Fort Walton Beach Council agenda — 09-25-12 regular — reading text

Date: September 25, 2012 Subject: Proclamation —Italian American Heritage Month ATTACHMENTS: Italian American Heritage and Culture Month ( PDF) SIGNATURE BLOCK: Helen Spencer Completed 09/ 17/ 2012 11: 05 AM Carole Jones Completed 09/ 17/ 2012 11: 49 AM City Manager Completed 09/ 17/ 2012 12: 06 PM City Council Pending Packet Pg. 7  City of Fort Walton Beach America' s Most (BeautifuCcBeaches goCLAWATION WHEREAS: approximately 1. 2 million Americans of Italian descent are residents of the State of Florida; and WHEREAS: The Order of the Sons of Italy was founded in 1905 and the Grand Lodge of Florida was incorporated in 1953 and the Joseph B. Franzalia Lodge has been located in Fort Walton Beach since 1978; and WHEREAS: these residents have made important contributions to the economic, educational, and cultural life of our state; and WHEREAS: through various clubs and organizations, Italian Americans volunteer their time and energy to worthy causes in their communities and throughout Florida and WHEREAS: through their efforts they provide scholarships and help the unfortunate and disadvantaged in the community; and WHEREAS: many special events will take place throughout Florida in celebration of Italian American Heritage and Culture Month. NOW, THEREFORE I,Mike Anderson, by virtue of the authority vested in me as Mayor of the City of Fort Walton Beach hereby proclaim the month of October 2012 as ITALIAN AMERICAN HERITAGE AND CULTURE MONTH IN WITNESS WHEREOF, I have hereunto set my hand and caused the Seal of the City of Fort Walton Beach to be affixed this 25th day of September, 2012. cGC L MIKE ANDERSON, MAYOR  6. 1 City Council of Fort Walton Beach FINANCE MEMORANDUM To: Michael D. Beedie, City Manager From: Brandy Ferris, Finance Director Date: September 25, 2012 Subject: Presentation of Quarterly Pension Reports 1. BACKGROUND: 1. 1. The City currently engages The Bogdahn Group as the financial advisor for the General Employees' Retirement Fund. Mr. Joe Bogdahn will be available at the September 25' h City Council meeting to discuss the quarter' s performance and make a brief presentation to Council. ATTACHMENTS: 9 -25 - 12 Pension Report 6 -30 -12 ( PDF) SIGNATURE BLOCK: Brandy Ferris Completed 09/ 14/ 2012 9: 40 AM Carole Jones Completed 09/ 14/ 2012 2: 14 PM City Manager Completed 09/ 17/ 2012 10: 45 AM City Council Pending Packet Pg. 9  6. i.a Fort Walton Beach General Employees' Pension Trust Fund Investment Performance Review 2nd Quarter 2012 THE BOGDAHN GROUP. ImPlrf_ dupwrs 1 ", rnl m.dj Packet Pq. 10 9 Attachment: 9 -25 -12 Pension Report " 0 -13 ( 1960 : Presentation of Quarterly Pension Reports) N  2ntl Quarter 2012 Market Environment I,,, Page 2  TheThe Market Market EnvEnv '> '> 6.6. isis MajorMajor MarketMarket IndexIndex PerformancePerformance ASAS IfIf JuneJune 30.30. 20'20' Quarter Performance After two consecutive quarters of double -digit performance, the equity Mscl newms markets were In the red for the second quarter. Perceptions about and MSCI FAFE some realizations with, the Europe debt cnss, China' s economic growth, MSnl Emeq Met l and the US economy weighed on the equity markets. While there were brief x periods of " risk -on" and " risk -DM', the " risk 0ff - periods outweighed the Sr, Sao ax former. With a more risk averse investor sentiment, fixed income did better than equity. Policy dedsions had a huge impact on the markets. On June mweeel e „ ml nSare 000 5Tx C 201 ", the Federal Reserve announced that it would spend an additional 1I Mmcxo F 267 billion to extend Operation Twist past the June deadline to the end of UTU I2SSS s. T 2012 due to weaknesses in the economy. Market padtapaMS apparently were hoping for more from the Fed as the S & P 500 returned - 2. 4% on the audit, us roe day of the announcement. On June 291°, the market was surprised by the Bond, US T, y commentary from the European Union ( EU) Summit In Brussels where Bardaye u5 TIPS leaders agreed to use auto area funds to help countries without retain, Smtl, y, MBs additional austerity measures. The 5 &P 500 jumped 2. 3% on the last day Be dIt comle of the quarter. 3- MOn111YelIl QUring the quarter, market volatility increased compared to the first quarter. JEST Smo - e. < o. r There were six days ( 8% of the trading days in the quarter) when the 5 &P 500 was up more than 2% and there were six days where the S &P 500 was 1 - Year Performance down more than - 2 %. In the first quarter, there were no days where the aa 141% 141% S &P 500 moved more than + 1- 2 %. Across the 75 trading days, the i msclmscl ErFErF EE 111% 111% dispersion from the best and worst daily return was 574 basis points ( bps), MSeIMSeI EmoryEmory MdMd the best dally return was + 29% on June G" , vfiile the worm daily return was - 28 %on April 10'^. 56P56P 5050 International equity markets reversed course compared to the fist quarter and were down the most of the broad markets. Developed markets, riviverivive roc,roc, represented by the MSCI -EAFE Index, were down 6. 9% for the quarter and E-E- 1111 2M2M the MSCI EM ( emerging markets) Index posted the worst equity returns of 8. 8% In generel, the USD appreciated, causing additional losses on US USUS ATAT Inverar5 everse95 assets. BerIt,BerIt, mSmS TT bird,bird, USUS TIPTIP Domestic bond performance was strong for the second quarter with the Barclays US Aggregate Bond Index returning + 2. 1 %. The positive return Bamlaye Bamlaye SunSun for the quarter resulted in a solid, trailing one -year return of ] 5% For the quarter all three sectors generated positive returns led by U. S. Treasuries ss- - Mom”Mom” TT Uri 2 8 %) and Corporate Bonds (+ 25 %)- Mortgage Backed Securities, while Pneu - 1 x . 111% 11% 11% S. a% 111% u4T still positive, were the worst performing sector, with a + 1. 1% return. Sauma: Mami a." Page 3  The Market Env S. i.a Domestic Equity Style Index Performance w, o1 Janc Quarter Performance - Russell Style Series The style -based indices cooled off after generating double -digit gains to . I' d during the first quarter, as all of the indices were negative for the quarter. 3000