TOWN OF
INDIALANTIC
Brevard County,
Florida 32903
POLICE / FIRE
EMPLOYEES PENSION BOARD OF TRUSTEES
MINUTES 2004-04
July
21,2004 09:00 A.M. Town Hall
I.
SWEARING IN OF SCOTT ELLIOTT
Chairman Terkoski swore in a new member
of the board, Mr. Scott Elliott. He
was welcomed aboard by the other
members.
II.
CALL TO ORDER
Chairman Terkoski called the meeting to order at 09:55 am.
PRESENT:
Eugene Terkoski, Chairman
Gerald Kowalski, Member
Scott Elliott , Member
Jan Acker, Secretary
Scott Glover, Financial Adviser
Al Glover, Financial Adviser
Mr. Kowalski moved to approve
Minutes 04-03. Mr. Terkoski seconded motion.
Motion passed unanimously.
IV.
REPORT FROM SCOTT GLOVER
Mr. Glover advised that the year
to date return of the portfolio through June 30, 2004 is +2.29 %. Our
policy index yielded +2.16 % and that no changes are recommended.
Mr. Glover advised the Board that
the portfolio value is $2,199,707.00 with the current asset allocation being:
Large Cap Growth 15%, Large Cap Value 34%, International Equity 10% and
Corp/Gov’t Bonds 41%. Our target allocation have been met and no changes
are required.
Mr. Kowalski moved to accept Mr.
Glover’s report. Mr. Elliott seconded. Motion
passed unanimously.
Motion was made by Mr.
Kowalski and seconded by Mr. Terkoski that any trustee have the authority to
sign for proxy votes from Morgan Stanley after a recommendation from Mr.
Glover. Ms. Brownlie will advise when a proxy is received from Morgan
Stanley. Motion passed unanimously.
VI.
ADJOURNMENT
Mr. Kowalski moved to
adjourn. Mr. Elliott seconded the motion. Motion passed
unanimously.
Chairman Terkoski adjourned
the meeting at 10:05 am.
NOTE: Pension Trustee’s attended a one hour educational seminar after
this meeting.
_____________________
_____________________________
Jan Acker, Secretary
Eugene Terkoski, Chairman