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HomeMy WebLinkAbout2023 11 09 BOT Regular Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING NOVEMBER 09, 2023 CALL TO ORDER Chairperson Greg Smith called the Regular Meeting of Thursday, November 9, 2023, 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 Greg Smith, absent Vice-Chairperson Marco Santoro, present Board Member Michael Blake, absent Board Member Arif Fareed, present Board Member David Withee, present City Clerk Christian Gowan, present Also present: Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida Ms. Shelly Jones, Gabriel, Roeder, Smith & Company, 1 East Broward Boulevard, Suite 505, Fort Lauderdale, Florida Ms. Donna Bruno, Interim Director, Finance Department Mr. Brian Dunigan, Director, Operations Department Vice-Chairperson Santoro led the Pledge of Allegiance. AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Vice-Chairperson Santoro opened Public Input. No one addressed the Board. Vice-Chairperson Santoro closed Public Input. CONSENT AGENDA 300) Approval of the Thursday, August 10, 2023 Board of Trustees Regular Meeting Minutes "MOTION TO APPROVE." MOTION BY BOARD MEMBER WITHEE. SECONDED BY BOARD MEMBER BLAKE. DISCUSSION. VOTE: BLAKE (AYE); FAREED (AYE); WITHEE (AYE); SANTORO (AYE); SMITH (AYE) MOTION CARRIED 5-0. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – NOVEMEBR 09, 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 , PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA *The Agenda was discussed in the following order* 501) Quarterly Investment Return Report from AndCo Consulting Mr. West reviewed the “Asset Allocation Flash Report,” highlighted the investment environment over the last quarter, and expanded on numbers for various funds, cash flow, and asset allocation. *Board Member Blake left the meeting at 6:19 pm* Discussion followed on real estate investments, associated performance, valuation, and risks, investment strategies, and potential adjustments. MOTION TO ACCEPT THE REPORT AS PROVIDED BY DAVID WEST, WITH THE UNDERSTANDING THAT HE WILL PROVIDE ADDITIONAL RESEARCH AND RECOMMENDATIONS AT THE NEXT BOARD MEETING REGARDING PRIVATE INVESTMENT OPPORTUNITIES AND POTENTIALLY RESTRUCTURING THE INVESTMENT POLICY STATEMENT. MOTION BY BOARD MEMBER WITHEE. SECONDED BY VICE-CHAIR SANTORO. DISCUSSION VOTE: FAREED (AYE); WITHEE (AYE); SANTORO (AYE); SMITH (AYE) MOTION CARRIED 4-0 500) City of Winter Springs Defined Benefit Plan Experience Study for the Six Years Ended September 30, 2022 Ms. Jones reviewed the experience study and noted the review of demographic data to update assumptions. Discussion followed on retirement benefits, contributions, and the assumed rate of return. “MOTION TO ACCEPT THE ACTUARY'S RECOMMENDATIONS TO CHANGE SEVERAL ASSUMPTIONS IN THE NEXT ACTUARIAL VALUATION INCLUDING LOWERING THE INVESTMENT RETURN ASSUMPTION FROM 7% TO 6.75% AND SHORTENING THE AMORTIZATION PERIOD FROM 30 TO 25 YEARS.” MOTION BY BOARD MEMBER FAREED. SECONDED BY BOARD MEMBER WITHEE. DISCUSSION. VOTE: FAREED (AYE; WITHEE (AYE); SANTORO (AYE); SMITH (AYE) MOTION CARRIED 4-0. Ms. Jones noted a discussion about a cash flow analysis and working with Staff to present a five -year cash flow analysis at the next meeting. Brief discussion followed. REPORTS Chairperson Greg Smith announced that he was resigning and this would be his last meeting. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-NOVEMEBR 09,2023 PAGE 3OF3 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 7:24 p.m. RESPECTFULLY SUBMITTED: C I TIAN D. GOWAN, M PA CITY CLERK C<r! i Cf • 'A NOTE: These Minutes were approved at the March 21,2024 Board of Trustees Regular Meeting.