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Police Pension Fund Packet 2007 05-08-07 YORKVILLE', POLICE PENSION FUND BOARD 804 Game Farm Road Yorkville, IL 60560 (630) 553 -4340 AGENDA 5 :00 p.m. on 'Tuesday, May 8, 2007 Police Department Conference Room Meeting Call to Order: Roll Call: Previous Meeting Minutes: Corrections/Approval: March 6, 2007 Communications: Treasurer's Report: Employee Contributions as of April 31 , 2007 Treasurer' s Report as of' April 31 , 2007 Annual Treasurer's Report for Fiscal Year 2006-07 Bills for Payment: TWS Actuarial Study IDOI Filing Services Investments: Progress Reports from Mitchell, Vaught, and Taylor Money Transfers from YNB to Charles Schwab & Co, Pay to: Charles Schwab & Co. Mail to : Mitchell, Vaught, and Taylor Inc., Attn: Emily 124 South Webster Suite 202 Naperville, IL 60540 Unfinished Business: Pension Check Payments for New Retirees New Business: Smith Barney Investment Booklet IDOI bid from Zabinski Consulting Services Inc. Budget for Fiscal Year 2007-08 Availability of Pension Board Minutes to Members Additional Business: Position of Vice President Adjournment: Next Meeting: 8/14/07 @ 5 :OOPM Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, I160560 (630)553-4340 Meeting Minutes for March 6, 2007 DRAFT Attachments: Minutes: Nov 14, 2005, Dec 12, 2006 Email from TWS Actuary Study .Ian 29,07 Letter from Zabinski Consulting Services Inc Treasurer's Report dated March 1 , 2007 Yorkville Police Pension Fund Investment Policy Authority for Rules and Regulations Police Pension Board Forms Call to Order: President Debord called the meeting to order at 5 :36 PM. Members Present: President Debord, Officer Pleckham, and Chief Martin Mr. Overmeyer was absent. Also present were Treasurer Powell, Emily Dodson (MVT), and Attorney Collins (5 :45PM) Previous Meeting Minutes: A motion was made by Mr. Debord (2"d Officer Pleckham) to approve the Nov 14, 2005 and Dec 12, 2006 minutes. Ayes: .3 Nays: 0 Communications: Officer Pleckham handed out a letter from Attorney Collins with 2 copies of attachments of Yorkville Police Pension Fund Investment Policy, Authority for Rules and Regulations, and Police Pension Board Forms, These are duplicate copies for information purposes. One copy was given to Officer Sibenaller to be made available for the department to access. The Sudan Investment Policy ruling was discussed and recognized as unenforceable per a court decision. Treasurer's Report: The Treasurer's report dated March 1 , 2007 was submitted indicating the following funds: YNB Cash: 95,550,44 Schwab Cash: 199, 191 ,31 Fixed Securities: 1 ,564,986.81 Equities: 188.047.47 Total Balance: 2,047,776.03 A motion was made by President Debord (2"d Chief Martin) to accept the Treasurer's Report as submitted. Ayes: 3 Nays: 0 Letters were issued to the employees indicating their YTD and total contributions as well as total fund balance as of Jan 31 , 2007. A motion was made by President Debord (2"d Chief Martin) to transfer $75,000 from YNB to Schwab, Ayes: .3 Nays: 0 Bills for Payment: William Powell : $ 190.00 for bookkeeping services and minutes. Total Bills: $ 190.00 A motion was made by Chief Martin (2"d Officer Pleckham) to approve bills for payment. Ayes: .3 Nays 0 Outstanding unpaid expenses are TWS Actuarial study $ 1300.00 IDOI filing support services $ to be determined Action Required: Treasurer Powell will follow up on these 2 items and report back at the next meeting. Quarterly Portfolio Review: Emily Dodson (MVT) handed out and discussed a Quarterly Portfolio Review. Jan 07 completed the 151 full year with MVT showing an increase of approximately $65,000 since that time. The performance was less than the target percent due in part to the transition of investments from Merrill Lynch to MVT. Portfolio investments are now more in line with the desired guideline. Treasurer Powell mentioned that a Fiscal Year End report is necessary as of April 30°i each year. Other quarterly reports may be by calendar year if that is more convenient for MVT. Also, the fiscal year end report needs to include all the information necessary for filing with the IDOI. Once the portfolio exceeds $2.5 million, the fund can have 445% invested in equities, Unfinished Business: Transfer of IDOI funds for Officer Jeleniewski: Transfer of funds from Chicago Heights to Yorkville for Officer Jeleniewski was discussed, Attorney Collins will draft a letter for Officer Pleckham to send to Chicago Heights requesting the necessary information.. Pension Calculation Program Report: Treasurer Powell discussed the procedure for setting up payments for officers on pension. The Pension Calculation program was uistailed on a PC in the Police Department and was used to estimate Officer Delany's pension. Mr. Powell also contacted YNB to determine the procedure