HomeMy WebLinkAbout2017 05 09 Board of Trustees Regular Meeting MinutesCITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING
MAY 9, 2017
F1
I
FIERMZ�M
REGULAR
500. Office Of The City Clerk
The Office Of The City Clerk Is Requesting The Board Of Trustees Hold An Election
For The Position Of Chairperson For Calendar Year 2017.
RELATED TO THE ELECTION OF CHAIRPERSON, "I WOULD LIKE T*
RECOMMEND DAVID WITHER AS CHAIR.9 MOTION BY VICE-
CHAIRPERSON PARIS. SECONDED BY BOARD MEMBER SOSA.
DISCUSSION.
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING - MAY 9, 2017
PAGE 2 OF 6
REGULAR
501. Office Of The City Clerk
The Office Of The City Clerk Is Requesting The Board Of Trustees Hold An Election
For The Position Of Vice-Chairperson For Calendar Year 2017.
REFERRING TO THE POSITION OF VICE-CHAIRPERSON, CHAIRPERSON
WITHEE STATED, "ROBIN [PARIS], WOULD YOU CONSIDER..." VICE-
CHAIRPERSON PARIS STATED, "...YES..." CHAIRPERSON WITHEE
CONTINUED, "...BEING VICE-CHAIR?91 VICE-CHAIRPERSON PARIS
STATED, "I WOULD BE WILLING TO DO THAT."
ASSISTANT TO THE CITY CLERK ANTONIA DELLA DONNA ASKED, "IS
THAT YOUR NOMINATION?" CHAIRPERSON WITHEE STATED,
MOTION BY CHAIRPERSON WITHEE. SECONDED BY BOARD MEMBEV3
SOSA. DISCUSSION.
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100. Not Used
INFORMATIONAL
200. Not Used
Ilk NJ: "IRTANU.." 101,101
Vice-Chairperson Paris opened "Public Input
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Vice-Chairperson Paris closed "Public Input".
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING - MAY 9,2017
PAGE 3 OF 6
CONSENT
300. Office Of The City Clerk
The Office of the City Clerk Is Requesting The Board of Trustees Consider An.r1
Approve The Wednesday, February 15, 2017 (Rescheduled from Tuesday, February
14, 2017) Board Of Trustees Regular Meeting Minutes.
U-01
REGULAR
502. Finance And Administration Services Department
The Finance And Administrative Services Department Is Requesting The Board Of
Trustees Receive From AndCo Consulting, Inc The Second Quarter Investment
Return Report And To Enter Into Discussion.
Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600,
Orlando, Florida: briefly commented on AndCo Consulting's reI process and
expressed the company's philosophy of "putting clients first".
Next, Mr. West referred to the Investment Return Report and reviewed the composition of
the portfolio for the benefit of the newer Board Members. Continuing, Mr. West
commented on the Crescent Direct Lending Fund as well as aspects of private equity
offerings and allocations. Further remarks followed on commitments and closings.
ME14UT,
BOARD OF TRUSTE
REGULAR MEETING - MAY 9,2
PAGE 4 01
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over the quarter. Mr. West commented further on investment rates, the Federal Reserve,
payroll m3mbers, and various stocks. Continuing on Page 18, Mr. West referred to some
financial data and remarked further on quarter, fiscal year to date, and one (1), three (3),
and five (5) year numbers.
Board Member Stephen Krohn asked is the comparison data being used by AndCo
Consulting. Mr. West explained, "We subscribe to one of the more — common consultant
databases, and — we don't get the names of the accounts." Discussion.
Referencing recent financial news, Chairperson Withee asked what percentage of retail
was being pursued and then commented on price appreciation. Mr. West replied, "The
short answer is that yes, we can pull the positions and get the percentage allocations for
each of the sectors. We've got full transparency looking into the portfolios."
At Chairperson Withee's request, Mr. West explained the purpose, function, and difference
of the two (2) managers, Intercontinental and American Core Realty Fund. Discussion
followed.
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OFT USTEES
REGULAR MEETING - MAY 9, 2017
PAGE 50176
Regarding Page 20, Mr. West commented on internal rates of return. Additional remarks
followed. Mr. West then referenced Page 17 mentioning cash flow, portfolio contributions,
management fees, as well as asset allocation as shown on Pages I I and 12.
Chairperson Withee inquired about asset reallocation. Mr. West pointed out, "The
allocations are basically set up starting with equities to rebalance to the five percent (5%)
rule — referencing Page 12 again — the domestic equity target, the long term target, at fifty
percent (50%) of total plan assets, we basically set up a rebalancing target plus or minus
five percent (5%) around that, and then the same applies for international equity.
en Tne recalancing Targets conry-re HUM e rR1DdIm1I&-UZ5bVL2S d1t; IC MUCIR,
cight? So, we don't need as much head room and — we want to have a rebalancing even&I
So those ranges are a little more compressed. And then as far as systematic or not, the
#rocess, as prescribed in the Investment Policy Statement, is designed to keep this
completely objective." Mr. West commented further on rebalancing and policy targets.
Summarizing.. Mr. West stated, "So, right o line — we have no action
recommendations." Further comments.
Mr. West referenced Page 3 8 next and briefly remarked about the Crescent Direct Lendinj
Fund. Then referring to Page 41, Mr. West reviewed the investments and their related
Fees.
Chairperson Withee commented on new investments with the Crescent Direct Lending
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be pulled from another fund. Mr. West stated, "The latter," and referenced Page 12.
WALU
No Reports were given.
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING — MAY 9,2017
PAGE601`6
Vice-Chairperson Paris opened "Public Input".
SEEM=
Vice-Chairperson Paris closed "Public Input".
L I milgM =ff :
61
RE SPE C TF ULL Y S UBMITTED:
k��6_NJA DELLA DONNA
ASSISTANT TO THE CITY CLERK
NOTE: These Minutes were Approved at the August 10, 2017 Board of Trustees Regular Meeting,