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<br />CITY OF CASSELBERRY <br /> <br />POLICE OFFICERS' AND FIREFIGHTERS' PENSION BOARD OF TRUSTEES <br /> <br />The Police Officers' and Firefighters' Pension Board of Trustees met on Thursday, September 11, <br />2008 at 10:00 a.m. in the Casselberry City Hall Commission Chambers, 95 Triplet Lake Drive, <br />Casselberry, Florida, 32707. <br /> <br />TRUSTEE MEMBERS PRESENT: <br />John J. Pavlis, Chairman <br />Sgt. William R. Nas, Vice Chairman <br />Firefighter William Jensen, Secretary <br /> <br />TRUSTEE MEMBERS ABSENT: <br />Daniel C. Glancy, Member <br />David 1. Gonzalez, Member <br /> <br />STAFF/OTHERS PRESENT: <br />Sue Maddox, Records Management Liaison Officer <br />Randy Newlon, Finance Director <br />Scott Christiansen, Board Attorney <br />Mike Welker, Investment Consultant <br /> <br />1. Call to Order with Pled!!e of AIle!!iance <br /> <br />The September 11, 2008 Meeting of the Police Officers' and Firefighters' Pension Board was <br />called to order with the Pledge of Allegiance by the Chairman at 10: 1 0 a.m. in the City Hall <br />Commission Chambers. The Agenda had been duly posted and circulated to the Board Members <br />by the Records Management Liaison Officer for the Board. <br /> <br />2. Introduction of Members and Guests <br /> <br />The Pension Board Members, Staff and guests were introduced. <br /> <br />3. Approval of Minutes - Mav 20. 2008 <br /> <br />MOTION: <br /> <br />Moved by Sgt. William Nas to approve the minutes of the May 20, 2008 <br />motion as presented. Motion was seconded by Firefighter William Jensen <br />and carried unanimously on a 3- 0 voice vote. <br /> <br />4 Acceptance of the Financial Reports <br /> <br />Presentation for Manning and Napier was reported by Christopher Long and Greg Woodard. The <br />market value of the plan for the period ending August 31, 2008 was $2,656,000 (equities only) <br />with time-weighted return being down 5.4% for the year to date. The loss compares favorably to <br />the results of the S & P 500 (down 11.13%) and the Russell 3000 (down 14.11%) for the same <br />period. The Financial Reports from Manning and Napier, Galliard Capital Management and <br />Salem Trust were accepted by the board. Copies of the reports as submitted are available for <br />inspection with the Records Management Liaison. <br /> <br />5 Presentation bv Mike Welker - Bo!!dahn Consultin!! <br /> <br />Mr. Mike Welker, Representing Bogdahn Consulting, presented the performance <br />evaluation report for the Investment Managers, Manning & Napier, and Galliard Co- <br />