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<br />Police/Fire Pension Board Meeting <br />!viay 20, 2008 <br />Page 3 <br /> <br />8. Approval of Expenditure Report <br /> <br />In a letter dated May 20,2008 from Randy Newlon, Finance Director, the following invoices <br />were submitted for Board approval: <br /> <br />e Bogdahn Consulting - March 27, 2008- $2,000.00 <br />. Christiansen & Dehner - February 29, 2008 - $2,032.10 <br />8 Christiansen & Dehner - March 31, 2008 - $29.00 <br />. Galliard Capital Management - December 31,2007 - $1,091.69 <br />8 Galliard Capital Management - March 3 I, 2008 - $ I ,204.96 <br />. Manning & Napier - March 18,2008 - $4,792.89 <br />. Salem Trust - March 31,2008 - $750.00 <br /> <br />MOTION: <br /> <br />Moved by Sgt. William Nas to approve the Expenditure Report as <br />presented in the letter dated-May 20, 2008 from the Finance <br />Director. Motion was seconded by firefighter William Jenson and <br />carried unanimously on a 5- 0 voice vote. <br /> <br />9. Return of Contributions <br /> <br />In a letter dated May 20,2008 from Randy Newlon, Finance Director, the following individuals <br />have terminated their employment with the City and have requested their individual contribution <br />to the Police Officers' and Firefighters' Pension plan be returned: <br /> <br />. Zachiary Hudson - Police Department - $984.93 <br />. Scott Bauer - Police Department - $522.74 <br /> <br />MOTION: <br /> <br />Moved by Mr. Daniel Clancy to approve the Return of <br />Contributions for Zachiary Hudson and Scott :Bauer as presented <br />in the letter dated May 20, 2008 from the Finance Director. Motion <br />was seconded by Mr. David Gonzalez and carried unanimously by a <br />5 - 0 voice vote. <br /> <br />10. Attorney's Report - Scott Christiansen <br /> <br />Mr. Christiansen stated that, in compliance with State Law, the Board must declare an expected <br />rate of return on investments for the next year and the next several years and over the long term. <br />This declaration of expected rate of return on investments should be done in conjunction with the <br />approval of the Actuarial Valuation. <br /> <br />MOTION: <br /> <br />Moved by Mr. Daniel Glancy to approve the expected actuarial <br />assumption of 4% over the next year; 8% over the next several <br />years. Motion was seconded by Firefighter William Jenson and <br />carried unanimously on a 5-0 voice vote. <br /> <br />AMENDED MOTION: <br /> <br />Moved by Sgt. William Nas to amend the Motion to approve the <br />expected actuarial assumption of 0% over the next year; 8% over <br />the next several years. Motion was seconded by David Gonzalez and <br />carried unanimously on a 5-0 voice vote. <br />