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The City of Titusville, Florida / Boards & Commissions / Other Post-Employment Benefits (OPEB) Board

Thursday, February 28, 2019

Other Post-Employment Benefits Trust
Draft Board of Trustees Minutes
February 28, 2019
A meeting of the OPEB Board of Trustees was held on November 8, 2018 in the Council Chambers of City Hall.
I.             Call to Order
Chairman Cook called the meeting to order at 11:00 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 Kevin Cook, Member April Comer, Member Amelia Robinson and Member Joe Denaro.  Absent was Vice-Chair Tom Abbate.
Others Present:  Bridgette Clements, Finance Director, Jason Human, PFM Asset Management, Scott Stitcher, PFM Asset Management (via telephone) and Secretary Gail Gilchrist.
III.          Approval of Minutes – August 9, 2018
Motion to approve the minutes of August 9, 2018 by Member Comer; second by Member Robinson, with all in favor.
IV.          New Business
  1. PFM Presentation of the September 30, 2018 Investment Performance
    Mr. Jason Human, Client Manager, presented the September 30, 2018 investment performance report.  The Board reviewed the investment performance for the quarter.  Mr. Human then stated domestic markets were strong and the S&P was up 10.5% YTD, however noted October was rough for the markets.  He said international markets are still struggling YTD with the MSCIE down about 1.5% as well as fixed income also struggling and is basically flat at 0.02% for the quarter.  Mr. Human noted the GDP is still going strong with the second quarter number coming in at 4.2% and the third quarter coming in at 3.5%.   Mr. Human stated the S&P 500 was up 7.7% which is up 3.5% YTD.  Small market cap outperformed large market cap early in the year, however, that trend reversed this past quarter.  All sectors in S&P listed positive return during the quarter.  He noted the YTD index was down 8.17% which has to do with trade tensions. Mr. Stitcher briefly discussed the effect midterm elections may have on the S&P market.  Mr. Human then reviewed the portfolio with the Board.
                           Motion to approve PFM Presentation by Member Robinson; seconded by Member Denaro, with all in favor.
  2. Approval of US Bank and PFM Invoices for July - September 2018
    The Board reviewed the PFM invoices for the July - September 2018 period.
    Motion to approve the above referenced invoices by Member Robinson; second by Member Comer, with all in favor.
  3. Approval of Brown-Brown Insurance – OPEB Pension Bond Invoice, After the Fact
    The board reviewed the Brown-Brown Insurance – OPEB Pension Bond Invoice
    Motion to approve the above referenced invoice by Member Robinson, seconded by Member Comer, with all in favor.
  4. Old Business
  6. Requests from the Public/Employees Present - None
    The meeting of the OPEB Trust Board of Trustees adjourned at 11:30 AM. 
    The next meeting of the Board is scheduled for February 12, 2019 at 11:00 AM in the Council Chambers of City Hall.
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The City of Titusville, Florida
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