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HomeMy WebLinkAboutPension General_Documentation_Tab 01_08/06/2007SYNPOSIS OF GENERAL EMPLOYEES' PENSION BOARD QUARTERLY MEETING MINUTES OF 5.7.07 1. Approved minutes of 2.5.07 quarterly meeting as amended. 2. Approved giving negotiation leeway to Chair Harding to try to get Mr. Palmquist to reduce his fee to make a presentation to the Village Council on paying interest on employee contributions from $1,000 to $800; or if not to accept $1,000. 3. Discussed vacancy on board and proposed requesting a letter and resume from both interested parties, Michael Rhodes and Betsy Evans. 4. Greg Dahlman of Dana Investment Advisors presented the investment manager's quarterly report. 5. Joe Bogdahn presented the Monitor's report for the quarter ended March 31, 2007. 6. Approved the following items on the consent agenda: Ratification of Invoices Paid Since Last Quarterly Meeting • Scripps Treasure Coast Newspapers - Ad for board members $ 107.49 • • Hanson, Perry & Jensen, P.A. $ 659.80 Payments To Be Reviewed And Approved • Business Services Connection - 2/5/07 meeting and minutes $ 249.15 • Hanson, Perry & Jensen, P.A. $ -0- • Bogdahn Consulting, LLC $ ] ,125.00 • Dana Investment Advisors $1,475.56 • Salem Trust Company fee advice for period 1/1/07 to 3/31/07 $ 515.48 • Federal Express $ 24.64 Approval of new applicants for participation in Pension Plan None Ratification of withdrawals made since the last meeting on 2 signature basis: • Mark Haynes 3/1/07 Gross: $472.54; Net Payout $378.03 Russell White 3/27/07 Gross: $2,377.63; Net Payout $2,377.63 SYNPOSIS OF GENERAL EMPLOYEES' PENSION BOARD QUARTERLY MEETING MINUTES OF 5.7.07 • 7. Reviewed the budget report and changed the following to the amounts shown: Travel and per diem $1,000 for 2007; $1,000 for 2008- Books $500 for 2007; $500 for 2008-Seminars $1,500 for 2007; $3,000 for 2008-Actuarial $2,600 for 2007; and to re- align the bottom to move pension distributions below the totals. 8. Approved account statements for period January through March 2007. 9. HR Director Merlene Reid provided an explanation of the pension status of Bob Garlo and Russell White. The board approved setting up an employer contribution reserve in the amount of $19,378.26. 10. HR Director Reid advised it would be the responsibility of the HR Department to assure such a situation did not occur again as in the case of the employees who were not properly terminated from FRS, by viligance and a checklist created by the HR Department. 11. Approved having Steve Palmquist attend the next meeting to present pros and cons of increasing the multiplier and to present calculations to increase the multiplier from 2% to 2-1 /2% in 1 /10 increments. 12. Pension Coordinator McWilliams asked seminar attendees to request their hotel check ahead of time so the Pension fund did not have to pay sales tax. 13. Approved the Summary Plan Description as amended and distribution to employees. 14. Requested Attorney Jensen change the board's meeting place in the Administrative Rules. END OF SYNOPSIS • • TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND MINUTES OF REGULAR QUARTERLY BOARD OF TRUSTEES MEETING MAY 7, 2007 I. CALL TO ORDER AND ROLL CALL The Tequesta General Employees' Pension Trust Fund Board of Trustees held a regular quarterly meeting in the Council Chambers of the Village Hall, 345 Tequesta Drive, Tequesta, Florida, on May 7, 2007. The meeting was called to order at 10:35 a.m. by Chair Catherine Harding. A roll call was taken by Betty Laur, Recording Secretary. Board. members in attendance at the meeting were:. Chair Catherine Harding, Board member Merlene Reid, and Board Member Carl Hansen. Also in attendance were Monitoring Consultant Joe Bogdahn from Bogdahn Consulting, Attorney Bonni Jensen, Greg Dahlman with Dana Investment Advisors, Inc., Pension Coordinator Lori McWilliams, and Accounting Clerk Monica Rahim. Secretary Archie Mangum, Jr. was absent from the meeting. II. APPROVAL OF AGENDA • Recording Secretary Laur announced correction on the amount of item 6 for Hansen Perry & Jensen to be changed from $806.50 to $659.80, and the amount for item 7 should be zero. MOTION: Board member Hansen made a motion to approve the agenda as amended. Board member Reid seconded the motion, which carried by unanimous 3-0 vote. III. APPROVAL OF MINUTES 1. Boardmember Reid advised that on page 9 the last line of the item regarding sending a member to FPPTA conference indicated Boardmember Reid stated she had an HR conference in October, and it should be June. MOTION: Boardmember Reid made a motion to approve the minutes of the February 5, 2007 regular quarterly meeting as amended. Boardmember Hansen seconded the motion, which carried