02-10-2005 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
FEBRUARY 10, 2005
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,
February 10,2005 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(via telephone)
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. Charles moved that Mrs. Ross Agosta be appointed
as acting chairperson for the February 10, 2005 General Employee Pension Board meeting. The
motion was seconded by Mr. Benton. The vote was unanimous in favor.
3. APPROVAL OF August 12,2004,September 22,2004 and December 16,2004 MINUTES
Mr. Rumble moved for approval of the minutes for each meeting as listed. Mr. Charles seconded the motion.
The motion to approve passed unanimously.
4. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2005-003
Mr. Charles moved for approval of payment warrant General Employee Warrant No.2005-003 as submitted.
Mr. Benton seconded the motion which was passed unanimously.
5A. INVESTMENT MANAGER REPORT-Davis,Hamilton,Jackson&Associates-Janna Woods
Ms. Woods reviewed the performance of the fund with a total market value of$3,738,594 as of December 31,
2004.The return for the period was 7.1%;the equity return being 10.8%beating the Russell 1000 Growth
return of 9.2%and the fixed income return being 0.8%equal to the Lehman Government/Corporate return.
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General Employee Pension Board February 10, 2005 Page 2
Wendy Reiner arrived via telephone at this time.
5B. INVESTMENT MANAGER REPORT-The Boston Company—Ryan Fitzpatrick
Mr.Fitzpatrick reported that the fund's total market value as of December 31,2004 was$4,046,989. The total
return for the quarter was 9.3%;with a 13.7%return on equities beating the Russell 1000 Value of 10.4%. The
0.7%fixed income return was just under the Merrill Lynch Government/Corporation return of 0.8%.
6. CONSULTANTS REPORT-Merrill Lynch—Jeff Swanson
Mr. Swanson reviewed the investment manager's returns for the quarter ending December 31,2004. The total
market value of the fund was$7,777,530 a net increase of$564,740. The fund ranked in the fifty-sixth percentile
compared to the public balanced public fund sample. Mr.Swanson indicated that both managers fell within the
investment policy parameters.
7. OTHER BUSINESS
There was no other business.
8. ADJOURNMENT
The February 10,2005 regular meeting of the General Employee Pension Board was adjourned at 9:20 AM with
a motion from Mr. Charles seconded by Mr. Rumble and unanimous in favor.
t�
Mary Ross Agosta,Acting Chairperson Lisa Keeley,Recording Secretary
General Employee Warrant - No. 2005 - 003
For payment from the Village Pension Fund for General Employee's in the Village of Miami Shores,Florida.
To Chair and Administrator,or such other officers,who from time to time are duly designated and authorized by the Board of Trustees of
said Fund,to sign checks,drafts or orders for the payment of money;You are hereby authorized by the Board of Trustees of the Miami
Shores Village Pension Fund for General Employees in Miami Shores Village to pay the amounts listed below for services rendered to the
said Board of Trustees,and to pay the persons named below,hereby certified by the Board of Trustees as being on the Pension list of said
Board at its meeting held on 02/10/2005,pensions from 08/01/04 to 02/01/05 inclusive,or for the period of time opposite the name of
said persons.
Name(Pensions,Benefits,Services Provided or Obligations) Amount
To be paid by Trustee.
Authorize payment to Davis,Hamilton,Jackson&Associates
Quarterly management fees for the period 10/01/04— 12/31/04 $4,380.27
Quarterly management fees for the period 01/01/05—03/31/05 $4,673.24
Authorize payment to The Boston Company
Quarterly management fees for the period 07/01/04-09/30/04 $ 1,219.70
Quarterly management fees for the period 10/01/04- 12/31/04 $6,070.48
Authorize payment to Merrill Lynch Consulting Services
Quarterly consulting services for the period 07/01/04—09/30/04$ 1,066.59
Quarterly consulting services for the period 10/01/04—12/31/04$2,922.37
Authorize payment to Salem Trust Company
Quarterly fee for period 07/01/04-09/30/04 $ 1,079.82
Quarterly fee for period 10/01/04- 12/31/04 $ 1,162.53
Authorize Lump Sum Distribution of Employee Pension Contribution
Travis Bell—Election not yet made;resignation effective 02/07/05 $ 1,773.52
Dated this 10t6 day of February,2005 Approved by:
Ch rperson
As Chair of the Board of Trustees Village Pension Fund for
General Employee's in the Village of Miami Shores,Florida