11-14-2002 Regular Meeting w t
MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
NOVEMBER 14, 2002
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,
November 14,2002 in the Conference Room of the Village Hall. The meeting was called to order at 8:05 A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Present Absent
Al Davis,Chairman Mary Ross Agosta
Thomas J.Benton Wendy Reiner Ronald Platt
Joseph Charles Richard Trumble
Also Present:
Steve Cypen,Pension Board Attorney Janna K.Woods,Davis,Hamilton,Jackson
Mark A.Malatak,Plan Administrator Carl O'Connell&Ryan Fitzpatrick,The Boston Company
Lisa Keeley,Recording Secretary Jeff Swanson,Merrill Lynch
3. APPROVAL OF MINUTES—August 8,2002
Mr.Charles moved for approval of the August 8,2002 minutes as submitted. Mr.Trumble seconded the motion.
The motion to approve passed unanimously.
4. APPROVAL OF PAYMENT WARRANT
Mr.Malatak reviewed payment warrant G No.03-1 explaining the retirement benefit for Ms.Anita Rackl. Mr.
Benton moved for approval of the payment warrant as submitted. Mr.Trumble seconded the motion which was
passed unanimously.
5A. INVESTMENT MANAGER REPORT-Davis,Hamilton,Jackson&Associates-Janna Woods
Ms. Woods reported that the fund's total market value as of September 30, 2002 was $3,107,200. The total
return for the quarter was-6.4%;with a-15.3%loss on equities compared to the Russell 1000 Growth of-15.0%.
The 4.7%fixed income return beat the 4.5%Lehman Intermediate Government/Corporate return.
511. INVESTMENT MANAGER REPORT-The Boston Company-Carl O'Connell&Ryan Fitzpatrick
Mr.O'Connell reviewed the performance of the fund with a total market value of$2,986,710 as of September 30,
2002.The total return for the period was-11.3%;the equity loss of-21.8%compared to the Russell 1000 Value
return of-18.8%and the fixed income return of 6.5%beat the Merrill Lynch Government/Corporate return of
5.9%.
General Employee Pension Board November 14,2002 Page 2
6. CONSULTANTS REPORT-Merrill Lynch—Larry Cole
Mr.Cole reviewed market conditions and the impact on the investment manager's returns for the quarter ending
September 30,2002. He indicated that the economy is not as bad as perceived in the media. The current market
is still growing. Mr.Cole indicated that the fund should stay the course in order to balance out the short term loss
effects.
Mr.Malatak asked for a comparison of Miami Shores Village to other Florida Public Pension Funds for the last
five years. Mr.Cole indicated he would provide the comparison for review.
7 OTHER BUSINESS
There was no other business.
8. AT14,
ENT
The No 02 regular meeting oethe General Employee Pension Board was adjourned at 10:00 AM.
Al Davis,Chairman Lisa Keeley,Recording Secretary