►
From YouTube: Pension Board Meeting (Virtual) (06/02/2020)
Description
No description was provided for this meeting.
If this is YOUR meeting, an easy way to fix this is to add a description to your video, wherever mtngs.io found it (probably YouTube).
B
B
A
C
D
B
E
A
A
A
C
A
C
E
E
E
H
Sorry
I
apologize
I
had
to
remind
myself
to
unmute
myself
so
good
good
afternoon.
Everyone
so
just
really
quickly.
I'd
wanted
to
touch
on
a
couple
things.
Obviously
this
is
a
unique
setting.
We
are.
We
are
meeting
virtually
and-
and
so
in
light
of
the
fact
that
this
is
this
is
something
that
hasn't
really
been
done
before.
H
I
just
wanted
to
take
an
opportunity
and
go
over
a
couple
of
the
things
that
that
were
in
place
and
obviously
asked
her
any
questions
or
any
comments
that
the
board
or
trustees
may
have
so
as
part
of
everything
that's
been
going
on
with
the
with
the
Cova
19
illness.
Back
in
late
March,
the
the
governor
of
Florida
issued
executive
order,
20,
62
and,
and
since
then
it's
an
it's
been
subsequently
extended
through
through
subsequent
executive
orders.
H
H
Secondly,
there
must
be
a
physical
quorum
of
the
Board
of
Trustees
present
at
such
location.
So
obviously,
in
light
of
the
stay
at
home
orders
and
the
shut-in
orders
and
the
social
distancing
metrics,
the
the
ability
to
conduct
public
business
was
was
essentially
directly
contradictory
to
the
public
health
and
virtus
mints,
and
the
state
of
emergency
is
going
on
not
only
here
in
Florida
but
obviously
in
their
country
and
across
the
world.
H
So
the
governor
rightly
received
several
I'm
sure
requests
to
to
take
some
authority
or
take
some
action
in
order
to
allow
public
agencies
to
go
ahead
and
be
able
to
conduct
business.
In
light
of
everything
going
on,
and
rather
than
just
a
void
or
shutdown
really
for
at
the
time,
we
didn't
know
how
long,
but,
as
it
turns
out
now,
it's
probably
a
little
over
two
and
a
half
months.
H
H
Okay,
so
hearing
none
I
just
wanted
to
take
another
opportunity
to
remind
you
that
this
is
a
public
record.
This
is
a
public
meeting.
Everything
that's
being
said,
is
obviously
being
recorded,
and
will
we
preserve
this
part
of
the
public
record?
Similarly,
zoom
does
have
a
chat
feature,
so
anything
that
is
the
that
that's
put
over
the
chat
would
also
be
a
public
record
would
also
be
open
for
public
inspection.
E
Thank
you.
I
will
say,
though,
that
it
does
appear
that
our
chat
function
is
disabled,
so
that
shouldn't
be
really
for
the
best
and
then
also
if
you
guys,
aren't
familiar
with
the
suit
meetings.
There
is
a
participant
box
and
you
have
the
opportunity
to
raise
your
hand
there.
So
if
you
have
something
a
question
that
you'd
like
to
ask,
I'll
try
to
keep
an
eye
on
that,
but
it's
longer
than
I'd
have
to
scroll
down.
E
C
F
E
A
C
A
B
F
F
F
E
J
C
C
That
I
will,
in
all
respects,
I
will,
in
all
respects,
observe
the
provisions
observe
the
provisions
of
the
charter
of
the
Charter
and
ordinances
and
ordinances
of
the
City
of
Jacksonville
Beach
Florida
in
the
City
of
Jacksonville
Beach
Florida,
and
will
faithfully
and
will
faithfully
discharge
the
duties
discharge,
the
duties,
a
pension,
trustee
of
pension,
trustee
of
the
firefighter
Retirement
System
and
the
firefighter
Retirement
System.
Congratulations.
Thank
you
very
much
all
right.
Thank
you.
E
E
E
F
Was
someplace
rather
I
read
that
the
minutes
are
meant
to
convey
some
sense
of
discussions
that
we
have
as
well,
and
that
is
just
not
the
case.
I
remember.
Last
time
we
met
with
the
consultants
reports.
I
certainly
raised
a
couple
of
issues
that
the
consultants
committed
to
you
know
coming
back
with
more
information
on,
and
so
that's
my
job
or.
F
E
My
apologies
I
did
neglect
to
open
the
floor
for
discussion
before
the
vote.
Okay,
I
do
agree
with
that.
It
should
be
major.
Points
of
discussion
should
at
least
be
captured
in
the
minutes,
not
a
transcript
of
the
meeting,
but
can
we
just
take
that
under
advisement,
Dustin
and
and
Jodi
and
sorry
I'm,
sorry,
georgette
Dumont?
Thank.
D
You
I
had
this
discussion
with
Mike
and
he
said
that
it
was
policy
and
that
and
knew
it
and
could
go
into
more
detail
and
I
haven't,
had
a
chance
to
contact
and
so
I
apologized
to
George
who's.
Also,
a
constituent
who
made
this
original
complaint
to
me
a
couple
months
ago
and
I
did
ask
I
got
an
answer,
but
then
it
falls
back
into
Ann's
court
and
that's
where
underwear
I
dropped
the
ball
on
that
so
Ann.
If
you
are
on
board
I
see
your
name
there.
C
E
Well,
how
about
this?
Let's
note
in
the
minutes
that
board
concern
was
raised
about
the
lack
of
points
of
discussion
in
the
minutes
and
that
we'd
like
some
feedback
on,
if
there
is
a
policy
towards
the
bare-bones
minutes
or
if
we
can
include
major
discussion
topics
in
it,
I
know
we
do
for
our
for
our
City
Council
meetings,
so
I,
don't
know
why
it
would
be
different
here.
Well,.
F
F
E
E
Okay,
so
the
approval
of
the
carries
next
item
is
under
consideration.
This
is
just
the
general
employees
board
of
trustees.
We
have
an
application
for
retirement,
so
we
need
a
motion
to
approve
michael
taylor,
utility
plant
superintendent
for
water
plant
and
public
works
backdrop,
retirement,
effective,
11,
1,
2019
separation
date,
7
620
meets
age
service
requirements
for
backdrop
service,
I'm
in
20
years,
four
months
of
service,
make
a
motion
to
approve
a
motion
by
mr.
Mont.
Can
I
get
a
second
second.
E
By
mr.
Mauresmo
any
discussion,
all
in
favor,
please
signify
by
saying
aye
any
opposed
all
right.
Retirement
approved
the
next
application
for
retirement
is
Alan
David,
Thompson,
GIS
engineering,
designer
for
beaches,
energy
backdrop,
retirement
effective,
7,
1,
2017
separation
date,
6:30
2020
meets
age
service
requirements
for
backdrop,
service
retirement,
33
years.
Three
months
of
service
can
I
get
a
motion
for
approval
motion
to
approve
second
or
can
I
get
a
second
second.
A
E
B
I'm
sorry
to
interrupt
I
do
have
a
correction
for
earnest
Knowles.
He
would
change
the
separation
date
after
the
meeting
was
put
together
here.
He
actually
separated
one
day
earlier,
which
puts
it
at
5:31
2020
and
then
that
makes
because
the
retirement
is
effective.
A
month
beginning
after,
in
which
the
last
day
you
work
that
made
the
retirement,
effective,
6,
1,
2020
and
the
backdrop
effective
7
or
6
1
2017.
So
it's
as
it's
read.
It
would
be
that
earnest
Knowles
backdrop.
Retirement
is
effective,
6
1
2017,
with
a
separation
date
of
531
2020,
okay,.
E
A
K
Right
this
is
Ryan
Tucker
I'm,
with
Purvis
cray,
we're
here
to
we're
the
external
auditors
for
the
city
and
the
three
pension
plans,
and
we
are
here
to
present
the
results
of
our
audit
for
the
fiscal
year,
ending
September,
30th
2019.
The
results
for
all
three
plants
were
very
positive.
Overall
financial
accounting
records
were
in
excellent
shape:
Rosalyn
Jackson,
the
city's
internal
auditors.
Auditor
helps
us
with
some
of
the
testing.
She
writes
up
the
financial
statements
and
overall,
the
finance
department
and
Rosalyn
did
an
excellent
job
of
putting
all
this
together.
K
This
is
where
we
issue
our
opinion
on
the
financial
statements
as
to
whether
they're
fairly
stated
no
material
respects
and
in
accordance
with
GAAP,
and
then
next
is
management's,
discussion
and
analysis.
This
is
going
to
be
on
pages
three
through
nine
of
each
report.
This
is
prepared
by
management,
Rosalyn
and
the
finance
team,
and
it
does
contain
some
year-over-year
comparison
information.
K
If
you
only
have
a
little
bit
of
time
to
look
at
this
I
would
definitely
take
a
look
at
the
MD&A
section
and
then
the
basic
financial
statements
includes
our
balance
sheet
and
income
statement
and
then
also
the
note
disclosures,
which
there
are
a
number
of
those.
It
includes
the
summary
of
significant
accounting
policies
and
information
on
how
the
pension
funds
are
invested,
information
about
the
net
pension
liability
and
some
sensitivity
disclosures
in
there.
So
there's
some
good
information
in
there
as
well
and
then
required
supplementary
information.
There
are
four
schedules.
K
K
Most
importantly
here
you
see
them
in
our
audit
report.
At
the
top
of
page.
Two,
this
is
where
we
issue
our
opinion
on
the
financial
statements
and
it's
what's
referred
to
as
an
unmodified
opinion.
