TOWN OF I N D I A L A N T I C

Brevard County, Florida 32903

PENSION BOARD OF TRUSTEES - POLICE/FIRE

MINUTES 06-03

APRIL 19, 2006, 10:00 A.M.

 

 

I.  CALL TO ORDER AT 10:00 A.M.

         

          Chairman Terkoski called the meeting to order at 10:00 a.m.

 

         PRESENT                                                                 ABSENT

          Eugene Terkoski, Chairman                                      Capt. Jimmy Haggas, Fire Dept. Member

          Sgt. Mike Casey, V. Chairman, Police Dept.

Sgt. Scott Elliott, Secretary, Police Dept.

Gerald Kowalski, Member

Scott Glover, Financial Adviser

Julie Holmgren, Recording Secretary

 

II.          APPROVAL OF MINUTES JANUARY 18, 2006

 

Mr. Terkoski moved to approve the minutes as written.  Sgt. Elliott seconded.  Motion passed unanimously.

 

III.          REPORT FROM SCOTT GLOVER

 

Mr. Glover reported that the year-to-date return of the portfolio through March 31, 2006 is +02.98%.  The policy yielded +2.92%.  Mr. Glover handed out a copy of the First Quarter 2006 Portfolio Performance and Allocation.

 

Mr. Glover recommended purchasing Van Kampen Growth & Income fund for half of the Large Cap Value category.  Mr. Terkoski moved to approve the acquisition.  Sgt. Elliott seconded.  Motion passed unanimously.  Mr. Glover mentioned that this change will take place today. 

 

Chairman Terkoski recommended that the Board acknowledge a resolution that the PIMCO Total Return Fund has some below investment grade bonds; however, henceforth, it is not enough to warrant selling the bonds.   Sgt. Casey moved to approve.  Sgt. Elliott seconded.  Motion passed unanimously.

 

Chairman Terkoski recommended that the Board approve the report.  Sgt. Elliott moved to approve Mr. Glover’s report.  Sgt. Casey seconded.  Motion passed unanimously. 

 

 

IV.           OTHER

 

1.      Attorneys’ fees due through March 15, 2006 - ($1,676.60)

The fee due for past service to this Board is $1,676.50.  Sgt. Elliott moved to approve payment of this amount.  Sgt. Casey seconded.  Motion passed unanimously.

 

 

V.     ADJOURNMENT

 

            Adjournment was at 10:30 a.m.

 

Chairman Terkoski reopened meeting to recommend that Bonni S. Jensen, Esq. attend all meetings.  Sgt. Elliott agreed to give Ms. Jensen a schedule of all meetings.  Sgt. Elliott moved to approve.  Sgt. Casey seconded.  Motion passed unanimously.

 

Sgt. Elliott made a motion to adjourn.  Sgt. Casey seconded.  Motion passed unanimously.

 

                                                                                                                                 

                                                                                  Eugene Terkoski, Chairman

 

                                                         

Julie Holmgren, Secretary