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Home My WebLink About1982-05-05 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING A meeting of the Firemen's Pension and Relief Board was held on Wednesday, May 5, 1982, at 4:00 p.m. in the City Manager's Office, City Administration Building, Fayetteville, Arkansas. PRESENT: Chief Paul Logue, Larry Freedle, John Dill, Robert Johnson, Ralph Tate, Treasurer Scott Linebaugh, and Secretary Sherry Rowe. ABSENT: City Manager Don Grimes. CALL TO ORDER Mr. Linebaugh called the meeting to order. MINUTES The minutes of the April 5, 1982 meeting were approved as submitted. PENSION LIST There was no change in the pension list. Motion was made and seconded to approve the list as submitted. The motion passed unanimously. OLD BUSINESS Mr. Linebaugh reported that an Attorney General's opinion had been requested on April 8, 1982, requesting an answer to two questions: (1) whether the board could raise benefits without an actuary study and (2) must the actuary be a member of the American Association of Actuaries. Mr. Linebaugh further reported he had talked with Cathryn Hinshaw from the State Auditor's Office in Little Rock, and there were two ways to go about the actuarial study. (1) The State Auditor's Office would do the study free of charge and the state would decide if the fundis sound or not. If it were close, the state would probably say no. (2) The board could have the study done independently. An actuarial study must be done by December 31, 1982. ATso,:mstudy would have to be done in an attempt to raise benefits at this time. If the reports are done through the state, there would be no charge. After general discussion, motion was made and seconded to request a study at this time for determining if the fund_. is sound to enable raising benefits. Upon roll call the motion passed unanimously. Motion was made and seconded to raise the 5 full-time retirees not receiving $250 per month to that level. These five are Lee Skelton, Everett Cole, Merlin Layer, Donald Watts, and Oliver Ray Davis Upon roll call the motion passed unanimously. NEW BUSINESS Mr. Linebaugh reported there were three CD's coming due in May. They are as follows: 1. May 10 - $100,000 at First Federal Savings & Loan drawing 14.25% 2. May 10 - $213,395 at First National Bank drawing 12.75% 3. May 24 - $145,000 at Northwest National Bank drawing 11.88% There is also $37,000 in savings that will be added to the $213,395 CD. The current rates of interest are as follows: 2 30 day - 13.38% 90 day - 13.50% 180 day - 13.75% 1 year - 13.25% Mr. Linebaugh recommended the 180 day rate. The interest rates are anticipated to go up only slightly in the next few months. There are no CD's maturing in June. Motion was made and seconded to reinvest the present CD's at the 180 day rate. Upon roll call the motion passed unanimously. Quarterly financial reports for the period ending March 31, 1982, were distributed and reviewed by the board members. ADJOURNMENT There being no further discussion, the meeting adjourned at 4:30 p.m. Sherry Row,d( Secretary iDonald Grimes, Chairman 11:43:36 30 APR 1982 ACTIVE SECURITIES FOR FUND NUMDER 081 - FIREPENSIONAS OF 31 OCT 1982 PAGE 1 PURCHASE MATURITY CALCULATED RECEIVED ACCRUED ORIGIN CASHED DISPOSITION BANK SECURITY DATE DATE PERIOD C 0 S T RATE INTEREST INTEREST INTEREST & AMOUNT DATE E. AMOUNT 1ST FEDL 01027 11-09-81 05-10-82 OTHER 100000.00 14.2507. 7105.48 5543.84 1561.64 13111 - -. 