These
financial
statements
are
presented
fairly
in
all
material
respects
and
in
accordance
with
GAAP.
This
is
the
highest
level
of
assurance
that
you
can
receive
from
a
CPA
external
CPA
firm.
So
all
three
plant
plans
receive
this
opinion.
So
congratulations
on
that.
K
K
It
should
be
noted
that
these
these,
these
the
investments
are
all
reported
at
fair
value,
so
those
can
change,
but
this
is
where
it
stood
as
a
9:30
on
that
day.
So,
if
you
go
to
the
next
slide
there
Dustin.
This
is
the
general
employees
plan
and
we
threw
in
five
years,
so
you
can
see
kind
of
any
trends
that
are
out
there,
but
for
the
2019
fiscal
year
the
general
employee
plan
net
position
increased
by
2.6
percent
from
50
5.6
million
to
50
7.1
million
over
the
five-year
period.
K
There
was
a
twenty
percent
twenty
point:
seven
eight
percent
increase
in
net
position
for
the
general
employees
plan
and
on
the
police.
You
can
see
there
there's
a
three
percent
increase
from
2018
in
net
position.
You
know
this
is
all
driven
by
the
investments.
Of
course,
there's
not
much
in
the
way
of
liabilities
that
are
outstanding
at
that
time,
but
over
the
five-year
period,
net
position
increased
by
thirty
point:
six:
seven
percent
on
the
police
side
and
then
on
the
fire
is
the
next
slide.
K
There
we
go,
you
can
see
a
four
point:
one
percent
increase
from
the
previous
year
and
over
the
five
year
period.
That's
but
just
under
30
percent
increase
in
net
position
and
then
the
next
slide
talks
about
the
statement
of
changes
in
fiduciary
net
position,
and
this
is
really
more
commonly
referred
to
as
an
income
statement,
and
it
just
provides
a
view
of
the
results
of
operations
essentially
for
the
fiscal
year,
and
this
is
going
to
be
on
page
11
of
each
of
the
individual
reports.
K
K
Over
the
five
year
period,
you
can
see
employee
contributions
at
the
top.
There
went
from
853
to
just
over
a
million
employ
your
contributions
increase
from
just
under
1.4
million
to
two
point
one,
and
then
benefits
will
kind
of
vary
from
year
to
year
bit
depending
on
backdrop,
payouts
and
rollovers
and
so
forth,
but
they've
been
in
the
40.3
for
between
four
and
4.6
million.
On
the
general
side.
K
K
If
you
turn
to
the
next
page
police,
you
can
see
that
employee
contributions
back
in
2015
were
329
roughly
and
they're
up
to
3
383
employer's
contribution
was
345
and
has
increased
to
573
and
2019
and
then
benefit
and
refund,
or
just
over
1.7
million,
and
there
there
was
a
spike
in
2019.
There
were
two.
A
K
Of
course,
2017
was
a
good
year
from
an
investment
perspective.
There
was
a
12%
on
all
three
plans.
There
was
a
12%
increase
in
your
investment
income
that
year
moving
over
to
the
fire
plan.
Yeah
there
we
go
and
the
employee
contributions
were
just
under
147
and
then
increase
to
178
employers
177
the
largest
increase
there.
You
see
jump
up
to
500
16,000,
the
employ
the
city
is
required
to
contribute
and
then
benefits
and
refunds.
There.
K
A
K
Buck
full
accrual
statements
there,
so
this
is
not
a
smooth,
as
Brad
would
used
to
compute
your
contributions.
It's
it's
not
smooth
in
that
way.
This
is
as
a
pass
of
a
point
in
time
as
of
9:30
these
assets
and
how
they're
measured,
so
it
can
kind
of
jump
around
depending
on
what
what
happens
on
that
day.
K
So
you
can
see
they're
just
under
the
under
the
plan,
fiduciary
net
position
as
a
percentage
of
total
pension
liability
there,
that's
the
funded
ratio
that
is
commonly
looked
at
to
look
at
the
health
of
plan
and
since
2005
it
was
went
from
80
down
to
roughly
78%.
It
jumped
up
just
a
little
from
2018
at
that
time
and,
of
course,
you
may
ask
for
what
have
we
been
going
down
and
part
of
the
reason
is
the
Assumption
changes
there?
You
can
see
in
2018,
2017
and
16
towards
the
top
of
the
graph
there.
K
Now,
if
you
look
at
the
police
plan,
you
can
see
they're
a
little
bit
stronger,
86%
in
2080
6.5
in
2015
and
then
up
to
it's
been
getting
a
little
stronger
since
then.
Up
to
eighty
eight
point,
one
nine
and
that
you
know
those
there's
some
more
turnover
in
the
police
force
and
not
as
many
retirees
compared
to
active
employees.
So
that
tends
to
help
out
when,
in
the
in
the
net
pension
liability
calculation,
from
what
I
understand
on
the
fire
to
go
to
the
next
slide.
K
Let's
see
here,
we
go
yeah
fire,
so
there
were
even
more
dramatic
increases
in
the
liability
over
this
time
and
there
were
four
years
of
assumption.
Changes
instead
of
three,
so
you've
been
lowering
the
discount
rate
over
this
time.
Period
has
been
kind
of
impacting
the
net
pension
liability,
lowering
it
from
8
percent
down
to
seven
I
believe
7%
at
the
end
of
2019,
that's
where,
where
it
ended
up,
and
so
that
resulted
in
starting
out
eighty
eighty
four
percent,
roughly
funded
ratio
down
to
seventy
two
percent
funding
ratio,
and
now
the
next
slide
is.
F
F
Can
I
ask
a
question
yes
yeah
in
the
previous
fun,
okay,
and
not
just
that
one,
but
the
previous
three.
That's
before
about
the
total
pension
liability
and
intuitively
you'd
think
you'd.
Look
at
the
people
in
the
in
this
case
the
fire
department,
I'll,
look
at
their
age,
look
at
how
long
they're
likely
to
live
in
on
average
and
do
a
calculation
compare
that
to
the
revenue
assumptions,
and
that
would
be
what
gets
us
seventy-two
percent
coverage
is
that,
although
I
think
one
of
your
colleagues
indicated
that
it
doesn't
quite
work
like
that?
K
I
mean
that
brand
may
be
a
better
able
to
explain
how
this
works,
but
it
kind
of
it
is
based
on
a
calculation
of
where
these
individuals,
okay
slot
out
on
the
you
know,
on
their
retirement
dates
and
so
forth
and
who
is
stuck
around
and
who
hasn't
hurt.
How
long
they've
been
here.
So
there's
a
lot
of
factors.
F
The
second
part
of
that
you
know
we
we
look
at
it
and
I
say
a
ninety
percent
coverage
of
the
total
pension
liability
and
we're
going
like
you
know
who
we're
winning,
whereas
you
know
I
subtract
90
from
100
and
I
get
a
10%
under
under
coverage,
and
it
seems
like
a
hundred
percent
to
be
the
goal
that
everyone
is
striving
for
and
again
I
think
I've
been
told
in
the
past
that
it's
not
quite
that
simple.
But
can
you
elaborate
on
that
yeah.
K
F
There
any
indication
that
voters
are
gonna,
you
know
like
do.
We
know
that
15
years
from
now,
voters
are
going
to
say:
okay,
it's
time
we're
going
to
all
pay
more
taxes
to
make
up
for
the
you
know
the
past
under
payments
in
the
past.
I
don't
see
that
happening,
so
it
seems
like
year
on
year,
in
year
out,
we
should
be
shooting
for
a
100
percent
coverage.
F
K
A
H
Just
and
just
this
is
Pedro
just
for
the
record.
Also
I
also
wanted
to
point
out,
I
and
and
and
I.
Don't
think
that's
what
you
necessarily
meant,
but
there
hasn't
been
any
underfunding
to
the
pension
fund.
The
the
contributions
have
been
made
as
as
been
as
required
and
I
know
it's.
Obviously
it's
it's
another
broader
discussion,
but
I,
just
I
didn't
want
a
sound
byte
to
get
out
there
without,
without
maybe
some
proper
context
to
it.
Yes,.
F
K
K
K
K
I
think
that
was
all
I
wanted
to
mention.
We
did
have
a
disclosure
in
the
notes
about
the
Kovach
19
pandemic.
We
issued
our
report
right
around
March
24th,
which
was
just
kind
of
getting
going,
and
then
we
also
had
a
subsequent
event:
disclosure
regarding
the
fire
plan
and
it
closing
down
and
contributing
over
switching
over
to
the
City
of
Jacksonville.
So
there
were
two
two
disclosures
in
the
fire,
just
that
the
other
disclosures
and
the
other
two
as
subsequent
events
that
are
required.
Disclosures
but
I'd
be
glad
to
answer
any
questions.
Anyone
has
I.
E
E
Go
ahead:
Jody,
Nick,
curry,
I'm,
sorry,
I'm!
Sorry
can
I
get
a
motion
from
the
general
employees
board
to
approve
the
independent
auditor
report
motion.
H
A
H
E
H
So
since,
since
we
can't
see
him
or
hear
him
and
I,
don't
think
you
know
we're
gonna
go
through
the
through
the
effort
and
Dustin
may
probably
doesn't
want
to
submit
his
phone
for
for
public
records.
Let's
you
know
we
can
obviously
participate
and
if
we
get
him
on
line
great,
but
we
just
can't
include
him
as
part
of
the
part
of
the
official
vote,
tally.
Okay,.
