HomeMy WebLinkAbout2004 11 09 Regular Item A
CITY OF WINTER SPRINGS, FLOR~DA
1126 EAST STATE ROAD 434
WINTER SPRINGS. FLORIDA 32708-2799
Telephone (407) 327-1800
TO: Pension Board of Trustees
FROM: . Ron McLemore, City Manager r--
SUBJECT: Investment Policy Revision
DATE: November 9, 2004
Attached is a letter dated October 24, 2004 from Blake Myton, of Trusco Capital
Management, discussing the recommended changes to the City of Winter Springs'
General Employee Retirement System's current investment policy (also attached). . Mr.
Myton's recommendations were. forwarded to Steve Alexander, of Public Finance
Management, Inc. on November 3 for review. As all of you are aware, Mr. Alexander
assisted in de~eloping the Investment Policy Statement. that is currently under revi.ew..
Mr. Alexander's (revised) comments dated November 8 on Mr. Myton's
recommendations are attached along with some additional considerations in this policy
revision.
I'
~
Attachments as stated
Blake Myton
Investment Manager
October 29, 2004
Mr. Ronald W. McLemore
City Manager
1126 East State Road 434
Winter Springs, FL 32708
Re: Recommended changes to the Investment Policy Statement for the Winter Springs General
Employee Retirement System
Dear Mr. McLemore:
I am writing you regarding the recommended changes to the Winter Springs General Employee
Retirement System's current investment policy we discussed at this week's pension meeting. It is our
belief that these recommended changes will allow for greater flexibility in the investment of plan
assets and as a result will allow Trusco Capital management as the plan's inves~ent manager, to more
effectively manage the assets of the plan. In today's increasing volatile market, it is our belief that
requiring relatively high minimum requirements to specific asset class, ie minimum 15% in Small Cap
equities, can lower the chances for the plan to achieve the actuarial assumed rate of return. Our
recommendations will focus on the specific asset classes outlined in the IPS and not result in any
changes to the plan's overall target allocation of70% in a diversified portfolio of equity securities and
30% in more stable fixed income instruments.
We would strongly suggest the trustees consider the following amendments to the IPS:
1. Section VIT, #1 Stock Category . Target Range
Large Cap Growth 10% - 30%
Large C~p Value 10% - 30%
Small Caps 5% - 20%
Mid Caps 5% - 20%
International 5% - 20%
Fixed Income 15% - 35%
Cash Equivalents 0% - 10%
The intention of these changes is allow for less exposure to the more volatile equity assets classes of
small caps, mid caps and international ~quities. I:n addition it will allow for less exposure to the'fixed
income asset class when the manager deems appropriate. This will not effect the plan's target
allocation of 70% stock and 30% bond target or the allowable +/- 5% variance already in the IPS.
If you have any questions or comments, please do not hesitate to contact me by phone at (407)-237-
5816 or by email atblake.mvton@truscocaDital.com.
Sincerely,
Blake Myton
Investment Manager
Trusco Capital Management
Cc: Winter Springs General Employee Pension Plan Trustees
Michelle Greco, Finance Director, City \Vinter Springs
300 South Orange Avenue, Suite 1600, Orlando, FL 32801
"Ph"n..' A07_,,)1''-,Rl~. p",,,. A07_,,)17_A7,,)/;. P_......,;I. hI"...... ....'rtnntn'lt.."co,.,"."'n;t"'l ,.n....
One Keystone Plaza
Suite 300
North Front & Market Streets
Harrisburg, PA 17101-2044
717-232-2723
717-2~073 fax
www.phn.com
The PFM Group
Public Financial Management, Inc.
PFM Asset Management LLC
PFM Advisors
November 8, 2004 (. r-eJ.ll sui)
Ms. Michelle Greco, CPA
Finance Director
City of Winter Springs
1126 East S.R. 434
Winter Springs, Florida 32708
Dear Ms. Greco:
On behalf of PFM Asset Management,. thank you for the opportunity to review the proposed
Investment Policy Statement changes for the City of Winter Springs General Employees Pension
System. We have carefully evaluated the proposal from Blake Myton of Trusco Capital Managenient
from his letter dated October 29, 2004. Mr. Myton's proposed changes are below; our opinion
follows.
