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HomeMy WebLinkAbout1992-10-29 Minutes• 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, October 29, 1992, at 11:00 a.m. in Room 3260 of the City Administration Building, 113 W. Mountain, Fayetteville, Arkansas. PRESENT: Eldon Roberts, Rick Hoyt, and Jerry Friend; Retiree Hollis Spencer; Dr. James Mashburn; Administrative Services Director Ben Mayes; and City Clerk Sherry Thomas. ABSENT: City Manager Scott Linebaugh CALL TO ORDER The meeting was called to order by Rick Hoyt. MINUTES Friend, seconded by Roberts, made a motion to approve the minutes from the July 16, 1992 and July 31, 1992 meetings. The motion was approved by a unanimous vote. OLD BUSINESS BOARD REPRESENTATION Hoyt addressed the make-up of the Police Pension Board as defined in the Statute and Arkansas Code designates that representation shall be on a percentage basis of the number of retired and active members. He presented a letter from Assistant City Attorney LaGayle McCarty wherein she states that the Fayetteville Police Pension Board is already at that point, and needs to go to two retirees and two active officers. It was discussed and decided among the members that unless they received objection from any retiree, they should wait until May when the current terms expire. City Clerk Sherry Thomas reported the Fire Pension & Relief Fund Board had also encountered this situation with board representation, and at their last election added another retiree. Spencer, seconded by Mashburn, made a motion to wait until May 1993 at the time terms of the current active members of the board expire, to modify board representation. The motion was approved by a unanimous vote. SPECIAL ACTUARY Hoyt addressed the possibility of performing a special actuary under several different scenarios, and whether it would benefit the fund or be a waste of money. • • October 29, 1992 He reported recently hearing that a new bill was to be introduced by AMPA to change the way the valuation is done, from the cost basis of stocks owned to a percentage of the value. The Police Pension & Relief Fund would have been sound at their last actuary report if a value basis was used. Spencer stated Captain Hutchins was first Vice President, and he was second Vice President of the retired municipal police, and although he has heard some discussion about a new bill, he was uncertain of the retirees opinion on the legislation. Hoyt responded that he would be surprised if any retired member would be against such legislation. He stated his belief that this bill would meet with a lot of resistance from members that want to ensure that funds remain solvent forever. Roberts stated he was sure the organization to which he belongs would be asked to either support or oppose the bill, and he needed to know their opinions. In response to Friend's question regarding the advantages of changing the actuary valuation process, Mayes stated it would be an advantage to the retirees in making them actuarially sound a lot sooner. Friend stated his concern that if they were declared actuarially sound by a valuation process, and they gave additional benefits to members, if the stock market took a dive, then they would be in trouble. Roberts stated the act would have to pass through the joint legislative retirement committee, who are quite familiar with pension funds and possible problems, and they watch for potential problems. Dr. Mashburn stated the Police off than they appear to be actuarially sound and a down whole scenario could change in Pension Fund is a whole lot better on paper; however, if declared market would be experienced, this a hurry. Roberts stated his understanding that the Fire Pension & Relief Fund had been considered actuarially sound and had given some substantial raises to their retirees. Subsequently, the Fire Pension & Relief Fund went back into a position where they were not actuarially sound. Director of Administrative Services Ben Mayes explained the Fire Pension & Relief Fund is sound for their current retirees, but not future retirees. He further explained for instance, if the Police Pension & Relief Fund maintains a 6% return, they will be actuarially sound by the year 2003. For the last two years, the • • • October 29, 1992 fund exceeded the 6% return and are ahead of the market. If they were to increase benefits, this may immediately make them unactuarially sound, but by the year 2003, they may be actuarially sound once again. Mayes suggested the board ask Mike Kirkland and Elaine Longer about recognized versus unrecognized gains. Dr. Mashburn stated under the current procedure for actuary soundness, current retirees may not benefit at all from the fund's actuary soundness in the year 2003, and suggested that maybe they need to take a risk for these retirees. In response to Roberts' question, Mayes explained a special actuary study done following state standards and guidelines would cost approximately $1,500 to $2,500. The state requires an actuary study be done every two years, and the study recently performed on the Police Pension & Relief Fund reflected that the fund missed being actuarially sound by four percentage points. Hoyt suggested they wait to see if the law is changed regarding the valuation process, and if so, then conduct a special actuary study. Otherwise, he saw no reason to do so since the state performs actuary studies every two years. Ben Mayes explained that the previous special actuary study done for the Police Pension & Relief Fund was different than a normal