E
No
problem
now
moving
on
to
the
police
officers,
for
can
we
get
a
motion
to
accept
the
report
of
the
indicators.
A
E
A
K
A
A
E
E
A
E
I
Okay,
can
you
confirm
you
can
hear
me.
I
Okay,
good,
the
the
first
thing
I
just
want
to
open
with
I
hope,
everyone's
healthy
and
in
good
spirits.
There's
certainly
been
a
lot
of
turbulence,
since
the
measurement
dates
that
all
of
my
information
is
based
on
October
1st
2019.
However,
the
additional
information
for
the
firefighters
is
relevant
and
included
because
the
firefighter
plan
close
so
there
was
a
as
Ryan
indicated,
there's
there's
been
subsequent
events
and
those
were
taken
into
account
for
evaluation.
We
at
this
point
with
all
the
turbulence
due
to
multiple
causes.
I
I
We're
definitely
trying
to
extinguish
that
so
in
terms
of
the
funded
ratio,
state
of
Florida
statutory
requirements
are
that
we're
targeting
100%
the
state
of
Illinois,
for
example,
their
pension
funds
specifically
target
90%,
but
that's
not
true
in
Florida
we're
definitely
targeting
a
hundred
percent.
We
set
up
the
basis
based
on
what
we
know.
I
As
of
the
valuation,
we're
definitely
on
a
schedule
to
pay
those
down
throughout
the
amortization
periods
and
again
you
know
exhaust
and
extinguish
the
unfunded
liability
and
and
get
to
100
percent
things
that
things
are
a
lot
clearer
with
the
firefighters
I
mean
the
the
aspect
of
new
members
entering
any
or
entering
the
system.
No
longer
confronts
us
so
maybe
clearest
too
strong
a
term
that
the
the
waters
and
been
muddy
and-
and
so
it's
less
money.
I
That's
very
unusual,
and
that's
not
typical,
but
we'll
we'll
talk
about
that
a
little
bit
as
we
go
through
this
presentation
and
also
determines
the
funded
ratios
again
we're
targeting
one
hundred
percent.
Eighty
percent
is,
is
you
know
a
nice
place
to
be
I
mean
if,
if
you
think
in
terms
of
your
home
mortgage,
if,
if
you've
paid
off,
eighty
percent
of
your
home
mortgage
you're,
probably
feeling
pretty
confident
that
the
banks
that
gonna
come
and
repossess
your
home?
I
But
that
doesn't
mean
you,
you
don't
have
an
obligation
to
keep
making
the
the
monthly
mortgage
payments
so
we're
definitely
trying
to
get
to
100
percent
funding
and
we're
also
gonna
talk
about
some
recent
trends.
Briefly
at
the
end.
So
if
we
go
to
slide
three
this
graph,
it's
just
a
reminder
that
investment
income
section
above
the
contributions,
probably
levels-
probably
not
very
indicative
of
what
we've
seen
the
last
few
years.
But
but
it
if
you
look
at
this,
that
the
point
that's
trying
to
be
made
here
is
investment.
I
This.
This
is
a
reminder
that
you
have
over
250
retirees
and
beneficiaries,
and
one
of
the
reasons
why
we
accumulated
assets
was
to
provide
benefits,
security
to
your
current
retirees
and
beneficiaries
and
with
pandemics-
and
you
know
10,
10
or
more
years
ago,
the
near
financial
collapse
there
were.
There
were
no
disruptions
to
pensions,
you
know
so
so
the
retirement
system
is
succeeding
with
regard
to
benefit
security,
you're
consistently,
making
the
benefit
payments
to
the
people
to
which
you
made
the
paralysis.
I
If
you
go
to
the
next
slide
6,
this
looks
at
we
have
331
active
members
who
are
also
counting
on
the
benefit
security
that
the
systems
are
providing,
because
a
lot
of
these
individuals
will
become
future
retirees.
Then,
on
page
7,
slide,
7
I'm,
just
really
really
I'm,
just
gonna
go
down
to
the
the
last
bullet.
The
this
is
talking
about
assets.
So
it's
it's.
I
We're
gonna
be
talking
about
Jacksonville,
the
city,
inland
and
Jacksonville
Beach,
the
city
that
we're
all
more
familiar
with
so
Jacksonville
Beach
consolidated
their
firefighter
service
with
the
City
of
Jacksonville
and
that's
a
place.
Your
current
firefighters
were
given
an
opportunity
to
elect
whether
to
continue
under
the
retirement
system,
as
as
they
had
throughout
their
careers
or
to
move
to
the
City
of
Jacksonville,
the
police
on
fire
pension
plan.
I
So
the
the
majority
elected
to
stay
with
with
the
city
plan
and
their
contributions
are
now
being
deducted
from
the
City
of
Jacksonville
and
and
being
forwarded
to
the
retirement
system,
a
local
retirement
system
that
we're
talking
about
right
now
so
they're.
So
the
firefighters
have
all
sorts
of
special
circumstances
that
impacted
2018
and,
in
particular,
that
this,
the
City
of
Jacksonville
Beach,
very
specifically,
to
pay
off
the
unfunded
liability.
The
existing
unfunded
liability.
They
wanted
to
pay
it
off
in
a
level
dollar
contributions
over
a
10-year
period.
I
So
we'll
talk
about
that
a
little
bit
more
later,
there's
an
amortization
schedule
which
isn't
a
part
of
this
presentation.
But
it's
been
presented
to
the
City
of
Jacksonville
Beach
and
it
will
pay
off
all
of
the
existing
unfunded
liability
per
the
local
agreement
over
the
I
guess,
the
next
nine
years,
because
of
the
first
year,
payment,
more
or
less,
has
been
determined
and
made
this
year.
I
D
I
D
I
I
For
the
contributions
that
you
know
the
first
two
weeks
of
October
in
2019,
we
hadn't
even
had
the
election
period,
so
we
were
paying
the
normal
cost,
not
just
the
unfunded
that
the
City
of
Jacksonville
Beach
has
agreed
to
pay
in
the
future,
but
we
were
paying
the
normal
cost
accumulations.
We
were
also
paying
interest
on
the
debt.
You
know,
so
we
moved
everything
to
the
middle
of
year
for
this
year,
but
all
of
the
subsequent
years
are
less
than
we're.
Projected
I
I
can
get
you
the
specifics.
I
Some
additional
considerations
into
play-
and
one
of
them
in
particular,
is
we're
going
to
probably
accumulate
assets
that
net
financial,
the
fiduciary
net
position
that
you
saw
in
the
audit
report.
You
know
we
tend
to
think
the
the
only
good
news
is
when
assets
are
accumulating,
but
once
you
close
a
retirement
system,
it's
going
to
crest
and
eventually
you'll
start
paying
off
the
liabilities
and
eventually
you're
going
to
exhaust
the
trust.
I
You
know
so
so
just
just
be
aware
that,
10
years
from
now,
you
may
see
a
steady
decline
in
the
market
value
of
assets
for
the
firefighters
retirement
system,
and
this
is
anticipated
and
expected.
We're
not
trying
to
have
20
million
dollars
set
aside
when
the
last
beneficiary
of
the
last
retiree
is
paid
out
50
years
from
now.
I
You
know
which
we're
trying
to
match
up
the
assets
with
the
liabilities
and
not
have
this
large
reversion
of
assets,
that's
basic,
we
almost
held
in
escrow
and
not
allowed
to
be
used
for
for
any
any
other
civic
purpose
for
the
City
of
Jacksonville
Beach.
You
know
it's
so
just
be
aware
that
a
closed
plan
is
going
to
bring
about
some
things,
eventually
that
we
hadn't
seen
before
so
the
next
slide
eats.
I
This
and
Riots
talked
about
this
as
well.
The
the
funding
value
of
assets
has
a
smoothing
effect,
so
it's
that
straight
market
value
of
assets.
We
do
that
for
budgeting
reasons
and
and
one
of
the
nice
things
that
we
can
look
at
on
this
diagram
for
both
the
general
police
and
fire
retirement
systems.
If
you
look
under
the
column
heading
2020,
you
see
a
positive
number
there
and
that's.
I
I
And
here
we
go
again:
Fire
has
a
distinction.
They
have
this
step
or
column
and
I'm
not
going
to
spend
a
lot
of
time
on
this
slide.
It's
all
I
want
to
the
city's
Porsche
and
those
bottom.
Two
figures
are
calculated
as
of
the
middle
of
the
year,
but
as
I
said
that
the
city's
contributions
are
scheduled
to
be
made
and
in
the
first
15
days
of
the
fiscal
year.
So
if
we
go
to
the
next
slide
slide,
10.
I
You
see
the
figures
on
the
bottom
chart.
The
fire
contribution
requirement
those
one
the
city's
contribution
requirement.
They
went
down
a
little
bit
because
these
are
beginning
of
year
figures
and,
to
the
extent
that
you
put
the
money
in
at
the
beginning
of
the
fiscal
year,
you
don't
have
to
pay
interest
for
the
fact
that
you
don't.
You
lost
the
investment
opportunity
so
to
speak.
If
you
pay
them
in
the
middle
of
the
year,
you're
gonna
add
interest
in
order
to
pay
them
later,
so
the
fire
contributions
are
as
of
beginning
of
year
and
likewise.
I
The
city
contributions
were
where
adjusted
should
should
the
city's
budget
allow
them
to
to
make
the
contributions
if,
if
they
make
them
quarterly,
you
know
those
are
the
bold
figures
in
the
in
the
second
to
last
row
of
the
larger
chart.
