HomeMy WebLinkAbout2004-11-18 - Agendas - Final Firemen's Pension and Relief Fund
Meeting Agenda
November 18, 2004
A meeting of the Fayetteville Firemen' s Pension and Relief Fund will be held at 11 :00 a.m.
on November 18, 2004 in Room 326 of the City Administration Building
i
1 . Approval of the Minutes:
• October 25, 2004 and November 4, 2004 meeting minutes
2. Approval of the Pension List:
• December 2004 Pension List
3. Longer Investments:
• Report
4. Old Business:
•
5. New Business:
• Discussion on sending someone to attend the NCPERS Conference in May 2005
• Budget Reports for 09/30/04
•
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Firemen's Pension & Relief Fund Board of Trustees
Meeting Minutes
October 28, 2004
Page 1 of 5
•
Firemen's Pension and Relief Fund
Meeting Minutes
` October 28, 2004
' A meeting of the Fayetteville Firemen's Pension and Relief Fund was held at 11 :00 a.m.
on October 28, 2004 in Room 326 of the City Administration Building.
PRESENT: Robert Johnson, Danny Farrar, City Clerk Sondra Smith, City Attorney Kit
Williams, Elaine Longer and Kim Cooper with Longer Investments.
ABSENT: Mayor Coody, Pete Reagan, Marion Doss and Ronnie Wood
No business was transacted due to lack of a quorum.
• Longer Investments gave the investment report as follows:
Elaine Longer, Longer Investments : Your first report is the Portfolio Appraisal as of
September 30, 2004.
We have you at your maximum level of equity exposure that is allowed in the policy which is
I about 50%. Your range is 25% to 50%; you have seen this at the low end of that range. We
really think that with the 10 year treasury back down to 4%. Earnings have grown 20% this year.
The markets have done nothing, because we have been dealing with the political risk,
geopolitical risk, rising oil prices and terrorism fears. Basically all the market averages, the S&P
is up about 1 % year to date as of yesterday but that is after a 250 point rally in the past two days.
Two days ago we where down on the S&P, down on the NASDAQ by about 6% and down on
the DOW by about 7.5%. It has been sort of a mucky muck year after a big year last year. But
underneath all of that earnings have improved by 20% and so the price earnings multiple, the
valuation on stocks relative to the 10 year treasury, has really improved a lot this year. We
started the year at 4% on the ten year, we have been up to almost 5% and we are back to 4%.
The interest rates haven' t really changed much on the long end of the curve, earnings have
improved, the stock market stayed the same so the relative valuation there is now favoring the
stock side of the equation.
Page 5 shows your current Market Value is back to about $ 10 million. The interest and
dividends which is just the income component of your portfolio is about $324,000 or 3 .5%. Now
that is the current income that is not the performance of the portfolio. That is just what comes in,
in terms of dividend payments and interest payments, regardless of what the stock market does.
Firemen's Pension & Relief Fund Board of Trustees
Meeting Minutes
October 28. 2004
Page 2 of 5
In reviewing the minutes of the meeting that we have missed this is sometimes quoted as
performance, but that is not the performance, that is just income cash flow .
Page 6 shows that we have about $295 ,000 in realized gains year to date. I think now that is up
closer to about $320,000. Net Income which is the interest and dividends is about $ 164,000.
Page 7 is just the review of your bonds. You can see that all of your bonds have the high credit
quality ratings, A or better. General Motors which we had sold when it slipped to about a BBB+
has now been down graded to junk debt status. So, I am glad that we are out of the General
Motors bond. That is the one that we hung on to and we thought that BBB+ is still two steps
from junk, but we sold it and now General Motors is junk.
Page 10 you will see the summary of the bond part of the portfolio, your weighed average yield
to maturity is 5% and your weighed average maturity in years is 8 years. That compares to the
current yield on the treasury which is 4% in a ten year. So you have a shorter maturity and a
much higher yield than the average treasury. However, we do have a lot of flexibility in the
portfolio if interest do go up as we head into the new year, face a new administration or even an
existing administration, we still have about 20% of the bond portfolio maturing within the next
three years. So you still have some flexibility in the short end of the bond portfolio; we can use
that as cash if we get another opportunity to increase yields. When the rates went up in July we
extended maturities, we bought the 5.25% treasury due in 2029, we paid 98 cents on the dollar
for it and it is currently priced at $ 1 .05 . That' s what we call a total return trade. When the
interest rates spike up like that we are extending maturities and capturing that higher yield, but as
interest rates pull back we get the capital appreciation on the bond as well . That is why our •
return history on fixed income is higher than just the income yield on the bond. We do some
things like that when we have those opportunities. We are kind of an opportunistic bond
investor.
Page 11 shows your largest holdings. Johnson & Johnson, MeadWestvaco which is a midcap
paper and forest products company, Kerr McGee Corp., Union Pacific Corp., and Walgreen
Company. Your largest one only represents 3 .6% of equity exposure and by policy we can go to
5%. You are well diversified in your equity portfolio.
Page 12 is your industry weighting. I wanted to point out we are not at all structured right now
like the Standard and Poor' s 500 in that we are more over weight in the cyclical industries, the
capital goods industries and energy. Although we had trimmed the sales about two weeks ago in
energy a little bit, we are still fairly over weight. We are under weight in consumer, under
weight in financial, in particular insurance stocks, and then we are about market weight in
technology. We have no pharmaceutical exposure. We own Abbott Labs and Johnson &
Johnson but both of those companies have a lot of other things going on besides just the strict
prescription pharmaceuticals so there is not as much exposure to what 's going on in the
pharmaceutical as when you are in an Abbott or Johnson & Johnson.
Page 14, your energy stocks are listed here. We had Apache as well as Anadarko which are both
in the gas production area, we sold Apache to book those profits and we retained the Anadarko.
Then we had about a 33% to 35% appreciation in Schlumberger and we took those profits. We •
Firemen's Pension & Re icf Fund Board of Trustees
Meding Minutes
October 28, 2004
Page 3 of 5
• don't have any tax consequences to taking profits in this account. We had reached a level of
18% of equity exposure in energy and we turned it back to 14% that is still a double weighting
relative to the S&P 500.
