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
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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