HomeMy WebLinkAbout07/23/2007 FPFB minutes
MINUTES OF THE REGULAR MEETING OF THE
MOUNT PROSPECT FIREFIGHTERS PENSION FUND BOARD
July 23,2007
CALL TO ORDER
Meeting called to order at 8:35 A.M.
ROLL CALL
Present upon roll call:
David Erb, Treasurer
Sam Baas, Firefighter
Donald Burger, Secretary
Absent:
Mike Figolah, Chief
Jeff Ricker, Firefighter
Others Present:
Rick Potter, Becker, Burke & Associates
Cary Collins, Pension Board Attorney
David Erb was elected to act as President Pro-Tern in the absence of Chief
Figolah. This was motioned by Burger and Seconded by Baas.
APPROVE AGENDA
Burger, seconded by Baas moved to approve the agenda as presented.
Upon roll call:
Ayes: David Erb, Donald Burger, and Sam Baas.
Nays: None
Motion Carried
APPROVE MINUTES
The approval of the minutes for the October 16,2006 and April 23, 2007
meetings were deferred till the next regular meeting. The appropriate board
members were not on hand to approve the minutes.
Sam Baas, seconded by Burger moved to approve the minutes for the regular
meeting of January 15,2007.
Upon roll call:
Ayes: David Erb, Donald Burger, and Sam Baas.
Nays: None
Motion Carried
TREASURER'S REPORT
Sam Baas, seconded by Burger to approve the treasure's report of
June, 2007
Upon roll call:
Ayes: David Erb, Donald Burger and Sam Baas
Nays: None
Motion Carried
TREASURER'S REPORT (cont.)
David Erb presented the financial statement for -June 30, 2007.
As of June 30, 2007 the Fund had net assets with a market value totaling $41.8
million. Of this amount, $10.9 million was under management by Capital Gains
and $10.5 million was under management by Segall Bryant.
As of June 30, 2007 the market value of Fund's portfolio was below book value
of investments by $252,269. This is down from the $88,697 of unrealized gains
reported last quarter.
The fund's net assets increased $870,503 for the 2nd quarter and year to date.
Total revenues for this quarter were $1,553,309. Of this amount, $1,461,349 was
due to gains on the equity portion of the portfolio. Expenditures for pension
benefits accounted for $651,644 of the total during the 2nd quarter. Other
operating expensed including investment advisor cost, legal fees and bank charges
totaled $31,162. Disbursements for the past three months total $31,161.53.
Rick Potter presented the quarterly Flash report on the pension fund portfolio.
Rick made a recommendation to move $400,000 from large cap, $200,000 from
mid cap $200,000 from Morgan, $100,000 from T Rowe Price and $90,000 from
IPTIP. Move $50,000 of this to cash to each manager.
Erb, seconded by Baas to approve the reinstatement of the quarterly transfers.
Upon roll call:
Ayes: David Erb, Donald Burger, and Sam Baas
Nays: None
Motion Carried
COMMITTEE REPORTS
No committee reports were presented.
OLD BUSINESS
No Old Business was conducted.
NEW BUSINESS
There is a request by F/F Jeffery Wiley to be accepted to the Pension fund.
Burger, seconded by Baas moved to approve this request.
Upon roll call:
Ayes: David Erb, Sam Baas and Donald Burger.
Nays: None
Motion Carried
ADJOURNMENT
Burger, seconded by Baas moved to adjourn the meeting.
The meeting was adjourned at 09: 13 A.M.
Respectfully Submitted,
Donald Burger, Secretary