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HomeMy WebLinkAbout2023 05 11 BOT Regular Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING MAY 11, 2023 CALL TO ORDER Chairperson Greg Smith called the Regular Meeting of Thursday, May 11, 2023, of the Board of Trustees to order at 5:32 pm in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson Greg Smith, present Vice-Chairperson Marco Santoro, present Board Member David Withee, present Board Member Michael Blake, present Board Member Arif Fareed, present (arrived at 5:38PM) Assistant City Clerk Tristin Motter, present Also present: Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida Ms. Shelly Jones, Actuary, Gabriel, Roeder, Smith, and Company (GRS) Ms. Donna Bruno. Interim Director, Finance Department Ms. Casey Howard, Deputy City Manager 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 Smith opened Public Input. No one addressed the Board. Chairperson Smith closed Public Input. CONSENT AGENDA 300) Approval of the Thursday, February 9, 2023 Board of Trustees Regular Meeting Minutes Chairperson Smith asked for updates on the two recommendations from the last meeting. Staff answered in kind. "MOTION TO APPROVE." MOTION BY BOARD MEMBER WITHEE. SECONDED BY BOARD MEMBER BLAKE. DISCUSSION. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – MAY 11, 2023 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 , VOTE: SMITH (AYE); SANTORO (AYE); WITHEE (AYE); BLAKE (AYE) MOTION CARRIED 4-0. PUBLIC HEARINGS AGENDA 400. Not Used **Note for the record Board Member Fareed arrived at 5:38PM REGULAR AGENDA 500) GRS Actuarial Valuation Report of the Defined Benefit Plan Ms. Shelley Jones, Actuary, G.R.S. opened and began by reviewing the Actuarial Valuation report highlighting the contributions, changes, and “Comparison of Cost Data” report. Discussion ensued on the inflation assumption rate, personal retirement rates, and the cash flow of the Plan assets. Ms. Jones further highlighted additional portions of the report like the Smoothing Value of Assets and the “Recent Compensation, Termination and Investment Return Experience”. Ms. Jones relayed that 140 data items will be uploaded to the State and the State would review the evaluation and provide a letter of approval for the report. Further discussion ensued regarding the evaluation engagement letter and a study of the assumption evaluations. "I MAKE A MOTION THAT THE BOARD OF TRUSTEES RECOMMENDS TO THE COMMISSION THAT THEY COMMENCE AN INTERAL STUDY OF THE PENISON ASSUMPTIONS BEING UTILIZED WITHIN THE TRI-COUNTY AREA." MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER WHITEE. DISCUSSION. VOTE: SMITH (AYE); SANTORO (AYE); WITHEE (AYE); BLAKE (AYE); FAREED (AYE) MOTION CARRIED 5-0. 501) Quarterly Investment Return Report from AndCO Consulting Mr. West opened the item and relayed the situation regarding banking constitutional issues and market results between the February meeting to the May meeting. Mr. West moved to review the “Asset Allocation Flash Report” in relation to the recommendation for getting back to target by liquidating one million dollars ($1,000,000.00) of Vanguard Total Stock Market Index Fund into the RND Money Market Fund. "I MAKE A MOTION TO LIQUIDATE ONE MILLION DOLLARS ($1,000,000.00) FROM VANGUARD TOTAL STOCK FUND TO MOVE THAT TO THE RND TREASURY MONEY MARKET FUND." MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER FAREED. DISCUSSION. VOTE: SMITH (AYE); SANTORO (AYE); WITHEE (AYE); BLAKE (AYE); FAREED (AYE) MOTION CARRIED 5-0. Discussion continued regarding the current market, protection of holdings, and the City contributions. Mr. West gave a review of the “Investment Performance Review” for the Board highlighting the investment environment over the last quarter and expanded on numbers for various funds, cash flow, and asset allocation. Mr. West specifically noted recent employm ent numbers, federal actions, and related market reactions. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-MAY 11,2023 PAGE 3OF3 "MOTION TO APPROVE THE INVESTMENT REPORT WITH CHANGES NOTED." MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER WITHEE. DISCUSSION. VOTE: SMITH (AYE); SANTORO (AYE); WITHEE (AYE); BLAKE (AYE); FAREED (AYE) MOTION CARRIED 5-0. REPORTS No reports PUBLIC INPUT Chairperson Smith opened Public Input. No one addressed the Board. Chairperson Smith closed Public Input. ADJOURNMENT Chairperson Smith adjourned the Regular Meeting at 6:58 p.m. RESPECTFULLY SUBMITTED: TRISTIN MOTTER ASSISTANT CITY CLERK 0. INS• .°� �►„ r.nve g NOTE: These Minutes were approved at the August 10,2023 Board of Trustees Regular Meeting.