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Home My WebLink AboutAgenda Police Pension 042408Agenda City of Palm Beach Gardens Police Officers' Pension Fund Il MEETING OF APRIL 24, 2008 LOCATION: City Council Chambers' Police Conference Room 10500 North Military Trail Palm Beach Gardens, FL 33410 TIME: 10:00 AM 1. Call Meeting To Order 2. Roll Call: • Lt. Jay Spencer, Chairman • David Pierson, Secretary • Jules Barone, Trustee • Brad Seidensticker, Trustee • Wayne Sidey, Trustee 3. Approval of Minutes: January 31, 2008 Regular Meeting 4. 2007 Actuarial Valuation Report - Gabriel, Roeder & Smith (Steve Palmquist) 5. Investment Manager Report - RhumbLine (Denise D'Entremont) 6. Investment Manager Report - ICC Capital (Steve Stack) 7. Investment Consultant Report - Thistle Assets (John McCann) • Revised Investment Policy Guideline Update 8. Attorney Report: Hanson, Perry, & Jensen, P.A. (Bonni Jensen) 9. Disbursements Approval 10. Benefit Approvals 11. Financial Statements 12. Administrative Report (Scott Baur & Audrey Ross) 13. Old Business 14, Other Business 15. Adjourn Next Meetinq Date: *Thursday July 24, 2008 @ 10AM PLEASE NOTE: 51tould any interested pa tv seek, to appeal any del: o` this Brrir',^.. h Yc_sr)ect to any matte, Considered at Such meeting or hearing, s;'l;e will need a record of the price -ed! n gs and for' suu rurpose may need to ensu.-e that a verba *.;m record of the proceedings, is made, <<v iich record inclucie s the testlme iy :,rd evidence, ur}or, which the appeal is to be based. City of Palm Beach Gardens Police Officers' Pension Fund Minutes of the Meeting Held January 31St, 2008 The regular meeting of the Board of Trustees of the City of Palm Beach Gardens Police Officers' Pension Fund was called to order at 9:06 AM by Wayne Sidey in the Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail, Palm Beach Gardens, Florida. TRUSTEES PRESENT OTHERS PRESENT John McCann (Thistle Asset Consulting) Brad Seidensticker Steve Stack (ICC Capital Management) Jules Barone Bonni Jensen (Hanson, Perry, & Jensen, P.A.) Wayne Sidey Donna Cannon (Palm Beach Gardens Clerk's Office) Scott Baur (The Pension Resource Center, LLC) Audrey Ross (The Pension Resource Center, LLC) MINUTES MOTION: Mr. Seidensticker made a motion to approve the minutes from December 6th, 2007 meeting. SECOND: Mr. Barone seconded the motion. CARRIED: The motion carried unanimously 3 -0. INVESTMENT MANAGER REPORT ICC Capital — Presented by Steve Stack Mr. Stack stated that the fund is down on the equity side, and at this time there is no leadership in any of the sectors of the market. He commented that gas and oil prices are still high and subprime has had a big impact on these companies. Mr. Stack reported that for the current month the equities are down 8 -10% and he explained the mess that is going on in the market. Mr. Seidensticker asked if the plan had any bonds that were involved in the subprimes. Mr. Stack commented that the portfolio on the fixed income side is very conservative and, a lot of the retail sectors are the ones that are linked to the subprimes. Mr. Stack reported that they have 39% rating in corporate and 22% in mortgage backed pools, and all of them are rated at least an A to AA. Mr. Barone asked Mr. Stack to explain what exactly their company invests in. Mr. Stack replied that they invest in a mixture of everything. The fixed income portfolio is split 50/50 between RhumbLine and ICC and their fee is 50 basis points which are on the lower side. ICC currently has $11M in fixed income and about 3% in equity. ICC Capital has active managers that are always buying and selling in their portfolio. INVESTMENT CONSULTANT REPORT Thistle Asset Consultant — Presented by John McCann Mr. McCann reviewed the chart that was handed out. The chart compared the international stocks that performed the best and worst in 2004 through 2007. Mr. McCann stated that the large cap value was up 2% in 2007, and this was the first time in 8 years that large cap had outperformed the small cap. He commented that January has been a very bad month and that the fixed income side has not down well. Mr. McCann reviewed the investment policy guidelines and stated that the board might want to table this matter until all the Trustees are present. Mr. McCann commented that the international fund numbers were not available yet because they only report them on a quarterly basis. Mr. Seidensticker reviewed and discussed some of the language in the mutual fund section of the investment policy and stated that it should be more specific. The board discussed what language should be added in. Mr. McCann stated that he will make the necessary changes and bring it back to the next meeting to be reviewed. For the quarter ending September 30, 2007 the equities were down, but the fixed income was slightly up. Mr. McCann reviewed the compliance report and stated that some requirements were not met. The total assets of the plan were split up with 3% in cash, 38% in fixed income and 59% in equities. He also reviewed the sectors of the portfolio and stated that ICC Capital has 51% of the portfolio in fixed and large cap growth with 41% in RhumbLine and 8% in international equity. Mr. McCann reviewed the breakdown of the cash in each sector and stated that all the cash is held in the fixed income side. Mr. McCann rebalanced the cash flow and took some cash from ICC Capital to pay out benefits. He commented that he rebalances the portfolio every quarter depending on the market. The total fund is behind the market for the current quarter at -1.64% versus -.90 %, and the one year is also behind at 5.61% versus 6.60 %. Mr. McCann also reported that the current equities are behind at -4.33% versus -3.07% for the current quarter and 5.42% versus 6.04% for the one year. The fixed income did a little better for the current quarter but is still trailing behind slightly at 3.09% versus 3.10 %. For the one year period the fixed income is right on target at 7.25% versus 7.25 %, and for a three year period it beat the index at 4.96% versus 4.44 %. Ms. Jensen asked Mr. McCann if he would recommend any changes to the portfolio as this time. Mr. McCann replied that he does not recommend any changes at this time. Mr. McCann reviewed and compared the performance of the other managers and commented that the board could look into having other active monitors instead of having an index return. The cost might be more, but the fund might get a better return. He stated that he will bring this idea up again at the next meeting when all the Trustees are present. Lastly, Mr. McCann reported that the Mainstay ICAP international fund manager had passed away. He stated that the fund did well for the 1, 3 and 5 year average, but the board will want to keep a close eye on the fund since the manager that passed away was the main leader. Mr. Seidensticker commented that the MainStay fund is the fund with the highest fee and the lowest return so he recommends that the board should close the MainStay fund and split the balance between the three remaining international funds. MOTION: Mr. Seidensticker made a motion to close out the MainStay ICAP international fund, and to split the balance of the account into the three remaining International Funds. SECOND: Mr. Barone seconded the motion. CARRIED: The motion carried unanimously 3 -0. ATTORNEY REPORT Hanson, Perry & Jensen, P.A. — Presented by Bonni Jensen Ms. Jensen stated that she spoke to Allan Owens in regards to the amendment and that it will be going in front of the city council by February 20, 2008. The amendment to the constitutions that was recently passed will not have a direct impact on the pension fund. Ms. Jensen commented that everything is still on the table in regards to the job cut backs. She also reported that Steve Palmquist is working on the 2007 Actuarial Valuation and should have it completed by the next meeting. The 2007 Actuarial Valuation will also determine the employee's payroll contributions which they will discuss further at the next meeting. DISBURSEMENTS APPROVALS MOTION: Mr. Seidensticker made a motion to approve the disbursements. SECOND: Mr. Barone seconded the motion. CARRIED: The motion carried unanimously 3 -0 FINANCIAL STATEMENTS The board reviewed and discussed the financial statements that were provided through December 31, 2007. The board received and filed the financial statements through December 31, 2007. ADMINISTRATOR REPORT The Pension Resource Center, LLC — Presented by Scott Baur and Audrey Ross Mr. Baur commented on Richard Bloods situation. Mr. Blood recently exited the DROP, and Mr. Baur explained to the board the problems and frustration that he had. Mr. Baur stated that he has come up with a question and answer worksheet that will help the members understand the process, so that this type of situation will not occur again. Mr. Baur reported that the members in the DROP plan have waited a long time to get their calculations, due to the misinformation from the city. The city has now provided the Pension Resource Center with the correct information, so from now on the calculations will be processed in a timely manner. AJOURN There being no further business, and the future meetings are scheduled for the last Thursday of the first month of the quarter. The next meeting is scheduled for April 24, 2008 at 10AM; the Trustees officially adjourned the meeting at 10:36AM Respectfully submitted, DAVID PIERSON, Secretary CITY OF PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2007 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2009 GRSGabriel Roeder Smith & Company �J Consultants & Actuaries CITY OF PALM BEACH GARDENS POLICE OFFICERS' PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2007 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2009 E ■ Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone Consultants & Actuaries Suite 505 954.525.0083 fax GRS Ft. Lauderdale, FL 33301-1872 www.gabrielroeder.coni ■ ■ ■ April 23, 2008 Board of Trustees City of Palm Beach Gardens Police Officers Pension Fund Palm Beach Gardens, Florida Dear Board Members: We are pleased to present our October 1, 2007 Actuarial Valuation Report for the Plan. The purpose of the Report is to set forth required contribution levels, to disclose plan assets and actuarial Liabilities, to comment on funding progress and to provide supporting information regarding the operation of the Plan. This Report is also designed to comply with requirements of the State. The valuation was performed on the basis of employee, retiree and financial information supplied by Pension Resource Center, LLC. Although we did not audit this information, it was reviewed for reasonableness and comparability to prior years. The benefits valued are outlined at the end of the Report. Actuarial assumptions and the actuarial cost method are also described herein. Any changes in benefits, assumptions or methods are described in the first section. We will be pleased to answer any questions pertaining to the valuation and to meet with you to review this Report. Respectfully submitted, GABRIEL, ROEDER, SMITH AND COMPANY By l�tk . Stephen Palmquist, AS „MAAA, FCA Enrolled Actuary No. 08 -1 0 By ' k M4t-cdl Melissa R. Moskovitz, EA, Mb.AA, FCA Enrolled Actuary No. 08 -6467 Statement by Enrolled Actuary This actuarial valuation and /or cost determination was prepared and completed by me or under my direct supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate. In my opinion, the techniques and assumptions used are reasonable, meet the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan and /or paid from the plan's assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contribution rates have been taken into account in the valuation. Signature .2 3 —U's. Date 08 -1560 Enrollment Number GRS ■ ■ ■ TABLE OF CONTENTS ■ Section Title Page A Discussion of Valuation Results ■ 1. Discussion of Valuation Results 1 2. Chapter Revenue 3 ■ B Valuation Results ■ ■ 1. Participant Data 4 2. Annual Required Contribution 5 ■ 3. Actuarial Value of Benefits and Assets 6 4. Calculation of Employer Normal Cost 7 5. Liquidation of Unfunded Actuarial Accrued Liability 8 ■ 6. Actuarial Gains and Losses 10 7. Recent History of Required and Actual Contributions 14 8. Actuarial Assumptions and Cost Method 15 ■ 9. Glossary of Terms 17 C Pension Fund Information ■ 1. Summary of Assets 18 2. Pension Fund Income and Disbursements 19 ■ 3. Reconciliation of DROP Accounts 20 ■ 4. Calculation of Actuarial Value of Assets 5. Investment 21 Rate of Return 22 ■ ■ D Financial Accounting Information 1. FASB No. 35 23 2. GASB No. 25 24 3. GASB No. 27 25 ■ E Miscellaneous Information ■ 1. Reconciliation of Membership Data 28 r 2. Active Participant Distribution 3. Inactive Participant Distribution 29 30 F Summary of Plan Provisions 31 ■ ■ ■ ■ ■ GRS SECTION A DISCUSSION OF VALUATION RESULTS G16 1 DISCUSSION OF VALUATION RESULTS Comparison of Required Employer Contributions A comparison of the required employer contribution developed in this year's actuarial valuation and the previous valuation is as follows. The required employer contribution has been adjusted for interest on the basis that contributions are made in equal payments at the end of each quarter. The contribution has also been computed under the assumption that the amount to be received from the State on behalf of police officers in 2009 will be the same as the base amount of $412,644. If the actual payment from the State falls below this amount, then the City must increase its contribution by the difference. Actual employer and State contributions during the year ending September 30, 2007 were $2,764,147 and $412,644, respectively, for a total of $3,176,791. The annual required contribution was $3,176,791. r-"P C For FYE 9/30/09 For FYE 9/30/08 Based on Based on 10/11/2007 10/11/2006 Increase Valuation Valuation (Decrease) Required Employer /State Contribution $ 3,762,323 $ 3,556,548 $ 205,775 As % of Covered Payroll 40.19 % 40.70 % (0.51) % Estimated State Contribution $ 412,644 $ 412,644 $ 0 As % of Covered Payroll 4.41 % 4.72 % (0.31) % Required Employer Contribution $ 3,349,679 $ 3,143,904 $ 205,775 As % of Covered Payroll 35.78 % 35.98 % (0.20) % The required employer contribution has been adjusted for interest on the basis that contributions are made in equal payments at the end of each quarter. The contribution has also been computed under the assumption that the amount to be received from the State on behalf of police officers in 2009 will be the same as the base amount of $412,644. If the actual payment from the State falls below this amount, then the City must increase its contribution by the difference. Actual employer and State contributions during the year ending September 30, 2007 were $2,764,147 and $412,644, respectively, for a total of $3,176,791. The annual required contribution was $3,176,791. r-"P C K Revisions in Benefits There have been no changes in benefits since the prior valuation. Revisions in Actuarial Assumptions or Methods There have been no changes in assumptions or methods since the prior valuation. Actuarial Experience There was a net actuarial gain of $251,668 for the year which means that actual experience was more favorable than expected. The gain is due to recognized investment return over the assumed rate of 7.5% and fewer retirements than expected. The net actuarial gain has decreased the required employer contribution by 0.23% of covered payroll. Funded Ratio This year's funded ratio is 53.2% compared to 48.9% last year. The ratio is equal to the actuarial value of assets divided by the actuarial accrued (past service) liability. Analysis of Change in Employer Contribution The components of change in the employer contribution rate are as follows: Contribution rate last year 35.98 % Change in assumptions and methods 0.00 Payment on unfunded liability (0.07) Experience (gain) /loss (0.23) Normal Cost (0.05) Change in administrative expense (0.16) Change in State revenue 0.31 Contribution rate this year 35.78 The remainder of this Report includes detailed actuarial valuation results, financial information, miscellaneous information and statistics, and a summary of plan provisions. CTR S 3 CHAPTER REVENUE Increments in Chapter revenue over that received in 1998 must first be used to fund the cost of compliance with minimum benefits. Once minimums are met, any subsequent additional Chapter revenue must be used to provide extra benefits. As of the valuation date, there are no minimum benefit requirements outstanding. Actuarial Confirmation of the Use of State Chapter Money 1. Base Amount Previous Plan Year $ 412,644 2. Amount Received for Previous Plan Year 460,438 3. Benefit Improvements Made in Previous Plan Year 0 4. Excess Funds for Previous Plan Year: (2) - (1) - (3) 47,794 5. Accumulated Excess at Beginning of Previous Year 349,728 6. Prior Excess Used in Previous Plan Year 0 7. Accumulated Excess as of Valuation Date (Available for Benefit Improvements): (4) + (5) - (6) 397,522 8. Base Amount This Plan Year: (1) + (3) 412,644 The Accumulated Excess shown in line 7 is being held in reserve to pay for additional benefits. The reserve is subtracted from Plan assets (see Section C of this Report). The Base Amount in line 8 is the maximum amount the employer may take as a credit against its required contribution; however, in no event may the employer take credit for more than the actual amount of Chapter revenue received. GRS SECTION B VALUATION RESULTS GRS PARTICIPANT DATA October 1, 2007 October 1, 2006 ACTIVE MEMBERS Number 107 107 Covered Annual Payroll $ 8,915,563 $ 8,322,332 Average Annual Payroll $ 83,323 $ 77,779 Average Age 40.1 40.0 Average Past Service 11.0 10.7 Average Age at Hire 29.1 29.3 RETIREES, BENEFICIARIES & DROP Number 15 12 Annual Benefits $ 561,620 $ 394,675 Average Annual Benefit $ 37,441 $ 32,890 Average Age 58.1 57.8 DISABILITY RETIREES Number 12 12 Annual Benefits $ 335,641 $ 335,041 Average Annual Benefit $ 27,970 $ 27,920 Average Age 52.9 51.9 TERMINATED VESTED MEMBERS Number 1 0 Annual Benefits $ 4,060 $ 0 Average Annual Benefit $ 4,060 $ 0 Average Age 32.7 0.0 0 ANNUAL REQUIRED CONTRIBUTION (ARC) A. Valuation Date October 1, 2007 October 1, 2006 B. ARC to Be Paid During Fiscal Year Ending 9/30/2009 9/30/2008 C. Assumed Dates of Employer Contributions Quarterly Quarterly D. Annual Payment to Amortize Unfunded Actuarial Liability $ 1,202,729 $ 1,146,524 E. Employer Normal Cost 2,224,507 2,092,659 F. ARC if Paid on the Valuation Date: D +E 3,427,236 3,239,183 G. ARC Adjusted for Frequency of Payments 3,583 ,484 3,386 ,857 H. ARC as % of Covered Payroll 40.19 % 40.70 % I. Assumed Rate of Increase in Covered Payroll to Contribution Year 5.00 % 5.00 % J. Covered Payroll for Contribution Year 9,361,341 8,738,448 K. ARC for Contribution Year: H x J 3,762,323 3,556,548 L. Estimate of State Revenue in Contribution Year 412,644 412,644 M. Required Employer Contribution (REC) in Contribution Year 3,349,679 3,143,904 N. REC as % of Covered Payroll in Contribution Year. M - J 35.78 % 35.98 % CTR S 5 A ACTUARIAL VALUE OF BENEFITS AND ASSETS A. Valuation Date October 1, 2007 October 1, 2006 B. Actuarial Present Value of All Projected Benefits for 1. Active Members a. Service Retirement Benefits $ 58,871,092 $ 54,319,196 b. Vesting Benefits 1,759,381 1,674,655 c. Disability Benefits 4,523,971 4,259,233 d. Preretirement Death Benefits 530,455 516,549 e. Return of Member Contributions 41,222 40,512 f. Total 65,726,121 60,810,145 2. Inactive Members a. Service Retirees & Beneficiaries 6,658,283 4,732,787 b. Disability Retirees 3,749,315 3,790,002 c. Terminated Vested Members 12,129 - d. Total 10,419,727 8,522,789 3. Total for All Members 76,145,848 69,332,934 C. Actuarial Accrued (Past Service) Liability per GAS No. 25 52,230,511 46,503,218 D. Actuarial Value of Accumulated Plan Benefits per FASB No. 35 41,505,379 35,965,258 E. Plan Assets 1. Market Value 28,370,285 22,474,375 2. Actuarial Value 27,799,386 22,740,838 F. Unfunded Actuarial Accrued Liability: C - E2 24,431,125 23,762,380 G. Actuarial Present Value of Projected Covered Payroll 73,387,629 70,117,347 H. Actuarial Present Value of Projected Member Contributions 6,311,336 6,030,092 CTRS 7 CALCULATION OF EMPLOYER NORMAL COST ENTRY AGE NORMAL METHOD A. Valuation Date October 1, 2007 October 1, 2006 B. Normal Cost for 1. Service Retirement Benefits $ 2,316,771 $ 2,170,022 2. Vesting Benefits 176,728 157,886 3. Disability Benefits 358,755 337,588 4. Preretirement Death Benefits 41,641 39,717 5. Return of Member Contributions 19,280 17,709 2,722,922 6. Total for Future Benefits 2,913,175 7. Assumed Amount for Administrative Expenses 78,070 85,458 2,808,380 8. Total Normal Cost 2,991,245 9. Total as a % of Covered Payroll 33.55% 33.75% C. Expected Member Contribution 766,738 715,721 D. Employer Normal Cost: B8 -C 2,224,507 2,092,659 E. Employer Normal Cost as a % of Covered Payroll 24.95% 25.15% GRS L LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY A. UAAL Amoritzation Period and Payments Original UAAL Current UAAL Amortization Period Years Years (Years) Amount