2010-05-10 General Fund Meeting�
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CITY GENERAUOUA MEMBERS
Jamie Mullis, Chair— Present
Betty Clement, Secretary - Absent
Kevin Barbour - Present
Linda Tewksbury - Present
OTHERS PRESENT
Tim Nasii — Tlie Bogdahn Group
Basil Coule — Financial Liaison
David Kelly- Bowen,Hanes, & Co.
Jeff Amrose-Gabriel Roeder Smith &
Co.
The meeting was held at City Hall, 55 Southeast 3`d Avenue, Room 200,
Okeechobee, Florida, and was called to order by Chairman Jamie Mullis at 5:04
p.m.
INVESTOR REPORT
David Kelly of Bowen, Hanes & Company updated portfolio summaries, things
are going better company earnings are pretty decent. Longer term there are
• concerns over higher taxes ete. Debt has increased, Government spending is
high. Sovereign debt is the new issue. Countries spending more than their GDP.
MONIT�R REPORT
Tim Nash of Bogdahn Group said we have had double digit returns and Investor
done a good job Investing. Policy is in line � no recommended changes.
ACTUARY REPORT
Jeff Amrose of Gabriel Roeder Smith & Company gave his report on all three
plans and reviewed funding methods and eAplained required contributions.
Attorney Christiansen to review contract & fees. Actuary charging $ 5800
a year contract is $ 4800. Attorney will get with Janet � Actuary to resolve.
Memo from Perry Jensen LLC regarding House Bill 1902 was discussed and
Attorney said nothing was passed so no discussion was needed.
ATTORNEY REPORT
Scott Christiansen reminded all trustees that finacial disclosures will be due July
1 St �. Summary Plan Description has to be updated. Actuary report will need to be
voted on. Also need to vote on expected rate of return. Also discussed increase
in fees. Pension letter # 1 needs to go to State Division of Retirement. Janet will
talce care of this. Attorney needs copies from all three boards of Actuary report.
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• We ended the regular meeting and split up in our individual boards.
Trustee Muilis moved to approve the February 8, 2010 minutes, seconded by
Trustee Tewksbury, motion carried unanimously.
Financial statements & supplementary info. From Dibartolomeo,Mcbee,Hartley &
Barnes P.A. are included in the pension packet.
Upon motion made by Trustee Barbour � seconded by Trustee Mullis the
financial reports � items 1-5 of the agenda were approved.
Upon motion by Trustee Barbour & seconded by Trustee Mullis the Actuary report was
�pproved, authorized Attorney to re-update the surrunary plan, approved the fee increase
from the attorney, & based on the advice of consulant our expected rate of return is 7%
This year and the next several years.
There being no fiirther business, the ineeting was adjourned at 6:10 p.m..
Respectfully submitted, Jamie Mullis
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