Yesterday was an interesting day in the energy market, we spiked up to a contract high of 55 .55
on the near by oil contract and then it started selling off and it actually closed now to about 270 a
barrel and over $3 .00 off the high of the day. It was real interesting. Then today we are down
about 70 cents a barrel again. - So it could be that, that 55 level that we have been to several times
will be resistance now at this point. A lot of the energy stocks sold off pretty heavily yesterday,
people taking profits and moving to the areas that haven't worked so far this year. Energy has
it been the best performer.
Page 17 you can see the contributions that have come in year to date are about $477,000 and
distributions have been $ 1 ,815,000.
Page 18 is your return history. Year to date your Equities are up 0.6%, that doesn't sound very
good but it has taken a lot to hold it together this year with other market averages through
September 30th down any where from 1 % to 6%, so we have been able hold our own. l think a
lot of this has to do with the fact that the out performance in energy sort of offset the other areas
that were doing poorly. Fixed Income has delivered 2.7%. The Real Estate Investment Trust
11 .4%, so your Total Return Year to Date is 2.6%. Looking at Inception to Date your annualized
return in Stocks is 10. 1 % your Total Return has been about 22.7%. On the Total Portfolio your
• Annualized Return is a 6.6%. The Equity Return of 10. 1 % annualized compares to S&P cash of
8.9%, S&P with compounded dividends of 10.8% and the DOW with compounded dividends of
8.7%. You are still out performing most of the market averages in the equity side. If you look at
the Asset Reconciliation you .can see your beginning value, the contributions that have come in,
deposits, distributions inception to date and then the components of return. You can see that the
net income plus the change in accrued income has been about $500,000, the stock market gains
have been about $840,000. Your Net Investment Return has been about $ 1 .35 million.
We have prepared an economic and market review, I have already mentioned some of it. I didn't
do a third quarter newsletter; I attended a conference in Chicago that was given by Northern
Trust. I go to this every year and it' s really a wonderful sort of a mid year review going into the
fourth quarter and what the next year should look like. They have their chief economist,
portfolio strategist and political analysis, so it is a really good information gathering session. I
will be writing a newsletter after the election. Basically it' s just what we have been talking about
the fact that the market has gone no where, interest rates are still where they were at the start of
the year; the main variable that' s changed is the price of oil at $55.00 a barrel not $51 .00. The
dollar has really remained relatively stable until about a week or so ago it broke a little bit below
this trading band; it still hasn't violated these lows.
The positives going into the end of the year are low bond yields, declining inflation expectations,
4% GDB growth is anticipated for the third quarter. At this time we have put Bush' s rise in the
polls and now it is a dead heat. That' s not a political statement the market just does better when
• an incumbent is reelected . because of less uncertainties. Continued earnings growth and
Firemen's Pension &. Relief Fund Board of Tmsices
Meeting Minutes
October 28, 2004
Page 4 of 5
evaluation improvement and of course the biggest risk that everybody worries about hat manages
money is the oil prices, Iraq, terrorists attack and the political turmoil .
The first time the S&P 500 crossed 1 , 100 was back in 1998, so if you think about it, we are at
1 , 100 on the S &P, the first time we where there was in 1998 . If you bought in 1998 you've
basically done nothing. We are just back to where we were before the market spiked up in 1999
and fell in 2000, 2001 , 2002 and recovered in 2003 , so here we are back at 1998 prices.
However if you look at a comparison the 10 year treasury back then was 5 .47%, we are at 4%
now. Fed funds rates which is short money was priced at 5.5%, we are at 1 .75%. Nominal GDP
is almost 50% higher, corporate profits are almost 50% higher. The S&P 500 operating earnings
were $46 dollars back then we are at $66 for this year and $72 for next. So you can see that a lot
has improved in terms of profits, valuation, oil was $ 16 dollars a barrel and now it is $50.
The trading range that we have been in since the start of the year, you can see that this is just a
really well .defined channel. There has been a horse racing that goes on in the stock market the
hedge funds make up about 50% of the trading now on the exchanges and there are bets placed
above this level should we break out and below this level should we break down. Whichever
way we break out of this trading range, and we will eventually break out of it, it will be fairly
traumatic. l think with the improvement in the fundamentals and the relative valuation we are
looking at the fact that we think it will break this way. I have some things in the portfolio like
the spiders, the S&P 500 proxy that with one trade 1 can change allocation pretty quickly,
without having to disrupt the industry allocation on the portfolio. 1 really think that given the
fundamentals that we have outlined a lot of improvement has taken place under the market •
surface this year.
The last part of this just basically goes into large cap versus mid cap, small cap. The mid cap
and small cap stocks have out performed the large blue chip DOW Industrial, S&P 500 type
companies for the last five years. Typically that out performance cycle runs four to five years.
There are a lot of reasons to think that the large cap companies will out perform small mid caps
going into the new year. The dividend increases that we have seen, the fact that dividend payout
ratios are at an all time low and can go higher. Then we have companies that are multinational in
scope do better in a declining dollar environment, they are more competitive overseas, so we are
really positioned with large cap companies as you can see in your portfolio. We think that is the
place where there will be out performance next year.
Kit Williams: Large cap that is the standard S&P, right?
Elaine Longer: Yes, those are the companies that are above, actually mid cap would probably
in some people' s estimation extend all the way up to companies that are $ 15 billion in market
cap. Large cap companies are above $ 15 billion.
The final page shows our over weights, under weights, equal weights and the fact that the equity
risk premium which is the relationship of stock market valuation relative to the ten year treasury
is at the most attractive that it has been at since 1980. In 1980 we didn't have $55 a barrel , we
didn' t have the terrorist and we didn' t have Iraq going on, so there are no doubt major macro
problems that the market is struggling with and that has suppressed valuation. At some point 1 •
Firemen's Pension R Relief Fund Board of Trustees
Meeting Minutes
October 28, 2004
Page 5 of 5
• think price follows value and there appears to be more value on the stock side of the equation
then bonds at this point in time.
I
•
1
Firemen's Pension & Relief Fund Board of Trustees
Meeting Minutes
November 4, 2004 ,
Page 1 of 4
•
Firemen's Pension and Relief Fund
Meeting Minutes
November 4, 2004, 2004
A meeting of the Fayetteville Firemen's Pension and Relief Fund was held at 11 :00 a.m.
