HomeMy WebLinkAbout2001 10 30 Board of Trustees Regular Minutes
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING
OCTOBER 30,2001
I. CALL TO ORDER
The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman
Robert Nippes, on Tuesday, October 30,2001 at 7:48 p.m. in the West Conference Room
of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida
32708).
Roll Call:
Chairman Robert Nippes, present
Vice Chairman Vernon Rozelle, present
Board Member Vincent Giannoni, absent
Board Member Mark Queen, present
Board Member Mark Sardo, absent
II. CONSENT
CONSENT
A. Approval Of The July 31,2001 Regular Meeting Minutes.
CONSENT
B. Approval Of The August 30, 2001 Special Meeting Minutes.
CONSENT
C. Approval Of The September 12,2001 Special Meeting Minutes.
MOTION BY BOARD MEMBER QUEEN. "I MOVE THAT WE APPROVE THE
CONSENT AGENDA." SECONDED BY VICE CHAIRMAN ROZELLE. WITH
CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED.
MOTION CARRIED.
III. REGULAR AGENDA
REGULAR
A. Election Of Officers.
With consensus of the Board it was agreed that this Agenda Item would be discussed at
the next Regular Meeting.
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING - OCTOBER 30, 2001
PAGE20F2
B. Review Of Trustco Capital Management Financial Statements With
Representative Mr. Tim Nash.
Mr. Timothy Nash, Trusco Capital Management Representative spoke of the market's fall
following the September 11, 2001 tragedy with Airline and Insurance Companies being
the losers; defense stocks rebounded; and areas less effected were staples and health care.
Mr. Nash further stated that the S&P was down "Just about fifteen percent (15%) for the
quarter and for the year almost down twenty-six percent (26%)". Mr. Nash spoke of the
Federal interest rates being lowered seven times; anticipated the market rebounding by
the second quarter of next year; and reviewed the performance comparisons in the City's
Pension Plan. Mr. Nash explained the differences in the Russell Indexes; and spoke of
the High Grade Growth Fund and Highgrade Equity Income Fund.
IV. FUTURE AGENDA ITEMS
. Election of Officers
. Plan Documents
V. REPORTS
The Board discussed the lack of attendance of Members at the Board's Meetings.
IV. ADJOURNMENT
MOTION BY VICE CHAIRMAN ROZELLE. "I'LL MOVE THAT WE
ADJOURN." SECONDED BY BOARD MEMBER QUEEN. DISCUSSION.
WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED.
MOTION CARRIED.
Chairman Nippes adjourned the Meeting at 8:06 p.m.
RESPECTFULLY SUBMITTED:
~~
DEBBIE GILLESPIE
DEPUTY CITY CLERK
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NOTE: These Minutes were approved at the January 29, 2002 Board of Trustees-Pension Plan Meeting.