100000. 00 MCILROY 12960 11-07-79 11-07-83 3 MONTHS 113199.44 11.5007. 52071.74 29290.32 8678.62 NEW 113199.44 MCILROY 12961 11-07-79 11-07-83 3 MONTHS 100000.00 11. 5007. 46000. 00 25875.00 7666.67 NEW 100000. 00 MCILROY 12962 11-07-79 11-07-83 3 MONTHS 100000.00 11. 5007. 46000.00 25875.00 7666.67 NEW 100000. 00 MCILROY 12963 11-07-79 11-07-83 3 MONTHS 100000.00 11.5007. 46000.00 25875.00 7666.67 NEW 100000. 00 MCILROY 20211 01-25-82 07-26-82.182 DAYS 180000.00.14.550% 13059. 12 0.00 13059.12 N 1ST NTL 23445 11-09-81 05-10-82 182 DAYS 213395. 00 12.750% 13566. 66 0.00 13566. 66 30000. 00 18317 150000. 00 13111 112395. 00 SAVINGS 101000.00 NW NTL 11209 09-28-81 09-28-82 3 MONTHS 115000.00 16.430% 18894.50 9447.24 9447.26 21595 115000.00 NW NTL- 11212 10-05-81 10-05-82 3 MONTHS 288000.00 15.270% 43977. 60 21988.80 21988.80 858 _ 188000.00 _ ... 2551 . 100000. 00 NW NTL 11243 11-24-81 05-24-82 181 DAYS 145000.00 11.8807. 8542. 21 0.00 8542.21 10715 100000. 00 45000. 00 NW NTL .11447 04-18-82 07-18-82 3 MONTHS 275405.00 14.350% 19760.31 9853.09 9880.16 10832 275405. 00 1729999. 44 314977. 62 153748. 29 109724. 48 i J FAYETTEVILLE BALANCE SHEET AS OF 03-31-82 FIREMAN'S PENSION & RELIEF I ASSETS CASH IN BANK13, 435. 55 . ACCOUNTS RECEIVABLE• 5,203.58 DUE FROM OTHER FUNDS 787. 28 _ _ ACCRUED INTEREST 62. 691. 64 I _ 1 752, 321. 22 --------------------1,834,439.27 TOTAL ASSETS _ 1, 834. 439. 27 LIABILITIES **** ACCOUNTS PAYABLE DUE TO OTHER FUNDS 0.00 0 00 . I TOTAL LIABILITIES FUND BALANCE **** . . RESERVE FOR PENSION PLAN ‘...- _ OFFICERS CONTRIBUTION P/T OFFICERS CONTRIBUTIONS --------------201.80 _ - - - _ . INCOME CONTROL 68, 356. 73 . EXPENSE CONTROL ----------------------------------18,186.03 .. _ _ . -------------------------------1.834.439.27------------------- -TOTAL FUND BALANCE . 1, 834, 439. 27 TOTAL LIABLE 'TIES & FUND BALANCE - - 1, 834, 439. 27 - - _ L./ 2 C-• 4 1, e15 7. 33 „ 2, Cd C•01 J _by FAYETTEVILLE REVENUE RECAP DESCRIPTION. 081 FIREMAN'S PENSION & RELIEF 33020 PROPERTY TAXES 33030 DELINQUENT TAXES 33222 STATE INS COMMISSION 33500 INTEREST 33510 DONATIONS 33515 OFFICER CONTRIBUTIONS 33601 TRANS FROM GENERAL TOTALS FUND TOTALS RUN DATE: 15:05:02 05 MAY 1982 PAGE 1 PERIOD ENDING: 03-31-82 ESTIMATED ESTIMATED RECEIPTS UNREALIZED PERCENT REVENUE TO -DATE YEAR-TO-DATE- BALANCE UNREALIZED 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 REPORT TOTALS 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 6, 698. 84 1, 169. 75 0. 00 48, 527. 93 50. 00 7, 187. 49 4, 723. 72 68.356.73 68. 356. 73 0. 00 68. 356. 73 -6, 698. 84 s -1. 168. 75 n 0. 00 a - 48, 527. 93 r -50.00 n -7,187.49 x -4.723.72 c - 68, 356. 73 -68, 356. 73 -68, 356. 73 r 1' FAVETTEVILLE DEPARTMENT APPROPRIATION SUMMARY REPORT RUN DATE: 15:05:58 05 MAY 1982 PAGE 1 PERIOD ENDING: 03-31-82 ADJUSTED BUDGET EXPENDITURES OUTSTAND UNECUMBERED PERCEN T' DESCRIPTION BUDGET TO -DATE YEAR-TO-DATE. ENCUMBRANCES BALANCE USED 081 FIREMAN'S PENSION & RELIEF 00 ._.MISCELLANEOUS 40020-051 PROFESSIONAL SERVICES... 40020-052 AUDIT EXPENSE 40020-100 MISCELLANEOUS EXPENSE 40020-122 PENSION. EXPENSE 40020-126 OTHER 20 CONTRACTUAL SERVICE 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 18. 186. 03 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 0. 00 -18,186.03 0. 00 MISCELLANEOUS 0.00 0.00 18.186.03 0.00 -18.186.03 0.00 0.00 18, 186. 03 0. 00 -18,186.03 ===s=ass m_mm===m===m===m=_== mee_�naax=amvsec_== ============__