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

 

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

 

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

 

Attest:

 

Kenneth W. Parker, City Manager