PRESENT

Eugene Terkoski, Chairman

Ron Cassedy, Public Works Member, V. Chairman

Barbara Brownlie, Administration Member

Gerald Kowalski, Member

Pam Kish, Member

Scott Glover, Financial Adviser

Shirlee Walker, Secretary

II. OATH OF OFFICE – NEW MEMBER, PAM KISH

Ms. Kish was sworn in and welcomed by the Board.

III. APPROVAL OF MINUTES 03-04 JULY 16, 2003

Mr. Kowalski moved to approve Minutes 03-04. Ms. Brownlie seconded. Motion passed unanimously.

IV. REPORT FROM SCOTT GLOVER

Mr. Glover advised the Board that the portfolio value is $200,315 with a return rate of 9.56% and no changes are recommended.

The asset allocations are on target but if interest rates rise the bond allocation may need to be adjusted.

The Investment Company of America Fund/F is under proforming but is doing well relative to risk taken.

All funds are performing above expectations.

Mr. Kowalski moved to accept Mr. Glover’s report. Mr. Cassedy seconded. Motion passed unanimously.

V. OTHER

1. Refund of Pension Contributions (Cathy Spafford)

Mr. Cassedy moved to approve the refund of pension contributions to Cathy Spafford. Mr. Kowalski seconded. Motion passed unanimously.

After discussing the merits of joining the Florida Pension Trustees Association, Ms. Brownlie was requested to inquire of the Town Attorney how the educational requirements are to be met and if there are a minimal amount of hours required.

Mr. Cassedy moved to adjourn. Mr. Kowalski seconded. Motion passed unanimously.

VI. ADJOURNMENT

Chairman Terkoski adjourned the meeting at 11:15 a.m.

Eugene Terkoski, Chairman

Shirlee Walker, Secretary