Oil & Gas Investment Board

OIL AND GAS INVESTMENT BOARD MINUTES OF AUGUST 17, 2018 The City of Manistee Oil and Gas Investment Board held a regular meeting on Friday, August 17, 2018 in the Second Floor Conference Room, City Hall, 70 Maple Street, Manistee, Michigan 49660. Meeting was called to order by Chair Jim Smith at 12:00 p.m. MEMBERS PRESENT: Ed Bradford, Erin Martin Pontiac, Jim Smith, Thad Taylor MEMBERS ABSENT: Doug Parkes, Vacancy OTHERS PRESENT: Woody Uible OLD BUSINESS Aztec Well Update – Currently in operation. Fiscal year royalties for 2018: $41,724. NEW BUSINESS Minutes - Minutes from the April 20, 2018 meeting were reviewed. MOTION by Erin Martin Pontiac, second by Ed Bradford to accept the minutes as presented. No discussion. Voice Vote – motion carried. Investment Advisor Update and Commentary – Woody Uible was in attendance, Troy Snider participated via conference call to present the Investment Update as of June 30, 2018. Discussion items:  Market Assessment – Outlook for continued economic growth is good. Discussed inflation rates.  Short term rates are rising, so are the risks.  International equities underperformed U.S. equities.  Fears of a trade war impacts financial markets.  Market corrections in midterm elections.  Asset Allocation. Close to target percentages.  Risk Management – Good diversification and reliable income.  Equity Sector Allocation.  Portfolio Performance – Data provided through end of fiscal year and for the month of July. One of the best bull markets experienced since inception of this portfolio.  Feds looking at bumping rates this year and next. Rising rates can help the portfolio and it’s diversification also helps. OIL AND GAS BOARD MINUTES – AUGUST 17, 2018 PAGE 1  Reviewed the portfolio and discussed oil and gas stocks and prices.  Discussed gains in wages are offset by inflation and shortage of workers in the service sector. PUBLIC COMMENTS None. NEXT MEETING / ADJOURNMENT Next regular meeting is scheduled for Friday, October 19, 2018 at 12:00 p.m. in the Second Floor Conference Room, City Hall. Following general discussion MOTION to adjourn by Erin Martin Pontiac, second by Ed Bradford at 12:35 p.m. Cynthia Lokovich, CAP, OM Executive Secretary / Recording Secretary c. Manistee City Council Board Members Thad N. Taylor, City Manager George Saylor, City Attorney OIL AND GAS BOARD MINUTES – AUGUST 17, 2018 PAGE 2