HomeMy WebLinkAbout2014/07/15-Minutes-Other-City Council CITY OF FORT WORTH, TEXAS
JOINT FORT WORTH CITY COUNCIL AND EMPLOYEES' RETIREMENT FUND
BOARD MEETING
JULY 15,2014
Present:
Mayor Betsy Price
Mayor Pro tem W.B. "Zim" Zimmerman, District 3
Council Member Salvador Espino, District 2 (arrived at 2:09 pm)
Council Member Daniel Scarth, District 4 (arrived at 2:06 pm)
Council Member Gyna M. Bivens, District 5
Council Member Jungus Jordan, District 6
Council Member Dennis Shingleton, District 7
Council Member Kelly Allen Gray, District 8
Absent:
Council Member Joel Burns, District 9
Staff Present:
David Cooke, City Manager
Sarah Fullenwider, City Attorney
Mary Kayser, City Secretary
Fort Worth Employees' Retirement Fund Board of Trustees Present:
Billy Samuel, Chairman, Place 6
Matt Anderson, Place 1
Todd Cox, Place 2
Glenn Balog,Place 4
Lance Ursey, Place 5 I
Marsha Anderson, Place 7
Jesus Paydn, Place 8
Jarod Cox, Place 9 J
Bill Gordon, Place 10
i
Bill Crawford, Place 11
Mike Bickley, Place 12
Aaron Bovos, Place 13
Absent:
i
Benita Harper, Place 3
I
I.Call to Order-Mayor Betsy Price and Chair Billy Samuel
With a quorum of the bodies present, Mayor Price and Board Chairman Billy Samuel called the
joint meeting of the Fort Worth City Council and Employees' Retirement Fund Board meeting to
order at 2:05 p.m. on Tuesday, July 15 2014, in the Pre-Council Chamber of the Fort Worth City
Hall, 1000 Throckmorton Street, Fort Worth, Texas.
ii
i
n
CITY OF FORT WORTH, TEXAS
JOINT CITY COUNCIL AND EMPLOYEES' RETIREMENT FUND BOARD
MEETING
JULY 15, 2014
Page 2 of 3
II.Welcome and Introductions - Mayor Betsy Price and Chair Billy Samuel
Mayor Price and Chairman Samuel welcomed the members and audience to the meeting.
III.Retort on January 1, 2014 Fund Valuation - Deborah Brigham, Segal Actuarial
Services
Deborah Brigham with Segal Actuarial Services reviewed the summary of the January 2013
valuation compared with the January 2014 valuation. The current amortization period is 49.3
years and the funded ratio is 63.9%. She noted that the conditions have not been met for an ad-
hoc COLA for January 1, 2015 and no ad-hoc COLAs are anticipated until 2031 unless the plan
has more favorable experience than assumed. She briefly discussed GASB Statements 67 and 68
and noted that Aaron Bovos would be discussing these in more detail.
IV.Review the Performance of the Fund - Joelle Mevi,Fund Executive Director/CIO
Ms. Joelle Mevi, Executive Director, presented the Fund Performance Update. The Retirement
Fund Investment portfolio ended the calendar year 2013 with a total fund return of 12.33%
exceeding the Fund's target of 8%. As of June 2014 the total fund market value was $2.120
billion and a calendar year to date return of 6.05 % and a 12 month return of 15.14%
V.Results of Governmental Accounting Standards Board Changes - Aaron Bovos, For
Worth Chief Financial Officer
Mr. Aaron Bovos gave an update on the impacts to the City's financial statements resulting from
the changes related to GASB 67 and 68. This included a review of the fiscal year end 2013
financial statements using the Statement of Net Assets and the Balance Sheets for the Accrual
Funds. He noted that the pension obligation has always existed but with the changes by GASB it
will be reported differently. He also noted that the Fund would implement GASB 67 this year
and the City would implement GASB 68 in 2015. He indicated it would take some time for all
the numbers to sync up. He also noted that GASB was looking at the OPEB liabilities
calculation and disclosure requirements.
VI.Next Meeting - To be determined
The next meeting date will be determined.
VII.Request for Future Agenda Items
There were no requests for future agenda items.
CITY OF FORT WORTH, TEXAS
JOINT FORT WORTH CITY COUNCIL/EMPLOYEES' RETIREMENT FUND BOARD
MEETING
JULY 15,2014
VIII.Adjourn
There being no further business, Mayor Price and Chairman Samuel adjourned the Joint meeting
at 2:33 p.m.
These minutes were approved by the Fort Worth City Council on the 5"' day of August, 2014.
Attest: Approved: r
Mary J. Kase B Price
City Secretary M yor
I
i
I
f
r
f