Laserfiche WebLink
Pettriajt Board of Tt•ttstees' Meeting <br />August 16, 2005 <br />Prrge 2 <br />Tl~e Trusco Capital Management Repot•t was accepted and no formal actio~r eieeded to be taken by the <br />Boat•d. <br />IV. Perfor•rarance Marra~er Pe•esentation by Milce Wellcer• - Bogdahn Cousultirrg <br />Mr. Mike Welket•, Bogdahan Consulting, presented the performance evaluation report of the <br />investment manager, Trusco Capital Management for he quarter ending June 30, 2005. Mr. <br />Welker expressed concerns to the board regarding Trusco's performance over the last three yeat•s, <br />i.e, asset allocation and manager changes. He indicated that Trusco had under performed the <br />index, which is 60-40 mix between stock and bonds. He stated that because of the recent <br />performance of Trusco, he would recommend to the Board that they be authorized to initiate a <br />search for alternative investment managers to allow more flexibility with outside funds. A $2,100 <br />fee to Bogdahn is associated with this search. The consensus of the Board was to allow Trusco <br />another quarter using their SAS Pragratn and re-evaluate Truseo's performance before making <br />this decision. Mr, Welker will present comparative reports and alternative managers comparisons <br />at the next meeting. <br />Mr. Christiansen reconm~ended the Board authorize a contract addendum to allow SuttTrust to use <br />their SAS Program (includes other mutual funds) and authorize the secretary and chairman to <br />execute the contract in time for the next meeting. <br />MOTION: Moved by Police Chief John Pavlis to authorize the Board Attorney to <br />draft au addendum to 1}er~nit Trusco to invest in their SAS Progratir <br />and authorize the Chairman and Secretary to sign the addendumn. The <br />motion was seconded by Mr. Franl~ Sciiutte acid carried unanimously <br />by voice vote. <br />Tlie complete report submitted by Bogdahn is available for inspection with the City Clerk of the <br />City of Casselberry. The Report was accepted at~d no formal action needed to be Taken by the <br />Board. <br />V. Methodology for Replacement of Irivestrnerrt Manager's aril Advisory Personnel <br />This item was covered under the Bogdahn Report. <br />VI. Investment Policy (TaUled ~Irure 2, 2005) <br />The following changes to the Investment Policy were reconltnettded by Bogdahn and outlined by the <br />Board Attorney as follows: <br />Section III 3(a) - Authorizd Investments <br />Pension Bortrrl of Ti•ttstees' Meetbtg <br />