Current Policy
Recommended Changes
High Grade Equity 10% - 30%
High Grade Equity Income 15% - 25%
Small Caps 15% - 30%
Mid Caps 15%-30%
International 5% - 15%
Large Cap Growth
Large Cap Value
Small Caps
Mid Caps
International
Fixed Income
Cash Equivalents
10% - 30%
10% - 30%
5% - 20%
5% - 20%
5% - 20%
15% - 35%
0% - 10%
The overall requirement isfor 70% of the Plan's assets to be allocated to equity
investments (stock) and for other 30% to be allocated to fixed income securities
(bonds) with no more than a 5% deviation. The variance of between 65% to
75%for equity investments an(125% to 35%for fIXed income securities will
remain unchanged.
PFM's position:
Overall, we believe these to be positive changes for the Systems' Investment Policy and have
potential to realize the benefits that Trusco identified -lessening of the requirement to have assets
invested in the generally more volatile mid-cap, small-cap and international equity asset sub-classes
and the flexibility to change the fixed income allocation from a fixed 30%. The current policy
percentages were developed in conjunction with Trusco and we think it appropriate to seek its
counsel in any changes.
Ms. Michelle Greco
November 8, 2004
Page 2
We would however recommend that the System consider some modification to the proposal.
1) A range of fixed income asse~ from 15% to 35% is very broad. and puts a great deal of
discretion in the hands of the manager. We recommend that the Fixed Income range
specified in Tmsco's chart (reproduced above) be reduced to 25% - 35%; in other words, a
5% range on each side of the neutral position of 30%. In addition, it should be stated in the
revised policy that the Cash Equivalents allocation is part of the Fixed Income category.
2) The large cap growth and value ranges are very broad which can permit a very strong tilt in
favor of one strategy over the other. We recommend that there be another constraint placed
in the policy that the ratio of large cap value to large cap growth, or large cap growth to large
cap value, should not exceed 2:1. lbis :ratio does not apply to the other asset classes.
3) A statement of the rebalancing policy should be added. We recommend that the plan's asset
allocation be reviewed no less frequendy that quarterly. If the percentage of assets invested
in any of the asset classes described above falls outside the applicable range, we recommend
that they be rebalanced such that the percentage of assets once again falls within the range
specified by the policy. .
4) The System should have the opportunity to review any changes in proposed investtnent
options. If any new options have higher fees than those originally proposed, Trusco should
not pass these higher fees along to the System. Any lower fee options employed should
result in a fee reduction.
Please do not hesitate to contact me or John Molloy if you have any questions or would like further
clarification on any of the points we raised above. Thank you again for the opportunity to be of
service to the City of Winter Springs ~d the City's Retirement System.
Sincerely,
PFM Asset Management LLC
Steven Alexander, CTP, CGFO
Managing Director
C: John Molloy, PFM
Table of Contents
Page
1. SCOPE ..... ............... ..... ............ ................. ................ .......... ........... .... ........ ............... 3
II. INVESTMENT OBJECTlVES ... ............... ..... .............. .... ........................... ............. 3
m. PERFORMANCE MEASUREMENT ......................................................................3
N. INVESTMENT AND FIDl)CIARY STANDARDS ................................................4
V. AUTHORIZED INVESTMENTS ............ ............. .......... ... ..... .................. ................. 5
VI. MATURITY AND LIQUIDITY REQUIREMENTS ............................................... 6
V 11. PORTFOLIO COMPOSITION .................................................................................. 7
VIII. RISK AND DJVERSIFICA TlON ........................................................,.................... 7
IX. EXPEctED ANNUAL RATE OF RH11JRN........................................................... 8
X. THIRD PARTY CUSTODIAL AGREEMENTS ..................................................... 8
XI. MASTER REPURCHASE AGREEMENT ..............................................................8
XII. BID REQUIREMENT........ .... ......................... ............. ........... ...................... ......,..... 8
xm. INTERNAL CONTROLS .... ..... ......... .................. ...... ..... ....... ............; .~...'.~............... 8
XIV. CONTlN U INO EDUCATION ......... ............. ..... ......... ............ ........... ..... ........... ....... 9
XV. REPORTING ............ ................. ....................... ................ ..... .......................... ......... 9
XVI. FIl1N'G OF INVESTMENT POLICy...................................................................... 9
XVll. VALUATION OF n..UQUID INVESTMENTS....................................................... 9
Retirement System Investment !~olicy
City of Wimer Springs
Page 2
CITY OF WINTER SPRINGS
GENERAL EMPLOYEESt RETIREMENT SYSTEM
INVESTMENT POLICY STATEMENT
T. Scope
A. TI1C City Commission of Winter Springs ("City") has adopted this investmenl policy lltnlcment
for the investment of the General Empluyees' Retirement SYlltem ("Plan") Bll8et.1i to be
administered by the Board of Tnlstccs ("Board") of the General Employees' Retirement System
in accordance with applicable Florida State Statutes and City Ordinances. To that end, this
investment policy is intended to set forth the investment objectives and pantmeters for thl:
management of those assets in a"manner designed to fulfill the rcquirement41 of the Board'l\
fiduciary investment responsibilities.
