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Home My WebLink About2022-10-20 - Agendas - FinalLioneld Jordan Chairman Kara Paxton Treasurer Eldon Roberts Secretary Retired Position 1 Ruston Cole Retired Position 2 John Brown Retired Position 3 Melvin Stanley Retired Position 4 Frank Johnson Retired Position 5 Policemen's Pension and Relief Fund Board of Trustees Meeting Agenda October 20, 2022 A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees will be held on October 20, 2022 at 3:00 p.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. Roll Call Garrison Financial: • Quarterly reports ending 06/30/2022 • Charles Schwab Statements ending 08/31/2022 Minutes: • Approval of the April 21, 2022 meeting minutes Pension List Changes: • Bobby Jones — Passed Away on 09/12/2022 • Norma Kay Jones — Mr. Bobby Jones' Surviving Spouse Approval of the Pension List: • Re -approval of the October 2022 Pension List • Approval of the November & December of 2022, and January — April of 2023 Pension Lists Unfinished Business: None New Business: • Revenue Expense Summary Reports for 06/30/2022 & 09/30/2022 Census Survey • Approval for City Clerk Treasurer to complete the Survey of Public Pensions Electronically Informational: 2022 Election — Results 0 Frank Johnson & Ruston Cole (Term — 06/01/2022 — 05/31/2024) Osborn, Carreiro &Associates, Inc. • Estimated 2023 Premium Tax Allocation 2023 Meeting Calendar • Next Meeting — April 20, 2023 Note: All meetings are tentative and subject to change. The City meetings calendar is located at www.fayetteville-ar.gov #wo% GAP..-RisoNG ASSET July 11, 2022 Ms. Kara Paxton City of Fayetteville 113 West Mountain Street Fayetteville, Arkansas 72701-6069 Dear Ms. Paxton, Enclosed is your quarterly report for the quarter ended June 30, 2022. RECEIVED JUL 14 2022 CITY CLERK 5 OFFICE Market turmoil continued into the second quarter as recession and stagflation risks ramped up, leading to declines in most every major asset class. Stocks clocked their worst first half in 52 years with the S&P 500 down - 16.1% in the second quarter, leaving year-to-date losses at-19.96%. Stocks around the globe did not fare much better with the MSCI EAFE international index down-14.3%, Japan's Nikkei down -5% and the emerging market index down -11.4% for the quarter. The risk -off trade also hit commodities and cryptocurrencies. Non -energy commodities like industrial metals, gold, silver and wheat were down -25%, -6.7%, -18.2% and -13.6% respectively in the second quarter. Bitcoin shed -59% in the second quarter which was its worst quarterly performance in over a decade. Bonds were not immune from the market swoon. For the quarter, the Barclay's Capital Intermediate Government/Credit Index (our benchmark index) was down-2.37%, bringing the year-to-date return to negative - 6.76%. In mid -June the Federal Reserve raised interest rates by +.75%, the most aggressive hike since 1994, while simultaneously reducing 2022 estimated GDP to +1.78%, down from +2.80% in March. Fed Chair Powell suggested another increase of+.50% to +.75% at their upcoming July meeting. Our thinking is another+.75%. They are aggressively trying to contain inflation rates not seen in the last 40 years. CPI inflation is currently running at +8.60% annually, with many individual items, most notably gasoline and food, being significantly higher. Inflation is no longer "transitory" as it was previously characterized by the Fed. It is beginning to significantly impact consumers and their spending ability. Rate hikes are expected to continue in the second half of 2022 and perhaps into 2023. The Fed is walking a tight line between countering inflation and having the least impact on financial markets as possible. So far, they have not been successful in either respect. Since the first of the year, the rate on our market barometer 10-year Treasury has risen from 1.51% to 3.02%, having peaked on June 14th at 3.48%, a remarkable move as bond prices are down significantly. Most of the move occurred in the March to June period. In the fixed income markets generally, the Bank of America index of 7-to-10-year maturity Treasury bonds was down -11%, marking the worst first-half performance since 1788 (seventeen eighty-eight), according to Deutsche Bank estimates. More broadly, 7-to-10 year German and Euro-zone government bonds are down -12.5% and - 13%, respectively in the first half. Energy and the US Dollar were the only two bright spots in the quarter. The continued war in Ukraine and strong demand put further upward pressure on energy prices with Brent crude up +6.4% and WTI crude +5.5% for the quarter. The dollar was the best -performing of the G10 currencies, up +9.4% so far this year, as investors expect the Fed to hike rates quicker and more aggressively than other central banks around the world. What does this mean for the markets? For equities, going into 2022 US stocks had been positive for seven consecutive quarters with an accompanying rise in valuation metrics. While timing is always unpredictable, some kind of pullback was statistically likely at some point and we have finally experienced it. The selloff has reset the market picture with the price -to -earnings multiple going from 25x at year end to a more attractive 16x currently. Given the economic backdrop earnings growth may be muted, we will learn more soon as earnings season gets underway. We are confident in the management of our portfolio companies and their ability to operate through the business cycle. While interest rate moves have been tough on bonds this year, fixed income investors can now reinvest maturities at higher rates. What's made this year particularly challenging is that both stocks and bonds have declined. While bear markets are difficult, it's always important to view the current period with perspective. Staying invested and diversified are the still the best ways to achieve financial goals in the years and decades to come. We are always happy to meet with you to review your financial goals and objectives. If anything has changed in your personal financial situation that we should be aware of, let us know. We will be happy to schedule a visit, or we can discuss your situation over the phone. Cordially, 1 Kerry Bradley, CFA, MBA Equity Portfolio Manager Garrison Asset Management 605 W. Dickson Street, Suite 201 • Fayetteville, Arkansas 72701 479-587-1045 • 888-442-7637. 479-587-1257 Facsimile • www.GarrisonFinancial.com RECEIVED JUL 14 2022 CITY ;.�r , :,;„ , cVILLE CITY CLERK'S OFFICE 001�1, GARRISON ASSET MANAGEMENT City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 Quarter Ending June 30, 2022 PORTFOLIO SUMMARY City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 June 30, 2022 PV28.1% 65.7% . 4-100 M Cash & Equivalents 325,761.70 Account Fixed Income 1,491,805.68 Account Equities 3,485,794.58 Garrison Asset Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 June 30, 2022 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield CASH AND EQUIVALENTS Schwab Bank Sweep 325,761.70 325,761 70 6.1 0.010 32,58 O.0 325,761.70 325,76170 6.1 32.58 O.0 CORPORATE BONDS 125,000 Oracle Corporation 100.07 125,090.38 99.83 124,786.12 2.4 2,500 3,125.00 3.1 2,500% Due 10-15-22 125,000 Intel Corporation 100.19 125,243.71 99.82 124,776.12 2.4 2.700 3,375.00 3.1 2.700% Due 12-15-22 110,000 Nike, Inc. 100.34 110,370,43 99,07 108,976A9 2.1 2250 2,475.00 3.4 2.250% Due 05-01-23 125,000 Apple Inc, 100.29 125,364.75 99.57 124,457.12 2.3 2,400 3,000,00 2 S 2.400% Due 05-03-23 125,000 Procter & Gamble 101.29 126,611.81 99,78 124,722,75 2.4 3 100 3,875.00 3.3 Company 3.100% Due 08-15-23 110,000 JB Hunt Transport 104.24 114,659 39 99.15 109,062.47 2.1 3.875 4,262.50 42 Services, Inc. 3.875% Due 03-01-26 100,000 Adobe, Inc. 105,58 105,581.93 93.23 93,231,60 1-8 2150 2,150.00 3.8 1150% Due 02-01-27 110,000 Kroger Company 103.78 114,161,00 97.19 106,913.29 20 3 700 4,070.00 4.4 3.700% Due 08-01-27 60,000 Laboratory Corporation 104.33 62,597.72 96.59 57,954.24 1 1 3 600 2,160.00 4.4 of America Holdings 3.600% Due 09-01-27 110,000 General Dynamics 102.38 112,613.66 93.50 102,845,82 1 9 2.625 2,887.50 4 C Corporation 2.625%Due 11-15-27 100,000 Tyson Foods, Inc, 117.77 117,767.13 98.88 98,876 20 L9 4.350 4,350.00 46 4.350% Due 03-01-29 100,000 PepsiCo, Inc, 103.79 103,790.28 92.61 92,609 40 L7 2.625 2,625.00 3 9 2.625% Due 07-29-29 110,000 FedEx Corporation 100.11 110,124.89 91,23 100,349.48 1.9 3.100 3,410.00 4.6 3-100% Due 08-05-29 Accrued Interest 12,096.17 02 1,453,977,07 1,381,657.68 261 41,765.00 3.8 COMMON STOCK 1,680 AT&T, Inc. 21.31 35,806.37 20.96 35,212.80 07 1.110 1,864.80 5.3 525 AbbVie, Inc. 66.58 34,953,92 153.16 80,409.00 1 5 5.640 2,961,00 3.7 710 Abbott Laboratories 39.36 27,945.60 108.65 77,141.50 1.5 L880 1,334,80 1.7 300 Accenture Plc, 90.81 27,241.91 277.65 83,295.00 1.6 3.880 1,164.00 1 A 600 Akamai Technologies, 55,76 33,454,45 91.33 54,798.00 1.0 0.000 0.00 0.0 Inc. 435 American Electric 78,40 34,102.70 95.94 41,733,90 0.8 3,120 1,357.20 3.3 Power 295 Amgen, Inc. 114.33 33,727,26 243.30 71,773.50 L4 7.760 2,289.20 32 250 Ansys,Inc. 75,67 18,918,47 239.29 59,822.50 LI 0.000 0.00 0.0 560 Apple, Inc. 17.86 10,002,18 136.72 76,563.20 1.4 0,920 515,20 0.7 685 AptarGroup, Inc, 63,47 43,477.91 103,21 70,698.85 1.3 1,520 1,041,20 L5 580 Arista Networks, Inc. 52.16 30,250.97 93.74 54,369.20 1.0 0.000 0.00 0.0 56 Aspen Technology 16630 9,31 Z 80 183.68 10,286.08 02 0,000 0.00 0.0 43 AutoZone,Inc. 51609 22,192,02 2,149,12 92,412.16 1.7 0,000 0.00 0.0 1,350 BCE, Inc. 2440 32,934,20 49.18 66,393.00 1.3 2,800 3,780.00 5.7 200 Becton, Dickinson & 111 11 22,222,05 246,53 49,306,00 0.9 3.480 696.00 L4 �� Company I Garrison Asset Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 June 30, 2022 Adj Unit Total Adjusted Market Pct. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield 150 Broadcom, Inc. 239.03 35,853.78 485.81 72,871.50 1.4 16,400 2,460.00 3.4 225 Broadridge Financial 41.33 9,298.79 142.55 32,073.75 0.6 2,560 576.00 1.8 Solutions, Inc. 1,368 Brown -Forman Corp. 35.52 48,596.98 70.16 95,978.88 1 8 0.750 1,026,00 1.1 Cl B 385 Bunge Ltd, 84,56 32,556.82 90.69 34,915.65 0.7 2,500 962.50 2.8 1,445 Cisco Systems, Inc. 19.70 28,470,99 42.64 61,614.80 1.2 1_520 2,196.40 3.6 1,400 Coca-Cola Company 30.98 43,374.60 62,91 88,074.00 1.7 1.760 2,464.00 2.8 965 ConocoPhillips 55.58 53,635.89 89.81 86,666.65 L6 1 840 1,775.60 20 250 Deere & Co, 87.76 21,940.58 299.47 74,867.50 1.4 4.520 1,13000 1.5 500 Disney, Walt Company 110,91 55,454.90 94A0 47,200.00 0.9 0.000 000 00 550 Eastman Chemical 85,25 46,885,10 89.77 49,37150 0.9 3.040 1,672,00 3.4 Company 700 Embecta Corporation 28.85 20,198.03 25.32 17,724.00 0.3 0,000 0.00 0.0 t-145 Freeport-McMoRan, 31.22 35,741.98 2926 33,502 70 0.6 0.600 68T00 2.1 Inc. Cl B 3,865 Huntington Bancshares, 13,05 50,444.36 12.03 46,495 95 09 0.620 2,39630 52 Inc. 1,205 Intel Corporation 20.53 24,744.12 37.41 45,079 05 09 1.460 1,759.30 3.9 560 Johnson & Johnson 64.70 36,229.62 177,51 99,405.60 1.9 4.520 2,531.20 2.5 365 Kimberly-Clark 107-07 39,079,82 135.15 49,329.75 0.9 4.640 1,693.60 3.4 Corporation 335 Laboratory Corp. 125,86 42,163.99 234,36 78,510.60 1.5 2 880 964.80 12 America Holdings 675 Lincoln Electric 67.20 45,360.12 123.36 83,268.00 1.6 2.240 1,512,00 1.8 Holdings, Inc, 680 Masco Corp. 54.13 36,805.20 50,60 34,408.00 0.6 1.120 761.60 2.2 120 Mastercard, Inc. 295.65 35,477.92 315.48 37,85T60 0.7 1.960 235,20 0.6 640 Medtronic Plc. 77,60 49,662,77 89.75 57,440.00 LI 2.720 1,740.80 3 0 I.100 Merck & Co., Inc. 4900 53,898.79 91.17 100,287.00 1.9 2.760 3,036.00 3.0 70 Palo Alto Networks 378.77 26,514.23 493.94 34,575.80 0.7 0,000 0.00 0.0 530 Pepsico, Inc, 93.75 49,690.09 166.66 88,329.80 1.7 4,600 2,438A 2.8 500 PerkinElmer, Inc. 97,03 48,515.80 142.22 71,110.00 1.3 0.280 140.00 0.2 630 Phillips 66 7118 45,473.90 81.99 51,653,70 1.0 3.880 2,444.40 4.7 630 Procter & Gamble 59.42 37,433.09 143.79 90,587 70 1.7 3.650 2,299.50 2.5 Company 825 Roche Holding, Ltd, 43.72 36,069,41 41.71 34,410.75 0.6 0.780 643.50 1.9 ADR 330 Rockwell Automation, 165-23 54,524.36 199.31 65,772,30 1.2 4.480 1,478.40 2.2 Inc. 250 Skyworks Solutions 126-14 31,535.10 92.64 23,160.00 0A 2240 560.00 2.4 470 Texas Instruments, Inc. 58-53 27,511,42 153.65 72,215.50 1.4 4.600 2,162.00 3.0 120 VMWare, Inc 124,21 14,905.40 113.98 13,677.60 0.3 0.000 0.00 0.0 710 Ventas, Inc. 73.52 52,195.91 5L43 36,515,30 0.7 1.800 1,278,00 3.5 355 Verisk Analytics, Inc. 81,80 29,039.45 173.09 61,446.95 1.2 1.240 44020 0.7 500 Vertiv Holdings 19.01 9,504,95 8.22 4,110,00 0.1 0,010 500 0,1 Company 655 Wa1Mart, Inc. 62.11 40,680.30 121.58 79,634 90 L5 2.240 1,467.20 1.8 406 Warner Brothers 