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HomeMy WebLinkAboutMinutes_Pension Public Safety_08/06/2007 SYNOPSIS OF PUBLIC SAFETY OFFICERS PENSION BOARD MEETING 8.6.07 1. Reappointed Ed Sabin to a 2 -year term 8/6/07 – 8/6/09 2. Swore in board members Giblin, Sabin and Nielson. 3. Minutes of May 7, 2007 meeting were approved as amended. 4. Presentation was made by Steve Palmquist regarding possibility of reducing firefighter contributions back to 5 %. 5. Voted to ask Attorney Jensen to draft the amendment to reduce the firefighters' contribution back to 5 %. 6. Voted to approve the fee to have Steve Palmquist make a presentation to Village Council at their September 13, 2007 meeting regarding reducing the firefighters' contribution back to 5 %. 7. Mr. Palmquist was requested to provide the cost of providing the actuarial evaluation each year, so that the board could evaluate this matter after they had received the next actuarial report. 8. Voted to authorize Attorney Jensen to draft the amendment to reduce the firefighters' contribution of 6.1% back to 5% in accordance with the desires of the firefighters. 9. Approved the fee to have Steve Paimquist make a presentation to Village Council at their September 13, 2007 meeting regarding reducing the firefighters' contribution of 6.1% back to 5 %. 10. Quarterly presentation was made by Dave West of Bogdahn Consulting, LLC. 11. Instructions from the board to Mr. West: Include a paragraph stating how the fund got to the bottom of the list when compared with other funds -- just a paragraph summary that said these are the three holdings that died in this period, or it was the equity side, or the bond side — and it did not need to be a lot of detail. Verify numbers on page 7 of the report. Have the yellow bars on the chart reflect only performance on investments or provide a separate chart that shows only real performance, not including contributions. Mr. West agreed to make an additional chart that did not include contributions. Check correctness of proxy voting records in Rockwood's report. SYNOPSIS OF PUBLIC SAFETY OFFICERS PENSION BOARD MEETING 8/6//07 Page 2 Requested Bogdahn go back and rethink their position regarding Rockwood because things might not be the same as two years ago. Mr. West agreed to go back and review the nature of Rockwood's strategy. Consensus was to see what happened after one more quarter Mr. West summarized that he would provide a follow -up attribution report with bullet -point summary which would also be included in future reports, and would also add a chart showing returns without contributions, would follow up with Rockwood to assure the proxy voting information was correct, and would come back to the next meeting prepared to take a very hard look at results for the quarter. 12. Authorized the Chair to execute the document allowing a third party to transfer information from Salem Trust to Bogdahn. 13, Attorney Jensen reported Jupiter Inlet Colony had passed an ordinance so that the firefighters could receive their premium tax dollars, and she had provided that information to the State, so the firefighters should receive funds in the August 2008 distribution. 14. Ratified withdrawal of contributions by Michael Camp. 15. Discussed classifications in the budget report. 16. Tabled acceptance of the Rockwood Capital quarterly investment manager report until questions regarding the report had been answered by Mr. West. 17. Approved the following payment Hanson, Perry & Jensen, P.A. Services through February 15, 2007 $ 717.91 Business Services Connection, Inc. Recording/Preparation of 5/7/07 minutes 282.37 Gabriel, Roeder, Smith and Company Actuarial Services rendered through 6/30/07 1,331.00 Hanson, Perry & Jensen, P.A. Services through 7/15/07 298.40 Bogdahn Consulting, LLC Fee for Quarter 4/1/07 — 6/30/07 2,000.00 Salem Trust SYNOPSIS OF PUBLIC SAFETY OFFICERS PENSION BOARD MEETING 8/6//07 Page 3 Fee Advice for Quarter ending 6/30/07 678.81 Rockwood Capital Advisors, LLC Fee for Quarter 4/1/07 — 6/30/07 5,137.47 Federal Express Reimbursement to Village of Tequesta 11.36 18. Approved Boardmembers Harding, Reid, Hansen and Rhodes, and Pension Coordinator McWilliams, to attend FPPTA Trustee School October 7 -10 at PGA National in Palm Beach Gardens. 19. Approved payment of FPPTA membership dues for 2007 in the amount of $450.00. END OF SNYOPSIS TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND QUARTERLY BOARD OF TRUSTEES MEETING AUGUST 6, 2007 I. Call To Order And Roll Call The Tequesta Public Safety Officers Pension Trust Fund Board of Trustees held a regular quarterly meeting at the Tequesta Village Hall, 345 Tequesta Drive, Tequesta, Florida, on Monday, August 6, 2007. The meeting was called to order at 10:38 a.m. A roll call was taken by Betty Laur, Recording Secretary. Boardmembers in attendance at the meeting were: Chair Ray Giblin, Secretary Ken Nielson, Boardmember Ed Sabin, and Boardmember David Cooper. Boardmember Kevin Pitman was absent from the meeting. Also in attendance were Pension Coordinator Lori McWilliams, Attorney Bonni Jensen, Dave West of Bogdahn Consulting, LLC, Steve Palmquist