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HomeMy WebLinkAbout2025 02 13 Board of Trustees Regular Meeting MinutesCITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULARMEETING- FEBRUARY 13,2025 PAGE1OF3 CITY OF WINTER SPRINGS, FL.ORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING FEBRUARY 13, 2025 CALL TO ORDER Board Member Marco Santoro called the Regular Meeting of Thursday, February 13, 2025, 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 MemberArif Fareed , present Board Member Marco Santoro, present Board Member David Withee, present City Clerk Christian Gowan, present Also present: Mr. Dave West, Senior Institutional Advisor, 531 West Morse Ave Ste 200, Winter Park Ms. Holly Queen, Director, Finance Department Mr. Brian Dunigan, Director, Operations Department Board Member Santoro led the Pledge of Allegiance and no changes were made to the agenda. REGULAR AGENDA -PART I 500) Election for Chairperson of the Board of Trustees for Calendar Year 2025 "MOTION TO APPOINT THE CURRENT STANDING CHAIRMAN (MARCO SANTORO) AND VICE CHAIRMAN (ARIF FAREED) TO CONTINUE SERVING." MOTION BY BOARD MEMBER SLAKE. SECONDED BY BOARD MEMBER FAIR. VOTE: SLAKE (AYE); FAIR (AYE); FAREED (AYE); SANTORO (AYE); WITHEE (AYE) MOTION CARRIED: 5-0 501) Election for Vice Chairperson of the Board of Trustees for Calendar Year 2025 No separate discussion on this agenda item. INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Chair Santoro opened Public Input. No one addressed the Board. Chair Santoro closed Public Input. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - FEBRUARY 13, 2025 PAGE 2OF3 CONSENT AGENDA 300) Approval of the Thursday, August 22, 2024 Board of Trustees Regular Meeting Minutes "MOTION TO APPROVE." MOTION BY BOARD MEMBER SLAKE. SECONDED BY BOARD MEMBER FAIR. DISCUSSION. VOTE: SLAKE (AYE); FAIR (AYE); FAREED (AYE); SANTORO (AYE); WITHEE (AYE) MOTION CARRIED 5-0. PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA -PART II 502) Quarterly Investment Return Report from Mariner Mr. West summarized the investment report and noted the fiscal year ended with a 23.78%total fund return, net of fees, and a 1.23% excess over the passive benchmark, ranking in the top thirteenth percentile publicly. He further noted the five-year smooth return was accretive, enhancing the program's assets and by January, the plan increased by about 2.5%, with the portfolio defensively positioned for rate hikes. Finally, Mr. west noted that despite a -0.25% flat return for December's quarter, Crescent One fund's inception investment rate of return neared 7% and Fund Two added 2.5% for the quarter and 12% over the year. Mr. West recommended rebalancing the equity allocation by selling $1,700,000 from the Vanguard Total Stock Market Index Fund and reinvesting the proceeds in the Vanguard Short Term Bond Fund. Discussion followed on reducing the international exposure instead of domestic equities, concerns about the performance of the RBC Global fund, and potentially liquidating from that fund instead. "MOTION TO LIQUIDATE $1,700,000 FROM THE RBC GLOBAL FUND AND MOVE THAT MONEY INTO THE VANGUARD SHORT TERM BOND FUND. MOTION BY BOARD MEMBER SLAKE. SECONDED BY BOARD MEMBER FAIR. VOTE: SLAKE (AYE); FAIR (AYE); FAREED (AYE); SANTORO (AYE); WITHEE (AYE) MOTION CARRIED: 5-0 "MOTION TO HAVE DAVE WEST CONDUCT A MANAGER SEARCH AND BRING RECOMMENDATIONS TO THE NEXT BOARD MEETING. MOTION BY BOARD MEMBER WITHEE. SECONDED BY BOARD MEMBER BLAKE. VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE); SANTORO (AYE); WITHEE (AYE) MOTION CARRIED: 5-0 Discussion followed on planned contributions from the city and Ms. Queen noted regular payroll contributions had been made with atrue-up scheduled for March to adjust for any differences based on annual budget allocations. Further discussion determined that contributions would account for half of the year's budget, ensuring consistent cash flow management. "MOTION TO AMEND THE PREVIOUS MOTION TO LIQUIDATE $19700,000 FROM THE RBC GLOBAL FUND AND CONTRIBUTE $2,700,000 TO THE VANGUARD SHORT TERM BOND FUND, UTILIZING AN ADDITIONAL $1,000,000 FROM THE CURRENT CASH INVESTMENT MONEY MARKET. MOTION BY BOARD MEMBER BLAKE. SECONDED BY BOARD MEMBER FAIR. VOTE: SLAKE (AYE); FAIR (AYE); FAREED (AYE); SANTORO (AYE); WITHEE (AYE) MOTION CARRIED: 5-0 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - FEBRUARY 13, 202S PAGE 3OF3 REPORTS Ms. Queen provided an update on the discrepancy regarding the date when employees become members of the city's retirement plan which was previously discussed at the August meeting. She explained that further research was being conducted with the actuary and pension attorney to resolve the issue before bringing it back to the board and subsequently to the commission. PUBLIC INPUT Chair Santoro opened Public Input, Mr. Kevin McCann, Mayor thanked the board members for their service to the city and assistance in highlighted the improvements in the pension grade and financial ratings of the city. Chair Santoro closed Public Input. ADJOURNMENT Chairperson Santoro adjourned the Regular Meeting at 6:23 p.m. RESPECTFULLYSUBMITTED: C�IRISTIAN D. GOWAN, MPA, CMC CITY CLERK � inter SA,�. a 19 5,� 4o o � ��°0io Cour�y NOTE.• These Minutes were approved at the May 8, 2025 Board of Trustees Regular Meeting.