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B
C
A
A
Don't
have
the
the
display
fully
functional
this
morning.
We've
got
a
little
hiccup,
so
the
item
was
approved
unanimously.
Okay,
item
number
three
on
our
agenda
is
the
consent.
Docket.
We
have
three
items
before
we
vote.
A
Amy
Parker
from
accounting
services
is
going
to
present.
The
annual
comprehensive
financial
report
for
the
fiscal
year
ended
June,
30,
2021
and
2022.
good
morning.
Good.
B
B
We
were
awarded
an
unmodified
opinion
again
this
year
as
in
Prior
years,
which
is
really
good
news,
because
that's
the
best
opinion
you
can
receive
from
an
audit
team
I
did
want
to
let
each
of
you
know
that
this
year
we
did
have
a
finding
from
the
Auditors.
It
was
due
to
our
custody,
Bank
recording
an
investment
of
14
million
dollars.
That
was
really
a
copy
and
paste
error
from
a
prior
year,
and
if
you
want
the
custody
bank
and
the
city
staff,
we've
implemented
procedures
so
that
this
won't
happen
again.
B
So
now
we're
going
to
take
a
look
at
the
numbers.
I,
don't
think
any
of
you
are
going
to
be
surprised
at
what
you
see,
because
our
investment
Consultants
have
been.
You
know,
sharing
with
us
every
month
how
our
investments
are
doing
and
this
trust
is
driven
by
Investments.
But
if
I
could
direct
your
attention
to
page
20.
B
And
then,
if
I
could
have
you
just
look
at
the
next
page
page
21.
You
will
notice
that
our
contributions
for
the
year
were
19
million
dollars
and
then
you'll
see
that
our
net
investment
loss
for
the
year
was
103
million
dollars.
And
then
the
expenses
that
were
paid
out
for
benefits
was
43
million
dollars,
and
this
is
what
primarily
makes
up
that
129
million
dollar
loss
for
the
year
and
then
lastly,
I
would
like
to
direct
your
attention
to
page
44..
B
Each
year
we
like
to
look
at
what
our
funded
ratio
of
the
plan
is,
and
so
this
year
we
are
94
funded.
I
think
this
is
down
a
little
from
last
year,
but
we're
still
sitting
in
a
very,
very,
very
good
position
compared
to
most
organizations
that
are
out
there.
So
this
is
definitely
a
good
place
to
be
considering
what
the
Investments
had
done
over
that
last
fiscal
year.
Amy.
D
If
I
could
ask,
sometimes
when
people
look
at
our
funding,
there's
multiple
ways
to
look
at
it
when
Louise
comes
in
here,
she's
going
to
give
us
a
different
number
than
what
you're
giving
us
here.
This
does
not
have
any
smoothing
in
it.
This
is
just
how
we
ended
the
physical
year,
what
our
liabilities
are
and
how
much
money
we
have.
We
don't
do
the
whole
three-year
smoothing.
So
this
is
this
is
probably
the
more
conservative
approach
would
one
say
of
what
our
funding
ratio
is?
Is
that
yes,.
B
B
And
so,
like
I
said,
we
still
ended
the
year
in
a
great
position
financially,
even
with
the
large
loss
and
I
want
to
give
credit
to
you
as
a
board
for
always
providing
sound
financial
leadership
over
the
years.
Because
of
that
we've
been
able
to
weather
this
and
still
come
out
at
June
30.
and
in
a
really
good
place,
we're
not
in
a
bad
place
for
the
plan
at
all.
So
we're
excited
about
that
and
we
hope
to
see
Investments
as
we
all
do
change
direction
and
then
we'll
be
talking
about
nothing
but
increases.
D
B
A
A
Okay
with
that
Cheryl
entertain
a
motion
on
item
three.
A
We
have
a
motion
in
a
second
record,
your
vote
items
approved
unanimously.
A
A
A
C
Just
wanted
to
report
that
yesterday
pi
numbers
were
released
and
the
CPI
from
this
past
December
of
2022
looking
at
December
the
year
prior
was
six
and
a
half
percent,
so
it
is
slowing.
Inflation
is
slowing,
but
it's
still
significantly
above
the
two
percent,
and
just
in
talking
with
Amy
before
the
meeting.
When
we
make
a
motion,
you
need
to
be
specific
about
the
percent
that
you
recommend.
A
A
C
Sure
this
is
the
ordinance
that
you
guys
considered
back
in
November
or
maybe
even
October,
I
think
it
was
October
and
we
took
it
through
the
city
council
process
to
change
the
municipal
code
to
allow
for
a
stipend
to
be
granted.
Since
we
fully
expected,
inflation
would
continue
be
to
be
over
the
two
percent.
C
It
would
be
an
increase
of
nine
hundredths
of
a
percent
for
the
future
year.
So
that
was
as
of
12
31
and
as
Amy
just
presented.
The
June
30
financial
report
I
wanted
to
make
sure
we
got
back
with
Louise
and
had
the
most
current
information
for
you
guys
just
to
consider-
and
she
walked
me
through
how
to
just
easily
divide
this
by
this,
and
it
was
the
same
impact.
It's
two
tenths
of
a
percent
to
the
funding
ratio.
D
A
A
A
A
A
Hearing
none.
We
are
adjourned
at
10,
18.