SPECIAL CITY COUNCIL MEETING MINUTES

COUNCIL CHAMBERS – CITY HALL

1000 CITY CENTER CIRCLE

MARCH 6, 2012

 

THE SPECIAL CITY COUNCIL MEETING of the City of Port Orange was called to order by Mayor Allen Green at 5:30 p.m.

 

Pledge of Allegiance

 

Silent Invocation

 

Roll Call:                    Present:                     Councilman Bob Ford

                                                                        Councilman Donald Burnette

                                                                        Councilman Dennis Kennedy

Vice Mayor Bob Pohlmann

                                                                        Mayor Allen Green

 

                                    Also Present:            Kenneth W. Parker, City Manager

                                                                        Margaret T. Roberts, City Attorney

                                                                        Robin Fenwick, Deputy City Clerk

 

GENERAL EMPLOYEES’ PENSION BOARD REPORT

Ken Parker, City Manager, addressed Council and advised that the actuary for the General Employees’ Pension Board was present to present the status report for the plan.

John Shelley, Finance Director and Board Chairman, advised that Dave Leonard and Jeff Swanson are present to discuss their report.

Mr. Leonard provided information on the pension funding progress and a written report. The report is for fiscal year ending September, 2011. Councilman Kennedy asked for the numbers of years the current participants have been employed. Mr. Leonard will get that information.

Jeff Swanson was hired by the Board of Trustees relating to the assets. He discussed the goal return of 7.5% being reasonable. Councilman Ford asked about the asset managers. Mr. Swanson explained that the Board has four asset managers that are funded at this time and looking to hire two others with specific specialties. Councilman Burnette asked what a realistic rate of return for this plan. Mr. Parker said there is a lot of debate on this issue right now. He hasn't heard a consensus among the professionals. He has seen some rates of 5-6%. Councilman Ford wants the Council to talk about reducing the administration costs by combining the three plans.

Mr. Shelley thanked Council for their time. Mr. Parker advised that Council can contact the actuary with any questions.

ADJOURNMENT: 6:33 P.M.

 

                                                                                                                                               

                                                                                    Mayor Allen Green

 

Attest:

 

                                                                       

Kenneth W. Parker, City Manager