0
2.5%
6.8%
35
4.0
°
2.5%
6.5%
40
4.0
0
2.2%
6.2%
45
4.0
o
1.7%
5.7%
50
4.0
o
L2%
5.2%
55
4.01/0
0.7%
4.7%
60
4.04/0
0.2%
4.2%
Since the plan allows full benefi
traditional "65', an assumption I
impact is what percentage of pe<
early retirement will actually tak
This will depend on intangible tl
health, financial ability to retire,
work patterns. Based on recent
following assumed rates, effecti'
S
40-44
45-50
51
52-58
59
60+
Note:
0 18
at ages younger than the
it will have an important
Ie who are eligible for this
advantage of it.
igs such as the economy,
ocial Security eligibility, and
perience, we are using the
12/31/91:
200
250
250
250
250
1,000
A member was assu4led to be eligible for
retirement after attaining age 40 with 20 years of
service. It is also assumed that twice the normal
number will retire in the first year of eligibility.
ARKANSAS FIRE & POLICE PENSION REVIEW BOARD
•
TO:
FROM:
RE:
DATE:
•
•
The Board of Trustees
Fire Pension and Relief Fund of FAYETTE'
Arkansas Fire and Police Pension Review
1997 Pension Fund Actuarial Valuation
July 7, 1998
In accordance with State law, the actuary under
office periodically tests all local fire and po:
actuarial soundness. The 1997 actuarialstudy
attached. The financial tests for the pension 1
following questions:
1. Is there enough annual income to the pensi
fund to fully fund it? (See page 4 of the
actuary's report.)
2. Are there enough assets in the pension fund;
to cover all active member contributions, all
payments to current retirants, and at least:
75% of future payments earned by active
members (See page 11 of the actuary's report.),
OR are current assets sufficient to cover 99%
of all accrued actuarial liabilities (See page
10 of the actuary's report).
3. Is this pension fund considered actuarially
sound under State law?
P.O. DRAWER 34164
LrrrLe ROCK. ARKANSAS 72203
TELEPHONE (501) 682.1745
FAx: (501) 602.1731
:ract to this
pension.funds for
Dur pension fund is
are to answer the
Eq
Osborn, Carreiro & Associates, Inc.
ACTUARIES • CONSULTANTS
•
July 7, 1998
Board of Trustees
Fayetteville Firefighters Pension Fund
ANALYSTS
One Union National Ptatasuite 169(
IM West Capitol Avenw
Little Reek Arkansas 72201
(501)376$O4?
Gentlemen:
This report presents the results of our actuarial valuation of the assets and liabilities of the
Fayetteville Firefighters Pension Fund as of December 31, 1997.
This valuation is required by Arkansas Code Aunutatcd 24-11-205. The purpose of this report is to
(1) evaluate the actuarial status of the Fund, (2) determinc the level contribution requirement needed,
• (3) review the development of the Fund over the past several years, and (4) present certain actuarial
items on pages 8 and 9 for disclosure under Governmental Accounting Standaids. This report is not
intended for any other purpose.
The member and financial information used in this report was supplied by the .j rkansas Fire & Police
Pension Review Board, whose cooperation is appreciated. We did not audit $s information.
although we did review it for reasonableness and consistency.
I certify that this report has been prepared in accordance with generally accepted actuarial principles
and practices. In my opinion, the actuarial methods used are appropriate and the actuarial
assumptions produce results which, in the aggregate, arc reasonable.
Sincerely, �J
���"st+•-�..�-rte .
Steve Osborn, F.SA., M.A.A.A.
Actuary
•
TABLE OF CONTENTS
•
CONTRIBUTIONS
COST AND LIABILITIES
SUMMARY OF FINANCIAL
COMPARISON WITH PRIOR
SHORT CONDITION TEST
EMPLOYEE ANDRExin . PRG
PRINCIPLE PROVISIONS OF TH
ACTUARIAL METHODS AND A
TION
•
C1
n
EXHIBIT 1
The following contribution level reflects the payment of the current year No4l Cost for benefits attributable
to said year (see Exhibit 2) plus an amount sufficient to pay off the unfunded ctuarial Liability over a 10 -
year period (5 -year period for any unfunded retiree liability). These costs DO 4OT include the contributions
due to the Local Police and Firefighters Retirement System ("LOPE)") for persons hired after 1982.
