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From YouTube: Pension Board Meeting (6/7/2022)
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A
A
B
B
B
A
C
Okay,
approval
of
minutes
all
the
boards
for
the
joint
quarterly
meeting
held
february,
8th
2022..
We
need
a
first
and
a
second
from
anyone
from
any
of
the
villages.
C
A
A
That
would
have
provided
an
additional
presumptive
disease
for
police
officers
and
firefighters
for
purposes
of
line
of
duty,
disability
or
pre-retirement
death.
So
because
you
guys
are
aware,
currently
these
statues
continue
organizations,
but
then
florida
statutes
provide
for
certain
communicable
diseases
that
are
presumed
to
be
occurred
in
the
line
of
duty.
A
So
if,
for
instance,
a
police
officer
or
firefighter
suffers
from
heart
disease,
hypertension,
tuberculosis,
meningitis,
firefighters,
have
21
different.
A
However,
I'm
sure
you
guys
read
the
news
there
were.
There
was
controversial
issues
to
be
polite
in
the
legislative
session
this
year.
So
I
think
it
really
just
got.
A
Typically,
it
takes
two
to
three
years
for
a
bill
or
an
amendment
to
become
law.
So
I
would.
I
would
expect
that
it
would
be
filed
again
next
year
and
probably
make
it
through,
but
obviously
other
than
that
there
were
no
changes
legislatively.
A
That
would
affect
our
clients,
any
questions
of
the
legislative
session,
okay
and
then
also
just
in
terms
of
updating
you.
I
know
we're
getting
to
that
time.
It's
that
july
first
deadline
where
your
financial
disclosure,
those
four
months,
that
we
love
completing
each
year.
They
are
due.
So
if
you,
if
you
don't
already
have
the
coffee,
you
know
sure
justin
can
get
you
one
we'll
see.
Clerk's
office
probably
has
them.
We
can
get
you
or
you
can
google
florida.
A
But
either
way
just
recall,
so
you
can
email
that
form
in
now.
So
it's
a
lot
more
user-friendly.
A
A
Historically,
there
is
a
daily
penalty
of
the
fine,
that's
assessed
by
the
by
the
endings
commission
state
ethics
commission.
Historically,
they
have
not
assessed
that
until
september
1.
So
presumably,
if
you
get
it
in
by
the
end
of
august,
they're
still
okay,
but
you
know.
Obviously
it
is
due
technically
july
1st,
and
so
what
they've
done
in
the
past
is
it
kind
of
waited
until
september
1
and
then
charged
the
full,
the
full
freight
right,
which
I
think
is
2500
bucks,
which
cannot
be
paid
by
the
fund
or
your
employer?.
A
Last
year,
you're
probably
gonna
get
one
in
the
mail
you
may
have
already
received
it.
I
think
I
heard
folks
just
started
receiving
it
now.
It
seems
like
they're
going
out
later
and
later
in
the
mail
they
used
to
go
out.
Early
may
now,
it
seems
like
they're
coming
out
early
june,
but
but
not
getting
in
the
mail
is
not
an
excuse
for
being
late
in
your
filing.
So
again,
if
you
can
just
put
that
on
flip
it
on
your
radar
and
get
it
filed
by
the
end
of
it
pedro.
A
A
I
don't
recall,
but
if
there
are
any
city
commissioners
or
anybody
on
the
board,
who's
required
to
file
a
form
because
of
another
position
that
they
that
they
serve
on
multiple
right,
you
just
file
one
form
and
there's
a
line
on
the
form
that
you
know.
I
think
it
says:
why
are
you
filing
that
effect?
So
you
would
just
include
you
know
kind
of
both
positions
on
that
one
form
you
don't
have
to
file
multiple.
A
And
then
just
last,
I
wanted
to
touch
on
just
an
educational
opportunities
coming
up
for
the
award.
The
fppta
has
its
summer
conference
coming
up
june,
23rd
through
the
26th.
I'm
sorry
26-29.
C
Okay,
thank
you
moving.
D
E
First,
starting
with
2023
proposed
budget
I'll
go
through
and
kind
of
show
you
what
the
differences
were
from
prior
years
and.
E
Budget
assumptions,
investment
earnings
at
seven
percent,
so
you
know
our
assumed
rate
of
return
is
7.5
for
the
two
general
police
boards,
and
so
we
assume
seven
percent
kind
of
be
preserved
on
the
revenue
side
and
there's
you'll
notice
later
here
when
we
get
to
actually
looking
at
the
numbers
that
it's
not
exactly
seven
percent
compared
to
last
year,
and
that's
because
I'm
going,
I
kind
of
switched
the
methodology
from
going
seven
percent
off
of
what
was
the
previous
year's
budget
and
stuff
like
that
to
going
off
of
what
our
most
recent
actuals
were,
that
I
had
for
the
general
employees
and
buyer
funds
and
what
they
actually
had
seven
percent
of
revenues.
E
Based
on
on
that,
so
I
think
that's
a
more
accurate
and
appropriate
way
to
to
do
that
so
kind
of
changing
the
model
there,
a
little
bit
member
contributions,
general
inclusive,
fire,
seven
point:
nine:
five
percent:
that's
remained
the
same
for
some
years
now
and
it's
car
provided
ordinance
city
contributions
for
the
general
has
decreased
by
two
percent
and
the
increase
for
the
police
by
nine
percent
and
the
fire
by
four
percent.
So
the
increase
for
the
police
is
at
nine
percent.
E
E
Tax
revenues
are
based
on
really
difficult
to
project
these
tax
revenues.
So
we
just
look
at
what
we
we
received
the
tax
revenues
from
the
prior
year
and
assume
that
going
forward
and
that's
really
the
best
we
can
do
there
and
then,
of
course,
the
fire
tax
revenue
will
be
going
to
the
city
of
jacksonville
moving
forward.
E
Budget
assumptions
for
expenses
we
have
total
expenses
you'll
see
are
fairly
consistent
overall
with
prior
years
I'll
get
into
some
of
the
details
on
that.
How
there's
some
some
funds
moving
around?
But
when
you,
you
know,
look
at
total
expenses,
it's
small
variations
of
percentage
changes,
personnel.
E
E
How
many,
who
do
I
think
we
are
going
to
have
projected
to
be
retiring
a
year
and
a
half
from
now
to
a
half
year
from
now
in
between
that
time
frame
and
just
trying
to
make
the
best
guess
we
can
on
what
overall
pension
benefits
will
be,
and
that's
that's
really
what
it
is
is
best
guess
other
current
charges
we
removed
proposal
to
upgrade
pension
software
did
remove
that
last
year,
but
we
left
in
kind
of
a
contingency,
because
we
didn't
really
know
where
that
was
going
to
fall
for
the
software
upgrades.
E
So
we
have
that
out
for
rfp
right
now.
It
closes
next
week
and
hoping
to
have
the
whole
implementation
done
by
the
end
of
this
year.
So
hopefully
it
won't
be
a
very
difficult
process
and
we'll
fingers
cross.
