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HomeMy WebLinkAbout2024 08 22 BOT Regular Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING AUGUST 22, 2024 RESCHEDULED FROM AUGUST 8, 2024 CALL TO ORDER Chairperson Marco Santoro called the Regular Meeting of Thursday, August 22, 2024, of the Board of Trustees to order at 5:39 pm in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson Marco Santoro, present Vice-Chairperson Arif Fareed, present Board Member Michael Blake, absent Board Member Brandon Fair, absent 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. Shelly Jones, A.S.A., Consultant and Actuary, Gabriel, Rober, Smith and Company (GRS) Consulting, 1 East Broward Blvd., Suite 505, Ft. Lauderdale, Florida Ms. Holly Queen, Director, Finance Department Mr. Brian Dunigan, Director, Operations Department Chairperson Santoro led the Pledge of Allegiance. AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Chairperson Santoro opened Public Input. No one addressed the Board. Chairperson Santoro closed Public Input. CONSENT AGENDA 300) Approval of the Thursday, May 9, 2024 Board of Trustees Regular Meeting Minutes "I WILL MAKE A MOTION TO APPROVE THE MINUTES AS PRESENTED." MOTION BY BOARD MEMBER FAREED. SECONDED BY BOARD MEMBER WHITEE. DISCUSSION. VOTE: SANTORO (AYE); FAREED (AYE); WITHEE (AYE) MOTION CARRIED 3-0. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING – AUGUST 22, 2024 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 500) Quarterly Investment Return Report from Mariner Mr. West briefly reviewed the “Asset Allocation Flash Report,” highlight ing equity market, rate expectations, and interest rates. Quickly moved into the 1st 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. "MOTION TO ACCEPT 5% 4 MILLION OF VANGARD TOTAL STOCK ALLOCATED TO 50% EQUITY ALLICAITON (4 MILLION). TAKE 4 TO INVEST IN THE CASH." MOTION BY VICE-CHAIRPERSON FAREED. SECONDED BY BOARD MEMBER WITHEE. DISCUSSION. VOTE: SANTORO (AYE); FAREED (AYE); WITHEE (AYE) MOTION CARRIED 3-0. 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. 501) GRS Actuarial Valuation Report of the Defined Benefit Plan - October 1, 2023 Ms. Shelly Jones gave a review of the actuarial valuation report and highlighted the Smoothed Value of Assets, the contributions and the Market value. Further discussion ensued on the informational "Low-Default-Risk obligation measure", that has been recently updated by the Actuarial Standards Board, to show liability, the wage on current employees and the funded ratio. "MAKE A MOTION TO APPROVE THE OCTOBER 1, 2023 GRS ACTUARIAL REPORT FROM GRS AND SHELLY JONES." MOTION BY CHAIRPERSON SANTORO. SECONDED BY BOARD MEMBER WITHEE. DISCUSSION. VOTE: SANTORO (AYE); FAREED (AYE); WITHEE (AYE) MOTION CARRIED 3-0. 502) Section 2.01 of City of Winter Springs Retirement Plan Mr. Brian Dungan opened the item and worked with Ms. Queen relaying the City's Actuary found a discrepancy regarding the date in which employee became a member of the city’s retirement plan. Staff explained the understanding of what happened and how the discrepancy occurred. Staff's recommendation is the Board recommend, to the Commission, approval of a resolution to restate the plan with changes to section 2.01. “First of the month following the first 30 days”. Further discussion and explanation ensued between the Board and staff.