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HomeMy WebLinkAboutDocumentation_Regular_Tab 06_02/16/2006 SYNOPSIS OF 11/28/OS GENERAL EMPLOYEES' PENSION BOARD QUARTERLY MEETING MINUTES 1. Diseussed estimated amounts for budget items and approved budget. 2. Joe Bogdahn presented the quarterly monitor's report. 3. Joe Bogdahn responded to the Consultant's Questionnaire. 4. Approved fiduciary liability insurance renewal and authorized payment of $743 premium. 5. Approved an actuarial study to be done by Steve Palmquist this year with projection for two years, and to ask Mr. Palmquist to attend the February meeting to review the report or if it was not finished at that point to provide an update and answer questions regarding timing, etc. 6. Approved tabling review of specifications for an actuarial RFP to the November 2006 quarterly board meeting. 7. Approved payrnents to Business Services Connection, Inc., totaling 601.80; Hanson, Perry & Jensen PA $2,558.00; Bogdahn Consulting LLC $500.00; Gabriel, Roeder, Smith & Co. $400.00. 8. Approved new applicants for participation in the plan: Name Date of Hire Position Walter Schmanski 8/15/OS Meter Reader David Cooper 10/1/OS Code Enforcement Officer Kathleen Worley 10/6/OS Recreation Supervisor Tara Rosczewski 10/10/OS Dispatcher Monica Rahim 10/25/OS Accounting Clerk Catherine Harding 10/31 /05 Community Development Director Mary Speigl 11/14/OS Customer Service Representative 9. Requested that a representative from Dana Investment Advisors come to the next meeting in February. 10. Approved sending Bob Garlo to the FPPTA Trustees School January 29-February l, 2006 at Sawgrass Marriott in Ponte Vedra Beach. 11. Reviewed how bills would be paid—as the board approved payment of bills the Finance Department would transfer money into Independent Community Bank to pay the checks. a 12. Approved a letter to Sa1em Trust giving the Finance Department, Ms. Forsythe andlor her designee, and a representative from Bogdahn Consulting online access. 13. Discussed administrative rules and clarified the duties contained in C. E. F. and G could be delegated and that the board was not delegating item D to Pension Coordinator Carlisle but the board was retaining that responsibility and keeping those records in the Finance Department. 14. Clarified that the quarterly meetings would be held Fe�ruary, May, August, and November on the 3' Monday at 8 a.m. 15. Asked that the administrative rules be amended to provide that disbursements could be made between meetings and ratified at the next meeting. Board member Paterno stated that Finance Director Forsythe was to be the gate keeper and a11 signatures had to be obtained before the form went to her. Chair Garlo pointed out there was now an a�davit to be signed by the person receiving the money stating they got the money, and that could be done by FedEx if the person was out of state. 16. Agreed to sign the administrative rules today, as amended, and Attorney Jensen would provide the amended rules for the next meeting. 16. Boardmember Mangum asked Joe Bogdahn to request Dana to send him their Dana Viewpoint publication each month. END OF SYNOPSIS TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY BOARD OF TRUSTEES MEETING NOVEMBER 28, 2005 I. CALL TO ORDER AND ROLL CALL . The Tequesta General Employees' Pension Trust Fund Board of Trustees held a regular � quarterly meeting in the Emergency Operations Center (EOC) of the Tequesta Public Safety Facility, 357 Tequesta. Drive, Tequesta, Florida, on November 28, 2005. The meeting was called to order at 8:08 a.m. A ro11 ca11 was taken by Betty Laur, Recording Secretary. Board members in attendance at the meeting were: Chair Bob Garlo, Secretary Archie C. Mangum, Jr., and Boazd member Anne Koch. Also in attendance were Attorney Bonni Jensen, Pension Coordinator Gwen Carlisle, Accounting Manager Patrice Monaco, and Finance Director JoAnn Forsythe. Board member Tom Paterno arrived at 8:27 a.m. Monitoring Consultant Joe Bogdahn arrived at 8:16 a.m. II. APPROVAL OF AGENDA Chair Garlo reported he had just learned Mr. Bogdahn would be late due to traffic. MO� Secretary Mangum made a motion to approve the agenda with Mr. Bogdahn's agenda items IV (3) and V(4) to be later in the agenda upon his arrival. Board member Koch seconded the motion, which carried by unanimous vote. III. APPROVAL OF MINUTES MOTION: . Board member Koch made a motion to approve the minutes of the September 19, 2005 and September 27, 2005 special meetings as submitted. Secretary Mangum seconded the motion, which carried by unanimous vote. Iv PRESENTATIONS (DELAYED FOR MR BOGDAHN'S