1998 Necessary Annual Contribution to Day:
I Normal Cost, plus
2 Pay off the Unfunded Actuarial
Accrued Liability
3 Total necessary
Less
4 Expected Employee Contribution
(6.00% of salary. $12 per active volunteer)
Necessary Employer Contribution
(This is the amount needed in
addition to investment income)
Covered Payroll
Necessary Employer Rate
Full
Paid
5 231,299 $
145,191
$ 376,490 $
or
Total
0 $ 231,299
1 145,191
0 S 376,490
_ 36,516 0 36,516
$ 339.974 $ 0 $ 339,974
$ 608,602 N/A $ 608,602
55.86% $ 0 55.86%
These contributions assume that the dollar contribution grows at a rate 0( 4% per year. The contributions are
assumed to be made continuously
The actual 1997 contributi was S481,137 from thee layer. j
El
CI
EXHIBIT 2
COSTS AND LIABILITIES
A Normal Cost
(Cost to fund current active members)
I Regular Retirement Benefits
2 Voluntary Termination Benefits
3 Survivors' Benefits
4 Disability Benefits
TOTAL
B Actuarial Accrued Liability
1 Active Lives
Regular Retirement Benefits
Voluntary Termination Benefits
Survivors' Benefits
Disability Benefits
TOTAL ACTIVE LIVES
2 Deferred Retirement Option
DROP Accounts
Future DROP Payments & Pensions
TOTAL DROP
3 Inactive Lives
Retirees
Disability Retirees
Widows & Children
TOTAL INACTIVE LIVES
4 total Liability
C Assets
D Unfunded Actuarial Accrued Liability
• 5
December
Dollar
Amum
216,601
3,099
5,560
6,039
231,299
$;
4,770,150
0
2,893
4,702
Si
4,777,745
Sf
135,845
1,345.538
$1 1.481,383
$ 4,739,155
794,740
300.427
$ 5,834,322
$ 12,093,450
$ 1 10,797.686
$ 1,295,764
31, 1997
Percent
of nay
35.59%
0.51%
0.91%
0.99%
38.00%
EXHIBIT 3
• SUMMARY OF FINANCIAL INFORMATION:
(Items D -E determined by Osborn, Carreiro and Associates, Inc.)
•
L�
A. INCOME
1 Contributions
Employee
Donations
Employer/Court Fines/Other
Insurance Tax
Local ✓Tillage
Adjustment to prior year
asset value
2 Net Investment Income
TOTAL INCOME
B. EXPENSES
1 Administrative
2 Benefits
3 Reftrnth
TOTAL EXPENSES
Year Ended Yca Ended Year Ended
12131/95 11/31/96 12/31/97
$ 41,187 $ 1 ,248 $ 44,797
50 300 0
83,087 8,521 89,593
137,227 16,423 154,075 i`81, 11
166,068 215,222 237,469
0' 0 0
1,047,672 844,248 877,202
$ 1,475,291 $ 1,38,962 $ 1,403,136
$ 5,426 $ 4,775 $ 3,000
379,530 381.670 452,558 /
0 0 0
$ 384,956 $ 386,445 $ 455,558
9
• EXHIBIT 3 (Continued)
C ASSETS (at book value) 12/31/95 12/31/96 12/31/97
I
I Cash & Checldng Accounts S 0 $ I 0 5 0
2 Bank Deposits 32,125 59,9I1 66,202
3 Savings and Loan Deposits 0 0 0
4 Other Cash Equivalents 647,238 371,374 650,784
5 US Govt. Securities 1,640,239 1,7j63,736 2,184,012
6 Non -US Govt Securities
0 0 0
7 Mortgages 0 0 0
8 Corporate Bonds 2,152,304 2,3P5,155 2,377,472
9 Common Stocks 4,357,651 5,252,056 5,401,209
• 10 Other 68,616
Q7,876 118,007
11 • Payables (582) i 0
0
TOTAL ASSETS S 8,897,591 $ 9,850,108 $ 10,797,686
D. RATIO OF ASSETS TO
ANNUAL EXPENSES: 23.1 25.5 23.7
E. IET 1NVF$T4NT REPJPJT• 13.4% : 9.4% 8.9%
F. TOTAL MARKET VALUE 9,826.212 11,225,602
(Used only for GASB calculations)
S7
EXHIBIT 3 (Continued)
•
ACCOUNTING INFORMATION
This page is included to provide the information required by the GovernmentaljAccounting
Standards Board Statement No. 5. The values below are based on the assumptions contained in
Exhibit 8.
