2023 Meeting Minutes and Financial Reports

Alabama Firefighters’ Annuity and Benefit Fund

Meeting Minutes

Alabama Fire College 10:30 am

4/19/2023

Members Present:

Commissioner Reid Vaughan, Chairman

Commissioner Richard Pugh

Commissioner Billy Doss

Commissioners Chris Mullins and Dale Wyatt were not present.

*A Quorum was present at this meeting to conduct business.

Secretary’s Report, Approval of previous Meeting Minutes and Financial Report

Meeting minutes from 1/18/2023 were presented by Commissioner Reid Vaughan

Motion made by Commissioner Billy Doss to accept minutes as presented.

Second made by Commissioner Richard Pugh.

Motion passed unanimously

Financial Report for Jan 1, 2023 through Mar 31, 2023 presented by Commissioner Reid Vaughan

Motion to accept Financial Report made by Commissioner Richard Pugh as presented.

Second made by Commissioner Billy Doss.

Motion passed unanimously

Audit Committee Report for Jan 1, 2023 through Mar 31, 2023 presented by Commissioner Billy Doss

Motion to accept Audit Committee findings of no irregularities.

Motion passed unanimously

Old Business

We received the semi-annual check from the Fire Marshal fund for $6812

Cavanaugh MacDonald discussed with Commissioner Vaughan coming this quarter. This should provide a new actuarial study by the time the board meets again in July to be reviewed.

New Business

Commissioner Vaughan was approached by Mr Richard Lindsey with McCord VFF. They have FEMA money available and are interested in joining the fund. Commissioner Vaughan submitted the information requested regarding fund. This would bring approximately 22 new members.

Motion to accept Service Retirement application for Lynn Williams made by Commissioner Reid Vaughan as presented.

Motion passed unanimously

Commissioner Vaughan has sent letters to all members eligible for Retirement benefits.

The next AFABF meeting will be held on July 19, 2023. Internal Audit Committee will meet

July 19, 2023. Meetings will begin as soon as the Personnel Standards Commissioners meeting concludes.

Adjourn

Motion made to adjourn by Commissioner Richard Doss

Second by Commissioner Billy Doss

Motion passed unanimously

___________________________________________________

Commissioner Reid Vaughan, Chairman Date

____________________________________________________

Secretary Date

Alabama Firefighters’ Annuity and Benefit Fund

Meeting Minutes

Alabama Fire College 10:30 am

7/19/2023

Members Present:

Commissioner Reid Vaughan, Chairman

Commissioner Dale Wyatt

Commissioner Chris Mullins

Commissioner Billy Doss

Commissioners Richard Pugh not present.

*A Quorum was present at this meeting to conduct business.

Secretary’s Report, Approval of previous Meeting Minutes and Financial Report

Meeting minutes from 4/19/2023 were presented by Commissioner Reid Vaughan

Motion made by Commissioner Billy Doss to accept minutes as presented.

Second made by Commissioner Chris Mullins.

Motion passed unanimously

Financial Report for Apr 1, 2023 through Jun 30, 2023 presented by Commissioner Reid Vaughan

Motion to accept Financial Report made by Commissioner Dale Wyatt as presented.

Second made by Commissioner Billy Doss.

Motion passed unanimously

Audit Committee Report for Apr 1, 2023 through Jun 30, 2023 presented by Commissioner Billy Doss

Motion to accept Audit Committee findings of no irregularities.

Motion passed unanimously

Old Business

Our previous actuary we worked with at Cavanaugh McDonald has retired. They have someone they want to work with us and come in to assess our needs and learn what we need from them. Commissioner Vaughan would like them done and ready by our October meeting. The Commission is actively sharing widely the opportunity of the Fund, encouraging membership now as the Fund grows.

New Business

Fund attorney Mark S Boardman responded on our behalf to the June 29, 2023 memorandum regarding state of Alabama Dept of Public Examiners of Public Accounts state-wide single audit for the 2021-22 fiscal year ended Sept 30, 2022. We received a copy of his response.

