1999-02-10 General Fund MeetingCITY or OKEECHOBEE/OXEZCHOBEE UTILITY AUTHORITY
GENERAL ENBLOYEE PENSION PLAN
TRUSTEE MEETING MINUTES
Febuary 10 1999
Meeting called to order at 7:15 PM. by Mr. L.C. Fortner, Jr,
Trustees Present: L,C, Fortner.' Jr, Ricky 'Bonnell, Roger Jones,
Jerry O'Bannon and Paul Overton
Others Present: Ernie Mahler of Smith Barney, Performance Monitor
Tom Horkan, of Invesco and Scott Christiansen of Christiansen,
Dehner, P.A., Jim Paul.
Ernie Mahler opened the meeting by imtrducing Tom Horkan of
Lve's $--:b,Wiu3 "! rOP1rao2inol -Juan ".J..C` 0&rLo s- caimp�auzano3j, raa ourportfolio manager. Ernie started the report by stating that "J.C"
had left Invesco to help manage another company,and not because of
any problems at Invesco,and that "J.C" had did an excellent job
managing our portfolio,Ernie stated that although Tom may have a
different style than "J.C" our portfolio would be managed as it
always has, He further stated that the portfolio had a runaway
quarter and of all the portflios he monitors this one performs the
best,
L.C.asked Ernie how cautious should the board be over the
portfolio, Should we look at changing the split on stocks and bonds
to better protect the fund. Ernie stated that with the smoothing of
the plan, and this being a long term plan for the future, to just
Lot the Plat' run the 33:a00 COUCZe it hea. tkeen running, swaayj3ie .a
1Lttle fine tuning but overall 1t should b*-N fine.,
Tom Horkan opened his report by giving the board a breif back
ground of himself,He stated that he is a FLORIDA native,went to
collage at UNIVERSITY of FLORIDA,He has a M.B.A from the UNIVERSITY
of NORTH FLORIDA,He has been managing portfolios for 20 years
andpensions for 15 years, and with Invesco 2 years, He gave a breif
summary of the portfolio for the last quarter., the portfolio had
incredible returns and that o]verrall the P03rtfe:blL431 Ls�. in gre;At sa:hraape
and he would keep it that way, and looked forward to working for
the ,portfolio,
Scott Christiansen has pending ordinace changes that will be ready
fOr the next vmz3, k inojf Also, tile 121e1-ras.rd will repo. ive ra V.2K =ailing in
couple of weeks that needs to be sent to our managers and vendors
asking what type procedures they are taking to avoid the Y2K
problem,They will also be including thier response to the Y2K
problem in the mailing,
L.C. Fortner ask the board to approve the minutes from the previous
meeting,
Motion by Jerry O'Bannon, second by Roger Jones to approve minutes
as reported. Motion carried unanimously.
L.C. Fortner asked the board to review and approve expenses, new
employees, retired employees and terminated employees.
Motion by Paul Overton, Second by Ricky Bonnell to approve the
expenses, new employees, retired employees and terminated
employees. Motion carried unanimously,
1'144m- Ricky Bonnell ask about the multipler not being shown as 2.0,
Jizn P21-Ul -c OSPOrided to the querstiori � statiTig test it vrxal d -riot
actualy be put in place until the f nacial statements for 1999
where regdv,
L.C. wanted to thank Jim Paul for prepairing the finacial
.statements.
No other bsiness, Meeting ajourned at 8co5pm,