of Gabriel Roeder Smith Company, and Accounting Clerk Monica Rahim. II. Approval of Agenda MOTION Boardmember Sabin made a motion to approve the agenda as amended by changing the amount of the payment to be approved for Hanson, Perry & Jensen P.A. to $298.40 under item 15, and to add that ADV's for Bogdahn Consulting LLC and Rockwood Capital Advisors had been received. Secretary Nielson seconded the motion, which carried by unanimous 4-0 vote. III. Reappointment Reappointment of Ed Sabin to Board Chair Giblin reported Mr. Sabin had expressed an interest in serving another two -year term on the board, and his position on the board was elected by the other members. MOTION BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES AUGUST 6, 2007 PAGE 2 Secretary Nielson nominated Ed Sabin for a two -year term on the board. Boardmember Cooper seconded the motion, which carried by 3 -0 vote with Mr. Sabin abstaining from voting on his own position. IV. Administer Oaths Of Office Village Clerk Lori McWilliams administered the oath of office to the following members of the board: Ray Giblin (ran unopposed for another term from July 15, 2007) Ed Sabin (to be administratively approved by Village Council at their August 2007 meeting) Ken Nielson (to be re- appointed by Village Council August 9, 2007) Ms. McWilliams expressed her feeling it was very important that pension board members dealing with employee funds take an oath stating they would perform their duties, and noted that the only remaining member of the board who needed to take the oath was Kevin Pittman. V. Approval of Minutes Secretary Nielson questioned on page 2 that the figures as stated by Mr. Holtgrieve did not add up to the total he had given of $218,000, since the total was actually $216,000. During discussion, the conclusion was that this was an error in rounding, and the Recording Secretary indicated she would make a change to reflect the correct total. MOTION Boardmember Sabin made a motion to approve the minutes of the May 7, 2007 meeting of the Tequesta Public Safety Officers' Pension Trust Fund Board Of Trustees subject to any changes on the comment. Boardmember Cooper seconded the motion, which carried by unanimous 4-0 vote. VI. Presentations Presentation by Steve Palmauist regarding possibility of reducing firefighter contributions back to 5% Steve Palmquist, Gabriel Roeder, Smith & Company, distributed copies of his report and advised that his company had been asked to determine if there was enough 175 revenue on behalf of the firefighters to reduce their contribution from their current 6.1 % of pay, back BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES AUGUST 6 1 , 2007 PAGE 3 down to 5 %. Mr. Palmquist reviewed the figures provided, which showed the net effect on the Village's contribution would be zero, since there was enough annual State revenue to reduce member contributions to 5 %. The underlying assumption was that the State revenue, which came from property insurance, would continue at least at the current level. Attorney Jensen advised that although this subject was scheduled later on the agenda, Jupiter Inlet Colony had passed their ordinance, so the Village would be able to collect from them; therefore, there should be enough increase in 175 money just from the added funds from Jupiter Inlet Colony. The amount of those funds would be calculated in the next actuarial evaluation report. Mr. Palmquist advised that the next step would be to present this to the Village Council, then he would add one page to the report called an actuarial impact statement, which had to be sent to the State before second reading of the amending ordinance. Attorney Jensen advised that she would have to prepare an ordinance reducing the firefighters' contribution rate. It was clarified that the additional benefits were approved approximately two years ago, and now the 175 money was sufficient to cover those benefits. Mr. Palmquist advised that police officers received 185 money, which was provided primarily from automobile casualty insurance, and the amounts for both 175 and 185 money should be available within the next week or so. Attorney Jensen reported June 5, 2005 was the date the increase in firefighter contributions had gone into effect. The date of 2005 shown on Mr. Pahnquist's report for the last actuarial evaluation was questioned. Mr. Palmquist clarified that his company currently provided an actuarial report every other year, and October 1, 2005 was the date of the last report. Attorney Jensen advised that the General Employees' Pension Board was considering having an actuarial report done every year, but they had not yet made a decision. W. Palmquist advised he had a vested interest in providing a report each year, but that aside, it was a way to keep better track of the financial condition of the fund more often, and it also allowed the board to be more schooled on the actuarial terms and procedures, and more education was better than less. Also, as Attorney Jensen had mentioned at a previous meeting, if bad things were going on, such as a big contribution increase, it would be known sooner rather than later. Attorney