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HomeMy WebLinkAbout2025 08 19 Board of Trustees Regular Meeting Minutes.pdfCITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING AUGUST 19, 2025 (Rescheduled from August 14, 2025) CALL TO ORDER Chairperson Marco Santoro called the Regular Meeting of Thursday, August 19, 2025, of the Board of Trustees to order at 5:32 pm in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Chairperson Marco Santoro, present Vice -Chairperson Arif Fareed, present Board Member Michael Blake, present via telephone Board Member Brandon Fair, present Board Member David Withee, absent City Clerk Christian Gowan, present Also present: Mr. Dave West, Senior Consultant, Mariner, 531 West Morse Blvd., Suite 200, Winter Park, Florida Mr. Jack Evatt, Director, Institutional Advisory Services, Mariner Ms. Holly Queen, Director, Finance Department Mr. Brian Dunigan, Director, Operations Department AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT Chairperson Santoro opened Public Input. No one addressed the Board. Chairperson Santoro closed Public Input. CONSENT AGENDA 300) Approval of the Thursday, May 8, 2025 Board of Trustees Regular Meeting Minutes "MOTION TO APPROVE ." MOTION BY CHAIRPERSON SANTORO. SECONDED BY BOARD MEMBER FAIR. DISCUSSION, VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 4-O. PUBLIC HEARINGS AGENDA 400. Not Used CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REG U LAP M EETING - AUG UST 19, 2025 PAGE 2OF2 REGULAR AGENDA 500) Quarterly Investment Return Report from Mariner Mr. West introduced Mr. Jack Evatt who would be attending upcoming meetings alongside Mr. West who was in the process of retiring. Mr. West then presented the quarterly investment report, discussed the economic impact of tariffs and associated uncertainty, reviewed the Treasuries yield curve, and discussed the bond market. Mr. West recommended that the Board close out their stake in the Vanguard Short Term Bond Index Fund and transfer that to the PIMCO Diversified Income Fund. Additionally, Mr. West recommended taking $1 million from receipts and disbursements and placing that in the previously mentioned PIMCO fund. Mr. West noted previous discussion on asset allocations where the fund was overweight and nearing the policy limits. Mr. West recommended a two percent reduction in domestic equity to be invested in the PIMCO Diversified Income Fund. Discussion followed on remaining deposits expected this fiscal year, the run rate, and differing approaches seeking growth and balancing fiduciary responsibilities. "MOTION TO CLOSE OUT THE VANGUARD SHORT TERM BOND INDEX FUND (VSCSX) AND PLACE FUNDS IN THE PIMCO DIVERSIFIED INCOME FUND (PDIIX) AND ADDITIONALLY MOVE $1 MILLION FROM RECEIPTS AND DISBURSEMENTS TO PDIIX." DISCUSSION. VOTE: BLAKE (AYE); FAIR (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 4-0. "MOTION TO MOVE $1.6 MILLION FROM VANGUARD TOTAL STOCK MARKET INDEX (VITSX) TO THE PIMCO DIVERSIFIED INCOME FUND (PDIIX):MOTION BY BOARD MEMBER FAIR. SECONDED BY VICE -CHAIR FAREED, DISCUSSION, VOTE: BLAKE (NAY); FAIR (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED 3-1. REPORTS PUBLIC INPUT Chairperson Santoro opened Public Input. No one addressed the Board. Chairperson Santoro closed Public Input. ADJOURNMENT Chairperson Santoro adjourned the Regular Meeting at 6:49 p.m. RESPECTFULLYSUBMITTED: Got P o raeo a 1954 CHRISTIAN D. GOWAN, MPA, CMC CITY CLERK wv fl� NOTE: These Minutes were approved at the Apri19, 2026 Board of Trustees Regular Meeting.