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HomeMy WebLinkAbout2024 05 09 Board of Trustees Regular Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING MAY 9, 2024 CALL TO ORDER Vice-Chairperson Arif Fareed called the Regular Meeting of Thursday, May 9, 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: Chairperson Marco Santoro, absent Vice-Chairperson Arif Fareed, present Board Member Michael Blake, present Board Member Brandon Fair, present Board Member David Withee, present Assistant City Clerk Tristin Tarrant, present Also present: Mr. Dave West, Senior Consultant, Mariner, 531 West Morse Blvd., Suite 200, Winter Park, Florida Ms. Holly Queen, Director, Finance Department Mr. Brian Dunigan, Director, Operations Department Vice-Chairperson Fareed led the Pledge of Allegiance. AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Vice-Chairperson Fareed opened Public Input. No one addressed the Board. Vice-Chairperson Fareed closed Public Input. CONSENT AGENDA 300) Approval of the Thursday, March 21, 2024 Board of Trustees Regular Meeting Minutes "MOTION TO APPROVE." MOTION BY BOARD MEMBER FAIR. SECONDED BY BOARD MEMBER BLAKE. DISCUSSION. VOTE: FAREED (AYE); BLAKE (AYE); WITHEE (AYE); FAIR (AYE) MOTION CARRIED 4-0. PUBLIC HEARINGS AGENDA 400. Not Used CITY OF WINTER SPRINGS,FLORIDA MINUTES BOARD OF TRUSTEES R EG U LAP M E ETI NG—MAY 09,2024 PAGE 2OF2 REGULAR AGENDA 500) Quarterly Investment Return Report from Mariner Mr. West briefly reviewed the "Asset Allocation Flash Report," highlighting equity market, rate expectations, and interest rates. Quickly moved into the Is'Quarter 2024 Market Environment report reviewing the Yield Curve, the Adjusted Bond market and the asset allocation. Mr. West continued by giving an overview of the"Comparative Performance Trailing Returns" and investment. The discussion moved onto the Direct Real Estate managers and the underperformance that can be seen with the funds. The Board expressed disappointment and asked Mr. West for options to help the funds. Further inquiries regarding liquidating the real estate managers and the procedure in which to do so ensued. "I MAKE A MOTION THAT WE DIRECT MR. WEST TO ENTER US INTO THE QUEUE FOR FULL LIQUIDATION OF THE AMERICAN CORE REALTY FUND AND THE INTERCONTINENTAL WITH THE DIRECTION THAT WE WOULD BE GIVEN NOTICE DURING THE LIQUIDATION WINDOW AND HAVE THE OPPORTUNITY, UPON THE GATE OPENING, TO CANCEL OUR REDEMPTION REQUEST." MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER WITHEE. DISCUSSION. VOTE: FAREED (AYE); BLAKE (AYE); WITHEE (AYE); FAIR (AYE) MOTION CARRIED 4-0. Mr. West continued by answering a few additional questions the board had about real estate funds and the moved into reviewing the remainer of the Quarterly Market Report. Discussion ensued on percentage returns and end-of-the year cuts. REPORTS Board Member Blake asked questions to staff about the surrounding cities pension information item from the last Commission meeting. Board Member Blake requested the Board be included in the continued discussion. PUBLIC INPUT Vice-Chairperson Fareed opened Public Input. No one addressed the Board. Vice-Chairperson Fareed closed Public Input. ADJOURNMENT Vice-Chairperson Fareed adjourned the Regular Meeting at 6:21 p.m. RESPECTFULLY SUBMITTED: TRISTIN TARRANT �'' F ASSISTANT CITY CLERK e C4UN�`l NOTE: These Minutes were approved at the August 22,2024 Board of Trustees Regular Meeting.