McAlester News-Capital, McAlester, OK

Local News

September 22, 2013

McAlester city councilors to hear employee retirement fund investment report

McALESTER — McAlester city councilors are set to hear a presentation of an actuarial report which goes up to July 1, for the city of McAlester’s Defined Benefit Retirement Plan and Trust.

City councilors will get the update when they meet in regular session at 6 p.m. Tuesday in the council chambers at City Hall.

City councilors expect to hear from Bruce R. Nordstrom, senior consulting actuary for MHBT, Inc.

Documents show that the city currently has 123 active participants in the program.

The  numbers regarding retirement pensions do not include the retirement pension programs of police and firefighters, who have their separate retirement pension programs through the state.

One bit of information will no doubt be welcomed by those who handle the city’s finances.

A report  states that due to market conditions last year, the plan’s market value asset proved to be greater than the assumed investment return assumption of 7.2 percent. Instead, the estimated annual rate of return on the market value of assets for the fiscal year which ended June 30, 2013, proved to be a gain of 14.5 percent, according to a report submitted to the city.

That compares to a gain of only 0.9 percent, or less than 1 percent, for the fiscal year which ended June 30, 2012, according to the report.

Other items on the Tuesday night meeting agenda include:

• Consider and act upon approval of Change Order No. 2, for a 21-day extension to the existing contract with K-Bar Company for the drainage project at Mallard Street and Flamingo Avenue.

K-Bar is seeking a time extension for 16 rain days which occurred  between May 21 and Aug. 13, 2013. The company is also seeking an additional five days relating to waiting for approval on Change Order No. 1. which increased the height of the new canal wall by 1.5 feet, according to city documents.

The latest change order, if approved, will change the completion date to Oct. 3, 2015, but will not increase the contract price, according to city documents.

• Consider and act upon approval of a bid to Nix Ford of McAlester for the purchase of four new and unused police cars. The item calls for the city council to approve the low bid of $134,000.72 from Nix Ford for purchase of the four police cars, according to city documents.

The vehicles which are SUVs, are to replace older model patrol cars used by McAlester police.

• Discussion and update on capital expenditures and funding, from  city of McAlester Chief Financial Officer Toni Ervin.

• Consider and act upon an ordinance to amend the city’s budget for the current 2013-2014 Fiscal Year, to reflect recent financial activity, and declaring the action an emergency, so it will take effect immediately.

Following the regular meeting, the agenda calls for the city council to go into executive session for a discussion with the city attorney concerning a workers compensation claim regarding the late Mitchell Weeks, a veteran McAlester police officer who died in January 2012 while at home on a lunch break, according to police statements at the time.

In addition to regular agenda items, city councilors are also expected to act on the council’s consent agenda. That means all of the items can be approved by a single vote, unless one of the city councilors calls for a specific item to be pulled for discussion.

Items on the consent agenda include:

• Consider and act to authorize the mayor to execute a city-county jail services agreement.

• Concur with mayor’s re-appointment of Sabre Tate to the McAlester Tree board for a term to expire in September 2015.

• Concur with mayor’s appointment of Tedi Graham, to the McAlester Tree Board for a term to expire September 2015.

• Concur with mayor’s re-appoinment of David Cantrell, to the McAlester Tree Board for a term to expire in September 2015.

• Concur with mayor’s re-appointment of Theo Webb to the McAlester Tree Board for a term to expire in September 2015.

• Concur with mayor’s re-appointment of Joyce Carlson to the Pittsburg County Regional      Authority for a term to expire in June 2015.

Contact James Beaty at jbeaty@mcalesternews.com.

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