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A
504
plan
expenses
were
also
paid
out,
a
total
of
13
279
dollars
of
that
5
000
for
legal
4200
for
actuarial
services
and
then
about
4
000
for
the
advisory
fees.
The
ending
balance
at
june
30th
was
nine
million
three
hundred
twenty
eight
thousand
six
hundred
eight
dollars,
and
then
I
also
have
as
of
july
thirty.
First,
the
plan
balance
was
nine
million
three
hundred
fifty
one
dollars
228.
A
9351
228
overall,
the
planned
performance
for
the
quarter
was
4.79,
so
had
a
good
another
good
quarter.
The
fiscal
year
to
date,
performance
is
over
20
earnings.
The
investment
allocation
appears
to
be
on
track
for
the
60
40
plan,
and
if
you
have
any
other
questions,
I
can
write
them
down
and
send
them
to
jeremy.
A
Okay,
this
is
presented
as
a
courtesy
to
the
board.
This
is
not
required
by
statute,
but
it
is
presented
just
to
show
you
the
progress
of
the
budget
throughout
the
year
as
of
june
30th.
Everything
is
on
track.
We
have
about
92
percent
of
the
expenses
about
77
percent
of
the
administrative
expenses
paid
out.
We
did
pay
a
few
more
items
in
july,
which
would
be
reflected
on
the
next
statement.
A
The
statutory
requirement
that
the
plan
sets
an
administrative
budget,
so
we've
prepared
the
attached
budget
and
pers
for
your
approval.
We
bumped
up
a
couple
of
the
line
items
a
little
bit.
One
of
them
would
be
the
administrator
fees,
the
plan,
administration
fees
and
then
also
the
audit
and
accounting
fees.
There's
a
considerable
amount
of
gasby
requirements
that
may
come
into
play,
so
we
want
to
make
sure
we
had
funding
for
that.
D
So
trustees,
if
you
guys
recall
this
is
this-
is
one
of
some
several
disclosures
that
were
that
were
instituted
by
the
by
the
floral
legislature
a
few
years
ago,
and
so
it's
it's
essentially
the
thought
being
that
we
would
adopt
this
proposed
budget
and
identify
to
the
public.
D
I
think
you
know.
Obviously
we
want
to
be.
We
want
to
be
responsible
and
diligent,
but
you
know
at
the
same
time
it's
not
something
where
we
want
to
get
too
far
into
the
weeds
or
too
concerned
if
we
do
exceed
the
budget
really.
The
only
consequence
is
that
we
would
have
to
reconvene
and
adopt
a
revised
budget
so
and
then
file
it
with
with
the
city.
Obviously,
but
again
we
want
to
be
responsible.
D
We
want
to
be
thorough,
but
you
know
I
don't
think
we
need
to
fret
too
too
much
in
terms
of
what
happens.
If
something
unexpected
happens
and
we
go
over
budget,
you
know,
that's
that's
exactly
what
what
what
will
likely.
C
D
While
of
average
is
right,
and
so
it's
just
a
matter
of
adopting
a
revised
budget
accordingly,.
B
A
B
I
don't
have
any
other
thoughts.
I
think
that
the
bump
up
in
those
little
areas,
I
think,
is
probably
a
good
idea.
You
guys
have
any
questions
or
discussions.
B
So
we
see
a
motion
to
approve
the
proposed
budget
for
fiscal
year.
21
22,
as
presented.
C
A
B
So
we'll
move
on
to
number
six
ratifying
the
invoice
for
the
fppta
pension,
trustee
training,
okay,.
A
Okay,
madam
chair,
our
new
pension
board
member
paula
soraki
attended
a
an
online
session
through
the
fppta
for
new
trustee
training.
So
in
order
to
facilitate
that,
we
went
ahead
and
paid
it
through
the
fund
and
she
was
able
to
complete
the
training
right.
So
we
need
to.
A
E
A
A
So
the
the
actuary
charge
375
dollars
for
this
actuarial
work,
which
I
I
feel
is
very
reasonable
and
we
will
need
this
is
not
paid
yet.
So
we
will
need
the
board's
approval
to
pay
this
invoice.
A
Chair
this
is
presented
just
to
inform
the
board
that
we
did
receive
a
premium
tax
payment
in
right
on
schedule
in
august
for
seventy
four
thousand
nine
hundred
seventy
seven
dollars
and
thirty
eight
cents.
This
is
the
first
distribution.
There
is
a
second
distribution,
that's
scheduled
for
october.
A
B
A
A
E
A
Will
hopefully
be
approved
when
brian
arrives
at
this
meeting?
This
is
not
something
that
the
board
has
to
do.
I
did
talk
to
the
actuary
about
this
and
he
indicated
that
he
usually
goes
with
the
plan
administrators
recommendations.
Here
they
have
a
team
of
investment
advisors
that
are,
you
know,
highly
skilled,
that
make
recommendations
for
the
long-term
performance
assumptions
for
the
plan.
A
B
A
This
is
basically
for
informational
purposes.
A
The
the
next
page
is
the
email
we
received
indicating
that
the
the
annual
report
was
approved
and
basically
what
they
do
is
they
they
review
all
the
information
submitted
in
the
report,
and
then
they
make
sure
it
ties
out
to
our
annual
financial
report,
which
was
presented
by
the
auditor
at
last
meeting.
Okay.
