HomeMy WebLinkAbout10/18/2004 FPFB minutesMinutes of the Regular Meeting of the
Mount Prospect Firemen's Pension Fund Board
October 18, 2004
CALL TO ORDER
President Figolah called the meeting to order at 08:30 A.M.
ROLL CALL
Present upon roll call:
Absent:
Chief Figolah, President
Gerald L. Farley, Mayor
David Erb, Treasurer
Velma Lowe, Village Clerk
James Juliano, Retired Firefighter
Sam Baas, Firefighter
Jeff Ricker, Firefighter
Donald Burger, Secretary
Village Attorney
Also present was Richard Potter, of Becker Burke.
Cary Collins Pension Board Attorney
APPROVE AGENDA
Mayor Farley, seconded by Velma Lowe moved to approve the Agenda as proposed.
Upon role call: Ayes: Figolah, Farley, Erb, Lowe, Juliano, Baas, Ricker and
Burger
Nays: None
Motion carried.
APPROVE MINUTES
The minutes of the regular meeting for January 19, April 19 and July 19, 2004 were
marked FYI, as there was no quorum for these meetings.
TREASURER'S REPORT
David Erb provided the Financial report for the quarter ending September 30, 2004.
Mr. Erb stated the Book Value of the Fund is at $34.8M. Of this amount, $11.3 million
was under management by Segall Bryant and $12.5 million was under management by
Capital Gains.
As of September 30, 2004, the market value exceeded the book value of the investments
by $50,872. This is down from the $231,726 of unrealized gains reported last quarter.
The fund's net assets decreased $396,950 in the 3rd Quarter but remain $259,644 over the
prior year. The largest decrease can be attributed to a decrease in the value equity
holdings. Equity holdings decreased $249,499 in the P Quarter. Year-to-date earnings
for equities are still up $260,372 from the prior year. Expenditures for pension benefits
accounted for $516,133 of total expenditures during the 3`d quarter and $1,535,873 for the
year.
Firefighter Ricker, seconded by Firefighter Baas moved to approve the Treasurer's
Report as presented.
Upon role call: Ayes: Figolah, Farley, Erb, Lowe, Juliano, Baas, Ricker and
Burger
Nays: None
Motion carried.
Firefighter Burger, seconded by Mr. Erb moved to approve the agreement between The
Pension Board and Becker Burke for Investment advisor services.
Upon role call: Ayes: Figolah, Farley, Erb, Lowe, Juliano, Baas, Ricker and
Burger
Nays: None
Motion carried.
Mayor Farley, seconded by Jim Juliano moved to approve the Actuarial valuation report
for the year beginning January 1, 2004 and ending December 31, 2004.
Upon role call: Ayes: Figolah, Farley, Erb, Lowe, Juliano, Baas, Ricker and
Burger
Nays: None
Motion carried.
COMMITTEE REPORTS
Medical Committee: Nothing to report
Legal Committee: Nothing to report
OLD BUSINESS
Nothing to report
NEW BUSINESS
Firefighter Baas, seconded by Firefighter Ricker moved to approve the renewal of the
Fiduciary liability insurance.
Upon role call: Ayes: Figolah, Farley, Erb, Lowe, Juliano, Baas, Ricker and
Burger
Nays: None
Motion carried.
There was an election for the full time firefighter position.
Total votes received.
Jeff Ricker 57 votes
Henry Dawson 1 vote
Votes spoiled 1
Firefighter Baas, seconded by Jim Juliano moved to seat the new member Jeff Ricker.
Upon role call: Ayes: Figolah, Farley, Erb, Lowe, Juliano, Baas, and
Burger
Nays: None
Motion carried.
Chief Figolah made a motion, seconded by Velma Lowe to consider the purchase of a
closed session electronic audio recording device not to exceed $1000.00.
Upon role call: Ayes: Figolah, Farley, Erb, Lowe, Juliano, Baas, Ricker and
Burger
Nays: None
Motion carried.
Mayor Farley, seconded by Velma Lowe moved to adjourn.
Upon role call: Ayes: Figolah, Farley, Erb, Lowe, Juliano, Baas, Ricker and
Burger
Nays: None
Motion carried.
Motion Carried at 9:55 A.M.
Donald Burger
Secretary