On November 4, 2004 in Room 326 of the City Administration Building.
PRESENT: Marion Doss, Pete Reagan, Robert Johnson, Ronnie Wood, City Clerk Sondra
Smith, City Attorney Kit Williams.
ABSENT: Mayor Coody and Danny Farrar
Marion Doss called the meeting to order.
Approval of the September 30, 2004 Meeting Minutes:
• Pete Reagan moved to approve the minutes. Ronnie Wood seconded the motion. Upon roll
call the motion passed 5-0. Mayor Coody and Danny Farrar were absent.
Approval of the November, 2004 Pension List:
Pete Reagan: Did we add somebody?
Marion Doss: We gave the benefit increase to the widows.
Pete Reagan : Harold Lee passed away and his wife is now receiving his benefit.
Pete Reagan moved to approve the Pension List. Ronnie Wood seconded the motion. Upon
roll call the motion passed 5-0. Mayor Coody and Danny Farrar were absent.
Longer Investments :
A copy of the Investment report was handed out.
Marion Doss : Longer Investments gave there report at the October 28, 2004 meeting.
•
Firemen s Pension R Relief Fund Board of Trustees
Meering Minules
November 4, 2004
Page 2 of 4
Sondra Smith : Their report will be in the minutes of the October 28, 2004 meeting. We did not .
have a quorum present at that meeting.
Pete Reagan: It appears that the annualized is 6.6%. Basically it is showing that as of August
15, 2004 we had a beginning balance of $9;907,000, we paid out $ 1 ;815,000 and we are at
$ 10,063,000.
Robert Johnson : It feels good to be back above that.
Pete Reagan: It has been a while since we have been there.
Old Business :
Benefit Increase Volunteer Firemen's Widows :
A copy of the signed resolution was given to the Board.
A copy of the letter from the City Clerk to PRB was given to the Board .
A copy of the letter from David Clark at PRB approving the increase was given to the Board.
A copy of the email from Accounting requesting a date the increase should begin (September or •
October) was given to the Board.
Marion Doss: Accounting did not know if we wanted the increase to begin in the month of
September or October. The letter from David Clark said the increase was effective September
30, 2004,
Sondra Smith: Accounting would like a motion stating if you want the back pay to be from the
beginning of September or the beginning of October.
Robert Johnson : When did we approve that increase? Was it in August?
Sondra Smith : Yes, you actually approved that in August. The resolution was not ready for
signatures until September. The resolution was signed in September.
Pete Reagan : I think it needs to state that it is pending the approval of the Arkansas Review
Board.
Sondra Smith : Davis Clark said we could go ahead and increase the benefits.
Pete Reagan : Right, we can increase them but if PRB says that we can't then we will have to
take the increase back.
Marion Doss: We have the letter from PRB giving the okay for it. •
s
Firemen's Pension & Relief Fund Board of Trustees
Meeting Minutes
November 4, 2004
Page 3 of 4
• Sondra Smith : But it has not gone before the actual PRB Board.
Marion Doss: I see what you are saying.
Pete Reagan : The letter from David Clark states his decision is subject to review by the
Arkansas Fire and Police Pension Review Board. What they have done in the past is because
the actuary has said that we could implement the increase they have gone ahead and let us.
Sondra Smith : We do not receive anything from PRB after they meet that says they approved
the increase.
Marion Doss: It' s in their minutes and I usually look at those electronically.
Sondra Smith : They should meet in December.
Pete Reagan: December 151h.
Sondra Smith: Do you want to go ahead and back pay them now or do you want to wait until
the PRB Board reviews this. Usually they don't have any problems.
Pete Reagan: Yes back pay now. They shouldn't have any problem at all. It' s just a motion
• they have to go through. -
Robert Johnson moved to approve the widow's benefits retroactive to the first of
September contingent upon the approval of the Arkansas Fire and Police Pension Review
Board. Pete Reagan seconded the motion. Upon roll call the motion passed 5-0. Mayor
Coody and Danny Farrar were absent.
New Business:
NCPERS Membership Dues Invoice:
Pete Reagan moved to renew the NCPERS membership. Robert Johnson seconded the
motion. Upon roll call the motion passed 5-0. Mayor Coody and Danny Farrar were
absent.
Fire & Police Academy Conference Information :
Marion Doss: This is just information about an upcoming seminar?
Sondra Smith: Yes, it is in January.
•
Firemen's Pension & Relief Fund Board of Trustees
Meeting Minutes
November 4, 2004
Page 4 of 4
2005 Stars & Stripes Summit Information was handed out. •
The Budget Report dated August 31 , 2004 was handed out .
Pete Reagan : I would like for us to consider sending someone to the NCPERS Conference in
May of 2005 . Sondra would you put that on the agenda for the next Fire Pension meeting.
Sondra Smith : Yes.
Meeting Adjourned at 11 :25 PM .
