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HomeMy WebLinkAbout2010 01 26 Consent 200 Approval Of The October 27, 2009 Regular Meeting Minutes CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 CALL TO ORDER The Board of Trustees Regular Meeting of Tuesday, October 27, 2009, was called to Order at 6:35 p.m. by Chairperson Maria Fair 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 Board Member Max Swaim, present Board Member Barbara Watkins, present The Invocation and Pledge of Allegiance was led by Chairperson Fair. Next, Chairperson Fair asked if there were any "Agenda Changes None were noted. INFORMATIONAL AGENDA INFORMATIONAL 100. Office Of The City Manager Providing A Summary Of Pension Related Expenditures For The Fourth Quarter Expenditures For Fiscal Year 2009. Chairperson Fair began the discussion and stated, "I do have one question the Retirement [Plan] Specialists [Inc.], special projects, payment of three thousand, one hundred and twenty —five dollars ($3,125.00), which is a response to the Florida Division of Retirement I would like to know more about what that expenditure is for City Manager Kevin L. Smith replied, "The Division of Retirement had procured services of an outside Actuarial firm to do some reviews of the Plans throughout the State, ours being one of them our Actuary firm was contacted via letter and the Invoice you see is for the response that they prepared to those inquiries." Discussion regarding the involvement of Gabriel, Roeder, Smith Company in the process was then discussed. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 2 OF 13 Further discussion ensued in regards to Fifth Third Bank and other Funds. Vice Chairman Vernon Rozelle, Jr. referred to the previous discussion regarding the responses from Retirement Plan Specialists, Inc., and stated, "I would like to see those." Manager Smith replied, "I'll procure that information have the Clerk email it to the Board Members." Further discussion. CONSENT AGENDA CONSENT 200. Office Of The City Clerk Requesting Approval Of The July 28, 2009 Regular Meeting Minutes. PC;m• "I MOTION TO APPROVE" [THE JULY 28, 2009 REGULAR MEETING a"C:f MINUTES]. MOTION BY BOARD MEMBER SWAIM. SECONDED BY 0 BOARD MEMBER McMAHAN. DISCUSSION. VOTE: x_11 C=0 VICE CHAIRMAN ROZELLE: AYE BOARD MEMBER WATKINS: AYE BOARD MEMBER SWAIM: AYE CHAIRPERSON FAIR: AYE BOARD MEMBER McMAHAN: AYE MOTION CARRIED. CONSENT 201. Office Of The City Clerk Requesting Approval Of The October 7, 2009 Special Meeting Minutes. "I MAKE A MOTION TO APPROVE THEM" [OCTOBER 7, 2009 SPECIAL MEETING MINUTES]. MOTION BY BOARD MEMBER WATKINS. SECONDED BY BOARD MEMBER SWAIM. DISCUSSION. VOTE: BOARD MEMBER WATKINS: AYE CHAIRPERSON FAIR: AYE BOARD MEMBER SWAIM: AYE BOARD MEMBER McMAHAN: AYE VICE CHAIRMAN ROZELLE: AYE MOTION CARRIED. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 3 OF 13 AWARDS AND PRESENTATIONS AWARDS AND PRESENTATIONS 300. Not Used. 400. REPORTS No Reports were given. C� 1• PUBLIC INPUT No one spoke. 0 PUBLIC HEARINGS AGENDA PUBLIC HEARINGS 500. Not Used. REGULAR AGENDA REGULAR 600. Office Of The City Manager Presentation From A Representative Of American Realty Advisors. Ms. Richelle Hayes, Senior Manager, Marketing and Client Services, American Realty Advisors, 801 North Brand Boulevard, Suite 800, Glendale, California: introduced herself to the Board. Mr. Scott Darling, Principal, Managing Director, Portfolio Management with American Realty Advisors, 801 North Brand Boulevard, Suite 800, Glendale, California: introduced himself to the Board Members. Ms. Hayes and Mr. Darling provided the Board of Trustees with a presentation. Mr. Darling addressed the Board Members and stated, "Our real estate fund is structured similar to a Mutual Fund and we do take our Fee each quarter out of the distribution." Continuing, Mr. Darling remarked, "Our Clients can elect to receive a cash distribution or to have their cash distribution reinvested back into the fund. In your instance, you've actually elected to receive the cash distribution. So, each quarter there's a gross distribution. We account for the Fee and then we distribute the net amount to you." Mr. Darling stated, "You change it at anytime." CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 4 OF 13 Discussion. Chairperson Fair noted, "We are getting a net distribution check, but probably we would want to look at it for the next Meeting you could bring that information to find out how much we are adding back into that