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HomeMy WebLinkAboutAgenda Police Pension 041912Agenda City of Palm Beach Gardens Po /ice Officers' Pension Fund MEETING OF APRIL 19, 2012 LOCATION: City Council Chambers' 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 9 AM 1. Call Meeting To Order 2. Roll Call: • Lt. Jay Spencer, Chairman • David Pierson, Secretary • Brad Seidensticker, Trustee • Marc Glass, Trustee • Wayne Sidey, Trustee 3. Presentation of the September 30, 2011 Actuarial Valuation Report - GRS (Steve Palmquist) 4. Investment Manager Report - ICC Capital (Steve Stack) 5. Investment Consultant Report - Thistle Asset Consulting (John McCann) 6. Attorney Report - Law Offices of Perry & Jensen (Bonni Jensen) 7. Administrator Report - Resource Centers (Audrey Ross) 8. Approval of Minutes • December 8, 2011 Special Meeting • January 26, 2012 Regular Meeting 9. Disbursements 10. Benefit Approvals 11. Financial Statements 12. Other Business • Final Approval of the September 30, 2011 Audited Financial Statements 13. Public Comments 14. Adjourn Next Meeting Date: Thursday July 12, 2012 @ 9AM PLEASE NUiE: Should any interested party seek to appeal any decision of this Board with respect to any matter considered at such meeting or hearing, s /he will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact the The Pension Resource Center, LLC no later than four days prior to the meeting. Palm Beach Gardens Police Review of International Equity & Bond Funds March 31, 2012 1. Dreyfus International Bond I (DIBRX) [0.75 %] March 31. 2012 MorningStar Rating: (out of 180 funds over 5- years) Comparative Index: Citi Non US & World Government December 31. 2011 MorningStar Rating: -T�Z (out of 178 funds over 5- years) Comparative Index: Citi Non US & World Government Quarter 1 Year 3 Year 5 Year Fund -0.77% 3.22% 12.27% 10.20% Policy -3.13% 3.93% 6.93% 6.95% Differences 2.36% -0.71% 5.34% 3.25% Universe n/a 67 22 1 December 31. 2011 MorningStar Rating: -T�Z (out of 178 funds over 5- years) Comparative Index: Citi Non US & World Government Excellent rating and review from Morningstar. The fund is managed by David C. Leduc, he has been the portfolio manager since 1995. Brendan Murphy serves as an additional portfolio manager, a position he has held since February 2010.The fund seeks to maximize total return through capital appreciation and income. The fund normally invests at least 80% of assets in fixed - income securities; 65% of assets in non -U.S. dollar denominated fixed - income securities of foreign governments. The fund, at times, may invest up to 25% of assets in emerging markets and up to 5% of assets in any single emerging market country. No change recommended. www.Dreyfus.com Quarter 1 Year 3 Year 5 Year Fund -1.37% 3.43% 9.48% 10.03% Policy -0.48% 5.17% 4.92% 7.23% Differences -0.89% -1.74% 4.56% 2.80% Universe n/a 55 30 1 Excellent rating and review from Morningstar. The fund is managed by David C. Leduc, he has been the portfolio manager since 1995. Brendan Murphy serves as an additional portfolio manager, a position he has held since February 2010.The fund seeks to maximize total return through capital appreciation and income. The fund normally invests at least 80% of assets in fixed - income securities; 65% of assets in non -U.S. dollar denominated fixed - income securities of foreign governments. The fund, at times, may invest up to 25% of assets in emerging markets and up to 5% of assets in any single emerging market country. No change recommended. www.Dreyfus.com PALM BEACH GARDENS POLICE PENSION FUND II Benefit Approvals II Meeting of April 19, 2012 APPLICATION TO ENTER THE DROP JOHN BOYLE DATE OF BIRTH DATE OF HIRE DATE OF TERMINATION AGE AT RETIREMENT YEARS AT SERVICE FORM OF BENEFIT MONTHLY BENEFIT AMOUNT SUPPLEMENTAL BENEFIT 01/03/1964 11/08/1989 09/15/2011 47 YRS & 8 MTHS 21 YRS & 10 MTHS 10 YEAR CERTAIN $6,801.18 $ 262.50 APPLICATION FOR DISTRIBUTION OF DROP ACCOUNT (May 15, 2012 Disbursement) MARTIN GREEENBERG DATE OF RETIREMENT DATE OF BIRTH TYPE OF DISTRIBUTION TOTAL GROSS DISTRIBUTION TAX WITHHOLDING (20 %) TOTAL NET DISTRIBUTION CURRET DROP ACCOUNT BALANCE 12/29/2011 04/24/1948 PARTIAL LUMP SUM -CASH $5,000.00 $1,000.00 $4,000.00 $231,399.27 APPROVED: , CHAIRMAN SECRETARY --------- - - - - -- -- - - - - -� DATE W O a W V /•IY� W •Y a sN U 0 U N �LL m O CO N 1.0 0) Ln CO O Ln O Ln m N N O O O N N 0000 + I + I r*l C) O 0) CO 0) +--i N O 0) N 0) O Ln N NIll- 't I'0 0't m 0000 O N N� 0 M �. 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PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com MEMORANDUM To: Board of Trustees Palm Beach Gardens Police Officers' Retirement Trust Fund From: Bonni S. Jensen Subject: Palm Beach County Ethics Opinion - Reconsideration of RQO 11 -060 Date: April 11, 2012 Attached is the Palm Beach County Commission on Ethics ( "PBC Commission ") Opinion clarification of RQO 11 -060 regarding pension trustees. Also enclosed is a copy of RQO 11 -060. In response to a request from the Boca Police and Firefighters Retirement System Board of Trustees, the letter clarifies 5 issues related to Pension Fund Trustees: • Appointed Pension Trustees are "officials" under the Palm Beach County Ethics Law. • Financial misuse of office provisions apply only to the misuse of office and do not affect the mere status of a relationship between a Trustee and a person or entity enumerated in the law. • The prohibited contractual relationships provisions address contracts between the municipality and an "official" in an outside business or employer capacity. Thus, a volunteer trustee is not prohibited from having dealings with a city or county vendor. • Provisions prohibiting the acceptance of travel expenses may be waived by the governing body. • The prohibition against soliciting or accepting gifts from vendors only applies to advisory board members. The appointed Trustees who are officials are volunteer officials and are not advisory board members. However, these Board members must still follow state law reporting requirements of Form 9 and file the Form 9 with the PBC Commission. The letter does not address the situation, but I also believe that "officials" who are volunteer officials need to apply the $100 per year per vendor requirement to gifts from vendors or lobbyists of the municipality or county. 400 EXECUTIVE CENTER DRIVE, SUITE 207•:• WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 a Fx: 561.686.2802 urt+xwnawn Board of Trustees Palm Beach Gardens Police Officers' Retirement Trust Fund Palm Beach County Ethics Opinion - Reconsideration of RQO 11 -060 April 11, 2012 These clarifications apply only to non - employee Trustees. Please add this item for discussion to your next meeting agenda. If you have any questions in the meantime, please contact me. HAM Miscellaneous\ALL BOARDS\2012 \Letter to Robert Sugarman 3 -26 -12 memo.wpd March 26, 2012 Commissloners Manuel Faraeh, chair Palms Beach County Robin N.Edward Rodgers y i Ronald E. Harbison Commission on Ethics Daniel T. Galo Robert Sugarman, Esquire Sugarman & Susskind 100 Miracle Mile, Suite 300 Coral Gables, FL 33134 Executive Director Alan S. Johnson Re: City of Boca Raton Police & Firefighters' Retirement System Request for Reconsideration on Ethics Opinion - RQ011 -060 Dear Mr. Sugarman, I am in receipt of your letter of March 15, 2012 regarding the above Commission on Ethics decision. In general terms, I would like to respond to a few of the legal interpretations you submitted for COE review. First, regarding the status of appointed trustees, the §2 -442 definition of official Is as follows: Officio/ or employee means any.official or employee of the county or the municipalities located within the county, whether paid or uhpaj�l,. The term ."emp /ogee'; ,includes but is not limited to all managers,. department head; and personnel of.. county or the municipalities located k.lthin"the.county. The term also includes contract' personnel and, contract. a dm inistrators.:performing a government function, and chief executive .officer who is not part of the local governing.body. The term "official" shall mean members of the board of county commissioner's, a mayor, members of local municipal governing bodies, and members appointed by the board of county commissioners, members of local municipal governing bodies or mayors or chief executive officers that are not members of local municipal governing body, as applicable, to serve on any advisory, quasi judicial, or any `other board of the county, state, or any other regional, local, municipal, or corporate entity. (emphasis added) The term "official" is not limited to elected officials. Any person appointed by a municipal body "to serve on any board of the county, state, or any other regional, local, municipal, or corporate entity" is an official as defined by the code. As indicated in RQ0 11 -060, your Trustees are appointed by a municipal governing body: Second, the code provisions dealing with financial misuse of office only apply to misuse of the position. If an official has a conflict as described in §2- 443(a)(b) or (c), it is the use of their position that triggers a code violation. An official may not use their official position to benefit certain enumerated persons or entities. If it involves an issue coming before the board, an official must abstain and not participate. The mere status of a relationship with no official action does not trigger anything under these sections. Third, §2- 443((d), the code provision dealing with prohibited contractual relationships,. deals with an official who has contracts with the municipality he or she serves,, directly or through their outside business or employer. It does not encompass relationships with customers or,.elients of the official who may have contracts with the municipality. It is true that some exceptions and waiverS.under this provision apply. to advisory board members only and may be significant to your clients. 2633 Vista Parlcway, West Palm Beach, FL 33411 561.233,0724 FAX: 561.233.0735 Hotline: 877.766.5920 E -mail: ethics ®palmbeachcountyethics.com Website: palmbeachcountyethics.com Fourth, §2- 443(f) prohibitions regarding accepting travel expenses from vendors or lobbyists of the municipality may be waived by the governing body. This section applies to officials and by extension, to advisory board members. Lastly, regarding the gift law, the vendor /lobbyist prohibition in §2- 444(b) against soliciting or accepting a gift valued at more than $100, annually in the aggregate, only applies to advisory board members soliciting or accepting gifts from vendors or lobbyists who lobby their board or the department under the board's authority. The code does not extend this prohibition to volunteer officials who are not advisory board members. While this may have been an oversight in drafting, the language of the code is clear. Likewise, under §2- 444(c), no advisory board member may knowingly solicit a gift of any value from a vendor or lobbyist who lobbies his or her board or the municipal department subject to the board's authority if the gift is for the personal benefit of the board member, his or her family or another board member. Again, this prohibition does not apply to volunteer officials who are not advisory board members. The gift law reporting requirements exclude state reporting individuals as per §2- 444(f)(1). State reporting individuals must comply with state law and the code only requires a copy of the state form be sent to the COE. In fact, the state reporting requirements are more stringent than the code provisions, applicable to non state reporting individuals, which contain numerous exclusions not afforded to state reporting persons. It is my understanding that your clients are state reporting individuals. Insofar as your request for reconsideration of ROO 11 -060, specifically the issue of whether the Board of Trustees is an advisory board, the matter will be placed on the May, agenda for discussion. On the one hand, §175,061(4)(Florida Statutes) states that the Board of Trustees shall be a legal entity with, in addition to other powers and responsibilities contained herein, the power to bring and defend lawsuits of every kind, nature, and description. Of additional significance, the municipality does not share vendors, supplies, staff or pay employees of the pension plans. Pension plan employees are not eligible for City benefits such as the retirement system or health insurance. In this context, the pension board is a separate entity and not sufficiently connected to the City to constitute an advisory board as defined in §2 -442 of the Palm Beach County Code of Ethics. On the other hand, as you pointed out in your letter request, it Is established by municipal ordinance, as defined in §175.032, Florida Statutes. Nevertheless, while established by municipal ordinance, these entities are created by state statute and while local law plans are not required to follow the uniform requirements established in chapters 175 and 185, they must at the very least meet the minimum benefits and standards as provided by state law. As you requested, this Issue will be placed before the COE for reconsideration on May 3, 2012. In the meantime, I welcome any additional Input from you on this issue. As always, should you have any further questions or concerts plQse feel free to contact me. Director AS1 /ga I 2633 Vista Parkway, West Palm Beach, FL 33411 361.233.0724 FAX: 561.233.0735 Hotline: 877.766.5920 E -mail: ethics @palmbeacheountyethics.com QTPhaitixi nalmhParh�nnnt.vPthii-.c.enm C Commissioners h Edward Rodgers, Chair 1,4 G.c Manuel Farach, Vice Chair Robin N..Flore Commission Ethics Ronald Bruee E. Reinhart September 6, 2011 Bob Sugarman, Esquire Sugarman & Susskind 100 Miracle Mile, Suite 300 Coral Gables, FL.33134 Re: RQO11 -060 Gift Law /Travel Expenses Dear Mr. Sugarman, Executive Director Alan S. Johnson The Palm Beach County Commission on Ethics (COE) considered your request for an advisory opinion, and rendered its opinion at a public meeting on September 1, 2011. YOU ASKED in your submission dated July 18, 2011 whether Trustees of the City of .Boca Raton Police and Firefighters' Retirement System (BRPFRS) are subject to the jurisdiction of the Palm Beach County Commission on Ethics and Code of Ethics. To the extent that trustees are subject to the code, what are their.duties and responsibilities regarding BRPFRS related seminars and conferences? IN SUM, while the BRPFRS is not an "advisory board" as defined under the Code of Ethics, trustees appointed by the Boca Raton City Council are considered "officials." Five of the 8 BRPFRS Trustees are employees of Boca Raton. Their decisions impact the city budget and they are paid a city salary while engaged in BRPFRS activities during working hours. Therefore, the Commission on Ethics finds there to be sufficient nexus between a trustee's public employment and the BRPFRS to place them, as public employees, within the, jurisdiction of the sections of the Code of Ethics dealing specifically with financial and corrupt misuse of office issues. For trustees who are either "officials" (appointed by the Boca Raton City Council) or public employees (elected by fellow employees), code sections involving acceptance of travel expenses apply only where the travel expenses or gifts involve vendors, contractors, bidders, proposers, service providers who do business with the City of Boca Raton. Likewise, the $100 gift limitation involving the solicitation or acceptance of gifts only applies to vendors or lobbyists who lobby, sell or lease to the City. These regulations do not extend to those doing business exclusively with the BRPFRS, which is not a board created by the City. However, any non - prohibited gift accepted by a City of Boca Raton employee or official in excess of $100 is reportable pursuant to the annual reporting requirements of the Code of Ethics. Lastly, no gift of any value may be accepted by a trustee who is a public official or public employee in exchange for the performance or non - performance of an official act or legal duty. THE FACTS as we understand them are as follows: 2633 Vista Parkway, West Palm Beach, FL 33411 561.233.0724 FAX: 561.233.0735 Hotline: 877.766.5920 E -mail: ethics @pahnbeachcountyethics.com Website: palmbeachcountyethics.com The City of Boca Raton Police and Firefighters' Retirement System (BRPFRS) was established by Chapter 12, Article IV of the Boca Raton Code and Chapters 175 and 185 of the Florida statutes, to provide retirement benefits to the police officers and firefighters employed by and retired from the City of Boca Raton (the City). Eight trustees serve the BRPFRS; four are city residents appointed by the city council and four are city employees (two police officers and two firefighters) who are elected by their co- workers. Currently, five of the trustees are city employees. Section 112.661(4), Florida Statutes, requires trustees of public pension funds to complete continuing education requirements. It is the policy of the BRPFRS to pay any registration fee and travel expenses incurred in association with these conferences. City employees are paid by the City for time spent on BRPFRS matters during regular working hours. Opal Financial Group ( "Opal ") is a private business that coordinates institutional investment conferences throughout North America and Europe. These events are designed for High- Net -Worth Individuals and executives in Corporate Pension Funds, Endowments, Public Funds, Family Offices, Foundations, Taft - Hartley Funds, Financial Planning Firms, 401 (k) Plans, Investment Consultancies, Hedge Funds, Investment Banks, Brokerage Firms, Law Firms and Accounting Firms. There is no fee to attend the public fund conferences for any pension board member nationwide. An Opal representative confirmed that conference sponsors and potential service providers cover the cost of the conference so that Public Pension Board Trustees may attend free of charge. Opal itself does not have contracts with or provide goods or services to the City of Boca Raton; however, sponsors of Opal events or other similar conferences may be vendors of the city. A city - council appointed trustee, who is not an employee, volunteers to serve as chair of several of the conferences Opal presents. As chair, he or she presides over the conference and reviews the conference program. While not directly compensated for the role as chairman, Opal reimburses or pays travel expenses to attend the conference. Effective July 1, 2011, local government sponsors of defined benefit pension plans, in this case, the City, may not reduce contributions required to fund the normal cost of the plan. Senate Bill 1128, which made a series of changes to Florida's local government defined benefit retirement plans, requires that the employer is responsible for funding the "normal cost" even if plan investment losses require that the employer contribute a greater percentage per employee. THE LEGAL BASIS for this opinion is found in the following relevant sections of the revised Palm Beach County Code of Ethics: Section 2 -442 defines Advisory board to mean "any advisory or quasi- judicial board created by the board of county commissioners, by local municipal governing bodies, or by the mayors who serve as chief executive officers... of local municipal governing bodies." While the BRPFRS is governed by local ordinance, the board is authorized by state statute. It is not "created by" the local municipal governing body and is, therefore, not an advisory board. Section 2 -442 defines "officials" as "... members appointed by the board of county commissioners, members of local municipal governing bodies or mayors or chief executive officers that are not members of (a) local municipal governing body, as applicable, to serve on any advisory quasi - judicial, or any other board of the county, state or any other regional, local, municipal, or corporate entity." City appointees are therefore officials and are subject to the Code of Ethics in as much as they represent the interests of the legislative body that appointed them, the City Council of Boca Raton. However, 2633 Vista Parkway, West Palm Beach, FL 33411 561.233.0724 FAX: 561.233.0735 Hotline: 877.766.5920 E -mail: ethics @palmbeachcountyethics.com Website: palmbeachcountyethics.com employee trustees, elected by employees and not a Code of Ethics as officials. Employee members of the board are subject to the requir the City. While the BRPFRS is a separate and semi - autono underfunded, the city is partially responsible for remedyint Bill 1128. In addition, time spent on BRPFRS matters duri the City. The fiscal responsibility incurred by the trustee's City salary for BRPFRS matters provides a sufficient nexus trust activity to incur limited jurisdiction over the BRPFRS T Section 2-443 Prohibited Conduct d by the City Council, are not subject to the ments of the code of ethics as employees of sous entity from the city, should the plan be the deficit under the requirements of Senate ig normal business hours is compensated by iublic employer coupled with the payment of ►etween the public employment and outside ustees who are also employees of the City. (a) Misuse of public office or employment. An officia I or employee shall not use his or her official position or office, or take or fail to take any action, r influence others to take or fail to take any action, in a manner which he or she knows or shoe. will result in a special financial benefit,'not sho general public, for any of the following persons or (1) Himself or herself; (2) A member of his or her household, including a or the employer or business of any of these pei (3) A sibling or step- sibling, child or step- child, par aunt, or grandparent or grandchild of either I domestic partner, or the employer or business (4) An outside employer or business of his or her: or someone who works for such outside emplo (5) A customer or client of the official or employe( (6) A substantial debtor or creditor of his or hers, "substantial" for these purposes shall mean at not include forms of indebtedness, such as a official or employee and a financial institution; (7) A nongovernmental civic group, union, social, he or she (or his or her spouse or domestic par know with the exercise of reasonable care d with similarly situated members of the estic partner and his or her dependents, nt or step-parent, niece or nephew, uncle or mself or herself, or of his or her spouse or IF any of these people; or of his or her spouse or domestic partner, ar or business; of his or her spouse or domestic partner - st ten thousand dollars ($10,000) and shall ortgage and note, or a loan between the e, or religious organization of which is an officer or director. Trustees appointed by the Boca Raton City Council are co sidered "officials" and may not take, fail to take or influence others to take or fail to take any action that would result in a special financial benefit to any of the above persons or entities. Likewise, under 2- 443(c) these officials may not vote on any matter that would result in a special financial benefit to tho a same individuals and other entities. As for those Boca Raton employees who are not "offici Is" as defined by the code (those trustees elected by their co- workers), they too may not use their official position to obtain a special financial benefit for those persons and entities listed above, that ard not shared with similarly situated members of the general public. In this instance, employee- trustees ire eligible to sit on the board as a result of their employee status and decisions they make as trust es have a financial effect on their public employer. Section 2- 443(d) prohibits officials and employees from a tering into contracts with the City of Boca Raton, unless one of several exceptions applies. Trustees a not prohibited, by the Code of Ethics, from 2633 Vista Parkway, West Palm Beach, FL 33411 561.233.0724 FAX: 561.233.0735 Hotline: 877.766.5920 E -mail: ethics@])almbeachcountyethics.com