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Minutes for the Finance Committee meeting on April 17, 2003.
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Minutes of
Finance & Administration Committee Meeting
April 17, 2003 @ 4:30 p.m.
Alderman Alec Farmer called the meeting to order. Aldermen Jim Hargis, Ann Williams, Darrel Dover, Harold Perrin and Alec Farmer were present. City Clerk Donna Jackson, Finance Director Larry Flowers, Human Resources Director Suzanne Hackney, Grants Coordinator Jim McKinnon and Becky Sharp were present.
The minutes of the February 20, 2003, the March 17, 2003, and the March 20, 2003, Finance and Administration meetings were handed out. No action was taken.
The committee discussed the city’s current non-uniform employee pension fund, the Defined Benefit plan. Mr. Flowers introduced representatives from Principal Financial Group. Ms. Rae Willis of PFG made the presentation. The city is currently $1.8 million underfunded with a fund balance of approximately $1.3 million. Three options were provided to bring the fund current: immediate payment, 10-year payment or 30 payment. The fund allocation is stable - 16%, bonds - 9%, domestic - 54%, foreign - 12%, & specialty - 8%. The fund is on the calendar year. PFG will provide fund recommendation service fee schedule. The return for the 1st quarter of 2003 was -1%.
The committee discussed the salary survey ranking. Ms. Hackney reported that 6 firms had responded to the RFP. Ms. Hackney provided a review of the firms. The committee then selected the top three firms. Upon a motion by Darrel Dover and second by Jim Hargis, the committee selected Johanson & Associates, Condrey & Associates and The Hay Group as the top three firms and asked Ms. Hackney to schedule an interview with the firms.
Ms. Hackney advised the committee that an employee had used up her sick leave and was requesting additional time. Ms. Hackney stated that the situation did not meet the personnel policy requirements for extended leave. No action was taken.
Ms. Hackney advised the committee of anothe...
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