08-10-2006 Regular Meeting MIAMI SHORES VILLAGE
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
AUGUST 10, 2006
1. CALL TO ORDER
The regular meeting of the Miami Shores Village General Employee Pension Board was held on Thursday,
August 10,2006 in the Conference Room of the Village Hall. The meeting was called to order at 8:08A.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 Angela Dorney
Joseph Charles Averill Dorsett
Jim Mc Coy
Absent
Herta Holly Tom Benton
Also Present: Steve Cypen,Pension Board Attorney
Mark A.Malatak,Plan Administrator
Lisa Keeley,Recording Secretary
EMERGENCY ITEM - ELECTION OF ACTING CHAIRPERSON
Due to the absence of chairperson, Herta Holly, Mr. Charles moved to elect Mary Ross Agosta as the acting
chairperson for today's meeting. Mrs.Dorney seconded the motion. The motion passed unanimously.
3. APPROVAL OF MINUTES—May 12,2005,November 10,2005,January 3,2006
Ms.Dorsett moved for approval of the minutes as submitted with a second from Mr.McCoy. The motion passed
unanimously.
4. APPROVAL OF PAYMENT WARRANT—General Employee Warrant No.2006-005
Mr.Charles moved for approval of payment warrant General Employee Warrant No.2006—005 as submitted.
Ms.Dorsett seconded the motion which was passed unanimously.
5. APPROVAL OF REVISED INVESTMENT POLICY
This item was deferred until such time Mr.Kirchner,Merrill Lynch,could provide a copy in legislative form.
General Employee Pension Board August 10, 2006 Page 2
Mrs.Dorney left at this time.
6A. INVESTMENT MANAGER REPORT-Davis,Hamilton,Jackson&Associates—Daniel Kallus
Mr.Kallus reviewed the performance of the fund with a total market value of$3,735,206 as of June 30,
2006.The return for the period was-2.4%;the equity return being-3.9%equal to the Russell 1000 Growth
Return and the fixed income return of 0.1%just under the Lehman Government/Corporate return of 0.2%. Mr.
Kallus provided a handout on"Quality Growth Equity"lending an explanation as to the status of growth style
investment. Mr.Kirchner addressed the poor performance of DHJA and inquired of Mr.Kallus if it would be fair
to"pull the plug"should the fund performance continue to decline. Mr. Kallus indicated that it would if high
quality stocks are performing well and DHJA is not.
7. CONSULTANTS REPORT-Merrill Lynch-Alan Kirchner
Mr.Kirchner reviewed the investment manager's returns for the quarter ending June 30,2006. The total market
value of the fund was$8,094,350,a net decrease of$146,230. The total fund returned-1.2%underperforming
the target index but ranking in the top forty-one percentile compared to the public balance fund sample.
8. OTHER BUSINESS
There was no other business.
9. ADJOURNMENT
The August 10,2006 regular meeting of the General Employee Pension Board was adjourned at 9:30 AM with a
motion from Mr.Charles seconded by Ms.Dorsett,passing unanimously.
Mary Ross Agosta,Acting Shairperson Lisa Keeley,Recording Secretary
General Employee Warrant No. 2006 - 005
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 via this payment request pensions from 04/01/06 to 06/30/06 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 07/01/06—09/30/06 $4,712.70
Authorize payment to The Boston Company
Quarterly management fees for the period 04/01/06—06/30/06 $6,538.05
Authorize payment to Merrill Lynch Consulting Services
Quarterly consulting services for the period 04/01/06—06/30/06 $3,403.90
Authorize payment to Salem Trust Company
Quarterly fee for period 04/01/06—06/30/06 $ 1,211.42
Ratify Beneficiary Benefit Payable:
Janice R.Jones—Beneficiary to Clifford Edmondson $ 235.80 monthly
Retroactive to May 1,2004
Dated this 10"day of August,2006 Approved by: �L�-,4 e,4�
Mary R s Agosta,Actin Chairperson
As Chair of the Board of Trustees Village Pension Fund for
General Employee's in the Village of Miami Shores,Florida