The meeting was called to order by Adam Goldstein at 4:01 p.m.

 

Adam requested that the order of the agenda be modified to allow the video conference with Jayson to occur sooner. A motion was made by Jeff Moore and seconded by Susan Lindsey to adopt the agenda as modified. The motion passed unanimously.

 

A motion was made by Kelly Shepherd and seconded by Jeff Moore to approve the minutes from the October 3, 2018 Special Trust meeting as written. The motion passed unanimously.

 

Jayson presented the September 30, 2018 Performance Report to the Trustees via video conference. Trust Policy 220, Investment Guidelines, was reviewed with no changes recommended. Jayson said the guidelines are still structured broadly enough to meet ongoing liquidity needs.

 

Jayson reviewed the third quarter 2018 economic and bond market data with the group and said that rates are increasing nicely. More increases are expected before the end of the year, and gradual increases should continue as we move into 2019.

 

Also reviewed were the Certificates of Deposit (CDs) in the portfolio that include interest rate structures from prior purchases. December 2018 is the next maturity date. The portfolio is structured and managed to provide high levels of liquidity to meet unpredictable cash flow needs. Jayson said the portfolio’s overall allocation, credit quality, duration and diversification are consistent with the Trust’s investment objectives and policy, and Becker is adhering to the IPS guidelines.

 

The Trustees discussed the potential move to the SEBB in 2020. Jayson shared possible scenarios for liquidation. He suggested it might be beneficial for the Trust to move investments into a money market fund at some point; however, he is not recommending that at this time. He also noted that they will be reducing their highest fee from $10,000 to $7,000 to reflect the reduction in travel expenses, since they are now conducting video conferences. Becker also has less to monitor as new CDs are not being purchased. Jayson said their rate may decrease again with a move to a money market fund. The Trustees thanked Jayson for providing a clear presentation.

 

Darla reported that financials will be provided once the end-of-the-year is finalized.

 

 

 

The draft Annual Audit Report was previously provided to the Trustees at the September 19, 2018 Trust meeting. Darla reported that the audit was straightforward with no concerns or findings. A motion was made by Jeff Moore and seconded by Gregg Elder to approve the annual audit for the year ended June 30, 2018. The motion passed unanimously.

 

Shelley reviewed the monthly report with the group. She shared a conflict with the annual wellbeing fair and parent-teacher conferences. She modeled this year’s event after last year’s and selected the same time frame. However, the student calendar was not yet set at the time she chose the date and it now conflicts with parent-teacher conferences. She will look into the possibility of moving the date.

 

Randi said open enrollment starts on Friday, October 19. This is a change from the normal start of October 20, which falls on a Saturday. All staff will receive an email on Friday morning with open enrollment information. Randi shared Open Enrollment Q & A Session cards that have been provided to schools to post for staff. Benefits staff will also be presenting the information to groups who have limited opportunity for computer communications or work different shifts, such as transportation, food services, and maintenance.

The website and online system are ready to go. Employees who do not have any changes will not have to do anything. Employees who make changes will do so through Employee Online. Employees who wish to waive coverage will be prompted to email the benefits team for confirmation of that choice. Employees who have flexible spending accounts will be reminded that they are required to sign up each year if they want to enroll in dependent care and/or healthcare flexible spending accounts. Communications will go out each Wednesday until open enrollment closes. Randi noted that superintendent’s cabinet requested that information about the SEBB also be provided to staff.

 

The Trustees reviewed agenda items planned for the November 14, 2018 regular Trust meeting.

 

The meeting was adjourned by Adam Goldstein at 4:52 p.m.

 

Sincerely,

 

 

 

Adam Goldstein

Chair

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