ARRIVAL) BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING NIINUTES November 28, 2005 PAGE 2 -------------------------------------------------------------------------------- V. UNFINISHED BUSINESS 4. Response from Joe Bogdahn to Consultant's Questionnaire (Delayed) 5. Consideration of Approval of Budget with expenses included as discnssed at the August 15, 2005 quarterly meeting Finance Director Forsythe advised that the budget as presented was only expenditures, and asked if there were any additions desired. Legal services had been reduced 30% because most of the documents had been completed, but if desired the amount could be changed to the amount spent the previous year. Attorney Jensen advised that last year administrative rules had been developed, a manager had been fired and one had been hired, the custodian had been changed—there had been a lot more work than she was anticipating in the coming year. Ms. Forsythe advised that last fiscal year $5,262.60 had been spent on legal services. Chair Garlo commented the purpose of the budget was to identify what the board anticipated spending. Ms. Forsythe advised that the board was planning to spend a certain dollar amount and the amount spent to date could be brought forward for each meeting. Secretasy Mangum asked if spending exceeded the amount set in the budget, whether the board would amend the budget, and advised he would rather set the amounts high to begin with instead of always amending the budget. Mr. Bogdahn arrived at this point in the meeting at 8:16 a.m. Board member Koch agreed with Secretary Mangum. Finance Director Forsythe advised the accurate number for legal fees was $7,614 because another invoice had been received. Discussion ensued. Consensus of the Board was to use 3Q%, or $5,330, as the amount of expenditure for legal fees in the budget. Attomey Jensen advised that Dana's fees were not in the budget; Ms. Forsythe indicated those could be added. Pension Coordinator Carlisle commented that sometimes at the end of the year funds had to be added by the Village. Last year $19,000 had to be added to the General Employees pension �und by the Village to keep the fund where it needed to be. Ms. Forsythe advised that had happened because the board did not make the decision to go ahead with the actuarial study until later in the year, so contribution amounts had been based on a prior study and had not been enough. Ms. Forsythe advised that had nothing to do with this budget. Board member Paterno arrived at this point in the meeting at 8:27 a.m. BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES November 28, 2QOS PAG� 3 Attorney Jensen advised that Mr. Palmquist might be able to give the board better estimates. Pension Coordinator Carlisle asked if expenses for going out to bid for actuarial services would be legal services, and commented that advertising would be another expense. Finance Director Forsythe commented she had used the hard costs the board had last year. �hair Garlo suggested adopting an overall opera.ting budget number, and not sticking to the line items. It was suggested that the $750 shown for one person to attend a seminar should be raised to $1500 so two could attend. Discussion ensued and the following amounts were arrived at for the budget: Legal $5,330; Recording Secretary $1,250; Investment Services (Salem Trust and Bogda.hn Consulting) $8,500; Actuarial Services ($4,500 plus $300 for advertising for actuarial RFP) $4,800; Insurance $745; Travel and Per Diem $500. Attorney Jensen noted the board had approved each member for continuing education in the investment policy guidelines. Board member Paterno commented the budget items could be adjusted later if necessary. MOTIO�T: Board member Paterno made a motion to approve the budget as stated. Board member Koch seconded the motion, which carried by unanimous 4-0 vote. Mr. Bogdahn's items were addressed at this point: V. PRESENTATION 3. Monitor's Quarterly Report — Joe Bogdahn Mr. Bogdahn referred to his presentation booklet, the account reconciliation, showing beginning value of $569,000, ending value of $595,000. The fund had out performed the indexes as well as the 8% actuarial anticipated rate of return. In comparison with peers, indexes were a little above median. Rockwood numbers for the past year for bonds had trailed their indexes--the bond market was down about 1%; we were down only about 2/10 of a percent. In the equity piece, for the past one year equities were up 18.74%, and the fiund had outperformed the index by 5.34%. Mr. Bogdahn referred to Dana Investment Advisors' presentation booklet under the asset allocation tab, which showed Dana had the fund's money as of 10/31 