28.62 11,621.33 13.42 5,448.52 0.1 0.000 000 0.0 Discovery, Inc. 510 Waste Management, Inc. 42.21 21,525.65 152.98 78,019,80 1.5 2.600 1,326.00 1 7 500 Xylem, Inc. 64.30 32,148.42 78 18 39,090.00 0.7 L200 60000 1 5 252 Zscaler_ Inc. 243.08 61,25626 149.51 37,676.52 0.7 0.000 000 0.0 1,892,563.05 3,138,594.31 59.2 65,865 90 2 1 MUTUAL FUNDS } 3,917.054 Dodge & Cox Intl Stk 45,15 176,847.02 4255 166,670.65 3.1 1.180 4,622.12 2 8 2 Gaiiison Asset Management PORTFOLIO APPRAISAL City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 June 30, 2022 Adj Unit Total Adjusted Market Pet. Unit Annual Quantity Security Cost Cost Price Value Assets Income Income Yield 4,015.606 Oppenheimer 41.30 165,856.61 35.68 143,276 82 2.7 0.050 200.78 0.1 Developing Mkts A 342,703.63 309,947 47 5.8 4,822.90 1.6 UNIT TRUSTS 2,340 FT Energy Income & 34.20 80,032.95 15.92 37,252 80 07 1200 2,808.00 7.5 Growth 3,350 iShares S&P US Pfd Stk 38.34 128,422.50 32.88 110,148.00 2.1 1.610 5,393.50 4.9 208,455.45 147,400.80 2.8 8,201.50 5.6 TOTAL PORTFOLIO 4,223,460.91 5,303,361.96 100.0 120,687.88 2.5 You should carefully compare this statement to the statement you receive from your custodian and notify us immediately of any discrepancies- 3 Garrison Asset Management PURCHASE AND SALE City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-22 To 06-30-22 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES 04-29-22 05-03-22 660 Embecta Corporation 29.74 19,626.82 SALES 03-17-22 03-21-22 300 3M Company 147.10 44,129.50 05-16-22 05-18-22 130 AbbVie, Inc. 155.69 20,239.84 05-16-22 05-18-22 7 Apple, Inc. 145.42 1,017.96 05-16-22 05-18-22 95 Apple, Inc. 145.42 13,814.98 05-16-22 05-18-22 33 Apple, Inc. 145.42 4,798.89 05-17-22 05-17-22 135 Aspen Technology 87.69 11,838.15 05-17-22 05-17-22 1 Aspen Technology 177.23 124.06 04-29-22 05-03-22 10 AutoZone, Inc. 1,959.33 19,593.30 05-16-22 05-18-22 10 AutoZone, Inc. 2,018.34 20,183.44 04-29-22 05-03-22 20 Broadcom,Inc. 560.13 11,202.54 05-16-22 05-18-22 30 Broadcom,Inc. 582.71 17,481.31 03-24-22 03-24-22 0 Bunge Ltd. 113.50 43.13 05-16-22 05-18-22 185 ConocoPhillips 105.79 19,570.70 02-22-22 02-24-22 305 IPG Photonics Corporation 135.72 41,395.67 04-29-22 05-03-22 110 Organon & Company 32.90 3,618.98 06-12-22 06-13-22 125,000 Sysco Corporation 100.00 125,000.00 2.600% Due 06-12-22 04-08-22 04-13-22 0 Warner Brothers Discovery, Inc. 27.11 11.40 05-16-22 05-18-22 125 Waste Management, Inc. 157.65 19,706.71 373,770.56 Garrison Asset Management REALIZED GAINS AND LOSSES City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 From 01-01-22 Through 06-30-22 Gain Or Loss Open Close Cost Amort. or Date Date Quantity Security Basis Accretion Proceeds Short Term Long Term 03-24-17 02-22-22 305 IPG Photonics Corporation 36,654 02 41,395.67 4,741,65 03-19-15 03-17-22 300 3M Company 49,479.55 44,129.50 -5,350.05 09-25-14 03-24-22 0 Bunge Ltd. 32.13 43.13 11.00 10-24-08 04-08-22 0 Warner Brothers Discovery, 12.04 11,40 -0.64 Inc 01-13-14 04-29-22 110 Organon & Company 2,626.99 3,618.98 991.99 06-27-17 04-29-22 20 Broadcom, Inc, 4,780.50 11,202.54 6,422.04 07-24-14 04-29-22 10 AutoZone,Inc, 5,160.94 19,593.30 14,432.36 04-02-14 05-16-22 125 Waste Management, Inc. 5,275.89 19,706.71 14,430.81 05-20-10 05-16-22 185 ConocoPhillips 10,282,53 19,570.70 9,288.17 07-24-14 05-16-22 10 AutoZonc, Inc. 5,160.94 20,183.44 15,022.50 06-27-17 05-16-22 30 Broadcom, Inc. 7,170.76 17,481.31 10,310.55 10-02-13 05-16-22 7 Apple, Inc. 125.03 1,017.96 892,93 12-31-14 05-16-22 130 AbbVie, Inc. 8,655.26 20,239.84 11,584.58 10-02-13 05-16-22 95 Apple, Inc. 1,696.80 13,814.98 12,118.18 10-02-13 05-16-22 33 Apple, Inc. 589.41 4,798.89 4,209.48 12-23-20 05-17-22 135 Aspen Technology 8,423.84 11,838.15 3,414.31 12-23-20 05-17-22 1 Aspen Technology 116.41 124.06 7.65 07-15-16 06-12-22 125,000 Sysco Corporation 127,495.00-2,495.00 125,000,00 0,00 2.600% Due 06-12-22 TOTAL GAINS 0.00 107,878 21 TOTAL LOSSES 0.00 -5,350.69 j 273,738.04-2,495.00 373,770.56 0.00 102,527.52 TOTAL REALIZED GAIN/LOSS 102,527.52 NO CAPITAL GAINS DISTRIBUTIONS W Garrison Asset Management PERFORMANCE SUMMARY GROSS OF FEES City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 June 30, 2022 PORTFOLIO COMPOSITION Market Pet. Value Assets Cash & Equivalents 325,761.70 6.1 Money Market 0.00 0.0 Account Fixed 1,491,805.68 28.1 Income Account Equities 3,485,794.58 65.7 Account 0.00 0.0 Commodities Total Account 40% Fixed Income/60% Equity Blended Index Account Fixed Income Barclays Capital Intermed Govt/Credit Account Equities S&P 500 5,303,361.96 100.0 CHANGE IN PORTFOLIO 0.0 Portfolio Value on 12-31-21 6,368,590.86 - Accrued Interest 12,383.71 3.8 Net Additions/Withdrawals -299,778.01 2.1 Realized Gains -23,967.60 - Unrealized Gains -815,286.59 Income Received 61,707.13 Change in Accrued Interest -287.54 Portfolio Value on 06-30-22 5,291,265.79 Accrued Interest 12,096.17 2.5 5,303,361.96 TIME WEIGHTED RETURN Annualized Quarter Year Last 12 Inception To Date To Date Months To Date -9.50 -12.54 -8.50 5.21 -10.74 -14.75 -8.94 7.16 -2.68 -6.28 -6.45 1.68 -2.37 -6.76 -7.12 1.43 -12.57 -15.57 -9.75 7.65 -16.10 -19.96 -10.62 10.67 All "Account" returns refer to your portfolio. Benchmark indexes are also listed for reference. All returns are reported as percentages. This report is calculated using industry -standard accounting and performance calculation methodologies and is generated by our Axys portfolio accounting software. Calculations are a time -weighted total return series based on monthly valuations, including all cash and equivalents. All calculations are done based on trade date, employing the accrual method of accounting and include cash, interest, dividends and realized and unrealized gains and losses. Performance is adjusted to accurately reflect portfolio deposits and withdrawals. Results are presented after transaction costs but before management fees. Inception -to -date returns are annualized numbers, except for accounts under management less than one year. Unsupervised assets are excluded in performance calculation. At any given point in time an investment may be worth more or less than the original purchase price. ,*A, GARRISON ASSET MANAGEMENT July 8, 2022 City of Fayetteville Police Pension and Relief Fund Charles Schwab #2448-5630 113 West Mountain Fayetteville, AR 72701 STATEMENT OF MANAGEMENT FEES For The Period April 1 through June 30, 2022 Portfolio Value as of 03-31-22 6,026,508 Portfolio Value as of 04-30-22 5,665,876 Portfolio Value as of 05-31-22 5,587,838 Portfolio Value as of 06-30-22 5,303,362 Average of 4 Months 5,645,896 5,645,896 @ 0.5000% per annum 7,057 Quarterly Management Fee 7,057 TOTAL DUE AND PAYABLE 7,057 This statement is for informational purposes only. As you requested, the fee will be automatically deducted from your account. Please be advised that it is the responsibility of the client to verify the accuracy of each fee calculation. The custodian will not determine whether the fee is properly calculated. WN � o }� N L.lv = 40 LLI W �. N On1-67053TTCEi W3-145414' Statement Period August 1-31, 2022 Please see the reverse of this page for additional information. o� co 0 cc W r a o _ W N Q U ti H _ W WO N CL 2 LLJ 2 J d O J et r M-qNH r CO') W C' �d of < LLJ GOO J N e(lQO2J N 2LL00� O QLLCSLLJ o c w — 0 0 D 2018 Charier Schwab 8 Co., Inc, CSchwaV); All rights rmarved. Wmbar SIM Is lyrnlsbed for EJ = T Thia statome rr. solely y-nwr nceawnt nt Schwab. Excey. as Ruled In this statement's Terms and Condkiona. Inveatmant Adviaaie whose names appear M this statement nre not afflliniad with Schwab. Please see Term and Cu rdhlons. LL {O61 tr120dJ Page 1 ot2 p' sill 99ZLZ0 �P:rl�',� 1�..4�i'.9 Summary for Enclosed Statements Statement Period August 1-31, 2022 Your Independent Investment Manager and/or Advisor GARRISON ASSET MANAGEMENT 605 W DICKSON ST STE 201 FAYETTEVILLE AR 72701-5167 1 (479) 587-1045 This report Is provided by Schwab. Except as noted in the terms and conditions, your investment Manager and/or Advisor is Independently owned and operated and not an affiliate with Schwab. For questions about this summary, or If there is a change In your financial siluati❑n, Investment objectives, or risk profile, please contact your Indepandeni Investment Manager and/or Advisor. 2 Statements Enclosed Name on Account ccounf # Acco untType Starting Value Ending Value 1 L JORDAN & K PAXTON TTEE 5,537,729.43 5,416,251.65 2448-56W Schwab One Trust Account 2 L JORDAN & K PAXTON TTEE 1,394,944.15 1,372,065.55 7861-1206 Schwab One Trust Account Total $6,932,673.58 SE,788,317.20 This Summary may not include a# o1 your accounts at Schwab and Is informational only. Seethe enclosed individual account statements and their Terms and Conditions. Page 2 of 2 Schwab .OneO Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE U/A DTD 08/26/1924 Need help reading this statement? Visit www.schwab.com/StatementHDIP for more information. W 0) a o W co W J CL ZJ J YeLU LU t ,dNZJ Ztaio=� � W ��o�� QrQ JU�ru_ Account Number Statement Period 2448-5630 August 1-31, 2022 Your Independent Investment Manager and/or Advisor GARRISON ASSET MANAGEMENT 605 W DICKSON ST STE 201 FAYETTEVILLE AR 72701-5167 1 (479) 587-1045 The custodian of your brokerage account is: Charles Schwab & Co., Inc. Table of Contents Page Termsand Conditions..................................................................................................2 Changein Account Value...............................................................................................3 AssetComposition :......................................... --- ......... ..... ................... .3 ..................... IncomeSummary.. ............................................................,.....-.....................................4 4 Cash Transactions Summary ..... ............. ........ ,..,...,,..,......,...... ..............,......... ;......,...... 16 TransactionDetail. .................... -- ........................................ ....... .................. 17 Bank Sweep for Benefit Plans Activity,.,........,...... ...... ........... ................. ............ ,........... PendingCorporate Actions ................... ......... ................ .......:.......... ........ ..,........... ..... ...18 EndnotesFor Your Account.........................................................................................19 Page 1 of 19 09''3 I-67059-TTC E 1303.145414 ' Schwab Onea) Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE U/A DTD 013/26/1924 Terms and Conditions GENEIt-U, IYFOKMATION _OD KEY TF',RMS: This Account stntement is l'urnisiled emery by Charles Schwab & C'n., Inc. ("Schwnb"} far yalu.Accnuut at Seliw�rb [ ACantint"}, Unless UIhLI'LFiSCdctlnrd hetF:i.n, cnpltalixuci terms hues: the crime: meitnings ss in your Account A+mriienE. If you Ivccivc any irlher CuinmLtatcnhnlr f'roan any source other than Schwab which purports to m resent your holdings; al Schwnb (i.nvlliding ba€antes 11e d nt n Depositary Instihilion) you should verify its content wtlh this slnwmenl, rilP (Automatic; Investment Plan) C'lrsioraers: S, 'a n Cirives rernunenttion in CUnneclion w.11h cet•Iai11 lrnnsac11ons cffeeled through Schwab. If you pa tlici dC in n sysI Cmn tic invBstmCnl prngrnm Alough Schwab, the ndditinnal i-form also n.notmalIy LlLtatIed on a trade conlirmntion will be provided upon inquest. Average ]]ally Halanco., tk arnye dairy composite of all cash bnIances that wr'n lrilonst and till Ionas from Schwab lhnl are chid intium5t. Hank Sweep and Bank Sweep for Bur iiI Plans Fe ill ures: Schwab acts as your agent and cList odinil in establishing and maiItInIAn g c'gHitt siI ,'\ccoLml(s) as a fetnr.re aofy our brokerage accounts Deposit nccNut t3 held through brink . Teat umos corlstiit, e dirt:ct nlrliK�ntius ri oil of more IODIC insured banks Z ' Aif Bated riall ks") thin ore afTrlialed with Schwab and sae not abligatioras of Schwab. Funds swepl to Al'riIiateI Banks ar u eiigibit for dt;posill IaKim acc from rho FDIC. up to die applicable limits for eacb bank for funds held in the same insutnble e pacity, The balance ill the Deposit Accounts can be withdraw q on yNit order and the pmeced9 retained to your brokumgu account ni, reinitteti to you in pray! ded in your Account Aprrem cni. For information an YDIC insurance and its Iitoits, its well as other iniportan.t disclosilns about the bank sweeP hflt'l-tc(s) in You account, please naferIo the Cash Features Disclosure Slalemanl avertable onII"i urfroin is Schwab mpresentative. Cash- Any Free Ciudil BnIancz owed by its to yiiu pnynbie tiara domtrnd which, 11111101191, accounted 1'or on Our books of Tocord, is not segng algid and inay 1>E usod in the conduct of this fitm's