•
•
FIREMEN'S RELIEF AND PENSION
December 2004
FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
TH OF DECEMBER. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
P EES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
DATE OF Regular Mo Year To Date Future
EMP# RETIREMENT NAME Benefit Reg Benefit SupPI Fed Tax St Tax Net
79 11/99 ARMSTRONG (DILL), PAMELA 1 ,708.68 - 17,086.80 312.00 300.00 100.00 1 ,308.68
177 4/04 BACHMAN, EDDIE 2,468.23 14,809.38 312.00 479.27 119.82 1 ,869.14
74 3/86 BAIRD, JULIA 1 ,698.63 _ 16,986.30 312.00 350.00 145.00 1 ,203.63
2 3/75 BLACKARD; PAUL 103.00 1 ,030.00 62.40 103.00
63 5/72 BOLAIN, ANN 103.00 705.55 62.40 103.00
68 7/99 BONADUCE, MICHAEL 2,817.19 28,171 .90 312.00 475.38 2,341 .81
44 9/86 BOUDREY, BETTY MRS. 2,335.20 23,352.00 312.00 300.00 50.00 1 ,985.20
45 9186 BOUDREY, HOWARD 1 ,969.35 19,693.50 312.00 1 ,969.35
49 7/88 BOUDREY, JACK 1 ,553.05 15,530.50 312.00 287.68 50.00 1 ,215.37
4 6167 CARL, FLOYD JR 103.00 1 ,030.00 62.40 103.00
5 5/72 CASELMAN, ARTHUR 123.60 1 ,236.00 62.40 123.60
57 5/90 CATE, ROY 1 ,68621 16,862.10 312.00 1 ,686.21
6 4/68 CHRISTIE, ARNOLD 103.00 1 ,030.00 62.40 103.00
8 10/76 COUNTS, WAYNE 103.00 1 ,030.00 62.40 103.00
77 11199 DILL,GARY JOHN 11708.69 17,086.90 312.00 100.00 1 ,608.69
11 2/76 FARRAR,ALONZO 941 .52 9,415.20 312.00 941 .52
38 5/84 FRALEY, JOSEPH G. 1 ,666.62 16,666.20 312.00 200.00 15.00 1 ,451 .62
170 5/03 FREEDLE, LARRY 3,597.65 35,976.50 312.00 500.00 100.00 2,997.65
92 03/02 GAGE,TOMMY 2,447.63 24,476.30 312.00 226.00 50.00 2,171 .63
34 6/79 HARRIS, JAMES E. 103.00 1 ,030.00 62.40 103.00
70 11/99 HARRIS, MARY RUTH 103.00 705.55 62.40 103.00
182 10/04 JENKINS, EILEEN 1 ,686.07 _ 1 ,686.07
93 06102 JENKINS, JOHN 1 ,686.08 33,721 .50 312.00 700.00 200.00 786.08
86 07101 JOHNSON,ROBERT 2,897.04 28,970.40 312.00 500.00 100.00 2,297.04
64 4/95 JORDAN, CHARLIE 2,144.36 21 ,443.60 312.00 2,144.36
76 5/88 JUDY, JAN 1 ,553.05 15,530.50 312.00 200.00 50.00 1 ,303.05
37 3184 KING, ARNOLD D. 1 ,434.98 14,349.80 312.00 265.00 35.00 1 ,134.98
54 5/89 KING, ARVIL 1 ,612.98 16,129.80 312.00 130.00 50.00 1 ,432.98
12 3160 LANE, HOPE MRS 103.00 - 705.55 62.40 103.00
13 10/67 LAYER, MERLIN 430.03 4,300.30 312.00 430.03
173 12/03 LEDBETTER, DENNIS 3,559.06 35,590.60 312.00 575.00 173.00 2,811 .06
14 7/74 LEE, HAROLD (DECEASED) 1 ,030.00 62.40 0.00
181 10/04 LEE, VIOLA LOUISE 103.00 103.00
51 10/88 LEWIS, CHARLES 1 ,553.05 15,530.50 312.00 75.00 25.00 11453.05
40 9/85 LOGUE, PAUL D. 2,703.63 27,036.30 312.00 325.00 75.00 2,303.63
50 9/88 MASON, LARRY 1 ,537.61 15,376.10 312.00 137.61 25.00 1 ,375.00
39 4/85 MC ARTHUR, RONALD A. 1 ,653.07 16,530.70 312.00 150.00 50.00 1 ,453.07
35 2/82 MC CHRISTIAN, DWAYNE 103.00 1 ,030.00 62.40 103.00
15 4/77 MC WHORTER, CHARLES 1 ,257.90 12,579.00 312.00 150.00 11107.90
29 8/81 MILLER, DONALD 1 ,229.21 12,292.10 312.00 125.00 25.00 1 ,079.21
73 2/00 MILLER,KENNETH 2,997.48 29,974.80 312.00 325.00 _75.00 2,597.48
42 2/86 MOORE, JAMES H. 103.00 1 ,030.00 62.40 103.00
176 4/04 MORRIS, DIXIE E. 118.45 504.70 62.40 118.45
16 4/64 MORRIS, WILLIAM H. (DECEASED) 355.35 0.00
62 10/68 MORRISON, ELIENE 128.75 963.05 62.40 128.75
48 7/88 MULLENS, DENNIS W. 2,065.51 20,655.10 312.00 2,065.51
46 5188 OSBURN, TROY 1 ,790.61 17,906.10 312.00 200.00 38.00 1 ,552.61
81 02/01 PHILLIPS,LARRY 2,606.36 26,063.60 312.00 1 2,606.36
53 2/89 POAGE, LARRY 2,211 .99 22,119.90 312.00 300.00 100.00 - 1 ,811 .99
22 4/73 REED, JOE 103.00 1 ,030.00 62.40 103.00
• 30 3/81 SCHADER, EARVEL (DECEASED) 0.00
172 12/03 SCHADER, MADGE 1 ,306.45 13,064.50 1 ,306.45
41 9/85 SCHADER, TROY 1 ,437.45 14,374.50 312.00 57.00 1 ,380.45
83 03/01 SKELTON, KIMBERLY 1 ,147.60 11 ,476.00 156.00 125.00 25.00 997.60
66 8/98 SKELTON, PAULINE 401 .70 4,017.00 312.00 125.00 25.00 251 .70
82 03/01 SKELTON,KELLY 11147.60 11 ,476.00 156.00 1 ,147.60
36 5/76 SPRINGSTON, CARL 759.91 7,599.10 312.00 70.00 17.00 672.91
90 03/02 STOUT, IMOGENE W. 723.73 7,237.30 312.00 723.73
DA3E'OF Regular Mo Year To Date Future
EMP# RETIREMENT NAME Benefit Reg Benefit Suppl Fed Tax St Tax Net
165 12/02 TATE, RALPH 3,457.53 34,575.30 312.00 300.00 100.00 3,057.53
65 3/66 TUNE, BILLIE SUE 128.75 963.05 62.40 128.75
27 3/71 TUNE, MILDRED MRS.- - 128.75 963.05 62.40 128.75
71 1/00 WARFORD,THOMAS 2,359.06 23,590.60 312.00 300.00 2,059.06
28 7/68 WATTS, DONALD 412.00 4,120.00 312.00 412.00
88 01/02 WOOD,RONNIE D 2,900.50 29,005.00 312.00 800.00 200.00 1 ,900.50
52 9/88 WRIGHT, RANDALL 1 ,594.25 15,942.50 312.00 200.00 25.00 1 ,369.25
84720.80 835,063.93 14164.80 9,352.94 2,042.82 73,325.04
DROP DATE DROP EMPLOYEES NEW BENEFITS
04/01/00 NAPIER,LONNIE 3,316.32 312.00
07/01/00 REAGAN,PETE 3,332-75 312.00
01/01101 DOSS,MARION 5,06825 312.00
03/01/03 MAHAN, MARSHALL 3,843.23 312.00
03/01/03 PIERCE, JOEY 3,437.82 312.00
03/01/03 SHACKLEFORD, GLEN 3,437.82 312.00
04/01/03 O'NEAL, TEDDY 3,884.43 312.00
05/01/04 FARRAR, DANNY 3,916.83
WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
•
SECRETARY CHAIRMAN AND PRESIDENT
ACKNOWLEDGEMENT -
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF , 2003.
