HomeMy WebLinkAbout11-03-2021 MinutesCITY OF OCOEE
MUNICIPAL•
BOARD OF
QUARTERLY
CommissionCity Hall, b.
Wednesday, November 3, 2021 - 10:00 AM
TRUSTEES PRESENT: Gequita Cowan, Chair
Robert Briggs, Vice Chair
Patricia Gleason
TRUSTEES ABSENT: Gary Gleason
OTHERS PRESENT: Tim Nash, AndCo Consulting
Pedro Herrera, Sugarman & Susskind (via phone)
Kim Kilgore, Foster & Foster
Members of the Plan
Members of the Public
1. Call to Order— Gequita Cowan called the meeting to order at 10:00 AM.
2. Roll Call — As reflected above.
3. Public Comments — None.
4. Approval of Minutes
a. August 4, 2021, quarterly meeting
The minutes from the August 4, 2021, quarterly meeting were approved, upon motion by
Robert Briggs and second by Patricia Gleason; motion carried 3-0.
5. Consent Agenda
a. Warrants #89 and #90 for ratification
b. Quarterly fund activity report for July 29, 2021, to October 27, 2021
The Board approved the consent agenda as presented, upon motion by Robert Briggs and
second by Patricia Gleason; motion carried 3-0.
6. New Business
a. Welcome to new trustee: Gary Gleason
i. Gequita Cowan announced Gary Gleason was the new trustee elected by
the plan members.
b. FPPTA membership renewal
i. Kim Kilgore informed the Board the 2022 FPPTA membership renewal
would be $750.00.
The Board approved payment of the 2022 FPPTA membership renewal as presented, upon
motion by Robert Briggs and second by Patricia Gleason; motion carried 3-0.
c. Proposed 2022 meeting dates
i. The board reviewed the proposed 2022 meeting dates.
The Board approved the 2022 meeting dates as presented, upon motion by Patricia
Gleason and second by Robert Briggs; motion carried 3-0.
7. Old Business — None.
8. Reports (Attorney/Consultants)
a. Salem Trust Company, Lynn Skinner, Board Custodian
i. Kim Kilgore commented Lynn Skinner would be attending the next quarterly
meeting.
b. AndCo Consulting, Tim Nash, Investment Consultant
i. Quarterly Report as of September 30, 2021
1. Tim Nash reviewed the market environment during the past quarter.
Tim stated growth in the U.S. likely slowed during the third quarter
as the recovery continued to mature.
2. Tim Nash reviewed the Agincourt Treasury, mortgage, and
corporate did well for the quarter, keeping maturities shorter.
3. Tim Nash reviewed the schedule of investable assets over the past
10 years with a beginning market value of $19,257,169 versus
$51,351,360.
4. Tim Nash reviewed asset allocation and commented all
investments were within policy ranges. Tim reviewed the rebalance
of assets completed during the quarter.
5. The asset allocation summary for the quarter ending was Domestic
Equity 41.80%, International Equity 15.20%, Domestic Fixed
Income 25.40%, Global Fixed Income 5.40%, Real Estate 10.30%,
and Cash 1.80%.
6. Tim Nash reviewed the financial reconciliation for the past quarter
with a beginning total market value of $51,680,308 and ending
market value of $51,351,360. Tim Nash further reviewed the
reconciliation for the past year, showing a $9.2 million gain.
7. The total fund gross returns for the quarter were -0.01 %. Trailing
returns for the FYTD, 3, 5, and 10-year periods were 21.43%,
10.50%,10.83% and 10.30%, respectively. Since inception (4/1/04),
gross returns were 7.77%.
8. Tim Nash reviewed each of the investment manager's returns in the
portfolio for the past quarter.
9. Tim Nash reviewed the compliance checklist and estimated fees for
each investment manager in the fund's portfolio.
10. Tim Nash commented the total annual fees lowered with the
additions of Brandywine and PIMCO for a savings of 2% or $8,500
per year. The total estimated annual investment managers fees for
the past fiscal year were $274,416.
11. Tim Nash presented a proposed AndCo Consulting fee review
memo for the board to consider.
12. Tim Nash reviewed how it had been a pleasure to serve the Plan
for the past 13 years and highlighted a few of the accomplishments
AndCo had assisted the Board with.
13. Tim Nash proposed an annual fee retainer increase from $25,000
to $28,000.
14. Gequita Cowan thanked AndCo for their services and all the
accomplishment they had made for the pension fund. Jean Grafton
confirmed Gequita's comments and the service AndCo had
provided not only for the fund but for her personal retirement.
The Board approved the AndCo fee increase to $28,000 effective January 1, 2022, upon
motion by Robert Briggs and second by Patricia Gleason; motion carried 3-0.
15. Pedro Herrera commented he would prepare the fee amendment
and forward along to the board for signature.
c. Sugarman & Susskind, Pedro Herrera, Board Attorney
i. Pedro Herrera reviewed the state ethics law and gifts received by trustees.
Pedro commented gifts for decision influence should not be accepted. Gifts
$25 or less do not get reported, $25-$100 would need to be reported, and
gifts valued over $100 should be rejected or donated.
ii. Pedro Herrera reminded the board to have the new trustee received Form
1 to file.
iii. Pedro Herrera stated the Division of Retirement Conference has started
today in Orlando and he would be presenting. Pedro would forward the
meeting material to the administrator to forward to the board.
iv. Pedro Herrera commented his firm would be making a charitable donation
to a cancer research fund in the amount of $10,000 in the name of all the
pension plans they oversee.
9. Staff Reports, Discussion, and Action
a. Foster & Foster, Kim Kilgore, Plan Administrator
Educational Opportunities
1. Kim Kilgore reviewed the FPPTA Winter Trustee School would be
held on January 23-26, 2022, in Orlando, Florida.
10. Trustees' Reports, Discussion, and Action — None.
11. Adjournment — The meeting adjourned at 10:55 AM.
12. Next Meeting — Wednesday, February 2, 2022, at 10:00 AM, quarterly meeting
Respectfully submitted by:
Kim Kilgore, Plan Administrator
Approved by:
all atv
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Date Approved by the Pension Board:`�f