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Minutes for the special called Finance Committee meeting on June 12, 2003.
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The meeting was called to order at 2:30 p.m. by the chair Alec Farmer for purpose of interviewing firms for the city’s 457 Plan. Alderman Jim Hargis, Darrel Dover and Ann Williams and Alec Farmer were present. Alderman Harold Perrin was absent. Also present were department representatives Rick Elliott, Doug Little, Royce Leonard, Mike Cox, Doug Crews, Cindy Wright, Financing Director Larry Flowers, Purchasing Officer Steve Kent and H/R Director Suzanne Hackney.
Mayor Brodell did not attend the meeting due to his ownership of stock in The Bank of Jonesboro, which was one of the firms interviewed.
The first firm interviewed was The Bank of Jonesboro represented by Carla Carson and Aubrey Avants. Ms. Carson provided packets for all present which included plan highlights and brochures, Mr. Avants explained five different funds ranging from aggressive to conservative and Ms. Carson discussed feeds and the employee selection process.
Morgan-Stanley was represented by Gary Pugh and Stacey Harral. Mr. Pugh explained that Morgan-Stanley was partnering with Alliance-Bernstein which had twelve funds ranging from conservative to aggressive. Ms. Harral stated that her firm only provided “A” class shares with no front-end loading. She answered the questions provided by the city point by point. Mr. Pugh described the asset allocations plan and the employee education program.
CitiStreet was represented by Don Myers with the Arkansas Municipal League and Tom Morgan with CitiGroup. Mr. Myers explained the background of the program through the Municipal League and how the Municipal League selected CitiStreet. Mr. Morgan gave a list of approximately twenty cities in the State of Arkansas and various governmental entities throughout the southeast United States which currently use the CitiStreet plan. He stated that CitiStreet was a partnership between State Street and CitiGroup which represente...
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