Police Pension Minutes 2014 08-12-14 III
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, IL 60560
(630) 553 -4340
5 : OOPM on August 12, 2014
Police Department Conference Room
Minutes
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Attachments
Meeting Minutes for May 12, 2014 President/Secretaty to sign
Monthly Treasurer' s Report as of June 30, 2014
Bills for Payment
Meeting Call to Order: Fred DuSell 5 : 07pm
- motion by Ray Mikolasek to appoint Fred DuSell president protein : 2nd Ryan Goldsmith 3 Ayes 0 Nays
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Roll Call: Present: Ryan Goldsmith, Joe Gillespie, Ray Mikolasek, Rob Fredrickson, Greg Sibenaller arrived 5 : 13pm j
Guests : Carty Collins, attorney; Larry Richey, Great Lakes Advisors; Larry DeBord, citizen; David Vaught,
MVT; Kelly Weller, Great Lakes Advisors .
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Previous Meeting Minutes : May 12, 2014
Corrections/Approval
Motion to Approve : Ray Mikolasek, 2nd Ryan Goldsmith 4 Ayes 0 Nays
Communications : Mitchell, Vaught, Taylor training opportunity August 16 discussed by David Vaught.
Monthly Treasurer' s Report: as of June 30, 2014 Current Portfolio value: $6,055 , 156
Motion to Approve : Ray Mikolasek, 2nd Ryan Goldsmith 4 Ayes 0 Nays
Bills for Payment:
MVT Management Fee : (Jul - Sep 2014) $ 23695 .00
From Schwab .Acct: 3137-9036
Zabinski Consulting Services (Apr-June 2014) $ 475 .00
lPPAC Annual Membership Fee $ 500 . 00
IDOI FY 2015 Compliance Fee $ 1 ,010 .45
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Training Reimbursement (IPPAC Conf Lodging)
PAID 06/25/14 approved May 2014 meeting $ 810 .96
United City of Yorkville postage reimbursement $ 20 . 16 j
Collins and Rad a• Attorney $ 750 .00
Total Bills for Payment: $ 6,261 . 57
Motion to Approve : Ray Mikolasek, 2nd Ryan Goldsmith Roll call vote: Ray Mikolasek, Aye; Fred DuSell, Aye;
Greg Sibenaller, Aye; Ryan Goldsmith, Aye; Joe Gillespie, Aye.
Investments :
Progress Reports from Mitchell, Vaught, and Taylor.
- Report on our fixed income portfolio from MVT given by David Vaught: An uneventful quarter for fixed
income portfolio which was good for our fund. MVT is looking to stay shorter. on durations for our bonds, and
increase more exposure to corporate bond holdings . A nice income return of $22,626 less $2,547 management fee for
a net of $20,079 .
Progress Reports from Great Lakes Advisors .
- Report on our equity portfolio from Great Lakes Advisers given by Laurence Richey, and Kelly
Weller. Equity portfolio had a net return for the 3 month report period beginning 5/1/14 of 2.75% beating our
benchmark, of 2 .34% . Our total equity portfolio value is $2,577,087 .22 . Our prior 3 month ending value was
2, 655 , 662 .95 . They are trimming international holdings but maintaining with Oakmark International for their long
term quality. At the request of our adviser we approved reducing our cash holdings from 2% to 1 % for the propose of
enhancing our potential in equity purchases . Asset allocations to be rebalanced April 1 st, and Mr. Collins will ask
them to prepare future reports to reflect the calendar quarters. In the future they will send us reports via email prior to
our meetings
Unfmished Business :
- Todd Overmyer was not reappointed by the mayor. Joe Gillespie to be appointed by mayor at City Council
meeting at 7 : OOpm. Joe Gillespie formally introduced to the board.
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- Election of Board Officers .
- Fred DuSell nominated as President by Ray Mikolasek, 2nd Ryan Goldsmith 5 ayes 0 Nays
- Greg Sibenaller nominated as Vice President by Fred DuSell, 2nd Ryan Goldsmith 5 Ayes 0 Nays
- Ray Mikolasek nominated as Secretary by Joe Gillespie, 2nd Ryan Goldsmith 5 Ayes 0 Nays
- Ryan Goldsmith nominated as Asst Secretary by Fred DuSell, 2nd Greg Sibenaller 5 Ayes 0 Nays
- Appointment of Board Members : FOIA, Security, Open Meetings .
- President DuSell made following appointments :
- Ray Mikolasek FOIA and Open Meetings officer !
- Greg Sibenaller Security officer
New Business :
- Secretary Mikolasek announced board will not release any executive session minutes from previous year. j
- Fred DuSell proposed resolution based on recommendation by treasurer Rob Fredrickson, that any property tax
surplus cash be split evenly between Mitchell, Vaught, and Taylor and Great Lakes Advisors for purposes of
investment in order to maximize returns . 2nd Ryan Goldsmith Roll call vote: Ray Mikolasek, Aye; Fred DuSell,
Aye; Greg Sibenaller, Aye; Ryan Goldsmith, Aye; Joe Gillespie, Aye.
Personnel Changes and Additions :
- None
Additional Business :
- None
Citizen Comments :
- Larry DeBord stated that Great Lakes advisors should be reporting investment returns on standard calendar
quarter system. Mr. DeBord also stated Great Lakes Advisors should also compare the portfolio to the S&P 500 in
addition to the Russell 3000 . Mr. DeBord stated that the portfolio is currently tracking close to the S &P 500 and that
he believes that to be commendable.
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Next meeting:
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Nov 10, 2014 5 : OOpm (Monday)
Motion to Adjourn: 6 : 05pm Joe Gillespie, 2nd Greg Sibenaller 5 Ayes 0 Nays
2014 meeting dates : Feb 11 , May 12 (Monday), Aug 12, Nov 10 (Monday)
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President Secretary