B. The Board rccogni7..cs their rellponllibility fortbe investment of the Plan's assets, and in order to
implement this function, the Board is authorized by law to retain the services of Investment
Mana.gers who possess the necessary skilled pen>onnel and facilitics to provide the expertise with
respect to the investment oC the Plans funds.
C. This investment policy will be reviewed annually by the Board and may be revised upon th~
City's approval.
n, Investment Objectives
A. The foremost objective of this investment policy is the properinvestrnent of the assets of the
Plan in order to provide ongoing pension benefits to the Plan' s members and their beneficiaries.
B. The Board will strive to increase the Plan'~ lolal rate uf return tbruugh capital appreciation and
income while limiting the amount of risk exposure to the Plan. The methodology to detennine
the Plan's risk/return characteristic!! is through a diversification-of investments across vnrioull
Dllllet classes detailed in Section V.
c. Additionally, the Board will try to keep IOlilies at a minimum due \.0 cnlsion of market value or
from security dcfauIL'l. To that end, invelltment managers will trade !lecurities from time to time
to improve yield, maturity, quality, credit risk, and total return potential.
D. The assumed actuarial rate of return, uver a market cycle (3-5 ye8I's), along with the annualized
t.ot.al retum for the Plan I\hould exceed the rate of intlation as meallured by the Consumer Price
lndex. ("CPl") by 4 percent.
m. Performance Mealluremenbr
A. The Board llhall adopt perfonnance meallurements for the Plan's a.'ll\etl\ to be reviewed on a
quarterly basis and evaluated based on a market cycle of 3-5 years. The Board may retain the
scTviccli of an independent invclltmcnl eonsulhml to llllsist in monitoring the investment
Retirement S~t<:m InvC!lmcnl Policy
City uf Winter SprinS8
11.....A "J
I tl1:".",.1
performance of the Pllm's individual investment managers. Such performance is measured to
determine the following:
1. If the investment manager ha.~ performed according to this investment policy.
2. If the investment manabrer has performed within the appropriate invelitment style.
3. How the manager has performe.d in relation to the performance measurements for the
appropriate asset class.
B. The performance meamrement indexes on the llSlIet categories are as follows:
1. The Plan's total fund return will be compared to ~e CPI Index as an inflationary
measurement and"the actuarial interest assumption as described in Section~.
2. The Plan'lI fixed income portfolio return will be compared to the weighted average
return of the Lehman Aggregate Bond Index or equivalent.
3. Tbe Pbtn'~ domestic equity portfolio return will he compared to the weighted average
return of the Standard and Poor's SOO Index or equivalent.
4. The Plan's international portfolio return will be comp-clred to the weighted averclge return of
the Morgan Stanley Europe. Australia., & Far F.ast (RAFR) Index or equivalent.
5. The Plan' s emerging markets portfolio return will be compared to the weighted average
return of the MSCI Index for Emerging Markets Or equivalent.
IV. Investment and Fiduciary Standards
A. The Plan's asset~ will be invested in a manner conliistent with the standards set forth in:
1. The Employee Retirement Income Security Act of 1974 at 29 U.S.C. s. 1104(11.)( I )(A)-
(C).
2. Chapt.crs 112 and S 18, Florida Statutes.
3. City of Winter Springs Ordinances.
4. The PIHl1's Investment Policy Statement.
S. The Pension Plan document.
6. Tn the event of a connict within these provisions or any other provisions of law
authorizing investments, the investment and fiduciary standards liet forth in Section
112.661(4). Florida Statutes and item I above shall prevail.
