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HomeMy WebLinkAbout07/15/2002 FPFB COPYMINUTES OF THE REGULAR MEETING OF THE MOUNT PROSPECT FIREMENS PENSION FUND BOARD July 15, 2002 CALL TO ORDER Chief Figolah called the meeting to order at 8:35A.M. ROLL CALL Present upon roll call: Mike Figolah, Chief Doug Ellsworth, Treasurer Donald Burger, Secretary Velma Lowe, Village Clerk Steve Dumovich, Retired Firefighter Absent Gerald L. Farley, Mayor Village Attorney Jeff Ricker, Firefighter Sam Baas, Firefighter Also present was Cary Collins, Pension Board Attorney and Rick Potter, of Becker Burke. APPROVE AGENDA Steve Dumovich, seconded by Don Burger moved to approve the agenda as presented. Upon roll call: Ayes: Figolah, Ellsworth, Lowe, Burger, Dumovich. Nays: None Motion Carried APPROVE MINUTES Doug Ellsworth, seconded by Don Burger moved to approve the minutes of the regular meeting of the Mount Prospect Firemen's Pension Board held April 15, 2001, as amended. Upon roll call: Ayes: Figolah, Ellsworth, Dumovich, Lowe, Burger Nays: None Motion Carried Mount Prospect Firemen's Pension Fund April 15, 2002 Page 2 of 3 Velma Lowe, seconded by Steve Dumovich moved to approve the minutes of the May 13, 2002, special meeting. Upon roll call: Ayes: Figolah, Ellsworth, Dumovich, Lowe, Burger Nays: None Motion Carried "t'" m1liefla'"M&W4011we Doug Ellsworth presented the financial statement for —June 30, 2002. As of June 30, 2002 the Fund had net assets with a book value totaling $32.2 million. Of this amount, $11.8 million was under management by Segall Bryant and $13.3 million was under management by Capital Gains. As if June 30, 2002 the market value of the Fund's portfolio exceeded the book value of investments by $564,664. During the past three months the Fund's net assets decreased $879,611, clearly the result of the reduction in value of the equity investments. From a year-to-date standpoint expenses exceeded revenues by $473,435. Disbursements by vendors for the quarter were $24,854.00 Doug Ellsworth, seconded by Steve Dumovich moved to approve the Treasurer's report as presented. Upon roll call: Ayes: Figolah, Ellsworth, Dumovich, Lowe, Burger Nays: None Motion Carried Rick Potter presented the July 30, 2002 Flash Report. Rick discussed the investments of the Board. Suggested looking at contributions quarter by quarter, as to putting money in equity funds. Doug Ellsworth, seconded by Steve Dumovich made a motion to not to make the September equity transfer from the Bond Manager. Upon roll call: Ayes: Figolah, Ellsworth, Dumovich, Lowe, Burger Nays: None Motion Carried Doug Ellsworth, seconded by Steve Dumovich made a motion to move the money from U.S. Growth to American Fund -Growth. Upon roll call: Ayes: Figolah, Ellsworth, Dumovich, Lowe, Burger Nays: None Motion Carried Mount Prospect Firemen's Pension Fund April 15, 2002 Page 3 of 3 COMMITTEE REPORTS No committee reports were presented. NEW BUSINESS Doug Ellsworth, seconded by Steve Dumovich made a motion to purchase separate fiduciary liability insurance with an annual premium of $7,883. Upon roll call: Ayes: Figolah, Ellsworth, Dumovich, Lowe, Burger Nays: None Motion Carried Attorney Cary Collins updated the board on the Moll V. Pension Board- Calendar call May 15, 2002. Mr. Collins stated this was just a house cleaning by the courts and the matter has been dismissed. • 1 i : ►117�i I�`►Y Steve Dumovich, seconded by Velma Lowe moved to adjourn the meeting. Upon roll call: Ayes: Figolah, Ellsworth, Dumovich, Lowe, Burger Nays: None Motion Carried The meeting was adjourned at 09:10 A.M. Donald Burger Secretary