Remaining Amount Payment 7/1/1986 30 $ 4,147 9 $ 2,171 $ 265 10/1/1991 30 (1,504) 14 (1,025) (85) 10/1/1991 30 286,223 14 194,600 16,125 10/1/1992 30 122,611 15 86,640 6,775 10/1/1993 30 (194,444) 16 (143,244) (10,618) 10/1/1995 30 796,975 18 757,592 51,026 10/1/1996 30 (189,977) 19 (192,531) (12,420) 10/1/2000 30 3,639,273 23 4,171,761 232,127 10/1/2005 30 975,210 28 1,049,729 50,590 10/1/2005 30 5,273,728 28 5,676,708 273,578 10/1/2006 30 12,571,515 29 13,080,392 615,046 10/1/2007 15 251,668 15 251,668 19,680 $ 23,032,089 $ 24,431,125 $ 1,202,729 GRS 0 B. Amortization Schedule The UAAL is being amortized as a level percent of payroll. The expected amortization schedule is as follows: Amortization Schedule Year Expected UAAL 2007 $ 24,431,125 2008 24,970,564 2009 25,485,776 2010 25,971,750 2011 26,422,898 2012 26,833,047 2017 28,004,859 2022 26,817,903 2027 21,543,685 2032 11,262,168 2037 0 GRS 10 ACTUARIAL GAINS AND LOSSES The assumptions used to anticipate mortality, employment turnover, investment income, expenses, salary increases, and other factors have been based on long range trends and expectations. Actual experience can vary from these expectations. The variance is measured by the gain and loss for the period involved. If significant long term experience reveals consistent deviation from what has been expected and that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss) for the past year is computed as follows: 1. Last Year's UAAL $ 23,762,380 2. Last Year's Employer Normal Cost 2,224,802 3. Last Year's Contributions 3,176,791 4. Interest at the Assumed Rate on: a. 1 and 2 for one year 1,949,039 b. 3 from dates paid 76,637 c. a - b 1,872,402 5. This Year's Expected UAAL Prior to Revision: 1 + 2 - 3 + 4c 24, 682, 793 6. Change in UAAL Due to Plan Amendments and/or Changes in Actuarial Assumptions 0 7. This Year's Expected UAAL: 5 + 6 24,682,793 8. This Year's Actual UAAL 24,431,125 9. Net Actuarial Gain (Loss): 7 - 8 251,668 10. Gain (Loss) Due to Investments 142,725 11. Gain (Loss) from Other Sources 108,943 GRS Experience gains /losses for the past few years are as follows: Year Ending September 30 Gain (Loss) 1996 $ (284,232) 1997 (994,552) 1998 (674,477) 1999 (424,754) 2000 68,592 2001 (435,534) 2002 (2,162,823) 2003 (949,324) 2004 (246,347) 2005 (1,006,694) 2006 (1,517,294) 2007 251,668 GRS 11 12 The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is important that they are in line with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last few years: Year Ending Investment Return Salary Increases Actual Assumed Actual Assumed 9/30/1990 9.1 % 8.0 % 9.1 % 6.5 % 9/30/1991 8.6 8.0 9.5 6.5 9/30/1992 8.2 8.0 10.9 6.5 9/30/1993 8.8 8.0 14.1 6.5 9/30/1994 2.4 8.0 0.6 6.5 9/30/1995 18.2 8.0 12.8 6.5 9/30/1996 5.2 8.0 3.6 6.5 9/30/1997 10.3 8.0 11.5 6.5 9/30/1998 9.2 8.0 10.0 6.5 9/30/1999 9.6 8.0 8.4 6.5 9/30/2000 9.0 8.0 5.9 6.5 9/30/2001 6.3 8.5 1.1 6.0 9/30/2002 (1.6) 8.5 11.8 6.0 9/30/2003 3.7 8.5 7.4 6.0 9/30/2004 19 8.5 16.4 6.0 9/30/2005 4.8 8.5 3.6 6.0 9/30/2006 6.5 8.5 9.7 6.0 9/30/2007 8.1 7.5 8.8 7.5 Average for Years Shown 7.2 N/A 8.5 N/A * Actual raises during the year were less than 10.0 %. However, there was a problem of underreporting of compensation in the previous year that resulted in the 11.5% average increase. The actual investment return rates shown above are based on the actuarial value of assets. The actual salary increase rates shown above are the increases received by those active members who were included in the actuarial valuations both at the beginning and the end of each year. GRS 13 Actual (A) Compared to Expected (E) Decrements Among Active Employees Number Added Service & Active During DROP Disability Terminations Members Year Year Retirement Retirement Death End of Vested Other Totals Ended A I E A E A E A E A A A E Year 9/30/2002 10 5 2 4 0 0 0 0 1 2 3 2 90 9/30/2003 14 9 3 5 1 0 0 0 1 4 5 3 95 9/30/2004 10 7 2 6 1 0 0 0 1 3 4 3 98 9/30/2005 11 4 2 8 0 0 0 0 0 2 2 3 105 9/30/2006 7 5 1 9 0 1 0 0 0 4 4 3 107 9/30/2007 5 5 3 6 0 1 0 0 1 1 2 3 107 9/30/2008 5 1 0 3 6 Yr Totals ' 57 35 13 38 2 2 0 0 4 16 20 17 * Totals are through current Plan Year only. GRS 14 GRS U) N (0 co LO 0) O N 00 00 O— O— I I O 6') O 00 M U) O 0) 00 N It 'It 00 O _ f� `*i N U) N O ti M U) co M O 00 tl- cC 00 co 00 (7) .- O M U) CC) U) U) 'i r- Co O O U) M O O (D CC) 'IT .-- N r- O O t� N (fl N V (D r 00 0) O zT IT t` — .- - C O Nt I- t- (D O (D M N OD 00 00 00 d V N'It CY) 0) O— N U) — 00 M r- 0) r- CO r- 00 00 00 — -,I- 00 00 (o (O w w r- N U) I'- U) (O LO U) U) U) (() U) N (N O m U) (O 0) N CO ('') r N co co M M c- Q N N N N N Cy N N N E �t U � is U) O f- O Cl) ti O O O N M O ti w 00 q O t- = N — O f- — N N M Q co N (O �t It M O U) f` u-) CC) N N T O t- (C N N U) lzt 00 d1 O O O 00 U) V 0) IT d' O N M= ti 00 M CO 0) O f1 N N CO U) CO I- r r N� (o � O G E 6q _ W H O O (D O 00 It .- 0) U) 0) U) 0) 0) U) N 00 00 O O N f- It rl O 0) 00 Cl) O (N 'IT 0) r- Z c m Cl) M f� O O M M U) .- .- M O U) Cf) O p d �- .- •- N N N N co Cl) M U a E O U7 0) f- O CO .- O O O N Cl) Q0 r- 'IT 0) J M O ff= N t-- O r- - CV N M�t O r- Q W C 0) N (0 't 'I co 0) U) r- U) U) N N 0) (D +- 7 co CO N N U7 V t- O 0) 0) 0) CX) U) d (- 0) d O O 0) It Iq (D N -- f- CO M O 0) (D � It Z E r- N N M U) O � f� .- N "t (0 tl- = M Q � N M M 0 to Q O 3 d O 0 � O N r- O f` O co O M O O r- 't N .- W +' \ CO � 00 �t c0 N O = (O N O co co �t � m It 4 4 U) U) U) U) V d' li V co M U) V (n a C� 0 O _° co N ti O t` 0) O M N co M 00 00 It It d' W r LU Cn ti v m o LO .- r-t� rn v It v c O N r 00 00 r- co 0o 00 00 co O Co O LL 7 U) 00 N U) ti U) 66 U) U) U) C() U) N N N 0 +' M (O 0) N M M — N CO CO M M .- = .- 3 W =. N N N N N N N N N 'V V V >- d Q O cn d w 0 o _ O O (D (D N I O 00 0) It 0) 00 00 0) N (o O 0) c �, co ti O N co O O= -4 Cr) U) T O oo t` .- Z 00 r- N N U) (O 00 0o O U) U) r- r- r O O W fl U � M ti O V N N O co N 00 O CO M W C 00 a-- U) � N It m r- Co N Iq �t U) m d' N _O fl 0 O O N M 00 O LO V' 't c0 N tl- N (D M O co U) U) U) M O O f- U) U) "T (0 (O co N E I:t t O M 0) (D LO M O N ti O co t` U) CO W N N It � Cf ) r- 00 0) O 't t` 0) — U) r- ER M M M '~ O O t O 0 y 0) 0) 0) 0) 0) O O O O O 0 0 0 0 O O O 0) O 0) O) 0) O O O O O O O O O O Q N C'4 N N N N N N N C 7 O O O O O O O O O O O O O O O O W} R i Q co M co M co co co M co M M M M M M m M m 47 0) 0) O 0) 0) O O 0) 0) O C co It U) (o f- 00 CY) O N N MIt U) CO ti 0 0) m O m cn � OD 0 0 0 O O O O O O 0 fC � GRS 15 ACTUARIAL ASSUMPTIONS AND COST METHOD A. Cost Method 1. Funding Entry Age Normal Cost Method. 2. Accumulated Benefit Obligation Accrued Benefit Method. B. Investment Earnings (including inflation) 7.5% per year, compounded annually; net rate after investment related expenses. C. Salary Increases (including inflation) 7.5% each year up to the assumed retirement age; projected benefits are increased by 6% to allow for the inclusion of unused sick and vacation pay in final average earnings. Reported base pay for new hires is increased by 15% to allow for overtime pay in the first year of employment. D. Inflation 3.0% per year. E. Retirement Age See Table below for retirement rates. F. Turnover Rates See Table below. G. Mortality Rates RP 2000 Generational Mortality Table for males and females. H. Disability 1. Rates See table below. 2. Percent Service Connected 75% 3. Mortality Regular rates set forward 5 years. I. Asset Value Recognizes 20% of difference between market value of assets and expected actuarial asset value. J. Administrative Expenses For other than investment related expenses, assumed to be average of actual expenses over last two years. K. Increase in Covered Payroll 5% per year. L. Post Retirement Benefit Increase N/A M. Changes Since Last Valuation None GRS 16 Age Annual Rate of Turnover Disability 20 6.0% 0.21% 25 5.7 0.23 30 5.0 0.27 35 3.8 0.35 40 2.6 0.45 45 1.6 0.77 50 0.8 1.50 55 0.3 2.32 Retirement Rates GRS 42 -45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 10 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 2.5% 20.0% 20.0% 20.0% 55.0% 65.0% 65.0% 65.0% 65.0% 100.0% 11 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 2.5% 10.0% 10.0% 10.0% 47.5% 57.5% 60.0% 60.0% 60.0% 100.0% 12 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 2.5% 10.0% 10.0% 10.0% 47.5% 57.5% 60.0% 60.0% 60.0% 100.0% 13 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 2.5% 10.0% 10.0% 10.0% 47.5% 57.5% 60.0% 60.0% 60.0% 100.0% S 14 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 2.5% 10.0% 10.0% 10.0% 47.5% 57.5% 60.0% 60.0% 60.0% 100.0% 9 15 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 2.5% 10.0% 10.0% 10.0% 47.5% 57.5% 60.0% 60.0% 60.0% 100.0% r 16 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 2.5% 10.0% 10.0% 10.0% 47.5% 57.5% 60.0% 60.0% 60.0% 100.0% v 17 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 2.5% 10.0% 10.0% 10.0% 47.5% 57.5% 60.0% 60.0% 60.0% 100.0% i 18 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 2.5% 10.0% 10.0% 10.0% 47.5% 57.5% 60.0% 60.0% 60.0% 100.0% c 19 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 2.5% 10.0% 10.0% 10.0% 47.5% 57.5% 60.0% 60.0% 60.0% 100.0% 6 20 20.0% 22.5% 22.5% 22.5% 22.5% 25.0% 27.5% 30.0% 40.0% 45.0% 70.0% 80.0% 80.0% 80.0% 80.0% 100.0% 21 5.0% 5.0% 5.0% 10.0% 10.0% 12.5% 12.5% 12.5% 15.0% 15.0% 47.5% 65.0% 65.0% 65.0% 65.0% 100.0% 22 5.0% 5.0% 5.0% 10.0% 10.0% 12.5% 12.5% 12.5% 15.0% 15.0% 47.5% 65.0% 65.0% 65.0% 65.0% 100.0% 23 5.0% 5.0% 5.0% 10.0% 10.0% 15.0% 15.0% 15.0% 15.0% 15.0% 47.5% 65.0% 65.0% 65.0% 65.0% 100.0% 24 5.0% 5.0% 5.0% 10.0% 10.0% 15.0% 15.0% 15.0% 15.0% 15.0% 47.5% 65.0% 65.0% 65.0% 65.0% 100.0% 25 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% GRS 17 GLOSSARY OF TERMS Actuarial Present Value is the value of an amount or series of amounts payable at various times, determined as of the valuation date by the application of the set of actuarial assumptions. Actuarial Assumptions are assumptions as to the occurrence of future events affecting pension costs. The previous page outlines the Actuarial Assumptions utilized in this valuation. Actuarial Cost Method is a procedure for determining the Actuarial Present Value of pension plan benefits and for developing an actuarially equivalent allocation of such value to time periods, usually in the form of a Normal Cost and Actuarial Accrued Liability. Entry Age Actuarial Cost Method is a method under which the current year's cost, or Normal Cost, is calculated for each individual. This Normal Cost is the amount, determined as a level percentage of pay, which, if deposited each year from the time an employee was first included in the actuarial valuation (or would have been had the plan been in effect) until retirement, would fully fund his or her benefit. Entry Age Actuarial Accrued Liability at any given time is equal to the Actuarial Present Value of Projected Benefits minus the Actuarial Present Value of future Normal Costs. Under the Entry Age Actuarial Cost Method, experience gains (losses) reduce (increase) the Actuarial Accrued Liability. Increases or decreases in the Actuarial Accrued Liability will also occur as a result of changes in pension plan benefits, actuarial assumptions, or asset valuation methods. Unfunded Actuarial Accrued Liability is the Actuarial Accrued Liability, less assets. GRS SECTION C PENSION FUND INFORMATION CR.q im SUMMARY OF ASSETS 9/30/2007 9/30/2006 Cash and Securities - Market Value Cash $ 310,451 $ 333,513 Money Market Funds 2,308,749 632,586 Treasury and Agency Bonds & Notes 7,210,875 6,689,125 Corporate Bonds 2,798,717 2,500,384 Common Stocks 0 0 Pooled Equity Funds 15,869,606 12,332,760 Pooled Bond Funds 0 0 Other Securities 0 0 Total 28,498,398 22,488,368 Receivables and Accruals Prepaid Expenses 47,608 2,536 Member Contribution 0 0 State Contribution 460,438 428,055 Interest & Dividends 141,703 111,393 Buybacks 117,390 91,521 767,139 Total 633,505 Payables and Reserves DROP Account 451,670 264,643 State Contribution Reserve 397,522 349,728 Benefits 0 0 Refunds 0 0 Expenses 46,060 33,127 Other 0 0 Total 895,252 647,498 Net Assets - Market Value 28,370,285 22,474,375 GRS 19 PENSION FUND INCOME AND DISBURSEMENTS Year Ending Year Ending 9/30/2007 9/30/2006 Market Value at Beginning of Period $ 23,088,746 $ 19,539,635 Income Member Contributions 777,433 819,275 State Contributions 460,438 428,055 Employer Contributions 2,764,147 1,695,236 Investment Earnings Dividends and Interest 2,246,205 661,120 Realized & Unrealized Gain (Loss) 728,433 741,718 Total Investment Earnings 2,974,638 1,402,838 Total Income 6,976,656 4,345,404 Disbursements Monthly Benefit Payments 650,179 616,890 DROP Distributions 0 0 Refund of Contributions 5,024 13,110 Investment Related Expenses 120,055 80,820 Other Administrative Expenses 70,667 85,473 Insurance Premiums 0 0 Other Disbursements 0 0 Total Disbursements 845,925 796,293 Net Increase During Period 6,130,731 3,549,111 Market Value at End of Period 29,219,477 23,088,746 Less: DROP Account Balance 451,670 264,643 Less: State Contribution Reserve 397,522 349,728 Final Market Value 28,370,285 22,474,375 GRS RECONCILIATION OF DROP ACCOUNTS Value at beginning of year $ 264,643 Payments credited to accounts 164,844 Investment Earnings credited 22,183 Withdrawals from accounts 0 Value at end of year 451,670 GRS 20 21 CALCULATION OF ACTUARIAL VALUE OF ASSETS * Before offset of DROP Account Balances and State Contribution Reserve. GRS September 30, 2007 September 30, 2006 A. Beginning of Year Assets* 1. Market Value $ 23,088,746 $ 19,539,635 2. Actuarial Value 23,355,209 19,447,079 B. End of Year Market Value of Assets* 29,219,477 23,088,746 C. Net of Contributions Less Disbursements 3,276,148 2,227,093 D. Actual Net Investment Earnings 2,854,583 1,322,018 E. Expected Investment Earnings 1,874,496 1,747,653 F. End of Year Expected Actuarial Value 28,505,853 23,421,825 G. End of Year Market Value Less Expected Actuarial Value: B - F 713,624 (333,079) H. 20% of Difference 142,725 (66,616) I. End of Year Assets 1. Actuarial Value: F + H 28,648,578 23,355,209 2. Final Actuarial Value Within 80% to 120% of Market Value 28,648,578 23,355,209 J. DROP Account Balances 451,670 264,643 K. State Contribution Reserve 397,522 349,728 L. Final Actuarial Value of Assets: 12 - J - K 27,799,386 22,740,838 M. Recognized Investment Earnings 2,017,221 1,681,037 N. Recognized Rate of Return 8.1% 8.2% * Before offset of DROP Account Balances and State Contribution Reserve. GRS 22 INVESTMENT RATE OF RETURN The investment rate of return has been calculated on the following bases: Basis 1 Interest, dividends, realized gains (losses) and unrealized appreciation (depreciation) divided by the weighted average of the market value of the fund during the year. This figure is normally called the Total Rate of Return. Basis 2 Investment earnings recognized in the Actuarial Value of Assets divided by the weighted average of the Actuarial Value of Assets during the year. Year Ending September 30 Investment Rate of Return Market Value * Actuarial Value 1990 9.1 % 9.1 % 1991 .8.6 8.6 1992 8.2 8.2 1993 8.8 8.8 1994 2.4 2.4 1995 18.2 18.2 1996 5.2 5.2 1997 24.2 10.3 1998 5.3 9.2 1999 11.6 9.6 2000 6.7 9.0 2001 (7.8) 6.3 2002 (6.5) (1.6) 2003 12.7 3.7 2004 8.6 3.9 2005 9.6 4.8 2006 6.4 6.5 2007 11.5 8.1 Average Compounded Rate of Return for Number of Years Shown 7.7 % 7.2 % Average Compounded Rate of Return for Last 5 Years 9.7 % 5.4 % * Net of investment expenses after 2005. GRS SECTION D FINANCIAL ACCOUNTING INFORMATION GRS 23 FASB NO. 35 INFORMATION A. Valuation Date October 1, 2007 October 1, 2006 B. Actuarial Present Value of Accumulated Plan Benefits 1. Vested Benefits a. Members Currently Receiving Payments $ 10,407,598 $ 8,522,789 b. Terminated Vested Members 12,129 0 c. Other Members 29,627,295 26,211,303 d. Total 40,047,022 34,734,092 2. Non - Vested Benefits 1,458,357 1,231,166 3. Total Actuarial Present Value of Accumulated Plan Benefits: 1d + 2 41,505,379 35,965,258 4. Accumulated Contributions of Active Members 5,060,423 4,463,675 C. Changes in the Actuarial Present Value of Accumulated Plan Benefits 1. Total Value at Beginning of Year 35,965,258 24,604,240 2. Increase (Decrease) During the Period Attributable to: a. Plan Amendment and Change in Actuarial Assumptions 0 7,086,194 c. Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 6,195,324 4,904,824 d. Benefits Paid (655,203) (630,000) 11,361,018 e. Net Increase 5,540,121 3. Total Value at End of Period 41,505,379 35,965,258 D. Market Value of Assets 28,370,285 22,474,375 E. Actuarial Assumptions - See page entitled Actuarial Assumptions and Methods GRS 0 U) W 0 LO N a o Z Z Z d � r+ LL LL (q O op W fn 0 W ... v cn GRS %I- 0 o � O N Co U) M r Un ": U) i- O M 0 O of �- f-- � O M U') N C0 CO co O LO 'IT > O r M U) (o CO O N M N r r CO r- J Q O r r r N N N N p O N 'a• M O n co (0 LO It (o 00 00 (o N co L U) r N 1\ O O r CO r r �� U) M (o M1� M ql I- CO CO r M LO r O N M Ln a (fl 05 ti Cn N O O (o CO N O LC) N N N U7 O (O IT r (o M Cl- Ln Il- o0 Il- "I N U) ti r O I- O U) 00 CA U) M fl M co M N M r C� �V. N CO M M CO It It Ln 'T LO U) (fl � co 0o co d O U 604 _O 0 o CO ^ co qT U) M U) r U) 0) M 0) O N I� (o N r O 'T -If O O 4 LO 4 O M .. O O O m f- I- I- O ti Co CO (D LO U) It LO V r d C 3 LL J 00 co co r- LO Co 'IT r- Co co fl- CA (D O U) (o N co (o O M co 00 I- O U) CA r 00 N QO N 00 (o I- U) co to 00 'IT CO I- O N CO r ^ CA r N N CO 00 P1 I-i (o N r Lo N Co r * co Ln O 00 M (o U) to 00 O co 41 N -t d' N co co Co 00 O U) O M I- 1* .. _O �- N N I�i ' (o I- 00 (o 00 M <t C Q r r N N tfj d C: O) N co O I- r N CO r N CO r CO r 00 r W 't r O CO ti co O M CO r LC) O N r r L C1 O d• M N O N O O I� CA et U) N to N Ln CA N fl- Ln I 00 0) Co O O N It CA M O O I- Ln O Lo t1) O r O C) q M CO O CO O co V Ln o0 O O O O O r r r CA O 1� U) N {� Q- N N co "t (o CO r� (o CT N qt LC) O O N .. L r r r r N N cM d• rf U) M w 3 Q m 6q J O r r U) N O (o Co It (o U) -t � LO 00 (o � ti r- LO � I� M ce) 00 0 3 0)(D LOf) M 0000 LO 00 CY) m - �� M r O N U) � M Ln O L) O A > N r r NT r O (0 O r o M O U') O'T o) l0 .