PB 05/31/2000 Minutes - Laserfiche WebLink

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Police Officers' Firefighters Pension Board May 31, 2000 Page 2 III. STI Capital Management Investment Report There was no report from STI Capital Management. Mr. Jeffrey Dreier, Finance Director, presented the statement of account from SunTrust for the period the period April 1, 2000 through April 30, 2000 in the amount of $416,291.30. IV. Investment Monitoring Services Report Mr. Joseph Bogdahn, Principal, IMS Financial Group, said he would be submitting reports on a quarterly basis and attending meetings on an annual basis unless otherwise directed by the Board. The duties of monitors is to review the City's Investment Policy and monitor the performance of SunTrust as investment managers. He said that under SunTrust's management of the account, there has been a 6.63 percent net return to the fund. A copy of the report from IMS Financial Group is attached to and made a part of these minutes. The Board expressed concerns regarding the investment and the management of the fund by STI and they requested SunTrust be present at the next meeting for a more in depth discussion regarding the type and method of investment incorporated by STI. Mr. Bogdahn stated that he would send a letter to STI outlining concerns of the Board and that he would create a new Investment Policy to incorporate concerns of the Board. This policy will be submitted to the Board for their consideration at the next meeting. The Board also asked that Mr. Bogdahn from IMS Financial Group be present at the next meeting. V. Approval of Expenditure Report MOTION: Moved by Mr. Dale Christensen to approve the Expenditure Report as submitted. Seconded by Mrs. Mary Moschler. Motion carried unanimously by voice vote. VI. Approval Return of Contributions to Members Report MOTION: Moved by Mr. Dale Christensen moved to approve the Return of Contribution Report (Opt out of Plan by Police Chief and Fire Chief) as submitted. Seconded by Mrs. Mary Moschler. Motion carried unanimously by voice vote.