Jensen clarified that at the General Employees' Pension Board meeting, Merlene Reid had asked what the advantages would be of having the actuarial report done each year. Mr. Palmquist had been asked to provide the cost of providing the actuarial evaluation each year, so that the board could evaluate this matter after they had received the next actuarial report. Secretary Nielson asked what the next step would be, to which Attorney Jensen responded she would need authority to draft an amendment. Pension Coordinator McWilliams advised that she would like to proceed in the same manner the General Employees' Pension Board had used when presenting to the Village Council, which was to have Mr. Palmquist come to the Village Council meeting to make the presentation to the Council on the amendment, and BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES AUGUST 6, 2007 PAGE 4 the attorney could go ahead and draft the amendment. MOTION Secretary Nielson made a motion to ask Attorney Jensen to draft the amendment to reduce the firefighters' contribution of 6.1 % back to 5% in accordance with the desires of the firefighters. Boardmember Sabin seconded the motion, which carried by unanimous 4-0 vote. MOTION Secretary Nielson made a motion to approve the fee to have Steve Palmquist make a presentation to Village Council at their September 13, 2007 meeting regarding reducing the firefighters' contribution of 6.1% back to 5 %. Boardmember Sabin seconded the motion, which carried by unanimous 4 -0 vote. Mr. Palmquist left the meeting at this point. Presentation By Monitor Dave West, representing Bogdahn Consulting, LLC, advised this had been another tough quarter for Rockwood, although good news was this fund had no American Home Mortgage securities. The quarter ending March 31 had been a good quarter, which was not true for the quarter ending June 30. The fund was currently under by 1.09% for the year. From inception when Rockwood started with the fund, the fund was just above the benchmark, and it had been a frustrating up and down road. Secretary Nielson pointed out fund performance in Rockwood's report was different than that in Bogdahn's report, which Mr. West explained was because Rockwood did a gross calculation and Bogdahn's was net of the manager's fee. Mr. West reviewed the comparisons with other plans. Secretary Nielson asked how this hand got to the bottom. Mr. West explained Rockwood was slowly migrating to large cap and out of mid cap, a long term strategy, which had not helped the process; also their lack of allocation to technology and energy stocks and their stock selections in utilities and telephone had not been beneficial. Mr. West discussed Rockwood's strategy, and explained this was a momentum driven approach, and other managers using this type of approach were also having a tough time. That was not to say there were managers out there who had a complete tailwind in this market. Attorney Jensen asked if the trustees needed to have a conversation at this point regarding their volatility tolerance. Boardmember Sabin noted one quarter did not necessarily point to a trend, although it was disappointing; however, he had the same difficulty mentioned by Mr. Nielson in looking at the reports and not understanding what caused this— nothing said the fund did not perform this quarter because...., and he BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES AUGUST 6, 2007 PAGE 5 personally did not believe the fund was receiving good focus - -was it Bogdahn or Rockwood, and was it in equities or the bond area that had performed below during this quarter. Boardmember Sabin commented part of the question besides volatility was getting a clearer picture —was the loss in holdings in equity, in the bond market, or if there was a loss across the board —to at least know what caused it and where this fund was missing the mark. Mr. West responded they would be happy to add an attribution element to their report; they had it and had reviewed it, but most boards did not want to get into that much depth. Boardmember Sabin advised it did not have to be in depth just a paragraph summary that said these are the three holdings that died in this period, or it was the equity side, or the bond side —and it did not need to be a lot of detail. When performance was there, there were less questions; the board understood moving and that it was a long -term strategy, but when the board saw a down period particularly when this fund was at the bottom of the pile, this board deserved to have clarity on what had caused it in this particular quarter. Boardmember Sabin asked if Mr. West was sent to provide the presentation only when performance was bad, noting Mr. Bogdahn had been here when it was good. Attorney Jensen commented just for an example, in Rockwood's report book on page 2 where they did a market analysis, the title was `Better than Expected ", and they never addressed what the problems were. Attorney Jensen advised what she meant by volatility was with this particular manager, because Mr. West was saying with this particular manager the board would be looking at periods of either headwinds or