NOTARY PUBLIC
MY COMMISSION EXPIRES :
YTD
6810-9810-5335-00 835,063.93
6810-9810-5335-06 14,164.80
YTD Column 849,228.73
Difference 0.00
•
• rr Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
October 31, 2004
Unit Total . Market ' Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value ' Assets Income Income Yield
COMMON STOCK
2,300 Abbott Labs 41 .35 952102.93 42.63 , 98,049.00 , * 1 .0 1 .040 2,392.00 2.5
3,000 Aluminum Co. of 32.84 98,517.30 32.50 97,500.00 1 .0 0.600 1 ,800.00 1 .8
America
4,000 Amsouth Bancorp 25.09 100,348.57 26.39 105,560.00 1 .0 1 .000 4,000.00 4.0
1 ,450 Anadarko Petroleum 59.37 86,081 .15 67.45 97,802.50 1 .0 0.560 812.00 0.9
Corp
6,150 Applied Materials 16.21 99,680.50 16.10 99,015.00 1 .0 0.000 0.00 0.0
2,550 B.P. Amoco PLC A.D.S. 42.09 107,330.00 58.25 148,537.50 1 .5 1 .662 49238.10 3.9
2,575 BankAmerica Corp. 44.26 113,969.50 44.79 115,334.25 1.1 2.560 6,592.00 5.8
2,750 Biomet, Inc. 28.89 79,454.80 46.68 128,370.00 1 .3 0.200 5500 0.7
1 ,700 Caterpillar Inc. 73.50 1249944.99 80.54 136,918.00 1 .4 1 .640 2,788.00 2.2
2,000 ChevronTexaco Corp. 36.42 72,841 .76 53.06 106,120.00 1 .1 1 .600 3,200.00 4.4 .
3,250 Citigroup 40.67 132,177.09 44.37 144,202.50 1 .4 1 .600 5,200.00 3.9
2,000 Dell Computer 28.52 57,038.00 35.06 70,120.00 0.7 0.000 0.00 0.0
Corporation
1 ,475 Devon Energy Corp 50.60 743639.76 73.97 109,105.75 1 .1 0.200 295.00 0.4
3,250 Dover Corp. 38.80 1269090.05 39.27 127,627.50 1 .3 0.640 2,080.00 1 .6
3,000 Ecolab 28.57 859702.26 33.85 101 ,550.00 1 .0 0.320 960.00 1 .1
2,500 Emerson Electric 49.75 1249387.50 64A5 160,125.00 1.6 1 .600 4,000.00 3.2
1 ,500 ExxonMobil 27.65 41 ,475.76 49.22 73,830.00 0.7 1 .080 1 ,620.00 3.9
5,000 General Electric 22.58 112,914.50 34.12 1709600.00 1 .7 0.800 4,000.00 3.5
4,000 Genuine Parts 31 .96 127,830.62 39.89 159,560.00 1.6 1 .200 41800.00 3.8
1 ,250 Illinois Tool Works 89.66 112,072.75 92.28 115,350.00 1 . 1 0.960 1 ,200.00 1.1
1 ,500 Intl Business Machines 87.82 131 ,734.20 89.75 134,625.00 1 .3 0.720 10080.00 0.8
3,500 Intel Corp 16.12 56,407.50 22.26 77,910.00 0.8 0.160 560.00 1.0
3,000 Johnson & Johnson 52.08 156,250.18 58.38 175,140.00 1 .7 1 .140 39420.00 2.2
2,500 Kennametal, Inc. 39.65 99,124.21 46.53 116,325.00 1 .2 0.680 19700.00 1.7
3,000 Kerr McGee Corp. 49.95 149,851 .35 59.22 177,660.00 1 .8 1 .800 5,400.00 3.6
1 ,500 L-3 Communications 43.73 65,602.17 65.93 98,895.00 1 .0 0.400 600.00 0.9
Holdings Inc.
2,000 Lockheed-Martin Corp. 54.77 109,536.50 55.09 110,180.00 1 .1 1 .000 21000.00 1 .8
5,250 Mead Westvaco 29.74 156,112.50 31 .53 165,532.50 1 .6 0.920 4,830.00 3.1
3,000 Medtronic, Inc. 43.91 131,715.96 51 .11 153,330.00 1 .5 0.335 1 ,005.00 0.8
4,250 Microsoft Corp. 28.58 121 ,466.40 27.97 118,872.50 1 .2 0.320 1 ,360.00 1 .1
1 ,175 Minnesota Mining & 80.25 94,294.93 77.57 91 ,144.75 0.9 1.440 1 ,692.00 1 .8
Mfg.
