Oil & Gas Investment Board

CITY OF MANISTEE OIL AND GAS INVESTMENT BOARD MEETING OF JANUARY 17, 2014 There will be a meeting of the Oil and Gas Investment Board held on Friday, January 17, 2014 at 12:00 p.m. in the Second Floor Conference Room, City Hall, 70 Maple Street, Manistee, Michigan 49660. AGENDA I. ROLL CALL. II. OLD BUSINESS. a.) None III. NEW BUSINESS. a.) Approval of Minutes from October 11, 2013 b.) Bartlett Investment Update c.) Annual Spending Rule Calculation and Approval d.) Annual Bylaw Review IV. COMMUNICATIONS. V. PUBLIC COMMENT. VI. ADJOURN. c. Colleen Kenny, Chair Catherine Zaring, Council Representative Ed Bradford, Vice-Chair Doug Parkes Steve Brower Mitch Deisch, City Manager George Saylor, City Attorney Woody Uible, Investment Advisor  OIL AND GAS INVESTMENT BOARD MINUTES OF OCTOBER 11, 2013 The City of Manistee Oil and Gas Investment Board held a regular meeting on Friday, October 11, 2013 at 12:09 p.m. in the Second Floor Conference Room, City Hall, 70 Maple Street, Manistee, Michigan 49660. Meeting was called to order by Vice-Chair Ed Bradford. MEMBERS PRESENT: Ed Bradford, Steve Brower, Catherine Zaring MEMBERS ABSENT: Colleen Kenny, Doug Parkes, Mitch Deisch OTHERS PRESENT: Bartlett-Woody Uible OLD BUSINESS Nothing new from Aztec; they are appealing their taxes. Currently receiving $8,000 a month in royalties. NEW BUSINESS Minutes - Minutes from the August 19, 2013 meeting were reviewed. MOTION by Steve Brower, second by Catherine Zaring to accept the minutes and place them on file. All in favor - motion carried. Investment Advisor Update and Commentary – Woody Uible was in attendance and Troy Snider participated via phone to present the Investment Updates as of September 30, 2013. Information in the report includes Market Outlook, Comparison of Indices, Stock Earnings Yield Versus Bond Yield, Asset Allocation, Fixed Income Characteristics, Equity Sector Allocation, and Portfolio Performance. This fund is close to set targets. Steve Brower left the meeting at 12:20 p.m. There was no longer a quorum present. Continued discussion on the current economic and political climate. Bradford noted that there will be a downturn at some point; this fund is in a good position if that happens. Meeting Calendar for 2014 – Board discussed quarterly meeting dates for 2014. Other meetings can be scheduled as necessary. Dates selected for 2014: Friday, January 17, Friday, April 18, Friday, July 25 and Friday, October 10. OIL AND GAS BOARD MINUTES – OCTOBER 11, 2013 PAGE 1  COMMUNICATIONS None. PUBLIC COMMENTS None. ADJOURNMENT / NEXT MEETING Next regular meeting is scheduled for Friday, January 17, 2014 at 12 p.m. in the Second Floor Conference Room, City Hall. Call of the Vice-Chair to adjourn at 12:55 p.m. Respectfully submitted, DRAFT - cl Cynthia Lokovich, Recording Secretary c. Manistee City Council Board Members Mitch Deisch, City Manager George Saylor, City Attorney OIL AND GAS BOARD MINUTES – OCTOBER 11, 2013 PAGE 2 City of Manistee Oil and Gas Investment Board Spending Rule Calculation as of December 31, 2013 for fiscal year budget 2014-2015 Period Ending Total Schwab City Quarter # 3/31/2011 $ 8,587,579 $ 7,811,035 $ 776,544 1 Oil & Gas Fund Market Value 12/31/2011 $ 8,715,615 6/30/2011 $ 8,730,279 $ 7,917,171 $ 813,108 2 9/30/2011 $ 8,181,145 $ 7,339,946 $ 841,200 3 Oil & Gas Fund Market Value 12/31/2012 $ 8,770,559 12/31/2011 $ 8,715,615 $ 7,601,549 $ 1,114,065 4 3/31/2012 $ 8,821,135 $ 8,009,894 $ 811,242 5 Oil & Gas Fund Market Value 12/31/2013 $ 9,923,605 6/30/2012 $ 8,748,572 $ 7,901,624 $ 846,948 6 6/30/2012 $ 9,064,762 $ 7,931,144 $ 1,133,618 7 12/31/2012 $ 8,770,559 $ 7,985,145 $ 785,414 8 3/31/2013 $ 9,343,414 $ 8,532,847 $ 810,567 9 6/30/2013 $ 9,385,398 $ 8,540,535 $ 844,863 10 9/30/2013 $ 9,290,905 $ 8,885,343 $ 405,562 11 12/31/2013 $ 9,923,605 $ 9,480,536 $ 443,069 12 Twelve Quarter Average $ 8,963,581 4.0% Spending Rule $ 358,543