HomeMy WebLinkAboutComposite Exhibit AComposite Exhibit A:
Resolution of April 16, 2020 Board of Trustees Meeting authorizing Fiscal Year 2020-
2021 Budget,
All Budget Attachments thereto,
and Budget Form
MINUTES OF THE REGULAR MEETING OF
THE CITY OF MIAMI FIRE FIGHTERS' AND POLICE OFFICERS'
RETIREMENT TRUST
April 16, 2020
Members Present
O. Cotera
- Appointed by the City Commission
N. Enriquez
- Elected by the Fire Fighters
M. Fernandez
- Appointed by the City Commission
T. Gabriel
- Appointed by the City Commission
S. MacDonald
- Elected by the Police Officers
T. Roell
- Appointed by the City Commission
R. Suarez
- Elected by the Fire Fighters
Also Present
R. Klausner - Legal Advisor
G. Bikkesbakker - Investment Consultant
A. Lally - Investment Consultant
H. Merlak - Actuary
Members Absent
M. Fernandez-Stiers - Appointed by the City Manager
A. Valdivia - Elected by the Police Officers
Chairman O. Cotera called the meeting to order at 9:00 a.m. with a quorum being present.
APPROVAL OF MINUTES
The minutes of the Regular meeting of March 11, 2020 were reviewed. Corrections were
called for typographical errors. The corrected minutes were approved by a motion from T
Gabriel, a second from M. Fernandez and a unanimous vote.
RATIFICATION OF PAYMENT
Payments for the period were reviewed. A motion was made by N. Enriquez and seconded
by T. Gabriel to ratify payments presented. The motion was approved unanimously.
RATIFICATION OF RETIREMENTS
A list of retirements for the period was reviewed. A motion was made by N. Enriquez and
seconded by R. Suarez to ratify the retirements. The motion was approved unanimously.
APPROVAL OF ADMINISTRATIVE BUDGET
Personnel Committee reported that they had met and reviewed at length the proposed
Administrative Budget for fiscal year 2020-2021. The Committee recommended that the
Board approve the budget as presented. Discussion followed.. A motion was made by T.
Gabriel and seconded. by N. Enriquez to ratify the retirements.. The motion was approved
unanimously.
MINUTES OF THE REGULAR. MEETING OF THE CITY OF MIAMI
FIREFIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST
April 16, 2020 Page 2 of 3
ACTUARIAL VALUATION FY 2020-2021
H. Merlak represented Nyhart. An updated draft of the Actuarial Valuation report for fiscal
Year 2020-2021 was reviewed. Discussion ensued. A motion was made by T. Roell and
seconded by T. Gabriel to approve the report as presented. The motion was approved
unanimously. Discussion ensued on the possible need to address funding issues that may
arise from the economic impact of the Covid-13 pandemic. A motion was made by T.
Roell and seconded by T. Gabriel to direct the Actuary to prepare a report on ways in which
to address the issue. Discussion resumed. The motion was approved unanimously.
INVESTMENT ISSUES
G. Bikkesbakker and A. Lally represented Meketa. They presented and economic and
market update report. A question and answer period followed the presentation. The
Consultants also reported that they were working with the Administrator on the rebalancing
of the portfolio to achieve the new asset allocation.
ATTORNEY'S REPORT
Securities Litigation — Spirit: Legal Counsel requested Board approval to move
forward in filing for lead plaintiff. T. Roell moved and was seconded by M.
Fernandez to approve the request. The motion was approved unanimously.
Securities Litigation — Occidental Petroleum: Legal Counsel requested the Board
approve the filing for lead plaintiff. Request was approved by a motion by T. Roell
a second by R. Suarez and a unanimous vote.
CONFERENCES DURING THE PERIOD
T. Gabriel made a motion and it was seconded by R. Suarez to approve the attendance of
any member interested in attending conferences listed for the period. The motion was
approved unanimously.
Being no further business, the meeting was adjourned at 11:00 a.m. by a motion by T.
Gabriel a second by T. Roell and a unanimous vote.
Attest:
Dania Orta, Administrator
r.��
iel Catera, Chairman
2020-2021
AppMVed at meeting Of Ap f 16. 2020 GaB+PaUEnAque,21Unanlmeus
CITY OF MIAMI FIRE FIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST
Budget Ternptate FY 2020-21 Proposed Budget
FY 2016-17 Actual FY 2017-18 Actual FY 2018-111 FY 2019-20 Budget I FY 2019-20 Projected FY 2020-21 Proposed Difference
Number of Full -Time Positions 5 5 5 5 �no
5Are any po,sitians funded in other budgets? no no no no no
Revenues
CITY OF MIAMI $2 058 798 $2 086 709 $2 128 469 $2 210 09fi $2 210 096
Revenue Grand Total $2,058,798 $2,086,709 $2,128,469 $2,210,096 $2,181 634 +$53 1fi5
$2,210,096 $2,181,634 $53,165