HomeMy WebLinkAbout1978-12-04 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF
FUND BOARD
December 4, 1978
PRESENT: Chairman Don Grimes, Treasurer Pat Tobin, Secretary Angie Medlock,
Fire Chief Paul Logue, and Board members Larry Freedle, Dennis Ledbetter,
Roy Cate, and Troy Schader.
ABSENT: None.
The Firemen's Pension and Relief Fund Board met December 4, 1978, at 4:30 P.M, in
the City Manager's Office. The meeting was called to order by Chairman Grimes.
MINUTES
Larry Freedle, seconded by Dennis Ledbetter, moved the minutes of the November 6,
1978, Fire Pension and Relief Board be approved. The motion passed unanimously.
INVESTMENTS
Chairman Grimes asked the Treasurer if he had solicited bids on the $30,000
deposit discussed at the previous meeting. Tobin said he had received the
following quotations on a 1 -year, $30,000 Certificate of Deposit:
First Federal 61/2% Fayetteville Savings &
McI l roy 71/2-7 3/4% Loan 61/2%
Superior Federal 61/2% Northwest National 8.55%
Bank of Elkins d%
Tobin said he had recommended to the Board members that they deposit the $30,000
with Northwest National Bank and they had agreed. City Manager Grimes asked that
Tobin check with an auditor about the manner in which they are getting quotes,
calling Board members, and confirming the deposit at the next meeting.
Troy Schader moved to confirm the $30,000 Certificate of Deposit with Northwest
National Bank. Roy Cate seconded the motion, which passed unanimously.
AUDIT
Treasurer Pat Tobin said the City has received a bill for $28,000 from
Douglas Wacker Company for the audit for 1976-77. 14e recommended that the
Firemen's Pension Board pay 5% of this bill, which would be $1,400. He noted
that the General'Fund would pay 30%, Public Works - 10%, Sanitation - 30%,
Hotel, Motel, and Restaurant Tax - 5%, Firemen's Pension - 5%, Policemen's
Pension - 5%, and Revenue Sharing - 10%, and Municipal Judge Retirement - 5%.
Troy Schader asked if this is usually paid by the Firemen's Pension and Tobin
explained that in the past the audit bill has only been around $7,000 and the
General Fund has paid the entire bill. Tobin said he and the auditor had
discussed what would be a fair amount to charge each department and had decided
5% should be paid by the Firemen's Pension.
After a short discussion, Chief Paul Logue said he feels it is their obligation
to pay for their portion of the audit. Roy Cate moved to pay $1,400 for their
share of the audit bill for 1976-77. Larry Freedle seconded the motion, which
passed unanimously.
PENSION LIST
Troy Schader moved to approve the pension list for the month of December. Roy
Cate seconded the motion, which passed unanimously.
OTHER BLISINESS
Fire Chief Paul Logue questioned the total amount of investments for the Firemen's
Pension. Treasurer Tobin said it is $1,042,199.44. M1CROFIL�fvMBI ut I lygp
DATE__
REEL
There being no further business, the meeting adjourned at 4:55 P.M.
APPROVED:
b.,
o ald L. Grimes, hairmanan
ATTEST:
Angie 9edlock, Secretary