2015-01-29-RB-min - Laserfiche WebLink

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and performance fee. Motion by Bob, second by Joe and voted unanimously to accept the new fee structure proposed by Wellington. Ed Schollemeyer from Fidelity Asset Management was present for the annual review. Lexington invests in Fidelity's Contrafund which has a market value of $17.7 mil as of December 31, 2014. He provided a strategy overview, philosophy, investment process, components of risk management, sector weights, buy & sell discipline and top 10 holdings. He also reported that although the Contrafund has produced an average annual return of 13.32% since inception, it did underperform to the S &P for 2014 at 9.56% YTD and conveyed to the Board Will Danoff's commitment to shake the performance. It was reported that the 3rd quarter FY15 appropriation was transferred on 1/28/15. The Vanguard balance as of 12/31/14 id $5,778,635. Fidelity Expense reimbursement for the 4t1 quarter 2014 is $10,940.00 went into cash, Frederick Weiss has been appointed to the Board on 1/12/15. Medical Panels have been set for the ADR applicant and will move forward in February. Memo # 39 regarding Mandatory Retirement Board Member Training for 151 Quarter 2015 has been given to Board. A motion was made, seconded and approved unanimously to adjourn the meeting at 11:30. The next meeting will be held February 26, 2015, 8:00 AM at Cary Memorial Library. Robert Cunha, Chairman Alan Fields, Appointed Member Robert Addelson, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member