[tidy error]
The Kentucky Association of Counties All Lines Fund held a Board of Trustees meeting at 12:30 p.m. on Wednesday, August 28, 2024. This meeting was held at the KACo offices located at 400 Englewood Drive in Frankfort, Kentucky and via video teleconference, pursuant to proper notice given in accordance with KRS 61.826 and KRS 65.312(3).
The roll was called. The following Trustees were present: Vice-Chair Stacy Tapke, Kenton Co. Attorney; Stephen Harmon, Warren County Jailer (via video teleconference); Reagan Taylor, Madison County Judge/Executive; and Steve Henry, Webster Co. Judge/Executive.
Others present included: Jim Henderson, Executive Director/CEO; Temple Juett, Director of Insurance and Business; Steve Bolton, Board Counsel; Tim Sturgill, General Counsel; Andrea Morse, Insurance Agency Manager; Michael Ray, Safety and Loss Control Manager; Jeremy Head, Claims Manager; Crystal Hellard, Litigated Claims Manager; Marie Skinner, Accounting Manager (via video teleconference); Dwayne Litton (via video teleconference), Steve Clary and Steve Morrison, Safety and Loss Control Specialists; Macy Thompson and Lindsey Bowman, Customer Service Representatives; Phil Crumpton, Law Enforcement Liaison; Jon Kovach, Emergency Services Liaison; Sue Porter (via video teleconference) and Michelle Barrett, Public Entity Insurance/KACo Marketing Agents; Joe Greathouse, Marketing Agent, Commonwealth Insurance Agency; Shellie Hampton, Director of Government Affairs; Jennifer Burnett, Director of Strategic Operations; GeeAnn Missi, Marsh, Inc.; Jeremy Russell, Charles T. Taylor, PLLC (via video teleconference); Tracey Reed, Jail Consultant (via video teleconference); Danny Linton, Pinnacle Actuarial Resources; Jesse Penn, Computer Support Specialist; and Sonya Chesser, Executive Assistant to CEO/Director of Administrative Services.
Vice-chair Tapke called the meeting to order at 12:35 p.m.
Motion made by Reagan Taylor, seconded by Steve Henry, to approve the minutes of the July 31, 2024, meeting as presented. Motion carried.
Mr. Sturgill presented and discussed the following financial reports: balance sheet, income statement and claims expense report as of July 31, 2024; FY 2024/25 PAF budget for period July 1 - 31, 2024; FY 2024/25 new business activity for July 1 - 31, 2024; and FY 2023/24 and FY 2024/25 agent commissions by agency as July 31, 2024.
Motion made by Steve Henry, seconded by Stephen Harmon, to acknowledge receipt of the financial reports as presented. Motion carried.
Mr. Sturgill presented the investment report for July 2024; the investment transactions for July 2024; and the FY 2024/25 investment portfolio summary by month. The board received a full listing of the Fund's investments electronically prior to the meeting. He said the Fund is in compliance with the ratios as statutorily required.
Motion made by Stephen Harmon, seconded by Reagan Taylor, to acknowledge receipt of the investment report and to ratify the investment changes as presented. Motion carried. Mr. Juett said he anticipates presenting a custodial agreement with Fifth Third Bank for the board to consider at next month's meeting.
Mr. Linton presented and discussed the actuarial reserve study for the period ending June 30, 2024 as prepared by Pinnacle Actuarial Resources.
The board agreed to table taking any action concerning the actuarial reserve study until the next meeting.
Mr. Head presented and discussed the quarterly claims report as of July 31, 2024.
The next scheduled meeting is Sept. 30 at 12:30 p.m.
Motion made by Reagan Taylor, seconded by Steve Henry, to go into closed session at 2:05 p.m. to discuss proposed or pending litigation involving the board as authorized by KRS 61.810 (1)(c). Motion carried.
Motion made by Reagan Taylor, seconded by Steve Henry, to return to open session at 3:34 p.m. Motion carried. No action was taken in closed session.
The next meeting will be held Sept. 30 at 12:30 p.m.
Motion made by Reagan Taylor, seconded by Steve Henry, to adjourn the meeting at 3:34 p.m. Motion carried.