TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
October 29, 2004 10 A.M.
I. CALL TO ORDER AT 10:00 A.M.
PRESENT
Eugene Terkoski, Chairman
Mike Biamonte, Fire Dept. Member
Sgt. Scott Elliott, Police Dept. Member
Gerald Kowalski, Member
Scott Glover, Financial Adviser
Shirlee Walker, Recording Secretary
II. OATH OF OFFICE FOR NEW MEMBER
A. Mike Biamonte was sworn in as a new member and welcomed by the Board.
III. APPROVAL OF MINUTES JULY 21, 2004
Mr. Kowalski moved to approve the minutes as written. Mr. Biamonte seconded. Motion passed unanimously.
IV. REPORT FROM SCOTT GLOVER
Mr. Glover presented his report. The year to date return through September 30, 2004 is +2.79% exceeding the benchmark of +2.25%. No changes were recommended.
The current portfolio is valued at $2,210,336.00.
Mr. Kowalski moved to approve the report. Sgt. Elliott seconded. Motion passed unanimously.
V. OTHER
A. Approve retirement benefits for Fire Chief Tom Barker
Mr. Biomonte moved to approve retirement benefits for Fire Chief Tom Barker. Sgt. Elliott seconded. Motion passed unanimously.
B. Disbursement of State Funds
Mr. Kowalski moved to approve the investment of $85,00 of the $109,909.62 funds available. Keeping $95,000 liquid for ordinary expenses. Sgt. Elliott seconded. Motion passed unanimously.
Mr. Glover will distribute $85,000 through the portfolio as the target allocation dictates.
VI. ADJOURNMENT
Mr. Kowalski moved to adjourn at 9:35 a.m. Sgt. Elliott seconded. Motion passed unanimously.
Next meeting January 19, 2004.
Eugene Terkoski, Chairman
Shirlee Walker, Secretary