OPEB Board Minutes 8/13/2020

Other Post-Employment Benefits Trust                  

 Board of Trustees Minutes

August 13, 2020

 

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A meeting of the OPEB Board of Trustees was held on August 13, 2020 in the Council Chambers of City Hall.

 

I.             Call to Order

Chairman Cook called the meeting to order at 11:025 AM in the Council Chambers of City Hall.  

 

II.            Determination of a Quorum

There was a quorum of the Board with four members present as follows: Chairman Cook, Member April Comer, Member Amelia Robinson and Member Joe Denaro.  Scott Stitcher, PFM Asset Management, Sean Gannon, PFM Asset Management and Scott Sweeten, PFM Asset Management present through WebEx. 

 

Others Present:  Bridgette Clements, Finance Director, Stan Johnston, City of Titusville Resident and Secretary, Gail Gilchrist.

 

III.          Approval of Minutes – February 13, 2020

Motion to approve the minutes of February 13, 2020 by Member Comer; seconded by Member Denaro, with all in favor.

 

IV.          New Business

 

PFM Asset Management was not available until 11:30 a.m., therefore, items “b” and “c” under “New Business” were addressed first.   The meeting was recessed at 11:14 and re-adjourned at 11:35 a.m. when PFM Asset Management joined via WebEx.

 

  1. PFM Presentation of the June 30, 2020 Investment Performance

Board reviewed the investment performance for the quarter, with emphasis on quarterly and year to date returns, as well as, the different action PFM Asset Management had taken on the City’s behalf.   Motion to approve PFM Presentation by Member Comer; seconded by Member Robinson, with all in favor.

  1. Approval of US Bank and PFM Invoices for January – June 2020.

Motion to approve the US Bank and PFM invoices by Member Robinson; second by Member Denaro, with all in favor.

  1. Approval of Foster & Foster Invoice.

Motion to approve the Foster & Foster invoice by Member Robinson; second by Member Denaro, with all in favor.

 

  1. Old Business

 

  1. Requests from the Public/Employees Present 

 

Stan Johnston questioned the Auditor’s finding of a $60 million dollar unfunded liability deficit.  Chairman Cook and Bridgett Clements both addressed his question.   Mr. Johnston had no further questions.

 

  1. Adjournment

The meeting of the OPEB Board of Trustees adjourned at 12:23 P.M.  

 

The next meeting of the Board is scheduled for November 12, 2020 at 11:00 AM in the Council Chambers of City Hall.