HomeMy WebLinkAbout2023 02 09 Consent 300 - Approval of the December 14, 2022 Board of Trustees Special Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA
MINUTES
BOARD OF TRUSTEES
SPECIAL MEETING
DECEMBER 14, 2022
CALL TO ORDER
Chairperson David Withee called the Special Meeting of Thursday, December 14,
2022 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 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.
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, August 11, 2022 Board of Trustees Regular
Meeting Minutes
Cover Page -z:
2022 0811 BOT Regular Meeting Minutes
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CITY OF WINTER SPRINGS,FLORIDA
MINUTES
BOARD OF TRUSTEES
SPECIAL MEETING- DECEMBER 14,2022
PAGE 2OF3
"MOVE TO APPROVE." MOTION BY BOARD MEMBER BLAKE. SECONDED BY
BOARD MEMBER SMITH. DISCUSSION. VOTE: SANTORO (AYE); SMITH (AYE);
BLAKE (AYE); WITHEE (AYE); FAREED (AYE)
MOTION CARRIED.
PUBLIC HEARINGS AGENDA
400. Not Used
REGULAR AGENDA
500) Quarterly Investment Return Report from AndCo Consulting
2022-09-30 Winter Springs General (Quarterly Report]
Board Member Blake requested the minutes to reflect the reason for the Special
being dueto Hurricane Nicole the Regular scheduled meeting was cancelled instead
of being reschedule which resulted in the Special meeting. Mr. Dave West, Senior
Consultant,AndCo Consulting, 4907 Vineland Road, Suite 600, Orlando, Florida gave
a review of Fiscal Year 2022 referencing the "History Carts for S&P; Fed Funds;
Aggregate Bond Index; and U.S. Treasury Curve" handouts for the Board which gave
a fiscal year overview and comparison to past month and years. Mr. West gave
additional data on the City's positive Bond portfolio; inflation rates and freight rates.
Mr. West moved into the "November Flash Report" for the review relaying to the
Board the key points within the report. Questions regarding Cash Flow and
contribution to the pension ensued. Staff addressed the City's contribution of pay
and Mr. West refocused on the Flash review referencing the "Investment
Performance Review Monthly Flash Report ending November." The
recommendation was given to stay neutral by maintaining the minimum portfolio
allocation with taking 1.7% from TIPS and moving it to the Galliard.
"I MAKE A MOTION TO MOVE 1.2 MILLION (10%) FROM TIPS TO GALLIARD FIXED
INCOME." MOTION BY BOARD MEMBER SMITH. SECONDED BY BOARD MEMBER
FAREED. DISCUSSION. VOTE: BLAKE (AYE); SANTORO (AYE); FAREED (AYE);
SMITH (AYE); WITHEE (AYE)
MOTION CARRIED.
Mr. West moved to the annual report review for the year. Highlighting the Bond
allocations, Galliard CORE, Vanguard Inflation-protection, and PIMCO and reviewed
the Comparative performance in the "Investment Performance Review" packet that
was additionally given to the Board. Lastly, City Manager Boyle gave an overview of
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CITY OF WINTER SPRINGS,FLORIDA
MINUTES
BOARD OF TRUSTEES
SPECIAL MEETING- DECEMBER 14,2022
PAGE 3OF3
the annual required funding for the City in answer tot he Board's questions regarding
timing for the evaluation project for Fiscal Year 2022 and the City being fully funded.
REPORTS
PUBLIC INPUT
Chairperson Withee opened Public Input.
City Manager Boyle thanked the Board for their input and knowledge they bring to
the City for the Pension and additionally wished the Board a Happy Holidays.
Chairperson Withee closed Public Input.
ADJOURNMENT
Chairperson Withee adjourned the Regular Meeting at 6:45 p.m.
RESPECTFULLY SUBMITTED:
TRISTIN MOTTER
ASSISTANT CITY CLERK
NOTE: These Minutes were approved at the 2023 Board of Trustees Regular Meeting.
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