That's
best
case.
I
think,
but
we'll
see
how
it
goes.
E
General
employees
revenues
obviously
no
taxes,
their
investment
earnings.
I
said
you
know
it's
up,
15,
not
seven!
Well,
that's
because
of
the
change
and
that
seven
percent
being
based
on
actual
member
contributions
and
city
contributions.
That's
coming
directly
off
the
actuarial
report
from
from
brad
and.
E
That's
about
it
for
revenue,
it's
pretty
pretty
simple!
The
expenses
are
what
we
really
control
and
personnel
services.
You
see
the
expense
there
on
personnel
services
going
down
a
little
bit.
That's
mainly
because
I've
declined
the
city's
insurance,
and
so
they
don't
have
that
expense
anymore.
So,
once
you
balance
that
out
a
little,
it
goes
decreases
a
little
bit
overall.
E
Management
custodial
fees-
that's
36.9
percent
drop,
so
that
is
year
over
year,
where
we
had
just
been
budgeting
kind
of
based
on
what
our
previous
budget
had
been
and
the
more
I
looked
at,
I
saw
these.
These
numbers
are
no
longer
aligning
because
of
some
changes
we
have
made
in
the
past
where
we
reduced
our
overall
expense
ratios.
I
mean
we're
at
0.44,
so
44
basis
points
now,
overall,
as
a
plan.
E
It
really
changed
our
our
total
expenses.
So
when
I
look
at
just
155
000
500
a
lot
closer
to
the
actual
that
we
need
and
so
just
trying
to
get
everything
in
line
this
year
and
hopefully
in
the
years
going
forward,
we'll
be
able
to
have
a
better
trend,
analysis
and
less
of
an
adjustment
here,
but
pension
benefits.
E
We
got
kind
of
a
big
jump
there,
and
that's
because
mainly
because
in
the
accounting
sector
for
the
last
19
years,
the
accounting
and
the
city
has
only
charged
the
plans
thousand
seven
hundred
fifty
dollars
for
all
the
accounting
services
that
they
do,
and
I
mean
quite
frankly,
they've
been
under
billing
for
quite
some
time
for
everything
that
they
do.
They
issue
all
the
1099s.
E
Cutting
the
actual
paychecks
and
the
amount
of
time
for
like
the
payroll
person
that
goes
in
and
makes
the
adjustments
for
people
making
very
positive
changes
all
that
kind
of
stuff.
So
everything
that
is
to
that
makes
the
administration
happen.
Really
the
nuts
and
bolts
of
it
is
is
really
in
that
number
and.
E
E
If
we
look
on
the
deep
it's
more
in
the
detail
of
a
few
pages
back,
you
can
see
the
actual
weight
went
to
64.
E
750.,
I
know
that's
a
huge
jump,
but
I
don't
think
it's
inappropriate
in
any
way.
As
a
matter
of
fact,
I
think
it's
still
a
pretty
good
deal
for
everything
that
they,
the
services
they're
providing,
and
I
don't
think
it's
anything
that
you
could
go
out
and
get
a
third
party
to
do
any
handshake,
and
this
is
because
it
is
based
on
operating
budget
that
that
number
is
kind
of
shocking.
But
it
applies
mostly
to
the
general
plan.
E
E
And
then
management
custodial
fees
down
33
same
conversation
as
a
general
about
kind
of
reassessing
how
much
we're
actually
spending
and
budgeting
for
and
getting
it
closer
to
actual
pension
benefits.
Pretty
consistent
there
with
the
police
department,
don't
see
any
upcoming
large
disbursements
in
the
near
future
for
background
not
2053
fiscal
year,
anyways
and
other
expenses,
the
22
increase
there,
24
000
to
40
000,
again
same
same
thing
as
just
the
accounting
adjustment
and
the
way
that
they
are
expensive.
G
When
you
do
the
backdrop,
since
obviously
they
can
do
it
anytime,
yeah
past
that
time,
how
do
you
I'm.
D
E
More
based
on
the
conversations
I've
had
with
each
of
them
because,
as
people
do
get
closer
to
retirement,
I'm
you
know,
I'm
speaking
with
them
and
kind
of
got
a
feel
for
who's
going
to
retire.
When
and
just
do
it
based
on
that
several
of
the
ones
I
mean
we
had
commander
evans.
That
did
the
backdrop,
but
a
lot
of
them
are
just
not
even
doing
the
background
just
getting
to
the
end
of
their
normal
retirement
date
and
not
doing
a
backdrop.
So
there's
no
real
additional
budget.
That's
going
into
that.
E
E
Revenues
last
year,
but
we're
going
to
start
doing
that
now
and
I
think
that's
appropriate
to
do.
It
is
a
known
number
directly
from
the
actuary
report.
So.
E
E
Total
revenue
increase
of
30.3
percent.
E
C
E
Thank
you.
Yes,
sir
administrators
report.
E
The
main
thing
that
we're
going
to
talk
about
is
steps
that
pedro
already
hit
on
with
the
form
one,
the
upcoming
after
dpta
conference,
that
we've
got
a
few
people
going
to
in
the
summer
and
they'll
have
one
in
the
fall
as
well,
and
then
there
will
be
the
police
and
firefighters
conference
as
well,
which
we
haven't
been
going
to
recently
during
covet
and
everything
they
kind
of
stopped
doing
that,
and
then
I
think
they
had
one
virtual,
but
we
might
not
push
this
next
one
a
little
more.
E
Our
next
meeting
will
be
august,
10th
3
p.m,
and
that's
actually
a
wednesday
because
in
in
tuesdays
they
always
have
the
budget
workshops
on
tuesday
tuesday.
So
we
always
have
a
conflict
there.
So
we
always
move
our
august
meeting
to.
E
That,
as
as
trending
on
how
many
participants
we
have
and
things
we,
our
vested
number
in
general,
is
still
dropping
and
has
been
for
two
years
now,
where
you
know
about
12
years
ago,
something
like
that
it
was.
E
We
had
a
hiring
freeze
and
all
that,
so
we're
still
kind
of
recovering
from
that
from
people
who
started
just
after
that
everything,
but
we
have
increased.
Just
since
september
30th
to
the
end
of
march,
we
have
seven
additional
employees
so
trying
to
get
the
city
back
up
to
full
trap
on
full
full-time
employees
and
people
who
are
contributing
to
the
pension
there.
So
that's
a
good,
a
good
trend
going
going
that
way,
and
I
hope
the
next
quarter
is
better,
I'm
sure
it
will
be.
C
Okay,
we've
got
general
employees
trustees,
we've
got
some
approvals:
application
for
retirement,
lorraine,
trundle
admin,
assistant
parks,
further
retirement,
effective
march
1st
2022
separation
date
december
23rd.
2020
meets
age
and
service
requirements
for
deferred
retirement,
15
years
of
service
in
the
first
and
the
second
in
the
general
board.
