Loading...
HomeMy WebLinkAboutDocumentation_Regular_Tab 09D_03/11/2004 r ,v � � � �ILLA�'�E OF TEQUESTA � �, ,�� _ -��-�� , ,� , �?�t �tf . ,, �t�;;, _ � . . 25Q Tequesta Dnve, Suite 3Q0 " `� � �R °Te�yuesta, �f�ri�la 3:�4f39-0273 = � (561j 575-6200 .� r ; � o F`<�'<: rif;' ,,?� t� �{;; � = t .. { TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND BOARD OF TRUSTEES MEETING FEBRUARY 10, 2004 L CALL TO ORDER AND ROLL CALL �` The Tequesta Public Safety Officers Pension Trust Fund Board of Trustees held a regular meeting at the Tequesta Recreation Center, 399 Seabrook Road, Tequesta, Florida, on February 10, 2004. The meeting �vas called to order at I 1:00 a.m. A roll call was taken by Betty L aur, Recording Secretary. Boardmembers in attendance at the meeting were: Chair Janles VVeinand, Boardmember Edward Sabin, and Boardmember Peter B. Lucia.. Vice Chair Geraldine Genco was absent from the meeting. Also in attendance were Dan Gallagher, Teri Katz, and Attorney Bonni Jensen. II. APPROVAL OF AGENDA � iVtOTION: Boardmember Sabin made a motion to move approve the agenda as submitted. Boardmember Lucia seconded the motion, which carried by unanimous 3-0 vote. III. APPROVAL OF MINUTES MOTION Boardmember Sabin made a motion to approve the October 21, 2003 minutes with one correction as noted by Attorney Jensen, to change "Jensen" to "Genco" at t6e beginning of the first paragraph on page 3. Boardmember Lucia seconded the motion, which carried by unanimous 3-0 vote. _ IV. UNFINISHED BUSINESS a) Discussion of 13 Check — Tabled front Augtrst 12, 2003 Meeting � Recy:led Paper BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES February �o, 2004 PAGE 2 --------------------------------------------------------------------------------- Attorney Jensen advised that the decision to pay thz beriefit was separate from funding the benefit, and that the 13th check was a non-guaranteed COLA based on returns on the fiind, and paid only to retirees. It would be one additional check for the year paid in a lump sum. The actuarial study would determine if there were sufficient funds, and the amount. Chair Weinand expressed his opinion this was premature since the plan had just been amended, and suggested bringing this up again after the next actuarial study. Mr. Sabin commented he had expressed concern before about the consistency of the actuarial assumptions and would like this reviewed with the actuary's assumptions considered. Mr. Lucia agreed and commented that after three bear market years there might not be sufficient funds to do this and suggested waiting awhile for the actuarial numbers to come in. Chair Weinand commented that in the years there were not good returns, there would be no payment. Chair Weinand expressed his opinion this was putting the cart before the horse and suggested waiting until the next time the plan was modified or until after the next actuarial report. MOTION: Boardmember Sabin made a motion to delay discussion of a 13th check until after the next actuarial report. Boardmember Lucia seconded the motion, which carried by unanimous 3-0 vote. V. STANDING REPORTS a) Approval of new applicants for participation in Pension Plan (l quarter — October — December 2003) Christopher Gass Hire Date 11/2/03 b) ApprovalofBene�ciaryChangesPlan (ls None c) Request for withdrawal of contributions (employees terminating employment with Village of Tequesta Plan (Not previousty approved and l quarter - October — December 2003) Brenda Hale - date of termination 9-3-03 $ 514.34 Scott Donaldson — date of termination 9/11/03 $4,470.07 BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES February �o, 2004 PAGE g --------------------------------------------------------------------------------- d) Ratification of withdrawals made since the last meeting on 2 signature basis: Business Services Connection Attend and record meeting of 10/21/03 �39.51 Prepare minutes of ineeting of 10/21/03 $95.97 Boardmember Sabin questioned why the information had not been filled out on the backup form for Scott Donaldson's request for withdrawal. Mr. Gallagher agreed it should have been completed. Chair Weinand requested in the future this information be completed. Mr. Gallagher explained that the procedure was for the accounting department to fill in the information regarding the withdrawl amount and the amount for taxes, and confirmed that the form in the Village records did contain the information.. MOTION � Soardmember Lucia made a motion to approve items a, b, c, and e under Standing Reports. Boardmember Sabin seconded the motion, which carried by unanimous 3-0 vote. VI. FINANCIAL REPORTS a) Statement of Accounts (1 Quarter - October — December, 2003) b) Progress Report by Finance Department — Cash Flow Report for the First Quarter (l Quarter - October — December 2003) Dan Gallagher explained the statement was a copy of the Wachovia statement and showed activity in the account as of December 3 l, 2003. Chair Weinand commented the cash flow report closed December, 2003 but payments were showing up now in February, 2004 for approval, and asked how these payments could be debited out of the