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HomeMy WebLinkAboutDocumentation_Pension General_Tab 01_05/02/2010DRAFT TEQUESTA GENERAL EMPLOYEES PENSION TRUST FUND QUARTERLY BOARD OF TRUSTEES MEETING February 1, 2010 I. Call To Order And Roll Call The Tequesta General Employees Pension Trust Fund Board of Trustees held a regular quarterly meeting at the Tequesta Village Hall, 345 Tequesta Drive, Tequesta, Florida, on Monday, February 1, 2010. The meeting was called to order at 1:02 p.m. A roll call was taken by Recording Secretary Betty Laur. Board Members in attendance at the meeting were: Chair Michael Rhodes, Secretary Carl Hansen, Board Member Michelle Gload, and Board Member John Terzakis. Board Member Deanna Mayo was absent from the meeting. Also in attendance were Attorney Bonni Jensen, Mike Dana with Dana Investment Advisors, Daniel Johnson with Bogdahn Consulting LLC, Steve Palmquist with Gabriel Roeder Smith and Company, Pension Coordinator Lori McWilliams, and Betty Laur, Recording Secretary. II. ANNUAL ELECTION OF OFFICERS 1. Chair MOTION: Board Member Carl Hansen nominated Michael Rhodes for re-election. Board Member Michelle Gload seconded the motion, which carried by unanimous 4-0 vote. 2. Secretary MOTION: Board Member Michelle Gload nominated Carl Hansen for re-election. Board Member John Terzakis seconded the motion, which carried by unanimous 4-0 vote. III. APPROVAL OF AGENDA Secretary Hansen asked for discussion of attending meetings by electronic means, which Attorney Jensen advised would be included in her discussion of the Sunshine Law. MOTION: Motion was made by Secretary Carl Hansen, seconded by Board Member Gload, to approve the agenda as submitted. Motion carried by unanimous 4-0 vote. Minutes of General Employees' Pension Trust Fund Board Meeting e February 1, 2010 2 IV. APPROVAL OF MINUTES 3. Tequesta General Employees' Pension Trust Fund Board of Trustees Regular Quarterly Meeting Minutes -November 2, 2009 MOTION: Motion was made by Board Member Gload, seconded by Secretary Hansen to approve the minutes of November 2, 2009 as submitted. Motion carried by unanimous 4-0 vote. V. PRESENTATIONS 4. Presentation by Investment Manager Mike Dana, Dana Investment Advisors, distributed information regarding how they did their calculations and called attention to the fact that contributions were not added into performance. Mr. Dana announced there had been 14% return last year, and things were beginning to look up. Bankers wanted to lend people money but needed to make sure they were going to get paid back, and it would take time for the banks to come around. The bond portfolio had lagged because treasuries were overweighted and they had sold the financials. Consumers were 70% of the economy, and they were now spending money, and there were other positive signs. Mr. Dana reviewed the quarterly report, and indicated they had now corrected some of the overweight in bonds. Lower priced stocks, which were usually most volatile, had done best during the period. Chair Rhodes pointed out the report showed only 24% of peers did worse than this fund. Mr. Dana commented we had just been through an unprecedented period where the whole banking system might have been lost without the very good actions of government officials. They had come through that period with 14% return, which was good. Mr. Dana pointed out the compliance appraisal within the report booklet. He anticipated less volatility, more lending, business gaining traction, and felt the bonds in the portfolio would be okay this year and next. Mr. Dana commented there was no better way to create jobs than to reduce capital gains, which the President had said would be done, and this was very good news. He commented it was good to open the portfolio to be able to purchase TIPS, but at this point they were too expensive. Mr. Dana answered questions from the Board, explained they were sector neutral and did not deviate from their philosophy. Their bond philosophy was to buy something you would get paid back on, and try to buy some extra value in each sector, but not to take risk on the bond side. Board Member Terzakis asked about investing in high yield bonds, to which the response was those were prohibited within the portfolio. Mr. Dana expressed his opinion that if interest rates went up the stock market would be doing very well, because things were getting better. Mr. Johnson advised the new investment policy guidelines would allow purchase of TIPS. Mr. Dana felt purchasing TIPS right now were too expensive relative to other alternatives that were available, but he felt it was a nice thing to have in the portfolio, and the bottom line was to buy those when Minutes of General Employees' Pension Trust Fund Board Meeting February 1, 2010 3 appropriate. Secretary Hansen commented pensions were disappearing more and more, and asked about pensions in the public sector. Mr. Dana indicated he saw very few corporations had defined benefit pensions any more, and the public-sector had suffered during the past two years and would look for other types of plans, but times would become good again and the pressure would then be off, but not so much money would be there