actuary study in that the special study projected what type of investment rate would need to be earned in order to become actuarially sound by the year 2003. Hoyt stated his concern that the current retirees believe the Police Pension & Relief Fund Board is doing nothing for them, and for that reason, he hates to see them wait until the year 1994 for the next actuary study. He suggested they request a special actuary study be completed as of December 31, 1992, and address different scenarios in order to get their specific questions answered. Specific scenarios he would like to see addressed are raising the minimum for the eleven retirees' widows, and a percentage for the rest, or raise benefits for all retirees to a minimum of $350, plus an additional increase to all retirees. Roberts pointed out nobody on the pension plan is receiving less than what they were told they would receive, which is 50% of their ending salary. Dr. Mashburn added 50% of salary is not worth as much today as it was when they were employed. Spencer stated the Police Pension & Relief Fund Board needs to put themselves in a position to answer the questions of their retirees before 1994 when the next actuary study is conducted. October 29, 1992 Friend, seconded by Spencer, made a motion to order a special actuary study to be completed as of the December 31, 1992 figures. The motion was approved by a unanimous vote. Dr. Mashburn stated between now and their January meeting, they need to come up with the scenarios they want to have studied. Mayes stated the figures could be provided within days after the end of 1992, and a study could probably be completed and to the Board by March or the first part of April. Gerald Bradley stated the retirees' spouses and widows dates of birth need to be provided for the special actuary study, which gives life expectancy to be used in the report. City Clerk Sherry Thomas stated she has most of that information on the yearly affidavit reports. LOPFI Director of Administrative Services Ben Mayes reported he had been asked to check into the change in the LOPFI requirement for the City's contribution decreased from 16.5% in 1991 to 12% in 1993. He stated that the decrease in LOPFI was simply due to the fact that the money was not needed. NEW BUSINESS INVESTMENTS FINANCIAL REPORT Mayes presented a financial report to the Police Pension & Relief Fund Board. He verified a cash transfer of $100,000 was made to both Longer Investments and to Dean Witter. In addition, the Board addressed coming due on November 15, 1992. to take into account that they are 40% is the maximum allowed. a $175,000 C.D. that would be Dr. Mashburn stated they needed already at 39% in equities since Ben Mayes suggested they discuss a cash transfer with Elaine Longer and Mike Kirkland and ask for their recommendations. DEAN WITTER Mike Kirkland announced Dean Witter has moved their office to the old First Federal Savings & loan building. He recapped they had moved $200,000 from the cash account to ACORN in July and August, and an additional amount to Longer Investments. • • • October 29, 1992 Kirkland reported the cash account reserve contains $122,000, and with two CD's at $90,000 each, there is a total value of the cash and CD's at $302,000. In response to Dr. Mashburn's question about the tax-free fund, Kirkland stated there are five money market funds that Merrill Lynch offers; however, the Police Pension Fund is in the money trust. In addition, he verified the CD's are still solvent. He further announced that Sears is going to get rid of Dean Witter, and the executives of Dean Witter are pleased with the split, as they have felt that Sears has held them back in areas they wish to pursue. Kirkland gave a summary of the ACORN Account which shows a total value of investments in stocks and bonds as of the end of September 1992 of $1,428,000, which is approximately 12% a year annualized. In order to arrive at this figure, Kirkland explained he had removed the $200,000 added at the quarter. He explained the "Custodial Holding" represents the money market fund which is currently paying a little over 3%. Kirkland went over the total value of priced investments, a listing of the priced stocks and bonds in the account, and reported the account is valued at $1.3 million with $72,000 earning interest in the money market fund. Kirkland explained the $230 credit was from a stock payment dividend at the end of the month that hadn't had time to sweep into the money market fund. The total account valuation for the ACORN Account at the end of September was $1.428 million. He reiterated the $200,000 added last quarter was removed, and he figured this account is running at about 20% a year on an annualized basis. Friend suggested it would help if they knew the market values and costs of stocks and bonds in their portfolio, as well as the percentage or amount of gain. Kirkland responded he would provide the Board with a "Cost and Value" Statement, and he further reported the account value as of the close of yesterday was down around $4,000. Kirkland subsequently reported on the Madison Account portfolio. Based upon the value at inception of the account and its current worth, this account has averaged about 10;% per year. In this fixed income account, there is about 30% to 35% in cash. He stated reasons to pay someone to manage this account include the fact that for the short run, interest rates have hit bottom. When rates begin to rise, bonds are affected on the negative side. Merrill Lynch believes rates have a chance of coming