Oil & Gas Investment Board

OIL AND GAS INVESTMENT BOARD MINUTES OF OCTOBER 10, 2014 The City of Manistee Oil and Gas Investment Board held a regular meeting on Friday, October 10, 2014 in the Second Floor Conference Room, City Hall, 70 Maple Street, Manistee, Michigan 49660. Meeting was called to order by Chair Colleen Kenny at 12:00 p.m. MEMBERS PRESENT: Colleen Kenny, Doug Parkes, Ed Bradford, Steve Brower, Catherine Zaring MEMBERS ABSENT: Mitch Deisch OTHERS PRESENT: None OLD BUSINESS None. NEW BUSINESS Minutes - Minutes from the August 15, 2014 meeting were reviewed. MOTION by Catherine Zaring, second by Doug Parkes to accept the minutes and place them on file. All in favor - motion carried. Bartlett Letter on Sustainable Spending Policy – This letter was requested by the Ad Hoc Street Committee; brief discussion. Board Resolution on Managing the Oil & Gas Fund as an Endowment – Finance Director Ed Bradford was requested to draft a resolution of support for the Oil and Gas Investment Board to consider; recommending that City Council maintain the consistent preservation of oil and gas funds. The draft resolution was reviewed and discussed, no changes were recommended. MOTION by Catherine Zaring, second by Steve Brower, to authorize Colleen Kenny as Chair to sign a resolution on behalf of the Oil and Gas Investment Board supporting the management of the Oil and Gas Fund as an Endowment; and that this resolution be forwarded to the Manistee City Council. All in favor – motion carried. Calendar Dates for 2015 – Board discussed quarterly meeting dates for 2015. Other meetings can be scheduled as necessary. Dates selected were: Friday, January 16, 2015; Friday, April 17, 2015; Friday, July 17, 2015 and Friday, October 16, 2015. Board consensus, meeting dates will be posted. OIL AND GAS BOARD MINUTES – OCTOBER 10, 2014 PAGE 1 Memorandums of Understanding on Internal Loans – The City Attorney and Finance Director are working on two memorandums of understanding between the City and the Board for the internal loans. Both should be ready for the next meeting. Investment Advisor Update and Commentary – Woody Uible presented the Investment Update as of September 30, 2014 via conference call. Information in the report includes Market Outlook, Bull Market in Context, Fed Watch, International Fixed Income, Asset Allocation, Fixed Income Characteristics, Equity Sector Allocation, and Portfolio Performance. Questions and comments by board members were responded to. Steve Brower left the meeting at 12:20 p.m. Discussed stock prices on energy, health care, and utilities. Discussed Bartlett’s letter and the resolution adopted by the Board to manage this fund as an endowment. Mr. Uible again cautioned the Board that there could be some slip back over the next 3-6 months. Maintaining the spending rule will help buffer any impacts. Colleen Kenny left the meeting at 12:52 p.m. PUBLIC COMMENTS None. ADJOURNMENT / NEXT MEETING Next regular meeting is scheduled for Friday, January 16, 2015 at 12 p.m. in the Second Floor Conference Room, City Hall. Following miscellaneous discussion, MOTION to adjourn by Doug Parkes, second by Catherine Zaring at 1:05 p.m. DRAFT - cl Cynthia Lokovich, CAP-OM Recording Secretary c. Manistee City Council Board Members Mitch Deisch, City Manager George Saylor, City Attorney OIL AND GAS BOARD MINUTES – OCTOBER 10, 2014 PAGE 2