The URL can be used to link to this page

Home My WebLink About2018 11 08 Consent 300 Unapproved Minutes from the August 9, 2018 Regular MeetingBOARD OF TRUSTEES AGENDA ITEM ITEM 300 November 8, 2018 Regular Meeting REQUEST: Informational Consent X Public Hearings Regular The Office Of The City Clerk Is Requesting The Board Of Trustees Consider And Approve The Thursday, August 9, 2018 Board Of Trustees Regular Meeting Minutes. ATTACHMENT(S): A. Unapproved Copy Of The Thursday, August 9, 2018 Board Of Trustees Regular Meeting Minutes (4 Pages) The Regular Meeting of Thursday, August 9, 2018 of the Board of Trustees was called to Order by Chairperson David Withee at 5:35 p.m. in the East Training Room of the Municipal Building (City Hall, 11.26 East State Road 434, Winter Springs, Florida 32708). I I'M I Effl-I I Chairperson David Withee, present Vice -Chairperson Robin Paris, present Board Member Stephen Krohn, present Board Member Barbara Watkins, absent 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 made. AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL 200. Not Used Chairj)erson Withce ol)ened "Public InInit " No one spoke. Chairperson [47ithee closed "Public lnl)ut ". CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING AUGUST 9, 2018w,. CALL TO ORDER The Regular Meeting of Thursday, August 9, 2018 of the Board of Trustees was called to Order by Chairperson David Withee at 5:35 p.m. in the East Training Room of the Municipal Building (City Hall, 11.26 East State Road 434, Winter Springs, Florida 32708). I I'M I Effl-I I Chairperson David Withee, present Vice -Chairperson Robin Paris, present Board Member Stephen Krohn, present Board Member Barbara Watkins, absent 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 made. AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL 200. Not Used Chairj)erson Withce ol)ened "Public InInit " No one spoke. Chairperson [47ithee closed "Public lnl)ut ". CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - AUGUST 9, 2018 PAGE 2 OF 4 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 Thursday, May 10, 2018 Board Of Trustees Regular Meeting Minutes. NONNI 10 11 INK W. 9, 'IMIN �4 KK#klllj moll UVA46191NIN-1 '19 11-J-1 F 10101131 131EALLI ARM 11, - _, Ig VOTE: PUBLIC HEARINGS 400. Not Used REGULAR 500. Finance And Administration Services Department The Finance And Administrative Services Department Is Requesting The Board Of Trustees Receive From AndCo Consulting The Third Quarter Investment Return ReDort And To Enter Into Discussion. Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida: presented the Agenda Item and discussed recent market behaviors and its impact. Mr. West remarked briefly on domestic and international equity returns. Moving on, Mr. West referred to Page 2 of the Quarterly Investment Return Report and commented further on market returns. Mr. West also reviewed year-to-date numbers for various funds and noted, "So, by all measure, excellent quarter; this system has a very, very nice momentum behind it and hopefully that continues." Mr. West commented on asset allocation, middle market debt, and cash flow. Concluding his report, Mr. West stated, "No recommended actions at this time.", Brief discussion followed on fixed income funds. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - AUGUST 9,2018 PAGE 3 OF 4 REGULAR 501. Finance And Administration Services Department The Finance And Administrative Services Department Is Requesting That The Boa Of Trustees Receive And Accept The 2017 Actuarial Valuation Report A Additional Financial Reports From Gabriel, Roeder, Smith & Company. I Mr. Lari-v lVilson, Actuary, Gabriel, Roeder, Smith & Coinpan.Y: introduced himself and the company. Mr. Wilson explained the purpose of the report and pointed out that there was an actuarial gain. Related, Mr. Wilson reviewed various numbers and contributions detailed in the report along with retirement rates, asset values, unfunded liability, and funding ratios. Much discussion ensued on the City's contributions and Mr. Shawn Boyle, Director, Finance and Administrative Services Department, explained, "What we're trying to do is — to pay this debt down so we can de -risk the portfolio." Further discussion followed on the City's contributions and the assumed investment rate of return. Mr. Wilson commented further on the actuarial gains, disbursements and contributions, other Florida pension funds, mortality rates, and a new compliance report. Discussion. "I MAKE A MOTION THAT WE ACCEPT LARRY'S REPORT — THE ANNUAL ACTUARIAL REPORT." MOTION BY BOARD MEMBER PARIS. SECONDED BY BOARD MEMBER KROHN. DISCUSSION. ME$]" I man g all Iola up I A WAP . - I LIN,F�"_WRAMI CHAIRPERSON WITHEE: AYE MOTION CARRIED. No Reports were given. Chairperson Withee opened "Public Input ". No one spoke. Chairperson Withee closed "Public lnl)ul ". ,Illy IMMIt 11 �Atm mk 2 ,Vnwmgw CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING AUGUST(), 2018 PAGE 4 OF 4 Chairperson Withee adjourned the Regular Meeting 6:48 p.m. RF.,W-"F- CTFULL Y SUBM17 7E'l): ANTONIA DEJESUS ASSISTANT TO THE CITY CLERK NOTE These Minutes were Approved at the __ - ---- -- —, . 2018 Board ol'Truslees Regular Meeting.