back down in the long term, but in the mean time, Madison has lightened up on their holdings. The account consists of bonds at $897,000 and cash at $413,000, or 68% to 32%. October 29, 1992 Dr. Mashburn suggested a break -down of fixed earned income and equity percentages would be helpful in understanding the various portfolios. He stated the Board is responsible for keeping a tight wire on these funds, and he believes the additional information would be helpful to the Board in doing so. As long as Director of Administrative Services Ben Mayes keeps up on the "bottom line" with both money managers, it is really the cost basis and market values that the Board needs to look at. Kirkland responded he runs these figures each month, but simply has not been providing that portion of the statement to the Board at all meetings. Kirkland stated Madison's annualized return has been running 10k% per year, and he believes this manager is doing fine regarding returns on straight bonds and fixed incomes. He pointed out they are right where they should be with the maximum invested in equities at 39% since the guidelines set a limit of 40%. This is where the most return is coming from, and he attributed this to a good job by the money managers. Mayes addressed the $175,000 Treasury Note maturing November 15, 1992, and asked for verification that the only liquid cash in the Merrill Lynch Account is the $122,000, which is the minimum amount to be maintained for payment of pensions. Mayes stated his opinion that they should place this $175,000 in a fixed income account, either with Madison or ACORN. LONGER INVESTMENTS Elaine Longer addressed the Police Pension & Relief Fund Board with the account report through September 30, 1992. The combined account report, including the $200,000 contribution this quarter, is right at 60% in equities with bonds making up the remaining 40% of the total. The stock account broken out by economic sector, large cap growth stocks, small -cap growth stocks, infrastructure, and industrial goods. The value category lists those companies with high asset value, such as Mobile Oil and Texaco. The more conservative stocks are held in the value category, such as utilities, oils, gold, IBM and Eastman Kodak, and have a high dividend. She compared the current percentages to the close of 1991, with 40% to 43% in large cap growth stocks. Through the year, they have moved away from the large cap growth stocks and are gradually investing more in the industrial goods sector. They have been able to invest in cyclical companies with a good clean balance sheet, good cash flow, and continue to generate earnings growth in a recessionary environment. These companies will benefit if economic growth picks up in 1993. She reported the value category of the stock account is 16% of the total portfolio. The 5% two-year Treasury Bond purchased in June • October 29, 1992 is being maintained as purchasing power in the account and has realized a 21% gain in capital appreciation. She explained once the election is over and policies and platforms are introduced, they can get a better idea where to apply new cash to the market. Longer reported the stock portfolio value is at $1.786 million, and the bond account is at $641,000, for a combined portfolio value of $2.428 million. The portfolio profile reflected a high return on equity, averaging 19.1%, and a very conservative debt to capital structure of only 211% debt to capital, as compared to 35% on the market overall. The quarterly report from June 30, 1992 through September 30, 1992, reflects equities were up about 3%, fixed income up about 31%. Net of fees, the account rose approximately 2.85%. Year-to-date, the account is down .9% compared to the S&P 500 through September 30th which was up 1% to 2%. Performance by asset class reflected equities from account inception up 32.2%; total account including bonds is up 27.3%, with an annualized rate of return at 11.7%. The S&P 500 from account inception was up 26% compared to the asset account including stocks is up 32.2%. With addition of the bonds, the total asset account • is up 27;%. Longer presented a performance chart relative to the S&P 500 group which shows in the 4th quarter of 1991, the account took off relative to the market. In the first quarter of 1992, the decline in the account was more dramatic than the market. However, from June 1992, they have parallelled the market return. Realized gains year-to-date were reported at $96,000. With respect to the stock, bond and currency markets, Longer stated they have discounted an election outcome with Governor Clinton elected President. Since her last report, there has been a lot of turmoil in the currency market, with the bond market down 5 points from where it peaked in early September. This has pushed interest rates up, and she considers this a good buying opportunity. The $50 billion stimulus program proposed by Clinton, although it sounds like a lot, would result as a drag on the economy from rising interest rates and would only amount to one-half of one percent increase in real GNP growth rates and is not enough to really fuel inflationary fears. Even if Clinton's package stimulates growth from 2% to 24%, this is still half of the normal economic growth rate following a recession. There is ample capacity, both in capital capacity and work force, to absorb additional growth before it becomes inflationary. In addition, she stated the worst is behind them in terms of the dollar decline, and • the stock markets have made good bottoms, have