HomeMy WebLinkAbout07-25-23 Police Meeting Minutes (1)Galesburg Police Pension Fund Board of Trustees Regular Meeting
Erickson Conference Room,City Hall
55 West Tompkins Street,Galesburg,Illinois
July 25,2023
9:00 a.m.
Call to order by President Chris Hootman at 9:00 a.m.
Present:Chris Hootman,Mike Ingles,Curt Kramer,and Kelli Bennewitz.Absent:Dave
Christensen.Also Present:Alex Courtney,Phyllis Gau,Gloria Osborn,and Wayne Carl.
Mike Ingles moved,seconded by Curt Kramer,to approve the minutes from the January 31,
2023,meeting.The motion passed.
Kelli Bennewitz moved,seconded by Mike Ingles,to approve the following slate of officers:
Chris Hootman --President
Mike Ingles --Vice President
Kelli Bennewitz --Secretary
Dave Christensen --Assistant Secretary
The motion passed.
Alex Courtney,Courtney &Aldrich,LLC,presented a formal financial statement for the fund
ending March 31,2023,since there was no quorum at the last meeting.Total assets at that
time were $28,284,904 and total liabilities were $3,362.The net position-restricted pension
benefits was $28,281,542.
He also presented the financial statement for the fund ending June 30,2023.Total assets were
$30,760,822 and total liabilities were $800.The net position-restricted pension benefits is
$30,760,022.He also provided transaction reports for the periods of January -June 2023.
Curt Kramer moved,seconded by Mike Ingles,to receive the quarterly reports.The motion
passed.
Phyllis Gau presented the Galesburg Police Variable Annuities as of June 30,2023,showing an
ending value of $21,343,799 and a total death benefit of $26,205,764.A copy of the portfolio
review has been attached to this official record.
Other items discussed:
●Year to date,the fund is up 10.30%
●Stocks and bonds were down 20%in October 2022.
●Inflation is coming down,but it is still above 2%.
●The first quarter of 2023 brought positive returns for fixed income and equities.
Galesburg Police Pension Fund Board of Trustees July 25,2023
●Throughout the quarter,equities and fixed income markets were not aligned.
Curt Kramer moved,seconded by Mike Ingles,to approve a Resolution recommending to the
City Council a tax levy of $3,573,722.The motion carried.
New Business:
Kelli Bennewitz moved,seconded by Curt Kramer,to approve the retirement of Deputy Chief
Hostens.The motion passed.
Curt Kramer moved,seconded by Kelli Bennwitz,to approve the admission of new officers
Small,Cudd,Walsten and Escobedo to the Police Pension Fund.The motion passed.
Kelli Bennewitz moved,seconded by Curt Kramer,to approve the readmission of officers
Tapscott,Schlomer and Trulson.The motion passed.
Mike Ingles moved,seconded by Curt Kramer,to receive the resignations of officers Utsinger
and Campbell.The motion passed.
Kelli Bennewitz moved,seconded by Mike Ingles,to adopt a rule to be added to the Rules &
Regulations to transfer any amount over $1 million in the Fund’s local bank account to IPOPIF on
a quarterly basis.The motion passed.
Curt Kramer moved,seconded by Mike Ingles,to approve Resolution 23-01 appointing Chris
Hootman and Kelli Bennewitz as authorized agents for the pension fund for IPOPIF.The motion
passed.
Public Comment
None.
There being no further business,the meeting adjourned at 10:05 a.m.
______________________________________________________________
Chris Hootman,President Kelli R.Bennewitz,Secretary
Galesburg Police Pension Fund Board of Trustees July 25,2023