prior year. Mr. Gallagher explained the checks had been written by the Finance Department prior to December 2003 and recorded, but since they had not been approved by the board or signed and he had them today to get signatures. Chair Weinand questioned that the command account statement came from Wachovia, stating he had thought it was - Prudential: Mr. Gallagher explained that Wachovia had recently purchased Prudential. : Chair Weinand asked if the addition was new money put into this fund throughout the course of the year. Mr. Gallagher responded it was total actual cash added during the year, and that he was in the process of running a report showing activity for the last three years; however, that report was consolidated with the General Employees' and he was BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES February io, 2004 PAGE 4 --------------------------------------------------------------------------------- separating General Employees out. Chair Weinand confirmed with Mr. Gallagher that if he wanted to see how much the portfolio grew last year he would go to last December and subtract the new cash.. Boardmember Lucia asked if a 13th statement would be issued, which Mr. Gallagher confirmed would be done. Chair Weinand asked who would be doing the agenda from now on, to which Mr Gallagher responded that Terri Katz would be handling the administrative end in the future. Chair Weinand stated on the quarterly reports he would like to see statements for all three months—not just the ending statement. Mr. Gallagher commented on the statement behind the cash flow statement, called cash flow schedule, it showed the beginning dollars, ending dollazs, and all activity, and this report was done so the Board did not have to go back and work with each statement. Chair Weinand comtnented he liked the statements in order to track the stocks. Items a and b were received and �led. c) Northstar Capital Management Investment Manager's Report (As of December 31, 2003) Peter V. Van Beuren reviewed the presentation booklet, noting that the last presentation had been in August and during the interim they had been revising the presentation, and he would point out changes during his review. Section 3-1 had been changed to include the restrictions within the approved investment guidelines. The Merril Lynch Intermediate Bond Index had been replaced with Lehman Government Credit Intermediate Bond Index. Page 3-2 summarized the portfolio as of 12/31/03, and Mr. Van Beuren reported the asset mix as of today was cash 4.1, equities 58.4, and bonds 37.6, indicating more of the cash was being put to work as it was throughout 2003. Mr. Van Beuren explained that in the 60/40 allocation there was allocation of cash within in the 60% portion— currently 3.2% cash in equities and 5.4% in the fixed income portion. Currently 96.8% in equities and 94.6% in fixed income was invested. Mr. Van Beuren reviewed the equity characteristics. Page 3.3 showed the characteristics of the portfolio with the companies listed and showing the portfolio average was significantly better than the index. Page 3.4 showed performance now on a fiscal year basis where previously it had been reported on a calendar year basis. Page 3.5 showed a cash statement for last quarter and the figures were comparable to those provided by Mr. Gallagher. Mr Van Beuren provided a handout showing the S&P 500 perforrnance for 2003 compared to the prior year and their top 20 stocks in 2003. In reviewing Section 4, Mr. Van Beuren reported 2003 was a turning point for the economy which had been in recession. Section 5 showed the portfolio value. Mr. Van Beuren reported the portfolio value as of the day before yesterday had been $2,153,250.00. The presentation booklet included the proxy BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES � February 10, 2004 PAGE 5 --------------------------------------------------------------------------------- statement and listed corporate biographies of the companies currently invested. Mr. Sabin commented the report showed returns since inception averaging a little over 6% and actuarial assumptions were at 8%. Mr. Van Beuren responded he wanted to discuss this with Mr Palmquist—that 8% had been the figure for six years. Mr. Van Beuren noted this was an actuarial concept which analyzed the information on the participants regarding age, etc., and was designed to provide benefits for participants at some point in the future; however, the market was marching to a different drummer during the past three years. Mr. Van Beuren explained that the actuarial assumption did not have to necessarily be met every year, but it eventually had to be there. It was there for a number of years in the beginning but the last three years took away from it. Mr. Van Beuren explained it was his understanding from Mr. Palmquist that when a participant left it was then the under amount would be calculated. Attorney Jensen responded the actuarial assumption was calculated annually as an expected rate of return, however, Mr. Palmquist looked at it for the long term, and there was a chart in his report that showed since 1994 