to set up electronic transfers ftom the Police Pension checking account to a pensioner's bank account on a monthly basis. A W-4 tax estimate form must be filled out by the pensioner prior to receiving their 15t monthly pension check. Mr. Powell contacted Zabinski Consulting Services Inc, who indicated that they would come and guide us through the process of setting it all up. Zabinski Consulting Services Inc, was suggested as a possible source of help by Attorney Collins. New Business: Officer Sibenaller asked a few questions about the pension calculation program and required application forms. He was given the Police Pension Board Forms booklet and will use the pension program to estimate his pension alternatives. Attorney Collins offered to provide guidance as necessary. Mr, Powell provided a telephone # and the IDOI web site to download the program to his PC.. Additional Business: Attorney Collins mentioned that there would be a pension conference in Peoria on May 16, 17, and 18'h. Next Meeting: The next meeting is scheduled for Feb 13, 2007 at 5 :OOPM in the police conference room. Adiourmnent: The meeting was adjourned at 6 :55 PM. Prepared by: W. Powell file: Police\agenda\minutes march 6 2007.doc [Jsgited City of 1'orllrsTilEe 800 Game Frame Road Yorkville, Illinois 60560 Phone 630-553- 1887 William Powell f ' Fax: 630-553-7575 Treasurer Treasurer's Report (As of Apr i130, 2007) Dollars Percent Cash: YNB 965792 38 ( 1 ) Schwab 49 438.79 Total Cash : $ 146,231 . 17 6 . 8% Schwab. Fixed Securities. 1 ,772,979 .8.3 829% Equities. 219, 120. 19 10.3% Total Assets: $ 21138,331. 19 Emnloyee Contributions YTD: $ 154,442 45 2005 Tax Levy: (paid in 20061 $ 248,987. 74 ( 1 ) Includes $7 90 return of bank fee from YNB . William Powell Treasurer United City of Yorkville Pile: I Report 043007 doe United City of Yorkville _ 800 dame Farm Road Yorl,rille, Illinois 60560 = Phone 630-553-4350 Fax: 630-553 -7575 William Powell Treasurer Io � Police Pension Board City Council United City of Yorkville Subject: Annual Police Pension Fund Activity for Fiscal Year May 1 , 2006 to April 30, 2007 (As required by Illinois State Statue 40 IL,CS 5/3 — 141 ) Beginning Balance as of May 1 , 2006 . 1 , 574,459 32 As of April 30, 2006: Old Second Bank.. 96,792 38 Schwab (MVT) . 2041 .538. 81 Fiscal Year End Balance: 2, 1 .38,331 19 Total Investment Income: 111 ,450 00 Contributions. Fiscal 06-07(Act) Fiscal 07-08(Est) Employees. 154,442. 45 20000 00 IMRF Transfers 46, 172 00 000 Tax Levy: 248,987 74 275,000. 00 Expenses Paid . Supplies: 000 100 .00 Legal Fees. 1,200 .00 3,600 .00 Accounting /Minutes 86000 1,200 00 Audit Fees. 000 2100000 IDOI Filing Fees. 000 1 ,200 00 Actuarial Fees , 0. 00 1 ,500 00 Investment Fees: 8,266, 00 10,000 00 IDOI Annual Compliance Fees 225 95 25000 Retirement Payments 0.00 120,000 00 Total Expenses 10,551 95 139,850 00 Submitted by. GGw William Powell. United City of Yorkville Treasurer Approved . L, Debord . President D Pleckham . 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UOco tnt zl https /A ww2 nettellei com/o2bancorp, hbAeeountDetails efm 5/5/2007 Mitchell , Vaught Taylor Inc . Investment Advisors April 5, 2007 Larry DeBord Yorkville Police Pension Fund 800 Game Farm Road Yorkville, IL 60560 Dear Larry: Here is your performance information for all funds under management, plus equities and K ' fixed income separately. These figures are net of fees. First Quarter 2006 From 1 /30/06 y q� 1 'v� xa .' .'SaY :i+ .sc. ,_ . z-'3�5',-:a5i ,_a, �ar`�.'?,34`" Nk' i_ �.,. Yorkville Police Equities 1 ,72% 9.68% '. f S&P 500 0.64% 11 .54% EAFE (International) 3 ,97% 19.20% ; Yorkville Fixed Income 1 :28% 4.02°10 Lehman 'Governnient 1 .45°(° 4.41 % Lehman Intermediate 1 .52% 4.65% The fund's dollar gains this quarter are again very strong, with an investment gain of over 124 s Webster Suite 202 $25>000. Naperville, IL. 60540 Bonds remain positive this quarter, especially mortgages and TIPs. International stocks are still leading the parade in equities, but domestic stocks also did well while domestic David Vaught g e P q (630) 778-5015 REITs fell back after a long period of strong gains. John Mitchell Should you have any questions, please don't hesitate to call. (312) 214- 1145 Danielle Taylor SiAF'erely, (630) 299-5080 Fax (630) 778-8015 .� mvtlnUen cam David Vaught, CFA :r MITCHELL, VAUGHT ,A€LLD TAYLOR, 124 S. Webster s '� NQ�, Suite 202 INVESTMENT ADVISORS Naperville, IL 60540 630-778-8015 (phone) 630-778-8019 (fax) 630-299-6080 (Danielle direct) dvaught@mvtinvest.com (e-mail) April 1 , 2007 Suitement for Second Quarter 2007 For Services Rendered Yorkville Police Pension Fund Attn: Larry DeBOrd 800 Game Farm Road Yorkville, IL 60560 Investment Management Fees Second Quarter 2007 April 1 , 2007 through June 30, 2007 March 31 , 2007 Portfolio Value $ 2,045,483 First $2 million @ 0.50% annually $ 2,500 Next $3 million @ 0 ,40% $ 45 Total Fee for Second Quarter, 2007 $ 2,545 F- V Fixed Income 89.7% Equities 10.3% Account #3137-9036 at Charles Savhab & Co , Inc. has been charged $ 2,545. Charles Schwab & Co., Inc , as custodian, makes no independent verification of the calculation of the billing amount, which is the client's responsibility. 