HomeMy WebLinkAbout2006-08-31 - Agendas - Final Firemen's Pension and Relief Fund
Meeting Agenda
August 31, 2006
A meeting of the Fayetteville Firemen's Pension and Relief Fund will be held at 11 :00 AM
on August 31, 2006 in Room 326 of the City Administration Building
1. Approval of the Minutes:
• July 20, 2006 Meeting Minutes
2. Approval of the Pension List:
• March, 2006 Revised Pension List - Dwayne McChristian's check was voided.
• September, 2006 Pension List — Less Mildred Tune and Paul Blackard who deceased.
It also reflects the Future Supplement amount.
3. New Business:
• Mildred Tune deceased — August 14, 2006
• Paul Blackard deceased — July 17, 2006
• Supplemental Amount received
• Extension of temporary COLA
• Kim Skelton Letter requesting copy of college enrollment.
4. Longer Investments:
• Approval of Equity Overage — Equities are at 52.5%
• Monthly Report
Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
July 20,2006
Page t of 5
Firemen's Pension and Relief Fund
Meeting Minutes
July 20, 2006
A meeting of the Fayetteville Firemen's Pension and Relief Fund was held at 11:00 AM on July
20, 2006 in Room 326 of the City Administration Building
Mayor Coody called the meeting to order
Present: Mayor Coody, Marion Doss, Dennis Ledbetter, Ted O'Neal, Pete Reagan, Ronnie
Woods, City Clerk Sondra Smith, Assistant City Attorney David Whitaker, Trish Leach,
Accounting, Elaine Longer and Kim Cooper, Longer Investments.
Approval of the June 29,2006 Meeting Minutes:
Marion Doss moved to approve the June 29, 2006 Meeting Minutes. Pete Reagan seconded
the motion. Upon roll call the motion passed unanimously.
Approval of the Pension Lists:
Approval of the Revised December, 2005 Pension List:
Sondra Smith: The year to date amount on the December, 2005 Pension List was not correct.
This new Pension List has the correct year to date amount.
Pete Reagan moved to approve the revised December, 2005 Pension List. Dennis Ledbetter
seconded the motion. Upon roll call the motion passed unanimously.
Approval of the Revised July, 2006 Pension List:
Sondra Smith: Arnold King changed his withholding after the July, 2006 Pension List was
approved.
Pete Reagan moved to approve the revised July, 2006 Pension List. Dennis Ledbetter
seconded the motion. Upon roll call the motion passed unanimously.
Approval of the August, 2006 Pension List:
Sondra Smith: The August, 2006 Pension List is less due to Eileen Morrison's amount being
removed because she deceased July 10, 2006.
Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
July 20,2006
Page 2 of 5
Mayor Coody moved to approve the August, 2006 Pension List. Pete Reagan seconded the
motion. Upon roll call the motion passed unanimously.
New Business:
Eliene Morrison Deceased :
A copy of the obituary for Eileen Morrison was given to the Board.
Merrill Lynch- Information:
Sondra Smith: Merrill Lynch sent information they would like the Board to review. A copy of
the information is in your agenda pack. Merrill Lynch would like to attend a meeting of the
Board.
Pete Reagan asked Sondra Smith to write a letter to Merrill Lynch stating we are currently
happy with our investment company and we are not interested in them attending our Board
meeting.
Pete Reagan moved to send Merrill Lynch a letter stating at this time the Board is not
interested in someone attending a meeting. Dennis Ledbetter seconded the motion. Upon
roll call the motion passed unanimously.
2005 Actuarial Valuation:
A copy of the December 31, 2005 Actuarial Evaluation was given to the Board for review.
Old Business:
There was no old business.
Longer Investments:
Elaine Longer, Longer Investments: Our newsletter talks about the volatility that we are
seeing in the market. There are a number of reasons for it, the increased tensions in the Middle
East is one of them We don't really have any relief on the energy prices yet so energy has
continued to be very volatile. We are also dealing with a new Fed chairman and everybody is
trying to get a handle on this guy which is very important because we are really in the late stages
of the credit tightening cycle that started in 2004. The economy started to show signs of
weakness but the inflation numbers are still threatening and so everyone is trying to guess
Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
July 20,2006
Page 3 of 5
whether or not we will stop at 5.25%, which they did in June or whether we will have another
.25% increase in August. Every time he gets in front of the microphone he is wearing a different
hat. This is why we have such incredible volatility going on. A lot of the key factors that you
base your outlook on are inflation numbers, Fed policy and interest rates which affect not only
the economic growth outlook but also the price earnings multiple as applied to earnings, all of
these things are sort of up in the air. That is why you see these incredible gyrations, like 200
points up yesterday which was about earning back what we lost the week before. It is a lot of
uncertainty and you have a lot of leverage players in the market now with hedge funds making
up over 50% of the volume on the major exchanges. You get not only volatility but you have
leveraged so that is why everything is in such a state of flux. What is good about the economy
is that the corporate sector continues to deliver good earnings, the corporate sector is in very
good shape financially because they have been in hunker down mode since 911. They have paid
down debt and there is still excess cash flow so what are they doing, they are increasing dividend
and buying back stock. The first quarter's pace was a record, over $100 billion in stock
repurchase and then also doing merges and acquisitions which you read about almost every time
you pick up a newspaper. So the corporate sector is in a very good position to weather the storm
but the financial markets are the ones that are showing all the volatilities. As we look forward
six months from now the economy will definitely be slowing from the first quarter pace which
was 5.6%. I have been saying that we are in the ninth ending of the Fed tightening cycle we
don't know if it is the bottom of the ninth or the top of the ninth but it is the ninth inning.
Whether or not we go to 5.5%, which I don't think we will is not the point, the point is that we
are very close to the end of the tightening cycle that has been two years in the making, that's
good news. In 1995 when we came off the last tightening cycle the market was up dramatically
even though the economy slowed because you had relief from those interest rate pressures. I
think we could have another situation like that. We have pent up valuation in the stock market
because you have had a rising level of earnings that have not resulted in stocks going any where.
So you have a good valuation level if we get some relief on interest rates the market can perform
better. All of the uncertainty has been creating this valuation floor because last year earnings
were up 22% this year we are looking at 14% year to date and the stock market has done nothing,
so you have earnings moving up, price stays stable and so the price earnings multiple or
valuation goes down. So we have the same thing that happened in 1994/1995 happening in
2005/2006. When we get to the end of some of this uncertainty there is every reason in the
world for people to buy US corporation stock but at this point it is like everybody wakes up
every day to a new set of variables and has to readjust their thinking. That is why you have so
much incredible volatility. In fact by one measure the last month that we went through was the
most volatile in 55 years. That might answer some of the questions on why you see what you see
on the news, it has been quite wild.