But
if,
if
the
city
a
lot
of
times,
tax
revenues
come
in
bulk
at
certain
times
of
the
year
and
to
the
extent
that
the
tax
revenues
become
available,
the
city
might
be
able
to
take
advantage
and
avoid
some
of
the
interest
charges
and
chances
are.
I
I
These
are
projections
which
show
the
progression.
We
actually
adjusted
the
contribution
requirements
for
2020
to
show
the
impact
of
the
next
assumption.
Change
for
general
in
place.
General
police
is
going
to
change
from
seven
point
six
percent
to
seven
point
five
percent
next
year
and
that
will
have
an
impact
on
I've
spirits.
There's
also
remember
the
assets
when
we
were
talking
about
those
earlier
there's,
unrecognized
gains
and
losses
and
those
flow
into
the
various
contribution
requirements.
I
If
you're
looking
at
the
fire
that
heading
X
actually
is
a
little
bit
misleading,
because
it's
both
the
cities,
the
cities
of
Jacksonville
and
Jacksonville
Beach
contributions
that
you're
seeing
there,
the
City
of
Jacksonville
Beach,
is
going
to
be
very
stable
in
the
absence
of
an
any
sort
of
assumption,
change
away
from
seven
percent
for
the
City
of
Jacksonville
Police
and
Fire
pension
plan.
So
in
case
anybody
is
wondering
in
case
I
wasn't
clear.
I
I
The
the
funded
ratios
you
there
the
first
thing,
I
notice,
based
on
our
discussions.
None
of
these
are
at
a
hundred
percent
and
a
question
was
raised
earlier,
our
future
generations
of
taxpayer
it's
going
to
have
an
appetite
to
get
these
to
100%
and
the
answer
is
we're
working.
You
know
well
paying
these
down
based
based
on
what
we
know
at
this
time
and
again
the
fact
that
or
making
the
investment
return
assumption
a
little
more
conservative,
but
we're
training
these
towards
100
percent,
with
the
exception
of
this
year,
a
lot
of
these
China
Dawei.
I
Why
was
that?
Well
in
in
the
case
of
police,
we
decreased
our
investment,
return,
assumption
from
seven
three-quarters
to
seven
point
six
and
that's,
it
would
have
gone
up
if
we
didn't
change
that
assumption,
but
it
went
down
a
little
bit
and
firefighters
went
down
a
lot,
but
that's
because
we
decreased
their
assumption
a
lot.
We
decreased
it
from
seven
point:
seven,
five
to
seven
percent.
You
know
so
there
was
a
pretty
significant
reduction,
the
the
break
in
the
clouds.
I
In
from
from
my
perspective,
the
effort
of
FRS
mortality
tables
that
we're
going
to
be
required
to
adopt
for
the
October
first
2020
valuations.
These
are
projecting
shorter
life
expectancies
for
all
all
all
types
of
populations,
in
other
words,
civilian
employees,
which
cover
your
your
general
retirement
system
and
public
safety
in
place
that
cover
the
police
and
fire
retirement
systems.
I
I
It's
going
to
actually
be
the
opposite,
so
the
new
FRS
mortality
tables,
which
we
will
be
adopting
for
the
2020
valuations,
are
going
to
be
projecting
shorter
life
expectancies,
shorter
life
expectancies
means
people
are
assumed
or
expected
to
be
in
pay
status
a
little
bit
shorter
and,
to
the
extent
that
their
and
pay
status
a
little
bit
shorter,
you
know,
is
in
terms
of
the
the
benefit
obligation.
You
know
the
benefit
promise
we're
expecting
those
to
have
a
few
less
benefit
payments
they're.
Therefore,
that
will
be
another
tailwind.
I
H
I
H
Hi
I'm,
sorry,
it's
Pedro.
Could
you
also,
maybe,
since
I
know
that
the
the
comment
was
made
and
I
want
to
just
make
sure
that
everybody
may
be
listening
in
understands
a
little
bit
more
than
then,
and
certainly
is
sometimes
spoken
to?
How
does
the
contribution
for
the
pension
plans
work?
In
other
words,
is
it
fair
to
say
that
the
city
contribution
it
probably
amounts
to
less
than
a
third
of
the
actual
monies
that
go
into
the
pot.
I
That's
that's
a
fair
statement,
so
the
roughly
two-thirds
of
the
cash
flows
out
of
the
retirement
system
are
going
to
be
from
the
investment
income
and
about
a
third
is
coming
from
contributions
and-
and
you
might
and
and
the
listener
might
say.
But
you
disagreed
with
Pedro
on
Pedro
said
it
was
less
than
a
third.
How
come
how
come
I
said?
It's
a
third
and
that's
because
your
members
are
making
contributions
as
well,
so
that
third,
that's
not
over
the
long
term
being
funded
by
investment.
Return
is
being
funded
by
both
local
employer
contributions.
I
In
the
case
of
the
police
officers,
chapter
185
contributions
in
the
case
of
firefighters,
chapter
175,
contributions
which,
by
the
way,
are
not
going
to
be
suspended
due
to
the
interlocal
agreements.
Those
contributions
are
still
expected
to
be
received
on
on
an
annual
basis
and
the
members
you
know
so
so
that
one-third
of
of
the
resources
is
split
between
the
state
and
now
two
local
employers,
general
and
police,
entirely.
I
The
City
of
Jacksonville
Beach,
Fire,
split
between
the
city
of
Jackson,
on
the
City
of
Jacksonville,
Beach
and
and
and
the
member
contributions
with
regard
to
the
contribution
requirement
itself.
What
we're
looking
at
is
we
want
to
pay
the
normal
costs
for
a
year's
worth
of
service,
so
for
making
a
benefit
promised
to
an
active
member
who
is
covered
by
the
retirement.
We
want
to
pay
for
the
next
year's
worth
of
liability
associated
with
their
career
advancement.
So
that's
a
mandatory
contribution.
I
In
addition,
the
administrative
expenses
associated
with
with
the
operations
of
the
retirement
systems,
those
those
are
contributed
in
addition
to
than
what
we
call
the
normal
cost.
You
know
the
cost
of
benefits
being
accrued
by
your
active
workforce
over
the
next
year
and
then,
in
addition
to
that,
we
have
a
number
of
amortization
schedules,
but
in
the
aggregate
we
look
at
the
unfunded
liability
and
we
make
a
payment
against
that
unfunded
liability
and
these
payments
are
calculated
based
on
a
closed
immunization
policy.
I
I
H
H
Just
you
know,
I
wanted,
as
as
we
can
serve
as
a
resource
to
to
really
drive
home
the
fact
that
the
taxpayers
aren't
aren't
funding
these
plans
nearly
as
much
as
probably
everybody
thinks
that
they
are
that
the
employees
that
are
members
of
the
plan
and
the
investment
returns
are
the
primary
sources
of
the
funding
for
for
these
defined
benefit
plans.
But
thank
you,
I
appreciate
it.
I
I
Just
focusing
on
a
couple
of
metrics
these
risk
measures
really
we're
just
looking
at
a
lot
of
trends
to
make
sure
that
something
doesn't
look
like
it's
going
off
the
rails,
so
the
the
column
that
has
a
column
heading
nine
assets
divided
by
payroll.
What
you
know
come
one
divided
by
column,
four
and
ironically
column,
one
isn't
column
one
column.
One
has
come
too,
but,
aside
from
that,
the
trend
here
for
their
own
place
has
been
pretty
stable.
I
I
I
If
you
look
at
assets
relative
to
payroll
for
the
police
officers,
that's
a
little
bit
higher,
so
their
system
is
arguably
a
little
bit
more
mature,
more
retiree
liabilities
and
the
the
assets
actually
are.
The
the
larger
driver
they
they
have
a
higher
funded
ratio.
If
you
have
the
highest
fund
ratio,
then
chances
are
your
assets
relative.
I
The
payroll
is
gonna,
be
a
little
bit
higher
than
systems
with
a
lower
funded
ratio
so
because
you
have
more
assets
so,
but
with
more
assets
and
the
inherence
volatility
and
in
in
a
market
portfolio
exposed
to
diversified
markets,
you're
gonna
have
a
little
more
contribution
volatility
with
the
police
officers,
again
an
open
system,
and
then,
if
you
go
to
the
this
is
my
last
slide
slide
15
and
here
we
have
a
closed
system.
So
another.
I
Another
distinction
that
we're
going
to
be
making
over
the
next
few
years,
if,
if
you
look
at
comma
7,
comma
7
retired
the
liability
divided
by
actual
crude
liability?
Well,
if
it's
closed
system
where's
that
gonna
go,
it's
it's,
it's
not
gonna
reach
a
point
of
equilibrium
until
it's
a
hundred
percent
in
right.
Now,
it's
it's
relatively
low,
but
sooner
or
later,
if
you
don't
have
any
actives,
all
of
your
liabilities
are
retired
liabilities.
So
that's
gonna
trend
towards
100%.
That's
not
really
an
indication
of
anything!
I
That's
not
necessarily
great
trend
indicator
other
than
you
may
want
to
consider
more
more
of
a
fixed
income
allocation,
although
this
is
out
of
my
league
I'm,
not
the
investment
expert
but
as
as
you
have
more
and
more
of
your
liability,
that's
in
pay
status
and
has
a
shorter
duration.
You
know,
new
considerations
need
to
be
discussed.
Then
the
payroll,
8,
9
and
10
payroll
measures
are
going
to
explode.
Do
you
you.