rallied, tested lows and held them, and are now poised to move forward in a good healthy market. • October 29, 1992 Friend asked for verification that Longer believes they will make money in both the stock and bond sectors. She explained she normally buys bonds when everybody else hates them. Current real GNP growth is at 2.7%, about twice of estimates; however, the GNP deflator, the inflation indicator, came in at 2%, and most were looking for 2.7% to 3%. Inflationary pressures are normally not felt until they reach around 85%, with the current capacity utilization at 79%. With the 7.7% unemployment rate, they have employment capacity to grow into. Since Labor Unions only own approximately 12% of the work force, labor costs have risen over the past 2 years at a lower rate than the inflation rate. Longer stated she therefore does not see any demand -push type inflation because of labor. Another factor, weak commodity prices, forces every company to operate in an environment of being a "price taker" instead of a "price setter". Even if Clinton is elected, Longer projected a sluggish growth outlook with a maximum of one-half of one percent of GNP growth, since he will feel this election was a mandate for more growth and fiscal stimulus. Since her last report; short term rates have dropped down to 2.8% on treasury bills, 2.8% to 3% on CD's, and 7.65% on the 30 year bond. This produces a 4.6% yield curve differential which is an all time high and discounts a lot of inflationary impact. Between short term money and two year treasuries, they have 135 bases points. Who Clinton appoints to fill key economic posts, Secretary of Treasury and Budget Director, will dictate how liberal or conservative he really is. Dr. Mashburn asked Longer about the $175,000 Treasury Note coming due in November, and since they are as high as they can go in equities, whether Longer Investments had purchasing power in the equity fund incash or bonds, and whether it would be advisable. Longer responded Longer Investments can handle bonds just fine. She further stated they had a lot of room to do really well in the bond market. She referred to the bond account in the report, which reflects 22% of the portfolio sitting in short maturity to mature in 1993, followed by a ten year maturity to mature in the year 2000, and Phillip Morris to mature in 1997. Between the 3, 5, and 7 year maturities, there is a lot of space to do some buying. She believes the available rates in the treasury note part of the market, 3 to 7 years, is very attractive relative to short term interest rates. She suggested they should not go out too far when rates are this low, and not have the opportunity to reinvest if they go higher. Their portfolio is staggered, and 22% will be turning over in 1993 and be available to reinvest. Dr. Mashburn, seconded by Friend, made a motion that when the $175,000 note matures in November, they invest $100,000 with Longer Investments and $75,000 with Dean Witter both in the fixed income account. The motion was approved by a unanimous vote. • October 29, 1992 Mayes verified he bases his figures on cost, since he is always aware of the cost. He doesn't believe the investment policy specified a cost basis or market value basis calculation. ADJOURNMENT The meeting adjourned at 4:03 p.m. • F A Y E T T E V S L I. E CITY ATTORNEY DEPARTMENT Jerry B. Rose LaCayyle D. McCarty Clarice Buffelohead-PearaaJ 575-8515 DEPA122-7MEZ77'24.1. CORRESPONDENCE TO: Sherry Thomas, City Clerk FROM: LaGayle D. McCarty, Asst. City AttorneyU DATE: October 15, 1992 RE: Police Pension Board • • LWE Attached please find A.C.A. 24-11-405 which sets forth that the number of active members or retired members to serve on the board shall be determined by the proportionate number of active members to retired members. The statute continues further and appears to establish threshold numbers for changing the composition of the board. Therefore, since the number of retirees is currently 65% (over 50%), the membership should be 2 retirees and 2 active officers. Should the percentage of retirees reach 75% the membership would then be 3 retirees to 1 active officer. If you have any questions, please call. LDM/cbp Attachment 24-11-405 RETIREMENT History. Acts 1941, No. 16, §§ 1, 2, 4; 1985, No. 900, §§ 1, 3; A.S.A. 1947, §§ 19-1707, 19-1708, 19-1710; Acts 1989, No. 341, § 1. Publisher's Notes. In reference to the term "passage of this section," Acts 1941, No. 16 was signed by the Governor and took effect January 30, 1941. In reference to the term, "passage -and CASE Cited: Board of Trustees v. City of Lit- tle Rock, 295 Ark. 585, 750 S.W.2d 950 (1988). AND PENSIONS 412 approval of this subsection," Acte 1985, No. 900 was signed by the Governor on April 15, 1985, and took effect on June 28, 1985. Acts 1941, No. 16, §§ 1, 2, and 4, are also codified as § 24-11-503. Amendments. The 1989 amendment substituted "sixty (60)" for "ten (10)" in (b)(3). NOTES 24-11-405. Board of trustees. (a) The board of trustees of the policemen's pension and relief fund shall consist of seven (7) members, as follows: (1) The chief executive officer of the city, who shall be chairman of the board; (2) The city treasurer, who shall be the treasurer of the fund; (3)(A)(i) Four (4) active or retired members of the pension fund; (ii) The active pension fund members shall elect the active mem- bers by secret written ballot in May of each year, with the member or members to be chosen in alternating years. The retired member or members shall be chosen in May of each year, by a method