for pensions. MOTION: Secretary Hansen made a motion to accept the quarterly report for the quarter ended 12/31/09 from Dana Investment Advisors. Board Member Gload seconded the motion, which carried by unanimous 4-0 vote. 5. Presentation of October 1, 2009 Actuarial Valuation Report Steve Palmquist, Gabriel, Roeder, Smith and Company, reviewed the October 1, 2009 actuarial valuation report, which showed the minimum required contribution was just under $185,000 for the next fiscal year starting October 1, 2010, or 9.4% of payroll. That was an increase over the present year, and was due to higher non- investment expenses and investments not doing as well as anticipated. Mr. Palmquist explained how they had calculated the annual cost of the plan. The costs for this plan compared to other General Employee plans was on the middle to low side of costs for cities. This plan's funded ratio was very high compared to other plans. Board Member Gload asked how Mr. Palmquist felt about the assumption rate, noting the Village had contributed more than necessary, which she believed had helped to keep the ratio high. Mr. Palmquist explained if payroll did not increase as much as anticipated, the cost of the plan as a whole would go down the next year. This Board had taken a step in the right direction the previous year when they had lowered the assumed rate of return by'/2 point, and instead of having the Village reduce its cost when we got to where there were substantial actuarial gains, he recommended at that point to lower that assumption even further, to make it a higher probability of meeting that rate in the future. If this plan had exactly the same investments as FRS, the gross return would be the same; but it was the net return they were concerned about. Mr. Palmquist explained how asset smoothing would work over five years. Also, if the plan had to shut down, there would be enough money to fund all the benefits earned so far, and that was not true of most comparable Florida plans. 27 of the 34 plan participants had less than 5 years service at this point. Mr. Palmquist commented in the public sector, investment earnings had been poor for the decade beginning in the year 2000, with both stocks and bonds only earning 1 %-2% during the whole decade and when a portfolio needed 7%-8% returns it was not long until funding became a problem, which had made costs of plans go up incredible amounts, putting tremendous pressure on municipalities, and they had clients all over the country trying to figure out what to do about that. It was a lengthy Minutes of General Employees' Pension Trust Fund Board Meeting • February 1, 2010 4 process to make changes, but a year from now there would probably be many plans that did not have as many benefits as they had today. It had already happened in the private sector, and today only 20% of employees were covered by defined benefit plans. Mr. Palmquist reported the Public Safety Board had voted to recommend to the Village to leave the rate of return the same (8%) but ask that the Village contribute as if it were 7-1/2% if they could afford it. Board Member Terzakis and Chair Rhodes commented this must be looked at every year to stay on top of it. Board Member Gload asked Mr. Palmquist why so many public plans no longer had defined benefit plans. He responded benefits had been cut because they needed to save money, and what could be earned in a 401 K was dwarfed by what could have been earned in a defined benefit plan. Attorney Jensen added the required contributions needed to be made, and some plans had not done that. Mr. Palmquist advised that over the past ten years the cost of benefits had risen more than the investment earnings. Chair Rhodes advised he had signed up for a web seminar called "30 or more ways to reduce your city expenses", set for February 18. Mr. Palmquist noted the figures for the decade beginning in 2000 were comparable to those of the great depression, so the next ten years would be fantastic. MOTION: Board Member Terzakis made a motion to approve the actuarial valuation dated 10/1/09 as presented by Mr. Palmquist. Secretary Hansen seconded the motion, which carried by unanimous 4-0 vote. 6. Quarterly Presentation By Monitor Dan Johnson, Bogdahn Consulting, LLC, explained preliminary information had been sent in time to be included in the packets, however, the final report had been distributed today because universe information and the attribution report were not available until now. Mr. Johnson explained he liked to have a large number of peers to compare against, because the more there were the more accurate the comparisons were, and that meant waiting until the last minute-the current report had been issued on Thursday of last week. It was a product of how fast other managers across the country reported their figures. Chair Rhodes asked if the report could be distributed by email as soon as it was finished, and stated he preferred getting it by email a day or so before the meeting instead of getting a preliminary report with no comparisons. Pension Coordinator McWilliams advised standard procedure was to provide backup in the packets for each agenda item, but it was up to the