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Minutes for the Finance Committee meeting on April 21, 2005.
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Finance & Administration Committee Minutes
Thursday, April 21, 2005
4:00 p.m. - Huntington Building
Members Present: Alec Farmer, Darrel Dover, Jim Hargis, Ann Williams, Harold Perrin. Councilman Street was unable to attend. Others present were: Mayor Doug Formon, Donna Jackson, City Clerk, Phillip Crego, City Attorney, staff and media.
MINUTES
Councilwoman Williams moved seconded by Councilman Dover for the approval of the minutes for March 24, 2005 as provided. All voted aye. Copies were made available to all in attendance.
ORDINANCES & RESOLUTIONS
Destruction of Records: Councilman Perrin moved, seconded by Councilman Dover to recommend to the full council a resolution for the destruction of certain financial and accounting records. Mr. Flowers stated he had identified several boxes of records that can be destroyed according Resolution 1993:59 and State Statues. Chairman Farmer questioned if Mr. Flowers would be doing this on an annual basis. Councilman Perrin questioned why the committee had to approve the destruction of records, to which Mr. Flowers explained it is required by Resolution 1993:59 that an affidavit be adopted by the Jonesboro City Council. All voted aye.
FINANCE & AUDIT
Rollover IRA Agreement - Economic Growth and Tax Reconciliation Act: Ms. Hackney explained the Economic Growth and Tax Reconciliation Act of 2001 requires mandatory distribution over $1,000.00 be rolled over into an IRA unless the participant elects otherwise. She further explained anything under $1,000.00 can be paid directly to the individual. Ms. Hackney stated Principal Financial was offering its IRA services, and Mr. Flowers explained we would have to sign a plan amendment that would address the roll over provisions. Councilman Perrin moved, seconded by Councilman Dover to accept the staff recommendation to use Principal Financial for the Rollover IRA Agreement. All voted a...
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