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Home My WebLink About1974-09-03 Minutes• MINUTES OF A MEETING OF THE FIREMEN'S PENSION AND RELIEF BOARD September 3, 1974 The regular monthly meeting of the Firemen's Pension and Relief Board was held on September 3, 1974 at 4:30 P.M. in the Fayetteville City Manager's Office. Present: Donald L. Grimes, Chairman; Pat Tobin, Treasurer; Darlene Westbrook, Secretary; and Fire Pension Board members Charles McWhorter, Larry Poage, Don Miller, and Ronald McArthur Absent: N. D. McChristian Chairman Grimes called the meeting to order and asked if there be any corrections or amendments to the minutes of the August 5, 1974 meeting. No corrections or amendments being necessary, the Board members unani- mously approved the minutes as submitted. In consideration of the September pension list, Charles McWhorter made a motion to approve the list. The motion was seconded by Larry Poage and was passed unanimously by the Board. The members then discussed a charge to the pension fund in the amount of $200 for the audit of the Firemen's Pension Fund made at the time of the General Fund Audit. Mr. Tobin said in past years the General Fund had absorbed the cost of the audits for the pension funds but felt this year that each pension fund should pay for its audit and receive a copy of that audit. Chairman Grimes said the charge to the pension fundfor the audit was in keeping with the type of accounting the City utilizes to show a true picture of the administration of each area of government. Mr. McWhorter was in agreement that the charge for the audit was a true expense of the pension fund and made a motion to acknowledge receipt of the copy of the audit and to approve the payment of the $200 fee for the audit of the Firemen's Pension Fund. The motion was seconded by Mr. Poage and was approved unanimously by the Board. Mr. McWhorter reported that the fund had received payment from the State Insurance Commissioner in the amount of $25,465.86 as the pension fund's share of the annual tax levied on premiums collected by fire insurance companies in the state. Mr. Tobin reported that the fund will have a $28,000 certificate of de- posit mature on September 25, 1974 at First Federal Savings and Loan that is currently earning six percent interest. He also reported the pension • September 3, 1974 Page 2 fund had received a portion of the one mill tax from the county in the amount of;2,287.00. Of the total $46,509 available cash, Mr. Tobin suggested investing $40,000 of the amount and leaving the remainder in the pension fund. He said the Board could also wait until the $28,000 certificate matured and reinvest the amount with the $40,000. He also mentioned the possibility of taking the $28,000 investment from First Federal at maturity, combining it with the $40,000, and combining the resulting $68,000 with an existing $120,694.44 certificate of deposit currently receiving 6.25 percent at the Mcllroy Bank. He said the Mcllroy Bank might be willing to negotiate a better interest rate for a certificate of deposit that would be in the amount of $188,000 for a period of one year. After some discussion Mr. McWhorter requested that Mr. Tobin check with Mcllroy Bank regarding the negotiation of a higher interest rate for a $188,000 certificate of deposit after which the Board would again meet briefly to be apprised of the results of Mr. Tobin's findings. There being no further business, Mr. McWhorter made a motion to adjourn the meeting. The motion, seconded by Mr. Poage, was unanimously approved by the Board. The meeting was adjourned by Chairman Grimes. ATTEST: • RLENE WESTBROOK, Secretary APPROVED: DONALD L. GRIMES, Chairman • • • • • FAYETTEVILLE, ARKANSAS P. 0. DRAWER F DEPARTMENT OF FINANCE 72701 (sou 521-7700 MEMORANDUM August 14, 1974 TO: Charles McWhorter, Fire Chief FROM: Pat Tobin, City Controller SUBJECT: Professional Services for 1973 Audit In reviewing the statement for professional services rendered by Brown and Deskin, Certified Public Accountants, for the 1973 General Fund Audit; it has been determined that the Fire Pension allocated cost for the audit