tailwinds, so it looked like it would either be good or it would be really bad. Mr. West stated that was correct and they would be happy to send an addendum to the report that would address those questions; he had already notified his office to include his company's bullet point summary in the event Rockwood was not on point for the quarter, and they would provide a simplified attribution. They would be happy to provide that information for this report and also for future reports. Mr. West clarified looking at two different periods for Rockwood's approach, although it might appear volatile for the short term, for a longer term it appeared much less volatile. Chair Giblin asked about beta, which Mr. West explained would be higher in the short term and less longer term. Secretary Nielson referred to page 21 which had a large number of risk figures and asked if something there provided useful insight, and expressed his frustration with trying to work through all the risk figures. Mr. West explained this compared the beta of the total portfolio versus the beta of the target portfolio which was 60% equities and 40% bonds, and went over the figures. Mr. West commented no manager outperformed in all market environments, but the question was whether the volatility was not tolerable, and ever since this manager was brought on board they had been in a headwind, which was very frustrating for everybody to deal with at this level of volatility over the short term. Secretary Nielson commented Rockwood was not BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES AUGUST 6, a007 PAGE 6 doing well with respect to their peers and other managers with the same strategy might not have done so poorly, but that could not be determined from the report, and expressed his opinion that Bogdahn Consulting as the fund's monitor should tell the board whether they should be very nervous or a little nervous and how they should respond to this information. Mr. West responded their recommendation was to make sure to identify there was no change in the process, that it was consistent; and if it was consistent to confirm the market environment and if this was expected performance, and stay with the manager because going back 10 and 15 years their approach had been quite good, but he knew that was difficult for the trustees. Chair Giblin pointed out that over a 2 -year period this fund was in the 87 percentile. Secretary Nielson questioned why not take the money and put it in a good index fund instead of dealing with all the uncertainty of a manager. Chair Giblin agreed, stating it was hard to justify all the fees if the fund was not even beating the S&P 500 and the bond index fund. Mr. West responded if the equities had been in an index fund for the two -year period, the fund would not have fared as well, but there would be nothing wrong with anchoring a portion of the portfolio with an index approach and taking the philosophy to employ active management to add value over time in and around that index. Attorney Jensen asked if there was enough money in the fund to do that; Mr. West acknowledged it would be problematic on the asset side to work it out, but as the fund got bigger it could be done for other reasons other than performance. Attorney Jensen cautioned that the Finance Department and auditors would have to be consulted, because the Finance Department had had a problem with commingled funds in the past. Mr. West advised 175 and 185 funds could only be invested in particular investments. Boardmember Sabin pointed out the S &P 500, which was equity based, was really relevant to the inception numbers on page 7; using the annualized returns since inception, performance had been 16 %. Discussion ensued. Secretary Nielson asked if all the upside occurred in the first two months after this manager took over, which Mr. West confirmed. Boardmember Sabin asked that the numbers be confirmed because they did not seem to be correct, which Mr. West stated would be included on the confirmation. Mr. West reviewed fixed income performance, advising there had been a loss on the bonds for the quarter, and expressed his opinion this was a good time in a down market to appreciate Rockwood's process. Secretary Nielson asked if the growth of the fund included contributions, and called attention to the fact that a lot of the new growth was coming from contributions rather than earnings on investments. Mr. West advised the performance calculation took into consideration when a contribution was made. Secretary Nielson requested that the yellow bars on the chart reflect only performance on investments or that there be a separate chart that showed only real performance, not including contributions. Mr. West agreed to make an additional chart that did not include contributions. BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES AUGUST 6, 2007 PAGE 7 Mr. West summarized this had been a tough quarter, the equity was ahead since inception, bonds were about even, quarter to quarter volatility had been difficult; in their opinion this strategy had fared well using active management in tough down markets, and this was a good quarter to