Governor Ivy issued an Executive Order to have the AFABF monies deposited in the state treasury. Mr Boardman replied to request sharing with her our Fund is legislatively created, not agency governed by our Governor but by an independent board of commissioners, one member is appointed by the Governor and the other members are duly appointed by the Alabama Association of VFD, Alabama Firefighters Association, PFFA, and the Fire Chiefs Association. The board does not report to the executive branch, financial reports are not given to the Governor or anyone other than the Fund’s board. For practical and legal reasons, the Fund requested an exemption from the Executive Orders issued by Governor Ivy. We have not been notified of being denied this request.

McCords Crossroads (Cherokee County) fire chief Richard Lindsay contacted Commissioner Vaughan regarding surplus grant money they have from FEMA (approx. $25-30K) to discuss joining AFABF.

We have $148,000 in our general bank account. Commissioner Reid Vaughan requests our Commission to transfer $75,000. to RSA before the next meeting.

Motion made to move $75,000 from general account to RSA by Commissioner Dale Wyatt.

Second by Commissioner Chris Mullins.

Motion passed unanimously

The next AFABF meeting will be held on Oct 18, 2023. Internal Audit Committee will meet

Oct 18, 2023. Meetings will begin as soon as the Personnel Standards Commissioners meeting concludes.

Adjourn

Motion made to adjourn by Commissioner Richard Doss

Second by Commissioner Billy Doss

Motion passed unanimously

___________________________________________________

Commissioner Reid Vaughan, Chairman Date

____________________________________________________

Secretary Date

Alabama Firefighters’ Annuity and Benefit Fund

Meeting Minutes

Alabama Fire College 10:30 am

10/18/2023

Members Present:

Commissioner Reid Vaughan, Chairman

Commissioner Dale Wyatt

Commissioner Chris Mullins

Commissioner Billy Doss

Commissioner Richard Pugh

*A Quorum was present at this meeting to conduct business.

Secretary’s Report, Approval of previous Meeting Minutes and Financial Report

Meeting minutes from 7/19/2023 were presented by Commissioner Reid Vaughan

Motion made by Commissioner Dale Wyatt to accept minutes as presented.

Second made by Commissioner Chris Mullins.

Motion passed unanimously

Financial Report for July 1, 2023 through Sept 30, 2023 presented by Commissioner Reid Vaughan

Motion to accept Financial Report made by Commissioner Dale Wyatt as presented.

Second made by Commissioner Billy Doss.

Motion passed unanimously

Audit Committee Report for July 1, 2023 through Sept 30, 2023 presented by Commissioner Billy Doss

Motion to accept Audit Committee findings of no irregularities.

Motion passed unanimously

Old Business

We have been in touch with Cavanaugh MacDonald sending them financials through 9/30/23 with projection items (i.e. McCords Crossroads VFD $18k for buy back). SAFR funding continues to be leveraged for that purpose. We would like to see Forestry included in our fund. Mark Boardman will draft documentation to work towards that goal.

The Governor’s office sent us a letter stating that because we are an executive agency, we must comply with her orders, taking our funds from West Alabama Bank & Trust to the treasury within the year. We have not made an official appeal yet but in talking with our attorney Mark Boardman, that is one option. We have very small transaction amounts, one part-time employee exacerbating expenses which is opposite of the purpose of her request. Additionally, there is an option for a member of legislature to state that we are exempt from this requirement due to the unique nature of our fund. We have one year to either have an exemption or be in treasury.

The public examiners have been here. We are still waiting for their report. There were no fiduciary issues. There is still an issue with the Secretary of State’s website but based on feedback from the examiners, some of the issue is with the site. We were able to show we posted notes/dates they were unable to locate on the site. This may result in a minor finding.

We will have our exit conference via Zoom, as we have in the past.

The money we had approved to move at our last meeting to RSA ($75,000) has been moved.

New Business

Once we are done with CavMac, hopefully for our January meeting, we will make a recommendation for the new rate. Start of the beginning of next quarter, April 1st.

We anticipate a recommendation from approximately $130-160 and we will determine what we feel the fund can sustain.

The next AFABF meeting will be held on Jan 17, 2024. Internal Audit Committee will meet

Jan 17, 2024. Meetings will begin as soon as the Personnel Standards Commissioners meeting concludes.

Adjourn

Motion made to adjourn by Commissioner Dale Wyatt

Second by Commissioner Chris Mullins

Motion passed unanimously

___________________________________________________

Commissioner Reid Vaughan, Chairman Date

____________________________________________________

Secretary Date