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Minutes for the Finance Committee meeting on June 7, 2005.
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Finance & Administration Committee Minutes
Tuesday, June 7, 2005
12:00 p.m. - Mayor’s Conference Room - City Hall
Members Present: Darrel Dover, Jim Hargis, John Street and Harold Perrin. Councilman Farmer and Councilwoman Williams were unable to attend. Others present were: Mayor Doug Formon, City Clerk Donna Jackson, staff, and media. Councilman Perrin presided over the meeting in the absence of Chairperson, Farmer.
FINANCE AND AUDIT
Defined Benefit Plan: Councilman Perrin moved, seconded by Councilman Dover to instruct Mr. Flowers to get a second quote from Principal Financial and proceed on with allowing Principal to make investment decisions for the City of Jonesboro. Councilman Hargis requested the credentials, experience, and track record of the individual/s making the investment recommendations. Mr. Flowers was asked not to move the money just yet, but rather wait for a recommendation from the Finance Committee, since they would be reviewing it on a monthly basis. It was explained while the cost floats with the amount of investment; the cost was expected to run about $3,600, the amount of the original quote. Concerns had been previously expressed regarding the City’s liability should they determine investment of the 4.2 million dollars. All voted aye.
Franchise Fees: Mr. Flowers reported letters had been sent out to various businesses, trying to identify who would be subject to franchise fees. He stated not all the letters had been responded to, and it was unclear who the businesses are. Councilman Perrin recommended downloading the State Department of Finance and Administration list and comparing to what licensing records the city has. Discussion was held regarding how to implement the franchise fee once the businesses were identified. It was determined if the payments were done in incremental payments, then every year the process of notification and negotiatio...
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