Book 1 Page 68 6/21/2017 9:00 a.m. MINUTES OF THE CITY OF SARASOTA FIREFIGHTERS PENSION PLAN BOARD OF TRUSTEES REGULAR MEETING OF JUNE 21, 2017 Present: Chair Michael Hartley, Secretary/Treasurer: Pamela Nadalini (arrived at 9:07 a.m.), Trustees Charles Joseph and Scott Snow Others: Attorney Pedro Herrera (arrived at 9:11 am), Senior Pension Analyst Anthony Ferrer, Senior Pension Accountant Cynthia Akersloot and Pension Specialist Lois Belle Absent: Vice Chair Shelia Roberson 1. CALL THE MEETING TO ORDER: Chair Hartley called the meeting to order at 9:03 a.m. 2. PLEDGE OF CIVILITY: Chair Hartley read into the record a memorandum from Mayor Willie Charles Shaw, dated February 13, 2015, entitled "City Commission and Advisory Board Meeting Protocols and Pledge of Civility." 3. PUBLIC INPUT: No one signed up to speak. 4. APPROVAL OF MINUTES: 4.1. Approval Re: Minutes of the Firefighters' Pension Plan Board of Trustees Annual Membership Meeting of May 24, 2017 A motion was made by Trustee Joseph and seconded by Trustee Snow to approve the Minutes of the Firefighters' Pension Plan Board of Trustee Regular Meeting of May 24, 2017. Motion carried unanimously (3-0). 5. Investment Performance Review: 5.1. Presentation and Discussion Re: UBS AgriVest Farmland Fund Presenter(s): Ronald Lanier, Managing Director, UBS and James McCandless, Managing Director and Head of UBS Farmland Investors, LLC Mr. Lanier and Mr. McCandless came before the Board and Mr. Lanier introduced Mr. McCandless to the Board. In response to a question from Trustee Snow asking if Agrivest is owned by UBS, Mr. Lanier stated that UBS does own AgriVest. Secretary Nadalini entered Chambers at 9:07 a.m. Mr. McCandless provided the Board with an overview of AgriVest's structure and strategy and stated that AgriVest takes risk in assets not farming; that as the world population continues to increase, AgriVest continues to dominate the global export market share. Mr. McCandless discussed the AgriVest Farmland Fund investment criteria and stated that the minimum investment is US $1 million; that there is currently a delay of three to four quarters for new investor opportunities. The Board thanked Mr. Lanier and Mr. McCandless for their very informative presentation. 5.2. Presentation and Discussion Re: Oak Ridge Investments Presenter(s): Rob McVicker, Executive Vice President and Senior Portfolio Manager, and Mary McManus, Senior Vice President, Oak Ridge Investments Mr. McVicker and Ms. McManus came before the Board. Ms. McManus discussed fiscal year performance to date and the drivers of the fund's underperformance and stated that Oak Ridge's philosophy is to look for consistent performers, the best of the best, with organic sales growth, visibility and consistentpredictable performance. Mr. McVicker discussed, in detail, the strategic stock opportunities which did not perform as Oak Ridge had anticipated and some of the contributing market factors. Secretary/Treasurer: Nadalini stated that although Oak Ridge is currently underperforming, the Board is still comfortable with the Company. The Board thanked Mr. McVicker and Ms. McManus for their presentation. 6. UNFINISHED BUSINESS: None 7. NEW BUSINESS: 7.1. Presentation and Discussion Re: Proposed GASB 68 Engagement Letter from Mauldin & Jenkins, LLC Presenter(s): Alison Wester, CPA & Partner, Mauldin & Jenkins, LLC Ms. Wester, CPA & Partner, Mauldin & Jenkins, LLC came before the Board. Ms. Wester stated that the GASB 68 Engagement letter is similar in content to last year's engagement letter; that there was approximately a 3% increase in cost over last year's GASB 68 engagement fee and she rounded engagement fee to $6,000 to be paid by Sarasota County. A motion to accept the GASB 68 engagement letter was made by Trustee Joseph and seconded by Trustee Snow. The motion carried unanimously (4-0). 8. ATTORNEY MATTERS: Attorney Pedro Herrera, Sugarman Susskind, stated that the Legislative session has ended; that Chapter 119, Public Records, has changed and if a Records Management Liaison Officer is designated any filing of a public records request complaint must provide written notice of at least 5 days in advance of filing of the complaint along with the content of the request. Secretary/Treasurer Nadalini stated that she is the RMLO for both the General Employees' Pension Plan and the Police Officers' Pension Plan and that she can work with Attorney Herrera concerning the resolution and the adoption of records retention schedule GS1-SL. Attorney Herrera reminded the Board that Financial Disclosure forms are due July 1, 2017. Book 1 Page 69 6/21/2017 9:00 a.m. Book 1 Page 70 6/21/2017 9:00 a.m. 9. OTHER MATTERS: Secretary/Treasurer: Nadalini stated she has spoken with the City Attorney's office regarding payment of audit related invoices; that this is not a legal issue but an administrative issue; that a precedence would be set with the other Boards on which she serves if the additional audit fee invoice for the Firefighters' Pension Plan were paid; that going forward, the vendor must come before the Board to seek additional fees as defined in the contract or engagement letter. Secretary/Treasurer: Nadalini stated that interviews for a Pension Plans Administrator are going well; that the panel met this week; that hopefully a decision will be made in a few weeks. Secretary/Treasurer: Nadalini stated that the Annual State of the Pension Workshop is scheduled for Thursday, August 31, 2017 from 5:00 p.m. to 8:00 p.m. Chair Hartley noted Board consensus to cancel the Regular Meeting of the Firefighters' Pension Plan Board of Trustees on August 28, 2017 considering the Annual State of the Pension Workshop is scheduled. Secretary/Treasurer: Nadalini stated that information packets of the. Annual State of the Pension Workshop will be distributed to the Firefighters' Pension Plan Board of Trustees. 10. ADJOURN. Chair Hartley adjourned the Regular Meeting of the Firefighters' Pension Plan Board of Trustees at 10:58 a,m, Mwyo GCo Chaif Michaél Hartley Secretary/Treasurer Pamela Nadalini