Actuarial present value of credited projected clan benefits
Participants currently receiving benefits
Terminated employees not yet receiving benefits
DROP Balances
Future DROP Payments & Pensions
Active employees
• Accumulated employee contributions
Employer Financed
Vest d
•
December 31,
1997
5,834,322
0
135,845
1,345,538
401,937
( 2,025,857
Nnnvcsted I 2,375,693
Total actuarial present value of credited projected benefits
$ 12,119,192
The actuarial present value of credited projected benefits is used in the financial; statements of ktc
plan and the Employer. These numbers are used for disclosure purposes only, and are not used in
determining the actuarial contribution requirements.
Note: GASB No. 27 is effective January 1, 1998. The OASB No. 5 information on this page is
being shown for transition purposes only, and will not be shown in the future.
EXHIBIT 3 (Continued)
•
AMOUNTING INFORMATION
This page is included to provide the information required by the Governmental Accounting Standards Board
Statement No. 25 and 27, effective January 1, 1998. The values below are base `d on the assumptions contained
in Exhibit 8.
The Annual Pension Cost disclosed in this exhibit will almost always differ frock the actual cash contribution to
the fund. We must emphasize that these disclosures are shown in the city's finatfcial statements; Sound
actuarial projections should be used to determine the actual cash contribution requirements.
RECONCILIATION OF NET PENSION OBLIGATION (NPO)
1997 1998
1 • Actuarially Required Contribution 173,401 292,026
2. Interest on NPO (77,367) (94,050)
3. Adjustment to (1) (107.055) (175,639)
4. Annual Pension Cost (1)+(2)-(3) 203,089 373,615
S. Actual Contribution Made 481,137
6. Increase in NPO (4)-(5) (278,048)
7. NPO Beginning of Year (1,289,450)
8. NPO End of Year (1,567,498)
\J
REQUIRED SUPPLEMENTARY
(1,567,498)
(a) (b) (c) (d) (e) ' (1) (8)
Unfunded
Entry Age Accrued UAL as a
Actuarial Market Actuarial Liability Funded Annual of Covered
Valuation Value of Accrued (UAL) Ratio Covered
Date Plan Assets* LiabilityPayroll
(c) (b) (b)/(c) Payroll (d)1(f)
12/31/93 7,271,255 7,816,034 544,779 93.0%
620,116 87.9%
12/31/95 8,897,591 9,045,983 148,392 98.4% 676,847 21.9%
12/31/97 11,225,602 12,093,450 867,848 °
92.$/0 608,602 142.6%
• Note: 12/31/93 and 12/31/95 are at amortized cost value.
•
• EXHIBIT 4
COMPARISON WITH PRIOR YEARS
This exhibit compass cuaent valuation results with those of prior years.
Full Paid Actuarial Computed
Active Members Emolover Contribution Total Plan
Valuation ! Unfunded Normal
Annual Percent Dollar Actuarial Cost Funded
Date No. Payroll of Pay Amount Assets Liability Percent Percent
12/31/82 50 810,926 22.1% 179,271 2,202,96 811,186 18.5% 73.1%
12/31/84 45 807,438 27.7% 223,455 3,078,619 1,193,660 22.1% 72.1%
12/31/86 37 723,894 29.6% 213,935 4,006,484 1,379,340 21.8% 74.4%
12/31/87 • 38 788,348 31.3% 246,479 4,460,94& 1,455,161 23.4% 75.4%
12/31/89 27 639,962 36.0% 230,328 5,189,8461 1,,976,463 26.6% 72.4%
12/31/91 23 585,898 33.3% 195,273 5,999,9641 1,427,422 25.5% 80.8%
12/31/93 22 620,116 25.2% 156,484 7,271,255! 544,779 25.4% 93.0%
12/31/95 • 21 676,847 25.6% 173,401 8,897,591! 148,392 29.8% 98.4%
12/31/97 • 17 608,602 55.9% 339,974 10,797,6861 1,295,764 38.0% 89.3%
'Benefits changed
• Note: Normal cost prior to 12/31/89 is net of 6% employee contributions.