-. N N Il- N U) M-li qt U) LC) ti (o r fl- 00 O Ct M N N � It 0) (0 00 N N f- ti N N N tC V Q � C co It U) Co Il- 00 CA O r N M q u f� ,L Q O 0r ) A A Or ) T O O O 0 0 0 Co Co O A (A O C A ) O O O O O O O O O m O + r r rA \ r N CN N CN N N O O N O r 3 r r r r r r r r r r r r r N N r Q; O O O O O 0 0 0 0 0 0 0 0 O r r r r r r r r r r r r r 0 r 0 r r U) N N C C CU M L U U N L L (L) Q Q m m -0 24 ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ GRS ■ SCHEDULE OF CONTRIBUTIONS FROM THE EMPLOYER AND THE STATE OF FLORIDA (GASB Statement No. 25) Year Ending September 30 Annual Required Contribution Actual Contribution Percentage Contributed 1994 $ 242,083 $ 268,705 111.0 % 1995 244,317 258,492 105.8 1996 404,856 438,206 108.2 1997 438,074 469,583 107.2 1998 592,522 601,235 101.5 1999 760,142 760,959 100.1 2000 853,790 853,790 100.0 2001 935,273 945,392 101.1 2002 1,005,662 1,015, 588 101.0 2003 1,425,328 1,425, 328 100.0 2004 1,475,340 1,475, 340 100.0 2005 1,704,041 1,704, 041 100.0 2006 1,931,054 2,107,880 109.2 2007 3,176,791 3,176,791 100.0 25 ANNUAL PENSION COST AND NET PENSION OBLIGATION (GASB STATEMENT NO. 27) Employer FYE September 30 Annual Required Contribution (ARC)* Interest on Net Pension Obligation (NPO) Adjustment to ARC Annual Pension Cost (APC) Contributions made Increase (decrease) in NPO NPO at beginning of year NPO at end of year * Includes expected State contribution. ** To be determined. GRS 2008 $ 3,556,548 (18,338) (29,021) 3,567,231 ** ** (244,509) ** 2007 $ 3,176,791 (19,502) (35,023) 3,192,312 3,176,791 THREE YEAR TREND INFORMATION 15,521 (260,030) (244,509) 26 2006 $ 1,931,054 (7,571) (13,433) 1,936,916 2,107,880 (170,964) (89,066) (260,030) Fiscal Annual Pension Actual Percentage of I Net Pension Year Ending Cost (APC) Contribution APC Contributed Obligation 9/30/2005 $ 1,709,928 $ 1,704,041 99.7 % $ (89, 066) 9/30/2006 1,936,916 2,107,880 108.8 (260,030) 9/30/2007 3,192, 312 3,176,791 99.5 (244,5"09) 27 REQUIRED SUPPLEMENTARY INFORMATION GASB Statement No. 25 and No. 27 The information presented in the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation: Valuation Date Contribution Rates Employer (and State) Plan Members Actuarial Cost Method Amortization Method Remaining Amortization Period Asset Valuation Method Actuarial Assumptions Investment rate of return Projected salary increases Includes inflation and other general increases at Cost -of- living adjustments GRS October 1, 2007 40.19% 8.60% Entry Age Normal Level percent, closed 29 years Recognizes 20% of difference between market value of assets and expected actuarial asset value 7.5% 7.5% 3.0% Not Applicable SECTION E MISCELLANEOUS INFORMATION GRS RECONCILIATION OF MEMBERSHIP DATA From 10/1/06 From 10/1/05 To 10/1/07 To 10/1/06 A. Active Members 1. Number Included in Last Valuation 107 105 2. New Members 5 7 3. Non - Vested Employment Terminations (1) (4) 4. Vested Employment Terminations (1) 0 5. Service Retirements (1) (1) 6. DROP Retirement (2) 0 7. Disability Retirements 0 0 8. Deaths 0 0 9. Other 0 0 10. Number Included in This Valuation 107 107 B. Terminated Vested Members 1. Number Included in Last Valuation 0 0 2. Additions from Active Members 1 0 3. Lump Sum Payments /Refund of Contributions 0 0 4. Pa ym ents Com me nced 0 0 5. Dea the 0 0 6. Other 0 0 7. Number Included in This Valuation 1 0 C. DROP Plan Members 1. Num ber In chided in Last Va luat ion 2 2 2. Additions from Active Members 2 0 3. Retirements 0 0 4. Deaths Resulting in No Further Payments 0 0 5. Other 0 0 6. Number Included in This Valuation 4 2 D. Service Retirees, Disability Retirees and Beneficiaries 1. Number Included in Last Valuation 22 21 2. Additions from Active Members 1 1 3. Additions from Terminated Vested Members 0 0 4. Additions from DROP 0 0 5. Deaths Resulting in No Further Payments 0 0 6. Deaths Resulting in New Survivor Benefits 0 0 7. End of Certain Period - No Further Payments 0 0 8. Other 0 0 9. Number Included in This Valuation 23 22 GRS 29 ACTIVE PARTICIPANT DISTRIBUTION GRS Years of Service to Valuation Date Age Group 0 -1 1 -2 2 -3 3-4 4 -5 5 -9 10 -14 15-19 20-24 25 & Up Totals 20 -24 NO. 2 2 0 0 0 0 0 0 0 0 4 TOT PAY 94,758 120,622 0 0 0 0 0 0 0 0 215,380 AVG PAY 47,379 60,311 0 0 0 0 0 0 0 0 53,845 25 -29 NO. 2 1 0 1 1 1 0 0 0 0 6 TOT PAY 94,758 52,538 0 60,358 61,719 75,724 0 0 0 0 345,097 AVG PAY 47,379 52,538 0 60,358 61,719 75,724 0 0 0 0 57,516 30 -34 NO. 0 1 3 4 3 6 0 0 0 0 17 TOT PAY 0 51,906 162,691 228,349 180,669 339,858 0 0 0 0 963,473 AVG PAY 0 51,906 54,230 57,087 60,223 56,643 0 0 0 0 56,675 35 -39 NO. 0 3 1 1 3 5 9 2 0 0 24 TOT PAY 0 163,881 57,119 55,643 185,723 305,437 761,199 139,811 0 0 1,668,813 AVG PAY 0 54,627 57,119 55,643 61,908 61,087 84,578 69,906 0 0 69,534 40 -44 NO. 0 0 2 1 0 2 7 8 7 0 27 TOT PAY 0 0 99,639 65,022 0 166,597 572,875 810,210 788,976 0 2,503,319 AVG PAY 0 0 49,820 65,022 0 83,299 81,839 101,276 112,711 0 92,716 45 -49 NO. 1 0 0 0 1 0 4 6 7 0 19 TOT PAY 49,747 0 0 0 61,689 0 336,865 670,264 819,461 0 1,938,026 AVG PAY 49,747 0 0 0 61,689 0 84,216 111,711 117,066 0 102,001 50 -54 NO. 0 0 0 0 1 0 1 3 0 0 5 TOT PAY 0 0 0 0 52,382 0 90,016 303,077 0 0 445,475 AVG PAY 0 0 0 0 52,382 0 90,016 101,026 0 0 89,095 55 -59 NO. 0 0 0 0 0 0 0 3 0 0 3 TOT PAY 0 0 0 0 0 0 0 307,395 0 0 307,395 AVG PAY 0 0 0 0 0 0 0 102,465 0 0 102,465 60 -64 NO. 0 0 0 0 0 0 0 1 0 0 1 TOT PAY 0 0 0 0 0 0 0 75,235 0 0 75,235 AVG PAY 0 0 0 0 0 0 0 75,235 0 0 75235 65 -69 NO. 0 0 0 0 0 0 1 0 0 0 1 TOT PAY 0 0 0 0 0 0 138,621 0 0 0 138,621 AVG PAY 0 0 0 0 0 0 138,621 0 0 0 138,621 TOT NO. 5 7 6 7 9 14 22 23 14 0 107 ITOT AMT 239,263 388,947 319,449 409,372 542,182 887,616 1,899,576 2,305,992 1,608,437 0 8,600,834 AVG AMT 47,853 55,564 53,242 58,482 60,242 63,401 86,344 100,261 114,888 0 80,382 GRS 30 INACTIVE PARTICIPANT DISTRIBUTION GRS Terminated Vested Disabled Retired Deceased with Beneficiary Total Total Total Total Age Group Number Benefits Number Benefits Number Benefits Number Benefits Under 20 - - - - - 20 -24 - - - - - - - - 25 -29 - - - - - - - 30 -34 1 4,060 - - - - - - 35 -39 - - - - - - - 40-44 - - 1 23,392 2 76,591 - - 45-49 - - 3 87,331 1 56,656 - - 50 -54 - - 6 178,025 2 97,597 - - 55 -59 - - 1 17,851 5 208,784 - - 60-64 - - - - 3 84,103 - - 65 -69 - - 1 29,042 1 21,589 - - 70 -74 - - - - - - - - 75 -79 - - - - 1 16,300 - - 80-84 - - - - - - - - 85-89 - - - - - - - - 90 -94 - - - - - - - - 95 -99 - - - - - - - - 100 & Over - - - - - - - - Total 1 4,060 12 335,641 15 561,620 - - Average Age 33 53 58 1 N/A GRS ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ GRS SECTION F SUMMARY OF PLAN PROVISIONS SUMMARY OF PLAN PROVISIONS Effective Date Eli ibili July 1, 1972. 31 Full -time police officers are eligible for membership on the first day of the month coincident with or next following date of employment. Compensation Actual compensation reported to IRS for income tax purposes plus deferred compensation. Average Final Compensation (AFC) Average of Compensation over the last five years of service including lump sum payments of unused leave. Credited Service Total number of full years (and fraction thereof) of service as a police officer. Normal Retirement Eligibility The earlier of age 52 with ten years of service, or 20 years of service regardless of age. Benefit 3.5% of AFC multiplied by Credited Service up to a maximum of 100% of AFC plus a monthly supplemental benefit of $12.50 per year of service. Form of Benefit Ten Year Certain and Life Annuity, with other options available. Early Retirement Eligibility Age 50 with ten years of Credited Service. Benefit Accrued pension benefit reduced by 3.0% for each year by which early retirement date precedes the normal retirement date. Delayed Retirement Eligibility Any time after the Normal Retirement Date. Benefit Calculated in the same manner as the Normal Retirement Benefit but based on Credited Service and AFC as of the actual retirement date. GRS 32 Death Benefits (Pre- retirement) Non - Service Connected: A monthly benefit is paid to the beneficiary in an amount depending on the following: (1) if the member is eligible for normal retirement, the benefit is equal to his accrued benefit, and is payable for life. (2) if the member has five years of Credited Service, the benefit is that otherwise payable at Early or Normal retirement age. (3) if the member has less than five years of Credited Service, a payment equal to 100% of his contributions without interest will be made to his beneficiary. Service Connected: A benefit equal to 50% of AFC, with a minimum equal to the accrued pension, payable for the life of the spouse. Disability Benefits Non - Service Connected: Eligibility Continuous and permanent incapacity for rendering useful and efficient service as a police officer, and ten years of Credited Service. Benefit 2.5% of AFC multiplied by Credited Service, but not less than 25% of salary and not less than the accrued pension. Service Connected: Eligibility Continuous and permanent incapacity for rendering useful and efficient service as a police officer. Benefit 60% of current rate of pay, but no less than the accrued pension. Deferred Retirement Option Plan (DROP) Members who continue in employment past normal retirement date may either accrue larger pensions or freeze their accrued benefit and enter the DROP. Each participant in the DROP has an account credited with benefits not received and investment earnings. Termination Benefits For a member who is not vested when he terminates, a refund of his accumulated contributions is payable. For a member who is vested when he terminates, his vested accrued benefit is payable at his Early or Normal Retirement Date. The vesting schedule is as follows: 0 ILI 33 Years of Credited Service Vested % Under 5 0% 5 25 6 40 7 55 8 70 9 85 10 or more 100 Contributions From Members 8.6% of Compensation. From the State Premium tax refunds received pursuant to Chapter 185, Florida Statutes. From the City The remaining amount necessary to fund the Plan properly according to the Plan's actuary. Changes Since Last Valuation None. GRS sum °ne KnumbUne Investment Review to the Trustees of the Palm Beach Gy'ardens Police Pension Fund April 24, 2008 Denise D'Entremont Marketing Director dad @indexr►►ngr.com um °ne TABLE OF CONTENTS I. S &P 500 Pooled Index Fund II. S &P 400 Pooled Index Fund III. S &P 600 Pooled Index Fund IV. Benchmark Returns V. RhumbLine Update nuMne PALM BEACH GARDENS POLICE PENSION FUND MARKET VALUE SUMMARY S &P 500 POOLED INDEX FUND — Large -Cap Core Original Contribution (6/27/00) $5,461,008.87 Additional Contributions (8) $1,783,187.37 Withdrawal (1) $2,000,000.00 Net Investment $5,244,196.24 Market Value as of 3/31/08 6,336.447.33 S &P 400 POOLED INDEX FUND — Mid -Cap Core Original Contribution (11/20/02) $1,000,000.00 Additional Contributions (1) $172,759.19 Net Investment $1,172,759.19 Market Value as of 3/31/08 2,057,452.61 S &P 600 POOLED INDEX FUND — Small -Cap Core Original Contribution (10/14/03) Additional Contributions (3) Net Investment Market Value as of 3/31/08 TOTAL NET INVESTMENT: S &P 500 Pooled Index Fund S &P 400 Pooled Index Fund S &P 600 Pooled Index Fund TOTAL ASSETS MANAGED as of 3/31/08: 1 $1,000,000.00 $587,744.30 $1,587,744.30 2,181,918.25 $8,004,699.73 $6,336,447.33 $2,057,452.61 $2,181,918.25 10,575,818.19 ■ ■ tinumne , K , um We � 3 ■ ■ one 4 'fflul 'm mum one TOP 5 PERFORMERS FOR S &P 500 INDEX (as of March 31, 2008) BOTTOM 5 PERFORMERS FOR S &P 500 INDEX (as of March 31, 2008) 2008 YTD COMPANY INDUSTRY RETURN WEIGHT Big Lots Inc Retail 39.46% 0.02% Pulte Homes Corp Construction 38.50 0.03 EOG Res Inc Energy — Raw Materials 34.59 0.25 Celgene Corp Chemicals 32.63 0.20 Ryder Sys Inc Trucking & Freight 30.07 0.03 BOTTOM 5 PERFORMERS FOR S &P 500 INDEX (as of March 31, 2008) 5 2008 YTD COMPANY INDUSTRY RETURN WEIGHT Bear Stearns Cos Inc Miscellaneous Finance - 88.07% 0.010/o Ambac Fin Group Inc Insurance -77.54 0.01 MGIC Investment Corp Insurance -52.98 0.01 CIT Group Inc Miscellaneous Finance -50.20 0.02 Wellpoint Inc Drugs & Medicine -49.70 0.21 5 K , one PORTFOLIO COMMISSIONS (Janicary 1 —March 31, 2008) Brokers Utilized: ITG & Instinet Total Commissions: $8,803 Fund's Pro -rata Estimate: $36 Total Shares Traded: 397,171 Average Commissions per Share: 2.2 � /share ■ ■ Un um ne 1 ,� �um1�i one CHARACTERISTICS (as of March 31, 2008) PORTFOLIO S &P 400 INDEX Number of Holdings 400 400 Weighted Market Cap ($MM) 3,824 3,786 P/B Ratio 2.1 2.1 P/E Ratio 18.6 18.7 Dividend Yield ( %) 1.51 1.51 5 Year Earnings Growth ( %) 13.88 13.90 Return on Equity ( %) 15.86 15.85 Beta 1.49 1.49 S &P 400 POOLED INDEX FUND (as of March 31, 2008) Assets: $553.3MM Number of Participants: 22 % of Fund: 0.37% 2 ■ ' um one 3 im "mine TOP 5 PERFORMERS FOR S &P 400 INDEX (as of March 31, 2008) BOTTOM 5 PERFORMERS FOR S&P 400 INDEX (as of March 31, 2008) 2008 YTD COMPANY INDUSTRY RETURN WEIGHT Hovnanian Enterprise Construction 47.84% 0.04% Navigant Consulting Business Services 38.84 0.08 Patterson UTI Energy Domestic Oil 34.84 0.40 Diebold Inc Business Machines 30.89 0.24 Choicepoint Inc Business Services 30.70 0.32 BOTTOM 5 PERFORMERS FOR S&P 400 INDEX (as of March 31, 2008) 2008 YTD COMPANY INDUSTRY RETURN WEIGHT PMI Group Inc Insurance - 56.09% 0.05% Dycom Industries Inc Construction -54.93 0.05 RF Microdevices Inc Electronics -53.42 0.08 Corinthian Colleges Business Services -53.05 0.06 Career Education Corp Business Services -49.40 0.11 0 IV& in lin um one PORTFOLIO COMMISSIONS (January 1 —March 31, 2008) Brokers Utilized: ITG & Instinet Total Commissions: $22,981 Fund's Pro -Rata Estimate: $85 Total Shares Traded: 1,008,098 Average Commissions per Share: 2.2C /share 5 s Knummne • 1 i 0 ■ um ne • 2 ■ linumbLine ■ 3 ■ ■ one 4 K , um one PORTFOLIO COMMISSIONS (Janicary 1— March 31, 2008) Brokers Utilized: ITG & Jefferies Total Commissions: $2,487 Fund's Pro -Rata Estimate: $139 Total Shares Traded: 114,443 Average Commissions per Share: 2.1 � /share E ■ - y O Q) 00 V e- O I- 07 � M O r O O � r O ■ } U! 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C) �! CD �! ill) Lr) Ln ON — = = —u —u —V —W —W —u w 0 —w cn w V) w w V) V) (1) n , one To the Trustees of the Palm Beach Gardens Police Pension Fund THANK YOU for Your Business and Your Continued Support of RhumbLine The RhumbLine Team . r kt o COMPLEXITY DEFENSIVE CONSISTENT DIVERSIFICATION QUANTITATIVE VOLATILITY DURATION GROWTH ACTIVE ROTATION STRATEGY INNOVATION DISCIPLINE RISK CONTROL YIELD BENCHMARKS PIE RATIO I C C CAPITAL MANAGEMENT GLOBALIZATION ASSET ALLOCATION PERFORMANCE STABILITY INTEGRITY SECTOR MARKETS . SECURITIES PALM BEACH GARDENS POLICE PENSION FUND Investment Review Quarter Ending March 31, 2008 PALM BEACH GARDENS POLICE PENSION FUND Table of Contents Quarter Ending March 31, 2008 Section I Palm Beach Gardens Police Pension Fund Fixed Income Section II Palm Beach Gardens Police Pension Fund Growth ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Review Quarter Ending March 31, 2008 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOMF Investment Performance Report Quarter Ending March 31, 2008 Total Return Summary Portfolio Allocation Investment Performance by Asset Category Fixed - Income Analysis Purchases & Sales Realized Gains/ Losses Portfolio Summary Portfolio Appraisal ICC Capital Management, Inc. Page...... 1 Page...... 2 Page...... 3 Page...... 4 Page...... 6 Page...... 10 Page...... 13 Page...... 14 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Total Return Summary Quarter Ending March 31, 2008 Starting Value Ending Value Difference Net Contributions/ (Withdrawals) Gain/(Loss) from Investments $11,518,623 $11,929,672 $411,049 $198,932 $212,117 $11,744,758 $11,929,672 $184,914 ($351,395) $536,309 $5,384,173 $11,929,672 $6,545,499 $4,730,422 $1,815,077 TOTAL RETURN 1 1.83% 1 4.76% 1 21.52% ANNUALIZED TOTAL RETURN 3.98% ICC Capital Management, Inc. 1 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Portfolio Allocation at Market Quarter Ending March 31, 2008 Asset Allocation: 0/100 (Cost) Market Value CASH /EQUIVS as of 12/31107 6.5% FIXED INCOME 4 0 93.5% Market Value CASH /EQUIVS as of 03131108 9.0% FIXED INCOME 91.0% Mkt Value Mkt Value % Mkt Value Mkt Value as of 12,/31/07 as of 12/31/07 as of 03/31/08 as of 03/31/08 CasIVE uivs $746,575 6.5% $1,068,761 9.0% Fixed $10,772,048 93.5% $10,860,912 91.0% Total $11,518,623 100.0% 7$11,929,672 100.0% ICC Capital Management, Inc. 2 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Investment Performance by Asset Category Quarter Ending March 31, 2008 uarter ■ ACCOUNT ■ LBGC 4.00 3.00 2.53 2.53 1.97 1.83 2.00 1.00 0.00 BONDS TOTAL FYTD (09130) ■ ACCOUNT ■ LBGC 8.00 5.13 5.71 5.71 6.00 4.76 4.00 2.00 0.00 BONDS TOTAL 5 Year Annualized ■ACCOUNT ■LBGC 7.50 4.62 4.62 5.00 4.18 3.98 2.50 0.00 BONDS TOTAL The red total bar represents the Lehman Brothers Govern men t/Credit Index. ICC Capital Management, Inc. 3 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 1 of 2) Quarter Ending March 31, 2008 Average Quality — AA Average Duration — 4.04 Current Yield — 5.72 Federal Agencies Mortgage Pools 26.1% 23.2% US Treasuries 40 Corporate Bonds 5.0% 45.7% Mortage Backed Securities S&P Rating Moody Rating g me #g02268 AAA Aaa Fncl # 256394 AAA Aaa Gnsf M #552509 AAA Aaa Fgci #g12205 4.5% AAA Aaa Fnci N #725445 AAA Aaa Fnci M #254371 AAA Aaa Fnci N #255888 AAA Aaa Fnci N #825335 AAA Aaa Gnjo M #781313 AAA Aaa Fnci N #829053 AAA Aaa Gnsf M #582153 AAA Aaa Fgci N #g12323 AAA Aaa Fgci N #b13455 AAA Aaa Government/A enc Bonds S &P Rating Moody Rating Federal National Mortgage Assn AAA AAA Fh l me AAA AAA Fannie Mae AAA AAA Freddie Mac AAA AAA Fannie Mae AAA AAA Freddie Mac AAA AAA Fannie Mae AAA AAA Fannie Mae AAA AAA Fannie Mae 6.01% AAA WR Us Treasury N/b AAA AAA Corporate Bonds S&P Rating Moody Rating untrust Banks + onoco nc A Al pmorgan Chase & Co + itigroup Inc - Fleetboston Finl Corp AA- AA2 McDonald's Corp A A3 At &T Inc A A2 ICC Capital Management, hic. 4 PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME Fixed Income Analysis (Page 2 of 2) Quarter Ending March 31, 2008 Corporate Bonds S&P Rating Moody Rating Glaxosmithkline Cap Inc A+ Al Intl Lease Fin Aig 5 7/8 AA- Al Verizon Communications A A3 At&T Inc A A2 Morgan Stanley -e a e Goldman Sachs Group Inc AA- AA3 Lehman Brothers Hldg A+ Al Golden West Finl AA- AA3 Merrill Lynch & Co A+ Al McDonald's Corp A A3 General Elec Cap Corp AAA AAA Jp Morgan Chase A+ AA3 National Rural Util Coop A+ Al General Electric Cap Crop AAA AAA Goldman Sachs - IBM Corp A+ Al Morgan Stanley A+ Al Goldman Sachs AA- AA3 Jp Morgan Chase A+ AA3 Archer Daniels A A2 Bear Stearns A A2 Portfolio Duration vs. Index Duration (Ratio) INDEX f ACCT 1.8% 1.4% 1.0% 0.6% 0.2% 3/31/2006 6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008 ICC Capital Management, Inc. 5 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -07 To 03 -31 -08 Trade Settle Unit Date Date Quantity Security Price Amount PURCHASES 03 -05 -08 03 -10 -08 225,000.000 GLAXOSMITHKLINE CAP INC 99.85 224,669.25 4.375% Due 04 -15 -14 03 -18 -08 03 -24 -08 200,000.000 LEHMAN BROTHERS HLDG 98.97 197,938.00 7.875% Due 08 -15 -10 03 -27 -08 04 -01 -08 200,000.000 MORGAN STANLEY 100.00 200,000.00 6.625% Due 04 -01 -18 01 -24 -08 01 -29 -08 950,000.000 US TREASURY N/B 110.94 1,053,906.25 5.000% Due 05 -15 -37 02 -07 -08 02 -12 -08 175,000.000 US TREASURY NB 107.75 188,562.50 5.000% Due 05 -15 -37 02 -15 -08 02 -21 -08 200,000.000 US TREASURY NB 96.47 192,937.50 02 -05 -08 02 -08 -08 4.375% Due 02 -15 -38 111.53 474,007.82 02 -06 -08 02 -11 -08 200,000.000 VERIZON COMMUNICATIONS 102.45 204,892.00 02 -21 -08 02 -26 -08 5.500% Due 04 -01 -17 96.69 193,375.00 4.375 % Due 02 -15 -38 2,262,905.50 SALES 01 -15 -08 01 -18 -08 115,000.000 ALCOA INC 106.20 122,132.30 7.375% Due 08 -01 -10 01 -10 -08 01 -10 -08 90,000.000 FANNIE MAE 6.01% (OLD 100.00 90,000.00 31359M6Y4) PARTIAL CALL ON 01/10/08 6.010% Due 04 -10 -17 03 -27 -08 04 -01 -08 200,000.000 MORGAN STANLEY 93.56 187,120.00 5.550% Due 04 -27 -17 01 -17 -08 01 -18 -08 725,000.000 UNITED STATES TREASURY 115.62 838,281.25 BOND 5.375% Due 02 -15 -31 02 -05 -08 02 -08 -08 425,000.000 US TREASURY N/B 111.53 474,007.82 5.000% Due 05 -15 -37 02 -21 -08 02 -26 -08 200,000.000 US TREASURY N/B 96.69 193,375.00 4.375 % Due 02 -15 -38 02 -28 -08 03 -04 -08 175,000.000 US TREASURY NB 107.25 187,687.50 5.000% Due 05 -15 -37 02 -28 -08 03 -04 -08 50,000.000 US TREASURY NB 107.25 53,625.00 5.000% Due 05 -15 -37 2,146,228.87 PRINCIPAL PAYDOWNS 01 -01 -08 01 -15 -08 1,586.460 FGCI #G12205 4.5% 100.00 1,586.46 4.500% Due 06 -01 -21 6 ICC Capital Management PURCHASE AND SALE PALM BEA CH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -07 To 03 -31 -08 • Trade Settle Unit Date Date Quantity Security Price Amount • 02 -01 -08 02 -15 -08 1,819.210 FGCI #G12205 4.5% 100.00 1,819.21 4.500% Due 06 -01 -21 03 -01 -08 03 -15 -08 2,260.480 FGCI #G12205 4.5% 100.00 2,260.48 • 4.500% Due 06 -01 -21 01 -01 -08 01 -15 -08 72.740 FGCI N #13 13455 100.00 72.74 4.500% Due 04 -01 -19 • 02 -01 -08 02 -15 -08 46.950 FGCI N #1313455 100.00 46.95 4.500% Due 04 -01 -19 03 -01 -08 03 -15 -08 63.050 FGCl N #B13455 100.00 63.05 • 4.500% Due 04 -01 -19 01 -01 -08 01 -15 -08 88.490 FGCI N #G12323 100.00 88.49 • 4.500% Due 08 -01 -21 02 -01 -08 02 -15 -08 76.780 FGCI N #G12323 100.00 76.78 4.500% Due 08 -01 -21 • 03 -01 -08 03 -15 -08 93.770 FGCI N #G12323 100.00 93.77 4.500% Due 08 -01 -21 01 -01 -08 01 -15 -08 3,395.200 FGLMC #G02268 100.00 3,395.20 • 6.500% Due 08 -01 -36 01 -01 -08 01 -15 -08 11,585.530 FGLMC #G02268 100.00 11,585.53 6.500% Due 08 -01 -36 • 02 -01 -08 02 -15 -08 3,216.270 FGLMC #G02268 100.00 3,216.27 6.500% Due 08 -01 -36 02 -01 -08 02 -15 -08 10,974.960 FGLMC #G02268 100.00 10,974.96 • 6.500% Due 08 -01 -36 03 -01 -08 03 -15 -08 5,913.668 FGLMC #G02268 100.00 5,913.67 • 6.500% Due 08 -01 -36 03 -01 -08 03 -15 -08 20,179.312 FGLMC #G02268 100.00 20,179.31 6.500% Due 08 -01 -36 • 01 -01 -08 01 -15 -08 1,376.590 FNCI M #254371 100.00 1,376.59 5.500% Due 07 -01 -17 02 -01 -08 02 -15 -08 1,608.760 FNCI M #254371 100.00 1,608.76 • 5.500% Due 07 -01 -17 03 -01 -08 03 -15 -08 1,928.080 FNCI M #254371 100.00 1,928.08 5.500% Due 07 -01 -17 • 01 -01 -08 01 -15 -08 1,499.410 FNCI N #255888 100.00 1,499.41 4.000% Due 08 -01 -20 02 -01 -08 02 -15 -08 324.500 FNCI N #255888 100.00 324.50 • 4.000% Due 08 -01 -20 03 -01 -08 03 -15 -08 331.580 FNCI N #255888 100.00 331.58 4.000% Due 08 -01 -20 • 01 -01 -08 01 -15 -08 44.947 FNCI N #725445 100.01 44.95 4.500% Due 05 -01 -19 01 -01 -08 01 -15 -08 1,447.983 FNCI N #725445 100.00 1,447.98 • 4.500% Due 05 -01 -19 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -07 To 03 -31 -08 Trade Date Settle Date Quantity Security Unit Price Amount 02 -01 -08 02 -15 -08 40.509 FNCI N #725445 100.00 40.51 4.500% Due 05 -01 -19 02 -01 -08 02 -15 -08 1,304.981 FNCI N #725445 100.00 1,304.98 4.500% Due 05 -01 -19 03 -01 -08 03 -15 -08 42.982 FNCI N #725445 100.00 42.98 4.500% Due 05 -01 -19 03 -01 -08 03 -15 -08 1,384.648 FNCI N #725445 100.00 1,384.65 4.500% Due 05 -01 -19 01 -01 -08 01 -15 -08 344.470 FNCI N #825335 100.00 344.47 4.000% Due 05 -01 -20 02 -01 -08 02 -15 -08 323.550 FNCI N #825335 100.00 323.55 4.000% Due 05 -01 -20 03 -01 -08 03 -15 -08 337.330 FNCI N #825335 100.00 337.33 4.000% Due 05 -01 -20 01 -01 -08 01 -15 -08 646.190 FNCI N #829053 100.00 646.19 4.000% Due 08 -01 -20 02 -01 -08 02 -15 -08 286.240 FNCI N #829053 100.00 286.24 4.000% Due 08 -01 -20 03 -01 -08 03 -15 -08 293.040 FNCI N #829053 100.00 293.04 4.000% Due 08 -01 -20 01 -01 -08 01 -15 -08 13,953.360 FNCL # 256394 100.00 13,953.36 6.500% Due 09 -01 -36 02 -01 -08 02 -15 -08 15,560.220 FNCL # 256394 100.00 15,560.22 6.500% Due 09 -01 -36 03 -01 -08 03 -15 -08 31,573.530 FNCL # 256394 100.00 31,573.53 6.500% Due 09 -01 -36 01 -01 -08 01 -15 -08 923.600 GNJO M #781313 100.00 923.60 6.000% Due 07 -15 -16 02 -01 -08 02 -15 -08 749.460 GNJO M #781313 100.00 749.46 6.000% Due 07 -15 -16 03 -01 -08 03 -15 -08 1,086.860 GNJO M #781313 100.00 1,086.86 6.000% Due 07 -15 -16 01 -01 -08 01 -15 -08 3,519.690 GNSF M #552509 100.00 3,519.69 6.000% Due 04 -15 -32 02 -01 -08 02 -15 -08 324.380 GNSF M #552509 100.00 324.38 6.000% Due 04 -15 -32 03 -01 -08 03 -15 -08 2,778.400 GNSF M #552509 100.00 2,778.40 6.000% Due 04 -15 -32 01 -01 -08 01 -15 -08 69.530 GNSF M #582153 100.00 69.53 6.000% Due 06 -15 -32 02 -01 -08 02 -15 -08 69.590 GNSF M #582153 100.00 69.59 6.000% Due 06 -15 -32 8 ICC Capital Management PURCHASE AND SALE • PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -07 To 03 -31 -08 • Trade Settle Unit • Date Date Quantity Security Price Amount • 03 -01 -08 03 -15 -08 69.150 GNSF M #582153 100.00 69.15 6.000 % Due 06 -15 -32 145,616.43 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -07 Through 03 -31 -08 Open Date Close Date Quantity Security Cost Basis Proceeds Gain Or Loss Short Term Long Term 12 -15 -06 01 -01 -08 3,395.200 FGLMC #G02268 3,465.76 3,395.20 -70.56 6.500% Due 08 -01 -36 01 -08 -07 01 -01 -08 11,585.530 FGLMC #G02268 11,826.30 11,585.53 - 240.77 6.500% Due 08 -01 -36 02 -21 -07 01 -01 -08 1,586.460 FGCI #G12205 4.5% 1,530.69 1,586.46 55.77 4.500% Due 06 -01 -21 08 -24 -06 01 -01 -08 88.490 FGCI N #G12323 84.84 88.49 3.65 4.500% Due 08 -01 -21 09 -08 -04 01 -01 -08 72.740 FGCI N #B13455 72.53 72.74 0.21 4.500% Due 04 -01 -19 05 -23 -02 01 -01 -08 1,376.590 FNCI M #254371 1,370.57 1,376.59 6.02 5.500% Due 07 -01 -17 09 -08 -05 01 -01 -08 1,499.410 FNCIN #255888 1,459.11 1,499.41 40.30 4.000% Due 08 -01 -20 01 -08 -07 01 -01 -08 13,953.360 FNCL # 256394 14,232.43 13,953.36 - 279.07 6.500% Due 09 -01 -36 09 -15 -04 01 -01 -08 44.947 FNCIN #725445 44.98 44.95 -0.03 4.500% Due 05 -01 -19 01 -29 -07 01 -01 -08 1,447.983 FNCIN #725445 1,389.61 1,447.98 58.37 4.500% Due 05 -01 -19 09 -08 -05 01 -01 -08 344.470 FNCIN #825335 335.21 344.47 9.26 4.000% Due 05 -01 -20 08 -23 -05 01 -01 -08 646.190 FNCIN #829053 626.80 646.19 19.39 4.000% Due 08 -01 -20 06 -13 -02 01 -01 -08 69.530 GNSF M #582153 69.41 69.53 0.12 6.000% Due 06 -15 -32 04 -15 -02 01 -01 -08 3,519.690 GNSF M #552509 3,476.24 3,519.69 43.45 6.000% Due 04 -15 -32 07 -02 -02 01 -01 -08 923.600 GNJO M #781313 952.46 923.60 -28.86 6.000% Due 07 -15 -16 05 -10 -07 01 -10 -08 90,000.000 FANNIE MAE 6.01% (OLD 90,000.00 90,000.00 0.00 31359M6Y4) PARTIAL CALL ON 01/10/08 6.010% Due 04 -10 -17 08 -25 -06 01 -15 -08 115,000.000 ALCOA INC 123,473.20 122,132.30 - 1,340.90 7.375% Due 08 -01 -10 11 -30 -07 01 -17 -08 725,000.000 UNTIED STATES 822,874.99 838,281.25 15,406.26 TREASURY BOND 5.375% Due 02 -15 -31 12 -15 -06 02 -01 -08 3,216.270 FGLMC #G02268 3,283.11 3,216.27 -66.84 6.500% Due 08 -01 -36 01 -08 -07 02 -01 -08 10,974.960 FGLMC #G02268 11,203.04 10,974.96 - 228.08 6.500% Due 08 -01 -36 02 -21 -07 02 -01 -08 1,819.210 FGCI #G12205 4.5% 1,755.25 1,819.21 63.96 4.500% Due 06 -01 -21 08 -24 -06 02 -01 -08 76.780 FGCI N #G12323 73.61 76.78 3.17 4.500% Due 08 -01 -21 09 -08 -04 02 -01 -08 46.950 FGCI N #B13455 46.81 46.95 0.14 4.500% Due 04 -01 -19 05 -23 -02 02 -01 -08 1,608.760 FNCI M #254371 1,601.72 1,608.76 7.04 5.500% Due 07 -01 -17 09 -08 -05 02 -01 -08 324.500 FNCIN #255888 315.78 324.50 8.72 4.000% Due 08 -01 -20 01 -08 -07 02 -01 -08 15,560.220 FNCL # 256394 15,871.43 15,560.22 - 311.21 6.500% Due 09 -01 -36 10 ICC Capital Management REALIZED GAINS AND LOSSES PALM BEA CH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -07 Through 03 -31 -08 • Gain Or Loss • Open Close Cost • Date Date Quantity Security Basis Proceeds Short Term Long Term • 09 -15 -04 02 -01 -08 40.509 FNCI N #725445 40.54 40.51 -0.03 4.500% Due 05 -01 -19 • 01 -29 -07 02 -01 -018 1,304.981 FNCI N #725445 1,252.37 1,304.98 52.61 4.500% Due 05 -01 -19 • 09 -08 -05 02 -01 -08 323.550 FNCI N #825335 314.85 323.55 8.70 4.000% Due 05 -01 -20 • 08 -23 -05 02 -01 -08 286.240 FNCI N #829053 277.65 286.24 8.59 4.000% Due 08 -01 -20 • 06 -13 -02 02 -01 -08 69.590 GNSF M #582153 69.47 69.59 0.12 6.000% Due 06 -15 -32 • 04 -15 -02 02 -01 -08 324.380 GNSF M #552509 320.38 324.38 4.00 6.000% Due 04 -15 -32 • 07 -02 -02 02 -01 -08 749.460 GNJO M #781313 772.88 749.46 -23.42 • 6.000% Due 07 -15 -16 01 -24 -08 02 -05 -08 425,000.000 US TREASURY N/B 471,484.37 474,007.82 2,523.44 • 5.000% Due 05 -15 -37 02 -15 -08 02 -21 -08 200,000.000 US TREASURY N/B 192,937.50 193,375.00 437.50 • 4.375% Due 02 -15 -38 02 -07 -08 02 -28 -08 175,000.000 US TREASURY N/B 188,562.50 187,687.50 - 875.00 • 5.000% Due 05 -15 -37 01 -24 -08 02 -28 -08 50,000.000 US TREASURY N/B 55,468.75 53,625.00 - 1,843.75 • 5.000% Due 05 -15 -37 12 -15 -06 03 -01 -08 5,913.668 FGLMC #G02268 6,036.57 5,913.67 - 122.90 • 6.500% Due 08 -01 -36 01 -08 -07 03 -01 -08 20,179.312 FGLMC #G02268 20,598.67 20,179.31 - 419.36 • 6.500% Due 08 -01 -36 02 -21 -07 03 -01 -08 2,260.480 FGCI #G12205 4.5% 2,181.01 2,260.48 79.47 • 4.500% Due 06 -01 -21 08 -24 -06 03 -01 -08 93.770 FGCI N #G12323 89.90 93.77 3.87 • 4.500% Due 08 -01 -21 09 -08 -04 03 -01 -08 63.050 FGCI N #1313455 62.86 63.05 0.19 • 4.500% Due 04 -01 -19 05 -23 -02 03 -01 -08 1,928.080 FNCI M #254371 1,919.64 1,928.08 8.44 • 5.500% Due 07 -01 -17 09 -08 -05 03 -01 -08 331.580 FNCI N #255888 322.67 331.58 8.91 • 4.000% Due 08 -01 -20 • 01 -08 -07 03 -01 -08 31,573.530 FNCL # 256394 32,205.01 31,573.53 - 631.48 6.500% Due 09 -01 -36 • 09 -15 -04 03 -01 -08 42.982 FNCI N #725445 43.01 42.98 -0.03 4.500% Due 05 -01 -19 • 01 -29 -07 03 -01 -08 1,384.648 FNCI N #725445 1,328.83 1,384.65 55.82 4.500% Due 05 -01 -19 • 09 -08 -05 03 -01 -08 337.330 FNCI N #825335 328.26 337.33 9.07 4.000% Due 05 -01 -20 • 08 -23 -05 03 -01 -08 293.040 FNCI N #829053 284.25 293.04 8.79 4.000% Due 08 -01 -20 • 06 -13 -02 03 -01 -08 69.150 GNSF M #582153 69.03 69.15 0.12 6.000% Due 06 -15 -32 a 04 -15 -02 03 -01 -08 2,778.400 GNSF M #552509 2,744.10 2,778.40 34.30 6.000% Due 04 -15 -32 • 07 -02 -02 03 -01 -08 1,086.860 GNJO M #781313 1,120.82 1,086.86 -33.96 6.000% Due 07 -15 -16 11 • • ICC Capital Management REALIZED GAINS AND LOSSES PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME From 12 -31 -07 Through 03 -31 -08 • Gain Or Loss • Open Close Cost • Date Date Quantity Security Basis Proceeds Short Term Long Term • 04 -25 -07 03 -27 -08 200,000.000 MORGAN STANLEY 199,394.00 187,120.00 - 12,274.00 5.550% Due 04 -27 -17 • TOTAL GAINS 18,545.30 424.43 TOTAL LOSSES - 15,512.59 - 3,277.68 • 2,291,665.83 2,291,845.30 3,032.72 - 2,853.25 • TOTAL REALIZED GAIN /LOSS 179.47 I • • • • • • • • • • • • ICC Capital Management PORTFOLIO SUMMARY • PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME March 31, 2008 • • Pct. Cur. Est.Annual Security Type Total Cost Market Value Assets Yield Income • • Cash & Equivalents • CASH AND 1,068,760.88 1,068,760.88 9.0 5.0 53,438.04 • EQUIVALENTS 1,068,760.88 1,068,760.88 9.0 5.0 53,438.04 • • Fixed Income CORPORATE BONDS 4,925,355.00 4,891,136.50 41.0 5.8 286,025.00 • GOVERNMENT 526,953.12 531,406.25 4.5 4.5 23,750.00 BONDS • MORTGAGE POOLS 2,427,735.39 2,477,363.85 20.8 5.9 144,933.55 • GOVERNMENT 2,713,408.10 2,792,586.65 23.4 5.6 157,262.25 SPONSORED BOND • Accrued Interest 168,418.35 1.4 • 10,593,451.61 10,860,911.59 91.0 5.7 611,970.80 • • TOTAL PORTFOLIO 11,662,212.49 11,929,672.47 100.0 5.7 665,408.84 • • • • • • • • • • • • • • • • • • • ICC Capital Management PORTFOLIO APPRAISAL PALM BEA CH GARDENS POLICE PENSION FUND FIXED INCOME March 31, 2008 • Unit Total Market Pct. Cur. • Quantity Security Cost Cost Price Value Assets Yield • CASH AND EQUIVALENTS • CASH & CASH EQUIVALENTS 1,068,760.88 1,068,760.88 9.0 5.0 1,068,760.88 1,068,760.88 9.0 5.0 • CORPORATE BONDS • 80,000.000 GENERAL ELECTRIC 110.79 88,629.60 106.93 85,543.20 0.7 7.8 CAP CROP • 8.300% Due 09 -20 -09 235,000.000 FLEETBOSTON FINL 106.28 249,762.70 106.35 249,917.80 2.1 6.9 • CORP • 7.375% Due 12 -01 -09 280,000.000 JPMORGAN CHASE & 108.76 304,525.20 107.67 301,484.40 2.5 7.3 • CO 7.875% Due 06 -15 -10 • 200,000.000 LEHMAN BROTHERS 98.97 197,938.00 102.39 204,778.00 1.7 7.7 HLDG • 7.875% Due 08 -15 -10 255,000.000 CITIGROUP INC 104.86 267,383.25 103.70 264,435.00 2.2 6.3 • 6.500% Due 01 -18 -11 200,000.000 GOLDEN WEST FINL 97.82 195,640.00 103.13 206,270.00 1.7 4.6 • 4.750% Due 10 -01 -12 200,000.000 GOLDMAN SACHS 99.97 199,946.00 101.28 202,562.00 1.7 5.4 • GROUP INC 5.450% Due 11 -01 -12 • 500,000.000 SUNTRUST BANKS 99.66 498,325.00 98.52 492,620.00 4.1 5.3 5.250% Due 11 -05 -12 • 200,000.000 AT &T INC 100.30 200,592.00 100.34 200,678.00 1.7 4.9 4.950% Due 01 -15 -13 • 195,000.000 INTL LEASE FIN AIG 105.64 205,999.95 99.19 193,422.45 1.6 5.9 57/8 • 5.875% Due 05-01 -13 85,000.000 GOLDMAN SACHS 98.44 83,674.00 99.43 84,512.10 0.7 5.3 • 5.250% Due 10 -15 -13 100,000.000 JP MORGAN CHASE 99.68 99,682.00 97.91 97,914.00 0.8 5.0 • 4.875% Due 03 -15 -14 • 80,000.000 MORGAN STANLEY 98.28 78,620.80 92.83 74,262.40 0.6 5.1 4.750% Due 04 -01 -14 • 225,000.000 GLAXOSMITHKLINE 99.85 224,669.25 99.82 224,588.25 1.9 4.4 CAP INC • 4.375% Due 04 -15 -14 100,000.000 GENERAL ELEC CAP 99.86 99,856.00 104.19 104,193.00 0.9 5.3 • CORP 5.500% Due 06 -04 -14 • 45,000.000 BEAR STEARNS 97.40 43,829.55. 96.21 43,294.95 0.4 5.9 5.700% Due 11 -15 -14 • 65,000.000 GOLDMAN SACHS 99.74 64,829.10 97.21 63,185.85 0.5 5.3 5.125% Due 01 -15 -15 • 50,000.000 JP MORGAN CHASE 101.59 50,797.00 99.38 49,688.00 0.4 5.3 5.250% Due 05 -01 -15 • 170,000.000 MERRILL LYNCH & 103.52 175,989.10 94.89 161,316.40 1.4 6.4 • CO 6.050% Due 05-16 -16 • 225,000.000 AT &T INC 101.36 228,071.25 100.28 225,639.00 1.9 5.6 5.625% Due 06 -15 -16 • 150,000.000 MCDONALD'S CORP 98.90 148,348.50 101.92 152,886.00 1.3 5.2 5.300% Due 03 -15 -17 • 14 • • • 0 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND FIXED INCOME March 31, 2008 • Unit Total Market Pct. Cur. . Quantity _ Security Cost Cost Price Value Assets Yield • 200,000.000 VERIZON 102.45 204,892.00 98.54 197,076.00 1.7 5.6 • COMMUNICATIONS 5.500% Due 04 -01 -17 • 100,000.000 NATIONAL RURAL 99.68 99,680.00 100.07 100,069.00 0.8 5.4 UTIL COOP • 5.450% Due 04 -10 -17 0.000 MORGAN STANLEY 0.00 0.00 94.04 0.00 0.0 5.9 • 5.550% Due 04 -27 -17 225,000.000 MCDONALD'S CORP 102.47 230,555.25 105.00 236,250.00 2.0 5.5 • 5.800% Due 10 -15 -17 200,000.000 MORGAN STANLEY 100.00 200,000.00 100.03 200,070.00 1.7 6.6 • 6.625% Due 04 -01 -18 75,000.000 IBM CORP 105.60 79,202.05 105.14 78,854.25 0.7 6.2 • 6.500% Due 01 -15 -28 305,000.000 CONOCOINC 115.80 353,187.65 113.87 347,297.40 2.9 6.1 • 6.950 % Due 04 -15 -29 55,000.000 ARCHER DANIELS 92.24 50,729.80 87.87 48,329.05 0.4 6.1 • 5.375% Due 09 -15 -35 . Accrued Interest 96,997.58 0.8 4,925,355.00 4,988,134.08 41.8 5.8 • GOVERNMENT BONDS • 475,000.000 US TREASURY NIB 110.94 526,953.12 111.87 531,406.25 4.5 4.5 5.000% Due 05 -15 -37 • Accrued Interest 8,938.87 0.1 526,953.12 540,345.12 4.5 4.5 • MORTGAGE POOLS • 40,427.920 GNJO M #781313 103.12 41,691.29 103.36 41,786.70 0.4 5.8 • 6.000 %o Due 07 -15 -16 103,544.870 FNCI M #254371 99.56 103,091.86 102.64 106,280.53 0.9 5.4 • 5.500% Due 07 -01 -17 5,933.090 FGCI N #1313455 99.71 5,915.60 99.74 5,917.78 0.0 4.5 • 4.500% Due 04 -01 -19 109,377.010 FNCI N #725445 96.09 105,103.00 99.83 109,191.07 0.9 4.5 • 4.500% Due 05 -01 -19 56,048.810 FNCI N #825335 97.31 54,542.50 97.58 54,691.87 0.5 4.1 • 4.000% Due 05 -01 -20 60,610.170 FNCI N #255888 97.31 58,981.27 97.58 59,142.80 0.5 4.1 . 4.000% Due 08 -01 -20 53,023.360 FNCI N #829053 97.00 51,432.66 97.58 51,739.66 0.4 4.1 • 4.000% Due 08 -01 -20 138,880.460 FGCI #G12205 4.5% 96.48 133,997.94 99.60 138,319.38 1.2 4.5 • 4.500% Due 06 -01 -21 7,740.772 FGCI N #G12323 95.88 7,421.47 99.60 7,709.50 0.1 4.5 • 4.500% Due 08 -01 -21 155,942.070 GNSF M #552509 98.77 154,017.16 103.62 161,590.29 1.4 5.8 6.000% Due 04 -15 -32 • 39,455.480 GNSF M #582153 99.83 39,387.67 103.62 40,884.56 0.3 5.8 6.000% Due 06 -15 -32 881,067.905 FGLMC #G02268 102.08 899,378.24 103.82 914,751.13 7.7 6.3 • 6.500% Due 08 -01 -36 • 757,622.030 FNCL # 256394 102.00 772,774.73 103.66 785,358.57 6.6 6.3 6.500% Due 09 -01 -36 • Accrued Interest 12,077.80 0.1 2,427,735.39 2,489,441.64 20.9 5.9 • 15 • AL ICC Capital Management PORTFOLIO APPRAISAL PALM BEA CH GARDENS POLICE PENSION FUND FIXED INCOME March 31, 2008 • • Unit Total Market Pct. Assets Cur. Yield Quantity Security Cost Cost Price Value • • GOVERNMENT SPONSORED BOND 505,000.000 FEDERAL NATIONAL 103.06 520,453.00 100.44 507,211.90 4.3 6.0 • MORTGAGE ASSN 6.000% Due 05 -15 -08 • 300,000.000 FANNIE MAE 100.00 300,000.00 100.25 300,750.00 2.5 5.3 5.300% Due 04 -30 -10 460,000.000 FNLMC 104.22 479,433.10 109.78 504,992.60 4.2 5.5 6.000% Due 06 -15 -11 • 300,000.000 FANNIE MAE 98.85 296,550.00 101.19 303,564.00 2.5 5.7 5.750% Due 02 -13 -17 • 60,000.000 FANNIE MAE 6.01% 100.00 60,000.00 100.09 60,056.40 0.5 6.0 6.0 10% Due 04 -10 -17 • 300,000.000 FREDDIE MAC 99.83 299,490.00 104.20 312,588.00 2.6 5.8 6.000% Due 07 -06 -17 • 200,000.000 FANNIE MAE 99.20 198,394.00 106.72 213,438.00 1.8 5.6 • 6.000% Due 04 -28 -21 265,000.000 FANNIE MAE 99.32 263,198.00 102.87 272,618.75 2.3 5.5 5.625 % Due 11 -15 -21 • 300,000.000 FREDDIE MAC 98.63 295,890.00 105.79 317,367.00 2.7 5.6 • 5.900% Due 06 -15 -22 Accrued Interest 50,404.10 0.4 • 2,713,408.10 2,842,990.75 23.8 5.6 • TOTAL PORTFOLIO 11,662,212.49 11,929,672.47 100.0 5.7 • • 16 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Review Quarter Ending March 31, 2008 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance Report Quarter Ending March 31, 2008 Total Return Summary Page...... 1 Portfolio Allocation Page...... 2 Investment Performance by Asset Category Page...... 3 Portfolio Sector Diversification Page...... 4 Investment Performance by Sectors Page...... 5 Portfolio Attributes Page...... 6 Brokers Commission Page...... 7 Purchases & Sales Page...... 10 Realized Gains/ Losses Page...... 13 Portfolio Summary Page...... 15 Portfolio Appraisal Pale...... 16 ICC Capital Management, Inc. PALM BEACH GARDENS POLICE PENSION FUND GROWTH Total Return Summary Quarter Ending March 31, 2008 ICC Capital Management, Inc. TOTAL RETURN - 11.78% 1 - 18.44% 1 - 12.86% 1 • $3,073,630 awl I $2,327,085 I 11 $1,200,000 Starting Value Ending Value $3,108,124 $3,108,124 $3,108,124 Difference $34,494 $781,039 $1,908,124 Net Contributions/ (Withdrawals) $434,908 $1,444,555 $2,444,274 Gainl(Loss) from Investments ($400,415) ($663,516) ($536,150) ICC Capital Management, Inc. TOTAL RETURN - 11.78% 1 - 18.44% 1 - 12.86% 1 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Allocation at Market Quarter Ending March 31, 2008 Asset Allocation: 100/0 (Mkt) Market Value as of 12/31/2007 CASH /EQUIVS 5.2% EQUITY 94.8% Market Value as of 03/31/2008 CASH /EQUIVS 1.8% EQUITY 98.2% Mkt Value Mkt Value % Mkt Value Mkt Value as of 12/31/07 as of 12,/31/07 as of 03/31/08 as of 03/31/08 Caslt/E uivs $159,117 5.2% $55,304 1.8% Equity $2,914,514 94.8% $3,052,819 98.2% Total $3,073,630 100.0% $3,108,124 100.0% ICC Capital Management, Inc. 2 4 w PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Asset Category Quarter Ending March 31, 2008 • The red total bar represents the Russell 1000 Growth Index. ICC Capital Management, Inc. 3 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Portfolio Sector Diversification Quarter Ending March 31, 2008 Top Security Ten Holdings % of equities Return for Quarter APPLE COMPUTER INC. 4.70% -19.65% TARGET CORPORATION 4.65% 0.74% MICROSOFT CORP. 4.65% -19.78% TAIWAN SEMICONDUCTOR MFG. 4.58% 5.42% WASHINGTON MUTUAL 4.49% - 27.34% MICRON TECHNOLOGY INC. 4.44% - 19.89% EMC CORP. 3.90% -22.52% AMERICAN TOWER CORPORATION 3.59% -5.91% JDS UNIPHASE CORP. 3.55% 4.26% MARVELL TECHNOLOGY GROUP 3.39% - 19.50% Sector Sector Contribution % of Portfolio Return for Quarter Materials 5.46% 1.07% Industrials 4.40% 5.75% Telecommunications 3.59% -5.91% Consumer Discretionary 11.93% -7.79% Comsumer Staples 3.87% -10.31% Energy 3.25% 12.28% Financial 11.38% -23.40% Health Care 12.18% - 19.84% Information Technology 41.88% - 15.28% Utilities 2.07% 4.62% ICC Capital Management, Inc. 4 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Investment Performance by Sectors Quarter Ending March 31, 2008 Index Sector Returns for 1Q08 0 SG�e^ SG�e^ 5.0 1.8 js 0.0 s odro sc dA -5.0 -3.2 -3.9 -5.6 F-8.5 2 -10.0 -9.2 -9.3 -8.7 -15.0- -10.3 -13.7 .7 -15.1 -20.0 ��o/ �P� O d T �d O�d6 Pc�� U rJf �� s��P 'blP �P� �$j • 1" ljO sd�P jdi ��P BPS Ol0 d1�� s Sector Diversification Relative to the Russell 1000 Growth Index 25.0 20.2 20.0 15.0 10.0 3.2 3.0 5.0 0.5 Mj 0.0 -ANlf% OVERWEIGHT -5.0 3 S -3.5 UNDERWEIGHT -10.0- -8.6 -6.0 -15.01 1 6ds� /doo fee C'01 C'o-> tc 0 SG�e^ SG�e^ c2jdr `sr�i� `9.L c�ih� js s odro sc dA ^er /es 2 ICC Capital Management, Inc. 5 dr C'd �O re �T e °h 09 .L PALM BEACH GARDENS POLICE PENSION FUND GROWTH CAPITALIZATION ICC R1000G BETA ICC R1000G YIELD ICC R1000G ICC R1000G 12 MONTH EPS GROWTH ICC R1000G 5 YEAR EPS GROWTH ICC R1000G ICC Capital Management, Inc. Growth Portfolio Attributes Quarter Ending March 31, 2008 3131/2008 1 3 2007 49.0 55.4 92.7 101.0 3/3112008 1 3 200 1.2 1.11 1.0 1.00 3/31/2008 1 3 200 1.3 1.55 1.5 1.31 3/3112008 1 3 200 21.1 22.5 16.7 18.4 3/3112008 1 3 200 17.4 30.1 25.8 30.6 3/31/2008 1 3 200 21.9 24.9 23.3 23.2 91301200 35.7 98.5 9/30/200 1.02 1.00 9/30/200 0.99 1.26 9/30/200 25.1 18.9 9/301200 38.8 30.0 9/301200 21.8 21.9 0 6/30/200 35.7 91.6 6/30/200 1.08 1.00 6/301200 0.96 1.26 6/30/200 23.6 18.8 6/30/2007 28.9 28.5 6130/200 15.6 22.4 MARKET CAPITALIZATION 100.0 92.7 98.5 91.6 75.0 49.0 55.4 50.0 j 35.7 25.0 0.0 3/31/2008 12/31/2007 9/30/2007 6/30/2007 BETA 1.50 1.2 1.71 ] 02 1.08 1.0 1.00 1.00 1.00 1.00 0.50 o.00 3/31/2008 12/31/2007 9/30/2007 6/30/2007 2.0 YIELD 1.5 1.55 1.6 1 3 1.31 1.26 1.26 1.2 0.99 0.96 0.8 0.4 0.0 3/31/2008 12/31/2007 9/30/2007 6/30/2007 30.0 21.1 zz.s PRICE/EARNINGS 25.1 23.6 20.0-- 16.7 18.4 ]8.9 18.8 10.0 0.0 3/31/2008 12/31/2007 9/30/2007 6/30/2007 121110NTHEPS GROWTH 40.0 30.0 25.8 301 30.6 30.0 28.9 28.5 20.0 17.4 10.0 0.0 3/31/2008 12/31/2007 9/30/2007 6/30/2007 5 YR EPS GROWTH 30.0 24 9 25.0 21.9 23.3 23.2 21.8 21.9 22.4 20.0 15.6 15.0 10.0 5.0 0.0 3/31/2008 12/31/2007 9/30/2007 6/30/2007 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Broker Commission Summary Report Quarter Ending March 31, 2008 Date Trans Ticker Security $Amount Shares Price Comm PerSh The Griswold Company 1/28/2008 Buy AAPL Apple Computer Inc $13,095.10 100 $130.93 $2.00 $0.02 1/28/2008 Buy ABT Abbott Lab Com $11,204.00 200 $56.00 $4.00 $0.02 1/28/2008 Buy ABX Barrick Gold Corp. $16,035.00 300 $53.43 $6.00 $0.02 1/28/2008 Buy ADM Archer Daniels Midland Co $30,422.00 700 $43.44 $14.00 $0.02 1/28/2008 Buy AMD Advanced Micro Devices $7,410.00 1000 $7.39 $20.00 $0.02 1/28/2008 Buy AMT American Tower Corporation $18,365.00 500 $36.71 $10.00 $0.02 1/28/2008 Buy ATVI Activision Inc New $18,753.00 700 $26.77 $14.00 $0.02 1/28/2008 Buy BF.B Brown Forman Inc Cl B $12,970.00 200 $64.83 $4.00 $0.02 1/28/2008 Buy BRCM Broadcom Corp $15,869.00 700 $22.65 $14.00 $0.02 1/28/2008 Buy C Citigroup $10,860.00 400 $27.13 $8.00 $0.02 1/28/2008 Buy CERN Cerner Corp $15,833.01 300 $52.76 $6.00 $0.02 1/28/2008 Buy CVS Cvs Caremark Corp $7,118.00 200 $35.57 $4.00 $0.02 1/28/2008 Buy CWT California Water Service Grp $7,054.00 200 $35.25 $4.00 $0.02 1/28/2008 Buy EBAY Ebay Inc. $10,708.00 400 $26.75 $8.00 $0.02 1/28/2008 Buy ECL Ecolab Inc $14,358.00 300 $47.84 $6.00 $0.02 1/28/2008 Buy EMC Emc Corp $22,009.00 1300 $16.91 $26.00 $0.02 1/28/2008 Buy GME Gamestop Corp -Cl A $10,106.00 200 $50.51 $4.00 $0.02 1/28/2008 Buy JDSU Jds Uniphase Corp $12,412.44 1200 $10.32 $24.00 $0.02 1/28/2008 Buy MER Merrill Lynch $22,692.00 400 $56.71 $8.00 $0.02 1/28/2008 Buy MRVL Marvell Technology Group $9,488.00 800 $11.84 $16.00 $0.02 1/28/2008 Buy MS Morgan Stanley $4,912.00 100 $49.10 $2.00 $0.02 1/28/2008 Buy MSFT Microsoft Corp. $26,088.00 800 $32.59 $16.00 $0.02 1/28/2008 Buy MU Micron Technology Inc $10,550.08 1600 $6.57 $32.00 $0.02 1/28/2008 Buy NEM Newmont Mining Corp $16,494.99 300 $54.96 $6.00 $0.02 1/28/2008 Buy NTAP Netapp Inc $9,204.00 400 $22.99 $8.00 $0.02 1/28/2008 Buy RIO Companhia Vale Do Rio Doce $11,272.00 400 $28.16 $8.00 $0.02 1/28/2008 Buy SBUX Starbucks Corp $13,776.00 700 $19.66 $14.00 $0.02 1/28/2008 Buy SPN Superior Energy Services Inc $16,467.00 400 $41.15 $8.00 $0.02 1/28/2008 Buy SUPG Supergen Inc $9,359.01 2700 $3.45 $54.00 $0.02 1/28/2008 Buy TGT Target Corporation $21,304.00 400 $53.24 $8.00 $0.02 1/28/2008 Buy TSM Taiwan Semiconductor Mfg $18,228.00 2100 $8.66 $42.00 $0.02 1/28/2008 Buy TXN Texas Instrs Inc $15,115.00 500 $30.21 $10.00 $0.02 1/28/2008 Buy UPS United Parcel Svc Inc $7,077.00 100 $70.75 $2.00 $0.02 1/28/2008 Buy WM Washington Mutual $23,644.04 1400 $16.87 $28.00 $0.02 1/28/2008 Buy WMI Waste Management Inc. $9,393.00 300 $31.29 $6.00 $0.02 2/6/2008 Buy MU Micron Technology Inc $29,632.80 4000 $7.37 $160.00 $0.04 3/11/2008 Sell ATVI Activision Inc New $16,234.02 600 $27.10 $24.00 $0.04 3/11/2008 Sell ATVI Activision Inc New $10,822.68 400 $27.10 $16.00 $0.04 3/11/2008 Sell ATVI Activision Inc New $18,939.69 700 $27.10 $28.00 $0.04 ICC Capital Management, Inc. 7 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Broker Commission Summary Report Quarter Ending March 31, 2008 Date Trans Ticker Security $Amount Shares Price Comm PerSh 3/11/2008 Sell ADM Archer Daniels Midland Co $26,416.15 600 $44.07 $24.00 $0.04 3/11/2008 Sell ADM Archer Daniels