TOWN OF I N D I A L A N T I C

Brevard County, Florida 32903

PENSION BOARD OF TRUSTEES GENERAL

MINUTES 00-04

July 19, 2000 10:00 am

 

          PRESENT:                                                          ABSENT:

Eugene Terkoski, Chairman                                   Richard Bailey, Member           

Barbara Brownlie, V. Chairman                             Ron Cassedy, Member

Alan Coburn, Member

Al Glover, Financial Advisor

Shirlee Walker, Secretary

 

I.      CALL TO ORDER

          Chairman Terkoski called the meeting to order at 11:00.

 

II.           APPROVAL MINUTES

Mr. Terkowski noted that Ms. Brownlie’s name was misspelled in item III, second paragraph.

 

Ms. Brownlie moved that Minutes No. 00-03, April 10, 2000 be approved with correction. Mr. Coburn seconded. Motion passed unanimously.

 

III.        REPORT FROM AL GLOVER

Mr. Glover distributed a written copy synopsizing his report as follows:

 

1.      ASSETT ALLOCATION: The current allocation for the Town of Indialantic General Employee’s Retirement Plan is in accordance with the Policy Statement and the State of Florida regulations. As of this time, he does not recommend any changes in the current allocation.

 

2.      CURRENT RETURN: the current year to date return for the total Pension Plan is a –2.9%. This compares with a proxy return of -.43% (S&P)

 

3.      PLAN OBJECTIVE: The Town of Indialantic General Employee Plan, meets all the standards of Fiduciary Responsibility as set forth in the Uniform Prudent Investor’s Act. The Trustees have complied with this responsibility by engaging the following process:

Maintain Statement of Investment Guidelines

§         Maintain Spending Policy to fund expenditures

§         Perform Due Diligence on investment options

§         Diversity the assets with “prudent experts”

§         Monitor the Pension Trust investments through changing financial markets

 

                   Mr. Glover also informed the Board that the portfolio value as of 7/18/00 is $77,304.

 

IV.    OTHER

 

IV.         ADJOURNMENT _Meeting adjourned at 11:08 a.m.

 

 

                                                                                                                                                                                                            

Shirlee Walker, Secretary                                                                   Eugene Terkoski, Chairman