HomeMy WebLinkAbout01/15/2007 FPFB minutes
MINUTES OF THE REGULAR MEETING OF THE
MOUNT PROSPECT FIREFIGHTERS PENSION FUND BOARD
January 15, 2007
CALL TO ORDER
Meeting called to order at 8:35A.M.
ROLL CALL
Present upon roll call:
Mike Figolah, Chief
David Erb, Treasurer
Sam Baas, Firefighter
Donald Burger, Secretary
Absent
Jeff Ricker, Firefighter
Cary Collins present at 09:05
APPROVE AGENDA
Don Burger, seconded by Sam Baas moved to approve the agenda as presented.
Upon roll call:
Ayes: Chief Figolah, David Erb, Don Burger, and Sam Baas.
Nays: None
Motion Carried
APPROVE MINUTES
The approval of the minutes for the October 16,2006 was deferred till the next
regular meeting.
TREASURER'S REPORT
Don Burger, seconded by Chief Figolah to approve the treasure's report of
October, 2006
Upon roll call:
Ayes: ChiefFigolah, David Erb, Don Burger and Sam Baas
Nays: None
Motion Carried
David Erb presented the financial statement for -December 31, 2006.
As of December 31, 2006 the Fund had net assets with a market value totaling
$40.1 million. Of this amount, $11.4 million was under management by Capital
Gains and $11.0 million was under management by Segall Bryant.
As if December 31, 2006 there is an unrealized loss on the fund's portfolio
totaling $41,005. This is down slightly from the $9,608 in unrealized losses
reported last quarter.
The fund's net assets increased $868,125 for the 4th quarter and $2,445,839 year
to date. Total revenues for this quarter were $1,516,802. Of this amount,
$1,118,284 was due to gains on equity portion of the portion of the portfolio while
$291,643 was due to a gain on fixed income investments. Expenditures for
pension benefits accounted for $626,182 of total expenditures during the 4th
quarter. Other operating expensed including investment advisor cost, bank
charges totaled $22,495.
Disbursements for the past three months total $22,495.14
COMMITTEE REPORTS
No committee reports were presented.
OLD BUSINESS
A motion was made by David Erb and seconded by Don Burger to approve a
payout to Chuck Stubbings for his pension contributions in the amount of
$6,672.58.
Upon roll call: Ayes: David Erb, Don Burger, Sam Baas.
Nays: None
Abstained: Chief Figolah
Motion Carried
NEW BUSINESS
A motion was mad by David Erb and seconded by Chief Figolah to add a new
brokerage firm QA3 Financial Corporation / Capital Markets Brokerage per Gary
Krusha of Capital Gains.
Upon roll call:
Ayes: David Erb, Don Burger, Sam Baas.
Nays: None
Abstained: Chief Figolah
Motion Carried
There was a discussion to move the regular meetings to the 4th Monday of the
quarter. This is due in part to the financial statements coming out late.
Don Burger moved to accept the change to the 4th Monday and seconded by Sam
Baas.
Upon roll call:
Ayes: David Erb, Don Burger, Sam Baas.
Nays: None
Abstained: Chief Figolah
Motion Carried
There was a request by Chief Figolah to have a special meeting on February 5th at
9am to discuss a change to the bylaws.
There is a request by F IF Adam Stuckey to be accepted to the Pension fund.
Jeff Ricker, seconded by Sam Baas moved to approve this request.
Upon roll call:
Ayes: David Erb, Don Burger, Sam Baas and Jeff Ricker.
Nays: None
Motion Carried
There is a need to elect a President for the Pension board.
Don Burger nominated David Erb for this position.
David Erb withdrew this nomination. Sam Bas nominated Chief Figolah. There
were no more nominations.
A motion was made by Jeff Ricker and seconded by Don Burger to elect Chief
Figolah President.
Upon roll call:
Ayes: David Erb, Don Burger, Sam Baas and Jeff Ricker.
Nays: None
Motion Carried
ADJOURNMENT
Chief Figolah, seconded by David Erb moved to adjourn the meeting.
The meeting was adjourned at 09: 15 A.M.
Donald Burger
Secretary