by unanimous vote. IV. UNFINISHED BUSINESS 2. Consideration of approval for cost of presentation by Mr. Palmquist to the Village Council regarding paying interest on employee contributions per Gabriel, Roeder and Smith Company calculations proposal • BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 7, 2007 PAGE 2 Pension Coordinator McWilliams explained that since Mr. Palmquist had indicated the cost for him to attend a Village Council meeting to make the presentation regarding paying interest on employee contributions would be approximately $1,000 to $1,200, it was being brought before the board for their approval. Chair Harding advised she would like to go ahead with the presentation, but would like the cost reduced. She offered to call Mr. Palmquist to see if he would accept $800, and we would try to make sure he was on the agenda early so he could leave. Mr. Hansen agreed with reducing the cost and would appreciate Chair Harding making that call, and wanted to assure the fee covered both time and travel. Ms. Reid indicated she would like a cost breakdown, which he had not provided. Discussion ensued. Attorney Jensen asked if the board would like a drafted amendment to the plan for that presentation which would include the language regarding interest, or if they wanted to wait to see what the Village Council said. Chair Harding advised she would like to wait, and asked the cost of the amendment. Attorney Jensen estimated no more than one hour of her time would be required. Chair Harding suggested go ahead with the presentation to the Village Council and agree now that if they approved it Attorney Jensen would be authorized to go ahead with an amendment to bring to the next Village Council meeting. Board member Reid expressed her opinion that she did not want to be locked in to $800, but it would be nice. Chair Harding recommended $800, and if he had a problem with that the board could discuss it further. Pension Coordinator McWilliams noted if he did not agree, it would be postponed to the next quarterly meeting. Board member Reid indicated she would like to go ahead with the presentation, and asked how to do that if he did not agree. Attorney Jensen advised the only way to do it would be to agree if the hourly rate times the number of hours was reasonable the board would agree to pay it, but that they were looking to have the amount reduced. Board member Reid responded it seemed a little high, but she did not know the factors involved without the breakout. During ensuing discussion, it was noted that Mr. Palmquist would be driving from Ft. Lauderdale. Board member Hansen suggested allowing leeway for the Chair to negotiate so if Mr. Palmquist would not accept $800, then she could go higher. MOTION: Board member Hansen made a motion to give leeway to the Chair to suggest $800 and if Mr. Palmquist objected to that, to accept what she could negotiate with him. Board member Reid seconded the motion, which carried by unanimous 3-0 vote. BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 7, 2007 PAGE 3 3. Discussion of vacancy on board - 5th member position open Pension Coordinator Lori McWilliams reported Betsy Evans was willing to fill the vacant position; however, she had indicated a neighbor of hers, Michael Rhodes, had applied last August and submitted a resume and application; she would prefer him to serve unless he was no longer interested. Ms. McWilliams reported staff had called Mr. Rhodes but had not been able to reach him, and believed he was out of town. Chair Harding commented she did not like outside people to make decisions that the board should make-the board should have resumes from both parties and select the most qualified person. Chair Harding suggested contacting both Mr. Rhodes and Ms. Evans to ask them to submit their resumes. Boardmember Hansen explained that Mr. Rhodes was going to tell the board whether he was interested, and if not, Ms. Evans would submit her qualifications, and she did not want to submit if he had already done so. Chair Harding stated she saw no harm in both sending a letter and resume, • and if Ms. Evans wanted to drop out then she could. Pension Coordinator McWilliams advised Ms. Evans would not want to do that; she specifically stated that Mr. Rhodes was more qualified and he had applied first. Boardmember Hansen reported he had contacted Ms. Evans, and he felt was qualified, but she did not want to serve if Mr. Rhodes was still interested. Chair Harding asked Boardmember Hansen to talk to Ms. Evans and ask her to submit a letter and resume. Ms. McWilliams advised staff would continue to try to reach Mr. Rhodes. V. PRESENTATIONS 4. Presentation by Investment Manager Dana Investment Advisors Representative Greg Dahlman advised