PB Minutes 09/11/2008 - Laserfiche WebLink

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Police/Fire Pension Board Meeting September 11, 2008 Page 2 Mingled Fund for the quarter ending June 30, 2008. The complete report as submitted by Mr. Welker is available for inspection with the Records Management Liaison Officer. The Pension Plan investments were distributed among domestic equities (45.9%), international equities (6.1%), fixed income (37.7%) and cash (10.2%). The market value of all assets was $4,611,016 at June 30, 2008. Market values for equities were down but not to the extent of major indices. Market values for fixed income investments were driven down also even though they were performing normally. Bogdahn Consulting does not recommend any change in investment strategies and is satisfied with the performance of investment managers. The current allocation of invested assets between managers is: Manning and Napier-65%; Galliard Capital Management 35%. Galliard Capital Management needs to be authorized to perform trades that lead to the distribution of funds between Galliard and Salem Trust. Discussion followed about whether a Board Member should authorize trades or should authority be delegated to Mike Welker on behalf of the Board. MOTION: Moved by Sgt. William Nas to authorize Mike Welker to provide trade confirmations for funds that are leaving Salem Trust to GaIIiard and confirmations of money leaving GaIIiard and going back to Salem Trust. Motion was seconded by Firefighter William Jensen and approved unanimously on a 3-0 voice vote. An addendum to the Investment Policy was presented and discussed. It set a primary objective to achieve over a longer term (3 to 5 years) an investment target in excess of the Russell 3000 index. It set a secondary objective to rank in the top 40% of similarly managed portfolios. Manning & Napier presented a "Goals Statement Letter" for signature that appeared to compete with the Investment Policy. It was decided not to execute the M & N Goals Statement Letter at this time. MOTION: Motion by Sgt. William Nas to approve the Addendum to the Investment Policy. Motion was seconded by Firefighter William Jensen and approved unanimously on a 3 - 0 voice vote. 6 Approval of Expenditure Report In a letter dated September 11, 2008 from Randy Newlon, Finance Director, the following invoices were submitted for Board Approval: · Bogdahn Consulting - June 26, 2008 - $2,625.00 · Christiansen & Dehner - April 30, 2008- $346.80 · Christiansen & Dehner May 31, 2008 - $1,050.09 · Christiansen & Dehner - June 30, 2008 - $29.00 · GaIIiard Capital Management - March 31, 2008 - $1,093.83 · Manning & Napier - June 10,2008- $5,093.80 · Salem Trust - July 18, 2008 - $750.00 MOTION: Moved by Sgt. William Nas to approve the Expenditure Report as presented in the letter dated September 11, 2008 from the Finance Director. Motion was seconded by Firefighter William Jenson and carried unanimously on a 3 - 0 voice vote.