to be determined by the board, with the member or members to be chosen in alternating years. All member trustees shall serve two-year terms; (iii) If there are no active members of the pension fund, all four (4) employee members shall be elected from and by the retired member- ship of the pension fund; (B) The board shall select one (1) of the police members as secre- tary of the board to serve for a period of two (2) years or until his successor is elected and qualified; (C) However, if no retirant is available to serve on the board, all four (4) employee positions shall be held by active members of the pension fund and shall all be elected by secret ballot by the active members of the pension fund for two-year terms as provided above. The board shall have the power to make all rules and regulations needful for its guidance to implement the provisions regarding board composition; (4) The six (6) members provided for in subdivisions (1)-(3) of this subsection shall elect one (1) more member who shall be a reputable physician and who shall represent the board of trustees in the exami- nation of any member of the department upon a claim of disability; (5) The number of active members or retired members to serve on the board shall be determined by the proportionate number of active members to retired members: T 412 n," •r 5, on e r on act on ne 28, 2, and 4, are )3. 9 amendment ✓ "ten (10)" in 1 relief fund chairman of the fund; nsion fund; active mem- e member or member or iethod to be to be osen ve ear 1, all four (4) red member- ers as secre- or until his e board, all lbers of the the active -ided above. regulations arding board 1)-(3) of this a reputable n the exami- of disability; • to serve on ber of active 413 LOCAL POLICE AND FIRE PENSION FUNDS 24-11-405 (A) When the number of active members equals seventy-five per- cent (75%) of the total of retired members and active members, the board shall be comprised of three (3) active members and one (1) retired member. (B) When the number of active members equals fifty percent (50%) of the total of retired members and active members, the board shall be comprised of two (2) active members and two (2) retired members. (C) When the number of retired members equals seventy-five per- cent (75%) of the total of retired members and active members, the board shall be comprised of one (1) active member and three (3) retired members. (b) The police officer members and the physician representative of the board shall serve for a period of two (2) years or until their succes- sors are elected and qualified. (c) The board shall have the absolute control and management of the funds provided for in this subchapter and of all moneys donated, paid, or assessed for the relief or pension of disabled, superannuated, and retired members of the police department, their surviving spouses and minor children, or dependent parents solely dependent upon members for their support. (d) The board shall make all necessary rules and regulations for its government and the discharge of its duties and shall hear and decide all applications for relief or pension under this subchapter; all deci- sions upon applications shall be final and conclusive and not subject to review or reversal except by the board. The board shall cause to be kept a record of all its meetings and proceedings. History. Acts 1937, No. 250, §§ 3, 4; Amendments. The 1991 amendment Pope's Dig., §§ 9858, 9859; Acts 1985, No. rewrote (a)(3)(A); and added (a)(5). 390, § 1; A.S.A. 1947, §§ 19-1803, 19-1804; Acts 1987, No. 405, § 2; 1991, No. 365, § 1. CASE NOTES ANALYSIS Action against pension board. Hearing on pension claim. Action Against Pension Board. If the circuit court's unappealed dismis- sal of mandamus suit was based on sub- section (d) precluding judicial review of board's decision, the dismissal would not be res judicata as to the police officer's civil rights suit in the federal courts. Hirrill v. Merriweather, 629 F.2d 490 (8th Cir. 1980). Hearing on Pension Claim. Police officer was entitled to have his pension claim considered by a body of rea- sonable and fair-minded persons who were able and willing to give the claim fair consideration and to grant it if meri- torious. Hirrill v. Merriweather, 629 F.2d 490 (8th Cir. 1980). 4 MICROFILMED LONGER INVESTMENTS INCORPORATED City of Fayetteville Police Pension Board Meeting October 29, 1992 • • • Quantity COMMON STOCK Security 1,000 Abbott Labs 1,200 American Barrick Resources 400 American Home Products 500 Amoco 1,800 Baxter Intl. 1,300 Biomet, Inc. 1,000 Bob Evans Farms 600 Bristol Myers Squibb 1,000 Claire's Stores 1,000 Conputer Associates International 600 Dreyer's Grand Ice Cream 1,000 Eastman Kodak 1,800 Emerson Electric 500 Fluor Corp. 700 Food Lion Inc. B 1,000 Gap, Inc. 500 General Electric 1,000 Genuine Parts 1,500 Glaxo Holding 1,000 Ingersoll-Rand 750 Intl Business Machines 1,000 Jacobs Engineering 1,100 John H. Harland 800 Limited 700 Liz Claiborne 1,000 Luby's Cafeterias 937 Mattel Inc. 1,000 McDonald's Corp 1,000 Minnesota Mining 8 Mfg. 600 Mobil Corp 600 Nestle 800 Perkin Elmer Corporation 500 Philip Morris 1,000 SafeCard Services 500 Sensormatic Electric Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Combined Account September 30, 1992 Unit Total Cost Cost 20.97 20,974.34 24 33 29,196.00 73.37 29,350.00 52.25 35.78 19.70 18.57 65.18 8.38 15.22 26,125.00 64,396.00 25,612.52 18,570.00 39,107.18 8,382.14 15,218.75 Market Price Market Pct. Unit Annual Cur. Value Assets Income Income Yield 28.25 28,250.00 1.2 0.600 600.00 