The first page of your report shows your June 30 ending value. As of yesterday's close the
market is down about 1% month to date after having been down as much as 3 %z % or 4% month
to date before the rally yesterday. Not a lot has changed since the end of the quarter but you can
see that you have about 52.7 % stocks both in your domestic stocks plus the international. So we
are over the 50% of equity. We do have to have the overage approved.
Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
July 20,2006
Page 4 of 5
Pete Reagan moved to approve the Equity Overage. Dennis Ledbetter seconded the
motion. Upon roll call the motion passed unanimously.
Page 4 shows the ending valuation as $8.8 million. You still have a 3.5% income yield, even
with 52% invested in stocks. So as interest rates have come up, we have been able to maintain
the same income yield on the portfolio, even with more of it invested in the stock market. Page
five shows the realized gains year to date of$192,000, income return has been $105,000. Page
six is a summary of your top holdings Citigroup, Sigma-Aldrich, Walmart, DuPont and Coca
Cola; all of them are within your policy requirements of nothing exceeding 5% of equity
exposure.
Pate Reagan: Elaine, can you tell me what Sigma Alrich is?
Elaine Longer: It's a chemical company, but it's not as cyclical as DuPont. They sell a lot to
the pharmaceutical and scientific research industry.
Page seven, is a summary of the contributions and distributions from account inception and you
can see that $622,000 has come into the portfolio and $4,017,000 has gone out.
Page eight is a summary of performance, inception to date equities have returned 8.8% annual
return, and then equity mutual funds have returned 9% annualized. The fixed income has been
3.3%, because in the past 3 years with rising interest rates the bond return has been less then the
coupon interest rate on the bond, as prices have suffered in the rising rate environment, REIT's
are 21% and so your total and we didn't push this number, this is not cooking the books, but it's
right at the 6% annualized rate return that the actuaries use. Comparing it to the index returns,
the S &P 500 during that time did 8.4%, the DOW with compound dividends has done 8.6% and
the Solomon Brothers Treasury Index has done 2.8%. So even your 3.3% return doesn't sound
like a lot on an absolute basis, but on a relative basis you have outperformed the endices. Year
to date, the market is up by about 1.8% through June 30, 2006 and you are showing a 6% return
in equity, so this has been a real good year so far.
Last we have the investment policy. I don't have anything to really cover on the investment
policy, because there is nothing that I would recommend changing. The change that we did
enact last time has been finalized with the paper work, and that is to raise the restriction on the
international. We haven't acted on that at this point in time because international out performed
domestic stock year to date through June 30, as well as dramatically last year. So at this point in
time with the stock market in the United States still under so much pressure, the large cap growth
companies in the US look relatively attractive to just about everything else we are looking at.
So, at this point in time we are not pushing the envelope to increase exposure at the international
level relative to the US, but it is good to have it in our pocket to do it in the future.
Are there any questions about the reports? Did everyone get a news letter, because we have
extra copies if you have not received one? Well, it's hard to write a newsletter in this kind of
environment and get it to the editor and to the printer before it's outdated, and we hit that this
time because when I wrote it, we always put in a caveat at the end about what could hurt our
Firemen's Pension and Relief Fund Board of Trustees
Meeting Minutes
July 20,2006
Page 5 of 5
cautiously optimistic scenario is increased tensions geopolitically and a significant move above
the recent high and energy prices, both of which we saw before it came back from the printer.
So we included a late breaking news update just to say that we have taken a more defensive
posture because of those events and that has resulted in a few of our stop limits going off so we
do have a little bit more cash reserve then what we show in our June 30 report.
We received the actuary report and we updated the performance. Apparently this cuts off on
June 30, 2005, we report on a calendar year basis, so we went back to June 30, 2005 through
June 30, 2006 to give you a performance update from this report. I'll go ahead and hand this out.
The equity returns during that time frame were 10.2% and that compares to 6.6% in the S & P
500 so that was a good twelve months following the reduce of this report. The fixed income
return was a -0.7 and that compares to Solomon Brothers Treasury of-0.17, so again you have
out performed the bond index but the bonds have been a drag on a total return basis in the
portfolio. So your total return with bonds included during that time period is 5.7% from where
the actuary report broke off. The important thing about that is that you had a great relative return
year and good stock market performance, in fact it exceeds what we had it estimated our average
expected total return. When we started managing the portfolio, we estimated 7% to 8% equity
return for a number of reasons, they were valuation related. Still you are right at the actuarial
return of 6% to just stay constant with where this cut off.
Pete Reagan: We had a retirees dinner last month and we have a 3% temporary COLA that they
would like to have renewed, I think it ends at the end of this year so at the next meeting we will
down load the proper forms off the LOPFI PRB website and get those filled out, signed and sent
in.
Sondra Smith: Do we have to have a cash flow report done or an actuary study done?
Pete Reagan: Yeah but that's all part of it, but they will be able to use these number to update it,
so it won't take them that long to do. I do know that they are behind.
Sondra Smith: I haven't got the police actuarial reports yet. You all are fortunate to get yours.
Pete Reagan: I was at the June LOPE meeting and they reported that they were done with most
of the Fire and were pretty much done with the Police.
Marion Doss: Do they wait to release those when they get all the Fire done do they release
them all the same time
Pete Reagan: They release them all at the same time.