Board. Mr. Johnson advised that for the next meeting or two he would provide the preliminary report and also the final report via a-mail, and the Board could decide. Mr. Johnson reviewed what had impacted the portfolio. Emerging markets had outperformed at 8-1/2% for the quarter; developed markets were only up 2.2%. The S&P 500 was up 6% for the quarter. In the bond market, fixed income managers Minutes of General Employees' Pension Trust Fund Board Meeting February 1, 2010 5 were looking for shorter durations in order to re-invest more quickly. Another way to diversify would be corporate bonds. There had been great numbers for the year for stocks, but bonds were down. Technology had been the top performing sector; financials had been the only negative sector. It was interesting that the low-quality companies had out performed. Junk bonds were discussed. Mr. Johnson noted he and Mr. Dana had different opinions on the TIPS, since Mr. Johnson saw them as a cost effective way to get some return, and to have a nice inflation component if that happened. Mr. Johnson discussed the assumed rate of return and commended the Village for over-contributing. He gave an example of the type of riskier investments that would be needed to achieve a long term 9% rate of return, and commented that if only 6%- 7% was the goal then the portfolio could be more conservative, and the asset mix would be different. Chair Rhodes asked if the right asset -mix was in place to achieve the Board's 7-1/2% assumed rate of return. Mr. Johnson's response was yes. Mr. Johnson predicted inflation would become a serious concern, and explained CPI. Although the return had been 14%, it could have been more if stocks had been overweighted. The investment policy was now being changed so that more risk could be added, to bring the portfolio more in line with the peer group. The bond portfolio for the quarter had been disappointing, being significantly behind the index and its peer group because they were higher quality bonds. Looking at the fund over a longer term, the figures were much better. Board Member Terzakis expressed his personal opinion that last year had been such an aberration that returns on all portfolios had been a matter of luck more than experience, and one could not really judge from last year. Mr. Johnson felt the markets were now starting to normalize and the dedicated international component would allow Dana more leeway. Chair Rhodes asked how Mr. Johnson communicated with Dana, since Mike Dana had not been aware of the changes in the investment policy. Mr. Johnson advised for policy changes he called and emailed, for their reports on what they were doing there were conference calls and a quarterly meeting. Mr. Johnson advised that Joe Veranth was our portfolio manager and he called him frequently, and had sent him the new investment policy. Mr. Johnson explained the attribution report, and noted the numbers were right but he had mistakenly shown Rockwood as the investment manager. Board Member Gload asked if real estate had been removed when the investment policy statement was revised. Mr. Johnson advised the verbiage for real estate had been removed from the policy, but was in the ordinance, so it could always be added back in. Agenda item 9 was moved to this point in the agenda: 9. Discussion of TIPS Attorney Jensen pointed out that both Mr. Johnson and Mr. Dana liked TIPS-Mr. Dana just did not want to purchase them now, but he had stated he wanted them in the portfolio so that he had the ability to use them and when he wanted to use them Minutes of General Employees' Pension Trust Fund Board Meeting February 1, 2010 6 he had to move fast. Mr. Johnson indicated he saw TIPS as an alternative to a treasury bond, and felt TIPS were very cheap to get inflation protection into the portfolio, but it did not need to be forced, and could be tabled to wait to see if Mr. Dana used TIPS in the portfolio. Board Member Terzakis commented it was an insurance policy, and ETFs could also be used. Mr. Johnson noted TIPS had been added to the portfolio and the manager was aware they could be used, and if the Board was comfortable this discussion could be ended and taken up later if needed. Chair Rhodes agreed but asked Mr. Johnson to have a discussion with Mike Dana to be sure he understood TIPS were now allowed and could be used instead of treasuries. Chair Rhodes expressed his opinion that inflation protection was needed and TIPS were a tool that could be used for that as opposed to treasuries. Mr. Johnson explained that Dana had signed the new investment policy statement and the staff in Wisconsin was fully aware of it; Mike Dana happened to live in Melbourne so he attended the meetings, and his focus was different than the part of the firm in Wisconsin where the investments were handled. Chair Rhodes asked that bullet 5 on the last page of the report, foreign equity, be removed since the investment policy statement had been changed. Discussion ensued regarding suggesting 5% or 2% high yield bonds, Mr. Johnson indicated that would have to be done by the Village Council, and with changes to the investment policy statement, handcuffs had already been removed giving the investment manager more flexibility. Mr. Johnson advised at the next meeting he would review the bond portfolio in general. MOTION: Secretary Hansen made a motion to approve the quarterly report from Bogdahn Consulting, LLC as presented. Board Member Terzakis seconded the motion, which carried by unanimous 4-0 vote. VI. UNFINISHED BUSINESS 7. Update on IRS Determination Letter Attorney Bonni Jensen noted a copy of the correspondence with the IRS had been included in the packet, and she believed that completed their package. It would now be forwarded to Washington, D.C. for completion. 