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HomeMy WebLinkAbout2019 06 12 Board of Trustees Regular Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING DUNE 12, 2019 (RESCHEDULED FROM MAY 9, 2019) CALL. TO ORDER The Regular Meeting of Thursday, June 12, 2019 (Rescheduled from May 9, 2019) of the Board of Trustees was called to Order at 5:34 p.m. by Chairperson David Withee in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson David Wthee present Vice-Chairperson Barbara Watkins, present Board Member Michael Blake, absent Board Member Steven Krohn, present Board Member Robin Paris, present Assistant to the City Clerk, Antonia DeJesus, present Assistant to the City Clerk, Christian Gowan, present A moment of silence was followed by the Pledge of Allegiance. No changes were made to the Agenda. AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-JUNE 12,2019 (RESCHEDULED FROM MAY9,2019) PACE 2 OF S PUBLIC INPUT Chairperson Withee opened "Public Input". No one spoke. Chairperson Withee closed "Public Input". CONSENT AGENDA 300. Minutes from the Thursday, February 14, 2019 Board of Trustees Regular Meeting Chairperson Withee asked for a Motion to approve the February 14,, 2019 Meeting Minutes, "SO MOVED." MOTION BY BOARD MEMBER PARIS. SECONDED. DISCUSSION. VOTE: VICE CHAIRPERSON WATKINS: AYE BOARD MEMBER PARIS: AYE BOARD MEMBER KROHN: AYE CHAIRPERSON WITHEE: AYE MOTION CARRIED. Related to other City business, Interim City Manager Shawn Boyle asked for the Board to discuss and consider approving a request for an Agenda Item at the next meeting to present a recommendation to lower the assumed rate of return from 7 3/4 to 7 1/2 percent and remarked that it would cost about "A hundred and fifty thousand dollars ($150,000.00) - to the Operational Budget on an annual basis. But we're in a situation where we can do that." Interim Manager Boyle explained that "It improves our probability that it's going to be around for the folks that are going to be participating in it." Discussion followed on the previous adjustment to the assumed rate of return, the City's contribution in relation to the investment rate of return, the number of individuals in the Plan, who has access to the Plan, and the desire to ensure that the Plan is survivable and sustainable. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-JUNE 12,2019 (RESCHEDULE[) FROM MAY 9,2019) PAGE 3 OF S Interim Manager Boyle clarified the difference between the investment rate of return and the City contribution saying, "I'm not suggesting we drop the contributions by a hundred and fifty thousand dollars ($150,000.00) - I'm increasing the contributions by a hundred and fifty thousand dollars ($150,000.00) because we're reducing the investment return assumption over the next thirty (30) years." Discussion continued. Interim Manager Boyle then said that this recornmenclation is one (1) of five (5) that came from the Actuary and remarked, "I'm probably coming before you over the next six (6) months to evaluate all five (5) of those factors." Further discussion followed on the progress that has been made, the work of the Board in improving the Pension Fund, and the desire to create a sustainable fund. Mr. Dave West, Senior Consultant, AndCo Consulting, 4907 Vineland Rood, Suite 600, Orlando, Florida: spoke of Plans, rates of return, and funding. Discussion continued. Interim Manager Boyle noted that it was helpful to the City Commission to receive input from this Board on such matters, and as such, Interim Manager Boyle was looking for Consensus from this Board so that "Before we go down this path to reduce this multiplier that I have general Consensus from you all to do the work." Interim Manager Boyle added that the Actuarial might need to do some calculations which might cost around two thousand dollars ($2,000.00). Chairperson Withee asked if the Board Members were in agreement that Interim Manager Boyle could bring a Agenda Item to the next Board of Trustees Meeting. Hearing no objections, Chairperson Withee said to Interim Manager Boyle, "You have the Consent of the Board to proceed," PUBLIC HEARINGS AGENDA 400. Not Used CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-JUNE 12,2019 (RESCHEDULED FROM MAY 9,2019) PAGE 4 OF 5 REGULAR AGENDA 500. Quarterly Investment Return.,Report from AndCo Consulting Mr. Dove West, Senior Consultant, AndCo Consulting, 4907 Vineland Road, Suite 600, Orlando, Florida: addressed the investment report for the March quarter, ratings and performance of various Funds, cash flow, equity allocations, and management changes for the Galliard Fund. Mr. West then continued with an Investment Performance Review update which brought the Board up to date through May 31, 2109 discussing and expanded on year-to-date numbers for various funds, cash flow, and asset allocation. Mr. West concluded, "I recommend we stay the course." 600. REPORTS .......... ...... No Reports were given. PUBLIC INPUT Chairperson Withee opened "Public Input". No one spoke. Chairperson Withee closed "Public Input". �0.-**** AGENDA NOTE: REGULAR AGENDA ITEM 1150011 WAS FURTHER ADDDRESSED AS DOCUMENTED. REGULAR AGENDA 500. Quarterly Investment Return Report from AndCo Consulting Brief discussion. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-- JUNE 12,2019 (PESCIAEDULED FROM MAY 9,2019) PAGE 5 OF 5 Chairperson Withee said, "May I have a Motion from the Board to accept the AnclCo Report with no changes to the proposal recommended." "SO MOVED." MOTION BY BOARD MEMBER PA IS. SECONDED BY BOARD MEMBER KROHN. DISCUSSION. VOTE: BOARD MEMBER KROHN: AYE CHAIRPERSON WITHEE: AYE VICE CHAIRPERSON WATKINS: AYE BOARD MEMBER PARIS: AYE MOTION CARRIED. ADJOURNMENT Chairperson Withee adjourned the Meeting at 6:35 p.m. RESPECTFULLY SUBS' ,ITTED: CHPIST!AN GOV�IAN ASSISTANT TO THE CITY CLERIC NOTE: These Minutes were Approved at the August 8,2019 Board of Trustees Regular Meeting.