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Police Pension Minutes 2017 08-08-17Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, IL 60560 630) 553-4340 5:00PM on August 8,2017 Police Department Conference Room Minutes Attachments: Meeting Minutes for May 23, 2017 President/Secretary to sign Monthly Treasurer's Reports Bills for Payment Meeting Call to Order: 5:07pm by Greg Sibenaller Roll Call: Present: Ray Mikolasek,Ryan Goldsmith,Joe Gillespie, Greg Sibenaller,Rob Fredrickson Guests: Cary Collins,Attorney; Larry DeBord, Citizen;David Vaught,Mitchell, Vaught, and Taylor Election of the following Board members: Greg Sibenaller,President; Joe Gillespie, Vice President; Ray Mikolasek, Secretary; Ryan Goldsmith, Assistant Secretary Motion made by Ray Mikolasek, 2nd Joe Gillespie 4 ayes 0 nays Citizen Comments: None Previous Meeting Minutes: May 23,2017 Corrections/Approval -no corrections Motion to Approve: Joe Gillespie 2nd Ray Mikolasek,4 ayes 0 nays Communications: Monthly Treasurer's Report: May 2017 only presented May report because Zabinski Consulting busy with IDOI report and unable to provide data for other months Motion to Approve: Joe Gillespie 2nd Ryan Goldsmith, 4 ayes 0 nays Bills for Payment: MVT Management Fee: (Jul- Sep 2017) 3,676.00 From Schwab Acct: 3137-9036 Great Lakes Advisors Fee: (Apr-Jun) 2,517.82 Acct: 90733303 Great Lakes Advisors Fee: (Apr-Jun) 1,377.75 Acct: 56737766 Zabinski Consulting Services (May2017) 158.34 IPPAC Annual Membership 500.00 Collins and Radja: Attorney 775.00 Total Bills for Payment: 9,004.91 Motion to Approve: Joe Gillespie 2nd Ryan Goldsmith. Roll call vote: Joe Gillespie, aye; Ryan Goldsmith, aye; Ray Mikolasek, aye; Greg Sibenaller, aye. Investments: Progress Report from Mitchell, Vaught, and Taylor. David Vaught: Bought two treasuries. A five-year$100,000 treasury with a 1.875 yield to maturity and a nine-year$120,000 treasury with a 2.32 yield to maturity. Paid$113,000 for the$120,000 nine-year bond. Significant portion of portfolio invested in US Treasury Bonds. One million, seven hundred fifty thousand dollar investment gain since beginning of portfolio, and $150,000 since MVT took over fixed income only on 12/31/13. That investment gain in a low interest rate bond market is reality. Strategy has been to invest in short duration bonds due to uncertainty in how fast interest rates would rise. If rates continue to rise slowly, MVT can take risk of adding longer duration bonds. That will be strategy going forward. The bond market lost 1.2%and our portfolio only lost 0.7%in a negative bond market due to the conservative investment strategy. motion to approve: Ray Mikolasek 2nd Joe Gillespie,4 ayes 0 nays. Unfinished Business: None New Business: Appointment of Board Members Greg Sibenaller: FOIA,Ray Mikolasek; Security, Rob Fredrickson; Open Meetings,Joe Gillespie. Personnel Changes and Additions: None Additional Business: Officer Hayes has expressed interest in buying back his creditable service time from Plano Police Department. Ray Mikolasek will contact him to assist him. Citizen Comments: Larry DeBord-confirmed with David Vaught the benchmark is the Barclays Intermediate. Great Lakes Advisors (GLA)underperformed for the second quarter in a row. Through June 30,GLA was at 5.49% and the S&P 500 was 9.32%. The mutual fund portion of our portfolio that GLA manages has outperformed the last two quarters, at 11.27%compared to 9.32% of S&P 500. The blended performance would be 7.46%to 9.32%of S&P 500. Larry DeBord suggested giving GLA the benefit of the doubt based on past performance and believes they will turn it around. Next meeting: November 14, 2017 5:00pm Motion to Adjourn: 5:22pm by Ray Mikolasek 2nd Ryan Goldsmith, 4 ayes 0 nays. 2017 meeting dates: Feb 14, May 23, Aug 8,Nov 14 76,7, Preside 6.7 Secretary