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HomeMy WebLinkAbout2026 04 09 Board of Trustees Regular Meeting Minutes�Op yy�TK�/ REGULAR MEETING MINUTES APRIL 9, 2026 Rescheduled from February 12, 2026 CITY HALL —COMMISSION CHAMBERS ' CITY OF WINTER SPRINGS, FLORIDA CALL TO ORDER City Clerk Christian Gowan called the Regular Meeting of Thursday, April 9, 2026, of the Board of Trustees to order at 5:30 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 Board Member Brandon Fair, present Board Member Karl Furno, present 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 Mr. Kevin Sweet, City Manager Ms. Holly Queen, Director, Finance Department Mr. Brian Dunigan, Director, Operations Department REGULAR AGENDA -PART I 500. Election for Chairperson of the Board of Trustees for Calendar Year 2026 BOARD MEMBER BLAKE NOMINATED BOARD MEMBER MARCO SANTORO TO SERVE AS THE CHAIR FOR 2026. SECONDED BY BOARD MEMBER FAIR. NO OTHER NOMINATIONS WERE MADE AND THE MOTION CARRIED UNANIMOUSLY (5-0). 501. Election for Vice -Chairperson of the Board of Trustees for Calendar Year 2026 BOARD MEMBER BLAKE NOMINATED BOARD MEMBER ARIF FAREED TO SERVE AS THE VICE - CHAIRPERSON FOR 2026. SECONDED BY BOARD MEMBER FAIR, NO OTHER NOMINATIONS WERE MADE AND THE MOTION CARRIED UNANIMOUSLY (5-0). AWARDS AND PRESENTATIONS 100. Not Used CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING -APRIL 9, 2026 PAGE 2 OF 2 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, August 19, 2025 Board of Trustees Regular Meeting Minutes No discussion. 301) Approval of the Thursday, November 20, 2025 Board of Trustees Regular Meeting Minutes Brief discussion followed where it was noted that the November 20, 2025 document did not constitute official minutes as no quorum was present at that meeting. The Board acknowledged this distinction for the record, and the City Clerk indicated the document would remain filed under minutes for administrative purposes. MOTION TO APPROVE THE MINUTES OF THE AUGUST 19, 2025 REGULAR MEETING AND THE NOVEMBER 20, 2025 MEETING NOTES. MOTION BY BOARD MEMBER BLAKE, SECONDED BY BOARD MEMBER FAIR. VOTE: SLAKE (AYE); FAIR (AYE); FURNO (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED: 5-0. PUBLIC HEARINGS AGENDA 400. Not Used REGULAR AGENDA —PART II 502) Quarterly Investment Return Report from Mariner Jack Evatt and David West of Mariner presented the quarterly investment report for the period ending December 31, 2025. David West noted that he is in the process of transitioning out of the firm after 40 years, and that Jack Evatt would lead client services going forward. Mr. Evatt reviewed the Q4 2025 economic environment and noted generally strong conditions supported by Federal Reserve rate cuts and broader equity market performance, alongside emerging inflationary pressures and uncertainty in future rate direction. He reported that the fund returned 2.34% for the quarter, in line with its benchmark and outperforming most peer plans, with continued strong long-term results. Mr. Evatt noted that investment performance across asset classes met expectations overall, with strength in fixed income, while the Board continues to exit its private real estate holdings, including one near full liquidation and another that experienced a modest loss due to a forced property sale. Discussion followed on concerns about the office sector, the timing of real estate redemptions, and the CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - APRIL 9, 2026 PAGE 3OF2 historical role of real estate in the portfolio. The Board also recognized that its current real estate allocation target is outdated and may warrant a broader asset allocation review given the plan's improved funded status and reduced need for risk. MOTION TO DIRECT THE INVESTMENT CONSULTANTS TO CONDUCT AN ASSET ALLOCATION STUDY AND PRESENT FINDINGS AT THE NEXT MEETING, MOTION BY BOARD MEMBER BLAKE. SECONDED BY VICE CHAIR FAREED. VOTE: SLAKE (AYE); FAIR (AYE); FURNO (AYE); FAREED (AYE); SANTORO (AYE) MOTION CARRIED: 5-0 Discussion followed on the City's contribution levels and City Manager Kevin Sweet confirmed planned contributions above the actuarial minimum for FY 2026 and FY 2027 and noted broader fiscal pressures. The Board emphasized the importance of planning for scenarios involving reduced contributions. Mr. Evatt provided a brief update on the Crescent private debt funds and noted both were largely wound down, have performed strongly since inception, and present no current concerns. The Board also recognized David West on the occasion of his final meeting and thanked him for his longstanding service and contributions to the fund's success. REPORTS City Manager Kevin Sweet addressed the Board to provide an update on ongoing efforts to improve the competitiveness of the defined benefit plan for sworn officers and other eligible employees. He outlined a two-phase approach undertaken in response to recruitment and retention challenges in the police department, the first phase having addressed compensation and the second focused on retirement benefit provisions. City Manager Sweet noted five proposed benefit scenarios were being studied, including: (1) increasing the maximum benefit accrual cap; (2) increasing pensionable overtime hours from 150 to 300; (3) establishing normal retirement eligibility upon 30 years of service regardless of age; (4) creating a Deferred Retirement Option Program (DROP); and (5) adding an automatic 2% annual cost -of -living adjustment (COLA) commencing three years after retirement. City Manager Sweet noted that three hybrid scenarios combining elements of the above had also been requested and further noted that the actuarial consultant, GRS, was expected to deliver an updated 30-year projection — based on October 1, 2025 actual data — on May 8, 2026, in advance of the Board's next meeting on May 13, 2026. Brief discussion followed on the role of the Board as an advisory body. PUBLIC INPUT Chairperson Santoro opened Public Input. No one addressed the Board. Chairperson Santoro closed Public Input. ADJOURNMENT Chairperson Santoro adjourned the meeting at 6:55 p.m. RESPECTFUL LYSUBMI TIED: /j oo� CHRISTIAN D. GOWAN, MPA, CIVIC CITY CLERK � inter CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING -APRIL 9, 2026 PAGE 4OF2 S ,off. Goy p rare o- �, 0 County NOTE: These Minutes were approved at the May 14, 2026 Board of Trustees Regular Meeting.