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Minutes for the special called Finance Committee meeting on March 1, 2004.
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Finance & Administration Committee Minutes
Monday, March 1, 2004 - Special Session
Following the Public Works Committee - Huntington Building
Members Present: Alec Farmer, Darrel Dover, Jim Hargis, and Harold Perrin. Members Absent: Dave Young and Ann Williams. Others present were: Keith Inman, Jonesboro Sun, Donna Jackson, City Clerk, Finance Director Larry Flowers, and Mayor’s Assistant Aubrey Scott.
AHTD - HWY 18 / HWY 351
Councilperson Dover moved, seconded by Councilperson Hargis to recommend an ordinance to appropriate $10,014.80 for the City of Jonesboro’s matching share of costs for the signalization of Highway 18 / Highway 351. All voted aye.
RESOLUTION AMENDMENT - SERVICE CONTRACT FOR NON-UNIFORM PENSION PLAN
Councilperson Dover moved, seconded by Councilperson Perrin to recommend to the full council a resolution to amend Resolution No. 2004:22 to reflect a variable floating fee instead of an annual fee of 0.163% of the Non-Uniform Pension Plan. All voted aye.
PRINCIPAL FINANCIAL GROUP / TOWN AND COUNTRY
Councilperson Perrin reported there would be a meeting with Principal Financial in Memphis on March 15th at 7:30 a.m. for the purpose of discussing the management investment fees, and a complete report would be provided to Finance committee members, prior to going to the full council.
FINANCIAL SOFTWARE - BENTONVILLE / FAYETTEVILLE TRIP
Councilperson Perrin reported a flight had been scheduled for March 10th leaving the Jonesboro Airport between 7:00 a.m. and 7:30 a.m. for the purpose of reviewing financial software at two Arkansas cities, Fayetteville and Bentonville. Those scheduled to go on the trip were: Harold Perrin, Alec Farmer, Betty Shaw, Larry Flowers, Suzanne Hackney and Alan Young. City Clerk Donna Jackson was asked to notify the media.
QUAIL RIDGE SETTLEMENT
Mayor Brodell reported City Attorney Crego was working with the property owners, Mr. and Mrs. McDaniel, on an agreed cost for the property. Councilman Dover stated there was some confusion regarding closing cost. Mayor Brodell stated he was unaware of the problem. City Attorney Crego stated the problem was with the mortgage company who finally agreed to provide the documentation once funds were supplied to an escrow agent. Councilman Dover asked if there was a problem with closing cost, and Mr. Crego stated there would be an expense for the escrow agent, taxes, and mortgage. Councilman Farmer explained a settlement statement was needed which would include revenue stamps and filing fees.
REPLACEMENT ON FINANCE COMMITTEE
Councilman Farmer reported he had received an email from Councilman Young who stated he could not serve on the Finance Committee due to time constraints, and recommended the matter be forwarded to the Nominating and Rules Committee for a determination on whether to replace Councilman Young or to leave the membership at five. The reason for concern was due to the City Council Rules and Procedures requiring a quorum, a majority of all committee members and with one member consistently absent it poses legal questions.
ADJOURNMENT
With no further business Councilperson Dover moved, seconded by Councilperson Hargis to adjourn. All voted aye.