4s, April 2, 2007 Mr. Bill Powell United City of Yorkville Police Pension Fund 801 Game Farm Road Yorkville, IL 60560 Dear Mr, Powell: The following is the list of non-audit services provided to you from Zabinski Consulting Services, Inc. We hope to better meet your expectations of service from our firm by clearly identifying the particular services to be provided and their frequency. Our services will cover the year ending April 30, 2007. You are responsible for the management decisions and functions, and for designating a competent employee to oversee any bookkeeping services or other services we provide. You are responsible for evaluating the adequacy and results of and accept responsibility for such services. You are responsible for establishing and maintaining internal controls, including monitoring ongoing activities. According to our professional standards, management decisions and reviews are kept by you. And this is the way it should be. These are your financial systems and reports. We assist in limited ways to help you with them. None of the services can be relied on to detect errors, fraud, or illegal acts that may exist. However, we will inform the appropriate level of management of any material errors that come to our attention and any fraud or illegal acts that come to our attention, unless they are clearly inconsequential. In addition, we have no responsibility to identify and communicate significant deficiencies or material weakness in your internal control as part of this engagement. Based on discussions with you, the Police Pension Fund is looking for assistance in completing the annual filing for the Department of Professional and Financial Regulation for the year ending April 30, 2007, It is our expectation that the Police Pension Fund will provide us with a trial balance for period ending April 30, 2007, all necessary investment/bank account statements showing the detailed transactions from your investment advisor, all supporting documentation for the participant data (including cumulative payroll withholdings, new employee information, changes in status for the year, etc), a detail listing of board members as of April 30, 2007 and as of the filing of the report and a completed interrogatory for the entire fiscal year. The fee for these non-audit services is based on a fixed fee basis of $ 1 ,200, Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. Accounting Auditing Financial Consulting P O . Box 6534 e Aurora, IL 60598-6534 < (630) 939-7668 Office e (630) 978-8275 Fax Mr. Bill Powell United City of Yorkville Police Pension Fund Page 2 We appreciate the opportunity to be of service to you and believe this letter accurately summarizes the significant terms of our engagement. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us. Sincerely, Calene "Kelly" Zabinski, CPA UNITED CITY OF YORKVILLE POLICE PENSION FUND Accepted by: Date: lJ J \ Zailb i)nislkii, Go inisq uilh urn( • ��e:ir-�vivae;, 1[ imc.. April 2, 2007 Mr. Bill Powell United City of Yorkville Police Pension Fund 801 Game Farm Road Yorkville, IL 60560 Dear Mr. Powell: Enclosed you will find an engagement letter for the completion of the annual filing for the 2007 Department of Professional and Financial Regulation requirement through year-end April 30, 2007. This letter is to serve the following: 1 . An introduction to Zabinski Consulting Services, Inc. (ZCS, Inc.) 2. A description of my client approach 3. A recap of the fee quotes for the above work Introduction ZCS, Inc. is a new firm to the municipal audit arena but the owner is not new to the municipal market. Kelly Zabinski, the owner, has over 13 years experience in the accounting and auditing field specifically in the governmental arena, She has been both a municipal auditor for with large auditing firms and served as assistant finance director for the Village of Woodridge for 2 years. Kelly serves on several boards with the Illinois Government Finance Officers Association and the Illinois CPA Society, Although her business is set up as a sole proprietor entity, Kelly has contracted with another associate to assist her as necessary. The agreement will provide assurance to the Police Pension Fund that their work will be done in a timely manner and without disruption to the required timelines. Client Approach ZCS, Inc.'s client approach is one of a mutual respect for each other. We work together to plan the engagement to complete it