B
C
Okay,
another
application
for
retirement,
clifford,
abshire
cut
in
cutout,
technician,
beaches,
energy
backdrop,
retirement
affection
date
june,
1st
2019
separation
date
may
31st
2022
meets
a
service
requirements
for
backdrop,
service
retirement
23
years
six
months.
First,
in
the
second
general
board,.
C
D
D
I'll
tell
you
why
the
these
these
results
were
determined
as
of
october
1st
2021
and
did
not
reflect
any
experience
since
then.
So
I'm
sure,
at
least
with
respect
to
the
investment
markets.
Everybody's
fairly
familiar
with,
what's
been
happening
in
this
calendar
here,
but
the
results
overall
are
very
good
and
and
they're
positioning
us
well
for
whatever
the
fallout
could
be
on
with
the
october
1st
2022
evaluation.
D
D
D
So
the
evaluations
are
performed
for
the
purposes
of
determining
the
annual
required
contributions,
so
each
of
the
boards.
If
you
accept
the
reports
today
and
the
fact
that
they
become
an
invoice
in
the
case
of
the
firefighters
that
will
become
an
invoice
both
to
the
city
of
jacksonville,
but
apparently
the
county
as
we
call
them
here,
the
city
of
jacksonville
and
and
we
also
determine
the
funded
ratios
of
the
systems
as
of
september.
D
So
anyway,
I'm
also
not
your
technology
expert
on
your
liability.
This
this
financing
diagram
is,
is
more
specific
to
the
general
employees
retirement
system.
At
this
point,
the
police
officers
would
be
a
little
bit
less
mature
so
where
those
red
arrows
are
a
little
bit
less
is
coming
from
investment
income
at
this
point
in
time
and
the
firefighters
are
closed
groups.
So,
ultimately,
we
expect
those
cash
benefits
to
crest
and
decline.
I
expect
next
year
and
I'll
have
at
least
one
more
financing
diagram
that
will
be
specific
to
the
firefighter
situation.
D
The
concept
of
present
value
we've
gone
over
this
most
years,
but
basically
there's
a
probability
that
money
will
be
paid.
So
if
somebody
works
long
enough
qualifies
for
benefits
to
retire
each
month,
we
look
at
this
person
alive,
or
so
we
owe
them
a
monthly
payment,
and
if
that
monthly
payment
was
a
thousand
dollars,
it
was
due
one
year
from
from
today,
the
general
employees
of
the
police
officers,
retirement
systems
are
77.5
interest,
and
so
we
would
have.
D
An
equation
of
a
thousand
dollars
divided
by
1.075,
which
means
if
we
have
930
dollars,
we
expose
it
to
investments
at
seven
and
a
half
percent.
It
will
grow
to
be
the
thousand
dollars
than
we
need
in
the
case
of
firefighters.
There,
their
analytical
agreement
ties
their
assumed
rate
return
to
the
city
of
jacksonville
police
and
fire
pension
fund,
assumption
that
decreased
from
6.9
to
6.625
percent,
from
the
2000
to
the
2001
evaluation.
D
And,
interestingly,
although
it's
not
shown
here,
if,
if
you
reduce
the
investment,
return
assumption
that
930
dollars
becomes
938,
and
so
so
things
get
more
expensive,
you
need
more
money.
If
you're
not
going
to
earn
it
through
investments,
you
either
need
more
money,
now
more
money
through
employer
contributions
or
employee
contributions,
or
in
the
case
of
a
6.65
assumption
that
would
be
less
money
from
investment
return.
D
Now
here's
a
page
which
is
probably
one
of
the
most
important
representations
in
terms
of
what
what
is
our
collective
purpose
here
and
benefit
security,
we're
trying
to
make
sure
that
there's
199
general
retirement
members
and
beneficiaries,
42
police
officers,
23
that
are
currently
in
pay
status.
We
want
to
make
sure
that
every
month,
they're
they're
receiving
the
appropriate
amount
for
the
pension
benefit
and.
D
And
we'll
continue
to
receive
that
for
the
remainder
of
their
respective
lifetimes
active
members,
we're
setting
aside
money
for
those
members
as
well.
So
there's
quite
a
number
of
additional
members
who
we're
setting
aside
assets
so
that
when
they
qualify
and
go
in
a
base
house
we'll
likewise
be
meeting
types
of
payroll
on
a
consistent
basis.
D
D
D
So
this
this
is
a
budgeting
tool
plain
and
simple.
It's
it's
to
stabilize
the
employer
contributions.
The
number
cox
pieces
are
fixed
primarily
by
collective
bargaining
and
and
the
ordinance,
and
so
the
city's
contribution
has
an
impact
on
on
the
city's
budget,
as
you
just
witnessed
with
dustin's
administrative
report.
So
if
there's
too
much
volatility,
it
can
create
an
additional
burden
on
honesty,
so
the.
D
The
differences
are
facing
over
four
years,
so
it's
almost
like
we're
amortizing
over
four
years,
so
instead
of
that
one
moment
in
time,
we're
looking
at
that
one
moment
in
time,
one
year
prior
two
years
prior
three
years
prior
and
we're
averaging
those
in
effect,
so
that
we're
averaging
over
four
year
period
as
opposed
to
a
sin,
a
single
moment
at
a
time
so
so
that
we
have
a
better
idea
of
what
the
trends
have
been
with
respect
to
the
assets.
And
we
don't
need
it
all.
D
D
Numerically-
and
this
we'll
spend
a
little
bit
of
time
on
this
page-
because
this
is
this-
is
a
good
news-
this
has
a
pointer.
Doesn't
it.
D
So
can
I
I'm
highlighting
2022
these
columns
2022?
D
These
are
big
positive
numbers,
those
because
we're
recognizing
investment
return
over
for
a
four-year
period
instead,
instead
of
as
a
moment
in
time
what
the
results
that
you're
looking
at
today
are
based
on
just
one
fourth
of
very
good
2021
experience,
and-
and
so,
if
we
have
negative
experience
quite
negative
experience,
we
we
start
off
with
very
large
figures
to
offset
that
for
the
next
three
years.
It
won't
be
until
the
fourth
year
you
know,
hopefully
marcus
will
recover
the
last
quarter
of
2022
and
23
and
24
will
produce
some
investment
gains.
D
So
it's
fairly
rare
that
there's
an
actual
emergency
in
the
actuary
is
typically
going
to
put
you
on
the
edge
of
your
seat,
but
in
case
anybody
is
worried
about
the
2022
report.
We
have.
We
have
a
lot
of
reserves.
In
fact,
we
you
can
think
of
these
as
savings
to
moderate.
Any
contribution
rates
increases.
D
These
are
rapes,
primarily
the
firefighters
rates
are
less
and
less
meaningful
because
they're
closed.
The
payroll
is
eventually
going
going
to
zero.
If
we
have
contributions.
D
Does
everybody
know
you
can't
divide
by
the
zero
it's
undefined,
so
so
so
anyway,
that
will
that
will
blow
up,
but
in
terms
of
the
french
memphis,
the
city
portion
to
the
general
employee
is
16.
