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HomeMy WebLinkAbout2015 08 18 Board of Trustees Regular Meeting MinutesCITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING AUGUST 18, 2015 (RESCHEDULED FROM AUGUST 11, 2015) CALL TO ORDER The Regular Meeting of Tuesday, August 18, 2015 (rescheduled from August 11, 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 PRESENTATIONS 100. Not Used INFORMATIONAL AGENDA INFORMATIONAL 200. Not Used CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - AUGUST 18, 2015 (RESCHEDULED FROM AUGUST 11, 2015) PAGE 2 OF 4 PUBLIC INPUT Chairperson Watkins opened "Public Input". No one addressed the Board of Trustees. Chairperson Watkins closed "Public Input". CONSENT AGENDA CONSENT 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 12TH, (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 PUBLIC HEARINGS 500. Not Used CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING - AUGUST 18, 2015 (RESCHEDULED FROM AUGUST 11, 2015) PAGE 3 OF 4 REGULAR AGENDA REGULAR 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. Chairperson Watkins called a Recess at 5:32 p. m. The Meeting reconvened at 6:04 p. m. Mr. Dave West, Senior Consultant, The Bogdahn Group, 4901 Vineland Road, Suite 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, "We 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 (- 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, "RBC [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. CITY OF WINTER SPRINGS, FLORIDA MINUTES BOARD OF TRUSTEES REGULAR MEETING — AUGUST 18, 2015 (RESCHEDULED FROM AUGUST 11, 2015) PAGE 4 OF 4 PUBLIC INPUT Chairperson Watkins opened "Public Input ". No one spoke. Chairperson Watkins closed "Public Input". ADJOURNMENT Chairperson Watkins adjourned the Regular Meeting at 6:21 p.m. RESPECTFULLY SUBMITTED: A ONIA DELL A ASSISTANT TO THE CITY CLERK NOTE: These Minutes were Approved at the November 19, 2015 Board of Trustees Regular Meeting.