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Police/Fire Pension Boar•r! of TNUStees <br />May 16, 2006 <br />Page 2 <br />2. Annroval of Minutes - Febrr~a~w 1.4, 2006 <br />MOTION: Moved by Police Clrief John Pavlis to approve the Min~~tes of 1Cebruary 14, <br />2006 as presey~ted. Motion was seconded by Mr. Frank Scl-utte and carried <br />oil a a - 0 Vote. <br />3. Presentation by Moles Holcomb -Investment Report fi•ortt TRUSCO _C.apital Management <br />Ms. Molly Holcomb, Trusco Capital Management, presented the Investment Report for the 2006 first <br />quarter ending March 31, 2006 for the Police Officers' and Firefighters' Pension Pfan. The total assets <br />of the Futrd ending for this period was $2,961,296.20 based on an asset allocation otrtlined in the <br />Investment Policy. The complete report and list of the investments as submitted by Ms. Holcomb are <br />available for inspection with the City Clerk of the City of Casselberry. <br />The Trusco Capital Management Report was accepted with no faunal action needed to be taken by the <br />Board. <br />4. Presentation by Milce Welker - Bogdalrn Consultiug_ <br />Mr. Mike Welker, Bogdalrrr Consulting, presented the performance evaluation report of the Investment <br />Manager, Trusco Capita! Management for the quarter ending March 31, 2006. Mr. Welker recommended <br />the Board move forward whir changing money managers due to the poor performance of Trusco Capital <br />Management, wlrieh has been 65% under performing since the inception of the plan. The complete <br />report as submitted by Mr, Welker is available for inspection with the City Clerk of the City of <br />Casselberry. <br />The Bogdaltrt Report vas accepted with rro formal action needed to be taker by the Board. <br />MOTION: Moved by Mr. David Gonzalez to set a special workshop meeting to discuss <br />.the changing of the Pension Plan's Money Manager. Motion was seconded <br />by Mr. Fraiilc Schntte and carried on a 4 - 0 vote. <br />The Board charged Mr. Welker with the search for the new money manager. Mr. Walker indicated that <br />Bogdahn would do the search far a fee of $2,100. The workshop ~vill be scheduled within the next few <br />weeks <br />Officer William Nas joined the meeting at this juncture. <br />5. Approval of Ex~tenditure Report <br />In a letter dated May 4, 2006 from Jeffrey Dreier, Pittance Director, the following invoices were <br />presented to the Board for approval: <br />a) Christiansen & Dehn.er -December 31, 2005 - $1,55.06 <br />b) Bogdahn Consultants -January 2, 2006 - $2,000.00 -April 1, 2006 - $2,000 <br />