09-04-2003 Regular Meeting•
MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
SEPTEMBER 4, 2003
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, September 4, 2003
in the Conference Room of the Village Hall. The meeting was called to order at 8:20 A.M.
2. ROLL CALL
In order for the record to reflect those present the roll was called with the following members present:
Present
Ed Quinton Al Davis
Detective Timothy Dearden William Heffernan
Absent
Sergeant David McLeod
Also Present: Steve Cypen, Pension Board Attorney
Mark A. Malatak, Plan Administrator
Lisa Keeley, Recording Secretary
3. APPROVAL OF May 8, 2003 MINUTES
• Mr. Heffernan moved for approval of the May 8, 2003 minutes as submitted. The motion was seconded by Mr.
Quinton. The approval of the May 8, 2003 minutes were clarified by Mr. Cypen on Page 2, Item 5A, as follows:
"Mr. Quinton left at this time." should be moved after item 5B for lack of a quorum. Mr. Heffernan accepted the
amendment seconded by Mr. Quinton. The vote was unanimous in favor.
EMERGENCY ITEM — Election of Permanent Chairman
Mr. Davis nominated Mr. Quinton as chairman for the Police Pension Board. The nomination
was seconded by Mr. Heffernan. The vote was unanimous in favor.
4. APPROVAL OF PAYMENT WARRANT
Mr. Davis moved for approval of payment warrant P No. 03-4 as submitted. Mr. Heffernan seconded the motion.
The motion passed unanimously.
5A. INVESTMENT MANAGER REPORT - Davis, Hamilton, Jackson & Associates - Janna Woods, Via
Telephone
Ms. Woods reviewed the performance of the fund with a total market value of $4,742,853 as of June 30, 2003.
The return for the period was 7.2%; the equity return being 11.4% compared to the Russell 1000 Growth return
• of 14.3% and the fixed income return of 2.7% equaled the Lehman Government/Corporation return of 3.5%.
Police Pension Board September 4, 2003 Page 2
• 5B. INVESTMENT MANAGER REPORT - The Boston Company - Carl O'Connell
•
•
Mr. O'Connell reported that the fund's total market value as of June 30, 2003 was $4,792,154. The total return
for the quarter was 10.8%; with a 17.0% return on equities compared to the Russell 1000 Value of 17.3%. Mr.
Fitzpatrick reviewed the 2.7% fixed income return which fell below the 3.4% Merrill Lynch
Government/Corporation return.
6. CONSULTANTS REPORT - Merrill Lynch — Jeff Swanson, Via Telephone
Mr. Swanson gave a brief overview of the benefits of international equities. Mr. Swanson then reviewed the
investment manager's returns for the quarter ending June 30, 2003. The total market value of the fund was
$9,476,660 a net increase of $638,600. The fund ranked in the bottom thirty-three 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.
7. OTHER BUSINESS
Detective Dearden spoke of Trustee education and Trustee attendance at various conferences and schools. Mr.
Cypen suggested that a policy regarding Trustee education attendance be discussed at a future meeting.
Mr. Davis moved for authorization for any Police Board Trustee to attend the upcoming FPPTA conference to be
held October 12-15, 2003 limited to an amount not to exceed the current Village policy regarding per diem and
travel. Mr. Heffernan seconded the motion. The vote was unanimous in favor.
8. ADJOURNMENT
The September 4, 2003 regular meeting of the Police Pension Board was adjourned at 10:00 AM.
,Lel^
Edward Quinton, Chairman
Lisa Keeley, Recording Secretary