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Minutes from the Finance Committee meeting on November 20, 2003.
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Finance & Administration Committee Minutes
Budget Overview
Thursday, November 20, 2003
5:00 p.m. - Huntington Building
Members Present: Alec Farmer, Darrel Dover, Jim Hargis, Ann Williams. Absent: Harold Perrin. Others present were: Judy Furr, Alan Young, Larry Flowers, Becky Sharp, Jim McKinnon, Michelle McDaniel, Dick Darouse, Vickie Gray, Nathan LaRue, John Easley, Suzanne Hackney, Keith Inman, Jonesboro Sun and Donna Jackson, City Clerk.
MINUTES
Councilman Hargis moved, seconded by Councilman Dover for the approval of the minutes of October 20, 2003. All voted aye. Copies were made available to those in attendance.
Councilman Dover, seconded by Councilwoman Williams for the approval of the minutes of October 21, 2003. All voted aye. Copies were made available to those in attendance.
PRINCIPAL FINANCIAL GROUP
Mr. Dick Darouse and Ms. Vickie Gray provided account information for funds allocated, current account balance and returns for Jonesboro’s Pension Plan. It was explained that as of October the rate of return was 14%, and with the improved rate of return our contribution would be lower for 2005. Ms. Gray explained the City of Jonesboro at the beginning of the year was underfunded by $2,000,000, but to date that deficit has been reduced by $500,000. Ms. Gray provided information regarding PFG advisory investment services. She explained the cost would be $4,000.00 and would take the fiduciary responsibility off the City Council. Principal Financial Group agreed to provide an update proposal for the Finance Committee’s consideration at the next regularly scheduled Finance Committee meeting.
TRANSIT AUTHORITY
The Northeast Arkansas Transit was on the agenda for discussion regarding funding for the 2004 budget, but no one from the committee attended.
SALARY SURVEY
Mr. Nathan LaRue provided an overview of the Modified B Plan and a brief history of how salaries were determined ...
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