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Police Pension Minutes 2015 05-11-15 Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville,IL 60560 (630)553-4340 5:OOPM on May 11,2015 Police Department Conference Room Minutes Attachments Meeting Minutes for February 10, 2015 President/Secretary to sign Monthly Treasurer's Reports Feb,Mar&Apr 2015 Investment Policy Addendum-GASB 67 City's Pension Funding Policy(informational) Required Report to the Municipality by the Pension Board FY 2016 Police Pension Budget Bills for Payment --------------------------------------------------------------------------------------------------------------------------------- Meeting Call to Order: 5:O1pm by Fred DuSell Roll Call: Present:Ryan Goldsmith,Ray Mikolasek,Greg Sibenaller,Rob Fredrickson,Joe Gillespie,Fred DuSell Guests: Kelly Weller,GLA;Larry DeBord,citizen;Larry Richey, GLA; Cary Collins,Attorney. Citizen Comments:None Previous Meeting Minutes: February 10,2015 Corrections/Approval Motion to Approve:Joe Gillespie,2nd Ryan Goldsmith 5 Ayes 0 Nays Communications: IDOI Fees were mailed but bill was incorrect based on last year's finances. IDOI sent email confirming that new bill will be mailed out shortly and will be due upon receipt. Roll call vote to pay bill as amended: Joe Gillespie,2nd Ryan Goldsmith, Greg Sibenaller,Aye;Joe Gillespie,Aye;Fred DuSell,Aye;Ryan Goldsmith,Aye;Ray Mikolasek,Aye. Monthly Treasurer's Report: February,March, and April 2015 Motion to Approve: Joe Gillespie,2nd Fred DuSell 5 Ayes 0 Nays Bills for Payment: MVT Management Fee: (Apr-Jun 2015) $ 2,987.73 From Schwab Acct: 3137-9036 Zabinski Consulting Services(Jan-April 2015) $ 635.60 IPPAC Annual Conference Registration (5 Board Members) $ 1,150.00 IPPAC Ethics Training(Mikolasek) $ 175.00 Postage Reimbursement—City of Yorkville (Jan-Apr) $ 19.93 Collins and Radja: Attorney $ 750.00 Total Bills for Payment: $ 5,718.26 Motion to Approve:Joe Gillespie,2nd Ryan Goldsmith,Roll Call Vote: Ryan Goldsmith,Aye;Ray Mikolasek,Aye; Greg Sibenaller,Aye;Joe Gillespie,Aye;Fred DuSell,Aye. Investments: Progress Reports from Great Lakes Advisors. Kelly Weller-Cheap oil continues to help consumer but energy sector is getting crushed. Long term affect on energy companies yet to be determined,but definitely affecting smaller companies that supply energy equipment. Low oil, strong dollar, low interest rates, low inflation good for consumers, not good for large sector of economy. Small and Mid Cap outperformed Large Cap last quarter. Portfolio did really well. Outperformed the benchmark by 2%. New additions to the portfolio for the 1 st quarter Target Corp,Popular Inc,American Axle,and Paccar Inc. GLA moved out of DOW Chemical, Western Digital, and XEROX. Preparing strategy to deal with volatility in US equity market. Closed quarter with$2.9 million in assets with 99%in equities and 1% in cash. Quarter to date,the account produced 3.8%return versus 2.8%for benchmark. One problem area was Lazard emerging markets mutual fund. GLA sold out of Lazard and moved into Causeway emerging markets mutual fund. No changes GLA wants to make at this time to the portfolio. GASB 67 is changing the way GLA has to report and GLA recommends reporting dates need to be realigned to report on a fiscal year to align with our fiscal year end. Unfinished Business: Approval of Investment Policy Revisions-GASB 67 Addendum Joe Gillespie, 2nd Ray Mikolasek 5 Ayes 0 Nays New Business: Approval Fiscal Year 2016 Police Pension Budget Greg Sibenaller,2nd Ryan Goldsmith, 5 Ayes 0 Nays Custodial account agreement discussion Leave as is for now and keep an eye on Schwab to ensure trade costs don't get out of hand. Fred DuSell expected to be reappointed by Mayor Golinski Personnel Changes and Additions: None Additional Business: Approval to reimburse United City of Yorkville for lodging charges associated with the IPPAC Annual Conference,May 13, 14,and 15,upon receipt of bill. Lodging for five rooms,at two nights each,not to exceed $1,100. Citizen Comments: Larry DeBord-GLA representative Kelly Weller at February meeting made statement that the benchmark showed a rate of return for 2014 of high single digits when the rate of return was actually at 13+0/o. Larry DeBord pointed out that Great Lakes Advisors actually underperformed for the quarter. Board went into executive session from 6:06pm until 6:29pm under Illinois Statute 5 ILCS 120/2(c)(7). Next meeting: August 11,2015 5:OOpm Motion to Adjourn: Greg Sibenaller,2nd Fred DuSell, 5 Ayes 0 Nays 2015 meeting dates: Feb 10,May 11 (Monday),Aug 11,Nov 10 r-7 In IQL6,4& A-.-`//- `la-t-z" President Secretary