Fort Walton Beach Council agenda — 06-08-04 Regular — reading text

meeting adjourned at 8: 30 p.rn. APPROVED: MAYOR: ATTEST: CITY CLERK  o o CITY COUNCIL MEETING June 8, 2004 Consent Agenda Rebalance General Employees Pension Plan Investment Portfolio Agenda Item Number: CA- 2  ATY OF FORT WALTON BEACHO... ... V MEMORANDUM TO: Joyce Shanahan, City Manager FROM: Mike Burton, Finance Director SUBJECT: Rebalancing of the Large Capitalization of the Equity Portion of the General Employees Pension Plan Portfolio DATE: June 2, 2004 Backe:round Larry Cole of Merrill Lynch, the investment advisor for the General Employees Pension Plan, reviews the performance of the investment firms hired by the Plan and makes recommendations. Discussion Mr. Cole reported that a rebalancing of Plan portfolio assets should be considered to equally weight the and value growth of the large capitalization equity portfolios of the Plan. He anticipates styles the investment return for Davis Hamilton' s value style of investing will improve. Mr. Cole recommends the General Employees Pension Plan reallocate $ 500, 000 from Sanford Bernstein to Davis Hamilton. Joe Lawrence of Sanford Bernstein and the General Plan Advisory Committee concur with the recommendation. j~ Recommendations Staff respectfully requests authorization to rebalance the General Employees Pension Plan' s assets to equally weight the growth and value management styles of the large capitalization of the equity portfolios by transferring $ 500,000 from the value manager, Sanford Bernstein to the growth manager Davis Hamilton and Jackson; based upon the recommendation of Merrill Lynch, the Plan' s investment management advisor and; further to direct staff to execute all the necessary paperwork. If approved, sufficient funds are available for the transfer. Do Not Concur J~~ 10 ( J ce mahan, . Ity Manager Date Oocid: C:\Oocuments and SeUingslmburtonlLocal SeUings\ Temporay Internet Fdes\ OLK12\gen empl pension plan inv reallocation_ mjb1. doc C~ pv Message Page 1 ot 1 o o mburton From: Larry M. Cole [ lcole2@cfl. rr.com] Sent: Thursday, June 03, 2004 7: 58 AM To: Michael J. Burton Subject: Portfolio Rebalancing Mike, This e- mail will confirm our recommendation at the May 25, 2004 Advisory Committee meeting to request Council Alliance Bernstein portfolio to approve the transfer of $500, 000 in the General Employees' Pension Fund form the the Davis Hamilton Jackson portfolio. This will rebalance the portfolio' s assets to equally weight the growth and value styles of the large capitalization equity portfolios. Assuming Council approval, I have attached a letter to Sanford Bernstein directing the transfer. As you will recall, this they were in attendance at the May 25 meeting and also agreed on this rebalancing strategy. Upon approval, letter should be placed on the appropriateletterhead, signed by the authorized individual (I assumed you as Plan Administrator) and forwarded to Mr. Joe Lawrence at Sanford Bernstein. Please note the copies also. As always, thank you for the opportunity to work with you and the Council and don' t hesitate to call with any questions. Larry Larry M. Cole Merrill Lynch Consulting Services 800- 720- 8211 904- 634- 6128 407 -443- 0579 - Cell This message has been scanned for viruses by The City of Fort Walton Beach, and is believed to be clean. 