2.1 30.25 36,300.00 1.5 0.130 156.00 0.4 67.00 26,800.00 1.1 2.600 1,040.00 3.9 52.75 32.75 16.00 18.12 63.62 9.50 15.50 26,375.00 58,950.00 20,800.00 18,125.00 38,175.00 9,500.00 15,500.00 1.1 2.4 0.9 0.7 1.6 0.4 0.6 2.200 0 860 0.000 0.210 2.760 0.100 0.100 1,100.00 1,548.00 0.00 210.00 1,656.00 100.00 100.00 4.2 2.6 0.0 1.2 4.3 1.1 0.6 17.50 10,500.00 17.75 10,650.00 0.4 0.240 144.00 1.4 44.25 43.21 38.87 13.80 35.45 78.04 30.25 19.74 27.25 93.89 27.52 21.82 21.19 38.50 15.39 12.77 32.38 93.78 65.19 70.33 32.10 44.96 10.47 27.58 44,250.00 77,780.00 19,437.50 9,657.67 35,450.00 39,019.15 30,248.50 29,608.50 27,250.00 70,418.30 27,520.00 24,002.00 16,956.00 26,950.00 15,388.33 11,966.11 32 385 00 93,785.00 39,113.00 42,198.00 25,680.00 22,478.39 10,472.50 13,789.06 1 44.50 54.50 43.62 11.00 32.12 78.25 30.00 27.25 29.12 80.75 44,500.00 98,100.00 21,812.50 7,700.00 32,125.00 39,125.00 30,000.00 40,875.00 29,125.00 60,562.50 29.12 29,125.00 23.87 26,262.50 21.87 17,500.00 38.62 27,037.50 16.25 16,250.00 24.37 22,839.37 44.37 44,375.00 102.25 102,250.00 65.25 80.25 33.12 39,150.00 48,150.00 26,500.00 84.75 42,375.00 8.62 8,625.00 24.87 12,437.50 1.8 4.0 0.9 0.3 1.3 1.6 1.2 1.7 1.2 2.5 1.2 1.1 0.7 1.1 0.7 0.9 1.8 4.2 1.6 2.0 1.1 1.7 0.4 0.5 2.000 1.380 0.400 0.110 0.320 2.200 1.000 0.740 0.700 4.840 0.000 0.900 0.280 0.400 0.540 0.130 0.400 3.200 3.200 1.450 0.680 2.600 0.150 0.300 2,000.00 2,484.00 200.00 77.00 320.00 1,100.00 1,000.00 1,110.00 700.00 3,630.00 0.00 990.00 224.00 280.00 540.00 121.81 400.00 3,200.00 1,920.00 870.00 544.00 1,300.00 150.00 150.00 4.5 2.5 0.9 1.0 1.0 2.8 3.3 2.7 2.4 6.0 0.0 3.8 1.3 1.0 3.3 0.5 0.9 3.1 4.9 1.8 2.1 3.1 1.7 1.2 4 • • • • Quantity 1,000 500 500 700 1,300 3,000 1,000 500 Security Sherwin Williams Co. Southwestern Bell Syntex Corp. Texaco Toys -R -Us Tyson Foods USX -U. S. Steel Group Walmart Stores CORPORATE BONDS 100,000 Philip Morris (Non -callable) 9.250% Due 12-01-97 Accrued Interest GOVERNMENT BONDS 115,000 24,000 225,000 100,000 100,000 100,000 U. S. Treasury Note (912827C26) 6.375% Due 08-31-93 U. S. Treasury Note 7.125% Due 10-15-93 U. S. Treasury Note 5.000% Due 06-30-94 Federal Home Loan Mortgage Corp. 9.150% Due 08-08-00 U. S. Treasury Note 8.000% Due 05-15-01 U. S. Treasury Strips 0.000% Due 08-15-12 Accrued Interest CASH AND EQUIVALENTS Dividends Accrued Money Market Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Combined Account September 30, 1992 Unit Total Cost Cost 28.22 62.61 34.19 59.94 28.25 17.52 27.43 28,225.00 31,302.95 17,097.50 41,961.50 36,724.00 52,551.42 27,428.57 Market Market Pct. Unit Price Value Assets Income 28.12 28,125.00 1.2 0.440 68.50 34,250.00 1.4 2.920 27.00 13,500.00 0.6 1.040 64.12 44,887.50 1.8 3.200 38.75 50,375.00 2.1 0.000 22.37 67,125.00 2.8 0.040 24.62 24,625 00 1.0 1.000 40.33 20,163 33 59.00 29,500.00 1.2 0.210 1,328,689.24 1,448,614.37 59.6 Annual Cur. Income Yield 440.00 1,460.00 520.00 2,240.00 0.00 120.00 1,000.00 1.6 4.3 3.9 5.0 0.0 0.2 4.1 105.00 0.4 35,849.81 2.5 100.54 100,543.50 114.25 114,250.00 4.7 9.250 9,250.00 8.1 100,543.50 3,057.64 0.1 117,307.64 4.8 9,250.00 8.1 99.89 114,869 45 102.94 118,378.12 4.9 6.375 7,331 25 6.2 99.80 23,952.16 99.81 224,571.75 100.00 100,000.00 104.03 24,967.50 102.28 230,132.81 110.25 110,250.00 1.0 9.5 4.5 7.125 5.000 9.150 1,710.00 11,250.00 9,150.00 6.8 4.9 8.3 99.00 99,000.00 110.78 110,781.25 4.6 8.000 8,000.00 7.2 18.73 18,732.00 21.03 21,031.25 0.9 0.000 581,125.36 8,528.85 0.4 624,069.79 25.7 0.00 0.0 37,441.25 6.1 2,685.07 2,685.07 0.1 0.000 0.00 0.0 125,752.85 128,437.92 2 125,752.85 5.2 3.480 4,376.20 3.5 128,437.92 5.3 4,376.20 3.4 • • • Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Combined Account September 30, 1992 Unit Total Market Market Pct. Unit Annual Cur. antity Security Cost Cost Price Value Assets Income Income Yield CERTIFICATE OF DEPOSIT (MONTHLY PYMT.) 100,000 First USA Bank Wilmington, DE 8.3% 1-2-96 8.300% Due 01-02-96 TOTAL PORTFOLIO 100.00 100,000.00 110.13 110,130.00 4.5 8.300 8,300.00 7.5 100,000.00 2,238,796.02 3 110,130.00 4.5 8,300.00 7.5 2,428,559.73 100.0 95,217.26 3.9 • uantity Security COMMON STOCK Large Capital Growth 1,000 Abbott Labs 400 American Home Products 1,800 Baxter Intl. 600 Bristol Myers Squibb 1,000 Gap, Inc. 1,500 Glaxo Holding 800 Limited 700 Liz Claiborne 937 Mattel Inc. 1,000 McDonald's Corp 600 Nestle 500 Philip Morris 1,000 Sherwin Williams Co. 500 Syntex Corp. 1,300 Toys -R -Us 3,000 Tyson Foods 500 Walmart Stores • Small Capital Growth 1,300 Biomet, Inc. 1,000 Bob Evans Farms 1,000 Claire's Stores 1,000 Computer Associates International 600 Dreyer's Grand Ice Cream 700 Food Lion Inc. B 1,100 John H. Harland 1,000 Luby's Cafeterias 1,000 SafeCard Services 500 Sensormatic Electric Infrastructure 500 Fluor Corp. 1,000 Jacobs Engineering • Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Stock Account September 30, 1992 Unit Cost Total Market Cost Price 20.97 20,974.34 28.25 73.37 29,350.00 67.00 35.78 65.18 35.45 19.74 21.19 38.50 12.77 32.38 70.33 44.96 28.22 34.19 28.25 17.52 40.33 64,396.00 39,107.18 35,450.00 29,608.50 16,956.00 26,950.00 11,966.11 32,385.00 42,198.00 22,478.39 28,225.00 17,097.50 36,724.00 52,551.42 20,163.33 526,580.79 19.70 25,612.52 18.57 18,570.00 8.38 8 382 14 15.22 15,218.75 32.75 63.62 32.12 27.25 21.87 38.62 24.37 44.37 80.25 84.75 28.12 27.00 38.75 22.37 59.00 Market Pct. Unit Annual Cur. Value Assets Income Income Yield 28,250.00 1.6 0.600 600.00 2.1 26,800.00 1.5 2.600 1,040.00 3.9 58,950.00 38,175.00 32,125.00 40,875.00 17,500.00 27,037.50 