police4-4-05 L
Yorkville Police Pension Fund Board vCr � �` +� ;E ..
804 Game Farm Road
Yorkville, I160560
(630)553-4340
April 4, 2005 Meeting Minutes
Meeting Call to Order: The meeting was called to order at 3:53 PM
Roll Call: Present: Harold Martin, Larry Debord, Todd Overmyer, William Powell
Attorney: Cary Collins, Merrill Lynch: Brad Kitchener
Previous Meeting Minutes Corrections/Approval: Minutes for the Jan. 3, 2005 were deferred until the
next meeting.
Communications: Merrill Lynch monthly statements for the months of Nov 04, Dec 04, Jan 05 and
Feb 05 were passed out.
Treasurer's Report:
The Treasurer's report as of Feb 28, 2005 was submitted.
A motion was made by Harold Martin(2nd Larry Debord)to approve the report.
(Ayes—3,Nays—0)
Bills for Payment:
Legal Fees: Cary Colllins $500.00
Accounting Fees: William Powell $300.00
PTW $385.00
Actuarial Fees: Tim Sharp $1,300.00
Total Bills for Payment $2,485.00
A motion was made by Harold Martin(2°d: Todd Overmyer) to approve payment.
(Ayes—3, Nays—0)
Unfinished Business:
None
New Business:
Investments: Brad Kitchener recommended adding to present cash funds before further investing due
to increasing interest rates. Therefore,no investments were made at this time.
Additional Business: The budget for fiscal year 2005-2006 and the Annual Treasurer's Report will be
presented at the next scheduled meeting on May l Orn
Adjournment: A motion to adjourn was made by Harold Martin(2nd Todd Overmyer)
Ayes—3,Nays—0
Next meeting: May 10, 2005 at 3:30 PM
file:Minutes April 4 2005(WEP)
Treasurer's Report
(As of April 30, 2005)
Merrill Lynch Amount Percent
Cash $ 77,0957 7
Fixed CD's $ 148,570 13
Fixed Govmt's $ 787,465 71
Mutual Funds $ 103,888 9
Estimated Accrued Interest $ 8,280
Total difference due to rounding) $ 1,125,299.65
Old Second Checking $ 4,494.68
Total Balance $ 1,129,794.33
Investment transactions from last meeting (April 04, 2005)
Sales: None
Purchases: None
Estimated Funds Available for investment:
Merrill Lynch 4/30/05 $ 77,095
April 05 Estimated Employee contributions
Total estimated funds available $ 77,095
(Maximum Equities amount: 10%( $ 1,129,794.33) = 112,979 - $ 103,888 =$ 9091)
Tax Levy collected in 2004: 206,231.47
William Powell
Treasurer
United City of Yorkville File:T Report 043005.doe
May 10, 2005
To: Police Pension Board
City Council
United City of Yorkville
Subject: Annual Police Pension Fund activity for fiscal year May 1, 2004 to April 30, 2005
(As required by Illinois State Statue 40 ILCS 5/3 — 141)
Beginning Balance as of May 1, 2004: 793,243.72
Fiscal 2004 Contributions: Employees: 121,781.30
Tax Levy: 206,231.47
As of April 30, 2005:
Old Second Bank: 4,494.68
Merrill Lynch:
Cash 77,095
CD's 148,570
Gov&Agency 787,465
Mutual Funds 103,888
Estimated Accrued Interest 8,280
Total 1,125,299.65
Fiscal Year End Balance: 1,129,794.33
Expenses Paid:
Investment Fees: 150.00
Legal Fees: 2,000.00
Accounting Services: 1,290.00
Actuarial Fees 1,300.00
Audit Fees 365.00
IDOI Annual Compliance Fees 103.57
Total 5208.57
Account Value as of April 30,2005 1,129,794.33
Submitted by:
William Powell
Treasurer: United City of Yorkville
Annual pension statement.doc
United City of Yorkville
Police Pension Fund
Budget: Fiscal Year 2005
Fiscal 03-04 1 Fiscal 04-05 Fiscal 05-06
Budget Item I(as of 04/30104) as of 04/30105_ _ as of 04/30/06
Revenue r Actual Budget Actual Budget Actual
Beginning Balance 517894.18 793241.42 796339.38 796339.38
Tax Levy 183410.85 207000.00 206231.47 231686
Member Contributions 92801.83 103000.00 121781.25 128000
Old Second Bank Interest 21.92 24.00 20.74 100
M/L Money Market Div's 1491.93 1000.00 1441.58 2400.00
M/L CD's & Gov's 7160.88 15000.00 20411.25 22000.00
Acurred Interest 8280.00 10000
M/L Market Fluctuation Adjmt -6440.17 -19502.77
Total Revenue 278447.24 326024.00 338663.52 384186.00
Expenditures
Supplies 0.00 100.00 0.00 100.00
Attorney Fees 2000.00 2000.00 2000.00 2000.00
Accounting Fees 950.00 800.00 1290.00 1200.00
Audit Fees 0.00 0.00 365.00 1000.00
Actuarial Fees 0.00 1500.00 1300.00 1500.00
Investment Fees 150.00 150.00 150.00 150.00
Pension Seminars 0.00 500.00 0.00 0.00
Participant Refunds 0.00 0.00 0.00 0.00
Retirement Benefits 0.00 0.00 0.00 0.00
Disability Benefits 0.00 0.00 0.00 0.00
Spousal Benefits - 0.00 0.00 0.00 0.00
Dependant Benefits 0.00 0.00 0.00 0.00
IDOI Annual Compliance Fee 103.57 103.57 120.00
Total Expenditures 3100.00 5153.57 5208.57 6070.00
Ending Balance 793241.42 1114111.85 1,129,794.33 1174455.38
Approved:
pol ice/budg etf05-06.xis