F
I
To
the
extent
your
active
workforce
gets
smaller
and
smaller
you're
gonna,
it's
gonna
coincide
with
a
smaller,
smaller
payroll
and,
and
these
figures
eventually
will
become
undefined
if
you're,
dividing
by
0.
So
so
payroll
figures
are
gonna
over
the
next
couple
of
years,
they're
going
to
lose
some
of
their
meaning.
With
regard
to
the
the
uses
metrics
with
regards
to
risk
measures
based
on
trends
and
that's
all
I
had
that
there
may
be
more
questions
or
so
be
happy
to
to
talk
about.
I
E
Right
I'm
not
seeing
any
question
or
any
hands
up
in
the
participant
box.
Does
anybody
have
any
questions
for
mr.
Armstrong
I
just
want
to
thank
you
and
mr.
Tucker.
Both
these
are
always
so
informative,
as
well
as
the
staff
who
who
helped
put
them
all
together.
So
thank
you
and
I'm
sure
it's
not
an
easy
process,
but
really
appreciate
these
reports,
so
we'll
go
ahead
and
take
votes
by
board.
So,
starting
with
the
general
employees,
can
we
get
a
motion
to
approve
the
actuarial
valuation
report
and
make.
A
C
A
A
A
E
A
A
C
E
J
You
for
that
wonderful
introduction
way
to
set
expectations.
Before
we
jump
into
it.
There
actually
is
one
housekeeping
item
relative
to
the
expert
equatorial
valuation
and
degree.
We
have
to
find
motion
set
the
expected
rate
of
return
for
the
next
year,
the
next
cell
years
in
the
long
term
thereafter
and
before
I,
just
kind
of
jump
ahead
with
that
suggestion.
I
just
want
to
make
sure
confirm
with
Brad
that
it's
7.6
now
for
the
police
and
at
federal
and
then
seven
for
the
fire,
or
is
that
going
to
be
for
the.
A
J
Yep,
seven
point
six,
so
so
my
my
recommendation
for
the
general
employees,
as
well
as
the
police
plan,
is
to
set
the
expected
rate
of
return
at
seven
point:
six
percent
for
the
next
year,
the
next
several
years,
a
long
term
thereafter,
in
addition
to
that
for
the
fire
plant
that
sets
at
expected
rate
that
7%
for
the
next
year.
The
next
over
here
is
the
long
term
around
it.
J
H
Yes,
so
so
this
is
something
that
is
required
for
each
board
to
it's
part
of
the
required
disclosures,
and
we
typically
request
a
recommendation
from
our
actuary,
as
well
as
our
consultant
as
to
what
the
board
will
be,
setting
the
the
rate
of
return
and
I
always
confused
a
language,
but
it's
for
for
this
year
next
year
and
the
long
term
thereafter.
So
so,
if
the
boards
are
comfortable
with
the
recommended
rates
of
return,
then
a
motion
would
be
in
order
from
each
to
adopt
the
set
rate
as
as
recommended.
H
It
doesn't
have
to
be
now.
I
was
just
suggesting
it
can
be
done
now
or
if
you
want
to
wait
until
after
their
performance
report,
I
mean
it
doesn't
you
know
the
timing
of
it?
Doesn't
it's
it's
not
it's
up
to
you
guys,
it's
just
that
since
he
was
talking
about
it,
I
suggested
it
now,
but
certainly
if
you
want
to
finish
with
the
with
the
report
now
we
can,
we
can
circle
back
on
that.
That's.
E
B
Thought
that
we
had
agreed
two
years
ago
to
a
four
year
plan
of
which
we
had
voted
on
at
that
point,
but
I
I
think
what
I'm
hearing
is
that
we
just
basically
need
to
reconfirm
those
amounts
each
year.
Even
though
we
had
established
a
plan
that
I
guess
we
need
to
make
a
motion
that
we
are
on
that
step
down
plan
and
and
assuming
that
rate,
that
new,
let.
J
A
J
It
does
is
change
your
assumptions
or
any
any
of
the
plans
that
have
increased
members
to
creep
them,
but
it
is
merely
just
an
annual
requirement
that
you
make,
but
what
we
have
found,
if
you
buy
motion,
set
an
expected
rate
of
return,
that's
different
than
your
assumed
rate
of
return.
Then
the
state
looks
at
these
two
things
and
say:
wait
a
minute.
A
H
D
J
A
D
J
A
D
E
Does
anybody
have
any
objections
to
go
ahead
and
doing
these
motions
now?
Okay,
good?
So
for
the
general
employees
and
someone
correct
me
if
I'm
wrong
on
this
language,
I'm
seeking
a
motion
to
set
the
expected
rate
expected
rate
of
return
for
this
year
next
year
and
long
term
thereafter,
at
seven
point,
six
percent.
E
Just
to
clarify
the
motion:
language
was
this
year
next
year
and
long
term
thereafter,
based
on
the
advice
of
mr.
Herrera,
so
the
second
was
for
that
motion.
As
stated
mr.
Mont
I
mean
I'm.
Sorry,
what's
the
motion
as
I
stated,
and
the
second
was
from
mr.
Esmond
any
discussion
on
this
motion:
roll
call
vote
for
general
employees.
Please
torch.
H
A
A
J
We
are
setting
them
the
same.
That's
a
point!
If
you,
if
you
set
them
different
from
the
assumed
rate,
then
it
it
opens
your
questions
comments
when
you,
when
you
submit
your
reports
to
the
state,
so
the
the
idea
is
to
have
it
match
the
seven
point,
six
at
least
for
the
current
year.
Because
again,
even
though
you
have
a
plan
in
place
to
change
the
rate
in
the
future
you're,
not
you
know
you
could
theoretically
do
something
different
when
you
get
there.
A
A
A
E
A
C
J
J
Everybody
knows
was
horrendous,
put
it
lightly.
What's
a
little
bit
lost,
Matt
is
actually
the
market
was
still
setting
all-time
highs
in
the
middle
of
February,
so
that
the
first
half
of
the
quarter
was
actually
going
pretty
well
and
then,
of
course,
we
kind
of
came
to
grips
with
the
news
of
what
was
coming
related
to
the
corona
virus
and
that
obviously
sent
the
market
into
a.
J
Which
ultimately
led
to
severe
losses
at
the
quarter?
If
you
look
in
the
upper
right
hand
corner,
you
can
see
internationalist
at
roughly
3%.
Our
domestic
stocks
were
down
about
nineteen
and
a
half
that
large
gap
is
it
as
measured
by
the
S&P
500
and
small
caps
were
down
in
excess
of
30
percent.
When
you
get
to
fixed
income,
that
was
positive,
as
we
saw
interest
rates
fall
so
that
the
Barclays
AG
was
up
about
3.1
percent,
but
even
what's
misleading
in
that
is
really
Treasury.
J
G
J
And
that
is
actually
the
lows
of
the
equity
markets.
But
we'll
look
at
a
bit
more
later,
but
really
just
wanted
to
kind
of
mention.
Obviously,
a
lot
of
things
have
happened,
and
perhaps
most
importantly,
that
the
Fed
really
has
come
out
done
a
lot
of
things
already
and
indicated
that
they
will
continue
to
do
more
if
it's
necessary
and
I
think
that's
probably
pretty
important
when
we
look
at
at
how
we
recovered
that's
not
in
this
book.
A
J
For
growth,
so
when
the
economy
stumbles
we're
expecting
that
the
growth
type
companies
be
hurt
more
the
value
companies,
whether
their
financials
utilities,
they
tend
to
be
more
stable,
mature
businesses,
they
pay
dividends,
they
tend
to
hold
up
better,
but
in
obviously
that
did
not
happen.
Part
of
the
problem
was
there
were
a
number
of
companies
that
either
reduced
dividends
or
suspended
dividends,
or
traditionally
some
of
those
kind
of
safe
haven
stocks
I
think
were
sold
because
of
some
of
the
actions
that
were
being
taken
by
those
firms.
J
So
again,
just
kind
of
wanted
to
highlight
that
this
is
a
little
bit
unusual,
that,
in
a
in
a
big
negative
environment,
growth
still
outperform
value
the
way
it
has
played
for
the
left
and
years
now.
The
next
page,
three
talks
about
the
co
Marcus
again,
I
just
focus
on
the
grass
down
in
the
bottom
right
hand
corner
that
just
shows
you
graphically
the
decline
in
interest
rates,
at
least
in
terms
we
securities,
it
was
quite
dramatic.
J
A
J
The
next
page
is
one
we
spent
a
fair
amount
of
time
on
it
tracks
the
assets
of
the
plan.
I
mean
absolute
firms
and
market
value.
It
compares
it
against
the
theoretical
investment
made
at
the
assumed
rate
of
return,
as
well
as
it
tracks
your
net
cash
flow
and
George
Chandler
had
brought
this
up
last
time.
So
I
did
have
a
little
bit
of
follow-up
discussion
that
I
wanted
to
to
bring
to
your
attention.
So
really
the
question
was:
when
we
looked
at
the
March.
Excuse
me
the
the
December
31st
report.
A
J
Because
we
have
your
data
going
back
32
years,
what
this
really
does
is
it
it
highlights
the
significance
or
the
importance
of
the
time
value
of
money
so
over
the
last
32
and
a
quarter
years.
Your
performance
is,
is
46
basis
points
better
than
that
assumed
rate
of
return,
and
when
you,
when
you
have
a
46
basis,
point
annualized
return
over
32
years,
it
works
out
to
be
at
your
asset
level.
