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08-14-1997 Regular Meeting• MIAMI SHORES VILLAGE PENSION BOARD AUGUST 14, 1997 The regular meeting of the Miami Shores Village Pension Board was held on Thursday, August 14, 1997 in the Chamber of the Village Hall. The meeting was called to order at 8:10 A.M. with the following members present: Present: Mary Ross Agosta, Mayor Joseph Charles Officer Timothy Dearden Walter Latimer Richard Trumble Absent: Louis S. Imburgia, Jr. Michael R. Couzzo, Jr. Also Present: Mark Ulmer, Village Attorney Patricia Varney, Plan Administrator ITEM #1 INVESTMENT REPORT FROM MR. MICHAEL ALOIAN, SUNTRUST BANK Mr. Aloian reported that the it was a strong quarter for the fund with a return of 10.7%. The fixed income return was 3.5% just under the Lehman Gov't Corp of 3.6% . The equity fund increased 15.7% compared to 17.5% of the S&P 500. Mr. Aloian remarked that should interest rates remain the same, the stock market should continue to rise with more volatility in the future market. ITEM #2 INVESTMENT REPORT FROM MR. JEFF SWANSON, MERRILL LYNCH Mr. Swanson relayed that both managers, SunTrust and Barnett Bank, had increased the total pension fund by $1,357,393 for the quarter with a total market value of $14,131,966. He noted that asset allocation is the most important aspect of the portfolio. The combined portfolio return of 10.6% did not meet the target index of 11.9%. The equity portfolio return of 15.2% was under the S&P 500 return of 17.4%. The bond portfolio beat the Lehman Govt Corp return of 3.6% by 0.1%. The • portfolio moved up in ranking to 22nd place compared to other Florida Municipal clients. In reviewing the investment policy checklist, Mr. Charles noted that the maximum cost value invested in stocks was out of compliance. Mr. Swanson replied that should change since the Barnett Bank portfolio had been sold. Mrs. Ross Agosta inquired as to the long term target being met. Mr. Swanson responded that the Board has taken the necessary steps to improve the fund management. Mr. Latimer arrived at this time. • Pension Board August 14, 1997 Page 2 ITEM #2 REQUEST APPROVAL OF RETIREMENT BENEFITS FOR EDWARD SMITH Mrs. Varney explained that Mr. Smith, a Miami Shores Village employee of 32 years, has requested retirement benefits effective October 1, 1997. He has elected to receive benefits payable at 100% survivor annuity contingent in the amount of $1,212.41. Mr. Trumble moved for approval of Mr. Edward Smith's retirement benefits effective October 1, 1997. Officer Dearden seconded the motion. The vote was unanimous in favor. ITEM #3 UPDATE AND APPROVAL OF THE TRUSTEE AGREEMENT WITH SUNTRUST Mr. Ulmer apologized to the Board as he had not yet finalized the agreement document. He suggested that the Board delegate the power to approve the Trust Agreement to one member of the Board. Mr. Charles moved that Mr. Latimer be given the power to review and approve the Trust Agreement on behalf of the Board. Mr. Trumble seconded the motion and the vote was unanimous in favor. ITEM #4 REQUEST APPROVAL OF PAYMENT TO SUNTRUST Mr. Charles moved for approval of payment to SunTrust in the amount of $14,056.33 for quarterly management fees ending June 30, 1997. Mr. Trumble seconded the motion. The vote was unanimous in favor. ITEM #5 APPROVAL OF THE MAY 8, 1997 MINUTES Mr. Charles moved for approval of the May 8, 1997 minutes as submitted. Mr. Trumble seconded the motion. The vote was unanimous in favor. ITEM #5A REQUEST FOR APPROVAL OF PAYMENT TO GABRIEL, ROEDER, SMITH & COMPANY Mrs. Varney explained that the cost is related to the impact studies conducted for proposed changes to the PBA contract during negotiations. It was the understanding that these costs are to be allocated between the parties involved. The Village portion is $450.00. Mr. Charles moved for approval of payment to Gabriel, Roeder, Smith & Company in the amount of $450.00. Mr. Trumble seconded the motion and the vote was unanimous in favor. • • Pension Board August 14, 1997 Page 3 ITEM #6 ADJOURNMENT Mr. Ulmer introduced Susan Conerly of SunTrust Bank. Ms. Conerly is handling the Trustee portion of the Pension Plan. The August 14, 1997 meeting of the Miami Shores Pension Board was adjourned at 8:45 A.M.