2009-08-10 General Fund MeetingCITY OF OKEECHOBEE AND OKEECHOBEE UTILITY AUTHORITY
PENSION BOARD MEETING
August 10, 2009
The meeting held at City hall was called to order at 5:05 PM by Chairman Jamie Mullis
The following Trustees were present:
Jamie. Mullis.
Jerry O'Bannon
Kevin Barbour
Betty Clement
Absent: Linda Tewksbury
Also present were: Scott Christiansen, Attorney
Tim Nash, The Bogdahn Group -Monitor
Basil Coule, Financial Liaison
Jan McKinley, Asst. Finance Director
Tim discussed the quarter ending June 30, 2009. He noted markets have shown improvement in
all areas except government bonds, which were down about 2%. He summarized the
performance of the various indices. Lower rated sectors performed better than higher rated
investments. Our portfolio is comprised of higher quality stocks and bonds. He believes there is
more confidence in the market now. About 41 % of fiords are in money market accounts at
present, as the transition is made from Trusco to Bowen & Hanes & Company.
Upon motion by Jamie, second by Jerry and approved, authorization was given to Scott to
present to the City Council the proposed Ordinance Amending and Restating the City of
Okeechobee and the Okeechobee Utility Authority Employees' Retirement System as referenced
in a letter from attorney Scott dated June 22, 2009- -Revised Proposed Ordinance".
Upon motion by Jamie, second by Betty, the minutes of the May 11, 2009 meeting were
approved.
Upon motion by Jamie and second by Betty, the Financial Reports items 1-6 of the agenda, as
presented by Basil, were approved.
Upon motion by Jamie, second by Jerry and approved, Betty was elected Secretary for the Board.
There being no further business, the meeting was adjourned at 5:52 PM.
Jerry O' on, Acting Secretary