Meeting Adjourned at 11:30 AM
FIREMEN'S RELIEF AND PENSION
March 2006 REVISED Voided Dwayne McChristian's Check
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
MONTH OF AUGUST. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
Act 1373
DATE OF Regular Mo Year To Date Future
EMP#RETIREMENT NAME Benefit Reg Benefit Supplement Fed Tax St Tax Net
79 11/99 ARMSTRONG (DILL), PAMELA 1,812.74 5,438.22 300.00 100.00 1,412.74
177 4/04 BACHMAN, EDDIE 2,618.55 7,855.65 479.27 119.82 2,019.46
74 3/86 BAIRD, JULIA 1,802.08 5,406.24 350.00 145.00 1,307.08
2 3/75 BLACKARD, PAUL 109.27 327.81 109.27
63 5/72 BOLAIN, ANN 109.27 327.81 109.27
68 7/99 BONADUCE, MICHAEL 2,988.76 8,966.28 475.38 2,513.38
44 9/86 BOUDREY, BETTY MRS. 2,477.42 7,432.26 300.00 50.00 2,127.42
45 9/86 BOUDREY, HOWARD 2,089.28 6,267.84 2,089.28
49 7/88 BOUDREY, JACK 1,647.63 4,942.89 287.68 50.00 1,309.95
5 5/72 CASELMAN, ARTHUR 131.13 393.39 131.13
57 5/90 CATE, ROY 1,788.90 5,366.70 1,788.90
6 4/68 CHRISTIE, ARNOLD 109.27 327.81 109.27
8 10/76 COUNTS, WAYNE 109.27 327.81 109.27
77 11/99 DILL,GARY JOHN 1,812.75 5,438.25 100.00 1,712.75
188 12/05 DOSS, MARION H 5,376.91 16,130.73 800.00 320.00 4,256.91
11 2/76 FARRAR,ALONZO 998.86 2,996.58 998.86
38 5/84 FRALEY, JOSEPH G. 1,768.12 5,304.36 200.00 15.00 1,553.12
170 5/03 FREEDLE, LARRY 3,816.75 11,450.25 500.00 100.00 3,216.75
92 03/02 GAGE,TOMMY 2,596.69 7,790.07 226.00 50.00 2,320.69
34 6/79 HARRIS, JAMES E. 109.27 327.81 109.27
70 11/99 HARRIS, MARY RUTH 109.27 327.81 109.27
182 10/04 JENKINS, EILEEN 1,788.75 5,366.25 350.00 100.00 1,338.75
93 06/02 JENKINS, JOHN 1,788.76 5,366.28 350.00 100.00 1,338.76
86 07/01 JOHNSON,ROBERT 3,073.47 9,220.41 500.00 100.00 2,473.47
64 4/95 JORDAN, CHARLIE 2,274.95 6,824.85 2,274.95
76 5/88 JUDY, JAN 1,647.63 4,942.89 200.00 50.00 1,397.63
37 3/84 KING, ARNOLD D. 1,522.37 4,567.11 300.00 47.00 1,175.37
54 5/89 KING, ARVIL 1,711.21 5,133.63 130.00 50.00 1,531.21
12 3/60 LANE, HOPE MRS, No 2006 Affidavit on file 109.27 327.81 109.27
13 10/67 LAYER, MERLIN 456.22 1,368.66 456.22
173 12/03 LEDBETTER, DENNIS 3,775.80 11,327.40 650.00 200.00 2,925.80
181 10/04 LEE, VIOLA LOUISE 109.27 327.81 109.27
51 10/88 LEWIS, CHARLES 1,647.63 4,942.89 75.00 25.00 1,547.63
40 9/85 LOGUE, PAUL D. 2,868.28 8,604.84 325.00 75.00 2,468.28
50 9/88 MASON, LARRY 1,63125 4,893.75 137.61 25.00 1,468.64
39 4/85 MC ARTHUR, RONALD A. 1,753.74 5,261.22 150.00 50.00 1,553.74
35 2/82 MC CHRISTIAN, DWAYNE,No 2006 Affidavit on file, ck voided 109.27 327.81 109.27
15 4/77 MC WHORTER, CHARLES 1,334.51 4,003.53 150.00 1,184.51
29 8/81 MILLER, DONALD 1,304.07 3,912.21 125.00 25.00 1,154.07
73 2/00 MILLER,KENNETH 3,180.02 9,540.06 325.00 75.00 2,780.02
42 2/86 MOORE, JAMES H. 109.27 327.81 109.27
176 4/04 MORRIS, DIXIE E. 125.66 376.98 125.66
62 10/68 MORRISON, ELIENE 136.59 409.77 136.59
48 7/88 MULLENS, DENNIS W. 2,191.30 6,573.90 2,191.30
184 3/05 NAPIER, LONNIE 3,518.28 10,554.84 110.00 88.00 3,320.28
46 5/88 OSBURN, TROY 1,899.66 5,698.98 200.00 38.00 1,661.66
81 02/01 PHILLIPS,LARRY 2,765.09 8,295.27 2,765.09
53 2/89 POAGE, LARRY 2,346.70 7,040.10 300.00 100.00 1,946.70
186 06/05 REAGAN, PETE 3,535.71 10,607.13 3,535.71
22 4/73 REED, JOE 109.27 327.81 109.27
172 12/03 SCHADER, MADGE 1,386.01 4,158.03 1,386.01
41 9/85 SCHADER, TROY 1,524.99 4,574.97 57.00 25.00 1,442.99
83 03/01 SKELTON, KIMBERLY 2,434.98 7,304.94 250.00 50.00 2,134.98
66 8/98 SKELTON, PAULINE, Deceased 12/30/05 0.00 0.00 0.00
36 5/76 SPRINGSTON, CARL 806.19 2,418.57 70.00 17.00 719.19
90 03/02 STOUT, IMOGENE W. 767.80 2,303.40 767.80
165 12/02 TATE, RALPH 3,668.10 11,004.30 300.00 100.00 3,268.10
65 3/66 TUNE, BILLIE SUE 136.59 409.77 136.59
27 3/71 TUNE, MILDRED MRS. 136.59 409.77 136.59
71 1/00 WARFORD,THOMAS 2,502.72 7,508.16 300.00 2,202.72
28 7/68 WATTS, DONALD 437.09 1,311.27 437.09
88 01/02 WOOD,RONNIE D 3,077.15 9,231.45 800.00 200.00 2,077.15
52 9/88 WRIGHT, RANDALL 1,691.34 5,074.02 200.002_5.0.0_ 1,466.34
35 2/82 MC CHRISTIAN, DWAYNE,No 2006Affidavit on file, ck voided -109.27 109.27 (109.27)
DATE OF Regular Mo Year To Date Future
EMP#RETIREMENT NAME Benefit Reg Benefit Supplement Fed Tax St Tax Net
101,666.47 305,217.95 0.00 10,372.94 2,514.82 88,778.71
DROP DATE DROP EMPLOYEES NEW BENEFITS
03/01/03 MAHAN, MARSHALL 4,077.28
03/01/03 PIERCE, JOEY 3,647.18
03/01/03 SHACKLEFORD, GLEN 3,647.18
04/01/03 LINEAL, TEDDY 4,120.99
05/01/04 FARRAR, DANNY 4,155.36
WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
SECRETARY CHAIRMAN AND PRESIDENT
ACKNOWLEDGEMENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF 2005.
NOTARY PUBLIC
MY COMMISSION EXPIRES :
YTD
6810-9810-5335-00 305,327.22 305217.95 109.27
6810-9810-5335-06 0.00 0.00 0.00
Drop PayouNnterest Checks to Drop Retinues 355,912.59
YTD Column 661,239.81
Difference 0.00 "(should be off Supplemental amount for DROP part)
Sondra Smith- September Fire Pension Lisf Page 1
From: Wendy Moore
To: Smith, Sondra
Date: 8/18/06 11 :39AM
Subject: September Fire Pension List
Attached is the September Fire Pension list. The list reflects the Future Supplement amount that will be
included on their 9/06 checks. I have also made a note on Mildred Tune as being deceased 8/14/06.