business. I)tr•idend Reinvestment C: "Blom erg: Dividend reinvestment itansnctitins were uflr"elod by Schwab acting as a pprincipal f'or its own account, exurplfor the Ieiavestment of Schwab dividends for which an indtppccndeart broker-denlcr acted as the buy IvS n tent. 1;'ii Aer iafolrnation on l&rsr transaulians will be furnished uppoon wd ten request. Interest: For the Schwnb One Intet-cst,.Aunk Sweepp, rind Bnrik Sweep 1'0- Bereft Pions features, interest is paid nor a averred Eliot may difierfrom the Stnteolant Petiod. -Bit 10ricON include interest paid ns indicated on ycarr stalement by Schwab or one or mere of its Affiliated Banks. These balances do not include intcr•gt lhnt aniy have accnrod during the Statement Pound afler.iMerest isppaaid. The intormst 1d in fl include inteli that acurtied in the prior Statement Period. l ur the chwab Ona Interest featire, interest irccIII cs daily from the canna. -to -last bus! a"q dry of the piiorrnonth and is c- ted On the second -to -fast business day of the curnnt month, For the honk svvoep featurL{s], interest accrues daily from the IOith d ly of the 01'tilvnth aaet is er::diled acted on the first btsiness day alter the 15th of the currant month. If, on any given d-y the i11lenrst that Schwab cis ICtdates fol- the Fn�c CWdit Hal 0riuCs in tko SLhwab Dm: Interest feature in your bttikernge a ccnunt Is less than 5.005 you will not itCCmC finsy Interest bn thnl day. For balnncrs held nI Monks alirliated with Sc]iwub in the Bank Sweep and Batik Swcep fat' Rea cJiI Plans jollI ureN, interest will accrue even t1 lbe amour} is less !hart S.005. MArgta Accolmt Customers: I11is 1s a Corn hined statement of your margin acCent rit and special memerandLIni accollat maintninedfveyoil I tender S.cclian 2MS elf RegulntiOn T issued by the Bonrd of Governors al'the FedetaI Re -MIL, Systetn. Thu �Iv.rulanent record of the sepnmte accntint its required by RcgLdaIion f rs ivailable fili- your inspection, Securities pit tehasod on margin are Suhwab's col Iatural for the lour. to you, 11 is Irnporianl lhnt you fully understand the risks involved in trading seuiriiies on ran !'hose risks includer • You cnn Iose more fii.nris than You deposit In the margin nccount. • Schwab call farce the sEll 0 Of sat:uriLion or athllr assets.ia nay of your aecount(s) to maintain She:r.erylired account trimly without Cnninii yeti. ■ Ytxr are not entitled to ebime which assets are IiquiduLed nor rem +you ❑n Iitied ltl a.n exten Ni on of.time on a nnl rgln Call, • Su hib tint ire: iL'R se: both il& "holm" maintenance mai-SJ TI requiements tied The Irlainlenance mnrgix mquirvtnonIN. for your Account at any time wi6Exit advfince wt'Iiten notice to yyou. Nfailkel Price: Tfil: must recent price evaInation available to Schwab on the inst busincsii day of the tt: et period, normally the last trade price fir bid as of mntks:! close. 11,1 treed socitritios denote t2iat no till'i 10 va l gal i on llpdiIIQ Is Clldt`'n I li ilnble. Nee: aYa ]Ball brie ale' obtained from Outslcle parties, Schwab shall hnr'e no lesponvibilityy- for the. ncCup cy or timeliness of any such valuations. Pltcrng of resters not held al +chwab is, for inform oil On at pttl�x.� sus only. Some socurilies, especially thinly traded equities in tE . TC market br foreign matkels, may not rs:poli the most Current price and are indicated its S`ialc Priced, For Limiled Partnerships and Real Estate Investment Tmst (RE)TI securities, you may spa that the value nifleCLed on your monthly accrxrnt 5141101nent for this securityir unptioed. NASD Ill itrs rogtiire that certain 1,iii ied Paiinershipps (direct participation progrnms) and Real P-Ante Investment Trist R> IT) seclvitieq, chat have not lx m priced within 1 amonths, mus shrew as tlrrpllcCd on custnrner statements. Note that 111osc wcuriiil s rem geacrxlly ill]rr��aid, the value of the see kidtics will bra ASibn at Ihis n its purchase plico, nod, if Ile that 11CCLunt e valtiatiOn infblrttation may aol be isvaIIabiL. 153irkatValini'17irr Market Value is.CorllptlLod by mul ••plying IAhe Market Price by the (quantity of Shn:res. This is the dollar vidue of yoiu'pmsmt hot dings In y-air spce ifred Schwab .IQ rou nt or a &Im ija ry of the Market Vnitw summed over multiple ai inIs, Nun -Publicly Traded Securities: All nxsets shown on this slalement, other khan certain ditvxt investments will ch-may I--- held btiy it third ppit it , asv held in Your Accall nt. Via Ipas of cettniis Non -Publicly 1'itidCd Securities may be flirnishe�il i?yy n third �amiy as provided by Schwab's At: counI Agreetnont. 5C]iwab shall have na rusponsrbiIity for the 4mlmcy or timeliness bf such vit] ualiOns, The Soiities Iti iar Protraction Coipbmtion (SIPC) does not cover many limited ?Anarship inLew sils. SChwab Sweep 1'Ioneyy F qi�uds: Includes the primary money niariwt funds info which Ftea Credit Balances may be autotriniiCalIy utvesteti plltsUruit to your Atpou itApyament, Schwab or an alTlifitc nets and receives cola �cIcnsalian ns Ill eInvestm�nt Advisor, TransferAgent, ruhat Sliader 5rviee Agebt and Distliblrtorfor the Schwab Sweep Money P'unds. The pmmirtt of Stich compensation Is discioscd In tIsc: pmspceius. I'll e yyield infbrmntion for Schwab Stivpp Money Funds s the torrent 7-day ylofd as oft h e stateniont pciiod. ]'ields vary. if on filly given day, the aecrukA daily dividend for yotir sett.-cted sweet iiianvyy funii as rnlcut aled for your aCCount is Ions than !r• of l cent �50,i105], your account will not corn n dividend for that dilly. In nddltlon, ifyoil do not accrue at lugs! I daily divldcnd of 5i].A.I tinting a pay p�tiod, y-xi w'il not strive a money markel dividend for that pC it Schwnb and the Schwab Si}ecp Moncy Fonds rave slment odA401- inay ho volunlorlly tcdueing a�pcartibn of a Schwab Sweep Money Fund's L5xpense5� Willinut these m ua}inna, yields would have been lower, Securities Products and Services: Securities products and services Account Number 2448-5630 Statement Period August 1-31, 2022 WT.- offend by Chnrlus Schwan & Co., I.nC., Member SIT^C. Securities pprrALlcts and services, ineludine iIas wept Intraday fun ds and net cn:dit brlances held in broketn ga accou:ri ai9 not depo3tits or other ONigolionso f, or gunranteed by, any bent:, itru nil FDIC insured, rind ,'axubjelot 1111.nvwtment risk and retry lose value. SIPC does not cover finIimctis held al banks affiliated with Schwab in the Bank Swa,p and Bank S-, cep for Fienuftt Plans raahrlis. ?Ieaso scx: yyNit Cash Fen Lim Disclosam Sin Ica Icat for more infntrttntion errs insurancc covert ge. Yield to N18111 Y: This Is the isCLIO average: nnntin I return on a note if livid to mrliurityyI Gain (or Loss): 11irrealized Gain or (I.ci and Renlized Gain or (Lms) suctions K.ctnln(S1"))cnn in in d gsin or a logs R1lllnialy your of AvcNiIll. This infuirrsat{on line been provided on this gintoment at the requl st of your Advisor, if applicable. !'his information is not a solicitalioil br a T"cinnit:ndaiton to boy or Bell. Scilwit li does not pro -tide tax advice and encourages yyou in cansult wditl yntrr inx iirufesslvnal. Please vier►• the Crest Das1s DIMONUre Statement for additional tnfor-matfon on how gain (nr.lass) is role uloled anti how Schwab repot is adjusted cost basis lnfurmation to the IRS. Accrued lncoate: Accniod hwome is the Sum of thu total accrued inletc.i and'araccntvd dividends on posiIiOns)Icld In yourAccrnmt, but the interest nnsJlaar dividends have not brer1 received into your a"Olin I, Schwnb inakes no tvpresentation that the amounts shown (or any other amounir will be rLcviyea . Accrued amounts anti: not coveted by SIPC acci7Llnt rotcclion until nalually teCeived nod held in the Accomtnl. IN C j kS OF ErRRORS OR DISC RE PXNCIES. Ify}on find an error or discrepancy relating to your brukilrago activih (olborlban an electronic fund tranarer) .•you must notify uspru ilv but no later than 10 days after this statement is sent or trade ni ii v in yore, if dire staIamen t shows thraI we have mailed or delivered urtly certtblcatli that }y (Oilhave not received notify Schwab immediately. You may call us ai "00415-4000. torrtslde iha IfN man +1-415-fi67-N400, Ifp ou're a cllenI of all udependerit inves(mCut advisor, volt lrs a 80D-5a15-2157.:%ny oral contmunicalton% should be ro-contirinod In wrlttng �to further pro Inet ynnr rlgiiis, IaClud rlybt3 under the Seeurlies Investor P.rotaction Asa CSIPA). you do not so notify us, you a ree that the stalernent artivlti. anti Account balance are carreel far all purposes with reeppeel to those brookeaamge iransartions. IN CASE OFF COMI'L:UNTS; If you hnve rr complaint mgnrdingg your Schwab sfaLenient, producIs of services, please writ: to tkc RenI AdvDun cy Team at CliiiI es Schwab & Co„ Inc.• Attention: CJienl Advocacy Team1.211 Main Si„ San Fin ncisco, CA 94105, USA. or Ca11 Sehwab Signtit ur Alliance at 800-5.15-2157, Address Chan es: ll'y❑li fail to notify Schwab in writing of any, chimge of address or phgUne number, you inay not t Calve important nnttllCatians about Mir Account, and trading fit' other r:slrictibns might be placed on your 1iCC Pilnt. Addltinnrd .information. We err. ngllited by 111w to report to the Internal Revenue Service adjusted cost liasis infnnnii (il' nppi�illicable), Certain payments to you and credits lla yaur.�ecpLiat dtittng the Calendrlr seat'. Retain this statememt for income Ifix ppurposes. A iinimcinl slawnient foexr r yr inspection is available at Schtvab's offices or a 4itvy will be mnil�d la ymxt upon written rt quest. Any third piety traaumfirks a acing herchi nre the pmmpporty of'thoir iespecIIvc owners. Schvvob and Chn.des Schwa are nFFilifites:ofeach other and subs idinrles of the Charles Schwab COwns Itin. 60 2016 Charles Schwab & Co„ Ine. ["Schwab"] V rights reserved. Member SIPC, (0221-117W) 00111444W Page 2 of 19 Change In Account Value Starting Value Credits Debits Transfer of Securities (In/out) Income Reinvested Change in Value of Investments Ending Value an 08131/202� Accrued Income Ending Value with Accrued Incomes Total Change In Account Value Total Change with Accrcrcd income a Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE Account Number Statement Period U/A DTD 08/26/1924 2448-5630 August 1-31, 2022 Account Value as of 08/31 /2022:$ 5,416,251.65 This Period Year to Date Account Value [in Thousands] $ 5,537,729.43 $ 6,368,590.87 82,853,68 s000 _.......... _..11,43189...................... 0,00 �307,081.58] 7500 abo 0.00 60DO b.00 0.00 (132,908,.47) ...... .....(.727,611,32) ................ $ 5,416,251.65-- .............. $ 5,416,251.85 3DD0 15,6258 48 15DO ....... ........._� .. o $ 5,431,877.13 11/21 2/22 5/22 8/22 $ (105,852.30) Asset Composition Market Value Banat Sweep A,B ......... $ 64,104.68 Money Market Funds [Non-Sweepl 275,000.00 Fixed Income 1,867,119.66 Equities 3,257,112,00 Equity Funds ................................ . ... 307,413.21 Exchange Traded Funds 111,521.50 Other Assets 33,980.60 Total Assets Long $ 5,416,251.65 Total Account Value $ 5,416,251.65 % of Account Assets _ Overview 1 °/o 5% ....................... J% . 60%. 