From: Newcomb, Kellee

    Sent: Thu Oct 16 09:17:24 2014

    To: Newcomb, Kellee

    Subject: Attendees: Gregg, Molly, Kelly, Darla, Bev, Susan,

    Importance: Normal

     

    Attendees: Gregg, Molly, Kelly, Darla, Bev, Susan, Bruce Dietrich, Jeff, Jayson, jared

     

    Trust Meeting 10/15/14

     

    Attendees:

     

    call to order at 4:03

     

    agenda adoption motion by kelly and second Gregg by

     

    minutes approval motion by kelly and second by gregg

     

    Financials: monthly financials and annual audit approval

    She introduced Bruce. Darla talked about monthly financials. still with year end and need approved will start to get the other months together for november meeting.

     

    Bruce provided copies of the annual report. said differences due to accural rather than cash which is same as other businesses. he explained what that meant. biggest thing is way cash flow happens.

     

    reviewed the info with the group. new items premiums receivable which representat cobra payments and situations is required to buy part of premium. prepaed like insurance ahead of time. no liabilities under ash method but now have with accrual. reviewed info with the group. deferred rev premiums is the amont the disrict contributes. net assets

     

    explained page 3 talked about chnages for non profits.

     

    reviewed page 4. page 5 explained. notes same as prior years. page 7 explained changes.

     

    Provided letter from him to trustees with his observations. staff easy to work with and provide all that is needed. required to touch on areas. reviewed with the group. kudos to hr and payroll. did not find any accounting numbers that needed adjustments. no earrors or mistakes. other audit findings or issues he explained. darla explained the process that was implemented between hr and accounting os that this does not occur again.

     

    if not changes or questions. motion made by susan gregg seconded to approve. thanked bruce and darla

     

    consultant report Jayson Davidson

    usually come to november but will not be ablel to attend. data does not change with the one month. explained the process. reviewed with the group. jayson explained the note on page 1. reviewed the investment guidelines. he reviewed the changes made to the pollicy at the last year's meeting. jayson said policy language could be more specific and he will propose new languge at the next meeting they attend. doesnt change anything related to current management. molly asked bout the changing back to self insured. doesnt not make a difference. reviewed pages 4 and 5. jayson provided background to jeff on the trusts portfolio.

     

     

    market changed since sept 30. jayson explained why. showing reasonable growth. did have a positive quarter but was not on same pace as aggregate. equity market quarter was not very good.

     

    rreviewed with the group since inception but changed in 2011 numbers dont jive. becker is doing what paid them to do which is beat the bendhmark. gettig a little eztra yyeield out of cds. short duration. deminimis interest rate risk. reviewed page 9. becker ccould be more efficient or more quick with perchases of securities when the cash builds up. had to contact them to ask why the build up. need to get in a better hapbit off doing this more quickly. good news interst rates increase so holding helped. they couuld be more efficient in making purchases. jayson said they get a monthly report whiich is how he is aware of the need to sell. they understand that they need to pay more attention to this. call with them next week. portfolio has suffered from it but need to be diligent. talked about how have thought about moving to a mutal fund but have control with becker if stay away from mutual fund. doing a good job and beating the benchmark.

     

    reviewed page 10 with cds. biggest holdings are largest holdings.

     

    page 13 maturities schedule. page 14 aaa. dont have much risk in this portfoloi interst raate or credit tisk. considered safe portfoloio. reviewed summary and recommendationns. action items: policy could be more clear but no urgency to it. move aaway fro the monthly cash flow expenditures. he will provide some language.

     

    tthanked jayson for coming to explain in person. appreciate monitoring of becker reassurance that his role is important in terms of hwo our funds are managed. molly shared history. talked about what they could do to be less boring. jayson said maybe a conversation with stoel related to the RCWs. shared what he would do. can talk about this more in april wihen becker is here.

     

    Other

    Open enrollment & EAP information...from randi provided flyers. molly sshared about info randi shared. moly asked for futerh clarification from randi regarding cost of printing. waiting to hear back. request from them 35,000. it is a fact of doing busines paid out of hr in past. but would have been helpful to have heads up. no additional info at this time. darla shared possiblity summaries from mercer with all details regarding metlife and every carrier. lot of info and lto of detail.

     

    executive session adjouned at time 5:05 reconvened at time 524 and immediately adjourned.

     

    Adjourned at time ???

     

     

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