Thanks
Wendy Moore
Accounts Receivable
City of Fayetteville
113 W Mountain St
Fayetteville, AR 72701
479-575-8275
wmoore@ci.fayefteville.ar.us
FIREMEN'S RELIEF AND PENSION
Sept2006 9 5
THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
MONTH OF AUGUST. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
Act 1373
DATE OF Regular Mo Year To Date Future
EMP#RETIREMENT NAME Benefit Reg Benefit Supplement Fed Tax St Tax Net
Q 79 11/99 ARMSTRONG (DILL), PAMELA 1,812.74 16,314.66 0.00 300.00 100.00 1,412.74
R 177 4/04 BACHMAN, EDDIE 2,618.55 23,566.95 518.40 479.27 119.82 2,019.46
S 74 3/86 BAIRD, JULIA 1,802.08 16,218.72 518.40 350.00 145.00 1,307.08
V 2 3/75 BLACKARD, PAUL, Deceased in July 2006 0.00 764.89 0.00 0.00
V 63 5172 BOLAIN, ANN 109.27 983.43 103.68 109.27
R 68 7/99 BONADUCE, MICHAEL 2,988.76 26,898.84 518.40 475.38 2,513.38
S 44 9/86 BOUDREY, BETTY MRS. 2,477.42 22,296.78 518.40 300.00 50.00 2,127.42
R 45 9/86 BOUDREY, HOWARD 2,089.28 18,803.52 518.40 2,089.28
R 49 7/88 BOUDREY, JACK 1,647.63 14,828.67 518.40 287.68 50.00 1,309.95
V 5 5/72 CASELMAN, ARTHUR 131.13 1,180.17 103.68 131.13
R 57 5/90 CATE, ROY 1,788.90 16,100.10 518.40 1,788.90
V 6 4/68 CHRISTIE, ARNOLD 109.27 983.43 103.68 109.27
V 8 10/76 COUNTS, WAYNE 109.27 983.43 103.68 109.27
R 77 11/99 DILL,GARY JOHN 1,812.75 16,314.75 518.40 100.00 1,712.75
188 12/05 DOSS, MARION H 5,376.91 48,392.19 518.40 800.00 320.00 4,256.91
R 11 2176 FARRAR,ALONZO 998.86 8,989.74 518.40 998.86
R 192 4/06 FARRAR, DANNY 4,155.36 20,776.80 518.40 207.00 207.00 3,741.36
R 38 5/84 FRALEY, JOSEPH G. 1,768.12 15,913.08 518.40 200.00 15.00 1,553.12
R 170 5/03 FREEDLE, LARRY 3,816.75 34,350.75 518.40 500.00 100.00 3,216.75
R 92 03/02 GAGE,TOMMY 2,596.69 23,370.21 518.40 226.00 50.00 2,320.69
V 34 6/79 HARRIS, JAMES E. 109.27 983.43 103.68 109.27
V 70 11/99 HARRIS, MARY RUTH 109.27 983.43 103.68 109.27
Q 182 10/04 JENKINS, EILEEN 1,788.75 16,098.75 0.00 150.00 75.00 1,563.75
R 93 06/02 JENKINS, JOHN 1,788.76 16,098.84 518.40 350.00 100.00 1,338.76
R 86 07/01 JOHNSON,ROBERT 3,073.47 27,661.23 518.40 500.00 100.00 2,473.47
R 64 4/95 JORDAN, CHARLIE 2,274.95 20,474.55 518.40 . 150.00 50.00 2,074.95
S 76 5/88 JUDY, JAN 1,647.63 14,828.67 518.40 200.00 50.00 1,397.63
R 37 3/84 KING, ARNOLD D. 1,522.37 13,701.33 518.40 325.00 75.00 1,122.37
R 54 5/89 KING, ARVIL 1,711.21 15,400.89 518.40 130.00 50.00 1,531.21
V 12 3/60 LANE, HOPE MRS 109.27 983.43 103.68 109.27
R 13 10/67 LAYER, MERLIN 456.22 4,105.98 518.40 456.22
R 173 12/03 LEDBETTER, DENNIS 3,775.80 33,982.20 518.40 650.00 200.00 2,925.80
V 181 10/04 LEE, VIOLA LOUISE 109.27 983.43 103.68 109.27
R 51 10/88 LEWIS, CHARLES 1,647.63 14,828.67 518.40 75.00 25.00 1,547.63
R 40 9/85 LOGUE, PAUL D. 2,868.28 25,814.52 518.40 325.00 75.00 2,468.28
R 50 9/88 MASON, LARRY 1,631.25 14,681.25 518.40 137.61 25.00 1,468.64
R 39 4/85 MC ARTHUR, RONALD A. 1,753.74 15,783.66 518.40 150.00 50.00 1,553.74
V 35 2/82 MC CHRISTIAN, DWAYNE 109.27 983.43 103.68 109.27
R 15 4177 MC WHORTER, CHARLES 1,334.51 12,010.59 518.40 150.00 1,184.51
R 29 8/81 MILLER, DONALD 1,304.07 11,736.63 518.40 125.00 25.00 1,154.07
R 73 2/00 MILLER,KENNETH 3,180.02 28,620.18 518.40 325.00 75.00 2,780.02
V 42 2/86 MOORE, JAMES H. 109.27 983.43 103.68 109.27
V 176 4/04 MORRIS, DIXIE E. 125.66 1,130.94 103.68 125.66
V 62 10/68 MORRISON, ELIENE, Deceased 7/10/06 0.00 956.13 0.00 956.13
R 48 7/88 MULLENS, DENNIS W. 2,191.30 19,721.70 518.40 2,191.30
R 184 3105 NAPIER, LONNIE 3,518.28 31,664.52 518.40 110.00 88.00 3,320.28
R 46 5/88 OSBURN, TROY 1,899.66 17,096.94 518.40 200.00 38.00 1,661.66
R 81 02/01 PHILLIPS,LARRY 2,765.09 24,885.81 518.40 2,765.09
R 53 2/89 POAGE, LARRY 2,346.70 21,120.30 518.40 300.00 100.00 1,946.70
R 186 06/05 REAGAN, PETE 3,535.71 31,821.39 518.40 3,535.71
V 22 4173 REED, JOE 109.27 983.43 103.68 109.27
S 172 12/03 SCHADER, MADGE 1,386.01 12,474.09 518.40 1,386.01
R 41 9/85 SCHADER, TROY 1,524.99 13,724.91 518.40 57.00 25.00 1,442.99
R 190 04/06 SHACKELFORD, GLEN 3,647.18 18,235.90 518.40 400.00 200.00 3,047.18
S 83 03/01 SKELTON, KIMBERLY 2,434.98 21,914.82 518.40 250.00 50.00 2,134.98
S 66 8/98 SKELTON, PAULINE, Deceased 12/30/05 0.00 0.00 0.00 0.00
R 36 5176 SPRINGSTON, CARL 806.19 7,255.71 518.40 70.00 17.00 719.19
S 90 03/02 STOUT, IMOGENE W. 767.80 6,910.20 518.40 767.80
R 165 12/02 TATE, RALPH 3,668.10 33,012.90 518.40 300.00 100.00 3,268.10
V 65 3/66 TUNE, BILLIE SUE 136.59 1,229.31 103.68 136.59
V 27 3/71 TUNE, MILDRED MRS., Deceased 8/14/06 0.00 1,092.72 103.68 0.00
R 71 1/00 WARFORD,THOMAS 2,502.72 22,524.48 518.40 300.00 2,202.72
R 28 7/68 WATTS, DONALD 437.09 3,933.81 518.40 437.09
R 88 01/02 WOOD,RONNIE D 3,077.15 27,694.35 518.40 800.00 200.00 2,077.15
R 52 9/88 WRIGHT, RANDALL 1,691.34 15,222.06 518.40 200.00 25.00 1,466.34
109,195.83 954,366.05 25,297.92 10,954.94 ^2,974.82 95,266.07
8/18/2006 C:\Documents and Settings\ssmith.000\Local Settings\Temp\September 2006 WM
DATE OF Regular Mo Year To Date Future
EMP#RETIREMENT NAME Benefit Reg Benefit Supplement Fed Tax St Tax Net
DROP DATE DROP EMPLOYEES NEW BENEFITS
03/01/03 MAHAN, MARSHALL 4,077.28 518.40
03/01/03 PIERCE, JOEY 3,647.18 518.40
04/01/03 O'NEAL, TEDDY 4,120.99 518.40
WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES
SECRETARY CHAIRMAN AND PRESIDENT
ACKNOWLEDGEMENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON)
SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF 2006.