Website: palmbeachcoun yethics.com entering into contracts to provide goods or services to the.BRPFRS by the code. The COE cannot opine as to any other rules, regulations or state statutes that may limit such a contract. Section 2- 443(f) Accepting travel expenses. No official or employee shall accept, directly or indirectly, any travel expenses including, but not limited to, transportation, lodging, meals, registration fees, and incidentals from any county or municipal contractor, vendor, service provider, bidder 'or proposer as applicable. The board of county commissioners of local municipal governing body as applicable may waive the requirements of this subsection by a majority vote of the board or local municipal governing body. The provisions of this subsection shall not apply to travel expenses paid by other governmental entities or by organizations of which the county or municipality as applicable is a member if the travel is related to that membership. Trustees of the BRPFRS (officials and employees) cannot accept travel expenses from a "contractor, vendor, service provider, bidder or proposer" of the City without obtaining a waiver from the City Council. There is no similar prohibition involving contractors, vendors, etc. of the BRPFRS who are not also doing business with the City. Trustees must keep in mind that complimentary registration at educational conferences is funded by sponsorship dollars and the situation presented by the trustee who chairs the conference is no different. Should a vendor of the City also be a sponsor of one of these educational conferences, reimbursement of travel expenses would be considered an indirect payment of those expenses by the City vendor. In that case, trustees must apply for a waiver from the City Council in order to attend the conference. Section 2 -444. Gift Law Section 2- 444(g) defines a gift as the transfer of anything of economic value, including hospitality, food and drink. Section 2- 244(a) prohibits a public employee from soliciting or accepting, directly or indirectly, "a gift with a value of greater than one hundred dollars $100 in the aggregate for the calendar year from any person or business entity that... is a vendor, lobbyist or any principal or employer of a lobbyist who lobbies, sells or leases to the ... municipality." Section 2 -442 defines a vendor as a person or entity who sells or leases goods or real or personal property to the City or a person or entity with a pending bid proposal or an offer to sell or lease goods or real or personal property. There is no such prohibition for "officials" who are not members of an advisory board or elected members of the county or a municipal body. Since the BRPFRS is not an "advisory board" as defined under the code, this prohibition only extends to vendors or lobbyists who lobby, sell or lease to the City. Likewise, the prohibition against soliciting anything of value from a vendor or lobbyist does not apply to vendors or lobbyists of BRPFRS. Lastly, permissible gifts of a value in excess of $100 must be reported pursuant to §2- 444(f) of the code. Notwithstanding that the prohibitions of §2- 443(a) may not apply to vendors and lobbyists of BRPFRS, City employees and officials are still subject to §2- 444(e) in the performance of an official act or legal duty related to their status as a City employee or official. Section 2- 444(e) states as follows: No person or entity shall offer, give, or agree to give an official or employee a gift, and no official or employee shall accept or agree to accept a gift from a person or entity, because of: (1) An official public action taken orto betaken, or which could betaken; (2) A legal duty performed or to be performed or which could be performed; or 2633 Vista Parkway, West Palm Beach, FL 33411 561.233.0724 FAX: 561.233.0735 Hotline: 877.766.5920 E -mail: ethics @palmbeachcountyethics.com Website: palmbeachcountyethics.com (3) A legal duty violated or to be violated, or which could be violated by any official or employee. Based on the facts you have submitted, there may vendors of the BRPFRS who are present at the conference that are not vendors of the City. Keeping in mind the misuse of office section discussed above, and the prohibition against accepting anything of value as a quid pro quo for the performance of your job, trustees are not prohibited from accepting gifts of any value from non - vendors, lobbyists, principals or employers of lobbyists who do not ;lobby, sell or lease to the City, but must report the gift should its value exceed $100. Continuing education travel expenses provided by vendors of the City, properly waived. under §2- 443(f), or travel expenses paid by the pension plan, are exempted under §2 - 444(g).(1)h., from the reporting requirements of the gift law so long as attendance is related to an official or employee's duties and responsibilities as a BRPFRS Trustee. IN SUMMARY, employees and officials of the City of Boca Raton are required to comply with the Palm Beach County Code of Ethics. Although the BRPFS is not' an advisory board under the code, trustees appointed by the City Council are considered officials: Employees /trustees who are elected by other employees still maintain their status as City employees and must comply with the Code of Ethics when acting in an official capacity for the City. limitations and prohibitions relating to the solicitation or acceptance of gifts only apply to vendors, lobbyists, principals and employers of lobbyists who lobby, lease or sell to the City, however, no gift may be accepted in exchange for the past, present or future performance of their official duties as employees or officials of the City. Travel reimbursement from vendors of the City may be accepted provided the trustee obtains a waiver from the City Council. Any gifts, not otherwise prohibited, in excess of $100 must be reported on an annual gift report. Travel reimbursement associated with educational or governmental conferences or seminars, properly waived if required, does not need to be reported. This opinion construes the Palm Beach County Code of Ethics Ordinance, but is not applicable to any conflict under state law. Inquiries regarding possible conflicts under state law should be directed to the State of Florida Commission on Ethics. Please feel free t.Sontact me at (561) 233 -0724 should you have any further questions in this matter. Sincerely AT-an S. Johnson, Executive Director ASJ /mr /ga I 2633 Vista Parkway, West Palm Beach, FL 33411 561.233:0724 FAX: 561.233.0735 Hotline: 877.766.5920 E -mail: ethics @palmbeachcountyethics.com Website: palrnbeachcouncyethics.com THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H. PERRY BONNI SPATARA JENSEN aperry@perryjensenlaw.com bsjensen @perryjensenlaw.com MEMORANDUM To: Board of Trustees Palm Beach Gardens Police Officers' Retirement Trust Fund From: Bonni S. Jensen ,1(7) Subject: State Law Update - Revisions to Exemptions from Public Records Date: April 13, 2012 Effective October 1, 2012, the provisions of Florida Statutes §119.071 are amended. A new provision of the law defines "telephone numbers" (which were already exempt) to include: the numbers associated with the home phone, personal cell phones, personal pagers and other telephone numbers associated with personal communication devices. Additionally, the new law expands the exemptions from public records information regarding personnel to include dates of birth for: • Current and former sworn or civilian law enforcement personnel, their spouses and children; • Current and former firefighters, their spouses and children: • Current and former justices and judges of the state courts, their spouses and children; • Current and former state attorneys, their spouses and children; • Current and former general and special magistrates, judges of compensation claims and administrative law judges, their spouses and children; • Current and former human resource, labor or employees relations directors, assistant directors, managers or assistant managers of any local government agency or water management district which duties include hiring and firing employees, labor contract negotiations, administration or other personnel - related duties, their spouses and children; • Current and former code enforcement officers, their spouses and children; • Current and former guardians ad litem, their spouses and children; • Current and former juvenile probation officers and related personnel, their spouses and children; and • Current and former public defenders and conflict counsel, their spouses and children. 400 EXECUTIVE CENTER DRIVE, SUITE 207•: WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 a Fx: 561.686.2802 Board of Trustees Palm Beach Gardens Police Officers' Retirement Trust Fund State Law Update - Revisions to Exemptions from Public Records April 13, 2012 I recommend two actions as a result of this law: 1. Make sure that members of staff for the pension fund are aware of the expansion of the exemption of the public records law to include the date of birth information and the definition of telephone number to include all phone numbers; and 2. Update the request for confidentiality form to include date of birth. Please add this item for discussion to your next meeting agenda. If you have any questions, please contact me. i I F L O R I D A H O U S E O F ENROLLED CS/HB 629, Engrossed 1 1 R E P R E S E N T A T I V E S 2012 Legislature 2 An act relating to public records; amending s. 3 119.071, F.S.; including dates of birth within the 4 types of personal identifying information of specified 5 agency personnel and the spouses and children of such 6 personnel that are exempt from public records 7 requirements under s. 119.071(4)(d), F.S.; clarifying 8 an exemption for personal identifying information of 9 active or former law enforcement personnel and the 10 spouses and children thereof; revising the exemption 11 for personal identifying and location information of 12 justices of the Supreme Court, district court of 13 appeal judges, circuit court judges, and county court 14 judges, and the spouses and children of such justices 15 and judges, to include former justices of the Supreme 16 Court, district court of appeal judges, circuit court 17 judges, and county court judges-, and the spouses and .18 children thereof; providing for retroactive 19 application of the exemptions; providing for future 20 legislative review and repeal of the exemptions; 21 defining the term "telephone numbers "; providing a 22 statement of public necessity; providing an effective. 23 date. 24 25 Be It Enacted by the Legislature of the State of Florida: 26 27 Section 1. Paragraph (d) of subsection (4) of section 28 119.071, Florida Statutes, is amended to read: Page 1 of 9 CODING: Words wee are deletions; words underlined are additions. hb0629 -03-er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CSIHB 629, Engrossed 1 2012 Legislature 29 119.071 General exemptions from inspection or copying of 30 public records. - 31 (4) AGENCY PERSONNEL INFORMATION. - 32 (d)l. For purposes of this paragraph, the term "telephone 33 numbers" includes home telephone numbers, personal cellular 34 telephone numbers, personal pager telephone numbers, and 35 telephone numbers associated with personal communications 36 devices. 37 2.a. -The home addresses, telephone numbers, social 38 security numbers, dates of birth, and photographs of active or 39 former sworn or civilian law enforcement personnel, including 40 correctional and correctional probation officers, personnel of 41 the Department of Children and Family Services whose duties 42 include the investigation of abuse, neglect, exploitation, 43 fraud, theft, or other criminal activities, personnel of the 44 Department of Health whose duties are to support the 45 investigation'of child abuse or neglect, and-personnel of the 46 Department of Revenue or.local governments whose 47 responsibilities include revenue collection and enforcement or 48 child support enforcement; the.home addresses, telephone 49 numbers, social security numbers, photographs, dates of birth, 50 and places of employment of the spouses and children of such 51 personnel; and the names and locations of schools and day care 52 facilities attended by the children of such personnel are exempt 53 from s. 119.07(1). 54 b. The home addresses, telephone numbers, dates of birth, 55 and photographs of firefighters certified in compliance with s. 56 633.35; the home addresses, telephone numbers, photographs, Page 2 of 9 CODING: Words stris#en are deletions; words underlined are additions. hb0629 -03 -er n I F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CSIHB 629, Engrossed 1 2012 Legislature 57 dates of birth, and places of employment of the spouses and 58 children of such firefighters; and the names and locations of 59 schools and day care facilities attended by the children of such 60 firefighters are exempt from s. 119.07(1). 61 C. The home addresses, dates of birth, and telephone 62 numbers of current or former justices of the Supreme Court, 63 district court of appeal judges, circuit court judges, and 64 county court judges; the home addresses, telephone numbers, .65 dates of birth, and places of employment of the spouses and 66 children of current or former justices and judges; and the names 67 and locations of schools and day care facilities attended by the 68 children of current or former justices and judges are exempt 69 from s. 119.07(1). 70 d. The home addresses, telephone numbers, social security 71 numbers, dates of birth, and photographs of current or former 72 state attorneys, assistant state attorneys, statewide 73 prosecutors,-or assistant statewide prosecutors; the home 74 addresses, telephone numbers, social security numbers, 75 photographs, dates of birth, and places of employment of the 76 spouses and children of current or former state attorneys, 77 assistant state attorneys, statewide prosecutors, or assistant 78 statewide prosecutors; and the names and locations of schools 79 and day care facilities attended by the children.of current or 80 former state attorneys, assistant state attorneys, statewide 81 prosecutors, or 'assistant statewide prosecutors are exempt from 82 s. 119.07(1) and s. 24(a), Art. I of the State Constitution. 83 e. The home addresses, dates of birth, and telephone 84 numbers of general magistrates, special magistrates, judges of Page 3 of 9 CODING: Words GtkkeR are deletions; words underlined are additions. hb0629 -03 -er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS/H8 629, Engrossed 1 2012 Legislature 85 compensation claims, administrative law judges of the Division 86 of Administrative Hearings, and child support enforcement 87 hearing officers; the home addresses, telephone numbers, dates 88 of birth, and places of employment of the spouses and children 89 of general magistrates, special magistrates, judges of 90 compensation claims, administrative law judges of the Division 91 of Administrative Hearings, and child support enforcement 92 hearing officers; and the names and locations of schools and day 93 care. facilities attended by the children of general magistrates, 94 special magistrates, judges of compensation claims, 95 administrative law judges of the Division of Administrative 96 Hearings, and child support enforcement hearing officers are 97 exempt from s. 119.07(1) and s. 24(a), Art. I of the State 98 Constitution if the general magistrate, special magistrate, 99 judge of compensation claims, administrative law judge of the 100 Division of Administrative Hearings, or child support hearing 101 officer provides a written statement that the general 102 magistrate, special magistrate, judge of compensation claims, 103 administrative law judge of the Division of. Administrative 104 Hearings, or child support hearing officer has made reasonable 105 efforts to.protect such information from being accessible 106 through other means available to the public. This sub= 107 108 , and shall stand repealed en 109 Oeteber 2, 2013, unless reviewed and saved ffefa r-epeal thfeuEJ4-r 110 reenaeti}ent by the 1eq-ielaure . 111 f. The home addresses, telephone numbers, dates of birth, 112 and photographs of current or former human resource, labor Page 4 of 9 CODING: Words strie#ee are deletions; words underlined are additions. hb0629 -03 -er G i F L O R I D A H 0 U S E O F R E P R E S E N T A T I V E S ENROLLED CS /HB 629, Engrossed 1 2012 Legislature 113 relations, or employee relations directors, assistant directors, 114 managers, or assistant managers of any local government agency 115 or water management district whose duties include hiring and 116 firing employees, labor contract negotiation, administration, or 117 other personnel - related duties; the names, home addresses, 118 telephone numbers, dates of birth, and places of employment of 119 the spouses and children of such personnel; and the names and 120 locations of schools and day care facilities attended by the 121 children of such personnel are exempt from s. 119.07(1) and s. 122 24(a), Art. I of the State Constitution. 123 g. The home addresses, telephone numbers, dates of birth, 124 and photographs of current or former code enforcement officers; 125 the names, home addresses, telephone numbers, dates of birth, 126 and places of employment of the spouses and children of such 127 personnel'; and the names and locations of schools and day care 128 facilities attended by the children of such personnel are exempt 129 from s. 119.07(1) and s. 24(a), Art. I of the -State .130. Constitution. 131. h. The home addresses, telephone numbers, places of 132 employment, dates of birth, and photographs of current or former 13.3 guardians ad litem., as defined in s. 39.820; the names, home 134 addresses, telephone numbers, dates of birth, and places of 135 employment of the spouses and children of such persons; and the 136 names and locations of schools and day care facilities attended 137 by the children of such persons are exempt from s. 119.07(1) and 138 s. 24(a), Art. I of the State Constitution, if the guardian ad 139 litem provides a written statement that the guardian ad litem 140 has made reasonable efforts to protect such information from Page 5 of 9 CODING: Words stfiskee are deletions; words underlined are additions. hb0629 -03 -er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS /HB 629, Engrossed 1 2012 Legislature 141 being accessible through other means available to the public. 142 This age- a-ph -3 = =,ub; ec- t te the -- Ope��r- sffften- t - Sun �� 143 Review Aet in aeeer-danee with a. 119.15 and shall 5tand repea9zed 144 , 145 through-- reenae-tment by he - e,is__..are 146 i. The home addresses, telephone numbers, dates of birth, 147 and photographs of current or former juvenile probation 148 officers, juvenile probation supervisors, detention 149 superintendents, assistant detention superintendents, juvenile 150 justice detention officers I and II, juvenile justice detention 151 officer supervisors, juvenile justice residential officers, 152 juvenile justice residential officer supervisors I and II, 153 juvenile justice counselors, juvenile justice counselor 154 supervisors, human services counselor administrators, senior 155 human services counselor administrators, rehabilitation 156 therapists, and social services counselors of the Department of 157 Juvenile Justice; the names, home addresses, telephone numbers, 158 dates of birth., and places of employment of spouses and .children 159 of such personnel; and the names and locations of schools and 160 day care facilities attended by the children of such personnel 161 are exempt from s. 119.07(1) and s. 24(a), Art. I of the State' 162 Constitution. 163 j.. The home addresses, telephone numbers, dates of birth, 164 and photographs of current or former public defenders, assistant 165 public defenders, criminal conflict and civil regional counsel, 166 and assistant criminal conflict and civil regional counsel; the 167 home addresses, telephone numbers, dates of birth, and places of 168 employment of the spouses and children of such defenders or Page 6 of 9 CODING: Words stFieeR are deletions; words underlined are additions. hb0629 -03 -er I F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CS /HB 629, Engrossed 1 2012 Legislature 169 counsel; and the names and locations of schools and day care 170 facilities attended by the children of such defenders or counsel 171 are exempt from s. 119.07(1) and s. 24(a), Art. I of the State 172 Constitution. 173 Gevernment Sunset Review Aet in aeeer-danee with s. 119.15 and 174 shall stand fepealed- -en GetebeE 2, 201-51 idimless = review-cd and 175 saved -freest repeal - threughfe-enaetfftent -b the Legislature. 176 3.�- An agency that is the custodian of the information 177 specified in subparagraph 2. -1 and that is not the employer of 178 the officer, employee, justice, judge, or other person specified 179 in subparagraph 2. 4= shall maintain the exempt status of that 180 information only if the officer, employee, justice, judge, other 181 person, or employing agency of the designated employee submits a 182 written request for maintenance of the exemption to the 183 custodial agency. 184 4. The exemptions in this paragraph apply to. information 185 held -by an agency before, on, or after the effective date of the 186 exemption. 187 5. This paragraph is subject to the Open Government Sunset 188 Review Act in accordance with s. 119.15, and shall stand 189 repealed on October 2, .2017,* unless reviewed.and saved from 190 repeal through reenactment by the Legislature. 191 Section 2. (1) It is the finding of the Legislature that 192 the dates of birth of agency personnel enumerated in s. 193 119.071(4)(d), Florida Statutes, and of the spouses and children 194 of such personnel be included within the types of identification 195 and location information for such agency personnel and the 196 spouses and children thereof that are exempt from public record Page 7 of 9 CODING: Words 6#i4ee are deletions; words underlined are additions. hb0629 -03 -er F L O R I D A H O U S E O F R E P R E S E N T A T I V E S ENROLLED CSIHB 629, Engrossed 1 2012 Legislature 197 requirements under s. 119.071(4)(d), Florida Statutes. It is the 198 finding of the Legislature that date of birth information can be 199 used as a tool to perpetuate fraud against an individual and to 200 acquire sensitive personal, financial, medical, and familial 201 information, the release of which could cause great financial 202 harm to an individual. It is also the finding of the Legislature 203 that, with respect to the existing exemptions from public record 204 requirements for the telephone numbers of agency personnel 205 enumerated in s. 119.071(4)(d), Florida Statutes, and the 206 telephone numbers of the spouses and children of such personnel, 207 the term "telephone number" should be defined and clarified to 208 include personal pager numbers. Personal pager numbers are 209 another means by which any of the agency personnel enumerated in 210 s. 119.071(4)(d), Florida Statutes, and the spouses and children 211 of such personnel, could potentially be identified, located, and 212 put at ,risk. 213 (2) It is the further finding .of.the Legislature that 214 specified identification and location information for former 215 justices of the Supreme Court, district court of appeal judges, 216 circuit court judges, and county court judges, and for the 217 spouses and children of such former justices and judges, should 218 be exempt from public record requirements. In the course of 219 making rulings, entering judgments, imposing sentences on the 220 convicted, or reviewing cases from other courts, justices and 221 judges frequently do not create good will with litigants, the 222 accused, the convicted, and their associates and families, thus 223 making the justices and judges, and their spouses and children, 224 targets for acts of revenge. This risk continues after justices Page 8 of 9 CODING: Words stFiskee are deletions; words underlined are additions. hb0629 -03 -er F L O R I D A H 0 U S E O F R E P R E S E N T A T I V E S ENROLLED CS/HB 629, Engrossed 1 2012 Legislature 225 and judges complete their public service. Disgruntled 226 individuals may wait to commit an act of revenge until the 227 employment of a justice or judge ends. If such identifying and 228 location information were released, the safety of former 229 justices and judges and their spouses and children could be 230 seriously jeopardized. Accordingly, it is the finding of the 231 Legislature that, in addition to the existing exemption from 232 public record requirements for specified identifying and 233 location information for current justices of the Supreme Court, 234 district court of appeal judges, circuit court judges, and 235 county court judges, and for their spouses and children, it is a 236 public necessity that such identifying and location information 237 for such former justices and judges and their spouses and 238 children be made exempt from public record requirements. 