J
It
works
out
to
be
about
10
million
dollars
more
money
in
the
plan
because
of
that
that
seemingly
relatively
small
level
about
performance
so
again,
I
wanted
to
kind
of
circle.
Back
on
on
that
question
on
that
that
that's
the
reason
both
the
seemingly
diverging
so
much
it's
just
going
into
the
compound
effect
of
about
performance
over
time
now,
when
we
look
at
this
particular
graph
with
the
March
31st
data,
you
don't
have
that
out
performance.
J
Obviously
you
see
that
asset
number
declined
down
to
the
85
point:
five
million
dollars,
which
is
actually
below
that
assumed
rate
of
return
line
which
is
again
showing
the
growth
at,
but
most
recently,
as
of
seven
and
three-quarters
percent.
But
while
we're
on
this
cart,
I
did
want
to
go
ahead
and
give
you
an
update.
J
I
ran
the
assets
of
the
plan
as
of
this
morning
and
we're
actually
back
up
to
ninety
five
point:
three
million
dollars
so
from
from
the
1231
level,
we're
at
98
million
bail
as
far
as
85
million
they're
in
March,
and
now
we've
recovered,
almost
all
of
it
or
within
about
2.7
million
dollars
of
where
we
were
so.
It's
obviously
been
a
roller
coaster,
you're,
seeing
that
here
as
a
March
31st
below
the
red
line,
but
as
of
today,
we
found
that
very,
very
significantly
Georgia.
You
know,
I
kind
of
ran
through
a
lot
are.
F
F
Actually
the
return
that
we've
gotten
has
been
not
just
the
on
the
table
now
85
million,
but
it's
we've
also
paid
out
that
25
million
so
we're
actually
at
a
hundred,
and
we
yield
at
a
hundred
and
ten
percent,
which
would
be
that's
more
than
what
you'd
explain
through
a
half
percent
compounded
interest
rate
over
three
two
years.
You
know
what
I
mean
you
I
think
my
understanding
is
that
you've
argued
that
we're.
Actually,
the
blue
line
doesn't
include
all
the
PS
on
the
bottom,
so
we've
actually
earned
yonks
more
than
what
I
kept.
J
J
But
you've
paid
out
37
million
or
almost
thirty
eight
million
dollars
above
that.
So
when
you
said
when
you
reduce
that,
that's
where
you,
where
you
get
that
the
negative
as
well
but
the
Assumption,
the
line
on
the
assumption
also
faces
the
same
fat.
So
it's
not
it's
not
that
your
actual.
Why
level?
As
that
a
successful,
but
the
assumption
doesn't
that
they
track
each
other.
F
C
F
J
I
like
that,
if
you
flip
to
the
next
page
page
six,
this
shows
the
deviation
from
our
investment
policy
target,
and
so
what
you'll
notice
on
page
six
is
that
we
were
at
the
end
of
the
quarter.
We
were
slightly
underweight
to
equity,
which
is
not
surprising,
since
the
equities
were
down
almost
21%.
What
actually
is
is
almost
a
little
bit
surprising
is
that
we
weren't
down
more
than
that.
J
I
was
continuing
to
run
the
asset
through
the
month
of
February
into
March,
when
when
the
market
was
was
having
those
horrific
days
and
I
was
expecting
to
find.
You
know
that
we
would
be
seven
eight
percent
below
target
in
equities,
but
unfortunately
it
never
got
that
or
out
of
line
that
would
have
required
sort
of
any
mid,
mid
period.
Rebalancing
so
from
that
standpoint
is
positive
and
then
again
just
by
way
of
update
because
of
the
recovery
that
we've
seen
in
April
and
May.
J
Instead
of
you
know,
being
one
point:
nine
percent
below
target
and
domestic
equity
were
actually
one-and-a-half
percent
above
target,
so
we've
spent
a
little
bit
of
a
rollercoaster
on
the
way
down
and
now
we've
recovered
pretty
significantly
the
last
two
months
and
have
rebounded.
But
again
the
short
version
is
we're
still
very
much
in
line
with
the
investment
policy
and
and
anytime
cash
flows
are
necessary
for
for
benefit
payments,
and
things
were
always
looking
at
the
asset
allocation
taking
money
and
wherever
any
overweight
foot
exists
or
when
contributions
come
in.
J
J
So,
on
page
seven
here
we
have
the
the
actual
returns
of
the
plan.
I'm
just
gonna
pause
that
and
notice
on
the
screen.
There
we
go
so,
as
was
alluded
to
earlier.
He
was.
It
was
not
a
great
quarter,
but
we
were
down
twelve
point.
Six
five
percent
versus
the
benchmark
was
down
11.1%
you
placed
in
the
thirty
second
percentile.
So,
interestingly,
when
you
were
when
you
were
still
about
one
and
a
half
percent
behind
the
benchmark,
he
still
beat.
You
know
sixty
eight
percent
of
the
public
funds
around
the
country.
J
So
as
we
sit
here
today
and
again,
this
is
its
market
value.
But
if
you
add
that
eleven
point,
four
to
the
negative,
eight
twenty
four
we're
sitting
somewhere
in
the
neighborhood
of
a
positive
through
positive
on
the
fiscal
year-to-date
as
a
holiday,
but
certainly
the
report
is
very
negative,
certainly
well
below
our
so
greater
return.
But
now
that
were
four
months
out
from
the
end
of
the
fiscal
year.
You
know
we
were
at
least
in
positive
position
and
certainly
and
I'm
a
better
spot
than
we
when
we
were
on
March
31st.
J
Obviously,
as
you
as
you
go
out
to
the
longer
term,
the
three
five
seven
year,
you
can
see
that
the
ranking
is
again
very,
very
solidly
in
the
top
25%
I'll,
really
ten,
fifteen
and
fifteen
over
three
five
and
seven
years,
but
what's
now
falling
slightly
behind
over
three
and
five
as
well
as
seven-year
and
I
think
to
George's
comment
earlier
about
that
previous
chart.
It
shows
this
in
second
performance.
Five
point
three
percent,
which.
J
It
doesn't
aside
with
certain
and
the
differences
this
system
section
goes
back
to
ninety
nine
that
chart
we
have
paid
if
it
goes
bad,
your
asset
and
so
in
those
couple
of
years
and
quite
frankly,
the
data
picked
up
in
in
September
thirtieth
on
from
eighty
seven,
which
is
right
after
you
know,
kind
of
a
huge
crash
number
87.
So
you
had
a
nice
recovery
in
that
late,
87
88
into
89
and
obviously
years.
So
that's
why
you
do
see
a
little
bit
of
a
mess.
J
F
Oh,
what
what
the
history
of
the
fun!
But
that's,
because
we
did
really
really
well
in
the
first
fifteen
years
and
then
since
then,
we're
averaging
you
know
closer
to
something
less
than
seven.
So
you
know
the
world
has
changed
and
the
expected
rates
of
return
that
we
enjoyed
earlier
just
aren't
going
to
be
around
any,
be
sure.
J
Well,
there
are
a
couple
of
comments
that
I
will
make.
Obviously,
with
this
period
showing
back
to
999,
you
have
you
have
three
major
market
dislocations
there
included.
One
of
them
was
was
very
soon
after
the
start
date,
so
it
excused
the
results
a
little
bit.
That
way,
you
know
if
we
expand
it.
If
we
had
the
data.
J
A
J
F
That
did
go
back
to
that
previous
graphic
and
1999.
1999
does
look
like
our
peak
performance
and
since
then,
so,
yes,
that
no
I
think
you
know
those
the
one
that
I
was
looking
at
earlier.
I
think
it's
one
more
yeah.
What
about
99?
In
fact,
I
think
your
point
about,
depending
on
when
it
was
in
99,
but
yeah
that
looks
like
pretty
much.
It
was
yeah.
You
can't
really
see
the
what's.
It
called
yes,
exactly
the
CIT
bust
kicked
in
just
after
that
right.
J
Obviously
you
had
outside
returns,
leading
up
to
them
again
very
good,
and
then
obviously
it's
been
more
challenged
since
then,
with
obviously
the
bubble
bursting
then
later
the
2008
crisis
and
anomalous.
Recently,
the
co
good
market
and
I
actually
have
a
public
art
feeder
in
the
in
the
report
that
it
will
kind
of
dive
into
that
a
little
bit
more
and
give
you
a
bit
more
perspective
on
some
of
those
declines.
That
might
be
helpful
thanks.
F
For
that
I'll
shut
up
now,
if
we,
if
we
just
got
in
here,
I
established
that
it
may
be
more
challenging
the
next
20
years
and
it
for
the
last
20
years
have
been
more
challenging
than
the
previous
20
years
in
the
next
20
years.
May
continue
that
trend.
That
I
think
is
a
point
worth
taking
boy
correct.
J
I
mean
if,
for
no
other
reason,
interest
rates
are
lower
than
they've
ever
been
now,
and
so,
when
you
have
30
percent
of
your
portfolio
that
you
can
reasonably
expect
any
percent
over
the
next
year,
that
becomes
an
Ellen
we're
25
years
ago,
when
you
could
earn
seven
or
eight
percent.
Out
of
that.
That
means
that
income
holding
that
obviously
really
paints
the
dynamic.
That's
certainly
one
of
the
balances,
but
that
everyone
faces
in
the
investment
world
and
that
conversation
will
obviously
continue.
J
A
J
Relative
to
the
benchmark,
they've
seen
you
know
a
huge
is
these
last
couple
of
months.
The
newest
piece
of
the
portfolio
is
that
JPMorgan
equity
income.
