HomeMy WebLinkAbout1987-07-30 MinutesMINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Fire Pension Fund and Relief Board
was held on Thursday, July 30, 1987 at 1:30 p.m. in Room 313 of
City Hall.
PRESENT: Fire Chief Mickey Jackson, City Clerk Suzanne
MCWethy, Accounting Supervisor Zelda Parson, Pete
Reagan, and Carl Springston
ABSENT: Acting City Manager Scott Linebaugh, John Dill and
Mike Bonaduce
The purpose of the meeting was to consider how to invest, on a
short term basis, the recent turnback funds received in the
amount of $200,444.23.
Accounting Supervisor Zelda Parson reported the best local
interest rate at the present time was for a Treasury Bill at
Mcllroy Bank which would earn 5.811% and would mature on
September 7, 1987.
Pete Reagan reported the cash management account with Merrill -
Lynch is presently earning 6.35%.
Parson reported of the total received in turnback, about $60,514
would go to LOPFI, leaving about $140,000 to invest, which could
be combined with about $28,000 from the checking account (leaving
$3-4,000 left in the checking account).
Reagan suggested the funds be deposited in the cash management
account until the next meeting. It was so moved by Springston,
seconded by Reagan, and unanimously passed.
Zelda Parson told the Board that the city's financial auditors
had discovered an error had been made in 1984, 1985 and 1986 in
that too much of the turnback funds had been deposited in the
Fire Pension Fund and not enough into LOPFI. She said the error
was the fault of the auditors in 1984, and the fault of the
accounting staff in 1985 and 1986. She said the error amounted
to about $30,000 in 1984 and 1985, and the error in 1986 has
already been corrected by the auditors.
It was decided to wait until the next meeting to make a decision
on this matter. Parson promised to provide the Board with more
information for that meeting.
ADJOURNMENT
The meeting was adjourned at 1:45 p.m.