8-28-20 (Special)

The meeting of the Davison Township Board of Trustees focused on three primary agenda items: addressing discrepancies in the GASB 74/75 actuarial report, confirming the investment risk level for the Retiree Healthcare funding Vehicle (RHFV), and approving a personnel hire for the Parks department.

Financial experts from Plante & Moran presented findings regarding a shift in OPEB liabilities, noting that previous reports used incorrect investment assumptions. The Board reviewed the necessity of restating last year's values due to the implementation of a more accurate discount rate. Additionally, the Board reviewed the current moderate-risk investment strategy for retiree healthcare and successfully voted to maintain the status quo. Finally, the Board acted on a recommendation from the Personnel Committee to fill a vacancy in the Parks department.

• Actuarial Adjustments: The GASB 74/75 Report required updates because previous assumptions regarding investments were inaccurate; the new report utilizes a revised discount rate and mortality improvement scale.
• Investment Strategy: The Board opted to maintain a moderate risk level for the Retiree Healthcare funding Vehicle, continuing with the Large Cap Stock Index and MERS Est. Market Portfolio.
• Personnel Changes: Travis Mochty was approved as the new Parks Maintenance Assistant, replacing Blake Harris.

• Tim Elkins: Supervisor
• Cindy Shields: Clerk
• Pat Miller: Treasurer
• Travis Howell: Trustee
• Matthew Karr: Trustee (Absent)
• Casey Reed: Parks & Rec. Director
• Rhonda Clark: Recording Secretary
• Amanda Cronk: Representative from Plante & Moran
• Christopher Gilbert: Representative from Plante & Moran
• Travis Mochty: Newly hired Parks Maintenance Assistant
• Blake Harris: Former Parks Maintenance Assistant

• GASB 74/75 Report Update: Discussion regarding the recalculation of actuarial values based on corrected expected returns and mortality scales, which necessitates a restatement of the previous year's values.
• RHFV Investment Strategy: A review of the current moderate-risk investment approach for retiree healthcare.
• Personnel Recommendation: The Personnel Committee recommended the hiring of Travis Mochty to the Parks department.

• Meeting Date: August 28, 2020
• Meeting Time: 11:00 am – 11:45 am

• Location: Davison Township Municipal Center, 1280 N. Irish Road, Davison, MI 48423

• New Hire Compensation: $14.52/hr with full benefits for the Parks Maintenance Assistant position.
• Financial Reporting: The 2019/2020 financial statement will include notes regarding the restated actuarial values.

• Adopt the Agenda: Motion by Miller, Second by Shields. Carried unanimously.
• RHFV Investment Strategy: Motion by Elkins, Second by Miller to remain with the current investment strategy. Carried. (Roll call: Yes: Shields, Elkins, Howell, Miller).
• Personnel Hire (Travis Mochty): Motion by Shields, Second by Miller to approve the hire of Travis Mochty as Parks Maintenance Assistant. Carried. (Roll call: Yes: Shields, Elkins, Howell, Miller).