the fund had earned 9% not including last year, and year-in year- out it would certainly fluctuate. Attorney Jensen advised that the actuarial assumption was the board's target and the Village's funding was geared to that 8% figure—more than that the Village benefited, less than that the Village paid. Mr. Sabin asked why the S&P 500 did not meet the fund criteria. Mr. Van Beuren explained that it basically represented the goals Northstar was trying to provide in the stocks they selected, but last year with recovery of the market—what had happened in the bubble--some companies invested in did not have the earnings record Northstar wanted to see in companies they felt were going to grow in the future because their earnings had been interrupted during the bubble. Tlie S&P 500 primarily represented companies in their normal existence. Mr. Van Beuren commented Northstar was large cap, and S&P 500 was a large cap index. Mr. Lucia asked if Northstar was a primarily large cap growth asset management company how they did due diligince in a plan this size on fixed income, mid-cap, etc.— to diversify the plan. Mr. Van Beuren explained that large cap growth was their centerpiece—no other style was provided in their firm—so if diversification was wanted another firm would do that. Northstar did look at mid cap firms that had inched over the $5 million mark. Mr. Lucia commented that with a large cap growth manager the plan was not being fully diversified. Mr. Van Beuren concurred but indicated Northstar thought the consistency of earnings was what was attractive. Boardmember Lucia asked if Mr. Van Beuren would agree that if the fund were fully diversified, there would not be as much violitility on earnings from year to year. Mr. Van Beuren agreed that statement had merit and explained that the larger plans took that approach but he was not sure a plan this size that ideal mix could be obtained. Mr. Van Beuren indicated he thought the fund was getting adequate diversification as far as managing risk was concerned and his BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES February �o, 2004 PAGE 6 --------------------------------------------------------------------------------- firm believed the investments they were making would provide above average rates of return over a period of time. Mr. Lucia commented it posed a problem when growth was out of favor for a year or a few years and if the fund had to make withdrawals during those years the plan could be undervalued at that point and it could hurt the plan. Mr. Van Beuren commented if a lot of people were retiring at the same time that might happen but it was unlikely, and a large plan might have multiple managers with some investing for growth and some for value, however, this size plan did not have that luxury. Mr. Van Beuren expressed his opinion this fund was getting the best of the worlds they could afford to be in. Mr. Lucia commented trading costs were not shown for the trading activity from January- December 2003, and asked what a percentage indicating the total transaction cost might be, to which Mr. Van Beuren responded he could get that information, but the rate was 10 and 15 cents per share or the minimum ticket of around $50.00. Mr. Gallagher noted this discussion was held 3-4 months ago and the figure was around $3,500 for the year to that point. Mr. Van Beuren indicated he would give that information to Mr. Gallagher. Mr. Lucia requested Mr. Van Beuren explain the process his firm went through in buying and selling. Mr. Van Beuren explained Northstar believed large cap high quality companies with rapidly growing earnings would out-preform and the universe of some 6,000 of those companies were screened for size, historical growth rate, projected growth rate, return on equity, PEG ratios--which resulted in close to 50 companies, from which a model portfolio was constructed. A committee met weekly to review the model and the criteria of the companies. Mr. Van Beuren explained that if the committee agreed to purchase a company but did not know it well, they might only buy half a position in the beginning. If a company was no longer desirable, or if if was decided to invest more in another category, another company was chosen from a bull pen of companies they were always looking at. 90% of companies within the model portfolio in were required to be institutional. There was not a percentage of drop that determined they wanted to sell a company—but a deterioration in relative strength or perhaps a drop in accumulation � distribution figures—and several factors such as these coming together might result in a decision to sell. An example used was Medtronics which was showing a slowing up of sales so they would look at that and make a decision. If a decision was made to sell they would phone Mr. Kinney and request him to sell. Mr. Van Beuren further explained the selling process, how some stocks were sold in blocks, etc., and advised that Fred Kinney might come make a presentation to further explain that process. Mr. Kinney had a partner as backup to make trades and trades except for the fixed income portion were made