05-08-2003 Regular MeetingMIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
MAY 8, 2003
EMERGENCY ITEM — Election of Acting Chairman
As Mr. Davis was not present, an election of an acting chairman was made. Detective Dearden
moved that Mr. Quinton act as chairman for this meeting seconded by Sergeant McLeod. The
vote was unanimous in favor.
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, May 8, 2003 in
the Conference Room of the Village Hall. The meeting was called to order at 8:05 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
Ed Quinton Al Davis
Detective Timothy Dearden William Heffernan
Sergeant David McLeod
Also Present: Steve Cypen, Pension Board Attorney
Mark A. Malatak, Plan Administrator
Lisa Keeley, Recording Secretary
6. CONSULTANTS REPORT - Merrill Lynch — Jeff Swanson
Mr. Swanson gave a brief overview of the responsibilities of Merrill Lynch. The company acts as a consultant
ensuring the investments are in compliance with the investment policies set by the Board.
Mr. Swanson reviewed the investment manager's returns for the quarter ending March 31, 2003. The total
market value of the fund was $8,838,060 a net decrease of $160,440. The fund ranked in the top twenty-six
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.
3. APPROVAL OF MINUTES
Sergeant McLeod moved for approval of the November 14, 2002 minutes as submitted. Detective Dearden
seconded the motion which passed unanimously.
The approval of the January 14, 2003 minutes were clarified by Mr. Cypen on Page 2, Item 4, paragraph 4 as
follows: "After further discussion regarding the expenses, Mr. Heffernan amended his motion to withdraw the
authorization for costs associated with the certification program fee" by adding "for Sergeant McLeod" at the
end of the sentence. Additionally, paragraph 5 should end as "The motion carried three to one." Sergeant
McLeod moved the January 14, 2003 minutes be approved as amended by Mr. Cypen. The motion was seconded
by Detective Dearden and passed unanimous in favor.
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Police Pension Board May 8, 2003 Page 2
The February 20, 2003 minutes were also corrected to reflect the Roll Call as Late Arrival rather than Absent for
Mr. Heffernan. Sergeant McLeod moved the February 20, 2003 minutes be approved as corrected with a second
from Detective Dearden. The motion to approve passed unanimously.
4. APPROVAL OF PAYMENT WARRANT
Mr. Malatak indicated that the lump sum distribution for Richard Masten would be $109,677.69 less the
quarterly net return ending March 31, 2003. As the return was a negative, the distribution would not exceed
$109,677.69. Detective Dearden moved for approval of payment warrant P No. 03-3 as submitted. Sergeant
McLeod seconded the motion. The motion 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 $4,540,238 as of March 31, 2003.
The return for the period was -0.5%; the equity return being -2.2% compared to the Russell 1000 Growth return
of -1.1% and the fixed income return of 1.6% equaled the Lehman Government/Corporation return of 1.6%.
5B. INVESTMENT MANAGER REPORT - The Boston Company - Carl O'Connell & Ryan Fitzpatrick
• Mr. O'Connell reported that the fund's total market value as of March 31, 2002 was $4,328,128. The total return
for the quarter was -2.2%; with a -4.5% return on equities compared to the Russell 1000 Value of -4.9%. Mr.
Fitzpatrick reviewed the 1.3% fixed income return which was just below the 1.6% Merrill Lynch
Government/Corporation return.
Mr. Quinton left at this time.
7. OTHER BUSINESS
There was no other business.
8. ADJOURNMENT
The May 8, 2003 regular meeting of the Police Pension Board was adjourned at 9:30 AM.
Edward Quinton, Acting Chairman
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Lisa Keeley, Recording Secretary