City Council

MINUTES OF THE MEETING OF THE BOARD OF TRUSTEES OF THE POLICE PENSION FUND OF THE CITY OF FLORA, ILLINOIS November 8, 2018 The meeting was called to order by Michael Snyder with the following members present: Michael Snyder, Steven Teague, and John Casolari. Also present was Cole Duke and Dee McGehee. Michael Snyder read the previous minutes. Steve Teague made a motion to approve the previous minutes. John Casolari seconded the motion. All members present voted aye. Cole Duke provided an investment update packet. Dee McGehee told the Trustees and Cole Duke that the police pension has received their tax levy and now the police pension bank balance was $278,263.49. Cole suggested to the trustees that the MFS Total Return Bond A which has a current value of approximately of $300,000.00 should be redeemed and then remove $100,000.00 from the checking account and invest in two of three of the American Cap, Inc. Builder #A, American Inc. Fund of Amer. A# and American Wash Mutual Inv. A. Michael Snyder made a motion to approve the reinvestment. John Casolari seconded the motion. All members present voted aye. Dee McGehee provided the treasurer’s report and balance sheet through October 31, 2018. Total Cash: $ 234,315.33 IMET Liquidating Trust: $ 2,780.18 Edw. Jones: $5,233,688.33 Total Invest: $5,470,783.84 Michael Snyder made a motion to approve the report. John Casolari seconded the motion. All members present voted aye. Dee McGehee presented to the board that Tim Sharpe was no longer able to do the annual actuary report and also that a new report called the GASB 67/68 was now required. She found a new actuary, Nick Meggos that would be able to do both reports for $4,000.00. Michael Snyder made a motion to use Nick Meggos for the actuary and the GASB 67/68 reports for this year. Steve Teague seconded the motion. All members present voted aye. Dee McGehee then suggested to the board to increase the tax levy by $5,000.00, which would be a total of $200,000.00. She also told the board that after the actuary report was received she would present to council to possibly increase the percentage of the state taxes to the police pension account if the report showed that the percentage was low. Michael Snyder made a motion to ask City Council to increase the tax levy by $5,000.00 making the tax levy for the police pension $200,000.00. John Casolari seconded the motion. All members present voted aye. The Board also discussed training requirements and when each trustee would have to complete their 32 hours of training and the 16 hours of continuing education training each calendar year. John Casolari said he would do his 32 hours of training in January. Michael Snyder has completed 8 hours of his continuing education and Steve Teague is doing an 8 hour of continuing education on November 14, 2018. A motion was made by Michael Snyder to adjourn the meeting at 3:45 p.m. John Casolari seconded the motion. All members present voted aye. Meeting adjourned. __________________________________ __________________________________ President Secretary