electronically. BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES February io, 2004 PAGE � --------------------------------------------------------------------------------- Chair Weinance requested Mr. Van Beuren provide the presentation booklets earlier so they could come with the agenda packets. VII. PAYMENTS TO BE REVIEWED AND APPROVED a) Northstar Capital Management, Inc. $ 9,034.00 b) Federal Express $ 2'7,42 c) Gabriel Roeder Smith & Co. $ 1,908.00 d) Acordia $ 3,082.10 and $543.90 Boardmember Sabin asked why the Federal Express invoice was at a final demand stage. Mr. Gallagher explained the check was written on September 2, 2003 and had never been signed and was one of the checks written in the prior year. Attorney Jensen advised she also had an invoice that did not get on the agenda which was for $1,526.34 covering the period October, November, December and through January 15. MOTION Boardmember Sabin made a motion to approve payment to Northstar Capital Management, Inc. of $9,034; to Federal Express of $27.42; to Gabriel Roeder Smith & Co. of $1,908.00, to Acordia of $3,082.10 and $543.90, and to Hansen Perry Jensen of $1,526.34. Boardmember Lucia seconded the motion. Chair Weinand questioned the Acordia payments since the plan documents stated the Village shall provide fidelity insurance and asked why the plan was paying for this. Attorney Jensen explained administrative were passed through to the Viltage—the plan fronted the money and then the amounts were added back into administrative expenses of the ptan which were � paid by the Village as a pass-through expense. Attorney Jensen commented that $3,082.10 was awfully expensive for a�delity bond—that the $543.90 seemed more correct for a fidelity bond and the higher invoice might be for the fiduciary liability insurance. Mr. Gallagher commented it was for a fidelity bond and the General Employees Pension was picking up a portion—the $543.90 was the portion to be paid by General Employees. Chair Weinand asked how much the General Employees approved. Mr. Gallagher stated the number the General Employees paid was $543.90, and the split was based on the amount of investments in each fund. Mr. Gallagher verified the fidelity bond invoice covered one fiscal year. Boardmember Sabin noted the coverage may have lapsed since the payment had not been made. Mr. Gallagher BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES February io, 2004 PAGE 8 --------------------------------------------------------------------------------- stated the check was there to be signed. Boardmember Sabin modified the motion to remove the $543.90 payment to Acordia. Motion carried by unanimous 3-0 vote. VIIL NEW BUSINESS a) Discussion of payment of invoices Mr. Gallagher reported this issue had been resolved with approval of the outstanding items, and all items would now be resolved on a timely basis. The bills could still be waiting three months for payment, but in the future he would have the checks ready at the quarterly meeting so that they could be signed as soon as approved. Mr. Sabin commented now that there was a schedule of quarterly meetings perhaps the parties could coordinate their invoices with the meeting dates; however, his concern was with insurance payments that policies not lapse because premiums had not been paid. Mr. Gallagher commented he had talked to the insurance companies a number of times on this and had been assured there would be no lapse of coverage. b) Presentation of Letter of Engagement from Village Auditors as requested by Vice Chair Genco at meeting of October 21, 2003 Chair Weinand commented in the Statutes on actuarial firms looking over the fund he understood that using the same auditor as the Village that the fund would need a memorandum of understanding. Attorney Jensen advised the fund needed ta have an individual engagement agreement setting forth the terms of the agreement with the auditors and the engagement letter did not specifically state they did the fiduciary funds of the municipality. Attorney Jensen advised that the State Statute had been clarified to indicate if the fund used the Village's auditors the fund would do it at their own terms. A sub letter of engagement should state that the auditors would perform the audit of the fiduciary fund and state the cost for that. Mr. Sabin stated from his experience, he agreed with having a separate engagement letter for this fund. Discussion ensued. Chair Weinand stated he would be comfortable with Attorney Jensen drafting that agreement. Boardmember Sabin asked the timing on the requirement for an audit relative to this fund and asked if the auditors were incorporating that into their current work, which Mr. Gallagher verfied, stating the : audit would be finished before the end of this month and would be included as part of the CAFRA. Attorney Jensen clarified it was sufficient to have the fund's audit included in the Village's audit, but if the auditors were going to charge the fund separately then the audit needed to be separate. The work had already been done— BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES February �o, 2004 