Loading...
06-15-2015 City of Edgewater 104 N. Riverside Drive Y g Edgewater, FL 32132 !!T'En Meeting Agenda Firefighters Pension Board Monday,June 15,2015 5:00 PM Council Chambers We respectfully request that all electronic devices are set for no audible notification. 1. CALL TO ORDER 2. ROLL CALL 3. PUBLIC COMMENTS 4. APPROVAL OF MINUTES a. AR-2015-910 Approval of the March 23, 2015 quarterly board meeting minutes Attachments: 03-23-15, Regular Mtq, DRAFT Minutes.pdf 5. NEW BUSINESS a. AR-2015-911 Discussion of financing option for prior service time bought back. b. AR-2015-914 Discussion of IRS DROP limitations. Attachments: January 2015 NEWSLETTER (IRS DROP limitations).Pdf C. AR-2015-912 Discussion of Supplemental Retirement Benefit Distribution to DROP participant. Attachments: 04-10-15, Supplemental Benefit Account Distribution upon entering DROP.pdf d. AR-2015-913 Update on IRS Determination Letter. Attachments: Letter to Edgewater Firefighters re IRS Determination 2015 Filing Cycle.pdf 6. OLD BUSINESS 7. REPORTS a. AR-2015-927 Bowen, Hanes & Company, David Kelly, Investment Manager, quarterly report as of March 31, 2015. Attachments: 03-31-15 quarterly report. Bowen Hanes.pdf City of Edgewater Page 1 Printed on 611512015 Firefighters Pension Board Meeting Agenda June 15,2015 b. AR-2015-916 The Bogdahn Group, John Thinnes, Performance Consultant, quarterly report as of March 31, 2015 and updated Investment Policy Statement (I PS). Attachments: 03-31-15 quarterly flash report, Bogdahn.pdf C. AR-2015-917 Sugarman, Susskind, Ken Harrison, Plan Attorney, legislative update. 8. DISBURSEMENTS/DEPOSITS a. AR-2015-918 The Bogdahn Group, performance evaluation services for quarter ending March 31, 2015, invoice 11769 - $3,625.00 Attachments: 03-16-15, invoice 11769. Bogdahn Group.pdf b. AR-2015-919 Sugarman & Susskind, professional legal services, March 2015, invoice 103374 - $750.00 Attachments: 04-06-15, invoice 103374. Sugarman and Susskind.pdf C. AR-2015-920 Bowen, Hanes & Company, management fees for quarter ending March 31, 2015, equity portfolio - $9,641.57 Attachments: 04-01-15, Jan-Mar 2015 Fees, Bowen, Hanes CompanLE d. AR-2015-921 Bowen, Hanes & Company, management fees for quarter ending March 31, 2015, fixed income portfolio - $3,347.41 Attachments: 04-01-15, Jan-Mar 2015 Fees, Bowen, Hanes Company.pdf e. AR-2015-922 Salem Trust Company, custodial fees for quarter ending March 31, 2015 - $1,250.00 (automatically charged to the account) Attachments: 04-03-15, invoice M02865, Salem Trust.pdf f. AR-2015-923 Foster& Foster, plan administration services, invoice 7204 - $1,843.66 Attachments: 05-04-15, invoice 7204. Foster and Foster.pdf g. AR-2015-924 Sugarman & Susskind, professional legal services for May 2015, invoice 104519 - $750.00 Attachments: 05-11-15, invoice 104519. Sugarman Susskind.pdf h. AR-2015-925 Foster& Foster, actuarial services, invoice 7287 - $2,770.00 Attachments: 05-20-15, invoice 7287, Foster and Foster.pdf L AR-2015-952 Foster& Foster, plan administration services, invoice 7295 - $1,641.59 Attachments: 05-22-15, invoice 7295. Foster and Foster.pdf City of Edgewater Page 2 Printed on 611512015 Firefighters Pension Board Meeting Agenda June 15,2015 j. AR-2015-954 The Bogdahn Group, performance evaluation services and consulting for the quarter ending June 30, 2015, invoice 12178 - $3,625.00 Attachments: 06-15-15, invoice 12178. Bogdahn.pdf 9. STAFF REPORTS,DISCUSSION AND ACTION a. AR-2015-926 Ferrell Jenne, Plan Administrator, discussion of Scott Hopkin's term expiration, reminder to file Form 1, Statement of Financial Interests, and update on fiduciary liability insurance. 10. TRUSTEES' REPORTS,DISCUSSION AND ACTION 11. ADJOURNMENT Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any matter considered at a meeting or hearing, that individual will need a record of the proceedings and will need to ensure that a verbatim record of the proceedings is made. The City does not prepare or provide such record. In accordance with the Americans with Disabilities Act,persons needing assistance to participate in any of these proceedings should contact City Clerk Bonnie Wenzel, 104 N. Riverside Drive, Edgewater, Florida, telephone number 386-424-2400 x 1101, S days prior to the meeting date. If you are hearing or voice impaired, contact the relay operator at 1-800-955-8771 One or more members of City Council or other advisory boards may be present. City of Edgewater Page 3 Printed on 611512015 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File #: AR-2015-910, Version: 1 AGENDA ITEM SUBJECT: Approval of the March 23, 2015 quarterly board meeting minutes. DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ Not Applicable RECOMMENDED ACTION: Approve or amend as presented. City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarTM CITY OF EDGEWATER FIREFIGHTERS' PENSION BOARD QUARTERLY MEETING MINUTES City Hall Council Chambers Monday March 23, 2015, at 5:OOPM TRUSTEES PRESENT: Dominick Fede Justin Nickels Scott Hopkins Gary Butt TRUSTEES ABSENT: None OTHERS PRESENT: Ferrell Jenne, Plan Administrator Doug Lozen, Plan Actuary Ken Harrison, Plan Attorney David Kelly, Investment Manager Mark Rhein, CFO of Salem Trust Company Donna Looney, Personnel Director John Thinnes, Performance Monitor Consultant 1. Call to Order Dominick Fede called the meeting to order at 5:OOPM 2. Roll Call As reflected above. 3. No Public Comment 4. Approval of Minutes The minutes from the December 15, 2014 quarterly meeting were approved upon motion by Scott Hopkins and second by Gary Butt, motion carried 4-0. 5. New Business a. Discussion of Senate Bill 1128. i. Ferrell Jenne directed the Board to the letter dated January 26, 2015 and informed them that both the General and Police Plans are having the Attorney prepare an Ordinance amendment allowing replenishment. ii. Ken Harrison stated that replenishment is up to the Collective Bargaining Unit and if interested, the board will need to alert the Union and they will need to address this with the City Manager. b. Discussion of board member vacancy. i. Ferrell Jenne informed the board that there are no applicants to date. ii. Ken Harrison stated that the board will need to keep working on this because the State at some point will question the board operating with only four (4) members. c. Discussion of Summary Plan Description (SPD). i. Ken Harrison states that a SPD needs to be done every two (2) years per statute, whether there have been changes or not, and handed out to all active members. ii. The board briefly discussed the SPD. The board approved the Summary Plan Description as presented upon motion by Justin Nickels and second by Scott Hopkins, motion carried 4-0. 6. Old Business a. Discussion of the IRS Determination Letter. i. Ken Harrison stated that the IRS now requires a determination letter to be filed every five (5) years. In the past there was no cycle. 1 ii. For the first cycle there was a grace period and the board opted not to submit. We are now well into the second cycle and the letter needs to be done. iii. The determination letter would be good until January 2019 if the Plan applied this cycle. iv. The IRS fee is $2,500. The fee for Sugarman & Susskind to file and prepare the determination letter is $8,500. v. Ferrell inquired whether the determination letter would still be valid if changes were made to the Plan. Mr. Harrison confirmed that the letter would still be valid and that the changes would simply be included in the next cycle. The board approved for the IRS Determination Letter to be done by Sugarman &Susskind for a fee not to exceed $11,000, upon motion by Scott Hopkins and second by Gary Butt, motion carried 4-0. 