NOTARY PUBLIC
MY COMMISSION EXPIRES :
YTD
6810-9810-5335-00 735,837.80 954366.05 -218528.25
68to-9810-5335-06 0.00 26853.12 -26853.12
Drop Payout/Intrest Checks to Drop Retirees 605,196.04
YTD Column 1,341,033.84
Difference 0.00 "(should be off Supplemental amount for DROP part) '..
8/18/2006 C:\Documents and Settings\ssmith.000\Loc al Settings\Temp\September 2006 WM
Sondra Smith - Mildred Tune Page 1 i
From: Sondra Smith
To: Moore, Wendy
Date: 8/15/06 11 :55AM
Subject: Mildred Tune
Attached is a copy of the obituary for Mildred Tune. She was a member of the Firemen's Pension. Please
stop her check beginning in September, 2006. 1 asked her granddaughter that is her POA to send a copy
of the death certificate. Thanks!
Sondra Smith
City Clerk
City of Fayetteville
113 West Mountain
Fayetteville, AR 72701
(479) 575-8323
(479) 718-7695 (Fax)
ssmith@ci.fayefteville.ar.us
A104 q166
--i'd
aQ
kRKANSAS TIMES j
V LAma-Z
_ A3
,
d
electionco
urt BriefJ
Hired Jessa Bogart as a
high. school -math :teacher WOIIIdt1 pleBdS gpilt�l possession of meth amphetamine
and Bob Payne as a middle t0 theft,drug Lharges : and and of dru 9 parapher-
nalia.
school special 'education
i teacher. In addition to her probated sen-
Debra Discussed.tle • Debra A. Dunn, 21, received a tense, she is to pay $150 court
{ " possibil- 60-months probation and a sen-
ity.of refl ancmg some cur- - costs, $250 for a DNA testing fee,
rent bond debts: at a .lower tense of 23 days in jail with credit
for 23 days served on three C-felo- $1,000 restitution to the county;
interest rate. No action was $150 public defender fee,submit to
taken so B hies after pleading guilty in Wash- screening for substance abuse:and
Barrett could
= ington County Circuit Court Monday cooperate with prosecutors, ndu
ether investigate refinancin
,options. g to charges of heft by receiving, ing tesiifying'in court: d
3 est Fo Alfi
sitterBaptist.Church.
LLOYD KOCH She was Preceded in death
r ; DELMAR L SALVERS by her husband, Marshall I;
. Lloyd .Eugene Koch,. :49, Thurman Gore. i
f ,f West Fork died Sunda Delmar L. Salyers, 83, of Survivors include three
ug. 13, 2006, in Beaumont 006.tterdied"Monday,Aug. 14, sons, Allen Davis Gore of
s exas.
oki
Arrangements will be Boyd Gore orville sof Ho atio and
Arrangements `will be announced � b` �
nounced : bBen '
y Beard's Funeral Home in Huntsville- Oak,Texas, fivrman e dau White
eras Chapel, and Crema- i
ghters, I I
ry of Fayetteville. Marsha Lou West of Ath-
To sign the online � ens .Ga.
guestConway, Anna Mae John-
s
ok-;go to _beardsfuneral stop, Rita: Lavone An
apel.com. MIlDRED:TUNE. and Bonnie Sure Gore, all of j
DeQueen, and Wanda Gale i
' Mildred Tune, 91, of Con- Lanier of.Fayetteville; three
1 way, formerly of Fayetteville, sisters, 1
died Moeda Aug. 4 2006. �' Hammon of.
CAROLS AXTELL y' g' Santa Barbara, calif, 1VIar- ,
Arrangements will be
5 tha Davis of Fazmington and
announced ' �by Beard's M €:
Carole:Ann Randall Axtell, Funeral Chapel ;and Crema- 18axine Davis of DeQueen; :
{` of l3entonville died Satur- toffy in Fayetteville. grandchildren, and one i'
, Aug. 12, 2006. great-grandchild.
To sign the online est
f. he was born Sept. 29, book go to beardsfuneral to 8
Visitation will be from 6
2, in Los Angeles to Ray, chapel.com. p m. .today at Wilkerson 4
Kathryn Gabriel Randall. Funeral Home in DeQueen.
x he ;was ,preceded in Funeral services will . be j
3 th by her husband, Larry ° e �� at 10 a.m. Wednesday at the
andall. funeral home with the Rev.Roy
f., ury vors include her MILDRED GORE Conatser.ofiiciating;Burlalwill
ther, Kathryn Lehtinen of Mildred Lucille- Davis follow inMiDweeCemetery
{: eapolis; children Brian To sign the online
Gore, 80, of DeQueen, died book o to guest ? ;,
en of Bentonville and Saturday, Aug: . 12; 2006 in g wilkersonfuner-
y Peterson 'of Sonoma �oMs.con :
Prairie Grove. I
a sister Myrna Klitz
f Minnea olis She was born Sept. 9,
dchil
p , and two . 1925 in El Dorado, Okla., to12GtC Qne€
n
ation Marion Washington and Mae
- arrangements Nichols Davis. `� gan 1 # '
s . bv. nnrlret, ,,,. ,1_----
gv) 71 6� 6o
paiR ed�b�� '� vcby&(y..�P,
L'
YV
< children, RandX Blackard of
tip 11t CIARDr Houston; Polak BlaclCard sand.