8. DROP Plan discussion Attorney Bonni Jensen pointed out that a copy of the Public Safety Plan had been included in the packet, which included the DROP plan, starting on page 23. The DROP plan allowed people who were eligible for normal retirement to stop accruing benefits in the pension plan and begin accumulating a fund balance. Their benefit would be calculated and inside the plan we would set aside an accumulation of their monthly benefit. Their monthly benefit would be invested with the dollars in the pension plan, and they would earn a rate of return commensurate with what the Minutes of General Employees' Pension Trust Fund Board Meeting February 1, 2010 7 pension plan earned. Those dollars would stay in the plan. This plan could set their own goals; they did not have to match the Public Safety Officers' rules. Even though the employee remained still working they no longer contributed to the plan, and for purposes of the plan they were considered a retiree. The Village no longer made a contribution for them. If they became disabled, they would quit and start drawing their retirement, and there would be no death benefit other than the amount they had chosen when they entered into retirement. Being in the DROP plan offered the employee the ability to create a lump sum benefit. Attorney Jensen advised Steve Palmquist would need to be consulted to determine any cost to the plan. Board Member Gload indicated she had noticed this was not in the plan, and she believed any time something beneficial to the employees could be added with little or no cost it should be done. Discussion ensued. Attorney Jensen indicated some time would need to be spent advising the Village Council of the benefit if this were to be recommended for adoption. MOTION: Board Member Gload made a motion to get a quote in implementing the DROP program for the General Employees' Pension Plan unless it was expensive to look into it. Board Member Terzakis seconded the motion, which carried by unanimous 4-0 vote. 9. Discussion of TIPS This item had been discussed during Mr. Johnson's presentation. 10. Explanation of the amount of payment to The Gehring Group for the fiduciary liability police premium -ratified at the November 2, 2009 meeting Pension Coordinator Lori McWilliams reported this had been discussed at the last Board meeting and it had been found that Senior Accountant Rahim had the explanation and not Human Resources. She had explained that the fiduciary liability premium was allocated between the pension plans according to the assets in each plan. VII. CONSENT AGENDA Attorney Jensen noted that Catherine Harding had submitted forms to retire and she would work with Catherine at no cost to the Board, since this was the first retirement in the plan. The normal procedure would be that when an individual left they would get a retirement package and fill out the application, which would be processed by the actuary. The actuary would need information from the Finance Department, and would calculate the benefit. The individual would sign off on that. Then benefit approval would take place and final paperwork would be filled out, such as direct deposit, taxes taken out, etc. The Board would approve the individual's choices in Minutes of General Employees' Pension Trust Fund Board Meeting February 1, 2010 8 accordance with the pension plan. Chair Rhodes asked that a policy be written containing steps to be taken, so a new person handling this would know exactly what to do. Attorney Jensen advised she and Pension Coordinator McWilliams had started working on that and would put together a package. Ms. Harding's age allowed her to begin drawing benefits. Secretary Hansen asked if there would be a policy that would allow Village employees to handle subsequent retirements. Attorney Jensen reported they had begun that, and an attorney should not be needed for future retirements; however, in this case an attorney was involved on the other side so that is how she became involved. Board Member Gload indicated she had noticed an increase in the rate from Business Services Connection, Inc., that she believed had not been presented to the Board. Discussion ensued. It was pointed out that the contract with Business Services Connection stated the rate would change when the rate paid by the Village changed. Board Member Gload indicated she had no problem with the rate or the change, and it was perfectly in line with the contract, but she thought it should be presented to the Board. Pension Coordinator McWilliams advised the budget accounted for the fees and each invoice presented