put that to the test. Secretary Nielson referred to the proxy voting records in the Rockwood report and pointed out every single one had a recommendation from management to vote for it, and Rockwood had voted for every one. Secretary Nielson commented he had never seen a board of directors asking to vote in favor of cumulative voting, and asked if that could be accurate. Discussion ensued. Mr. West stated he would make a note to check whether this information was accurate. Attorney Jensen clarified the board was not questioning the vote, but whether they were actually against some of the items and someone had just taken the spreadsheet and copied the word "for" all the way down the 4 or 5 pages as the recommendation from management on the proxy ballots. Mr. West stated the answer would be in their supplement. Boardmember Cooper asked why the manager was still being paid for test quarters after two years. Mr. West responded the testing had been done, a new strategy was not being tested, and instead of using that wording he should say at the end of this quarter they should preserve the principal value as in the past. Mr. West stated his firm would go back and review the status and have the conversation on that again at the next meeting. Secretary Nielson commented the board was looking for their recommendations and ideas on what they should do in order to make intelligent decisions. Mr. West advised their recommendation was to stay with the manager but each quarterly meeting's conversations helped them understand the board's tolerance level, and he had found today's conversation very constructive. Chair Giblin commented Mr. West's firm seemed to be defending Rockwood more than expressing any concerns for the fund; it seemed there were a lot of poor quarters and the board got more about defending Rockwood on their strategy which did not seem to be performing very well. Secretary Nielson agreed, and stated Bogdahn had reason to defend their recommendation, but also had a fiduciary responsibility if it was not working, and asked that they go back and rethink their position because things might not be the same as two years ago. Mr. West agreed to go back and review the nature of Rockwood's strategy. Mr. West advised their contract said if they recommended a manager and the manager did not work out, for whatever reason, they would conduct another search at no cost to bring in another manager. Chair Giblin noted they had been put on notice in the past when there had been a poor quarter. Consensus was to see what happened after one more quarter. Mr. West BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES AUGUST 6, 2007 PAGE 8 confirmed they had no axe to grind or relationship with any manager, and wanted to put their best fiduciary foot forward: this plan's returns went into their deposits and they wanted this plan to succeed for both. Mr. West reported the custodian, Salem Trust, had new technology which would allow Bogdahn Consulting to receive statements electronically, and presented a form for the board's authorization to allow this change. Attorney Jensen advised Bogdahn had an agreement with a third party to provide that service. MOTION Boardmember Sabin made a motion to authorize the Chair to execute the document allowing a third party to transfer information from Salem Trust to Bogdahn. Boardmember Cooper seconded the motion, which carried by unanimous 4-0 vote. Mr. West summarized that he would provide a follow -up attribution report with bullet -point summary which would also be included in future reports, and would also add a chart showing returns without contributions, would follow up with Rockwood to assure the proxy voting information was correct, and would come back to the next meeting prepared to take a very hard look at results for the quarter. VII. UNFINISHED BUSINESS Status Resort Regarding Jupiter Inlet Colony Compliance With House Bill 1159 Permitting Fire Departments Who Provide All Of The Fire Protection Services To Another Municipality Through An Interlocal Agreement To Collect Premium Tax From The Other Municipality Attorney Bonni Jensen reported she had received a copy of the approved ordinance from Jupiter Inlet Colony and had provided it to the State. The State had provided that information to the insurance people, so it should be included in the August 2008 distribution. VIII. STANDING REPORTS (INFORMATION ITEMS) New applicants for participation in Pension Plan - None Beneficiary and Name Change - None Request for withdrawal of contributions (employees terminating employment with Village of Tequesta). Ratification of withdrawals made since the last meeting on 2 BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES AUGUST 612007 PAGE 9 signature basis Michael Camp – Police Officer 6/21/07 Gross $580.91; Net $464.73 MOTION Boardmember Sabin moved to ratify the withdrawal of contributions by Michael Camp in the amount of $580.91 gross; $464.73 net. Boardmember Cooper seconded the motion, which carried by unanimous 4 -0 vote. Statement of Activities - The board had no questions. Budget Report Accounting Clerk Monica Rahim confirmed the figures were through