The URL can be used to link to this page

Home My WebLink About2006 11 16 Board of Trustees Regular Minutes - RESCHEDULED CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING NOVEMBER 16,2006 (RESCHEDULED FROM OCTOBER 31, 2006) CALL TO ORDER The Board of Trustees Regular Meeting was called to Order by Vice Chairman Sardo on Thursday, November 16,2006 (Rescheduled from October 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, absent Vice Chairman A. Mark Sardo, present Board Member Guy DeMaio, arrived at 6:51 p.m. Board Member Byron Giltz, present Board Member Vernon Rozelle, Jr., present After a moment of silence, Vice Chairman Sardo led the Pledge of Allegiance. PUBLIC INPUT Ms. Valarie Mendelson, Investigator, City of Winter Springs Police Department: commented on Retirement benefits. Mr. Steve Molnar, President, Local 3296 Winter Springs Professional Fire Fighters, 102 North Moss Road, Winter Springs, Florida: mentioned benefits related to Retirement. Mr. Kevin Smith, Director, General Services Department, noted that Mr. Joseph Bogdahn, (Principal, Bogdahn Consulting, LLC) will be speaking after Trusco Capital Management. AWARDS AND PRESENTATIONS AWARDS AND PRESENTATIONS 100. Not Used. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - NOVEMBER 16, 2006 (RESCHEDULED FROM OCTOBER 31, 2006) PAGE20F6 PUBLIC HEARINGS AGENDA PUBLIC HEARINGS 200. Not Used. REGULAR AGENDA REGULAR 300. Finance Department Review Of Trusco Capital Management Financial Statements. Ms. Molly A. Halcom, Investment Officer, Trusco Capital Management, 300 South Orange Avenue, Suite 1600, Orlando, Florida: gave a brief economic overview prior to reviewing the performance of the Plan. Advisory Board Member Guy DeMaio arrived at 6: 51 p. m. Mr. Joseph Bogdahn, Principal, Bogdahn Consulting, LLC, 340 West Central Avenue, Suite 300, Winter Haven, Florida: commented on the benchmark indexes that the fund is being compared. Continuing, Mr. Bogdahn stated, "One of the things that we are looking to avoid - as we talk and - look at the bottom - returns. You can see in 2001, we were in the sixth percentile of our piers." Mr. Bogdahn added, "The index was down almost twelve (12) [percent]. We were not even down two (2) [percent]. So, we had some great downside protection. In 2002, we were down a little bit more than the index." Then, Mr. Bogdahn continued, "A little bit of volatility there and that is one of the things we are going to work on - on trying to dampen - that up and down, up and down. If we can have long-term performance. Let us just take our five (5) year number and look at the top. If we achieve that 7.21 -7.12, but do that consistently each year, as opposed to the up and down, we would actually have more money in the fund. So, reducing volatility is a good thing for us. And, that is what we are going to be working on." Mr. Bogdahn stated that "'International' has definitely helped our overall portfolio." Mr. Bogdahn stated, "To give you an update. We have, as discussed at our previous Meeting, and pursuant to the direction that we received through the Board and primarily - through the City Commission as well, we did issue out - publish the RFP (Request for Proposal) that was published in Fin Daily (Financial Daily) and in P and I (Pensions & Investments). Both - online and in their magazine." CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - NOVEMBER 16, 2006 (RESCHEDULED FROM OCTOBER 31, 2006) PAGE 3 OF6 Mr. Bogdahn continued, "The due date for those is November the 20th (2006) right before the Holiday." Then, Mr. Bogdahn stated, "If there are any local folks that you would like to make sure get included in this, please either direct them to give us a call or to go to P and I (Pensions & Investments) or Fin Daily (Financial Daily) so that they can see that and then they can request a copy of the RFP (Request for Proposal) and we can get that sent in. Once we bring all that together, we will come in and give you a grid of what those responses look like, narrow that down to a manageable level in the different areas, present that to the Board. We will give you all of the supporting