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CEMETERY COMMISSION 2013/07/17 MinutesCEMETERY COMMISSION MEETING LAKE FOREST CEMETERY GATEHOUSE WEDNESDAY,JULY 17, 2013, 5:00 P.M. MEETING MINUTES ROLL CALL, CALL TO ORDER:The meeting of the Lake Forest Cemetery Commission convened at 5:06 p.m. at the Lake Forest Cemetery Gatehouse. The following members were present: Chairman Colin Silvester; Commission MembersPrue Beidler, Patrick Looby, Dennis O’Brien and Amy Schuetz; City Staff Members Chuck Myers, Superintendent of Parks and Forestry and Cemetery Sexton Phil Alderkswere present. Also attending was Tony Hoban of William Blair and Company. Chairman Silvester directed a change to the agenda and invited the Pommer family to present their request for a variance to the Memorial Rules and Regulations. POMMER FAMILY MONUMENT APPROVAL: Bob Pommer Jr. presented a request to the Commission for a variance to the Monument Rules regarding their proposed Pommer family monument.Mr. Pommer shared that the family was seeking a wider monument base than allowed by the Cemetery Rules and Regulations in order to accommodate an angel sculpture that the family had chosen for their memorial. Commissioner O’Brien asked if this was an original design, to which Pommer stated that it was not. Commissioner Beidler then asked if the monument had already been purchased, to which the family said that it had. Mrs. Pommer stated that they were trying to have the monument installed by September 8th, which would be her husband’s birthday. Following further discussion, Chairman Silvester motioned to grant the variance to the family for a 54” monument base, which is 6” larger than Cemetery Rules and Regulations allow. The motion was seconded and passed unanimously. CONSENT AGENDA: Commissioner Beidler motioned to approve the April 17, 2013Cemetery Commission minutes and the1st Quarter Sales Report. Commissioner O’Brienseconded the motion and the Commission voted unanimously to approve the Consent Agenda. Chairman Silvester officially welcomed and introduced Dennis O’Brien and Patrick Looby as new Cemetery Commissioners. The new members then introduced themselves and shared some introductory background information with the Commission. SECONDQuarter Investment Report from William Blair and Company: Tony Hoban from William Blair presented the investment report to the Commission. Mr.Hoban said that the asset allocation has been running slightly above the policy guidelines due to the current nature of the markets. Chairman Silvester asked how we get the allocations back in range. Mr. Hoban said that we could sell some of the stocks and invest more money in fixed income investments, or the Commission could amend the investment policy and widen the ranges for allowable variances in the asset allocation. Mr. Hoban said that the principle behind widening the ranges for fluctuation is because the nature of the Cemetery investment portfolio is not to draw out money or generate income, but to build equity; i.e. long-term growth. Mr. Hoban suggestedthat the Commission approve to stay with the current asset allocation at this time, which is slightly heavy in equities, since the bond market is not performing. When the bond market improves adjustments can be made to bring the asset allocations into the specified ranges. The Commissioners agreed with Mr. Hoban’s assessment, approving the current investment approach until the bond market improves.The Commission may look at widening the ranges of the asset allocations in the investment policy in the future. CEMETERY UPDATES: Ravine Management Plan – Sexton Alderks informed the Cemetery Commission that the Cemetery was working with Conservation Design Forum to submit an application for an Illinois Environment Protection Agency (IEPA) 319 grant using the Ravine Management Plan. This will be paid for with funds remaining in the contract for the Ravine Management Plan and an additional $1,200.00 from the Cemetery operating budget. Superintendent Chuck Myers shared that he has been speaking to the Army Corp of Engineers about our ravine project in hopes of possibly securing help toward receiving additional grant monies. JENNER FAMILY MONUMENT APPROVAL: The Jenner family did not submit a monument proposal for the Commission to consider. Sexton Alderks shared preliminary background information about the Jenner situation with the Commission in case the family resubmits their proposed changes in the future. OTHER MATTERS: Chairman Silvester shared with the Commissioners that he had made the required annual presentation to the City Council’s Finance Committee regarding the Cemetery’s investments. Chairman Silvester said that the presentation went well but theCommittee had one question that the Cemetery Commission needs to investigate. After examining the Cemetery Investment Report, the Finance Committee wondered if the Cemetery Funds might be invested in ‘indexed’ funds rather than managed funds. Chairman Silvester said that since it has been 5 years since William Blair took over the Cemetery’s investments, that it would be a good time to address the Finance Committee’s question and review the performance of the investment advisor. Chairman Silvester asked Commissioner O’Brien to head up a subcommittee with Commissioner Looby and Silvester himself, to address the evaluation of the financial advisor and the Finance Committee’s question. Chairman Silvester requested that the subcommittee have a plan of how to evaluate the advisor ready for the October meeting. CITIZENS’ OPPORTUNITY TO ADDRESS CEMETERY COMMISSION: No citizen comments were made. ADJOURNMENT: The meeting adjourned at 6:30 pm.