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HomeMy WebLinkAbout2006 08 31 Board of Trustees Special Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING AUGUST 31, 2006 CALL TO ORDER The Board of Trustees Special Meeting was called to Order by Chairman Robert Nippes on Thursday, August 31, 2006 at 6:30 p.m. in the City Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairman Robert Nippes, present Vice Chairman A. Mark Sardo, present Board Member Guy DeMaio, present Board Member Byron Giltz, present Board Member Vemon Rozelle, Jr., absent Chairman Robert Nippes led the Pledge of Allegiance. PUBLIC INPUT No one spoke. REGULAR AGENDA REGULAR 300. Office Of The. City Manager Discussion With Pension Plan's Third Party Pension Advisor, Bogdahn Consulting, Regarding The Investment PoUey Statement And Alternatives For Procurement Of Investment Manager Services. Mr. Ronald W. McLemore, City Manager, distributed to the Advisory Board Members City Commission Agenda Items "31l", "312" and "400", which will be discussed at a City Commission Special Meeting scheduled for September 7, 2006. Discussion. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING - AUGUST 31, 2006 PAGE 2 OF 4 Mr. Joseph Bogdahn, Principal, Bogdahn Consulting, LLC, 340 West Central Avenue, Suite 300, Winter Haven, Florida: presented the Investment Policy Statement and commented on the Investment Manager. Tape I/Sidc B Discussion ensued regarding Administration Fiduciary. Mr. Bogdahn gave a presentation on "Investment performance objectives". Tape 2/Sidc A Discussion. Ms. Sandra R. Turner, CPC, QPA, President Retirement Specialists, Inc., 815 Eyrie Drive, Suite 4, Oviedo, Florida: commented on the Request for Proposal. With discussion regarding the recommendations from the Advisory Board to the City Commission, Mr. Bogdahn stated, "The Motion could be that the Board [Board of Trustees] accepts the recommendation - that we interview for Investment Managers through the P and I (pensions & Investments) process. The Mandates for that - process include Multi-Cap Value, Multi-Cap Growth, International, Core Fixed, Tips Core Real Estate, Timber, and Fund-to-Fund Real Estate." Manager Mclemore asked, "Do you want percentages attached to that?" Mr. Bogdahn stated, "I think basically pursuant to the Investment Policy that we had previously..." Manager Mclemore stated, "... Show that in the Investment Policy..." Mr. Bogdahn stated, "...Yes." Manager Mclemore stated, "You are going to be requesting Commission approval of the Investment Policy itself. So, it is really three (3) things going on here." Mr. Bogdahn continued by stating, "It would be to approve the Policy as presented with the changing of the correct name. Changing the nine (9) to eight percent (8%). I guess we would revert to, rather than the Pension Board of Trustees, it would be the City Commission." Furthermore, Mr. Bogdahn stated, "If you would like, on page -9-, we could put a date on there too. That would be a good idea to do that." "ACCEPT THE RECOMMENDATION OF BOGDAHN CONSULTING REGARDING THE INTERVIEWING PROCESS AND THE P AND I (pENSIONS & INVESTMENTS)." MOTION BY VICE CHAIRMAN SARDO. SECONDED BY ADVISORY BOARD MEMBER GILTZ. DISCUSSION. WITH CONSENSUS OF THE ADVISORY BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING - AUGUST 31, 2006 PAGE30F4 "I MOVE WE ACCEPT AND RECOMMEND TO THE CITY COMMISSIONERS THE INVESTMENT POLICY STATEMENT PREPARED BY BOGDAHN CONSULTING, LLC - AS AMENDED." MOTION BY ADVISORY BOARD MEMBER GILTZ. SECONDED BY VICE CHAIRMAN SARDO. DISCUSSION. WITH CONSENSUS OF THE ADVISORY BOARD MEMBERS, THE MOTION WAS APPROVED. MOTION CARRIED. Mr. Bogdahn stated, "The third (3rd) one was to accept the recommendation by Bogdahn Consulting that the content - would include the Multi-Cap Value, the Multi-Cap Growth, the International, those strategies." Vice Chairman A. Mark Sardo asked, "Talking about the Mandates?" Mr. Bogdahn stated, "Yes, Sir." "I WOULD LIKE TO MAKE A MOTION TO PURSUE THE MANDATES OF THE MULTI-CAP VALUE, MULTI-CAP GROWTH, AND INTERNATIONAL, INCLUDING DEVELOPING AND EMERGING." MOTION BY VICE CHAIRMAN SARDO. VICE CHAIRMAN SARDO ADDED, "CORE REAL ESTATE, TIMBER, AND FUND-TO-FUND." SECONDED BY ADVISORY BOARD MEMBER GIL TZ. DISCUSSION. MR. BOGDAHN STATED, "THE ONLY THING THAT I AM GOING TO NEED TO FACILITATE TIDS IS GOING TO BE FROM THE CUSTODIAL SIDE, WIDCH, I GUESS - GO AHEAD AND ADVERTISE FOR THAT NOW TOO, BUT IT IS A COPY OF THE MOST CURRENT, EVEN IF IT IS A YEAR OLD - ACTUARIAL EVALUATION. BECAUSE THAT HAS A PAGE IN THERE THAT WE ARE GOING TO NEED TO PROVIDE BACK TO THE CUSTODIANS ON THE NUMBER OF PEOPLE YOU HAVE IN PAY STATUS." WITH CONSENSUS OF THE ADVISORY BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. In other City business, Manager Mclemore stated, "Your next quarterly Meeting is scheduled for October 31st (2006). At which time,. you will be receiving your Investment Reports. We're going to really push - Jim Linn, our Pension Attorney, to ftnish up those documents and try to get them to you. My question to you is, are you all available for another called Meeting?" Advisory Board Member Guy DeMaio asked, "When?" Manager Mclemore asked, "Mid September?" Manager Mclemore continued, "I will be back in touch with you, but our goal will be somewhere around mid-September or the third week of September." Manager Mclemore commented on Seminole County training. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES SPECIAL MEETING - AUGUST 31, 2006 PAGE40F4 Commissioner Joanne M. Krebs commented on the memo she received from Advisory Board Member Byron Giltz. Then, Commissioner Krebs stated, "I wanted to - thank all of you on the Board and commend you for taking a pro-active approach to information and fact finding research. I do appreciate it." Continuing, Commissioner Krebs thanked Mr. Bogdahn for his presentation and stated to the Advisory Board Members, "You requested a Workshop or information type Workshop on the 27th (September 2006), I thought I would let you - know that I will bring that up on the next Meeting, if we don't go past 11 :00 (p.m.)." Commissioner Krebs continued, "We didn't get to our Seats last time. And, I would like to be there also and I look forward to it. Hopefully, everybody else will too, and other Commissioners will, and anybody else that's interested. But, I wanted to let you know that I appreciate that and I will be more than happy to bring that." Board Member Giltz commented on his memo that he sent to the City Commissioners. ADJOURNMENT "MOTION TO ADJOURN." MOTION BY VICE CHAIRMAN SARDO. SECONDED BY ADVISORY BOARD MEMBER DeMAIO. DISCUSSION. WITH CONSENSUS OF THE ADVISORY BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. Chairman Nippes adjourned the Special Meeting at 8:55 p.m. RESPECTFULLY SUBMl1TED: ~~ DEBBIE FRANKLIN DEPUTY CITY CLERK NOTE: These Minutes were approved at the November 16 .2006 Board of Trustees Regular Meeting.