D
Between
the
state
and
in
the
city
for
the
police
officers,
it's
14.79
percent,
the
this
is
the
invoice.
So
when
you
see
this
page,
these
figures.
D
Represent
the
city's
contribution
requirements,
should
you
accept
these
reports
this
year
the
general
city
contributions,
2.3
million
police,
433
000
and
the
fire
is
984
000
total.
But
when
you
look
at
the
smaller
box
on
the
lower
left,
which
is
here
the
reason,
the
reason
the
680
is
less
than
707
is
because
the
city
had
a
remaining.
D
Contribution
reserve
of
sorts
from
prior
to
consolidation
and
and
they
they've
exhausted
that
now
so
the
707
is
going
to
be
a
consistent
figure
for
the
city
from
here
on
out.
You
know
for
for
the
for
the
next
six
years,
you're
going
to
see
a
set
of
707-653,
that's
a
fixed
schedule.
D
And
the
289
000,
balancing
out
of
the
city
of
jacksonville,
so
in
terms
of
the
volatility
only
this
going
forward,
only
the
city
of
jacksonville
will
experience
volatility
for
the
firefighters.
D
D
Method,
likewise,
for
police,
those
those
are
trending
down,
chances
are
they're
not
going
to
be
turning
down
once
we
have
20
22
results,
but
they
won't
be
trending
up.
So
that's
the
takeaway
here
you
know
instead
of
shrinking
down,
we
expect
you
know
that
the
city's
budget
is
probably
going
to
grow
with
some
type
of
inflation.
You
know
so
we
we
actually
expect
these
dollar
contributions
to
drift
up
by
inflation,
but
not
not
extremely
above
inflation.
D
So
I
think
we're
in
a
good
position-
and
here
you
see
the
7
that
I
refer
to
repeating
for
the
city,
because
this
affects
paying
my
schedule.
D
D
But
you
probably
know
that
all
right,
so
so
the
firefighters
circumstances,
as
far
as
funded
are
actually
better
than
100
funded.
If,
if
you're
looking
at
it
from
the
city
of
jacksonville's
point
of
view,
the
city
of
jacksonville
has
a
a
debt
that
is
not
theirs
and
that
is
the
city
of
jacksonville
beach
and
when
they
make
their
payments,
they're
actually
predicted
because
of
favorable
experience
through
2021
they're
expected
to
exceed
100
funded.
D
So
that's
that's
everything
that
I
have
with
respect.
C
Okay
general
board
to
vote
to
accept
the
actual
actuarial
evaluation
report.
C
All
right,
moving
on
to
ryan,
with
purpose
gray
and
company
financial.
F
Hi
good
afternoon,
everybody,
I'm
ryan
tucker,
I'm
with
ferbi
spray,
we're
the
city's
external
audit
firm.
We
offer
a
lot
of
attention
to
three
pension
plans.
You
should
have
a
art
report
that
looks
like
this
in
front
of
you
and
then
we've
got
some
slides
here
put
together
that
we'll
go
through
overall,
the
results
of
the
audit
work
deposit
and
the
financial
results
were
very
positive.
F
As
brad
mentioned,
9
30
21
was
a
good
time
in
the
market
and
all
of
these
investments
are
the
mark
that
took
fair
market
value
at
that
time.
So
the
numbers
looked
pretty
good.
F
F
Statements
as
well,
we
perform
the
odds.
So,
overall,
the
results
were
good
here.
They
all
each
plan
is
going
to
receive
an
unmodified
opinion
on
the
financial
statement,
so
that
is
the
highest
level
of
insurance
you
can
receive
from
the
cpa
firm.
So
congratulations
on
that.
We've
got
some
other
required
communications
that
we
have
to
provide
it's
in
a
separate
letter,
but
just
briefly,
it
talks
about
the
accounting
practices
and
if
there
are
any
changes
in
the
prior
year
in
your
accounting
practices,
there
were
not
any
significant
estimates.
F
F
There
is
one
sensitive,
I
suppose,
disclosure
in
the
financial
statements
regarding
the
fire
plan
and
the
estate
contribution
that
was,
it
used
to
be
submitted
to
the
city
of
jacksonville
beach
to
the
city
of
jacksonville
that
had
that
did
not
get
made
during
this
time
period.
It
was
about
134
000,
that's
going
to
need
to
be
made
up
with
interest,
and
I
know
ashley
is
in
contact
with
them
to
get
that
resolved
so
they're
working
through
that
now.
F
F
These
are
the
four
required
parts
of
an
audit
report.
Every
pension
financial
statement
for
our
government
entity
will
contain
these
four
items.
The
independent
monitor
report
is
going
to
be
on
page
one
and
two
of
each
report.
Management's
discussion.
Analysis
will
be
on
pages
three
through
nine
of
each
report.
F
Of
course,
that's
prepared
to
give
some
highlights
for
some
financial
analysis
and
there's
some
year-over-year
comparisons
and
some
ten-year
graphs
and
charts
and
trends
so
that,
if
you
don't
have
time
to
read
through
this
whole
thing,
that
is
one
area
I
would
recommend
you
try
and
take
a
look
at
the
basic
financial
statements
are
on
pages
10
and
11,
and
then
12
through
21
are
the
notes
and
they're.
These
are
required
disclosures
for
every
governmental
pension
plan,
significant
accounting
accounting
policy.
F
There's
some
investment
disclosures
in
there
about
the
investment
maturities
of
your
fixed
income
portfolio,
your
credit
rating
and
the
net
pension
liability,
which
I'll
we'll
talk
about
in
just
a
minute.
But
a
lot
of
information
gets
pulled
together
and
it's
required
to
be
in
the
notes,
and
then
we
have
required
supplementary
information,
which
is
in
the
back
there's
four
schedules
in
the
back
of
the
report.
Those
are
required
by
gatsby
we'll
touch
on
those
those
schedules
are
not
covered.
Under
our
opinion,
I
shouldn't
I
should
mention.
F
F
It's
like,
I
said
it's
a
snapshot
in
time
of
the
investments
and
assets
and
liabilities
of
each
plan
as
of
9
30
21.,
and
I
should
mention
that
I
mentioned
that
these
investments
are
at
marked
to
market
fair
value
and
the
five-year
trend
here.
I've
got
on
the
screen.
You
can
see
the
gym.
This
is
the
general
plan.
F
It
had
almost
70
million
at
the
end
of
the
day
in
that
position
over
a
five-year
period,
that
is
about
a
32
increase
since
in
five-year
time
rate,
the
percent
change
from
the
previous
year
is
15.4,
which
is
a
little
bit
less
than
your
net
money
weighted
rate
of
return
for
the
investments.
F
F
The
police
plan
is
at
31.9
for
just
under
32
million
at
the
end
of
that
time,
period
1921
and
that
was
a
19.1
increase
from
the
prior
year
and
over
a
five
year
time
period,
it's
a
45
increase,
so
things
were
things
were
looking
very
good
at
that
time,
as
I
mentioned,
and
then
the
fire
plant
also
a
19.1
from
the
previous
year
and
over
a
five-year
time
period.