is $200.00. Therefore, I am requesting that the Fire Pension Fund pay this share of the audit cost. In years past the General Fund has absorbed this cost; however, it is not an allocated cost to the General Fund. Should you have any questions, please contact me. dw 71 • • DROWN AND DEBKIN, CCRTIrIED PUBLIC ACCOUNTANTS CITY OF FAYETTEVILLE, ARKANSAS TRUST FUNDS BALANCE SHEET DECEMBER 31, 1973 ASSETS Cash in bank Accounts receivable Accrued interest receivable on investments Due from other funds Investments LIABILITIES Liabilities Officers' refundable contributions AND RESERVE Part ti a fi...,....c:' Total liabilities Reserve for retirement - beginning of year Add: Transfers from officers' contributions upon retirement Excess of revenues over expenditures - Revenues: Interest on investments General property taxes - one mill levy Court fines and fees State Insurance Commission Ambulance service payments 3 a. Total revenues Expenditures: Pensions paid Excess of revenues over expenditures Reserve for retirement - end of year -. 32 - Police Pension and Relief Fund $ 18,006 2,567 7,565 150 663,761 $692,049 Firemen's Pension and Relief Fund $ 14,969 3,551 150 515,694 $534.364 FOR RETIREMENT $ 36,039 $ 36,039 $569,868 $ 4,030 $ 37,271 42,104 - 33,751 $113,,126 31,014 $.82,112 $656,010 $692,094 $ 40,118 217 $ 40,335 $428,755 $ 30,566 42,104 24,399 5 $ 97,074 31,800 $ 65,274 $494,029 $534,364 Exhibit XXIX. Municipal Judge Retirement Fund $ 1,264 22,990 $24,254 $25,288 $ 1,323 3,894 $ 5,217 6,251 $(1,034) $24,254 $24.254 I' I BROWN AND DEBKIN, CERTIFIED PUBLIC ACCOUNTANTS CITY OF FAYETTEVILLE, ARKANSAS TRUST FUNDS STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED DECEMBER 31, 1973 Cash balance - beginning of year Receipts - Interest on investments General property tax - one mill levy Receipt of amounts due from other funds Officers' contributions Part time firemen's contribution Court fines and fees State Insurance Commission Ambulance service payments Total receipts Total cash funds available Disbursements - Pensions paid Purchase of investments Office contribution refunds Interest penalty Total disbursements Cash balance - end of year - 33 - Police Pension and Relief Fund $ 26,065 $ 25,802 41,954 4,446 7,371 39,034 $118,607 $144,672 $ 31,014 _ 95,000 615 37 $126,666 $ 18 006 Firemen's Pension and Relief Fund $ 16,345 $ 28,168 41,954 4,446 7,040 63 24,399 5 $106,075 $122,420 $ 31,800 75,000 651 $107,451 $ 14,969 Exhibit XXX Municipal Judge Retirement Fund $2447 $1,175 3,893 $5,068 $7,515 $6,251 $6,251 $1.264 • GROWN Description • AND DESKIN, CERTIFIED PUULIC ACCOUNTANTS CITY OF FAYETTEVILLE, ARKANSAS ALL GENERAL GOVERNMENT FUNDS INVESTMENTS, CONTINUED DECEMBER 31, 1973 Firemen's Pension and Relief Fund - Savings certificates: First Federal Savings and Loan Fayetteville, Arkansas Mcllroy Bank Fayetteville, Arkansas Municipal Judge Retirement Fund - Savings certificates: First Federal Savings and Loan Fayetteville, Arkansas Date Acquisition Maturity 6-30-73 11-13-73 9-22-73 2-17-72 6- 2-72 9-25-72 12_,2_73 8- 1-73 4- 5-73 1-10-73 3-15-73 Fayetteville Savings and Loan Fayetteville, Arkansas 1-31-73 Savings account: Fayetteville Savings and Loan Fayetteville, Arkansas - 69 - 6-30-74 5-13-76 10- 3-74P 2-17-74 6- 2-74 9-25-74A-- 12-12_77 8_ 1-77 Appendix 1, Cont. Interest Rate 7:25% 6.75% 8.00% 6.00% 6.00% 6.00% 7,5nr 7.25"/, 4- 5-74 7.007 1-10-74- 6.25% 3-15-74 Cost $105,000 1' 14,000 15,000 35,000 21,000' 28,000 - Is ono 152,000 10,000 120,694 I S515,694 6.00% $ 10,000 1-31-74 5.75' 5.25% 10,000 2,990 $ 22,990 • 0t 2%J9Y /7/ 737 ARK MONROE 111 INSURANCE COMMISSIONER (DOI) 371.1325 • August 20, 1974 ARKANSAS DEPARTMENT OF COMMERCE INSURANCE DEPARTMENT 400-18 UNIVERSITY TOWER BUILDING LITTLE ROCK, ARKANSAS 72204 City Treasurer • Re: Firemen's Pension & Relief Fund Dear Sir: DONALD V. ALLEN DIRECTOR OF COMMERCE <DOl) 371-2231 Enclosed please find state warrant which is to be credited to your local Firemen's Pension Fund. The issuance of this warrant is authorized by Legislative Act No. 488 of 1949. Yours very truly, T%- .s.& Ark Monroe, III Insurance Commissioner AM III/mb Enclosure U. 30'