Pan -Paid/
Actuarial
Volunteer
Computed
Valuation
Active
Employer
Date
Members
Contribution
12/31/82
1
227
12/31/94
1
274
12/31/86
0
0
12/31/87 •
0
0
12/31/89
0
0
12/31/91
0
0
12/31/93
0
0
12/31/95 •
0
0
12/31/97 •
0
0
• 10
•
•
EXHBIT 5
SHORT CONDITION TEST
The Arkansas General Assembly has stated that the funding objective for these
benefits with contributions that remain level as a percentage of employee payrt
condition test is met when the actual contributions are fairly level and are paid
as is to pay for
Thus, the long-term
;n due.
A short condition test can be used to measure a plan's progress. Under the short condition test, the
fund's assets are compared with: I
I) Active member contributions;
2) The liabilities for future benefits to the present retirees and inactive members;
3) The liabilities for service already rendered by active members.
If the plan has been following level cost funding, liability (1) and liability (2) adove will almost always
be fully covered by the rest of the present assets. In addition, liability (3) abov4 will at least partially
funded. The larger the funded portion of liability (3), the stronger the conditionlof the fund.For a
closed fund i.e., one like yours, where no new members are admitted), the funded portion of liability (3)
should be steadily increasing.
The following table illustrates the history of the short condition test for this pla4
Commuted ,actuarial Liabilities
Portion of Liabilities
covered by Assets
(1) (2) (3)
Active Retirees, Actives -
Valuation Members Inactives, Employer Valuation
Date Contributions and DROPS Financed Assets (1) (2) (3)
12/31/82 160,669 898,272 1,955,214 2,202,969 100% 100% 59%
12/31/84 236,541 1,464,696 2,571,042 3,078,619 100% 100% 54%
12/31/86 263,129 2,753,772 2,368,923 4,006,484 100% 100% 42%
12/31/87 308,829 2,754,276 2,853,004 4,460,948 100% 100% 49%
12/31/89 274,405 4,560,672 2,331,232 5,189,846 100% 100% 15%
12/31/91 292,477 cs,072,169 2,062,740 5,999,964 100% 100% 31%
12/31/93 353,891 5,005,131 2,457,012 7,271,255 1d0% 100% 78%
12/31/95 418,41? 1,995 3,525,576 8,897,591 100% 100% 96%
12/31/97 401,937 731705 4,375,808 10,797,686 10p% 100% 70%
11
FAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
To: Steve Davis, Budget and Research
From: Heather Woodruff, City Clerk
Date: October 11, 1999
Attached is a copy of the ordinance levying a tax on real and personal property for the year 1999.
The original will be recorded with the County Clerk and then microfilmed and filed with the City
Clerk.
cc. Marilyn Cramer, Accounting
or -D k191
CC. IY%.a.:l r Gto.ncA P«..kti
sly r_ &j
WASHINGTON COUNTY b1�
STATE OF ARKANSAS
Washington County Courthouse P187y�Jp,Qy,+D
280 North College Avenue, Suite 300 iC�LI 1�
Fayetteville, Arkansas 72701
Telephone: (501)444-1711
MARILYN EDWARDS
COUNTY AND PROBATE CLERK
City Clerk
Dear Clerk:
Please submit the tax levy figures for your City for the year 1999. The Quorum Court meets on
November 11th. I need this information as soon as possible. Please give us the total levy figure and
complete breakdown of tax in the space provided below. This information must be provided on this
form.
