HomeMy WebLinkAbout2002-03-28 MinutesMINUTES OF A MEETING
OF THE
FIRE PENSION AND RELIEF FUND BOARD
MARCH 28, 2002
A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on March 28,
2002 at 11:00 a.m. in Room 326 of the City Administration Building located at 113 West
Mountain Street, Fayetteville, Arkansas.
PRESENT: Robert Johnson, Ronnie Wood, Danny Farrar, Pete Reagan, Marion Doss,
Heather Woodruff, Mayor Coody, Kit Williams, and Richard Yada.
MINUTES
Mr. Reagan moved to approve the minutes. Mr. Farrar seconded. The motion carried
unanimously.
PENSION LIST
Mr. Reagan moved to approve the Pension List. Mr. Wood seconded. The motion
carried unanimously.
INVESTMENT REPORT
Mr. Yada stated 2002 had been a challenge as far as the market was concerned. MLAM
was down 4.14%. Mercury was down 2.95%. Income Account was up .62%. Ashland
was down 2.56%. The market, at the same time, the Dow was up 1.18%. The S&P 500
was down 3.3%. The interest rates were probably not going to go down any more. They
did not foresee any major increase in interest rate until the later half of this year. Last
month they had sent back $145,000 to the checking account. They were keeping a close
eye on the cash flow.
Mr. Reagan asked if they had found out any information on Ashland.
Mr. Yada stated he had reviewed Ashland. They had out performed the rest of the market
and sixty other managers just like them. They were in the top ten percent of growth
managers. They have not made them any money, but they have not lost as much money
as some of the others with this style of investment. They were still evaluating a
replacement for MLAM.
OTHER BUSINESS
Mr. Williams stated they had received notice from the courts that the plaintiffs' attorney
on the tax refund case. There were a number of contested claims. The city's exposure to
this was extremely minimal on this, estimated $100. Not enough to take anything before
the master. It would be cheaper to pay the claims. He had spoken with Rudy Moore who
was representing the School District, their exposure was way more than theirs. Next
meeting, there might be a requirement for them to cut a check for these claims.
The meeting adjourned at 11:15 a.m.