3,500 NASDAQ 100 Index 35. 12 122,902.67 36.90 129,150.00 1 .3 0.000 0.00 0.0
7,500 Nanogen Inc. 4.51 33,789.75 3.98 29,850.00 0.3 0.000 0.00 0.0
5,000 SBC Communications 24.57 122,840.38 25.26 126,300.00 1 .3 1 .250 63250.00 5. 1
3,000 Standard & Pours 111 . 13 333,399.25 113.20 339,600.00 3.4 1 .875 5,625.36 1 .7
Depository Receipts
3,500 The Technology Set Sec 19.38 67,843.30 19.96 69,860.00 0.7 0.000 0.00 0.0
SPDR Fund
2,500 Union Pacific Corp. 58.87 147,178.75 62.97 157,425.00 1 .6 1 .200 3,000.00 2.0
4,250 Walgreen Company 33.60 142,816.50 35.89 152,532.50 1 .5 0.210 892.50 0.6
2,340 Walrnart Stores 53.21 124,519.63 53.92 126,172.80 1 .2 0.520 1 ,216.80 1 .0
4,339,985.92 4,915,782.05 48.7 91 ,158.76 2. 1
REAL ESTATE INVESTMENT TRUSTS
1 ,500 Pan Pacific Retail 33.68 50,514.25 56.65 84,975.00 0.8 2. 170 3,255.00 6.4
50,514.25 849975.00 0.8 3,255.00 6.4
PREFERRED DEBT SECURITIES
5,000 G.E. Preferred 6.10% 25.00 125,000.00 25.92 129,600.00 1 .3 1 .525 7,625.00 6.1
• AAA/AAA (C 11-15-07)
1
LLONGER INVESTMENTS INCORPORATED
I
A Registered Investmenl Advisor
Longer Investments Inc. - .
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relieffund U/A DTD 6-18-86
October 31, 1004
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
5,000 G.E. Preferred 6.625% 26.01 130,030.00 26.80 134,000.00 1 .3 1 .656 8,281 .25 6.4
AAA/AAA (C 6-28-07)
3,000 Ruch G&E 6.65% 26.30 78,893.10 27.29 81 ,870.00 0.8 1 .662 49987.50 6.3
AAA/AAA (C 6-20-07)
AMBAC _
333,923.10 345,470.00 3.4 20,893.75 6.3
MUTUAL FUNDS-EQUITY
15,000.0000 Japan Webs 9.85 1473750.00 9.93 148,950.00 1 .5 0.002 24.15 0.0
147,750.00 148,950.00 1 .5 24. 15 0.0
MUTUAL FUNDS-FIXED
3,000.0000 American Strategic 12.16 36,477.90 12.54 37,620.00 0.4 0.960 2,880.00 7.9
Income Portfolio III _
36,477.90 373620.00 0.4 2,880.00 7.9
CORPORATE BONDS
30,000 Enzon Capital Corp. 99.72 29,917.00 102.23 30,668.64 0.3 6.000 1 ,800.00 6.0
Notes Aaa/AAA (NC)
6.000% Due 07-01-05
15,000 Gillette Company Notes 99.78 14,967.00 102.56 15,384.46 0.2 5.750 862.50 5.8
Aa3/AA- (NC)
• Wal-Mart
Due 10-15-05 esInc.
75,000 Wal-Mart Stores Inc. 98.44 73,831 .00 103.09 77,315.25 0.8 5.875 4,406.25 6.0
AA2/AA (NC)
5.875% Due 10-15-05
50,000 Boeing Capital Crp 100.00 50,000.00 102.82 51 ,410.80 0.5 6.040 3,020.00 6.0
ANA (NC)
6.040% Due 11 -I5-05
50,000 NationsBank Corp. 99.79 49,894.00 109.12 54,561 .85 0.5 6.375 3,187.50 6.4
Subordinated Notes
AA3/A (NC)
6.375% Due 02-15-08
65,000 J.P. Morgan Chase 102.60 66,687.00 110.80 72,022.34 0.7 6.700 41355.00 6.5
Bank AA3/A+ (NC)
6.700% Due 08-15-08
50,000 Bankers Trust NY Corp 99.26 49,630.00 108.53 54,264.05 0.5 6.000 3,000.00 6.0
Subordinated Notes
A2/A (NC)
6.000% Due 10-15-08
25,000 First Union Corp. 93.78 23,446.00 108.46 27,115.33 0.3 6.000 1,500.00 6.4
Subordinated
Debentures Al/A- (NC)
6.000% Due 10-30-09
25,000 Pepsico Incorporated 97.49 24,373.00 107.63 26,908.13 0.3 5.700 1 ,425.00 5.8
Medium Term Note
Al/A+ (NC)
5.700% Due 11-01-08
50,000 Hershey Foods Corp. 97.63 48,816.00 117.41 58,703.30 0.6 6.950 3,475.00 7.1
Notes Al/A+ (NC)
6.950% Due 08-15-12
50,000 Paribas New York 96.03 48,014.00 115.24 57,619.50 0.6 6.950 3,475.00 7.2
Branch Subordinated
Notes AA3/AA- INC)
• 6.950% Due 07-22-13
2
LONGER INVESTMENTS INCORPORATED
A Registered Luiestment Advisor
Longer Investments Inc. ,
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
October 31, 2004
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
60,000 Aetna Inc. Debentures 87.48 52,487.00 111 .36 66,816.12 0.7 6.750 4,050.00 7.7
AA3/A+ (NC)
6.750% Due 09-15-13
50,000 Bank America Corp 100.00 50,000.00 100.73 50,363.30 0.5 6.250 3,125.00 6.2
AA3/A Monthly Pay (C
2-15-05 @1100, monthly
thereafter)
6.250% Due 02-15-17
75,000 Merrill Lynch & Co. 99.26 74,442.00 111 .27 839450.48 0.8 6.500 4,875.00 6.5
Inc. Global Bonds
AA3/A+ INC)
6.5000/a Due 07-15-118
50,000 National City Corp. 96.65 48,326.00 116.34 58,169.30 0.6 6.875 3,437.50 7.1
Sub. Notes A2/A- (NC)
6.875% Due 05-15-19
50,000 IBM Corp. Debentures 100.01 50,004.00 118.26 59,131 .00 0.6 7.000 3,500.00 7.0
AI/A+ (Subject to make
whole call)
7.000% Due 10-30-25
50,000 Dell Computer Corp. 95.46 479731 .00 119.30 59,649.10 0.6 7.100 3,550.00 7.4
Debentures A2/A-
(Subject to make whole
call)
• 7.100% Due 04-15-28