in the mutually agreed upon time. The engagement expectations are identified and planned prior to beginning the engagement in order to minimize delays in completion of the engagement. Our staff is well trained in the issues that face governmental entities; therefore there is little training on your staff to understand these issues. Accounting Auditing Financial Consulting P 0 Box 6534 • Aurora, IL. 60598-6534 (630) 939-7668 Office • (630) 978-8275 Fax Mr. Bill Powell United City of Yorkville Police Pension Fund Page 2 Fee Quotation Based on our discussion, the Police Pension Board is seeking out quotations Department of Professional and Financial Regulation work for year-end April 30, 2007. Enclosed is an engagement letter which outlines the expectations for the engagements including a fee proposal.. Thank you for the opportunity to be of service to the United City of Yorkville Police Pension Fund. If you should have any questions regarding this proposal please feel free to contact me to discuss it. Sincerely, Calene "KellyiZJabinski, CPA Zabinski Consulting Services, Inc. A Municipality ' s Dilemma Involving Injured Police Officers By CARLOS S. AREVALO Zulcowski, Rogers, Flood & McArdle, Crystal Lake Whenever an employee is injured on the job, perform his duties will continue to be paid by the employer employers and employees are significantly affected First, the same as he was before the injury without deductions the workforce is reduced by one Depending on the size of from the employee's accrued benefits such as vacation, sick the employer, department or division involved, such or compensatory time Generally, if a non-safety employee reduction can be devastating An unexpected reduction in is injured on thejob, he is entitled to worker's compensation force will cause strain on those who remain Employees benefits at 66% of his salary Under PEDA, the employer may have to work overtime or take on additional duties or will pay the employee's full salary but will be entitled to complete tasks that must still be completed. In some receive, as reimbursement, the 66% benefits the employee circumstances, temporary or part-time employees will need would otherwise receive under worker's compensation.. to be hired Shifts and schedules will have to be adjusted to Consequently, the employer's actual costs are 33% of the meet the demands and cover f'or the injured employee's employee's salary with the rest being paid by worker 's absence These factors may lead to employee compensation insurance This benefit continues for a year dissatisfaction, albeit not for all employees, as the following the injury provided the employee is unable to opportunity for overtime compensation may be welcome , work. PEDA also provides for the forfeiture of the one-year Finally, there are the added costs associated with worker's benefits if the employee returns to work compensation benefits, the likelihood of insurance premium PEDA generally works well There is, however, a increases and potential liability to third parties if the injuries scenario that disrupts this otherwise orderly process Under involved are not exclusive to members of the employer's some circumstances, the officer's worker's compensation workforce Needless to say, in this age of budgetary claim may be challenged Such a challenge may be based constraints, an employee's injury can lead to substantial, on a question as to whether or not the employee's injury unexpected and unwelcome costs, occurred within the scope of his employment, or "in the line While employers are required to provide for their of duty," under the Act's nomenclature A worker's employees during such difficult times, the employer and compensation carrier's unilateral decision to challenge the employee may not necessarily agree on the approach to employee's claims of a job-related injury will result in a recovery and return to work following a work-related injury denial of worker's compensation benefits The employee It is to be expected that an employee will want to heal and will have no option but to file a claim with the Worker's ietum to work as soon as possible . Retuming, however, is Compensation Commission , As with any litigation, this not always a given and the employee's recovery may be process is subject to delays . If the employer adopts the delayed for reasons outside his control . In the interim, the carrier's decision to challenge the claim, the employee will employer has no option but to make adjustments that can, at be without his salary until his claim that the injury is job times, constitute a hardship. Even more critical is the related is resolved It should be noted that not all employers degree of separation and isolation experienced by an adopt the carrier's decision to deny benefits . Certain employee, which in some instances may result