239 Section 3. This act shall take effect October 1, 2012. Page 9 of 9 CODING: Words etFi4ee are deletions; words underlined are additions. hb0629 -03 -er To: From: REQUEST FOR CONFIDENTIALITY (Name of Pension or other Entity) Name of Employee or Retiree Street Address City State Zip Code Today's Date: Pursuant to Florida Statute §1.19.071(4), 1 hereby request the to maintain the confidentiality of all of my personal information which is protected by that statute, including but not limited to my home address, telephone number, date of birth, and photograph as well as those of my spouse and my children. Signed: Witnessed By: (Witness #1) (Witness #2) H:WI MiscellaneouslFORMSICONFID 2012.wpd Resource Centers Accounts Payable Check Register FOR: PALM BEACH GARDENS POLICE Check Number Date Payee and Description Amount 2384 February 1, 2012 City of Palm Beach Gardens $10,121.96 Retiree Insurance 2385 February 2, 2012 Pension Resource Centers $2,332.87 Administration Fee- February 2012 2386 February 2, 2012 Thistle Asset Consulting Inc $4,515.00 Performance Monitoring through 12/31/11 2387 February 2, 2012 Rhumbline Advisers $4,301.00 Investment Management Fee- 4th Qtr 2011 2388 February 2, 2012 Perry & Jensen, LLC $3,376.85 Legal Services Rendered through 1/15/12 2389 February 2, 2012 Cherry, Bekeart & Holland $8,000.00 Audit Services Rendered for the FYE 9/30/11 -month of December 2390 February 2, 2012 Cherry, Bekeart & Holland $2,500.00 Audit Services Rendered for the FYE 9 /30/11 -month of January 2391 February 2, 2012 ICC Capital Management $22,376.47 Investment Management Fees- 4th Qtr 2011 2392 February 2, 2012 Gabriel Roeder Smith and Company $3,045.00 Actuarial Services Rendered through 12/31/11 2393 March 1, 2012 City of Palm Beach Gardens $10,121.96 Retiree Insurance 2394 March 2, 2012 Pension Resource Centers $2,275.00 Administration Fee- March 2012 2395 March 1, 2012 Gabriel Roeder Smith and Company $7,591.00 Actuarial Services Rendered through 1/31/12 2396 March 1, 2012 Perry & Jensen, LLC $3,161.67 Legal Services Rendered through 2/15/12 2397 April 1, 2012 City of Palm Beach Gardens $10,121.96 Retiree Insurance 2398 April 4, 2012 Pension Resource Centers $2,294.80 Administration Fee- April 2012 2399 April 4, 2012 Gabriel Roeder Smith and Company $3,195.00 Actuarial Services Rendered through 2/29/12 2400 April 4, 2012 Cherry, Bekeart & Holland $1,000.00 Audit Services Rendered for the FYE 9/30/11 -Final Billing 2401 April 4, 2012 Jay Spencer $590.52 Reimbursement of Travel Expense - FPPTA Conference 2402 April 12, 2012 FPPTA $30.00 Re -cert fee for Jay Spencer Total $100,951.06 Chairman Secretary UUU02384- VENDOR- 000000000458 71 I INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 005250 02 01 12 1,568.71 1,568.71 .00 1,56c.7 005251 02/01/12 800.73 800.73 .00 806.7; OC 3D 2 02/01/12 5,395.74 5,395.74 .00 5,395.74; 100:,..53 02/01/12 166.68 166.68 .00 166.68 05254 02/01/12 441.80 441.80 .00 441.80] 11005254 005255 02/01/12 13.50 13.50 .00 13.50! 1005256 02/01/12 1,208.30 1,208.30 .00 1,208.30; 1005257 02/01/12 526.50 526.50 00 526.50! I Check Total 10,121.961 I i Palm Beach Gardens Police 00002384 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 5a -2376-26 70 BANK ATLANTIC CHECK NO, : ca- v nDOR Nr 24 3/01/12 k000000004581 PAY AMOUNT TEN THOUSAND ONE HUNDRED TWENTY -ONE AND 961100 510,121.96 TO THE CITY OF PALM BEACH GARDENS ORDER 10500 N MILITARY TRAIL OF ATTN: LAUREN FERREIRA PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS 11'0000 23840 1: 26 708 3 76 3':006 3 36 560 31r alm Beach Gardens Police VENDOR: 000000000458 00002384 DATE VENDOR NO. n -)/ -I,) nnnnnnnnnnrzo INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 05250 02/01/12 1,568.71 1,568.71 .00 1,568.71f 05251 02/01/12 800.73 800.73 .00 800.73 05252 02/01/12 5,395.74 5,395.74 .00 5,395.74 05253 02/01/12 166.68 166.68 .00 166.68 05254 02/01/12- 441.80 441.80 .00 441.80 05255 02/01/12 13.50 13.50 .00 13.50; 05256 02/01/12 1,208.30 1,208.30 .00 1,208.30; 05257 02/01/12 526.50 526.50 .00 526.50 Check Total 10, 121 .96i' i i i i PaInj Beach Gardens Police iNVOICL DATE T INVOICE Amou, N T 00002385 VENDOR: I NET AMOUNT 10 2 2/12 i N V C 1 CEE NU iNVOICL DATE T INVOICE Amou, N T AMOUNT PAID DISC. TAKEN I NET AMOUNT 10 2 2/12 332 R7 332 87 1 0 1 2 3 3 ?_ . i i To',-a-' 2, 332 87 I I�M I L11147M Palm Beach Gardens Police 00002385 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 83%C'2670- BANK ATLANTIC 238-7, 0 2 0 2 1 0 C) 0 C,00 0 0 PAY I TWO THOUSAND THREE HUNDRED THIRTY-TWO AND 87/100 TO THE P E iNSION RESOURCE CENTER ORDER 4_ '_D N0_"RFHLAKE BLVD STE 206 ^C PALM FT BEACH SARDENS 33,410 VOID AFTER 180 DAYS 11,0000 2313S,11 1: 26708 37631:006336560 30 :'-ilm Bpach Gardens Police VENDOR: 000,000000001 00002385 DA7E VENC'Cr N10, 02/12 000000000001 NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN I NET AMOUNT 0,2/02/12 2, 332.87 2, 332 37 00 C �-ieck Tora.1 12',332.87 2,332.87 MResource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Police Pension Fund V� `'' r :J Tax ID Invoice Date Invoice # 1/31/2012 11669 Financial Resource Center 87- 0800465 Pension Resource Center 36- 4504183 Resource Centers 87- 0800468 Description Qty Rate Amount Palm Beach Gardens Police Pension Monthly Administrator Fee for 2,275.00 2,275.00 February 2012 Death Search 33 0.60 19.80 1099 Processing Fee - Envelopes, Forms, Copies and Labor (Qty 21.79 21.79 37) _ Postage. - 1099 Forms 37 0.44 16.28 Total Amount Due $2,332.87 Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address OR ACH Payment to: First Southern Bank Pension Resource Center ABA #: 067012895 Account #: 8063659206 If you have any questions concerning this invoice, please contact Bonnie Lindberg at Resource Centers, LLC Phone 561.459.2959 or email - Bonnie @ResourceCenters.com Pala± Beach Garciens Police 00002386 DATE VE.ti'Dr��ivD. VENDOR: 000000000322 ') /i nr,nnnnnnn�n NVOICE NUMBER INVOICE DATE I INVOICE AMOUNT AMOUNT PAID DISC. TAKEN v v v v NET AMOUNT 0 1 -122 4Q7 1y 02/ 02 12 4, 515. 00 4, 515.00 .00 4 515. 0 i i I i � � C I eck Total I I I 4,515.00 I Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 Palm Beach Gardens, Fl 33410 63- 8376!'_670 00002386 BANK ATLANTIC CHECK NO. VENDOR NO. , I 2386 02/02/12 0000000003221 PAY A1NAOj FOUR THOUSAND FIVE HLnNDRED FIFTEEN AND 00 /100 TO THE HTSTLE ASSET CONSULTING, INC ORDER 1321 PIAZZ DELLE PALLOTTOLE OF T�OYNTON BEAICH FL 33426 VOID AFTER 180 DAYS 11`0000 c3661I° is 2670837�3�:006336560311 �„Ir?1 BeaCf` GFpdens Police 00002386 INVOICE NU! IOER I INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKE ^J r NET AMOUNT %:Q7 11 �02j02 12 4,515.00 4,515.00 .00 4,515.00 i I I I I � � C_eck I I Tot «1 i , I i I 4,515.00 Thistle Asset Consulting, Inc. 1321 Piazz Delle Pallottole Renaissance Commons Boynton Beach FL. 33426 (561) 737 -3996 Palm Beach Gardens Police Pension Fund Mr. Scott Baur The Pension Resource Center, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Invoice Date Invoice # 1 012 20111226 Please Remit To: Thistle Asset Consulting 1321 Piazza Delle Pallottole Boynton Beach, Florida 33426 USA Pairs Beach Gardens Police VENDOR: 000000000216 00002387 DATE V�MDOn PJC ni. /,�), nnnhnn;,. n� n iii'dV010E NUMBE=R ' INVOICE DATE iNV010E AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT n ^� ^�.� -1 10 2 0Z'/ 12 4, 301. 00 4, 301. 00 00 4, To -10 0 i I i I I CZeck I I I i I Check I I Total � 4,301.00 i Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 Palm Beach Gardens. FI 33410 63 -e3 Ce 2670 00002387 BANK ATLANTIC I CHECK NO C�FCkC : + "'E 2387 1 02/02/12 0000000002161 PAY' j AMUUNT FOUR THOUSAND THREE HUNDRED ONE AND 00 /100 1 $4,301.00 A TO THE RHUMBLINE ADVISERS ORDER 30 ROWES WHARF OF STE 420 02110 VOID AFTER 180 DAYS ll'0000 2 38 711, 1: 21, 7,08 3? 6 31:001; 3 3 6 S 60 ail, Paim Beach Gardens Police VENDOR. 000000000216 i _ _. _ "._, Gl? JEP CCNrAitJS MICROPR{NflNG 00002387 DATE JENDORNC. 02 /i2 000000000216 INVOICE NUMBER INVOICE DATE I INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT _T 2011' 102 /02, 12 4,301.00 4, 301. 00 1 00 T 4. 301 . Oil I I I I I i I I � i I CZeck I I I Total I 1 I � j I I 4,301.00 � i I Rh..Umbtane Investment Advisory Fees for 4th Quarter 2011 Client: Palm Beach Gardens Police Fund Billable Assets: 2mpbgard Period Ending: (SP500P) 10 -31 -2011 $10,806,453 11 -30 -2011 11,655,382 12 -31 -2011 11,775,130 Average Assets: $11,412,322 Billable Assets: $20,507,839 Fee Calculation: Asset Tier $10,000,000 $10,000,000 $507,839 Total: $20,507,839 Annual Fee: Quarterly Calculated Fee: Total Quarterly Fee Due: 2mpbgard Fee Allocation: (SP500P) Fee: $2,393 January 10, 2012 Invoice #: gpbgardens201 1 Q4 4mpbgard 7mpbgard (SP400P) (SP600P) $3,966,372 $3,918,532 4,854,087 4,824,775 4,836,862 4,885,925 $4,552,440 $4,543,077 Rate (BPs) Fee 0.00100000 $10,000 0.00070000 $7,000 0.00040000 $203 $17,203 $17,203 L G4� 4mpbgard 7mpbgard (SP400P) (SP600P) $955 $953 Wire Transfer Information: Or by check, make payment to RhumbLine Advisers RhumbLine Advisers Rockland Trust 30 Rowes Wharf, Suite 420 288 Union Street Boston. MA 02110 -3326 Rockland, MA 02370 ABA# 011304478 Acct beneficiary 2970006231 Palm Beach uorjens Police 00002388 E N D 10 9 INVOICE NUMBER INVOICE DATE I INVOKE AMOUNT - - I - AMOUNT PAID - - - - - - DISC, TAKEN - - - - - - NET AMOUNT j70866 ? -5 /12 02/02/12-[— _3,__3_76.85 3,376.85 Check .0 0 Tot-al 3,376.85: 3,376.85 Palm Beach Gardens Police d360 Northiake Blvd Ste 206 Palm, Beach Gardens, PI 334!0 63-8376 2.670 0 MV I I % %%*-T-*z IA MIV Ilk, CHECK NO, C-iECK DATE VLNDOR NO 2388 I 02/02/12 000000001010101 PAY A'Auu['i ----I THREE THOUSAND THREE HUNDRED SEVENTY-SIX AND 85/ TO THE 71 P. y 7 LLC ORDER CENTER DRIVE SUITE 207 WEST _DALjM SEA CK FL 334071 1140000 2 IBiBil" 1: 26 70,5 3 7E 3i:00't3 3 36 SEC 3o :1-jinj Peach Gardens Police VENDOR: 0 "D 10 U 0 0 C! 0 0 0 10 00002388 DATE VENDOF NO V C I CE N U M Fj E R NVOICE DATE I INVOICE AMOUNT MOUNT PAID DISC, —1 AKE NET AMIOUNT -1- `2 12 u Z_ 3 3 7 ES 8 _1z 3 -16 Ch e c k To ct 1 3 11 3 THE LAW OFFICES OF PERRY & JENSEN, LLC ANN H. PERRY aperry@perryjensenlaw.com January 23, 2012 Via Email Palm Beach Gardens Police Pension Fund Resource Centers, LLC Attn: Audrey Ross 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Dear Audrey: BONN] SPATARA JENSEN bsjensen @perryjensenlaw.com Re: Legal Services Provided Invoice #70866_ Enclosed please find the Firm's invoice for services rendered for the period that ended 1/15/2012. Thank you for your payment of $1,378.17. Your current balance due is $3,376.85. 1� j If you have any questions, please do not hesitate to contact me. Sincerely yours, Bonni S. Jensen BSJ /Ig Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Marc Glass, Trustee Via Email Only 400 EXECUTIVE CENTER DRIVE, SUITE 207:- WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 . Fx:561.686.2802 THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Palm Beach Gardens Police Pension Fund Audrey Ross -via email c/o The Resource Centers, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Copy to: Chairman & Secretary January 23, 2012 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client/ File No.: 0003 Invoice #70866 Professional Services Hrs /Rafe Amount Auditor Inquiry Letter Auditor Inquiry Letter 1/11/2012 BSJ Correspondence with Brandon Redler with Cherry, Bekaert & Holland re: 0.50 100.00 Response to Auditor's Inquiry Letter 200.00 /hr Auditor Inquiry Letter SUBTOTAL: [ 0.50 100.00] DROP DROP 12/20/2011 BSJ Review email from Audrey Ross re: Plan required distributions 0.75 150.00 Research Plan Revisions related to 70 1/2 distributions 200.00 /hr E -mail to Audrey Ross Research Internal Revenue Code DROP SUBTOTAL: [ 0.75 150.00] Palm Beach Gardens Police Pension Fund Page 2 Hrs /Rate Amount Inv Mqr - American Realty Inv Mgr - American Realty 1/11/2012 BSJ Draft Memorandum to Trustees 3.00 600.00 Inv Mgr - American Realty 200.00 1hr Inv Mgr -American Realty BSJ E -mail to Jay Butterfield 0.25 50.00 Review Response from Jay Butterfield 200.00 /hr Inv Mgr - American Realty SUBTOTAL: [ 3.25 650.00] Plan Document Plan Document 12115/2011 BSJ Telephone call with Audrey Ross 0.35 70.00 E -mail to Audrey Ross re: Changes to the Pension Plan 200.00 1hr Plan Document Plan Document 12116/2011 LG E -mail to Steve Palmquist re: Cost Analysis 0.30 22.50 Plan Document 75.00 /hr Plan Document BSJ Review and revise email to Steve Palmquist 0.10 20.00 Plan Document 200.00 /hr Plan Document 12/20/2011 BSJ Review and respond to email from Steve Palmquist 1.00 200.00 Telephone call with Allan Owens re: Amendment and January Meeting 200.00 /hr E -mail to Jim Linn re: Status of Amendment Plan Document Plan Document 12/21/2011 BSJ Conference with Marc Glass, Allan Owens, Bob O'Dell, Audrey Ross & 1.50 300.00 Police Benevolent Association Reps re: Proposed Collective Bargaining 200.001hr Agreement Plan Document Palm Beach Gardens Police Pension Fund Page 3 Hrs /Rate Amount Plan Document 12/23/2011 BSJ Telephone call with Bob O'Dell re: Time Frames for Plan Revisions 0.10 20.00 Plan Document 200.00 /hr Plan Document 1/4/2012 BSJ Telephone call with Allan Owens & Sheryl Stewart re: 12/21/11 Meeting 0.35 70.00 Review & Respond to email from Jim Linn 200.00 /hr Plan Document Plan Document BSJ Telephone call with Jim Linn re: Collective Bargaining Agreement 0.50 100.00 Agreement & Pension Issues 200.00 1hr Plan Document Plan Document BSJ E -mail to Steve Palmquist & Allan Owens re: Meeting Date & Times 0.35 70.00 Plan Document 200.00 /hr Plan Document 1/5/2012 BSJ Telephone call with Bob Sugarman 0.50 100.00 Telephone call with Pedro Herrera 200.00 /hr Plan Document Plan Document 1/6/2012 BSJ Review Changes from Jim Linn re: Pensions 1.50 300.00 E -mail to Trustees 200.001hr Telephone call with Trish Shoemaker re: Palm Beach Gardens Fire Letter Review email from Trish Shoemaker re: Palm Beach Gardens Firefighters Plan Document Plan Document 1/9/2012 BSJ Telephone call with Jay Spencer re: Changes to Benefits by Collective 0.50 100.00 Bargaining Agreement 200.00 /hr Plan Document Plan Document BSJ Telephone call with Steve Palmquist 0.25 50.00 Plan Document 200.00 /hr Palm Beach Gardens Police Pension Fund Page 4 Hrs /Rate Amount Plan Document 119(2012 BSJ E -mail to Pedro Herrera re: Collective Bargaining Agreement Changes 0.75 150.00 to Pension 200.00 1hr Review & Respond to email from Allan Owens re: January 26th Meeting E -mail to Trustees re: January 26th Meeting E -mail to Steve Palmquist Plan Document Plan Document 1/1312012 BSJ Conference with Gary Lippman 0.10 20.00 Plan Document 200.001hr Plan Document BSJ E -mail to Ed Morejon re: Forwarded email re: Collective Bargaining 0.10 20.00 Agreement & 185 Money 200.00 1hr Plan Document SUBTOTAL: [ 8.25 1,612.50] State Monies State Monies 1/10/2012 BSJ Telephone call with Pedro Herrera, Jay Spencer, & Ed Morejon 1.00 200.00 State Monies 200.00 /hr State Monies BSJ Review & Respond to email from Brad Seidensticker & Marc Glass 0.35 70.00 E -mail to Audrey Ross 200.00 /hr E -mail to Allan Owens E -mail to Jay Spencer E -mail to Marc Glass E -mail to Steve Palmquist State Monies State Monies 1/11/2012 BSJ Telephone call with Gary Lippman 0.25 50.00 State Monies 200.00 /hr SUBTOTAL: [ 1.60 320.00] Palm Beach Gardens Police Pension Fund Page 5 Hrs /Rate Amount Trustee Orientation [ 56.85] Trustee Orientation $56.85 1/10/2012 LG Prepare Trustee Orientation Packet re: Meeting with Sergeant Marc 0.50 37.50 Glass 75.00 /hr Trustee Orientation $1,378.17 Trustee Orientation BSJ Prepare Trustee Orientation 0.75 150.00 Trustee Orientation 200.00 1hr Trustee Orientation $3,376.85 BSJ Conference with Marc Glass 1.50 300.00 Trustee Orientation 200.00 1hr SUBTOTAL: [ 2.75 487.50] For professional services rendered 17.10 $3,320.00 Additional Charges: Bill File 1/15/2012 Copy Charges 56.85 SUBTOTAL: [ 56.85] Total additional charges $56.85 For professional services rendered 17.10 $3,376.85 Total amount of this bill $3,376.85 Previous balance $1,378.17 Accounts receivable transactions 1/10/2012 Payment - Thank YouL Check No. 00002383 ($1,378.17) Total payments and adjustments ($1,378.17) Balance due $3,376.85 VENDOR: 00000000C)029 00002389 LjATE t N L" U n') / I i (-) (� r) r,.,,) r) r) n INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID ------------ DISC. TAKEN NET AMOUNT F, -7 2//31/11'1 02/02/12 8,000.0 ^0 3, 000 00 Check .00 Total 8,000.00 8,000.00 Palm Beach Gardens Police 00002389 4360 Northiake Blvd Ste 206 Palm Beach Gardens, F! 33410 63-8376,2670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO, I 2389 02/02/12 1 0000000 PAY 7— 1 GHT 7-1-10TUSAND AND O0 /100 $8, 000.00 TO THE ORDER OF CHERRY, BEKAERT & HOLLAND, L.L.P P,0- BOX 25549 zl-17N: ACCOUNTS RECEIVABLE RICHMOND VA 23261-5549 VOID AFTER 180 DAYS 1100000 2 38 911' x:2670837631:006336560311' Pain, Beach Gardens Police VENDOR: 01000,00100002 9, 00002389 n C) () n n n C" NVOiCE NUM19ER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT o 000.00 0 C To-a, 8 000 .00 CHERRY, BEKAERT & HOLLAND, L.L.P. P.O. BOX 25549 RICHMOND, VA 23260 -5549 (407)423 -7911 Palm Beach Gardens Police Pension Fund C/0 Pension Resource Center, Inc. 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Invoice No. 597331 Date 12/31/2011 Client No. 4253650.0 FOR PROFESSIONAL SERVICES RENDERED: Progress billing on audit of financial statements for the year ended September 30, 2011 jAN057017 $ 8.000.00 , TERMS: Invoices are payable upon presentation. A service charge will be added to past due accounts equal to 1 1/2% per month (18% annually) on the previous month's balances less payments received during the month, with a minimum charge of $2.00 per month. Paim Beach Gardens Police VENDOR: 000000000029 00002390 DATE VENDOR NO. n-) /-1 7 n n n n n n n n n n NVOICE NUMBER INVOICE DATE INVOICEAMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT `9 387 jig - 02 C2 12 2, 500.00 2,500.00 .00 2, 500.00', I I I I C I I eck Total ( 2,500.00 Palm Beach Gardens Police 00002390 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 337612670 t3ANIC ATLANTIC CHECK NO. I CHECK DATE VENDOR, N0. i 2390 2/02 '12 � 000000000029 PAY' i1 i�9GUNT TWO THOUSAND FIVE HUNDRED AND 00%100 � S2. 500.00 TO THE CHERRY, BEKAERT & HOLLAND, L. L. F ORDER P.O. ; BOX 25549 OF AITN : ACCOUNTS RECEIVABLE MOND VA 23201-5779 II`OOOOc39CII' 1 :2670837631 :006336560311` 'r1ln� Leach Gar ;ens Police VENDOR: 000000000029 00002390 DATE VEND`4; NC - n') /'1 7 nn nnnnn nn /1 -.n NVOICE NUiIMBER INVOICE DATE INVOICE AIMOUN -1 AMOUNT PAID _ J viv y DISC. TAKEN v NET`AUIOGNT 995x7 1127/12 X02 02 12 2,500.00 2,500.00 00 2,500.00 I I I I I � leck Tot -al I ' 2, 500.00 CHERRY, BEKAERT & HOLLAND, L.L.P. P.O. BOX 25549 RICHMOND, VA 23260 -5549 (407)423 -7911 Palm Beach Gardens Police Pension Fund C/O Pension Resource Center, Inc. 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Invoice No. 599587 Date 0112712012 Client No. 4253650.0 FOR PROFESSIONAL SERVICES RENDERED: Progress billing on audit of financial statements for the year ended September 30, 2011 �� Ems° y . �. I '+�� � i♦zt IAN 3 0 7017 $ 2,500.01 TERMS: Invoices are payable upon presentation. A service charge will be added to past due accounts equal to 1.5% per month (18% annually) on the previous month's balances less payments received during the month, with a minimum charge of $2.00 per month. Palm Beach Gjardens pcdico D 0h: �_; V " L j C' i C, u (' 5/ 00002391 DATE VENDOR NO '; / -1 -) n n o () n n ") n ") n ^ -7 !NVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID, - - - - - DISC. TAKEN - - - - - — - NET AMOUNT 1i7532006 4QT11 02/02/12 221376.47 22,376.47 Check Total 22,376.47 22,376-47 TO THE ORDER OF TCC CAPITA' -_j Y'!A'\TAGEMENT 390 ORANGE AVENUE 27TH FLOOR 3 _!, L 1.iA_N f, 0 FL 32801 VOID AFTER 180 DAYS 1110000239111, 1:2570837631:00E,3365E0311I Faifn Beach Gardens Police VENDOR: 000000000037 00002391 FN n mr) P, n n n I1 I) , 7 NVO:Cn: NUMBER Palm Beach Gardens Police ! INVOICE i AM 00002391 D!SC TAKEN 4360 Northiake Blvd Ste 206 d 4 QT 1 -1 �O 2 0 2/12 22, 376.47 Pairn Beach Gardens, R 33410 .00 eck Total 42, 376 .47 22,376,47 BANK ATLANTIC I CHECK NO, I CHECK DATE VENDOR NO 102/02/12 10000000 PAY _2391 I AMOUNT TWENTY- TWO THOUSAND THREE HUNDRED SEVENTY-SIX AND 47/100 I $22,376.471 . TO THE ORDER OF TCC CAPITA' -_j Y'!A'\TAGEMENT 390 ORANGE AVENUE 27TH FLOOR 3 _!, L 1.iA_N f, 0 FL 32801 VOID AFTER 180 DAYS 1110000239111, 1:2570837631:00E,3365E0311I Faifn Beach Gardens Police VENDOR: 000000000037 00002391 FN n mr) P, n n n I1 I) , 7 NVO:Cn: NUMBER INVOICE DATE I ! INVOICE i AM AMOUNT PAID 'I D!SC TAKEN I NET ANIGUNT d 4 QT 1 -1 �O 2 0 2/12 22, 376.47 22,376.47 C� .00 eck Total 42, 376 .47 22,376,47 ICC CAPITAL MANAGEMENT PALM BEACH GARDENS POLICE PENSION FUND Invoice Date: Dec 31, 2011 The Pension Resource Center c/o Bonnie Lindberg 4360 Northiake Blvd Suite 206 Palm Beach Gardens, FL 33410 Invoice Number: 57532006 ICC Capital Management, Inc. STA T EMENT OF MANAGEMENT FEES For the period October 01, 2011 to December 31, 2011 Portfolio Valuation with Accrued Interest as of 12/3 1/201 1 10,000.000 @ 0.5010 per annum 10,534,899 @ 0.375% per annum Quarterly Management Fee PistDue %G edit: TOTAL DUE AND PAYABL "r. PAYMENT OPTIONS: Please make checks payable to: ICC Capital Management. Inc. Please remit payment to: ICC Capital Management. Inc. c.%o Lini Mohabir 390 N. Orange Ave. Suit e 2700 On"Indo, FL 312801 Report Date: Jan 6, 2012 IAN (!97111% $ 20,534,899.34 12,500.00 9,876.47 $ 22,376.47 0.00 - -: - =22 37 .47 Wiring instructions: Fifth Third Bask Routing ## 042 000 3 14 Acct.