7. Reports a. Foster& Foster, Doug Lozen. i. Presentation of the October 1, 2014 Actuarial Valuation Report. 1. The contribution amounts of the October 1, 2014 report are applicable for plan/fiscal year ended September 30, 2016. 2. The Plan experienced a gain, meaning all actuarial assumptions were beat in total. Primarily due to a decrease in average pensionable compensation and an investment return of 10.1% which exceeded the 7.5% assumption. 3. The total required contribution reduced from 31.8% of payroll to 29.9% of payroll. 4. The balance due from the City reduced from 21.3% of total annual payroll to 19.4% of total annual payroll. 5. Doug Lozen states that the UAAL started at $790,815 and has decreased to $203,928 as of October 1, 2014. 6. There is still approximately $1 million in investment gains yet to be experienced. The Pension Plan will be an asset to the City once these investment gains are realized. 7. This Plan under the new GASB will currently show as an asset to the City. The board voted to approve the October 1, 2014 Valuation Report as presented, upon motion made by Justin Nickels and second by Gary Butt, motion carried 4-0. The board voted the declaration of returns for the Plan to be 7.5% for the next year, the next several years, and the long-term thereafter net of investment related expenses, upon motion made by Justin Nickels and second by Scott Hopkins, motion carried 4-0. ii. Justin Nickels asked when the Plan will reach a point where they can begin discussing benefit improvements. 1. Ken Harrison stated that the Board can make a recommendation to the City for benefit improvements once they get the UAAL to zero or below zero. 2. Doug Lozen commented when the board is ready they can give him the goals of the Plan. For example, reduce contributions, reduce retirement age, increase multiplier, etc. and he can perform a study based on the goals. iii. Dominick Fede asked if the administration expenses shown in the valuation report are in-line with other plans. 1. Doug Lozen stated that they are, it's at 3% of payroll and that is only because of the size of the Plan (assets). This Plan is a relatively small size compared to the larger Plans using the same service providers. b. Bowen, Hanes, & Company, David Kelly 2 i. Quarterly Report as of December 31, 2014, and updated report as of March 18, 2015. 1. Assets have increased to approximately $10.6 million; estimated annual income is $164,165. 2. David Kelly highlighted new companies in the portfolio and gave a brief summary of each. 3. Total portfolio fiscal year to date is 7.0% (September 30, 2014— February 28, 2015). 4. David Kelly's recommended for the Plan to have some international exposure. Currently the Plan has no exposure. a. John Thinnes stated he will talk to David Kelly in- between meetings and get the IPS updated by next meeting to reflect this recommendation. c. Bogdahn Group, John Thinnes i. Quarterly report as of December 31, 2014. 1. John Thinnes explained that he will be the new contact for the board. 2. John Thinnes briefly reviewed the market environment for the quarter. 3. Net earnings for the quarter were 2.33% underperforming the policy benchmark of 2.65% by -0.32% points. 4. Since inception, the fund is at 5.34%, underperforming the policy benchmark of 6.58% by -1.24% points. 5. John Thinnes stated there is no need for rebalancing at this time. 6. Started the fiscal year at approximately $9.9 million. As of December 31, 2014, fund ended at approximately $10.2 million. 7. Ken Harrison directed the board to the compliance checklist and stated that this list compares the portfolio against the I PS. a. John stated that if you see a "no" on the compliance checklist, it doesn't mean you have to make a change, but a discussion item. The Board approved the December 31, 2014 quarterly report from The Bogdahn Group upon motion by Justin Nickels and second by Gary Butt, motion carried 4-0. ii. Discussion of the change of internal control memo. 1. Jon Thinnes explained that Joe Bogdahn sold the majority of his shares to Mike Welker. There has been no change in operations, but the company is moving from a family owned business to an employee owned company. SEC requires that Bogdahn notifies the Board via consent form. The Board approved the execution of The Bogdahn Group consent form upon motion from Scott Hopkins and second by Gary butt, motion carried 4-0. d. Sugarman & Susskind, Ken Harrison i. Ken reviewed the litigation that Salem Trust's subsidiary company, Pennant Management, is involved in, as well as the SSAE 16 Report. 1. Ken explained that only one (1) public pension plan was invested in the fraud investment. 2. Mark Rhein stated that the basis for the adverse opinion, which was the SSAE 16 Report, was due to a review of their internal processes by the auditor. This occurred during the software conversion when 5,000 trades had to be manually entered and filed. Due to the volume of the trades, normal processes were not followed and the documentation for these trades was not retained. Therefore, the auditor had no proof that the transactions occurred. 3. Mark Rhein informed the Board that in a couple of months, another audit will be done and Salem is not expecting an adverse opinion. This is a totally separate issue from the fraud 3 allegations committed against Salem's holding company, Pennant Management. Mark Rhein stated the USDA loans were guaranteed. Hard assets are in the process of being recovered and sold. 70% of assets have been identified to date. 4. Ken Harrison commented that Salem Trust has offered to repay any additional expense that the auditor charged the Plan for extra work associated with the problems Salem Trust encountered during the transition process. 5. Dominick Fede commented that the assets are safe and no benefit checks have been missed, so he is comfortable with not making a change at this time. 6. The Board took no actions on changing custodians. ii. Discussion of Globe Tax 1. Mark Rhein has all documents in place to enroll and will give David Kelly an update by Friday, March 27, 2015. Mark Rhein stated that by the next meeting, the fund should be enrolled. iii. Legislative Update 1. Ken Harrison discussed current bills that will be considered at the spring legislative session. a. Senate Bill 242, if passed, would require all local law plans to use the same mortality table as the FRS. The FRS table is more conservative than the current table being used and will result in an increase in the funding requirements. b. Senate Bill 172 states that if you are going to have a Share Plan it is subject to approval of Plan Sponsor either as a Direct Benefit or Direct Contribution. c. Senate Bill 216 creates municipal tax units that if passed, could bring in additional tax monies. 8. Disbursements Disbursements were approved as presented on the agenda upon motion made by Scott Hopkins and second by Gary Butt, motion carried 4-0. 