in the employers actually choose to pay the officer's entire salary employee never returning to his position. irrespective of the fact that no reimbursement will be Fortunately, despite a forced absence from work due received from insurance Admittedly, a safety employee's to an injury, employees enjoy various forms of federal and salary is already budgeted . On the other hand, overtime and state-based job protection . The employee's job will be other compensation reserves may not have been accounted available when the employee returns, provided recovery for and the employer's salary budget may be pushed to takes place within a certain period of time Moreover, the operate on a deficit. As a result, the prospect of operating Illinois Worker's Compensation Act has provided other under these conditions may be the determining factor to safeguards that prevent employers from retaliating against deny payment of benefits under the PEDA . employees who exercise their rights to recover for their on- If an employer chooses to deny PEDA benefits, the the-job injuries, employee will have to engage in a two-front battle to These issues are no different in the context of receive any compensation. On the one hand, the employee municipal employment. However, they become more will have to litigate his case before the Illinois Worker's complex when the employee involved is in a safety-related Compensation Commission ("Commission"), an position such as law enforcement and/or fire protection , administrative proceeding, and attempt to convince an Illinois (as well as other states) has enacted legislation that arbitrator appointed by the State that his injury occurred guarantees safety employees will continue to receive a full "within the scope of his employment " On the other hand, salary when they have been injured within the scope of their the employee will have to file a complaint in circuit court to employment. The Public Employee Disability Act compel the employer to pay PEDA's benefits claiming that ("PEDA") provides that an employee who suffers an injury his injuries occurred "in the line of duty, " It should also be "in the line of duty" which causes him to be unable to noted that the outcome in one proceeding is going to affect February 2007 / Illinois Municipal Review / Page 23 after the election Considering the general consolidated Legislation: This ptbposal world alloy the Secretary election will take place on April 17 (due to Passover), of State to revoke a foreign limited liability connpanys municipalities may not be able to inaugurate newly elected obilio? to transact business in Illinois if a unit of local officials in May government or school district files a Memorandum of Legislation: This proposal will provide that Judgment with the Secietai v of State declaring the company municipal teens commence at the first regular meeting or oules a debt to the public entitlt Further this proposal special meeting after the receipt of dye afficial election would allow the Attorney General to restrain a foreign results and provide that the agenda for such meeting limited liabilav eonpamp s abiligr to transact business in includes the inauguration of the newly elected officers . This Illinois if the company owes a debt to the public entity proposal will provide flezibiligr for the tinting of when municipal terms will continence Municipal Representation Before Local Pension Boards Per a court decision in Village of Sticlmey v. Board of Faa mption for Pension Costs from Property Tax Cap Trustees of the Police Pension Fund, municipalities do not itation have the right to intervene in pension board hearings. The The 1991 Property Tax Extension Limitation Law Village of Stickney sought to intervene in a police pension LL)(35 IL-CS 200/18- 185) imposed caps on the dollar board hearing with regard to the board's consideration of unt that could be levied using property taxes, Property whether to award a duty-disability benefit to a police evies can only be increased aralually to the lesser of 5% officer. The pension board refused to allow the Village to or e Consumer Price Index unless voters approve a higher intervene, claiming that the Illinois Pension Code failed to unt I I ugh referendum. The law is applicable to non- provide municipalities with a definitive right to participate e rule governments located in Cook, DuPage, Kane, in a pension hearing during which a decision to award a , McHenry and Will counties and any other counties benefit would be determined The conflict moved into ughout the state where county boards through a court, where the Village requested that the circuit court rendum, subjected their non-home title taxing districts dism iss the motion by the pension board prohibiting the TELL.. Village from participation in the duty-disability hearing. Legislation: The