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HomeMy WebLinkAbout2021 11 30 Board of Trustees Regular Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING NOVEMBER 30, 2021 (RESCHEDULED FROM NOVEMBER 18, 2021) CALL TO ORDER Chairperson David Withee called the Regular Meeting of Tuesday, November 30,2021 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, absent Board Member Michael Blake, present Board Member John Ripley, present via phone Board Member Marco Santoro, present Assistant City Clerk Tristin Motter, 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 Monday, August 23, 2021 Board of Trustee Regular Meeting Minutes. Minutes CITY OF WINTER SPRINGS, FLOP IDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-NOVEMBER 30,2021 PAGE 2OF3 "MOVE FOR APPROVAL." MOTION BY BOARD MEMBER BLAKE. SECONDED BY BPARD MEMBER SANTORO. DISCUSSION. VOTE: BLAKE (AYE); RIPLEY (AYE); SANTORO (AYE); WITHEE (AYE) MOTION CARRIED. PUBLIC HEARINGS AGENDA — NOT USED REGULAR AGENDA 500)Quarterly Investment Return Report from AndlCO Consulting Winter Springs General (Quarterly Report Mr. Dave West, Senior Consultant,AndCo Consulting, 4907 Vineland Road, Suite 600, Orlando, Florida began with a review regarding asset value, the Vanguard index fund, and additionally relayed that the City has been statically unweight on fixed income. Mr. West gave a recommendation to movel.2 million out ofdomestic equity, the Vanguard total stock market index fund, and reallocate to Vanguard inflation protection security bond fund. Chairperson Withee asked questions regarding equity and the amount in the recommended shift. Mr. West further explained the process behind the strategic shift suggested. Discussion on inflation, COVID, and its effecting the current World Market ensued. Additionally, further questions were asked from the Board on equity, TIPS, and the suggested recommendation from AnclCo. "I WILL MAKE THE MOTION TO ACCEPT THE RECOMMENDATION FROM ANDCO TO MOVE 1.2 MILLION OUT VANGUARD TOTAL STOCK INDEX FUND AND INTO THE VANGUARD INFLATION PROTECTION BOND FUND." MOTION BY CHAIRPERSON WITHEE. SECONDED BY BOARD MEMBER SANTORO. DISCUSSION. VOTE: SANTORO (AYE); BLAKE (NAY); WITHEE (AYE); RIPLEY (AYE) MOTION CARRIED. A brief review of the funds and portfolios were given by Mr. West from the Winter Springs General Quarterly Investment performance review. Discussion ensued on the real estate benchmark, Cash flow, and the Investable Asset. REPORTS CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-NOVEMBER 30,2021 PAGE 3OF3 PUBLIC INPUT Chairperson Withee opened Public Input No one spoke Chairperson Withee closed Public Input ADJOURNMENT Chairperson Withee adjourned the Regular Meeting at 6:39 p.m. RESPECTFULLY SUBMITTED: TRISTIN MOTTER ASSISTANT CITY CLERK 11V a c Z NOTE: These Minutes were approved at the February 10,2022 Board of Trustees Regular Meeting.