Fort Walton Beach Council minutes — 08-22-06 regular minutes — reading text

Prior to issuance of the building permit, the above items shall be addressed with any necessary revisions submitted to the Stormwater Division/ Environmental i ': 1,.",. approval. This review does not constitute approval from other Specialist for 1'. , i: City Departments. Final I. il approval for a permit shall be obtained from City 1 Ii 2. Prior to Certificate of Building Inspection. II Occupancy: a. All public sidewalks/ crosswalks shall be constructed and striped as per City specifications as applicable, including consisency with ADA b. All required City and State requirements. easements and permits ( i. e., stormwater, utility, sidewalk, driveway, etc.) shall be executed and approved by the appropriate Mr. Hartwell seconded motion and it carried agency. Tucker, unanimously with Holmes, Patterson, Campbell, Pullen, Hartwell, and Minich in favor. GENERAL PUBLIC Charlotte Patterson, Show Chairman for the Okaloosa Kennel Club, mentioned the dog shows scheduled for February 27 & 28 and March 1 & 2, 2007 that has been held at the mentioned contracts have been entered with Fairgrounds since 1974. She people all around the United States to judge the shows and a deadline to submit the final paperwork to the American Kennel Club but at this point, with the deadline given the Fairgrounds, there is no show site. She stated what the Okaloosa Kennel Club needs from Council is consideration of the Kennel Club' s point in the matter and what they are looking for is a place to hold their shows. In response to the question on the scope of the event, Ms. Patterson responded receive approximately 800 entries which generally the shows generate 1200- 1500 people in town for six days. She stated they have been in existence since 1972, they are a not-for profit back, and one of their projects is a veterinarian organization, the money is donated student from Okaloosa need from Council County. She stated what they tonight is a place to hold the dog shows on February 27 & 28 and March 1 & 2, 2007. In response to the question on the contracts, Ms. Patterson responded there are over the United States, that have contracts with judges all been signed and she is obligated for the contracts which include their expenses and fees. QUARTERLY REPORTS - GENERAL EMPLOYEES PENSION FUND Presentation of quarterly financial reports for the General Employees Pension Fund. Jana Woods, Davis Hamilton Jackson & Associates, gave a synopsis of the investment through the quarter ending June 30, 2006. She reported there is some performance but on an absolute basis improvement on a relative basis growth is trailing value; but they are seeing some high quality stocks and the larger cap stocks and the environment is meaningful reversion back to which they manage assets. starting to revert back to the style in rt". In response to the question on the impact of their strategy, or philosophy, with the unrest in the Middle East, Ms. Woods said there is no impact and that is one of the things where growth has been one of the smaller sectors in the growth index is the energy market and one of the trailing, value index is the energy market. In response to the comment that the biggest sectors in the 700, 000 this year into the City is paying an additional pension and the question on whether the other Cities Davis manage are in the same position, Ms. Woods Hamilton Jackson replied they manage 30-40 Cities and they are in the same condition.  17 Regular Council 8- 22- 06 QUARTERLY REPORTS cant. Larry Cole, Merrill Lynch, gave a recap of the funds total performance 31, 2006. He commented there are a lot of through the quarter ending June concerns they are in the reason is the market. He said the seeing every City. He explained part of City has two managers that have not performed as well as they would like, but had they performed in line with the expectations of the benchmark, the City would still have a problem. He said where the City has lagged is the Managers have not kept up with the Bull Market. He said the last three years have been very good years for the market, and good years for the Plan on an absolute basis, and has averaged above 80/0, and the four year average will probably be above 80/0. He said it will take one more year after that, it will drop off the negative year, and a now he believed there is a year from very high probability the City will be out of the hole. He said Plans in the State of Florida and they work for 90 every City is in the same boat; the two things hurting Cities are health care costs and pension related expenses. He said the City is still paying for the will drop off this year in the actuarial negative years, but 2001 methodology and next year the last negative year will drop off Mr. Cole also reported at the Advisory Committee meeting today they talked about the performance, particularly Davis Hamilton Jackson, and there are concerns. He said Merrill Manager' s Lynch has a ManagerResearch group in New Jersey, who had a meeting with Davis Hamilton and their conclusion is to hold off changing Managers because there has been an unusual cycle in the market where the high quality companies delivered on earnings but the market was buying low said as the economy starts to slow the quality riskier investments. He higher quality names that Davis Hamilton and Alliance Bernstein invest will start to come back in favor. He stated their recommendation is not to change Managers or look for other altematives at this time at the bottom of an unusual cycle. Look at them on a quarter by quarter basis and if the market rotates back and Davis Hamilton have not performed well; then will they recommend a change. In response to the question whether the other 90 municipalities have the same fund manager, Mr. Cole responded they are all different, with different histories, different guidelines, and different levels of risk. He said Davis Hamilton is involved in approximately 10- 12 out of the 90. He mentioned the under performance is not the main reason the City has to put in $ 700, 000 into the pension, it is the market. He said even if Davis Hamilton had performed much better the City would still have to put in funds, but not as much. He said they are watching the Managers but they have not had any favorable market conditions for the investments they make; and if