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Police/Fire Pension Board of Trustees Meeting December 2, 2002 Page 3 MOTION: Moved by Firefighter Theresa Krebs that a letter declaring an 8% expected return of the Fund Investment over the next year and next several years and over the long term; a copy of the Investment Policy be sent to Charles Slavin in Tallahassee, with copy of letter and Investment Policy to the City Manager and Foster & Foster. Motion was seconded by Mr. Dale Christensen and carried unanimously by voice vote. (A copy of the letter is attached to and made a part of these minutes.) VI. Presentation by Lance Powers - Investment Report from TRUSCO Capital Management Mr. Lance Powers TRUSCO Capital Management presented the Investment Report, dated December 2, 2002, for the Police Officers' and Firefighter Pension Plan. Mr. Powers reported that total assets of the Fund for the period ending September 30, 2002 was $1,123,560.70. The complete report is available for inspection with the City Clerk of the City of Casselberry. MOTION: Moved by Mr. Dale Christensen to accept the report from TRUSCO Capital Management as presented by Mr. Lance Powers. Motion was seconded by Firefighter Theresa Krebs and carried unanimously by voice vote. VII. Presentation by Bill Stark - Boadahn Consulting Mr. Bill Stark, Bogdahan Consulting, presented the performance evaluation report of the investment manager, TRUSCO Capital Management. The investments by TRUSCO for the quarter ending September 30, 2002, were in compliance with the investment policy established by the board, in fact, was almost 2% better than policy since inception. The complete report is available for inspection with the City Clerk of the City of Casselberry. MOTION: Moved by Firefighter Theresa Krebs to accept the report from Bogdahn Consulting as presented by Mr. Bill Stark. Motion was seconded by Mr. Dale Christensen and carried unanimously by voice vote.