West Central Reporter

City of Jacksonville Cemeteries Board met March 25.

Here are the minutes provided by the board:

The rescheduled monthly meeting of the Jacksonville City Cemeteries Board was called to order at 8:37 a.m. in the Commission Room of the Jacksonville Municipal Building. The meeting was publicly announced by posting and by written notice to the local newspaper and radio stations.

ROLL CALL: Members present were: Chairman Linda Brown, Gerald Scott, Vicky Scott; Treasurer Mary Fergurson; City Clerk Skip Bradshaw. Absent from the meeting was Member Tom Newby and Superintendent Doug Moore. A quorum was declared.

AGENDA: No discussion.

MINUTES: Motion was made by G. Scott, seconded by V. Scott, to approve the February 25, 2022 Minutes as presented in advance. By voice vote, motion carried.

FINANCE:

a.) Treasurer’s Investment Report – February 2022:

The Federal Reserve met recently and raised the short-term deposit rate by a quarter percent. In February a $50,000 Certificate of Deposit matured and was put into the Berthal Fisher Money Market Account awaiting reinvestment, which is scheduled for April 4th. The new investment has a yield of 2% and a maturity date of early 2024. The Board is authorized to invest up to $250,000 per institution under FDIC limits, but because of inflation rates and the current low interest rates it would not be advisable at this time to tie up the remaining funds being held in the Money Market account. Treas. Fergurson explained that an “inverted curve” is where yields in short-term investments are greater than those in long-term investments. Inverted curves have been very good at predicting recessions in the past. Current yield trends are heading that direction, and if that happens, the economy may in fact tip into a recession at some point in the near future. Equities continue to be volatile but Cemetery investments remain positive in dividend income. Most of the remaining funds in the Berthal Fisher Money Market account are from the Land & Buildings Fund and have remained there in case extra funding is needed for expensive purchases.

Discussion ensued regarding the Land & Buildings Fund. Chair Brown would like to resume the $25,000 annual transfer from the General Fund into that account beginning in 2023. Additionally, funds from the Trust Fund will be invested in long-term accounts when rates begin to increase.

b.) Cash Receipts Report – February 2022:

Chair Brown gave a brief overview of the February Cash Receipts Report noting that the operating fund cash balance is $156,185.94 as opposed to a balance of $98,594.81 at this same time last year. There is a balance of $69,290.10 in the Money Market account that can be used for reinvestment when the market improves. Total Budgeted Revenue is $395,990, and total Budgeted Expenditures is $436,976 for 2022. The current Year to Date revenue balance is $101,480.88 (74.37% available) and the Year to Date expenditure balance is $45,587.44 (89.57% available) at the end of February. General discussion ensued regarding the annual budget.

Motion was made by V. Scott, seconded by G. Scott, to accept the Treasurer’s Report. By voice vote, motion carried.

c.) Cash Receipts Report and Claims Approval – February 2022:

Motion was made by G. Scott, seconded by V. Scott, to approve the Cash Receipts Reports and to pay claims when funds are available. By voice vote, motion carried.

Summary of Minutes

SUPERINTENDENT’S REPORT:

Chair Brown advised that the Share Burial Agreement is still a work in progress and is being pared down. However, it is almost complete and should be finished at some point within the next month.

PUBLIC COMMENT: No discussion.

OLD BUSINESS: No discussion.

NEW BUSINESS:

1. Nomination of Officers: No discussion.

2. Change of meeting day to last Friday of each month: This item has been postponed.

Chair Brown advised that the Annual Breakfast Meeting of the Cemeteries Board of Managers will be held at Kim’s Place on April 22, 2022 at 8:00 a.m.

ADJOURNMENT: Hearing no further business, a motion was made by G. Scott, seconded by V. Scott, to adjourn the meeting at 9:05 a.m. By voice vote, motion carried. The next regularly scheduled meeting of the Jacksonville City Cemeteries Board will be the Annual Breakfast Meeting and will be held at Kim’s Place (formerly Norma’s North Star Café) on Friday, April 22, 2022, 8:00 a.m.

http://cms6.revize.com/revize/jacksonvilleil/city_government/boards_commissions_and_committees/docs/Boards%20Commissions%20Committees/Cemetery_Board_Minutes/2022/Cemetery%20Bd.%20Mtg.%20Minutes%2003.25.22%20(Rescheduled%20from%2003.18.22).pdf