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HomeMy WebLinkAbout2021 03 23 Board of Trustees Special Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING MARCH 23, 2021 CALL TO ORDER Chairperson David Withee called the Special Meeting of Tuesday, March 23, 2021 of the Board of Trustees to order at 5:30 pm in the City Hall West Conference Room (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson David Withee, present Vice-Chairperson Barbara Watkins, absent Board Member Michael Blake, present Board Member Stephen Krohn, present Board Member John Ripley, absent Assistant to the City Clerk Tristin Motter, present A moment of silence was followed by the Pledge of Allegiance. AWARDS ANF PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input CONSENT AGENDA 300. Not Used CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING-MARCH 23,2021 PAGE 2OF3 PUBLIC HEARING AGENDA 400. Not Used REGULAR AGENDA 500. Portfolio Rebalancing Winter Springs General (Quarterly,, Report) REVISED Winter Springs General (Flash Report) Mr. Dave West, Senior Consultant,AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida gave a quick background of the previous meeting requests from the City to create a more defensive portfolio for the Fiscal year end without disrupting the overall allocation. Andco previously purposed suggestion was to scale back the equity allocation to target and deploy a value bias to the portfolio. At previous meetings the Board made the decision through discussion to allocate half of the Vanguard total stock Core unbiased index fund to split in half and allocate into the actively managed Brandywine Global Dynamic Portfolio and the Vanguard Value index fund. Additionally, the Board decided to stay on course with the RBC Value fund in the hope that if International equity shifted they would have a good head wind. Discussion ensued on how those allocations benefited the City and reviewed the Flash Report with the Board. Mr. West gave the recommendation to liquidate all shares of the Vanguard Value index fund, 9.2 million dollars, purchase 3.9 million dollars of Core Stock Market index fund, and allocating the remainder liquidation proceeds to Galliard Fixed Income,3.3 million dollars and the Vanguard Short Term bond fund, two (2) million dollars. Further discussion ensued on duration, the short term bond fund, and the direction the investment portfolio is going. "MOTION TO LIQUIDATE THE VANGUARD VAULE INDEX FUND POSTION, TO PLACE FOUR (4) MILLION OF THE PROCEEDS INTO THE VANGUARD TOTAL STOCK FUND, 3.3 MILLION TO GALLIARD FIXED INCOME PORTFOLIO WITH THE REMAINDER TO THE VANGUARD SHORT TERM BOND FUND." MOTION BY BOARD MEMBER BLAKE. SECONDED BY CHAIRPERSON WITHEE. DISCUSSION. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING-MARCH 23,2021 PAGE 3OF3 VOTE: BOARD MEMBER BLAKE: AYE CHAIRPERSON WITHEE:AYE BOARD MEMBER KROHN:AYE MOTION CARRIED. PUBLIC INPUT Chairperson Withee opened Public Input Staff gave thanks to the Board for their work and how far the Board has brought up the pension fund. Chairperson Withee closed Public Input ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 5:59 p.m. RESPECTFULLY SUBMITTED: Ea •,Ow • TRISTIN MOTTER +'`rW04%��N� �� - ASSISTANT TO THE CITY CLERK ��+, �d/••'••• •'' •����' NOTE: These Minuteswere approved at the May13,2021 Board of Trustees Regular Meeting.