6% 2°/0 <11/6 ■ 60%Equities p 5% MMFs [Non -Sweep] I OVIO O 25% Fixed Income F1 2% Exchange Traded Funds 0 6% Equity Funds ® 2% Remaining Assets Page 3 of 19 9 A 993LZO Schwab Oneg Trust Account of L JORDAN & K PAXTON TTEE CITY OF FA,YETTEVILLE POLICE PE U/A DTD 08/26/1924 Account Number 2448.5630 Statement Period August 1.31, 2022 This Period Year to Date Income Summary Federally Tax -Exempt Federally Taxable Federally Tax -Exempt Federally Taxable Bank Sweep Interest 0,00 53,78 0,00 93,01 Cash Dividends 0,00 4,624.41 0,00 50,608,94 Corporate Bond and Other Interest 0,00 6,752.50 0,00 30,572.50 Total Income 0.00 11,430.69 0.00 81,274.45 Cash Transactions Summary This Period Starting Cash* $ 327,673.99 Deposits and other Cash Credits 0.00 Investments Sold 0.00 Dividends and Interest 11,430.69 Withdrawals and other Debits 0.00 Investments Purchased (275,000,00) Fees and Charges 0,00 Total Cash Transaction Detail (263,569.31) Ending Cash' $ 64,104,68 _ 'Cash (includes any cash debit balance) held in your account plus the value of any cash invested in a sweep money fund, Year to Date $ 209,688.84 ` 0.00 373,770.56 81,274.45 (283,500.00) (294, 626.82) (22, 502.35) (145,584.16) ` $ 64,104.68 Please see "Endnotes for Your Account" s9ctlon for an explanatlor of the 9ndnote codes and symbols on this statement. Page 4 of 19 Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE Account Number Statement Period U/A DTD 08/2611924 2448.5630 AU9USt 1.31, 2022 investment Detail - Cash and Bank Sweep of Account Cash Starting Balance Ending Balance Assets Cash 2,01050 0,00 Total Cash 2,014.50 0.00 % of Account Bank Sweep Starting Balance Ending Balance Assets CHARLES SCHWAB BANK 249,000,00 64,104,68 1% CHARLES SCHWAB TRUST BANK 76,659,49 0.00 Total Bank Sweep A,s 325,659.49 64,104.66 1% Total Cash and Bank Sweep Investment Detail - Money Market Funds [Non -Sweep] 64,104.68 1% qe of Account e Quantity Market Price Market Value Assets Fund Name , SCHWAB GOVERNMENT MONEY: SNVXX 4 275,000.0000 11.0000 275,000,00 5% Total Money Market Funds [Non -Sweep] 275,000-0000 276,000.00 5% Please see "Endnotes for Your Account" section for an explanation of the andnote codes and symbols on this statement. Page 5 of 19 SU99ELZO Schwab OneG Trust Account of L JORDAN & K PAXTON TTEE CITY OF FA,YETTEVILLE POLICE PE U/A DTD 06/26/1924 Investment Detail - Fixed Income Corporate Bonds ORACLE CORP 2.50/622 DUE 10/15/22 CUSIP: 68389XAPO MOODY'S: Baa2 S&P: BBB INTEL CORP 2.7%22 DUE 12/15/22 CUSIP: 458140AM2 MOODY'S: Al S&P: A+ NIKE, INC. 2.259'023 DUE 05/01 /23 CALLABLE 02/01/23 AT 100.00000 CUSIP: 654106AC7 MOODY'S: Al S&P: AA - APPLE INC. 2.4%23 DUE 05/03/23 CUSIP: 037833AK6 MOODY'S: Aaa S&P: AA+ THE PROCTER & GAM 3.1%23 DUE 08/15/23 CUSIP: 742718EBI MOODY'S: Aaa S&P: AA- J.B. HUNT TRANS 3.875%26 DUE 03/01/26 CALLABLE 01/01/26 AT 100.00000 CUSIP: 445658CF2 MOODY'S: Baal S&P: BBB+ Par 125, 000.0000 125, 000, 0000 110, 000.0000 125, 000.0000 125, 000.0000 110, 000.0000 Account Number Statement Period 2448-5630 August 1-31, 2022 Market Price Market Value % of Account Assets 99.92340 124, 904.25 2% Accrued Interest: IS 180.56 99.77890 124, 723.63 2C11; Accrued Interest:712.50 98, 96650 108, 863.15 2% Accrued Interest: 825.00 99.15880 123, 948.50 2%, Accrued Interest: 983.33 99.27400 124, 092.50 2% Accrued Interest: 172.22 98.43610 108,279.71 2% Accrued Interest: 2,131.25 Please see "Endnotes for Your Account" section for an explanation Df the endnote codes and symbols on this statement, Page 6 of 19 Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE Account Number Statement Period U/A DTD 08/26/1924 2448.5630 August 1.31, 2022 Investment Detail - Fixed Income (continued) Corporate Bonds (continued) ADOBE INC 2.15%27 DUE 02/01/27 CALLABLE 12/01/26 AT 100,00000 CUSIP: 00724PAC3 MOODY'S: A2 S&P: A+ THE KROGER CO. 3.7%27 DUE 08/01/27 CALLABLE 05/01/27 AT 100,00000 CUSIP: 501044DJ7 MOODY'S: Baal S&P: BBB LABORATORY CORP O 3.60/627 DUE 09/01/27 CALLABLE 06/01/27 AT 100,00000 CUSIP: 50540RAU6 MOODY'S: Baal S&P: BBB GENERAL DYNAMIC 2.6250/627 DUE 11/15/27 CALLABLE 08/15/27 AT 100.00000 CUSIP: 369550AZ1 MOODY'S: A3 S&P: A- TYSON FOODS, INC 4.359/629 DUE 03/0V29 CALLABLE 12/01/28 AT 100.00000 CUSIP: 902494BK8 MOODY'S: Baa2 S&P: BBB+ Par Market Price Market Value % of Account Assets ,. 100, 000, 0000 93.69820 93 ,698.20 2% 110, 000.0000 110, 000, 0000 100, 000, 0000 97.48010 97.01390 92.86440 98.80960 Accrued Interest: 179.17 107,228,11 2% Accrued Interest: 339.17 58,208.34 1 % Accrued Interest: 1,080.00 102,150, 84 2% Accrued Interest. 850.21 98, 809.60 2% Accrued Interest: 2,175.00 Please see "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement, Page 7 of 19 91/9 99ZLZ0 'I�. i•I9�1I : I" 3:i 1 Schwab Oneg Trust Account of L JORDAN & K PAXTON TTEE CITY OF FA,YETTEVILLE POLICE PE LI/A DTD 06/26/1924 Investment Detail - Fixed Income (continued) Corporate Bonds (continued) PEPSICO, INC. 2.625%29 DUE 07/29/29 CALLABLE 04/29/29 AT 100,00000 CUSIP: 713448EL8 MOODY'S: Al S&P: A+ FEDEX CORP 3.1%29 DUE 08/05/29 CALLABLE 05/05/29 AT 100.00000 CUSIP: 31428XBV7 MOODY'S: Baa2 S&P: BBB Total Corporate Bonds Par 100,000.0000 110, 000.0000 1,410,000.0000 Market Price 91.58340 91.48130 Total Fixed Income 1,410,000.0000 Accrued Interest represents the interest that would be received if the fixed income investment was sold prior to the coupon payment. Yield to Maturity is the actual average annual return on a note if held to maturity. Investment Detail - Equities Account Number Statement Period 2448-5630 August 1-31, 2022 Market Value % of Account Assets 91, 583.40 2% Accrued Interest: 233.33 100, 629.43 2% Accrued Interest: 246.28 1,367,119.66 25% Total Accrued Interest for Corporate Bonds: 11,108.02 1,367,119.66 25% Equities Quantity Market Price Market Value %of Account Assets A T & T INC 1,680,0000 17.54000 29,467.20 <1 % SYMBOL: T ABBOTT LABORATORIES 710.0000 102.65000 72,881.50 1% SYMBOL: ABT Please see "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement. Page 8 of 19 Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE UJA DTD 08/26/1924 Investment Detail - Equities (continued) Equltles (continued) ABBVIE INC SYMBOL: ABBV ACCENTURE PLC F CLASS A SYMBOL:ACN AKAMAI TECHNOLOGIES INC SYMBOL: AKAM AMER ELECTRIC PWR CO SYMBOL:AEP AMGEN INC, SYMBOL: AMGN ANSYS INC SYMBOL: ANSS APPLE INC SYMBOL:AAPL APTARGROUP INC SYMBOL: ATR ARISTA NETWORKS INC SYMBOL: ANET ASPEN TECHNOLOGY INC NEW SYMBOL: AZPN AUTOZONEINC SYMBOL: AZO Account Number Statement Period 2448.5630 August 1.31, 2022 Quantity Market Price Market Value % of Account Assets 525,0000 134.45000 70,591.50 1 % 300=00 288.46000 86,538.00 2% 600, 0000 90.28000 54,168, 00 1 % 435, 0000 1 00,20000 43, 587, 00 <1 % Accrued Dividend: 339.30 295.0000 240,30000 70, 888.50 1 % Accrued Dividend: 572.30 250,0000 248,30000 62,075.00 1 % 560, 0000 157, 22000 88, 043,20 2% 685.0000 102,81000 70,424,85 1 % 580.0000 119, 88000 69, 530,40 1 % 56,0000 210.60000 11,793.60 <1 43,0000 2,119,21000 91,126.03 2% Please see "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement. Page 9 of 19 li,�'r,i I^ ,urpl�lli 91/999U?o Schwab OneCv Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE Account Number Statement Period U/A DTD 08/26/1924 2448-5630 August 1-31, 2022 Investment Detail - Equities (continued) Equities (Continued) Quantity Market Price Market Value % of Account Assets BCE INC F 1.350,0000 48,20000 65,070.00 1% SYMBOL; BCE BECTON DICKINSON&CO 200.0000 252.42000 50,484,00 <1'/0 SYMBOL:BDX BROADCOM INC 150.0000 499.11000 74,866.50 1% SYMBOL: AVGO BROADRIDGE FINL SOLU 225.0000 171.17000 38,513,25 <1% SYMBOL; BR BROWN FORMAN CORP 1,368,0000 72.70000 99,453.60 2% CLASS B SYMBOL; BFB BUNGE LIMITED F 385.0000 99,17000 38,180.45 <1% SYMBOL: BG Accrued Dividend: 240.63 CISCO SYSTEMS INC 1,445,0000 44,72000 64,620.40 1% SYMBOL:CSCO CONOCOPHILLIPS �)65,0000 109.45000 105,619.25 2% SYMBOL; COP Accrued Dividend: 443.90 DEERE & CO 250.0000 365.25000 91,312.50 ?�•; SYMBOL; DE EASTMAN CHEMICAL CO 16)50,0000 91,00000 50,050,00 <1% SYMBOL:EMN EMBECTA CORP '00.0000 31,92000 22,344,00 <1% SYMBOL: EMBC - Accrued Dividend: 105.00 Please see "Endnotes for Your Account' section for an explanation of the endnote codes and symbols on this statement. Page 10 of 19 00111444W Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE U/A DTD 08/26/1924 Investment Detail - Equities (continued) Equities (continued) FIRST TRUST ENERGY INCOM SYMBOL: FEN FREEPORT-MCMORAN INC SYMBOL:FCX HUNTINGTON BANCSHS SYMBOL: HBAN INTEL CORP SYMBOL: INTC JOHNSON & JOHNSON SYMBOL: JNJ KIMBERLY CLARK CORP SYMBOL:KMB LAB CO OF AMER HLDG SYMBOL:LH LINCOLN ELEC HLDGS SYMBOL:LECO MASCO CORP SYMBOL: MAS MASTERCARD INC CLASS A SYMBOL: MA MEDTRONIC PLC F SYMBOL: MDT Account Number Statement Period 2448.5630 August 1-31, 2022 Quantity Market Prioe Market Value %of Account Assets 2,340.0000 15.16000 35,474.40 <1 1,145.0000 29, 60000 33, 892, 00 <1 % 3,865.0000 13,40000 51,791.00 <1 % 1,205,0000 31.92000 38,463.60 <1 % Accrued Dividend: 439.83 560.0000 161.34000 90,350.40 2% Accrued Dividend: 632.80 365r0000 127,52000 46,544.80 <1 335.0000 225.27000 75,465,45 1 % Accrued Dividend: 241.2D 675.0000 136. 69000 92,265.75 2% 680.0000 50.87000 34,591.60 0% 120.0000 324,37000 38,924.40 <1 % 640.0000 87, 92000 56,268.80 1 % Please see "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement. Page i 1 of tg 911L 99Z1?0 1 Schwab On" Trust Account of L JORDAN & K PAXTON TTEE CITY OF FA,YETTEVILLE POLICE PE U/A DTD 06/26/1924 Investment Detail - Equities (continued) Equities (continued) MERCK & CO. INC. SYMBOL: MRK PALO ALTO NETWORKS SYMBOL: PANW PEPSICO INC SYMBOL: PEP PERKINELMER INC SYMBOL: PKI PHILLIPS 66 SYMBOL: PSX PROCTER & GAMBLE SYMBOL: PG ROCHE HLDG AG F SPONSORED ADR 1 ADR RE 0.125 ORD SHS SYMBOL: RHHBY ROCKWELL AUTOMATION SYMBOL: ROK SKYWORKS SOLUTIONS SYMBOL: SWKS TEXAS INSTRUMENTS SYMBOL: TXN Account Number Statement Period 2448-5630 August 1.31, 2022 Quantity Market Price Market Value % of Account Assets 1,100.0000 85,36000 93, 896.00 2% 70.0000 556.81000 38, 976.70 <1 % 530.0000 172,27000 91,303.10 2%, 500, 0000 135.06000 67, 530. 00 1 % 330.0000 89.46000 56,359.80 1 % Accrued Dividend: 611.10 330.0000 137. 94000 86, 902.20 2% 325.0000 40.44000 33,363.00 <1 % :330, 0000 236, 94000 78,190.20 1 Accrued Dividend: 369.60 250, 0000 98.55000 24, 637.50 <1 % Accrued Dividend: 155.00 470,0000 165.21000 77,648.70 1 % Please see "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement. Page 12 of 19 00111444W Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE U/A DTD 08/26/1924 Investment Detail - Equities (continued) Equities (oon#inued) THE COCA -COLA CO SYMBOL: KO VERISK ANALYTICS INC CLASS A SYMBOL:VRSK VERTIV HOLDINGS CO CLASS A SYMBOL:VRT VMWARE INC CLASS A SYMBOL: VMW WALMART INC SYMBOL: WMT WALT DISNEY CO SYMBOL: DIS WARNER BROTHERS DISCOVER SYMBOL: WBD WASTE MANAGEMENT INC SYMBOL: WM XYLEM INC. SYMBOL:XYL Account Number Statement Period 2448.5630 August 1-31, 2022 Quantity Market Price Market Value % of Account Assets 1,400, 0000 61.71000 86,394, 00 20/6 355, 0000 187,16000 66, 441, 80 1 % 500, 0000 11, 53000 5,765.00 <1 % 120, 0000 116, 03000 13, 923, 60 <1 % 655, 0000 132, 55000 86, 820.25 2% Accrued Dividend, 366.80 500,0000 112,08000 56,040.00 1 % 406.0000 13,24000 5,375,44 <1 % 510,0000 169,03000 86,205.30 2% 500, 0000 9 1. 10000 45,550.00 <1 % Please see "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement, Page 13 of 19 91113 99ZLZ0 I ;� i;;'i v, �•I '�I� ` Schwab One(g� Trust Account of L JORDAN & K PAXTON TTEE SCHCITY OF F�,YETTEVILLE POLICE PE ' Account Number Statement Period U/A DTD OE/26/1924 2448-5630 August 1-31, 2022 Investment Detail - Equities (continued) Equities (continued) Quantity Market Price Market Value % of Account Assets ZSCALER INC 252,0000 159,24000 40,128.48 ci'10 SYMBOL: ZS Total Equities 36,770.0000 3,257,112.00 60% Total Accrued Dividend for Equities: 4,51 Z46 Investment Detail - Exchange Traded Funds Exchange Traded Funds Quantity Market Price Market Value % of Account Assets ISHARES PREFERRED INCOME 3,350.0000 33,29000 111,521.50 2% SEC ETF SYMBOL: PFF Total Exchange Traded Funds 3,350.0000 111,521.50 2% Investment Detail - Mutual Funds Equity Funds Quantity Market Price % of Account Market Value Assets DODGE & COX INTERNATIONA 4 3,917.0540 41.78000 163,654.52 3% L STOCK I SYMBOL: DODFX Please see "Endnotes for Your Account' section for an explanation of the endnote codes and symbols on this statement, Page 14 of 19 Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE Account Number Statement Period U/A DTD 08/26/1924 2448.5630 August 1-31, 2022 Investment Detail - Mutual Funds (continued) % of Account Equity Funds (continued) Quantity Market Price Market Value Assets INVESCO DEVELOPING MARKE 4 4.015.6060 35.80000 143,758,69 3% TS A SYMBOL: ODMAX Total Equity Funds 7,932,6640 307,413.21 60/0 Total Mutual Funds 7,932.6600 307,413.21 Investment Detail - Other Assets Other Assets Quantity MaI•ket Price Market Value YENTAS INC 710,0000 47.86000 33,980.60 REIT SYMBOL: VTR Total Other Assets 710,0000 33,930.60 Total Investment Detail Total Account Value Please see "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement. 