HomeMy WebLinkAbout10/16/2006 FPFB minutes
MINUTES OF THE REGULAR MEETING OF THE
MOUNT PROSPECT FIREFIGHTERS PENSION FUND BOARD
October 16, 2006
CALL TO ORDER
Meeting called to order at 8:40A.M.
ROLL CALL
Present upon roll call:
Sam Baas, Firefighter
Jeff Ricker, Firefighter
Donald Burger, Secretary
Absent
Mike Figolah, Chief
David Erb, Treasurer
Cary Collins present at 08:45
APPROVE AGENDA
Don Burger, seconded by Sam Baas moved to Elect Jeff Ricker President Pro
Temp.
Upon roll call:
Ayes: Don Burger, Sam Baas and Jeff Ricker.
Nays: None
Motion Carried
Don Burger, seconded by Sam Baas moved to approve the agenda as presented.
Upon roll call:
Ayes: Don Burger, Sam Baas and Jeff Ricker.
Nays: None
Motion Carried
APPROVE MINUTES
Don Burger, seconded by Jeff Ricker moved to approve the minutes of July 17,
2006 as presented.
Upon roll call:
Ayes: Don Burger, Sam Baas and Jeff Ricker.
Nays: None
Motion Carried
TREASURER'S REPORT
Jeff Ricker presented the financial statement for -September 30,2006.
As of September 30, 2006 the Fund had net assets with a market value totaling
$39.2 million. Of this amount, $11.5 million was under management by Capital
Gains and $11.1 million was under management by Segall Bryant.
As of September 30,2006 the market value of the Fund's portfolio was below the
value of the investments by $9,608. This is up significantly from $556,209 of
unrealized losses reported last quarter.
The fund's net assets increased $1,556,754 for the 3rd quarter and $1,220,964 year
to date. Total revenues for this quarter were $2,197,351. Of this amount, $981,154
was due to gains on the fixed income portion of the portfolio while $406,144 was
due to a gain on equities. 3rd quarter data on the American Fund was not available
as of the date of this report. 2nd quarter data was used for reporting purposes. The
balance was from fire pension contributions, property taxes and interest.
Expenditures for pension benefits accounted for $613,237 of total expenditures
during the 3rd quarter. Other operating expenses including investment advisor
costs, bank charges, seminar and legal fees totaled $27,360.
Disbursements by vendors for the quarter were $27,359.91.
Don Burger, seconded by Jeff Ricker moved to approve the financial report for
September 30, 2006 as presented.
Upon roll call:
Ayes: Don Burger, Sam Baas and Jeff Ricker.
Nays: None
Motion Carried
Mr. Potter from Becker, Burke discussed the investments results for the March
quarter, and for the year.
COMMITTEE REPORTS
No committee reports were presented.
OLD BUSINESS
There was no old business.
NEW BUSINESS
There is a request by F IF Bradley Bocox to be accepted to the Pension fund.
Don Burger, seconded by Sam Baas moved to approve this request.
Upon roll call:
Ayes: Don Burger, Sam Baas and Jeff Ricker.
Nays: None
Motion Carried
There is a request by Lt. Alan Labbe' to receive retirement benefits from the
Mount Prospect Firefighters Pension fund.
Jeff Ricker, seconded by Sam Baas moved to approve this request.
Upon roll call:
Ayes: Don Burger, Sam Baas and Jeff Ricker.
Nays: None
Motion Carried
There was discussion on moving the Pension meeting to the 4th Monday of the
quarter due to financial reports coming out around the 3 rd Monday. This will be
brought up at a later date.
ADJOURNMENT
Don Burger, seconded by Sam Baas moved to adjourn the meeting.
The meeting was adjourned at 09:10 A.M.
Donald Burger
Secretary