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HomeMy WebLinkAbout2002 07 30 Board of Trustees Regular Minutes CITY OF WINTER SPRINGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING JULY 30, 2002 I. CALL TO ORDER The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman Robert Nippes, on Tuesday, July 30, 2002 at 7:30 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, present Board Member Mark Queen, present Board Member Mark Sardo, absent " II. CONSENT CONSENT A. Approval Of The May 28, 2002 Regular Meeting Minutes. Chairman Nippes requested a Motion to approve the Minutes. MOTION BY BOARD MEMBER QUEEN. "I'LL MAKE A MOTION TO APPROVE THE MINUTES." SECONDED BY VICE CHAIRMAN ROZELLE. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. CONSENT B. Approval Of The JUDe 25, 2002 Special Meeting Minutes. Chairman Nippes requested a Motion to approve the Minutes. MOTION BY VICE CHAIRMAN ROZELLE. "I'LL MAKE A MOTION WE ACCEPT THEM AS SUBMITTED." SECONDED BY BOARD MEMBER GIANNONI. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. CITY OF WINTER SPRlNGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING - JULY 30,2002 PAGE 2 OF 3 III. REGULAR AGENDA REGULAR A. Review Of Trusco Capital Management Financial Statements With Representative Mr. Tim Nash. Mr. Tim Nash, CCM, Trustco Capital Management, Senior Managing Consultant, Public Financial Management, 300 South Orange Avenue, Suite 1600, Orlando, Florida: spoke of it "Being an ugly time in the market place" and elaborated on the past with the stock market, equity markets, and the real estate market. Discussion ensued regarding the recent scandals in "Corporate America"; what role the Government should play in the future; "Institutional buying coming back in to the market place"; and the outlook for Worldcom and Enron. Mr. Nash then reported the performance of the Pension portfolio; and recommended not making "Any changes to the asset allocation." Discussion. Ms. Louise Frangoul, Finance Department Director informed the Board that the Pension Attorney "Would have Pension documents to us this week" and inquired if a Special Meeting should be held to review those documents. Tape J1Side B Discussion followed regarding whether "The buy-back" provision is included in the document. It was the consensus ofthe Members to have the document mailed to them for their review. City Manager Ronald W. McLemore explained that the document would not go before the City Commission without the Board's approval. IV. FUTURE AGENDA ITEMS This Item was not discussed. V. REPORTS None. VI. ADJOURNMENT CITY OF WINTER SPRlNGS MINUTES BOARD OF TRUSTEES - PENSION PLAN REGULAR MEETING - JULY 30, 2002 PAGE 3 OF 3 MOTION BY BOARD MEMBER QUEEN. "I'LL MOVE THAT WE ADJOURN." SECONDED BY VICE CHAIRMAN ROZELLE. DISCUSSION. WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. Chairman Nippes adjourned the Meeting at 8:26 p.m. RESPECTFULLY SUBMITTED: ~~)~~ DEBBIE GILLESPIE DEPUTY CITY CLERK S:\dept - City Clerk\BOARDS\TRUSTEES\a1ll\MINUTES\073002,doc NOTE: These Minutes were approved at the October 30,2002 Board of Trustees-Pension Plan Meeting.