90 99ZLZ0 6 Q/o % of Account Assets <1% a1% 5,416,251.65 5,416,251.65 Page 15 of 19 Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE Account Number U/A DTD 08/26/1924 2448.5630 Transaction Detail - Purchases & Sales Money Market Fund [Non -Sweep] Activity Settle Date Trade Dat Transaction Description Quantity Unit Price 08/29/22 08/26/22 Bought SCHWAB GOVERNMENT MONEY 275,000.0000 1.0000 INV: SNVXX Total Money Market Fund [Non -Sweep] Activity Total Purchases & Sales Transaction Detail - Dividends & Interest (including Money Market Fund dividends reinvested) Transaction Process Date Date Activity Description 08/01/22 08/01/22 Qualified Dividend A T & T INC: T 08/01/22 08/01/22 Bond Interest ADOBE. INC 2.15%27: 00724PAC3 08/01/22 08/01/22 Qualified Dividend FREEFORT-MCMORAN INC: FOX 08/01/22 08/01/22 Bond Interest THE KI4OGER CO. 3,7%27: 501044DJ7 08/05/22 08/05/22 Bond Interest FEDEY CORP 3.10/629: 31428XBV7 08/05/22 08/05/22 Cash Dividend ISHAR=S PREFERRED INCOME: PFF 08/08/22 08/08/22 Qualified Dividend DEERE & CO: DE 08 09 22 08/09/22 Qualified Dividend MASTE RCARD INC: MA 08/11/22 08/11/22 Qualified Dividend APPLE INC: AAPL 08/12/22 08/12/22 Qualified Dividend PERKINELMER INC: PKI 08/15/22 08/15/22 Qualified Dividend ABB07T LABORATORIES: ABT 08/15/22 08/15/22 Qualified Dividend ABBVIF INC: ABBV 08/15/22 08/15/22 Qualified Dividend ACCEP TUBE PLC F: ACN 08/15/22 08/15/22 Qualified Dividend PROCTER & GAMBLE: PG Please see "Endnotes for Your Account' section for an explanation of the 9ndnote codes and symbols on this statement. Statement Period August 1-31, 2022 Charges and Interest M Total Amount (275, 000.00) (276,000.00) (275,000:00) Credit/(Debit) 466.20 1,075.00 171.75 2,035.00 1,705.00 549.83 282.50 58.80 128.80 35.00 333,70 740.25 291.00 575.38 Page 16 of 19 00111444W Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE Account Number Statement Period Ll/A DTD 08/26/1924 2448.6630 August 1.31, 2022 Transaction Detail - Dividends & Interest (including Money Market Fund dividends reinvested) (continued) Transaction Process Credit/(Debit) Date Date Activity Descrlptton 08/15/22 08/15/22 Bond Interest THE PROCTER & GAM 3,1%23 742718E61 1,940.59 08/15/22 08/16/22 Bank InterestA,e BANK INT 071622-081522: SCHWAB BANK 13.1 5 08/15/22 08/16/22 Bank InterestA,B BANK INT 071622-081522: SCHWAB TRUST BANK 40,50 081i 5122 08/16/22 Qualified Dividend TEXAS INSTRUMENTS: TXN 90.40 0 08r17122 08/17/22 Qualified Dividend APTARGROUP INC: ATR 10. 08129/22 08/29/22 Qualified Dividend MASCO CORP: MAS Total Dividends & interest ii,43r3,69 Total Transaction Detail (263,569.31) Bank Sweep for Benefit Plans Activity Transaction Date Transaction Description V�'ithnfra�h+al Deposit Balance A'g Opening Balance �B _ 325,659.49 08/01/22 Auto Transfer BANK CREDIT FROM BROKERAGE A 2,014.50 327,673,99 - - ------ - - -- -- - -------- -- - A - - 3,747,95 331,421.94 08/02/22 Auto Transfer BANK CREDIT FROM BROKERAGE - — - - - -, - .... - - - - • ---A- - - -- - ----.. - - - - - - - 2,254.83 333,676,77 08/08/22 Auto Transfer BANK CREDIT FROM BROKERAGE _... ._ ti .. 282.50 333,959.27 08/09/22 Auto Transfer BANK . CREDIT _ FROM . BROKERAGE . .......... - • ....---.... -- -- - ...... • O8/10/22 Auto Transf-er BANK CREDIT FROM BROKERAGE A 58.80 334,018,07 ... ...... _ .. - A 128.80 334,146,87 08/12/22 Auto Transfer BANK CREDIT FROM BROKERAGE -- --------------- - — - ---- ---- ---- -- - ---- -- - -- — 08/15/22 Interest PaidA,B BANK INTEREST - CHARLES SCHWAB BANK . 40 59 •08/15/22 Interest PaidA,e BANK INTEREST'- CHARLES SCHWAB TRUST BANK 13.19 334,200.65 06/15/22 Auto Transfer BANK TRANSFER TO BROKERAGE 334,181.87 ---------.-..... - A 3,877,83 338,059,70 87 08/16/22 Auto Transfer BANK CREDIT FROM BROKERAGE Please s99 "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement. Page 17 of 19 n...Ii,rl�i 1.II.� ��•li�i, 90W 99ZLZ0 I Ili i I•l : ; I• I' Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE U/A DTD 08126/1924 Bank Sweep for Benefit Plans Activity (Continued) Transaction Date Transaction 06/17/22 Auto Transfer OS/18/22 Auto Transfer 08/29/22 Auto Transfer OB/30/22 Auto Transfer Total Activity Ending Balance A,B Description BANK CREDIT FROM BROKERAGE A BANK CREDIT FROM BROKERAGE A BANK TRANSFER TO BROKERAGE BANK CREDIT FROM BROKERAGE A Bank Sweep for Benefit Plans: Interest Rate as of 08131122 was 0. ?5%. e Pending Corporate Actions Transaction Quantity CONOCOPHILLIPS Qual Div 965.0000 INTEL CORP Qual Div 1,205.0000 PHILLIPS 66 Qual Div 630.0000 BUNGE LIMITED F Qual Div 385.0000 JOHNSON & JOHNSON Qual Div 560,0000 WALMART INC Qual Div 655.0000 AMGEN INC. Qual Div 295.0000 AMER ELECTRIC PWR CO Qual Div 435.0000 LAB CO OF AMER HLDG Qual Div 335.0000 ROCKWELL AUTOMATION Qual Div 330,0000 EMBECTA CORD __. G�uaf Div 700,0000 SKYWORKS SOLUTIONS Q u a I Div 250.0000 Total Pending Corporate Actions Pending transactions are not included in account value. Account Number 2448.5630 Withdrawal 275, 000.00 275,018.78 Payable Date Rate per Share Statement Period August 1-31, 2022 Deposit Balance A,9 594.28 33B,653.96 260.30 338,914.28 63, 914.28 190.40 64,104.68 13,463.97 64,104.68 Share Distribution Cash Distribution 09/01/22 0.4600 09/01/22 0,3650 09/01/22 0,9700---- ---- - -- 09/02/22 0.6250 09/06122 1,1300 09/06/22 0.5600 09/08/22 1.9400 09/09/22 0.7800 09/09/22 0.7200 09/12/22 1.1200 09/14/22 0.1500 09/15/22 0.6200 443.90 439.83 611,10 240.63 632.80 366.80 572,30 339.30 241.20 369.60 105.00 155.00 4,517,46 Please see "Endnotes for Your Account" section for an explanation )f the endnote codes and symbols on this statement. Page is of 19 Schwab One® Trust Account of L JORDAN & K PAXTON TTEE CITY OF FAYETTEVILLE POLICE PE Account Number Statement Period U/A DTD 08/26/1924 2448-5630 August 1-31, 2022 Endnotes For Your Account Symbol Endnote Legend 4 Dividends paid on this security will be automatically reinvested. d Accrued Income is the sum of the total accrued interest and/or accrued dividends on positions held in your brokerage account, but the Income and/or dividends have not been received into your account and Schwab makes no representation that they will. Accrued amounts are not covered by SIPC account protection until actually received and held in the account. A Bank Sweep deposits are held at FDIC -insured bank(s) ("Banks") that are affiliated with Charles Schwab & Co., Inc. B For Bank Sweep and Bank Sweep for Benefit Plans features, Interest Is paid for a pariod that differs from the Statement Period. Balances include interest paid as indicated on your statement by Schwab or one or more of its affiliated banks. These balances do not Include interest that may have accrued during the Statement Period after interest Is paid. The interest paid may include Interest that accrued in the prior Statement Period. Schwab Institutional is a division of Charles Schwab & Co„ Inc„ and provides back office brokerage and related services to independent investment advisors and retirement plan providers. Schwab is a registered broker -dealer and is not affiliated with your Investment Advisor wh❑se name appears on this statement ("Advisors") except in the case of Charles Schwab Investment Advisory, Inc. ("CSIA"), Schwab Private Client Investment Advisory, Inc. ("SPCIA"), or an affiliated company that may act as the investment advisor on a fund. Schwab neither endorses nor recommends any particular Advisor or its investment strategy and has no responsibility to monit❑r trading by any Advisor in your Account. Schwab has not verifled any statement accompanying any Advisor's logo appear]ng on this statement. Not all of these products and services may ban efit your Account, and Schwab may provide them to Advisors on the Advisor's commitment to place a certain amount of its clients' assets in brokerage accounts at Schwab within a certain period of time. This commitment could influence an Advisor's recommendation or requirementthat its clients establish brokerage accounts at Schwab. For questions about this statement, or if there is a change In your financlal sltuatlon, investment objectives, or risk profile, please contact your Independent Investment Manager and/or Advisor. Please see "Endnotes for Your Account" section for an explanation of the endnote codes and symbols on this statement. Page 19 of 19 91/11 99ZGZ0 Il"'i.;. •i•,:Il. m 00111 444W Lioneld Jordan Chairman Kara Paxton Treasurer Eldon Roberts Secretary Retired Position 1 Policemen's Pension and Relief Fund Board of Trustees Minutes April 21, 2022 Page 1 of 6 Ruston Cole Retired Position 2 John Brown Retired Position 3 Melvin Stanley Retired Position 4 Frank Johnson Retired Position 5 Policemen's Pension and Relief Fund Board of Trustees Meeting Minutes April 21, 2022 A meeting of the Fayetteville Policemen's Pension and Relief Fund Board of Trustees was held on April 21, 2022 at 3:00 p.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. Mayor Jordan called the meeting to order. Board Members Present: Ruston Cole, Melvin Stanley, Eldon Roberts Mayor Jordan, and City Clerk Treasurer Kara Paxton Staff and Others Present: Kim Johnson, Deputy City Clerk, Kit Williams, City Attorney and Paul Becker, Chief Financial Officer. In addition, Glenn Atkins and James Bell with Garrison Financial were also present. Absent: John Brown and Frank Johnson Garrison Financial: Quarterly Reports ending December 31, 2021 and March 31, 2022 James Bell, Garrison Financial, spoke and explained the financial information covering the last 6 months. He explained that the account balance is over $6 million dollars, with 40% in fixed assets, and 60% in equity. James also provided information about the current rising interest rates and explained that Garrison Financial now prefers stocks over bonds. He also provided additional handouts to the board members and explained each page. He said that over all the account is down due to the overall market decreasing. Glenn Atkins, Garrison Financial, spoke and agreed with everything that James had explained. He also went on to report that the Federal Government plans on increasing rates this year. He went on to cover the market information and said that the portfolio currently has a 3.5-year maturity, which ,he explained, is right on track. He went on to further echo James' comments on bonds. Glenn explained that the yield on the 10-year government bonds has risen from 1.75% to 2.9%. He said due to this the price declined on bonds. He also shared that he feels that the Federal Government has decided to raise rates too late due to the inflation rates and other provided supporting documents. Policemen's Pension and Relief Fund Board of Trustees Minutes April 21, 2022 Page 2 of 6 Eldon Roberts, Board Member: On our investment, the guidelines, or investment policy, what is our limit on equities? James Bell: I believe there is a 20% variant around that target Eldon Roberts: I know at one time, back when Elaine was doing this, if she exceeding that we had to have a motion and a vote. I was willing to do that if needed. What would you say ours is right now? James Bell: It is 69%. Eldon Roberts: No doubt you are looking at moving that down with the way the market is looking right now. James Bell: As best as we can. Generally speaking, getting back to some of the inflation discussion that Glenn was talking about. If bonds are contractual obligations and they are not going to pay you anymore just because inflation is higher. That is part of the reason we prefer stocks to bonds in this inflation rate environment. Companies do have the leeway to raise prices to pass on costs to do some things to deal with the inflationary costs. We are not in any hurry to sell stocks, but we are always going to be clustered some where around that target. It would be an extenuating circumstance for us to come to you for a change in policy. Glenn Atkins: The reason that variant is there is so you are not forced to sell something in a rising market. Eldon Roberts: I didn't remember that being in place. James Bell: The stated guideline is 60% stocks and 40% bonds. Melvin Stanley, Board Member: As investors, what are your comments or feelings on an upcoming recession? Glenn Atkins: Anytime you see the yield curve flatten and the 2-year yield goes higher than the 10-year yield, it is typically thought to be indicative of a recession. There is an old saying that it has predicted 12 out of the last 8 recessions, or something like that. I think there is a possibility for it if you keep getting these type of inflation numbers because people will not have the money to spend on it. James Bell: I think if you had asked that question 6 months ago, we would have said it is unlikely. At this point I would say 50150. We are not predicting one at this point but it is certainly more likely. Glenn Atkins: The corporate earnings are still coming in pretty good. What the companies will try to do or what they have to do is pass those costs along to the consumer. They can only eat those increases for so long. The Feds say that they are going to do anything they can to get inflation down. I just don't know if they can or if I believe them. They haven't had too good of a track record over the years. Very interesting times right now. Policemen's Pension and Relief Fund Board of Trustees Minutes April 21, 2022 Page 3 of 6 Note: Several people started talking at the same time about past events pertaining to inflation and past recessions. Could not distinguish what was said or who said it. Minutes: Approval of the October 311t, 2021 meeting minutes Eldon Roberts, Board Member: I want to challenge you a little bit here. It shows that I was absent, but I did my dead level best to get through on the telephone. I talked to the City Clerk. I have been on this board for 40 something years, and I have missed one meeting due to my elderly mother falling and breaking her