Fort Walton Beach Council agenda — 06-26-2007 regular agenda — reading text

125 The Finance Director informed that Mike Calloway of Merrill Lynch was delayed in Tampa due to bad weather. Consensus was to remove the item from the agenda and to have a report given the next quarter. m-~~~X:X*:'='~>>>>:':-~' X$. VNX-~ o}>>:-"H:-:<<' X'>>::~~:'}: X::;:~::-:':-:' X'\'>>~'''':- h~~"{~;-:::- w.,: W:-~~>~~::'},,~"-: f~~~~ i. v.~~~ t: i~ i:;.~~:;'~ t0.iv: i; ~~': i.~~~ s";; j~;?~ S<"~ i..~%:.... Consideration of retaining firm Salem Trust Company to the provide custodial I services for the General Employees pension Plan. The Finance Director advised that Staff is proposing a change from the current custodial/ benefit manager, Sun Trust CSTI). . The General Employees Pension Plan Advisory Committee reviewed several firms and invited Salem Trust for an interview on February 5, 2001. The Finance Director informed Salem Trust has excellent references and their fees are reasonable for the services provided. Mrs. Baggett moved to retain the firm of Salem Trust Company to serve as custodian for the General Employees Pension Plan and to authorize the City Manager to execute the necessary contract. Mr. Dowling seconded motion and it carried unanimously with Baggett, Dowling, Tucker, Kelley, and Collins in favor ( Carnathan and Covey absent). N<: f~?!:::~< M~1~';~ 1:'f?~~ Wrrf'< t*K~~~:~' T'm:.fx..................,,~..........-> ~'~<$ r.::- rt~' fZ;:'~,*;c:~'" rr~~~:' 1w~ 1~: f1'n~'* W1'Y1rnr;~:< i'\'~''' r. o,;~.........,~.....:..........~ fJ!......,...~...........*~.. m-",:.....................,"^<<,..~........'\ r..........;.;.......... v.:-;.;> @,^vM.". v,." j,::...:...~~..................<<*... t.....~....~&&"........ f....... ....- M.....{........\,,~..\~"':........... .... O;'..<...~.;~~:..................",.... I..........., t...'$;. Consideration of retaining the firms of Sanford C. Bernstein and ~ l1ifam~ Jackson Associates to manage the assets of the General Employees Pension Plan and authorize the City Manager to execute the necessary contracts. Mr. Tucker moved to retain the firms of Sanford C. Brown and ~~ ~ Jackson to manage assets of the General Employees Pension Plan and authorize the City Hanager to execute the necessary contracts. Mrs. Baggett seconded motion. The Finance Director that due to Sun Trust ' s CSTI) advised inability to adequately City' s General Employees manage Pension the portfolio, the General Pension Plan Advisory Committee reviewed their second quarter performance and as a result, City council authorized Merrill Lynch to begin the process to search for a new investment manager. The Finance D{ rector informed the General Advisory Committee interviewed several firms and recommended that the firms of Sanford C. Bernstein be retained as the value manager and ~ ~ Jackson associates be retained as the growth manager. She noted reference checks for both firms produced excellent results. The Mayor called for the vote on the motion and it carried unanimously with Baggett, Dowling, Tucker, Kelley, and COllins in favor ( Carnathan and COvey absent) . 8 toa ntSOOaml ~.~ xn: ~. mt~ I Discussion of establishing standards of decorum for City Council meetings. The treat keep Mayor one the business commented another with of that the City as respect members even running smoothly. of if the City Council, it is important individual opinions differ, and to to Mr. Kelley advised that City Council meetings are governed under Roberts Rules of Order and that those rules are not always followed by certain members of Council. He informed of an incident that occurred at the conclusion of the Special Council Meeting