proposed language would create rr T e circuit court ruled that the Village did have standing to l exemption under PTELL for all costs incurred os a ntervene in the u yt�dr ability teannQ; however on appeal, lt of being required to find pensions provided for under t iet re appe etemlincd that the Village was not a Illinois Municipal Reti ement Fund, Police and Fire "party in interest" as defined by the Illinois Pension Code. ion funds (e-xcludes Chicago) The appellate court further ruled that a municipality does not have a ri ht to intervene in the administrative hearings Non-Rome Rule Author ity to License Multi-Family o a pension board. The appe ate court also confinme t tat Residential Rental Property Managers peBsionoards do have the discretion to permit municipal Currently, home rule units have effectively used intervention in pension board hearings . landlord/tenant-property manager licensing ordinances to Legislation: The change in law would gain atlee that improve the quality of multi-family housing maintenance municipalities would have the right to intervene in fire and within their communities; this solution is not available to police pension bond heaings non-home rule municipalities . Legislation: This proposal world permit non-home Non-Home Rule Retail Theft Ordinances rule municipalities to license nndti family residential Currently, if a person shoplifts items under' $ 150 in a property managers on an annual basis Licensing of non-home-rule municipality, the only means of prosecution property managers would require the manager to keep the is through the county's states attorney office It has been properties heLshe/it controls zip to Code standards or risk reported that some states attorney's offices are overloaded losing their license, thereby losing the ability to do business with more serious crimes that these shoplifting cases within the municipality become low priority and are not pursued in a timely manner. Pursuant to the holding in the Ciro o(7(ewanee v Swanson Delinquent Taxes from Foreign Corporations ( 1986), a non-home rule municipality does not have the Currently, a foreign limited liability company is able power to enact a local retail theft ordinance to transact business in Illinois upon receiving admission Legislation; This proposal would authorise a non- through the Secretary of State_ Recently, a foreign company home rule municipality to enact a local retail theft went out of business and certain municipalities were unable ordinance fo retail theft under $1.50 The ordinance would to collect a debt from these companies , Since these only apply to ftr:st tittle offenders that have never been companies are foreign corporations, it is extremely difficult previously convicted of theft, robbeiy,, bumglay at home to collect a debt through standard methods. invasion These offenses weld be adjudicated in a court of • Real Estate Fvonoinin • Development Strategies • Tax incremental Financing Public-Pri%an ^ Fiscal and Fckun mic ^ De eloper Solicitation Developmem Finandng Input Awlysis and Negotiation n xuwpenvwu�dpx•on � Il—south llolland, Plankton, tllnooMn BOlmwa e i r ®S, B. Friedman & Company Phone: 312-114-4250 III 4ory 81dmiil"lo e e R,nl &no- AA. is�rs m,ADrirhpuvnr cmiaulrama Fax: 312.424.4202 For more into please coned us at 221 S LaSalle Suite 820 Chicago. IL 60601 wow FnednvanCo win www.reltd.com 1706) 331-6700 February 2007 / Illinois Municipal Review / Page 9 May 8, 2007 Subiect: Agreement for Police Pension Accounting Services The United City of Yorkville Police Pension Board and William Powell hereby agree to the following: 1 Accounting services for the Police Pension fund will be provided by William Powell at a rate of $25 00 per hour 2 A time log will be kept and submitted for payment at each board meeting 3 Normal duties of the Office of Treasurer will not be paid under this agreement 4 Either party may elect to cancel any or all required services from this agreement at any time William Powell Police Pension Board Members. A - Haro artin Dan Pl k L � - odd Overmyer aurencl DeBor'd file: police services contract doc a r United City of Yorkville 800 Game Farm Road I Yorkville, Illinois 60560 Phone 630-553-4350 Fax: 630- .553 -7.57 .5 William Powell Treasurer May 9, 2007 Mitchell, Vaught, & Taylor Inc Atm. Emily 124 South Webster Suite 202 Naperville, 11 60540 Subject. Deposit for Yorkville Police Pension Please find enclosed a check for $75,000 00 to be invested in the Yorkville Police Pension account with Charles Schwab If you have any questions I may be reached at 630-553 - 1887 Thank you, William Powell Treasurer F®rl, POLICE PENSION FUND 7B- 1682/718 4 8 IC D163-5305-4305 620912 04 GAME FARM RD.Cc: II. Martin ORKVILLE, IL 60560 C .1, File f City Clerk I $ c 9 Old Secoxld CHECKSMDNTH Old Second Bank-Yorkville 630-5534230