Oil & Gas Investment Board

OIL AND GAS INVESTMENT BOARD MINUTES OF OCTOBER 14, 2016 The City of Manistee Oil and Gas Investment Board held a regular meeting on Friday, October 14, 2016 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, Steve Brower, Ed Bradford, Doug Parkes, Thad Taylor MEMBERS ABSENT: 1-Vacancy OTHERS PRESENT: City Attorney George Saylor, Jim Smith OLD BUSINESS None. NEW BUSINESS Minutes - Minutes from the April 15 and July 15, 2016 meetings were reviewed. MOTION by Doug Parkes, second by Ed Bradford to accept the minutes as presented. All in favor - motion carried. Investment Advisor Update and Commentary – Woody Uible and Troy Snider participated via conference call and presented the Investment Update as of September 30, 2016. Information in the report included Market Review, History of Market Declines, Fed Watch, Bonds & Economic Trends, S&P Valuations, Asset Allocation, Fixed Income Characteristics, Equity Sector Allocation, and Portfolio Performance. Steve Brower arrived at 12:07 p.m. Discussed:  Asset allocations are on target.  Portfolio is diversified.  Potential for election fallout. Aztec Well Update – Finance Director Ed Bradford provided a letter from Aztec advising that the gas produced will be at a loss each month but the oil will remain positive revenue with no reduction. Discussed the impact to oil and gas royalties. Discussion on post production costs OIL AND GAS BOARD MINUTES – OCTOBER 14, 2016 PAGE 1 which have been at a status quo for the last several years. Discussion will continue between the City, State of Michigan and Aztec. 2017 Meeting Dates – MOTION by Doug Parkes, second by Steve Brower to set the meeting dates for 2017 including January 20, April 21, July 21, and October 20. All in favor – motion carried. Bartlett Review – The Board discussed the performance of the Investment Advisor, Bartlett. Following discussion there was a general consensus of the Oil and Gas Investment Board that the Board is satisfied with the performance of Bartlett and its representatives Woody Uible and Troy Snider. Portfolio returns have been adequate and communication in the form of reporting has been excellent. Bartlett’s schedule of fees will be shared with the Board via email. PUBLIC COMMENTS None. ADJOURNMENT / NEXT MEETING Next regular meeting is scheduled for Friday, January 20, 2017 at 12 p.m. in the Second Floor Conference Room, City Hall. MOTION to adjourn at the Call of the Chair at 12:32 p.m. Cynthia Lokovich, CAP-OM Recording Secretary c. Manistee City Council Board Members Thad N. Taylor, City Manager George Saylor, City Attorney OIL AND GAS BOARD MINUTES – OCTOBER 14, 2016 PAGE 2