It
was
down
24
percent
versus
26.7,
so
a
little
bit
of
protection
there
for
the
fiscal
year
down
19
vs.
21.
So
again,
relative
mount
performance
is
obviously
very
negative.
Then
your
Atlantis
kid
did
outperform
a
little
bit
down
twenty
seven
point:
three
versus
twenty
nine
point:
seven
and
for
the
year
actually
quite
informal,
seven
percent
our
performance
at
a
negative
15
and
a
half
versus
negative.
J
Two
point:
four:
seven
then,
on
the
next
page,
the
the
remaining
assets,
the
Euro
Pacific
growth,
as
well
as
WCM
kind
of
this
the
same
story.
There
are
obviously
negative
numbers,
but
they
did
outperform
the
benchmark
not
only
for
the
quarter
but
for
the
year
I'm,
pretty
significantly
so
for
WCM.
They
were
only
down
thirty
four
basis
points
for
the
last
twelve
months
versus
their
benchmark
of
of
negative
fifteen.
J
They
were
behind
the
the
other
fixed
income
piece,
which
we
touched
on
a
little
bit
last
time
was
the
Templeton
global
bond
just
a
very
difficult
quarter.
They
were
down
four
point,
four
versus
the
benchmark
of
two
percent,
and
now,
when
you
look
at
the
trailing
performance,
whether
it's
the
year
three
or
even
five-year
you're,
seeing
some
pretty
good
under
performance,
what's
a
little
bit
lost,
there
is
and
I
actually
went
back
to
look
at
the
report
just
twelve
months
ago.
J
They
still
have
outperformed
since
inception
but
at
the
same
time
we're
starting
to
see
some
erosion
here
in
this
performance,
and
so
given
that
I'm
kind
of,
if
it's
alright,
with
the
board
I'd
like
to
kind
of
put
that
on
a
watch,
have
a
further
discussion
next
time.
It
is
a
relatively
small
piece
of
the
plan.
A
J
And
then
the
last
piece,
of
course,
is
the
your
real
estate
portfolio
at
JPMorgan.
They
were
up
1.5,
seven
percent
versus
ninety
two
basis
points
and
for
the
year
about
five
and
a
half
percent
versus
five
and
a
quarter
so
good
performance.
But
one
thing
I
do
want
to
set
expectations
with
with
the
corona
virus,
with
disruption
retail
market,
as
well
as
businesses,
offices
that
are
having
people
work
from
home.
We
are
anticipating
some
softness
in
the
real
returns
over
the
next
say
breed
at
nine
months.
J
G
J
From
home
and
kind
of
what
I'm
hearing
is
it's
going
pretty
well,
and
so,
when
they're
looking
at
maintaining
or
releasing
phase
that
they
say,
hey,
we,
our
employees
can
be
very
productive
from
home.
Maybe
we
don't
need
quite
as
the
topic
spaces,
he
thought
we
did
before
so
expect
a
little
bit
of
softness
and
challenge,
especially
in
the
office
space.
You
know
for
the
for
the
next
foreseeable
future,
and
and
so
again
we
expect
a
little
bit
of
softness
there
in
the
real
estate
portfolio.
J
J
Okay,
so
first
page
nine
is
just
a
review
of
of
your
fee
schedule
and
you
can
see
the
average
weight.
The
weighted
average
via
the
total
fund
is
forty
four
basis
points
very,
very
reasonable
for
us
here
in
85,
but
now
a
ninety
five
million
dollar
plan
just
to
put
into
perspective
double
things
that
we've
obviously
been
through.
J
One
more
page,
Dustin,
it's
got
all
the
green
and
red
on
it.
So
what
this
chart
does
is
it
shows
the
bull
and
bear
market
period
going
back
to
the
end
of
world
work
and
obviously,
on
the
far
right
hand,
side
with
the
bull
market
that
we
recently
in
and
obviously
came
in
March.
But
it
was
the
longest-running
bull
market
in
history.
So
a
lot
of
folks,
you
know,
didn't
didn't
really
kind
of
grasp
that.
But
there
was
a
very,
very
long
running
bull
market
where
we're
up
about
400
percent
and
then.
A
J
Course,
any
decline
of
more
than
20%
from
a
previous
high
signals.
A
bear
market
and
the
the
average
bear
market
is
about
33
percent
and
the
average
duration
of
a
bear
market
is
14
months.
So
from
February
19th
through
March
23rd,
we
went
down
34
percent,
essentially
in
line
with
the
historical,
normal
bear
market
correction.
But
again
I
mentioned
the
average
duration
of
a
bear
market
is
14
months.
J
J
Obviously,
those
situations
were
very
different.
You
had
fundamental
issues
during
the
tech
situation.
You
had
companies
with
no
earnings,
no
revenue.
Yet
you
know
few
evaluations
I'm
in
the
financial
crisis,
you
had
subprime
loans
and
a
lot
of
other
problems
on
balance
sheets
that
had
to
be
worked
through
a
Nevada.
That,
of
course,
takes
a
lot
of
time.
J
So
it
is
understandable
that
the
market
took
longer
to
kind
of
get
through
all
of
that
information,
but
wanted
to
again
put
the
the
coronavirus
drawdown
in
context
with
with
those
particular
market
periods
and
and
also
just
give
you
a
little
bit
of
an
indication
sort
of
on
a
go-forward
basis
following
those
declines
of
those
previous
two
markets,
whether
it
be
1
3
or
5
years
later,
generally,
the
equity
markets
is
stabilized
and
ultimately
recover
very
nicely
and
provides
very
strong
returns.
So
here
we
are
caught
two
months
in
from
from
the.
G
J
J
But
again
just
wanted
to
give
you
some
perspective
as
to
you
know,
moving
forward
after
declines
like
this
see,
the
equity
markets
generally
perform
very
well
and
then
again
kind
of
relating
its
the
current
ways.
Obviously,
there's
some
discussion
and
have
we
probably
bounced
back
so
far
quickly?
You
know
valuations
are
starting
to
get
back
up.
J
You
know
so
that
some
of
the
higher
ranges
again
but
he's
kind
of
running
into
is
you
know
the
phrase,
the
phrase
you
don't
fight,
the
Fed,
the
Fed
has
come
out
and
and
really
done
a
lot
already,
and
it
indicated
that
they're
going
to
continue
to
do
more
if
necessary,
so
that
there
certainly
provides
some
sort
of
backstop.
Obviously
that's
that's
not
a
guarantee,
but
certainly
something
I
think
that's
providing
a
lot
of
comfort
for
the
equity
market.
J
You
know
to
kind
of
maintain
levels
here
and
obviously,
as
we
continue
to
look
for
good
news
relative
to
any
pre-meds
vaccines
or
just
generally
speaking,
that
the
economy
opening
back
up
and
not
seeing
a
spike
in
cases
ultimately
will
be
good
news.
Given
the
fact
that
our
economy
really
was
on
pretty
strong
footing
as
we
as
we
entered
this
decline,
and
so
the
fundamentals
were
there.
J
G
E
D
Yes,
thank
you.
The
I
think
this
is
a
great
graph,
the
one
on
page
13,
the
line
for
a
thief.
What
did
you
call
it
for
is
the
mountain
climber
yeah
I
was
talking
about
the
other
one,
but
okay,
I
think
this
is
a
great
graph
to
really
put
the
context
of
the
coronavirus
in
other
economic
downturns
that
we
can
conceptualize
so
just
that
the
time
and
the
depth
of
it.
D
D
J
Hopefully,
you
know
we
begin
to
kind
of
work
our
way
through
that,
as
as
people
are
reemployed,
maybe
some
of
those
unemployment
numbers,
the
40
million
unemployed,
begin
to
kind
of
recede,
and
it's
not
quite
as
bad
as
it
seems,
but
but
really
only
time
will
tell
a
virus,
both
will
kind
of
fell.
If
cases
are
picking
back,
though,
or
if
they
are
stable
to
decreasing,
and
we
can
continue
to
kind
of
open
up
the
economy
more
and
more.
J
J
But
if
you,
if
you
look
at
those
years
individually
and
are
kind
of
layer
them
on
top
of
each
other,
what
you
tend
to
have
is
a
very
choppy
market
until
very
close
to
the
election
itself
and
then
kind
of
my
my
reading
on
that
is
once
the
market
thinks
it
knows
the
winner
of
an
election
and
it
doesn't
matter
a
whole
lot
who
the
winner
is.
But
but
when
it
perceives
to
know
the
winner
and
it's
comfortable
with
knowing
that
information,
the
market
moves
higher.
J
So
if
you
kind
of
again
just
sort
of
superimpose
what
we've,
what
we've
been
going
through,
year-to-date
we're
we're
not
all
that
far
from
from
flat,
you
know
a
little
bit
negative,
probably,
but
but
in
a
reasonable
position.
So
wouldn't
surprise
me
to
see
us
kind
of
tread
water
up
and
down.
Maybe
we
go
up
10
percent.
K
J
We've
had
at
four
months
of
information,
either
related
to
any
sort
of
potential
vaccine,
as
well
as
more
information
as
in
terms
of
how
the
economy
is
recovering,
but
but
in
terms
of
answering
you
know,
do
I
expect
a
second
leg
down
or
something
like
that.
It
it's
so
hard
to
know,
but
what
I
would
say
is
as
long-term
investors
as
we
continue
to
you
know
we
wouldn't
want
to
allocate
based
on
what
we
think
is
going
to
happen
tomorrow.
J
If
we
think
it's
going
to
go
up
or
down
its
week,
we
have
the
investment
policy
in
place.
