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HomeMy WebLinkAbout2009 07 28 Board Of Trustees Regular Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING JULY 28, 2009 CALL TO ORDER The Board of Trustees Regular Meeting was called to Order by Chairperson Maria Fair on Tuesday, July 28, 2009 at 6:31 p.m. in the Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson Maria Fair, present Vice Chairman Vernon Rozelle, Jr., present Board Member Ben McMahan, present via telephone Board Member Max Swaim, present Board Member Barbara Watkins, absent The Invocation and Pledge of Allegiance was led by Chairperson Fair. INFORMATIONAL AGENDA INFORMATIONAL 100. General Services Department Providing A Summary Of Pension Related Expenditures For The Third Quarter Expenditures For Fiscal Year 2009. City Manager Kevin L. Smith stated, "Just briefly at the Board's request at the last Meeting, we had provided additional information in the form of invoices for the Board on Lewis Longman Walker, [P.A.]. The information that you were provided was actually incomplete this is a copy of the additional invoice." Discussion ensued on Expenditures. Chairperson Fair asked, "We do not have any investment cost for American Stable Value [Fund]. Why is that Chairperson Fair then asked, "It is not showing on the invoice for the cost of the plan." Mr. Smith replied, "I do not recall seeing a bill." Continuing, Chairperson Fair asked, "I assume you have not gotten a bill, so how are we paying them? Are they taking the Fees out of the Assets or are they actually sending us a bill like everybody else Mr. Dave West, CFA, Bogdahn Group, 340 West Central Avenue, Suite 300, Winter Haven, Florida: addressed the Board Members and stated, "I need to confirm that." CITY 01 WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING JULY 28,2009 PAGE 2 OF 5 Continuing, Chairperson Fair stated, "If you could let us know, because I think we need to know if that Plan reflects in the Expenditures." Discussion ensued on Financial Statements. Mr. Smith asked Mr. West, "If you could clarify the American Realty [Advisors] that would be helpful and the Fifth Third [Bank]; and the other issues are internal and I am in the process of trying to rectify those." Referencing Fees, Chairperson Fair asked Mr. West, "If you could clarify that for us Dave [West] between now and the next time, just so we know. Because it is reflected in our Expense Summary, but it is not reflected on your Reconciliation Statement." Mr. West stated, "I will clarify that." CONSENT AGENDA CONSENT 200. Office Of The City Clerk Approval Of The April 28, 2009 Regular Meeting Minutes. "1 WILL MAKE THE MOTION THAT WE APPROVE THE MINUTES FROM THE APRIL 28 2009 MEETING." MOTION BY CHAIRPERSON FAIR. SECONDED BY BOARD MEMBER SWAIM. DISCUSSION. VOTE: VICE CHAIRMAN ROZELLE: AYE BOARD MEMBER SWAIM: AYE BOARD MEMBER McMAHON: AYE CHAIRPERSON FAIR: AYE MOTION CARRIED. CONSENT 201. Office Of The City Clerk Approval Of The June 16, 2009 Special Meeting Minutes. Vice Chairman Vernon Rozelle, Jr. stated, "Point of Clarification" and mentioned an incorrect start time on the Meeting Minutes. "MOTION TO APPROVE WITH THE MODIFICATION." MOTION BY BOARD MEMBER SWAIM. SECONDED BY VICE CHAIRMAN ROZELLE. DISCUSSION. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING JULY 28, 2009 PAGE 3 OF 5 VOTE: VICE CHAIRMAN ROZELLE: AYE BOARD MEMBER SWAIM: AYE BOARD MEMBER McMAHON: AYE CHAIRPERSON FAIR: AYE MOTION CARRIED. AWARDS AND PRESENTATIONS AWARDS AND PRESENTATIONS 300. Not Used. 400. REPORTS No Reports were given. PUBLIC INPUT No one spoke. PUBLIC HEARINGS AGENDA PUBLIC HEARINGS 500. Not Used. REGULAR AGENDA REGULAR 600. General Services Department Presentation From A Representative Of Dalton, Greiner, Hartman, Maher Co., LLC. Mr. Jeff Baker, CFA, Dalton, Greiner, Hartman, Maher Co. LLC, 565 Fifth Avenue, Suite 2101, New York, New York: addressed the Board regarding Dalton, Greiner, Hartman, Maher Co., LLC and displayed a PowerPoint of the All Cap Value presentation. Discussion ensued on various investments. CITY OF WINTER