HomeMy WebLinkAbout1999 01 26 Board of Trustees Regular Minutes
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
JANUARY 26, 1999 - REGULAR MEETING
I. CALL TO ORDER
The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman
Jim Ryan, Tuesday, January 26, 1999 at 7:30 p.m. in the Conference Room of the
Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida
32708).
Roll Call
Jim Ryan, Chairman, present
Robert Nippes, Vice Chairman, present
Bill Dickey, absent
Vernon Rozelle, present
Ron Warble, present
Also Present
Philip Senderowitz, SunTrust Representative
Approval ofthe October 27,1998 Minutes
With a Motion and a Second, it was the consensus of the Board to approve the
minutes of October 27,1998. Motion passed.
II. REGULAR AGENDA
A. Review of SunTrust's Financial Statements with Mr. Philip
Senderowitz, (Client Service Officer with STI Capital Management)
Mr. Philip Senderowitz, Account Representative with SunTrust advised the Board
Members about the favorable returns for the past quarter - the fourth quarter numbers
were better than the overall calendar year performance. Mr. Senderowitz then elaborated
about the mix, saying that what had been "Prevalent throughout the past year, the larger,
more growth oriented stocks did the best - once again. And really if you're looking, the
top fifteen stocks in the S&P 500 accounted for almost all the gains - if you don't own
those stocks, you're not going to be able to get the gains that you're seeing".
Mr. Senderowitz mentioned that the "Small Caps" fared better this quarter than they did
for the whole year, but still are somewhat behind; that the "Mid Caps" are currently
performing better than in the past; and that the "International Fund" numbers were very
helpful to the overall portfolio.
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
JANUARY 26. 1999 - REGULAR MEETING
PAGE20F2
There was brief discussion about the Euro-dollar; the performance and proportions of
international funds; the EAFE index; and controlling interest situations.
Mr. Senderowitz then addressed issues regarding market fluctuations, along with S&P
average gains and earnings. He added that "Overall, we think that for the market as a
whole, it should be a ten percent year". "We've had four straight years of twenty percent
gains - we think that's probably not going to happen again". He spoke of his prediction
for this year, which was that the "First Quarter and Third Quarter are going to be the good
quarters. Fourth quarter - I think you are going to start to see some people pulling out of
the market; it's going to be tough going through the market with the year 2000. Not
necessarily because there's going to be problems related to the year 2000, but I think
there's enough people that are going to be conservative in their investments to want to
pull into other kinds of investments". Discussion.
There was discussion about the current status of our portfolio, and if any modifications
should be considered. Mr. Senderowitz replied that "The way you have it split up now is
really appropriate". Next, there was brief discussion about a couple of recent Fund
Manager changes at SunTrust. Mr. Senderowitz explained that such changes should not
affect any of the funds.
The date of the next meeting, Tuesday, April 27t\ 1999 was mentioned, followed by a
brief discussion about "earning estimates".
III. OTHER DISCUSSION ITEMS
The Board did not discuss any other topics tonight.
IV. ADJOURNMENT
With a Motion and a Second, Chairman Ryan adjourned the meeting at 7:55 p.m.
Minutes respectfully submitted by: Andrea Lorenzo-Luaces, Deputy City Clerk
City of Winter Springs, Florida
DOCSlboards/trustees/allllminutes/O 12699 .doc