HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 09/08/1998 (3) Firemen' s Relief & Pension Board
September 8 , 1998
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Boardmembers Present : Sam Grubbs, Gene Grenstad,
Brenda Jacober
Others Present : John Hillman, Brigitte Hoopes,
Susan Narick
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Grubbs called the meeting to order at 4 : 05 p .m.
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Approval of Minutes . Grenstad moved to approve the minutes
of the meeting of August 11, 1998 . Grubbs seconded and the
motion carried.
Approval of Financial Transactions . Hillman noted that
there was a loss of $9 , 048 . 53 for the month of July, and a
total loss for the year of $17, 217 . 72, and explained that
the total should be positive by year end due to interest
coming in. He also noted that the Fair Market adjustment
is over $700, 000 .
Narick pointed out on the Schedule of Changes in Cash &
Investments that the total investments at the end of July
is $2 , 588, 933 . 73 and that the total cash shows -$11, 490 . 60 .
She said this is because a $14, 627 . 80 error was made in
posting, and explained how it has been corrected.
Narick noted that the market value of mutual funds is still
high. She explained that the market value will probably be
down next month, but that there is no need for concern
since there is no intent to sell the funds .
Grenstad moved to approve the July financial transactions .
Jacober seconded and the motion carried.
CPI Increases . Hoopes noted that the payroll changes
have been made.
Adjournment. The meeting adjourned at 4 : 15 p. m.
Brenda Jacober, CMC
f City Clerk/R6ardmember