PB 02/17/2009 Minutes - Laserfiche WebLink

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Police/Fire Pension Board Meeting Febr'rrary I7, 2QD9 Page 2 • 6. Acceptance of the Finarcial Rei~orts The Financial Reports from Manning and Napier, Galliard Capital Management and Salem Trust were accepted by the board. Copies of the reports as submitted are available for IrlSpeetloll with the Records Management Liaison Officer. 7. Presentation by Rob Little - Bo~clt3lii~_Consulting Mr. Rob Little representing Bogdahn Consulting presented the performance evaluation report for the Investment Managers, Manning & Napier and Galliard Capital Management. They managed the co-mingled fund for the quarter ending December 3I, 2008. The complete report as submitted by Mr. Little is available for inspection with the Records Management Liaison Officer. Performance far the gLiarter was extremely poor and reflected a severe downturn in the markets and the Struggling economy. The performance of the Galliard Fixed Income portfolio was especially troubling. The results were we[I below the fixed income policy for the Pension Plan. Board member Harold Stewart suggested that a representative from Galliard should came to the next meeting to explain. Mr. 1,ittle said ha would have someone eotne to the May meeting. A revised Investment Policy Statement was distributed by Mr. Little for Board consideration. Proposed changes were indicated in red. Board members were asked to compare the proposed policy with the one now in place. The proposed investment policy will be revisited during the May meeting and the Board will be asked for approval. S. Approval of Expenditure Report hi a letter dated February 10, 2009 from Randy Newlon, Finance Director, the following invoices were submitted for Board Approval; • Bogdahu Consulting, LLC. -December 29, 2008 - $2,625.00 Christiansen & Delmer, P.A. -0ctober 31, 2008 - $1,829.22 + Christiansen & Definer, P.A. -November 30, 2008 - $1,36796 • G~cistiansen & Definer, P.A. -December 31, 2008 - $29.30 + Foster & Foster, Inc. -December 18, 2008 - $8,831.00 • Galliard Capital Management -September 30, 2008 - $ 1,053.44 o Manning & Napier -December 8, 2008 ~ $3,786,39 o Salem Trust -October 10, 2008 - $750.00 MOTION: Moved by William Nas to approve the Expenditure Report as presented in the letter dated February 10, 2009 from the Finance Director. Motion was seconded by Mr•. Daniel Glancy and carried unanimously on a 5 - 0 voice vote. 9. Return of Contributions o Michael Barilari - $123.78 • Sigl'red Marquez - $580.88 • Erika Biro - $68095