6/ 3/ 2004  o o C CITY COUNCIL MEETING June 8, 2004 Public Hearing Ordinance 1583 - Amending Land Development Code - Additional Powers to Municipal Planning Board Municipal Planning Board Recommendation: Approval 5- 0 ( 4/ 1/ 04) Second Reading Agenda Item Number: PH- 3  o o 1 ORDINANCE 1583 2 3 AN ORDINANCE OF THE CITY OF FORT WALTON BEACH, FLORIDA; 4 PROVIDING FOR AUTHORITY; AMENDING CHAPTER 20. LAND 5 DEVELOPMENT CODE, ARTICLE II. ADMINISTRATION AND 6 ENFORCEMENT, DIVISION 3. MUNICIPAL PLANNING BOARD, 7 SECTION 20-62, TO PROVIDE ADDITIONAL POWERS TO THE 8 MlINICIPAL PLANNING BOARD WHEREBY THE BOARD WOULD 9 MAKE RECOMMENDATIONS' TO THE CITY COUNCIL TO APPROVE, 10 APPROVE WITH CONDITIONS OR DENY APPLICATIONS FOR 11 DEVELOPMENT APPROVAL FOR DEVELOPMENTS OF REGIONAL 12 IMPACT ( DRI), SUBSTANTIAL DEVIATIONS TO PREVIOUSLY 13 APPROVED DEVELOPMENTS OF REGIONAL IMPACT, PROPOSED 14 ESSENTIALLY BUILT- OUT AGREEMENTS FOR DRI' S, PROPOSED 15 DEVELOPMENT AGREEMENTS AND TO APPROVE, APPROVE WITH 16 CONDITIONS OR DENY APPLICATIONS FOR DEVELOPMENT 17 PERMITS TO EXPAND, ENLARGE OR CHANGE A NONCONFORMING 18 BUILDING, STRUCTURE OR CHARACTERISTIC OF USE; AMENDING 19 SECTION 20-63. MUNICIPAL PLANNING BOARD MEMBERSH~P, TO 20 INCLUDE A REPRESENTATIVE OF THE SCHOOL DISTRICT AS AN 21 EX OFFICIO MEMBER OF THE LOCAL PLANNING AGENCY AND A 22 REPRESENTATIVE OF EGLIN AIR FORCE BASE AND HURLBURT 23 FIELD AS EX OFFICIO MEMBERS OF THE MUNICIPAL PLANNING 24 BOARD; PROVIDING FOR CONFLICTS; PROVIDING FOR 25 SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. 26 27 BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON 28 BEACH, FLORIDA, AS FOLLOWS: 29 30 SECTION I. Authority. The authority for enactment of this ordinance is Section 31 2 of the City Charter, Section 166. 021, Florida Statutes ( 2002), and Section 32 163.3174, Florida Statutes ( 2002). 33 34 SECTION II. Article II. Administration and Enforcement, Division 3. 35 Municipal Planning Board. 36 37 Article II. Administration and Enforcement, Division 3. Municipal Planning 38 Board, is hereby amended as follows: 39 40 Sec. 20-61. Establishment and purpose. 41 42 There is hereby established a municipal planning board. 43 44 Sec. The municipal planning board shall have the following powers 20.-62. 45 and duties under the provisions of the LDC: 46 47 41 To serve as the local planning agency( LPA), as required by Sec. 48 163. 3174, F. S.; 49 p~ ~  o o 50 To prepare or cause to be prepared the comprehensive plan, 2) or any element or portion thereof; 051 52 53 To prepare or cause to be prepared the Land Development Code 3) 54 LOC); 55 to the 56 4)To initiate, review, hear, consider and make recommendations to 57 city council to approve, approve with conditions, or deny applications 58 amend the text of the comprehensive plan; 59 60 To initiate, review, hear, consider and make recommendations to the to 61 city council to approve, approve with conditions, or deny applications 62 amend the future land use map of the comprehensive plan; 63 64 To initiate, review, hear, consider and make recommendations to the to 65 city council to approve, approve with conditions or deny applications 66 amend the LDC; 67 68 To initiate, review, hear, consider and make recommendations to the ff) 69 city council on applications for development permits to approve, the Official Zoning 70 approve with conditions, or deny amendments to 71 Map of the City; 72 73 8) To hear. review. consider and make recommendations to the city 74 council to approve. approve with conditions or deny APplications for 75 Development Approval for Developments of Reeionallmp8ct ( DRD or 76 Substantial Deviations to Previously approved DeveloQments of 77 Reeionallmpact or proposed essentially built-out aareements for 78 DRI' s: 79 80 JID.To hear, review, consider and make recommendations to the city 8) 81 council to approve, approve with conditions, or deny applications for 82 development permits for a planned unit development, subdivision plat 83 or zero- lot line subdivision; 84 85 10) To hear, consider, and approve, approve with conditions, or deny 86 applications for development permits for develQpment or 87 redevelopment located in areas of the City outside of the 88 Redevelopment Area as required by the Land Development Code; 89 90 4Q.) !. To hear, consider, and approve, approve with conditions, or deny 11l. 91 applications for development permits for conditional uses; 92 93 12) To hear. consider. and approve.