9. Staff Reports, Discussion, and Action a. Ferrell Jenne informed the board that the Annual Report has been completed and is ready to be signed by the Chairman and Secretary. b. Ferrell Jenne discussed her letter dated, March 6, 2015 regarding her maternity leave and the firm's hiring of an administrative assistant. c. Ferrell Jenne informed the board about an upcoming conference held in Tallahassee by the Division of Retirement. d. A question on DROP and Share Plan disbursement was discussed. i. Can a member receive disbursement from Share when entering the DROP or do they have to wait until they exit? ii. Ken Harrison stated that he will need to research the issue, but commented that the Share Plan balance will continue to earn interest. 10. Adjournment The meeting adjourned at 7:10PM 11. Next Meeting June 15, 2015 at 5:OOPM Respectfully submitted by: Approved by: Ferrell Jenne, Plan Administrator Dominick Fede, Chairman Date Approved By the Pension Board: 4 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File M AR-2015-911 , Version: 1 AGENDA ITEM SUBJECT: Discussion of financing option for prior service time bought back. DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ Not Applicable RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarT" 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File M AR-2015-914, Version: 2 AGENDA ITEM SUBJECT: Discussion of IRS DROP limitations. DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ Not Applicable RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarT" Sugarman & Susskind P .A. NEWSLETTER JANUARY 2,0 `I 5 1-800-329-2122 IRS Issues New Guidance on Applying 415 Limits to DROP Accounts On December 8, 2014, the IRS issued a memorandum announcing a new limitation on DROP plans. DROP benefits that contain certain features will now be subject to limits applicable to defined contribution plans under section 415(c) of the tax code. The new memorandum states that the IRS will now apply section 415(c) limits to DROP benefits in a very limited manner which will likely not affect the vast majority of Florida municipal DROP plans. The IRS will not apply the limit to the amount of a participant's defined benefit that is credited to a DROP account. Instead, the IRS will apply the limit only to certain "Additional Contributions" that are credited to a DROP. Additional Contributions are defined by the IRS as employer or employee contributions that are above and beyond the amounts credited to a participant's DROP account from a defined benefit plan. Further, even if a DROP benefit provides for "Additional Contributions," only those DROP benefits that are invested in segregated accounts with no fixed rate of return will be affected. Consequently, only "Additional Contributions" are subject to the 415(c) limits. In 2015, that limit is the lesser of 100% of a participant's compensation or $53,000.' We expect that very few of our clients with DROP plans will be affected by this change. Plans that do not offer a DROP benefit do not need to worry as there is obviously no impact. Plans that provide for participant DROP accounts to be credited solely with the monthly retirement benefit which would have been payable had the participant ceased employment and commenced receiving a normal retirement benefit, as well as investment earnings on those monies, are not impacted by this change. Plans that provide for both "Additional Contributions" and investing DROP benefits in segregated accounts with no fixed rate of return will require a simple amendment to guard against possible violations of the new rule. We are currently reviewing all of our clients' DROP benefits and will advise you promptly if any changes are necessary to comply with the IRS' new position within the next few weeks. 26 U.S.C. §415(c)(1). 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File M AR-2015-912, Version: 1 AGENDA ITEM SUBJECT: Discussion of Supplemental Retirement Benefit Distribution to DROP participant. DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarTM SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW Robert A.Sugarman* 100 Miracle Mile Howard S.Susskind Suite 300 Kenneth R.Harrison,Sr. Coral Gables, Florida 33134 D.Marcus Braswell,Jr. (305)529-2801 Pedro A.Herrera Broward (954)327-2878 Noah Scott Warman* Toll Free 1-800-329-2122 Ivelisse Berio LeBeau Facsimile (305)447-8115 Dustin L.Watkins Michael Gillman *Board Certified Labor &Employment Lawyer April 10, 2015 Board of Trustees City of Edgewater Firefighters' Retirement Plan and Trust c/o Ferrell Jenne, Administrator Foster&Foster, Inc. 6290 Corporate Court, C-201 Fort Myers, Florida 33919 Re: Supplemental Retirement Benefit Distribution to DROP Participant Dear Trustees, You have asked whether a participant in the City of Edgewater Firefighters' Retirement Plan and Trust is entitled to receive a supplemental benefit account balance distribution upon entering DROP while remaining actively employed with the City. We answer in the affirmative. Section 4.07 of the plan document states, with emphasis added: Supplemental Retirement Benefit: There is hereby provided for firefighters that attain Credited service of five (5) or more years, in addition to all other benefits provided in this section, an annual supplemental retirement benefit. Entitlement to such supplemental retirement benefit shall be determined annually based upon the receipt by the Fund of any "additional premium tax revenues," as defined in sub- section 175.162(2)(a), of the Florida Statutes. Payment of such supplemental retirement benefit shall be made annual to each eligible firefighter (defined for this subsection only as an active firefighter that has attained Credited service of five (5) or more years and terminates service with the City or an active firefighter that retires under the retirement provisions herein) no later than the 1st of December after receipt of the "additional premium tax revenues" from the state,provided that it has been confirmed in writing that the eligible firefighter was alive on September 30th of such year, beginning with fiscal year 2007. Board of Trustees City of Edgewater Firefighters'Retirement Plan April 10, 2015 Page 2 This section of the plan provides that an active firefighter is entitled to a supplemental benefit account balance distribution when he or she retires within the meaning of the plan. Further, Section 1.02 of the plan document defines Retirement as "a firefighter's separation from the City employment as a firefighter with immediately eligibility for receipt of benefits under the Plan. For purposes of a Plan that includes a Deferred Retirement Option Plan (DROP), "retirement" means the date a firefighter enters the DROP." (emphasis added). Therefore, the terms of the plan document permit a supplemental retirement benefit distribution when an active firefighter enters DROP. Additionally we researched the Internal Revenue Code to determine if this could constitute an in-service distribution, under Section 1.401(a)-1(b)(1)(i) of the Treasury regulations, which states, In order for a pension plan to be qualified under section 401(a), the pension plan must be established and maintained by an employer primarily to provide systematically for the payment of definitely determinable benefits to its employees over a period of years, usually for life, after retirement or attainment of normal retirement age. 29 C.F.R. § 1.401(a)-1(b)(1)(i). This regulation provides that plan participants reaching "normal retirement age" are free to receive in-service distributions as long as the plan permits it. Your plan requires that the DROP participant must have satisfied the plan's retirement eligibility rules in order to enter DROP. Since the plan does not otherwise prohibit in-service distributions, a firefighter is eligible to receive the supplemental benefit account balance distribution upon entering DROP. Please do not hesitate to contact us should you have any additional questions. Yours truly, ,.