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HomeMy WebLinkAbout2007 04 24 Board of Trustees Regular Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING APRIL 24, 2007 CALL TO ORDER The Board of Trustees Regular Meeting was called to Order by Chairman A. Mark Sardo on Tuesday, April 29, 2007 at 7:31 p.m. in the City Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Ron Can: Chairman A. Mark Sardo, present Vice Chairman Michael S. Blake, present Board Member Guy DeMaio, present Board Member Vernon Rozelle, Jr., absent Chairman Sardo led the Pledge of Allegiance, followed by a moment of silence. Mr. Kevin Smith distributed copies of the 'Trustco Capital Management' booklet. Mr. Smith addressed the Board saying, "As the Board's well aware, we've had several Special Meetings over the last possible year, at various times, various dates. We're back to our regularly scheduled Meeting tonight. Meeting obviously started at 7:30 [P.M.]. Just wanted to give the Board an opportunity to see ifthere's any discussion on that time. Are you all comfortable with 7:30 [P.M.]?" Discussion on time of Meetings. Chairman Sardo commented, "So, let's keep it at 7:30 [P.M.] till our next Meeting and we will make a call next time." Mr. Smith said, "Last night, the City Commission appointed your vacancy on the Board. Former Commissioner David McLeod was appointed to that seat. The City Clerk's Office will be getting with him on orientation - and I expect him at your next Meeting." INFORMATIONAL AGENDA INFORMATIONAL 100. Not Used. CONSENT AGENDA CONSENT 200. Office Of The City Clerk Approval Of The January 31, 2007 Regular Meeting Minutes. ITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - APRIL 24, 2007 PAGE 2 OF 4 CONSENT 201. Office Of The City Clerk Approval Of The February 21, 2007 Special Meeting Minutes. CONSENT 202. Office Of The City Clerk Approval Of The March 8, 2007 Special Meeting Minutes. CONSENT 203. Office Of The City Clerk Approval Of The March 29, 2007 Special Meeting Minutes. "I WOULD LIKE MAKE A MOTION TO APPROVE THE MINUTES OF JANUARY 31ST, THE MINUTES OF THE SPECIAL MEETING FEBRUARY 21ST, MINUTES OF THE SPECIAL MEETING MARCH 8TH, AND MINUTES OF THE SPECIAL MEETING MARCH 29TH, ALL OF THE YEAR 2007. AS PRESENTED." MOTION BY BOARD MEMBER MICHAEL S. BLAKE. DISCUSSION. WITH CONSENSUS OF THE ADVISORY BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. ^WARDS AND PRESENTATIONS AWARDS AND PRESENTATIONS 300. Not Used. 400. REPORTS PUBLIC INPUT No one spoke. PUBLIC HEARINGS AGENDA PUBLIC BEARINGS 500. Not Used. ITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - APRIL 24,2007 PAGE 3 OF 4 REGULAR AGENDA REGULAR 600. General Services Department Bogdahn Consulting [LLC] To Present Investment Review Report For The Quarter Ended March 31, 2007. Mr. David West, CF A, Bogdahn Consulting, UC, 340 West Central Avenue, Suite 300, Winter Haven, Florida: distributed copies of the 'City of Winter Springs General Employees' Defined Benefit Plan and Trust, March 2007' booklet. Discussion ensued on the current Manager, Trusco Capital Management. REGULAR 601. General Services Department Bogdahn Consulting [LLC] To Provide Status Report Of Investment Managers And Custodial Bank Transition. Discussion of Fifth Third Bank. Chairman Sardo commented, "Hopefully on the Meeting of the 24th [July 2007] we will say that the transition is complete. So, at this point you are saying that 'yes', but for some investment contract issues." Mr. West replied, "Right. The whole issue right now, the whole process lies with the attorney and the review of the Investment Management contracts. Everything else is good to go." Discussion. Chairman Sardo asked, "What would be the total time that we are un-invested at this point?" Mr. West replied, "Basically, no time on investment, bottom line. The - Sun Trust investments or the Trustco (Capital Management] Investments are all co-mingled funds, so those will be liquated and simultaneously the cash will go into the accounts as previously established. So, the Investment Managers will be prepared and they can begin investing that cash - virtually same day, once those assets are transferred over. So, bottom line answer, we should not be un-invested, except for the period of time that it takes for each of the new Managers to get the money to work in accordance with their strategy and - their target portfolios." Discussion on un-invested time. Mr. West reiterated, "By 'un-invested', I mean not invested in equities. - The money is invested; there is no un-investment period." Mr. West continued, "We're using the overnight sweep vehicles, so, we will be earning the equivalent of money market rates in an unbroken manner." Further discussion. ITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - APRIL 24, 2007 PAGE 4 OF 4 Mr. West commented, "And as previously discussed and promised, we'll have the official start date of the new Management team footnoted in all the Reports for reference going forward. " ADJOURNMENT Chairman Sardo adjourned the Regular Meeting at 7:46 p.m. I I _:--'~ --'." Jit~PECTFULLY SUBMITTED: ---- " ,"::;--~:."- ' '. dl ~. ,. I, OAIW{ DA LL~aARKER -:;,. ASS~T A~ 10 THE CITY CLERK. ~~,.~, 4,J"~I""': ,i.-:.4' ~. .... (,.. .-:: ..... -,. "J . . "',.I~'~ # '., ..... '..,. ~.. ," _: :.,........ NOTE: These Minutes were approved at the August 22, 2007 Board of Trustees Regular Meeting.