+ II- 1060872 Orlando, FL • New York, NY - Walnut Creek, CA • Malvern, PA Pain' Gardens Police VENDOR: 000000000012 00002392 N;):- R () n n r) "I n r, I I n I I I INVOICE NUMBER INVOICE DATE I INVOICE AMOUNT AMOUNT PAID DISC. TAKEN v v v NE7 AMOUNT ,117425 12j31 11 02/02/12- —3,-045.00 3,045.00 Check .00 Total 3,045.00 3,045.00 A a .4,10 F; 111M � I IJ 11 IX4 1 W41i Fil � litl 4:11 IATJ 141" Palm Beach Gardens Police 00002392 4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 Cs -8 3 7 C, 26 701 BANK ATLANTIC CHECK '�C' C 239-4 02 000000000012 PAY AMOUNT iIHOUSAIND FORTY-FIVE AND 001100 $3,045.00 TO THE ORDER OF '3ABRIEL ROEDER SMITH & COMPANY P.O. BOX 78000 DEPT #78009 DETROIT MI 48278 'aim Brach Gardens Police VENDOR: 00000000001.2 VOID AFTER 180 DAYS I ITE ✓1--IJD-� N,C 00002392 - r1') /-1 -) F) () (I n n (l n n n n INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC TAKFN NET AMOUNT it -Y2, 12j'31j11 0 2 0-2 12 3, 045 00 3, 045 00 C[nec.,,: CO Tot t1 3,045.00 3 045.00 Gabriel Roeder Smith &Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 C � BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND Mr. J. Scott Baur, Administrator { %Y Resource Centers. LLC 4360 Northlake Blvd.. Suite 206 Palm Beach Gardens, FL 33410 Invoice Invoice # 1/9/2012 117425 Please Remit To: Dept. # 78009 Gabriel Roeder Smith & Company PO Box 78000 Detroit, Miehiaan 48278 -0009 OI' ACH Payment to: Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Palm Beach Gardens Police VENDOR: 000000000458 DATE rl '� / 1 `J uuuuzsys VENDOR NO. nnnnnnnnnnCc INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN v v NET AMOUNT 005258 0370-1-712 1,568.71 1,568.71 .00 1,568.71 005259 03/01/12 800.73 800.73 .00 800.73 005260 03/01/12 5,395.74 5,395.74 .00 5,395.74 7261 03/01/12 166.68 166.68 .00 166.68 u,)5262 03/01/12 441.80 441.80 .00 441.80 005263 03/01/12 13.50 13.50 .00 13.50 005264 03/01/12 1,208.30 1,208.30 .00 1,208.30 005265 03/01/12 526 -.50 526.50 .00 526.50 t_ Check Total 10,121.96 Palm Beach Gardens Police 00002393 4360 Northlake Blvd Ste 206 I Palm Beach Gardens, A 33410 63- 837612670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2393 03/01/12 000000000458 PAY AMOUNT TEN THOUSAND ONE HUNDRED TWENTY-ONE AND 9 6 / 10 0 $10 , 121.9 6 . HE CITY OF PALM BEACH GARDENS ORDER 10500 N MILITARY TRAIL OF ATTN: LAUREN FERREIRA PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS •V'!IS VIC(IOPRINTING; 1190000 2 3 9 311' li:26 708 3 76 311:0063365603ue Palm Beach Gardens Police 00002393 DATE VENDOR N0. VENDOR: 0000000004c) n') /i-� nnnnnnnnnnrn INVOICE NUMBER 1 INVOICE DATE INVOICE AMOUNT AMOUNT PAID V DISC. TAKEN NET AMOUNT 1005258 0 301 12 1,568.71 1,568.71 .00 1,568.711 !1005259 03/01/12 800.73 800.73 .00 800.73; 005260 03/01/12 5,395.74 5,395.74 .00 5,395.741 005261 03/01/12 166.68 166.68 .00 166.681 005262 03/01/12 441.80 441.80 .00 441.80 005263 03/01/12 13.50 13.50 .00 13.50 005264 03/01/12 1,208.30 1,208.30 .00 1,208.36 005265 03/01/12 526.50 526.50 .00 526.50! Check Total 10,121.961 i i 1 , All .JCUUn emu i vin.c VENDOR: 000000000001 VVVVGJJ't DATE VENDOR NO n ?/1. ? nnnnnnnnnnn? INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000000001 03/02/12 2,275.00 2,275.00 Check .00 Total 2,275.0'0 2,275.00 Palm Beach Gardens Police 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 83762670 r 00002394 BANK ATLANTIC CHECK NO, CHECK DATE VENDOR NO. 2394 103/02/12 1000000000001 PAY AMOUNT TWO THOUSAND TWO HUNDRED SEVENTY -FIVE AND 00 /100 ciE PENSION RESOURCE CENTER ORDER 4360 NORTHLAKE BLVD S TE 206 OF PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS SAINS A1ICROVRIIVTI" 1100000 2 3 9 411' ':26 708 3 76 3l:00633656031r 'alm Beach Gardens Police VENDOR: 000000000001 00002394 DATE VENDOR NO. n 'i/i-) nnnnnnnnnnni INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 300000000000001 03/02/12 2,275.00 2,275.00 Check .00 Total 2,275.00 2,275.00 I i MResource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Invoice Date Invoice # 2/29/2012 11724 Tax ID Financial Resource Center 87- 0800465 Pension Resource Center 36- 4504183 Resource Centers 87- 0800468 Description Qty Rate Amount Palm Beach Gardens Police Pension Monthly Administrator Fee for March 2012 2,275.00 2,275.00 Total Amount Due $2,275.0 Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address OR ACH Payment to: First Southern Bank Pension Resource Center ABA #: 067012895 Account #: 8063659206 If you have any questions concerning this invoice, please contact Bonnie Lindberg at Resource Centers, LLC Phone 561.459.2959 or email - Bonnie @ResourceCenters.com Palm Beach Gardens Police VENDOR: 000nonnnnnl � 00002395 GATE VENDOR NO INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 117677 1/31/12 03 02 12 7,591.00 7,591.00 .00 7,591.00 i Check Total 7,591.0 Palm Beach Gardens Police 00002395 I 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 6376/2670 { BANK ATLANTIC CHECK NO CHECK DATE VENDOR N0. 2395 03/02/12 000000000012 PAY AMOUNT SEVEN THOUSAND FIVE HUNDRED NINETY -ONE AND 00 /10 'Iv THE GABRIEL ROEDER SMITH & COMPANY ORDER P.O. BOX 78000 OF DEPT #78009 DETROIT MI 48278 VOID AFTER 180 DAYS MICROIgRRtltG, ►180000 2 3 9 511' 1:26 708 3 76 31:006336560311' 'alm Beach Gardens Police VENDOR: 00000000001? 00002395 DATE VENDOR NO r,') i -I INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN v V v NET AMOUNT 117677 1/31/12 03 02 12 7,591.00 7,591.00 Check .00 Total 7,591.00 7,591.001 i i I I �sGabriel Roeder Smith & Company Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 2/13/2012 117677 Please Remit To: BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND Dept. # 78009 Mr. J. Scott Baur, Administrator Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Gabriel Roeder Smith & Company PO Box 78000 Detroit, Michigan 48278 -0009 or ACH Payment to: Gabriel Roeder Smith & Company ilt JPMorgan Chase, ABA #: 072000326 Account #: 0486723 YLLAJL ENVIUA1L ME ENVUlUE NUN11311,K (KN YVUK KEN1111ANUE. IHANK YVU. Palm Beach Gardens Police 00002396 DATE VENDOR NO VENDOR: 000000000010 03/12 000000000010 INVOICE NUMBER I INVOICE DATE INVnICF GMnLJNT GMn11MT PAW) I mcr TAIL CKI I KILT ARAnI IKIT 70930 2/15/12 03 02 12 3,161.67 3,161.67 .00 3,1 1.671 70930 2/15/12 03 02 12 3,161.67 Check Total 3,161.671 I , Palm Beach Gardens Police 00002396 4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 63- 8376!2670 i BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2396 03/02/12 1000000000010 PAY AMOUNT THREE THOUSAND ONE HUNDRED SIXTY -ONE AND 67/100 $3,161.67 TO THE PERRY & JENSEN, LLC ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207 OF WEST PALM BEACH FL 33401 VOID AFTER 180 DAYS 11800002396118 426708376 31:00633656031►' 'alm Beach Gardens Police VENDOR: 000000000010 ' !. t A�ryS MICROORINTINO 00002396 DATE VENDOR NO n-�/i? nnnnnnnnnnin INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 70930 2/15/12 03 02 12 3,161.67 3,161.67 Check .00 Total 3,161.671 3,161.671 i i i i I 1 i I I i ( 1 ANN H. PERRY ape"@perryjensenlaw.com THE LAW OFFICES OF PERRY & JENSEN, LLC February 24, 2012 Via Email Palm Beach Gardens Police Pension Fund Resource Centers, LLC Attn: Audrey Ross 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Dear Audrey: BONN) SPATARA JENSEN bsjensen @perryjensenlow.com Re: Legal Services Provided Invoice #70930 Enclosed please find the Firm's invoice for services rendered for the period that ended 2/15/2012. Tha -,you for your payment of $3,376.85. Your current balance due is $33,161.67 If you have any questions, please do not hesitate to contact me. Sincerely yours, Bonni S. Jensen BSJ /fg Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Marc Glass, Trustee Via Email Only lam, r 400 EXECUTIVE CENTER DRIVE, SUITE 207 WEST PALM BEACH, FLORIDA 33401 -2922 PH: 561.686.6550 •: Fx: 561.686.2802 _z, THE LAW OFFICES OF PERRY & JENSEN, LLC 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 -2922 Invoice submitted to: Palm Beach Gardens Police Pension Fund Audrey Ross -via email c/o The Resource Centers, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Copy to: Chairman & Secretary February 24, 2012 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client/ File No.: 0003 Invoice #70930 Professional Services Hrs /Rate Amount Actuarial Valuation Actuarial Valuation 1/26/2012 LG E -mail to Gary Lippman re: Supplemental Actuarial Valuation Report 0.10 7.50 Actuarial Valuation 75.00 /hr SUBTOTAL: [ 0.10 7.501 Actuary - GRS Actuary - GRS 1/25/2012 LG E -mail to Steve Palmquist re: Current Fees 0.10 7.50 Actuary - GRS 75.001hr Actuary - GRS 1/27/2012 BSJ Draft Actuary Agreement & Exhibit A 0.50 100.00 Actuary - GRS 200.00 /hr Actuary - GRS 1/31/2012 LG E -mail to Steve Palmquist, Audrey Ross, Jay Spencer, David Pierson, & 0.30 22.50 Marc Glass re: Actuary Agreement & Exhibit A 75.00 /hr Actuary - GRS Palm Beach Gardens Police Pension Fund Page 2 Hrs /Rate Amount SUBTOTAL: [ 0.90 130.00] Annual Audit Annual Audit 1125/2012 BSJ Review email from Jay Spencer 0.35 70.00 E -mail to Jay Spencer re: Response to Audit Questions 200.00 1hr Annual Audit SUBTOTAL: [ 0.35 70.001 Attendance at Trustee Meetings Attendance at Trustee Meetings 1/26/2012 BSJ Attend Meeting 3.00 600.00 Attendance at Trustee Meetings 200.00 /hr SUBTOTAL: [ 3.00 600.00] Auditor Inquiry Letter Auditor Inquiry Letter 1/24/2012 LG E -mail to Cherry, Bekaert & Holland, LLP, Jay Spencer, Marc Glass, 0.30 22.50 David Pierson, & Audrey Ross re: Response to Auditor's Inquiry Letter 75.00 /hr Mail to Mr. Redler at CBH Auditor Inquiry Letter SUBTOTAL: [ 0.30 22.50] Inv Mgr - American Realty Inv Mgr - American Realty 1/25/2012 BSJ Review and revise Memorandum re: American Real Estate Private 1.00 200.00 Placement Memorandum & Subscription Agreement 200.00 /hr Inv Mgr - American Realty Inv Mgr - American Realty 1/31/2012 BSJ Correspondence with Jay Butterfield re: Adoption Agreements and 0.50 100.00 Consent & Authorization for Electronic Delivery 200.00 /hr Inv Mgr - American Realty Palm Beach Gardens Police Pension Fund Page 3 Hrs /Rate Amount Inv Mgr - American Realty 2/10/2012 BSJ Correspondence with Jay Butterfield re: Investor Questionnaire 0.30 60.00 Inv Mgr - American Realty 200.00 /hr Inv Mgr - American Realty PH E -mails to Jay Butterfield, Audrey Ross, Board of Trustees re: Investor 0.20 15.00 Questionnaire 75.00 /hr Inv Mgr - American Realty SUBTOTAL: [ 2.00 375.001 Meeting Notices and Agendas Meeting Notices and Agendas 1/25/2012 PH Prepare Attorney Report, Handouts, and Notebook for upcoming 1.50 112.50 Meeting - 1/26/12 75.00 /hr Meeting Notices and Agendas SUBTOTAL: [ 1.50 112.501 Misc Matters Misc Matters 1/23/2012 BSJ Draft Memorandum re: HB 1499 - Actuarial Soundness of Retirement 0.25 50.00 Systems 200.00 /hr Misc Matters Misc Matters BSJ Draft Memorandum re: Disability Presumption Task Force 0.35 70.00 Misc Matters 200.00 /hr Misc Matters 1/24/2012 PH E -mails to Audrey Ross & Trustees re: HB 1499 & Disability 0.20 15.00 Presumptions 75.00 /hr Misc Matters Misc Matters 2/10/2012 BSJ Research Status of HB 1499 0.06 12.00 Misc Matters 200.00 /hr Palm Beach Gardens Police Pension Fund Page 4 Hrs /Rate Amount Misc Matters 2/10/2012 BSJ Research Status of HB 365, SB 910 & SB 2088 0.10 20.00 Misc Matters 200.00 /hr SUBTOTAL: [ 0.96 167.001 Participant - George Smith Participant - George Smith 1/31/2012 BSJ Correspondence with George Smith re: Denial of request to Purchase 0.50 100.00 Time 200.00 /hr Participant - George Smith Participant - George Smith PH E -mails to Audrey Ross and Board of Trustees re: Denial of request to 0.10 7.50 Purchase Time 75.00 /hr Participant - George Smith SUBTOTAL: [ 0.60 107.50] State Monies State Monies 1/17/2012 BSJ Review email chain re: Union Ratification Vote 0.50 100.00 E -mail to Gary Lippman & Bob O'Dell re: Ratification Vote 200.00 /hr Telephone call with Gary Lippman State Monies State Monies 1/18/2012 BSJ Telephone calls with Bob O'Dell 1.25 250.00 Telephone calls with Jay Spencer 200.00 /hr Telephone call with Marc Glass Telephone call with Gary Lippman Telephone call with Alan Owens State Monies State Monies 1/23/2012 BSJ Telephone call with Jay Spencer re: Union Informational Meeting 0.10 20.00 State Monies 200.00 /hr Palm Beach Gardens Police Pension Fund Page 5 Hrs /Rate Amount State Monies 1/24/2012 BSJ Attend Police Benevolent Association Informational Meeting 4.25 850.00 State Monies 200.00 /hr State Monies 1127/2012 BSJ Telephone call with Gary Lippman re: Pension issues which can be 1.00 200.00 imposed 200.00 /hr State Monies SUBTOTAL: [ 7.10 1,420.001 For professional services rendered 16.81 $3,012.00 Additional Charges Bill File 2/15/2012 Copy Charges 67.35 SUBTOTAL: [ 67.35] Inv Mgr - American Realty 1/31/2012 United Parcel Service Invoice No.: OOOOF49280052 48.80 Tracking #1ZF492800193257259 to Jay Butterfield re: Adoption Agreement & Consent United Parcel Service Invoice No.: OOOOF49280052 5.93 Tracking #1ZF492800393693266 to Audrey Ross re: Signature Authorization United Parcel Service Invoice No.: OOOOF49280052 0.05 Tracking #1ZF492809090289876 From Audrey Ross re: Signature Authorization 2/10/2012 United Parcel Service Invoice No.: OOOOF49280062 6.45 Tracking #1ZF492800396259579 Pickup Request No.: 2941 C3C4H76 Re: Investor Questionnaire & Signature Authorization SUBTOTAL: [ 61.231 Palm Beach Gardens Police Pension Fund Page 6 Amount Investment Policy Guidelines 1/26/2012 United Parcel Service Invoice No.: OOOOF49280042 5.93 Tracking #1ZF492800399889946 to Audrey Ross re: Statement of Policy SUBTOTAL: [ 5.931 Participant - George Smith 1/31/2012 United Parcel Service Invoice No.: OOOOF49280052 8.68 Tracking #1ZF492800393905849 to George Smith re: Denial letter United Parcel Service Invoice No.: OOOOF49280052 6.48 Tracking #1ZF492800393905849 Pickup Request No.: 292121A66131- Re: Smith Denial Letter SUBTOTAL: [ 15.161 Total additional charges $149.67 For professional services rendered 16.81 $3,161.67 Total amount of this bill $3161.67 Previous balance $3,376.85 Accounts receivable transactions 2/7/2012 Payment - Thank You!. Check No. 00002388 ($3,376.85) Total payments and adjustments ($3,376.85) Balance due $3,161.67 ralm tieacn Hardens Police VENDOR: 000000000458 DATE 04/12 00002397 VENDOR NO 000000000458 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT INVOICE NUMBER 104 0_17_12 1,568.71 1,568.71 .00 1,568.71 1005266 005267 04/01/12 800.73 800.73 .00 800.731 005268 04/01/12 5,395.74 5,395.74 .00 5,395.741 7269 04/01/12 166.68 166.68 .00 166,68, (,j5270 04/01/12 441.80 441.80 .00 441.801 005271 04/01/12 13.50 13.50 .00 13.501 005272 04/01/12 1,208.30 1,208.30 .00 1,208.301 005273 04/01/12 526.50 526.50 .00 526.50 I L.. 2 526.50 eck Total 10,121.96 961 eck Total 10,121.961 Palm Beach Gardens Police 00002397 4360 Northlake Blvd Ste 206 Palm Beach Gardens, Fl 33410 63- 837612670 BANK ATLANTIC CHECK NO CHECK DATE VENDOR NO. 2397 04/01/12 000000000458 PAY AMOUNT TEN THOUSAND ONE HUNDRED TWENTY -ONE AND 96/100 . HE CITY OF PALM BEACH GARDENS ORDER 10500 N MILITARY TRAIL OF ATTN: LAUREN FERREIRA PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS , 11800002397119 11:26 708 3 76 31:006336560311' Palm Beach Gardens Police 00002397 VENDOR: 000000000458 DATE 04/12 VENDOR NO 000000000458 INVOICE NUMBER ATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 005266 12 1,568.71 1,568.71 .00 1,568.71! 005267 2 800.73 800.73 .00 800.731 1005268 2 5,395.74 5,395.74 .00 5,395.741 005269 2 F04/O1/12 166.68 166.68 .00 166.68 005270 2 441.80 441.80 .00 441.80; 005271 2 13.50 13.50 .00 13.50' 0 ^5272 2 1,208.30 1,208.30 .00 1,208.30; X05273 2 526.50 526.50 .00 526.50' eck Total 10,121.961 I Palm Beach Gardens Police VENDOR: 000000000001 00002398 OA'E VENDOR NO 04/12 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 11774 APRIL2012 04 04 12 2,294.80 2,294.80 Check .00 Total 2,294.80! 2,294.801 I I I I I Palm Beach Gardens Police 00002398 i 4360 Northlake Blvd Ste 206 I Palm Beach Gardens, FI 33410 638376/2670 BANK ATLANTIC CHECK NO CHECK DATE VENDOR N0. 2398 04/04/12 1000000000001 PAY I AMOUNT TWO THOUSAND TWO HUNDRED NINETY -FOUR AND 80/100 TO THE PENSION RESOURCE CENTER ORDER 4360 NORTHLAKE BLVD STE 206 OF PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS 1160000 2 3 9811' li:26 708 3 76 31:006336S60311' I Palm Beach Gardens Police VENDOR: 000000000001 i I i .:N: MICROVRINfING 00002398 DATE VENDOR NO 04/12 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 11774 APRIL2012 04/04/12 2,294.80 2,294.80 Check .00 Total 2,294.80'; 2,294.801 i i I I I Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Invoice Date Invoice 3/30/2012 11774 Tax ID Financial Resource Center 87- 0800465 Pension Resource Center 36- 4504183 Resource Centers 87- 0800468 Description Qty Rate Amount Palm Beach Gardens Police Pension Monthly Administrator Fee for 2,275.00 2,275.00 April 2012 Death Search 33 0.60 19.80 r' Total Amount Due $2,294.8 - Mail Payments to: Resource Centers, LLC at Palm Beach Gardens address OR ACH Payment to: First Southern Bank Pension Resource Center ABA #: 067012895 Account #: 8063659206 If you have any questions concerning this invoice, please contact Bonnie Lindberg at Resource Centers, LLC Phone 561.459.2959 or email - Bonnie @ResourceCenters.com NV Palm Beach Gardens Police VENDOR: 000000000012 00002399 DATE VENDOR NO � 04/12 nnonnoonoo12 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 1117901 2/29712 � 1 i 04 04 12 3,195.00 3,195.00 Check .00 Total 3,195.001 3,195.00 I 1 I i i Palm Beach Gardens Police 00002399 4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 63- 8376:2670 i BANK ATLANTIC CHECK N0 CHECK DATE VENDOR N0. 2399 04/04/12 1000000000012 PAY AMOUNT i THREE THOUSAND ONE HUNDRED NINETY -FIVE AND 00 /100 ""r: "" $3,195.00 TOTHE GABRIEL ROEDER SMITH & COMPANY ORDER P.O. BOX 78000 OF DEPT #78009 DETROIT MI 48278 VOID AFTER 180 DAYS 119000023990 l:26 ?083 ?631:006336560311' Palm Beach Gardens Police VENDOR: 000000000012 . �:�,tiV�. MICPOPRINTING+ 00002399 DATE VENDOR NO. 04/12 000000000012 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 117901 2/29/12 04 04 12 3,195.00 3,195.00 Check .00 Total 3,195.001 3,195.00; I i Gabriel Roeder Smith & Company GR Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301 -1804 (954) 527 -1616 BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND Mr. J. Scott Baur, Administrator Resource Centers, LLC 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Date I 3/12/2012 Invoice 117901 Please Remit To: Dept. # 78009 Gabriel Roeder Smith & Company PO Box 78000 Detroit, Michigan 48278 -0009 or ACH Payment to: Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 PLEASE 1Nll1CATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Palm Beach Gardens Police VENDOR: 000000000029 00002400 DATE VENDOR NO. nn /1" nnnnnnnnnn�n INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 615715 03/30/12 I i 04/04/12 1,000.00 1,000.00 Check .00 1,000.00 Total 11000.00 i I I BANK ATLANTIC PAY ONE THOUSAND AND 00/100 TO THE CHERRY, BEKAERT & HOLLAND, ORDER P.O. BOX 25549 OF ATTN: ACCOUNTS RECEIVABLE RICHMOND L.L.P VA 23261 -5549 VOID AFTER 180 DAYS 11'0000 240011' 1:26 708 3 76 31:006 3 36 560 311' Palm Beach Gardens Police VENDOR: 000000000029 .•:�iS MICR PNINTING' 00002400 DATE VENDOR NO. INVOICE NUMBER INVOICE DATE INVOICE AMOUNT Palm Beach Gardens Police I 00002400 � 4360 Northlake Blvd Ste 206 1,000.00 Palm Beach Gardens, FI 33410 63- 8376,2670 CHECK NO CHECK DATE VENDOR NO. F 2400 04/04/12 000000000029 f AMOUNT $1,000.00 L.L.P VA 23261 -5549 VOID AFTER 180 DAYS 11'0000 240011' 1:26 708 3 76 31:006 3 36 560 311' Palm Beach Gardens Police VENDOR: 000000000029 .•:�iS MICR PNINTING' 00002400 DATE VENDOR NO. INVOICE NUMBER INVOICE DATE INVOICE AMOUNT s, 1. c. .,vvv vvv AMOUNT PAID DISC. TAKEN VVVG J NET AMOUNT 615715 03 30 12 04 04 12 1,000.00 1,000.00 .00 1,000.00 Check Total 1,000.001 i i i I i i I ✓ V CHERRY, BEKAERT & HOLLAND, L.L.P. P.O. BOX 25549 RICHMOND, VA 23260 -5549 (407)423 -7911 Palm Beach Gardens Police Pension Fund C/O Pension Resource Center, Inc. 4360 North lake Blvd., Suite 206 Palm Beach Gardens, FL 33410 Invoice No. 615715 Date 0313012012 Client No. 4253650.0 FOR PROFESSIONAL SERVICES RENDERED: Final billing on audit of financial statements for the year ended September 30, 2011 TERMS: Invoices are payable upon presentation. A service charge will be added to past due accounts equal to 1 1/2% per month (18% annually) on the previous month's balances less payments received during the month, with a minimum charge of $2.00 per month. Palm Beach Gardens Police VENDOR: 000000000229 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT 4 -01 -12 FPPTA 104/04-F12 590.5 BANK ATLANTIC 00002401 DATE VENDOR NO 04/12 000000000229 AMOUNT PAID DISC. TAKEN NET AMOUNT j 590.52 .00 590.52! eck Total 590.521 Palm Beach Gardens Police 00002401 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63 8376/2670 CHECK NO. CHECK DATE VENDOR NO. PAY 2401 04/04/12 000000000229 AMOUNT FIVE HUNDRED NINETY AND 52/100 ::'X-X':- X-X'X-:' 5590.52 .�x::.......... TO THE JAY SPENCER ORDER 6310 LAUDERDALE ST. OF JUPITER FL 33458 VOID AFTER 180 DAYS 1180000 240 1iia ': 26 708 3 76 31:006 3 36 560 311' Palm Beach Gardens Police 00002401 VENDOR: 0 0 0 0 0 0 0 0 0 2 2 9 DATE VENDOR NO 04/12 000000000229 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT I 4 -01 -12 FPPTA 04 04 12 590.52 590.52 .00 590.52 C eck Total 590.52; I i I i Palm Beach Gardens Police Officers Pension Plan Travel and Expense Report Name: 1G. �7 z Date Begin: 8 �— c� Position— r _ Meeting Purpose: �" o.r�� h �,_�� Date Ended: Meeting Location: _mil A) Per Diem - if annlicable (please use rpvprse ,idp if adr itinnal snare is naeriedl FROM TO TIME AMOUNT Date Time Date Time Hours Minutes Rate Due Breakfast ^� Lunch ri NMI— _ v.i—rn /cnirle �1 Miles x $0.405 per mile Sun Mon Tues Wed Thurs Fri Sat Total Hotel $ OWED Breakfast ^� Lunch Dinner )tt l f -, d• 1 Airfare, taxi, etc t:�• {`.% L parking s Tolls Supplies Gas /Oil Misc. t. � I Total � ri NMI— _ v.i—rn /cnirle �1 Miles x $0.405 per mile Travel Mileage Total DATE TO FROM START FINISH MILEAGE $ OWED Total Expenses (A) + (B) + (C): l v' A I hereby certify or affirm that this travel expense report is true and correct in eery material matter; that the expenses were actually incurred by me as necessary expenses; that no expenses shown were for p rsonal use; and tha`t,l have not previously received payment f r said expenses. 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STOP ,f -. 1 -800- 777 -88$8 - 3 M WAITING CHARGE INITIAL ZONE HERE COUPON TOLUPARKI ` I I su TOTAL t I WAITING TIME/ APPROVAL CODE Must Get Code# Upon Reserving _— __LHR .—MIN SK. s -- OR ED S NATURE Give coupon to driver. One offer per trip. Can't be combined with other promotion. AUTHOR I Savings offered by cars R v X 1 W/ — cool: CR01121 -------------------------------------------- - . - - _ - r Customer acknow ges recal t pfgoods an or services m the amount of the Total shown here o and agrrse. perform the obligations set forth In the Customer's agreement with thill th m. WILL APPEAR ON YOUR STATEME:NIT AS A LATER DATE ' 349-3481-9 FARE 348 -9 } wo I STOPS TIP iy e J 0 custai tier X44I nf, rDA '; 4y/ 1 �•liI13 JAY E SPENCER NAME AIRPORT PICK -UP SPECIAL a� Vie„ `4kW q STOP 2 1 �0 0 -777 °818338 I WAITING Tit Must Get Code# Upon Reserving Give coupon to driver. One offer per trip. Can't be combined with other promotion. AUTHO9 lz Savings offered by carp FEY CR01121 X \ \` --- -------- --_.. _. -_ _ .________. Customer al Total shown Customer's W '1^ ` TIME _PM AM _ CONE# 7 ! { WAITING CHARGE INITIAL I ZONE HERE T" COUPON _ TOLUPARKING COST ( D I kj SuH TAL4. t..� TIP t APPROVAL CODE SIGNATURE ;, \ i ledges receiptbf go- cos'3nd(dr services In the arnorNt of the on and agrees to perform Ihil obligations set forth in t l'� nent wlth the Issaer. J�' Customer Jay Spencer From: "Delta Air Lines" <DeltaAirLines@e.delta.com> Date: Tuesday, March 06, 2012 5:39 PM To: <jayspencer@ ,bellsouth.net> Subject: JAY S WEST PALM BEACH 27MAR12 DELTA )< X YOUR ITINERARY AND RECEIPT Please review this information before your trip. If you need to contact Delta or check your flight information, go to delta.coin or call 1-800-221-1212. For a complete list of world wide phone numbers, please visit To access your boarding pass at the airport, print email now and scan at a You can exchange, reissue and refund eligible Delta self-service kiosk. electronic tickets at Take control -and make changes to your itineraries at You can check in for your flight up to 24 hours prior to departure time. Check in online by clicking the link below or download the Fly Delta app You can also use the app to change seats, track your bag, view your flight status and so much more. Thanks for choosing Delta. Flight Confirmation #: I Ticket #: Page I of 4 Add c s Book I X 1K Earn Miles I X I Receipt Information 77 -Billing Details [ i Page 2 of 4 Passenger: Payment Method: Ticket Number: I— PAY SPENCER VI************8440 00623002976982 FARE: 101.40 USD r Tax: 18.40 Total: 119.80 USD ­j P F API 'T 1; qf, 1,11J1Y nlay A to Della A 1 dSl:.:!'("'tl Additional Tax Details Total Tax: 18.40 Itemized te lized Tax: 2.50 AY 4.50 XF 3.80 ZP 7.60 US Fare Details F_PBI DL NYC101.40UA21B3NP USD101.40END ZP PSI XF P614.5 —Ticketing Details Expiration -Passenger: Ticket #: Place of Issue: Issue Date: Expiration - JAY SPENCER 00623002976982 LAXWEB -- ---- - ----- .