� rya;' ��✓P��cz,,��� KENNETH R. HARRISON, SR. KRH/j d 104 N. Riverside Drive City of Edgewater Edgewater, FL 32132 E'DGII�-151 Legislation Text File M AR-2015-913, Version: 1 AGENDA ITEM SUBJECT: Update on IRS Determination Letter. DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ Not Applicable RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarT" SUGARMAN & SUSSKIND PROFESSIONAL ASSOCIATION ATTORNEYS AT LAW Robert A.Sugarman* 100 Miracle Mile Howard S.Susskind Suite 300 Kenneth R.Harrison,Sr. Coral Gables, Florida 33134 D.Marcus Braswell,Jr. (305)529-2801 Pedro A.Herrera Broward 327-2878 Noah Scott Warman* Toll Free 1-800-329-2122 Ivelisse Berio LeBeau Facsimile (305)447-8115 Dustin L.Watkins Michael Gillman *Board Certified Labor &Employment Lawyer May 20, 2015 Board of Trustees City of Edgewater Firefighters' Pension Fund c/o Ferrell Jenne, Administrator Foster&Foster Inc. 6290 Corporate Court, C-201 Fort Myers, FL 33919 Re: IRS Determination Letter Request 2015 Cycle Dear Trustees: The IRS has extended the time for governmental plans to file for a favorable determination letter until January 31, 2016. We strongly recommend that you take advantage of this opportunity. Since we last wrote to you on this issue, we have successfully obtained favorable determination letters for more than 50 municipal pension fund clients throughout the State of Florida. A Favorable Determination Letter is a letter from the IRS stating that the provisions of the plan, as set forth in the plan document, satisfy the requirements of Section 401(a) of the Internal Revenue Code. A plan that satisfies the requirements of Section 401(a) is deemed to be a "qualified plan," and is entitled to favorable tax treatment. Specifically, the employees are not taxed on the value of contributions paid on their behalf until they begin to receive benefits under the plan; and the income of the fund, including investment earnings, is not subject to taxation. Board of Trustees City of Edgewater Firefighters' Pension Fund Re: IRS Determination Letter Request—2015 Cycle May 20, 2015 Page 2 As you will recall, in 2008 the IRS announced that it would begin to take active enforcement measures with respect to governmental plans to ensure their compliance with Section 401(a) of the Code. In order for such plans to avoid possible audits and penalties, the IRS encouraged plans to begin to adhere to the IRS' 5-year determination filing cycle. The last filing period for governmental plans was open from February 1, 2013 to January 30, 2014. However, as further encouragement, the IRS has accorded governmental plans an extension for filing, allowing plans to file between February 1, 2015 and January 31, 2016. Obtaining up-to-date determination letters by adhering to the IRS' 5-year filing cycle makes everyone's job easier. During the determination application process, the IRS advises the trustees, without assessing penalties, of any current qualification amendments that must be made; and once the determination letter is issued, the Trustees may rely upon the IRS' finding that the plan meets all qualification requirements. The Trustees are thereby shielded from costly penalties being assessed against the plan through audits or closing agreements for qualification requirements that were covered in a prior determination letter. Even closed plans, in order to be entitled to the favorable treatment of a qualified plan, must continue to comply with qualification requirements, and are subject to audit and closing agreements. As with an open plan, a closed plan that is found by the IRS not to be in compliance with qualification requirements, risks heavy penalties and/or the disqualification of the plan, with costly consequences to the employer and the beneficiaries of the plan. On the other hand, the IRS has generally demonstrated a great degree of leniency toward governmental plans that have opted to apply for determination letters. Our fee for the application process is $8,500.00. The fee covers the entire application process, including the preparation of the application and all necessary correspondence and negotiation with the IRS through and until the issuance of your favorable determination letter. Our fee also includes the preparation of any amendments to which your favorable determination letter may be subject. Our fee does not include the IRS User Fee, which will be $2,500 payable directly to the IRS. Board of Trustees City of Edgewater Firefighters' Pension Fund Re: IRS Determination Letter Request—2015 Cycle May 20, 2015 Page 3 We look forward to discussing this matter with you during your next meeting. Yours truly, BERT A. SU RMAN RAS/jd Accepted and agreed to on this day of ) 2015. City of Edgewater Firefighters' Pension Fund By: Chairperson 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File #: AR-2015-927, Version: 1 AGENDA ITEM SUBJECT: Bowen,Hanes & Company, David Kelly, Investment Manager, quarterly report as of March 31, 2015. DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ Not Applicable RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarTM PORTFOLIO SUMMARY CITY OF EDGEWATER FIREFIGHTERS'PENSION FUND March 31, 2015 Pct. Cur. Est.Annual Security Type Total Cost Market Value Assets Yield Income Short Term Investments: Cash/Money Market 234,123.86 234,123.86 2.2 0.0 23.41 234,123.86 234,123.86 2.2 0.0 23.41 Fixed Income Certificates of Deposit 225,000.00 226,004.95 2.2 1.4 3,075.00 Government Bonds 75,860.02 98,002.87 0.9 1.3 1,312.50 U.S. Govt. Sponsored 100,000.00 99,768.00 1.0 1.0 1,000.00 Agencies Corporate Bonds 2,165,503.34 2,202,986.00 21.0 1.6 36,238.57 Municipal Bonds 179,137.50 202,773.37 1.9 0.8 1,591.35 2,745,500.86 2,829,535.20 27.0 1.5 43,217.42 Common Stocks Common Stocks 5,213,666.57 7,426,538.27 70.8 1.6 116,955.21 5,213,666.57 7,426,538.27 70.8 1.6 116,955.21 TOTAL PORTFOLIO 8,193,291.29 10,490,197.33 100.0 1.5 160,196.05 Clients will receive a statement, usually monthly but no less than quarterly, directly from your account custodian. Bowen, Hanes & Co. urges clients to review the information on the statement for accuracy BOWEN, HANES & COMPANY INCORPORATED PORTFOLIO APPRAISAL CITY OF EDGEWATER FIREFIGHTERS'PENSION FUND March 31, 2015 Ind Estimated Par Value Unit Total Market Market %Gain Div/Int Annual or Shares Security Cost Cost Price Value (Loss) Rate Income Yield Cash/Money Market - MONEY MARKET 234,123.86 234,123.86 0.0 0.01 23 0.0 Certificates of Deposit 50,000.00 BMW BANK NA CERT OF DEP 100.00 50,000.00 100.21 50,105.45 0.2 0.70 350 0.7 0.700%Due 03-08-16 100,000.00 JPMORGAN CHASE BANK CD 100.00 100,000.00 100.25 100,253.00 0.3 1.30 1,300 1.3 1.300%Due 04-10-18 75,000.00 DISCOVER BANK CD 100.00 75,000.00 100.86 75,646.50 0.9 1.90 1,425 1.9 1.900%Due 03-05-19 Total Certificates of Deposit 225,000.00 226,004.95 0.4 3,075 1.4 Government Bonds 75,000.00 UNITED STATES TREAS TIPS 101.15 75,860.02 130.67 98,002.87 29.2 1.75 1,312 1.3 1.750%Due 01-15-28 U.S.Govt.Sponsored Agencies 100,000 FEDERAL HOME LOAN BANK 100.00 100,000.00 99.77 99,768.00 -0.2 1.00 1,000 1.0 1.000%,Due 11-05-19 Corporate Bonds 100,000.00 JP MORGAN CHASE&CO 99.74 99,742.00 100.25 100,253.00 0.5 1.10 1,100 1.1 1.100%Due 10-15-15 100,000.00 WACHOVIA CORP 99.90 99,900.00 99.98 99,976.90 