and showed the initial breakouts. There had been a little cash because Dana had been waiting for another adjustment by the feds before making another purchase. The All Cap Sector Distribution as of 9/30 an page 11 showed they were sector neutral. Mr, Bogdahn advised that the meeting he was going to after this one was at Palm Beach Gardens, and their Fire Board also used Dana Investment Advisors, and for the past � BOARD OF TRUSTEES TEQUESTA GENE1tAL EMPLOYEES' PENSION TRUST FUND REGULAR QiTARTERLY MEETING MINUTES November 28, 2pQ5 PAGE 4 year while we were up 11.09% they had been up 13.81 %, the difference being that they had 10% allocation for the international market. Mr. Bogdahn advised that Dana would be purchasing some I-shazes to provide intemational exposure, so rather than buying individua,i foreign securities they would bu coun Spain I-share would be like bu ' y �''SPecific I-shares. As an eXample, a fund. Mr. Bogdahn clarified that as Dana w n� o ali cap ey �,o ld ,��� Specific index index, since traditionally the S&p or�1y had a small amount of small cap in estments 3Mr. Bogdahn advised that would be an adjustment to the investment policy statement. Mr, Bagda�hn asked for a copy of the signed investment policy statement if it had been received back from Dana. Attorney Jensen advised that had been intended to be an e�chibit to the contract but there had not been a signed one available for atta.chment so it had not been included. They were given the current investment policy guidelines w' were not signed. , luch M�'• Mangum asked for further explanation of the international I-shares. Mr. Bogdahn advised that our policy ailowed investing 10% in foreign stocks, which could be done in a couple of ways. They could buy a foreign stock with an American depository receipt where foreign companies were actuaily trading on our exchang�--or they could buy an index, which in this case were the I-shares for specific countries, 'These were put together by a nuxnber of fund companies or banks who would actually take the composition of that country's index and create a fund, such as the Vangua�.d 500 Index fund,like the S&P 500 fund. They were traded on our stock exchange. Rockwood had actually purchased individual foreign stocks; however, Dana did not do that. Mr. Bogdahn indicated members of the boazd could ca11 him between meetings with questions. �'• UNFI1vISHED BUSINESS 4. Response from Joe Bogdahn to Consultant's Questionnaire Mr. Bogdahn reported that at the last meeting he had provided an article regazding the SEC's questionnaire. Attorney Jensen had added other questions. Mr. Bogdahn explained that all their answers were brief, because they did not have the conflicts—they did not need to explain how they broke out consultant services from broke�age services because they didn't provide brokerage services. They did not need to explain how they allocated soft dollars because they did not participate in soft dollars. They had no arrangements with broker dealers, etc. The only question raised by Attorney Jensen which he needed to explain was number 20—any affiliations or business relationships with other pension consultants, consulting firms, ..., etc. Mr. Bogdahn explained they did not have any BOARD OF TRUSTEES TEQUE5TA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES November 28, 2005 PAGE 5 relationshi�s other than they were in the process of purchasing a sma11 firm in the Chicago area, and Mike Welker would handle those accounts. 6. Fiduciary Liability Insurance Renewal and authorization of premium payment — Gwen Carlisle, Pension Coordinator Pension Coordinator Carlisle reported tliat Mr. Gailagher had been unable to find another insurance company that would cover the pension funds, so the existing policy with Travelers Insurance for $2 million was being renewed. T'he portion of premium that this fund would pay would be $743. Mr. Bogdahn noted this was a very specialized form of insurance and not everyone carried it. MOTION Secretary Mangum made a moNon to approve renewing the ezisting policy and the payment of $743 premium. Board member Paterno seconded the motion, which � carried by unanimous 4-0 vote. 7. Consideration of Actuarial valuation as of 10/1i05 Finance Director JoAnn Forsythe reported the board had asked her to contact Mr. Palmquist, and that his estimate of cost for an actuarial study was between $4,000 and $4,500. Chair Garlo asked what the timing would be if the boazd decided to move forward at this point. Ms. Forsythe advised she needed the figures for the budget prior to October 1. Mr. Bogdahn commented they could use the projectiori method to tell zhe Village what next