r Paul Blackar�c 85 hfe r p era s� dl
.a T ..+.1 .✓ ] ) / Of�.. a r Kza .a`t] x, h Clea
r� a� - if f":` ttwille cheii
Fa ttevgle tnr boin June 15 f;ate
IM Huntiii�gton to,Aell�ext AllenµN>ag� tigers, -lbuis
E andiazel B�laaI--
...
l PSE o ys
b 'i '"i%' `w t
:Fo`llowuigY°graduattorr�,from,` 1$��..�a � � `�
High school,Fain went with t`he ` Peaoc� a grand
Giviliar Conseivatton Corps �hildre t ` ss� Stacy
F,: aro- Fis
to do road construction at the Btac herFeacock,
r
Eagletoiz camp where'he`soon lVlacldis d ,Sara
;byCain
e"company clerk After Btackar� la ares, eriy,
Blackar 6 I
thatfie - rked5 0 ose Colo,
f _ 1)"'
' or Davis acid �� 'eka�r�itnf�Des, .
T uii�i�e> Ccz ,
„ art z� '
r.�britilhe:began;
lus -company Smith kkti rhSYw^ x^ h i
career i,n 1941
with $Ul}tli ?r �pr�fi
r a v
western Gas Visi�ti AMSY # .
aiid' Electnc to `7 3 1 of 1�%Ioore'�
s r Bladcartl°
C&r(nowAEPj
IT X942 `Paul
joined the us s
4 be
ti ¢ x
a and served at lU t � r
Vy x ,, h1S CQuritry � ff� 6 x �
w
d'unrig,World War IIt aboard a z fiuie
� rniries�nieep escort iii the South r T a
Pacific He utumed'tof work
y J
jl as j
foX'SWG, E acid#ui`; %Tamar-
nedBetrye Lou Chroruster The e d ,
villa m 1957 and made°it their lon w e,
hQrne He andBe�eraisedfive
�'`�tgei �t��aul=retired;
G �. t:
from SPC(Sm83:
�y FPaul as a member.of First;.
Ba 1sst aC i e F in 4 y't
villa and wasactive, i several
areas of i;liurch 'busuiess and
ot�treaclt i,,, �Te. represented�the
churcl as,akaison to the But
terfieldr Trail Village f l?rolect.
Paul was? always loolaiig for
days to>ba of service to.those m
need end gave of himself and
his resources e
Having led a :full and use-
ife, Fain crossed over.into
Paradise niJuly, Y7, 2006.
He is pxecedPin death by
Ben� y'
ants,anal ciau�tei rn taw loan
BCail7.Fy x' o,: i r
2006 Firemen's Pension
Revenue Budget Received Difference
Revenue Turnback $191 ,700.00 $151,560.37 ($40,139.63)
Revenue Supplement $22,200.00 $27,060.48 $4,860.48
Expense Budget Received
Revenue Supplement $22,140.00 $27,060.48 $4,920.48
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-
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113 West Moyntain
fayettevHle,AR7?701
Telephone: (479) 575-8323
Eax:(479) m-.7695
e ,-
dtycterk@tl;fayetteLVIlle I.r
30, 2066.._
-. Skelton
Bear . -
State-lm allows ehiidi of_A.e r eA
reach the age o Penszvm cnu nae ve enm, M betm ts�til they
frgm-highsehdel�Nvbxh eve7•evme&fIr9 :-'the lave also allows
dvmtD:eontimm.tozecdve fits_ heyar�-a.fullll �� der
_ e=1I€d'uiar�-ir�t�tiorrof
Igher
Ing aervmmRl#tng Z.who ie: fits l.eontin-ue as
}} t ng::as they..are-enrolled-as a.
ymwh age-of twejIt�� e__Q QPt marrir�.# :v.. .i13t iC�t'�Of ilk
-moment each-semestery
Pleasepra�t� d oo > rice es l Z aar le
t�1�,�.1, �.1e„ -rl�1�-� beggofeach- -
states lheft3to W-infiir m;
�.--��ber-of�u�youare-en��Te�l:
ber-othours-fhe:in.�tilutiorl-eon
srders-fttl}�time.
3;- The le%gth of the:term...
Pleaseteep in,min&&at.yon-- be-Fe
Q":�-.4 �B ViTIt)Iti=eA�h` em�e#pr _ e:_e�9: t
reGe�v€.tlre }gam •.
eS `ellr011�Ir --by-the �e� 8� � 3e�eS�er�i� your
pen_ sioirbenefteoulct-oeasP- PTeaw-forward-t ie doem=ts-ta-theCityCleWs-office at-the above
adddress-befvrb SeptembeIr 221,
' 8@6
-If - trhavean
O �gYles�i
- - . .. .
� o��lease- &.,eto-caWtle-Cty£lerg's-office-at-575-83232._._ _.
Sincerely; -
City Cleric
City of Fayetteville
Fire Pension and Relief Fund U/A Dated 6/18/$6
July 31, 2006 Equity Allocation: 52.5%
Equity Range Per Policy: 25% to 50% (+/-5% with monthly approval)
Longer Investments Inc. requests authorization for the variance of less than 5%, as
required in the investment policy dated February 24, 2005.
LONGER INVESTMENTS INCORPORATED
b
A Registered Investment Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
July 31, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
COMMON STOCK
3,750 AT&T 26.15 98,075.00 29.99 112,462.50 1.3 1.330 4,987.50 5.1
2,000 Anadarko Petroleum 29.53 59,054.15 45.74 91,480.00 1.0 0.360 720.00 1.2
Corp.
2,000 B.P. Amoco PLC A.D.S. 39.64 79,285.00 72.52 145,040.00 1.7 2.360 4,720.00 6.0
1,615 Baker Hughes hic. 77.42 125,028.25 79.95 129,119.25 1.5 0.520 839.80 0.7
2,570 Bank of America Corp. 46.98 120,743.23 51.53 132,432.10 1.5 2.240 5,756.80 4.8
3,185 Barclays PLC 40.25 128,201.86 47.31 150,682.35 1.7 1.891 6,023.79 4.7
1,875 Caterpillar Inc. 48.25 90,460.44 70.87 132,881.25 1.5 1.200 2,250.00 2.5
2,500 Chevron Corp. 40.13 100,313.14 65.78 164,450.00 1.9 2.080 5,200.00 5.2
3,500 Citigroup 41.09 143,827.09 48.31 169,085.00 1.9 1.960 6,860.00 4.8
3,175 Coca-Cola 41.90 133,044.52 44.50 141,287.50 1.6 1.240 3,937.00 3.0
1,400 Diamonds Trust Series I 110.09 154,130.48 111.90 156,660.00 1.8 0.825 1,155.67 0.7
4,850 Disney Company 24.98 121,132.28 29.69 143,996.50 1.6 0.270 1,309.50 1.1
1,500 Emerson Electric 47.97 71,955.00 78.92 118,380.00 1.4 1.780 2,670.00 3.7
1,750 ExxonMobil 32.23 56,409.51 67.74 118,545.00 1.4 1.280 2,240.00 4.0
3,325 General Electric 21.58 71,757.60 32.69 108,694.25 1.2 1.000 3,325.00 4.6
4,225 Hain Celestial Group, 20.15 85,118.78 21.60 91,260.00 1.0 0.000 0.00 0.0
Inc.
