HomeMy WebLinkAbout1991-07-25 Minutesi
MINUTES OF A MEETING OF THE POLICE PENSION BOARD
A meeting of the Fayetteville Police Pension and Relief Fund Board
of Trustees was held on Thursday, July 25, 1991, at 2:30 p.m. in
Room 326 of City Hall.
PRESENT: Administrative Services Director Kevin Crosson,
Finance Director Ben Mayes, Dr. James Mashburn,
Policemen Eldon Roberts, Rick Hoyt, Jerry Friend,
Retiree Hollis Spencer, and City Clerk Sherry
Thomas.
ABSENT: City Manager Scott Linebaugh
CALL TO ORDER
The meeting was called to order by Kevin Crosson.
OLD BUSINESS
MONEY MANAGEMENT
Crosson stated that the reason for this meeting was to further
discuss reallocation of money to another investment manager.
Ben Mayes presented a monthly cash flow projection schedule and
averages of the three investment managers. Mayes addressed the
Board explaining the figures reflected on the monthly cash flow
projection schedule. Commencing June 30, 1991, total holdings in
Dean -Witter was $635,921.00 in cash and cash equivalents. Madison
from July 31st to June 30th earned 11.34% after their fees; ACORN
Asset Management from October 15th to June 30th, with $1 million
invested, earned $70,000 or a 7% return; and Elaine Longer's
original investment eleven months ago was $1,505,944.00 and has a
value at the end of June of $1,673,000.00 or 11.12% yield after
fees.
Mayes stated that they will have $700,000.00 in August, once the
insurance comes in, that can be used to invest with any and/or all
of the investment managers. He stated that diversification
minimizes risk with three investment managers. Mayes stated that
he believed they could use as much as $500,000.00 to $600,000.00 to
invest.
Roberts, seconded by Spencer, made a motion to give Elaine Longer
another $300,000.00 to further invest, and then hold the remaining
funds for awhile to determine where they should be invested. The
motion was approved by unanimous vote.
Mayes stated that this cash transfer could be -done on August 1st.
July 25, 1991
Concensus vote among the Board members was that it wasn't necessary
for them to hire another money manager at this time.
ADJOURNMENT
The meeting adjourned at 3:13 p.m.
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