Midland Co $4,402.69 100 $44.07 $4.00 $0.04 3/11/2008 Sell ATVI Activision Inc New $2,705.67 100 $27.10 $4.00 $0.04 3/12/2008 Buy MS Morgan Stanley $38,455.29 900 $42.69 $36.00 $0.04 3/14/2008 Buy MU Micron Technology Inc $50,069.34 8100 $6.14 $324.00 $0.04 3/19/2008 Sell NEM Newmont Mining Corp $24,730.27 500 $49.50 $20.00 $0.04 3/19/2008 Sell NEM Newmont Mining Corp $14,838.17 300 $49.50 $12.00 $0.04 3/19/2008 Sell NEM Newmont Mining Corp $9,892.11 200 $49.50 $8.00 $0.04 3/26/2008 Buy EQIX Equinix Inc $88,874.37 1300 $68.32 $52.00 $0.04 3/26/2008 Sell AAPL Apple Computer Inc $14,548.83 100 $145.51 $2.00 $0.02 3/26/2008 Sell ABX Barrick Gold Corp. $15,904.38 350 $45.46 $7.00 $0.02 3/26/2008 Sell ABX Barrick Gold Corp. $9,088.22 200 $45.46 $4.00 $0.02 3/26/2008 Sell ABX Barrick Gold Corp. $13,632.33 300 $45.46 $6.00 $0.02 3/26/2008 Sell C Citigroup $10,969.87 500 $21.96 $10.00 $0.02 3/26/2008 Sell C Citigroup $8,775.90 400 $21.96 $8.00 $0.02 3/26/2008 Sell C Citigroup $2,193.98 100 $21.96 $2.00 $0.02 3/31/2008 Sell AAPL Apple Computer Inc $14,400.70 100 $144.05 $4.00 $0.04 3/31/2008 Sell AMD Advanced Micro Devices $12,227.95 2100 $5.86 $84.00 $0.04 3/31/2008 Sell AMD Advanced Micro Devices $9,898.82 1700 $5.86 $68.00 $0.04 3/31/2008 Sell AMD Advanced Micro Devices $4,658.27 800 $5.86 $32.00 $0.04 3/31/2008 Sell AMD Advanced Micro Devices $4,658.27 800 $5.86 $32.00 $0.04 3/31/2008 Sell AMD Advanced Micro Devices $5,822.83 1000 $5.86 $40.00 $0.04 Total: The Griswold Company $962,439.27 48,550 $1,457.00 $0.03 Kellogg Securities 2/6/2008 Sell ADM Archer Daniels Midland Co $20,944.77 500 $41.93 $20.00 $0.04 2/6/2008 Sell ADM Archer Daniels Midland Co $50,267.44 1200 $41.93 $48.00 $0.04 2/6/2008 Sell ADM Archer Daniels Midland Co $8,377.91 200 $41.93 $8.00 $0.04 2/6/2008 Sell ADM Archer Daniels Midland Co $8,377.91 200 $41.93 $8.00 $0.04 3/7/2008 Buy WM Washington Mutual $24,499.44 2100 $11.63 $84.00 $0.04 Total: Kellogg Securities $112,467.47 4,200 $168.00 $0.04 Edgetrade 2/1/2008 Sell ABX Barrick Gold Corp. $2,535.57 50 $50.72 $1.00 $0.01 2/1/2008 Sell NEM Newmont Mining Corp $37,112.47 700 $53.03 $7.00 $0.01 2/1/2008 Sell ABX Barrick Gold Corp. $10,142.29 200 $50.72 $2.00 $0.01 2/1/2008 Buy KSS Kohls Corp $86,652.92 1900 $45.60 $19.00 $0.01 2/1/2008 Sell ABX Barrick Gold Corp. $30,426.87 600 $50.72 $6.00 $0.01 2/8/2008 Sell ATVI Activision Inc New $23,750.65 900 $26.40 $9.00 $0.01 2/8/2008 Sell ATVI Activision Inc New $36,945.45 1400 $26.40 $14.00 $0.01 2/13/2008 Buy BMY Bristol Myers Squibb Compam $92,832.48 3900 $23.79 $39.00 $0.01 2/14/2008 Buy BIIB Bio en Inc $81,674.97 1300 $62.82 $13.00 $0.01 ICC Capital Management, Inc. 8 PALM BEACH GARDENS POLICE PENSION FUND GROWTH Broker Commission Summary Report Quarter Ending March 31, 2008 Date Trans Ticker Security $Amount Shares Price Comm PerSh 2/27/2008 Buy MRVL Marvell Technology Group $32,054.67 2700 $11.86 $27.00 $0.01 2/27/2008 Sell WMI Waste Management Inc. $10,275.16 300 $34.26 $3.00 $0.01 2/27/2008 Sell WMI Waste Management Inc. $23,975.37 700 $34.26 $7.00 $0.01 2/27/2008 Sell WMI Waste Management Inc. $17,125.26 500 $34.26 $5.00 $0.01 2/27/2008 Sell WMI Waste Management Inc. $10,275.16 300 $34.26 $3.00 $0.01 2/27/2008 Sell WMI Waste Management Inc. $6,850.10 200 $34.26 $2.00 $0.01 2/27/2008 Buy AAPL Apple Computer Inc $36,276.00 300 $120.91 $3.00 $0.01 2/28/2008 Buy SUPG Supergen Inc $5,234.76 1800 $2.90 $18.00 $0.01 2/29/2008 Buy SUPG Supergen Inc $2,518.74 900 $2.79 $9.00 $0.01 3/6/2008 Sell BF.B Brown Forman Inc Cl B $6,327.12 100 $63.28 $1.00 $0.01 3/6/2008 Sell BF.B Brown Forman Inc Cl B $31,635.60 500 $63.28 $5.00 $0.01 3/6/2008 Sell BF.B Brown Forman Inc Cl B $18,981.36 300 $63.28 $3.00 $0.01 3/7/2008 Sell BF.B Brown Forman Inc Cl B $12,614.70 200 $63.08 $2.00 $0.01 3/7/2008 Buy WM Washington Mutual $22,896.94 2200 $10.40 $22.00 $0.01 3/7/2008 Buy UTX United Technologies Corp. $75,063.67 1100 $68.23 $11.00 $0.01 3/7/2008 Buy MRVL Marvell Technology Group $21,596.40 2000 $10.79 $20.00 $0.01 3/7/2008 Sell BF.B Brown Forman Inc Cl B $6,307.35 100 $63.08 $1.00 $0.01 3/7/2008 Sell BF.B Brown Forman Inc Cl B $12,614.70 200 $63.08 $2.00 $0.01 Total: Edgetrade $754,696.73 25,350 $254.00 $0.01 ICC Capital Management, Inc. 0 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 12 -31 -07 To 03 -31 -08 Trade Settle Date Date 7.41 7,410.00 PURCHASES 01 -28 -08 01 -31 -08 01 -28 -08 01 -31 -08 01 -28 -08 01 -31 -08 01 -28 -08 01 -31 -08 01 -28 -08 01 -31 -08 02 -27 -08 03 -03 -08 01 -28 -08 01 -31 -08 01 -28 -08 01 -31 -08 02 -14 -08 02 -19 -08 02 -13 -08 02 -19 -08 01 -28 -08 01 -31 -08 01 -28 -08 01 -31 -08 01 -28 -08 01 -31 -08 01 -28 -08 01 -28 -08 01 -28 -08 01 -28 -08 01 -28 -08 01 -28 -08 01 -28 -08 03 -26 -08 01 -28 -08 01 -28 -08 02 -01 -08 01 -28 -08 02 -27 -08 03 -07 -08 01 -28 -08 01 -28 -08 02 -06 -08 03 -14 -08 01 -28 -08 01 -28 -08 03 -12 -08 01 -28 -08 01 -28 -08 01 -28 -08 01 -28 -08 01 -31 -08 01 -31 -08 01 -31 -08 01 -31 -08 01 -31 -08 01 -31 -08 01 -31 -08 03 -31 -08 01 -31 -08 01 -31 -08 02 -06 -08 01 -31 -08 03 -03 -08 03 -12 -08 01 -31 -08 01 -31 -08 02 -11 -08 03 -19 -08 01 -31 -08 01 -31 -08 03 -17 -08 01 -31 -08 01 -31 -08 01 -31 -08 01 -31 -08 Quantity Security 200.00 ABBOTT LAB COM 700.00 ACTIVISION INC NEW 1,000.00 ADVANCED MICRO DEVICES 500.00 AMERICAN TOWER CORPORATION 100.00 APPLE COMPUTER INC 300.00 APPLE COMPUTER INC 700.00 ARCHER DANIELS MIDLAND CO 300.00 BARRICK GOLD CORP. 1,300.00 BIOGEN INC 3,900.00 BRISTOL MYERS SQUIBB COMPANY 700.00 BROADCOM CORP 200.00 BROWN FORMAN INC CL B 200.00 CALIFORNIA WATER SERVICE GRP 300.00 CERNER CORP 400.00 CITIGROUP 400.00 COMPANHIA VALE DO RIO DOCE ADR 200.00 CVS CAREMARK CORP 400.00 EBAY INC. 300.00 ECOLAB INC 1,300.00 EMC CORP 1,300.00 EQUINIX INC 200.00 GAMESTOP CORP -CL A 1,200.00 JDS UNIPHASE CORP 1,900.00 KOHLS CORD 800.00 MARVELL TECHNOLOGY GROUP 2,700.00 MARVELL TECHNOLOGY GROUP 2,000.00 MARVELL TECHNOLOGY GROUP 400.00 MERRILL LYNCH 1,600.00 MICRON TECHNOLOGY INC 4,000.00 MICRON TECHNOLOGY INC 8,100.00 MICRON TECHNOLOGY INC 800.00 MICROSOFT CORP. 100.00 MORGAN STANLEY 900.00 MORGAN STANLEY 400.00 NETAPP INC 300.00 NEWMONT MINING CORP 700.00 STARBUCKS CORP 2,700.00 SUPERGEN INC 10 Unit Price Amount 56.02 11,204.00 26.79 18,753.00 7.41 7,410.00 36.73 18,365.00 130.95 13,095.10 120.92 36,276.00 43.46 30,422.00 53.45 16,035.00 62.83 81,674.97 23.80 92,832.48 22.67 15,869.00 64.85 12,970.00 35.27 7,054.00 52.78 27.15 28.18 35.59 26.77 47.86 16.93 68.36 50.53 10.34 45.61 11.86 11.87 10.80 56.73 6.59 7.41 6.18 32.61 49.12 42.73 23.01 54.98 19.68 3.47 15,833.01 10,860.00 11,272.00 7,118.00 10,708.00 14,358.00 22,009.00 88,874.37 10,106.00 12,412.44 86,652.92 9,488.00 32,054.67 21,596.40 22,692.00 10,550.08 29,632.80 50,069.34 26,088.00 4,912.00 38,455.29 9,204.00 16,494.99 13,776.00 9,359.01 ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 12 -31 -07 To 03 -31 -08 Trade Settle Date Date Quantity S Unit Price Amount 02 -28 -08 03 -04 -08 1,800.00 SUPERGEN INC 2.91 5,234.76 02 -29 -08 03 -05 -08 900.00 SUPERGEN INC 2.80 2,518.74 01 -28 -08 01 -31 -08 400.00 SUPERIOR ENERGY SERVICES INC 41.17 16,467.00 01 -28 -08 01 -31 -08 2,100.00 TAIWAN SEMICONDUCTOR MFG 8.68 18,228.00 01 -28 -08 01 -31 -08 400.00 TARGET CORPORATION 53.26 21,304.00 01 -28 -08 01 -31 -08 500.00 TEXAS INSTRS INC 30.23 15,115.00 01 -28 -08 01 -31 -08 100.00 UNITED PARCEL SVC INC 70.77 7,077.00 03 -07 -08 03 -12 -08 1,100.00 UNITED TECHNOLOGIES CORP. 68.24 75,063.67 01 -28 -08 01 -31 -08 1,400.00 WASHINGTON MUTUAL 16.89 23,644.04 03 -07 -08 03 -12 -08 2,100.00 WASHINGTON MUTUAL 11.67 24,499.44 03 -07 -08 03 -12 -08 2,200.00 WASHINGTON MUTUAL 10.41 22,896.94 01 -28 -08 01 -31 -08 300.00 WASTE MANAGEMENT INC. 31.31 9,393.00 1,187,978.46 SALES 02 -08 -08 02 -13 -08 1,400.00 ACTIVISION INC NEW 26.39 36,945.45 02 -08 -08 02 -13 -08 900.00 ACTIVISION INC NEW 26.39 23,750.65 03 -11 -08 03 -14 -08 100.00 ACTIVISION INC NEW 27.06 2,705.67 03 -11 -08 03 -14 -08 600.00 ACTIVISION INC NEW 27.06 16,234.02 03 -11 -08 03 -14 -08 400.00 ACTIVISION INC NEW 27.06 10,822.68 03 -11 -08 03 -14 -08 700.00 ACTIVISION INC NEW 27.06 18,939.69 03 -31 -08 04 -03 -08 2,100.00 ADVANCED MICRO DEVICES 5.82 12,227.95 03 -31 -08 04 -03 -08 1,700.00 ADVANCED MICRO DEVICES 5.82 9,898.82 03 -31 -08 04 -03 -08 800.00 ADVANCED MICRO DEVICES 5.82 4,658.27 03 -31 -08 04 -03 -08 800.00 ADVANCED MICRO DEVICES 5.82 4,658.27 03 -31 -08 04 -03 -08 1,000.00 ADVANCED MICRO DEVICES 5.82 5,822.83 03 -26 -08 03 -31 -08 100.00 APPLE COMPUTER INC 145.49 14,548.83 03 -31 -08 04 -03 -08 100.00 APPLE COMPUTER INC 144.01 14,400.70 02 -06 -08 02 -11 -08 200.00 ARCHER DANIELS MIDLAND CO 41.89 8,377.91 02 -06 -08 02 -11 -08 200.00 ARCHER DANIELS MIDLAND CO 41.89 8,377.91 02 -06 -08 02 -11 -08 500.00 ARCHER DANIELS MIDLAND CO 41.89 20,944.77 02 -06 -08 02 -11 -08 1,200.00 ARCHER DANIELS MIDLAND CO 41.89 50,267.44 03 -11 -08 03 -14 -08 600.00 ARCHER DANIELS MIDLAND CO 44.03 26,416.15 03 -11 -08 03 -14 -08 100.00 ARCHER DANIELS MIDLAND CO 44.03 4,402.69 02 -01 -08 02 -06 -08 200.00 BARRICK GOLD CORP. 50.71 10,142.29 02 -01 -08 02 -06 -08 600.00 BARRICK GOLD CORP. 50.71 30,426.87 02 -01 -08 02 -06 -08 50.00 BARRICK GOLD CORP. 50.71 2,535.57 03 -26 -08 03 -31 -08 350.00 BARRICK GOLD CORP. 45.44 15,904.38 03 -26 -08 03 -31 -08 200.00 BARRICK GOLD CORP. 45.44 9,088.22 03 -26 -08 03 -31 -08 300.00 BARRICK GOLD CORP. 45.44 13,632.33 03 -06 -08 03 -11 -08 500.00 BROWN FORMAN INC CL B 63.27 31,635.60 03 -06 -08 03 -11 -08 300.00 BROWN FORMAN INC CL B 63.27 18,981.36 03 -06 -08 03 -11 -08 100.00 BROWN FORMAN INC CL B 63.27 6,327.12 03 -07 -08 03 -12 -08 100.00 BROWN FORMAN INC CL B 63.07 6,307.35 W ICC Capital Management PURCHASE AND SALE PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 12 -31 -07 To 03 -31 -08 Trade Settle Unit Date Date Quantity Security Price Amount 03 -07 -08 03 -12 -08 200.00 BROWN FORMAN INC CL B 63.07 12,614.70 03 -07 -08 03 -12 -08 200.00 BROWN FORMAN INC CL B 63.07 12,614.70 03 -26 -08 03 -31 -08 500.00 CITIGROUP 21.94 10,969.87 03 -26 -08 03 -31 -08 400.00 CITIGROUP 21.94 8,775.90 03 -26 -08 03 -31 -08 100.00 CITIGROUP 21.94 2,193.98 02 -01 -08 02 -06 -08 700.00 NEWMONT MINING CORP 53.02 37,112.47 03 -19 -08 03 -25 -08 200.00 NEWMONT MINING CORP 49.46 9,892.11 03 -19 -08 03 -25 -08 500.00 NEWMONT MINING CORP 49.46 24,730.27 03 -19 -08 03 -25 -08 300.00 NEWMONT MINING CORP 49.46 14,838.17 02 -27 -08 03 -03 -08 700.00 WASTE MANAGEMENT INC. 34.25 23,975.37 02 -27 -08 03 -03 -08 500.00 WASTE MANAGEMENT INC. 34.25 17,125.26 02 -27 -08 03 -03 -08 300.00 WASTE MANAGEMENT INC. 34.25 10,275.16 02 -27 -08 03 -03 -08 200.00 WASTE MANAGEMENT INC. 34.25 6,850.10 02 -27 -08 03 -03 -08 300.00 WASTE MANAGEMENT INC. 34.25 10,275.16 641,625.01 ICC Capital Management REALIZED GAINS AND LOSSES • PALM BEACH GARDENS POLICE PENSION FUND GROWTH From 12 -31 -07 Through 03 -31 -08 • • Gain Or Loss Open Close Cost • Date Date Quantity Security Basis Proceeds Short Term Long Term • 04 -27 -07 02 -01 -08 200.00 BARRICK GOLD CORP. 5,707.04 10,142.29 4,435.25 07 -26 -07 02 -01 -08 600.00 BARRICK GOLD CORP. 19,812.00 30,426.87 10,614.87 • 10 -12 -07 02 -01 -08 50.00 BARRICK GOLD CORP. 2,110.50 2,535.57 425.07 07 -26 -07 02 -01 -08 700.00 NEWMONT MINING CORP 29,582.00 37,112.47 7,530.47 • 03 -01 -07 02 -06 -08 200.00 ARCHER DANIELS 6,918.00 8,377.91 1,459.91 MIDLAND CO • 03 -08 -07 02 -06 -08 200.00 ARCHER DANIELS 6,929.40 8,377.91 1,448.51 MIDLAND CO • 06 -27 -07 02 -06 -08 500.00 ARCHER DANIELS 16,139.00 20,944.77 4,805.77 • MIDLAND CO 07 -26 -07 02 -06 -08 1,200.00 ARCHER DANIELS 42,648.00 50,267.44 7,619.44 • MIDLAND CO 06 -20 -07 02 -08 -08 1,400.00 ACTWISION INC NEW 26,479.88 36,945.45 10,465.57 • 07 -26 -07 02 -08 -08 900.00 ACTIVISION INC NEW 16,254.00 23,750.65 7,496.65 03 -01 -07 02 -27 -08 700.00 WASTE MANAGEMENT 23,723.00 23,975.37 252.37 • INC. 07 -26 -07 02 -27 -08 500.00 WASTE MANAGEMENT 19,658.00 17,125.26 - 2,532.74 . INC. 10 -12 -07 02 -27 -08 300.00 WASTE MANAGEMENT 11,550.99 10,275.16 - 1,275.83 • INC. 10 -30 -07 02 -27 -08 200.00 WASTE MANAGEMENT 7,215.00 6,850.10 - 364.90 • INC. 01 -28 -08 02 -27 -08 300.00 WASTE MANAGEMENT 9,393.00 10,275.16 882.16 • INC. 06 -06 -07 03 -06 -08 500.00 BROWN FORMAN INC CL 35,139.20 31,635.60 - 3,503.60 • B • 07 -26 -07 03 -06 -08 300.00 BROWN FORMAN INC CL 20,762.01 18,981.36 - 1,780.65 B • 10 -12 -07 03 -06 -08 100.00 BROWN FORMAN INC CL 7,414.00 6,327.12 - 1,086.88 B • 10 -12 -07 03 -07 -08 100.00 BROWN FORMAN INC CL 7,414.00 6,307.35 - 1,106.65 B • 10 -30 -07 03 -07 -08 200.00 BROWN FORMAN INC CL 14,674.00 12,614.70 - 2,059.30 B • 01 -28 -08 03 -07 -08 200.00 BROWN FORMAN INC CL 12,970.00 12,614.70 - 355.30 B • 10 -12 -07 03 -11 -08 600.00 ARCHER DANIELS 21,156.00 26,416.15 5,260.15 MIDLAND CO • 10 -30 -07 03-11-08 100.00 ARCHER DANIELS 3,556.00 4,402.69 846.69 MIDLAND CO • 07 -26 -07 03 -11 -08 100.00 ACTIVISION INC NEW 1,806.00 2,705.67 899.67 10 -12 -07 03 -11 -08 600.00 ACTIVISION INC NEW 13,710.00 16,234.02 2,524.02 • 10 -30 -07 03 -11 -08 400.00 ACTWISION INC NEW 9,220.00 10,822.68 1,602.68 • 01 -28 -08 03 -11 -08 700.00 ACTIVISION INC NEW 18,753.00 18,939.69 186.69 07 -26 -07 03 -19 -08 200.00 NEWMONT MINING CORP 8,452.00 9,892.11 1,440.11 • 10 -12 -07 03 -19 -08 500.00 NEWNIONT MINING CORP 23,640.00 24,730.27 1,090.27 01 -28 -08 03 -19 -08 300.00 NEWMONT MINING CORP 16,494.99 14,838.17 - 1,656.82 • 07 -26 -07 03 -26 -08 100.00 APPLE COMPUTER INC 14,752.00 14,548.83 - 203.17 10 -12 -07 03 -26 -08 350.00 BARRICK GOLD CORP. 14,773.50 15,904.38 1,130.88 • 10 -30 -07 03 -26 -08 200.00 BARRICK GOLD CORP. 8,634.00 9,088.22 454.22 01 -28 -08 03 -26 -08 300.00 BARRICK GOLD CORP. 16,035.00 13,632.33 - 2,402.67 • 03 -01 -07 03 -26 -08 500.00 CTTIGROUP 25,665.00 10,969.87 -14,695.13 07 -26 -07 03 -26 -08 400.00 CITIGROUP 19,248.00 8,775.90 - 10,472.10 • 09 -19 -07 03 -26 -08 100.00 CrrIGROUP 4,833.98 2,193.98 - 2,640.00 • 13 • • • • ICC Capital Management REALIZED GAINS AND LOSSES • PALM BEACH GARDENS POLICE PENSION FUND GR O WTH From 12 -31 -07 Through 03 -31 -08 • Gain Or Loss Open Close Cost • Date Date Quantity Security Basis Proceeds Short Term Long Term • 07 -26 -07 03 -31 -08 100.00 APPLE COMPUTER INC 14,752.00 14,400.70 - 351.30 03 -01 -07 03 -31 -08 2,100.00 ADVANCED MICRO 31,185.00 12,227.95 - 18,957.05 • DEVICES 07 -26 -07 03 -31 -08 1,700.00 ADVANCED MICRO 26,435.00 9,898.82 - 16,536.18 • DEVICES 10 -12 -07 03 -31 -08 800.00 ADVANCED MICRO 11,224.00 4,658.27 - 6,565.73 • DEVICES 10 -30 -07 03 -31 -08 800.00 ADVANCED MICRO 10,464.00 4,658.27 - 5,805.73 • DEVICES • 01 -28 -08 03 -31 -08 1,000.00 ADVANCED MICRO 7,410.00 5,822.83 - 1,587.17 DEVICES • TOTAL GAINS 72,871.42 0.00 TOTAL LOSSES - 62,286.72 - 33,652.18 • 664,692.49 641,625.01 10,584.70 - 33,652.18 TOTAL REALIZED GAIN/LOSS - 23,067.48 • • • • • • • • • • • • • • • • • • • • • ICC Capital Management PORTFOLIO SUMMARY • PALM BEACH GARDENS POLICE PENSION FUND GROWTH March 31, 2008 • Pct. Cur. Est.Annual Security Type Total Cost Market Value Assets Yield Income Cash & Equivalents CASH AND 55,304.27 55,304.27 1.8 4.9 2,729.71 • EQUIVALENTS 55,304.27 55,304.27 1.8 4.9 2,729.71 Equities • COMMON STOCK MATERIALS 159,213.41 166,506.00 5.4 0.7 1,198.70 INDUSTRIALS 134,645.06 134,118.00 4.3 2.1 2,848.00 • TELECOMMUNICATIONS 113,435.99 109,788.00 3.5 0.0 0.00 CONSUMER 432,922.10 364,197.00 11.7 0.4 1,568.00 DISCRETIONARY • CONSUMER 108,654.00 118,259.00 3.8 0.9 1,032.00 STAPLES ENERGY 86,771.70 99,050.00 3.2 0.0 0.00 • FINANCIALS 588,258.00 347,510.00 11.2 4.3 15,044.00 HEALTH CARE 453,137.51 371,911.50 12.0 1.9 7,140.00 INFORMATION 1,531,453.59 1,278,532.47 41.1 0.6 8,278.91 • TECHNOLOGY UTILITIES 64,377.59 62,947.50 2.0 3.1 1,930.50 COMMON STOCK 3,672,868.95 3,052,819.47 98.2 1.3 39,040.11 • 3,672,868.95 3,052,819.47 98.2 1.3 39,040.11 • TOTAL PORTFOLIO 3,728,173.22 3,108,123.74 100.0 1.3 41,769.82 • 15 • ICC Capital Management PORTFOLIO APPRAISAL • PALM BEACH GARDENS POLICE PENSION FUND GROWTH March 31, 2008 • Unit Total Market Pct. Cur. • Quantity Security Cost Cost Price Value Assets Yield CASH AND EQUIVALENTS CASH & CASH EQUIVALENTS 54,594.27 54,594.27 1.8 5.0 • DIV CASH ACCRUAL ACCT 710.00 710.00 0.0 ? • 55,304.27 55,304.27 1.8 4.9 • COMMON STOCK • MATERIALS 2,550.00 COMPANHIA VALE 30.92 78,836.19 34.64 88,332.00 2.8 0.3 • DO RIO DOCE ADR 1,800.00 ECOLAB INC 44.65 80,377.22 43.43 78,174.00 2.5 1.2 • 159,213.41 166,506.00 5.4 0.7 • INDUSTRIALS • 800.00 UNITED PARCEL SVC 74.48 59,581.39 73.02 58,416.00 1.9 2.5 INC • 1,100.00 UNITED 68.24 75,063.67 68.82 75,702.00 2.4 1.9 TECHNOLOGIES • CORP. 134,645.06 134,118.00 4.3 2.1 • TELECOMMUNICATIONS • 2,800.00 AMERICAN TOWER 40.51 113,435.99 39.21 109,788.00 3.5 ? CORPORATION 113,435.99 109,788.00 3.5 0.0 CONSUMER DISCRETIONARY • 1,200.00 GAMESTOP CORP -CL 44.95 53,935.27 51.71 62,052.00 2.0 ? A • 1,900.00 KOHLS CORP 45.61 86,652.92 42.89 81,491.00 2.6 0.0 4,500.00 STARBUCKS CORP 26.70 120,145.89 17.50 78,750.00 2.5 0.0 • 2,800.00 TARGET 61.50 172,188.02 50.68 141,904.00 4.6 1.1 CORPORATION • 432,922.10 364,197.00 11.7 0.4 • CONSUMER STAPLES 1,200.00 ARCHER DANIELS 40.17 48,202.00 41.16 49,392.00 1.6 1.3 • MIDLAND CO • 1,700.00 CVS CAREMARK 35.56 60,452.00 40.51 68,867.00 2.2 0.6 CORP • 108,654.00 118,259.00 3.8 0.9 • ENERGY 2,500.00 SUPERIOR ENERGY 34.71 86,771.70 39.62 99,050.00 3.2 ? • SERVICES INC 86,771.70 99,050.00 3.2 0.0 FINANCIALS • 1,400.00 CITIGROUP 40.86 57,204.92 21.42 29,988.00 1.0 6.0 • 2,300.00 MERRILL LYNCH 72.50 166,747.73 40.74 93,702.00 3.0 3.4 1,900.00 MORGAN STANLEY 48.30 91,773.88 45.70 86,830.00 2.8 2.4 • 13,300.00 WASHINGTON 20.49 272,531.47 10.30 136,990.00 4.4 5.8 MUTUAL • 588,258.00 347,510.00 11.2 4.3 • 16 ICC Capital Management PORTFOLIO APPRAISAL PALM BEACH GARDENS POLICE PENSION FUND GROWTH March 31, 2008 17 Unit Total Market Pct. Cur. Quantity Security Cost Cost Price Value Assets Yield HEALTH CARE 1,600.00 ABBOTT LAB COM 53.37 85,387.00 55.15 88,240.00 2.8 2.6 1,300.00 BIOGEN INC 62.83 81,674.97 61.69 80,197.00 2.6 0.0 3,900.00 BRISTOL MYERS 23.80 92,832.48 21.30 83,070.00 2.7 5.8 SQUIBB COMPANY 1,900.00 CERNER CORP 55.23 104,939.99 37.28 70,832.00 2.3 0.0 19,750.00 SUPERGEN INC 4.47 88,303.07 2.51 49,572.50 1.6 ? 453,137.51 371,911.50 12.0 1.9 INFORMATION TECHNOLOGY. 1,000.00 APPLE COMPUTER 140.94 140,935.76 143.50 143,500.00 4.6 0.0 INC 4,500.00 BROADCOM CORP 32.21 144,962.85 19.27 86,715.00 2.8 0.0 2,800.00 EBAY INC. 33.67 94,280.05 29.84 83,552.00 2.7 0.0 8,300.00 EMC CORP 19.36 160,714.12 14.34 119,022.00 3.8 0.0 1,300.00 EQUINIX INC 68.36 88,874.37 66.49 86,437.00 2.8 ? 8,100.00 JDS UNIPHASE CORP 14.60 118,228.71 13.39 108,459.00 3.5 0.0 9,500.00 MARVELL 13.68 129,952.39 10.88 103,360.00 3.3 0.0 TECHNOLOGY GROUP 22,700.00 MICRON 8.19 185,844.95 5.97 135,519.00 4.4 0.0 TECHNOLOGY INC 5,000.00 MICROSOFT CORP. 32.65 163,228.26 28.38 141,900.00 4.6 1.6 2,550.00 NETAPP INC 29.14 74,310.07 20.05 51,127.50 1.6 ? 