year's number would be. Ms. Forsythe explained that Mr. Palmquist did that, but the problem in the past year had been it was allowed to go for two years, so there was a year for which numbers had not been received. Boazd member Paterno commented it needed to be projected two years out. Mr. Bogdahn stated if the dynamics of the fund sta.yed about the same, it could be projected for two years but if there were changes then it would have to be adjusted. Ms. Forsythe commented the problem arose when the report was done in the middle of the year and by the time the Village received the figure it was after year end. Board member Paterno commented it would be off by 8% this year and next year because 8% employees had been added. Mr. Bogdahn advised that as long as the percentage of payroll stayed the same it would not get too far off. Attorney Jensen recommended talking to Mr. Palmquist about trying to match his numbers to what happens in practice. Ms. Forsythe commented he had said the board could not make a decision whether to have the report done or not and when it was decided it had been based on a year that was already nine months old. Chair Garlo commented if the boazd requested the report now, it should be received in February or BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES November 28, 2005 PAGE 6 March. Ms. Forsythe explained she had already asked Mr. Palmquist for data. for the Public Safety Officers' fund two months ago and he was hoping to get the data any time now; she preferred getting the questionnaire eazlier because he got all the municipalities at the same time. Ms. Forsythe clarified that the percentage was entered into the payroll system, but the act�ual number was also tracked. MOTION � Bosrd member Paterno made a motion to do an actuarial study this year with projection for two years. Board member Koch seconded the motion. Chair Garlo requested that Pension Coordinator Carlisle ask Mr. Palmquist come to the next quarterly meeting in February and if the report was not done he could provide an update, and he could provide answers to questions regarding timing, etc. Motion carried by unanimous �t-0 vote. 8. Consideration of Reviewing Specifications for an actuarial RFP . Chair Garlo indicated the board needed to decide if they wanted to go out for an actuarial RFP, which had been approved in the budget. Board member Paterno commented it was too early to ask for this. Attorney Jensen advised that the actuary needed to be in place for September 30, 2007. Chair Garlo commented the boazd had just approved having Mr. Palmquist do an actuarial study, and suggested tabling this to a future meeting. The timing was discussed. Attorney Jensen recommended starting later next year—that the board could make a selection in February or May 2007, and could autharize going out for RFP in December 2006. Pension Coordinator Carlisle was asked to place this on the November 2006 agenda to see if the board still had the same opinion. MOTION . Board member Paterno made a motion to table reviewing specifications for an actuarial RFP to the November 2006 quarterly board meeting. Secretary Mangum seconded the motion, which carried by unanimous 4-0 vote. VI. CONSENT AGENDA Board member Paterno noted that most of the new employees were from either 3upiter or Tequesta, which he believed was good. Attorney Jensen clarified that her billings covered the period through October 15. BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES November 28, 2005 PAGE 7 ------------------------------------------------------------------------------- MOTION : Board member Paterno made a motion to approve the Consent Agenda. Secretary Mangum seconded the motion, which carried by unanimous 4-0 vote. Therefore, the following items were approved on the Consent Agenda : 9. Payments to be reviewed and approved: • Business Services Connection, Inc. — Minutes of 8/2�/OS - $ 259.60 Minutes of 9/19/OS - $ 283.20 Minutes of 9/2?/OS - $ 59.00 • Hanson, Perry & Jensen PA $2,558.00 • Bogdahn Consulting LLC - $ 500.00 • Gabriel, Roeder, Smith & Co. $ 400.00 10. Approvai of new applicants for participation in Pension Plan: Name Date of Hire Position Walter Schmanski 8l15lOS Meter Reader David Cooper 10/1/QS Code Enforcement Officer Kathleen Worley 10/6/OS Recreation Supervisor Taza Rosczewski 10/10/OS Dispatcher Monica Rahim 10/25/OS Accounting Clerk Catherine Harding 10/31/OS Community Development Director Mary Speigl 11/14/OS Customer Service Representative 11. Approval of withdrawal of contributions (employees terminating employrnent with Village of Tequesta) None VII. NEW BUSINESS 12. Dana Investment Advisors, Inc. — Report since