leg. I have a pretty good track record of showing up. I tried that day three times. I turned around and called the City Clerk office and got through to them. So, it wasn't my equipment. I was on my landline telephone. I called the teleconference number three times and I could not get through. I had done it before because we had meetings on the phone, and I got right through. Kit Williams, City Attorney I suggest that we change the minutes to show you tried. Mayor Jordan: Yeah, we will fix that to show you trying to be here. It is no big deal. Eldon Roberts: I know my stuff was working. I did it three or four times before and it worked great. I don't know what happened, but I expressed my concern with the young lady here. I asked her not to show me absent, but I see I am. If you could just put in there due to technical difficulties not able to attend. Kara Paxton, City Clerk Treasurer: Mr. Roberts, I want to explain a few things. I actually was not the person you talked to. You talked to Kim Johnson who is our Deputy City Clerk — Codifier. She did explain to me the difficulties you were having joining the meeting that day. I did reach out to our Information Technology Department and Media Services to see who controls the equipment. One thing that they took a look at being able to call in themselves and they were able to get through. We were able to get through when we called. I recently learned that due to where you are calling from you might have to dial the 1-479 area code first. I am sure you did and I apologize that we weren't able to get you in the meeting. There is not any controls that I can press on the telephone equipment to allow people in. It just automatically joins. I think it might have been an issue that was outside both of our abilities to control. I am very sorry that you experienced that. If you have any trouble like that in the future do what you did and reach out to us and let us know. Kit Williams: Just put that in the minutes in parenthesis. Kara Paxton: So, in that process would we need to go first and amend the minutes to include that and then vote to approve them? Kit Williams: Whatever process you want to do. We're a little less parliamentary exact in this meeting. We have such a small number. I think if you just put in parentheses after Eldon's name, due to technical difficulties that explains it. Policemen's Pension and Relief Fund Board of Trustees Minutes April 21, 2022 Page 4 of 6 Kara Paxton: Another thing you will notice on the meeting is I had to include that some of the sections of the audio were inaudible. I tried to go back and listen to that on our website and through the audio file that was provided to me. Some parts are very hard to hear. Ruston Cole moved to update the minutes to include a section that says, "Due to technical difficulties Eldon Roberts was not able to join the meeting. Melvin Stanley seconded the motion. The motion passed 5-0. Ruston Cole, Melvin Stanley, Eldon Roberts, City Clerk Kara Paxton and Mayor Jordan voted yes. John Brown and Frank Johnson were absent. Eldon Roberts moved to approve the October 21, 2021 meeting minutes. Ruston Cole seconded the motion. The motion passed 5-0. Ruston Cole, Melvin Stanley, Eldon Roberts, City Clerk Kara Paxton and Mayor Jordan voted yes. John Brown and Frank Johnson were absent. Pension List Changes: None Approval of the Pension List: Approval of the May 2022 — October 2022 Pension Lists. Eldon Roberts moved to approve the November - December 2021 and January — April 2022 Pension Lists. Melvin Stanley seconded the motion. The motion passed 5-0. Ruston Cole, Melvin Stanley, Eldon Roberts, City Clerk Kara Paxton and Mayor Jordan voted yes. John Brown and Frank Johnson were absent. New Business: None New Business: Revenue Expense Summary 12/31/2021 and 03/31/2022 Paul Becker, CFO: If you look at the last year the increases happen after the market adjustment. It was a gain of $344,000.00. That is after expenses. So far this year, we talked about the market being down a bit. So far, we have a loss of about $210,000.00 but we are still on the first quarter. Last year was a good year. Informational: 2022 Election — Board Members Kara Paxton, City Clerk Treasurer: It is that time again where we are going through elections. I am going to be mailing those out on April 29th. The deadline to have your ballot completed and Policemen's Pension and Relief Fund Board of Trustees Minutes April 21, 2022 Page 5 of 6 back in to us is going to be May 1 P. How we have been handling that since the pandemic happened is we have been getting all the ballots together, and asking someone from the City Attorney's office to come and sit in with us while we open the ballots. At that point we decide based on the votes who is the winner of the election. If that is something that you all would like to continue, we can do that. Another issue that has come up, by speaking with the PRB just a few days ago, they have some concerns regarding us not having a meeting directly after the election happened in order to have minutes declaring who the winner was. They said it is fine to do one of the other but if we are going to continue to do the process where we don't have that additional meeting then we have to make sure to send a memo into them explaining our entire process. If you all are good with us continuing or if you would like to have another meeting, I believe Mayor Jordan would be the person to call the meeting. Mayor Jordan: Yes, and last time you all didn't want to have the meeting. I don't have any problem having the meeting. Eldon Roberts, Board Member: So, we have the option to continue as on as is. Kara Paxton: Yes. Kit Williams, City Attorney: Kara will just explain that to the PRB. Kara Paxton: Jennifer at the PRB explained that a lot of cities are doing that right now and totally understood if we continued that process. Ruston Cole, Board Member: At the very least if we had to have a meeting, we could do the phone conference. Mayor Jordan: Yes, we can do that. Next Meeting — October 20, 2022 Note: All meetings are tentative and subject to change. The City meetings calendar is located on www.fayetteville-ar.gov A brief discussion took place between the board pensioners and the City Clerk Treasurer. The Board Members would like to continue to receive a call from the City Clerk's office as a reminder of upcoming meetings. Kara Paxton, City Clerk Treasurer, agreed to have someone from her office call and remind the pensioners of upcoming meetings. Another brief discussion took place regarding emails that had been sent that included the agenda and the minutes. Two of the pensioners stated they did not receive all the documents. The City Clerk Treasurer explained that she had reached out to the IT Department and was able to verify the email was sent. Ruston Cole, Board Member: I received a letter from LOPFI. Did everyone else get that? They offered the consolidation. It is a solicitation. It happens every year. Policemen's Pension and Relief Fund Board of Trustees Minutes April 21, 2022 Page 6 of 6 Paul Becker, CFO: Let me speak to this a little bit. This comes out, you have seen it before. If you are interested in pursuing consolidation the period with LOPFI is April 1 to September 30. What you would have to do is get an actuary study. Melvin Stanley, Board Member: We have been there several times and I think we have all agreed. Mayor Jordan: We wanted to give you the option just in case you want it. Eldon Roberts, Board Member: As long as that bunch has us at $6 million dollars, I will be happy. Eldon Roberts: The City Council would never accept the unfunded liability, so it is like throwing our money away. Kit Williams, City Attorney: I agree with you. Mayor Jordan: The option is still yours. Adjourn: 3:36 PM .;. FAYETTEVILLE — Bob G. Jones, 85, of Fayetteville, passed away -' Monday, Sep- tember 12, 2022, at home. He was born Thursday, December 10, 1936, at Hunts- ville; to Harlie and Lugunia Williams Jones. Bob married Norma Kay McLoud on Saturday, Septem- ber 15,1956, at Springdale, and together they were parents to three children. His 21 year career as a police officer cul- minated in his retirement as Chief of Police for the Fay- etteville Police Department. In addition to hunting quail and gardening, Bob enjoyed spending time with his fam- ily. His love for Christ came before everything else and he served as a deacon at Buck- ner Baptist Church Bob never met a stranger, and was a great husband, dad, and "Poppie ,, Bob was preceded in death by his parents, and four sib- lings, Wanda Drake, Angie Wright, Barbara Bowman, and Wendell Jones. He is survived by his wife, Kay Jones of the Dome; two sons and daughters-in-law, Mike and Brenda Jones, of Elkins; and Scott and Shan- non Jones, of Hidsville; one daughter and son-in-law, Brenda and Mark Bridge, of Hindsville; four grandchil- dren, Savannah, Seth, Justin, and Brett; six great-grand- children, .Grant, Logan, Cale, Matt, Teagan, Jhett; two spe- cial boys, Geo, and Juan; and three brothers and sisters-in- law, Bill and Flo Jones, James and Sue Jones, and Derail and Lynn Jones. The family will receive friends 5 to 7 p.m., Wednes- day, September 14, 2022, at Brashears Funeral Home. Funeral services will be 10 a.m., Thursday, September 15, 2022, at Buckner Baptist Church, Fayetteville, with Lar- ry Mitchell and Bruce Smith- son officiating. Pallbearers will be Grant Powell, Logan Powell, Seth. Jones, Justin Jones, Brett Jones, Gary Pow- ell, Mark Bridge. Honorary pallbearers will be Ted Doke, Danny Donahou, Carl Baker, Bud Williams, Jerry Rogers, and Joe Fisher, Interment will immediately follow services at Alabam Cemetery, Huntsville. In lieu of flowers, dona- tions may be made to Bucker Baptist Church Building Fund, 2780 E. Wyman Road, Fayette- ville, Ark, 72701. Services are entrusted to Brashears Funeral Home and Crematory of Huntsville. POLICE PENSION FUND - Revised Oct Month 10 10 NAME 2022 6800-9800 Regular Mo 5335-00 BAYLES, BOBBI J BLACK, MILDRED BRADLEY, GERALD BRADLEY, RANDALL BROWN, JOHN CARROLL,RONALD L COLE,RUSTON DUGGER,GARY FOSTER, MARTHA FRIEND, JERRY HANNA, JANICE HANNA, MARK HELDER, TIM HOYT, RICK HOYT, RICK Plus 25 add pay JOHNSON,FRANK JOHNSON,JOYCE JONES, BOB deceased 9/12/22 NORMA K. JONES JONES, MICHELE KILGORE, DONALD MARTIN, CONNIE MCCAWLEY, LARRY MITCHELL, MICHAEL MUNSON,ANGELA MURPHY,MARGARET PERDUE, LARRY PERSHALL, ROBIN PHILLIPS, LINDA SUE PRESTON, NORMA J RICKMAN, LOREN RIGGINS, BONNIE ROBERTS, ELDON ROBERTS, ELDON Plus 25 add pay ROBERTS, CAROLYN K ROBERTS, CAROLYN K Plus 25 add pay SCHUSTER,JOHN H. SCHUSTER, NANCY R. STANLEY, MELVIN SURLES,VELMA TAYLOR, DENNIS BLOSS-WATSON, VICKY Benefit YTD Reg Benefit 6800-9800 5335-05 Suppl. YTD Suppl. Future Supplement $ 1,587.41 $ 15,874.10 $ 50.00 $ 500.00 $ 1,125.64 $ 11,256.40 $ 50.00 $ 500.00 $ 4,820.09 $ 48,200.90 $ 50.00 $ 500.00 $ 2,860.17 $ 28,601.70 $ 50.00 $ 500.00 $ 4,362.01 $ 43,620.10 $ 50.00 $ 500.00 $ 2,106.04 $ 21,060.40 $ 50.00 $ 500.00 $ 3,065.74 $ 30,657.40 $ 50.00 $ 500.00 $ 3,163.74 $ 31,637.40 $ 50.00 $ 500.00 $ 3,207.35 $ 32,073.50 $ 50.00 $ 500.00 $ 1,970.42 $ 19,704.20 $ 50.00 $ 500.00 $ 1,368.59 $ 13,685.90 $ - $ - $ 1,368.59 $ 13,685.90 $ 50.00 $ 500.00 $ 5,838.12 $ 58,381.20 $ 50.00 $ 500.00 $ 7,460.01 $ 74,600.10 $ 50.00 $ 500.00 $ 272.01 $ 2,720.10 $ 7,974.81 $ 79,748.10 $ 50.00 $ 500.00 $ 2,455.50 $ 24,555.00 $ 50.00 $ 500.00 $ - $ 29,704.05 $ - $ 450.00 $ 3,300.45 $ 3,300.45 $ 50.00 $ 50.00 $ 1,182.26 $ 11,822.60 $ 2,046.48 $ 20,464.80 $ 50.00 $ 500.00 $ 3,692.85 $ 36,928.50 $ 50.00 $ 500.00 $ 1,694.79 $ 16,947.90 $ 50.00 $ 500.00 $ 2,305.29 $ 23,052.90 $ 50.00 $ 500.00 $ 4,198.15 $ 41,981.50 $ 50.00 $ 500.00 $ 405.75 $ 4,057.50 $ 50.00 $ 500.00 $ 2,322.67 $ 23,226.70 $ 50.00 $ 500.00 $ 1,525.07 $ 15,250.70 $ - $ - $ 1,754.44 $ 17,544.40 $ 50.00 $ 500.00 $ 1,601.37 $ 16,013.70 $ 50.00 $ 500.00 $ 2,231.07 $ 22,310.70 $ 50.00 $ 500.00 $ 1,669.37 $ 16,693.70 $ 50.00 $ 500.00 $ 4,263.24 $ 42,632.40 $ 50.00 $ 500.00 $ 587.09 $ 5,870.90 $ - $ - $ 3,216.13 $ 32,161.30 $ $ 442.89 $ 4,428.90 $ $ 1,558.68 $ 15,586.80 $ 50.00 $ 500.00 $ 1,558.68 $ 15,586.80 $ - $ $ 4,880.07 $ 48,800.70 $ 50.00 $ 500.00 $ 2,721.40 $ 27,214.00 $ 50.00 $ 500.00 $ 2,063.93 $ 20,639.30 $ 50.00 $ 500.00 $ 6,947.05 $ 69,470.50 $ 50.00 $ 500.00 $ 113,175.41 $ 1,131,754.10 $ 1,650.00 $ 16,500.00 $ Hours Code for Fut Supp 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 POLICE PENSION FUND Nov Month 11 11 NAME 2022 6800-9800 Regular Mo 5335-00 BAYLES, BOBBI J BLACK, MILDRED BRADLEY, GERALD BRADLEY, RANDALL BROWN, JOHN CARROLL,RONALD L COLE,RUSTON DUGGER,GARY FOSTER, MARTHA FRIEND, JERRY HANNA, JANICE HANNA, MARK HELDER, TIM HOYT, RICK