22,839.37 44,375.00 48,150.00 42,375.00 28,125.00 13,500.00 50,375.00 67,125.00 29,500.00 3.3 2.1 1.8 2.3 1.0 1.5 1.3 2.5 2.7 2.4 1.6 0.8 2.8 3.8 1.7 616,076.87 34.5 16.00 20,800.00 18.12 18,125.00 9.50 9,500.00 15.50 15,500.00 17.50 10,500.00 17.75 13.80 21.82 15.39 10.47 27.58 9,657.67 24,002.00 15,388.33 10,472.50 13,789.06 151,592.98 11.00 23.87 16.25 8.62 24.87 1.2 1.0 0.5 0.9 0.860 2.760 0.320 0.740 0.280 0.400 0.130 0.400 1.450 2.600 0.440 1.040 0.000 0.040 0.210 0.000 0.210 0.100 0.100 1,548.00 1,656.00 320.00 1,110.00 224.00 280.00 121.81 400.00 870.00 1,300.00 440.00 520.00 0.00 120.00 105.00 2.6 4.3 1.0 2.7 1.3 1.0 0.5 0.9 1.8 3.1 1.6 3.9 0.0 0.2 0.4 10,654.81 1.7 0.00 210.00 100.00 100.00 0.0 1.2 1.1 0.6 10,650.00 0.6 0.240 144.00 1.4 7,700.00 26,262.50 16,250.00 8,625.00 12,437.50 0.4 1.5 0.9 0.5 0.7 145,850.00 8.2 0.110 0.900 0.540 0.150 0.300 77.00 990.00 540.00 150.00 150.00 1.0 3.8 3.3 1.7 1.2 2,461.00 1.7 38.87 19,437.50 43.62 21,812.50 1.2 0.400 200.00 0.9 27.52 27,520.00 29.12 29,125.00 1.6 0.000 0.00 0.0 46,957.50 1 50,937.50 2.9 200.00 0.4 Quantity Security Industrial Goods 1,800 Emerson Electric 500 General Electric 1,000 Genuine Parts 1,000 Ingersoll-Rand 1,000 Minnesota Mining & Mfg. 800 Perkin Elmer Corporation 1,000 USX -U. S. Steel Group Value 1,200 500 1,000 750 600 500 700 American Barrick Resources Amoco Eastman Kodak Intl Business Machines Mobil Corp. Southwestern Bell Texaco COMMON STOCK TOTAL GOVERNMENT BONDS 225,000 U. S. Treasury Note 5.000% Due 06-30-94 Accrued Interest CASH AND EQUIVALENTS Dividends Accrued Money Market Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Stock Account September 30, 1992 Unit Total Cost Cost 43.21 77,780.00 78.04 39,019.15 30.25 30,248.50 27.25 27,250.00 93.78 93,785.00 32.10 25,680 00 Market Market Price Value Pct. Assets Unit Annual Cur. Income Income Yield 54.50 98,100.00 5.5 1.380 2,484.00 2.5 78.25 39,125.00 2.2 2.200 1,100.00 2.8 30.00 30,000.00 1.7 1.000 1,000.00 3.3 29.12 29,125.00 1.6 0.700 700.00 2.4 102.25 102,250.00 5.7 3.200 3,200.00 3.1 33.12 26,500.00 1.5 0.680 544.00 2.1 27.43 27,428.57 24.62 24 625 00 1.4 1.000 1,000.00 4.1 321,191.22 24.33 29,196.00 30.25 52.25 26,125.00 44.25 44,250.00 93.89 70,418.30 65.19 39,113.00 62.61 31,302.95 59.94 41,961.50 282,366.75 1,328,689.24 52.75 44.50 80.75 65.25 68.50 64.12 349,725.00 19.6 36,300.00 26,375.00 44,500.00 60,562.50 39,150.00 34,250.00 44 887 50 10,028.00 2.9 2.0 0.130 156.00 0.4 1.5 2.5 3.4 2.200 2.000 4.840 1,100.00 2,000.00 3,630.00 4.2 4.5 6.0 2.2 3.200 1,920.00 4.9 1.9 2.920 1 460 00 4.3 2.5 3.200 2,240.00 5.0 286,025.00 16.0 1,448,614.37 81.1 12,506.00 4.4 35,849.81 2.5 99.81 224,571.75 102.28 230,132.81 12.9 5.000 11,250.00 4.9 224,571.75 2,812.50 0.2 232,945.31 13.0 11,250.00 4.9 2,685.07 2,685.07 0.2 0.000 0.00 0.0 102,525.94 105,211.01 2 102,525.94 5.7 3.480 3,567.90 3.5 105,211.01 5.9 3,567.90 3.4 • Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Stock Account September 30, 1992 Unit Total Market Market Pct. Unit Annual Cur. uantity Security Cost Cost Price Value Assets Income Income Yield TOTAL PORTFOLIO 1,658,472.00 1,786,770.70 100.0 50,667 71 2.8 • • • • • • antity Security CORPORATE BONDS 100,000 Philip Morris (Non -callable) 9.250% Due 12-01-97 Accrued Interest GOVERNMENT BONDS 115,000 24,000 100,000 100,000 100,000 U. S. Treasury Note (912827C26) 6.375% Due 08-31-93 U. S. Treasury Note 7.125% Due 10-15-93 Federal Home Loan Mortgage Corp. 9.150% Due 08-08-00 U. S. Treasury Note 8.000% Due 05-15-01 U. 5. Treasury Strips 0.000% Due 08-15-12 Accrued Interest CASH AND EQUIVALENTS Money Market Longer Investments, Incorporated PORTFOLIO APPRAISAL City of Fayetteville Police Pension Fund Bond Account September 30, 1992 Unit Total Cost Cost Market Market Pct. Unit Annual Cur. Price Value Assets Income Income Yield 100.54 100,543.50 114.25 114,250.00 17.8 9.250 9,250.00 8.1 3,057.64 0.5 100,543.50 117,307.64 18.3 9,250.00 8.1 99.89 114,869.45 102.94 118,378.12 18.4 6.375 7,331.25 6.2 99.80 23,952.16 104.03 24,967.50 3.9 7.125 1,710.00 6.8 100.00 100,000.00 110.25 110,250.00 17.2 9.150 9,150.00 8.3 99.00 99,000.00 110.78 110,781.25 17.3 8.000 8,000.00 7.2 18.73 18,732.00 21.03 21,031.25 3.3 0.000 0.00 0.0 CERTIFICATE OF DEPOSIT (MONTHLY PYMT.) 100,000 First USA Bank Wilmington, DE 8.3% 1-2-96 8.300% Due 01-02-96 TOTAL PORTFOLIO 5,716.35 0.9 356,553.61 391,124.48 60.9 26,191.25 6.8 23,226.91 23,226.91 3.6 3.480 808.30 3.5 23,226.91 23,226.91 3.6 808.30 3.5 100.00 100,000.00 110.13 110,130.00 17.2 8.300 8,300.00 7.5 100,000.00 110,130.00 17.2 580,324.02 8,300.00 7.5 641,789.03 100.0 44,549.55 7.0 4 • • • O L u a.3 0 0- 0 1 c 4.4 Y CO 0. 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N L , • • • • , 1 • • • • • • • •I , • • • • • • • • • • I I 0 0 T • • • O • • • • • • . • • N Q) 2 U Q) 0 rn103 O O a) 0) 0 w • • • Date Quantity Longer Investments, Incorporated REALIZED CAPITAL GAINS AND LOSSES City of Fayetteville Police Pension Fund Combined Account From 01-01-92 Through 09-30-92 Security Cost Basis Proceeds Gain Or Loss 01-08-92 100,000 U. S. Treasury Note 98,265.63 107,875.00 8.000% Due 05-15-01 01-14-92 800 Dreyer's Grand Ice Cream 20,700.00 28,544.00 01-20-92 500 Tyson Foods 8,717.75 9,147.50 01-29-92 500 Armstrong World Ind 16,062 50 14,499.51 01-29-92 800 Cintas 35,361.32 46,300.00 02-07-92 1,000 TRC Cos 11,085.00 14,999.49 02-12-92 10 OEX February 390 Puts 8,373.11 5,719.01 02-24-92 1,700 Input/Output, Inc. 20,819.00 28,475.00 02-25-92 1,000 Community Psychiatric 11,955.00 14,499.51 Center 02-25-92 900 Dean Foods 27,075.00 