0.1 0.59 595 0.6 0.595%Due 10-28-15 75,000.00 VERIZON COMMUNICATIONS 99.93 74,948.77 100.00 75,002.92 0.1 0.70 525 0.7 0.700%Due 1 1-02-15 65,000.00 AMAZON 99.80 64,870.00 100.11 65,069.55 0.3 0.65 422 0.6 0.650%Due 11-27-15 100,000.00 COSTCO WHOLESALE CORP 100.00 99,999.00 100.13 100,132.00 0.1 0.65 650 0.6 0.650%Due 12-07-15 50,000.00 GOLDMAN SACHS GROUP 89.95 44,975.00 99.90 49,951.70 11.1 0.70 349 0.7 0.697%Due 03-22-16 100,000.00 GENERAL ELECTRIC CAP CORP 94.80 94,800.00 100.11 100,111.00 5.6 0.46 458 0.5 0.458%Due 05-11-I6 100,000.00 PRICOA GLBL FDG-PRUDENTIAL 99.91 99,910.00 100.01 100,014.00 0.1 3.12 3,122 3.1 3.122%Due 06-24-16 55,000.00 MORGAN STANLEY 83.41 45,875.00 99.83 54,908.04 19.7 0.71 389 0.7 0.707%Due 10-18-16 100,000.00 STARBUCKS CORP 99.99 99,990.00 100.22 100,218.60 0.2 0.87 875 0.9 0.875%Due 12-05-16 125,000.00 MIDAM NRG-BERKSHIRE 99.85 124,812.50 100.01 125,012.25 0.2 1.10 1,375 1.1 HATHAWAY L 100%Due 05-15-17 150,000.00 AMERICAN EXPRESS 96.95 145,425.00 99.78 149,674.50 29 0.55 830 0.6 0.553%Due 06-12-17 100,000.00 MONSANTO 9999 99,990.00 100.50 100,495.60 0.5 1.15 1,150 1.1 1.t50%Due 06-30-17 125,000.00 AIR PRODUCTS&CHEMICALS 99.92 124,900.50 100.15 125,191.25 0.2 1.20 1,500 1.2 1.200%Due 10-15-17 100,000.00 TOYOTA MOTOR CREDIT NA 99.50 99,500.00 99.57 99,566.80 0.1 0.50 505 0.5 0.505%Due 10-30-17 100,000.00 MURPHY OIL CORP 99.15 99,150.00 98.58 98,584.00 -0.6 2.50 2,500 2.5 2.500%Due 12-01-17 125,000.00 WALT DISNEY 99.46 124,326.75 100.05 125,067.50 0.6 1.10 1,375 1.1 1.100%Due 12-01-17 BOWEN, HANES & COMPANY INCORPORATED PORTFOLIO APPRAISAL CITY OF EDGEWATER FIREFIGHTERS'PENSION FUND March 31,2015 Intl Estimated Par Value Unit Total Market Market %Gain Div/Int Annual or Shares Security Cost Cost Price Value (Loss) Rate Income Yield 50,000.00 TOYOTA MOTOR CREDIT 100.00 50,000.00 101.19 5 0,595.25 1.2 2.55 1,275 2.5 2.550%Due 06-18-18 50,000.00 BP CAPITAL MARKETS PLC 99.75 49,875.00 101.08 50,538.50 1.3 2.24 1,118 2.2 2.237%Due 05-10-19 36,191.65 CONTINENTAL AIRLINES 99.50 36,010.69 107.37 38,860.78 7.9 6.24 2,257 5.8 6.236%Due 03-15-20 100,000.00 FREEPORT-MCMORAN 98.20 98,200.00 97.44 97,436.00 -0.8 3.10 3,100 3.2 3.100%Due 03-15-20 27,500.00 ROHM&HAAS/DOW 99.87 27,465.62 115.01 31,627.20 15.2 9.80 2,695 8.5 9.800%Due 04-15-20 50,000.00 INTERNATIONAL PAPER TRUST 99.25 49,625.00 99.34 49,667.85 0.1 3.00 1,500 3.0 3.000%Due 08-15-21 50,000.00 MORGAN STANLEY 98.87 49,437.50 102.64 51,321.50 3.8 3.32 1,661 3.2 3.322%Due 04-25-23 85,000.00 TOYOTA MOTOR CREDIT 94.00 79,900.00 94.66 80,459.30 0.7 2.25 1,912 2.4 2.250%Due 12-07-27 100,000.00 USB CAPITAL 81.87 81,875.00 83.25 83,250.00 1.7 3.00 3,000 3.6 3.000%Due 03-29-49 Total Corporate Bonds 2,165,503.34 2,202,986.00 1.7 36,239 1.6 Municipal Bonds 135,000 NORTHERN CALIFORNIA GAS 83.25 112,387.50 97.96 132,240.60 17.7 0.80 1,081 0.8 AUTHORITY 0.801%Due 07-01-19 75,000 INDIANA BOND BANK SPL 89.00 66,750.00 94.04 70,532.77 5.7 0.68 510 0.7 PROGRAM GAS REV SER-B-2 0.680%Duc 10-15-22 Total Municipal Bonds 179,137.50 202,773.37 13.2 1,591 0.8 Common Stocks BEVERAGES/SNACK FOODS 2,400 PEPSICO 65.86 158,063.95 95.62 229,488.00 45.2 2.62 6,288 2.7 PERSONAL CARE/HOUSEHOLD PRODUCTS 2,700 CHURCH AND DWIGHT 27.35 73,839.86 85.42 230,634.00 212.3 1.24 3,348 1.5 3,100 COLGATE PALMOLIVE 40.14 124,418.76 69.34 214,954.00 72.8 1.52 4,712 2.2 198,258.63 445,588.00 124.8 8,060 1.8 PHARMACEUTICALS 2,155 NOVARTIS AG ADS(SZ) 55.82 120,299.91 98.61 212,504.55 76.6 2.82 6,077 2.9 MEDICAL SUPPLIES/DEVICES 1,375 C.R. BARD 107.21 147,413.75 167.35 230,106.25 56.1 0.88 1,210 0.5 BIOTECHNOLOGY 2,300 GILEAD SCIENCES 37.03 85,171.75 98.13 225,699.00 165.0 0.00 0 0.0 BUSINESS/INFORMATION SERVICES 1,625 DUN&BRADSTREET 70.01 113,771.37 128.36 208,585.00 83.3 1.85 3,006 1.4 PUBLISHING/MEDIA 2,200 MCGRAW-HILL FINANCIAL 81.88 180,126.98 103.40 227,480.00 26.3 1.32 2,904 1.3 2,175 WALT DISNEY 32.24 70,113.63 104.89 228,135.75 225.4 1.15 2,501 1.1 250,240.61 455,615.75 82.1 5,405 1.2 BOWEN, HANES & COMPANY INCORPORATED PORTFOLIO APPRAISAL CITY OF EDGEWATER FIREFIGHTERS'PENSION FUND March 31,2015 Ind Estimated Par Value Unit Total Market Market %Gain Div/Int Annual or Shares Security Cost Cost Price Value (Loss) Rate Income Yield HOTEL/MOTEL 2,630 MARRIOTT INT'L 76.42 200,980.03 80.32 211,241.60 5.1 0.80 2,104 LO COMPUTER HARDWARE/PERIPHERALS 1,880 APPLE INC 95.83 180,166.97 124.43 233,928.40 29.8 1.88 3,534 L5 COMPUTER SOFTWARE/SERVICES 2,500 CHECK POINT SOFTWARE 7998 199,960.02 8197 204,925.00 2.5 0.00 0 0.0 TECHNOLOGIES LTD(IS) SEMICONDUCTOR/INTEGRATED CIRCUITS 10,360 SUNEDISON 16.15 167,300.03 24.00 248,640.00 48.6 0.00 0 0.0 4,145 TEXAS INSTRUMENTS 47.38 196,382.64 57.18 237,031.82 20.7 1.36 5,637 2.4 363,682.67 485,671.82 33.5 5,637 1.2 ELECTRONICS/DIVERSIFIED 2,200 TELEDYNE TECHNOLOGIES 34.74 76,427.56 106.73 234,806.00 207.2 0.00 0 0.0 MERCHANDISING/DISTRIBUTION 2,100 HOME DEPOT INC 92.70 194,665.59 113.61 238,581.00 22.6 2.36 4,956 2.1 3,105 KROGER 55.78 173,186.34 76.66 238,029.30 37.4 0.74 2,298 1.0 1,030 MCKESSON CORP 193.10 198,895.97 226.20 232,986.00 17.1 0.96 989 0.4 566,747.90 709,596.30 25.2 8,242 1.2 HOUSEHOLD DURABLES/MANUFACTURING 5,000 LEGGETT&PLATT 37.13 185,626.00 46.09 230,450.00 24.1 1.24 6,200 2.7 APPAREL/RETAIL 7,680 HANESBRANDS 28.67 220,186.56 33.51 257,356.80 16.9 0.40 3,072 1.2 CAPITAL GOODS/DIVERSIFIED 2,155 HONEYWELL INT'L 89.87 193,671.36 104.31 224,788.05 16.1 2.07 4,461 2.0 4,865 TEXTRON INC 40.01 194,649.62 44.33 215,665.45 10.8 0.08 389 0.2 388,320.98 440,453.50 13.4 4,850 1.1 CHEMICALS/DIVERSIFIED 3,510 FMC CORP 55.41 194,481.73 57.25 200,947.50 3.3 0.66 2,317 1.2 SPECIALTY CHEMICALS/MATERIALS 1,550 3M COMPANY 80.23 124,350.69 164.95 255,672.50 105.6 4.10 6,355 2.5 3,795 AVERY DENNISON 50.75 192,608.34 52.91 200,793.45 4.2 1.40 5,313 2.6 10,500 CORNING 13.13 137,865.00 22.68 238,140.00 72.7 0.48 5,040 2.1 454,824.03 694,605.95 52.7 16,708 2.4 FOREST PRODUCTS/PAPER 4,325 INT'L PAPER 35.59 153,907.28 55.49 239,994.25 55.9 1.60 6,920 29 MACHINERY/EQUIPMENT 4,225 THE GREENBRIER COMPANIES 24.20 102,239.97 58.00 245,050.00 139.7 0.60 2,535 1.0 ENERGY PRODUCTION/DISTRIBUTION 4,550 VERMILION ENERGY(CA) 51.94 236,339.91 42.08 191,464.00 -19.0 2.07 9,418 4.9 TRANSPORTATION 1,250 FEDEX CORPORATION 155.23 194,040.13 165.45 206,812.50 6.6 0.80 1,000 0.5 BOWEN, HANES & COMPANY INCORPORATED PORTFOLIO APPRAISAL CITY OF EDGEWATER FIREFIGHTERS'PENSION FUND March 31,2015 Ind Estimated Par Value Unit Total Market Market %Gain Div/Int Annual or Shares Security Cost Cost Price Value (Loss) Rate Income Yield 2,000 UNION PACIFIC 17.38 34,765.47 108.31 216,620.00 523.1 2.20 4,400 2.0 228,805.60 423,432.50 85.1 5,400 1.3 FINANCIAL SERVICES 11,440 MANULIFE FINL CORP ADR(CA) 15.83 181,041.63 17.01 194,594.40 7.5 0.49 5,569 2.9 3,930 MARSH&MCLENNAN 52.60 206,707.76 56.09 220,433.70 6.6 1.12 4,402 2.0 387,749.39 415,028.10 7.0 9,970 2.4 Total Common Stocks 5,213,666.57 7,426,538.27 42.4 116,955 1.6 TOTAL PORTFOLIO 8,193,291.29 10,490,197.33 28.0 160,196 1.5 BOWEN, HANES & COMPANY INCORPORATED PERFORMANCE SUMMARY AND INVESTMENT HISTORY CITY OF EDGEWATER FIREFIGHTERS'PENSION FUND March 31, 2015 PERFORMANCE SUMMARY Time-Weighted Return Fiscal Inception Year Last 12 To Date To Date Months (Annualized) 09/30/14-03/31/15 03/31/14-03/31/15 06/20/07-03/31/15 Total Portfolio 6.2 10.7 6.0 Common Stocks 8.3 14.1 6.0 77%S&P500 Index&23%MSCI 4.5 9.5 6.0 ACWI EX UA GROSS USD U.S. Gov/Credit Index 3.7 5.9 5.4 INVESTMENT HISTORY CURRENT FISCAL YEAR Beginning Market Value on 09/30/14 9,871,818.59 Capital Appreciation 536,199.63 Income Received 76,575.75 Cash or Securities Added 35,340.43 Cash or Securities Withdrawn -4,788.06 Management Fees -24,949.01 Custodian Fees 0.00 Ending Market Value on 03131115 10,490,197.33 FROM INCEPTION Beginning Market Value on 06/20/07 3,917,903.39 Net Additions/Withdrawals 2,727,227.03 Capital Appreciation and Income 3,845,066.91 Ending Market Value on 03131115 10,490,197.33 BOWEN, HANES & COMPANY INCORPORATED w O .