particular discipline in the portfolio that is coming back into there." Mr. Dave West, CFA, Bogdahn Consulting Group, 4901 Vineland Road, Suite 600, Orlando, Florida: clarified, "From a rebalancing..." Chairperson Fair responded, "...Absolutely." Further discussion followed regarding the allocation of funds. se Mr. Darling provided the history of American Realty Advisors, what they do and mentioned, "We [American Realty Advisors] have never been the subject of any non- standard regulatory investigation we continue to enjoy a crystal legal and regulatory track record." Continuing, Mr. Darling pointed out, "Our funds strategy is very conservative. American Core Realty Fund is a lower risk, open ended core commingled real estate fund and the basic fundamental objective of this fund is to provide investors like yourself with broad based exposure to the private market commercial real estate asset class through a single highly diversified and conservatively managed investment product." The presentation continued offering additional information about American Realty Advisors. Mr. Darling then called the Board of Trustees' attention to the most important part of the presentation explaining the investment summaries and performance history and stated, "There are two (2) things that effect real estate pricing and real estate performance. One (1) area is what we call `Real Estate Fundamentals'," and added, "The other thing that impacts pricing is what we call `Capital Market Factors'." With further discussion, Mr. Darling stated, "We will be making a meaningful effort to address the redemptions we expect to address those redemptions by the end of 2010, but we also do expect to be engaging in new investment activity, which we think is to the advantage of all our fund investors." Mr. West inquired, "From a rebalancing perspective giving your outlook and comments from your perspective, would this be an opportune time to rebalance to the long term target, or should we continue to wait and stay at our half weight allocation After discussion, Mr. Darling replied, "I would encourage you to wait a couple of quarters, but then rebalance back in." At this point, Manager Smith asked Mr. West, "You show the American Staple Value at 121 Basis Points; my original contract information shows 110 Basis Points. Would you just check that discrepancy for me on the Fee Mr. West replied, "I will check that." CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 5 OF 13 Discussion. Tape 1 /Side B Next, Discussion regarding Mezzanine debt ensued. Additional information regarding American Realty Advisors' Portfolio, leasing negotiations, distribution adjustments, tenant names, percentage of occupancy rates and their average length of leases were covered next. '"d REGULAR 601. Office Of The City Manager Presentation From Bogdahn Consulting, LLC Of The Investment Review Report Itneni For The Quarter Ended September 30, 2009. C.:1 Mr. West referenced the Report and gave the Board of Trustees a brief overview of highlighted interests. Chairperson Fair referred back to the Meeting held in July and asked Mr. West, "Do we have copies of all our Manager's Investment Policies that are different from ours Mr. West replied, "We did obtain those and those were submitted to the City for the file." Chairperson Fair expressed, "We wanted a copy of those for each of the Board Members Kevin (Smith), you don't mind to check into that for us and get those out Discussion ensued on changes related Investment Manager's material. Chairperson Fair again referred to the last Meeting and asked Mr. West, "How often does your Investment Policy Committee meet and when they meet annually when do they meet and look at DGHM's [Dalton, Greiner, Hartman, Maher Company] Investment Policy Continuing, Chairperson Fair commented, "We discussed the fact that Bogdahn [Consulting Group] should be reviewing our Manager's Investment Policy, particularly when they're not governed by our Policy; and how often do you meet to discuss that Mr. West explained, "The Managers are reviewed quarterly we do have a compliance group for every relationship we have. For example, for the City of Winter Springs the assets are reviewed for compliance with the Policy, so we do try to automate so that does take place within the Quarterly Review and reporting." Mr. West then referenced, pages 39 and 40, and noted, "We started including a compliance check list." Chairperson Fair confirmed that Mr. West would report back to us at the next Meeting on the items previously discussed. Discussion ensued regarding rebalancing recommendations. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 6 OF 13 Manager Smith remarked, "I'd like to look at how you [Bogdahn Consulting Group] would propose that we would rebalance. I think it would be smart of us to begin those discussions so that by the end of the year we are going into the first part of the year with a plan." Discussion. *gig Chairperson Fair announced, "It would be appropriate for us to have a Special Meeting sometime in the month of November for that purpose." Manager Smith concurred, "I'll b have the Clerk do that and coordinate the schedule." e° A Recess was called at 8:03 p.m. Chairperson Fair reconvened the Special Meeting at 8.12 p.m. itaea REGULAR 602. Office Of The City Manager Requesting The Board Of Trustees To Interview Prospective Actuarial Firm Gabriel, Roeder, Smith Company. Mr. Larry Wilson, Senior Consultant, Gabriel, Roeder, Smith Company, One East Broward Boulevard, Suite 505, Fort Lauderdale, Florida: addressed the Board members. Mr. Pete Strong, Consulting Actuary, Gabriel, Roeder, Smith Company, One East Broward Boulevard, Suite 505, Fort Lauderdale, Florida: also spoke to the Board of Trustees. Mr. Wilson and Mr. Strong provided the Board of Trustees with an Actuarial Services presentation. Next, Mr. Wilson furnished the history of Gabriel, Roeder, Smith Company mentioning that their headquarters are in Southfield, Michigan with an office located in Fort Lauderdale, Florida. Tape 2 /Side A Continuing, Mr. Wilson remarked, "We have about a 120 employees" and added, "We have twenty five (25) employees in Fort Lauderdale, eight (8) Consulting Actuaries Pete (Strong) and I being two (2) of those." Mr. Strong led the presentation as it related to the Public Sector Market. Then Mr. Wilson continued presenting the team that would be working with the City of Winter Springs should they be Awarded the Contract for Actuarial Services. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 7 OF 13 Mr. Strong explained, "If we were to be hired our Actuarial Services would include first and foremost, the Annual Actuarial Valuation and within that we would include data, preparation, and reconciliation, determination of all the liabilities and asset values, calculations of the plan cost, measurement of the financial soundness, then of course the GASB (Governmental Accounting Standards Board) accounting expense and disclosure and the compliance with the Florida Protection of Public Employees Retirement Acts and all applicable regulations that go along with that. would attend Meetings with the Board to review the Actuarial Reports. Usually it's *'S once a year after the Valuation is completed, we would come and present that Valuation. 1 ",=1 1 And then we'd also prepare annual employee benefit statements once a year; prepare c benefit calculations for retirements, deaths, disabilities and vested terms, prepare pension service time buy -back calculations if applicable when those situations arrive. Once every LJ two (2) years, we would issue a `Summary Plan Description' and then we'd also perform Actuarial Studies and Impact Statements when those needs arise, and we'd review plan mortality tables to calculate the actual options." Mr. Wilson reviewed additional Actuarial services which he said was, "Based on your RFP (Request for Proposal), ad hoc calculations and analysis, we do Actuarial impact statements for benefit structures, changes. Again the Florida Rules are prior to enactment of any benefit improvement. An impact statement needs to be filed with the State to show what the estimated cost of the proposed changes are. The intent is that that be available so that the Commission who might approve that change in the plan structure would know what the cost of the changes that they are approving." Furthermore, Mr. Wilson added, "Advice and counsel on plan and benefit structures, respond to inquires from the State regarding the Actuarial Valuation Report. Again we don't get a lot of those requests, but be happy to do that. Review of plan design want to make sure they're meeting the City goals in terms of both benefits and costs and team with your other retained professions your Investment Consultants." Mr. Wilson then directed the Board of Trustees attention to the page entitled "Fees" and commented, "Our basic Fees which would include the annual Actuarial Value, and as Pete (Strong) mentioned, attendance