June, 2007. Secretary Nielson commented he had compared the reconciliation figures to Bogdahn's reconciliation on the first page of their report, and it seemed there were different classifications —on the blue page of the Bogdahn report contributions were shown as $135,000 and contributions on Ms. Rahim's reconciliation were significantly less. Discussion ensued. Secretary Nielson indicated that this was a classification situation which he would discuss with Ms. Rahim after the meeting. IX. FINANCIAL REPORTS Account Statements - The board had no questions; the account statements were received and filed. Accept Quarterly Investment Manager Report from Rockwood Capital Advisors for Ouarter ended 6/30/07 Attorney Jensen recommended that given the questions that had been raised during this meeting that the board not approve the quarterly investment manager report until the questions had been answered. Discussion ensued regarding how the questions would be answered —Mr. West was to provide an attribution report. Boardmember Sabin requested that he notify Rockwood that their report should reflect the performance of this fund rather than generic information. MOTION Boardmember Sabin made a motion to table acceptance of the quarterly investment BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES AUGUST 6, 2007 PAGE io manager's report from Rockwood Capital Advisors for the quarter ended 6/30/07 until the next quarterly meeting of the board. Boardmember Cooper seconded the motion, which carried by unanimous 4 -0 vote. X. PAYMENTS TO BE RATIFIED (PAYMENTS MADE SINCE LAST MEETING) MOTION Boardmember Sabin made a motion to approve the following payments to be ratified under item X, and the following payments to be reviewed and approved under item XI with the amount to Hanson Perry & Jensen P.A. to be $298.40. Boardmember Cooper seconded the motion, which carried by unanimous 4-0 vote. The following payments were therefore reviewed and approved: Hanson, Perry & Jensen, P.A. Services through February 15, 2007 $ 717.91 Business Services Connection, Inc. Recording/Preparation of 5/7/07 minutes 282.37 XI. PAYMENTS TO BE REVIEWED AND APPROVED Gabriel, Roeder, Smith and Company Actuarial Services rendered through 6/30/07 $ 1,331.00 Hanson, Perry & Jensen, P.A. Services through 7/15/07 $ 298.40 Bogdahn Consulting, LLC Fee for Quarter 4/1/07 — 6/30/07 $ 2 Salem Trust Fee Advice for Quarter ending 6/30/07 $ 678.81 Rockwood Capital Advisors, LLC Fee for Quarter 4/1/07 — 6/30/07 $ 5 Federal Express Reimbursement to Village of Tequesta $ 11.36 BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES AUGUST 6 2007 PAGE XII. NEW BUSINESS Consideration of Sendint Members to FPPTA School in October 2007 to be held at PGA National, Palm Beach Gardens, Florida Pension Coordinator Lori McWilliams announced the next school in October and asked if anyone was interested, and advised the cost was $400 per attendee plus the annual $450 membership fee. Boardmember Cooper and Pension Coordinator McWilliams expressed interest in attending; Ms. McWilliams advised that the cost for her attendance would be split equally between this board and the General Employees' Pension Board since she sat as coordinator for both boards. Attorney Jensen announced the State conference for 175 and 185 would be held in St. Petersburg October 22, 23 and 24 and attendance at the conference was free. Discussion ensued regarding who had attended previously; Chair Giblin indicated he would try to attend the State conference. Boardmember Sabin noted Boardmember Cooper, Chair Giblin, and Coordinator McWilliams had not yet attended a conference, so it would be in the best interest of the board for them to attend MOTION Boardmember Sabin made a motion to approve both Boardmember Cooper and Coordinator McWilliams to attend the FPPTA conference in Palm Beach Gardens in October, and if Chair Giblin's schedule would permit that he be approved to attend the State conference in St. Petersburg in October. Secretary Nielson seconded the motion, which carried by unanimous 4-0 vote. MOTION Boardmember Sabin made a motion to approve payment of FPPTA membership dues for 2007 in the amount of $450.00. Boardmember Cooper seconded the motion, which carried by unanimous 4-0 vote. XHI. ANY OTHER MATTERS Attorney Jensen announced that the board had received copies of the ADV's from Bogdahn Consulting, LLC and from Rockwood Capital Advisors. Chair Giblin disclosed that he was going to be the District Vice President for the new Fire Department union. Attorney Jensen advised that was a matter with the Village and not with this board. Attorney Jensen commented the board had voted on Mr. Sabin's position at this meeting, BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES AUGUST b, 2007 PAGE 12 which he could not vote on, so a conflict of voting form needed to be signed stating he abstained from voting on his own position. XIV. COMMUNICATIONS FROM CITIZENS There were no communications from citizens. XV. ADJOURNMENT There being no further business to come before the board, the meeting was adjourned at 12:34 p.m. Respectfully submitted, Betty Laur Recording Secretary