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Police Pension Board Minutes

Police Pension Minutes
North Aurora Police Pension
Board of Trustees
Regular Board Meeting
Minutes of the meeting – April 24, 2018

The meeting was called to order at 5:02pm, by Robyn Stecklein. Roll call was conducted and members present were as follows: Robyn Stecklein, Mary Licar and Paul Dilley. Steve VanLoan and Greg Manko were absent. MB Financial representatives, Frank Fanelli and Spencer Klein were present as well as Board Attorney Charles Atwell, Treasurer Bill Hannah, and Anise Hesson.

Audience Comments
None

Approval of Minutes
A motion was made to approve the minutes of the Regular Board Meeting dated January 16, 2018 by Paul; motion seconded by Mary. A roll call vote was taken: Stecklein – yes; Licar – yes; Dilley – yes. Motion passes.

Presentation and Acceptance of Treasurer’s Report and Approval of Bills Presented and Paid
Bill Hannah presented summary and detailed financial reports for the Pension Fund with all activity in the accounts through March 31, 2018 including expenses paid. Total market value of all investments held at MB Financial and Old Second is $17,143,932.72. Bill provided comparison statements showing quarter to quarter; reflecting a 1.3% drop in market value. There were significant changes in the holdings for the quarter including purchases of new mutual funds. Treasurer Hannah also reviewed bills paid during the quarter. A motion was made to approve the Treasurer’s Report by Paul; seconded by Mary. A roll call vote was taken: Stecklein – yes; Licar – yes; Dilley – yes. Motion passes.

Presentation and Acceptance of Investment Report
Frank Fanelli presented the Performance Report as of March 31, 2018. The report indicated that as of March 31, 2018 the ending market value of the portfolio with accrued income was $17,171,428. Goal is based on 50% equity securities, 45% fixed income securities and 5% alternative strategies and the current portfolio at 46.53% equity, 46.58% fixed income and 6.90% alternative strategies. The total earnings fiscal year to date (calendar year) equaled $100,145. Suggested changes to the pension board’s Investment Policy will be brought to the Board for consideration in July.

A motion was made to accept the Investment Report by Mary; seconded by Paul. A roll call vote was taken: Stecklein – yes; Licar – yes; Dilley – yes. Motion passes.

New Business

1. Ratification of Election Results for the Pension Board – the annual election results are as follows:
a. Active officers: Brad Brown and Mark Svoboda
b. Retired officer: Steve VanLoan

A motion was made to confirm the election results by Paul; seconded by Mary. A roll call vote was taken: Stecklein – yes; Licar – yes; Dilley – yes. Motion passes.

Audience Comments
None

Other
Treasurer Hannah mentioned that the Village has retained a new auditing firm for the Village and Police Pension Fund financial statements, Lauterbach & Amen, for the auditing engagement as of May 31, 2018 after the Village went through an RFP process.

The board’s next meeting will be Tuesday, July 17, 2018 at 5pm.

A motion was made to adjourn the meeting by Paul; seconded by Mary. A roll call vote was taken: Stecklein – yes; Licar – yes; Dilley – yes. Motion passes.

Meeting adjourned at 5:43pm.

____________________________________
Robyn Stecklein – President

____________________________________
Greg Manko – Secretary

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