That
was
a
48
increase
at
that
position
for
that
plan.
F
F
F
and
then
the
fire
plan.
Of
course,
there's
been
some
changes
in
the
funding
towards
to
that
plan
after
the
interlocal
agreement,
but
in
terms
of
benefits,
there's
23
retirees
receiving
benefits,
which
was
down
one
in
2020.
There
was
a
backdrop
payout
and
also
in
2019,
but
I
should
mention
that
all
all
three
plans
have
made
their
their
employer
require
contribution,
so
that
was
good
with
the
exception
of
the
state
contribution
this
past
year,.
F
F
This
top
part
up
here
is
the
total
pension
liability,
brad
computes
this
it
puts
all
kind
of
assumptions
about
mortality
and
pay
increases
and
expectations
about,
what's
going
to
happen
to
your
retirees
into
a
black
box
and
he
computes
a
number
and
it's
a
total
pension
liability
comes
out
and
we
compare
that
to
the
actual
plan
net
position,
which
is
essentially
what
we
audit
and
the
difference
is
what's
called
the
net
pension
liability,
and
this
has
to
be
reported
on
the
city's
financial
statements
and,
as
you
can
see,
it's
at
4.6
million
at
that
point
in
time
for
the
general
employee
plan
and
93.78
funded.
F
This
is
all
as
of
9
30,
these
these
these
balances,
which
is
a
little
unusual.
It's
not
a
smooth
four-year
smoothing
like
brad
does,
but
this
is
all
as
a
date,
so
this
will
jump
around,
but
it
turned
out
that
that
was
a
good
day
to
cut
it
off,
and
so
the
funding
of
the
plan
will
look
good
when
they
record
this
on
next
year's
the
city
reports
this
on
next
year's
city-wide
financial
segments,
they've
recorded
one
year
behind
so
the
other
thing
I
would
mention
is
anytime.
There
are
assumption
changes.
F
F
On
the
police
officers,
you
actually
ended
up
with
a
net
pension
asset
as
opposed
to
the
liabilities,
so
that
was
that
was
good,
2.1
million
going
the
other
way,
so
it's
an
asset
that
will
be
booked
on
the
city's
government-wide
financial
statement,
so
that
was,
I
was
in
really
good
shape
during
that
time
period
and
there's
the
police
always
is
a
little
stronger.
There's
been
more
turnover,
more
active
plan
members
compared
to
retirees.
F
And
then
the
fire
plan
is
at
93.84
funded
during
that
time,
which
has
been
in
the
70s
the
high
70s
over
the
last
several
years,
a
big
big
jump
there,
one
last
thing
I'll
go
over
there's
these
are
the
schedules:
it's
a
required
disclosure
about
the
sensitivity
of
the
net
pension
liability
to
changes
in
the
discount
rate.
So
again
you
came
up
with
this
a
couple
of
years
ago.
They
wanted
to
see
what
would
happen
if
you
increased
or
decreased
the
discount
rate.
What
happened
to
the
net
pension
liability?
F
And
you
can
see
that
on
the
general
plan.
Currently
it's
7.5
percent,
a
4.6
million,
but
if
you
decrease
the
lot
discount
rate
to
6.5,
it
almost
triples
the
net
pension
liability
same
goes
for
the
police
right
now,
it's
a
net
pension
asset.
But
if
you
decrease
the
the
discount
rate
to
6.5,
it
jumps
up
to
a
liability
so
of
1.37.
F
F
I
think
that
pretty
much
covered
everything
I
wanted
to
go
over.
As
I
mentioned
the
numbers
look
great,
you
don't
want
to
cut
it
off
today.
Hopefully
this
will
all
rebound
soon
or
at
least
by
9,
30,
22
and.
C
All
right,
thank
you
for
that.
Let's
go
to
set
the
order
to
financial
statements,
firefighter
system
motion.
C
G
I
know
you've
already
been
here
for
a
little
while,
but
unfortunately
I
do
have
you
know
a
few
extra
things
to
talk
about
and
also
just
for
the
the
benefit
of
the
new
trustees
I'll
try
to
go
through
just
a
little
bit
slower
I'll
start
by
just
explaining
who
we
are.
We
are
consulting.
We
are
a
third-party
investment
monitoring
consultant,
so
we
don't
physically
manage
the
money,
but
we
help
the
plan
with
the
drafting
of
the
investment
policy
and
then
adhering
to
that
investment
policy
and
then
on
an
ongoing
basis.
G
G
Everybody
does
have
paper
copies
in
front,
so
maybe
in
the
meantime,
I'll
kind
of
start
with
that
you
have
it
both
in
your
agenda
packet,
but
also
separate
handout
books.
So
I'll
start
with
the
thicker
book
and
I'll
begin
on
page
number.
Four,
if
you
just
look
at
the
upper
right
hand
corner
obviously
as
good
as
things
were
in
2021,
we,
we
turned
the
corner,
and
this
this
was
not
a
great
quarter.
G
So
what
you'll
notice
on
the
upper
right
hand
corner
is
all
the
major
asset
classes,
domestic
equity,
large
and
small
international
fixed
income.
All
of
them
were
down
pretty
significantly.
There
was
no
place
to
hide,
often
when
equities
are
down
five
six,
seven
percent,
at
least
your
fixed
incomes
up
to
three
percent.
Well
in
this
particular
quarter.
That
was
not
the
case.
It
was
also
down
more
than
five
percent.
G
If
you
moved
down
to
page
number,
five
again,
focusing
first
in
the
upper
right
hand
corner
this
contrasts
the
blue
bars
and
the
green
bars
blue
being
value
green
bean
growth.
So
you
can
see
quite
a
dramatic
difference
between
value
and
growth
within
the
quarter
and
then
also
if
you
move
down
to
the
bottom
right
of
that
page,
I
want
to
focus
a
couple
of
things
on
the
one-year
basis,
so
the
second
little
section
of
numbers
is
the
1000
right
our
large
cap.
This
is
very
similar
or
close
to
the
s.
G
Now,
look
at
the
mid
cap
and
the
2000
in
green,
negative
0.9
and
negative
14.,
so
2
000
of
the
3
000
companies
were
negative
significantly
negative,
yet
the
index
was
still
north
of
10
rate
of
return.
So
what
that
was
what
I'm
trying
to
demonstrate
to
you
is
there's
a
pretty
narrow
band
of
companies
that
did
well
that
also
have
very
significant
weights
within
the
larger
part
of
the
universe
and
kind
of
with
that
I'll
jump.
Now
that
the
quicker
working.
G
Thank
you,
I'm
going
to
jump
ahead
to
page
number
seven,
because
we
can
see
that
in
a
little
bit
more
detail.
So
I'm
in
the.
D
G
E
G
Dramatically,
outperformed
and
actually
the
top
10
holdings
inside
the
growth
benchmark
now
represent
about
40
percent
of
the
benchmark.
The
top
two
positions
which
are
microsoft
and
apple,
represent
25
of
the
index,
and
so
as
a
manager
when
you're
you're,
putting
together
a
portfolio.