We
stick
to
those
allocations
if
equities
run
and
they
become
too
large,
we
trim
them
back
or
consequently,
if
they
fall
too
far.
We
add
back
to
equities,
for
rebalancing
and
and
that
forces
the
plant
to
essentially
buy
low
and
sell
high
and
which
again
is
a
plan
for
long-term
success.
E
A
A
E
A
E
B
B
I've
got
a
memo
to
the
board
here:
I'm
just
going
to
kind
of
skip
passes,
it
sits
in
there
for
everybody
to
see,
and
you
can
look
at
these
numbers
and
then
I'm
gonna
kind
of
go
to
another
page
as
I
speak
about
the
budget.
Here
we
have
the
all
the
pension
funds
summarized
here,
and
this
gets
very
down
into
the
details.
If
you
have
any
questions
about
this
will
kind
of
come
back
to
that
at
the
end.
G
B
B
The
member
contribution
still
at
seven
point.
Nine
five
percent
have
been
since
2013
for
general
and
2014
for
police
and
fire
city
contributions.
Those
numbers
are,
you
know
what
is
actually
calculated
and
Brad
went
through.
Then
his
presentation
comes
out
at
five
percent
in
for
general,
11%
increase
for
police
and
17%
increase
for
fire.
B
The
tax
revenues
for
police-
it's
going
to
be
same
as
last
year
as
and
pointed
out
to
me,
I
need
to
state
that
that
means
same
as
last
year.
Sally
I
guess
is
an
auditing
term
that
not
everybody
would
know
and
Jacksonville
will
be
receiving
the
fire
tax
revenue
going
forward
as
part
of
assuming
the
firefighters
on
the
expense
side.
B
Personnel
services,
you
know
not
much
change,
there's
just
allocation
of
the
of
my
salary
and
other
you
know:
expenses,
professional
services,
no
real
activity
increases
they're
pretty
consistent
with
year
over
year,
will
view
a
little
bit
of
the
differences
like
on
the
current
year.
Benefits
for
pension
benefits.
Sorry
pension
benefits
is
current
year,
benefits
paid,
plus
new
retirees
to
begin
receiving
benefits
and
backdrop
payouts
in
2021.
F
B
What
kind
of
flip
through
these
two
see?
If
anyone
has
any
questions,
please
would
stop
me,
but
the
last
thing
there's
other
current
charges
of
an
increase
to
propose
to
upgrade
the
pension
software.
So
the
pension
software
is
old
and
not
capable
of
doing
some
of
the
things
that
we
would
like
to
be
able
to
do
for
our
employees
and
retirees.
So
the
city
did
a
ERP
system
for
the
whole
city,
and
you
know,
is
getting
new
software
and
all
that,
but
that
did
not
include
any
kind
of
pension
software.
So
you
know
what
we're.
B
Looking
at
is
something
that
will
have
the
benefits
of
employees
being
able
to
do.
Projections
themselves
instead
of
coming
having
to
go
through
the
filters
of
going
through
me
and
giving
me
dates,
and
things
like
this-
that
they
can,
you
know,
get
on
a
website
see
how
much
they
have
put
into
and
Chen
gives
a
website
a
projected
date
that
they
would
like
to
retire
and
get
different
figures.
So
they
can
get
a
better
idea
of
what
works
best
for
them
and.
B
B
B
Again,
nothing
really
standing
out
there
and
the
way
of
these.
These
figures
we
do
have
you
say
down
there,
the
7%
and
the
other
expenses
that
is
almost
entirely
the
budget
for
the
software.
That's
the
police
side!
You
know
back
here
we
have
an
increase
of
six
thousand
four
and
the
other
expenses
for
the
pension
software.
B
E
B
So
and
I
think
it
just
is
gonna
allow
people
to
get
those
numbers
in
their
head,
maybe
before
they
come
talk
to
me
even
and
really
get
an
idea
of
how
it
works
and
do
some
kind
of
you
know
because
a
lot
of
people
when
they
come
talk
to
me.
They
just
have
no
idea
how
any
of
it
works
and
all
that,
so
that
would
kind
of
give
them
some
kind
of
grounding
before
they
even
get
get
here
to
see
what.
B
D
E
D
D
B
B
Doing
here
at
the
city
is
the
showing
the
amount
that
this
employees
have
contributed
to
the
pension
plan
and
that's
their
accumulated
contributions,
and
they
the
way
we
currently
do.
It
doesn't
work
with
the
way
their
system
works.
So
that's
something
that
we
definitely
want
to
continue
to
show
our
employees
and
have
a
way
for
them
to
do
that.
So
yeah
I
would
say
so.
The
new
system
works
even
less
than
our
current
system
does,
with
pensions.
So.
D
Have
you
talked
together
at
all
about
actually
having
them
design
one
because
a
lot
of
these
they,
even
though
there's
off
the
I,
don't
know
looking
at
the
block
the
shelf
products
that
they're
purchasing
and
those
are
just
like
you
take
it
off
the
shelf,
plug
it
in
hook
up
your
systems,
but
then
there
are
especially
designed
systems
for
each
individual
municipality.
So
it
does
exactly
what
that
municipality
does.
B
Yeah
yeah,
so
we
did
talk
to
Tyler
about
that,
but
they're
they're,
not
interested
in
the
pension
business
I
think
that
they
made
a
conscious
decision
because
their
software
used
to
have
some
capabilities
like
that.
But
I
think
they
just
don't
want
to
compete
in
that
market
anymore,
because
there
is
pension
software
out
there.
That
is
just
better
than
what
they
were
doing.
It
cost
less
and.
D
H
D
Of
having
this
new
ERP
system
was
to
unify
the
city
in
technical
infrastructure
in
the
data-
and
this
is
a
huge
part
of
the
financial
aspect
of
the
city-
so
I'm
not
understanding
how
we
really
went
bullhog
with
this
ERP
and
we're
leaving
this
guy
out
here,
just
cuz.
You
know
the
ERP
that
we
decided
to
go
with,
doesn't
want
to
do
this
yeah
and
it's
too
late
now
to
go
back,
but.
B
I'm
not
sure
that
there's
that
much
tie
in
with
what
they,
because
we
will
still
be
processing
pension
payroll
in
the
new
ERP
system,
so
we
just
we've
got
it
set
up
to
debt.
That
way
you
can
do
that,
which
is
a
big
part.
You
know
this
is
more
connecting
with
the
employees
and
really
what
you're
looking
at
is
accumulated
contributions
and
then
the
amount
every
check
that
they
have.
That
would
come
out
and
that's
really
all
the
information
that
needs
to
go
out
to
this
new
I.
Don't.
D
H
E
A
good
sport
and
for
the
benefit
of
the
rest
of
the
board
members
who
may
not
be
as
familiar
georgette
and
I,
have
been
hearing
for
a
long
time
about
a
new
ERP
system
for
our
city.
That
would
integrate
a
lot
of
different
functions
that
were
basically
first
last
updated,
maybe
sometime
in
the
mid
80s.
E
So
that's
why
the
concern
which
I
do
share
as
well,
that
if
this
is
a
pretty
major
function
of
the
city,
I
mean
certainly
not
top
five,
but
it's
definitely
something
that
it
would
make
sense
to
have
integrated,
which
was
the
promise
of
a
lot
of
time
and
money
that
we've
invested
into
this
process.
So
a
lot.
D
E
E
K
A
F
E
A
A
B
Right,
yes
and
the
interest
of
time
I
am
NOT
going
to
go
through
all
these
numbers
and
the
top
part
of
that.
You
can
definitely
read
about
that
right
there.
There
are
no
scheduled
conferences
for
the
foreseeable
future.
I,
don't
know
how
long
that's
gonna
last,
but
FP
PTA
is
sending
out
emails
about.
B
G
B
B
A
B
E
D
B
B
A
G
B
G
What
happened
was
the
third-party
vendor
that
we
use
to
process
to
file
and
process
these
claims
for
us
they
have
always
done
a
fee
they
charge,
but
they
would
always
withhold.
In
the
past.
It
was
20%
of
any
recovery
that
they
made
on
a
class-action
lawsuit.
We
were
able
to
get
them
down
to
12%
in
the
past.
We
just
absorbed
that
20%
on
of
all
of
our
clients,
but,
as
you
know,
class
action
occurrences
happen
a
lot
more
so
that
that
number
began
to
grow
and
grow
and
grow.
G
We
had
to
make
a
decision
as
a
company
to
no
longer
absorb
that,
so
we
aren't
charging
a
fee
per
se
and
it's
the
if
the
vendor
who's
doing
it
and
it's
it's
if
they
withhold
it
from
the
Recovery's.
So
if
there
is
an
award
that
your
plan
would
get,
they
will
keep
out
12%
of
that
we're
continuing
to
monitor
for
you.
We
just
let
wanted
to
let
everybody
know
that
this
change
happened,
and
you
know
your
so
you're
still
being
monitored
and
covered
and
the
way
your
plan
is
currently
invested.
A
B
We'll
continue
on
here,
the
next
quarterly
board
meeting
is
going
to
be
Wednesday.
August
12th,
not
Tuesday.
It's
gonna
be
Wednesday
because
of
the
budget
workshops
that
will
be
taking
place
on
a
Tuesday,
the
11th
in
the
council
chambers,
so
Wednesday
August,
12,
3
p.m.
back
to
3
o'clock
instead
of
2
o'clock
our
normal
time,
just
not
our
normal
day
and
attached
is
the
schedule.