WILMETTE PARK DISTRICT
 FINANCIAL PLANNING & POLICY COMMITTEE
 MEETING MINUTES


Date:  April 12, 2010 Place: Park District Administration Offices
  
Time:  6:30 p.m.

Attendance: 
Commissioners:  D. Miller, J. Brault, M. Murdock
Staff:  S. Wilson, T. Grisamore
Guests:  B. Lambrecht, J. Bowen,  K. Bingham
             
Agenda Topics:
1. Approval of Minutes
2. Investments
3. Pension Reform
4. Other Business
5. Old Business
6. New Business
 
Discussion Items:

1. The Committee approved the minutes of the March 15, 2010 Committee meeting by General Consent.

2. The Committee reviewed a memo and some charts from staff and Smith Barney in regards to the current investments of the District, the historical cash flow of the District, and current rates of return on various investment items. Staff recommended to the Committee that based on historical cash flow, the District could make an additional investment of $1 million for a limited period of time.  Staff then asked the Committee to consider other investment vehicles beyond FDIC insured certificates of deposits such as US Government Agencies (Freddie and Fannie) since we could invest more and receive a slightly higher rate of return because these are backed by the full faith of the US Government. 

After discussion, the Committee felt it was not worth the marginal increase in rate of return to invest in the US Government agencies due to the bailout that took place recently. The Committee then directed staff to increase the $1 million in additional investments to $2 million since the cash flow analysis indicated this was feasible. Staff agreed the investment would be feasible and agreed to proceed per the direction of the Committee.

3. The Committee then reviewed a memo and information from the Illinois Municipal Retirement Fund (IMRF) in regards to the new state pension reform.  Staff informed the Committee that despite IMRF being a fund that does not have many of the well-publicized problems of the other state funds, it was indeed affected by the reform. 
Staff also informed the Committee that these reform measures do not impact any current or former IMRF-enrolled employees but will impact those employees who were hired in 2011 and beyond. The Committee then discussed some of the effects this reform would have on the District and its employees.

4.  The Committee had no other business to discuss.

5. The Committee briefly discussed old business. 

The meeting adjourned at 6:50 p.m.

Minutes taken by S. Wilson.

MINUTES APPROVED ON APRIL 22, 2010.