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HomeMy WebLinkAbout2018 08 09 Board of Trustees Regular Meeting MinutesCITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING AUGUST 9, 2018 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, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson David Withee, present Vice-Cbaii-person 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. 100. Not Used INFOIA RMATIOIAL 200. Not Used Chairj)erson Withee ol)ened "Public InIna ". Chairj)erson Withee closed "Public InIml ". CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING -- AUGUST 9, 2018 PAGE 2 OF 4 CONSENT 300. Office Of The City Clerk The Office Of The City Clerk Is Requesting The Board Of Trustees ConsiderAnd Approve The Thursday, May 10, 2018 Board Of Trustees Regular Meeting Minutes. VOTE: VICE -CHAIRPERSON PARIS: AYE BOARD MEMBER KROHN: AYE CHAIRPERSON WITHEE: AYE MOTION CARRIED. 11 MM', REGULAR 500. Finance And Administration Services Department The Finance And Administrative Services Department Is Requesting The Board Of T rustees Receive From AndCo Consulting The Third Quarter Investment Return Renort And To Enter Into Discussion. Mr. Dave [,Vest, Senior Consultant, 4ndCo Consulting, 4901 Fineland 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 3OF4 REGULAR 501. Finance And Administration Services Department The Finance And Administrative Services Department Is Requesting That The Board of "Trustees Deceive And Accept The 2017 Actuarial Valuation Report And Additional Financial Deports From Gabriel, Roeder, Snaith & Company. Mr. Lar°ry 1,Vilson, Actuary, Gabriel, Roeder, Srnith &. C°ennpany: 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 lir. Shawn Doyle, 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. Wilsons connmentedfurther on the actuarial gains, disbursements and contributions, other Florida pension funds, mortality rates, and a new compliance report. Discussion. BOARD MEMBER KROHN: AYE VICE -CHAIRPERSON AAYE CHAIRPERSON MOTION No Reports were given. Chairperson Withee opened "Public Input ". Chairperson lVithee closed "Public Iniml ". CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING —AUGUST 9, 2018 PAGE 40F4 Chairperson Withee adjourned the Regular Meeting 6:48 p.m. ANTONI 1' S L ASSISTANT TO THEA CLERK NOTE: These Minutes were Approved at the November 8, 2018 Board of Trustees Regular Meeting.