HomeMy WebLinkAbout01/19/2004 FPFB minutesMinutes of the Regular Meeting of the
Mount Prospect Firemen's Pension Fund Board
January 19, 2004
CALL TO ORDER
President Figolah called the meeting to order at 08:45 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 Margarett Gorodess, of Becker Burke.
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
Sam Bass, seconded by Jeff Ricker moved to approve the minutes of the regular meeting
of the Mount Prospect Firemen's Pension Board held on October 20, 2003 as presented.
Upon role call: Ayes: Figolah, Farley, Erb, Lowe, Juliano, Baas, Ricker and
Burger
Nays: None
Motion carried.
TREASURER'S REPORT
David Erb provided the Financial report for the quarter ending December 31, 2003. Mr.
Erb stated the Book Value of the Fund is at $34.6M. Of this amount, $11.7 million was
under management by Segall Bryant and $13.1 million was under management by
Capital Gains. As of December 31, 2003, the market value exceeded the book value of
the investments by $536,839. This is down from the $825,414 of unrealized gains
reported last quarter.
The fund's net assets increased $1,163,670 in the 4th Quarter and $2,628,699 year-to-
date. The largest increase can be attributed to the gain in equity holdings. Equity holdings
increased $9992,929 for the 4th Quarter and $2,132,425 for the year.
The disbursements for the past three months total $28,101.69, plus a $341.00 bill from
the court reporter for a total of $28,442.69
Firefighter Baas, seconded by Mayor Farley 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.
Margarett Gorodess gave a report on the Fund's December 31, 2003 quarter performance.
Margarett reported that the Fund realized a 2.9% increase in this quarter and an 8.5%
performance over the last year.
David Erb, Seconded by Mayor Farley Made a motion to go back to making quarterly
transfers from fixed income to equity's until we get to our 35% benchmark.
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
Cary Collins Attorney at Law brought up the need to execute and sign an order for Tim
Cunningham.
Burger, seconded by Baas made a motion to approve this order.
Upon role call: Ayes: Figolah, Farley, Erb, Lowe, Juliano, Baas, Ricker and
Burger
Nays: None
Motion carried.
David Erb, seconded by Mayor Farley moved to approve benefit increases, for those
currently receiving pension benefits.
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 9:12 A.M.
Donald Burger
Secretary