he was filling in for Mike Dana and referred to their presentation booklet, reporting April had been the best month for the stock market in a long time. The portfolio was up over 5% in the month of April alone, and the balance as of May 4, 2007 was over $950,000. Stock purchases were not short-term investments-Dana Investment Advisors looked at stock purchases as buying a partial interest in a business. Mr. Dahlman reported that bonds traded in reaction to interest rates; the equity side was more volatile, but long- term outperformed bonds. Mr. Dahlman reviewed the yield curve, and explained his firm was like a bank loaning money and expecting a return on their money as well as • return of principal. General rule of thumb was the longer your money was locked up the higher the return should be. Right now there was an inverse yield curve, with short-term interest rates quite a bit higher than long-term interest rates, which only happened about once every 4-5 years. This was positive for investors because they • BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 7, 2007 PAGE 4 did not have to lock up their money for a long time to get a decent rate of return. Dana did not agree with Wall Street that Federal Reserve would be lowering interest rates soon. Mr. Dahlman commented it was unusual that the market was doing so well with issues like the current housing slump. Boardmember Hansen reported his own money manager had asked where he would like his investments to be if extremely conservative investments were 0-10 and very risky investments were 90-100; Mr. Hansen had indicated he would like to be at 60. Boardmember Hansen asked where this portfolio was currently, using that scale. Mr. Dahlman responded the fund was looking for an 8% return, and money market and high quality bonds were the lowest risk, which would yield about 5%. Equities yielding 9%-11 % were needed to get to 8%, and the present portfolio mix of 60% in stocks and 40% in bonds was about right. Mr. Dahlman expressed his opinion equities would outperform bonds over the long term, and described what big corporations were doingborrowing at 3-1/2% to buy their own stock when it was earning 5%. This caused an unprecedented amount of stock buy-backs, which had lowered the amount of stocks for the public to buy, and it was the supply and demand game-with less supply the price went up. The great news for equities wads that Dana did not see that changing anytime soon. The bad news was Dana did not believe the Federal Reserve would lower interest rates anytime soon, but generally looking forward they believed equities would outperform bonds for at least the next 12-18 months. Mr. Dahlman expressed his opinion the portfolio was very well diversified, explained they sector weighted to the S&P 500 and controlled risk in other ways including equal weighting each position and re-balance it quarterly-if any one of the companies had over 4% of the portfolio, they sold it to bring the weighting back down; and they were very conservative. Small company stock prices had risen to a level they were no longer as attractive as a year ago, so Dana was changing the account to put more weight on larger companies, and the international portion of the portfolio was up almost 25%. Discussion ensued regarding international stocks. Mr. Dahlman explained currently 7% was invested in international stocks-the investment policy allowed 10%. Boardmember Hansen asked if the DOW was reaching a peak, to which Mr. Dahlman responded the DOW was made up of 40 of the largest companies in the country and he discouraged people from looking at just 40 companies. Mr. Dahlman summarized that corporate earnings were great, and he expected them to earn 6%-10% for the year. • 5. Presentation By Monitor Joe Bogdahn, Bogdahn Consulting, LLC, advised that going forward they would only show the Dana history. Mr. Bogdahn reviewed the most recent quarter, with indexes • BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 7, 2007 PAGE 5 up 1% but our portfolio up 2-1/2%, a very good down capture, and now there was additional good news for April. Not only had the portfolio out performed the index, it also out performed 88% of its peers. One of the points brought out was to bring 1- shares up from 7% to the 10% allowed. Whether proposed legislation to allow international investments to be 20% had passed in the recent legislative session was not known, but if it had, Mr. Bogdahn advised their recommendation would have been to increase that 10% to l5%. Discussion ensued regarding international investing, and whether there would be any value to adding international to the benchmark. Mr. Bogdahn indicated the was fund too small at present, and was fortunate that Dana was able to