02-12-2004 Regular Meeting•
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MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
FEBRUARY 12, 2004
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, February 12, 2004
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
Ed Quinton Detective Timothy Dearden
Al Davis Sergeant David McLeod
Absent
William Heffernan
Also Present: Steve Cypen, Pension Board Attorney
Mark A. Malatak, Plan Administrator
Lisa Keeley, Recording Secretary
4. APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2004 - 002
Detective Dearden moved for approval of payment warrant Police Warrant No. 2004 - 002 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 $5,046,078 as of December 31,
2003. The return for the period was 5.5%; the equity return being 9.4% just under the Russell 1000 Growth
return of 10.4% and the fixed income return being 0.2% compared to the Lehman Government/Corporationrets
of 0.0%.
5B. INVESTMENT MANAGER REPORT - The Boston Company — Ryan Fitzpatrick
Mr. Fitzpatrick reported that the fund's total market value as of December 31, 2003 was $5,134,677. The total
return for the quarter was 8.4%; with a 13.9% return on equities compared to the Russell 1000 Value of 14.2%
and a -0.1% fixed income return which fell below the 0.0% Merrill Lynch Government/Corporation return.
3. APPROVAL OF November 13, 2003 MINUTES
Mr. Cypen inquired as to Page 1, Item 6b., "or a security directly listed on the Foreign Exchange." Mr. Swanson
clarified that it should read "or aforeign company listed on the Domestic Exchange." Mr. Davis moved for
approval of the November 13, 2003 minutes as corrected. Detective Dearden seconded the motion. The motion
to approve passed unanimously.
Police Pension Board February 12, 2004 Page 2
• 6. CONSULTANTS REPORT - Merrill Lynch — Jeff Swanson
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Mr. Swanson then reviewed the investment manager's returns for the quarter ending December 31, 2003. The
total market value of the fund was $10,170,920; a net increase of $642,720. The fund ranked in the fiftieth
percentile compared to the public balanced public fund sample. Mr. Swanson indicated that both managers fell
within the investment policy parameters. Mr. Swanson reviewed the manager's performance since inception and
the future expectations from each one.
7. OTHER BUSINESS
There was no other business.
8. ADJOURNMENT
The February 12, 2004 regular meeting of the Police Pension Board was adjourned at 9:45 AM with a motion
from Mr. Davis seconded by Sergeant McLeod and unanimous in favor.
Ed Quinton, Chairman
Lisa Keeley, Recording Secretary