HomeMy WebLinkAbout2002 07 30 Consent Item A
,
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING
MAY 28, 2002
I. CALL TO ORDER
The Board of Trustees - Pension Plan Regular Meeting was called to order by Chairman
Robert Nippes, on Tuesday, May 28, 2002 (Originally scheduled for April 30, 2002) at
7:34 p.m. in the West Conference Room of the Municipal Building (City Hall, 1126 East
State Road 434, Winter Springs, Florida 32708).
Roll Call:
Chairman Robert Nippes, present
Vice Chairman Vernon Rozelle, arrived at 7:40 p.m.
Board Member Vincent Giannoni, present
Board Member Mark Queen, present
Board Member Mark Sardo, present
II. CONSENT
CONSENT
A. Approval Of The January 29, 2002 Regular Meeting Minutes.
Chairman Nippes requested a Motion to approve the Minutes.
MOTION BY BOARD MEMBER QUEEN. "MOVE TO APPROVE THE
MINUTES." SECONDED BY BOARD MEMBER SARDO. DISCUSSION.
WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED.
MOTION CARRIED.
III. REGULAR
REGULAR
A. Review Of Trusco Capital Management Financial ,Statements With
Representative Mr. Tim Nash.
Mr. Tim Nash, CCM, Trustco Capital Management, Senior Managing Consultant, Public
Financial Management, 300 South Orange Avenue, Suite 1600, Orlando, Florida: spoke
of the Bonds being down approximately half a percent; the City's last quarter stock
performance; and said that the City's Fund "Is actually up from the previous quarter."
,
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING - MA Y 28, 2002
(ORIGINALLY SCHEDULED FOR APRIL 30. 2002)
PAGE 2 OF 3
Mr. Nash reviewed the Portfolio Report and highlighted on the Stock Market
performance; the City's Large Growth Fund being up two percent (2%) this quarter; and
individual company's performances.
Vice Chairman Vernon Rozelle arrived at 7:40 p.m.
Mr. Nash said, "We were up $14,937.00 for the quarter which is about twenty-three (23)
basis points or a quarter of a percent (114 %) not real exciting but the market has been a
difficult environment."
Next reviewed by Mr. Nash was the Performance Summary; and Asset Allocation. Mr.
Nash reported that the last rebalance of the Portfolio was in November 2001; spoke of the
spread being thirty-one percent (31 %) in Bonds and sixty nine percent (69%) in Stocks as
of today; and reviewed the Individual Fund Fact Sheets. Discussion.
Tape IISide 2
Members of the Board and Mr. Nash discussed the fundamental analysis conducted
internally by Trusco Capital Management; expectations for the remainder of the year; and
the expectancy of interest rates rising.
Mr. Nash departed the Meeting at 8: 15 p.m.
B. Review Draft RFP ("Request For Proposal") For An Investment Manager.
City Manager Ronald W. McLemore suggested the drafted "Request For Proposal" be
reviewed by the City's Consultant and that Members comments would be considered at
the same time.
Discussion ensued regarding Trusco Capital Management's fees, service, and
performance; and holding a Special Meeting in the near future to review the "Request For
Proposal." Brief discussion.
It was the consensus of the Board to hold a Special Meeting on June 11, 2002 at 6:30
p.m., providing the Consultant would be available. '
The l30ard Members and Manager McLemore discussed an article in the Oviedo Voice.
IV. FUTURE AGENDA ITEMS
This Item was not discussed.
,.
CITY OF WINTER SPRINGS
MINUTES
BOARD OF TRUSTEES - PENSION PLAN
REGULAR MEETING - MAY 28. 2002
(ORIGINALLY SCHEDULED FOR APRIL 30, 2002)
PAGE30F3
v. REPORTS
None.
VI. ADJOURNMENT
MOTION BY BOARD MEMBER QUEEN. "I'LL MOVE THAT WE
ADJOURN." SECONDED BY BOARD MEMBER GIANNONI. DISCUSSION.
WITH CONSENSUS OF THE BOARD, THE MOTION WAS APPROVED.
MOTION CARRIED.
Chairman Nippes adjourned the Meeting at 8:38 p.m.
RESPECTFULLY SUBMITTED:
-~~.~
DEBBIE GILLESPIE
DEPUTY CITY CLERK
S:\dept - City Clerk\BOARDS\TRUSTEES\aIll\MINUTES\2002\052802 REGULAR.doc
NOTE: These Minutes were approved at the July 30, 2002 Board of Trustees-Pension Plan Meeting.