HomeMy WebLinkAbout04/29/2008 FPFB minutes
MINUTES OF THE REGULAR MEETING OF THE
MOUNT PROSPECT FIREFIGHTERS PENSION FUND BOARD
April 29, 2008
CALL TO ORDER
Meeting called to order at 8:35 A.M.
ROLL CALL
Present upon roll call:
David Erb, Treasurer
Sam Baas, Firefighter
Jeff Ricker, Firefighter
Donald Burger, Secretary
Absent:
Mike Figolah, Chief
Others Present:
Rick Potter, Becker, Burke & Associates
Cary Collins, Pension Board Attorney
Jeff Ricker was elected to act as President Pro-Tern in the absence of Chief
Figolah. This was motioned by David Erb and Seconded by Sam Baas.
APPROVE AGENDA
David Erb, seconded by Sam Baas moved to approve the agenda as presented.
Upon roll call:
Ayes: David Erb, Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
APPROVE MINUTES
Jeff Ricker made a motion, seconded by Sam Baas to approve the minutes for the
regular meeting of October 22, 2007.
Upon rollcall:
Ayes: David Erb, Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
TREASURER'S REPORT
Ricker, seconded by Baas to approve the treasure's report of
March, 2008
Upon roll call:
Ayes: David Erb, Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
TREASURER'S REPORT (cont.)
David Erb presented the financial statement for -March 31, 2008.
As of March 31, 2008 the Fund had net assets with a market value totaling $42.0
million. Of this amount, $11.9 million was under management by Capital Gains
and $11.6 million was under management by Segall Bryant.
As of March 31 S\ there is an unrealized gain in the fund's portfolio totaling
$281,662. This is down from $426,251 in unrealized losses reported last quarter.
The fund's net assets decreased $1,079,222 for the 1st quarter. Total revenues for
this quarter were a negative $429,276. Excluding the unrealized loss on equities
revenue for the 1 st quarter was $1,464,919. Of this amount, $691,839 was due to
gains on the fixed income portion of the portfolio. The first allotment of property
taxes was also received in the first quarter totaling $612,463. The balance of
revenue was primarily from pension contributions.
Expenditures for pension benefits accounted for $640,846 of the total during the
1 st quarter. Other operating expenses including investment advisor costs, legal and
bank fees totaled $9,100.
The disbursements for the past three months total $22,015.50.
Rick Potter presented the quarterly Flash report on the pension fund portfolio.
Mr. Potter brought up the fact that Becker Burke has not had a fee increase since
1994. They are proposing a fee increase of $32,000 annually.
David Erb, Seconded by Jeff Ricker, made a motion to approve the increase for
the services provided by Becker Burke in the amount of $32,000.
Upon roll call:
Ayes: David Erb, Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
COMMITTEE REPORTS
No committee reports were presented.
OLD BUSINESS
No Old Business was conducted.
NEW BUSINESS
Mr. Potter suggested moving monies from the fixed income mangers.
$200,000 to Windsor II and $200,000 to Morgan Growth.
Jeff Ricker made a motion seconded by Sam Baas for Dave to execute moving
money not to exceed $400,000.
Upon rollcall:
Ayes: David Erb, Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
Jeff Ricker was seated for a new three year term as F IF trustee.
ADJOURNMENT
Ricker, seconded by Baas moved to adjourn the meeting.
The meeting was adjourned at 10:00 A.M.
Respectfully Submitted,
Donald Burger, Secretary