HomeMy WebLinkAbout2022 02 10 BOT Regular Meeting Minutes
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING
FEBRUARY 10, 2022
CALL TO ORDER
Chairperson David Withee called the Regular Meeting of Thursday, February 10, 2022
of the Board of Trustees to order at 5:34 pm in the West Conference Room (City Hall,
1126 East State Road 434, Winter Springs, Florida 32708).
Roll Call:
Chairperson David Withee, present
Board Member John Ripley, absent
Board Member Marco Santoro, present
Board Member Arif Fareed, present
Assistant City Clerk Tristin Motter, present
A moment of silence was followed by the Pledge of Allegiance.
REGULAR AGENDA - PART I
500) Election for Chairperson of the Board of Trustees for Calendar Year 2022
Mrs. Casey Howard, Deputy City Manager opened nominations for Chairperson.
Chairperson Withee expressed his want to continue as chairperson.
“I NOMINATE DAVID WITHEE TO CONTINUE AS CHAIRPERSON.” NOMINATION
MADE BY BOARD MEMBER FAREED. SECONDED BY BOARD MEMBER SANTORO
NO OTHER NOMINATIONS WERE MADE.
MOTION PASSED WITH UNANIMOUS CONSENT
MOTION CARRIED. 3-0
DAVID WITHEE WAS ELECTED THE CHAIRPERSON
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – FEBRUARY 10, 2022
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501) Election for Vice-Chairperson of the Board of Trustees for Calendar Year
2022
“I WILL NOMINATE MARCO SANTORO TO BE VICE-CHAIR FOR THE BOARD OF
TRUSTEE.” NOMINATED BY CHAIRPERSON WITHEE. SECONDED BY BOARD
MEMBER FAREED.
NO OTHER NOMINATIONS WERE MADE.
MOTION PASSED WITH UNANIMOUS CONSENT
MOTION CARRIED. 3-0
MARCO SANTORO WAS ELECTED THE VICE-CHAIRPERSON
PUBLIC INPUT
Chairperson Withee opened Public Input
No one spoke
Chairperson Withee closed Public Input
CONSENT AGENDA
300) Approval of the Thursday, November 30th, 2021 Board of Trustees
Regular Meeting Minutes
Minutes
“MOTION TO STIPULATE THE AGENDA MINUTES AS WRITTEN.” MOTION BY
CHAIRPERSON WITHEE. SECOND BY BOARD MEMBER SANTORO. DISCUSSION.
VOTE:
WITHEE (AYE); SANTORO (AYE); FAREED (AYE)
MOTION CARRIED. 3-0
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – FEBRUARY 10, 2022
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REGULAR AGENDA - PART II
502) Quarterly Investment Return Report from AndCO Consulting
Winter Springs General Quarterly Report
Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600,
Orlando, Florida began by giving an AndCo firm update and gave some background
on the company and business model for the Boards new members. Mr. West
continued by giving a thorough review of the “General Quarterly Report” for the
Board. Question and discussion ensued regarding Bond portfolio, strategy with the
TIPS and PIMOC funds and what the target duration for maturity is of each. Further
review of the active managers, value stock orientation and fee analysis overview
rounded out the “General Quarterly Report.” Mr. West then gave a summary the
“Asset Allocation Report” for the Board and purposed a reversal of the previous
rebalance by reallocating money from the Cash fund to the Total Stock. Mr. West
recommended reinvesting 1.4 million (2%) in the Total Stock Index Fund portfolio
pulling from the Cash fund if feasible, if not or need additional pull from the
Vanguard Short Term Bond Fund.
“AMENDED [MOTION] TO TAKE 1.4 MILLION ADD TO THE EQUIDTY ALLOCATION
THROUGH THE VANGUARD TOTAL STOCK INDEX, SOURCED FROM THE CASH. IF
THE CASH ISN’T UNAVAILABLE TO LIQUIDATE WHAT IS NECESSARY FROM THE
VANGUARD SHORT TERM BOND FUND.” MOTION BY CHAIRPERSON WITHEE.
SECONDED BY BOARD MEMBER FAREED. DISCUSSION.
VOTE:
SANTORO (AYE); WITHEE (AYE); FAREED (AYE)
MOTION CARRIED. 3-0
PUBLIC INPUT
Chairperson Withee opened Public Input
No one spoke
Chairperson Withee closed Public Input