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HomeMy WebLinkAbout11-6-2024 minutes..IFIFIN 113 1 F IIIMIIIII­� ig�D I IIIIII I • Call to Order*. Approval of Minutes -August 7,2024 Regular meeting Trustee M y moved to approve the August 7 Ih 2024, eetinminutes and Trustee Littlefield seconded the motion and it passed., Approval of Minutes -September 19, 2024 Special meeting Trustee I lly moved to approve the September 19th 2024, special meeting minutes and Trustee Wagger seconded the motion and it gassed. Public Comments: ` Them were no public comments. «»»�.�,«�»a�,.«,?2 , «©?�.«<.w,<�»» ©»�:«w :<»•�: � © « $ \�memo Iml I fill » ■ ». : � . « « a , s� : . ewBits«a» ■2�f«.«:»»»©:wx ©, ».,. »<f «< .,■. »«Ot ? «.<» dNi4t AAd<:<»«««; Livia, the .»2w s: $� Ottingtht uAdue. over this QoarttAy investments Vlo4t : ,.e :t<:« »t« w»,.. . w .a v: ».11 . : :» « Mr. Hess reported briefly on the Fund's performance noting that for the quarter the total Fund returned 5 �61 % and for the for the fiscal year 21.12% vs, the Fund policy of 5.68% and 21.76% respectively. The equity fund returned 6.46% and 31.56% vs. the equity policy of 6.7 1 % and 32.87% respectively. The domestic equity returned 6.09% and 34.09% vs. the domestic equity policy of 35.19% respectively, Brandywine and DePrince returned 8.47% and 7.83% and 24.14% and 29.96% respectively vs. the Russell 1000 value index of 9.43% and 27.76% respectively. Alger and Mar Vista returned 4.29% and 5.60% and 55.27% and 29, 17% respectively vs. the Russell 1000 Growth index 3.19% and 42. 19% respectively. Vanguard Growth index returned 2.92% vs, the CRSP large cap index of 2.93%. Vanguard Total Stock Market index returned 6,17% and 35,26% respectively vs. the CRSP Total Market index of 6.18% and 35.23% respectively, The international equity returned 7.88% and 22,74% respectively vs. the international equity policy of 8.17% and 25.96% respectively. American Funds Europacific returned 5 Al % and 24.7 1 % respectively vs. the NISCI AC World Growth index of 6.98% and 27.12% respectively. Dodge& Cox returned 9.98% and 21.17% respectively vs. the MSCI AC World Value index of 9.4 1 % and 24.90% respectively. The fixed income fund returned 5.77% and 12.93% respectively vs. the policy of 5.20% and 11.57% respectively. For the domestic fixed income Garcia Hamilton returned 6.14% and 12.87% vs. the Barclays Aggregate index of 5.20% and 11. 5 7% respectively. The G lobal fixed i ncome returned 4� 12% and 13.161/6 respectively vs. the Global fixed income policy of 6.95% and 11 �02% respectively. PIMCO diversified returned 5.05% and 15.38% vs. the Blmbg. Global index of 4.93% and 13.42% respectively. The PIMCO Global Bond Fund returned 3.22% and 11 �07% respectively vs, the Bloomberg Global Agg index of 4.241/o and 10.63% respectively. The real estate composite returned -0.04% and -8.54%; American Realty returned -0.03% and -9.02%; Harrison Street returned -0. 14% and -5.15% respectively vs. the NCREIF index-ODCE of -0.06% and -8,43% respectively, Mr. Hess noted that the plan is still within the policy limits, and he is not making any recommendations at this time. Trustee Maxwell asked Mr. Hess if it is possible to see some of the other managers. Mr. Hess stated that if the board agrees, he can bring in one manager per quarter. jt* Batid Mr. Simmons addressed the board, providing abriahisfory ofthefirinnotilIg thathe firm was f6uhded� *in 1919 in Milwaukee AM in 2004 Baird becatfic thinlovee gwn.� �. • 'ae- � • After the presentations, a brief discussion ensued and Trustee Wagner noted he is comfortable fortable with Baird, as their approach is forthright. Trustee Littlefield moved to allocate $5 million from Garcia Hamilton to the Baird Fund. Trustee Wagner seconded the motion and it passed; CONSENT AGENDA: For Approval: Warrant #264 Benefits USA, Inc.. (Flat Monthly Fee for November 2024) $2,5KOO Sugarman, Susslcir d ETAL (Legal Fees -Invoice #191533 dated 10/17;2024); $5,9 2.7 ' Total .7 For Ratification: Warrants #2 9-263 FPPTA (TLC Registration for William Maxwell) $1,200.00 FPPTA (Fall Trustees School registration for Maxwell, Moy & Face) S2,550 00 Total $3,750 00 William Maxwell (Hotel & per them for FPPTA FTS 9122-9 25-2 24) $ 55.3 Joe Moy (Hotel & per diem for FPPTA, FTS 9 22-9/2 -2f 24) $ 55, 35 Bryan race (Hotel & per them for FPPTA FTS 9/22-9/25-2024) $ 55.3 Sugarman, Susskind FTAL (Legal Fees -Invoice # 189825 dated 14/2024) $4,432.2 Total $6,998.34 Benefits USA, Inc. (Flat Monthly Fee for September 2024) $2,500.00 Benefits USA, Inc. (Flat Monthly .Fee for October 2 24) $2,5 0.. 0 Mariner, LLC" (( 3-2024 Consulting Fee -Invoice #49 57 dated 9/24 2 24) S7,00tt,00 Joe bray (Mileage & Tolls for FPPTA FTS) $292.6_ Total $12,292.65 i Total $30,590.50 Pension Payments for Ratification: Noelia Rendon (Refund ofC Contributions/Cash taut) $5,876.36 Kirk Prendergast (Monthly benefit payments e f`9/ 1/202 $752.46 Total Pension Payments $6,628.82 The consent agenda was approved by a motion from Trustee Wagner and was seconded by Trustee Moy and passed. Attor ey's Report.: Special Report Attorney Herrera reported on two new laws that passed the State Legislature. Section 787.106 which was effective .Italy 1, 2024, requires any non -governmental entity entering into an agreement with a governmental entity to provide an affidavit signed by an officer attesting that they do not use `coercion" for labor or services. Section 287. 138 states that a governmental entity zt an entity which would provide the entity with access perjury attesting to the following: The entity is not awned by a go no government of a foreign country of concern has a controllir organized under the laws ofor has its principal place 'ofbusi es. Umm No action wo oecde& i proposal or enter into a contract with entifying information unless the entity leer or representative under penalty of rnrnent of foreign country of concern; interest in the entity; the entity is not i a foreign country of concern: Board Wad's The attorney noted that he would draft a policy for electronic devices. Next Regular Meeting date, February 5, 202 Future meeting mates. April 30, 2025, August 6, 2025 & November 5, 202 Adjournment: The meeting adjourned at 6:00 pm, lespectfull submitted by, secretary Contact the CityClerk's Office to listen to an electronic copy of the complete minutes.