Pension Board of Trustees Meeting, 10/28/10

Date: 
Thursday, October 28, 2010
Minutes: 

ALACHUA COUNTY LIBRARY DISTRICT

PENSION BOARD OF TRUSTEES

MEETING MINUTES

Thursday, October 28, 2010

Meeting Room A – Headquarters Library

401 East University Avenue

Gainesville, Florida

The Alachua County Library Pension Board of Trustees met in regular session.

PRESENT: Chair Eileen Roy, presiding, Vice-Chair Scherwin Henry, Trustees Cynthia Moore Chestnut and Thomas Hawkins

ABSENT: Trustees Mike Byerly and Paula M. DeLaney

ALSO PRESENT: Library Director Sol Hirsch, County Attorney David Wagner, Clerk to the Board J. K. Irby, Assistant Clerk/Finance Director Todd Hutchison, and Deputy Clerk Bob Decker

The meeting was not televised.

I. CALL TO ORDER

Chair Roy called the meeting to order at 11:10 A.M.

II. APPROVAL OF THE CONSENT AGENDA

Trustee Chestnut moved approval of the Consent Agenda. The motion carried 4-0.

(The items on the Consent Agenda are of a routine nature. The motion to approve the Consent Agenda approved all items and the recommended actions on the Consent Agenda.)

A. Minutes of Meeting

Staff Recommended Action: Approve the Minutes of the May 13, 2010 Pension Board of Trustees.

III. APPROVAL OF THE REGULAR AGENDA

Trustee Henry moved approval of the Regular Agenda. The motion carried 4-0.

IV. UNFINISHED BUSINESS

(There were no items submitted in this category.)

V. NEW BUSINESS

A. Alachua County Library District Pension Trust Fund Performance Review for the Period Ending September 30, 2010

Staff Recommended Action: Accept the Pension Trust Fund Performance Review for the period ending September 30, 2010.

Library Director Sol Hirsch and Dan Johnson of Bogdahn Consulting, LLC presented the above item.

Trustee Henry moved to accept the Pension Trust Fund Performance Review for the period ending September 30, 2010. The motion carried 4-0.

B. Authorization to Rebalance the Receipts and Distribution Account (R&D) Quarterly

Staff Recommended Action: Authorize the Library Director to instruct Regions Trust to rebalance the R&D account quarterly to maintain a balance of $200,000.00, making contributions or distributions as necessary from the investment portfolios at their target weights, as described in the attached letter.

Dan Johnson of Bogdahn Consulting, LLC presented the above item.

Trustee Chestnut moved to authorize the Library Director to instruct Regions Trust to rebalance the R&D account quarterly to maintain a balance of $200,000.00, making contributions or distributions as necessary from the investment portfolios at their target weights, as described in the attached letter. The motion carried 4-0.

VI. INFORMATIONAL ITEMS THAT REQUIRE NO ACTION

(There were no items submitted in this category.)

VII. CITIZEN COMMENTS

There were no citizens present who wished to provide comments to the Pension Board of Trustees.

VIII. ADJOURNMENT

There being no further business the meeting was adjourned at 11:17 A.M.

________________________

J. K. Irby, Clerk to the Library

District Pension Board of Trustees