05-14-20 PBOT - Police Adopted MinutesIVIIIINUTES
Police Onicers T1"ension Board w it rustees
Meeting
Thursday, May 14, 2,®2® 6a3® ISM
Videoconick ence
Present. William (Bill) Tomson, Chair
Tim Anderson, Member
Robert (Bob) Liggero, Member
Ed Peck, Member
Absent: Chase Jamison, Member
Also Present: Melissa Burns, Director of Finance
David Wheeler, Graystone Consulting, Tampa
Timothy Haugaard, Graystone Consulting, Tampa
Commissioner Candace Kelly, Commission Liaison
Nicolas Lahaye, Gabriel Roeder Smith
Pedro Herrera, Board Attorney
1. CALL TO ORDER
2. COURTESI' OF THE FLOOR TO Vl�1TORS
None
A. Approve minutes of the February 13, 2020 regular meeting of the Police Officers'
Pension Board of Trustees.
MOTION.• Motion to Approve
Motion: William (Bill) Tomson
Second: Tim Anderson
William (Bill) Tomson (Moved By) Fof•
Tim Anderson (Seconded By) For
Robert (Bob) Liggero For
Ed Peck For
Motion passed 4 to 0.
4. REPORTS
A. Recap of Investment Performance for the period ended March 31, 2020 and
subsequent activity by David Wheeler and Timothy Haugaard of Graystone
Police Officers' Pension Board of Trustees
May 14, 2020
Page 1 of 67
Consulting, Tampa
David Wheeler and Timothy Haugaard of Graystone Consulting Tampa presented the
investment activity for the quarter ended March 31, 2020. The ending portfolio value is
$10,451,652. A recommendation was made to move funds from Cash/Money Market
to Small/Mid-Cap Equity.
Return Summary
Quarter 01/01/2020-03/31/2020 -16.93%
Performance Since Inception 4.45%
Atlantic Beach 1Q 2020
MOTION: Motion to accept recomm�endation to move funds from Money Market to
Small/Mid-Cap Equities.
Motion: Tim Anderson
Second: Williarrr (Bill) Tomson
Willitrnr (Bill) Tomson (Seconded By)
Tinr Anderson (Moved By)
Robert (Bob) Liggero
Ed Peck
Motion passed 4 to 0.
B. Expenditures through March 31, 2020
For
For
For
For
Non -actionable, for discussion and information only.
C. Fund Balance Report through March 31, 2020.
Non actionable, for discussion and information only.
D. Presentation of annual actuary report by Nicolas Lahaye of Gabriel Roeder Smith
and Company.
The annual actuarial report was presented by Nicolas Lahaye of Gabriel Roeder Smith
and Company. The funded ratio is 81.4% compared to 78.7% last year.
MOTION: To approve annual actuarial report as presented.
Motion: Tinr Ar:derson
Second: William (Bill) Tomson
William (Bill) Tomson (Seconded By) For
Tin: Anderson (Moved By) For
Robert (Bob) Liggero For
Police Officers' Pension Board of Trustees
May 14, 2020
Page 2 of 67
5.
6.
7.
Attest:
Ed Pecl�
Motion passed 4 to 0.
For
DISCU�SI®TSI �JITI� >�ICI`�1�I®ISI B®ARIL➢ A'1<"I['ORNEY
A. policy Regarding Teleconferencing
Attoney Herrera presented and discussed Policy Regarding Teleconference and Video
Conference Meetings.
MOTION: Motion to approve policy
Motion: William (Bill) Tontson
Second: Robert (Bob) Liggero
William (Bill) Tontson (Moved By)
Tim Anderson
Robert (Bob) Liggero (Seconded By)
Ed Peck
Motion passed 4 to 0.
B. Other Items for Discussion
No actionable items were discussed.
NEW BUSINESS
None
For
For
Fos•
For
ADJOURNMENT
There being no further discussion, Chair Tomson declared the meeting adjourned at 8:45 p.m.
William T mson, Chair
Police Officers' Pension Board of Trustees
May 14, 2020
Page 3 of 67