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HomeMy WebLinkAbout2024 03 21 Board of Trustees Regular Meeting MinutesCITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING MARCH 21, 2024 Rescheduled From Thursday, February 8, 2024 CALL TO ORDER City Clerk Christian Gowan called the Regular Meeting of Thursday, March 21, 2024, 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: Board Member Michael Blake, present Board Member Brandon Fair, present Board Member Arif Fareed, present Board Member Marco Santoro, absent Board Member David Withee, absent City Clerk Christian Gowan, present Also present: Mr. Dave West, Senior Consultant, AndCo Consulting, 4901 Vineland Road, Suite 600, Orlando, Florida Ms. Holly Queen, Director, Finance Department Mr. Brian Dunigan, Director, Operations Department Mr. Gowan led the Pledge of Allegiance and then noted one addition to the agenda regarding legal services related to the pension. MOTION TO ADD THE LEGAL SERVICES LETTER OF ENGAGEMENT TO THE AGENDA FOR CONSIDERATION. MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER FAIR. MOTION PASSEDWITH UNANIMOUS CONSENT. REGULAR AGENDA - PART I 500) Election for Chairperson of the Board of Trustees for Calendar Year 2023 City Clerk Christian Gowan opened nominations for Chairperson. Brief discussion on interest among members to serve as Chair. BOARD MEMBER FAREED NOMINATED BOARD MEMBER MARCO SANTORO TO SERVE AS CHAIR. SECONDED BY BOARD MEMBER BLAKE. No other nominations were made. VOTE: BLAKE (AYE); FAIR(AYE); FAREED (AYE) MOTION CARRIED 3-0. Board Member Marco Santoro was elected the Chairperson. 501) Election for Vice-Chairperson of the Board of Trustees for Calendar Year 2023 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – MARCH 21, 2024 PAGE 2 OF 4 BOARD MEMBER FAIR NOMINATED BOARD MEMBER ARIF FAREED TO SERVE AS VICE CHAIR. SECONDED BY BOARD MEMBER BLAKE. No other nominations were made. VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE) MOTION CARRIED 3-0. Board Member Arif Fareed was elected the Vice-Chairperson. AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Vice Chair Fareed opened Public Input. No one addressed the Board. Vice Chair Fareed closed Public Input. CONSENT AGENDA 300) Approval of the Thursday, November 9, 2023 Board of Trustees Regular Meeting Minutes "MOTION TO APPROVE." MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER FAIR. DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE); MOTION CARRIED 3-0. PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA – PART II 502) Quarterly Investment Return Report from AndCo Consulting Mr. West first noted that AndCo had recently been acquired by Mariner and noted the City and Board could expect no disruption or change to the services provided. Mr. West further noted that he was seeking a recommendation of approval for assignment of the contract. Discussion followed on the current contract, rate for services, and the process of getting the assignment approved by the City Commission. “I'D MAKE A MOTION THAT WE ADVISE THE COMMISSION OF WHAT I SAID EARLIER THAT WE ARE PLEASED WITH THE SERVICES THAT THAT WE'VE BEEN RECEIVING, THROUGH THE TRANSACTION, THAT WE WOULD ENCOURAGE EXECUTION OF THE ASSIGNMENT AGREEMENT, ALONG WITH A THREE-YEAR CONTRACT EXTENSION AT THE SAME PRICE.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER FAIR. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – MARCH 21, 2024 PAGE 3 OF 4 VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE); MOTION CARRIED 3-0. Mr. West then highlighted the investment environment over the last quarter, and expanded on numbers for various funds, cash flow, and asset allocation. Mr. West recommended rebalancing by selling 3.6 million of the Vanguard Total Stock Market Index Fund and allocating 1.5 million of those dollars to the R&D and the remaining 2.1 million to the Galliard Intermediate Bond Fund. Ms. Queen provided updates on the city's contributions and cash flow and discussion followed on a request for regular contribution schedules for planning purposes. MOTION TO ACCEPT THE RECOMMENDATION OF MR. WEST SELLING 3.6 MILLION OF THE VANGUARD TOTAL STOCK MARKET INDEX FUND AND ALLOCATING 1.5 MILLION OF THOSE DOLLARS TO THE R&D AND THE REMAINING 2.1 MILLION TO THE GALLIARD INTERMEDIATE BOND FUND. MOTION BY VICE CHAIR FAREED. SECONDED BY BOARD MEMBER FAIR. DISCUSSION. “I MOVE TO AMEND THE MOTION TO TAKE $3 MILLION FROM THE VANGUARD AND $600,000 FROM THE RBC, AND ALLOCATE IT, AS WAS REQUESTED THAT 2.1 MILLION DOLLARS TO THE BONDS AND 1.5 MILLION TO THE MONEY MARKET.” MOTION BY BOARD MEMBER BLAKE. SECONDED BY VICE CHAIR FAREED. VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE) MOTION CARRIED 3-0. 503) ADD-ON: Letter of Engagement for Legal Services Mr. Dunigan noted a letter received from the City’s pension attorney seeking to renegotiate their fees to $405 an hour. Discussion followed on previous rates and when the attorney is engaged. MOTION TO RECOMMEND APPROVAL OF THE NEW RATE ($405 PER HOUR). MOTION BY VICE CHAIR FAREED. SECONDED BY BOARD MEMBER FAIR. VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE) MOTION CARRIED 3-0. Mr. Dunigan then informed the Board of a retiree who had passed away but continued to receive benefits in the amount of $32,000. Mr. Dunigan sought guidance from the Board on how to handle the situation. The board agreed not to engage the pension attorney regarding the overpayment recovery issue, and instead recommended reviewing the service agreement with Fifth Third. REPORTS No reports were made. PUBLIC INPUT Vice Chair Fareed opened Public Input. No one addressed the Board. Vice Chair Fareed closed Public Input. CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING-MARCH 21,2024 PAGE 4OF4 ADJOURNMENT Chairperson Smith adjourned the Regular Meeting at 7:03 p.m. RESPECTFULLYSUBMITTED: CHRISTIAN D.GOWANM MPA CITY CLERK Fl.OR10' NOTE: These Minutes were approved at the May 9,2024 Board of Trustees Regular Meeting.