listed the rate and was copied and placed into the packets as backup. Attorney Jensen advised this was not an incremental cost to the pension plan since the Village reimbursed the pension plan dollar for dollar for administrative costs. In the future a memo from the Village Manager would be presented when the rate changed. Secretary Hansen commented the consent agenda as a whole was supposed to be considered, and individual items should not be discussed. When the agenda was approved if someone wanted to discuss an item they should state they wanted that item pulled from the consent agenda for discussion. MOTION: Secretary Hansen made a motion to approve the entire consent agenda. Board Member Gload seconded the motion, which carried by unanimous 4-0 vote. Therefore, the following items were approved: 11. Ratification Of Invoices Paid Since Last Quarterly Meeting: • Business Services Connection, Inc. - Office work-weeks ended 10/16/09 through 01 /01 /10 $1,605.60 • Business Services Connection, Inc. - Attendance, recording and preparation of minutes and synopsis for 11/2/09 Regular Quarterly meeting 356.80 • Perry & Jensen, LLC. Minutes of General Employees' Pension Trust Fund Board Meeting February 1, 2010 Legal Fees through 11/15/09 • FPPTA Dues for 2010 12. Payments To Be Reviewed And Approved: • Perry & Jensen, LLC Legal Fees through 12/15/09 • Bogdahn Consulting, LLC Services through 12/31/09 • Dana Investment Advisors Services through 12/31/09 • Gabriel Roeder Smith & Company Services through 11/30/09 1,659.05 $ 600.00 257.75 $2,625.00 $1,839.12 $6,376.00 13. Approval of new applicants for participation in Pension Plan: None 14. Approval of withdrawal of contributions: None 9 15. Terminated Employees who have not taken their contributions Catherine Harding 16. Revenue and Expenditure Report END OF CONSENT AGENDA VIII. BUDGET REPORT Left employment 12/04/09 17. Quarterly Budget Report Expenditures Senior Accountant Monica Rahim reported she had printed the report January 20 in order to capture more expenses. Ms. Rahim reported the actuary's fee was over budget. The investment manager's fee had not been budgeted. She confirmed that item 15 was for the quarter, but item 16 included expenses to January 20. Board Member Gload commented she intended to search for where it had been approved Minutes of General Employees' Pension Trust Fund Board Meeting . February 1, 2010 10 to pay attendance at the meeting, since there was no contract with them. It was pointed out the budget was an estimation. Discussion ensued regarding the work Mr. Palmquist had done, and that there would be more work regarding the DROP program and Ms. Harding's retirement. Pension Coordinator McWilliams advised if she had known ahead of time there were questions, she could have pulled the information, but did not have it readily available. Board Member Gload indicated she would look back for previous charges. Chair Rhodes asked her to provide the information to everyone by email. Senior Accountant Rahim had prepared information for review for next year's budget, to be discussed at the next meeting, which was distributed. Chair Rhodes confirmed the label of the first column in the worksheet that said "prior year actual" was fiscal year 2009 and asked that 2008 also be included if possible. Secretary Hansen commented he had requested the budget be considered in August so there would be more information to work with. Chair Rhodes requested that in advance of the August meeting that Ms. Rahim provide budget observations and worksheets, and the Board would consider the budget at the August meeting. The fees for the investment manager were documented and it should not be difficult to find those. Ms. Rahim confirmed for Chair Rhodes that the fees that were over the budget were an estimation issue. MOTION: Board Member Terzakis made a motion to approve the Budget Report. Secretary Hansen seconded the motion, which carried by unanimous 4-0 vote. IX. NEW BUSINESS 18. Review of Sunshine Law Attorney Bonni Jensen reviewed the sunshine law as it affected the Board of trustees, covering open meetings law, public records law, and financial disclosure. Some highlights covered were that all meetings must be open to the public and minutes taken. The only meetings that did not have to be open were shade meetings, where attorney-client discussion for strategy or settlement for pending litigation could be discussed, and a court reporter must be present to record the proceedings. E-mail communication was public record, and the first report was covered, but responses would need to go through administrative personnel. The Board could always email Attorney Jensen, Village staff members and consultants, but not each other. Meeting notices must allow time for those who wished to attend to do so. For special meetings at least 24-hour notice was required. Inspections, meetings at restaurants, facilities that discriminated or restricted access, and out-of- town meetings were discussed. Meetings could be conduced by electronic media, but a quorum must be physically present, except for a workshop meeting, but there must be a point of public access. Everything was subject to the public record