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Police Officers' and Firefighters' Pension Board November 26, 2001 Page 3 contributions in excess of amounts needed to meet the Plan's minimum funding requirements. The accumulated credit balance can be used to fund any remaining contributions after considering actual City and State deposits during the plan year. Mr. Donlon indicated that State contributions are frozen at amounts received in 1998 until benefit improvements are implemented into the plan. The City Manager said he disagreed with the State regarding their interpretation of expanded benefits and cautioned the Board that the long term effect of implementing all the benefits may be cost prohibitive and not be in the best interest of the Plan. Mr. Donlon said that he would be sending a letter to the City regarding changes/increases in their fee schedule. The original contract with Foster and Foster was adopted by the City in 1995. MOTION: Moved by Firefighter Theresa Krebs to accept the Actuarial Report from Foster and Foster for the period ending October 1, 2001. Seconded by Police Officer Larry Littrell and motion carried unanimously by voice vote. The complete report from Foster and Foster is available at City Hall with the Clerk of the City and is available for review. VII. Presentation by Lance Powers Investment Report from TRUSCO Capital Management Mr. Lance Powers TRUSCO Capital Management presented the Investment Report for the Police Officers' and Firefighter Pension Plan for the period ending September 30, 2001. He indicated the funds were invested as follows: Hi -Grade Bond 43.57% Hi -Grade Growth 18.19% US Ltd Cap 11.88% Growth & Inc 12.31 % International Equity & Index 4.01 % Hi -Grade Equity Inc. 12.34% Money Market 0.13% The Plan has an allocation of 60/40% between stocks and bonds which is in accordance with the Investment Policy adopted by the City. He said for the quarter ending September 30, 2001, contributions totaled almost $190,000, withdrawals, which included distribution of fees, totaled $1,494 and a loss of $60,266 in interest dividends. The total market value for the Plan is $925,533 MOTION: Moved by Police Officer Larry Littrell to accept the Investment Report from TRUSCO Capital Management as presented. Seconded by Firefighter Theresa Krebs and the motion carried unanimously by voice vote. The complete report from TRUSCO is available at City Hall with the Clerk of the City and available for review.