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HomeMy WebLinkAbout2018 02 20 Board of Trustees Regular Meeting MinutesCITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING FEBRUARY 20, 2018 (RESCHEDULED FROM FEBRUARY 13, 2018) CALL TO ORDER The Regular Meeting of Tuesday, February 20, 2018 (Rescheduled from Tuesday, February 13, 2018) of the Board of Trustees was called to Order by Chairperson David Withee at 5:34 p.m. in the Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson David Withee, present Vice -Chairperson Robin Paris, present Board Member Steven Krohn, present Board Member Cindy Sosa, absent Board Member Barbara Watkins, present Assistant to the City Clerk Antonia DeJesus, present A moment of silence was held followed by the Pledge of Allegiance. No changes to the Agenda were mentioned. REGULAR AGENDA — PART I 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 2018. "I NOMINATE DAVID WITHEE TO REMAIN AS CHAIR." MOTION BY VICE - CHAIRPERSON PARIS. SECONDED BY BOARD MEMBER KROHN. DISCUSSION. VOTE: CHAIRPERSON WITHEE: AYE BOARD MEMBER KROHN: AYE BOARD MEMBER WATKINS: AYE VICE -CHAIRPERSON PARIS: AYE MOTION CARRIED. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - FEBRUARY 20, 2018 (RESCHEDULED FROM FEBRUARY 13, 2018) PAGE 2 OF 5 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 2018. "I WILL CONTINUE WITH ROBIN PARIS AS VICE -CHAIR." MOTION BY CHAIRPERSON WITHEE. SECONDED BY BOARD MEMBER WATKINS. DISCUSSION. VOTE: BOARD MEMBER WATKINS: AYE VICE -CHAIRPERSON PARIS: AYE CHAIRPERSON WITHEE: AYE BOARD MEMBER KROHN: AYE MOTION CARRIED. AWARDS AND PRESENTATIONS AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA INFORMATIONAL 200. Not Used PUBLIC INPUT Chairperson Withee opened "Public Input". No one spoke. Chairperson Withee closed "Public Input". CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - FEBRUARY 20, 2018 (RESCHEDULED FROM FEBRUARY 13, 2018) PAGE 3 OF 5 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, December 5, 2017 (Rescheduled From Tuesday, November 14, 2017) Board Of Trustees Regular Meeting Minutes. "I WILL MAKE A MOTION TO APPROVE THE MINUTES FROM LAST MEETING." MOTION BY CHAIRPERSON WITHEE. SECONDED BY VICE - CHAIRPERSON PARIS. DISCUSSION. VOTE: CHAIRPERSON WITHEE: AYE BOARD MEMBER WATKINS: AYE VICE -CHAIRPERSON PARIS: AYE BOARD MEMBER KROHN: AYE MOTION CARRIED. PUBLIC HEARINGS AGENDA PUBLIC HEARINGS 400. Not Used REGULAR AGENDA - PART II REGULAR 502. Finance And Administration Services Department The Finance And Administrative Services Department Is Requesting The Board Of Trustees Receive From AndCo Consulting The First Quarter Investment Return Report And To Enter Into Discussion. Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida: referenced a letter from the Chief Executive Officer of AndCo Consulting included in the "Investment Return Report" and commented further on current his company. On another note, Mr. West remarked on the recent stock market correction, its related impacts, and overall market index performance. Mr. West then went over Pages 20, 21, and 22, and reviewed one (1), three (3), and five (5) year numbers for various Funds and Indexes. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - FEBRUARY 20, 2018 (RESCHEDULED FROM FEBRUARY 13, 2018) PAGE 4 OF 5 Mr. West turned back to Page 18 and commented on contributions, distributions, and manager fees, asset allocation, guidelines related to asset allocation per Chairperson Withee's suggestion. Mr. West then stated, "Great quarter — good way to start." Much discussion followed on real estate and energy investments, domestic and international markets, market volatility, Treasury Inflation Protected Securities (TIPS), rising interest rates, equity allocation, portfolio management, proactive and strategic asset allocation, and the rate of return assumption. Referring to Mr. West, Chairperson Withee inquired, "There were no specific recommendations on your part for changes at this time?" Mr. West confirmed, "Correct." Brief comments ensued on rate of return assumptions with remarks from Mr. West on fund ratios, portfolio management, and market volatility. Discussion followed on the city's funding goals and the portfolio's impact on the city's budget. With additional remarks, Mr. Shawn Boyle, Director, Finance and Administrative Services Department noted, "It's also really imperative to at least the current administration — we're going after to retire all our debt. The goal is — Kevin Smith, myself, and the other administrators, when we walk out of here, we're going to leave you debt free." Additional comments. 600. REPORTS No Reports were given. PUBLIC INPUT Chairperson Withee opened "Public Input". No one spoke. Chairperson Withee closed "Public Input". CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING — FEBRUARY 20, 2018 (RESCHEDULED FROM FEBRUARY 13, 2018) PAGE 5 OF 5 ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 6:40 p.m. RESPECTFULLY SUBMITTED: AN IA (DEE ME 9 ASSISTANT TO THE CITY CLERK NOTE: These Minutes were Approved at the Thursday, May 10, 2018 Board of Trustees Regular Meeting.