Carbondale Reporter

At a recent meeting, the Carbondale Firefighters Pension Board received an update and recommendations from a consulting firm on the pension fund's investments.

Below are the minutes from this meeting, as provided by the board.

CITY OF CARBONDALE

FIRE FIGHTER’S PENSION BOARD

MEETING MINUTES

9:00 A.M., JANUARY 26, 2016

FIRE STATION 2

Ted Lomax called the meeting to order at 9:00 a.m. with the following members of the Board present/absent:

PRESENT: Ted Lomax, President; Mike Hertz, Secretary; Don Ursini, City Treasurer; Deborah McCoy

ABSENT: Harry Threlkeld, Fire Fighter Retiree Representative

GUESTS: Patrick Donnelly, Graystone Consulting; Kathy Renfro; Carbondale Park District

Also present were City Senior Accountant Becky Applegate and Fire Department Administrative Secretary/Recorder Kathy Haldeman.

Kathy Renfro, Carbondale Park District Director, spoke of a possible upcoming bond investment opportunity for the Super Splash Park. The bond is expected to be available between $300,000 - $500,000 and is expected to be available on a 3-year term. Ms. Renfro should know in approximately August the finalized details. Patrick Donnelly of Graystone Consulting explained the bond purchase procedures and options. Mr. Donnelly will consult with the financial representatives from both the Pension Fund as well as the Park District.

Don Ursini entered the meeting at 9:15 a.m.

Kathy Renfro exited the meeting at 9:15 a.m.

Patrick Donnelly of Graystone Consulting presented the Investment Review for period ending December 31, 2015. Mr. Donnelly recommended moving funds from Emerging Markets into Cash. Motion made by Mike Hertz to cut the investments in Emerging Markets in half and move into Cash. Motion seconded by Deborah McCoy. ROLL CALL VOTE: Ted Lomax – AYE, Mike Hertz – AYE, Don Ursini – AYE, Deborah McCoy – AYE. AYES: Four; NAYS: None. Motion declared carried.

Patrick Donnelly stated that they had mailed out the NCPERS Code of Conduct form but have not yet heard back from any of the managers. They will resend the form.

Patrick Donnelly will bring back Investment Policy amendment language regarding the investment of a portion of the fund’s investments in a local bank at the next meeting. 

Patrick Donnelly exited the meeting at 10:00 a.m.

The Board took a break at 10:00 a.m.

The meeting reconvened at 10:05 a.m.

MINUTES OF PREVIOUS MEETING

Motion made by Mike Hertz to approve minutes of the October 27, 2015 meeting. Motion seconded by Don Ursini. VOICE VOTE: AYES: Ted Lomax, Mike Hertz, Don Ursini, and Deborah McCoy. NAYS: None. Motion declared carried.

TREASURER'S REPORT

Don Ursini and Becky Applegate presented the Treasurer’s Report and Market Value Comparison for period ending December 31, 2015. Investments showed an increase of $571,109 since September’s statement. $680,752 in real estate tax monies have been received for 2015. Motion made by Deborah McCoy to accept the Treasurer’s Report as presented and approve expenses totaling $419,695.80, of which $398,380.17 was payroll. Motion seconded by Mike Hertz. VOICE VOTE: AYES: Ted Lomax, Mike Hertz, Don Ursini, and Deborah McCoy. NAYS: None. Motion declared carried. See attached Expense Report for details.

UNFINISHED BUSINESS

None

NEW BUSINESS

Ted Lomax stated that Firefighter Wesley Clemmons resigned January 5, 2016. Mr. Clemmons requested his contributions to be paid to him, $22,001.08 minus taxes. Motion made by Mike  Hertz to pay Wesley Clemmons his pension fund contributions in the amount of $17,600.86.

Motion seconded by Don Ursini. ROLL CALL VOTE: Ted Lomax – AYE, Mike Hertz – AYE, Don Ursini – AYE, Deborah McCoy – AYE. AYES: Four; NAYS: None. Motion declared carried. A check was mailed to Mr. Clemmons on January 26, 2016. Ted Lomax stated that elections for one active fire department member seat will be held in April. Mr. Lomax’s seat is up for election.

Don Ursini stated that he is retiring effective Friday, January 29, 2016. Mr. Ursini will inform Mayor Henry of his resignation. Ted Lomax will contact Mayor Henry for a mayor appointed seat before the next meeting.

ANNOUNCEMENTS AND ADJOURNMENT

Motion made by Mike Hertz to adjourn at 10:20 a.m. Motion seconded by Ted Lomax. VOICE  VOTE: AYES: Ted Lomax, Mike Hertz, Don Ursini, and Deborah McCoy. NAYS: None. Motion declared carried.

The next meeting is scheduled for April 26, 2016 at 9:00 a.m.

Mike Hertz, Secretary