provide foreign investments for a fund of less than $1 million. VI. CONSENT AGENDA MOTION: • Boardmember Hansen moved approval of the consent agenda absent item 10, to be pulled for discussion. Boardmember Reid seconded the motion, which carried by unanimous 3-0 vote. Therefore, the following items were approved on the consent agenda: 6. Ratification Of Invoices Paid Since Last Quarterly Meeting • Scripps Treasure Coast Newspapers - Ad for board members $ 107.49 • Hanson, Perry & Jensen, P.A. $ 659.80 7. Payments To Be Reviewed And Approved • Business Services Connection - 2/5/07 meeting and minutes $ 249.15 • Hanson, Perry & Jensen, P.A. $ -0- • Bogdahn Consulting, LLC $1,125.00 • • Dana Investment Advisors $1,475.56 • Salem Trust Company fee advice for period 1/1/07 to 3/31/07 $ 515.48 • BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 7, 2007 PAGE 6 • Federal Express $ 24.64 8. Approval of new applicants for participation in Pension Plan None 9. Ratification of withdrawals made since the last meeting on 2 signature basis: Mark Haynes 3/1/07 Gross: $472.54; Net Payout $378.03 Russell White 3/27/07 Gross: $2,377.63; Net Payout $2,377.63 Discussion of Item 10 -Pulled from the Consent Agenda: 10. Discussion and approval of Budget Report Monica Rahim, Accounting Clerk, advised she had done a bud et estimate for 2007 g and 2008. The board reviewed the proposed figures. Pension Coordinator McWilliams noted $300 had been estimated for 2008 for seminars and training, but there was no travel and per diem to go along with that. The actuarial figure and training costs were discussed. It was requested the totals be moved above the pension. distributions. Attorney Jensen advised this budget was only a management tool, they were not limited to the amounts set. Boardmember Hansen favored the members of the board attending seminars. The estimates were determined as follows: actuarial for 2007 was $2,600; travel & per diem was $1,000 for 2007 and $1,000 for 2008; seminar cost was $ I ,500 for 2007 and $3,000 for 2008; books $500 for 2007 and $500 for 2008. Attorney Jensen reminded the board they had an expense policy for travel. MOTION: Boardmember Hansen made a motion to adopt the following budget figures: Travel and per diem $1,000 for 2007; $1,000 for 2008- Books $500 for 2007; $500 for 2008-Seminars $1,500 for 2007; $3,000 for 2008-Actuarial $2,600 for 2007; and to re-align the bottom to move pension distributions below the totals. Boardmember Reid seconded the motion, which carried by unanimous 3-0 vote. Pension Coordinator McWilliams suggested the budget be placed on the agenda annually. Attorney Jensen noted the board used to receive an income and expense report each quarter with comparison to the budget. Discussion ensued. Ms. Rahim indicated she would provide the statement of activities each quarter as in the past. • BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 7, 2007 PAGE 7 VII. FINANCIAL REPORTS 11. Account Statements (Jan-March 2007) Account statements from Salem Trust for the quarter ended March 31, 2007 were received and filed. VIII. NEW BUSINESS 12. Report By HR Director Merlene Reid Regarding Pension Status of Bob Carlo and Russell White Boardmember Reid advised that both Mr. Carlo and Mr. White had terminated. They had joined the Village of Tequesta's pension in error. They thought they had • properly terminated from Florida Retirement System, but FRS determined they had not properly terminated. Mr. Carlo terminated; Mr. White joined the DROP program; both had been refunded their contributions. The board was now being asked to consider offsetting to refund amounts paid by the Village of Tequesta. Attorney Jensen advised there had been some contributions made into this pension plan which were improper because two employees enrolled in the pension plan who were ineligible to do so. Since these two employees had received refunds of their contributions, there were no longer any improper employees in this pension plan. Attorney Jensen advised that the Village was asking for a refund of employer contributions; however, the pension plan could not make a refund of employer contributions. There were two ways this could be done-the first was to just recognize it in the pension plan itself so that as the actuarial evaluation was calculated there would be more dollars in the fund than originally anticipated. The second option was to set up a contribution reserve, recognizing that the employer made a contribution in error in the amount of $19,378.26. There would be a line item set up within the actuarial evaluation that said the Village had a contribution reserve--that they had made these contributions and they had not been applied. The Village could then use those contribution