MINUTES OF THE CITY OF SARASOTA FIREFIGHTERS PENSION PLAN BOARD OF TRUSTEES REGULAR MEETING OF MAY 24, 2017 Present: Vice Chair Shelia Roberson, Secretary/Treasurer: Pamela Nadalini, Trustees Charles Joseph and Scott Snow Others: Attorney Pedro Herrera (arrived at 9:13 am), Senior Pension Analyst Anthony Ferrer, Senior Pension Accountant Cynthia Akersloot and Pension Specialist Lois Belle Absent: Chair Michael Hartley 1. CALL THE MEETING TO ORDER: Vice Chair Roberson called the meeting to order at 9:03 a.m. 2. PLEDGE OF CIVILITY: Trustee Snow 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 March 22, 2017 Vice Chair Roberson noted that changes were made to the Minutes of the Firefighters' Pension Plan Board of Trustee Annual Membership meeting as directed and sought consensus from Board that there was sufficient detail added to Item No. 8.1.to reflect audit findings more clearly. A motion was made by Trustee Snow and seconded by Trustee Joseph to approve the Minutes of the Firefighter" Pension Plan Board of Trustee Annual Membership Meeting of March 22, 2017. Motion carried unanimously (4-0). 4.2. Approval Re: Minutes of the Firefighters' Pension Plan Board of Trustees Regular Meeting of April 26, 2017 A motion was made by Trustee Snow and seconded by Trustee Joseph to approve the Minutes of the Firefighter' Pension Plan Board of Trustee Regular Meeting of April 26, 2017. Motion carried unanimously (4-0). 5. BOARD APPOINTMENTS: 5.1. Appointment Re: Selection of Chair Presenter(s): Secretany/reasurer Nadalini Secretary/Treasurer: Nadalini requested nominations from Board for Chair. Trustee Snow nominated Chair Mike Hartley to remain as Chair; there were no further nominations and all attending members supported Mike Hartley's nomination to Chair. Book 1 Page 65 5/24/2017 9:00 a.m. Book 1 Page 66 5/24/2017 9:00 a.m. Attorney Pedro Herrera, Susskind and Sugarman, P.A. entered chambers at 9:13 a.m. 5.2. Appointment Re: Selection of Vice Chair Presenter(s): Secretary/reasurer Nadalini Secretary/Treasurer Nadalini requested nominations from the Board for Vice Chair; Trustee Joseph nominated Vice Chair Roberson to remain as Vice Chair; there were no further nominations and all attending members supported Shelia Roberson's nomination to Vice Chair. 6. INVESTMENT PERFORMANCE REVIEW: 6.1. Presentation and Discussion Re: Wedge Capital Management Investment Performance as of March 31, 2017 Presenter(s): Richard Wells, Executive Vice President, Wedge Capital Management Richard' Wells, Executive Vice President, Wedge Capital Management came before the Board to present the Investment Performance as of March 31, 2017. Mr. Wells discussed Wedge's strategy; that it is a quantitative strategy which is divided into eight (8) Sectors; that each Sector is structured differently using eleven (11) factors; that the portfolio is $11.6M from inception, up 8.43% versus benchmark. Mr. Wells stated that the market has been in a growth environment since 2010; that he does not recommend any changes to the current structure or process at this time. In response to a question by Trustee Snow asking about frequency of rebalancing noted in the four- stage formula, Mr. Wells stated that Wedge runs analyses frequently and rebalances as necessary. There were no further questions from the Board and Vice Chair Roberson thanked Mr. Wells for his presentation. 7. UNFINISHED BUSINESS: None 8. NEW BUSINESS: None 9. ATTORNEY MATTERS: Attorney Pedro Herrera, Sugarman Susskind, stated that the Firefighters Pension Plan Certificate of Tax Exemption has been received. Attorney Herrera stated that the Legislative session has ended; that legislators voted to change Chapter 119, Public Records law, to recalibrate attorney's fees to reduce "serial filers"; that filing of a public records request must provide written notice of at least 5 days in advance of filing of the complaint along with the content of the request; that the courts will be able to review the content of the request and supporting responses fromi the agency; that ift the filer didn'thave the proper motivation this legislation allows recourse for the Agency; that the changes to FRS do not affect public safety plans. Attorney Herrera reminded the Board about the Division of Retirement conference is scheduled from May 31 to June 2, 2017 and the Annual FPPTA conference in Champions Gate, Orlando from June 25 to June 28, 2017. Attorney Herrera reminded the Board that Financial Disclosure forms are due July 1, 2017. 10. OTHER MATTERS: Trustee Snow asked for a status update regarding the Pension Plans Administrator. SecretaryTreasurer Nadalini provided the Board with an update on the Pension Plans Administrator position. Discussion ensued around having representation from the Firefighters' Pension Plan Board of Trustees in the interview process for a new Pension Plans Administrator. 11. ADJOURN. Vice Chair Roberson adjourned the Firefighters' Pension Plan Board of Trustees Regular Meeting at 10:28 a.m. Elulauun Ghu Vice Chair Shelia Roberson Secretary/Treasurer Pamela Nadalini Book 1 Page 67 5/24/2017 9:00 a.m.