B. The Board will adhere to the Prudent Person 8tandnrd and thill Iiotandllrd shull be Hpplied in the
context of managing tbe overall Plan. The Prudent Person standard is as follows:
Retirement System Investment Policy
City of Winter SI)!i!!gs
l'a~c .1
"Investments shall be made with judgment and care, under circum$tances then
prevailing, which persons of prudence, discretion and intelligence exercise in lhe
management of their own affairs, nol fur spcculaliCl"!l. hUl for invcAlmcnl.
consideri ng the probable safety of their capital as weJI as the probable income to
be derived from the investment."
c. Any person or firm hired or retained to inveAt. monitor, or advise concerning these a.~sel'l shall be
held to the higher standard of Prudent Expert. The standard shall be that in investing and
reinvesting moneys and in acquiring, retaining, managing, and disposing of investments of these
funds, the contractor shall exercise: the judgment. care, skill. prudence. and diligence under the
circumstances then prevailing, which persons of prudence, discretion, and intelligencc. acting in
a like capacity and familiar with sueh matterA would use in the conduct of an enterprise of like
character and with like aims by diversifying the investments of the funds. so as to minimize the
risk. considering the probable income as well as the probable safety of their capital.
V. Authorb.ed In~bncnt.'
A. Funds placed ~ith invelltrnent managers are to be invel'ited only in tholre authori7.cd cJallllCtoi of
investments as contained in this investment policy. Investments should be made subject to the
Plan's cash flow needs and SllCh cash flows are su~iect to revision due to changes in the Plan's
needs and market conditi.ons. InveSlments nOllisted in the investment policy are prohibited.
l:S. Toe authorized classes of investments for the Plan are as follows:
1. Obligations guaranteed as to principal and interest by the United States government.
2. Bonds, securities, and certificates of indebtedness of United Statel'i government agencies.
3. Oblig-dtions guaranteed as to principal and interest by government-sponsored agencies of
Lhe United Slal.es governmenl.
4. Tbe Horida Local Government Surplus Funds Truitt Fund (SBA).
5. Commercial Paper rated in the highe!it category by a nationaJly recognized rating
service. If a Letter of Crcdit (LOC) hacks the ConimerCiaJP"aper, the long-terrri debt of
the LOC provider must be rated A or better by at lea.'lt two nationally recognized raling
services. ,.
6. Bankers Acceptancel'i of United States banks or It fcdendly chartered domestic office of a
foreign bank, which are eligible for purchase by the Federal Rellerve System. rated in lhe
highest category by a nationaUy recognized rating service.
7. Corporate bonds or notes, regiRtcred or unregistered under Rule 144A, issued by firms
organized and op.erating within the United States or hy depository inslilulions'licensed
by the United States rated (A) or equivale.nt by a nationally recognized rating f<<:rvicc al.
the time of purcha.'le. Rule 144A bonds or notes must include rights of registration. Any
bond or note that falls below investment quality must be eliminated immediately.
Retiremenl Syslcm Invcslmcnt I'olicy
City of Winter Spring!;
!JuJ.!C 5
8. General Obligation and/or Revenue Bonds of state or local government taxable or tax.-
exempt debt rated A, for long term debt, hy a nationally recogni7.ed rating ~rvice or
rated MlG-2 or SP-2, for short term debt, by a nationally recognized rating service.
9. IntergovemmenlHl investment pools authorized pursuant to the Florida IntcrhlCltl
Cooperation Act provided in Section 163.01, Florida Statute....
10. Common and preferred stocks from domestic or foreign corporations.
11. R&ll estate and real estate securities liS deemed proper invelitments by the Board.
12. Repurchase Agreements
a.
The PIHn'li investment IDHDHb'CI'S DUty invest in repurchase agreements
compelled of only tho~ invellitmentll authori7.ed in numbers 1,2, and 3 (above).
AU firms are required to sign the Plan's Master Repurchase Agreement prior to
the eXeclltion of a repurchase agreement transaction.
"
b. A third party custodian with whom the Plan hlUl a current custodial agrccmlmt
will hold the collateral for all repurchase agreements with a term longer than
one (I) business day. A clearly marked receipt that shows evidence of
ownership must be supplied to and retained by the Plan's invesnnent manager.
c. Securities authorized for collateral must have maturities less than 10 years with
It market v~due for the principal and accrued interest of 102% of the value and
for the term of the repurchase agreement. lnunaterial short-term deviations
from 102% requirement are permi~lliible only upon the approval of the Pension
Plan Administrator.
13. Mutual fund~ reg,i!ltered under the Investment Company Act of 1940.
VI. Maturity and Liquidation Requirements
A. The Plan's rxwqmum invesbnent maturities for the fo11owing sccurities are as follows:
1. The overall durdtion of the principal return for the Plan wilJ be less than 140% of the
Lehman Aggregate Bond Index.
