Loading...
HomeMy WebLinkAbout2021 02 11 Board of Trustees Regular Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING FEBRUARY 11, 2021 CALL TO ORDER Chairperson David Withee called the Regular Meeting of Thursday, February 11, 2021 of the Board of Trustees to order at 5:30 pm in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson David Withee, present Vice-Chairperson Barbara Watkins, present Board Member Michael Blake, present Board Member Stephen Krohn, absent Board Member John Ripley, present City Clerk Christian Gowan, present A moment of silence was followed by the Pledge of Allegiance. Chairperson Withee noted that Item 503 would be moved before Item 502. There was no objection to this change. REGULAR AGENDA - PART I 500) Election for Chairperson of the Board of Trustees for Calendar Year 2021 "I MAKE A MOTION TO NOMINATE DAVID WITHEE TO SERVE AS CHAIRPERSON." MOTION BY BOARD MEMBER BLAKE. SECONDED BY VICE-CHAIRPERSON WATKINS. DISCUSSION. NO OTHER NOMINATIONS WERE MADE. VOTE: BOARD MEMBER BLAKE: AYE BOARD MEMBER RIPLEY: AYE VICE-CHAIRPERSON WATKINS: AYE CHAIRPERSON WITHEE: AYE MOTION CARRIED. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-FEBRUARY 11,2021 PAGE 2OF5 501) Election for Vice-Chairperson of the Board of Trustees for Calendar Year 2021 "I MAKE A MOTION TO NOMINATE BARBARA WATKINS TO SERVE AS VICE- CHAIRPERSON." MOTION BY BOARD MEMBER BLAKE. SECOND BY BOARD MEMBER RIPLEY. DISCUSSION. NO OTHER NOMINATIONS WERE MADE. VOTE: CHAIRPERSON WITHEE: AYE BOARD MEMBER RIPLEY: AYE BOARD MEMBER BLAKE: AYE VICE-CHAIRPERSON WATKINS:AYE MOTION CARRIED PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input CONSENT AGENDA 300) Approval of the Thursday, November 12th, 2020 Board of Trustees Regular Meeting Minutes Minutes czztzb REGULAR AGENDA - PART II * The following items were discussed in the order noted below* CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-FEBRUARY 11,2021 PAGE 3OF5 503) Presentation from American Realty Advisors City of Winter Springs General Employee Retirement System -American Core Realty Fund 02.11.21 ---b Mrs. Richelle Cook, Senior Vice President, Investor Relations, American Realty Advisors, 7540 International Parkway, Suite 2000, Lake Mary, FL 32746 introduced herself and CEO, Mr. Stanley lezman. Mrs. Cook briefly reviewed the history of the company, the American Core Realty Fund snapshot, target markets, and the City's investments related to the fund. Mr. lezman continued the presentation and invited questions from the Board. Discussion followed on comparisons with 2009 markets, exposure to potential downturns, the classes of real estate that were being invested in, and recommendations about the previous redemption request. 502) Quarterly Investment Return Report from AndCO Consulting 2020-12-31 Winter Springs General (Quarterly Report) Mr. Dave West, Senior Consultant,AndCo Consulting, 4907 Vineland Road, Suite 600, Orlando, Florida noted that the City was outside of policy compliance, positively, and that he was required to recommend rebalancing. Mr. West recommended rebalancing to the long-term target with a five percent (5%) reduction in domestic equities, or$3.2 million which would be moved to the Galliard Bond portfolio to meet the minimum bond allocation. Mr. West noted this would be in intermediate rather than aggregate bonds. Breaking his recommendation down further, Mr. West proposed a proportional reduction of $1.6 million from Vanguard Total and $1.6 million from the Vanguard Value Index. Discussion followed on the duration of the bonds, potential derisking strategies, and clarifying if rebalancing was a requirement or there was time to consider at the next meeting. "MOTION TO ACCEPT INFORMATION PROVIDED BY INVESTMENT CONSULTANT AND REQUEST MANAGER BRING INVESTMENT POLICY STATEMENT TO NEXT MEETING TO EVALUATE RECOMMENDATION WITH THE INVESTMENT POLICY STATEMENT'S REQUIREMENTS." MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER RIPLEY. DISCUSSION. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-FEBRUARY 11,2021 PAGE 4OF5 VOTE: BOARD MEMBER BLAKE: AYE CHAIRPERSON WITHEE:AYE BOARD MEMBER RIPLEY: AYE VICE-CHAIRPERSON WATKINS: AYE MOTION CARRIED. Mr. West briefly discussed returns and then commented on the potential of rescinding the redemption request with American Realty noting that the City was unable to accomplish the purpose for which the redemption was put in. Mr. West recommended withdrawing the redemption request. Discussion followed on when action would need to be taken relative to the redemption request. Mrs. Cook noted that there was flexibility and a week's notice would suffice if the Board later decided to rescind their redemption request. "MOTION TO RETAIN THE PLACE IN THE QUEUE BUT DON'T EXERCISE - REVISIT AT NEXT MEETING." MOTION BY BOARD MEMBER RIPLEY.SECONDED BY BOARD MEMBER BLAKE. DISCUSSION. VOTE: VICE-CHAIRPERSON WATKINS: AYE CHAIRPERSON WITHEE: AYE BOARD MEMBER BLAKE:AYE BOARD MEMBER RIPLEY: AYE MOTION CARRIED. PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 7:16 p.m. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-FEBRUARY 11,2021 PAG E5OF5 RESPECTFULLY SUBMITTED: CHRISTIAN GOWAN CITY CLERK ��, 4'! NOTE: These Minutes were approved at the May 13,2021 Board of Trustees Regular Meeting.