-. O^ O- O O O^ O -. p Z Z Z Z O O O_ O p p ^ In p v w UU w U w U w U w U V w U w U V w U w uU v w U w U w U U w U In w U CD l= XF PXF P F FxF- PXF PXF PXF PXF FXF-- PXF PXF FXF- PX (U- PXF m W Q m w Q m W Q m w Q m w Q m W Q m w Q m w Q m W Q m w Q m w Q m w Q m w q m w Q � v 7 ,O O V 7 � z cExxz �xz wwa www wWza wwz C4 p4 ww5 cauwz ww� awz aaz xxz xzz aaz � C4 z r.J m FF W w U. [-. F- � F. F W W W W W W l,yww wwQ ww5 z w ¢ wz W ¢xZ ¢_ ¢ x ¢ w FF � E.. FtJ. �-. F FFw F, Fw FFw FFw °30O °3V0030003�?0 °W�o ow�0o32°^o3woa3�?oa3>oo3�0030003 �00 >. w >. u „ w W rw u. w w n w w w- E.• Qp^ uj C) FQ�; w �"Upwa' 1Z [�- pW�Z ��,sZjF�.,Q �w q w Q�W �� wHp� w Q� wFQ �� � Uwu..aUwv.. aUwwaUwwaUwu. aUwu, a. UwL,aUwwaUwwaUwwaUwL. a. UwW. O. Uwl%aUwwa C o ° o °o o ❑ � ., � ai �f of 07 �' [� O w vMl 7 CD O W O rl O N •D ] c Vt W ^ d N N z CD O O o 0 o 0 o O o o °o, o °O, °o °o °o °o °o 7 O O o o O O O O o O O O O O 4 y u � S ° O O O O t` O o ° °o, °o ° o° ri 0 .n o o p p o ob W z � o 0 o a o 0 o a o 0 0 0 0 0 r^ •f^.' U O O O O O O O O O O O O o O O •� N '/? O O o O O O 7 O O Y o CO O •� � N 0,., O N n O N 7 M .� F W � O U rn r o In 0 0 ^ �n o 0 0 0 q o7 0 0 o lz� rt t. o ni ni co n Po N m v In o w o U � ° pk o o o o 0 0 0 0 ° n o O a w L L :2 L G E U U > L U bl) r Q Z J 4 u U OZ z F z Q w 7 °U „ Owa' 0 OU ac4 w � > Z W O ¢ ¢ U xw x > 7 , 5^5' C7 W Q O O ¢O � QO�a U � Q QU z F" cG wUQa' w a .'`a UQu z �U c¢c.J v ¢ OwF ¢ z3 u V)Q¢ U�'.W- � > w 7°U ¢ °U o. U > S UQ C7 O O O °O 't O 7 O p Z) V O N 7 M C 7 a •s .V vwi m m m m m m m vwi m V) vwi C n y n n n n 'n 'n C?O O O O O N N r r (n FBI ,� N C! (] N I N N N O o O O o O O O O O O O O p y 'n n .n n In In n 111 C1 5 00 00 W 00 00 W 7 7 m GD C y A 0 O N N N N N N o O H O O O O O O O O O O O O O O bl) Of) by bU bo by bl) bq by b1J bU bl) bl) bb O O o o, rn a` rn 01 m m 00 00 a OWE 0, HADES &->COMfANY INCCiiPORATECF W LL) rU oJ z o_ z z z z z z z z z o F° =° 0° �° 0_0 - Co)0 0 o z >- >- Q �j > Q 7 �o n 4 a m uj 4 LU m F" �wu vwu �? wu v4U vLUVUU UwU vL U C7wu zzH azH azH FXF E- X[- FXF^ F-XF FXF F- XF f-^ XF NXF m w o m w o m w° m w° m w o m w Ca m w o m „ „ G v ❑ a o � V O -It z xwz ww C4 Z � cLZ L� ctiz C4 C4C4X Cxz 0 z U;n Z U FF FF FF LL. Fw..F LLL., Fw., F CL w W 5 w W 5 W W Ww� FF Fw., F U.LL.z O� UOp �?Op3�?Op <C?ou >Cw7z �¢ C=7z � �Cx7z� Q VzL' ¢�zu ¢� zu ¢� z m w 0 'G 3 - O 3 0 3 ..0 0 3 0 0 3 0 0 3 0 V wZ UwzUwz C7wz LL, z vwz F-vLQ z uwz 'v�Z >"cw7'-�vz, U W Z w Ca w ° � w ° aw ° 25 w q LLJ Ll� w °Lw UwrLaU WwaU W[�. aUW waU Ww6. UwwaUwwaUW waUWwC1. UwwaUwLi. a In OOO_ o n M o 'n oc ° rn o rn ° vt .0 0 7 In .D 0o rn � z 0 0 o O o 0 0 0 O D M y 0 O O O O O O 0 0 0 0 0 0 0 0 0 '� In U y O O O O ON V V m O O O O O O O O O O O O O O CS W —45 H o,� •K ° o 0 0 0 0 0 0 0 0 0 0 O _ •� o °o, °o °o, °o, o o °0• °o °o, n O O O ~ U o O o 0 o O o 0 0 0 y o 0 o n o o. In In °o o °o CD W ° o o rl a` o M o x o o o o a o 0 0 0 0 O � M�D O �] I� t- CD w U 7 O pp i0 M O cm) N1 .fl t` Q U Q z_ o Ca a U x O U ¢ S z z z o x O o z ws3 � z ¢ D ° ¢ ¢ � � x Ucau` 3 � x am R4 wo O O O o o 0 0 0 o O 0 0 0 0 00 0 0 o O O 0 0 0 - °o ° ° O o d °o ° ° O o _T 'S V w w w w w w m w w w w V) n v) rn v) v, cn rn m m m N i C�l N ° rl L•1 In M m In h'1 hl O O o O o O o 0 0 0 0 (y ^ N N t^1 (1 (1 N N N (1 F M M M M In (mil O O O O O O O O O o O oU or on on 6n on bn to to to or 0OWE� HANES & COMPANY `� INCORPORATED Bowen, Hanes &Company ATLAN A.CA Incorporated WINS-1 ON-SALEM.NC' TO: City of Edgewater Firefighters' Pension Fund P. O. Box 100 Edgewater, FL 32132-0100 FROM: David L. Kelly, III Executive Vice President DATE: March 31, 2015 We hereby certify that we are in compliance with the Pension Fund's Statement of Investment Policy & Objectives, with the exceptions listed below. Also, in accordance with the SBA PFIA's 3/24/15 quarterly report, the Fund owned no scrutinized companies. Bond ratings were addressed in a previous memo at the end of December, 2011. DLK:vcb cc: The Bogdahn Group THE FORUM 0 SUITE 880 3290 NORTHSIDE PARKWAY m ATLANTA, GEORGIA 30327 - 404-995-0507 - FAX 404-995-0324 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File #: AR-2015-916, Version: 1 AGENDA ITEM SUBJECT: The Bogdahn Group,John Thrones, Performance Consultant, quarterly report as of March 31, 2015 and updated Investment Policy Statement (IPS). DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ No� BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ Not Applicable RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarTM City of Edgewater Firefighters' Pension Plan Investment Performance Review March 31 , 2015 THE BOGDAHN GROUP. W W W.B O G D A H N G R O U P.C O M simplifying your in veshnent and fiduciarp decisions Asset Allocation Summary Total Fund As of March 31,2015 Asset Allocation By Segment as of Asset Allocation By Segment as of December 31,2014:$10,238,382 March 31,2015:$10,624,283 Allocation Allocation Segments Market Value Allocation Segments Market Value Allocation Domestic Equity 7,288,438 71.2 ■ Domestic Equity 7,426,538 69.9 Domestic Fixed Income 2,546,529 24.9 Domestic Fixed Income 2,724,094 25.6 ■ Cash Equivalent 403,415 3.9 ■ Cash Equivalent 473,650 4.5 THE 1 BOGDAHN GROUP. Asset Allocation Summary Total Fund As of March 31,2015 Asset Allocation By Manager as of Asset Allocation By Manager as of December 31,2014:$10,238,382 March 31,2015:$10,624,283 Allocation Allocation Market Value Allocation Market Value Allocation ■ Bowen Hanes Equity 7,527,393 73.5 ■ Bowen Hanes Equity 7,764,235 73.1 Bowen Hanes Fixed Income 2,618,713 25.6 Bowen Hanes Fixed Income 2,733,114 25.7 Receipt& Disbursement 92,276 0.9 E Receipt& Disbursement 126,934 1.2 THE 2 BOGDAHN GROUP. Financial Reconciliation Total Fund As of March 31,2015 Financial Reconciliation Quarter to Date Market Value Net Management Other Apprec.1 Market Value 0110112015 Transfers Contributions Distributions Fees Expenses Income Deprec. 0313112015 Total Equity(Composite) 7,527,393 -98,021 -18,469 -417 26,295 327,453 7,764,235 Bowen Hanes Equity 7,527,393 -98,021 -18,469 -417 26,295 327,453 7,764,235 Total Fixed Income(Composite) 2,618,713 98,021 -6,480 -417 8,875 14,401 2,733,114 Bowen Hanes Fixed Income 2,618,713 98,021 - - -6,480 -417 8,875 14,401 2,733,114 Receipt&Disbursement 92,276 - 116,189 -52,513 - -29,019 2 - 126,934 Total Fund 10,238,382 116,189 -52,513 -24,949 -29,853 35,172 341,854 10,624,283 Financial Reconciliation Fiscal Year to Date Market Value Net Management Other Apprec.1 Market Value 1010112014 Transfers Contributions Distributions Fees Expenses Income Deprec. 