2. For conunercial paper, 180 days or less from the date of purchaJIe.
3. (Jor bankeNl' acceptance!!, 180 days or less from the date of purchase.
4. For repurchase agreements, 90 days or less from the elalc uf purchase.
B. On a quarterly ba.llis, the Plan's Actuary will notify the investment manager of the plan's liquidity
requirements for the payroll and administrative expenses.
Re!!rc!nent Systenl !nvestn:e::! Polir.,j'
City of Winlei Springs
Page 6
vn. Portfolio Composition
The Board has adopted the foUowing long-term target D.'iset mix for the Plan as shown below.
1. 70% of the Plan's assets market value will be allocated to equity investments. Ba~ on
market fluctuations, the Board will accept varianceli of up to five percent (between 65%-
75%) from the above Hl>l>ct target. This target is further allocated a.~ follow!\:
Stock Category
Target Range
High Grade Equity
High Grade Equity Income
Small Caps
Mid Caps
International
10% - 30%
15% - 25%
15% - 30%
15% - 30%
5% - 15%
2. 30'% of the Plan's asset market value will be allocated to the fixed income securities.
3. Quarterly, the Roard will review the inve!\tment portfolio f,?r the llUrpollc of potcntially
reallocating 8.11r.t:tll within' the individual a.llset class target ranges based on changes
within the capital market environment. .
4. The Boart! will review these asset allocation targets annually and will revll>c the l.argell>
if any significant changes ocew. within the capital market environment.
VIII. Risk Bnd Diversification
A.
The Board has adopted a strategy, deS(.Tibed in Section VII, whereby the. Plan's assets will be
diven;itied to the extent practicahle in order to control the ris~ of loss which might rel>ult from an
over-concentration of investments in a specific security, maturity. issuer, dealer, or bank through
which financial instruments are bought or sold.
B. In 11 fUlther effort to control the risk of ICls!\ and assure adequate divcrsificHlion, the following
limitations are imposed upon the investment of the Plan's assets:
J. A maximum of 5% investment in the outstanding common stock of anyone company or
organi7.a.tion.
2. A maximum of 5% investment in the outstanding debt issuance of anyone company 01'
argan ization.
Relin:llleul Syslem InVC!llnll,:n\ P,-,I!c)'
CilY of Winler Spring!!
Page 7
IX. Expected Annual Rate ur Return
The Board has set the Plan' s CUJTent expected rate of return at 9% and to the extent the actual rate of
return various from the expecled rale ofrcturn the gains or losses will be spread over a 5 year moving
average period. The short term expected rale of return is 9%, and long term expected rate of return to be
at least the actuarial interest assumption rate of 9% along with an additional annualized return that
exceeds the rate of inflation measured by the CP!.
X. Third-Party Custodial Agreements
All ~ccuritie.'l will he held with the custodial bank under a contractual agreement with the Board. All
securities purchased by and all collateral obtained by the investment managers andfor the Board are
designated as assets oftbe Plan. No witbdrawal of securities, or transfer of funds, in whole or in part., can
be made from llsfekeeping except by aulhori:tation of the Boanl and written execution by anyone of the
following: the Board Chairman, Vice-Chairman1 or the Plan Admini~trator. Securities transactions
between a broker/dcaJer and the custodial bank involving the purchase or sale of securities by transfer of
money or securities must be made on a "delivery vs. payment" basis, if applicable. to ensure that the
cU8todial hank will bave the 8ecurity or money, all appropriat.e, in hand at the cunclusiun of the
transaction.
XI. Ma.lltcr Repurchasc Agreemcnt
All approved in~1itutions and dealers transacting repurchase agreements will execute and perform as
Slated in the Master Repurchase Agreement. All repurchase agreement trdnsactions will adhere to the
requirements of the Master Repurchase Agreement.
XII. Bid Requirements
Each investment manager shall obtain competitive bids and offers on inve~tmcnt tran~8Ctions to the
fullest exlenl possible. The investment managers will make periodic repons to the Hoard retlecting
purcha'K:s, sales, or other activil)'.
