SPECIAL CITY COUNCIL MEETING MINUTES
COUNCIL CHAMBERS – CITY HALL
1000 CITY CENTER CIRCLE
APRIL 3, 2012
THE SPECIAL CITY COUNCIL MEETING of the City of Port Orange was called to order by Mayor Allen Green at 5:31 p.m.
Pledge of Allegiance
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
POLICE PENSION FUND BOARD REPORT
Mr. Parker introduced Chad Little to provide the report relating to the police pension fund. Mr. Little discussed the basic pension funding options, 2011 valuation results, and changes to UAL by year. Rob Zicker, HR Director advised that 2006-2009 the PBA Contract was in place. Historic salary increases and trends were also discussed by Mr. Little.
Councilman Kennedy asked Mr. Little for his opinion on comparing the Port Orange Pension Plan with others. Mr. Little believes the City's plan is doing better than others in the state. He believes as long as the payments are being made, the plan is equivalent to others, including the Florida Retirement System. The benefits of this plan are better than the FRS.
Vice Mayor Pohlmann asked about specialists for different investment items. Mr. Little explained that City Group will find specialists and the Board will interview the specialists and hire one for those specific investment types that they need assistance on. Mr. Little would prefer a lower rate of return than 8%.
Councilman Burnette discussed the rate of return issues. Mr. Little doesn't suggest reacting to recent history. He would suggest a 7.5% rate of return.
Councilman Ford is concern with a 7.5-8% rate of return when the 16 year history is 4.5%.
ADJOURNMENT: 6:53 P.M.
Mayor Allen Green
Kenneth W. Parker, City Manager