HOYT, RICK Plus 25 add pay JOHNSON,FRANK JOHNSON,JOYCE JONES, BOB deceased 9/12/22 NORMA K. JONES JONES, MICHELE KILGORE, DONALD MARTIN, CONNIE MCCAWLEY, LARRY MITCHELL, MICHAEL MUNSON,ANGELA MURPHY,MARGARET PERDUE, LARRY PERSHALL, ROBIN PHILLIPS, LINDA SUE PRESTON, NORMA J RICKMAN, LOREN RIGGINS, BONNIE ROBERTS, ELDON ROBERTS, ELDON Plus 25 add pay ROBERTS, CAROLYN K ROBERTS, CAROLYN K Plus 25 add pay SCHUSTER,JOHN H. SCHUSTER, NANCY R. STANLEY, MELVIN SURLES,VELMA TAYLOR, DENNIS BLOSS-WATSON, VICKY Benefit YTD Reg Benefit 6800-9800 5335-05 Suppl. YTD Suppl. Future Supplement $ 1,587.41 $ 17,461.51 $ 50.00 $ 550.00 $ 1,125.64 $ 12,382.04 $ 50.00 $ 550.00 $ 4,820.09 $ 53,020.99 $ 50.00 $ 550.00 $ 2,860.17 $ 31,461.87 $ 50.00 $ 550.00 $ 4,362.01 $ 47,982.11 $ 50.00 $ 550.00 $ 2,106.04 $ 23,166.44 $ 50.00 $ 550.00 $ 3,065.74 $ 33,723.14 $ 50.00 $ 550.00 $ 3,163.74 $ 34,801.14 $ 50.00 $ 550.00 $ 3,207.35 $ 35,280.85 $ 50.00 $ 550.00 $ 1,970.42 $ 21,674.62 $ 50.00 $ 550.00 $ 1,368.59 $ 15,054.49 $ - $ - $ 1,368.59 $ 15,054.49 $ 50.00 $ 550.00 $ 5,838.12 $ 64,219.32 $ 50.00 $ 550.00 $ 7,460.01 $ 82,060.11 $ 50.00 $ 550.00 $ 272.01 $ 2,992.11 $ 7,974.81 $ 87,722.91 $ 50.00 $ 550.00 $ 2,455.50 $ 27,010.50 $ 50.00 $ 550.00 $ - $ 29,704.05 $ - $ 450.00 $ 3,300.45 $ 6,600.90 $ 50.00 $ 100.00 $ 1,182.26 $ 13,004.86 $ 2,046.48 $ 22,511.28 $ 50.00 $ 550.00 $ 3,692.85 $ 40,621.35 $ 50.00 $ 550.00 $ 1,694.79 $ 18,642.69 $ 50.00 $ 550.00 $ 2,305.29 $ 25,358.19 $ 50.00 $ 550.00 $ 4,198.15 $ 46,179.65 $ 50.00 $ 550.00 $ 405.75 $ 4,463.25 $ 50.00 $ 550.00 $ 2,322.67 $ 25,549.37 $ 50.00 $ 550.00 $ 1,525.07 $ 16,775.77 $ - $ - $ 1,754.44 $ 19,298.84 $ 50.00 $ 550.00 $ 1,601.37 $ 17,615.07 $ 50.00 $ 550.00 $ 2,231.07 $ 24,541.77 $ 50.00 $ 550.00 $ 1,669.37 $ 18,363.07 $ 50.00 $ 550.00 $ 4,263.24 $ 46,895.64 $ 50.00 $ 550.00 $ 587.09 $ 6,457.99 $ - $ - $ 3,216.13 $ 35,377.43 $ $ 442.89 $ 4,871.79 $ $ 1,558.68 $ 17,145.48 $ 50.00 $ 550.00 $ 1,558.68 $ 17,145.48 $ - $ $ 4,880.07 $ 53,680.77 $ 50.00 $ 550.00 $ 2,721.40 $ 29,935.40 $ 50.00 $ 550.00 $ 2,063.93 $ 22,703.23 $ 50.00 $ 550.00 $ 6,947.05 $ 76,417.55 $ 50.00 $ 550.00 $ 113,175.41 $ 1,244,929.51 $ 1,650.00 $ 18,150.00 $ Hours Code for Fut Supp 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 POLICE PENSION FUND Dec Month 12 12 NAME 2022 6800-9800 Regular Mo 5335-00 BAYLES, BOBBI J BLACK, MILDRED BRADLEY, GERALD BRADLEY, RANDALL BROWN, JOHN CARROLL,RONALD L COLE,RUSTON DUGGER,GARY FOSTER, MARTHA FRIEND, JERRY HANNA, JANICE HANNA, MARK HELDER, TIM HOYT, RICK HOYT, RICK Plus 25 add pay JOHNSON,FRANK JOHNSON,JOYCE JONES, BOB deceased 9/12/22 NORMA K. JONES JONES, MICHELE KILGORE, DONALD MARTIN, CONNIE MCCAWLEY, LARRY MITCHELL, MICHAEL MUNSON,ANGELA MURPHY,MARGARET PERDUE, LARRY PERSHALL, ROBIN PHILLIPS, LINDA SUE PRESTON, NORMA J RICKMAN, LOREN RIGGINS, BONNIE ROBERTS, ELDON ROBERTS, ELDON Plus 25 add pay ROBERTS, CAROLYN K ROBERTS, CAROLYN K Plus 25 add pay SCHUSTER,JOHN H. SCHUSTER, NANCY R. STANLEY, MELVIN SURLES,VELMA TAYLOR, DENNIS BLOSS-WATSON, VICKY Benefit YTD Reg Benefit 6800-9800 5335-05 Suppl. YTD Suppl. Future Supplement $ 1,587.41 $ 19,048.92 $ 50.00 $ 600.00 $ 1,125.64 $ 13,507.68 $ 50.00 $ 600.00 $ 4,820.09 $ 57,841.08 $ 50.00 $ 600.00 $ 2,860.17 $ 34,322.04 $ 50.00 $ 600.00 $ 4,362.01 $ 52,344.12 $ 50.00 $ 600.00 $ 2,106.04 $ 25,272.48 $ 50.00 $ 600.00 $ 3,065.74 $ 36,788.88 $ 50.00 $ 600.00 $ 3,163.74 $ 37,964.88 $ 50.00 $ 600.00 $ 3,207.35 $ 38,488.20 $ 50.00 $ 600.00 $ 1,970.42 $ 23,645.04 $ 50.00 $ 600.00 $ 1,368.59 $ 16,423.08 $ - $ - $ 1,368.59 $ 16,423.08 $ 50.00 $ 600.00 $ 5,838.12 $ 70,057.44 $ 50.00 $ 600.00 $ 7,460.01 $ 89,520.12 $ 50.00 $ 600.00 $ 272.01 $ 3,264.12 $ 7,974.81 $ 95,697.72 $ 50.00 $ 600.00 $ 2,455.50 $ 29,466.00 $ 50.00 $ 600.00 $ - $ 29,704.05 $ - $ 450.00 $ 3,300.45 $ 9,901.35 $ 50.00 $ 150.00 $ 1,182.26 $ 14,187.12 $ 2,046.48 $ 24,557.76 $ 50.00 $ 600.00 $ 3,692.85 $ 44,314.20 $ 50.00 $ 600.00 $ 1,694.79 $ 20,337.48 $ 50.00 $ 600.00 $ 2,305.29 $ 27,663.48 $ 50.00 $ 600.00 $ 4,198.15 $ 50,377.80 $ 50.00 $ 600.00 $ 405.75 $ 4,869.00 $ 50.00 $ 600.00 $ 2,322.67 $ 27,872.04 $ 50.00 $ 600.00 $ 1,525.07 $ 18,300.84 $ - $ - $ 1,754.44 $ 21,053.28 $ 50.00 $ 600.00 $ 1,601.37 $ 19,216.44 $ 50.00 $ 600.00 $ 2,231.07 $ 26,772.84 $ 50.00 $ 600.00 $ 1,669.37 $ 20,032.44 $ 50.00 $ 600.00 $ 4,263.24 $ 51,158.88 $ 50.00 $ 600.00 $ 587.09 $ 7,045.08 $ - $ - $ 3,216.13 $ 38,593.56 $ $ 442.89 $ 5,314.68 $ $ 1,558.68 $ 18,704.16 $ 50.00 $ 600.00 $ 1,558.68 $ 18,704.16 $ - $ $ 4,880.07 $ 58,560.84 $ 50.00 $ 600.00 $ 2,721.40 $ 32,656.80 $ 50.00 $ 600.00 $ 2,063.93 $ 24,767.16 $ 50.00 $ 600.00 $ 6,947.05 $ 83,364.60 $ 50.00 $ 600.00 $ 113,175.41 $ 1,358,104.92 $ 1,650.00 $ 19,800.00 $ Hours Code for Fut Supp 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 POLICE PENSION FUND Jan 2023 6800-9800 6800-9800 Month 1 Regular Mo 5335-00 5335-05 NAME Benefit YTD Reg Benefit Suppl. YTD Suppl. Future Hours Code Supplement for Fut Supp BAYLES, BOBBI J $ 1,587.41 $ 1,587.41 $ 50.00 $ 50.00 99820 BLACK, MILDRED $ 1,125.64 $ 1,125.64 $ 50.00 $ 50.00 99820 BRADLEY, GERALD $ 4,820.09 $ 4,820.09 $ 50.00 $ 50.00 99820 BRADLEY, RANDALL $ 2,860.17 $ 2,860.17 $ 50.00 $ 50.00 99820 BROWN, JOHN $ 4,362.01 $ 4,362.01 $ 50.00 $ 50.00 99820 CARROLL,RONALD L $ 2,106.04 $ 2,106.04 $ 50.00 $ 50.00 99820 COLE, RUSTON $ 3,065.74 $ 3,065.74 $ 50.00 $ 50.00 99820 DUGGER,GARY $ 3,163.74 $ 3,163.74 $ 50.00 $ 50.00 99820 FOSTER, MARTHA $ 3,207.35 $ 3,207.35 $ 50.00 $ 50.00 99820 FRIEND, JERRY $ 1,970.42 $ 1,970.42 $ 50.00 $ 50.00 99820 HANNA, JANICE $ 1,368.59 $ 1,368.59 $ - $ - HANNA, MARK $ 1,368.59 $ 1,368.59 $ 50.00 $ 50.00 99820 HELDER, TIM $ 5,838.12 $ 5,838.12 $ 50.00 $ 50.00 99820 HOYT, RICK $ 7,460.01 $ 7,460.01 $ 50.00 $ 50.00 99820 HOYT, RICK Plus 25 add pay $ 272.01 $ 272.01 JOHNSON, FRANK $ 7,974.81 $ 7,974.81 $ 50.00 $ 50.00 99820 JOHNSON, JOYCE $ 2,455.50 $ 2,455.50 $ 50.00 $ 50.00 99820 NORMA K. JONES $ 3,300.45 $ 3,300.45 $ 50.00 $ 50.00 99820 JONES, MICHELE $ 1,182.26 $ 1,182.26 KILGORE, DONALD $ 2,046.48 $ 2,046.48 $ 50.00 $ 50.00 99820 MARTIN, CONNIE $ 3,692.85 $ 3,692.85 $ 50.00 $ 50.00 99820 MCCAWLEY, LARRY $ 1,694.79 $ 1,694.79 $ 50.00 $ 50.00 99820 MITCHELL, MICHAEL $ 2,305.29 $ 2,305.29 $ 50.00 $ 50.00 99820 MUNSON,ANGELA $ 4,198.15 $ 4,198.15 $ 50.00 $ 50.00 99820 MURPHY, MARGARET $ 405.75 $ 405.75 $ 50.00 $ 50.00 99820 PERDUE, LARRY $ 2,322.67 $ 2,322.67 $ 50.00 $ 50.00 99820 PERSHALL, ROBIN $ 1,525.07 $ 1,525.07 $ - $ - PHILLIPS, LINDA SUE $ 1,754.44 $ 1,754.44 $ 50.00 $ 50.00 99820 PRESTON, NORMAJ $ 1,601.37 $ 1,601.37 $ 50.00 $ 50.00 99820 RICKMAN, LOREN $ 2,231.07 $ 2,231.07 $ 50.00 $ 50.00 99820 RIGGINS, BONNIE $ 1,669.37 $ 1,669.37 $ 50.00 $ 50.00 99820 ROBERTS, ELDON $ 4,263.24 $ 4,263.24 $ 50.00 $ 50.00 99820 ROBERTS, ELDON Plus 25 add pay $ 587.09 $ 587.09 $ - $ - ROBERTS, CAROLYN K $ 3,216.13 $ 3,216.13 $ ROBERTS, CAROLYN K Plus 25 add pay $ 442.89 $ 442.89 $ SCHUSTER,JOHN H. $ 1,558.68 $ 1,558.68 $ 50.00 $ 50.00 99820 SCHUSTER, NANCY R. $ 1,558.68 $ 1,558.68 $ - $ STANLEY, MELVIN $ 4,880.07 $ 4,880.07 $ 50.00 $ 50.00 99820 SURLES, VELMA $ 2,721.40 $ 2,721.40 $ 50.00 $ 50.00 TAYLOR, DENNIS $ 2,063.93 $ 2,063.93 $ 50.00 $ 50.00 99820 BLOSS-WATSON, VICKY $ 6,947.05 $ 6,947.05 $ 50.00 $ 50.00 99820 $ 113,175.41 $ 113,175.41 $ 1,650.00 $ 1,650.00 $ POLICE PENSION FUND Feb Month 2 2 NAME 2023 6800-9800 Regular Mo 5335-00 BAYLES, BOBBI J BLACK, MILDRED BRADLEY, GERALD BRADLEY, RANDALL BROWN, JOHN CARROLL,RONALD L COLE,RUSTON DUGGER,GARY FOSTER, MARTHA FRIEND, JERRY HANNA, JANICE HANNA, MARK HELDER, TIM HOYT, RICK HOYT, RICK Plus 25 add pay JOHNSON,FRANK JOHNSON,JOYCE NORMA K. JONES JONES, MICHELE KILGORE, DONALD MARTIN, CONNIE MCCAWLEY, LARRY MITCHELL, MICHAEL MUNSON,ANGELA MURPHY,MARGARET PERDUE, LARRY PERSHALL, ROBIN PHILLIPS, LINDA SUE PRESTON, NORMA J RICKMAN, LOREN RIGGINS, BONNIE ROBERTS, ELDON ROBERTS, ELDON Plus 25 add pay ROBERTS, CAROLYN K ROBERTS, CAROLYN K Plus 25 add pay SCHUSTER,JOHN H. SCHUSTER, NANCY R. STANLEY, MELVIN SURLES,VELMA TAYLOR, DENNIS BLOSS-WATSON, VICKY Benefit YTD Reg Benefit 6800-9800 5335-05 Suppl. YTD Suppl. Future Supplement $ 1,587.41 $ 3,174.82 $ 50.00 $ 100.00 $ 1,125.64 $ 2,251.28 $ 50.00 $ 100.00 $ 4,820.09 $ 9,640.18 $ 50.00 $ 100.00 $ 2,860.17 $ 5,720.34 $ 50.00 $ 100.00 $ 4,362.01 $ 8,724.02 $ 50.00 $ 100.00 $ 2,106.04 $ 4,212.08 $ 50.00 $ 100.00 $ 3,065.74 $ 6,131.48 $ 50.00 $ 100.00 $ 3,163.74 $ 6,327.48 $ 50.00 $ 100.00 $ 3,207.35 $ 6,414.70 $ 50.00 $ 100.00 $ 1,970.42 $ 3,940.84 $ 50.00 $ 100.00 $ 1,368.59 $ 2,737.18 $ - $ - $ 1,368.59 $ 2,737.18 $ 50.00 $ 100.00 $ 5,838.12 $ 11,676.24 $ 50.00 $ 100.00 $ 7,460.01 $ 14,920.02 $ 50.00 $ 100.00 $ 272.01 $ 544.02 $ 7,974.81 $ 15,949.62 $ 50.00 $ 100.00 $ 2,455.50 $ 4,911.00 $ 50.00 $ 100.00 $ 3,300.45 $ 6,600.90 $ 50.00 $ 100.00 $ 1,182.26 $ 2,364.52 $ 2,046.48 $ 4,092.96 $ 50.00 $ 100.00 $ 3,692.85 $ 7,385.70 $ 50.00 $ 100.00 $ 1,694.79 $ 3,389.58 $ 50.00 $ 100.00 $ 2,305.29 $ 4,610.58 $ 50.00 $ 100.00 $ 4,198.15 $ 8,396.30 $ 50.00 $ 100.00 $ 405.75 $ 811.50 $ 50.00 $ 100.00 $ 2,322.67 $ 4,645.34 $ 50.00 $ 100.00 $ 1,525.07 $ 3,050.14 $ - $ - $ 1,754.44 $ 3,508.88 $ 50.00 $ 100.00 $ 1,601.37 $ 3,202.74 $ 50.00 $ 100.00 $ 2,231.07 $ 4,462.14 $ 50.00 $ 100.00 $ 1,669.37 $ 3,338.74 $ 50.00 $ 100.00 $ 4,263.24 $ 8,526.48 $ 50.00 $ 100.00 $ 587.09 $ 1,174.18 $ - $ - $ 3,216.13 $ 6,432.26 $ $ 442.89 $ 885.78 $ $ 1,558.68 $ 3,117.36 $ 50.00 $ 100.00 $ 1,558.68 $ 3,117.36 $ - $ $ 4,880.07 $ 9,760.14 $ 50.00 $ 100.00 $ 2,721.40 $ 5,442.80 $ 50.00 $ 100.00 $ 2,063.93 $ 4,127.86 $ 50.00 $ 100.00 $ 6,947.05 $ 13,894.10 $ 50.00 $ 100.00 $ 113,175.41 $ 226,350.82 $ 1,650.00 $ 3,300.00 $ Hours Code for Fut Supp 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 POLICE PENSION FUND Mar Month 3 3 NAME 2023 6800-9800 Regular Mo 5335-00 BAYLES, BOBBI J BLACK, MILDRED BRADLEY, GERALD BRADLEY, RANDALL BROWN, JOHN CARROLL,RONALD L COLE,RUSTON DUGGER,GARY FOSTER, MARTHA FRIEND, JERRY HANNA, JANICE HANNA, MARK HELDER, TIM HOYT, RICK HOYT, RICK Plus 25 add pay JOHNSON,FRANK JOHNSON,JOYCE NORMA K. JONES JONES, MICHELE KILGORE, DONALD MARTIN, CONNIE MCCAWLEY, LARRY MITCHELL, MICHAEL MUNSON,ANGELA MURPHY,MARGARET PERDUE, LARRY PERSHALL, ROBIN PHILLIPS, LINDA SUE PRESTON, NORMA J RICKMAN, LOREN RIGGINS, BONNIE ROBERTS, ELDON ROBERTS, ELDON Plus 25 add pay ROBERTS, CAROLYN K ROBERTS, CAROLYN K Plus 25 add pay SCHUSTER,JOHN H. SCHUSTER, NANCY R. STANLEY, MELVIN SURLES,VELMA TAYLOR, DENNIS BLOSS-WATSON, VICKY Benefit YTD Reg Benefit 6800-9800 5335-05 Suppl. YTD Suppl. Future Supplement $ 1,587.41 $ 4,762.23 $ 50.00 $ 150.00 $ 1,125.64 $ 3,376.92 $ 50.00 $ 150.00 $ 4,820.09 $ 14,460.27 $ 50.00 $ 150.00 $ 2,860.17 $ 8,580.51 $ 50.00 $ 150.00 $ 4,362.01 $ 13,086.03 $ 50.00 $ 150.00 $ 2,106.04 $ 6,318.12 $ 50.00 $ 150.00 $ 3,065.74 $ 9,197.22 $ 50.00 $ 150.00 $ 3,163.74 $ 9,491.22 $ 50.00 $ 150.00 $ 3,207.35 $ 9,622.05 $ 50.00 $ 150.00 $ 1,970.42 $ 5,911.26 $ 50.00 $ 150.00 $ 1,368.59 $ 4,105.77 $ - $ - $ 1,368.59 $ 4,105.77 $ 50.00 $ 150.00 $ 5,838.12 $ 17,514.36 $ 50.00 $ 150.00 $ 7,460.01 $ 22,380.03 $ 50.00 $ 150.00 $ 272.01 $ 816.03 $ 7,974.81 $ 23,924.43 $ 50.00 $ 150.00 $ 2,455.50 $ 7,366.50 $ 50.00 $ 150.00 $ 3,300.45 $ 9,901.35 $ 50.00 $ 150.00 $ 1,182.26 $ 3,546.78 $ 2,046.48 $ 6,139.44 $ 50.00 $ 150.00 $ 3,692.85 $ 11,078.55 $ 50.00 $ 150.00 $ 1,694.79 $ 5,084.37 $ 50.00 $ 150.00 $ 2,305.29 $ 6,915.87 $ 50.00 $ 150.00 $ 4,198.15 $ 12,594.45 $ 50.00 $ 150.00 $ 405.75 $ 1,217.25 $ 50.00 $ 150.00 $ 2,322.67 $ 6,968.01 $ 50.00 $ 150.00 $ 1,525.07 $ 4,575.21 $ - $ - $ 1,754.44 $ 5,263.32 $ 50.00 $ 150.00 $ 1,601.37 $ 4,804.11 $ 50.00 $ 150.00 $ 2,231.07 $ 6,693.21 $ 50.00 $ 150.00 $ 1,669.37 $ 5,008.11 $ 50.00 $ 150.00 $ 4,263.24 $ 12,789.72 $ 50.00 $ 150.00 $ 587.09 $ 1,761.27 $ - $ - $ 3,216.13 $ 9,648.39 $ $ 442.89 $ 1,328.67 $ $ 1,558.68 $ 4,676.04 $ 50.00 $ 150.00 $ 1,558.68 $ 4,676.04 $ - $ $ 4,880.07 $ 14,640.21 $ 50.00 $ 150.00 $ 2,721.40 $ 8,164.20 $ 50.00 $ 150.00 $ 2,063.93 $ 6,191.79 $ 50.00 $ 150.00 $ 6,947.05 $ 20,841.15 $ 50.00 $ 150.00 $ 113,175.41 $ 339,526.23 $ 1,650.00 $ 4,950.00 $ Hours Code for Fut Supp 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 POLICE PENSION FUND Apr Month 4 4 NAME 2023 6800-9800 Regular Mo 5335-00 BAYLES, BOBBI J BLACK, MILDRED BRADLEY, GERALD BRADLEY, RANDALL BROWN, JOHN CARROLL,RONALD L COLE,RUSTON DUGGER,GARY FOSTER, MARTHA FRIEND, JERRY HANNA, JANICE HANNA, MARK HELDER, TIM HOYT, RICK HOYT, RICK Plus 25 add pay JOHNSON,FRANK JOHNSON,JOYCE NORMA K. JONES JONES, MICHELE KILGORE, DONALD MARTIN, CONNIE MCCAWLEY, LARRY MITCHELL, MICHAEL MUNSON,ANGELA MURPHY,MARGARET PERDUE, LARRY PERSHALL, ROBIN PHILLIPS, LINDA SUE PRESTON, NORMA J RICKMAN, LOREN