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HomeMy WebLinkAbout2009.10.09 Fire Pension Board MinutesFIRE PENSION BOARD MEETING October 12, 2009 MINUTES CALL TO ORDER: Meeting called to order at 6:25 p.m. by MattWatkins . ROLL CALL: Those Present: Stephanie Brock, Don Carter, Jim Chase, Debbie Clark, Alvie Covington, and Matt Watkins APPROVAL OF PRIOR MEETING MINUTES: Motion was made by Alvi Covington and seconded by Don Carter to approve the minutes of the July 13, 2009 meeting. Motion passed. BILLS: A copy of the monthly transaction ledger for July through September, 2009, was distributed. Motion was made by Don Carter and seconded by Alvi Covington to approve the expenditure transactions as presented. Motion passed. . FINANCIAL STATEMENT: Presented. OLD BUSINESS: Jim Chase reported on Mr. Rowe's pension benefit from the Fund. NEW BUSINESS: Investment Policy & Guidelines Mr. Chase has been asked by an investment agency/securities dealer (Vining Sparks, IBG) to provide them with an investment policy and/or guidelines on investing the funds of the Fire Pension Fund for their file. They are merely performing their due diligence in making sure he is following the instructions of the Board by investing in the US Government Agency Bonds which are shown on the financial statements, attached, provided to you on a quarterly basis (at each board meeting). The City's Investment Policy specifically excludes the Fire Pension Funds due to the longer term nature of investment strategies for the Pension Funds. He would like to inform them that the City's Investment policy guidelines will be followed except for the longer term nature of the investments, and that his direction and authorization comes from this Board and not the City Manager. Past practice has been for him to notify the Board when an investment matures or is called, and inquire as to how the Board would like the funds to be re -invested. The response has been for him (as Finance Manager of the City) to re -invest the funds as he deems appropriate. Motion made to follow the City's guidelines except where noted above by Alvi Covington. Seconded by Don Carter. Motion Passed. ADJOURNMENT: 6:45 p.m. NEXT MEETING ON: January 11, 2010 6:30 P.M.