23,124.22 03-03-92 1,000 Pacificorp 19,570.00 21,249.28 03-05-92 400 Briggs & Stratton 13,678.87 20,372.84 03-05-92 500 Crane Co. 13,118.33 13,437.05 03-05-92 500 Diebold, Inc. 21,478.32 29,217.77 03-11-92 500 Durr Fillauer 11,172.00 10 687 50 03-11-92 400 Kaydon, Corp. 19,235.00 20,550.00 03-30-92 450 Hershey Foods 18,823.50 18,188.39 04-01-92 500 Abbott Labs 20,974.34 30,311.48 04-01-92 1,000 America Service Group 12,000.00 12,250.00 04-01-92 400 Briggs & Stratton 13,678.87 20,849.30 04-01-92 500 Bob Evans Farms 9,062 50 12,875.00 04-01-92 750 Claire's Stores 6,286.61 5,999.79 04-01-92 600 Centex Telemanagement 10,932.00 8,958.00 04-01-92 600 Diebold, Inc. 25,773.99 34,198.85 04-02-92 500 Bob Evans Farms 9,062.50 13 062 50 04-02-92 800 Centex Telemanagement 14,576.00 12,200.00 04-02-92 600 Compaq 18,810.00 15,599.47 04-07-92 1,500 Arbor Drug 29,375.00 31,479.00 04-07-92 500 Comptronix Corp. 6,852.50 6,312.50 04-07-92 1,000 Crane Co. 26,236.67 25,179.15 04-07-92 500 E.I. du Pont Nemours & 23,477.50 23,311.72 Co. 04-07-92 1,100 Hasbro, Inc. 22,548.95 27,705.32 04-08-92 500 Watmart Stores 20,163 33 25,249.15 04-09-92 5 Schlumberger May 55 Puts 1,035.00 464.98 05-04-92 -8 Briggs & Stratton May 50 1,148.00 2,803.30 Calls 05-05-92 400 Mobil Corp. 26,075.33 25,149.16 05-18-92 630 Archer Daniels Midland 13,973.79 14,961.99 05-18-92 500 Eti Lilly & Co. 43,112.50 33,061.39 05-18-92 500 Schlumberger, LTD 28,972.50 31,543.58 05-18-92 200,000 U. S. Treasury Strips 37,596.12 39,100.00 1 9,609.37 7,844.00 429.75 -1,562.99 10,938.68 3,914.49 -2,654.10 7,656.00 2,544.51 -3,950.78 1,679.28 6,693.96 318.72 7,739.45 -484.50 1,315.00 -635.11 9,337.14 250.00 7,170.42 3,812.50 -286.82 -1,974.00 8,424.86 4,000.00 -2,376.00 -3,210.53 2,104.00 -540.00 -1,057.52 -165.78 5,156.37 5,085.82 -570.02 1,655.30 -926.17 988.20 -10,051.11 2,571.08 1,503.88 • • • • • • Date Quantity Longer Investments, Incorporated REALIZED CAPITAL GAINS AND LOSSES City of Fayetteville Police Pension Fund Combined Account From 01-01-92 Through 09-30-92 Cost Security Basis Proceeds Gain Or Loss 0.000% Due 08-15-12 05-21-92 300 Briggs & Stratton 10,259.16 14,199.52 3,940.36 05-.21-92 650 Tyson Foods 11,333.07 11,943.75 610.67 05-26-92 500 Tyson Foods 8,717.75 9,402.50 684.75 06-02-92 400 Bristol Myers Squibb 26,071.45 26,649.11 577.66 06-02-92 500 Durr Fillauer 11,172.00 10,431.50 -740.50 06-02-92 350 Grainger, W. W. 19,602.63 17,449.41 -2,153.22 06-04-92 500 Monsanto 33,925.00 31,186 45 -2,738.55 06-05-92 500 Briggs & Stratton 17,098.59 23,561.71 6,463.12 06-05-92 600 Computer Associates 9,131.25 8,024.73 -1,106.52 International 06-05-92 1,000 Comptronix Corp. 13,705.00 13,574.00 -131.00 06-05-92 700 Philip Morris 31,469.74 51,798.27 20,328.53 06-05-92 500 Pall Corp. 13,500.00 12,437.08 -1,062.92 06-08-92 1,000 Hasbro, Inc. 20,499.05 28,294.05 7,795.00 06-.10-92 1,000 Glaxo Holding 19,739.00 26,774.10 7,035.10 06-10-92 500 Reader's Digest 14,435.00 23,089 22 8,654.22 06-10-92 500 Warner Lambert 36,800.00 29,561.51 -7,238.49 06-12-92 7 OEX June 395 Puts 5,591.60 5,259.62 -331.98 06-16-92 0 Mattel Inc. 6.39 10.25 3.86 06-17-92 500 Grainger, W. W. 28,003.75 23,749.20 -4,254.55 06-17-92 1,000 Ingersoll-Rand 28,160.00 27,929.06 -230.94 06-22-92 500 Harnischfeger Industries 10 606 67 9,562.17 -1,044.50 06-22-92 600 Luby's Cafeterias 9,233.00 9,224.69 -8.31 06-22-92 1,000 SafeCard Services 10,472.50 9,624.67 -847.83 06-22-92 700 VeriFone, Inc. 14,350.00 14,217.91 -132.09 06-22-92 10 OEX July 385 Puts 6,597.52 7,506.10 908.58 06-29-92 175,000 U. S. Treasury Strips 32,896.61 34,177.50 1,280.89 0.000% Due 08-15-12 07-01-92 400 Luby's Cafeterias 6,155.33 6,249.79 94.46 07.02-92 10 OEX July 390 Puts 7,617.75 3,783.93 -3,833.82 07-08-92 300 Fluor Corp. 11,662.50 11,049.63 -612.87 07-08-92 1,750 Genuine Parts 55,925.00 53,906.94 -2,018.06 07-09-92 400 Waste Management 13,540.91 13,549.54 8.63 07-13-92 -5 Philip Morris July 70 4,410.00 2,318.55 -2,091.45 Calls 07-14-92 -5 Wal Mart July 55 Calls 393.75 1,012.46 618.71 07-15-92 5 Boeing Co. July 40 Puts 300.00 356.23 56.23 07-16-92 -4 American Home Product 900.00 799.97 -100.03 July 70 Calls 07-17-92 15 Glaxo Holdings July 25 893.75 0.00 -893.75 Puts 08-03-92 -5 Philip Morris September 1,300.00 1,214.95 -85.05 80 Calls 2 Date Quantity Longer Investments, Incorporated REALIZED CAPITAL GAINS AND LOSSES City of Fayetteville Police Pension Fund Combined Account From 01-01-92 Through 09-30-92 Security Cost Basis Proceeds Gain Or Loss 08-04-92 08-113-92 08-21-92 08-21-92 08-24-92 0825-92 09-03-92 09-09-92 09-14-92 09-18-92 09-18-92 0921-92 09-22-92 09-25-92 09-28-92 09-29-92 TOTAL GAINS TOTAL LOSSES 500 Boeing Co. 1,500 Intelligent Electronics -7 Southwestern Bell August 60 Calls 700 Southwestern Bell 500 Harnischfeger Industries 500 Reynolds Metals -6 Bristol Myers September 70 Calls 500 Eastman Kodak 75,000 U. S. Treasury Note 5.000% Due 06-30-94 500 Food Lion Inc. B 300 Sensormatic Electric 500 Briggs 8 Stratton 500 Warner Lambert 500 Syntex Corp. 500 Dreyer's Grand Ice Cream 400 Dreyer's Grand Ice Cream 3 22,785.00 11,325.00 0.00 43,824.14 10 606 67 29,750.00 297.50 22,125.00 74,857.25 6,898.33 8,273.44 22,097.50 36,800.00 17,097.50 8,750.00 7,000.00 20,061.82 14,400.75 1,349.95 41,948.60 9,312.18 24,276.68 1,224.95 22,249 25 76,652.34 5,006.65 7,824.73 23,145.05 32,936.40 12,928.65 8,678.75 7,050.00 -2,723.18 3,075.75 1,349.95 -1,875.54 -1,294.49 -5,473.32 927.45 124.25 1,795.09 -1,891.68 -448.71 1,047.55 -3,863.60 -4,168.85 -71.25 50.00 180,173.59 -83,912.47 1,666,177.40 1,762,438.52 96,261.12