RIGGINS, BONNIE ROBERTS, ELDON ROBERTS, ELDON Plus 25 add pay ROBERTS, CAROLYN K ROBERTS, CAROLYN K Plus 25 add pay SCHUSTER,JOHN H. SCHUSTER, NANCY R. STANLEY, MELVIN SURLES,VELMA TAYLOR, DENNIS BLOSS-WATSON, VICKY Benefit YTD Reg Benefit 6800-9800 5335-05 Suppl. YTD Suppl. Future Supplement $ 1,587.41 $ 6,349.64 $ 50.00 $ 200.00 $ 1,125.64 $ 4,502.56 $ 50.00 $ 200.00 $ 4,820.09 $ 19,280.36 $ 50.00 $ 200.00 $ 2,860.17 $ 11,440.68 $ 50.00 $ 200.00 $ 4,362.01 $ 17,448.04 $ 50.00 $ 200.00 $ 2,106.04 $ 8,424.16 $ 50.00 $ 200.00 $ 3,065.74 $ 12,262.96 $ 50.00 $ 200.00 $ 3,163.74 $ 12,654.96 $ 50.00 $ 200.00 $ 3,207.35 $ 12,829.40 $ 50.00 $ 200.00 $ 1,970.42 $ 7,881.68 $ 50.00 $ 200.00 $ 1,368.59 $ 5,474.36 $ - $ - $ 1,368.59 $ 5,474.36 $ 50.00 $ 200.00 $ 5,838.12 $ 23,352.48 $ 50.00 $ 200.00 $ 7,460.01 $ 29,840.04 $ 50.00 $ 200.00 $ 272.01 $ 1,088.04 $ 7,974.81 $ 31,899.24 $ 50.00 $ 200.00 $ 2,455.50 $ 9,822.00 $ 50.00 $ 200.00 $ 3,300.45 $ 13,201.80 $ 50.00 $ 200.00 $ 1,182.26 $ 4,729.04 $ 2,046.48 $ 8,185.92 $ 50.00 $ 200.00 $ 3,692.85 $ 14,771.40 $ 50.00 $ 200.00 $ 1,694.79 $ 6,779.16 $ 50.00 $ 200.00 $ 2,305.29 $ 9,221.16 $ 50.00 $ 200.00 $ 4,198.15 $ 16,792.60 $ 50.00 $ 200.00 $ 405.75 $ 1,623.00 $ 50.00 $ 200.00 $ 2,322.67 $ 9,290.68 $ 50.00 $ 200.00 $ 1,525.07 $ 6,100.28 $ - $ - $ 1,754.44 $ 7,017.76 $ 50.00 $ 200.00 $ 1,601.37 $ 6,405.48 $ 50.00 $ 200.00 $ 2,231.07 $ 8,924.28 $ 50.00 $ 200.00 $ 1,669.37 $ 6,677.48 $ 50.00 $ 200.00 $ 4,263.24 $ 17,052.96 $ 50.00 $ 200.00 $ 587.09 $ 2,348.36 $ - $ - $ 3,216.13 $ 12,864.52 $ $ 442.89 $ 1,771.56 $ $ 1,558.68 $ 6,234.72 $ 50.00 $ 200.00 $ 1,558.68 $ 6,234.72 $ - $ $ 4,880.07 $ 19,520.28 $ 50.00 $ 200.00 $ 2,721.40 $ 10,885.60 $ 50.00 $ 200.00 $ 2,063.93 $ 8,255.72 $ 50.00 $ 200.00 $ 6,947.05 $ 27,788.20 $ 50.00 $ 200.00 $ 113,175.41 $ 452,701.64 $ 1,650.00 $ 6,600.00 $ Hours Code for Fut Supp 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 99820 Police Pension Fund Revenue Expense Summary 6/30/2022 2021 2020 2019 2018 2017 2016 2015 2014 Revenues: Employee Contributions $ $ $ $ $ $ $ $ $ $ Employer Contributions $ $ $ - $ - $ $ $ $ $ $ State Insurance Tax $ 10,900.00 $ 197,968.02 $ 196,514.94 $ 183,385.77 $ 186,152.09 $ 184,445.89 $ 163,140.57 $ 160,680.88 $ 152,519.00 $ Local Millage (A mills) $ 351,884.81 $ 685,875.24 $ 643,110.44 $ 624,223.49 $ 587,536.68 $ 566,513.87 $ 551,507.74 $ 539,827.30 $ 525,620.07 $ 10% City Fines and Forfeitures $ 48,903.67 $ 92,641.86 $ 100,394.32 $ 146,297.69 $ 145,562.44 $ 164,626.55 $ 141,769.98 $ 124,486.54 $ 101,595.92 $ Sale of Confiscated Goods $ 13,677.39 $ 7,921.85 $ 1,235.52 $ 5,288.85 $ 4,003.00 $ - $ 3,733.56 $ 4,068.81 $ 5,367.25 $ Interest and Dividends $ 60,682.99 $ 139,645.15 $ 125,523.20 $ 136,459.26 $ 132,685.16 $ 131,204.03 $ 149,556.88 $ 175,768.80 $ 250,152.16 $ Gain (Loss) on Sales $ 92,916.05 $ 222,745.73 $ 127,123.94 $ (83,178.67) $ 217,689.67 $ 200,446.71 $ (18,559.71) $ 122,582.56 $ 513,762.17 $ Police Supplement $ - $ 30,700.00 $ 31,600.00 $ 31,500.00 $ 32,400.00 $ 33,300.00 $ 34,800.00 $ 35,100.00 $ 37,200.00 $ Future Supplement $ $ 77,662.20 $ 80,360.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00 $ 43,290.00 $ 44,280.00 $ Misc Revenue $ $ - $ 310.29 $ - $ 3,432.14 $ 3,862.29 $ - $ 2.00 $ - $ 2013 142,151.31 494,749.58 112,992.59 1,898.28 263,480.49 160,066.59 37,800.00 46,620.00 195.77 Total Revenue $ 578,964.91 $ 1,455,160.05 $ 1,306,172.65 $ 1,122,376.39 $ 1,390,101.18 $ 1,356,919.34 $ 1,084,469.02 $ 1,205,806.89 $ 1,630,496.57 $ 1,259,954.61 Expenditures Regular Monthly Benefits $ 679,052.46 $ 1,358,104.92 $ 1,395,168.88 $ 1,420,374.92 $ 1,443,274.40 $ 1,462,045.56 $ 1,471,260.21 $ 1,494,905.12 $ 1,533,945.72 $ 1,535,372.30 Police Supplement $ 9,900.00 $ 19,800.00 $ 20,700.00 $ 20,900.00 $ 21,600.00 $ 22,200.00 $ 22,750.00 $ 23,250.00 $ 24,550.00 $ 24,650.00 Future Supplement $ - $ 77,662.20 $ 78,064.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00 $ 43,290.00 $ 44,280.00 $ 45,510.00 Investment Manager Fees $ 15,414.00 $ 29,856.00 $ 28,119.00 $ 28,924.00 $ 30,335.00 $ 29,859.75 $ 30,378.01 $ 33,743.02 $ 56,395.86 $ 66,240.45 Other Expenses: $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Office Supplies/printing $ $ - $ - $ - $ - $ - $ - $ - $ 51.52 $ 56.81 Audit Fees $ $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,400.00 Professional Services $ $ - $ - $ - $ - $ $ 1,160.00 $ - $ 103.75 $ - Legal Fees $ $ - $ - $ - $ - $ $ - $ - $ - Bank Fees $ 231.10 $ 404.50 $ 316.37 $ 232.09 $ 36.80 $ 25.29 $ 24.99 $ 43.39 $ 77.18 $ 99.10 Total Expenses $ 704,597.56 $ 1,489,327.62 $ 1,525,868.25 $ 1,552,331.01 $ 1,579,386.20 $ 1,590,150.60 $ 1,587,593.21 $ 1,598,731.53 $ 1,662,904.03 $ 1,675,328.66 Net Income (Loss) Before Market Adj *** $ (125,632.65) $ (34,167.57) $ (219,695.60) $ (429,954.62) $ (189,285.02) $ (233,231.26) $ (503,124.19) $ (392,924.64) $ (32,407.46) $ (415,374.05) Market Adjustment** $ $ 379,075.96 $ 241,234.00 $ 934,853.76 $ (490,293.41) $ 512,708.24 $ 339,636.99 $ (491,233.44) $ (355,917.05) $ 95,442.84 Net Income (Loss) $ (125,632.65) $ 344,908.39 $ 21,538.40 $ 504,899.14 $ (679,578.43) $ 279,476.98 $ (163,487.20) $ (884,158.08) $ (388,324.51) $ (319,931.21) Book Value Total Reserve Assets * $ 4,513,882.28 $ 4,621,087.61 $ 4,663,684.22 $ 4,894,011.05 $ 5,317,033.82 $ 5,517,318.84 $ 5,740,891.38 $ 6,249,168.46 $ 6,653,793.10 $ 6,682,459.70 Market Value Total Reserve Assets * $ 5,291,265.81 $ 6,368,590.87 $ 6,003,980.03 $ 6,046,385.90 $ 5,588,421.78 $ 6,337,638.32 $ 5,928,508.61 $ 6,134,675.67 $ 7,030,014.20 $ 7,443,057.63 *Assets less any liabilities ** Market Value calculated at year end *** 10/14/2022 C:\Users\kapaxton\Desktop\102022 PP Agenda\Word & Excel Docs\Police Pension Summary 06.30.22 Police Pension Fund Revenue Expense Summary 9/30/2022 2021 2020 2019 2018 2017 2016 2015 2014 Revenues: Employee Contributions $ $ $ $ $ $ $ $ $ $ Employer Contributions $ $ $ - $ - $ $ $ $ $ $ State Insurance Tax $ 155,047.43 $ 197,968.02 $ 196,514.94 $ 183,385.77 $ 186,152.09 $ 184,445.89 $ 163,140.57 $ 160,680.88 $ 152,519.00 $ Local Millage (A mills) $ 388,441.32 $ 685,875.24 $ 643,110.44 $ 624,223.49 $ 587,536.68 $ 566,513.87 $ 551,507.74 $ 539,827.30 $ 525,620.07 $ 10% City Fines and Forfeitures $ 76,941.83 $ 92,641.86 $ 100,394.32 $ 146,297.69 $ 145,562.44 $ 164,626.55 $ 141,769.98 $ 124,486.54 $ 101,595.92 $ Sale of Confiscated Goods $ 14,963.27 $ 7,921.85 $ 1,235.52 $ 5,288.85 $ 4,003.00 $ - $ 3,733.56 $ 4,068.81 $ 5,367.25 $ Interest and Dividends $ 90,772.12 $ 139,645.15 $ 125,523.20 $ 136,459.26 $ 132,685.16 $ 131,204.03 $ 149,556.88 $ 175,768.80 $ 250,152.16 $ Gain (Loss) on Sales $ 92,916.05 $ 222,745.73 $ 127,123.94 $ (83,178.67) $ 217,689.67 $ 200,446.71 $ (18,559.71) $ 122,582.56 $ 513,762.17 $ Police Supplement $ 30,700.00 $ 30,700.00 $ 31,600.00 $ 31,500.00 $ 32,400.00 $ 33,300.00 $ 34,800.00 $ 35,100.00 $ 37,200.00 $ Future Supplement $ 79,603.92 $ 77,662.20 $ 80,360.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00 $ 43,290.00 $ 44,280.00 $ Misc Revenue $ - $ - $ 310.29 $ - $ 3,432.14 $ 3,862.29 $ - $ 2.00 $ - $ Total Revenue Expenditures Regular Monthly Benefits Police Supplement Future Supplement Investment Manager Fees Other Expenses: Office Supplies/printing Audit Fees Professional Services Legal Fees Bank Fees Total Expenses 2013 142,151.31 494,749.58 112,992.59 1,898.28 263,480.49 160,066.59 37,800.00 46,620.00 195.77 $ 929,385.94 $ 1,455,160.05 $ 1,306,172.65 $ 1,122,376.39 $ 1,390,101.18 $ 1,356,919.34 $ 1,084,469.02 $ 1,205,806.89 $ 1,630,496.57 $ 1,259,954.61 $ 1,018,778.69 $ 1,358,104.92 $ 1,395,168.88 $ 1,420,374.92 $ 1,443,274.40 $ 1,462,045.56 $ 1,471,260.21 $ 1,494,905.12 $ 1,533,945.72 $ 1,535,372.30 $ 14,850.00 $ 19,800.00 $ 20,700.00 $ 20,900.00 $ 21,600.00 $ 22,200.00 $ 22,750.00 $ 23,250.00 $ 24,550.00 $ 24,650.00 $ 79,603.92 $ 77,662.20 $ 78,064.00 $ 78,400.00 $ 80,640.00 $ 72,520.00 $ 58,520.00 $ 43,290.00 $ 44,280.00 $ 45,510.00 $ 22,471.00 $ 29,856.00 $ 28,119.00 $ 28,924.00 $ 30,335.00 $ 29,859.75 $ 30,378.01 $ 33,743.02 $ 56,395.86 $ 66,240.45 $ - $ - $ - $ - $ - $ - $ - $ - $ 51.52 $ 56.81 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,500.00 $ 3,400.00 $ - $ - $ - $ - $ - $ $ 1,160.00 $ - $ 103.75 $ - $ - $ - $ - $ - $ $ $ - $ $ $ 276.19 $ 404.50 $ 316.37 $ 232.09 $ 36.80 $ 25.29 $ 24.99 $ 43.39 $ 77.18 $ 99.10 $ 1,139,479.80 $ 1,489,327.62 $ 1,525,868.25 $ 1,552,331.01 $ 1,579,386.20 $ 1,590,150.60 $ 1,587,593.21 $ 1,598,731.53 $ 1,662,904.03 $ 1,675,328.66 Net Income (Loss) Before Market Adj *** $ (210,093.86) $ (34,167.57) $ (219,695.60) $ (429,954.62) $ (189,285.02) $ (233,231.26) $ (503,124.19) $ (392,924.64) $ (32,407.46) $ (415,374.05) Market Adjustment** $ - $ 379,075.96 $ 241,234.00 $ 934,853.76 $ (490,293.41) $ 512,708.24 $ 339,636.99 $ (491,233.44) $ (355,917.05) $ 95,442.84 Net Income (Loss) $ (210,093.86) $ 344,908.39 $ 21,538.40 $ 504,899.14 $ (679,578.43) $ 279,476.98 $ (163,487.20) $ (884,158.08) $ (388,324.51) $ (319,931.21) Book Value Total Reserve Assets * $ 4,429,821.07 $ 4,621,087.61 $ 4,663,684.22 $ 4,894,011.05 $ 5,317,033.82 $ 5,517,318.84 $ 5,740,891.38 $ 6,249,168.46 $ 6,653,793.10 $ 6,682,459.70 Market Value Total Reserve Assets * $ 5,101,068.95 $ 6,368,590.87 $ 6,003,980.03 $ 6,046,385.90 $ 5,588,421.78 $ 6,337,638.32 $ 5,928,508.61 $ 6,134,675.67 $ 7,030,014.20 $ 7,443,057.63 *Assets less any liabilities ** Market Value calculated at year end *** 10/14/2022 C:\Users\kapaxton\Desktop\102022 PP Agenda\Word & Excel Docs\Police Pension Summary 09.30.22 June 1, 2022 Dear Policemen's Pension & Relief Fund Pensioner, The Policemen's Pension and Relief Fund Board of Trustees has completed the 2022 Board Elections. Based on a count of the ballots Frank Johnson and Rustin Cole have been re-elected. Their term began on June 1, 2022 and will end May 31, 2024. Enclosed is the current list of Board Members with their term end dates. The next Policemen's Pension Board meeting will be on October 20, 2022 at 3:00 p.m. at City Hall. This meeting date and time is subject to change. If you have any questions, please call the Office of the City Clerk Treasurer at (479) 575-8323. Sincerely, Kara Paxton, MSISM, CIVIC, CMO City Clerk Treasurer Policemen's Pension & Relief Fund Board of Trustees Treasurer Osborn, Carreiro & Associates, Inc. ACTUARIES • CONSULTANTS ■ ANALYSTS September 19, 2022 Mr. David Clark, Executive Director Arkansas Fire and Police Pension Review Board 620 West Third Street, Suite 200 Little Rock, AR 72201 RE: Fayetteville Police Pension Fund Estimated 2023 Premium Tax Allocation Mr. Clark: One Union National Plaza, Suite 1690 124 West Capitol Avenue Little Rock, Arkansas 72201 (501)376-8043 fax (501)376-7847 We have estimated the base benefit calculations needed for the Premium Tax Allocation formula created by Act 979 of 2011 and PRB Board Rule 12. This letter will provide these estimates for the above referenced Local Plan. Actual Benefits Valued 1/l/2022 $1,358,105 Base Benefits Valued 1/l/2022 $796,919 Actuarial Cost of Base Benefits $304,724 Estimated Premium Tax 2023 30% of Actuarial Cost $91,417 Estimated Additional Allocation 2023, if eligible 15% of Actuarial Cost) $45,709 2022 Employer Contributions for Additional Allocation 2022 Eligibility 80% of Actuarial Cost $243,779 Actual 2021 Reported Employer Contribution $816,480 Shortfall based on 2021 contributions $0 Expected Eligibility based on 2021 contributions Yes The premium tax formula allocates monies based on an Actuarial Cost derived from a Local Plan's Base Benefits (that is, 50% of Final Salary, minimum $350 per month for paid members, and $100 per month for volunteer members). Each Local Plan receives 30% of this calculated Actuarial Cost as Premium Tax. A Local Plan is also eligible for an Additional Allocation equal to 15% of this Actuarial Cost, provided that the Employer Contributions other than Premium Tax made by the location are equal to at least 80% of the Actuarial Cost. The contributions made during calendar year 2022 will determine eligibility for Additional Allocation for 2023. We have included last year's contributions and the estimated shortfall to become eligible for the Additional Allocation if Employer Contributions were to remain level in 2022. As a reminder, these numbers constitute estimates and may vary materially from the actual premium tax allocation. In particular, an additional employer contribution equal to the shortfall estimate shown will not guarantee Additional Allocation eligibility in 2023. Please note that the Additional Allocation may be proportionally reduced due to a shortfall in Premium Tax revenues. Such a reduction last occurred in 2018, but has not occurred in recent years.