reserve funds to make up contributions in the future. Attorney Jensen advised that the Village was asking that a reserve of employee contributions in the amount of $19,378.26 be established against which to • take offsets. Chair Harding asked if this had. been voted on by the Village Council; Attorney Jensen advised it did not need the vote of the Council, it would take the vote of the Pension Board. Village staff had requested the contribution reserve. Attorney Jensen explained that the reason there would be a separate line item was to • BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 7, 2007 PAGE 8 say $19,378.26 that was put into the pension plan during the last several years did not count in those years and it was going to be put into a contribution reserve and used to offset future Village contributions. The Attorney explained that there was not a way for the pension plan to take those dollars out of the plan and give them to back to the municipality, like they were given back to employees. Once dollars were placed in the plan, they remained in the plan. Chair Harding asked if interest would accrue on the funds in the contribution reserve. Attorney Jensen advised the money would still be in the plan, it would still be invested; just for actuarial purposes the board would be recognizing there was $19,378.26 that the Village had contributed in prior periods that they could take an offset from for future contributions, so that when Steve Palmquist did his calculations, when he balanced the account, he would know he needed to look at that $19,378.26 to balance the account. Boardmember Hansen commented the Village would then contribute less in future contributions. Attorney Jensen confirmed that, and explained that future contributions plus the $19,378.26 would be needed to balance the account. The attorney expressed her opinion that this . would not continue over a period of time, but would all be needed soon, and the plans had benefited from having had this money in the plan. Discussion ensued. Chair Harding asked if interest would be paid on that money; the attorney explained it was already in the plan. There was one provision under the IRS code under which such funds could be refunded, but this situation did not meet the requirements of that code, so the best the board could do in this case was to recognize that the employer had made a contribution of too much money and the employer could use that to offset their future contributions. Chair Harding indicated she understood the situation. Boardmember Hansen commented the board needed to make a choice whether they wanted to go with option one or two. MOTION: Boardmember Hansen made a motion to go with Option 2, recommended by the Village, to set up a reserve of employer contributions in the amount of $19,378.26. Boardmember Reid seconded the motion, which carried by unanimous 3-0 vote. 13. Discussion of procedures to consider new participant eligibility for the fund HR Director Reid expressed her opinion everything possible must be done to assure such a situation did not happen again, as in the case of the employees who were not • properly terminated from. FRS, and it was the HR Department's responsibility. Ms. Reid advised they would use vigilance and a checklist created by the HR Department to assure it would not re-occur. It was clarified there was nothing the board could do, and it would be totally the responsibility of the HR Department to assure • BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 7, 2007 PAGE 9 employees were not in the Florida Retirement System. Attorney Jensen advised it would be a very remote possibility that this could happen again, and there had been proposed legislation the previous week which she did not know whether had passed which would extend the period of time to a year that one must be terminated from a previous employer. Ms. Reid reported the FRS termination procedure was very clear. Chair Harding advised she had read in Attorney Jensen's memo of a case in which it seemed it was not prohibited to tell the person they were going to come back as an employee. Attorney Jensen advised the way she read that Attorney General's opinion from the City of Live Oak, Florida, on the Florida Retirement System with the DROP, was that they were indicating it should be more than a pretend termination it needed to be a real termination and they had to go back through the hiring process as a new hire. It had to be a true termination, and that opinion questioned whether the termination was true if the continued employment of the terminated member was assured through an informal agreement. • 14. Discussion of increasing the multiplier Lori McWilliams, Pension Coordinator, reported at a staff meeting the