Sincerely yours,
Marilyn Edwards
County Clerk
Fayetteville, AR 72701
TOTAL
MILLS
BREAKDOWN POI ICEMEI s l p, stoN Fu .5 Mtt$
FFR.EMEtd 5 ?EtaStort rur1D .5 MILS
SIGNATURE A5TITLE O RSON AIJTHORh
TO SUBMIT TAX
ORDINANCE NO. 4191
AN ORDINANCE LEVYING A TAX ON THE REAL AND
PERSONAL PROPERTY WITHIN THE CITY OF
FAYETTEVILLE, ARKANSAS, FOR THE YEAR 1999 FIXING
THE RATE THEREOF AT 1.0 MILS AND CERTIFYING THE
SAME TO THE COUNTY CLERK OF WASHINGTON COUNTY,
ARKANSAS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1. That a tax is hereby levied on the real and personal property within the City
of Fayetteville, Arkansas, for the year 1999, to be collected in 2000, for the following purposes at
the following rates:
Policemen's Pension Fund
Firemen's Pension Fund
.5 mils
-5 mils
TOTAL 1.0 mils
Section 2. That the real and personal property tax so levied and the rates provided
therefore are hereby certified to the Clerk of Washington County, Arkansas, to be placed in the tax
book by the County Clerk and collected in the same manner that the county and school district taxes
are collected.
Section 3. The City Clerk is hereby authorized and directed to file certified copies of this
ordinance in the office of the County Recorder, County Clerk, County Assessor, and the County Tax
Collector for Washington County, Arkansas.
PASSED AND APPROVED this day of October , 1999.
lkiLij,
.11t
-. .. -
Yv
Heather Wo ff, City Clerk
APPROVED:
By:
Fr Hanna, Mayor
ORDINANCE NO.4191
AN ORDINANCE LEVYING Ajl
TAX ON THE REAL AND PER-
SONAL PROPERTY WITHIN
THE CITY OF FAYETTEVILLE,
ARKANSAS, FOR THE YEAR
1999 FIXING THE RATE.
THEREOF AT 1.0 MILS AND
CERTIFYING THE SAME TO
THE COUNTY CLERK OF
WASHINGTON COUNTY, AR-
KANSAS.
BE IT ORDAINED BY THE
ITV COUNCIL OFTHE CITY
OF FAYETTEVILLE,
ARKANSAS:
Section 1. That a tax is hereby
levied on the real and personal
property within the City of
Fayetteville, Arkansas, for the
year 1999, to be collected in
2000, for the following purpos-
es at the following rates:
REAL AND PERSONAL
PROPERTY
Puce
Policemen's Pension Fund
Firemen's Pension Fund
.5
.5
TOTAL 1.0 Mils
Section 2. That the real and
personal property tax so levied
and the rates provided there-
fore are hereby certified to the
Clerk of Washington County,
Arkansas, to be placed in the
tax book by the County Clerk
and collected in the same man-
ner that the county and school
district taxes are collected.
SectIon3. The City Clerk is
hereby authorized and directed
to file certified copies of this or-
dinance in the office of the
County Recorder, County
Clerk, County Assessor, and
the County Tax Collector for
Washington County, Arkansas.
PASSED AND APPROVED
this 5th day of October, 1999.
APPROVED
By: Fred Hanna, Mayor
ATTEST:
By: Heather Woodruff, City
Clerk
RECEIVED
STATE OF ARKANSAS
DEC 28 J9��
County of Washington SS.
ACCT, DEPT.
I, JEFF JEFFUS, hereby certify that I am the publisher of THE
NORTHWEST ARKANSAS TIMES, a daily newspaper having a second class
mailing privilege, and being not less than four pages of five columns each,
published at a fixed place of business and at fixed (daily) intervals
continuously in the City of Fayetteville, County of Washington, Arkansas for
more than a period of twelve months, circulated and distributed from an
established place of business to subscribers and readers generally of all
classes in the City and County for a definite price for each copy, or a fixed
price per annum, which price was fixed at what is considered the value of the
publication, based upon the news value and service value it contains, that at
least fifty percent of the subscribers thereto have paid for their subscriptions
to the newspaper or its agents or through recognized news dealers over a
period of at least six months and that the said newspaper publishes an
average of more than forty percent news matter.
I further cert, that the legal notice attached in the matter of
was published in the regular daily issue of said newspaper for
consecutive insertions as follows: / J/
The first insertion on the ! day of 19
the second insertion on the
day of 19 —
the third insertion on the day of 19
the fourth insertion on day of 19
liissher/General Manager
Sworn to and subscribed before me on this �' I day of
Ca,c. enu1 Sail
Yublic, State of ATt ansas Notary Public
notl County
My Commission Expires:
` My Commission Exp
Fees for Printing...........
$
Costof Proof.............................................................$
Total...........................
......6 .............$ / . `J J
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