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HomeMy WebLinkAbout2016 08 09 Board of Trustees Regular Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING AUGUST 9, 2016 CALL TO ORDER The Regular Meeting of Wednesday, August 9, 2016 of the Board of Trustees was called to Order by Board Member Geoff Kendrick at 5:39 p.m. in the Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson Frank Mundo,present via telephone Vice-Chairperson Robin Paris, absent Board Member Geoff Kendrick, present Board Member Cindy Sosa, present Board Member David Withee,present Assistant to the City Clerk Jessica Ghersetich, present A moment of silence was held followed by the Pledge of Allegiance. It was noted that REGULAR AGENDA ITEM 11501" would be heard first in the Regular Agenda as the Board Members awaited the arrival of the presenter for REGULAR AGENDA ITEM "500". No objections were indicated. AWARDS AND PRESENTATIONS AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA INFORMATIONAL 200. Not Used CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-AUGUST 9,2016 PAGE 2 OF 5 PUBLIC INPUT Board Member Kendrick opened "Public Input". No one spoke. Board Member Kendrick closed "Public Input". CONSENT AGENDA CONSENT 300. Office Of The City Clerk The Office of the City Clerk Is Requesting The Board of Trustees Consider And Approve The Tuesday May 10,2016,Board Of Trustees Regular Meeting Minutes. REGARDING APPROVING THE TUESDAY, MAY 10, 2016 BOARD OF TRUSTEES REGULAR MEETING MINUTES, "I WILL MAKE THAT MOTION." MOTION BY CHAIRPERSON MUNDO. SECONDED BY BOARD MEMBER WITHEE. DISCUSSION. VOTE: BOARD MEMBER WITHEE: AYE CHAIRPERSON MUNDO: AYE BOARD MEMBER SOSA: AYE BOARD MEMBER KENDRICK: AYE MOTION CARRIED. PUBLIC HEARINGS AGENDA PUBLIC HEARINGS 400. Not Used CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-AUGUST 9,2016 PAGE 3 OF 5 ❖❖ AGENDA NOTE: REGULAR AGENDA ITEM "501" WAS HEARD FIRST IN THE REGULAR AGENDA, AS NOTED AT THE BEGINNING OF THE MEETING, FOLLOWED BY THE REST OF THE AGENDA. -.-t+ REGULAR AGENDA REGULAR 501. Office Of The City Clerk The Office Of The City Clerk Wishes To Discuss With The Board Of Trustees An Alternative Date For The Tuesday, November 8, 2016 Regular Meeting,Due To The Date Coinciding With Election Day. Discussion ensued regarding an alternate meeting for the next Regular Meeting, currently scheduled for November 8, 2016. "I WILL MAKE A MOTION THAT WE RESCHEDULE THE NOVEMBER MEETING TO [NOVEMBER] THE 101H AT 5:30 P.M." MOTION BY CHAIRPERSON MUNDO. SECONDED BY BOARD MEMBER WITHEE. DISCUSSION. VOTE: BOARD MEMBER KENDRICK: AYE BOARD MEMBER SOSA: AYE CHAIRPERSON MUNDO: AYE BOARD MEMBER WITHEE: AYE MOTION CARRIED. Note: Please see PAGE 4 of these Minutes for a change to the date of the next Meeting. Mr. Dave West, Senior Consultant, The Bogdahn Group arrived at 5:46p.m. REGULAR 500. Finance And Administration Services Department The Finance And Administrative Services Department Is Requesting The Board Of Trustees Receive From The Bogdahn Group The Third Quarter Investment Return Report And To Enter Into Discussion. Mr. Dave West, Senior Consultant, The Bogdahn Group, 4901 Vineland Road, Suite 600, Orlando, Florida: began the discussion on this Agenda Item with an overview of the Third Quarter market environment describing global market trends including the "Brexit", U.S. employment numbers, and Federal interest rates. Mr. West then referred to financial figures on Page 2 of the Third Quarter Investment Return Report. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-AUGUST 9,2016 PAGE 4 OF 5 Next, Mr. West referred to Domestic Equity numbers on Page 4 and highlighted Consumer Staples, Telecom Services, and Utilities market returns. Continuing, Mr. West directed attention to Page 20 and noted, "On a fiscal year-to-date basis, we are in very good shape." Further comments about rate of returns followed. Mr. West then mentioned the peer group rankings, other benchmark measurements, and attributed much of the program's success to asset allocation decisions. Discussion on currency volatility ensued. Board Member David Withee inquired about underperforming areas and possible options. Mr. West referred to Page 37 with additional comments. Discussion continued on volatility, both in the market and currency. Mr. West referred financial figures on Page 13. Chairperson Mundo then suggested Mr. West prepare and present two (2) alternatives related to asset allocation. No objections were noted by the Board of Trustees. Continuing, Mr. West referred to financial figures on Pages 21 and 22 with additional comments about investments and product types. Discussion ensued regarding loan structures. Mr. West then referred to cash flow figures on Page 18 and investment columns on Page 19 with additional remarks. Mr. West stated, "We don't have any change or action recommended at this time." Discussion regarding active and passive management ensued. Mr. West referred to the asset allocation table on Page 14 with additional comments and added, "No rebalancing actions required at this time." Lastly, Mr. West referred to Pages 10 and 11 and provided an update on the Bogdahn Group. Chairperson Mundo recommended that the alternatives requested earlier in the meeting be distributed to Members prior to the next meeting so that they may be reviewed. Board Member Kendrick informed Mr. West that the next meeting date will be changed due to the General Election. Additional discussion. "I MOVE THAT WE CHANGE THE NEXT MEETING TO NOVEMBER 17TH, (2016) AT 5:30 P.M." MOTION BY BOARD MEMBER WITHEE. SECONDED BY BOARD MEMBER SOSA. DISCUSSION. VOTE: BOARD MEMBER WITHEE: AYE CHAIRPERSON MUNDO: AYE BOARD MEMBER SOSA: AYE BOARD MEMBER KENDRICK: AYE MOTION CARRIED. Note: This Motion changed the November 10, 2016 Meeting date shown on PAGE 2 of these Minutes to November 17`h, 2016 for the next Board of Trustees Meeting. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING—AUGUST 9,2016 PAGE 5 OF 5 600. REPORTS No Reports were given. PUBLIC INPUT Board Member Kendrick opened "Public Input". No one addressed the Board of Trustees. Board Member Kendrick closed "Public Input". ADJOURNMENT Board Member Kendrick adjourned the Regular Meeting at 6:40 p.m. RESPECTFULLY SUBMITTED: JIASSICA GHER,SETICH ASSISTANT TO THE CITY CLERK NOTE: These Minutes were Approved at the November 17,2016 Board of Trustees Regular Meeting.