13,611.00 TAIWAN 10.15 138,116.06 10.27 139,784.97 4.5 3.5 SEMICONDUCTOR MFG 2,800.00 TEXAS INSTRS INC 32.86 92,006.00 28.27 79,156.00 2.5 1.4 1,531,453.59 1,278,532.47 41.1 0.6 UTILITIES 1,650.00 CALIFORNIA WATER 39.02 64,377.59 38.15 62,947.50 2.0 3.1 SERVICE GRP 64,377.59 62,947.50 2.0 3.1 COMMON STOCK Total 3,672,868.95 3,052,819.47 98.2 1.3 TOTAL PORTFOLIO 3,728,173.22 3,108,123.74 100.0 1.3 17 PALM BEACH GARDENS POLICE PENSION FUND EXECUTIVE SUMMARY MARCH 31, ?008 PALM BEACH GARDENS POLICE PENSION FUND EXECUTIVE SUMMARY MARCH 31, 2008 Palm Beach Gardens Police Pension Fund Executive Summary Report Table of Contents SECTION PAGE Market Snapshot 1 Index Comparisons 2 Compliance Report 3 Total Portfolio Pie Chart 4 Manager Pie Chart 5 Asset Allocation Table 6 Total Ranks Table 7 Manager Ranks 8 Scatterplot Graphs: Total Fund Graph 9 Rhumbline Equities Graph 10 ICC Fixed income Graph 11 Beta Graph 12 Alpha Graph 13 Beta /Alpha Table 14 Batting Average Graph 15 Batting Average /R-Squared Table 16 Other Managers' Page 17 �l,llWle AssetC�un�ulting� 01 llis #!r Asse Tonsnitinig XA.'l Major Economic Indicators MARKET SNAPSHOT I" QUARTER 2008 INDEX RETURNS MSCI EAFE Lehman Aggregate ♦ The CPI-Urban/1982-84=100 for the 12 -month period ended March 2008 rose 4.0 %. In the first quarter, consumer prices rose at a seasonally adjusted annual rate of 3.1%0. ♦ The Producer Price Index (PPI) for finished goods rose 6.9% for the 12 -month period ended in March. The seasonally adjusted annual rate for the fourth quarter rose 10.2 %. ♦ Real Gross Domestic Product (GDP) rose at a seasonally adjusted annual rate of 0.6% (final) for the fourth quarter of 2007 and 4.9% (final) in the third quarter of 2007. - 8.82% -8.82% 2.17% 2.17% Federal Reserve News ♦ During the first quarter, the Federal Reserve Board cut the primary discount rate by 2.25% to 2.50 %. The primary discount rate is a result of the new discount rate program approved by the Federal Reserve Board on October 31, 2002. The primary discount rate is the interest rate the Federal Reserve charges banks for short-term loans. ♦ The Federal Reserve Open Market Committee cut its target for the federal funds rate by 2.00% to 2.25% in the first quarter. The federal funds rate is the interest rate banks charge each other for overnight loans. Sector Trends ♦ The seasonally adjusted Unemployment Rate was 5.1% in March ♦ Best Performing Sector: Consumer Staples declined 2.78% in the I` compared to 5.0% in December. quarter. ♦ Worst Performing Sector: Information Technology declined 15.37% in the 1 S` quarter. Source: Standard & Poors (Performance reflects Price Returns Only) THISTLE ASSET CONSULTING 1321 Piazz Delle Pallottole, Boynton Beach, Florida 33426 Phone: 561- 737 -3996 Facsimile: 561- 737 -6119 QTR YTD S &P 500 - 9.45% - 9.45% Russell 1000 - 9.48% - 9.48% Russell 1000 Growth - 10.18% - 10.18% Russell 1000 Value - 8.72% -8.72% S &P Mid -cap 400 - 8.85% - 8.85% MSCI EAFE Lehman Aggregate ♦ The CPI-Urban/1982-84=100 for the 12 -month period ended March 2008 rose 4.0 %. In the first quarter, consumer prices rose at a seasonally adjusted annual rate of 3.1%0. ♦ The Producer Price Index (PPI) for finished goods rose 6.9% for the 12 -month period ended in March. The seasonally adjusted annual rate for the fourth quarter rose 10.2 %. ♦ Real Gross Domestic Product (GDP) rose at a seasonally adjusted annual rate of 0.6% (final) for the fourth quarter of 2007 and 4.9% (final) in the third quarter of 2007. - 8.82% -8.82% 2.17% 2.17% Federal Reserve News ♦ During the first quarter, the Federal Reserve Board cut the primary discount rate by 2.25% to 2.50 %. The primary discount rate is a result of the new discount rate program approved by the Federal Reserve Board on October 31, 2002. The primary discount rate is the interest rate the Federal Reserve charges banks for short-term loans. ♦ The Federal Reserve Open Market Committee cut its target for the federal funds rate by 2.00% to 2.25% in the first quarter. The federal funds rate is the interest rate banks charge each other for overnight loans. Sector Trends ♦ The seasonally adjusted Unemployment Rate was 5.1% in March ♦ Best Performing Sector: Consumer Staples declined 2.78% in the I` compared to 5.0% in December. quarter. ♦ Worst Performing Sector: Information Technology declined 15.37% in the 1 S` quarter. Source: Standard & Poors (Performance reflects Price Returns Only) THISTLE ASSET CONSULTING 1321 Piazz Delle Pallottole, Boynton Beach, Florida 33426 Phone: 561- 737 -3996 Facsimile: 561- 737 -6119 Index Comparison March 31, 2008 25.00 8.88% LBIGC - --------------------- - - 13.32% SAFE ---------------------- -- - - - - - 3.00%-LBIGC -16.88% R2000V 15.00 5.00 - -5.00 -15.00- -25.00 -12.83% R2000G 3 Months ■ Lehman Gov /Credit Bond ■ Russell 1000 Growth = j2—con ?nnn Value 4.33-16 K2UUUV ------------- - - - - - - - - - - - ------------ Last 12 Months Last 3 Years (Annualized) ■ Lehman Gov /Credit - Intermediate ■ S&P 500 ■ Russell 1000 Value ■ Russell 2000 Growth N Russell 3000 NMSCI EAFE M of 11istle Asset Tilluillifing Ila Page 2 Palm Beach Gardens Police Pension Fund Compliance Report March 31, 2008 YES NO . ...... TOTAL FUND 1. Did the total return, over the trailing 3-year period, exceed the policy, which is comprised of 25% S&p500, 10% S&p400, 1()% S&P600, 10% R1000G, 10% EAFE and 35% LBGC? [5.30 vs. 6.10] 2. Did the total return, over the trailing 3-year period, rank in the top 50% of the Universe comprised of 60 25% Mobius Broad Large Core, 101/6 Mid Cap, 10% Small Cap, 10% Broad Large Cap Growth, 109/6 International and 35% Broad Fixed? [24th] 3. Did the total return of the fund over the trailing 3-year period equal or exceed 7.5% (actuarial ( assumption rate of return)? [5.30 vs. 7.50] TOTAL EQUITY 1. Did the equity return, over the trailing 3-year period, exceed the 38.4% S&P 500,15.4% S&P 400,15.4% S&P 600,15.4% R1000G index and 15.4% EAFE? [6.02 vs. 6.40] 2. Did the equity return, over the trailing 5-year period, exceed the 38.4% S&P 500,15.4% S&P 400,15.4lo S&P 600,15.4% R1000G index and 15.4lo EAFE? [12.23 vs. 12.74] 3. Did the equity return, over the trailing 3-year period, rank in the top 50% of the Mobius 38.4% Broad Large Cap, 15.4% Mid Cap, 15.49/o Small Cap, 15.4% Broad Large Cap Growth and 15.4% International Universe? [26th] 4. Did the equity return, over the trailing 5-year period, rank in the top 50% of the Mobius 38.4% Broad Large Cap, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth and 15.4% International Universe? [9th] 5. Is the amount invested in any single security less than or equal to 5% of the market value of the total equity portfolio? 6. Is the amount invested in any single industry less than or equal to 209/o of the market value of the total equity portfolio? FIXED INCOME - ICC CAPITAL 1. Did the fixed income return, over the trailing 3-year period, exceed the LBGC? [5.43 vs. 5.55] 2. Did the fixed income return, over the trailing 3-year period, rank in the top 509/6 of the Mobius Broad W V Fixed Income Universe? [11th] 3. Did the fixed income return, over the trailing 5-year period, exceed the LBGC? [4.09 vs. 4.62] 4. Did the fixed income return, over the trailing 5-year period, rank in the top 50% of the Mobius Broad 10 r Fixed Income Universe? [35th] 5. Is the amount invested in any single security (with exception of U.S. Government and its agencies) less than or equal to 5% of the market value of the total fixed income portfolio? 6. Is the minimum quality rating of the bond investments BBB from Standard & Poor's or BAA from Moody's? hiritle And T11116111ting if T4 1 . W Page 3 Fixed Income 40% Palm Beach Gardens Police Pension Fund Total Assets March 31, 2008 Cash 3% ■ Equities ■ Fixed Income ■ Cash ties 0 (j Iitatit ,t wt crillwitting w Page 4 ICC Fixed 44% Palm Beach Gardens Police Pension Fund Total Assets March 31, 2008 Rhumbline S&P500 23% ICC Lg. Growth Intl. Equity 11% 7% mbline S&P400 7% i Rhumbline S&P600 8% { _._ ._ _ ._ - - - - -- _ . __ _ .......... _.. _. _ _ _ ._ I ■ Rhumbline S &P500 ■ Rhumbline S &P400 ■ Rhumbline S &P600 ❑ Intl. Equity ■ ICC Lg. Growth E3 ICC Fixed tstle ,asset Tanuffing W Page 5 Patin Beach Gardens Police Pension Fund Performance Evaluation Summary March 31, 2008 Manager Equities Fixed Income Cash Total % of Total Rhumbline S&P500 $6,336,000 $0 $0 $6,336,000 23.0% Rhumbline S&P400 $2,057,000 $0 $0 $2,057,000 7.5% Rhumbline S&P600 $2,182,000 $0 $0 $2,182,000 7.9% Intl. Equity $1,935,000 $0 $0 $1,935,000 7.0% ICC Lg. Growth $3,105,000 $0 $0 $3,105,000 11.3% ICC Fixed $0 $11,061,000 $888,000 $11,949,000 43.4% Total $15,615,000 $11,061,000 $888,000 $27,564,000 100.0% ---------------------------------------------------------------------------------------------------------------------------------------------------------------- % of Total 56.6% 40.1% 3.2% 100.0% Target % 60.0% 40.0% 0.0% 100.0% W' llistlf Awt Dn 1lltUli� Page 6 Return Ranking ( *) Policy Return ( * *) Return Ranking ( * * *) Policy Return (38.4 %S&P500, 15.4 %S &P400, 15.4 %S&P600, 15.4% R1000G, 15.4% SAFE) Current uarter -4.14 2;3 - 5.06% - 9.54% 86 Palm Beach Gardens Police Pension Fund Performance Evaluation Summary March 31, 2008 Fiscal Year One Year Three Years Five Years 2007 2006 2005 2004 2003 - 9.05% - 5.51% 6.40% 12.74% 17.05% 9.27% ... . .............. TOTAL FIXED INCOME 8.97% 12.88% 56 74 10.81% 17.89% TOTAL FUND (Net of Fees) ':x.95 IS -- -1.32% 5.30% 8.05% 11.90% 6.71% 9.78% ?4 33 28 44 27 - 0.67% 6.10% 9.42% 12.97% 7.08% 10.24% TOTAL EQUITIES - 6.52% 6.02% 12.23% 17.9.90% 9. :i9 "„ 15.33% 82 26 9 9 17 11 - 9.05% - 5.51% 6.40% 12.74% 17.05% 9.27% ... . .............. TOTAL FIXED INCOME 8.97% 12.88% 56 74 10.81% 17.89% 15.36% ':x.95 IS 4 16.00% 16.21% 25.50% Return 2.00% 7.84% 5.43% 4.09% 4.98% i.'ih "' 336 1.83% 3.80% Ranking (Broad Fixed) 1. 10 l l 3: i 217 59 2S 75 61 Policy Return (LBGC) 2.53% 8.37% 5.55% 4.62% 5.10% 3.32% 2.56% 3.35% 6.51% * 25% Broad Large Cap Core, 10% Mid Cap, 10% Small Cap, 10% Broad Large Growth, 10% International, 35% Broad Fixed ** 25% S&P500, 10% S&P400, 10% S&P600, 10% R1000G, 10% SAFE, 35% LBGC * ** 38.4% Broad Large Cap Core, 15.4% Mid Cap, 15.4% Small Cap, 15.4% Broad Large Cap Growth, 15.4% International (�rhl ri�Jirrtlr� rijul l 10 (n 1100 1l11, nr /ri iii p'l of iinri'IT'll Red indicates bottom 40% of universe �j� 04istk ,asset Tallsidting Page 7 Palm Beach Gardens Police Pension Fund Performance Evaluation Summary March 31, 2008 Current Fiscal Year carter One Year Three Years Five Years 2007 2006 2005 2004 2003 RHUMBLINE S &P 500 EQUITY PORTFOLIO Return �,. iii ��, i t ]��.r {' in 12.22% 13.84% Ranking (Br.Large Cap Core) 57 Policy(S &P500) - 9.45% - 5.08% 5.85% 11.32% 16.44% 10.79% 12.25% 13.87% 24.40% RHUMBLINE S &P 400 EQUITY PORTFOLIO Return �_ n.:" ., i , t ,. lo 18.74% r, nu "., '. ; -�., 1;' �, „� n/a Ranking (50 %Br.Lg.Cap &50 %Br.Sm.Cap) -' 11 f f, _'f, 81 n/a Policy (S &P 400) - 8.85% - 6.97% 7.06% 15.10% 18.76% 6.56% 22.16% 17.55% n/a RHUMBLINE S &P 600 EQUITY PORTFOLIO 4 Years Return 10 i i �.��rl ",. ; . r ,- �„ 1 , ° "„ °. h 1'' . 21.16% n/a n/a Ranking (Broad Small Cap) `+ 46 45 51 52 n/a n/a Policy (S&P 600) - 7.46% - 10.61% 5.31% 7.20% 14.93% 7.16% 21.22% n/a n/a ICC LARGE CAP GROWTH EQUITY PORTFOLIO Return - 12.22% - 18.87% n/a n/a n/a n/a n/a n/a n/a Ranking (Broad Large Cap Growth) 68 100 n/a n/a n/a n/a n/a n/a n/a Policy (R1000G) - 10.18% - 10.87% n/a n/a n/a n/a n/a n/a n/a INTERNATIONAL EQUITY 2 trs. 3 Qtrs. I -Year Return - 8.98% - 10.78% r 'r! I" n/a n/a n/a n/a Ranking (International Equity) 48 48 Q 43 n/a n/a n/a n/a Policy (MSCI SAFE) - 8.82% - 10.38% - 8.38% - 2.27% 25.38% n/a n/a n/a n/a t,,, , I1r:,r rh, 1;h!' , m m't" b, Red indicates bottom 40% of universe hi�tle .�rtott�ttlting Page 8 March 31, 2008 EXPLANATION OF RISK /REWARD SCATTERPLOT GRAPHS The crossing lines represent the 5 -year return (horizontal line) and 5 -year standard deviation or volatility or risk (vertical line) of the index against which the Fund is being measured. Each point represents the Fund's 5 -year return (vertically) and standard deviation or volatility (horizontally), relative to the index. If a point is in the southwest quadrant, for example, the 5 -year return of the Fund has been less than (below) the index line, and the 5 -year standard deviation (volatility) has also been less than (to the left ofl the index line. There are four points, one for each of the last four quarters. The earliest one is the smallest and the quarter just ended being the largest. Each point shows the 5 -year relative position of the Fund versus the index for that quarter. The movement of the points shows the trend, or direction, over time. As noted in the graph, the best place to be is the northwest quadrant (less risk and a higher return); the worst place to be is the southeast quadrant (more risk and a lower return). W C, iitstlt Awt (consulting W Palm Beach Gardens Police Pension Fund Total Fund Trailing 5 -Years (versus 25% S &P500, 10% S &P400, 10% S &P600, 10% RIOOOG, 10% EAFE, 35% LBGQ March 31, 2008 4 o� 0 o� v Q -4 -4 Good Conservative i 0 Risk (Difference in Standard Deviations) • 3/31/2008 ®12/31/2007 0913012007 A 613012007 I Aggressive , 4 01 Awt Uslllfing w Page 9 Palm Beach Gardens Police Pension Fund Total EquityTraKing 5 -Years (versus 38.4% S &P 500, 15.4% S &P 400,19.4% S &P 600,19.4% R1000G & 15.4% Ind.) March 31, 2008 4 - - -- Good z 00 0 '4 .r v i o� Q Conservative -4 - - -4 0 Risk (Difference in Standard Deviations) • 3/31/2008 ♦ 12/31/2007 0913012007 ♦ 613012007 I Aggressive CM. 4 0' hlstic Awt 6116ultillo w Page 10 Palm Beach Gardens Police Pension Fund ICC Fixed Income Trailing Since Inception (versus LBGQ March 31, 2008 4 K Good �o � I 0 — - o� i of v Q Conservative i - -III I -4 L - 1 - - - -- - - -4 0 Risk (Difference in Standard Deviations) • 313112008 ®1213112007 ■ 913012007 A 613012007 I Aggressive Bad 4 9 Page 11 3.0% 2.0% 1.0% 0.0% -1.0% Palm Beach Gardens Police Pension Fund Alpha: Trailing 5 -Year Reward March 31, 2008 TOTAL FUND & INDIVIDUAL MANAGERS Mar -08 Dec -07 Sep-u7 1 un -vi ■ Total Fund 0 Large Cap ❑ Mid Cap ❑ Small Cap ■ ICC Fixed W C1 ltistk ..lSsct cr,An6ltltin w Page 13 • Palm Beach Gardens Police Pension Fund Alpha & Beta: 5 -Years Trailing (or Inception if Less) March 31, 2008 BETA un -07 0.80 0.56 1.00 1.00 0.99 n/a 0.68% Managers, Fixed Income ICC Fixed LBGC 1.44% 1.45% 1.23% 1.27% Managers, Equities Current Large Cap S &P500 PO icl/ Mar -08 Dec -07 Sep -07 Total Fund 0.12% 0.24% 5.63% 0.84 0.86 0.83 Managers, Fixed Income S &P600, 10% R1000G, 10% SAFE, 35% LBGC V l�jt�p �p ��nul�Tn ICC Fixed LBGC 0.57 0.56 0.55 Managers, Equities Large Cap S &P500 0.99 0.99 1.00 Mid Cap S &P400 1.00 0.99 1.00 Small Cap S &P600 0.99 0.99 0.99 International EAFE 0.41 0.55 0.73 ALPHA Total Fund * 0.10% 0.08% 0.25% un -07 0.80 0.56 1.00 1.00 0.99 n/a 0.68% Managers, Fixed Income ICC Fixed LBGC 1.44% 1.45% 1.23% 1.27% Managers, Equities Large Cap S &P500 0.12% 0.13% 0.10% 0.09% Mid Cap S &P400 Small Cap S &P600 International EAFE 0.12% 0.24% 5.63% 0.14% 0.18% 9.57% 0.10% 0.21% 0.09 0.08% 0.22% n/a * 25% S&P 500, 10% S &P400, 10% S &P600, 10% R1000G, 10% SAFE, 35% LBGC V l�jt�p �p ��nul�Tn Pa a 14 g 100 75 50 25 0 Palm Beach Gardens Police Pension Fund Batting Average: 5 -Years Trailing March 31, 2008 TOTAL FUND & INDIVIDUAL MANAGERS Mar -0S Dec -07 Sep -07 Jun -0;7 ■Total Fund ❑ Large Cap ❑Mid Cap ❑ Small Cap ■ICC Fixed C, 1116tle Asset CrI, ansultingw Page 15 Palm Beach Gardens Police Pension Fund Batting Average. 5 -Years Trailing (or Inception ifLess) March 31, 2008 BATTING AVERAGE Current Po icy Mar -08 Dec -07 5M-07 fun-07 Total Fund 25.00 25.00 25.00 25.00 Managers, Fixed Income ICC Fixed LBGC 50.00 50.00 50.00 50.00 Managers, Equities Large Cap S &P500 60.00 60.00 60.00 60.00 Mid Cap S &P400 55.00 55.00 52.63 50.00 Small Cap S &P600 62.28 60.01 57.46 54.56 International EAFE 33.33 40.00 50.00 n/a R- SQUARED Total Fund 0.96 0.97 0.97 0.98 Managers, Fixed Income ICC Fixed LBGC 0.76 0.76 0.77 0.78 Managers, Equities Large Cap S &P500 1.00 1.00 1.00 1.00 Mid Cap S &P400 1.00 1.00 1.00 1.00 Small Cap S &P600 1.00 1.00 1.00 1.00 International EAFE 0.16 0.25 0.29 n/a * 25% S &P 500,10% S &P400, 10% S &P600, 10% R1000G, 10% EAFE, 35% LBGC 011istle Asset Gnsniting � Page 16 Performance ofOther Managers ............ _ ...... _ ......................... _ .... .................. ..... March 31, 2008 Qtr YTD lYr 3Yr 5Yr 10Yr CORE EQUITY Atlanta Capital Management Co., LLC - High Quality Growth Plus - Gross Size -7.85 -7.41 5.20 7.59 10.99 3.40 Contravisory Research & Management Corp. - Contravisory Equity Model Portfolio -11.64 -14.08 -7.21 6.03 15.25 11.51 Eagle Asset Management - Conservative Large Cap Equity - Gross Size -7.32 -11.81 -4.83 4.38 12.29 6.79 [CC Capital Management, Inc - Core Value - Gross Size -7.77 -9.21 0.30 7.99 14.92 6.11 Inverness Counsel - Miami Beach Fire & Police - Gross Size (Equity Only) -8.83 -11.07 4.40 10.88 14.07 5.69 INVESCO - Structured Core Equity - Gross Size -9.76 -11.83 -4.79 8.47 12.79 Madison Investment Advisors, Inc. - Large Cap Equity (Instl) - Gross Size -6.19 -7.70 -2.80 3.94 9.58 5.12 Rhumbline Advisers Corporation - Russell 1000 Index Fund - Gross Size -9.50 -12.42 -5.43 6.17 11.83 Rhumbline Advisers Corporation - S &P 500 Index Fund - Gross Size -9.41 -12.40 -4.93 5.91 11.33 3.68 Robeco Investment Management, Inc. - WPG Disc Equity Large Cap - Gross Size -8.99 -4.41 3.64 6.74 11.43 4.59 Voyageur Asset Management - Large Cap Core Russell 1000 -9.48 -5.41 2.85 6.19 11.86 3.83 S &P 500 -9.45 -5.08 3.03 5.85 11.32 3.50 GROWTH EQUITY Allegiant Asset Management - Large Capitalization Growth Equity - Gross Size -12.48 -13.81 -3.36 5.79 10.20 7.74 Clearwater Capital Managment II - U.S. Active Large Cap Growth Equity - Gross Size Davis Hamilton Jackson & Associates - Quality Growth - Gross Size -8.06 -7.88 3.49 5.98 8.75 3.88 Denver Investment Advisors, LLC - Growth - Gross Size -13.71 4.36 3.77 8.59 13.33 6.34 [CC Capital Management, Inc - Large Cap Growth Equity - Gross Size -11.91 -18.20 -11.91 2.16 10.04 Montag & Caldwell, Inc. - Large Cap Growth - Gross Size -9.83 -6.80 9.50 9.08 9.83 3.63 Northern Trust Global Investments - Northern Trust Large Cap Growth - Gross Size OakBrook Investments, LLC - OakBrook Select Equity - Gross Size -4.55 -7.92 -3.70 3.57 10.28 Rhumbline Advisers Corporation - Russell 1000 Growth Index Fund - Gross Size -10.19 -0.58 3.18 6.42 10.01 Sawgrass Asset Management, LLC - Large Cap Growth Equity - Gross Size -11.55 -12.03 -1.61 6.41 10.40 4.17 SIPCO - U.S. Growth Leaders - Gross Size -8.65 -10.32 0.42 10.76 15.73 State Street Global Advisors - Active U.S. Large Cap Growth Strategy - Gross Size Voyageur Asset Management, Inc. - Large Cap Growth - Gross Size -10.69 -11.32 -0.57 3.51 8.80 4.77 Russell 1000 Growth -10.18 -10.87 -0.75 6.33 9.96 1.28 S &P 500 /Citigroup Growth -9.92 -11.07 -1.61 4.96 8.82 2.12 Rhumbline Large Cap(FYE) -9.40 -12.35 _. _ -4.77 5.97 11.38 n/a _ _.. - Rhumbline Mid Cap(FYE) -8.83 -11.23 -6.77 7.15 15.16 n/a Rhumbline Small Cap(FYE) -7.20 -13.18 -10.33 5.60 n/a n/a International Equity(FYE) -8.98 -10.78 1.20 n/a n/a n/a ICC Large Growth(FYE) -12.22 -12.22 -18.87 n/a n/a n/a 11,flimle A55rf crnn5liffingw Page 17 Performance of Other Mana�era _...._- ....__ March 31, 2008 Qtr YTD 1Yr 3Yr 5Yr 10Yr VALUE EQUITY Aletheia Research and Management,lnc - Aletheia Value - Gross Size B1ackRock - Active Quant Large Cap Value - Gross Size Buckhead Capital Management - Value Equity - Low PIE - Gross Size Cascade Investment Counsel, LLC - Large Cap Value - Gross Size Cohen & Steers Capital Mgmt., Inc. - Cohen & Steers Large Cap Value - Gross Size Crawford Investment Counsel, Inc. - Dividend Growth - Gross Size DePrince, Race, Zollo, Inc. - Large Cap Value Equity - Gross Size Eagle Asset Management - Value - Institutional - Gross Size [CC Capital Management, Inc - Core Value - Gross Size INVESCO - Large Cap Value Equity - Gross Size Loomis, Sayles & Company, L.P. - Large Cap Value - Gross Size Missouri Valley Partners - Large Cap Value - Gross Size Oppenheimer Capital - Large Cap Value - Gross Size Rhumbline Advisers Corporation - Russell 1000 Value Index Fund - Gross Size State Street Global Advisors - Active U.S. Large Cap Value Strategy - Gross Size The Boston Company Asset Mgmt., LLC - US Large Cap Value Equity Management Trusco Capital Management, Inc. - Large Cap Value Equity - Gross Size Voyageur Asset Management, Inc. - Large Cap Value - Gross Size Westwood Management Corporation - LargeCap Equity - Gross Size Russell 1000 Value S &P 500 /Citigroup Value MID -CAP EQUITY Amalgamated Bank - LongView 400 MidCap Index Fund - Gross Size Batterymarch Financial Mgmt., Inc. - US Mid Cap S &P 400 - Gross Size Chicago Equity Partners, LLC - Mid Cap Core Equity - Gross Size OakBrook Investments, LLC - Enhanced MidCap Strategy - Gross Size Rhumbline Advisers Corporation - S &P 400 Index Fund - Gross Size Robeco Investment Management, Inc. - BPAM Mid Cap Value Equity - Gross Size State Street Global Advisors - Active U.S. Mid Cap Strategy - Gross Size Russell Midcap S &P Midcap 400 Rhumbline Large Cap(FYE) _ Rhumbline Mid Cap(FYE) Rlumibline Small Cap(FYE) International Equity(FYE) ICC Large Growth(FYE) �ll,hlOflc �88Cl1LOl15Ulfilla� -3.78 -7.63 -2.60 13.46 19.44 -7.85 -11.56 -6.16 7.54 14.53 -6.90 -14.37 -9.91 3.54 11.79 5.62 -1.62 12.56 12.21 16.19 20.85 11.43 -5.66 -759 1.35 11.93 17.73 -6.30 -13.22 -11.15 5.15 13.83 4.81 -6.54 -11.37 -2.84 8.11 13.83 4.81 -7.77 -9.21 0.30 7.99 14.92 6.11 -6.95 -8.48 -2.16 12.24 17.59 6.03 -6.83 -10.71 -5.19 5.79 12.52 -16.65 -24.08 -21.79 0.67 9.41 2.30 -8.72 -13.91 -9.91 5.96 13.60 -7.51 -10.51 -5.12 8.07 13.59 5.44 -8.67 -11.87 -4.56 8.77 16.18 6.19 -7,23 -7.44 2.69 12.30 16.91 8.52 -8.72 -14.01 -9.99 6.01 13.68 5.53 -8.94 -13.84 -8.36 6.76 13.89 4.51 -8.85 -11.27 -6.90 7.11 15.07 9.04 -11.09 -9.96 -2.45 4.06 13.15 n/a -10.56 -15.83 -14.22 3.53 13.59 8.75 -8.55 -10.69 -5.67 8.77 16.48 -8.84 -12.12 -7.88 -8.75 -7.64 3.95 9.10 17.51 7.50 -9.98 -13.17 -8.92 7.36 16.31 7.65 -8.85 -11.33 -6.97 7.05 15.11 9.03 -9.40 -12.35 -4.77 5.97 11.38 n/a -8.83 -11.23 -6.77 7.15 15.16 n/a -7.20 -13.18 -10.33 5.60 n/a n/a -8.98 -10.78 1.20 n/a n/a n/a -12.22 -12.22 -18.87 n/a n a n a Page 18 Performance of Other Managers March 31, 2008 _. -- [ bal Ad ' MSCI EAFE Index Strategy - Gross Equal State Street Go visors - The Boston Company Asset Mgmt., LLC - International Core Equity Management -10.08 -13.23 -6.61 13.81 23.44 10.49 Wentworth, Hauser and Violich - WHV International Equity - Gross Size -1.91 0.57 33.30 31.30 33.65 20.59 MSCI EAFE -8.82 -10.38 -2.27 13.79 21.90 6.56 - -9.40 -12.35 -4.77 5.97 11. n a RhumblineLargeCa�(FYE)- ^- - -- - - -- _ - - -8.83 -11.23 -6.77 7.15 15.16 n/a Rhumbline Mid Cap(FYE) `-- . --.._ _ -. -_ r _ _ Rhubline Swll Cap(FYE) 71 10.33 5.60 n/a n/a 0 13.18 m n Internationa�u(FYE) 8.98 -10.76 1.20 n/a n/a n/a ICC Large Growth(( E) 12.22 -12.22 -18.87 n/a n/a n/a WZT �isfIt Acct call6llifi to w Page 19 Qtr YTD 1Yr 3Yr 5Yr 10Yr ALL CAP EQUITY Advanced Investment Partners - AIICap - Gross Size - -12.23 -14.05 -13.28 4.76 10.17 5.33 Diamond Hill Capital Management, Inc. - Diamond Hill Select Equity - Gross Size - -5.90 -7.81 -0.81 9.84 21.39 Intrepid Capital Management, Inc. - Intrepid Multi -Cap Equity - Gross Size - -4.54 -6.48 -5.78 4.78 12.19 8.05 Oak Ridge Investments, LLC - All -Cap - Gross Size - -11.14 -11.20 0.45 8.32 13.31 Oppenheimer Capital - All Cap Equity - Gross Size - -9.46 -12.07 -5.46 5.98 14.76 8.43 -9.52 -12.54 -6.06 6.11 12.07 3.68 Russell 3000 - -9.61 -5.83 2.44 6.45 12.49 3.97 SMALL CAP EQUITY Atlanta Capital Management Co., LLC - High Quality Small Cap - Gross Size - -4.83 -7.36 -0.53 8.65 15.42 8.35 Eagle Asset Management - Small Cap Core - Institutional - Gross Size - -9.06 -10.17 -5.24 10.45 16.74 13.09 GW Capital, Inc. - Small Cap Value Equity - Gross Size - -7.13 -7.40 -6.09 12.05 26.67 12.52 Intrepid Capital Management, Inc. - Intrepid Small Cap - Gross Size - -3.66 0.46 3.18 7.31 11.91 Kayne Anderson Rudnick Invst. - Small Cap - Gross Size - -9.39 -11.72 -9.04 5.57 14.69 9.21 Pzena Investment Management, LLC - Pzena Small Cap Value Service - Gross Size Rhumb line Advisers Corporation - S&P 600 Pooled Fund - Gross Size - -7.20 -13.22 -10.37 5.59 Sawgrass Asset Management, LLC - Small Cap Growth Equity - Gross Size - -18.01 -21.41 -11.06 -0.69 9.92 1.24 State Street Global Advisors - U.S. Small Cap Growth Opportunities Strategy - Gross Si: Trusco Capital Management, Inc. - Small Cap Growth - Gross Size -9.90 -14.02 -13.00 5.06 14.90 4.96 Russell 2000 Rus S -7.46 -13.43 -10.61 5.30 15.63 7.06 S 2 REAL ESTATE American Realty Advisors - Core Equity Real Estate -Sep. Accts. - Gross Size 17.04 17.50 15.87 12.42 ASB Capital Management, Inc. - EB Real Estate Fund - Gross Size 2 2.55 5.13 1 JPMorgan Asset Management - Strategic Property Fund - Gross Size 1.11 2.84 11.92 16.00 14.22 12.22 Principal Global Investors - Real Estate Core Property - Gross Size 1 Prudential Real Estate Investors - PRISA II - Gross Size RREEF - RREEF America II - Gross Size 2.14 -11.70 -18.84 12.05 18.49 11.41 Dow Jones Wilshire REIT Index NCREIF Property Index INTERNATIONAL EQUITY DePrince, Race, Zollo, Inc. - International Equity - Gross Size 1 10.15 11.72 -5.94 11.23 20.80 8.69 ICC Capital Management, Inc - International ADR Equity - Gross Size - -11.60 -13.39 -7.86 8.83 16.25 5.36 INVESCO - International Equity - Gross Size - -10.38 -12.35 -5.10 11.52 19.36 6.98 Oppenheimer Capital - International Equity - Gross Size - -11.10 -10.55 -3.58 14.65 20.23 9.71 State Street Go visors - The Boston Company Asset Mgmt., LLC - International Core Equity Management -10.08 -13.23 -6.61 13.81 23.44 10.49 Wentworth, Hauser and Violich - WHV International Equity - Gross Size -1.91 0.57 33.30 31.30 33.65 20.59 MSCI EAFE -8.82 -10.38 -2.27 13.79 21.90 6.56 - -9.40 -12.35 -4.77 5.97 11. n a RhumblineLargeCa�(FYE)- ^- - -- - - -- _ - - -8.83 -11.23 -6.77 7.15 15.16 n/a Rhumbline Mid Cap(FYE) `-- . --.._ _ -. -_ r _ _ Rhubline Swll Cap(FYE) 71 10.33 5.60 n/a n/a 0 13.18 m n Internationa�u(FYE) 8.98 -10.76 1.20 n/a n/a n/a ICC Large Growth(( E) 12.22 -12.22 -18.87 n/a n/a n/a WZT �isfIt Acct call6llifi to w Page 19 WZT �isfIt Acct call6llifi to w Page 19 Performance of Other Managers March 31, 2008 CORE FIXED INCOME Atlanta Capital Management Co., LLC - High Quality Broad Market - Gross Size Eagle Asset Management - Core Fixed Institutional - Gross Size Galliard Capital Management - Broad Market Core Composite - Gross Size ICC Capital Management, Inc - Core Fixed Income - Gross Size Oppenheimer Capital - Fixed Income Aggregate - Gross Size Sawgrass Asset Management, LLC - Core Fixed Income - Gross Size State Street Global Advisors - Active Core U.S. Aggregate Bond Stra - Gross Size Voyageur Asset Management, Inc. - Broad Market Core - Gross Size Westwood Management Corporation - Fixed Income - Gross Size Lehman Aggregate Bond Lehman Gov /Credit Bond INTERMEDIATE FIXED INCOME Allegiant Asset Management - Intermediate Gov't /Credit - Gross Size Davis Hamilton Jackson & Associates - Intermediate Fixed Income - Gross Size Eagle Asset Management - Institutional Conservative - Gross Size Missouri Valley Partners - Intermediate Government /Credit Fixed Income - Gross Size Sawgrass Asset Management, LLC - Intermediate Fixed Income - Gross Size Sit Investment Associates, Inc. - Intermediate Govt/Corp - Gross Size State Street Global Advisors - Active Core Intermediate U.S. Aggreg - Gross Size Voyageur Asset Management, Inc. - Intermediate Core - Gross Size Lehman Gov /Credit - Intermediate ICC Fixed Income �+II,II15lIF �551'1�11115U��Illu�+ Qtr YTD 1Yr 3Yr 5Yr 10Yr 3.22 6.65 9.40 6.28 4.97 6.23 2.65 5.88 8.44 5.88 4.63 5.97 0.74 3.29 5.68 5.10 4.93 6.38 1.94 4.76 7.33 5.26 4.10 5.82 3.45 9.07 7.69 5.97 4.88 6.15 2.65 5.55 8.11 5.66 4.72 6.16 0.26 2.65 4.82 4.71 4.18 5.76 2.17 5.24 7.67 5.48 4.58 6.04 2.53 5.71 8.37 5.55 4.62 6.12 2.93 5.92 8.78 5.82 4.54 5.90 2.95 6.23 9.65 6.14 4.86 6.13 3.13 6.29 9.18 6.03 4.42 5.83 3.90 7.28 10.47 6.30 4.77 3.00 5.89 8.88 5.80 4.33 5.87 0.29 2.49 4.73 4.57 3.71 5.77 3.01 6.01 8.90 5.67 4.37 5.91 2.00 5.15 7.84 5.43 4.09 n/a Page 20 PALM BEACH GARDENS POLICE PENSION FUND REVIEW OF INTERNATIONAL EQUITY FUNDS MARCH 31, 2008 Palm Beach Gardens Police Review of International Equity Funds March 31, 2008 1. Vanguard Global Equity (VHGEX) Of 64 %] MorningStar Rating: �' (out of 198 funds over 10- years) Comparative Index: World Stock ie. MSCI World 1 Year 3 Year 5 Year Fund: -4.38% 11.21% 20.00% Policy: -3.26% 9.65% 15.96% Diff: -1.12% 1.56% 4.04% Received an excellent rating and review from Morningstar. No change recommended. www.vancivard.com 2. Vanguard International Growth Admiral Shares (VWILX) [0.31 %] MorningStar Rating: * * ** (out of 557 funds over 3- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE 1 Year 3 Year 5 Year Fund: 2.71% 15.59% 21.68% Policy: -3.30% 13.32% 21.40% Diff: 5.41% 2.27% 0.28% Received a good rating and review from Morningstar. Added a third sub - advisor in February 2008.No change recommended. www.vancivard.com 3. Vanguard International Value (VTRIX) rO.41% MorningStar Rating: * ** i' '(out of 208 funds over 3- years) Comparative Index: Foreign Large Blend ie. MSCI EAFE. 1 Year 3 Year 5 Year Fund: 0.07% 15.45% 23.86% Policy: -3.30% 13.32% 21.40% Diff : 2.77% 2.13% 2.46% Good rating and review from Morningstar. No change recommended www,vanauard.com 4. Mainstay ICAP International (ICEUX) [0.97 %] MomingStar Rating: ** ** (out of 208 funds over 3- years) Comparative Index: Foreign Large Value ie. MSCI EAFE. 1 Year 3 Year 5 Year Fund: 0.06% 15.08% 24.17% Policy: -3.30% 13.32% 21.40% Diff : 2.76% 1.76% 2.77% Manager, Rob Lyon, died in 2007. This is the last review of this fund as it was closed last quarter and the monies will be distributed between the three Vanguard accounts. www.mainstayfunds.com JILL HANSON* mjhanson@hpilaw.com ANN H. PERRY aperry®hpjlaw.com BONNI SPATARA JENSEN bsiensen@hpilaw.com 'ALSo ADMITTED IN N.Y. HANSON, BERRY &- JENSEN9 P.A. 400 EXECUTIVE CENTER DRIVE, SUITE 207 — WEST PALM BEACH, FLORIDA 33401 -2922 April 23, 2008 Palm Beach Gardens Police Pension Fund Board of Trustees Bonnie Lindberg 4360 Northlake Boulevard Suite 206 Palm Beach Gardens, FL 33410 Dear Trustees: TELEPHONE (561) 686 -6550 FACSIMILE (561) 686 -2802 Re: Palm Beach Gardens Police Pension Fund Fee Increase Our File Number: 0003.0001 Over the past several years, our firm has faced increased expenses in significant areas of our operation such as office supplies, office space, utilities, health insurance, employee benefits, travel expenses, etc. We have avoided passing these increased costs to our clients by economizing in ways not affecting our quality of service or our ability to respond to your needs. At this time, we must make an adjustment to our fees. Beginning June 15, 2008, your new rate will be $200 per hour. Please note that our last fee increase was in January of 2004. Attached is a breakdown of past fees and proposed fees. In addition, rather than requesting an increase on an irregular basis, I would like to propose a COLA of 5% annually on January 15th each year. We greatly appreciate your business and the opportunity to continue serving you. If you have questions regarding this increase, please contact me. Sinc rely yours, Bonni S. Jense BSJ /ka Enclosure H:\AII Miscellaneous\ALL BOARDS\2008 \FEES \mrgd Itrs 04- 23.wpd Hanson PerrN & Jensen P.A. 400 Executive Center Drive, Suite 207 West Palm Beach, Florida 33401 2004 FEE SCHEDULE (Current) COSTS /FEES AMOUNT PER Attorney Fees $170 Hour Legal Assistant $ 65 Hour Travel Time (not currently charged) $ Hour Photocopies $0.20 Page Faxes $0.50 Page Postage is billed at the current rate as posted by the U.S. Postal Service. Other shipping charges are billed at the current rates set by the service provider. 2008 FEE SCHEDULE (Proposed) COSTS /FEES AMOUNT PER Attorney Fees $200 Hour Legal Assistant $ 75 Hour Office Assistant $ 25 Hour Travel Time* $100 Hour Photocopies $0.25 Page Faxes (no change) $0.50 Page Postage and Shipping charges will continue to be billed at the current rates set by the service providers. (No change) *Travel time will not be billed to this Fund for local travel. Travel time is billed only when traveling on behalf of the Fund outside the County. H:WII MiscellaneousWLL BOARDS\2008TEESTEE Schedule - Comparison 04- 08.wpd PENSION RESOURCE CENTERS Accounts Payable Check Register FOR: PALM BEACH GARDENS POLICE Check Numberl Date Payee and Description Amount 2096 February 5, 2008 Thistle Asset Consulting, Inc. $3,156.00 Performance Monitor - thru 12/31/07 2097 February 5, 2008 Hanson, Perry & Jensen $509.35 Legal Services Rendered Thru 1/15/08 2098 February 5, 2008 Rhumline Advisers $2,794.01 Management Fees - 4th Qtr 2007 2099 February 5, 2008 Pension Resource Center $2,297.55 February Administrator Fee 2100 March 6, 2008 Hanson, Perry & Jensen $803.20 Legal Services Rendered Thru 2/15/08 2101 March 6, 2008 Gabriel Roeder Smith & Company $3,323.00 Actuarial Services Rendered Thru 1/31/08 2102 March 6, 2008 Pension Resource Center $2,301.30 March Administrator Fee 2103 April 3, 2008 Hanson, Perry & Jensen $476.50 Legal Services Rendered Thru 3/15/08 2104 April 3, 2008 Cherry, Bekaert & Holland $8,700.00 Progress Billing - Audit y/e 9/30/07 2105 April 3, 2008 Gabriel, Roeder, Smith & Company $3,060.00 Actuarial Services Rendered Thru 3/31/08 2106 April 3, 2008 Pension Resource Center $2,275.00 April Administrative Fee 2107 April 18, 2008 Ellen Schaffer $2,100.00 Computer Programming & Consulting Fees 2108 April 18, 2008 Ellen Schaffer $866.25 Computer Programming & Consulting Fees Total $32,662.16 Chairman Secretary. Date Palm Beach Gardens Police VE)DOR: 000000000322 00002096 DATE VENDOR NO. n2 /nR nnnnnnnnn 'i22 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000002008026 02/05/08 3,156.00 3,156.00 Check .00 Total 3,156.00 3,156.00 BANK ATLANTIC Palm Beach Gardena Police 00002096 4360 Northlake Blvd Ste 206 Palm Beach Gardens, Fl 33410 63- 8376/2670 CHECK NO. CHECK DATE VENDOR NO. 2096 02/05/08 000000000322 PAY I AMOUNT THREE THOUSAND ONE HUNDRED FIFTY -SIX AND 00 /100 TO THE THISTLE ASSET CONSULTING, INC. ORDER 1321 PIAZZ DELLE PALLOTTOLE OF BOYNTON BEACH FL 33426 VOID AFTER 180 DAYS 11'0000 209611' 1: 26 ?08 3 76 31:006 3 36 S603110 Palm Beach Gardens Police VENDOR: 000000000322 00002096 DATE VENDOR NO 02 /nR nnnnnnnnn 'i?q INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000002008026 0270570-8 3,156.00 3,156.00 Check .00 Total 3,156.00 3,156.00 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 Bauer The Pension Resource Center, LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Invoice Date Invoice --T 1 /31 /2008 2008026 Thistle Asset Consulting 1321 Piazz Delle Pallottole Boynton Beach, Florida 33426 USA Palm Beach Gardens Police VENDOR: '000000000010 00002097 DATE VENDOR NO. 02 /nR nnnnnnnnnnin INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000062151 02/05/08 509.35 1509.35 Check .00 Total 509.3 509.35 Palm Beach Gardens Police 00002097 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 8376/2670 BANK ATLANTIC PAY FIVE HUNDRED NINE AND 35/100 TO THE HANSON, PERRY & JENSEN P.A. ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207 OF WEST PALM BEACH FL 33401 CHECK NO. CHECK DATE VENDOR NO. 2097 02/05/08 1000000000010 AMOUNT $509.35 11800002097116 li: 26 708 3 76 3 :006 3 36 560 311' Palm Beach Gardens Police VENDOR: 000000000010 00002097 DATE VENDOR NO. 02/08 000000000010 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000062151 02/05/08 509.35 509.35 Check .00 Total 509.35 509.35 HANSON, PERRY & JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 Phone: 561 - 686 -6550 Invoice submitted to: Palm Beach Gardens Police Pension Fund Attn: Scott Baur & Bonnie Lindberg - via email c/o Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary January 22, 2008 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client / File No.: 0003 Invoice # 62051 Professional Services Administrator - PRC 1/14/2008 BSJ Telephone call Telephone call with Jay Spencer E -mail to Scott Baur Administrator - PRC SUBTOTAL: DROP 1/4/2008 KA Telephone calls Telephone calls with Bonnie Lindberg @ Pension Resource Center re: supplemental benefit to DROP members E -mail to Melissa and GRS and Bonnie Lindberg @ Pension Resource Center re: Ordinance 8 -2006 Sect Hrs /Rate Amount 0.25 42.50 170.00 /hr 0.25 42.50] 0.75 48.75 65.00 /hr J Palm Beach Gardens Police Pension Fund Page 2 Hrs /Rate Amount 50 -136 DROP 1/4/2008 BSJ Review 1.00 170.00 Review Pension Plan Document 170.00 /hr Review emails from Pension Resource Center and GRS E -mail to Melissa Moskovitz @ GRS DROP 1/7/2008 BSJ Telephone call 0.10 17.00 Telephone call with Jay Spencer 170.00 /hr DROP SUBTOTAL: [ 1.85 235.75] Definition of Salary 1/7/2008 BSJ Telephone call 0.10 17.00 Telephone call with Jay Spencer 170.00 /hr Definition of Salary SUBTOTAL: [ 0.10 17.00] Misc Matters 12/17/2007 BSJ Review 0.25 42.50 Review email from Dixie Martinez re: HELPS exclusion 170.00 /hr Research Internal Revenue Service notice 2007 -7 and supplement Internal Revenue Service notice 2007 -99 Telephone call with Dixie Martinez re: vested deferreds and benefits not included Misc Matters SUBTOTAL: [ 0.25 42.50] Plan Document 1/11/2008 BSJ E -Mail 1.00 170.00 E -Mail to Allan Owens re: Palm Beach Gardens 170.00 /hr J J Palm Beach Gardens Police Pension Fund Page 3 Hrs /Rate Amount amendment Review amendment Prepare amendment in Word format E -mail to Jules Barone Review Email from Jules Barone Plan Document SUBTOTAL: [ 1.00 170.001 For professional services rendered 3.45 $507.75 Additional Charges : Qty/Price Bill File 1/15/2008 HPJ Photocopies$ 8 1.60 Copy Charges 0.20 Bill File SUBTOTAL: [ 1.60] Total additional charges $1.60 Total amount of this bill $509.35 Previous balance $1,411.80 Total payments ($1,411.80) Balance due $509.35 K JILL HANSON- mihanson ®hpilaw.com ANN H. PERRY aperry®hpjlaw.com BONNI SPATARA JENSEN bsiensen@hpilaw.com 'iuso Aw.arrso w N.Y. HANSON, PERRY & JENSEN, P.A. 400 EXECUTIVE CENTER DRIVE, SUITE 207 — WEST PALM B�ACH, FLORIDA 33401 -2922 January 23, 2008 Via Email Palm Beach Gardens Police Pension Fund Pension Resource Center Attn: Scott Baur & Bonnie Lindberg 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Re: Dear Scott & Bonnie: TELEPHONE (561) 686-6550 FACSIMILE (561) 686 -2802 Hanson, Perry & Jensen Billinq Statement Enclosed please find the Firm's invoice for services rendered for the period that ended 1/15/2008. Thank you for your payment of $1,411.80. Your current balance due is $509.35. If you have any questions, please do not hesitate to contact me. Sincerely, Bonni S. Jensen BSJladt Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only Palm Beach Gardens Police VFNnnR- '00000000021 F 00002098 DATE VENDOR NO 02/08 000000000216 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 8RO84 02/05/08 2,794.01 2,' 94.01 Check .00 Total 2,794.01 2,794.01 Palm Beach Gardens Police 00002098 4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 63- 6376/2670 BANK ATLANTIC CHECK N0. I CHECK DATE VENDOR NO. 2098 02/05/08 1000000000216 PAY I AMOUNT TWO THOUSAND SEVEN HUNDRED NINETY -FOUR AND 01 /10 TO THE RHUMLINE ADVISERS ORDER 30 ROWES WHARF OF BOSTON MA 02110 VOID AFTER 180 DAYS 1110000 209811' 1: 26 708 3 76 31:006 3 36 560 311' Palm Beach Gardens Police %/CKI nnD. nnnnnnnnn ,)l ri 00002098 DATE VENDOR NO. 02/OR 000000000216 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 8RO84 02/05/08 2,794.01 2,794.01 Check .00 Total 2,794.01 2,794.01 ambLine Investment Advisory Fees January 10, 2008 4th Qtr 2007 Invoice # 28RO84 Account: Palm Beach Gardens Police Fund S&P 500 Pooled Index Fund SAP 400 Pooled Index Fund SAP 600 Pooled Index Fund Pooled Combined Market Values Period ending L811 1013112007 11/30/2007 12/31/2007 Total Average Market Value Basis Points 0.0010 X 10,000,000.00 0.0007 X 1,680,033.52 Annual Fee: Quarterly Fee: Please make payment to: $11,763,839 $11,674,433 $11,601,828 $35,040,100.56 $11,680,033.52 10,000.00 1,176.02 $11,176.02 N) w $2,794.01 1-`J—_ RhumbLine Advisers 30 Rowes Wharf,, Suite 350 Boston, MA 02110 -3326 RhumbLine Advisers • 30 Bowes Wharf, Boston, MA 02110 -3326 • Tel: (617) 345 -0434, Fax: (617) 345 -0675 i uma -iflxune S Investment Advisory Fees January 10, 2008 4th Qtr 2007 Invoice # 28R084 Account: Palm Beach Gardens Police Fund S&P 500 Pooled Index Fund S&P 400 Pooled Index Fund S&P 600 Pooled Index Fund Pooled Combined Market Values Period ending L811 1013112007 1113012007 12/31/2007 Total Average Market Value Basis Points 0.0010 X 10,000,000.00 0.0007 X 1,680,033.52 Annual Fee: Quarterly Fee: Please make payment to: $1 1,763,839 $11,674,433 $11,601,828 $35,040,100.56 $11,680,033.52 10,000.00 1,176.02 $11,176.02 $2,794.01 RhumbLine Advisers 30 Rowes Wharf, Suite 350 Boston, MA 02110.3326 RhumbLine Advisers • 30 Rowes Wharf, Boston, MA 02110 -3326 • Tel: (617) 345 -0434, Fax: (617) 345 -0675 Palm Beach Gardens Police VFNnnR-' 000000000001 00002099 DATE VENDOR NO. 02/08 000000000001 I INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 080082 02/05/08 2,297.55 2, 97.55 Check .00 Total 2,297.55 2,297.55 Palm Beach Gardena Police 00002099 4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 63- 8376/2670 BANK ATLANTIC CHECK NO CHECK DATE VENDOR NO. 2099 02/05/08 1000000000001 PAY I AMOUNT TWO THOUSAND TWO HUNDRED NINETY -SEVEN AND 55/100 TO THE PENSION RESOURCE CENTERS ORDER 4360 NORTHLAKE BLVD STE 206 OF PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS 000002099110 is 20 708 3 70 31:000 3 30 500 3u■ Palm Beach Gardens Police x /r,innQ. nnnnnnnnnnni 00002099 DATE VENDOR NO. 02 /0R nnn000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 080082 02/05/08 2,297.55 2,297.55 Check .00 Total 2,297.55 2,297.55 Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Invoice Date Invoice # 2/1/2008 R080082 Description Qty Rate Class Amount Palm Beach Gardens Police Pension Fund - Admin Fee 2,275.00 PRC - FL 2,275.00 Copies -1099R 23.00 0.15 PRC - FL 3.45 Forms and Envelopes -1099R 23.00 0.29 PRC - FL 6.67 Labor 1099R 0.25 12.00 PRC - FL 3.00 Postage -1099R 23.00 0.41 PRC - FL 9.43 Automatic -Do not pay Total $2,297.55 1 f you have any questions concerning this invoice, please contact Jim Jameson at Resource Balance Due Centers, LLC, Phone 561 -459 -2960 or Email - JinUameson a Resource- Teant.com $2,297.55 MM Palm Beach Gardens Police VENDOR: 000000000010 00002100 DATE VENDOR NO. n'i /nR nnnnnnnnnnin INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000062098 03/06/08 803.20 803.20 Check .00 Total 803.20 803.20 Palm Beach Gardens Police 00002100 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 8376/2670 BANK ATLANTIC PAY EIGHT HUNDRED THREE AND 20/100 AE HANSON, PERRY & JENSEN P.A. ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207 OF WEST PALM BEACH FL 33401 CHECK NO. CHECK DATE VENDOR NO. 2100 03/06/08 1000000000010 AMOUNT $803.20 VOID AFTER 180 DAYS 7Vg7I E N CONTAINS YICROPRPC 1180000 2 1001i' 4 26 708 3 76 3400 G 3 36 560 311' Palm Beach Gardens Police VENDOR: 000000000010 00002100 DATE VENDOR NO. 03/08 OOOnnOnnOn10 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000062098 03/06/08 803.20 803.20 Check .00 Total 803.20 803.20 HANSON, PERRY & JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 Phone: 561 - 686 -6550 Invoice submitted to: Palm Beach Gardens Police Pension Fund Scott Baur & Bonnie Lindberg & Audrey Ross -via email c/o Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary February 22, 2008 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client/ File No.: 0003 Invoice # 62098 Professional Services Hrs /Rate Amount Actuarial Valuation 2/12/2008 BSJ E -Mail 0.06 10.20 E -Mail to Scott Baur 170.00 /hr Actuarial Valuation SUBTOTAL: [ 0.06 10.20] Attendance at Trustee Meetings 1/30/2008 ADT Prep Atty Rept 1.00 65.00 Prepare Attorney Report, Handouts, and Folder for 65.00 /hr upcoming Meeting - 01/31/08 Attendance at Trustee Meetings 1/31/2008 BSJ Attend 1.75 297.50 Attend meeting 170.00 /hr Attendance at Trustee Meetings SUBTOTAL: [ 2.75 362.50] J Im Beach Gardens Police Pension Fund Page 2 Hrs /Rate Amount Investment Policy Guidelines 2/14/2008 BSJ Telephone call 0.10 17.00 Telephone call with Jay Spencer re: protecting Florida's 170.00 /hr Investments Act Telephone call with Alan Owens (left message) Investment Policy Guidelines BSJ Review 0.25 42.50 Review Palm Beach Gardens Amendment re: Sudan & 170.00 /hr Iran Divestiture Investment Policy Guidelines SUBTOTAL: [ 0.35 59.50] Misc Matters 1/30/2008 BSJ Draft 0.50 85.00 Draft letter to Speaker of the House Marco Rubio re: 170.00 /hr §119.071(5)(a)4 Florida Statutes Draft letter to Senate President Ken Pruitt re: §119.071(5)(x)4 Florida Statutes E -mail to Speaker Marco Rubio Misc Matters 1/31/2008 BSJ E -Mail 0.10 17.00 E -Mail to Senate President Ken Pruitt 170.00 /hr Misc Matters SUBTOTAL: [ 0.60 102.00] Monitor /Consultants - Thistle Asset Consulting 1/23/2008 BSJ Review 0.35 59.50 Review emails from John McCann 170.00 /hr Telephone calls with John McCann re: Asset Allocation / Re balancing Telephone call with Scott Baur Monitor /Consultants - Thistle Asset Consulting SUBTOTAL: [ 0.35 59.50] ilm Beach Gardens Police Pension Fund Plan Document 1/29/2008 BSJ Telephone call Telephone call with Allan Owens Review Statement of No Impact from Steve Palmquist Plan Document 2/5/2008 BSJ Telephone call Telephone call with Jay Spencer Plan Document SUBTOTAL: [ Trustee Election 2/6/2008 KA Research Research and E -mail to Donna Cannon - City of Palm Beach Gardens - Trustee Election Policy and Trustee terms Trustee Election KA Telephone call Telephone call from Jay Spencer requesting Trustee term information to be sent to City to Donna Cannon Trustee Election 2/11/2008 KA Telephone call Telephone call from Bonnie @ Pension Resource Center re: 5th Trustee term expired / procedure for election Trustee Election 2/12/2008 KA E -mails E -mails with Bonnie Lindberg re: Trustee terms Review Pension Plan Document to confirm all Trustee terms are 2 years Trustee Election SUBTOTAL: Page 3 Hrs /Rate Amount 0.25 42.50 170.00 /hr 0.25 42.50 170.00 /hr 0.50 85.00] 0.50 32.50 65.00 /hr 0.25 16.25 65.00 /hr 0.25 16.25 65.00 /hr 0.50 32.50 65.00 /hr 1.50 97.50] For professional services rendered 6.11 $776.20 elm Beach Gardens Police Pension Fund Additional Charges: Bill File 2/11/2008 HPJ Westlaw Research$ Westllaw Research Invoice #815333161 Dates - 01 /30/08 Bill File 2/15/2008 HPJ Photocopies$ Copy Charges Bill File SUBTOTAL: Total additional charges Total amount of this bill Previous balance Total payments Balance due Page 4 QW /Price Amount 1 25.00 25.00 10 2.00 0.20 $803.20 $509.35 ($509.35) $803.2 'LL HANSON* ,hanson ®hpjlaw.com ANN H. PERRY aperry®hpjlaw.com BONNI SPATARA JENSEN bsjensen®hpjlaw.com 'use Aownw w N.Y. HANSON, PERRY & JE 4SEN, P.A. 400 EXECUTIVE CENTER DRIVE, SUITE 207 — WEST PALM BEACH, FLORIDA 33401 -2922 February 22, 2008 Via Email Palm Beach Gardens Police Pension Fund Pension Resource Center Attn: Scott Baur & Bonnie Lindberg & Audrey Ross 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Dear Scott & Bonnie: TELEPHONE (561) 686 -6550 FAcsIMILE (561) 686 -2802 Re: Hanson, Perry & Jensen Billing Statement Enclosed please find the Firm's invoice for services rendered for the period that ended 211512008. Thank you for your payment of $509.35. Your current balance due is $803.20. If you have any questions, please do not hesitate to contact me. BSJ /adl Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only Sincerely, t Bonni S. Jensen (Signed in Absence) Palm Beach Gardens Police VENDOR: 000000000012 00002101 DATE VENDOR NO. oVnR nnnnnnnnnn» INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUDIT PAID DISC. TAKEN NET AMOUNT 000000000103850 03/06/08 3,323.00 3, 23.00 Check .00 Total 3,323.0 3,323.0 Palm Beach Gardena Police 00002101 4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 63- 8376/2670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR N0. 2101 03/06/08 1000000000012 PAY AMOUNT THREE THOUSAND THREE HUNDRED TWENTY -THREE AND 00 /100 $3,323.00 T...eIE GABRIEL ROEDER SMITH & COMPANY ORDER P.O. BOX 78000 OF DETROIT MI 48278 VOID AFTER 180 DAYS 1160000 2 10 111' 1:26 ?083 ?631:006336560311' Palm Beach Gardens Police VENDOR: 000000000012 00002101 DATE VENDOR NO. 03/08 000000000012 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000103850 53/06/08 3,323.00 3,323.00 Check .00 Total 3,323.0 3,323.0 GRSGabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301 -1872 (954) 527 -1616 BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND Mr. J. Scott Baur, Administrator The Pension Resource Center, Inc. 4 k Cb 3 L�;UU 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 1/31/2008 Invoice 103850 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 1NDIUA'1'E'1'HE1NVUIULNUMKrKUN YVUKKEMIllANUE. lriANK YVU. 'aim Beach Gardens Police UUVUL 1 UG DATE VENDOR NO. vFtinnd- n00n00000001 03/08 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUf4T PAID DISC. TAKEN NET AMOUNT P080125 03/06/08 2,301.30 2, 01.30 Check .00 Total 2,301.3 2,301.30 Palm Beach Gardens Police 00002102 4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 638376/2670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2102 03/06/08 1000000000001 PAY AMOUNT TWO THOUSAND THREE HUNDRED ONE AND 30/100 $2,301.30 T,-iHE PENSION RESOURCE CENTERS ORDER 4360 NORTHLAKE BLVD STE 206 OF PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS 'i+DEP CONTAINS WCROVRMI 11800002102110 1:26701337C3 31:006 3 3 6 5 60 3112 Palm Beach Gardens Police �,�nfnna. nnnnnnnnnnni 00002102 DATE VENDOR NO. 03/08 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT P080125 03/06/08 2,301.30 2,301.30 Check .00 Total 2,301.30 2,301.3 Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Invoice Date Invoice # 3/3/2008 P080125 Description Qty Rate Class Amount Palm Beach Gardens Police Pension Fund - Admin Fee 2.275.00 PRC - FL 2,275.00 March 2008 Death Search (PBI) 24 0.50 PRC - FL 12.00 FedEx Overnite Package (s) one package January invoice 14.30 PRC - FL 14.30 Total $2.301.30 If you have any questions concerning this invoice, please contact.] im Jameson at Resource Centers, LLC, Phone 561- 459 -2960 or Email - .Iim.Janiesoii o Resource- Tcam.com Balance Due $2,301.30 ' J F--� Palm Beach Gardens Police ' nnnnnnnnnnln uuuuZ 1 us DATE VENDOR NO. n4inR 000000000010 L •INVOICE NUMBER v v v vINVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000062172 04/03/08 476.50 476.50 Check .00 Total 476.50 476.50 Palm Beach Gardens Police 000021 03 4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 63- 837612670 BANK ATLANTIC CHECK NO CHECK DATE VENDOR NO. 2103 104/03/08 1000000000010 AMOUNT PAY FOUR HUNDRED SEVENTY -SIX AND 50/100 00KNO I $476.50 TO THE HANSON, PERRY & JENSEN P.A. ORDER 400 EXECUTIVE CENTER DRIVE SUITE 207 OF WEST PALM BEACH FL 33401 VOID AFTER 180 DAYS . EI- _0Nrn1_N5LM oaax 11'0000 2103116 1:26 708 3 76 31:0063365603116 Palm Beach Gardens Police 00002103 DATE VENDOR NO na /np nnnnnnnonolo vtrvuun: INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000062172 04/03/08 476.50 476.50 .00 476.50 i it Check Total 476.50 HANSON, PERRY & JENSEN, P.A. 400 Executive Center Drive Suite 207 West Palm Beach, FL 33401 Phone: 561 - 686 -6550 Invoice submitted to: Palm Beach Gardens Police Pension Fund Scott Baur & Bonnie Lindberg & Audrey Ross -via email c/o Pension Resource Center 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens FL 33410 Copy to: Chairman & Secretary March 18, 2008 In Reference To: FOR PROFESSIONAL SERVICES RENDERED AS FOLLOWS: Client/ File No.: 0003 Invoice # 62172 Professional Services Hrs /Rate Amount Auditor 2/27/2008 BSJ Review 0.25 42.50 Review emails re: Palm Beach Gardens Audit materials 170.00 /hr Auditor 2/29/2008 BSJ Review 0.10 17.00 Review emails from Rowana Flitan and Audrey Ross and 170.00 /hr Jay Spencer E -mail to Rowana, Pension Resource Center and Jay Spencer re: status Auditor SUBTOTAL: [ 0.35 59.501 Buyback 2/21/2008 KA Telephone calls 1.00 65.00 Telephone calls with Jay Spencer re: Buyback Policy 65.00/hr • Palm Beach Gardens Police Pension Fund Page 2 Hrs /Rate Amount Research Buyback Documents - email to Bonni S. Jensen for legal review and response to chair Buyback 2/21/2008 BSJ Review 0.25 42.50 Review Pension Plan Document re: Buyback 170.00 /hr Buyback SUBTOTAL: [ 1.25 107.50] Definition of Salary 3/4/2008 BSJ Review 0.35 59.50 Review email from Scott Baur re: salary issues and 170.00 /hr spreadsheet Review Rowana Flitan re: report of salaries E -mail to Scott Baur Definition of Salary 3/5/2008 BSJ Telephone call 0.10 17.00 Telephone call with Jay Spencer 170.00 /hr Definition of Salary 3/6/2008 BSJ Review 0.25 42.50 Review email from D. Steinbruckner @ City of Palm 170.00 /hr Beach Gardens Finance re: IT issues on payroll report Review email from Rowana Flitan Definition of Salary 3/11/2008 BSJ Review 0.25 42.50 Review email from Debby Steinbruckner 170.00 /hr E -mail to Scott Baur Definition of Salary SUBTOTAL: [ 0.95 161.50] Palm Beach Gardens Police Pension Fund Page 3 Hrs /Rate Amount Inv Mqr - RhumbLine 2/27/2008 KA E -mails 0.50 32.50 E -mails with Bonnie Lindberg re: January Rhumbline 65.00 /hr reports Inv Mgr - RhumbLine SUBTOTAL: [ 0.50 32.50] Misc Matters 2/29/2008 BSJ Research 0.10 17.00 Research Crosby v. National Foreign Trade Council, 530 170.00 /hr U.S. 363 (2000), affg 181 F.3d 38 (1st Cir. 1999), affg 26 F. Supp. 2d 287 (D. Mass. 1998). Misc Matters BSJ Telephone call 0.25 42.50 Telephone call with divestiture expert 170.00 /hr Review resolution Misc Matters SUBTOTAL: [ 0.35 59.50] Plan Document 2/19/2008 BSJ Telephone call 0.10 17.00 Telephone call with Alan Owens re: Amendment needs 170.00 /hr reviewed by City Actuary Plan Document KA Telephone call 0.25 16.25 Telephone call from Allen Owens re: Amendment pulled 65.00 /hr from 2/20 Council Agenda Plan Document SUBTOTAL: [ 0.35 33.25] Palm Beach Gardens Police Pension Fund Page 4 Hrs /Rate Amount Trustee Election 2/21/2008 KA Telephone call 0.35 22.75 Telephone call from Bonnie Lindberg re: Wayne Sidey - 65.00 /hr 5th Trustee term expiration Trustee Election SUBTOTAL: [ 0.35 22.75] For professional services rendered 4.10 $476.50 Previous balance $803.20 Total payments ($803.20) Balance due $476.50 HANSON, PERRY & JENSEN, P.A. 400 EXECUTIVE CENTER DRIVE, SUITE 207 — WEST PALM BEACH, FLORIDA 33401 -2922 JILL HANSON* mjhanson ®hpjlaw.com ANN H. PERRY aperry®hpjlaw.com SONNI SPATARA JENSEN bsjensen ®hpjlaw.com March 18, 2008 *kso Aa nw w N.Y. Via Email Palm Beach Gardens Police Pension Fund Pension Resource Center Attn: Scott Baur & Bonnie Lindberg & Audrey Ross 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Dear Scott & Bonnie: TELEPHONE (561) 686 -6550 FACSIMILE (561) 686 -2802 Re: Hanson Perry & Jensen Billing Statement Enclosed please find the Firm's invoice for services rendered for the period that ended 3/15/2008. Thank you for your payment of $803.20. Your current balance due is $476.50. If you have any questions, please do not hesitate to contact me. BSJ /adt Enclosure Copy to: Jay Spencer, Chairman David Pierson, Secretary Via Email Only Sincerely, 611-11y�p Bonni S. Jensen Palm Beach Gardens Police nnnnnnnnnn1) n UUUUL 1 V4 DATE VENDOR NO n4 /nA nn0000000029 V LIYVVi.. v v - .. .. INVOICE NUMBER .. - INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000381542 04/03/08 8,700.00 8,700.00 Check .00 Total 8,700.00 8,700.00 Palm Beach Gardens Police 00002104 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 8376/2670 BANK ATLANTIC CHECK NO CHECK DATE VENDOR NO. 2104 04/03/08 1000000000029 AMOUNT PAY EIGHT THOUSAND SEVEN HUNDRED AND 00 /100 $8,700.00 TO THE CHERRY, BEKAERT & HOLLAND ORDER ONE CLEARLAKE CENTER OF 250 AUSTRALIAN AVE SOUTH SUITE 1201 WEST PALM BEACH FL 33401 VOID AFTER 180 DAYS CONTAINS NICROPRIW 1100000 2 10 411' 1;26 7013 3 76 31:006336560311■ Palm Beach Gardens Police 00002104 DATE VENDOR NO. na /nR nnnnnnn00029 Vtrvuvn: vvvvvvvvv INVOICE NUMBER c i INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000381542 04/03/08 8,700.00 8,700.00 .00 8,700.00 Check Total 8,700.00 CHERRY BEKAERT & HOLLAND, L. L.P. ONE CLEARLAKE CENTRE 250 S. AUSTRALIAN AVE. STE. 1201 WEST PALM BEACH, FL 33401 (561)835 -8352 PALM BEACH GARDENS POLICE PENSION FUND c% PENSION RESOURCE CENTER, INC. 4360 NORTHLAKE BLVD., SUITE 206 PALM BEACH GARDENS, FL 33410 Invoice No. 381542 Date 212912008 Client No. 4253650.0 FOR PROFESSIONAL SERVICES RENDERED: Progress billing on audit of financial statements for the year ended September 30, 2007. $ 8,700.00 K Terms: Invoices payable within 15 days from invoice date. A service charge will be added to past due accounts equal to 1 112% per month (18% annually) on the previous month's balance less payments received during the month, with a minimum charge of $2.00 per month. Palm Beach Gardens Police nnnnnnnnnn1� 00002105 DATE VENDOR NO. 04/08 000000000012 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000104414 04/03/08 3,060.00 3,060.00 Check .00 Total 3,060.00 3,060.00 Palm Beach Gardens Police 00002105 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 8376/2670 BANK ATLANTIC PAY THREE THOUSAND SIXTY AND 00 /100 iOTHE GABRIEL ROEDER SMITH & COMPANY ORDER P.O. BOX 78000 OF DETROIT MI 48278 CHECK NO. CHECK DATE VENDOR NO. 2105 04/03/08 000000000012 AMOUNT $3,060.00 VOID AFTER 180 DAYS 3:_ . 10L c:onTAws u1Ctgg'1jW 1180000 2 10 511' ':26 708 3 76 3':006336560311' Palm Beach Gardens Police ,icninno. nnnnnnnnnnl 7 00002105 DATE VENDOR NO 04/08 000000000012 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000104414 04/03/08 3,060.00 3,060.00 Check .00 Total 3,060.00 3,060.00 GRSGabriel Roeder Smith & Company Consultants & Actuaries One East Broward Blvd. Suite 505 Ft. Lauderdale, Florida 33301 -1872 (954) 527 -1616 BOARD OF TRUSTEES, CITY OF PALM BEACH GARDENS POLICE OFFICERS PENSION FUND Mr. J. Scott Baur, Administrator The Pension Resource Center, Inc. 4360 Northlake Blvd., Suite 206 Palm Beach Gardens, FL 33410 j UUU 3/31/2008 Invoice 104414 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 INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. Palm Beach Gardens Police vGtinnt�. nnnnnnnnnnni ODUUZIUb DATE VENDOR NO. 04/08 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT P080159 04/03/08 2,275.00 2,275.00 Check .00 Total 2,275.00 2,275.00 Palm Beach Gardens Police 00002106 4360 Northlake Blvd Ste 206 Palm Beach Gardens, FI 33410 63- 8376/2670 BANK ATLANTIC CHECK NO. I CHECK DATE VENDOR NO. 2106 04/03/08 1000000000001 PAY I AMOUNT TWO THOUSAND TWO HUNDRED SEVENTY -FIVE AND 00 /100 TO THE PENSION RESOURCE CENTERS ORDER 4360 NORTHLAKE BLVD STE 206 OF PALM BEACH GARDENS FL 33410 VOID AFTER 180 DAYS ;oRCER CONTAINS MfGROVRH! II400002L0611' 1:2670837631:006336560311' Palm Beach Gardens Police nnnnnnnnnnni 00002106 DATE VENDOR NO. 04/08 000000000001 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT P080159 04/03/08 2,275.00 2,275.00 Check .00 Total 2,275.00 2,275.00 Resource Centers, LLC 4360 Northlake Blvd Suite 206 Palm Beach Gardens, FL 33410 Bill To Palm Beach Gardens Police Pension Fund Invoice Date Invoice # 4/1/2008 P080159 Description Qty Rate Class Amount Palm Beach Gardens Police Pension Fund - Admin Fee - 2,275.00 PRC - FL 2,275.00 April 2008 Total $2,275.00 If you have any questions concerning this invoice, please contact .1im Jameson at Resource Balance Due Centers, LLC, Phone 561 -459 -2960 or Email -J i ni. Ja iii eson(til Resou 1-ce-Tearil. coil 1 $2,275.00 Palm Beach Gardens Police DATE VENDOR uFNnw- nnnnnnnnnnn,� 04/08 000000000005 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000002021 04/18/08 2,100.00 2,100.00 Check .00 Total 2,100.00 2,100.00 CN;S:•x..... �. 5?.`- ��. �iS..`^..'�e.�.�bSl,A�:�.9:s6�� .,.1_. .!�.,? a.,.' ..'.. . x� r.. ... Palm Beach Gardens Police 00002107 4360 Northlake Blvd Ste 206 Palm Beach Gardens, Fl 33410 63 8376/2670 BANK ATLANTIC CHECK NO. CHECK DATE VENDOR NO. 2107 04/18/08 1000000000005 PAY AMOUNT TWO THOUSAND ONE HUNDRED AND 00/100 `�.h;� $2,100.00 TO THE ELLEN SCHAFFER ORDER 339 N. W. 99 WAY OF CORAL SPRINGS FL 33071 VOID AFTER 180 DAYS I IN, AIN3 kllrROPFIW 0000020711' 1:267083 ?63':0063365603111 Palm Beach Gardens Police nnnnnnnnnnni:� 00002107 DATE VENDOR NO 04 /n,q 000000000005 ` INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000002021 I 04/18/08 2,100.00 2,100.00 Check .00 Total 21100.00 2,100.00 I N V O I C E ELLEN SCHAFFER INVOICE: 2021 339 N.W. 99 WAY DATE: 02/23/2008 CORAL SPRINGS, FL. 33071 REF.: 109 Home: (954) 341 -5032 Fax: (954) 345 -0748 Public Pension Software Consultant SOLD TO: PENSION RESOURCE CENTER 4360 NORTHLAKE BLVD. SUITE 206 PALM BEACH GARDENS, FL. 33410 ATTN: DENISE MC NEILL QTY DESCRIPTION 20.00 HOUR(S) PROGRAMMING & CONSULTING FEES RECONVERT ACTIVE MEMBER PAYROLL FOR PALM BEACH GARDENS POLICE OFFICERS - SETUP: REMOVE PAYROLL FROM 1011104 THRU 1011/05; CONVERT PAYROLL FROM 10/1/04 THRU 8/10/2007; POST PAY UP THRU 9/16/07 TO END FISCAL YEAR; REALIGN ALL PAY BY PAY END DATE, NOT CHECK DATE PROVIDED; ESTABLISH ACCOUNT BALANCES AT FYE TO BE UPDATED EACH FYE WITH FISCAL CONTRIBUTIONS; NO BALANCES WERE PROVIDED; PROVIDE BIWEEKLY PAYROLL POST PROGRAM. AMOUNT TOTAL 105.00 2100.00 SUBTOTAL $ TAX $ SHIP /HAND $ TOTAL $ TERMS: 10* late fee after 60 days PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER 2100.00 .00 .00 2100.00 alm Beach Gardens Police DATE VENDOR NO na /nR 000000000005 INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT )00000000002026 04/18/08 866.25 866.25 .00 866.25 Check eck Total 866.25 Palm Beach Gardens Police 00002108 4360 Northlake Blvd Ste 206 Palm Beach Gardens, A 33410 63- 6376/2670 BANK ATLANTIC PAY EIGHT HUNDRED SIXTY -SIX AND 25/100 TO THE ELLEN SCHAFFER ORDER 339 N. W. 99 WAY OF CORAL SPRINGS FL 33071 CHECK NO. CHECK DATE VENDOR NO. 2108 04/18/08 000000000005 AMOUNT $866.25 VOID AFTER 180 DAYS 1180000210811' 1:26 7013371,31:00633C3 IS C3 0 3 "1 Palm Beach Gardens Police n n r 00002108 DATE VENDOR NO. n4 /Ott 000000000005 vCINUVn: INVOICE NUMBER INVOICE DATE INVOICE AMOUNT AMOUNT PAID DISC. TAKEN NET AMOUNT 000000000002026 04/18/08 866.25 866.25 .00 866.25' Check Total 866.25 4 p a I N V O I C E ELLEN SCHAFFER INVOICE: 2026 339 N.W. 99 WAY DATE: 03/14/2008 CORAL SPRINGS, FL. 33071 REF.: 109 Home: (954) 341 -5032 Fax: (954) 345 -0748 Public Pension Software Consultant SOLD TO: PENSION RESOURCE CENTER 4360 NORTHLAKE BLVD. SUITE 206 PALM BEACH GARDENS, FL. 33410 ATTN: DENISE MC NEILL QTY DESCRIPTION 8.25 HOUR(S) PROGRAMMING & CONSULTING FEES TO RECONVERT ACTIVE MEMBER PAYROLL FOR PALM BEACH GARDENS POLICE OFFICERS FROM 10/01/2004 - TO 3/2/2008. RECOMPUTE ACCOUNT BALANCES FROM 9/30/2005. AMOUNT TOTAL 105.00 866.25 SUBTOTAL $ 866.25 TAX $ .00 SHIP /HAND $ .00 TOTAL $ 866.25 TERMS: 10$ late fee after 60 days PLEASE MAKE CHECK PAYABLE TO ELLEN SCHAFFER PALM BEACH ENSIGN FUND POLICE 11 II Benefit Approvals !I Meeting of April 24, 2008 ` ANDREA VANNATTA REFUND OF CONTRIBUTION DATE OF BIRTH DATE OF HIRE DATE OF TERMINATION TAXABLE CONTRIBUTIONS TOTAL REFUND YEARS OF SERVICE 02/02/1975 02/28/2000 07/23/2006 $23,371.02 $18,696.81 6 YEARS 5 MONTHS APPROVED: CHAIRMAN SECRETARY �.J V O r47 V 4 4- 1 O N LL om -i Ln00 ry Ot O O O N 0 0000 n V M 000000 d OD O n O O In (7) In LD M r, - 0)0 U) 000 M O 00000 of 10 V °00000 ^ U) a M n Oto o U) V rn 6 o rj V ^ O OD 000N 0 m V r` 0000606 01 fi t\ N 0 U) m r\ n OONN o ` In O W f N M O O O r, M W Ln C 00 m N O 0 n L ,4 O O Ln M .--� Ln r, M M to D• r� H ` 0 O V't\ M V Ot LO CONM M Ln Ln r� Ln n V 0 .--i N 1nD O0 ry .i ko m (7 rN O O O M O 0 0 V O N N U l 0 V M M o 0 0 o L n 0 0 0 0 0 0 0 0 0 0 0 0 0 0 L n . ti O M 000 - 00000 MUi NN N 0000000OOONMO000000 M 0 L a i o 0 o N 0 0 0 r V Lo O f� V t O O O O N O O O O M M � O O O o O O O � 0 p N U Ln 0) V MOO�O �n V 0 N 00 OM a Mto M cl \ M CO M Co M f~v) COO N tD N N 10 M Ln V O O N M N C W .i W N N N V 000 b V 00 0 0 OOOI OO000OU1 1 0000000 0 to r,4 r1 O 0 N000 1 N'o 00 o o M ^ O O O O O O O 00 r) 0000.0 N I n U 1 p O O o 00 0 0 o h 0 O A 0 D O N 0 0 0 O O O� r, ° 0 0 0 0 0 0 y oo C O O� O O 1 3 r, - M0 O Ot N ^ 7 Ln Go O .0 M 0 N n M U) l0 t\ O a LL N M lD N N OM (�1 LL N r, V GL a M v O m N C C N co W W ry 00-U 1 0 0 0 O h O O O O O p O O D O O O O O O L D O O O O O O O p N O N 000 V O o O M Oo V 0000L 1 a � O O O N O C O O O O 00 °00 0 0 0 0 0 0 a Ln0 LM MoIDM oo om r, 000000 m Ot000tD O N OOIn .--� 0°0000000 ammo c:) Ln n \o Lr vow rn Ln 0 rn v v +rte Ili loMtO o o a M v O a vN 0 vrn r0 n Ln O to to n O -+ N M n o N V LD m .ti N .--I N l0 Ln O 00 D7 LD 9 n V N 9 N O M W N n W W N co N y OO O Ln 0000NOCOO V NM p y 00000�0000000M000000 ry V N ry OOOr,000MNd'r. tnrnrr, O 0000 V O O O O O 't o o 0000 0 0)R Ln .O 000 V 000.-aN. -i Lo tb LD Lo Ml 00000OOOOOO M'D000000 O' " O M .ti O01NN lnti £ 0 N r, oo a .-+U1 W LIl N Ul 0 LD Ln O O In a V Ln .y N M In r� N a U o oLn r, 0 co NO 41 V r, NLO lD Ln y ID V ti N LO d Ln O N rb Q Q O• •--i n C C 9 C 00 W W N y 0 O MOO Oln to 000 00 f� p y 0) 000010 0 0 o OO M 000 0000 'y Ln O O O O r- 0 0 0 r� t 0 0 0 0 0 C 0 r, y O O O O V O O O O O O t 01 0 0 0 0 0 0 0 v O-� p L .O O o 0 0 0 0 0 M r-� , 0 0 0 001 t0 a M 0 0 0 01 0 0 0 0 r V co M 0 0 0 0 0 0 0 M Ln O E 01 ROM 10 N D\ 0 tir, Co CO rl .� Q\ .--I Ln Ln D1 N .-1 In N ti N a M ^ > .-+ M t\ 0 > n f� 01 N ~ Z O W W M 0 o "a V 9 N co C W I C W N O 0� O M o O. -- M r� O O O O O M to L D O O O o O o O O O O O O O O 000 L A J+ In y ODO V OOtD Ln M- 0000U O r, 000 V O O O O O. 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