0313112015 Total Equity(Composite) 6,999,547 197,815 -18,469 -839 56,910 529,271 7,764,235 Bowen Hanes Equity 6,999,547 197,815 -18,469 -839 56,910 529,271 7,764,235 Total Fixed Income(Composite) 2,881,264 -163,478 -6,480 -839 17,592 5,056 2,733,114 Bowen Hanes Fixed Income 2,881,264 -163,478 - - -6,480 -839 17,592 5,056 2,733,114 Receipt&Disbursement 65,630 -34,337 230,109 -105,026 - -29,445 3 - 126,934 Total Fund 9,946,441 - 230,109 -105,026 -24,949 -31,124 74,505 534,327 10,624,283 THk 3 BOGDAHN GROUP. Edgewater Firefighters' Retirement Plan Flash Report As of March 31,2015 Asset Allocation&Performance Allocation Performance(%) Market Value % MTH FYTD YTD 1 YR 3 YR Total Fund 10,624,283 100.00 -0.90 6.09 3.67 10.51 11.52 T. -0.58 4.78 2.08 8.13 10.35 Total Equity(Composite) 7,764,235 73.08 -1.23 8.10 4.70 13.69 15.04 Total Equity Policv -1.14 5.40 2.22 9.31 14.23 Bowen Hanes Equity 7,764,235 73.08 -1.23 8.10 4.70 13.69 15.04 Russell 3000 Index -1.02 7.13 1.80 12.37 16.43 Total Fixed Income(Composite) 2,733,114 25.73 0.04 0.85 0.88 1.89 1.97 Total Fixed Income Policy 0.46 3.43 1.61 5.72 3.10 Bowen Hanes Fixed Income 2,733,114 25.73 0.04 0.85 0.88 1.89 1.96 Barclays Aggregate Index 0.46 3.43 1.61 5.72 3.10 Receipt&Disbursement 126,934 1.19 0.00 0.00 0.00 0.01 0.01 Citigroup 3 Month T-Bill Index 0.00 0.01 0.01 0.03 0.06 Balanced account broke out April 2011. THe 4 1,(, B©GDAHN GROUP. 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File M AR-2015-917, Version: 1 AGENDA ITEM SUBJECT: Sugarman, Susskind, Ken Harrison, Plan Attorney,legislature update. DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ Not Applicable RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarT" 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File #: AR-2015-918, Version: 1 AGENDA ITEM SUBJECT: The Bogdahn Group, performance evaluation services for quarter ending March 31, 2015, invoice 11769 - $3,625.00 DEPARTMENT: Firefighters' Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ Not Applicable RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarT" THE Invoice BOGDAHN GRoup Date Invoice # 3/16/2015 11769 4901 Vineland Rd Suite 600 Orlando, FL 32811 Bill To Edgewater Firefighters' Pension Board Email - Ferrell Jenne Description Amount Performance Evaluation for 12/31/14 Reports and Consulting 3,625.00 Services through 3/31/15 1/1/2015 - 3/31/2015 Balance Due $31625.00 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File M AR-2015-919, Version: 1 AGENDA ITEM SUBJECT: Sugarman& Susskind,professional legal services,March 2015,invoice 103374 - $750.00 DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarT" Y ��,UGARMAN & SUSSKINv- 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305-529-2$01 Fax: 305-447-8115 www.sugarmansusskind.com Edgewater FEretignters' Pension Fund April 06, 2015 c/o Ferrell B. Jenne, Lead Plan Invoice# 103374 Administrator Foster& Foster, Inc. 13420 Parker Commons Blvd, Suite 104 Fort Myers, FL 33912 Client:Matter EWFP Hours Amount For professional services rendered 0.00 $750.00 Retainer for the month of April, 2015 Previous balance $5,250.00 3/16/2015 Payment-Thank You. Check No. 15765 ($2,250.00) 4/2/2015 Payment-Thank You. Check No. 16176 ($3,000.00) Total payments and adjustments ($5,250.00) Balance due $750.00 Edgewater Firefighters' Pension Fund Page 2 Client:Matter EWFP:CUST In Reference To:Custodial Agreement Professional Services Hrs/Rate Amount 3/6/2015 Draft letter to Board regarding Salem's audit. Review and edit. (CUST) 1.20 NO CHARGE $175.001hr For professional services rendered 1.20 $0.00 Balance due $0.00 Client:Matter EWFP:FORM In Reference To:Forms Professional Services Hrs/Rate Amount 3/11/2015 Review and revise DROP forms 1.00 NO CHARGE $175.001hr For professional services rendered 1.00 $0.00 Balance due $0.00 Edgewater Firefighters' Pension Fund Page 3 Ciient:Matter EWFP:MEET In Reference To:Meetings Professional Services Hrs/Rate Amount 3/4/2015 Review and respond -mail administrator reference rescheduling of 0.50 NO CHARGE meeting date $175.001hr 3/24/2015 Prepare for meeting 0.50 NO CHARGE $175.001hr Attend meeting and travel 11.50 NO CHARGE $175.001h r For professional services rendered 12.50 $0.00 Balance due $0.00 Edgewater Firefighters' Pension Fund Page 4 Client:Matter EWFP:PLAN In Reference To:Plan Professional Services Mrs/Rate Amount 3/6/2015 Review and respond a-mails administrator reference rescheduled meeting 0.50 NO CHARGE date and minutes $175.001hr 3/11/2015 Review and respond e-mail administrator reference review of summary 1.50 NO CHARGE plan description and revise SPD $175.00/hr Review minutes 0.50 NO CHARGE $175.001hr 3/2412015 Research supplemental and DROP provisions of plan and IRS in service 2.00 NO CHARGE distribution issue and Draft opinion letter $175.00/hr Legal research on question concerning DROP participant who wants a 0.50 NO CHARGE share account distribution $175.00/hr 3/25/2015 Legal research into issue concerning share account distributions to DROP 0.75 NO CHARGE participants $175.00/hr Research in service distribution of supplemental benefit upon entering 0.50 NO CHARGE DROP $175.00/hr 3/2612015 Legal research into in-service distribution question; drafted opinion on 3.00 NO CHARGE whether a DROP participant may receive a share account distribution while $175.001hr working Draft e-mail response to distribution of supplemental benefit upon entering 2.00 NO CHARGE DROP and in service distribution question and Telephone conference with $175.00/hr administrator and tax attorney and review proposed opinion letter 3/27/2015 Review and edit Ken's revisions to opinion letter 0.25 NO CHARGE $175.00/hr For professional services rendered 11.50 $0.00 Balance due $0.00 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File #: AR-2015-920, Version: 1 AGENDA ITEM SUBJECT: Bowen,Hanes & Company, management fees for quarter ending March 31,2015, equity portfolio - $9,641.57 DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarT" Bowen, Hanes &Company ATLAN IA,GA Incorporated WINSTON-SAUX1,NC April 1,2015 City of Edgewater Firefighters'Pension Fund P.O. Box 100 Edgewater, FL 32132 STATEMENT OF MANAGEMENT FEES FOR THE QUARTER BEGINNING 1/1/15 City of Edgewater Firefighters'Pension Fund-Equity Portfolio (ST Account#80106679-PLEASE PAY FROM THIS ACCOUNT) $ 9,641,57 City of Edgewater Firefighters'Pension Fund-Fixed Income Portfotio (ST Account#80105614-PLEASE PAY FROM THIS ACCOUNT) $ 3,347.41 Total Investment Advisory Fee Due Bowen, Hanes a Co., Inc. $ 12,988.98 FEE CALCULATION: Equity Portfolio Fixed Income Portfolio Combined Market Value Market Value Market Value Market Value of Securities 1/31/15 $ 7,529,772.62 $ 2,554,481.86 $10,084,254.48 Market Value of Securities 2/28/15 $ 7,949,330.39 $ 2,649,776.80 $10,599,107.19 Market Value of Securities 3/31/15 $ 7,660,662.13 $ 2,829,535.20 $10,490,197.33 Average Quarterly Market Value of Securities for Bitting Purposes $ 7,713,255.05 $ 2,677,931.29 $10,391,186.33 Fee Calculation (Annual Rate of 50 BPS) $ 9,641.57 $ 3,347.41 $ 12,988,98 Total Fee Due Bowen Hanes ft Company, Inc. $ 9,641.57 $ 3,347.41 $ 12,988.98 Original for Payment: City of Edgewater Firefighters Pension Fund ATTN: Jenne Ferrel((FerreltJ@foster-foster.com) cc: City of Edgewater Firefighters Pension Fund ATTN: Justin Nickels,Secretary THE FORUM • suITL 880 3290 NORTHSIDE PARKWAY • ATLANTA, GEORGIA 30327 • 404-995-0507 • FAX 404-995-0324 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File #: AR-2015-921 , Version: 1 AGENDA ITEM SUBJECT: Bowen, Hanes & Company, management fees for quarter ending March 31, 2015, fixed income portfolio - $3,347.41 DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ No� BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarTM Bowen, Hanes &Company ATLAN IA,GA Incorporated WINSTON-SAUX1,NC April 1,2015 City of Edgewater Firefighters'Pension Fund P.O. Box 100 