Accrued Interest 9,182.08 0.1 _
802,565.00 912,735.03 9.0 53,043.75 6.6
GOVERNMENTBONDS
225,000 U. S. Treasury Note 100.28 225,632.82 101.28 227,882.81 2.3 3.250 71312.50 3.2
3.250% Due 08-15-07
200,000 U. S. Treasury Note 100.08 200,162.53 103.25 2069500.00 2.0 4.000 81000.00 4.0
4.000% Due 06-15-09
50,000 U. S. Treasury Bond 100.01 50,004.00 108.91 54,453.12 0.5 5.500 2,750.00 5.5
5.500% Due 08-15-28
50,000 U. S. Treasury Bond 98.95 49,474.00 105.41 52,703.12 0.5 5.250 2,625.00 5.3
5.2500/a Due 11-15-28
300,000 U. S. Treasury Bond 98.03 2949097.66 105.53 316,593.75 3.1 5.250 15,750.00 5.4
5.2500/a Due 02-15-29
Accrued Interest 91622.88 0.1 _
819,371 .01 867,755.69 8.6 36,437.50 4.5
GOVERNMENT AGENCY
100,000 Federal Farm Credit 100.00 100,000.00 100.62 100,625.00 1.0 3.580 3,580.00 3.6
Bank (C 6-15-05 @
10% IX)
3.580% Due 06-15-07
100,000 Federal Home Loan 100.00 100,000.00 99.66 99,656.25 1 .0 3.000 3,000.00 3.0
Bank (C 09-07-05 @
100 IX)
3.000% Due 09-07-07
100,000 Federal Fartn Credit 100.00 100,000.00 99.44 99,437.50 1 .0 3.020 31020.00 3.0
Bank (C IX 03/24/05
@100)
3.020% Due 12-24-07
•
3
LONGER INVESTMENTS INCORPORATED
A Registered hiveshnent Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
_ October 31, '1004
Unit Total Market Pct. • Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
75,000 Federal Home Loan 100.00 75,000.00 100.12 75,093.75 0.7 3.300 2,475.00 3.3
Bank (C 1-17-06 @
100, 1X)
3.300% Due 01-17-08
250,000 Federal Farm Credit 100.00 250,000.00 98.84 247,109.37 2.4 3.080 79700.00 3. 1
Bank (C 1 X 04-15-05
@100)
3.080% Due 10-15-08
225,000 Federal Farm Credit 100.00 225,000.00 100.28 225,632.81 2.2 4.000 9,000.00 4.0
Bank (C 12-29-04 @
100, continuously
thereafter)
4.000% Due 12-29-08
125,000 Federal Farm Credit 100.00 125,000.00 103.25 129,062.50 1 .3 4.350 53437.50 4.3
Bank (NC)
4.350% Due 06-01 -09
225,000 Federal Home Loan 100.00 2253000.00 99.75 2249437.50 2.2 4.000 9,000.00 4.0
Bank (C I1-22-04 @
100, continuously
thereafter)
4.000% Due 04-01 -10
200,000 Federal Home Loan 100.00 200,000.00 100.00 200,000.00 2.0 4.200 8,400.00 4.2
Bank (C I1 -22-04
@100, continuously
thereafter)
4.200% Due 05-20-10
50,000 Tennessee Valley 98.95 49,474.00 108.79 54,395.80 0.5 5.625 2,812.50 5.7
Authority (NC)
5.625% Due 01 -18-I1
150,000 Federal Farm Credit 100.00 150,000.00 99.44 149,15615 1 .5 4.150 62225.00 4.1
Bank (Call 04-07-06,
continuously thereafter)
4.150% Due 04-07-11
55,556 Federal Home Loan 100.00 55,555.56 100.00 55,555.56 0.6 5.080 2,822.22 5.1
Bank (C 11-22-04 @
100, continuously
thereafter)
5.080% Due 10-03-12
150,000 Federal Farm Credit 100.00 150,000.00 100.03 150,046.87 1 .5 5.000 7,500.00 5.0
Banks (C 11 -22-04 @
100, continuously
thereafter)
5.000% Due 10-15-12
75,000 Federal Home Loan 100.00 759000.00 102.06 76,546.87 0.8 5.375 4,031 .25 5.4
Bank (C I1 -7-05 @100)
5.375% Due 11-07-13
Accrued Interest 14,463.31 0.1 _
11880,029.56 1 ,901 ,219.36 18.8 75,003.47 4.0
GNMA
50,000.00 GNMA 5.00le Pool# 99.52 499759.08 95.17 47,584.50 0.5 5.000 2,500.00 5.0
GNR 2003-40 AE
5.000% Due 05-20-33
150,000.00 GNMA 6.0% Pool# 100.00 150,000.00 101.11 1511668.00 1 .5 6.000 91000.00 6.0
GNR 2004-44 EC
6.000% Due 07-20-34
4
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
October 31, 2004
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
Accrued Interest 958.33 0.0 _
199,759.08 - 2009210.83 2.0 110500.00 5.8
CASH AND EQUIVALENTS
Dividends Accrued 4,739.50 4,739.50 0.0 0.000 0.00 0.0
Money Market 5149429.60 514,429.60 5.1 1 .050 5,401 .51 1 .0
519,169.10 519,169.10 5.1 5,401 .51 1 .0
CERTIFICATE OF DEPOSIT
50,000 American National 100.00 50,000.00 102.57 51,283.55 0.5 7.050 3,525.00 7.0
Bank & Trust Chicago,
IL AA2/NR (NC)
FDIC-Insured
7.050% Due 08-02-05
50,000 MBNA America Bank 100.00 50,000.00 103.23 51,614.50 0.5 6.550 3,275.00 6.5
Newark, DE AYNR
(NC) FDIC-Insured
6.550% Due 12-20-05
40,000 Capital One Bank FSB 100.00 40,000.00 103.14 419256.40 0.4 4.900 11960.00 4.9
Falls Church, VA
BAAUNR (NC)
FDIC-Insured
4,900% Due 02-20-07
Accrued Interest 16,549.75 0.2
140,000.00 160,704.20 1 .6 8,760.00 6.3
TOTAL PORTFOLIO 9,2699544.92 10,0949591.26 100.0 3089357.89 3.3
5
LONGER INVESTMENTS INCORPORATED
A Registered Invesimenl Advisor
• Longer Investments Inc.
