2008-02-11 General Meeting & General Fund Meeting�
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CITY OF OKEECHOBEE AND OKEECHOBEE UTILITY AUTHORITY
PENSION BOARD MEETING MINUTES
3.
FEBRUARY 11, 2008 - 5:00 P.M.
CITY GENERAL/OUA BOARD FUND
The meeting was held at City hall, 55 Southeast 3`d Avenue, Room 200,
Okeechobee, Florida, and was called to order by Mr. Mullis at 5:07 p.m.
CITY GENERAL/OUA MEMBERS
Jamie Mullis, Chair - Present
Lane Gamiotea, Secretary-
Absent
Jerry O'Bannon - Absent
Robin Brock - Present
Jess Manson - Absent
Investment Reports:
A. Trusco Capital Management, Inc. Representative Mary Durkin introduced
James Phebus who will be taking over her position. He presented the
Fourth Quarter 2007, period ending December 31, 2007, investment
report for all three funds.
Mr. Phebus reported that fear r�placed greed as the primary motivating
force for investors in the fourth quarter. Economic momentum slowed due
to continued weakness in the housing market, higher oil prices, sagging
job growth and tighter credit conditions.
Bottom line, stocks fell and bonds gained in the final quarter amid concern
over the health of the economy and corporate profits. Strength,
sustainability, and quality outperformed.
B. SmithBarney Citigroup Representative Ernie Mahler presented his
comparative fund analysis reports, and stated that it appears that Trusco
is doing a good job in light of what the market is doing. He advised that all
the numbers look good.
Items/Reports from Board Attorney Christiansen.
A. In regards to legislative updates, Attorney Christiansen reported that the
social security laws have changed to protect social security numbers for
individuals. If a social security number is solicited, the law requires the
person's permission for the number to be acquired. There is a request
form that now has to be filled out for each request.
B. After the Boards selected three of the six proposals for Pension Fund
Investment Evaluation Services, Attorney Christainsen recommended that
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� there be a special called meeting for the purpose of interviewing the
companies. Attorney Christainsen is to coordinate and set the special
meeting date.
C. Being there were not enough members present on the General/OUA
Board for a quorum, Attorney Christiansen suggested the Board have
their quarterly meeting following the special meeting. He also suggested
the General/OUA Board call a separate special meeting for the purpose of
electing a 5�' member.
D. Attorney Christiansen reminded all the Boards that it will be time for
election of officers at the next regular meeting.
4. Unfinished Business to discuss in Open Session.
A. The December 4, 2007 Conflict of Interest letter from Mary Duricin of
Trusco Capital Management to Ernie Mahler of SmithBarney Citigroup
was requested of General/OUA Board Secretary Lane Gamiotea, which
was not present. Mr. Mullis will acquire a copy of the letter for the next
meeting.
5. New Business to discuss in Open Session.
� There were no new business items to report.
6. Recess Open Session and Convene in Individual Board Sessions:
City General Employees and OUA Pension Board of Trustees did not meet,
due to no quorum.
NOTICE IS HEREBY GIVEN that if any person should decide b appeal anydecision made at this meeting
of the Boa rd of Tru stee s, su ch pe rson will nee d to ins ure th at a ve rbatim reco rd of the p roce eding s is
made which includes the testimony and evidence upon which the appeal 's based.
Robin Brock, Acting Secretary
Minutes were approved on:
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Jamie Mullis, Chair