7,325 Health Care Select 32.47 237,810.18 31.89 233,594.25 2.7 0.443 3,245.56 1.4
Sector SPDR Fund
5,025 Intel Corp. 18.36 92,242.67 18.00 90,450.00 1.0 0.400 2,010.00 2.2
2,175 Johnson &Johnson 59.76 129,987.09 62.55 136,046.25 1.6 1.500 3,262.50 2.5
6,000 NASDAQ 100 Index 35.95 215,707.80 37.10 222,600.00 2.5 0.103 616.80 0.3
2,500 Nabors Industries 32.60 81,504.75 35.32 88,300.00 1.0 0.000 0.00 0.0
4,285 Newell Rubbermaid Inc. 25.21 108,023.80 26.36 112,952.60 1.3 0.840 3,599.40 3.3
1,575 Northern Trust Corp. 56.85 89,535.76 57.11 89,948.25 1.0 0.920 1,449.00 1.6
3,750 Pfizer 24.20 90,750.00 25.99 97,462.50 1.1 0.960 3,600.00 4.0
3,000 Powershares Dynamic 16.37 49,110.00 13.91 41,730.00 0.5 0.000 0.00 0.0
Networking
7,500 Powershares Dynamic 15.76 118,179.00 16.47 123,525.00 1.4 0.095 709.50 0.6
Pharmaceuticals
5,185 Powershares Lux 17.68 91,664.22 16.61 86,122.85 1.0 0.000 0.00 0.0
Nanotech
5,050 Powershares Water 17.60 88,891.35 16.29 82,264.50 0.9 0.149 754.87 0.8
Resource
3,400 Southwestern Energy 27.95 95,020.97 34.40 116,960.00 1.3 0.000 0.00 0.0
6,500 The Technology Select 21.45 139,437.73 19.80 128,700.00 1.5 0.000 0.00 0.0
Sec SPDR Fund
2,750 US Bancorp 31.21 85,815.68 32.00 88,000.00 1.0 1.320 3,630.00 4.2
1,715 Walmart Stores 45.66 78,304.33 44.50 76,317.50 0.9 0.670 1,149.05 1.5
2,350 iShares Dow Jones 52.91 124,348.14 54.30 127,605.00 1.5 1.067 2,507.45 2.0
Consumer Goods Index
3,554,869.79 4,049,034.40 46.2 78,529.20 2.4
PREFERRED DEBT SECURITIES
5,375 G.E. Preferred 6.625% 25.60 137,585.24 25.05 134,643.75 1.5 1.656 8,902.34 6.5
AAA/AAA (C 6-28-07)
137,585.24 134,643.75 1.5 8,902.34 6.5
MUTUAL FUNDS-EQUITY
20,000.0000 iShares MSCI Japan 10.69 213,850.00 13.57 271,400.00 3.1 0.043 860.00 0.4
Index Fund
1
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
July 31, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
3,000.0000 iShares S&P Europe 82.03 246,094.10 93.15 279,450.00 3.2 0.000 0.00 0.0
350 Index
459,944.10 550,850.00 6.3 860.00 0.2
CORPORATE BONDS
50,000 NationsBank Corp. 99.79 49,894.00 101.31 50,653.05 0.6 6.375 3,187.50 6.4
Subordinated Notes
AA3/A+ (NC)
6.375% Due 02-15-08
65,000 J.P. Morgan Chase 102.60 66,687.00 102.57 66,669.46 0.8 6.700 4,355.00 6.5
Bank AA3/A+ (NC)
6.700% Due 08-15-08
50,000 Bankers Trust NY Corp 99.26 49,630.00 101.21 50,606.10 0.6 6.000 3,000.00 6.0
Subordinated Notes
A2/A(NC)
6.000% Due 10-15-08
25,000 First Union Corp. 93.78 23,446.00 101.36 25,339.18 0.3 6.000 1,500.00 6.4
Subordinated
Debentures Al/A(NC)
6.000% Due 10-30-08
25,000 Pepsico Incorporated 97.49 24,373.00 100.56 25,141.15 0.3 5.700 1,425.00 5.8
Medium Term Note
Al/A+(NC)
5.700% Due 11-01-08
50,000 Hershey Foods Corp. 97.63 48,816.00 107.56 53,782.35 0.6 6.950 3,475.00 7.1
Notes Al/A+ (NC)
6.950% Due 08-15-12
50,000 Paribas New York 96.03 48,014.00 107.24 53,622.25 0.6 6.950 3,475.00 7.2
Branch Subordinated
Notes AA3/AA-(NC)
6.950% Due 07-22-13
75,000 Merrill Lynch &Co. 99.26 74,442.00 104.85 78,634.35 0.9 6.500 4,875.00 6.5
Inc. Global Bonds
AA3/A+ (NC)
6.500% Due 07-15-18
50,000 National City Corp. 96.65 48,326.00 107.42 53,707.55 0.6 6.875 3,437.50 7.1
Sub. Notes A2/A- (NC)
6.875% Due 05-15-19
50,000 IBM Corp. Debentures 100.01 50,004.00 109.86 54,929.00 0.6 7.000 3,500.00 7.0
Al/A+ (Subject to make
whole call)
7.000% Due 10-30-25
50,000 Dell Computer Corp. 95.46 47,731.00 109.63 54,815.60 0.6 7.100 3,550.00 7.4
Debentures A2/A
(Subject to make whole
call)
7.100% Due 04-15-28
Accrued hiterest 9,644.39 0.1
531,363.00 577,544.43 6.6 35,780.00 6.8
GOVERNMENT BONDS
150,000 U. S. Treasury Note 100.00 150,000.00 101.03 151,546.87 1.7 5.125 7,687.50 5.1
5.125% Due 05-15-16
50,000 U. S. Treasury Bond 100.01 50,004.00 104.44 52,218.75 0.6 5.500 2,750.00 5.5
5.500% Due 08-15-28
2
A LLONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
July 31, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
50,000 U. S. Treasury Bond 98.95 49,474.00 101.25 50,625.00 0.6 5.250 2,625.00 5.3
5.250% Due 11-15-28
Accrued Interest 3,418.83 0.0
249,478.00 257,809.45 2.9 13,062.50 5.2
GOVERNMENT AGENCY
100,000 Federal Home Loan 100.00 100,000.00 99.69 99,687.50 1.1 4.550 4,550.00 4.5
Bank (C 05-29-06 @
100, IX)
4.550% Due 11-22-06