-Baggage Fees First/ Business (per passenger each way) Economy Class Elitel FE _TT11 Carry-on Baggage One bag plus one _'Carry on Bog�4 vja - L Complimentary Complimentary Complimenta L personal item) First Checked Bag Within U.S. and Canada: $25 Page I of 4 Jay Spencer From: "Delta Air Lines" <DeltaAirLines@e.delta.com> Date: Tuesday, March 06, 2012 5:30 PM To: <jayspencer@bellsouth.net> Subject: JAY S NY-C-LA-GUARDIA 0 1 APR 12 Ito Address Book ? X DELTA x x Earn Miles X X X YOUR ITINERARY AND RECEIPT L Please review this information before your trip. If you need to contact Delta or To access your boarding pass at the airport, print email now and scan at a [--Delta self-service kiosk. check your flight information, go to or call 1-800-221-1212. For a complete list of world wide phone numbers, please visit You can exchange, reissue and refund eligible electronic tickets at Take control and make changes to your itineraries at You can check in for your flight up to 24 hours prior to departure time. Check in online by clicking the link below or download the Fly Delta app :e, , . You can also use the app to change seats, track your bag, view your flight ctati is and cri mi irh me%ra Thanks for choosing Delta. -Flight Confirmation, Ticket #: X 7-- Your Flight Information I X Sun 01APR _j Lv 2:35pm NYC-LAGUARDIA AR 5:39pm WEST PALM BEACH DELTA 2175 1 ECONOMY (K) Snacks For Sale Your Flight Details _Passenger -Details- 3AY SPENCER maflaqe 1 n't) X Flights Seats 'Free Bags DELTA 2175 19B --OPC — --------- Receipt Information ,Billing Details --Passenger: Payment Method: Ticket Number: JAY SPENCER Vl************8440 00623008520385 FARE: 180.47 USD Tax: 24.33 Total: 204.80 USD j Any ha!,(; to yeor itinerary may d! .`'1 notice to Delta it4;t,im v,,m 'wr 1,i� jj!,vc j recfit:, r, vr -il: (4unded. Additional dj!" in "v iwd Tj: ;n II; ­ Tax Details [ 7rotai Tax: 24.33 -Itemized Tax: 2.50 AY 4.50 XF 3.80 ZP 13.53 US Fare Details WC DL PBI180.47KA07AOUP USD180.47END ZP LGA XF LGA4.5 Ticketing Details Passenger: Ticket #: Place of Issue: Issue Date: �-Expiration -Date: I JAY SPENCER 00623008520385 LAXWEB b6MAR12 �:06MAR13 Page 2 of 4 First/ Business Elite' Complimentary -Baggage Fees Economy Class (per passenger each way) Carry-on Baggage T - [-�"Afry or, baggiqv ,(one bag plus one Complimentary personal item) First Checked Bag Within U.S. and Canada: $25 Page 2 of 4 First/ Business Elite' Complimentary Palm Beach Gardens Police 00002402 DATE VENDOR NO VENDOR: 000000000015 04/12 000000000015 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT PENCER 2012 04/12/12 30.00 30.00 Check .00 Total 30.001 30.001 i I� I BANK ATLANTIC PAY THIRTY AND 00/100 ...,.....;�r.�,;; TO THE FPPTA ORDER 2946 WELLINGTON CIRCLE EAST SUITE A OF TALLAHASEE FL 32308 VOID AFTER 180 DAYS 11900002402110 1:2670837631:006336560311' Palm Beach Gardens Police VFNOOR- 000000000015 "." AIMS h4 CROpRJ jMr' 00002402 DATE VENDOR NO 04/12 000000000015 ! INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID Palm Beach Gardens Police 00002402 4360 Northlake Blvd Ste 206 04/12/12 Palm Beach Gardens, FI 33410 63 8376,2670 ; I .00 Total 30.00 30.001 i I I i i I CHECK NO CHECK DATE VENDOR NO. j 2402 04/12/12 000000000015 ` AMOUNT j $30.00 TO THE FPPTA ORDER 2946 WELLINGTON CIRCLE EAST SUITE A OF TALLAHASEE FL 32308 VOID AFTER 180 DAYS 11900002402110 1:2670837631:006336560311' Palm Beach Gardens Police VFNOOR- 000000000015 "." AIMS h4 CROpRJ jMr' 00002402 DATE VENDOR NO 04/12 000000000015 ! INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT SPENCER 2012 i I I 04/12/12 30.00 30.00 Check .00 Total 30.00 30.001 i I I i i Certified Public Pension Trustees Program SSOCIATION+ "%�K_Tl PENSION PUBLIC FLORIDA Office Use Only ❑ Paid by check Amount paid: _ Date paid: GBS Date CPPT Re- Certification Fee covers the two year period of October 2009 through December 2011. October 2009 — December 2011 O Paid by credit card February 2010 — December 2011 Amount due: $60.00 Trustee Name: Pension System /Company: \ C_A rYN 0)_Q,ck- C:, fin ct V c Qvt Address: ` City: State: Zip: 5S Phone: E -mail: Please make check payable to and mail to: FPPTA 2946 Wellington Circle East • Tallahassee, Florida 32309 800 -842 -4064 • Fax: 850-668-8514 Stephanie @fppta.org • www.fppta.org Payment Information: Check Enclosed ❑ Check to Follow ❑ American Express ❑ Visa ❑ MasterCard Name on the Card: Billing Zip Code: Expiration Date: Signature: Card number: Certified Public Pension Trustees Program (CPPT) TRASSOCIATIOx USTEES PENSION 2011 CPPT Continuing Education Units Verification Form PUBLIC FLORIDA Designee Information: Name: Pension System/Company: Street Address: City: State: Zip: Phone: E -mail: r, CEU Information: Please mark the events you have attended. With the implementation of the scanning program, beginning in 2012 we will be able to use this information to record your attendance at FPPTA functions. The only need for completing this form going forward is if you attend anything other than an FPPTA event. 10 Continuing Education Units ❑ FPPTA Trustees School, February 2011, Renaissance Resort at World Golf Village, Saint Augustine ❑ FPPTA CPPT Continuing Education Trip to New York Stock Exchange, March 2011, New York ❑ FPPTA Trustees School, October 2011, Tampa Marriott Waterside, Tampa 5 Continuing Education Units Q State of Florida Police Officers & Firefighters Trustees School, May 2011, Tallahassee, Florida ❑ NCPERS Annual Conference, May 2011, Fontinbleau Hotel, Miami, Florida ❑ FPPTA 27`h Annual Conference, June 2011, Renaissance Resort at Sea World, Orlando ❑ NCTR, October 2011, Hilton Baltimore, Baltimore, Maryland ❑ NPEA, October 2011, Naples Beach Hotel and Golf Club, Naples, Florida ❑ International Foundation of Employee Benefit Plans Annual Conference (various locations) Designee Signature: Date: U O A� W U e� N ,-1 O N LL t0 Ln Ol N .--i O M M Oq- n Wq- ul .--i .--i .--i I, N N Ol .--i O ul O ul Ql O M - V y CO r, Ln N t0 N t0 O .--i t0 t0 Ol Ol Ol Ol N CO .--i ul CO O r, N M y M O M O O O .--i O N O O M ,y Ol 'It M m W I, n Ol .ti CO I, ul CO .--i N CO M It M t0 M n Ol I, Ol Ol ul ul ul I, M M n N ul M O O Ol Ol CO O O t0 Ol M O Ol CI G W r, n t0 .--i O N Ol M t0 W .--i .--i .--i I, M M Ol N O M O O O co 0 n n Ol O O M M I, n C) 1q, ul Ln � Ol M M ul Il Cl OO N I, .--� ul ul I� N ul t0 n N ul ul t0 t0 t0 N M W CO t0 W ul N O ul Ol t0 n t0 N t0 N Ol Ol O1 O .ti I, W CO I, M W M CO O M t0 W .--i . 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TRUSTEES PRESENT OTHERS PRESENT Jay Spencer, Chair Audrey Ross (Resource Centers) David Pierson, Secretary Bonni Jensen (Law Offices of Perry & Jensen) Brad Seidensticker, Trustee John McCann (Thistle Asset Consulting) Michael Dunigan (JP Morgan Chase & Co.) Greg Pittenger (JP Morgan Chase & Co.) Richelle Hayes (American Realty Advisors) Jay Butterfield (American Realty Advisors) INVESTMENT MANAGER PRESENTATIONS: REAL ESTATE ]P Morgan Chase & Company — Presented by Michael Dunigan & Greg Pittenger Mr. Dunigan introduced himself and Mr. Pittenger to the Board and commented that he is a senior portfolio manager that has been with JP Morgan for 15 years. He explained that JP Morgan has 41 institutional clients in Florida that represent over $5.6B in assets. JP Morgan has over 16,000 employees that service over 200 public pension funds all over the United States. Mr. Dunigan reviewed the Real Estate platform and stated that they are a very diversified solid business that has been in the game for over 40 years. JP Morgan has a total of $56.9B in assets under management with 405 investment portfolio managers, in which 13 of those are dedicated to this product along. Mr. Pittenger explained to the board that their firm has their own risk management that they run internally, and in addition they do annual appraisals on all their properties. This Real Estate fund is an open end fund where investors can go in and out as they choose too, as this is buy and sell active management. In addition this is a commingled pension trust fund where there is no liability to the investor if something were to happen to a building that is being held in the portfolio. Also there is insurance that would cover the damage as well. This portfolio occupancy rate is 92% when the US is only 82 %, and most of the buildings have lease structure agreements in which the tenate would pay an increase each year. Mr. Dunigan reviewed the type of properties that they own in their portfolio and explained that they do own some residential real estate which consist of multifamily rental homes only. In addition to residential they also have 4 other property types they own; office, industrial, retail and land. Mr. Pittenger did explain that currently there is a queue to get into this fund which is $1.8B and will take about 6 -9 months to get into. Proceeds are distributed on a quarterly basis if requested and they are the most illiquid fun around. There are 273 investors in this fund and most plans invest in this type of product to add diversification to their portfolio and to also mover separate from the market. Mr. Dunigan stated that their annual fee is 1% of the net asset value of the fund and their break point for investors is $100M. There are several hundred properties Minutes 12 -8 -11 (SM).dc Page 1 of 3 in the portfolio and they are not closing this fund anytime soon. Lastly he commented that their next capital call would be from July to September of 2012. American Realty Advisors — Presented by Richelle Hayes & ]ay Butterfield Ms. Hayes introduced herself and Mr. Butterfield. American Realty is a private held firm owned by their senior investors. They are a core equity domestic real estate manager and this is their only line of business. They currently have over $4B in assets under management with over 275 institutional clients. There are 153 properties in the fund and they have been running this product for 23 years now. Mr. Butterfield explained that their long term focus is on risk control and he reviewed the items and the processes they go through to measure their risks. Also Mr. Butterfield stated that this firm does not have any conflicts of interest, they do not have any litigation regulatory issues, nor do they have any debt on their balance sheets. He commented that they have low leverage and have limited range of debt as their max leverage is about 40 %, although they have never reached that. In addition about 80% of their loans are fixed with the other 20% variable. Ms. Hayes reviewed the reasons why you would want to add real estate into your portfolio. Real Estate focuses on the stronger markets with higher returns and it also provides some kind of income just as fixed income would. All properties in this portfolio receive an add on appraisal every quarter and then are fully appraised once a year. She reviewed the property types that they hold in their portfolio such as office properties, industrials, retail and multifamily. They look for buildings that are in a high transit stand point, and their occupancy rate is 90 %. She commented that they will be looking to inquire more in industrials in 2012. Mr. Butterfield then reviewed the firms investment procedures and stated that their firm has an investment committee which is made up of 7 employees that make all the decisions. These 7 employees have been working together for over 10 years and they make all the decisions unanimously. He also commented that currently there is no queue to get out, although there is a queue to get in which is about $140M and will take about 2 quarters to pay down. In addition Mr. Butterfield explained that there are 5 owners of the Company and there would be no impact if one of the owners were to leave. American Realty is fully insured and would be fully covered if anything were to happened. Lastly he explained that there is a $1M minimum to invest, and the fee is 1.1% annually on all assets. BOARD DISCUSSION: The board discussed both presentations and noted that their philosophies regarding investment are quite similar. Mr. McCann noted that we would need to amend the investment policy guidelines to include an allocation to real estate. MOTION: Mr. Seidensticker made a motion to amend the investment policy guidelines to include up to 10% investing in Real Estate, with authorization for the Chair and Secretary to execute in between meetings. SECOND: Mr. Pierson seconded the motion. CARRIED: The motion carried unanimously 3 -0. MOTION: Mr. Seidensticker made a motion to hire American Realty Advisors as their Real Estate Manger and to transfer $1M from ICC Capital's fixed income account to the new American Realty account, once the queue has opened. SECOND: Mr. Pierson seconded the motion. Minutes 12 -8 -11 (SM).doc Page 2of3 CARRIED: The motion carried unanimously 3 -0. Mr. McCann noted that he would recommend having the income that is generated from the Real Estate to be deposited back into the fund on a quarterly basis. The board agreed with his recommendation. OTHER BUSINESS The board reviewed the City's proposal and discussed the fact that the City is aiming to opt out of the 185 State Monies. It was noted that the board has reached out to the City numerous times to try to schedule a meeting to discuss their intents, but they have not received a response. The board directed Ms. Jensen to draft a letter to the City staff requesting a meeting. MOTION: Mr. Seidensticker made a motion to direct Ms. Bonni Jensen to draft a letter to the City staff requesting a meeting with the Pension Board. SECOND: Mr. Pierson seconded the motion. CARRIED: The motion carried unanimously 3 -0. PUBLIC COMMENTS N/A AJOURN There being no further business, and the future meetings are scheduled for the 3rd Thursday of the first month proceeding the quarter. The next regular meeting is scheduled for Thursday January 19, 2012 at 9AM; the Trustees officially adjourned the meeting at 12:12PM. Respectfully submitted, DAVID PIERSON, Secretary Minutes 12 -8 -11 (SM).doc Page 3of3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 CITY OF PALM BEACH GARDENS ART IN PUBLIC PLACES ADVISORY BOARD REGULAR MEETING March 20, 2012 The regular meeting was recorded in the Emergency Operations Center and called to order at 5:32 p.m. by Chair Porter. L CALL TO ORDER II. PLEDGE OF ALLEGIANCE III. ROLL CALL PRESENT: Chair David Porter, Vice Cable Neuhaus, Meriel Bryan, Mary Miles; Diane Cappella (arrived at 5:34 p.m.). ABSENT: Paul Kaufman, Alexander Hanlin. ALSO PRESENT: Council Member, Council Liaison, Eric Jablin; Senior Planner, Staff Liaison, Kathryn DeWitt; City Attorney R. Max Lohman, Operations Manager, Angela Brown. IV. ADDITIONS, DELETIONS, MODIFICATIONS None. V. APPROVAL OF MINUTES From the December 20, 2011 Meeting. Chair Porter made a motion to approve the December 20, 2011 minutes. Vice Chair Neuhaus seconded. Motion passed 5 -0. VI. ITEMS BY COUNCIL LIASON Council Member, Council Liaison Jablin Presented information on the proposed Veterans Plaza Improvement Phase HI. Chair Porter requested a copy of the as -built plans. Consensus was to move forward with the project, with a desired projected date to go to City Council on May 3, 2012. VII. ITEMS BY STAFF LIAISON Senior Planner, Staff Liaison Kathryn DeWitt provided updates to the board on recent AIPP approvals. VIIL OLD BUSINESS None. IX. NEW BUSINESS a. Discussion on Veterans Plaza improvements Phase I11. Chair Porter will conduct individual meetings with the remaining four (4) council members to explain the concept and detail of the project. X. COMMENTS BY THE PUBLIC None. XI. COMMENTS BY THE BOARD None. a. SET QUARTERLY MEETING DATE (April 17, 2012, May 22, 2012, June 19, 2012) Chair Porter made a motion to set the quarterly meeting date for May 22, 2012. Vice Chair Neuhas seconded. Motion passed 5 -0. (The remainder of this page intentionally left blank) ART IN PUBLIC PLACES ADVISORY BOARD 03 -20 -12 PAGE 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 XIL ADJOURNMENT Vice Chair Neuhaus made a motion to adjourn the meeting. Board Member Miles seconded. Chair Porter adjourned the meeting at 6:27 p.m. APPROVED David Porter, Chair Cable Neuhaus, Vice Chair Meriel Bryan Paul Kaufman Mary Miles Alexander Hanlin Diane Cappella ATTEST: Donna L. Kramer Municipal Services Coordinator NOTE: These minutes are prepared in compliance with 286.011 F.S. and are not verbatim transcripts of the meeting. A verbatim audio recording is available from the Office of the City Clerk. All referenced attachments on file in the Office of the City Clerk. ART IN PUBLIC PLACES ADVISORY BOARD 03 -20 -12 PAGE 2 PALM BEACH GARDENS POLICE PENSION FUND Investment Review Quarter Ending March 31, 2012 PALM BEACH GARDENS POLICE PENSION FUND Table of Contents Quarter Ending March 31, 2012 ICC Capita! Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Review Quarter Ending March 31, 20I2 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Performance Report Quarter Ending March 31, 2012 [CC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Performance Report Quarter Ending March 31, 2012 Starting Value Ending Value Difference Net Contributions/ (Withdrawals) Gain/(Loss) from Investments $15,026,132 1 $14,300,168 1 $1,625,387 $15,373,491 1 $15,373,491 1 $15,373,491 $347,359 F $1,073,323 1 $13,748,104 $342,354 1 ($184,365) 1 $6,469,313 $5,005 1 $1,257,688 1 $7,278,792 TOTAL RETURN 1 0.04% 8.17% 262.80% ANNUALIZED TOTAL RETURN 7.46% ICC Capital Management, Inc. 1 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Portfolio Allocation at Market Quarter Ending March 31, 2012 Market Value as of 12/31/11 Market Value as of 03131112 CasIV Fixed Tota l uivs Mkt Value as of 12/31/1 $592,775 $14,433,357 $15,026,132 [CC Capital Managemott, hic. Asset Allocations: 0/100 (Mkt) CASH /EQUIVS 3.9% CASH /EQUIVS 10.3% FIXED INCOME 96.1 Mkt Value % as of 12/31/11 3.9% 96.1% 100.0% 2 FIXED INCOME 89.7% Mkt Value as of 03/31/12 $1,579,521 $13,793,870 $15,373,491 Mkt Value % as of 03/31/12 10.3% 89.7% 100.0% PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Performance by Asset Category Quarter Ending March 31, 2012 carter 1.00 0.50 0.00 -0.50 -1.00 Otte Year M. 12. 8. 4. 0. 1 1 0.02 BONDS INACCOUNT ■BCAG 0 BCGC 0.30 0.30 0.04 0.08 0.08 BMW TOTAL GROSS OF FEES TOTAL NET OF FEES ■ ACCOUNT ■ BCAG 0 BCGC I 'pri]14LIM Five Years Attnualized 10.00 12.00 8.00 4.00 0.00 TOTAL GROSS OF FEES TOTAL NET OF FEES ■ ACCOUNT ■ BCAG © BCGC BONDS TOTAL GROSS OF FEES TOTAL NET OF FEES 'lie red bar represents the Barclays Capital Aggregate Bond Index. The yellow bar represents the Barclays Capital (Government1cred!! Bond Index. ICC Capital Management, Inc. 3 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis Quarter Ending March 31, 2012 Average Quality — A+ Average Duration — 4.63 Current Yield — 4.05 ICC Core Fixed Income Portfolio Mortgage Pools Government Sponsored 19.7% Municipal Bonds 4.4% 2,2% US Treasuries 3.0% Corporate Bonds %tl.7 % Average Quality — AA Average Duration — 5.86 Current Yield M 3.22 Barclays Capital GovernineiiKreditIndex Corporate Bonds Government Sponsored 30.6% 16.5% US Treasuries 52.9% Average Quality — AA Average Duration — 5.01 Current Yield — 3.60 Barclays Capital Aggregate Index US Treasuries US MSS 35.1% 31.3% Government Sponsored ABS 11.0% 0.3% CMBS Corporate Bonds 2.0% 20.4°% ICC Capital Maiiagement, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis Quarter Ending March 31, 2012 Sectors and Market Indices Performance VS. Core Fixed Income Portfolio 1Q12 6.00 Mood 's Rating COMMONWEALTH FING AUTH PA 5.653% 6/1/2024 AA- AA3 UTAH ST 3.46 7/1/2024 4,00 AAA 2.08 2.00 0.89 M 0.57 0.83 0.30 0.08 0,02 0.00- FG POOL #G05900 6.000% T , -2.00- _1.29 5.000% 5/20/2039 AA+ -4.0U GN POOL # 782119 6.000% 8/1,5/2036 AA+ Aaa os Q coy 10/15/2039 AA+ Aaa FGLMC #G02268 6.500% 8/1/2036 AA+ Aaa FNCL # 256394 6.500% 9 1 2036 AA+ s G2 POOL # 4194 5.500% 7/20/2038 AA+ Aaa o� 3.500% 7/1/2018 AA+ Aaa G2 POOL # 4195 6.000% 7/20/2038 Munici al Bonds Coupon Maturity S &P Rating Mood 's Rating COMMONWEALTH FING AUTH PA 5.653% 6/1/2024 AA- AA3 UTAH ST 4.554 %fl 7/1/2024 AAA AAA Mort a e Backed Securities Coupon Maturiht S&P Rathig Mood 's Rating FG POOL #G05900 6.000% 3/1/2040 AA+ Aaa G2 POOL # 4447 5.000% 5/20/2039 AA+ Aaa GN POOL # 782119 6.000% 8/1,5/2036 AA+ Aaa GNSF 5.5% POOL #714005 5.500 % 10/15/2039 AA+ Aaa FGLMC #G02268 6.500% 8/1/2036 AA+ Aaa FNCL # 256394 6.500% 9 1 2036 AA+ Aaa G2 POOL # 4194 5.500% 7/20/2038 AA+ Aaa FGCI #E01443 3.500% 7/1/2018 AA+ Aaa G2 POOL # 4195 6.000% 7/20/2038 AA+ Aaa GNSF M #552509 6.000% 4/15/2032 AA+ Aaa FGCI #G12205 4.500% 6/1/2021 AA+ Aaa FNCI N #725445 4.500% 5/1/2019 AA+ Aaa FNCI M #254371 5.500% 7/1/2017 AA+ Aaa GN O M #781313 6.000% 7/15/2016 AA+ Aaa FNCI N #825335 4.000% 5/1/2020 AA+ Aaa FNCI N #255888 4.000% 8/1/2020 AA+ Aaa GNSF M #582153 6.000% 6/15/2032 AA+ Aaa FNCI N #829053 4.000% 8/1/2020 AA+ Aaa FGCI N #B13455 4.500% 4/1/2019 AA+ Aaa FGCI N #G12323 4.500% 8/1/2021 AA+ Aaa GovernmentlAgency Bonds Coupon Maturity S &P Rating Mood 's Ratin FREDDIE MAC 2.375% 1/13/2022 AA+ AAA [CC Capital Management, Inc. 5 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis Quarter Ending March 31, 2012 GovernmentlAkency Bonds Coupon Maturity S &P Rating Mood 's Rath: US TREASURY N B 4.250% 11/15/2040 AA+ AAA US TREASURY N B 4.375% 5/15/2041 AA+ AAA FREDDIE MAC 5.900% 6/15/2022 AA+ AAA Corporate Bonds Coupon Maturity S&P Ratinir Mood 's Rating GEORGIA POWER COMPANY 5.400% 6/1/2040 A A3 SAN DIEGO GAS & ELECTRIC 5.300% 11/15/2015 A+ Aa3 WALT DISNEY COMPANY 2.750% 8/16/2021 A A2 COCA -COLA CO 3.625% 3/15/2014 A+ AA3 WELLS FARGO & COMPANY 2.625% 12/15/2016 A+ A2 OCCIDENTAL PETROLEUM CORP 4.100% 2/1/2021 A A2 CITIGROUP INC 4.450% 1/10/2017 NA A3 BROADCOM CORP 2.700% 11/1/2018 A- A2 AFLAC INC 2.650% 2 15 2017 A- A3 GENERAL ELEC CAP CORP 4.650% 10/17/2021 AA+ Aa2 ALABAMA POWER CO 3.950% 6/1/2021 A A2 MORGAN STANLEY 2.875% 1/24/2014 A- A2 PMORGAN CHASE & CO 1.875% 3Z20/2015 A AA3 UNIVERSITY OF PENNSYLVANIA 4.674% 9/1/2112 Aa2 MERCK & CO INC 6.000% 9/15/2017 AA Aa3 UNIVERSITY OF CHICAGO 5.420% 10/1/2030 AA AA1 GOLDMAN SACHS GROUP INC 5.750% 1/24/2022 A- Al VERIZON COMMUNICATIONS 4.600% 4/1/2021 A- A3 AT &T INC 4.950% 1/15/2013 A- A2 BERKSHIRE HATHAWAY FIN 4.250% 1/15/2021 AA+ AA2 WAL -MART STORES INC 1.500% 10/25/2015 AA AA2 US BANCORP 3.000% 3/15/2022 A AA3 MORGAN STANLEY 3.800% 4/29/2016 A A2 CAMPBELL SOUP CO 4.250% 4/15/2021 A- A2 AT &T INC 3.000% 2/15/2022 A- A2 PROCTER & GAMBLE CO THE 1.800% 11/15/2015 AA- AA3 BLACKROCK INC 5.000% 12/10/2019 A+ Al STATE STREET CORP 2.875% 3/7/2016 A+ Al MICROSOFT CORP 1.625% 9/25/2015 AAA AAA WELLS FARGO & COMPANY 3.676% 6/15/2016 A+ A2 GEORGE WASHINGTON UNWERSIT 4.896% 9/15/2020 A+ Al AMGEN INC 2.300% 6/15/2016 A+ BAA1 MONSANTO CO 2.750% 4/15/2016 A+ Al YALE UNIVERSITY 2.900% 10 15 2014 AAA Aaa BAXTER INTERNATIONAL INC 4.250% 3/15/2020 A+ A3 NATIONAL RURAL UTIL COOP 5.500% 7/1/2013 A+ Al IBM CORP 6.500% 10/15/2013 A+ AA3 HONEYWELL INTERNATIONAL 3.875% 2/15/2014 A A2 GENERAL DYNAMICS CORP 5250% 2/1Z2014 A A2 PMORGAN CHASE & CO 4.500% 1/24/2022 A AA3 MORGAN STANLEY 6.000% 5/13/2014 A- A2 MCDONALD'S CORP 5.800% 10/15/2017 A A2 ICC Capital Mafragemertt, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis Quarter Eliding March 31, 2012 Corporate Bonds Coupon Maturity S&P Rating Mood 's Rating CHEVRON CORP 4.950% 3/3/2019 AA AA1 CONS EDISON CO OF NY 5.850% 4/l/2018 A- A3 ISM CORP 1.950% 7/22/2016 A+ AA3 OCCIDENTAL PETROLEUM COR 3.125% 2/15/2022 A A2 NATIONAL RURAL UTIL COOP 5.450% 4/10/2017 A+ Al GOLDMAN SACHS 5.250% 10/15/2013 A- Al GENERAL ELECTRIC CAP CORP 4.625% 1/7/2021 AA+ Aa2 GENERAL ELEC CAP CORP 3.500% 6/29/2015 AA+ AA2 Portfolio Dltration vs. Index Ditration (Ratio) NEUTRAL 1.0% --;- INDEX f ACCT AGGRESSIVE 0.6% DEFENSIVE 0.2% 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 6/30/2011 9/30/2011 12/31/2011 12/31/2011 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Portfolio Summary Quarter Ending March 31, 2012 CASH & EQUIVALENTS Total Cost Market Value Pct. Assets CASH AND EQUIVALENTS 1,579,621 1,579,621 10.3 FIXED INCOME CORPORATE BONDS 9,213,526 9,642,256 62,7 MUNICIPAL BONDS 265,000 306,367 2.0 GOVERNMENT BONDS 349,994 416,105 2,7 MORTGAGE POOLS 2,544,105 2,695,893 17.5 GOVERNMENT SPONSORED BR 605,261 607,493 4.0 Accrued Interest 125,755 0.8 Fixed income Total 12,977,886 