HomeMy WebLinkAbout04/23/2007 FPFB minutes
MINUTES OF THE REGULAR MEETING OF THE
MOUNT PROSPECT FIREFIGHTERS PENSION FUND BOARD
April 23, 2007
CALL TO ORDER
Meeting called to order at 8:40 A.M.
ROLL CALL
Present upon roll call:
David Erb, Treasurer
Sam Baas, Firefighter
Jeff Ricker, Firefighter
Absent:
Mike Figolah, Chief
Donald Burger, Secretary
Others Present:
Rick Potter, Becker, Burke & Associates
Cary Collins, Pension Board Attorney
David Erb was elected to act as President Pro-Tern in the absence of Chief
Figolah. This was motioned by Ricker and Seconded by Baas.
APPROVE AGENDA
Ricker, seconded by Baas moved to approve the agenda as presented.
Upon roll call:
Ayes: David Erb, Jeff Ricker, and Sam Baas.
Nays: None
Motion Carried
APPROVE MINUTES
The approval ofthe minutes for the October 16,2006 and January 15,2007
meetings were deferred till the next regular meeting. The appropriate board
members were not on hand to approve the minutes.
TREASURER'S REPORT
Ricker, seconded by Baas to approve the treasure's report of
April, 2007
Upon roll call:
Ayes: David Erb, Jeff Ricker and Sam Baas
Nays: None
Motion Carried
TREASURER'S REPORT (cont.)
David Erb presented the financial statement for -March 31, 2007.
As of March 31, 2006 the Fund had net assets with a market value totaling $40.9
million. Of this amount, $11.2 million was under management by Capital Gains
and $10.7 million was under management by Segall Bryant.
As if March 31, 2006 there is an unrealized gain on the fund's portfolio totaling
$426,251. This is up from the $41,005 in unrealized losses reported last quarter.
The fund's net assets increased $841,652 for the 1st quarter and year to date.
Total revenues for this quarter were $1,491,557. Revenues from property taxes in
the amount of$553,167 accounted for most of the receipts in the first quarter.
Expenditures for pension benefits accounted for $644,516 of total expenditures
during the 1 st quarter. Other operating expensed including investment advisor
cost, legal fees and bank charges totaled $5,389. Disbursements for the past three
months total $5,388.91.
Rick Potter presented the quarterly Flash report on the pension fund portfolio.
Based on the portfolio's current allocation of the unconstitutionality of Sudan
legislation restricting pension funds from holding certain investments it was
recommended the Fund reinstate the quarterly transfer from equities.
Erb, seconded by Ricker to approve the reinstatement of the quarterly transfers.
Upon roll call:
Ayes: David Erb, Jeff Ricker and Sam Baas
Nays: None
Motion Carried
COMMITTEE REPORTS
No committee reports were presented.
OLD BUSINESS
No Old Business was conducted.
NEW BUSINESS
There is a request by FIF Brennen Kenneally to be accepted to the Pension fund.
Ricker, seconded by Baas moved to approve this request.
Upon rollcall:
Ayes: David Erb, Sam Baas and Jeff Ricker.
Nays: None
Motion Carried
There is a request by F IF Eric Schmidt to be accepted to the Pension fund.
Ricker, seconded by Baas moved to approve this request.
NEW BUSINESS (cont.)
Upon roll call:
Ayes: David Erb, Sam Baas and Jeff Ricker.
Nays: None
Motion Carried
There was a brief discussion on the Sudan Divestiture Act and it's finding as
being unconstitutional. The law was declared unconstitutional because it
interfered with the federal government's authority over foreign affairs and
commerce.
ADJOURNMENT
Ricker, seconded by Baas moved to adjourn the meeting.
The meeting was adjourned at 09:20 A.M.
Respectfully Submitted,
David Erb, Treasurer