Department Heads and Village Manager Couzzo discussed increasing the multiplier, since the Fire Department in the Public Safety Officers' pension fund had increased their multiplier to 6.1%. Attorney Jensen explained that was actually their contribution rate; their multiplier was made up of several multipliers at several different levels, and the multiplier was actually the number by which you multiply your years of service by your final average salary to get your percentage. Therefore if you have a 2% multiplier and you have 25 years of service, then your benefit is 50%. If you increase the multiplier to 3% then your benefit is 75%. For certain years Public Safety had a 2% multiplier; certain years 2-1/2%; certain years 3%, as high as 4%, but their average came out to 75% for total years of service. Pension Coordinator McWilliams asked if that had anything to do with their request that day to go back down to 5%. Attorney Jensen advised that was just their contribution-when they increased their contribution they also added a supplemental benefit, so it could be something to consider in conjunction with the employee contribution rate, but it did not have to be. Chair Harding recalled the conversation in the staff meeting and expressed her opinion that the discussion had been about having the employees be able to contribute more, and she had been confused by the term multiplier. Chair Harding advised basically the question was could the employee increase his contribution without the municipality having to increase theirs. Attorney Jensen advised the employee could put more money in, but what would they be buying. Currently the employees were contributing a sufficient amount to pay for the cost of the benefits they were receiving and then annually the actuarial evaluation made a • BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 7, 2007 PAGE 10 determination of how much the employer needed to put in. If the employees increased their contribution, that would decrease the amount the employer would need to contribute, so there would be no benefit improvement. An increase in the multiplier would be a benefit improvement-the board could look at increasingtheir multiplier, and Steve Palmquist could do it in tenths of a percent; in a quarter of a percent. Chair Harding commented she had been thinking of an increase being atax- free contribution with tax savings. Attorney Jensen asked if the Village had a 457 program, and advised if the employees were just looking to defer more income, that would be an area for governmental employees to look to defer more income. That was separate from the pension fund. The multiplier was currently 2% and could be increased to 2.1%, 2.3%, etc. MOTION: Boardmember Reid made a motion to request Steve Palmquist to calculate the cost of increasing the multiplier from 2% to 2-1/2% in 1/10 increments and present it to the Board at the next meeting with the pros and cons, and he can speak with Attorney Bonni Jensen regarding what the board is looking for. Boardmember Hansen seconded the motion, which carried by unanimous 3-0 vote. 15. Discussion of municipality exemption from payment of taxes when sending a member to FPPTA conference or seminar Pension Coordinator Lori McWilliams requested when a member of the board was going to a conference that they try to request their hotel check ahead of time so the Pension did not have to pay sales tax. 16. Consideration of approval of Summary Plan Description Attorney Bonni Jensen reported she had passed out the Summary Plan Description at the last meeting, and there was one changeon page 2 she had added the words "regular employee" to distinguish from seasonal employee. MOTION: Boardmember Hansen made a motion to approve the Summary Plan Description with the change made and distribute it to the employees. • Boardmember Reid seconded the motion, which carried by unanimous 3-0 vote. IX. ANY OTHER MATTERS BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 7, 2007 PAGE 11 Chair Harding advised that in part 4 regarding meetings in the Administrative Rules it stated the meetings were held in the EOC and that needed to be changed. Attorney Jensen commented she believed that had been done and had been sent via e-mail. Boardmember Hansen requested that official information regarding upcoming conferences be provided. Pension Coordinator McWilliams advised the dates for the October conference were October 7 through l 0, and information would be provided. X. COMMUNICATIONS FROM CITIZENS There was no communication from citizens. • XI. ADJOURNMENT Upon motion by Boardmember Hansen, seconded by Boardmember Reid and unanimously carried, the meeting was adjourned at 12:45 p.m. Respectfully submitted, Betty Laur Recording Secretary `r !~