HomeMy WebLinkAbout10/22/2007 FPFB minutes
MINUTES OF THE REGULAR MEETING OF THE
MOUNT PROSPECT FIREFIGHTERS PENSION FUND BOARD
October 22, 2007
CALL TO ORDER
Meeting called to order at 8:40 A.M.
ROLL CALL
Present upon roll call:
David Erb, Treasurer
Sam Baas, Firefighter
Jeff Ricker, Firefighter
Donald Burger, Secretary
Absent:
Mike Figolah, Chief
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
Ricker, seconded by Baas moved to approve the agenda as presented.
Upon roll call:
Ayes: David Erb, Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
APPROVE MINUTES
Jeff Ricker made a motion, seconded by Sam Baas to approve the minutes for the
regular meeting of October 16, 2006.
Upon roll call:
Ayes: David Erb, Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
Jeff Ricker made a motion, seconded by Sam Baas to approve the minutes for the
regular meeting of April 23, 2007.
Upon roll call:
Ayes: David Erb; Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
Jeff Ricker made a motion, seconded by Sam Baas to approve the minutes for the
regular meeting of July 23,2007.
Upon roll call:
Ayes: David Erb, Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
TREASURER'S REPORT
Ricker, seconded by Baas to approve the treasure's report of
September, 2007
Upon roll call:
Ayes: David Erb, Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
TREASURER'S REPORT (cont.)
David Erb presented the financial statement for -September 30, 2007.
As of September 30, 2007 the Fund had net assets with a market value totaling
$42.6 million. Of this amount, $11.3 million was under management by Capital
Gains and $10.8 million was under management by Segall Bryant.
As if September 30,2007 the market value of fund's portfolio was above book
value of the investments by $208,025. This is up from the $252,269 unrealized
loss reported last quarter.
The fund's net assets increased $780,886 for the 3rd quarter. Total revenues for
this quarter were $1,446,191. Of this amount, $757,886 was due to gains from
the fixed income managers and $539,421 was due to gains on the equity portion
of the portfolio. Expenditures for pension benefits accounted for $636,594 of
total expenditures during the 3rd quarter. Other operating expensed including
investment advisor and manager costs, fiduciary insurance and legal fees totaled
$29,428. Disbursements for the past three months total $29,428.30.
Rick Potter presented the quarterly Flash report on the pension fund portfolio.
Rick asked if the meeting dates could be moved to the last Tuesday of the quarter
due to conflicts in his schedule.
Jeff Ricker made a motion, seconded by Sam Baas to move the meeting dates to
the last Tuesday of the quarter.
Upon roll call:
Ayes: David Erb, Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
Mr. Potter brought up the fact that Becker Burke has not had a fee increase since
1994. They will be proposing a fee increase of $36,000 annually.
This matter was discussed and will be deferred till next meeting.
COMMITTEE REPORTS
No committee reports were presented.
OLD BUSINESS
No Old Business was conducted.
NEW BUSINESS
NEW BUSINESS (cont.)
Mr. Potter wants to move monies from the fixed income mangers.
Jeff Ricker made a motion seconded by Sam Baas for Dave to execute moving
money not to exceed $500,000.
Upon roll call:
Ayes: David Erb, Jeff Ricker, Sam Baas and Donald Burger
Nays: None
Motion Carried
ADJOURNMENT
Ricker, seconded by Baas moved to adjourn the meeting.
The meeting was adjourned at 09:40 A.M.
Respectfully Submitted,
Donald Burger, Secretary