Typically,
you
have
a
maximum
cap
of
five
percent.
Seven
percent
of
your
portfolio
being
allowed
in
one
position
well
in
growth,
that
automatically
puts
you
at
a
half
weight
or
less
of
these
top
names
and,
as
we
see
here,
those
by
far
have
been
the
best
performers.
G
So
I
just
kind
of
wanted
to
preface
that,
because
this
is
it's
a
little
unusual
and
and
you'll
see
that,
especially
when
we
get
to
the
all
spring
portfolio
in
just
a
minute,
I'm
going
to
go
back
one
page
and
just
kind
of
back
up
and
talk
about
sectors
which
normally
I
would
never
do.
But
given
what's
been
happening
in
this
market
notice,
there
are
only
two
sectors:
energy
and
utilities
that
were
positive.
G
Also,
those
are
very
heavily
weighted
in
the
value
benchmark,
but
really
don't
have
a
waiting
at
all
on
the
growth
benchmark.
So
again
not
really
a
surprise.
The
particular
energy
with
russia's
invasion
of
ukraine
caused
oil
essentially
to
double,
and
so
obviously
that
helped
the
the
energy
sector
with
at
the
expense
of
virtually
everything
else.
G
So
now
I'm
going
to
skip
a
handful
of
pages.
Just
talk
about
fixed
income
for
a
minute
on
page
number,
11.
focus
down
the
bottom
right
hand
corner
the
treasury
yield
curve.
So
certainly
the
fed
within
the
first
quarter
of
the
year
came
out
and
raised
rates
for
the
first
time
in
march
they've
since
raised
again,
if
you
think
back
to
essentially
first
of
january,
the
expectation
was
that
the
fed
was
going
to
be
raising,
probably
in
june
and
most
likely
three
times
by
the
end
of
the
year.
G
By
the
time
we
reached
the
end
of
march,
the
expectation
is,
they
were
going
to
raise
seven
times
by
the
end
of
the
year
and
it
was
going
to
begin
in
march.
You
know
a
draft,
an
acceleration
of
the
program
and
an
expansion
in
terms
of
of
how
much
was
going
to
happen
with
interest
rates
and
the
bond
market
ran
up
ahead
of
that.
G
G
D
G
E
G
Has
essentially
fully
priced
in
the
next
five
to
six
interest
rate
increases,
you
know,
and
they
may
or
may
not
happen,
certainly
with
gas
prices
being
up
inflation
being
an
issue
now,
interest
rates,
certainly
higher.
That's
going
to
begin
to
have
a
slowing
effect
on
the
economy,
and
so
there
you
know
a
little
bit
of
a
balancing
act
that
the
fed
is
going
to
have
to
do,
but
again
just
wanted
to
highlight,
because
that
is
a
very
dramatic
move.
G
I
mean
it's
not
very
often
you
will
see
interest
rates,
jump
like
that
inside
of
three
four
or
five
months,
all
right,
that
is
everything
with
the
kind
of
the
market
background
information,
so
we'll
just
kind
of
touch
on
the
plan
assets.
Okay,
this
is
the
chart.
We
look
at
all
the
time,
so
we
finished
the
quarter
with
115.3
million.
Sorry,
I'm
on
page
number,
14.
G
E
G
Your
combined
asset
total
versus
that
red
line,
which
is
sort
of
a
theoretical
value
based
on
the
assumed
rate
of
return.
Now
in
earlier
years,
the
resumed
rate
of
return
was
higher.
Now
it's
down
to
seven
and
a
half
percent,
but
had
you
been
able
to
just
earn
the
assumed
rate
of
return
with
no
fees?
The
portfolio
going
starting
at
the
11.8
million
dollars
in
1987
would
have
been
worth
98
million
dollars,
but
instead,
your
your
actual
value,
as
of
the
end
of
the
quarter,
was
115.38
million
dollars.
G
So
a
very
significant
increase
above
that
assumed
rate
of
return.
All
the
while
your
cash
flow
on
a
combined
basis
is
pretty
significantly
negative,
so
you
started
with
again
call
it
the
12
million
dollars
back
in
87.
Since
then,
you
pulled
out
on
a
net
basis,
30
million
dollars,
yet
all
the
while
I've
been
able
to
grow
the
asset
total
up
of
115.
G
so
again,
very,
very
nice
relationship
in
terms
of
the
long-term
investment
program.
Next
couple
of
pages
get
into
the
asset
allocation
by
manager
and
asset
class
just
want
to
touch
on
on
something
real,
quick
of
all
spring
versus
jp
morgan,
you'll
notice.
Jp
morgan
is
about
18.4
million
versus
all
spring
of
16.1
million.
We
haven't
really
seen
that
for
a
while
for
the
past
three
and
four
or
five
years
as
we
needed
money
for
benefit
payments
or
to
rebalance
that
money
was
always
coming
from
offspring.
G
They
were
always
two
three
four
million
dollars
larger
than
your
other
portfolios,
and
growth
is
doing
very
well
now.
We've
seen
that
reverse
value,
doing
better
than
growth,
and
so
value
is
certainly
up
by
a
couple
of
million
dollars
here
and
actually,
as
of
today,
it's
closer
to
about
a
three
and
a
half
million
dollar
gap
where
value
is
above
the
growth
manager.
G
Next
page
looks
at
the
asset
allocation
relative
to
target,
so
what
you
will
see
again:
continued
overweight
to
domestic
equity
underweight
to
fixed
income
which
is
offset
by
that
cash
position.
That
is
intentional,
as
we
were
rebalancing
over
the
last
18
months.
As
you
remember,
we
were
getting
to
that
65
percent
cap.
G
All
right
so
now,
with
all
of
that
said,
let's
jump
to
the
performance
on
page
21..
Certainly
it
was
not
a
good
quarter
in
relative
terms,
nor
in
absolute
terms,
so
the
plan
was
down
5.78
behind
the
benchmark,
which
was
down
4.8
for
the
fiscal
year.
Now
the
six-month
number
we're
down
1.8
versus
a
positive
0.14
for
the
benchmark.
G
As
you
get
out
longer
term.
You
know
five
years,
seven
years,
10
years
you
can
see
that
ranking
still
very
strong
in
the
upper
20
to
25,
but
certainly
the
the
most.
The
more
recent
numbers
have
have
been
less
than
what
we'd
expected
hoped
for,
as
you
move
down
the
page
just
to
touch
on
a
few
of
the
managers.
Quick
all
spring,
which
I
referenced
was
down
about
12
and
a
half
percent
versus
that
benchmark
of
down
nine
percent.
Again
that
gets
to
that
concentration
perspective.
G
They
don't
own
thirteen
percent
of
microsoft
and
if
you
didn't
know
that
much
you
were
behind,
and
certainly
you
can
see
that
over
the
with
the
trailing
periods,
to
contrast,
the
under
performance
from
allspring,
we
did
have
jp
morgan,
which
was
positive.
