HomeMy WebLinkAbout2015 11 19 Consent 300 Unapproved Minutes from the August 18, 2015 Regular Meeting CITY OF WINTER SPRINGS, FLORIDA
MINUTES O
BOARD OF TRUSTEES g
REGULAR MEETING Q
AUGUST 18, 2015 Q:
(RESCHEDULED FROM AUGUST 11, 2015)
CALL TO ORDER
The Regular Meeting of Tuesday August 18. 2015 (rescheduled from August II 2015)
of the Board of Trustees was called to Order by Chairperson Barbara Watkins at 5:30
p.m. in the Commission Chambers of the Municipal Building (City Hall, 1126 East State
Road 434, Winter Springs, Florida 32708).
Roll Call:
Chairperson Barbara Watkins, present
Vice-Chairperson Frank Mundo, present
Board Member Brian Fricke,present
Board Member Geoff Kendrick. absent
Board Member Robin Paris, present
Assistant to the City Clerk Antonia Della Donna, present
A brief moment of silence was followed by the Pledge of Allegiance.
No Agenda Changes were made
AWARDS AND PRESENTATIONS
AWARDS AND PRESEN[A I IONS
100. Not Used
INFORMATIONAL AGENDA
INFORMATIONAL
200. Not l.lscd
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PUBLIC INPUT
Chairperson Watkins opened Public Input Q
No one addressed.the Board of Trustees.
Chairperson Watkins closed Public Input
CONSENT AGENDA
coNSF Nr
300. Office Of The City Clerk
The Office Of The City Clerk Is Requesting The Board Of Trustees Review And
Approve The Tuesday, May 12, 2015 Board Of Trustees Regular Meeting Minutes.
"I WILL SO MOVE THAT WE APPROVE THE MAY 121", (2015) MINUTES."
MOTION BY VICE-CHAIRPERSON MUNDO. SECONDED BY
CHAIRPERSON WATKINS. DISCUSSION.
VOTE.
VICE-CHAIRPERSON MUNDO: AYE
BOARD MEMBER PARIS: AYE
CHAIRPERSON WATKINS: AYE
BOARD MEMBER FRICKE. AYE
MOTION CARRIED.
400. REPORTS
No Reports were given.
PUBLIC HEARINGS AGENDA
PI.BLIP MA RINGS
500. Not Used __
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MINI 1 ES
BOARD OF till
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REGULAR AGENDA
REGULAR =Le
600. Finance And Administration Services Department
The Finance And Administrative Services Department Requesting The Board Of
Trustees Receive From The Bogdahn Group The Third Quarter Investment Return ""�,►
Report,And To Enter Into Discussion. ':1
Chairperson Watkins called a Recess at 5 32 p m.
The Meeting reconvened at 6414 p.m
Air Dave West, Senior Consultant, The Bogdahn Group, 4901 Vineland Road, Sane 600,
Orlando, Florida addressed the Third Quarter briefly and referenced Page 2 of the
"Investment Return Report'
Continuing, Mr. West touched on material items, concerns about China, global growth.
the depreciation of the US Dollar, quarter performance for various indices, and interest
rates. Regarding the Barclays Capital U_S. Corporate Investment Grade Index, Mr. West
added, "There were some credit concerns floating around, obviously, with Greece and
Puerto Rico which did have some ancillary effect. But just to be clear, the duration
measure, or the interest rate sensitivity measure, of that Index is much longer than the
Aggregate Index which is why that benchmark suffered so much."
Mr. West commented further on real estate allocation and noted, "W e squeaked out just
under a half of a percent of return and actually ended up fairly a whole lot better than the
rest of public plan universe where the average or median return was negative point one
four 4-0.14%)." Mr West then remarked further about benchmarks, peer group rankings,
and the Florida Retirement System. Mr. West stated, "So, all in, we re in good shape.
We do need some decent Markets between now and year end though to close that gap."'
Discussion followed on the Domestic Equity Portfolio, a rotation out of an income
producing equities into growth equities, and high dividend earning stocks. On Page 19,
Mr. West continued, "ROC [Global (Voyageur)] - astoundingly successful active
Manager, had another great quarter." Additional comments followed on various indices
and funds.
Brief discussion on the Crescent Direct Lending Fund
Mr. West mentioned cash flows, net transfers, contributions, management fees.
investment earnings, and asset allocations, Continuing, Mr. West stated, "The
recommendation is to not take any actions between—at least between now and the close
of the fiscal year.you know and let everything run as it is currently positioned."' Further
discussion.
CI FY'OF WIN I ER SPRINGS,FLORIDA
MINI 11:5
BOARD OF TRUSTEES
REGULAR MEETING- AVM ISt id,2035
RCSCHLDI FLED FROM Al GUST I I,2015J
PAGE 4f∎14 ra y
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PUBLIC INPUT
Chairperson Watkins opened Public Input RE
No one spoke.
Chairperson Watkins closed Public Input
ADJOURNMENT
Chairperson Watkins adjourned the Regular Meeting at 6:21 p.m.
RESPECTFULLY SUBMITTED•
ANTONLA DELLA DONNA
ASSISTANT TO THE CITY CLERK
NOTF I lies e Mtnuics vv ere Approved at the al Bond Al 1 l mixes Regular Meeting