The annual meeting of the Board of
Trustees of the Oxnard Union High School District Retiree Health Benefits
Trust was called to order by Board Chair Henry at 2:06 p.m., December 14,
2007, in the Oxnard Union High School District Board Room, 309 South K
Street, Oxnard, California 93030.
Trustees present:Jan Henry, Roger Rice,Scott Lee, Vicki Holmbom, Eric
Ortega, and Wayne Edmonds
Trustee absent:None
Legal Counsel
present:Anthony Trembley
Legal Counsel absent:Laura McAvoy
Recording Secretary present:Grace D. Tuazon
Guests present:Steven Gama, Director-Risk Management,
Dr. Jody Dunlap, Superintendent, Michael Lavin
PLEDGE OF
ALLEGIANCE
Legal Counsel Trembley
led the Pledge of Allegiance.
ACKNOWLEDGEMENT OF INCOMING CHAIR
Trustee Roger Rice was introduced as
the incoming Chair and conducted the remainder of the meeting.
ADOPTION OF AGENDA
On motion of Trustee Holmbom,
seconded by Trustee Henry and carried, the agenda was adopted, as
presented.Items were then considered
in the order in which they appear in these minutes.
ADOPTION OF MINUTES
On motion of Trustee Ortega,
seconded by Trustee Holmbom and carried, the minutes of the regular meeting of August 24, 2007, was approved,
as presented.
AUDIENCE TO ADDRESS THE BOARD
None.
ACTION ITEMS
2007-08
Annual Budget
Vance,
Thrift, Biller LLP Engagement Letter
2006 Federal
and California Returns
Upon motion of Trustee Edmonds,
seconded by Trustee Holmbom and carried, the 2007-08 Annual Budget was
approved, as presented.It was
further moved by Trustee Lee, seconded by Trustee Holmbom and carried, that
as stipulated on the side letter between the Oxnard Federation of Teachers
and the OUHSDRHBT, that the funds from Medicare D Supplement in the amount of
$ 64,000 be deposited into the OUHSDRHBT in an effort to mitigate unnecessary
checking fees and to avoid negatively impacting the OUHSDRHBT.
Upon motion of Trustee Lee, seconded
by Trustee Edmonds and carried, the engagement letter with Vance, Thrift,
Biller, LLP for income tax services was ratified, as presented.
Upon motion of Trustee Henry,
seconded by Trustee Lee and carried, the 2006 Federal Return of Organization
Exempt From Income Tax Form 990 and 2006 California Exempt Organization
Annual Information Return Form 199 were ratified, as presented.
Ratification
of Payment of Invoices
Upon motion of Trustee Ortega, seconded by Trustee Holmbom and carried,
invoice from Nordman, Cormany, Hair & Compton in the amount of $ 400.00
was approved for payment, as presented.
Upon motion of
Trustee Lee, seconded by Trustee Holmbom and carried, invoice from Vance,
Thrift & Biller LLP in the amount of $ 1,190.00 was approved for payment,
as presented.
Upon motion of Trustee Lee, seconded by Trustee Edmonds and carried, invoice
from Musick, Peeler & Garrett LLP in the amount of $ 27.50 was approved
for payment, as presented.
ACTION ITEMS (Continued)
Ratification
of Payment of Invoices
Approval of
Payment of Invoices
INFORMATIONAL ITEM
Medicare D Supplement
CSEBO
City National Bank
Financial Statements
Open Comments
Investment Performance Review
Trustee Jan Henry left the meeting at 2:21 pm.
Upon motion of Trustee Lee, seconded by Trustee Holmbom and carried,
invoice from Canterbury Consulting in the amount of $ 7,139.00 was approved
for payment, as presented.Trustee Henry was not present for the vote.
Upon motion of Trustee Ortega, seconded by Trustee Holmbom and carried,
invoice from the Franchise Tax Board in the amount of $ 10.00 was approved
for payment, as presented.Trustee
Henry was not present for the vote.
Trustee Jan Henry
returned to the meeting at 2:23 pm.
Upon motion of Trustee Holmbom, seconded by Trustee Edmonds and
carried, invoice from Allplaces in the amount of $ 75.00 was approved for
payment, as presented.Trustee
Lee abstained from the vote.
Upon motion of Trustee Henry, seconded by Trustee Lee and carried,
invoice from Musick, Peeler & Garrett LLP in the amount of $ 275.00 was
approved for payment, as presented.
Upon motion of Trustee Holmbom, seconded by Trustee Henry and carried,
invoice from Nordman, Cormany, Hair & Compton in the amount of $ 320.00
was approved for payment, as presented.
Steven Gama gave an update on
Medicare D Supplement.
Steven Gama reported that as of September
30, 2007, the Estimated Income and Expense Report of the Coastal Schools
Employee Benefits Organization (CSEBO) Select Care Medical balance was $ 1,598,206.78;
Delta Dental balance was $ 150,023.38; and Medical Eye Services was $
241,372.91.
Board Chair Rice reported that as of
November 30, 2007, the City National Bank Investments account reflects an
ending market value of $ 31,143,262.03.Board Chair Rice also reported that as of November 30, 2007, the City
National Bank Money Market account shows an ending balance of $ 1,212.68.
Board Chair Rice reported that as of
June 30, 2007, the total liabilities and net assets was $30,387,506.
Trustee Edmonds shared an article
with the Board outlining the establishment of the California Benefit Trust by
CalPERS in March, 2007, for the purpose of managing post retirement benefits
for public employees.
Michael Lavin of Canterbury
Consulting, Inc. updated trustees on the progress of OUHSDRHBT investment
portfolio.Mr. Lavin recommends
no changes to the current portfolio at this time.Trustees then directed co-chairs Rice and Henry to work
with Canterbury Consulting, Inc. to allocate an additional $1.5 million and
direct Canterbury Consulting, Inc. to draft a letter of allocation.
ITEMS FOR FUTURE CONSIDERATION
·MOU –
directing OUHSD to transfer funds to the OUHSDRHBT
·Medicare D
Update
FUTURE MEETINGS
Friday, February 29,
2008 – 2:00 p.m., in the Oxnard Union High School District Board Room.
ADJOURNMENT
There being no
further items of business, Board Chair Rice adjourned the meeting at 4:00 p.m.
