HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 09/07/1999 Firemen' s Relief & Pension Board
September 7 , 1999
Boardmembers Present : Mayor White, Judy Woods, Brenda
Jacober
Others Present : John Hillman, Brigitte Hoopes,
Paula Barry
The Mayor called the meeting to order at 3 : 05 p .m.
Approval of Minutes . Woods moved to approve the minutes of
August 3 , 1999 . Jacober seconded and the motion carried.
Approval of July Financial Transactions . Hillman
distributed copies of the July report and a Market Value
Comparison. He noted that the balance is approximately
$3 , 000 higher than year end last year, not including the
fair market value . Woods moved to approve the July
financial transactions . Jacober seconded and the motion
carried.
Investment in Mutual Funds. Hillman noted that the City
Attorney has confirmed the Board can no longer invest in
mutual funds . Investment Analyst Paula Barry noted that
right now the State pool is earning 5% and treasuries are
earning 5 . 6% . She explained that government agencies are
earning the highest interest right now and are less of a
risk than mutual funds . She pointed out that nothing is
maturing in the next two-eleven years and suggested filling
that gap . She recommended the following :
Purchase Rate as of
Investment Type Duration Amount 9/7/1999* Notes Rate based on*
Agency 3yr/lyr $ 325,000 6.25% from mutual funds 9/28/01 maturity
Agency 5yr/3yr $ 350,000 6.75% from mutual funds 9/27/04 maturity
Agency Syr/lyr S 350,000 7.40% from mutual funds 7/30/07maturity
US Treasury 2 years $ 150,000 5.66% from state pool(pool is averaging just over 5%)
*Actual rates may vary based on availability of agencies at time of purchase.
After a brief discussion, Woods moved to approve the
proposed recommendations . Jacober seconded and the motion
carried.
Meeting Dates and Times . Woods thanked the committee for
changing the time and date of these meetings .
Firemen' s Relief & Pension Board Page Two
September 7, 1999
Adjournment. The meeting adjourned at 3 : 16 p .m.
Brenda Jaco-oery, CMC
Boardmember/City Clerk
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