250,000 Fed NaVI Mortgage 100.00 250,000.00 98.84 247,109.37 2.8 4.150 10,375.00 4.1
Assoc (C 7-13-06 @
100, ix)
4.150% Due 07-13-07
75,000 Federal Home Loan 100.00 75,000.00 98.59 73,945.31 0.8 4.010 3,007.50 4.0
Bank (C 5-24-06, 1X)
4.010% Due 08-24-07
450,000 Federal Home Loan 100.00 450,000.00 99.62 448,312.50 5.1 5.020 22,590.00 5.0
Bank(C 9-14-06 @
100, ix)
5.020% Due 09-14-07
185,000 Federal Home Loan 100.00 185,000.00 98.50 182,225.00 2.1 4.000 7,400.00 4.0
Bank (C 6-28-06 @
100, 1X)
4.000% Due 09-28-07
100,000 Federal Home Loan 100.00 100,000.00 98.91 98,906.25 1.1 4.400 4,400.00 4.4
Bank (C 9-28-06 @
100, 1X)
4.400% Due 09-28-07
200,000 Federal Home Loan 100.00 200,000.00 99.54 199,085.39 2.3 5.100 10,200.00 5.1
Mortgage Corp. (C
3-17-07 @ 100, 1X)
5.100% Due 03-14-08
100,000 Federal Home Loan 100.00 100,000.00 99.31 99,312.50 1.1 5.000 5,000.00 5.0
Bank(C 12-22-06 @
100, 1X)
5.000% Due 12-22-08
100,000 Federal Farm Credit 100.00 100,000.00 99.28 99,281.25 1.1 5.020 5,020.00 5.0
Bank (C 11-22-06 @
100, IX)
5.020% Due 05-22-09
125,000 Federal Farm Credit 100.00 125,000.00 97.75 122,187.50 1.4 4.350 5,437.50 4.3
Bank(NC)
4.350% Due 06-01-09
225,000 Federal Home Loan 100.00 225,000.00 95.91 215,789.06 2.5 4.000 9,000.00 4.0
Bank (C 8-28-06,
continuously thereafter)
4.000% Due 04-01-10
200,000 Federal Home Loan 100.00 200,000.00 96.37 192,750.00 2.2 4.200 8,400.00 4.2
Bank (C 8-28-06,
continuously thereafter)
4.200% Due 05-20-10
50,000 Tennessee Valley 98.95 49,474.00 101.05 50,523.80 0.6 5.625 2,812.50 5.7
Authority(NC)
5.625% Due 01-18-11
3
LONGER INVESTMENTS INCORPORATED
A Registered Inveshnent Advisor
Longer Investments Inc.
PORTFOLIO APPRAISAL
Fayetteville Fire Pension and Relief Fund U/A DTD 6-18-86
July 31, 2006
Unit Total Market Pct. Unit Annual Cur.
Quantity Security Cost Cost Price Value Assets Income Income Yield
70,000 Federal Home Loan 100.00 70,000.00 98.47 68,928.12 0.8 5.300 3,710.00 5.3
Bank(C 12-28-07 @
100, quarterly)
5.300% Due 12-28-11
55,556 Federal Home Loan 100.00 55,555.56 97.31 54,062.50 0.6 5.080 2,822.22 5.1
Bank (C 9-25-06,
continuously thereafter)
5.080% Due 10-03-12
250,000 Federal Home Loan 100.00 250,000.00 96.50 241,250.00 2.8 5.000 12,500.00 5.0
Bank (C 10-5-07 @
100, continuously
thereafter)
5.000% Due 10-05-12
100,000 Federal Home Loan 100.00 100,000.00 98.50 98,500.00 1.1 5.250 5,250.00 5.2
Bank (C 11-14-08 @
100, IX)
5.250% Due 11-14-12
75,000 Federal Home Loan 100.00 75,000.00 97.72 73,289.06 0.8 5.375 4,031.25 5.4
Bank(C 9-25-06,
continuously thereafter)
5.375% Due 11-07-13
125,000 Federal Farm Credit 100.00 125,000.00 95.28 119,101.56 1.4 5.300 6,625.00 5.3
Bank (C 6-22-07 @
100, continuously
thereafter)
5.300% Due 06-22-15
100,000 Federal Home Loan 100.00 100,000.00 100.00 100,000.00 1.1 6.000 6,000.00 6.0
Mortgage Corp. (C
4-28-09 @ 100,
quarterly)
6.000% Due 04-28-16
Accrued Interest 33,403.13 0.4
2,935,029.56 2,917,649.83 33.3 139,130.97 4.7
CASH AND EQUIVALENTS
Dividends Accrued 2,306.63 2,306.63 0.0 0.000 0.00 0.0
Money Market 233,069.62 233,069.62 2.7 4.410 10,278.37 4.4
235,376.25 235,376.25 2.7 10,278.37 4.4
CERTIFICATE OF DEPOSIT
40,000 Capital One Bank FSB 100.00 40,000.00 99.61 39,844.48 0.5 4.900 1,960.00 4.9
Falls Church, VA
BAAI/NR(NC)
FDIC-Insured
4.900% Due 02-20-07
Accrued hiterest 876.56 0.0
40,000.00 40,721.04 0.5 1,960.00 4.9
TOTAL PORTFOLIO 8,143,645.94 8,763,629.15 100.0 288,503.38 3.5
4
LONGER INVESTMENTS INCORPORATED
A Registered Investment Advisor
Longer Investments Inc.
CASH CONTRIBUTIONS/WITHDRAWALS
City of Fayetteville Fire Pension and Relief Fund
08-15-02 to 7-31-06
CONTRIBUTIONS
09-10-03 Money Market $350,000.00
08-04-04 Money Market $127,000.00
09-01-05 Money Market $145,000.00
$622,000.00
WITHDRAWALS
2002 Total Money Market $199,000.00
2003 Total Money Market $751,000.00
2004 Total Money Market $935,000.00
2005 Total Money Market $1,106,000.00
01-03-06 Money Market $394,000.00
02-01-06 Money Market $100,000.00
03-01-06 Money Market $90,000.00
04-01-06 Money Market $82,000.00
04-27-06 Money Market $145,000.00
05-01-06 Money Market $10,000.00
05-05-06 Money Market $100,000.00
06-01-06 Money Market $105,000.00
07-01-06 Money Market $951000.00
$45112,000.00
5
LONGER INVESTMENTS INCORPORATED
A Registered Inveshnent Advisor