CONTRIBUTIONSMTHDRA WALS
City of Fayetteville Fire Pension and Relief Fund
From 08-15-02 To 10-31-04
CONTRIBUTIONS
09-10-03 Money Market $350,000.00
08-04-04 Money Market $ 127,000.00
$477,000.00
WITHDRAWALS
10-09-02 Money Market $40,000.00
12-12-02 Money Market $9,000.00
12-18-02 Money Market $ 15000.00
01 -08-03 Money Market $73,000.00
02-15-03 Money Market $51 ,000.00
03-04-03 Money Market $665000.00
04-01 -03 Money Market $60,000.00
05-01-03 Money Market $66,000.00
06-03-03 Money Market $245,000.00
07-01 -03 Money Market $30,000.00
08-01-03 Money Market $65,000.00
10-01 -03 Money Market $759000.00
11 -03-03 Money Market $209000.00
01 -06-04 Money Market $24,000.00
01 -22-04 Money Market $216,000.00
02-09-04 Money Market $76,000.00
03-01 -04 Money Market $66,000.00
04-01 -04 Money Market $75,000.00
05-03-04 Money Market $60,000.00
05-19-04 Money Market $889000.00
06-02-04 Money Market $805000.00
07-01 -04 Money Market $7000.00
07-29-04 Money Market $15,000.00
08-11 -04 Money Market $15,000.00
09-08-04 Money Market $805000.00
10-04-04 Money Market $60,000.00
$ 1 ,8759000.00
r
a
r .l
•
6 ,
LONGER INVESTMENTS INCORPORATED
A Registered Lwrsimmf Arlirisar
71DATE.
B 1 02110
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CBFDIT nM ACTUAL MAKE
:, . /ORr� per'`^ } 6810 9810 "OD ' apfflce';sippllesip inting . :FISCAL 70 DA it$-. ^�
gv ' a�
: cc_' -,F$ 'vrim, Iyx �� /DEtat170'JL� pr, :dF�'9Q]R17t � 00 a+ rte T '� t'•� ,x
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"eu,i�iaticns a dies �iscaL tiT In DAA' -u
• - _ lmeral ] Tm`AL . . Pw>s�p,es 'W
( s Travel a lain FISCAL YEAR TO DATE. . 00
G/L ACCQJRr 9033 6010 9810 53(54:00 >nR 00 00 O0
1 i`al y 'SV )yA r„ R AlnSc#.� /{J • `�� miI i
6010 %l0 5304;96 aravel%hklnlr + �aGvatCeS FOAL YFIiR"m DPTE ;fit ,WOK . lot
s ..�, s, a'_v .�,._q 13ase/Detail 5011V, T&T Iwo
^ _^'�'-�� '�" ,�• "r'�' _•' �
10 G/L A=TT - - FISCPL YFAB~TD DATE
lRP�32: 6810.9810.5387.00 taalit es{xmse -
Wm/Det
TOTAL Mit Eap DO -W3700 00
( 11
1 Iz Settlmlants FISCAL YEAR- 10 DATE , �C'; x p <
p 13 lr -- +s' Fd"�/➢elail'TOTAL Settl�ast-- �^� : Ytsa
1lItDe tl
;T)TALf Pr
�, f/f. ACCQA71 RQ'�EIC _ .410 9810531. ,tee r r -* +, i .JOOr . >'k.
Is 1 services FISCAL YM TO DAT W . .DD
G/L AOCa3Rr NMM?R 6810.9810.5314.01 1:eRa
( 11 lIDse/DetslI TOTAL . . . . : Iegal Sery .00 ...
Is i°".-'h 6/ti 9LLUNURFM ',�10'96t0 5331 O7 € v 3•z,:Batk,s4rVlte dlazgsS:. :' ,
'i ` amry y, 9/3DYX104 405A94 ;JE .ff 9m4+Q'1 J Rfc'Bk 6e'V Cogs 9el3fyW .IS"7OF » $: - 4'N`a'R : ' � x T S'.
C:
212:in-r.� "' p�., _ �+.x .•! �mss".= `,rAf ..707ALc X1570 -v3's _ -W :`' ' 93`75-Jt t:*`s'Y.
a lam/Detail TOTAL WServQs 15.70 :00 79.76
(�i n
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1e 4 187 NR JE 3kman Rac Payroll ecY 23 - 672vi .77
4(6187 8B" dE-IAarn RSG 18yr01 ] atecks•09/3D/2004 1690:63 67dc146.77
4 " 55187 RR - ,E 1Amat Rsc Payroll Qtecks-09/,30lLOOM1 103.00 72 42
90 .7E 8mm RSG oll Checks-09/302004 56.65 _ .
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99 �r „x; , '_ _ - AQi1Bj"^la➢T .lEdlieiaf,Rsc o11�Uiedcs�'09?3D72004 -
„ 4MI97 RR 3E lkmm Sc o 123:80 ._ - 601.207,81
4rblffl 9R -.IE }luaat RsrcPayroil Qia:ks^02/30J2(ri1 _.6 .899.02
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96 55187 8R OE lkIDal Rsc of l awcks-09/ I'M 103.00
4f518f - IW IN,l' 1, Qtecksl-03r30`11064 1.7 ;66.92a.68�"79D23: 1e
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( 41 .E'1'+187 !R .& lAmal Rac Payroll Qtectm^-09r3J/20D4 183.00 .693.565.13.
x 405187 RR JE �IDat Rsc l l Qseck.-09r302004 51;.65 693.621.78
u : - _ - ' - ;55197 ;1kmm3 37. 15
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4tG197 382 JE R!ffi" srC P.RY-r fhe�ks'(i91302009. 2 549.36 -
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( . 4(5187 RR JE }hmal Rac. Pala'oil Qrecm-09rd02004. 56.69 7116.692.99
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415187 *IR .E 1Aiav�,R52cgPxryrol�l AI�kA-09/:3D200d :y 712`338 13
1197 ,!HP 3E iAuai iRkrO,PayrU Qterks-09f3D2004' 1553505. .
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( 4105167 1R .E AOmm Rsrc layrA I awks-0110/L004 718.335.44
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DATE I ---- - M2110
TIME 13: 18:44 BUYEI PEE319mcE RUM IX,E E
ronth Ehd hate: 9/37!2004
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TIDE 13: 17:56
PRO.IECf I G/L DRTE 301m n TYPE TTTPE S09FCE DESCRIPTION- A74A➢1'1 LB}DIT BfW� ACNAL MAKE -
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40"1187 AR ]E mune! Rac Payroll Utetks09730r2C04 _a 141 6D 737 997.10
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