24
basis
points.
Nothing
to
write
home
about,
but
the
benchmark
was
down
about
75
basis
points,
so
nice,
absolute
performance,
and
for
the
last
year
now
about
14.7
percent,
eaton
vance
or
the
atlanta
smith
cat
portfolio
had
been
a
bit
of
a
struggle
last
year.
G
If
you
recall,
but
they're
doing
that
they've
kind
of
turned
that
around
nicely,
it
is
negative
down
4.7
versus
5.8,
but
ahead
of
the
benchmark.
And
if
you
look
at
the
last
12
months
now,
seven
and
a
half
percent
versus
essentially
flat
for
the
benchmark,
then
on
the
next
page.
The
other
kind
of
problem
areas
for
the
fund
in
terms
of
relative
performance
were
our
international
managers.
G
G
Now
you
will
notice,
if
you
get
out
to
say
three
years,
certain
five
years
of
a
longer
period.
These
managers
have
done
very,
very
well
for
you,
but
in
this
period,
where
the
market
kind
of
really
transitioned
from
from
growth
to
value
and
then
and
in
reference
to
the
euro
pacific,
they
do
have
a
little
bit
of
emerging
market
exposure.
So
you
know
when
a
russia
invades
ukraine
and
that
really
impacts
the
emerging
markets
more
so
than
than
certainly
the
domestic
or
developed
markets.
G
G
They
were
down
4.5
versus
about
5.65
for
the
last
year,
down
3.7
versus
3.9,
so
they
have
outperformed,
but
certainly
it
has
been
in
a
negative
environment,
as
interest
rates
have
moved
up
just
as
a
reminder,
instead
of
taking
that
equity
cash
and
rebalancing
it
back
into
fixed
income,
we
left
it
in
cash.
So
it
was
earning
not
much.
Two
three
five
basis
points,
but
it
was
positive.
Had
we
put
it
in
fixed
income,
it
would
have
been
down
five
percent
or
you
know
three
percent.
G
Our
other
fixing
companies
is
pimco,
diversified,
again
down
a
little
bit
more
than
the
benchmark,
seven
versus
six,
I'm
outperforming,
but
it's
still
negative.
For
the
last
year,
4.3
versus
6.2,
again
same
issue.
You've
got
higher
interest
rates
across
the
globe
and
then
also
the
the
dollar
has
strengthened
recently,
in
particular
in
light
of
the
russia
invasion
of
ukraine,
and
so
you
know
any
foreign
bond
earnings
or
foreign
holdings
as
you
bring
them
back
to
a
appreciated
dollar.
That
also
hurts
your
returns
on
a
relative
basis.
G
Then
the
very
last
piece
of
the
portfolio
is
really
the
the
one
big
bright
spot
real
estate
with
jp
morgan
was
up
six
and
a
half
percent.
Now
that
did
underperform
the
benchmark,
which
is
actually
closer
to
eight
percent
and
for
the
last
year,
26
and
a
half
percent.
Now,
if
we
were
all
sitting
here
a
year
ago
and
said
hey,
what
do
you
think
about
the
prospects
of
getting
26
out
of
real
estate?
G
Most
of
us
would
probably
say
that
doesn't
seem
real
likely,
but
as
as
the
market
has
evolved,
as
inflation
has
kicked
in,
that
does
help
the
portfolio
as
interest
rates
move
up.
That
helps
the
portfolio
because
there
are
mortgages
inside
of
the
portfolio
and
as
interest
rates
move
up,
those
mortgages
actually
become
more
valuable.
G
The
prices
in
industrial
in
particular
have
have
really
been
accelerating
and
that's
a
big
part
of
why
you're,
seeing
that
25
26
28
over
the
last
12
months
again.
Certainly,
we
would
not
expect
that
to
to
persist,
but
you
know
certainly
something
more
moderate
in
the
8
to
12
range,
I
think
is,
is
more
reasonable,
but
certainly
we'll
take
the
26
while
we
can
get
it.
G
G
If
we
saw
the
market
training,
that
was
that.
G
E
G
G
D
G
Yield
now,
certainly
interest
rates
could
go
higher
still,
but
they've
really
kind
of
jumped
out
ahead.
So
I
think
the
chances
of
that
significant
move
up
again
from
here
are
are
certainly
commuted
compared
to
where
they
have
been
okay,
so
yeah,
and
that
kind
of
probably
will
dovetail
into
the
conversation
about
fixed
income
and
intermediate
that
we'll
have
in
just
a
minute,
but
that
might
kind
of
factor
into
that
decision.
Sure
good
question
any
other
questions
or
comments
on
anything
in
the
quarterback.
G
I
think
it's
page
53
of
your
book
with
inflation,
certainly
percolating
here.
We
just
wanted
to
put
together
a
little
chart
for
you
to
give
you
some
perspective.
So
what
this
chart
does
is
it
looks
at
each
calendar
year
where
the
cpi
change
year
over
year
was
north
of
6,
and
certainly
2021
was
one
of
those
years,
and
I
would
expect
by
the
time
we
finish
this
year.
This
will
also
fall
into
that
category,
where
the
cpi
has
more
than
a
six
percent
increase
and
then.
B
G
G
Is
that
going
to
mean
negative,
bonding
or
bond
returns
or
negative
stock
returns?
And
you
can
see
some
years
they're
up
stocks
are
up
30,
some
years
they're
down
25..
There
is
no
real
pattern
to
that
and,
of
course,
we
summarize
the
results
in
this
little
box
kind
of
the
bottom
right
hand
side.
So
you
can
see.
Certainly
stocks
have
averaged
about
5.6.
G
G
The
one
caveat
that
I
have
to
give
you,
because
again
that
seems
a
bit
unusual
if
you
look,
but
the
main
part
of
this
representation
is
from
1969
to
1981
it's
the
vast
majority
of
the
years
that
are
being
represented
there
when
you
started
in
in
1969
interest
rates
were
roughly
seven
and
a
half
eight
percent
and
they
went
from
there
up
to
17.
G
G
So
as
a
follow-up
from
from
previous
meetings,
obviously,
we
had
explored
a
few
different
conversation
points
about
maybe
getting
some
changes
to
whether
the
quality
restrictions
or
other
things
that
the
the
ordinance
does
not
permit
and
we
weren't
going
to
get
anywhere
there.
So
one
of
the
conversations
was
well
within
our
current
ordinance.
G
G
Really,
the
primary
thing
I
wanted
to
do
was
look
at
the
sawgrass
intermediate
fixed
income
portfolio,
so
your
current
manager.
They
also
run
an
intermediate
version
or
a
shorter
duration
version.
But
for
the
purposes
of
comparison
I
wanted
to
throw
a
couple
other
managers
into
the
mix.
Just
so
you
could
compare
it
contrast,
so
I
threw
in
robert
w
baird
and
garcia
hamilton
and
then
lastly,
I
threw
in
a
tips
portfolio
treasury
inflation,
protected
securities,
so
not
quite
the
same
type
of
portfolio
that
you
have
now.