PAGE 9 --------------------------------------------------------------------------------- now they just had to prepare a separate report. Attorney Jensen commented she believed that in the past the auditors had assisted in preparation of the annual report. Chair Weinand commented the annual report may have been prepared in-house. Mr. Gallagher indicated he would find out the details of what the auditors were doing for this fund. MOTION Boardmember Lucia made a motion directing Attorney Jensen to work on a contrctural agreement with the auditors. Boardmember Sabin seconded the motion, which carried by unanimous 3-0 vote. c) Plain English Summary of Plan Document and Benefits Statement Attorney Jensen distributed copies of the plain English summary of the plan document for discussion at the next meeting. Chair Weinand clarified with Attorney Jensen this document could be approved at the next meeting and in the meantime if anyone had questions they could contact her. Mr. Gallagher advised that the only benefit statement that could be prepared for employees at this point in time was what the employees had contributed. The Finance Department at the present time did not have the information on what the Village had contributed, since that came from Mr. Palmquist. The most recent information provided by Mr. Palmquist was as of 10-1-02 and included the projected monthly benefit as of a certain date. Attorney Jensen advised Mr. Palmquist's firm could prepare that information. Chair Weinand asked if benefit statements should then be timed for every two years with the actuarial reports, to which Attorney Jensen responded it could be done every year—but at a cost. Mr. Gallagher asked about possibly having an achiarial study every year, which would provide an annual benefit statement for employees and would advise how the fund was doing in the market, but it would be costly. Mr. Sabin commented he did not believe an annual actuarial study was necessary to do a benefit statement, which he believed could be done independently of an actuarial study. Attorney Jensen commented they did not have ta be done together. Discussion ensued regarding the requirements for benef t statements Mr. Sabin asked who would prepare the benefit statements. Attorney Jensen advised that the statements would be prepared by the actuarial firm since in- house could not provide the forecasting figures. Chair Weinand expressed his opinion that every two years would be acceptable for benefit statements. Mr. Gallagher noted that it took up to five months for Mr. Palmquist to prepare his actuarial report, plus get the benefit statements out to employees and that was last BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES February �o, 2004 PAGE 10 --------------------------------------------------------------------------------- done with the 2002 report. Mr. Lucia suggested getting the cost for every year as well as the cost for every two years and then to make this decision, and commented that two years was a long time to go without reviewing with all the market fluctuations. Discussion ensued regarding how long it took to get a report, and if the Board waited to have an actuarial report done as of October l, 2004 then they would not get that report and benefit statements would not be ready until March of 2005. Attorney Jensen advised that Mr Palmquist could use 2003 figures to tell the muncipality how much to contribute in 2004, which would set the rate for 2004. Chair Weinand announced the determination of how often to provide benefit statements would be done after the cost figures had been obtained, and expressed his opinion that three years was too long, and two years had been working out.. d) Cost Benefit Analysis Comparison of proposed services by A. G. Edwards and Effron to report on whether investment objectives were being followed and discussion of RFP letters to other monitorin� �rms Mr. Gallagher reported he had held off on the comparison of services by A. G. Edwards and Effron because Attorney Jensen had provided a list of people who might want to provide monitoring services and RFP letters had been sent to each company on the list. Two responses had been received to date—from Merrill Lynch in the Jacksonville area which monitored 90 municipalities; and from Burgess Chambers. A total of 15 RFP's had gone out. Attorney Jensen noted monitoring was required to be done once every three years, and that a short list of the RFP respondees could be created after February 20, which was the RFP deadline. Mr. Sabin asked the time frame for this requirement, and Mr. Gallagher responded this was the first time it had been done. Attorney Jensen advised that the Board needed to meet soon after February 20, and she would prepare a spread sheet of information about the companies from which the Board could short list. Attorney Jensen recommended the Board hear presentations by the investment monitors because their ability to communicate information to the Board was essential. Mr. Gallagher stressed that these 15 companies only did monitoring. Consensus was to hold a meeting on Tuesday, March 2 at 10:00 a.m. in