inception— for information and possible discussion by the board BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES November 28, 2005 PAGE S ------------------------------------------------------------------------------- It was requested that a representa.tive from Dana Investrnent Advisors come to the next meeting. Pension Coordinator Carlisle noted that this had already been discussed with Dana, and they were aware they were to attend a meeting semiannually, and February would be that time. 13. Consideration of sending a member of the board to FPPTA Trustees School January 29-February 1, 2006 at Sawgrass Marriott in Ponte Vedra Beach Chair Garlo indicated he would make every effort to attend. Ms. Koch commented she would like to attend the one on PGA but that was too far out. Secretary Mangum expressed his preference to send the employee members rather than a citizen member. Board member Paterno announced the League of Cities was putting on a free seminar November 30 and December 1, and he mentioned it to Mr. Couzzo and he was all for it. Ms. Koch indicated she would like to go if it were acceptable to the Village Manager. Attorney Jensen advised that conference was directed to their product they had a bundled product which included monitor, actuary, legal, etc., and it might be educationa.l or just advertising; however attending would qualify toward the board's policy that each member participate in some continuing education. Attorney Jensen commented that also a section could be added in each quarterly meeting for educational presentations such as comparison to FRS, a drop plan presentation, etc., which were things she had already done and could just bring in, and Mr. Bogdahn could do the same with something like A- B-C's of investing, etc. Chair Garlo indicated that would probably be pursued. MOTION Board member Paterno made a motion that Bob Garlo will attend FPPTA Trustees School January 29-February 1, 2006 at Sawgrass Marriott in Ponte Vedra Beach if he is able to do so; we will pay, get a spot, and get a room, and if Bob cannot go we can change the name, and Board member Mangum will fill the spot—someone will go no matter what. Motion was seconded by Board member Koch and unanimously carried. VIII. FINANCIAL REPORTS 14. Account Statements – Rockwood Capital Advisors/ Wachovia Securities/A. G. Edwards Trust and 15. Independent Community Bank 1 BOARD OF TRUSTEES TEQiIESTA GENERAL EMPLOYEES' pENSION TRUST FUND REGULAR QUARTERLY 1VIEETING MINUTES November 28, 2p05 PAGE 9 Accounting Manager Monaco, asked to refresh Board member Paterno's how the bills would be paid, responded that as the boazd a roved a memory about Finance Department would transfer money into Independ ntCommuni ent of bills the checks. This month nothing needed to be transferred, but in the future S h Bw �d br�i�n � t to the board's attention. g IX. ANy OTHER MATTERS 16. Information Item — Copy of Signed Investment Manager Agreement with Dana Investment Advisors, Inc. It was noted that the agreement with Salem Trust had been provided in the backu ins of the contract with Dana Investment Advisors, Inc,, and the correct document P tead mailed out to the board. would be Pension Coordinator Carlisle commented that at the last meeting the board had that the Finance Departrnent could be the one to look at Salem Trust online, and Salem d Trust was requesting a letter from the board. vvith two signatures stating that the Finance Department was the only one allowed to view the information online. Ms. Cazlisle indicated she was just bringing it up as an pyI that a letter would be prepared for Chair Garlo and another member to sign so that Salem Trust would have written verification. Mr. Bogdahn also needed access. MOTION: Board member Paterno made a motion to have a letter written to Salem Trust that said the Finance Department, Ms. Forsythe and/or her designee, and a representative from Bogdahn Consulting have online access. Secretary Manguui seconded the motion, which carried by unanimous 4-0 vote. 17• Information Item —�'op o f the approved Administrative Rules document with attachments. Pension Coordinator Carlisle explained that the ta.ble of contents had been corrected to match the actua,l page numbers, and asked if the board was happy with page 9 item 5.4, Duties of Secretary. Attorney Jensen commented that items C through G could be delegated to a pension coordinator. Ms. Carlisle responded that she was the Pension Coordinator and she did not maintain the financiai records of the fund so she could not do item D. Attorney Jensen advised the board was ultimately responsible to have financial � BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES November 28, 2005 PAGE 10 --------------------------------------------------------------------------- . records, and clarified those records would be maintained through the Finance Department. Discussion ensued. Ms. Carlisle commented she just didn't want this to come back saying she needed to maintain the financial records, because she had nothing to do with that. Attorney Jensen advised that today's minutes could document that the duties contained in C, E, F, and G could be delegated and that the board was not delegating item D to Pension Coordinator Carlisle and that the board was retaining that responsibility and keeping those records in the Finance Department. Board member Paterno expressed_his opinion that the Pension Coordinator should be responsible to get all the information and that everything should come through her. Secretary Mangum stated he liked it this way and asked if there was a reason to change. Finance Director Forsythe commented she agreed with Board member Paterno and thought one person could direct you or figure out where the information was. Board member Koch asked if it were noted in the minutes that records were to be kept in the Finance Department whether that would be sufficient. The response was yes, and Secretary Mangum pointed out that the language said it may be delegated, not that it had to be delegated. Board member Paterno noted on page 7, item 4.1.a said the board would meet on the 3` Monday, in February, May, August and November, which was verified. Discussion ensued whether the starting time should be 8 a.m. or 8:30 a.m. Consensus was to begin meetings at 8 a.m. on the 3 rd Monday. Board member Paterno referred to the statement of policy for trustee expenses and asked if the number for mileage should be changed since the IRS number was actually 48.5 cents per mile. Attorney Jensen advised that there should be a new number out in January, and consensus was to leave whatever was greater. On page 3 of 6 it was clarified that the $42 was per day. Ms. Carlisle pointed out that appendix "c" on page 20 was a fortn that we did not use; Attorney Jensen advised the form should be substituted with the form that was actually used. Chair Gazlo explained that Attorney Jensen had sent an affidavit, which had been adapted for our board and was now being used for former employees to sign that they had received their money, and releasing the boazd, and that should be a part of the administrative rules. Discussion ensued. The Recording Secretary asked for clarification, to which Attorney Jensen responded that the board was asking if the administrative rules needed to be atnended to provide they will make disbursements between meetings to be ratified at the next meeting. Board member Paterno commented the board had to state who would be the shepherd—would the Finance Department make sure all the signatures were on the forms before the money was paid out. Secretary Mangum advised a11 signatures must be on the form to make it complete before the money was paid. Chair Garlo indicated that HR would be first and BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES November 28, 2005 PAGE 11 ------------------------------------------------------------------------------- then it would go to the Finance Deparhnent; that formerly it was done with a phone call and the board had said to discontinue that. Board member Paterno stated that Finance Director Forsythe was the gate keeper and a11 the signatures had to be obtained before the form went to her. Chair Garlo pointed out that there was now an affidavit that had to be signed by the person receiving the money stating they got the money, and that could be done by FedEx if the person was out of the state. It was agreed to sign the administrative rules today, as amended, and Attorney Jensen would bring the amended rules next time. 18. Information Item — News Scan and Research Memo developed by Gabriel, Roeder, Smith & Company There was no discussion. 19. Dana Investment Advisors Newsletter — 3 Quarter 2005 — Equity Quarterly and 20. Dana Investment Advisors Newsletter � 3 Quarter 2005 — Fiaced Income Qnarterly Mr. Bogdahn advised Dana also put out a publication called Dana Viewpoint which was more interesting, and they could be asked to provide that. Seeretary Mangum requested that Mr. Bogdahn have Dana send him one each month. X. COMMUNICATIONS FROM CITIZENS There were no comments from the public. XI. ADJOURNMENT Secretary Mangum made a motion to adjourn, seconded by Board member Koch and unanimously approved. Therefore, the meeting was adjourned at 9:51 a.m. Respectfully submitted, Betty Laur Recording Secretary