Edgewater, FL 32132 STATEMENT OF MANAGEMENT FEES FOR THE QUARTER BEGINNING 1/1/15 City of Edgewater Firefighters'Pension Fund-Equity Portfolio (ST Account#80106679-PLEASE PAY FROM THIS ACCOUNT) $ 9,641,57 City of Edgewater Firefighters'Pension Fund-Fixed Income Portfotio (ST Account#80105614-PLEASE PAY FROM THIS ACCOUNT) $ 3,347.41 Total Investment Advisory Fee Due Bowen, Hanes a Co., Inc. $ 12,988.98 FEE CALCULATION: Equity Portfolio Fixed Income Portfolio Combined Market Value Market Value Market Value Market Value of Securities 1/31/15 $ 7,529,772.62 $ 2,554,481.86 $10,084,254.48 Market Value of Securities 2/28/15 $ 7,949,330.39 $ 2,649,776.80 $10,599,107.19 Market Value of Securities 3/31/15 $ 7,660,662.13 $ 2,829,535.20 $10,490,197.33 Average Quarterly Market Value of Securities for Bitting Purposes $ 7,713,255.05 $ 2,677,931.29 $10,391,186.33 Fee Calculation (Annual Rate of 50 BPS) $ 9,641.57 $ 3,347.41 $ 12,988,98 Total Fee Due Bowen Hanes ft Company, Inc. $ 9,641.57 $ 3,347.41 $ 12,988.98 Original for Payment: City of Edgewater Firefighters Pension Fund ATTN: Jenne Ferrel((FerreltJ@foster-foster.com) cc: City of Edgewater Firefighters Pension Fund ATTN: Justin Nickels,Secretary THE FORUM • suITL 880 3290 NORTHSIDE PARKWAY • ATLANTA, GEORGIA 30327 • 404-995-0507 • FAX 404-995-0324 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File #: AR-2015-922, Version: 1 AGENDA ITEM SUBJECT: Salem Trust Company, custodial fees for quarter ending March 31, 2015 - $1,250.00 (automatically charged to the account DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarTM SALEMTRUST C O M P A N Y April 3, 2015 Foster& Foster Fee A/C#M02865 13420 Parker Commons Blvd., Suite 104 Edgewater Firefighters Fort Myers, FL 33912 Fee Advice for Period January 1, 2015 to March 31, 2015 Detail of Calculation: Annual Fee Quarterly Fee Flat Fee $5,000.00 $1,250.00 Total Fee Due $1,250.00 Total Amount Due $1,250.00 These fees will automatically be charged to your account. If you have any questions, please contact Brian Bizzell at 877-382-5268 DEERFIELD BEACH TAMPA 1715 N.WESTSHORE BLVD.,SUITE 750 TAMPA,FL 33607 TEL(877)382-5268 FAX(813)301-1295 www.salemtrust.com 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File M AR-2015-923, Version: 1 AGENDA ITEM SUBJECT: Foster& Foster,plan administration services,invoice 7204 - $1,843.66 DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ Not Applicable RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarT" FOSTER & FOSTER Invoice AC. i UARit9 AND CONSULTANTS Date • 5/4/2015 7204 Phone: (239) 433-5500 Fax: (239) 481-0634 data @foster-foster.com www.foster-foster.com City of Edgewater Firefighters' Pension Board c/o Foster&Foster, Inc. 13420 Parker Commons Blvd., Ste.104 Terms Due Date Fort Myers, FL 33912 Net 30 6/3/2015 Plan Administration services for the month of April 2015. 1,641.59 Attendance at March 23, 2015 Board meeting (out-of-pocket expenses only). 202.07 Balance Due 519843.66 Thank you for your business! Please make all checks payable to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Suite 104 Fort Myers, FL 33912 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File M AR-2015-924, Version: 1 AGENDA ITEM SUBJECT: Sugarman& Susskind,professional legal sernrices for May 2015,MN oice 104519 - $750.00 DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicab]g BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarT" SUGARMAN & SUSSKIND 100 Miracle Mile Suite 300 Coral Gables, Florida 33134 Telephone: 305-529-2801 Fax: 305-447-8115 www.sugarmansusskind.com Edgewater Firefighters' Pension Fund May 11, 2015 clo Ferrell B. Jenne, Lead Plan Invoice# 144519 Administrator Foster& Faster, Inc. 13420 Parker Commons Blvd, Suite 104 Fort Myers, FL 33912 Client:Matter EWFP Hours Amount For professional services rendered 0.00 $750.00 Retainer for the month of May, 2015 Previous balance $750.00 Balance due $1,500.00 Edgewater Firefighters' Pension Fund Page 2 Client:Matter EWFP:PLAN In Reference To:Plan Professional Services Hrs/Rate Amount 4J3J2015 Review and respond e-mail administrator reference review of summary 1.00 NO CHARGE plan description and review SPD $175.001hr For professional services rendered 1.00 $0.00 Balance due $0.00 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File M AR-2015-925, Version: 1 AGENDA ITEM SUBJECT: Foster& Foster, actuarial services, invoice 7287 - $2,770.00 DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarT" FOSTER & FOSTER Invoice Af:WARitS AND CONSULTANTS Date • 5/20/2015 7287 Phone: (239) 433-5500 Fax: (239) 481-0634 data @foster-foster.com www.foster-foster.com City of Edgewater Firefighters' Pension Board c/o Foster&Foster, Inc. 13420 Parker Commons Blvd., Ste.104 Terms Due Date Fort Myers, FL 33912 Net 30 6/19/2015 Preparation of required Summary Plan Description. 146.00 Revision of the Summary Plan Description with suggested Attorney revisions. 33.00 Preparation of the 2014 Annual Report for the Division of Retirement. 2,000.00 Preparation of Exhibit'B'for attachment to the required Summary Plan Description. 125.00 Preparation for and attendance at the March 23, 2015 Board meeting. 353.00 Email correspondence dated March 31, 2015 providing prepared Contribution Summary. 113.00 Balance Due 529770.00 Thank you for your business! Please make all checks payable to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Suite 104 Fort Myers, FL 33912 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File M AR-2015-952, Version: 1 AGENDA ITEM SUBJECT: Foster& Foster,plan administration services,invoice 7295 - $1,641.59 DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ Not Applicable RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarT" FOSTER & FOSTER Invoice Af:WARitS AND CONSULTANTS Date • 5/22/2015 7295 Phone: (239) 433-5500 Fax: (239) 481-0634 data @foster-foster.com www.foster-foster.com City of Edgewater Firefighters' Pension Board c/o Foster&Foster, Inc. 13420 Parker Commons Blvd., Ste.104 Terms Due Date Fort Myers, FL 33912 Net 30 6/21/2015 Plan Administration services for the month of May 2015. 1,641.59 Balance Due 519641.59 Thank you for your business! Please make all checks payable to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Suite 104 Fort Myers, FL 33912 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File M AR-2015-954, Version: 1 AGENDA ITEM SUBJECT: The Bogdahn Group, performance evaluation services and consulting for the quarter ending June 30, 2015,invoice 12178 - $3,625.00 DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ No� BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarTM THE Invoice BOGDAHN GRoup Date Invoice # 6/15/2015 12178 4901 Vineland Rd Suite 600 Orlando, FL 32811 Bill To Edgewater Firefighters' Pension Board Email - Ferrell Jenne Description Amount Performance Evaluation for 3/31/15 Reports and Consulting 3,625.00 Services through 6/30/15 4/1/2015 - 6/30/2015 Balance Due $31625.00 104 N. Riverside Drive is City of Edgewater Edgewater, FL 32132 R Legislation Text File M AR-2015-926, Version: 1 AGENDA ITEM SUBJECT: Ferrell Jenne, Plan Administrator, discussion of Scott Hopkin's term expiration, reminder to file Form 1, Statement of Financial Interests, and update on fiduciary liability insurance. DEPARTMENT: Firefighters'Pension Board SUMMARY: BUDGETED ITEM: ❑ Yes ❑ No ❑ Not Applicable BUDGET AMENDMENT REQUIRED: ❑ Yes ❑ No ❑ RECOMMENDED ACTION: City of Edgewater Page 1 of 1 Printed on 6/9/2015 powered by LegistarTM