at the Board Meeting to discuss the highlights and answer any questions that might arise; responding to any inquiries from the State, telephone conversations and preparing the annual employee benefits statements. That would be done for eighty -eight hundred and sixty -two [dollars] ($8,862.00) per year. That's developed based upon our billing rates and expectations of our expense. We do not charge for transition, so there wouldn't be any extra up front costs for that. This Fee would be guaranteed for two (2) years, so that eighty -eight [hundred] sixty -two [dollars] ($8,862.00) would be there for this current Valuation and the next Valuation and then it would only increase by the Consumer Price Index (CPI)." CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 8 OF 13 Continuing with the presentation, Mr. Wilson said, "The `Summary Plan Description', again, this was asked in the RFP (Request for Proposal), that's updated every two (2) years, we would have expected that to be about nineteen fifty [dollars] ($1,950.00) to that biannual update. Benefit determinations we have a database based upon the information reported for the Valuations each year. ti rte` The updated information in terms of pay, dates of termination service would be reported 111-C31 to us when someone is due a benefit. We would calculate the benefit they're due, including all options." Mr. Wilson added, "Preparation of Pension Service Buy -Back .ems n Calculations at four hundred dollars ($400.00). Processing documents to the extent you would have us do that a hundred and fifty dollars ($150.00). Special consulting, review J plan design, and we would quote a Fee for that. That would be based upon hourly rates." '=0 Mr. Strong addressed the transition plan and noted, "If we were to take over this Account the first step would be going to the Board to get the background information that we need. This would include copies of the Plan Documents, Ordinances and Statutes, the most recent Summary Plan Description. Then we'd get an employee census data since 10/1/2008 and census data prior to that date would usually be available from the prior firm, so we try to work with the old Actuary to get that data." Mr. Strong specified, "We would re- perform the most recent completed Actuarial Valuation for free, just to match and to make sure we are in line and question any differences that arise." Board Member Max Swaim inquired, "Do you provide a road map to go from here to there Mr. Wilson replied, "Yes and including all the financial implications. We'd get with the interested parties to determine what would be the issues, what they'd be looking to accomplish by the re- design and then recommend various options and include price tags to do that." Discussion. Board Member Ben McMahan inquired if they are saturated with work or if they are still growing. Mr. Strong replied, "We are still trying to grow our business." Discussion regarding Gabriel, Roeder Smith Company's growth patterns continued. Next, service level agreements were discussed. Mr. Wilson acknowledged they have performance ethics and noted, "We like to do Valuation once we get the data. Our standard is not to exceed sixty (60) days to get the Report back. We usually out perform that." Mr. Wilson continued, "To do a benefit calculation outside limit is two (2) weeks, we usually get it back sooner than that, so we do have standards. When we do a Study, it depends on the nature we generally look to three (3) to four (4) weeks we usually prepare an engagement letter which includes all that information." CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 9 OF 13 Mr. Strong explained, "The lowest amount we have done for an under- funded study has been around twenty -five hundred [dollars] ($2,500.00) and it goes up depending on what we're studying you could be looking upwards of seventy -five hundred [dollars] ($7,500.00) to ten thousand [dollars] ($10,000.00)." Further discussion continued regarding costs related to under funded plans. It was mentioned that people have paid more than ten thousand dollars ($10,000.00) for a full study. Mr. Wilson remarked, "Realistically for a Plan your size, if we're looking at F-� improvements, we might do a five (5) year projection. We don't think a one (1) year projection is appropriate." Vice Chairman Rozelle asked in regards to a transition, "What kind of a time frame are you looking at to pull everything together from October [20]'07, October [20]'08 'Mtn Mr. Wilson