PB 05/17/2007 Minutes - Laserfiche WebLink

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Police/Fi1•e Pefrsiorr Barr~•d of Tr•crstees Miry I5, 2007 Prrge 2 4. Presentation 1tyDave West - Bogdalitt Cotts>tltiug Mr, Dave West, representing Bogdahn Consulting, presented the performance evaluation eeport fot• the Investment Managers, Manning & Napier, ~ttguard Bond Indelfor the quartee ending Match 31, 2007 at a market value of $3,799,000. The complete report as submitted by Mr. West is available For inspection with the City Clerk of the City of Casselberr}'.The Bagdalut Report vas accepted with no fomal action needed to be taken by the Baard. Mr. West requested the Baard take formal action to set up au atttomatianechanisntwtth Salem Trust and Galliard Capital Managementfor atttltoeization and reallocation of fitnds occurring within the portfolio. He presented two letters for approval ([) letter to Saletn Trust;etting up an R&D account for contributions and withdrawals from the Plan; a base value of $l 0,000 to be maintained within the account at a[I times. If the account e~,ceeds $75,000, instead of attbmatic rebalancing of the portfolio, the plan cansultatti would be notified so a determination can be made to reallocate the fut3ds in some other mannet•Lcttet• number (2) to Galliard Capital Mattagetment outlines the three (3) authorized signors to fay tradeonfiemation to Galliard when fitnds are being distributed or ~vithdra~vn. {Copies of the letters are attached to and made a part of these minutes.) MOTION: Moved by Mt•. David Gonzalez to approve the re}~alancing process atul antltot•ize the appt•opt•iate sigttatttre fot• tttattagirtg the cattttningled funds of t}te Plan's portfolio. Motion rr~as seconded Ity Cltief,Iohtt 1'avlis and carrie[l uuauintously on a 3- 0 vote, 5. Report froth Manning & Napier The quarterly report from Manning & Napier vas hat avalhble at this time. Future statements ~vi[I be electronically fat'tvat'ded tnottthly to the Board Members. Hard copies of the quarterly repartfi•om Manning & Napier and Galliard Capital MauagementtiVill continue as part of the Pension Board meeting packet, The Board requested that Manning & Napier appear at the first quarterly of the Board in 2008. Galliard Capital Management evil) lte requested to appear before the Pension Board at the second quarterly meeting in 2008. 6. Rettot•t ft•ont Salettt Trttst - Ant'il i, 2007 to April 30, 2007 The Statement of Account from Salem Trust Company for April 1, 2007 through April 30, 2007 was presented for acceptance by the Board. The total portfolio For this period was $2,279,273.96Siucerhe statements from Salem Trustat•c electronically tt•ansmittedmontltlyto each Board Mentbct; the Pension Boat•d Attorney stated that reports from Salem do not have to appear on the Board's quarterly Agenda.