HomeMy WebLinkAboutFIRE PENSION - 08/03/1987 - Fire Pension MINUTES OF BOARD MEETING
ELK GROVE FIREMEN'S PENSION FUND
" AUGUST 3, 1987
A meeting of the Firemen's Pension Fund was held on Monday August 3, 1987 in
the Headquarters Fire Station, 101 Biesterfield Road. The meeting was called to
order by President Walter J. Kriesant at 7:00 P.M.
ROLL CALL
On Roll Call the following members were present: Walter J. Kriesant, Patricia
S. Smith, George C. Coney, Harvey R. Speiden, Jerry L. Norris, and Joseph
Gardner III.
MINUTES
Minutes from the May 4, 1987 meeting were read aloud by Secretary J. Gardner III.
Motion by H. Speiden, seconded by G. Coney to accept the May 4, 1987 Minutes as
read. Motion passed unanimously.
TREASURER'S REPORT
Treasurer G. Coney submitted a Balance Sheet and Schedule of Investments as of
July 31, 1987. Also attached was a Disbursement Register covering the period
from May 1, 1987 to July 31, 1987. Treasurer G. Coney reviewed the Balance Sheet,
Schedule of Investments, and DisbursemEnt Register with the Board members and
explained their contents. Motion by J. Gardner III, seconded by H. Speiden to
9L accept the Treasurer's Report and place the Balance Sheet, Schedule of Investments,
and Disbursement Register on file with the Pension Board Minutes. Motion passed
unanimously.
REVIEW OF INVESTMENT ACTIVITY
G. Coney reported Roger Geske of Birger Nyborg & Co. had called and said there
had been a death in the family and they would be unable to come to the meeting,
and give their report. Secretary J. Gardner III voiced his concern that Birger
Nyborg & Co. still had not submitted a final Balance Sheet for any period since
the contract with the firm began in Sept. 1986. The contract states "as of the
end of each fiscal quarter we will provide the Trustees with a complete financial
report including balance sheet and statement of revenue and expenses At the
last meeting they promised this Board a final report up to April 30, 1987 before
the end of May. J. Gardner III stated in fact now he would like to see a "paper
trail". Treasurer G. Coney reported he in fact had been doing just that and had
it on hand. He had been getting an accounting on all the in's and, out's of the
firms market trading. There seemed to be some irregularities but nothing illegal.
W. Kriesant, H. Speiden, and J. Gardner III expressed their relief upon hearing
this was being done. G. Coney voiced his concern that if the firm was going to be
this sloppy with the reporting on our 2.4 million it leaves the door open to
other suspicions. He suggested we have Birger Nyborg & Co. send theirreportto
us, let us review it and then set a meeting with them to voice our concerns. The
President was directed to call them and have them send their report to G. Coney.
He in turn would have the report distributed to the Board members. We then can
have a meeting,. review the report and then meet with Birger Nyborg & Co..
W. Kriesant reported he had always contacted the firm 2 weeks in advance of our
meetings and each time they were surprised we expected a report. J. Gardner III
MINUTES 'OF Balm MEL'T'ING
ELK GROVE FIREMEN'S PENSION FUND
AUGUST 3, 1987
Page 2
' stated meetings are always held the same month, same day, each year. They should
be prepared to have those reports readY• W. Kriesant suggested the proposed
meeting be held at the convenience of the Board members during the day.
NEW BUSINESS
President W. Kriesant reported he had received some investment literature from
E.F. Hutton forwarded to him from C. Henrici. J. Gardner III asked if it was not
possible to hold the future Board meetings at the Village Hall. G. Coney stated
he thought it would be possile.
ADJOURNMENT
Motion by P. Smith, seconded by J. Norris to adjourn. Motion passed unanimously.
Meeting adjourned at 7:27 P.M.
Respectfully sulrnitted,
Joseph Gardner III, Secretary
Firemen's Pension Fund
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