data as well, but present that to you. Then narrow it down to have different Boards come in and interview with us, then make a determination at that point." Regarding future Meetings, Mr. Bogdahn stated, "At the next Meeting, primarily, it is going to be to review the responses that we had from that. Then of course, once we - get an idea of where we are going on the interview side, then we will finalize the Investment Policy Statement as well." Mr. Bogdahn added, "The shorter list is what we would actually go through and review with the Board..." Advisory Board Member Byron Giltz noted, ".. .At the next Meeting." Mr. Bogdahn stated, "At that Meeting, from that shorter list and those categories, then we would select two (2) maybe three (3) candidates that we would want to interview from each one. And then have that for the next Meeting." Board Member Giltz stated, "So, there would be two (2) Meetings. Then when does the Investment Policy come in? The third (3rd) Meeting?" Mr. Bogdahn answered, "Once we figure out where we are going and who we are interviewing to get an idea of what direction - what the portfolio will look like, regardless of who the actual Manager is - then at that Meeting, when we are coming in to do the Interviews." Discussion ensued regarding the scheduling of the Interviews. Vice Chairman Sardo stated, "January 4th, (2007)..." Mr. Bogdahn stated, "...Then we can set the Interviews up for the 30th [January 2007]." Vice Chairman Sardo stated, "At least three (3) Members - can be here at 5:00 o'clock- January 4,2007." Tape l/Side B Regarding the Interview scheduling, Vice Chairman Sardo stated, "As opposed to being [Tuesday, January 30, 2007] - looks like they are talking about Wednesday, the 31st (January)." Vice Chairman Sardo added, "5:30 [p.m.]" CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - NOVEMBER 16, 2006 (RESCHEDULED FROM OCTOBER 31, 2006) PAGE40F6 Discussion ensued regarding the Quarterly Meeting being held in February. Addressing both Speakers, Board Member Giltz stated, "1 would really like you to put the correct name on the Plan on your literature. It is called a "Defined Benefit Plan and Trust for Employees of the City of Winter Springs'." Mr. Bogdahn stated, "1 will get that done. " CONSENT AGENDA CONSENT 400. Office Of The City Clerk Approval Of The July 25, 2006 Regular Meeting Minutes. "I MOVE [THAT] WE APPROVE THE JULY 25, 2006 REGULAR MEETING MINUTES." MOTION BY ADVISORY BOARD MEMBER GIL TZ. SECONDED BY ADVISORY BOARD MEMBER DeMAIO. DISCUSSION. WITH CONSENSUS OF THE ADVISORY BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. CONSENT 401. Office Of The City Clerk Approval Of The August 16, 2006 Special Meeting Minutes. Vice Chairman Sardo stated, "August 16, 2006 - Minutes. Do 1 have a Motion to Approve?" "SO MADE." MOTION BY ADVISORY BOARD MEMBER ROZELLE. SECONDED BY ADVISORY BOARD MEMBER GIL TZ. DISCUSSION. WITH CONSENSUS OF THE ADVISORY BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - NOVEMBER 16, 2006 (RESCHEDULED FROM OCTOBER 31, 2006) PAGE 5 OF 6 CONSENT 402. Office Of The City Clerk Approval Of The August 31, 2006 Special Meeting Minutes. Vice Chairman Sardo stated, "Moving on to the 31 st of August 2006 Special Meeting Minutes. Do I have a Motion on the Table?" "I MOVE." MOTION BY ADVISORY BOARD MEMBER GIL TZ. SECONDED BY ADVISORY BOARD MEMBER DeMAIO. DISCUSSION. WITH CONSENSUS OF THE ADVISORY BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. INFORMATIONAL AGENDA INFORMATIONAL 500. Not Used. 600. REPORTS No Reports were given. FUTURE AGENDA ITEMS None were noted. ADJOURNMENT "I MOVE WE ADJOURN." MOTION BY ADVISORY BOARD MEMBER GIL TZ. SECONDED BY ADVISORY BOARD MEMBER ROZELLE. DISCUSSION. WITH CONSENSUS OF THE ADVISORY BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. Vice Chairman Sardo adjourned the Meeting at 7:22 p.m. RESPECTFULLY SUBMITTED: ~./~ DEBBIE FRANKLIN DEPUTY CITY CLERK NOTE: These Minutes were approved at the January 31 CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - NOVEMBER 16, 2006 (RESCHEDULED FROM OCTOBER 31, 2006) PAGE 6 OF 6 .2007 Board of Trustees Regular Meeting.