SPRINGS, FLORIDA MINUT[:S BOARD OF TRUSTEES REGULAR METING JULY 28,2009 PAGE 4 OF 5 REGULAR 601. General Services Department Presentation From Bogdahn Consulting, LLC Of The Investment Review Report For the Quarter Ended June 31, 2009. Mr. West presented this Agenda Item and stated, "In the Executive Summary page we changed the reference pages the page order changed Portfolio Attribution references pages 11,16, 17, and 18 of the book." Continuing, Mr. West discussed the Market Performances for Quarter Ending June 30, 2009. Tapc I /Side [3 With further discussion, Mr. West discussed the Corporate Bond Market and Total Fund Portfolio and stated, "Looking forward, we expect more normalized correlations to emerge again and once again, we have the benefit of inter -cycle movements by being diversified." With further discussion, Mr. West remarked that, "I am happy to report that Voyageur [Asset Management International] the International group actually had a very significant out performance this quarter." Referencing American Realty Advisors, Chairperson Fair asked, "What would be the chance of getting them next Meeting for the Presenter Mr. West replied, "We will make sure they are here." Discussion ensued on the Financial Reconciliation. Chairperson Fair asked, "Have they modified their Investment Policy any Mr. West replied, "Not to our knowledge." Chairperson Fair then asked, "Because that is one of the things I would like to see is when we made the changes to the Investment Policy for the Plan, one of things that we discussed at the last Regular Meeting that Lateef [Investment Management, LP], DGHM (Dalton Greiner, Hartman, Maher Co., LLC), Voyager [Asset Management, Inc.]; they all have their own Investment Policies and 1 have actually seen the Investment Policy of DGHM (Dalton Greiner, Hartman, Maher Co., LLC). In fact, I had to sign off on it." Chairperson Fair stated, "1 do not think that any of our Board Members have a copy of any of those Investment Policies." Chairperson Fair remarked, "Anyway, it just would be something for us to have next time to have that, because there have been a lot of changes particularly in the real estate." Chairperson Fair suggested, "1 think it would be a good idea to maybe get a copy of those and bring it to the next Meeting." CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING JULY 28, 2009 PAGE 5 OF 5 Mr. West stated, "I would be happy to make sure we obtain and circulate all of the fund level policies." Chairperson Fair replied, "That would be great, because in light of what has happened in the last year, in particular, I would be fairly surprised if some of them have not changed their Policy just a little bit probably a good idea for us to revisit that and take a look at." Mr. West remarked, "We will ask American [Realty Advisors] to be prepared to address that point." Discussion. In regard to the Investment Policy from the Bogdahn Group, Chairperson Fair asked, "How often does Bogdahn Group evaluate those existing policies are in place Mr. West responded, "I will go back and we will get a definitive answer." Chairperson Fair asked, "If you can get us the most current copy of that Investment Policy, just so we have a better understanding, in particular, of the leverage in some of the things that are used." Continuing, Chairperson Fair stated, "We would have at least a baseline in which to work from should those Policies change in the future. Then we would have the current Policy and then the new Policy to be able to make determinations on how they have changed." Mr. West replied, "We will absolutely make that available." Brief discussion on the Request for Proposal for Actuarial Services. Board Member Max Swaim stated, "The next time the Actuary has an employee Meeting, I would like to attend one." Mr. Smith remarked, "Absolutely." Discussion ensued on a Retirement Committee. ADJOURNMENT Chairperson Fair adjourned the Regular Meeting at 7:52 p.m. RESPECTFULLY SUBMITTED: JOAN L. BROWN DEPUTY CITY CLERK NOTE: These Minutes were approved at the October 27, 2009 Board of Trustees Regular Meeting.