XIII. Internal Controls
A. The Plan Administrator will establish a !iy~tem of internal cuntrol!l and written operational
procedures to be a part of the Plan1s operational procedures. The internal controls should be
designed to prevent 10slles of Cunds, which might arise from fraud. employee error, and
misrepresentation by third parties, or impmdcnt actions by employees. The written procedures
should include reference to safekeeping, repurcha<ie agreements, sl~parlltion of transaction
authority Crom accounting and record keeping, wire transfer agreements, hanki IIg scrviCl:
contractl\, collateral/depository agreements, and "delivery-vs. -payment" procedures. No perlion
may engage in an investment transaction except 0.<; authori7.ed under the terms of this investment
policy.
B. Independent auditors, as a normal part oftheir annual financial audit!"!, will cunduct a review of
the !iY8tem of internal controls lu ensure compliance with policies and procedures. Additionally,
Retirement Syslem Inve~trnenl Pl)\i,.:y
City of Winter Springs
Pllg~ li
the Plan's Actuary, Investment Consultant, and the City auditors will complete art annual system
review.
XIV. Continuing Education
Annually, members of the Board have the responsibility for completing continuing education programs in .
matten; relating to the Plan's investments by reading the appropriate material~ and by attending the
appropriate local and national conference~ und seminars a.'l authorized by the.Hoard. .
x V. Reporting
On an annual basis, the Board will provide the City with an investment report regarding the Phm's
investment portfolio. The annual report shall provide all, bUl nutlimitcd to, the following: name and type
of securities in which the funds are invested, the amount invested. income earned. the book value and the
market value of the invcstmcnt portfolio. Investment reports shall be available to the public.
XVI. FlllnK of Investment PoUey
A. Upon adoption, the Board will promptly file this investment policy statement wilh the State uf
Florida's Department uf MLUlagemenl Services. the City of Winter Springs, and the Plan's
Actuary. '
B. The effective date ofthis investment policy shall be the 30Ch calendar day following the dale filed
with the City of Winter Springs. .
XVII. Valuation of Dliquid Investments
All illiquid i iwestments for which a generally recognized market is not available or for which there is no
consistent or geneIalJy recognized pricing.mechanism will be given an actuarial valuation by the Plan's
Actuary on an annual basis. For each actuurial valuation, Lhc Board must verify thc dctcrmiruttion uf a
fair market value for those investments and ascertain that their detel'min8tioll coml11ie~ with all applicahle
lItate and fedeml requirements. The Board will disclose each illiquid investment to the State of Florida' s
Department of Management Services and to the City of Winter Springs.
APPROVED AND ADOPTED BY THE GENERAL EMPLOYEE'S RETIREMENT SYSTEM
BOARDOFTRUSTEESON ../, _/~ ,
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Retirement System Investment l'olicy
City of Winter Springs
PlIgc9
. -
- :p;i'"
CI'J"V Of WJNTI1R SPIUNOS
MINUTr"s
CITV COMMISSION
RaJULAR M~ING SF.PTF.MBnR:M. 2001
PAGF. 15 OP 28
VII. REGULAR
REGULAR
A. Finance Department
Requesting The Commission Approve And Adopt A New City Retirement
Investment Policy.
Ms. Frangoul introduced this Agenda Item and the City's Consultant.
Mr. Steven Alexander, CeM, Senior Managing Consultant, Public Fi1Jancial
Management, 201 South Orange Avenue. Suite 720. Orlando. Florida: briefly addressed
the Commission.
"MOTION TO APPROVE." MOTION BY COMMISSIONER MARTINEZ.
SECONDED BY COMMISSIONER MILLER. DISCUSSION.
VOTE:
DEPUTY MAYOR McLEOD: AYE
COMMISSIONER MARTINEZ: AYE
COMMISSIONER BLAKE: AYE
COMMISSIONER MILLER: AYE
MOTION CARRIED.
REGULAR
B. Office Of The City Manager
Requestio2 The City Commission Make A Decision Relative, To A Request From
Tbe Florida Public Utilities 'Company In Regards To An Rxemption From The
Commercial Vehicle Ordinance.
Fire Chief Timothy J. Lallathin advised the Commission of a request from the Florida
Public Utilities Company ''''0 have an exemption to the Commercial Vehiclc..Ordinanec
in regards lo a vehicle thal one oftheir on-ca11 personnel brings home."
Mr. Donald E. Kitner, Florida Public Utilities Company, 830 West Sixth Street, Sanford.
FIQrida: as thc Division Manager of Florida Public Utilities Company, Mr. Kitner
addressed. the Commission and introduced Mr. Don Middleton, Operations Manager for
Florida Public Utilities Company. They spoke of their request for an exemption to the
Commercial Vehicle Ordinance.
Much discussion.