responded by saying, "Assuming things go smoothly, which means we're able to pretty much match the prior Actuary's numbers we think we could get that all done, plus the next year's work in the sixty (60) day period." Board Member Barbara Watkins added, "Does that include the October of 2009 Report, too a sixty (60) day turn around for that Mr. Wilson replied, "That would be for each Report, we understand your latest Report was as of 10/1/07, because we are well beyond that point, so if you're looking for us to do the 10/1/08, which we would be happy to do, we might think that might take sixty (60) days to do once we get that done, then we can immediately move to the 10/1/09." Discussion ensued regarding options and the State rules. Mr. Wilson mentioned, "If the Contract was Awarded and we got started in the first of December, we would have something by the end of January for you." Manager Smith asked about special Reports and inquired, "Do you have availability in the spring of the coming year to focus on such a Report if you were asked to do so? Do you have the staffing availability Mr. Wilson replied, "We sure do." Next, Chairperson Fair addressed the invoice for a special study cost the City of Winter Springs received from Retirement Plan Specialists, Inc. and asked, "Can you give us any additional information on what that was Mr. Wilson explained, "We had a Contract with the State to review about 200 Actuarial Valuations." Mr. Wilson reported, "Where we found issues with the Reports, then as part of the Contract, we were required to go to the Actuary." Chairperson Fair commented, "So, there were a lot of inconsistencies in our Actuary's Report, so those had to be corrected by our Actuary and then re- submitted so that you would be able to recommend to the State to approve it Mr. Wilson stated, "Let me just say it just wasn't in Compliance with the State reporting requirements to the extent it was materially out of Compliance, where based on the information we couldn't determine that the Fund was being properly funded." CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 10 OF 13 Chairperson Fair requested, "Could you possibly give some kind of communication with Kevin (Smith) on that Mr. Wilson then informed the Board of Trustees, "I would have to check with the State to make sure it's not confidential." Chairperson Fair summarized, "Just the areas that should have been in the Report, that were not; is more of what I am looking for." Discussion ensued regarding if there was any conflict with Gabriel, Roeder, Smith Company being involved with the City of Winter Springs previous Actuarial Review process and it was agreed that they should not be disqualified. Chairperson Fair advised that, "We are just the Advisory Board and what we do is make a recommendation to •ems Kevin (Smith) to take before the Commission which will not be until November 9 [2009] and it will be the Commission that really makes the underlying decision." Discussion. Mr. Wilson distributed copies of the Gabriel, Roeder, Smith Company October Newsletter. A Recess was called at 8:52 p.m. Chairperson Fair reconvened the Special Meeting at 8:56 p.m. REGULAR 603. Office Of The City Manager Requesting The Board Of Trustees To Interview Prospective Actuarial Firm Bolton Partners, Inc. Mr. Jeffrey A. DeLisle, Senior Benefit Consultant, Public Plan Specialist, Bolton Partners, Inc., 7279 Panache Way, Boca Raton, Florida: addressed the Board. Mr. Thomas B. Lowman, FSA, EA, Chief Actuary and Director of Retirement Plan Practice, Bolton Partners, Inc., 7279 Panache Way, Boca Raton, Florida: also spoke to the Board Members. Mr. DeLisle and Mr. Lowman provided the Board of Trustees with an Actuarial Services presentation. Mr. DeLisle pointed out that they specialize in Public Employee Plans throughout the country and have an office in Boca Raton, Florida and then noted, "We review Pensions Plans day in and day out we have a great deal of experience of looking at those Plans, analyzing those Plans for the Government." Further comments continued. Tape 2 /Side B CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 11 OF 13 Mr. Lowman then presented information regarding Governmental Accounting Standards Board (GASB) Surveys of Investment Assumptions for large and small Plans. Continuing, Mr. Lowman stated, "These are our Fees, the Valuation, basically twelve thousand dollars ($12,000.00) for the Valuation the only real Base Fixed Fee is sixteen thousand [dollars] ($16,000.00). You