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HomeMy WebLinkAbout2021 05 13 Board of Trustees Regular Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING MAY 13, 2021 CALL TO ORDER Chairperson David Withee called the Regular Meeting of Thursday, May 13, 2021 of the Board of Trustees to order at 5:31 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, absent Board Member Michael Blake, present Board Member Stephen Krohn, present Board Member John Ripley, absent City Clerk Christian Gowan, present A moment of silence was followed by the Pledge of Allegiance. AWARDS AND PRESENTATIONS — NOT USED INFORMATIONAL AGENDA — NOT USED PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input CONSENT AGENDA 300)Approval of the Thursday, February 11, 2021 Board of Trustees Regular Meeting Minutes. No discussion. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REG U LAR M EETI NG-MAY 13,2021 PAGE 2OF4 301)Approval of the Tuesday, March 23, 2021 Board of Trustees Special Meeting Minutes. Board Member Blake noted a Scribner's error to be corrected in the March 23rd minutes. Mr. Christian Gowan, City Clerk, noted the change would be made. "MOTION TO APPROVE CONSENT AGENDA." MOTION BY BOARD MEMBER BLAKE. SECONDED BY CHAIRPERSON WITHEE. DISCUSSION. VOTE: BLAKE (AYE); KROHN (AYE); WITHEE (AYE MOTION CARRIED 3-0. PUBLIC HEARINGS AGENDA — NOT USED REGULAR AGENDA 500) Quarterly Investment Return Report from AndCO Consulting Mr. Dave West, Senior Consultant,AndCo Consulting, 4907 Vineland Road, Suite 600, Orlando, Florida discussed the investment environment over the last quarter and expanded on numbers for various funds, cash flow, and asset allocation. Discussion followed on inflation considerations and taking actions to move back to the policy target. Mr. West presented a rebalancing recommendation to ease out of the Brandywine Value Fund and in to the Core Vanguard Total Stock Market Index Fund. Manager Boyle commented on federal stimulus money and labor and material shortages. Further discussion followed on the recommendation, disparities between growth and value, and Mr. West spoke about market expectations and long-term objectives. "MOTION TO ACCEPT THE RECOMMENDATION TO MOVE FIVE (5) MILLION FROM BRANDYWINE TO VANGUARD TOTAL STOCK MARKET." MOTION BY BOARD MEMBER BLAKE. SECONDED BY CHAIRPERSON WITHEE. DISCUSSION. VOTE: BLAKE (AYE); KROHN (AYE); WITHEE (AYE) MOTION CARRIED 3-0. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REG U LAR M EETI NG-MAY 13,2021 PAGE 3OF4 The Board agreed they would like to discuss real estate allocations at the next meeting. PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 6:07 p.m. ❖❖ AGENDA NOTE: THE FOLLOWING DISCUSSION HAPPENED IN THE ABSENCE OF A QUORUM TO HEAR THE REMAINDER OF THE QUARTERLY REPORT. NO ACTIONS WERE TAKEN. ❖❖ Roll Call: Chairperson David Withee, present Vice-Chairperson Barbara Watkins, absent Board Member Michael Blake, present Board Member Stephen Krohn, absent Board Member John Ripley, absent City Clerk Christian Gowan, present Mr. West reviewed the April update and noted a small pause in value, a positive performance from the defensive bond allocation, and reviewed several other funds. Manager Boyle noted appreciation for the Board's work and mentioned bringing back the investment rate for review and a potential reduction at a future meeting. ADJOURNMENT The discussion ended at 6:27 PM CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-MAY 13,2021 PAGE 4OF4 RESPECTFULLY SUBMITTED: CHRISTIAN GOWAN CITY CLERK ��` :' �1 EQ o •. `?N .• NOTE: These Minutes were approved at the August 23,2021 Board of Trustees Regular Meeting.