HomeMy WebLinkAbout2022 08 11 BOT Regular Meeting Minutes
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING
AUGUST 11, 2022
CALL TO ORDER
Chairperson David Withee called the Regular Meeting of Thursday, August 11, 2022 of
the Board of Trustees to order at 5:33 pm in the Commission Chambers (City Hall, 1126
East State Road 434, Winter Springs, Florida 32708).
Roll Call:
Chairperson David Withee, present
Vice-Chairperson Marco Santoro, present
Board Member Michael Blake, present
Board Member Arif Fareed, present
Board Member Greg Smith, present
Assistant City Clerk Tristin Motter, present
A moment of silence was followed by the Pledge of Allegiance.
Board Member Arif Fareed arrived at 5:34pm
AWARDS AND PRESENTATIONS
100. Not Used
INFORMATIONAL AGENDA
200. Not Used
PUBLIC INPUT
Chairperson Withee opened Public Input.
No one addressed the Board.
Chairperson Withee closed Public Input.
CONSENT AGENDA
300) Approval of the Thursday, May 12, 2022 Board of Trustees Regular Meeting
Minutes
Cover Page
2022 05 12 BOT Regular Meeting Minutes
CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
REGULAR MEETING – AUGUST 11, 2022
PAGE 2 OF 3
P L A N N I N G A N D Z O N I N G B O A R D / L O C A L P L A N N I N G A G E N C Y
R E G U L A R M E E T I N G | W E D N E S D A Y , J U N E 5 , 2 0 1 9 | P A G E 2 O F 3
"MOTION TO APPROVE THE MINUTES." MOTION BY BOARD MEMBER SMITH.
SECONDED BY BOARD MEMBER FAREED. DISCUSSION.
VOTE:
SANTORO (AYE); WITHEE (AYE); SMITH (AYE); BLAKE (AYE); FAREED (AYE)
MOTION CARRIED.
PUBLIC HEARINGS AGENDA
400. Not Used
REGULAR AGENDA
500) Quarterly Investment Return Report from AndCo Consulting
2022-06-30 Winter Springs General (Quarterly Report).pdf
Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600,
Orlando, Florida began with the July Flash report and the asset allocation than
moved into the June Quarterly report review. Discussions regarding the Market
decline, the Bond market, and the inverted curvy regarding the SMP 500. Questions
were asked about the yield curve and the progression. Further discussion continued
on the equity market.
Mr. West recommended getting back to style neutral for a long term strategy.
Discussion ensued regarding the recommendation, the inverted curve, how it could
potentially react and automatic rebalancing. Mr. West gave an overview of the July
Quarterly Report beginning with rebalancing, the performance of each of the
portfolios and looking at a value move on Brandywine. City Manager Shawn Boyle
relayed to the Board what is happening in the City for the pension and discussion
ensued. Mr. West gave the official recommendation is to move a million for Vanguard
total protection fund to Cash.
"MOTION TO LIQUIDATED A MILLION DOLLARS FROM THE VANGAURD TIPS
ACCOUNT AND ADD TO CASH FOR CASH FLOW PURPOSES." MOTION BY BOARD
MEMBER BLAKE. SECONDED BY VICE-CHAIRPERSON SANTORO. DISCUSSION.
VOTE: SMITH (AYE); FAREED (AYE); WITHEE (AYE); BLAKE (AYE); SANTORO (AYE)
MOTION CARRIED.
Mr. West reviewed the July Flash report with the Board and recommended to liquate
the Brandywine fund and move to the Total Market fund.