2006-05-08 Police Fund MeetingOkeechobee Police Department
Pension Board Meeting
May 8, 2006
Meeting called to order at 5: 08 PM by Lane Gamiotea
Present was Bob Peterson, Bettye Taylor, and Steve Padgett
Absent was Denny Davis, Louise Chandler
Ernie Meher-Smith Barney Consulting Company
Positive signs of improvement feels like we should stay with what we have at this time.
Would like to see better growth in market but can see positive improvement.
Theora Braccialarghe-Actuary
Still making up losses from prior year. The study is a projection so that the City Council
can have their numbers before budget year. Police gains were enough to make up losses
this year. Police Contribution Stat Moneys was 134,000 and the required amount the City
can use is 109,000. Police could have cash flow problem with the way their numbers
look. Attorney Scott Christiansen spoke up and advised that due to commingling of funds
their should not be a problem. He also advised that Trusco is also custodian of the fund so
they know how to invest to handle the needed cash flow.
Theora reminded everyone to make sure their Actuary study is sent to the State.
Theora went over the request for COLA study. She will do one in which only State
Money is done and for all current and retirees. Advised there is $34,000 to use toward
funding this plan and can do the projection counting on the extra $24,000 a year that has
been coming in from State Moneys.
Vote was taken with Bob Peterson making Motion and seconded by Steve Padgett all in
favor to approve Actuary to conduct this study.
Attorney Scott Christiansen spoke last.
Make sure everyone has in the their financial statements by July 1, 2006. Remind
everyone to vote at August Meeting for Board Members and to retain or get new pension
board members.
Ordinance passed first reading at City Council. Needs to be sent to state before second
reading.
Bob Peters. n . - e : motion to adjourn at 7:15 PM.
B i Peterson- Acting Chairman
Bettye Taylor - Secretary