HomeMy WebLinkAbout1975-03-03 Minutes•
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MINUTES OF A MEETING OF THE FIREMEN'S PENSION
AND RELIEF FUND
March 3, 1975
The regular monthly meeting of the Firemen's Pension and Relief Board
was held March 3, 1975 at 3:00 p.m. in the office of the City Manager.
Present: Donald L. Grimes, Chairman; Pat Tobin, Treasurer; Darlene
Westbrook, Secretary; Charles McWhorter, Fire Chief; and
Pension Board members Larry Poage, Donald Miller, Ronald
McArthur, and N. D. McChiistian
Absent: None
The meeting was called to order by Chairman Donald Grimes who asked if there
be any amendments to the minutes of the February 3, 1975 meeting. Chief
McWhorter requested that the word "Board" appearing in the third line of
the third paragraph be changed to read "firemen". The amendment met with
approval of the Board. A motion by Larry Poage to approve the minutes
as amended was seconded by Ronald McArthur and passed in unanimous voice
vote of the Board.
Chief McWhorter presented a retirement application for part -paid fireman
Paul Blackard to be effective February 26, 1975 at $45.00 per month. Mr.
Blackard would begin receiving his pension in March, Mr. McWhorter said.
A motion by Charles McWhorter to accept the application was seconded by
Larry Poage and passed unanimously in voice vote of the Board.
The next item of business was approval of the March pension list. A
motion made by Don Miller to approve the list was seconded by Larry
Poage and was unanimously passed inwoirce vote of the Board.
There were no investments to be considered. The Board acknowledged receipt
of the treasurer's financial report of the Firemen's Pension and Relief
Fund a'copy of which is attached thereto.
There being no further business, Charles McWhorter, seconded by Larry
Poage, motioned that the meeting be adjourned. The motion was unanimously
approved by the Board Whereupon Chairman Grimes adjourned the meeting.
ATTEST:
p„,J) tatethla Q J
DARLENE WESTBROOK, Secretary
APPROVED:
DONALD L. GRIMES, Chairman
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CITY OF FAYETTEVILLE, ARKANSAS
TRUST FUNDS
BALANCE SHEET
DECEMBER 31, 1974
Cash in bank
Accounts receivable
Accrued interest receivable
on investments
Due from other funds
Investments
LIABILITIES
ASSETS
AND
Liabilities -
Officers' refundable contributions
Part time firemen's refundable
contributions
Due to other funds
Total liabilities
Reserve for retirement -
beginning of year
Police
Pension
and Relief
Fund
$ 34,843.09
2,931.57
Firemen'.5
Pension
and Relief
Fund
$ 27,907.71
-0-
10,743.78 4,293.72
-0- -0-
738,761.00 590,467.76
$787,279.44 $622,669.19
RESERVE FOR RETIREMENT
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
Total revenues
Expenditures:
Pensions paid
Other - Legal and administrative
Total expenditures •
Excess revenue over expenditures
Reserve for retirement - end of. year
Unappropriated surplus
$.44,185.72
$ 44,185.72
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Municipal
Judge
Retirement
Fund
$ 688.54
341.10
40.80
-0-
22,989.99
$24,060.43
$ 48,348.48 $
238.62
600.00
$ 48,587.10 $ 600.00
$656,008.36 $494,029.41 $24,254.48
$ 2,960.16
$658,968.52
$ 48,602.70
45,160.66
30,821.03
$124,584.39
$ 40,253.16
206.03
$ 40,459.19
$ 84,125.20
$743,093.72
$787,279.44
$ 35.25
$494,064.66
$ 38,781.84
45,160.66
25,465.86
$109,408.36
$ 29,215.80
200.00
$ 29,415.80
$ 79,992.56
$574,057.22
$ 24.87
$622,669.19
$ -0-
$24,254.48
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$ 1,351.21
-0-
4,155.30
$ 5,506.51
$ 6,250.56
50.00
$ 6,300.56
$ ( 794.05)
$23,460.43
$
$24,060.43
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CITY OF FAYETTEVILLE, ARKANSAS
TRUST FUNDS
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1974
Police
Pension
and Relief
Fund
Cash balance - beginning of year $ 18,005.67
Receipts -
Interest on investments $
General property tax - one mill levy
Receipt of amounts due from other funds
Officers' contributions
Part time firemen's contributions
Court fines and fees
State Insurance Commission
Receipt of amounts due to other funds
Total receipts
Total cash funds available
Disbursements -
Pensions paid
Purchase of investments
Officers' contribution refunds
Other - Legal and administrative
Total disbursements
Cash balance - end of year
45,424.55
45,160.66
147.92
11,536.59
30,456.28
$132,726.00
$150,731.67
$ 40,253.16
75,000.00
429.39
206.03
$115,888.58
$ 34,843.09
Firemen's
Pension
and Relief
Fund
$ 14,969.00
$ 38,039.44
45,160.66
149.72
8,230.70
81.45
25,465.86
$117,127.83
$132,096.83
$ 29,215.80
74,773.32
200.00
$104,189.12
$ 27,907.71
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Municipal
Judge
Retirement
Fund
$ 1,264.49
$ 1,310.41
3,814.20
600.00
5,724.61
6,989.10
6,250.56
50.00
$ 6,300.56
$ 688.54
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CITY?OF-FAYETTEVILLE, ARKANSAS
ALL GENERAL GOVERNMENT FUNDS
INVESTMENTS, CONTINUED
DECEMBER 31, 1974
Firemen's Pension and Relief Fund -
Savings certificates:
First Federal Savings and Loan
Fayetteville, Arkansas
• Mcllroy Bank
Fayetteville, Arkansas
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U. S. Treasury bills
Date
Acquisition Maturity
7-09-74
9-25-74
11-13-73
8-28-73
12-12-73
9-30-74
2-25-74
„.4-18-74
1-10-73
11-29-74
9-12-74
Interest
Rate
7-01-75 8.50 %
9-25-76 6.00 %
5-04-76 6.75 %
8-01-77 7.25 %
12-31-77 7.50 %
10-03-75. 8.00 %
2-25-78 7.55 %
4-18-75 7.55 %
1-10-76 6.25 %
1-09-75
1-16-75 8.70 %
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Cost
$136,000.00
28,000.00
14,000.00
152,000.00
15,000.00
15,000.00
35,000.00
26,000.00
120,694.44
9,951.32
38,822.00
$590,467.76