law and could be copied, except some of the attorney's documents used in the Minutes of General Employees' Pension Trust Fund Board Meeting > February 1, 2010 11 background for work product, and some personal information of plan participants that must be redacted. Medical records were exempted, unless a disability application was under consideration-that discussion would be held in an open meeting. Other exceptions included draft audits and trade secrets. Financial disclosure must, be filed annually and there was a $1,500 fine for not filing.. Gifts over $100 must be reported. Any gifts from a lobbyist that cost between $25-$100 must be reported and a form filed by the lobbyist. If an item brought before the board inured to the personal gain of a trustee, that trustee must disclose that to the Board before any discussion of the item, then abstain from voting on that item, then file a form 8B. If present in the room, a trustee must vote unless they had a conflict. Three votes were required of this Board in order to pass a motion. Fiduciary standards were also reviewed, plus other laws that applied to pensions were mentioned. The Florida legislature was not subject to the sunshine law. Attorney Jensen answered questions from the Board. 19. IRS Mileage Rate Attorney Bonni Jensen reported the IRS mileage rate was now 50¢, and the backup material was self explanatory. 20. Discussion of 3'd Party Administrator Pension Coordinator Lori McWilliams advised this item had been added to the agenda on Friday at the Village Manager's request. He had tasked the Village Clerk's office with numerous additional duties and asked that she bring forward to the pension boards the subject of hiring a third party administrator. When she had spoken with him after the Public Safety Officer's Board meeting earlier in the day, he advised he would like to have a third party administrator in place by mid-year. He did not want in-house personnel working on pension board duties. Ms. McWilliams commented her office was not experts and did not have the education and background. Attorney Jensen commented a third party administrator would do everything that Pension Coordinator McWilliams did. They would be responsible to coordinate service providers, send letters on the Board's behalf, and were like a secretary who would do whatever the Board told them to do, plus they would be knowledgeable about pension benefits and would be able to process retirements and deal with refunds of contributions. They would have to work closely with the Village in order to provide the benefits, and ultimately, third party administrators had their own systems and so would be taking downloads from the payroll system and keeping track of the salary and contributions. Chair Rhodes asked if this had been a topic for awhile. Pension Coordinator McWilliams advised she had been thinking about it, and the Village Manager had agreed in 2004 that the Village Clerk's office would take on the duties for the time being. From going back and researching minutes, she had found that a third party administrator had been discussed in the past. Chair Rhodes advised it would be helpful to have a lists of tasks done by the Clerk's office, and commented this flew in the face of what most municipalities were Minutes of General Employees' Pension Trust Fund Board Meeting February 1, 2010 12 trying to do at present, which was to reduce costs rather than adding something new. Pension Coordinator McWilliams advised she would provide a list of the job duties, and everyone had received the book which had a 3-page job description. Secretary Hansen asked the difference in what Betty was doing and what the third party administrator would do. Pension Coordinator McWilliams responded that was a concern, and she hoped something could be worked out to where Betty could work with them. The Village Manager wanted the next pension board meeting to be Pension Coordinator McWilliams' last meeting. Board Member Gload expressed concern whether that would allow enough time to interview and choose an administrator. Chair Rhodes commented during the past two years he had not seen any lack of professional product from Pension Coordinator McWilliams, and he thought also that what she brought to the table being part of the Village team was some knowledge that she was able to bring to the Board as opposed to what a third party contractor would. Secretary Hansen asked if Betty would be a possible candidate; she responded she would have to look into what would be involved. The Village Manager had said he did not want anyone handling pension duties in-house. Chair Rhodes asked for a list of duties, and Ms. McWilliams indicated she had been asked to do that by the Public Safety Board, and would provide it to both Boards. Chair Rhodes expressed concern regarding a proper transition, and said he would be glad to relay that to the Village Manager. X. ANY OTHER MATTERS There were no other matters to come before the Board. XI. COMMUNICATIONS FROM CITIZENS There were no communications from citizens. XII. ADJOURNMENT There being no further business, the meeting was adjourned at 5:19 p.m. Respectfully submitted, Betty Laur Recording Secretary