had some benefit calc[ulations], we charge per benefit calc[ulation] and benefit statement it is around nine thousand [dollars] ($9,000.00)." Mr. Lowman added, "Ad hoc analysis it depends on what they are, we a gave you hourly rates and that varies." Discussion. Board Member McMahan specifically asked, "On time delivery, might mean one thing to =3 you, it means something else to us, can you work with Kevin (Smith) or the Board and say here's the service Agreement, we will stand by it, whether it's a week or two (2) weeks for certain things, or do you negotiate as you go Mr. Lowman responded, "We can negotiate Fee discounts for things that are late I would probably cap them out at ten (10), fifteen percent (15 Additional questions about Fees and the accuracy of the cost detailed in the presentation ensued. Mr. Lowman indicated, "This is partly based on what we think the going rate is in Florida, partly based on the size and complexity of your Plan." Discussion continued regarding negotiations based on the Consumer Price Index (CPI). Board Member Swaim said to Mr. Lowman, "In the event when you complete your work and it's determined our Plan is a troubled Plan, what do you offer where do you go from there Mr. Lowman replied, "It is important for me that you know what your Plan really is costing." Mr. Lowman added, "When you say we can't afford this then we end up in the discussion of what are we going to do about it, and that's where I give you ideas." Clarification of Bolton Partners, Inc. locations ensued including which employees were located in Boca Raton. Discussion developed regarding expenses and under funded past service liability. Mr. Lowman remarked, "I just think you need to start planning for the future what would the cost be based on the market value of assets today and what would the cost be based on not burdening tax payers thirty (30) years from now for this cost Chairperson Fair questioned, "For a special study, such as do we have the right Plan design, could you give us some kind of range of what something like that might cost for a similar size Plan?" Mr. Lowman provided ranges from one thousand dollars ($1,000.00) to twenty nine thousand dollars ($29,000.00). Further discussion ensued on the Fee breakdown. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 12 OF 13 Manager Smith remarked, "Our Actuary Report for the year Plan ending September 30 [20]'09 has not been completed yet could you complete that Report and what type of time frame would you see in getting that Report complete including transition Mr. Lowman answered, "The good news is there'll be a lot of Valuations Fees real quick I'll have to get two (2) Valuation Fees instead of one (1). We'll get it done. You need to understand I probably need all the data and probably need about two (2) months and a meeting with the Trustees." Concerns about staffing and timing for special studies were addressed. ~mob A Recess was called at 9:35 p.m. Chairperson Fair reconvened the Special Meeting at 9:37 p.m. Manager Smith announced, "I would respectfully ask at this point after hearing both presentations I would ask the Chair to entertain a Motion to recommend one of the firms to the City Commission for Approval to be our new Actuarial Firm. Upon that affirmation of that Vote, I will take that Agenda Item to the next Commission Meeting which would be November 9 [2009]." Discussion. "I MOVE THAT WE NOMINATE GRS [GABRIEL, ROEDER, SMITH COMPANY]." MOTION BY BOARD MEMBER SWAIM. SECONDED BY BOARD MEMBER WATKINS. DISCUSSION. VOTE: CHAIRPERSON FAIR: NAY BOARD MEMBER WATKINS: AYE VICE CHAIRMAN ROZELLE: AYE BOARD MEMBER SWAIM: AYE BOARD MEMBER McMAHAN: AYE MOTION CARRIED. Discussion proceeded regarding the invoice from Retirement Specialists, Inc. which the City of Winter Springs has paid. Manager Smith commented, "I can certainly ask her to give me the money back." Vice Chairman Rozelle asked, "Can we get the copies of all the bills that were submitted that weren't even paid Manger Smith replied, "I didn't intend to pay them." Chairperson Fair concluded, "At the January Meeting, if you would please give us some report back on that, we would greatly appreciate it." CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING OCTOBER 27, 2009 PAGE 13 OF 13 ADJOURNMENT Chairperson Fair adjourned the Regular Meeting at 9:50 p.m. RESPECTFULLY SUBMITTED: GAYLE COUTANT ASSISTANT TO THE CITY CLERK NOTE: These Minutes were approved at the 2010 Board of Trustees Regular Meeting.