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The Kentucky Association of Counties Unemployment Compensation Self-Insurance Fund held a special Board of Directors' meeting, pursuant to proper notice given in accordance with KRS 61.823, at 11:10 a.m. on Wednesday, November 18, 2020 via teleconference.
The following Directors participated via teleconference: Chairman Phil Sammons, Boyle Co. Magistrate; Vice-Chairman Larry Foxworthy, Fleming Co. Judge/Executive; David Livingston, Scott Co. Magistrate; John Ward, Hardin Co. Sheriff; David Nicholson, Jefferson Co. Circuit Court Clerk; David Fields, Pendleton Co. Judge/Executive; and Jacqalynn Riley, Grant Co. Commissioner.
Others present were: Marie Skinner, Accountant/UI Manager; Jim Henderson, Executive Director/CEO; Karen Basham, Chief Financial Officer; Tim Sturgill, General Counsel; Grant Satterly, Director of Financial Services; Rich Ornstein, Staff Attorney; Katie Stewart, Administrative Assistant; Jennifer Burnett, Chief Innovation Officer; and Sonya Chesser, Chief Administrative Officer/Executive Assistant to the CEO.
Chairman Sammons called the meeting to order at 11:10 a.m.
Motion made by David Livingston, seconded by John Ward, to approve the minutes of the October 21, 2020 meeting as presented. Motion carried.
Ms. Skinner presented and discussed the following financial reports: balance sheet as of October 31, 2020; statement of activities for period July 2020 through October 2020; FY 2020/21 PAF budget for period July 1, 2020 - October 31, 2020. She also presented and discussed the deposit detail and check detail for October 2020; and the customer balance summary as of November 11, 2020.
Motion made by Jacqalynn Riley, seconded by David Fields, to acknowledge receipt of the financial reports as presented. Motion carried.
Ms. Skinner presented the Fund's investment policy, as adopted December 18, 2013, for the board's annual review of the policy and reported that staff does not recommend any changes at this time.
Mr. Satterly presented and discussed the investment report for month ended October 31, 2020 including the security position changes for the month of October. He also presented his personal view of the economic outlook for November.
Motion made by David Nicholson, seconded by David Livingston, to acknowledge receipt of the investment report and approve the security position changes. Motion carried.
Ms. Stewart presented a map of the preliminary unemployment rates by county for October 2020. The document was prepared by the Workforce Intelligence Branch, Kentucky Center for Statistics, Kentucky Education and Workforce Development Cabinet.
Motion made by Chairman Sammons, seconded by David Nicholson to move the time of the December 16th meeting from 11:00 a.m. to 11:10 a.m. Motion carried.
Chairman Sammons congratulated Squire Livingston on being elected KACo 2nd Vice President during KACo's virtual conference held on October 29th.
Motion made by Jacqalynn Riley, seconded by Larry Foxworthy, to adjourn the meeting at 11:47 a.m. Motion carried.
