Loading...
HomeMy WebLinkAbout2007 10 30 Board of Trustees Regular MinutesCITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 30, 2007 CALL TO ORDER The Board of Trustees Regular Meeting was called to Order by Chairman A. Mark Sardo on Tuesday, October 30, 2007 at 6:34 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 A. Mark Sardo, present Vice Chairman Michael S. Blake, present Board Member Guy DeMaio, absent Board Member David W. McLeod, present Board Member Vernon Rozelle, Jr., present Chairman Sardo led the Pledge of Allegiance, followed by a moment of silence. INFORMATIONAL AGENDA INFORMATIONAL 100. General Services Department General Services Director Providing A Summary Of Pension-Related Expenditures For The Quarter Ended September 30, 2007. Mr. Kevin Smith, Director, General Services Department addressed the Board regarding this Agenda Item saying, "This is information the Board had requested previously and I intend to provide it every Meeting as an Informational, if that's your pleasure." Discussion. CONSENT AGENDA CONSENT 200. Office Of The City Clerk Approval Of The August 22, 2007 Regular Meeting Minutes. "MOVE APPROVAL OF MINUTES." MOTION BY VICE-CHAIRMAN BLAKE. SECONDED BY BOARD MEMBER McLEOD. DISCUSSION. WITH CONSENSUS OF THE ADVISORY BOARD, THE MOTION WAS APPROVED. MOTION CARRIED. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING -OCTOBER 30, 2007 PAGE 2 OF 4 AWARDS AND PRESENTATIONS AWARDS AND PRESENTATIONS 300. Not Used. 400. REPORTS No Reports. PUBLIC INPUT No one spoke. PUBLIC HEARINGS AGENDA PUBLIC HEARINGS 500. Not Used. REGULAR AGENDA REGULAR 600. General Services Department Bogdahn Consulting To Present Investment Review Report For The Quarter Ended September 30, 2007. Mr. David West, CFA, Bogdahn Consulting, LLC, 340 West Central Avenue, Suite 300, Winter Haven, Florida: addressed the Board regarding this Agenda Item. In terms of the .Investment Review Report for the ending of the Quarters, Mr. West stated, "Make sure you receive that in advance of the Meeting." Vice Chairman Michael S. Blake commented, "That would be great." Discussion. Mr. West commented, "The assets have been transferred as of the 1St of October so this is that last Report we'll see with the old Trustco Capital Management team." CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING -OCTOBER 30, 2007 PAGE 3 OF 4 REGULAR 601. General Services Department Bogdahn Consulting To Present Status Custodial Bank Transition. Update On Investment Manager And Mr. West distributed copies of the "City of Winter Springs General Employees Defined Benefit Plan & Trust Asset Allocation as of October 29, 2007" and noted that replaces page 3 in the "Defined Benefit Plan & Trust For Employees Of The City Of Winter Springs September 2007" booklet. Continuing, Mr. West remarked, "As I indicated, the pie chart in the Report shows a zero asset allocation because the assets were closed out and officially transferred to the new custodian, Fifth Third Bank on October lst [2007]." Mr. West commented, "Note the `R&D' account, we have atwenty-one percent (21 %) balance. These proceeds are currently, actually up until today are currently invested in the Money Market Fund which was giving us about five percent (5%) rate of return or so. Pending the distribution to the Voyager [Asset Manager, Inc.]; that went out today. They require the funds before the close of the month. So, those funds went out today. So, basically fifteen percent (15%) of that twenty-one percent (21 %) went to the International Manager..." Vice Chairman Blake asked, "...You mean, fifteen (15) basis points, not fifteen percent (15%) of the twenty one percent (21 %)?" Mr. West replied, "Okay." Mr. West continued, "We moved the fifteen percent (15%) allocation to Voyager [Asset Management, Inc.] and that would leave us with five percent (5%) now in the `R&D' account - as of today. And that is pending the capital calls which we will receive from American Realty [Group, LLC] which is our Core Real Estate Manager. The first capital call was 250,000. We will receive a series of calls which is going to be entirely a function of what their cash flows are and deals flow is. So, don't be surprised if we do see it in cash." Discussion continued. Chairman Sardo commented about an email from American Realty [Group, LLC] regarding the fires and that they were not affected. Mr. West remarked that he was not alerted that there were any problems. Continuing, Mr. West stated, "Should anything arise, we would forward that notification to the Board's attention." Vice Chairman Blake replied, "Great." Further discussion. Mr. West stated, "We have one hundred percent (100%) control. All funds, less enough for pensioner payments, so we don't miss anything and less any straggling dividends and - accrued coupon income that hadn't been paid, but the assets have been successfully transferred." CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING -OCTOBER 30, 2007 PAGE 4 OF 4 Mr. Smith remarked, "On that note about the transition, I had asked Dave (West) at the Board's direction, to take alook -and try to quantify the lost, the opportunity cost of switching a little later than we had hoped that we would switch and he is prepared to discuss that if the Board is interesting in hearing." Mr. Smith then distributed a copy of `Bogdahn Consulting, LLC Memorandum Re: Winter Springs Employees' Retirement System: Investment Return Calculation'. Regarding the money lost, Vice Chairman Blake remarked, "One hundred and fifty-one thousand dollars ($151,000.00)." Discussion. Vice Chairman Blake said to Mr. West, "Thank you for doing that work." ADJOURNMENT Chairman Sardo adjourned the Regular Meeting at 7:03 p.m. RESPECTFULLY SUBMITTED: DA IELLE HARKER AS ISTANT TO THE CITY CLERK NOTE: These Minutes were approved at the January 29, 2008 Boazd of Trustees Regular Meetng.