13,793,870 89.7 TOTAL PORTFOLIO 14,557,507 15,373,491 100.0 [CC Capital Ma11agemeiit, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Portfolio Appraisal Quarter Ending March 31, 2012 [CC Capital Maliagemetit, hic. 0 Uttit Total Market Pct. Quatititi Sectrrit2 Cost Cost Price Value Assets CASH AND EQUIVALENTS CASH & CASH EQUIVALENTS $1,579,621.41 $1,579,621.41 10.30% $1,579,621.41 1,579,621.41 10.307 CORPORATE BONDS 200000 AT &T INC $100.30 $200,592.00 $103.39 $206,785.40 1.30% 4.950% Due 01 -15 -13 135000 NATIONAL RURAL UTIL COOP $99.84 $134,789.40 $106.02 $143,120.79 0.90% 5.500% Due 07 -01 -13 85000 GOLDMAN SACHS $98.44 $83,674.00 $104.68 $88,974.77 0.60% 5.250% Due 10 -15 -13 135000 IBM CORP $99.24 $133,971.30 $108.96 $147,099.24 1.00% 6.500% Due 10 -15 -13 230000 MORGAN STANLEY $99.41 $228,636.10 $99.78 $229,500.44 1.50% 2.875% Due 01 -24 -14 125000 GENERAL DYNTAMICS CORP $99.53 $124,410.00 $108.47 $135,585.75 0.90% 5.250% Due 02 -01 -14 125000 HONEYWELL INTERNATIONAL $9956 $124,452.50 $105.91 $132,388.50 0.90% 3.875% Due 02 -15 -14 255000 COCA -COLA CO $104.24 $265,819.65 $105.79 $269,767.05 1.80% 3.625% Due 03 -15 -14 120000 MORGAN STANLEY $99.65 $119,581.20 $104.66 $125,597.64 0.80% 6.000% Due 05 -13 -14 140000 YALE UNIVERSITY $105.50 $147,695.80 $105.72 $148,002.40 1.00% 2.900% Due 10 -15 -14 225000 JPMORGAN CHASE & CO $100.14 $225,306.00 $100.26 $225,574.42 1.50% 1.875% Due 03 -20 -15 35000 GENERAL ELEC CAP CORP $99.86 $34,950.65 $106.31 $37,207.13 0.20% 3.500% Due 06 -29 -15 165000 MICROSOFT CORP $99.56 $164,275.65 $102.97 $169,908.42 1.10% 1.625% Due 09 -25 -15 200000 WAL -\MART STORES INC $99.09 $198,190.00 $102.04 $204,079.60 1.30% 1.500% Due 10 -25 -15 190000 PROCTER & GAMBLE CO /THE $99.20 $188,480.00 $103.17 $196,025.09 1.30% 1.800% Due 11 -15 -15 300000 SAN DIEGO GAS & ELECTRIC $111.89 $335,658.00 $114.62 $343,874.10 2.20% 5.300% Due 11 -15 -15 180000 STATE STREET CORP $99.58 $179,253.00 $104.24 $187,633.62 1.20% 2.875% Due 03 -07 -16 150000 (MONSANTO CO $99.79 $149,680.50 $104.78 $157,174.20 1.00% 2.750% Due 04 -15 -16 200000 MORGAN STANLEY $97.54 $195,080.00 $97.34 $194,682.20 1.30% 3.800% Due 04 -29 -16 150000 ANIGEN INC $100.87 $151,309.50 $102.08 $153,127.05 1.00% 2.300% Due 06 -15 -16 160000 WELLS FARGO & CO\NIPANY $100.67 $161,078.56 $106.79 $170,866.24 1.10% 3.676% Due 06 -15 -16 115000 IBM CORP $99.43 $114,342,20 $102.62 $118,008.28 0.80% 1.950% Due 07 -22 -16 260000 WELLS FARGO & COMPANY $100.30 $260,785.20 $102.25 $265,837.52 1.70% 2.625% Due 12 -15 -16 [CC Capital Maliagemetit, hic. 0 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Portfolio Appraisal Quarter Ending March 31, 2012 Quantity Security Uttit Cost Total Cost Price Market Valtie Pct. Assets 230000 ClTIGROUP INC $106.02 $243,852.90 $104.75 $240,926.38 1.60% 4.450% Due 01 -10 -17 235000 AF'LAC INC $99.93 $234,844.90 $101.13 $237,655.97 1.50% 2.650% Due 02 -15 -17 115000 VERIZON COMMUNICATIONS $102.45 $117,812.90 $116.69 $134,197.18 0.90% 5.500% Due 04 -01 -17 100000 NATIONAL RURAL UTIL COOP $99.68 $99,680.00 $114,99 $114,987.20 0.70% 5.450% Due 04 -10 -17 195000 MERCK & CO INC $115.26 $224,757.00 $123.32 $240,479.46 1.60% 6.000% Due 09 -15 -17 115000 MCDONALD'S CORP $102.47 $117,839.35 $121.42 $139,638.06 0.90% 5.800% Due 10 -15 -17 115000 CONS EDISON CO OF NY $99.96 $114,949.40 $121.37 $139,579.06 0.90% 5.850% Due 04 -01 -18 230000 BROADCOTM CORP $103.55 $238,171.90 $101.68 $233,86162 1.50% 2,700% Due 11 -01 -18 30000 AMGEN INC $99.78 $29,933.10 $115.29 $34,588.05 0.20% 5.700% Due 02 -01 -19 115000 CHEVRON CORP $99.97 $114,964.35 $118.12 $135,841.68 0.90'% 4.950% Due 03 -03 -19 180000 BLACKROCK INC $99.61 $179,298.00 $114.38 $205,887.06 1.30% 5.000% Due 12 -10 -19 0 CONOCOPHILLIPS $0.00 $0.00 $123.90 $0.00 0.00% 6.000% Due 01 -15 -20 140000 BAXTER INTERNATIONAL INC $99.61 $139,456.80 $110.06 $154,078.96 1.00% 4.250% Due 03 -15 -20 155000 GEORGE WASHINGTON UNIVERSI7 $100.00 $155,000.00 $113.18 $175,424.35 1.10% 4.896% Due 09 -15 -20 50000 GENERAL ELECTRIC CAP CORP $103.86 $51,930.00 $106.72 $53,361.00 0.30% 4.625% Due 01 -07 -21 200000 BERKSHIRE HATHAWAY FIN $99.49 $198,984.00 $107.99 $215,988.40 1.40% 4.250% Due 01 -15 -21 245000 OCCIDENTAL PETROLEUM CORP $100.59 $246,457.75 $109.38 $267,978.55 1.70% 4.100% Due 02 -01 -21 200000 VERIZON C014MUNICATIONS $101.20 $202,406.00 $110.96 $221,926.20 1.40% 4.600% Due 04 -01 -21 195000 CAMPBELL SOUP CO $9937 $193,771.50 $109.67 $213,864.49 1,40% 4.250% Due 04 -15 -21 230000 ALABAMA POWER CO $100.14 $230,317.40 $106.58 $245,135.84 1.60% 3.950% Due 06 -01 -21 320000 WALT DISNEY COMPANY $98.78 $316,086.40 $99.60 $318,736.00 2.10% 2.750% Due 08 -16 -21 225000 GENERAL ELEC CAP CORP $103,17 $232,143.75 $106.43 $239,472.00 1.60% 4.650% Due 10 -17 -21 200000 GOLDMAN SACHS GROUP INC $103.89 $207,784.00 $102.87 $205,748.00 1.30% 5.750% Due 01 -24 -22 120000 JPMORGAN CHASE & CO $103.00 $123,595.20 $104.03 $124,840.68 0.80% 4.500% Due 01 -24 -22 190000 AT &T INC $99.72 $189,462.30 $98.00 $186,202.85 1.20% 3.0007. Due 02 -15 -22 ICC Capital MnrraRemerrt, hic. 10 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Portfolio Appraisal Quarter Ending March 31, 2012 ICC Capital Mmtas�emeitt, hic. 11 Uttit Total Market Pct. Qttatitih Security Cast Cost Price Value Assets 110000 OCCIDENTAL PETROLEUM COR $100.83 $110,917.40 $100.89 $110,975.70 0.70% 3.125% Due 02 -15 -22 195000 US BANCORP $100.41 $195,803.40 $98.49 $192,054.52 1.20% 3.000% Due 03 -15 -22 215000 UNIVERSITY OF CHICAGO $99.90 $214,778.55 $110.54 $237,669.60 1.50% 5.420% Due 10 -01 -30 300000 GEORGIA POWER COMPANY $11184 $341,517.00 $114.40 $343,210.50 2.20% 5.400% Due 06 -01 -40 225000 UNIVERSITY OF PENNSYLVANIA $100.00 $225,000,00 $100.94 $227,126.25 1.50% 4.674% Due 09 -01 -12 Accrued Interest $97,690.75 0.60% ,1, 6.0% MUNICIPAL BONDS 140000 COMMONWEALTH FING AUTH PA $100.00 $140,000.00 $116.86 $163,608.20 1.100/0 5.653% Due 06 -01 -24 125000 UTAH ST $100.00 $125,000.00 $114,21 $142,758.75 0.90% 4.554% Due 07 -01 -24 Accrued Interest $4,061.19 0.00% $265,000.00 310,428.14 2,0076- GOVERNMENT BONDS 190000 US TREASURY N/B $99.06 $188,218.75 $117.77 $223,754.64 1.50% 4.250% Due 11 -15 -40 160000 US TREASURY N/B $101.11 $161,775.00 $120.22 $192,350.08 1.30% 4,375% Due 05 -15 -41 Accrued Interest $5,673.83 0.00% 349,993.5 $421,778.55 2. a MORTGAGE POOLS 12280.3 GNJO 1\1 #781313 $103.12 $12,664.06 $106.49 $13,077.75 0.10% 6.000% Due 07 -15 -16 29469,27 FNCI NI #254371 $99.56 $29,340.34 $109.11 $32,153.04 0.20% 5.500% Due 07 -01 -17 107672,311 FGCI #E01443 $105.41 $113,493.35 $105.28 $113,361,39 0.70% 3,500% Due 07 -01 -18 1890.06 FGCI N #1313455 $99.71 $1,884.49 $107.28 $2,027.65 0.00% 4.500% Due 04 -01 -19 38645.57 FNCI N #725445 $96.09 $37,135.46 $107.47 $41,531.20 0.30% 4.500% Due 05 -01 -19 22346.7 FNCI N #825335 $97.31 $21,746.13 $106.79 $23,865.16 0.20% 4.000% Due 05 -01 -20 19248.37 FNCI N #255888 $97.31 $18,731,07 $106.79 $20,556.30 0.10% 4.000% Due 08 -01 -20 14695.94 FNCI N #829053 $97.00 $14,255.06 $106.79 $15,694.53 0.10% 4.000% Due 08 -01 -20 40638.38 FGCI #G12205 $96.48 $39,209.69 $107.22 $43,571.21 030% 4.500% Due 06 -01 -21 2173.272 FGCI N #G12323 $95.88 $2,083.62 $107.22 $2,330.12 0.00% 4.500% Due 08 -01 -21 72671.08 GNSF M #552509 $98.77 $71,774.05 $113.62 $82,566.63 0,50% 6.000% Due 04 -15 -32 ICC Capital Mmtas�emeitt, hic. 11 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Portfolio Appraisal Quarter Ending March 31, 2012 ICC Capital Mmagement, hic. 12 ullit Total Market Pet. Qrlar:titt Security Cost Cost Price Value Assets 16592.96 GNSF M #582153 $99.83 $16,564.44 $113.80 $18,883.52 0.10% 6.000% Due 06 -15 -32 250601.955 FGLMC #G02268 $102.08 $255,809.96 $112.20 $281,176.90 1.80% 6.500% Due 08 -01 -36 247440.762 GN POOL # 782119 $107.08 $264,954.93 $112.76 $279,005.05 1.80% 6.000% Due 08 -15 -36 239388.57 Fi\ICL # 256394 $102.00 $244,176.42 $112.33 $268,916.43 1.70% 6.500% Due 09 -01 -36 191955.51 G2 POOL # 4194 $106.12 $203,712.78 $111.25 $213,554.34 1.40% 5.500% Due 07 -20 -38 74353.862 G2 POOL # 4195 $99.89 $74,272.45 $112.59 $83,715.53 0.50% 6.000% Due 07 -20 -38 260717.694 G2 POOL. # 4447 $104.81 $273,264.73 $110.25 $287,446.47 1.90% 5.000% Due 05 -20 -39 234941.611 GNSF 5.5% POOL #714005 $106.16 $249,405.21 $111.97 $263,066.00 1.70% 5.500% Due 10 -15 -39 551935.97 FG POOL #G05900 $108.64 $599,626.69 $110.41 $609,394.16 4.00% 6.000% Due 03 -01 -40 Accrued Interest $11,522.73 0.10% 2,544,104.93 2,707,416.09 17.60"/o GOVERNMENT SPONSORED BOND 310000 FREDDIE MAC $99.80 $309,370.70 $98.17 $304,320.80 2.00% 2375% Due 01 -13 -22 300000 FREDDIE MAC $98.63 $295,890.00 $101.06 $303,171.90 2.00% 5.900% Due 06 -15 -22 Accrued Interest $6,806.87 0.00% o TOTAL PORTFOLIO $14,557,507.25 $15,373,491.01 100.OW. ICC Capital Mmagement, hic. 12 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -11 To 03 -31 -12 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES 02 -10 -12 02 -15 -12 235,000.000 AFLAC INC 99.93 234,84490 2.650% Due 02 -15 -17 02 -09 -12 02 -14 -12 190,000.000 AT &T INC 99.72 189,462.30 3.000% Due 02 -15 -22 03 -02 -12 03 -07 -12 230,000.000 BROADCOM CORP 103.55 238,171.90 2.700% Due I 1 -01 -18 02 -03 -12 02 -08 -12 230,000.000 CITIGROUP INC 106.02 243,85290 4.450% Due 01 -10 -17 01 -19 -12 01 -20 -12 310,000.000 FREDDIE MAC 99.80 309,370.70 2.375% Due 01 -13 -22 01 -26 -12 01 -31 -12 200,000.000 GOLDMAN SACHS GROUP INC 103.89 207,784.00 5.750% Due 01 -24 -22 01 -30 -12 02 -02 -12 120,000.000 JPMORGAN CHASE & CO 103.00 123,595.20 4.500% Due 01 -24 -22 03 -15 -12 03 -21 -12 225,000.000 JPMORGAN CHASE & CO 100.14 225,306.00 1.875% Due 03 -20 -15 01 -11 -12 01 -17 -12 200,000.000 MORGAN STANLEY 98.35 196,710.00 4.200% Due 11 -20 -14 01 -26 -12 01 -31 -12 200,000.000 MORGAN STANLEY 97.54 195,080.00 3.800% Due 04 -29 -16 03 -01 -12 03 -06 -12 230,000.000 MORGAN STANLEY 99.41 228,636.10 2.875% Due 01 -24 -14 03 -30 -12 04 -05 -12 225,000.000 UNIVERSITY OF PENNSYLVANIA 100.00 225,000.00 4.674% Due 09 -01 -12 02 -28 -12 03 -02 -12 195,000.000 US BANCORP 100.41. 195,803.40 3.000% Due 03 -15 -22 01 -12 -12 01 -18 -12 260,000.000 WELLS FARGO & COMPANY 100.30 260,785.20 2.625% Due 12 -15 -16 3,074,402.60 SALES 01 -03 -12 01 -06 -12 90,000.000 AMGEN INC 112.83 101,548.80 5.700% Due 02 -01 -19 02 -10 -12 02 -15 -12 225,000.000 AT &T INC 116.66 262,476.00 5.625% Due 06 -15 -16 03 -02 -12 03 -07 -12 115,000.000 BOEING CO 119.36 137,269.75 4.875% Due 02 -15 -20 02 -03 -12 02 -08 -12 165,000.000 CITIGROUP INC 102.80 169,628.25 5.300% Due 10 -17 -12 03 -30 -12 04 -04 -12 120,000.000 CONOCOPHILLIPS 124.35 149,217.60 6.000% Due 01 -15 -20 13 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -11 To 03 -31 -12 Trade Date Settle Date Quantity Security Unit Price Amount 01 -26 -12 01 -31 -12 130,000.000 GOLDMAN SACHS GROUP INC 107.25 139,421.10 02 -01 -12 02 -15 -12 6.000% Due 05 -01 -14 100.00 18,672.24 01 -27 -12 02 -01 -12 330,000.000 GOLDMAN SACHS GROUP INC 99.59 328,633.80 03 -01 -12 03 -15 -12 5.250% Due 07 -27 -21 100.00 11,259.97 01 -30 -I2 02 -02 -12 45,000.000 JP MORGAN 110.10 49,545.00 01 -01 -12 01 -15 -12 5.700% Due 11 -15 -14 100.00 2,415.37 01 -30 -12 02 -02 -12 315,000.000 JP MORGAN 110.10 346,815.00 02 -01 -12 02 -15 -12 5.700% Due 11 -15 -14 100.00 7,028.71 01 -25 -12 01 -30 -12 200,000.000 MORGAN STANLEY 100.54 201,082.00 03 -01 -12 03 -15 -12 4.200% Due 11 -20 -14 100.00 2,919.23 01 -04 -12 01 -06 -12 10,000.000 US TREASURY NB 100.16 10,015.62 01 -01 -12 01 -15 -12 2.000% Due 11 -15 -21 100.00 1,794.63 01 -05 -12 01 -09 -12 150,000.000 US TREASURY NB 101.944 152,906.25 02 -01 -12 02 -15 -12 3.125% Due I 1 -15 -41 100.00 928.74 01 -06 -12 01 -10 -12 400,000.000 US TREASURY NB 101.34 405,343.75 2.125% Due 08 -15 -21 01 -27 -12 01 -31 -12 25,000.000 US TREASURY NB 100.59 25,146.48 1.375% Due 11 -30 -18 02 -02 -12 02 -06 -12 125,000.000 US TREASURYN/B 11 6.59 145,742.19 3.625% Due 02 -15 -21 02 -22 -12 02 -24 -12 300,000.000 US TREASURY NB 131.69 395,062.50 4.750% Due 02 -15 -41 03 -22 -12 03 -26 -12 335,000.000 US TREASURY NB 107.62 360,543.75 3.750% Due 08 -15 -41 3,380,397.84 PRINCIPAL PAYDOWNS 01 -01 -12 01 -15 -12 11,069.930 FG POOL #G05900 100.00 11,069.93 6.000% Due 03 -01 -40 02 -01 -12 02 -15 -12 18,672.240 FG POOL #G05900 100.00 18,672.24 6,000% Due 03 -01 -40 03 -01 -12 03 -15 -12 11,259.970 FG POOL #G05900 100.00 11,259.97 6.000% Due 03 -01 -40 01 -01 -12 01 -15 -12 2,415.370 FGCI #E01443 100.00 2,415.37 3.500% Due 07 -01 -18 02 -01 -12 02 -15 -12 7,028.710 FGCI #E01443 100.00 7,028.71 3.500% Due 07 -01 -18 03 -01 -12 03 -15 -12 2,919.230 FG C1 #E01443 100.00 2,919.23 3.500% Due 07 -01 -18 01 -01 -12 01 -15 -12 1,794.630 FG C1 ##G 12205 100.00 1,794.63 4.500% Due 06 -01 -21 02 -01 -12 02 -15 -12 928.740 FGCI4G12205 100.00 928.74 4.500% Due 06 -01 -21 14 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -11 To 03 -31 -12 Trade Date Settle Date Quantity Security Unit Price Amount 03 -01 -12 03 -15 -12 1,370.290 FGCI #G 12205 100.00 1,370.29 4.500% Due 06 -01 -21 01 -01 -12 01 -15 -12 50.520 FGCI N #813455 100.00 50.52 4.500% Due 04 -01 -19 02 -01 -12 02 -15 -12 144.380 FGCI N #813455 100.00 144.38 4,500% Due 04 -01 -19 03 -01 -12 03 -15 -12 83.020 FGCI N #813455 100.00 83.02 4.500% Due 04 -01 -19 01 -01 -12 01 -15 -12 152.430 FGCI N #G 12323 100.00 152.43 4.500% Due 08 -01 -21 02 -01 -12 02 -15 -12 59.700 FGCI N 9G12323 100.00 59.70 4.500% Due 08 -01 -21 03 -01 -12 03 -15 -12 67.710 FGCI N #G12323 100.00 67.71 4.500% Due 08 -01 -21 O1 -01 -12 01 -15 -12 878.196 FGLMC #G02268 100.00 878.20 6.500% Due 08 -01 -36 01 -01 -12 01 -15 -12 2,996.674 FGLMC #G02268 100.00 2,996.67 6.500% Due 08 -01 -36 02 -01 -12 02 -15 -12 1,270.827 FGL1v1C #G02268 100.00 1,270.83 6.500% Due 08 -01 -36 02 -01 -12 02 -15 -12 4,336.453 FGLMC 4G02268 100.00 4,336.45 6.500% Due 08 -01 -36 03 -01 -12 03 -15 -12 1,393.962 FGLMC #G02268 100.00 1,393.96 6.500% Due 08 -01 -36 03 -01 -12 03 -15 -12 4,756.628 FGLMC #G02268 100.00 4,756.63 6.500% Due 08 -01 -36 01 -01 -12 01 -25 -12 1,309.600 FNCI M #254371 100.00 1,309.60 5.500% Due 07 -01 -17 02 -01 -12 02 -25 -12 822.160 FNCI M #254371 100.00 822.16 5.500% Due 07 -01 -17 03 -01 -12 03 -25 -12 942.000 FNCI M #254371 100.00 942.00 5.500% Due 07 -01 -17 01 -01 -12 01 -25 -12 989.360 FNCI N 9255888 100.00 989.36 4.000% Due 08 -01 -20 02 -01 -12 02 -25 -12 1,108.700 FNCI N #255888 100.00 1,108.70 4.000% Due 08 -01 -20 03 -01 -12 03 -25 -12 1,871.470 FNCI N 9255888 100.00 1,871.47 4.000% Due 08 -01 -20 01 -01 -12 01 -25 -12 35.231 FNCI N #725445 100.00 35.23 4.500% Due 05 -01 -19 01 -01 -12 01 -25 -12 1,134.959 FNCI N #725445 100.00 1,134.96 4.500% Due 05 -01 -19 02 -01 -12 02 -25 -12 34.682 FNCI N #725445 100.00 34.68 4.500% Due 05 -01 -19 15 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Froin 12 -31 -11 To 03 -31 -12 Trade Date Settle Date Quantity Security Unit Price Amount 02 -01 -12 02 -25 -12 1,117.268 FNCI N #725445 100.00 1,117.27 4.500% Due 05 -01 -19 03 -01 -12 03 -25 -12 37.213 FNCI N #725445 99.99 37.21 4.500% Due 05 -01 -19 03 -01 -12 03 -25 -12 1,198.807 FNCI N 9725445 100.00 1,198.81 4.500% Due 05 -01 -19 01 -01 -12 01 -25 -12 257.670 FNCI N 9825335 100.00 257.67 4.000% Due 05 -01 -20 02 -01 -12 02 -25 -12 261.130 FNCI N #825335 100.00 261.13 4.000% Due 05 -01 -20 03 -01 -12 03 -25 -12 259.460 FNCI N #825335 100.00 259.46 4.000% Due 05 -01 -20 01 -01 -12 01 -25 -12 319.110 FNCI N #829053 100.00 319.11 4.000% Due 08 -01 -20 02 -01 -12 02 -25 -12 1,364.280 FNCI N #829053 100.00 1,364.28 4.000% Due 08 -01 -20 03 -01 -12 03 -25 -12 667.940 FNCI N 0829053 100.00 667.94 4.000% Due 08 -01 -20 01 -01 -12 01 -2542 5,963.170 FNCL It 256394 100.00 5,963.17 6.500% Due 09 -01 -36 02 -01 -12 02 -25 -12 7,010.080 FNCL # 256394 100.00 7,010.08 6.500% Due 09 -01 -36 03 -01 -12 03 -25 -12 6,499.720 FNCL # 256394 100.00 6,499.72 6.500% Due 09 -01 -36 01 -01 -12 01 -20 -12 5,081.230 G2 POOL # 4194 100.00 5,081.23 5.500% Due 07 -20 -38 02 -01 -12 02 -20 -12 5,065.330 G2 POOL # 4194 100.00 5,065.33 5.500% Due 07 -20 -38 03 -01 -12 03 -20 -12 4,862.850 G2 POOL # 4194 100.00 4,862.85 5.500% Due 07 -20 -38 01 -01 -12 01 -20 -12 2,156950 G2 POOL # 4195 100.00 2,156.95 6.000% Due 07 -20 -38 02 -01 -12 02 -20 -12 1,901.640 G2 POOL # 4195 100.00 1,901.64 6.000% Due 07 -20 -38 03 -01 -12 03 -20 -12 1,669.480 G2 POOL # 4195 100.00 1,669.48 6.000% Due 07 -20 -38 01 -01 -12 01 -20 -12 4,977.890, G2 POOL # 4447 100.00 4,977.89 5.000% Due 05 -20 -39 02 -01 -12 02 -20 -12 5,193.400 G2 POOL # 4447 100.00 5,193.40 5.000% Due 05 -20 -39 03 -01 -12 03 -20 -12 5,957.600 G2 POOL 9 4447 100.00 5,957.60 5.000% Due 05 -20 -39 01 -01 -12 01 -15 -12 5,439.790 GN POOL 9 782119 100.00 5,439.79 6.000% Due 08 -15 -36 16 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -11 To 03 -31 -12 Trade Date Settle Date Quantity Security Unit Price Amount 02 -01 -12 02 -15 -12 2,511.610 GN POOL # 782119 100.00 2,511.61 6.000% Due 08 -15 -36 03 -01 -12 03 -15 -12 5,962.010 GN POOL # 782119 100.00 5,962.01 6,000% Due 08 -15 -36 01 -01 -12 01 -15 -12 304.030 GNJO M #781313 100.00 304.03 6.000% Due 07 -15 -16 02 -01 -12 02 -15 -12 328.850 GNJO M #78[313 100.00 328.85 6.000% Due 07 -15 -16 03 -01 -12 03 -15 -12 349.140 GNJO M #781313 100.00 349.14 6.000% Due 07 -15 -16 01 -01 -12 01 -15 -12 7,062.540 GNSF 5.5% POOL 9714005 100.00 7,062.54 5.500% Due 10 -15 -39 02 -01 -12 02 -15 -12 14,51€.860 GNSF 5.5% POOL #714005 100.00 14,514.86 5.500% Due 10 -15 -39 03 -01 -12 03 -15 -12 7,374.550 GNSF 5.5% POOL #714005 100.00 7,374.55 5.500% Due 10 -15 -39 01 -01 -12 01 -15 -12 1,545.740 GNSF M #552509 100.00 1,545.74 6.000% Due 04 -15 -32 02 -01 -12 02 -15 -12 3,875.380 GNSF M #552509 100.00 3,875.38 6.000% Due 04 -15 -32 03 -01 -12 03 -15 -12 268.600 GNSF M #552509 100.00 268.60 6.000% Due 04 -15 -32 01 -01 -12 01 -15 -12 41.510 GNSF M #582153 100.00 41.51 6.000% Due 06 -15 -32 02 -01 -12 02 -15 -12 44.280 GNSF M #582153 100.00 44.28 6.000% Due 06 -15 -32 03 -01 -12 03 -15 -12 44.750 GNSF M #582153 100.00 44.75 6.000% Due 06 -15 -32 193,387.63 17 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED .INCOME From 12 -31 -I1 Through 03 -31 -12 Open Date Close Date Quantity Securih, Cost Basis Proceeds Gain Or Loss Short Term Long Term 12 -15 -06 01 -01 -12 878.196 FGLMC4GO2268 896.45 878.20 -18,25 6.500% Due 08 -01 -36 01 -08 -07 01 -01 -12 2,996.674 FGLMC #G02268 3,058.95 2,996.67 -62.28 6.500% Due 08 -01 -36 02 -21 -07 01 -01 -12 1,794.630 FOCI #GI2205 1,731.54 1,794.63 63.09 4.500% Due 06 -01 -21 08 -24 -06 01 -01 -12 152.430 FGCI N 4GI 2323 146.14 152.43 6.29 4.500% Due 08.01 -21 02 -02 -11 01 -01 -12 11,069.930 FG POOL 9GO5900 12,026.44 11,069.93 - 956.51 6.000% Due 03.01.40 08 -03 -11 01 -01 -12 2,415.370 FGCI #E01443 2,545.95 2,415.37 - 130.58 3.500% Due 07 -01 -18 09 -08 -04 01 -01 -12 50.520 FGCI N 4B13455 50.37 50.52 0.15 4.500% Due 04 -01 -19 05 -23 -02 01.01 -12 1,309.600 FNCI M 4254371 1,303.87 1,309.60 5.73 5.500% Due 07 -01 -17 09.08 -05 01 -01 -12 989.360 FNCI N #255888 96177 989.36 26.59 4.000% Due 08 -01 -20 01 -08 -07 01 -01 -12 5,963.170 FNCL 4 256394 6,082.44 5,963.17 -119,27 6.500% Due 09 -01 -36 09 -15 -04 01 -01 -12 35.231 FNC1 N 9725445 35.26 35.23 -0.03 4.500% Due 05 -01 -19 01 -29 -07 01.01 -12 1,134.959 FNCI N #725445 1,089.21 1,134.96 45.75 4.500% Due 05 -01 -19 09 -08 -05 01 -01 -12 257.670 FNCI N #825335 250.75 257.67 6.92 4.000% Due 05 -01 -20 08 -23 -05 01 -01 -12 319.110 FNCI N 9829053 309.54 319.11 9.57 4,000% Due 08 -01 -20 06 -13 -02 01 -01 -12 41.510 GNSF M #582153 41.44 41.51 0.07 6.000% Due 06 -15 -32 03 -10 -10 01 -01 -12 4,977.890 G2 POOL # 4447 5,217.45 4,977.89 - 239.56 5.000% Due 05 -20 -39 12 -18 -09 01 -01 -12 5,081.230 G2 POOL 4 4194 5,392.46 5,081.23 - 311.23 5.500% Due 07 -20 -38 07 -22 -08 01 -01 -12 2,156.950 62 POOL 4 4195 2,154.59 2,156.95 2.36 6.000% Due 07 -20 -38 04 -15 -02 01 -01 -12 1,545.740 GNSF M #552509 1,526.66 1,545.74 19.08 6.0000/. Due 04 -15 -32 07 -02 -02 01 -01 -12 304.030 GNJO M #781313 313.53 304.03 -9.50 6.000% Due 07 -15 -16 02 -22 -10 01 -01 -12 5,439.790 GN POOL 4 782119 5,824.83 5,439.79 - 385.04 6.000% Due 08 -15 -36 12 -03 -09 01 -01 -12 7,062,540 GNSF 5.5% POOL 9714005 7,497.33 7,062.54 - 434.79 5,500% Due 10 -15 -39 01 -13 -09 01 -03 -12 90,000.000 A,NIGEN INC 89,799.30 101,548.80 11,749.50 5.700% Due 02 -01 -19 11 -28 -11 01 -04 -12 10,000.000 US TREASURY NIB 9,957.03 10,015.62 58.59 2.000% Due I1 -15 -21 12 -09 -11 01 -05 -12 150,000.000 US TREASURY NB 150,984.38 152,906.25 1,921.87 3,125% Due I1 -15-41 10 -19 -11 01 -06 -12 400,000.000 US TREASURY NB 399,062.50 405,343.75 6,281.25 2.125% Due 08 -15 -21 01-11 -12 01 -25 -12 200,000.000 MORGAN STANLEY 196,710.00 201,082.00 4,372.00 4.200% Due 11 -20 -14 18 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -11 Through 03 -31 -12 Open Date Close Date Quantity Security Cost Basis Proceeds Gain Or Loss Short Term Long Term 06 -24 -09 01 -26 -12 130,000.000 GOLDNIAN SACHS 134,958.20 139,421.10 4,462,90 GROUPINC 6.000% Due 05.01 -14 11 -28 -11 01 -2742 25,000.000 US TREASURYN /B 24,742.19 25,146.48 404.29 1.375% Due H -30 -18 07 -25 -11 01 -27 -12 330,000.000 GOLDMAN SACHS 331,181.40 328,633.80 - 2,547.60 GROUP INC 5.250% Due 07 -27 -21 06 -27 -06 01 -30 -12 45,000.000 JP MORGAN 43,829.55 49,545.00 5,715.45 5.700% Due 11 -15 -14 08 -11 -10 01 -30 -12 315,000.000 JP MORGAN 353,203.20 346,815.00 - 6,388.20 5.700% Due 11 -15 -14 12 -15 -06 02 -01 -12 1,270.827 FGLMC #G02268 1,297.24 1,270.83 -26.41 6.500% Due 08 -01 -36 01 -08 -07 02.01.12 4,336.453 FGLMC 4G02268 4,426.57 4,336.45 -90.12 6.500% Due 08 -01 -36 02 -21 -07 02 -01 -12 928.740 FGCI #G12205 896.09 928.74 32.65 4.500% Due 06 -01 -21 08 -24 -06 02 -01 -12 59.700 FGCI N #G12323 57.24 59.70 2.46 4,500% Due 08 -01 -21 02 -02 -11 02 -01 -12 18,672.240 FG POOL 9GO5900 20,285.64 18,672.24 - 1,613.40 6.000% Due 03 -01 -40 08.03 -11 02.01 -12 7,028.710 FGCI #E01443 7,408.70 7,028,71 - 379.99 3.500 %Due 07 -01 -18 09 -08 -04 02 -01 -12 144.380 FGCI N 4B13455 143.95 144.38 0.43 4.500% Due 04 -01 -19 0523 -02 02 -01 -12 822.160 FNCI Nl 4254371 818.56 822.16 3.60 5.500% Due 07 -01 -17 09 -08 -05 02.01 -12 1,108.700 FNCI N #255888 1,078.90 1,108.70 29.80 4.000% Due 08 -01 -20 01 -08 -07 02 -01 -12 7,010.080 FNCL 4 256394 7,150.28 7,010.08 - 140.20 6.500% Due 09 -01 -36 09 -15 -04 02 -01 -12 34.682 FNCI N #725445 34.71 34.68 -0.03 4.500% Due 05 -01 -19 01 -29 -07 02 -01 -12 1,117.268 FNC1N 9725445 1,072.23 1,117.27 45.04 4.500% Due 05 -01 -19 09 -08 -05 02 -01 -12 261.130 FNCI N #825335 254.11 261.13 7.02 4.000% Due 05 -01 -20 08 -23 -05 02 -01 -12 1,364.280 FNCI N #829053 1,323.35 1,364.28 40.93 4.000% Due 08 -01 -20 06 -13 -02 02 -01 -12 44.280 GNSF M #582153 44.20 44.28 0.08 6.000% Due 06 -15 -32 03 -10 -10 02 -01 -12 5,193.400 G2 POOL 9 4447 5,443.33 5,19140 - 249.93 5.000% Due 05 -20 -39 12 -18 -09 02 -01 -12 5,065.330 G2 POOL # 4194 5,375.58 5,065.33 - 310.25 5.500% Due 07 -20.38 07 -22 -08 02 -01 -12 1,901.640 G2 POOL # 4195 1,899.56 1,901.64 2,08 6.000% Due 07 -20 -38 04 -15 -02 02 -01 -12 3,875.380 GNSF M #552509 3,827.54 3,875.38 47.84 6.000% Due 04 -45 -32 07 -02 -02 02 -01 -12 328.850 GNJO M #781313 339.13 328,85 -10.28 6.000% Due 07 -15.16 02 -22 -10 02 -01 -12 2,511.610 GN POOL # 782119 2,689.38 2,511.61 - 177.77 6.000% Due 08 -15 -36 19 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -11 Through 03 -31 -12 20 Gain Or Loss Open Close Cost Date Date Quantity Security Basis Proceeds Short Term Long Term 12 -03 -09 02 -01 -12 14,514.860 GNSF 5.5% POOL 9714005 15,408.43 14,514.86 - 893.57 5.500% Due 10 -15 -39 03 -15 -11 02 -02 -12 125,000.000 US TREASURY NB 129,042.97 145,742.19 16,699.22 3,625% Due 02 -15 -21 11 -13 -09 02 -03 -12 165,000.000 CITIGROUP 1NC 172,875.45 169,628.25 - 3,247.20 5,300% Due 10 -17 -12 11 -15 -07 02 -10 -12 225,000.000 AT &T INC 228,071.25 262,476.00 34,404.75 5.625% Due 06.15.16 04 -13 -11 02 -22 -12 300,000.000 US TREASURY NB 307,687.50 395,062.50 87,375.00 4.750% Due 02 -15 -41 12 -15 -06 03 -01 -12 1,393.962 FGL',vfC 4G02268 1,422.93 1,393.96 -28.97 6.500% Due 08 -01 -36 01 -08 -07 03 -01 -12 4,756.628 FGLMC 9G02268 4,855.48 4,756.63 -98.85 6.500% Due 08 -01 -36 02 -21 -07 03 -01 -12 1,370.290 FGCI #G12205 1,322.12 1,370.29 48.17 4.500% Due 06 -01 -21 08 -24.06 03 -01 -12 67.710 FGCI N 9G 12323 64.92 67.71 2.79 4500% Due 08 -01 -21 02 -02 -11 03 -01 -12 11,259.970 FG POOL #GO5900 12,232.90 11,259.97 - 972.93 6,000% Due 03-01 -40 08 -03 -11 03 -01 -12 2,919.230 FGCI 001443 3,077.05 2,919.23 - 157.82 3,500% Due 07 -01 -18 09 -08 -04 03.01 -12 83.020 FGCI N #1313455 82.78 83.02 0.24 4.500% Due 04 -01 -19 05 -23 -02 03 -Ot -12 942.000 FNCI 14 4254371 937.88 942.00 4.12 5.500% Due 07 -01 -17 09 -08 -05 03 -01 -12 1,871.470 FNCI N 4255888 1,821.17 1,871.47 50.30 4.000% Due 08 -01 -20 01 -08 -07 03 -01 -12 6,499.720 FNCL # 256394 6,629.72 6,499.72 - 130.00 6.500% Due 09 -01 -36 09 -15 -04 03 -01 -12 37.213 FNCI N #725445 37.24 37.21 -0.03 4.500% Due 05 -01 -19 01 -29 -07 03 -01 -12 1,198.807 FNCI N #725445 1,150.48 1,198.81 48.33 4.500% Due 05 -01 -19 09 -08 -05 03 -01 -12 259.460 FNCIN 9825335 252,49 259.46 6.97 4.000% Due 05 -01 -20 08 -23 -05 03 -01 -12 667.940 FNCI N #829053 647.90 667.94 20,04 4.000% Due 08.0 1 -20 06 -13 -02 03 -01 -12 44.750 GNSF 41 4582153 44.67 44.75 0,08 6.000% Due 06 -15 -32 03 -10 -10 03 -01 -12 5,957,600 G2 POOL 4 4447 6,24431 5,957.60 - 286.71 5.000% Due 05 -20 -39 12 -18 -09 03 -01 -12 4,862,850 02 POOL 4 4194 5,160.70 4,862.85 - 297.85 5.500% Due 07 -20 -38 07 -22.08 03 -01.12 1,669.480 G2 POOL # 4195 1,667.65 1,669.48 1.83 6.000% Due 07 -20 -38 04 -15 -02 03 -01 -12 268.600 GNSF N1 4552509 265.28 268.60 3.32 6.000% Due 04 -15 -32 07 -02 -02 03 -01 -12 349.140 GN,1O N1 9781313 360.05 349.14 40.91 6.000% Due 07 -15 -16 02 -22 -10 03.01 -12 5,962.010 GN POOL # 782119 6,384.01 5,962,01 - 422,00 6.000% Due 08 -15 -36 12 -03 -09 03 -01 -12 7,374.550 GNSF5.5 % POOL #714005 7,828.55 7,374.55 - 454.00 5.500% Due 10 -15 -39 20 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fi-om 12 -31 -11 Thi-ough 03-31 -12 Open Close Date Date 07 -23 -09 03 -02 -12 10 -19 -11 03 -22 -12 05 -19 -09 03 -30 -12 TOTAL GAINS TOTAL LOSSES TOTAL REALIZED C Quantity Security 115,000.000 BOEING CO 4.875% Due 02 -15 -20 335,000.000 US TREASURY NB 3.750% Due 08 -15 -41 120,000.000 CONOCOPHILLIPS 6.000% Due 01 -15 -20 IAIN/LOSS 191,633.38 21 Gain Or Loss Cost Basis Proceeds Short Term Long Term 113,801.70 137,269.75 23,468.05 372,478.12 360,543.75 - 11,934.37 121,544.40 149,217.60 27,673.20 117,112.22 108,057.57 - 17,720.27 - 15,816.14 3,382,152.09 3,573,785.47 99,391.95 92,241.42 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Review Quarter Ending March 31, 2012 [CC Capita] Mtmagemetzt, hic. PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance Report Quarter Ending March 31, 2012 [CC Capital Malragement, Inc. PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance Report Quarter Ending March 31, 2012 Starting Value 1 $5,578,646 + $6,199,668 1 $1,200,000 Ending Value 1 $6,465,003 1 $6,465,003 1 $6,465,003 Difference $886,357 $265,336 $5,265,003 Net Contributions/ (Withdrawals) $128,214 $198,730 $3,715,123 Gain/(Loss) from Investments 1 $758,143 1 $66,605 1 $1,549,881 TOTAL RETURN 1 12.79% 1 -1.28% 1 19.59% ANNUALIZED RETURN 1 1 3.58% [CC Capital Managenient, hic. z PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Allocation at Market Quarter Ending March 31, 2012 Market Value as of 12,/31/11 Market Value as of 03131112 C Total ivs Mkt Value as of 12/31/11 $454,105 $5,124,541 $5,578,646 Asset Allocation: 100/0 (Mkt) CASH /EQUIVS 8.1% CASH /EQUIVS -1.8% Mkt Value % as of 12,/31/11 8.1% 91.9% 100.0% TCC Capital ManagemeW, Inc. 2 EQUITY 91.9% EQUITY 101.8% Mkt Value as of 03/31/12 - $113,635 $6,578,639 $6,465,004 Mkt Value % as of 03/31/12 -1.8% 101.8% 100.0% PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Asset Category Quarter Ending March 31, 2012 carter ■ ACCOI; NT ■ INDEX 20.00 14.10 14.69 14.69 14.69 15.00 12.79 12.68 10.00 5.00 0.00 -- , —� EQUITY TOTAL GROSS OF FEES TOTAL NET OF FEES Otte Year I ■ACCOUNT ■INDEX 15.00 11.02 11.02 11.02 10.00 5.00 0.35 0.00 -5.00 -1.28 -1.71 -10.0a EQUITY TOTAL GROSS OF FEES TOTAL NET OF FEES e Years Awmalized 10.00 8.00 6.00 4.00 2.00 0.00 ■ ACCOUNT ■ INDEX EQUITY TOTAL GROSS OF FEES TOTAL NET OF FEES [CC Capital Mmagement, Inc. The red total bar represents the Russell 1000 Growth Index. 3 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Sector Diversification Quarter Ending March 31, 2012 Security Top Ten Holdings % of equities Return for Quarter HOME DEPOT 4.05% 20.44% FORD MOTOR CO. 4.02% 13.81% BLACKROCK INC. 3.12% 16.21% EXXON MOBIL CORP. 3.04% 3.03% IDEX CORP. 2.88% 13.13% CONCHO RESOURCES INC. 2.79% 7.44% COCA COLA COMPANY 2.70% 28.31% ST JUDE MEDICAL INC. 2.69% 24.78% DONALDSON INC. 2.66% 4.32% AT &T INC. 2.61% - 25.47% Sector Sector Contribution % of Portfolio Return for Quarter Materials 5.98% 1.67% Industrials 20.94% 15.82% Telecommunications 2.61% -2.78% Consumer Discretionary 14.07% 17.67% Consumer Staples 6.89% 11.43% Energy 11.28% 4.60% Financials 10.47% 13,73% Health Care 11.53% 15.06% Information Technology 13.24% 32.70% Utilities 2.99% -4.52% [CC Capital Malaagenient, Inc. 4 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Sectors Quarter Ending March 31, 2012 Index Sector Returns for Z Q12 20.0 16.8 12.6 12.7 10.0 7" 5.2 6.6 � 2.9 0.0 -10.0 i dt �f �s fd rs °o 15.5 14.2 23.7 Sector Diversification Relative to the Russell 1000 Growth Index nn n [CC Capital Managernertt, Inc. 5 -0.8 Pn13 o� OVERWEIGHT fl �ffO (3` °h 4S' ryd [CC Capital Managernertt, Inc. 5 -0.8 Pn13 o� OVERWEIGHT PALM BEACH GARDENS POLICE PENSION FUND GROWTH Growth Portfolio Attributes Quarter Ending March 31, 2012 CAPITALIZATION ICC R1000G BETA ICC R100OG YIELD ICC R1000G PIE ICC R1000G 3 YEAR EPS GROWTH ICC R1000G 5 YEAR EPS GROWTH ICC R100OG [CC Capital 3/31/2012 1 31 2011 9/30/2011 6 30 2011 58.0 50.2 50.2 44.5 119,5 963 88.2 84.3 3 31 2012 12t3112011 9/30/2011 6 30 2011 1.04 1.04 1.02 1.00 1.00 1.00 1.00 1.00 3/31/201 12/31/2011 9/30/2011 6 30 2011 1.60 1.40 1.50 1.10 1.50 1.60 1.70 1.40 3/31/2012 1 3 2011 9 30 2011 6 30 2011 12.6 12.0 14.6 18.0 14.2 13.7 12.5 14.9 113 2012 1 31 2011 9/30/2011 6 30 2011 42.0 46.0 35.0 16.0 26.0 20.0 16.0 9.0 3312012 12/31/2011 9302011 6302011 27.0 16.0 14.0 19.0 17.0 14.0 14.0 13.0 1t, Ine. 6 MARKET CAPITALIZATION 150.0 119.5 10010 96,5 88.2 84.3 58.0 50.2 50.2 44.5 50.0 0.0 3/31/2012 12131/2011 9130/2011 6/30/2011 BETA 1s0 1.04 1.00 1.04 1.00 1.02 1.00 1.00 1.00 ].a0 0.50 0.00 3/31/2012 12/31/2011 9/30/2011 6/30/2011 3.0 YIELD 2.0 1.60 1.50 1.60 1.70 1..40 1.50 1.40 1.10 1.0 9.0 3/31/2012 12/31/2011 9/30/2011 6/30/2011 30.0 PRICF1KARNIA L S 20.0 126 14.2 12.0 13.7 18.0 14.6 12 5 14.9 10.0 0.0 3/31/2012 12/31/2011 9/30/2011 6/30/2011 60.0 3 YR EPS GROWTH 46.0 .42.0 40.0 35,0 26.0 20.0 20.0 16.0 16.0 9.0 0.0 3/31/2012 12/31/2011 913012011 6/30/2011 30.0 27.0 5 YR EPS GROWTH 19.0 20.0 17.0 16.0 14.0 i4.0 14.0 13.0 10.0 0.0 3131/2012 12/31/2011 9/30/2011 6/30/2011 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Summary Quarter Ending March 31, 2012 CASH & EQUIVALENTS Total Cost Market Value Pct. Assets CASH AND EQUIVALENTS - 113,635 - 113,635 -1.8 EQUITIES MATERIALS 398,142 393,520 6.1 INDUSTRIALS 1,293,710 1,377,746 21.3 TELECOMMUNICATIONS 174,203 171,765 2.7 CONSUMER DISCRETIONARY 857,895 925,931 14.3 CONSUMER STAPLES 419,509 452,974 7 ENERGY 704,472 742,241 11.5 FINANCIALS 578,418 688,639 10.7 HEALTH CARE 636,724 758,529 11.7 INFORMATION TECHNOLOGY 621,150 870,547 115 UTILITIES 156,036 196,748 3 COMMON STOCK TOTAL 5,840,259 6,578,639 101.8 TOTAL PORTFOLIO 5,726,623 6,465,003 100 ICC Capital Management, hic. PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Appraisal Quarter Ending March 31, 2012 ICC Capital Management, Inc. Unit Total Market Pct. Quantity Security Cost Cost Price Value Assets CASH AND EQUIVALENTS CASH & CASH EQUIVALENTS - $117,690.41 - $117,690.41 - 1.80°% DIV CASH ACCRUAL ACCT $4,055.00 $4,055.00 0.10% -$113,635.41 - -$1.80 COMMON STOCK MATERIALS 2600 ALBEMARLE CORP $54.67 $142,153.06 $63.92 $166,192.00 2.60% 4200 FREEPORT MCMORAN COP & GOL] $45.78 $192,274.56 $38.04 $159,768.00 2.50% 1000 ROCK -TENN COMPANY CL -A $63.71 $63,714.09 $67.56 $67,560.00 1.00% 393,520.00 6.1075 INDUSTRIALS 1200 CATERPILLAR TRACTOR CO $97.81 $117,369.06 $106.52 $127,824,00 2,00% 4600 DELTA AIR LINES, INC $8.39 $38,602.64 $9.91 $45,609.00 0.70% 4900 DONALDSON INC $33.53 $164,273.39 $35.73 $175,077.00 2.70% 6900 GRAFTECH INTERNATIONAL LTD $11.96 $82,526.07 $11.94 $82,386.00 1.30% 4500 IDEX CORP $40.73 $183,290.52 $42.13 $189,585.00 2.90% 3200 LINCOLN ELECTRIC HLDGS $39.84 $127,493.08 $45.35 $145,120.00 2.20 % 3550 NAVISTAR INTERNATIONAL $38.76 $137,611.10 $40.45 $143,597.50 2.20% 1700 PARKER - HANNIFIN CORP. $78.81 $133,977.95 $84.55 $143,735.00 2.20% 11700 SOUTHWEST AIRLINES CO. $8.87 $103,809.27 $8.24 $96,408.00 1.50°% 3100 TIMKEN CO. $50.88 $157,732.65 $50.74 $157,294.00 2.40°% 1000 TORO CO $47.02 $47,024.61 $71.11 $71,110.00 1.10°% 10.34 1,377,745.50 21.30 o TELECOMMUNICATIONS 5500 AT &T INC. $31.67 $174,202.60 $31.23 $171,765.00 2,70% $174,202.60 $171,765.00 2.7MTo CONSUMER DISCRETIONARY 6050 BRINKER INTERNATIONAL $26.57 $160,736.09 $27.55 $166,677.50 2.60% 21200 FORD MOTOR CO. $11.73 $248,587.42 $12.47 $264,470.00 4.10°% 4100 HASBRO INC $44.25 $181,432.63 $36.72 $150,552.00 2.30% 5300 HOME DEPOT $36.94 $195,806.37 $50.31 $266,643.00 4.10% 6800 INTERPUBLIC GROUP COMPANIES $10.49 $71,332.44 $11.41 $77,588.00 1.20°% .95 $925,930.50 14,30% CONSUMER STAPLES 2400 COCA COLA COMPANY $70.18 $168,441.36 $74.01 $177,624.00 2.70% 2800 CVS CAREMARK CORP $35.59 $99,662.00 $44.80 $125,440.00 1.90°% 3800 GENERAL MILLS INC. $39.84 $151,405.30 $39.45 $149,910.00 2.30°% $419,508 6 52,974.00 7,OUTO ENERGY 1500 ATWOOD OCEANICS INC $29.14 $43,703.67 $44.89 $67,335.00 1.00% 500 CARBO CERAMICS INC $126.38 $63,188.91 $105.45 $52,725.00 0,80°% 1800 CONCHO RESOURCES INC $70.09 $126,163.96 $102.08 $183,744.00 2.80°% 800 CONOCOPHILLIPS $61.48 $49,182.44 $76.01 $60,808.00 0.90°% 2300 EXXON MOBIL CORP. $77.96 $179,302.97 $86.73 $199,479.00 3.10°% 2000 WALTER ENERGY INC $93.54 $187,083.44 $59.21 $118,420.00 1.80% 1100 WHTING PETROLEUM CORP $50,77 $55,847.05 $54.30 $59,730.00 0.90°% $742,241.00 11.50% FINANCIALS 1500 AFFILIATED MANAGERS GROUP Ili $88.57 $132,858.38 $111.81 $167,715.00 2.60°% ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Appraisal Quarter Ending March 31, 2012 [CC Capital Management, Inc. Unit Total Market Pct. Quantity Security Cost Cost Price Value Assets 2900 AMERICAN EXPRESS CORP. $53.59 $155,408.97 $57.86 $167,794.00 2.60% 1000 BLACKROCK INC $172.41 $172,413.11 $204.90 $204,900.00 3.20% 4500 FIRST REPUBLIC BANK $26.16 $117,737.88 $32.94 $148,230.00 230% $578,418.34 $688,639.00 10.70% HEALTH CARE 1600 BECTON DICKINSON & CO $67.81 $108,496.79 $77.65 $124,240.00 1.90% 3400 CARDINAL HEALTH INC $41.18 $140,013.00 $43.11 $146,574.00 2.30% 2900 CIGNA CORP $29.14 $84,505.02 $49.25 $142,825.00 2.20% 4000 ST JUDE MEDICAL INC $36.74 $146,956.90 $44.31 $177,240.00 2.70% 2500 WATSON PHARMACEUTICALS $6270 $156,752.01 $67.06 $167,650.00 2.60% 636,723.72 $758,529.00 11.70% INFORMATION TECHNOLOGY 250 APPLE COMPUTER INC $222.96 $55,739.00 $599.55 $149,887.50 2.30% 4200 EMC CORP $16.45 $69,087.00 $29.88 $125,496.00 1.90% 7000 JDS UNIPHASE CORP $10.64 $74,458.27 $14.49 $101,430.00 1.60% 19700 MICRON TECHNOLOGY INC $6.06 $119,433.11 $8.09 $159,471.50 2,50% 4800 MICROSOFT CORP. $27.75 $133,219.10 $3225 $154,824.00 2.40% 750 NETAPP INC $35.37 $26,527.29 $44.77 $33,577.50 0.50% 7800 SYMANTEC CORP $18.29 $142,686.18 $18.70 $145,860.00 2.30% 621,149.95 $870,546.50 13.50% UTILITIES 4100 NV ENERGY INC $10.97 $44,977.50 $16.12 $66,092.00 1.00% 1600 ONEOK INC $69.41 $111,058.60 $81.66 $130,656.00 2.00% o COMMON STOCK Total $5,840,258.81 $6,578,638.50 101.80% TOTAL PORTFOLIO $5,726,623.40 $6,465,003.09 100.00% [CC Capital Management, Inc. [CC Capital Management BROKER COMMISSION SUMMARY REPORT PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 12 -31 -11 To 03 -31 -12 Trade Tran Security Date Code Symbol 02 -01 -12 EDGETRADE2 AMG 01 -06 -12 Buy EAT 01 -06 -12 Buy F 01 -06 -12 Sell PEP 01 -06 -12 Sell PEP 01 -06 -12 Sell PEP 01 -06 -12 Buy WLT 01 -06 -12 Buy WPI 01-10 -12 Sell `T'KR 01 -11 -12 Buy STd 01 -12 -12 Sell TNB 01 -12 -12 Sell TNB 01.13 -12 Sell FRC 01 -13.12 Buy WPI 01 -20 -12 Sell AAPL 01 -20 -12 Sell AAPL 01 -20 -12 Buy BLK 01 -20 -12 Buy WLL 01 -23 -12 Buy WP1 01 -30 -12 Buy FCX 01 -30 -12 Buy IPG 01 -30 -12 Sell TNB 01 -30 -12 Sell TNB 02 -01 -12 Buy AMG 02 -01 -12 Buy ALB 02 -01 -12 Buy AMT 02 -01 -12 Buy ATW 02 -01 -12 Buy BDX 02 -01 -12 Buy BLK 02 -01 -12 Buy BWA 02 -01 -12 Buy EAT 02 -01-12 Bury CRR 02 -01 -12 Bury CAH 02 -01 -12 Buy CAT 02.01 -12 Buy CERN 02 -01 -12 Buy CI 02 -01 -12 Buy CXO 02-01-12 Buy COP 02 -01 -12 Buy CVS 02 -01 -12 Buy DAI. 02 -01 -12 Sell DAL 02 -01 -12 Buy DCT 02 -01 -12 Buy EMC 02 -01 -12 Buy XOM 02 -01 -12 Buy FRC 02 -01 -12 Buy F 02.01 -12 Buy FCX 02 -01 -12 Buy HAS 02 -01 -12 Buy HD 02 -01 -12 Buy 1EX 02 -01 -12 Buy LPG Secu BRINKER INTERNATIONAL FORD MOTOR CO. PEPSICO INC. PEPSICO INC. PEPSICO INC. WALTER ENERGY INC WATSON PHARMACEUTICALS TIMKEN CO. ST JUDE MEDICAL INC THOMAS & BETTS CORP THOMAS & BETTS CORP FIRST REPUBLIC BANK WATSON PHARMACEUTICALS APPLE COMPUTER INC APPLE COMPUTER INC BLACKROCKINC WHTING PETROLEUM CORP WATSON PHARMACEUTICALS FREEPORT MCMORAN COP & GOLD INTERPUBLIC GROUP COMPANIES INC. THOMAS & BETTS CORP THOMAS & BETTS CORP AFFILIATED MANAGERS GROUP INC ALBEMARLE CORP AMERICAN TOWFR CORP -CL A ATWOOD OCEANICS INC BECTON DICKINSON & CO BLACKROCKINC BORG WARNER AUTO BRINKER INTERNATIONAL CARGO CERAMICS INC CARDINAL HEALTH INC CATERPILLAR TRACTOR CO CERNER CORP CIGNA CORP CONCHO RESOURCES INC CONOCOPHILLIPS CVS CAREMARK CORP DELTA AIR LINES, INC DEL'T'A AIR LINES, INC DONALDSON INC EMC CORP EXXON MOBIL CORP. FIRST REPUBLIC BANK FORD MOTOR CO. FREEPORT MCMORAN COP & GOLD HASBRO INC HOME DEPOT IDEX CORP INTERPUBLIC GROUP COMPANIES INC. to Unit Amount Quantity Price Comm Commission Per Shr 142,051.06 5,350.00 26.55 53.50 0.01 29,402.75 2,500.00 11.76 25.00 0.01 58,898.47 900.00 65.44 9.00 0.01 32,721.37 500.00 65.44 5.00 0.01 52,354.19 800.00 65.44 8.00 0.01 11,916.82 200.00 59.58 2.00 0.01 6,347.67 100.00 63.48 1.00 0.01 13,118.41 300.00 43.73 3.00 0.01 125,955,90 3,500.00 35,99 35.00 0.01 11,451.72 200.00 57.26 2.00 0.01 103,065.48 1,800.00 57.26 18.00 0.01 37,968.83 1,200.00 31.64 12.00 0.01 68,267.21 1,100.00 62.06 11.00 0.01 21,199.75 50.00 423.99 0.50 0.01 21,199.75 50.00 423.99 0.50 0.01 36,502.50 200.00 182.51 2.00 0.01 28,614.06 600.00 47.69 6.00 0.01 11,396.26 200.00 56.98 2.00 0.01 147,180.48 3,200.00 45.99 32.00 0.01 63,790.14 6,100.00 10.46 61.00 0.01 56,837.55 800.00 71.05 8.00 0.01 85,256.32 1,200.00 71.05 12.00 0.01 20,652.00 200.00 103.26 2.00 0.01 19,937.01 300.00 66.46 3.00 0.01 18,987.99 300.00 63.29 3.00 0.01 9,350.00 200.00 46.75 2.00 0.01 15,956.00 200.00 79.78 2.00 0.01 18,337.00 100.00 183.37 1.00 0.01 15,132.00 200.00 75.66 2.00 0.01 18,685.03 700.00 26.69 7.00 0.0E 9,901.00 100.00 99.01 1.00 0.01 17,319.00 400.00 43.30 4.00 0.01 11,082.00 100.00 110.82 1.00 0.01 12,280.00 200.00 61.40 2.00 0.01 13,736.01 300.00 45.79 3.00 0.01 21,522.00 200.00 107.61 2.00 0.01 6,931.00 100.00 69.31 1.00 0.01 12,834.00 300.00 42.78 3.00 0.01 10,924.00 1,000.00 10.92 10.00 0.01 43,695.16 4,000.00 10.92 40.00 0.01 22,107.00 300.00 73.69 3.00 0.01 12,900.00 500.00 25.80 5.00 0.01 25,272.99 300.00 84.24 3.00 0.01 15,217.00 500.00 30.43 5.00 0.01 30,911.00 2,500.00 12.36 25.00 0.01 18,603.00 400.00 46.51 4.00 0.01 17,593.00 500.00 35.19 5.00 0.01 26,698.02 600.00 44.50 6.00 0.01 20,623.00 500.00 41.25 5.00 0.01 19,004.94 1,800.00 10.56 18.00 0.01 ICC Capital Management BROKER COMMISSION SUMMARY REPORT PALM BEACH GARDENS POLICE PENSION FUND GROWTH Froin 12 -31 -11 To 03- 31-12 Trade Date Trani Code Security Symbol Security Amount Quantity Unit Price Commission Comm Per Shr 02 -01 -12 Buy JDSU JDS UNIPHASE CORP 10,519.04 800.00 13,15 8.00 0,01 02 -01 -12 Buy LECO LINCOLN ELECTRIC HLDGS 17,674.00 400.00 44.18 4.00 0.01 02 -01 -12 Buy MJN MEAD JOHNSON NUTRITION CO 14,750.00 200.00 73.75 2.00 0.01 02 -01 -12 Buy MU MICRON TECHNOLOGY INC 17,903.89 2,300.00 7.78 23.00 0.01 02 -01 -12 Buy MSFT MICROSOFT CORP. 18,000.00 600.00 30.00 6.00 0.01 02 -01 -12 Buy NAY NAVISTAR INTERNATIONAL 18,222.00 400.00 45.55 4.00 0.01 02 -01 -12 Buy NTAP NETAPP INC 3,941.00 100.00 39.41 1.00 0.01 02 -01 -12 Buy NVE NV ENERGY INC 8,160.00 500.00 16.32 5.00 0.01 02 -01 -12 Buy OKE ONFOK INC 16,399.00 200.00 81.99 2.00 0.01 02 -01 -12 Buy PH PARKER - HANNIFIN CORP. 16,550.00 200.00 82.75 2.00 0.01 02 -01 -12 Buy RKT ROCK -TENN COMPANY CL -A 6,393.00 100.00 63.93 1.00 0.01 02 -01 -12 Buy LUV SOUTHWEST AIRLINES CO. 8,783.01 900.00 9.76 9.00 0.01 02 -01 -12 Buy STJ ST JUDE MEDICAL INC 21,001.00 500.00 42,00 5.00 0.01 02 -01 -12 Buy TKR TIMKEN CO. 19,944.00 400.00 49.86 4.00 0.01 02.01 -12 Buy TTC TORO CO 6,432.00 100.00 64.32 1.00 0.01 02 -01 -12 Buy VZ VERIZON COMMUNICATIONS 22,740.00 600.00 37.90 6.00 0.01 02 -01 -12 Buy WLT WALTER ENERGY INC 14,286.00 200.00 71.43 2.00 0.01 02 -01 -12 Buy WPI WATSON PHARMACEUTICALS 17,709.99 300.00 59.03 3.00 0.01 02 -01 -12 Buy WLL WHTING PETROLEUM CORP 15,071.01 300.00 50.24 3.00 0.01 02 -03 -12 Sell AAPL APPLE COMPUTER INC 22,992.83 50.00 459.86 0.50 0.01 02 -03 -12 Sell AAPL APPLE COMPUTER INC 22,992.84 50.00 459.86 0.50 0.01 02 -13 -12 Sell BWA BORG WARNER AUTO 117,855.88 1,500.00 78.57 15.00 0.01 02 -13 -12 Sell BWA BORG WARNER AUTO 15,714.12 200.00 78.57 2.00 0.01 02 -13 -12 Sell BWA BORG WARNER AUTO 15,714.12 200.00 78.57 2.00 0.01 02 -16 -12 Buy GIs GENERAL MILLS INC. 151,405.30 3,800.00 39.84 38.00 0.01 02 -21 -12 Buy FCX FREEPORT MCMORAN COP & 26,491.08 600.00 44.15 6.00 0.01 GOLD 02 -23 -12 Sell IPG INTERPUBLIC GROUP COMPANIES 37,120.19 3,400.00 10.92 34.00 0.01 INC. 02 -23 -12 Sell 1110 INTERPUBLIC GROUP COMPANIES 27,294.25 2,500.00 10.92 25.00 0.01 INC. 02 -23 -12 Sell IPG INTERPUBLIC GROUP COMPANIES 31,661.34 2,900.00 10.92 29.00 0.01 INC. 02 -27 -12 Buy LUV SOUTHWEST AIRLINES CO. 37,170.00 4,200.00 8.85 42.00 0.01 03 -01 -12 Buy AXP AMERICAN EXPRESS CORP. 155,408.97 2,900.00 53.59 29.00 0.01 03 -01 -12 Sell AMT AMERICAN TOWER CORP -CL A 18,840.14 300.00 62.80 3.00 0.01 03 -01 -12 Sell AMT AMERICAN TOWER CORP -CL A 6,280.05 100.00 62.80 1.00 0.01 03 -01 -12 Sell AMT AMERICAN TOWER CORP -CL A 25,120.19 400.00 62.80 4.00 0.01 03 -01 -12 Sell AMT AMERICAN TONlFR CORP -CL A 25,120,18 400.00 62,80 4.00 0.01 03 -01 -12 Sell AMT AMERICAN TOWER CORP -CL A 50,240.37 800.00 62.80 8.00 0.01 03 -01 -12 Sell AIV1T AMERICAN TOWER CORP -CL A 18,840.14 300.00 62.80 3.00 0.01 03 -12 -12 Buy KO COCA COLA COMPANY 168,441,36 2,400.00 70.18 24.00 0.01 03 -12 -12 Sell MJN MEAD JOHNSON NUTRITION CO 63,915.89 800.00 79.89 8.00 0.01 03 -12 -12 Sell MJN MEAD JOHNSON NUTRITION CO 55,926.40 700.00 79.89 7.00 0.01 03 -12 -12 Sell MJN MEAD JOHNSON NUTRITION CO 15,978.97 200.00 79.89 2.00 0.01 03 -19 -12 Sell CERN CERNER CORP 30,704.33 400.00 76.76 4.00 0.01 03 -19 -12 Sell CERN CERNER CORP 15,352.16 200.00 76.76 2.00 0.01 03 -19 -12 Sell CERN CERNER CORP 76,760.82 1,000.00 76.76 10.00 0.01 03 -19 -12 Sell CERN CERNER CORP 15,352.16 200.00 76.76 2.00 0.01 03.20 -12 Buy SYMC SYMANTEC CORP 142,686.18 7,800.00 18.29 78.00 0.01 03-27-12 Buy T AT &T INC. 174,202.60 5,500.00 31.67 55.00 0.01 03 -27 -12 Sell VZ VERIZON COMMUNICATIONS 147,571.10 3,800.00 38.83 38.00 0.01 03 -27 -12 Sell VZ VERIZON COMMUNICATIONS 27,184.15 700.00 38.83 7.00 0.01 03 -27 -12 Sell VZ VERIZON COMMUNICATIONS 23,300.70 600.00 38.83 6.00 0.01 03 -28.12 Sell WLL WHTING PETROLEUM CORP 90,691.26 1,700.00 53.35 17.00 0.01 3,800,496.85 107,350.00 1,073.50 0.01 IF 12 ICC Capital Management BROKER COMMISSION SUMMARY REPORT PALMBEACH GARDENS POLICE PENSIONFUND GROWTH From 12 -31 -11 To 03 -31 -12 Trade Tran Security Unit Comn► Date Code Symbol Security Amount QuRnt €ty Price Commission Per SI►r THE GRISIYOLD COMPANY 01 -06 -12 Sell NVE NV ENERGY INC 67,834.20 4,300.00 15.78 172.00 0.04 01 -20 -12 Sell BWA BORG WARNER AUTO 44,700.76 600.00 74.50 24.00 0.04 01 -30 -12 Buy IPG INTERPUBLIC GROUP COMPANIES 18,863.82 1,800.00 10.48 72.00 0,04 INC. 131,398.78 6,700.00 268.00 0.04 brusicap 03 -27 -12 Buy GTI GRAFTECH INTERNATIONAL LTD 82,526.07 6,900.00 11.96 138.00 0.02 120,950.00 1,479,50 0.01 12 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 12 -31 -11 To 03 -31 -12 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES 02 -01 -12 02 -06 -12 200.00 AFFILIATED MANAGERS GROUP 103.26 20,652.00 INC 02 -01 -12 02 -06 -12 300.00 ALBEMARLE CORP 66.46 19,937.01 03 -01 -12 03 -06 -12 2,900.00 AMERICAN EXPRESS CORP. 53.59 155,408.97 02 -01 -12 02 -06 -12 300.00 AMERICAN TOWER CORP -CL A 6129 18,987.99 03 -27 -12 03 -30 -12 5,500.00 AT &T INC. 31.67 174,202.60 02 -01 -12 02 -06 -12 200.00 ATWOOD OCEANICS INC 46.75 9,350.00 02 -01 -12 02 -06 -12 200.00 BECTON DICKINSON & CO 79.78 15,956.00 01 -20 -12 01 -25 -12 200.00 BLACKROCK INC I82.51 36,502.50 02 -01 -12 02 -06 -12 100.00 BLACKROCK INC 183.37 18,337.00 02 -01 -12 02 -06 -12 200.00 BORG WARNER AUTO 75.66 15,132.00 01 -06 -12 01 -11 -12 5,350.00 BRINKER INTERNATIONAL 26.55 142,051.06 02 -01 -12 02 -06 -12 700.00 BRINKER INTERNATIONAL 26.69 18,685.03 02 -01 -12 02 -06 -12 100.00 CARBO CERAMICS INC 99.01 9,901.00 02 -01 -12 02 -06 -12 400.00 CARDINAL HEALTH INC 43.30 17,319.00 02 -01 -12 02 -06 -12 100.00 CATERPILLAR TRACTOR CO 110.82 11,082.00 02 -01 -12 02 -06 -12 200.00 CERNER CORP 61.40 12,280.00 02 -01 -12 02 -06 -12 300.00 CIGNA CORP 4539 13,736.01 03 -12 -12 03 -15 -12 2,400.00 COCA COLA COMPANY 70.18 168,441.36 02 -01 -12 02 -06 -12 200.00 CONCHO RESOURCES INC 107.61 21,522.00 02 -01 -12 02 -06 -12 100.00 CONOCOPHILLIPS 69.31 6,931 .00 02 -01 -12 02 -06 -12 300.00 CVS CAREMARK CORP 42.78 12,834.00 02 -01 -12 02 -06 -12 1,000.00 DELTA AIR LINES, INC 10.92 10,924.00 02 -01 -12 02 -06 -12 300.00 DONALDSON INC 73.69 22,107.00 02 -01 -12 02 -06 -12 500.00 EMC CORP 25.80 12,900.00 02 -01 -12 02 -06 -12 300.00 EXXON MOBIL CORP. 84.24 25,272.99 02 -01 -12 02 -06 -12 500.00 FIRST REPUBLIC BANK 30.43 15,217.00 01 -06 -12 01 -11 -12 2,500.00 FORD MOTOR CO. 11.76 29,402.75 02 -01 -12 02 -06 -12 2,500.00 FORD MOTOR CO. 12.36 30,911.00 01 -30 -12 02 -02 -12 3,200.00 FREEPORT MCMORAN COP & 45.99 147,180.48 GOLD 02 -01 -12 02 -06 -12 400.00 FREEPORT MCMORAN COP & 46.51 18,603.00 GOLD 02 -21 -12 02 -24 -12 600.00 FREEPORT MCMORAN COP & 44.15 26,491.08 GOLD 02 -16 -12 02 -22 -12 3,800.00 GENERAL MILLS INC. 39.84 151,405.30 03 -27 -12 03 -30 -12 6,900.00 GRAFTECH INTERNATIONAL LTD 11.96 82,526.07 02 -01 -12 02 -06 -12 500.00 HASBROINC 35.19 17,593.00 02 -01 -12 02 -06 -12 600.00 HOME DEPOT 44.50 26,698.02 02 -01 -12 02 -06 -12 500.00 IDEX CORP 41.25 20,623.00 01 -30 -12 02 -02 -12 6,100.00 INTERPUBLIC GROUP 10.46 63,790.14 COMPANIES INC. 13 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 12 -31 -11 To 03 -31 -12 Trade Date Settle Date Quantity Security Unit Price Amount 01 -30 -12 02 -02 -12 1,800.00 INTERPUBLIC GROUP 10.48 18,863.82 COMPANIES INC. 02 -01 -12 02 -06 -12 1,800.00 INTERPUBLIC GROUP 10.56 19,004.94 COMPANIES INC, 02 -01 -12 02 -06 -12 800.00 JDS UNIPHASE CORP 13.15 10,519.04 02 -01 -12 02 -06 -12 400.00 LINCOLN ELECTRIC HLDGS 44.18 17,674.00 02 -01 -12 02 -06 -12 200.00 MEAD JOHNSON NUTRITION CO 73.75 14,750.00 02 -01 -12 02 -06 -12 2,300.00 MICRON TECHNOLOGY INC 7.78 17,903.89 02 -01 -12 02 -06 -12 600.00 MICROSOFT CORP. 30.00 18,000.00 02 -01 -12 02 -06 -12 400.00 NAVISTAR INTERNATIONAL 45.55 18,222.00 02 -01 -12 02 -06 -12 100.00 NETAPP INC 39.41 3,941.00 02 -01 -12 02 -06 -12 500,00 NV ENERGY INC 16.32 8,160.00 02 -01 -12 02 -06 -12 200.00 ONEOK INC 81.99 16,399.00 02 -01 -12 02 -06 -12 200.00 PARKER - HANNIFIN CORP. 82.75 16,550.00 02 -01 -12 02 -06 -12 100.00 ROCK -TENN COMPANY CL -A 63.93 6,393.00 02 -01 -12 02 -06 -12 900.00 SOUTHWEST AIRLINES CO. 9.76 8,783.01 02 -27 -12 03 -01 -12 4,200.00 SOUTHWEST AIRLINES CO. 8.85 37,170.00 01 -11 -12 01 -17 -12 3,500.00 ST JUDE MEDICAL INC 35.99 125,955.90 02 -01 -12 02 -06 -12 500.00 ST JUDE MEDICAL INC 42.00 21,001.00 03 -20 -12 03 -23 -12 7,800.00 SYMANTEC CORP 18.29 142,686.18 02 -01 -12 02 -06 -12 400.00 TIMKEN CO. 49.86 19,944.00 02 -01 -12 02 -06 -12 100.00 TORO CO 64.32 6,432.00 02 -01 -12 02 -06 -12 600.00 VERIZON COMMUNICATIONS 37.90 22,740.00 01 -06 -12 01 -11 -12 200.00 WALTER ENERGY INC 59.58 11,916.82 02 -01 -12 02 -06 -12 200.00 WALTER ENERGY INC 71.43 14,286.00 01 -06 -12 01 -11 -12 100.00 WATSON PHARMACEUTICALS 63.48 6,347.67 01 -13 -12 01 -19 -12 1,100.00 WATSON PHARMACEUTICALS 62.06 68,267.21 01 -23 -12 01 -26 -12 200.00 WATSON PHARMACEUTICALS 56.98 11,396.26 02 -01 -12 02 -06 -12 300.00 WATSON PHARMACEUTICALS 59.03 17,709.99 01 -20 -12 01 -25 -12 600.00 WHTING PETROLEUM CORP 47.69 28,614.06 02 -01 -12 02 -06 -12 300.00 WHTING PETROLEUM CORP 50.24 15,071.01 2,365,595.16 SALES 03 -01 -12 03 -06 -12 300.00 AMERICAN TOWER CORP -CL A 62.80 18,840.14 03 -01 -12 03 -06 -12 100.00 AMERICAN TOWER CORP -CL A 62.80 6,280.05 03 -01 -12 03 -06 -12 400.00 AMERICAN TOWER CORP -CL A 62.80 25,120.19 03 -01 -12 03 -06 -12 400.00 AMERICAN TOWER CORP -CL A 62.80 25,120.18 03 -01 -12 03 -06 -12 800.00 AMERICAN TOWER CORP -CL A 62.80 50,240.37 03 -01 -12 03 -06 -12 300.00 AMERICAN TOWER CORP -CL A 62.80 18,840.14 01 -20 -12 01 -25 -12 50.00 APPLE COMPUTER INC 423.99 21,199.75 01 -20 -12 01 -25 -12 50.00 APPLE COMPUTER INC 423.99 21,199.75 02 -03 -12 02 -08 -12 50.00 APPLE COMPUTER INC 459.86 22,992.83 02 -03 -12 02 -08 -12 50.00 APPLE COMPUTER INC 459.86 22,992.84 14 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 12 -31 -11 To 03 -31 -12 Trade Settle Unit Date Date Quantity Security Price Amount 01 -20 -12 01 -25 -12 600.00 BORG WARNER AUTO 74.50 44,700.76 02 -13 -12 02 -16 -12 1,500.00 BORG WARNER AUTO 78.57 117,855.88 02 -13 -12 02 -16 -12 200.00 BORG WARNER AUTO 78.57 15,714.12 02 -13 -12 02 -16 -12 200.00 BORG WARNER AUTO 78.57 15,714.12 03 -19 -12 03 -22 -12 400.00 CERNER CORP 76.76 30,704.33 03 -19 -12 03 -22 -12 200.00 CERNER CORP 76.76 15,352.16 03 -19 -12 03 -22 -12 1,000.00 CERNER CORP 76.76 76,760.82 03 -19 -12 03 -22 -12 200.00 CERNER CORP 76.76 15,352.16 02 -01 -12 02 -06 -12 4,000.00 DELTA AIR LINES, INC 10.92 43,695.16 01 -1342 01 -19 -12 1,200.00 FIRST REPUBLIC BANK 31.64 37,968.83 02 -23 -12 02 -28-12 3,400.00 1NTERPUBLIC GROUP 10.92 37,120.19 COMPANIES INC. 02 -23 -12 02 -28 -12 2,500.00 INTERPUBLIC GROUP 10.92 27,294.25 COMPANIES INC. 02 -23 -12 02 -28 -12 2,900.00 1NTERPUBLIC GROUP 10.92 31,661.34 COMPANIES INC. 03 -12 -12 03 -15 -12 800.00 MEAD JOHNSON NUTRITION CO 79.89 63,915.89 03 -12 -12 03 -15 -12 700.00 MEAD JOHNSON NUTRITION CO 79.89 55,926.40 03 -I2 -12 03 -15 -12 200.00 MEAD JOHNSON NUTRITION CO 79.89 15,978.97 01 -06 -12 01 -11 -12 4,300.00 NV ENERGY INC 15.78 67,834.20 01 -06 -12 01 -11-12 900.00 PEPSICO INC. 65.44 58,898.47 01 -06 -12 01 -11 -12 500.00 PEPSICO INC. 65.44 32,721.37 01 -06 -12 01 -11 -12 800.00 PEPSICO INC. 65.44 52,354.19 01 -12 -12 01 -18 -12 200.00 THOMAS & BETTS CORP 57.26 11,451.72 01 -12 -12 01 -18 -12 1,800.00 THOMAS & BETTS CORP 57.26 103,065.48 01 -30 -12 02 -02 -12 800.00 THOMAS & BETTS CORP 71.05 56,837.55 01 -30 -12 02 -02 -12 1,200.00 THOMAS & BETTS CORP 71.05 85,256.32 01 -10 -12 01 -13 -12 300.00 TIMKEN CO. 43.73 13,118.41 03 -27 -12 03 -30 -12 3,800.00 VERIZON COMMUNICATIONS 38.83 147,571.10 03 -27 -12 03 -30 -12 700.00 VERIZON COMMUNICATIONS 38.83 27,184.15 03 -27 -12 03 -30 -12 600.00 VERIZON COMMUNICATIONS 38.83 23,300.70 03 -28 -12 04 -02 -12 1,700.00 WHTING PETROLEUM CORP 5335 90,691.26 1,648,826.54 15 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 12 -31 -11 Through 03- 31-12 Open Date Close Date Quantity Security Cost Basis Proceeds 05 -20 -09 01 -06 -12 4,300.00 NV ENERGY INC 43,909.45 67,834.20 02 -22 -11 01 -06 -12 900.00 PEPSIC0 INC. 56,964.33 58,898.47 06 -21 -11 01 -06 -12 500.00 PEPSIC0 INC. 34,452.90 32,721.37 06 -24 -11 01 -06 -12 800.00 PEPSICO INC. 54,604.08 52,354.19 04 -01 -11 01 -10 -12 300.00 TIMKEN CO. 15,691.98 13,118.41 09 -25 -08 01 -12 -12 200.00 THOMAS & BETTS CORP 8,183.84 11,451.72 12 -19.08 01 -12 -12 1,800.00 THOMAS & BETTS CORP 42,494.58 103,065.48 06 -23.11 01 -13 -12 1,200.00 FIRST REPUBLIC BANK 40,869.60 37,968.83 02 -27 -08 01 -20 -12 50.00 APPLE COMPUTER INC 6,046.00 21,199.75 04 -22 -08 01 -20 -12 50.00 APPLE COMPUTER INC 8,074.00 21,199.75 05 -12 -11 01 -20 -12 600.00 BORG WARNER AUTO 45,625.92 44,700,76 04 -07 -09 01 -30 -12 800.00 THOMAS & BETTS CORP 20,319.04 56,837.55 08 -18 -09 01 -30 -12 1,200.00 THOMAS & BETTS CORP 30,939.60 85,256.32 11 -16 -11 02 -01 -12 4,000.00 DELTA AIR LINES, INC 31,006.40 43,695.16 04 -22 -08 02 -03 -12 50.00 APPLE COMPUTER INC 8,074.00 22,992.83 04 -07 -09 02 -03 -12 50.00 APPLE COMPUTER INC 5,784,00 22,992.84 05 -12 -11 02 -13 -12 1,500.00 BORG WARNER AUTO 114,064,80 117,855.88 06 -03 -f 1 02 -13 -12 200.00 BORG WARNER AUTO 13,851.58 15,714.12 02 -01 -12 02 -13 -12 200.00 BORG WARNER AUTO 15,132.00 15,714.12 09 -13 -10 02 -23 -12 3,400.00 INTERPUBLIC GROUP 32,720.92 37,120.19 COMPANIES INC. 11.02 -10 02 -23 -12 2,500.00 INTERPUBLIC GROUP 26,143.50 27,294.25 COMPANIES INC. 01 -30.12 02 -23 -12 2,900.00 INTERPUBLIC GROUP 30,326.46 31,661.34 COMPANIES INC. 01 -28 -08 03 -01 -12 300.00 AMERICAN TOWER 11,019.00 18,840.14 CORD -CL A 04 -22 -08 03 -01 -12 100.00 AMERICAN TOWER 4,144.00 6,280.05 CORP -CL A 08 -13 -08 03 -01 -12 400.00 AMERICAN TOWER 16,972.00 25,120.19 CORP -CL A 04 -07 -09 03 -01 -12 400.00 AMERICAN TOWER 12,772,00 25,120.18 CORP -CL A 11 -04 -11 03 -01 -12 800.00 AMERICAN TOWER 46,209.44 50,240.37 CORP -CL A 02 -01 -12 03 -01 -12 300.00 AMERICAN TONER 18,987.99 18,840.14 CORP -CL A 12 -16 -10 03 -12 -12 800.00 MEAD JOHNSON 49,644.72 63,915.89 NUTRITION CO 02 -02 -11 03.12 -12 700.00 MEAD JOHNSON 40,255.25 55,926.40 NUTRITION CO 02 -01 -12 03 -12 -12 200.00 MEAD JOHNSON 14,750.00 15,978.97 NUTRITION CO 01 -28 -08 03 -19 -12 400.00 CERNER CORP 10,555.34 30,704.33 04 -22 -08 03 -19 -12 200.00 CERNER CORP 3,901.00 15,352.16 04.07.09 03 -19 -12 1,000.00 CERNER CORP 21,169.15 76,760.82 02.01 -12 03 -19 -12 200.00 CERNER CORP 12,280.00 15,352.16 11 -09 -11 03 -27 -12 3,800.00 VERIZON 140,976.20 147,571.10 COMMUNICATIONS 11 -17 -11 03 -27 -12 700.00 VERIZON 25,691.19 27,184.15 COMMUNICATIONS 02 -01 -12 03.27 -12 600.00 VERIZON 22,740.00 23,300.70 COMMUNICATIONS 1[C Gain Or Loss Short Term Long Term - 147.85 23,924.75 1,934.14 14,271.17 - 1,731.53 15,671.15 - 2,249.89 - 2,573.57 20,148.99 3,267.88 60,570.90 - 2,900.77 6,594.90 15,153.75 1,492.96 13,125.75 - 925.16 36,518.51 54,316.72 12,688.76 14,918.83 17,208.84 3,791.08 1,862.54 582.12 4,399.27 1,150.75 1,334.88 7,821.14 2,136.05 8,148.19 12,348.18 4,030.93 - 147.85 14,271.17 15,671.15 1,228.97 20,148.99 11,451.16 55,591.67 3,072.16 6,594.90 1,492.96 560.70 ICC Capital Management REALIZED GAINS AND LOSSES PALHBEACH GARDENS POLICE PENSION FUND GROWTH From 12 -31 -11 Through 03 -31 -12 Gain Or Loss Open Close Cost Date Date Quantity Seeority Basis Proceeds Short Term Long Term 02 -16 -11 03 -28 -12 1,700.00 «'HTING PETROLEUM 103,376.83 90,691.26 - 12,685.57 CORP TOTAL GAINS TOTAL LOSSES 1,240,723.09 1,6 48, 826.54 TO'T'AL REALIZED GAIN /LOSS 408,103.45 17 39,174.14 392,143.65 - 10,528.77 - 12,685.57 28,645.37 379,458.08 0: E O O 4� v �C w O O v W N n d+ LO \10 L� 00 a� N c� di w o � to to to bo b-0 bo cn �UH��C7H�cn a��a�a�a�0 tlw iw tn tR 04 H O ti m z 19 N eC. eC. 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OV U O O N w ?t eL ° zs LL rt t Q N Q L+. �c a w �� w o � C � � o .� a E a �¢Z0x o�C7 OD �U o) °,t000v) p°q U' o r y k r K? w ou.LL.0 o •�� a '� � mow" ed to uI .� o � oo L. p � � oo •a o � �, � oo ; � o 'et (� v W -. �,¢x-c�� �U Lie b La .r �+¢„•� o '- aU:: 'es �U,V �'ti' f�WC7�cnC4 C4 mm0 c�cQwc� Lnv,�m w`w "%3U4U 2 w x W O W W U a O a- Z W Ot W Z 0 O w w a Z Lb N �I 0 N ti M U Palm Beach Gardens Police Review of International Equity & Bond Funds March 31, 2012 1. Dreyfus International Bond A (DIBAX) [1.01 0/6] March 31, 2012 MorningStar Rating: (out of 180 funds over 5- years) Comparative Index: Citi Non US & World Government December 31, 2011 MorningStar Rating: (out of 178 funds over 5- years) Comparative Index: Citi Non US & World Government Quarter 1 Year 3 Year 5 Year Fund 2.03% 2.95% 11.94% 9.94% Policy -0.22% 3.93% 6.93% 6.95% Differences 2.25% -0.98% 5.01% 2.99% Universe n/a 67 22 1 December 31, 2011 MorningStar Rating: (out of 178 funds over 5- years) Comparative Index: Citi Non US & World Government Good rating and review from Morningstar. The fund is managed by David C. Leduc, he has been the portfolio manager since 1995. Brendan Murphy serves as an additional portfolio manager, a position he has held since February 2010.The fund seeks to maximize total return through capital appreciation and income. The fund normally invests at least 80% of assets in fixed - income securities; 65% of assets in non -U.S. dollar denominated fixed - income securities of foreign governments. The fund, at times, may invest up to 25% of assets in emerging markets and up to 5% of assets in any single emerging market country. No change recommended. www.Dreyfus.com Quarter 1 Year 3 Year 5 Year Fund - 1.37% 3.43% 9.48% 10.03% Policy -0.48% 5.17% 4.92% 7.23% Differences -0.89% -1.74% 4.56% 2.80% Universe n/a 55 30 1 Good rating and review from Morningstar. The fund is managed by David C. Leduc, he has been the portfolio manager since 1995. Brendan Murphy serves as an additional portfolio manager, a position he has held since February 2010.The fund seeks to maximize total return through capital appreciation and income. The fund normally invests at least 80% of assets in fixed - income securities; 65% of assets in non -U.S. dollar denominated fixed - income securities of foreign governments. The fund, at times, may invest up to 25% of assets in emerging markets and up to 5% of assets in any single emerging market country. No change recommended. www.Dreyfus.com 2. Oppenheimer International Bond Y (OIBYX) [0.74 1/6] March 31, 2012 Morningstar Rating: �� " ' (out of 246 funds over 3- years) Comparative Index: Citi Non US & World Government December 31, 2011 MorningStar Rating: 7 _ (out of 178 funds over 5- years) Comparative Index: Citi Non US & World Government Quarter 1 Year 3 Year 5 Year Fund 3.21% 2.13% 9.77% 6.95% Policy -0.22% 3.93% 6.93% 6.95% Differences 3.43% -1.80% 2.84% 0.00% Universe n/a 83 38 29 December 31, 2011 MorningStar Rating: 7 _ (out of 178 funds over 5- years) Comparative Index: Citi Non US & World Government Received an average rating but good review from Morningstar. It remains to be seen how recent management changes will impact Oppenheimer International Bond. This fund is more adventurous than most of its world -bond peers. Managers Art Steinmetz and Sara Zervos have long believed emerging markets should benefit from stronger fundamentals than developed markets, and they invest roughly half the fund's assets in emerging- market debt. The fund's aggressive tack has caused it to struggle relative to its peers amid risk - averse environments. During 2008's credit crisis, its 1 % loss trailed 60% of its peers. More recently, its hefty foreign- currency exposure held it back as emerging- market currencies depreciated against the U.S. dollar in 2011's second half. Those periodic setbacks alone aren't a cause for concern and should be expected given the fund's relatively bold profile. Indeed, its long -term results remain impressive; the fund's 10 -year annualized gain of 10.8% through February 13,2012, bests all but one of its world -bond peers'. Still, the team supporting the fund has undergone some changes in recent years that bear watching. Although Steinmetz has been named a manager since April 2004, he became the firm's CIO in 2009 and commits less time to running the fund. Zervos, who now heads the global debt team, has only co- managed this fund since 2009 and has no prior public track record. Given the fund's daring profile, it will take time to become confident that the new team can carry this fund's historical success forward. No change recommended. www.oaaenheimerfunds.com Quarter 1 Year 3 Year 5 Year Fund 0.99% -0.20% 7.01% 6.85% Policy -0.48% 5.17% 4.92% 7.23% Differences 1.47% -5.37% 2.09% -0.38% Universe n/a 87 44 28 Received an average rating but good review from Morningstar. It remains to be seen how recent management changes will impact Oppenheimer International Bond. This fund is more adventurous than most of its world -bond peers. Managers Art Steinmetz and Sara Zervos have long believed emerging markets should benefit from stronger fundamentals than developed markets, and they invest roughly half the fund's assets in emerging- market debt. The fund's aggressive tack has caused it to struggle relative to its peers amid risk - averse environments. During 2008's credit crisis, its 1 % loss trailed 60% of its peers. More recently, its hefty foreign- currency exposure held it back as emerging- market currencies depreciated against the U.S. dollar in 2011's second half. Those periodic setbacks alone aren't a cause for concern and should be expected given the fund's relatively bold profile. Indeed, its long -term results remain impressive; the fund's 10 -year annualized gain of 10.8% through February 13,2012, bests all but one of its world -bond peers'. Still, the team supporting the fund has undergone some changes in recent years that bear watching. Although Steinmetz has been named a manager since April 2004, he became the firm's CIO in 2009 and commits less time to running the fund. Zervos, who now heads the global debt team, has only co- managed this fund since 2009 and has no prior public track record. Given the fund's daring profile, it will take time to become confident that the new team can carry this fund's historical success forward. No change recommended. www.oaaenheimerfunds.com 3. Vanguard Global Equity (VHGEX) [0.54 %] March 31, 2012 MorningStar Rating: (out of 710 funds over 3- years) Comparative Index: World Stock ie. MSCI World Quarter Fund 13.58% Policy 11.56% Differences 2.02% Universe n/a December 31, 2011 MorningStar Rating: i s z 1 Year 3 Year 5 Year -1.23% 22.45% - 1.74% 0.56% 20.24% -0.70% -1.79% 2.21% -1.04% 54 30 73 (out of 697 funds over 3- years) Comparative Index: World Stock ie. MSCI World Received an average rating but a good review from Morningstar. Vanguard Global Equity is one of those funds where the longer -term performance is less important than the shorter -term performance. This world -stock fund has a fine long -term record. It has earned top - quartile 10 year and 15 -year returns, and it has posted a 7.5% annualized gain since its inception in 1995. That record of success isn't as significant as it could be, though, despite the fact that this fund's original three - person management team from Marathon Asset Management remains on board. The reason is that the Marathon team only handles 39% of this fund's assets. Vanguard added 3 other subadvisors: Acadian Asset Management in December 2004, AllianceBernstein in April 2006, and Baillie Gifford Overseas in April 2008. This fund has been a subpar performer as a multimanager offering. That's pretty disappointing, but there still are reasons to hope that this fund will develop into a solid multimanager offering. Most of its underperformance as a multimanager offering took place as stocks plunged around the world in the first 11 months after Baillie Gifford was hired, and this fund has comfortably outpaced its average peer since then. The overall quality of its subadvisors is pretty good. And true to its family, it has a low expense ratio, which gives it a significant and ongoing edge over most of its rivals. No change recommended. www.vanguard.com Quarter 1 Year 3 Year 5 Year Fund 6.76% -8.90% 12.02% -3.49% Policy 7.59% -5.54% 11.13% -2.37% Differences -0.83% -3.36% 0.89% -1.12% Universe n/a 56 47 70 Received an average rating but a good review from Morningstar. Vanguard Global Equity is one of those funds where the longer -term performance is less important than the shorter -term performance. This world -stock fund has a fine long -term record. It has earned top - quartile 10 year and 15 -year returns, and it has posted a 7.5% annualized gain since its inception in 1995. That record of success isn't as significant as it could be, though, despite the fact that this fund's original three - person management team from Marathon Asset Management remains on board. The reason is that the Marathon team only handles 39% of this fund's assets. Vanguard added 3 other subadvisors: Acadian Asset Management in December 2004, AllianceBernstein in April 2006, and Baillie Gifford Overseas in April 2008. This fund has been a subpar performer as a multimanager offering. That's pretty disappointing, but there still are reasons to hope that this fund will develop into a solid multimanager offering. Most of its underperformance as a multimanager offering took place as stocks plunged around the world in the first 11 months after Baillie Gifford was hired, and this fund has comfortably outpaced its average peer since then. The overall quality of its subadvisors is pretty good. And true to its family, it has a low expense ratio, which gives it a significant and ongoing edge over most of its rivals. No change recommended. www.vanguard.com 4. Vanguard International Growth Admiral Shares (VWILX) [0.34 %] March 31, 2012 MorningStar Rating: (out of 552 funds over 5- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE December 31, 2011 MorningStar Rating: (out of 737 funds over 3- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE Quarter 1 Year 3 Year 5 Year Fund 13.96% -4.63% 21.71% 0.16% Policy 10.86% -5.77% 17.13% -3.51% Differences 3.10% 1.14% 4.58% 3.67% Universe n/a 24 7 11 December 31, 2011 MorningStar Rating: (out of 737 funds over 3- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE Received a good rating and review from Morningstar.A trio of reputable subadvisors manages this foreign large -blend fund. Schroder Investment Management (on board here since 1981) and Baillie Gifford Overseas (in place since in 2003) manage 90% of the fund's assets in sleeves of roughly equal size. The remainder is managed by M &G Investment Management, a third subadvisor Vanguard enlisted in February 2008. The teams' processes aren't wildly different from one another. Each is long- term - oriented and focused on higher - quality growth stocks. In aggregate, the fund's lineup of 200 -plus stocks currently trades with price /earnings and price /book premiums relative to category norms, but the managers' focus on quality is also evident. The portfolio boasts superior net margins and returns on equity, for example, and its lower debt/capital ratio reflects the managers' preference for financially sound firms. Investors are in good hands given the teams' experience. The thoughtful management transitions that have occurred here overtime also inspire confidence. And its 0.34% expense ratio makes it a bargain among actively managed foreign funds. No change recommended. www.vanguard.com Quarter 1 Year 3 Year 5 Year Fund 6.00% - 13.58% 12.40% -1.85% Policy 3.33% - 12.14% 7.65% -4.72% Differences 2.67% -1.44% 4.75% 2.87% Universe n/a 44 9 13 Received a good rating and review from Morningstar.A trio of reputable subadvisors manages this foreign large -blend fund. Schroder Investment Management (on board here since 1981) and Baillie Gifford Overseas (in place since in 2003) manage 90% of the fund's assets in sleeves of roughly equal size. The remainder is managed by M &G Investment Management, a third subadvisor Vanguard enlisted in February 2008. The teams' processes aren't wildly different from one another. Each is long- term - oriented and focused on higher - quality growth stocks. In aggregate, the fund's lineup of 200 -plus stocks currently trades with price /earnings and price /book premiums relative to category norms, but the managers' focus on quality is also evident. The portfolio boasts superior net margins and returns on equity, for example, and its lower debt/capital ratio reflects the managers' preference for financially sound firms. Investors are in good hands given the teams' experience. The thoughtful management transitions that have occurred here overtime also inspire confidence. And its 0.34% expense ratio makes it a bargain among actively managed foreign funds. No change recommended. www.vanguard.com 5. Vanguard International Value (VTRIX) [0.39 %] March 31, 2012 MorningStar Rating: (out of 320 funds over 3- years) Comparative Index: Foreign Large Value ie. MSCI EAFE Value December 31, 2011 MorningStar Rating: (out of 327 funds over 3- years) Comparative Index: Foreign Large Value ie. MSCI EAFE Value 5 Year -2.64% -5.18% 2.54% 22 Quarter 1 Year 3 Year Fund 12.24% -5.88% 16.47% Policy 9.72% -7.83% 16.50% Differences 2.52% 1.95% -0.03% Universe n/a 31 45 December 31, 2011 MorningStar Rating: (out of 327 funds over 3- years) Comparative Index: Foreign Large Value ie. MSCI EAFE Value 5 Year -2.64% -5.18% 2.54% 22 Received an average rating and review from Morningstar. Vanguard International Value has more than its breadth going for it. This fund divides its assets among four subadvisors who employ a diverse mix of bargain- oriented disciplines. Sandy Nairn of Edinburgh Partners pursues firms that are selling at significant discounts to their long -term prospects. The team from Lazard relies on a relative -value style, while the squad from AllianceBernstein pursues companies with low price multiples. And the team from Hansberger takes an opportunistic approach to bargain hunting. This fund usually owns around 250 stocks and invests roughly 15% of its assets in its top 10- holdings. It often has a broader style and sector exposure than many of its category peers as well. All four of the subadvisors readily pursue bargains in the developing world, so this fund normally has much more emerging- markets exposure than most of its peers. It's tough to determine the fund's performance since the four subadvisors came at different times over a period of 11 years. This fund has outpaced its typical peer in the choppy climate that has prevailed since Nairn came on board in 2008; and it has posted superior results since the Hansberger team arrived in 2001. That record along with this fund's ultralow expense ratio provides grounds to be optimistic about the long run here. The fund remains a worthy source of wide - ranging bargain- oriented exposure abroad. No change recommended. www.vanauard.com Quarter 1 Year 3 Year 5 Year Fund 5.05% - 14.58% 7.03% -4.25% Policy 2.74% - 12.17% 6.77% -6.33% Differences 2.31% -2.41% 0.26% 2.08% Universe n/a 72 36 27 Received an average rating and review from Morningstar. Vanguard International Value has more than its breadth going for it. This fund divides its assets among four subadvisors who employ a diverse mix of bargain- oriented disciplines. Sandy Nairn of Edinburgh Partners pursues firms that are selling at significant discounts to their long -term prospects. The team from Lazard relies on a relative -value style, while the squad from AllianceBernstein pursues companies with low price multiples. And the team from Hansberger takes an opportunistic approach to bargain hunting. This fund usually owns around 250 stocks and invests roughly 15% of its assets in its top 10- holdings. It often has a broader style and sector exposure than many of its category peers as well. All four of the subadvisors readily pursue bargains in the developing world, so this fund normally has much more emerging- markets exposure than most of its peers. It's tough to determine the fund's performance since the four subadvisors came at different times over a period of 11 years. This fund has outpaced its typical peer in the choppy climate that has prevailed since Nairn came on board in 2008; and it has posted superior results since the Hansberger team arrived in 2001. That record along with this fund's ultralow expense ratio provides grounds to be optimistic about the long run here. The fund remains a worthy source of wide - ranging bargain- oriented exposure abroad. No change recommended. www.vanauard.com