02-12-2004 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
FEBRUARY 12, 2004
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,
February 12,2004 in the Conference Room of the Village Hall. The meeting was called to order at 8:10 A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Present
Mary Ross Agosta Tom Benton
Joseph Charles Angela Dorney
John Rumble Wendy Reiner
Absent
Mayor Jim McCoy,Chairman
Also Present: Steve Cypen,Pension Board Attorney
Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
EMERGENCY ITEM —Election of Acting Chairman
Due to the absence of Chairman McCoy, Mr. Benton moved that Mrs. Ross Agosta be appointed
as acting chairman for the February 12, 2004 General Employee Pension Board meeting. The
motion was seconded by Mrs. Dorney. The vote was unanimous in favor.
4. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2004-002
Mrs.Dorney moved for approval of payment warrant General Employee Warrant No.2004-002 as submitted.
Mr.Benton seconded the motion which was passed unanimously. Subsequent to the vote,discussion regarding
the annuity option calculations ensued.
5A. INVESTMENT MANAGER REPORT-Davis,Hamilton,Jackson&Associates-Janna Woods
Ms. Woods reviewed the performance of the fund with a total market value of$3,631,514 as of December 31,
2003.The return for the period was 5.3%;the equity return being 9.2%just under the Russell 1000 Growth
return of 10.4%and the fixed income return being 0.1%compared to the Lehman Government/Corporate return
of 0.0%.
511. INVESTMENT MANAGER REPORT-The Boston Company—Ryan Fitzpatrick
Mr.Fitzpatrick reported that the fund's total market value as of December 31,2003 was$3,703,696. The total
return for the quarter was 8.5%;with a 13.9%return on equities just under the Russell 1000 Value of 14.21%.
The-0.2%fixed income return was also under the Merrill Lynch Government/Corporation return of 0.0%.
General Employee Pension Board February 12,2004 Page 2
3. APPROVAL OF November 4,2003 MINUTES
Mr.Cypen inquired as to Page 1,Item 6b.,"or a security directly listed on the Foreign Exchange." Mr.Swanson
clarified that it should read"or a foreign company listed on the Domestic Exchange." Mrs.Dorney moved for
approval of the November 13, 2003 minutes as corrected. Mr. Charles seconded the motion. The motion to
approve passed unanimously.
6. CONSULTANTS REPORT-Merrill Lynch—Jeff Swanson
Mr. Swanson reviewed the investment manager's returns for the quarter ending December 31,2003. The total
market value of the fund was $7,322,000 a net increase of$440,920. The fund ranked in the forty-ninth
percentile compared to the public balanced public fund sample. Mr.Swanson indicated that both managers fell
within the investment policy parameters. Mr.Swanson reviewed the manager's performance since inception and
the future expectations from each one.
Wendy Reiner left at this time.
7. OTHER BUSINESS
There was no other business.
8. ADJOURNMENT
The February 12,2004 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