PB 02/17/2009 Minutes - Laserfiche WebLink

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Police/Fi~•e Pension Board Meetifig February 17, 2409 Page 2 It was expected that a representative from Galliard Capital Management would be present to address the Board. It was scheduled but at the last minute the visit was cancelled due to unavoidable circumstances. The presentation by Galliard Capital Management will be rescheduled for the August meeting of the Pension Board, The stock market continued to fall in value during the first two months of the quarter. Mr. Welker compared the market to a "100 year flood" type of disaster. The market bottomed at the end of February but led by the technology sector began to rise again in March, 2009. Mr. Welker _...._ comrrierzted that there was $3 Tz'ilTiozz invested in cash or rrzoney markets that could return to the stock market. The equity portfolio was down 5.49% at the end of the quarter. Investment Policy ("Policy") standards would call for results that at least amounted to a loss of 1 l .3%. Investment results for the equity portfolio though a loss did exceed expectations by S91%, The fixed income porifoIio managed by Galliard Capital Management increased in value during the quarter ended March 3I, 2009. The increase was 2.37% compared to Policy of ,91%, The- increase exceeded expectations for the quarter by 1.46%. However, year to date, the portfolio has experienced Iosses of 2.4% compared to Policy that would tail for appreciation of 3.39%. The portfolio has lagged expectations by 5.79%. Concern was raised at the Febzuazy board meeting and was repeated again. Mr. Welker explained that there were, "complex reasons" for the poor performance in the fixed income portfolio. Mr. Welker believes that Galliard Capital Management is well positioned to lead the market and exceed Policy. Board Member Harold Stewart questioned whether the Board should be comfartabie with Galliard leading the fixed income portfolio. Mr, Welker responded that if Galliard begins to stzuggle again that alternatives would be brought to the Board. Approval was requested for a revised investment policy statement distributed to the Board at the Februazy meeting. MOTION: Moved by William Nas to amend the iuvestrneut policy witkz tl~e revised statement. Motion was seconded by Harold Stewart and carried unanimously on a S - 0 voice vote. 6. Apr©val of Expenditure Report In a letter dated April 30, 2009 from Randy Newton, Finance Director, the fallowing invoices were submitted for Board Approval: • Bogdahn Consulting, LLC. -March 6, 2009 - $2,625,00 • Christiansen & Definer, P.A. -March 31, 2009 - $145.00 • Christiansen & Definer, P.A. -February 28, 2009 - $1,082.78 • Florida Municipal Insurance Trust -March 19, 2009 - $3,225.07 • Florida Municipal Insurance Trust -March 19, 2009 - $126.25 • Manning & Napier ~-March 6, 2009 - $3,284.SS MOTION: Moved by Daniel Glancy to approve the Expenditure Report as presented in the letter dated April 30, 2009 from the Finance Director. Motion was seconded by William Jensen and carried unanimously on a 5 -- 0 voice vote.