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HomeMy WebLinkAbout2025 11 20 Board of Trustees Regular Meeting Minutes [NO QUORUM].pdfBOARD OF TRUSTEES REGULAR MEETING MINUTES NOVEMBER 20, 2025 Rescheduled from November 73, 2025 CITY HALL -COMMISSION CHAMBERS CITY OF WINTER SPRINGS, FLORIDA CALL TO ORDER City Clerk Christian Gowan called the Regular Meeting of Thursday, November 20, 2025, of the Board of Trustees to order at 5:30 pm in the Commission Chambers (City Hall, 1126 East State Road 434, Winter Springs, Florida32708). Roll Call: Chairperson Marco Santoro, absent Vice -Chairperson ArifFareed, absent Board Member Michael Blake, present 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 of Institutional Advisory Services, Mariner Ms. Holly Queen, Director, Finance Department Mr. Brian Dunigan, Director, Operations Department The City Clerk noted that without a quorum, no formal actions could betaken, but an informal discussion could proceed on time -sensitive matters. 500. Quarterly Investment Return Report from Mariner Mr. Dave West of Mariner briefly discussed the quarterly investment return report and noted the fund achieved a 12.09% one-year return net of investment manager fees, placing in the top llth percentile of comparable funds. The portfolio ended the fiscal year with a value of $84,275,375, representing approximately $7,800,000 in appreciation and $1,400,000 in income. Mr. West noted that all management changes recommended at previous meetings had been completed, including the RBC to DFA transition. He also reported that the Crescent Direct Lending Fund is nearly closed out, with just $3,700 remaining from the original $2,000,000 investment, and had achieved its target expectations with a return of approximately 7%. Board Member Blake inquired about the status of real estate fund redemptions. Mr. West indicated that while no material changes had occurred in the redemption queues, both funds were becoming more optimistic about the pace of redemptions increasing as real estate markets show improvement. 501. Update to the Investment Policy Statement The board discussed necessary updates to the Investment Policy Statement, particularly the requirement to add language regarding Florida Statute 215.4725 by December 15, which prohibits doing business with entities that boycott the state of Israel. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - NOVEMBER 20, 2025 PAGE20F2 Board Member Blake noted that the existing asset allocation targets between broad market fixed income (10%) and non -core fixed income (15%) appeared to be reversed from what would be traditional. This was identified as an issue to revisit in the future but not considered time -critical. Mr. Evatt explained that the practical impact of the statutorily required Israel boycott language would be negligible, asthe administration would follow the same compliance process currently used for other similar requirements. The board agreed that the proposed IPS updates should be presented to the Commission at their December 8th meeting, noting that while no formal recommendation could be made due to lack of quorum, the statutory deadline necessitated timely action. *THE AGENDA BELOW WAS NOT DISCUSSED DUE TO THE ABSENCE OF A QUORUM* AWARDS AND PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA 200. Not Used PUBLIC INPUT CONSENT AGENDA 300) Approval of the Thursday, August 19, 2025 Board of Trustees Regular Meeting Minutes PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA 500) Quarterly Investment Return Report from Mariner 5011 Update to the Investment Policy Statement REPORTS PUBLIC INPUT ADJOURNMENT RESPECTFULLY SUBMITTED: CHRISTIAN D. GOWAN, MPA, CMC CITY CLERK Arm, (eo 1 p o "armYt a � 195() .a l�0/e ,Cau,mty �`o NOTE: These Minutes were approved at the Apri19, 2026 Board of Trustees Regular Meeting.