08-15-19 PO Pension Board MinutesMINUTES
Police Officers' Pension Board of Trustees
Meeting
Thursday, August 15, 2019 - 6:30 PM
Commission Chamber
Present: William (Bill) Tomson, Chair
Chase Jamison, Member
David Cameron, Member
Tim Anderson, Member
Absent: Robert (Bob) Liggero, Member
Also Present: Melissa Burns, Director of Finance
1. CALL TO ORDER
2. COURTESY OF THE FLOOR TO VISITORS
3. APPROVAL OF MINUTES
A. Approve minutes of the May 19, 2019 regular meeting of the Police Officers'
Pension Board of Trustees.
MOTION: Motion to approve minutes from May 19, 2019.
Motion: David Cameron
Second: Chase Jamison
Motion passed 4 to 0.
4. PRESENTATION BY SIDNEY TAYLOR AND CHRIS BRIDGES, MORGAN
STANLEY
A. Introduction of David Wheeler, Graystone Consulting Tampa Team
Sidney Taylor and Christ Bridges of Graystone Consulting of Morgan Stanley -
Orlando introduced David Wheeler of Graystone Consulting of Morgan Stanley -
Tampa who will be taking over the accounts. Morgan Stanley has decided that the
investments should move from the Graystone Consulting Morgan Stanley Team in
Orlando to the Graystone Consulting Morgan Stanley team in Tampa. The board
discussed the level of comfort or lack of comfort with moving to a new team. It was
suggested that a special meeting to be held in order for Graystone Consulting Morgan
Stanley -Tampa make a presentation in order for the board to decide whether or not to
accept the change.
ACTION: Motion that as a board we do not accept the transfer of services from Graystone
Police Officers' Pension Board of Trustees
August 15, 2019
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Orlando to Graystone Tampa until we're comfortable; expecting a presentation from Graystone
Tampa before the expected turnover date of October 1st, and require Graystone Consulting
Tampa to come in and present to us between now and the November meeting and to expect at
the meeting to approve the transfer.
Motion: Tim Anderson
Second: David Cameron
Mr. Cameron asked what would be the procedure for that. Attorney Herrera suggested a
special meeting be held. Sidney Taylor of Graystone Consulting - Orlando indicated that they
could petition to delay the transition until the end of the year.
Motion passed 4 to 0.
Board requested that the information be sent before the meeting.
B. Recap Investment Performance for the period ended 06/30/19 and Subsequent
Activity
Sidney Taylor and Chris Bridges of Morgan Stanley - Orlando discussed the quarterly
report for the quarter ended June 30, 2019 related to the current allocation and rate of
return. The ending portfolio value is $11,734,794.
Return Summary
Quarter to Date 4/1/2019 - 6/30/2019 9.82%
Fiscal Year to Date 10/1/2018 - 6/30/2019 3.28%
Performance Since Inception 3/10/2010 - 6/30/2019 6.54%
5. DISCUSSION WITH PENSION BOARD ATTORNEY
Mr. Herrera updated the board on pending and upcoming items.
6. FINANCIAL EXPENDITURES REPORT
A. Expenditures through 06/30/19
7. APPROVAL OF FY20 BUDGET
A. FY20 Police Pension Fund Budget
ACTION: Motion to approve FY20 Budget
Motion: David Cameron
Second: Chase Jamison
Motion passed 4 to 0.
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August 15, 2019
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NEW BUSINESS
8. No new business
9. ADJOURNMENT
There being no further discussion, the meeting adjourned at 8:26 p.m.
Attest:
elissa Burns, Ian Administrator
77„--w
William Tomson, Chair
Police Officers' Pension Board of Trustees
August 15, 2019
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