08-09-2007 Regular Meeting•
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MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
AUGUST 9, 2007
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Thursday, August 9, 2007 in
the Conference Room of the Village Hall. The meeting was called to order at 8:55A.M.
2. ROLL CALL
In order for the record to reflect those present, the roll was called with the following members present:
Present
JC Rodriguez Lieutenant David McLeod Hunt Davis
Absent
Kurt Gustinger Officer Clifford Vickers
Also Present: Alison Bieler, Pension Board Attorney
Lisa Keeley, Interim Plan Administrator / Recording Secretary
3. APPROVAL OF MINUTES — May 10, 2007
Mr. Davis asked that his name be corrected on the minutes. Lt. McLeod moved for approval ofthe May 10, 2007
minutes with the requested correction. Mr. Davis seconded the motion which passed unanimously.
4. APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2007 - 005
Lt. McLeod moved for approval of payment warrant Police Warrant No. 2007 — 005 as submitted. Mr. Davis
seconded the motion which was passed unanimously.
6. INVESTMENT CONSULTANT REPORT - Merrill Lynch — Michael Callaway, Via Telephone
Mr. Callaway reviewed the investment manager's returns for the quarter ending June 30, 2007. The total market
value of the fund was $11,554,460, a net increase of $469,300. The total fund returned 4.3% exceeding the
target index and ranking in the sixty-fourth percentile compared to the public balance fund sample.
Mr. Callaway informed the Board of recent changes in the personnel at the Boston Company International
Investment team. He expressed his concern leaving the plan's money invested long term with the new
replacement team. He indicated that Merrill Lynch would provide alternative international investment managers
within the next two weeks for the Board's review. It was the consensus of the Board to meet sometime during the
first week of September to review the prospective international managers.
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Police Pension Board August 9, 2007 Page 2
7. OTHER BUSINESS
Mrs. Keeley confirmed to the Board that the Plan's redistribution of assets from Davis, Hamilton, Jackson &
Associates to Aletheia Research, Royce Pennsylvania and Boston Company International had been completed on
July 19, 2007 and that the next quarterly report would reflect the new allocations.
The Board concurred with the General Employee Board in expressing their sympathy withthe Finance Director's
passing and congratulated Mrs. Keeley for the job she has done in the interim as well as her continued dedication.
8. ADJOURNMENT
The August 9, 2007 regular meeting of the Police Pension Board was adjourned at 9:35 AM.
Lisa Keeley, Recording Secretary
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Police Warrant - No. 2007 - 005
For payment from the Village Pension Fund for Police Officer'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 Police Officer's 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 ofsaid Board
by circulation of this warrant, pensions from 05/01/07 to 08/09/07 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 The Boston Company
Quarterly management fees for the period 04/01/07 — 06/30/07 $ 9,332.84
Authorize payment to Salem Trust Company
Quarterly fee for period 04/01/07 -- 06/30/07 $ 1,820.20
Authorize Lump Sum Distribution:
John Gonzalez $16,043.23
Dated this 9th day of August, 2007 Approved by:
JC Rodriguez, Chairperson
As Chair of the Board of Trustees Village Pension Fund for Police
Officer's in the Village of Miami Shores, Florida