G
G
G
The
intermediate
portfolio
from
sawgrass
is
3.89
years,
so
not
quite
half
the
duration,
but
but
approaching
that
again
same
kind
of
quality
bias,
and
each
of
these
managers
are
all
high
quality,
very
single,
a
average
garcia
hamilton
double
a
and
then,
of
course,
the
fidelity,
because
those
are
government
securities.
F
G
Some
additional
statistics-
I
thought,
maybe
that
the
most
helpful
thing
would
just
kind
of
be
look
at
a
quick
review
of
performance.
Now
when
you
go
back
10
years,
there's
not
a
dramatic
difference
between
these
portfolios,
with
the
exception
of
the
tips
portfolio,
because
that
is
essentially
a
different
asset
class.
G
But
if
you
look
say
over
the
last
five
years,
our
existing
strategy
has
done
2.7,
but
these
intermediate
portfolios
are
between
1.8
and
2.3.
We're
actually
sawgrass
is
the
better
performing
of
those
intermediate
strategies
at
2.3,
but
again
because
interest
rates
over
the
last
five
years
have
actually
fallen.
G
This
has
underperformed
the
longer
duration
portfolio
that
you're
in
and
then,
of
course,
the
separate
caveat
is
the
the
fidelity
portfolio
is
obviously
performed
very
well
in
the
last
12
months.
Nor
you
know
four
percent
positive
return,
while
all
of
the
fixed
has
been
negative
again
as
the
the
expectations
for
inflation
have
increased.
That
portfolio
has
done
very
well.
G
C
All
right
questions,
true:
are
these
managers
constraint
as
far
as
their
duration,
their
their
intermediate?
They
have
to
stay
there
yeah.
G
Essentially,
you're
to
be
plus
or
minus
20
percent
of
the
index
is
generally
because
otherwise
you're
not
intermediate
anymore.
If
you're,
if
you
go
more
than
20
less
than
the
index
you're
starting
to
drift
into
a
shorter
duration
portfolio,
and
certainly
if
you
go
longer
than
20
you're
starting
to
drift
into
the
low
duration
version
of
the
long
index,
so
they
they're
going
to
have
constraints
that
keep
them
relatively
tight
to
that
respective
benchmark.
G
G
You
know
that's
kind
of
a
short
version
now
that
interest
rates
are
up.
Obviously
we
don't
know
if
interest
rates
are
going
to
continue
to
go
from
three
percent
today
to
four
percent
or
five
percent
in
the
next
couple
of
years.
Certainly,
there's
a
risk
of
that
happening
at
which
point
being
an
intermediate
would
be
beneficial,
but
if
rates
are
relatively.
E
D
G
Or
we
could
consider
say
splitting
the
difference.
You
know
that's
something
else
that
the
boards
could
consider.
If
we
wanted
to
take
a
little
bit
of
that
interest
rate
risk
off
the
table,
you
know,
say
a
half
position
or
or
something
less.
That
is
of
course,
another
option
or
flip
side.
If
we
don't
want
to
mess
with
kind
of
the
duration
of
the
portfolio
by
moving
some
to
intermediate,
you
could
consider
like
a
tips
allocation
or
something
like
that.
G
Maybe
that's
a
smaller
dollar
amount,
because
again
it
looks
a
little
different,
because
it's
more
tied
directly
to
inflation,
but
just
something
to
kind
of
consider
my
mind.
I
know
it's
thrown
a
lot
at
you
in
short
order,
but
maybe
we
want
to
just
kind
of
consider
it
for
next
time,
but
I
wanted
to
make
sure
I
discussed
all
of
that
with
you.
How
much
yield
are
you
talking
about
giving
that
you
know
it's
roughly
50
to
75
basis
points?
So
it's
not
a
huge
number.
You
know.
Part
of
that
is
the
relatively
compressed.
G
G
So
it's
still
relatively
tight,
but
that's
kind
of
the
the
trade-off
for
the
offset
you're
getting
the
extra
yield,
longer
duration
and
certainly
if
the
economy
slows
and-
and
we
don't
end
up
increasing
interest
rates,
the
way
that
the
market
is
pricing
in
and
you're
likely
to
see
rates
either
stabilize,
if
not
even
come
down
a
little
bit
at
which
point
that
would
benefit
longer
duration
and
hurt
intermediate
relative
to
each
other.
G
What's
the
issue
with
waiting
on
just
all
grass
and
see
what
they're
gonna
have
you
say?
That's
like
a
trial
period
as
well
other
than
I
can
come
back
to
you
and
say:
we've
done
all
of
the
research
work
on
that
particular
strategy
and
and
it
you
know,
we
recommend
it.
You
know
as
a
potential
inclusion.
Now
that's
not
going
to
change
the
discussion
about
where
interest
rates
are
could
be
going.
G
G
G
H
C
Okay,
so
we
need
to
vote
to
approve
the
first
report,
the
quarterly
investment
report,
not
the
next
income
report.
Why
don't
we
start
with
the
police
board?
First
and
the
second
motion.
C
C
C
Yes,
firefighters,
you're
voting
too.
C
C
B
H
I
just
wanted
to
say
something
kind
of
with
my
mare
cat
on
and
something
we
probably
don't
say
often
enough,
but
I
want
to
thank
you
all
for
your
service
to
this
board.
Some
of
you
have
been
on
it
as
as
long
as
and
longer
than
I've
been
on
it,
which
is
coming
up
on
10
years
now,
but
I
just
really
appreciate
your
service.
We
probably
don't
say
that
enough,
so
I
didn't
want
to
miss
the
opportunity
to
say
that
I
wanted
to
thank
the
returning
board
members.
H
We
changed
up
the
process
a
little
bit
with
our
of
all
of
our
city
boards,
with
our
kind
of
recruitment
and
appointment
process.
So
for
me
to
go
through
an
interview
was
a
little
bit
different
than
the
past,
but
we
do
appreciate
that
to
kind
of
get
everything
standardized
and
to
the
new
members,
you
picked
the
doozy
of
our
first
meeting,
but
you
saw
a
little
bit
of
everything
so
you've
gotten
to
see
all
I
think
all
of
our
consultants
at
this
point
and
advisors,
and
we
have
a
really
great
team.
H
So
please
please
know
that
you
can
use
them,
especially
dustin.
If
you
have
any
questions
or
concerns
or
anything
leading
up
to
or
after
a
meeting,
and
for
you
guys
to
know,
we,
we
made
two
really
great
additions
to
this
team.
We've
got
a
lot
of
great
relevant
experience,
so
I
think
you
guys
are
going
to
be
valuable
resources
to
us
going
forward.
So
they're
not.
H
Long
they're,
not
always
this-
I
mean
when
you've
got
an
actuary
who's,
cracking
jokes
about
number
eight.
You
know
you're
on
the
right
board.
H
You
just
gotta
listen
for
those
for
those
jokes,
but
I
just
wanted
to
say
that.
Hopefully,
I'm
saying
that,
on
behalf
of
the
councils
and.