09-04-2003 Regular Meeting r
MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
SEPTEMBER 4,2003
EMERGENCY ITEM—Election of Acting Chairperson
Mr. Benton nominated Mrs. Ross Agosta as acting chairperson for the General Employee Pension
Board. The nomination was seconded by Mr. Charles. The vote was unanimous in favor.
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,
September 4,2003 in the Conference Room of the Village Hall. The meeting was called to order at 8:15 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
Mary Ross Agosta Barbara Estep Jim McCoy, Chairman
Tom Benton Joseph Charles Vacant seat
Wendy Reiner,via telephone
Also Present: Steve Cypen,Pension Board Attorney
Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
3. APPROVAL OF MINUTES
Mr. Benton moved for approval of the May 8, 2003 minutes as submitted. Mr.Charles seconded the motion.
The motion to approve passed unanimously.
4. APPROVAL OF PAYMENT WARRANT
Mr.Benton moved for approval of payment warrant G No.03-4 as submitted. Mr.Charles seconded the motion
which was passed unanimously.
5A. INVESTMENT MANAGER REPORT - Davis, Hamilton, Jackson & Associates - Janna Woods, Via
Telephone
Ms. Woods reviewed the performance of the fund with a total market value of$3,421,318 as of June 30,2003.
The return for the period was 7.2%;the equity return being 11.4%compared to the Russell 1000 Growth return
of 14.3%and the fixed income return of 2.7%just under the Lehman Government/Corporation return of 3.5%.
General Employee Pension Board September 4, 2003 Page 2
5B. INVESTMENT MANAGER REPORT-The Boston Company-Carl O'Connell
Mr.O'Connell reported that the fund's total market value as of June 30,2003 was$3,401,758. The total return
for the quarter was 10.8%;with a 17.0%return on equities compared to the Russell 1000 Value of 17.3%. The
2.7%fixed income return fell just below the 3.4%Merrill Lynch Government/Corporation return.
6. CONSULTANTS REPORT-Merrill Lynch—Jeff Swanson,Via Telephone
Mr. Swanson gave a brief overview of the benefits of international equities. Mr. Swanson then reviewed the
investment manager's returns for the quarter ending June 30, 2003. The total market value of the fund was
$6,805,780 a net increase of$526,620. The fund ranked in the bottom twenty-ninth percent compared to the
public balanced public fund sample. Mr.Swanson indicated that both managers fell within the investment policy
parameters although the market was uncertain.
7. OTHER BUSINESS
There was no other business.
8. ADJOURNMENT
The September 4,2003 regular meeting of the General Employee Pension Board was adjourned at 9:45 AM with
a motion from Mr.Benton seconded by Mr.Charles and unanimous in favor.
Mary Ross Agosta,Acting Chairperson Lisa Keeley,Recording Secretary