the EOC Center of the Public Safety Building, which could be a joint meeting with the General Employees' Pension Board since they would want to hear the same information, and this subject would probably be the only thing on that agenda. e) Items provided foa� information purposes: Mr. Gallagher explained that the following items had been included in the packets as BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES February io, 2004 PAGE 1� --------------------------------------------------------------------------------- information items: 1. Notice from Northstar Capital Management, Inc. re: Carnival Cruise Lines Mr. Gallagher advised that there was a claim against Carnival Cruise Lines, and the fund had owned some of their stock some years ago, but the Village would be lucky if they got $400 of the settlement. Mr. Gallagher also advised that the Village had received a check from Rite Aid of $443.82 as settlement of a class action suit against them, which would have to be split. 2. Florida Attorney General Advisory Legal Opinion Chair Weinand explained this using the example that the fund used the supplemental funds to provide extra benefits over and above those provided by the Village, and since 6-year vesting had been provided by the Village to the General Employees, this fund could not use supplemental funds for their 6-year vesting. Attorney Jensen advised it was not quite that simple, and that Mr. Palmquist would need to have this information. t� Discussion of obtaining new actuarial study This item had been discussed earlier in the meeting. g) Report of attendance at conference by Peter Lucia Boardmember Lucia reported he had attended the recent FPTTA conference, which had been very educational and informative. Since he was not going through the certification process, he had been able to attend classes in both intermediate and advanced categories. Mr. Lucia reported he had been very impressed with the speakers and had been able to converse with other attendees. Boardmember Lucia recommended that any board member attend, and attend again even in later years of sitting on the Board to go for brush-up. Chair Weinand reported he had attended a conference last year given by the State of Florida. Attorney Jensen advised that one was being held again this year March 22 through 24, and March 22 was the new trustee day. Anyone interested in attending should make hotel reservations as soon as possible. Boardmember Sabin requested the information. BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES February io, 2004 PAGE �2 --------------------------------------------------------------------------------- IX. ANY OTHER MATTERS Attorney Jensen distributed a statement of policy for trustee expenses to attend conferences, seminars and meetings, to be considered at the next meeting. Attorney Jensen drew attention to mileage and meal expenses, and advised that she had updated the mileage to 37¢ approved by the IRS. Attorney Jensen recommended increasing the meal expenses from $3, $6, and $12 using the IRS guideline and setting a specific amount for in-state conferences that the Board would reimburse. Mr. Gallagher reported North Palm Beach paid $40 a day for meals $8, $12, and $20. Attorney Jensen recommended that this document be approved at the next meeting and that approval be retroactive to January 1, 2004. Boardmember Lucia asked if a boardmember could attend conferences more that once. Chair Weinand commented that under the Sunshine law more than one membercould attend the same conference, but they could attend but not talk to each other about board business. In response to the question whether a board member could go more than once to different conferences, disscussion ensued that it would be good to attend periodically to be updated. Chair Weinand advised that the Board could set those guidelines. Chair Weinand announced that Mr. Lucia's recent conference expenses would be approved at the March 2, 2004 meeting. Chair Weinand announced that since Brian Youngblood had resigned, there would need to be an election by the Police Department to elect another Police representative. Mr. Gallagher responded that would be done. Chair Weinand asked how much was left of the supplemental funds for additional benefits, to which Mr. Gallagher responded he had that report but did not bring it. Chair Weinand asked that this report be provided at the next quarterly meeting. Boardmember Lucia requested that Mr. Van Beuren provide Northstar Capital Management's transaction costs for a fiill year be provided—both the dollar amount and as a percentage on total assets. X. COMMUNICATIONS FROM CITIZENS There were no communicaticns from citizens. BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES February �o, 2004 PAGE 13 --------------------------------------------------------------------------------- XI. ADJOURNMENT Upon motion by Boardmember Sabin, seconded by Boardmember Lucia, and unanimously carried, the meeting was adjourned at 1:02 p.m. � ` _ :�_ �. �_.�,� , ��_�c .. 4 .--� ; / 4.E {. t'--ry(._w�.L_;�ci.� �C�li...�i�..C��1 �.'�_ ✓ �:,� ,�"" �� ��e�, �, ��.;� °������ � ..; .