So
it's
very
comprehensive,
a
lot
of
ticking
and
time
and
everything
looks
good.
So
if
you
have
any
questions.
E
I
just
had
one
question:
why
was
doug
bevis
copied
on
it.
A
E
A
C
D
And
and
just
to
kind
of
touch
on
that,
so
the
state
has
been
sending
that
that
letter,
essentially
about
potentially
lowering
the
investment
assumption
return
to.
I
think
every
single
one
of
my
clients
has
received
it,
so
maybe
for
our
next
meeting.
D
If
we
could
talk
to
the
league
of
cities
and
potentially
have
have
the
actuary
attend
by
phone
just
for
a
brief
discussion
so
that
we
can,
you
know,
kind
of
garner
his
input
or
her
input,
and
then
the
board
can
make
a
decision
one
way
or
the
other
right.
But
I
think
part
of
part
of
the
analysis
that
part
of
the
discussion
would
or
should
include
you
know,
obviously
what
the
cost
impact
would
be
to
lower
the
investment
assumptions,
as,
as
you
guys
know,
by
lowering
the
investment
assumption.
D
You
know
essentially
by
by
expecting
less
money
to
come
in.
That's
that's.
You
know
automatically
going
to
increase
the
required
contributions
for
the
plan
from
from
the
city.
Specifically,
so
you
know,
I
think,
just
to
to
kind
of
make
sure
that
the
board
has
has
all
the
information
available.
It
would
be
helpful
if
we
could,
if
we
could
have
the
the
actuary.
D
I
don't
know
if
it's
chuck,
carr
or
somebody
else
from
from
southern
actuarial,
but
but
just
have
them
on
the
line
so
that
they
can
maybe
go
over
any
recommendations
that
they
may
have
to
lower
the
assumption
or
keep
the
assumption
and
then
also
provide
at
least
an
impact.
So
if
the
board
were
to
say
well
what
happens
if
we
lower
our
assumption
to
6.75
percent
right
and
and
that
way
the
board
can
make
an
educated
decision
and
still
incorporate
that
as
part
of
the
next
valuation
report.
If
it
decides
to
change.
A
Yeah,
essentially,
the
the
plan
has
done
well
in
the
past,
and
you
know
continues
to
do
well,
especially
in
this
environment.
A
B
A
D
Think
I
think
the
majority
of
my
plans
are.
Are
I
don't?
I
think
I
probably
have
a
handful
that
are
in
the
in
the
six
percent
range,
but
the
majority
are
right
around
that.
Seven,
I
think
is
probably
would
be
the
median
and-
and
so
you
know
again,
we
could
probably
leave
it
the
same.
D
C
C
B
D
B
D
And
this
is
just
this
is
just
in
keeping
with
with
the
policy
that
the
board
adopted
for
attendance,
so.
B
C
D
Okay,
so
good
good
afternoon,
everybody
so
just
just
a
couple
housekeeping
items
really
to
go
over
with
you,
nothing,
nothing
really
actionable
for
for
the
board,
and
I
do
want
to
first
apologize
cindy.
I
know
that
you've
reached
out
to
me
and-
and
I
need
to
get
back
to
you
on
on
working
for
the
for
the
trustee
manuals,
so
I
do
apologize
for
that
and
I
will
I'll
I'll
see
if
I
can
get
you
something
in
the
next
day
or
two.
A
A
D
The
I
just
in
terms
of
I
know
at
the
at
the
last
meeting,
or
maybe
the
meeting
before
that
I
we
had
discussed
the
state's
allocation
of
about
200
million
dollars
to
be
paid
to
essential
first
responders,
so
police
officers,
firefighters,
paramedics
and
emts
in
the
form
of
a
thousand
dollar
bonus
check.
So
this
was
allocated
as
part
of
the
budget.
It
was
adopted.
D
It's
my
understanding
that
the
department
of
economic
opportunity,
which
was
charged
with
kind
of
administering
this
whole
process
and
issuing
the
funds
they
did
send
out
the
necessary
forms
to
each
employer.
The
employers
were
to
have
delivered
those
back
to
the
deo
by
the
end
of
july.
I
believe,
and
the
checks
were
cut
and
sent
out
as
of
august.
D
I
believe
that
they
are
still
being
sent
out
in
some
places,
so
I
did
just
want
to
just
check
in
with
you
and
make
sure
that
everybody
received
their
their
payments
if
they
have
not
and-
and
you
want
to-
maybe
you
know-
grab
me
offline,
I'm
happy
to
help
and
see.
If
I
can
reach
out
to
to
the
state
and
see
you
know
what,
where,
where
the
disconnect
is,
but
but
just
in
terms
of
of
an
update
those
those
checks
have
been
mailed
out
and
issued.
D
Okay
and
it
was,
it
was
a
thousand
dollars
net.
So
so
you
know
it's
nice,
that
the
it's
a
nice
benefit
there
were.
There
were
no
withholding
state
taxes
or
federal
taxes
on
that.
So.
B
D
In
terms
of
educational
opportunities
coming
up,
I
know
it's
the
next
item
on
the
agenda,
but
the
fppta
is
having
their
trustee
school.
That's
going
to
be
october
3rd
through
the.
C
D
And
that's
in
ponte
vedra
so
up
just
kind
of
close
to
jacksonville
at
the
sawgrass
marriott.
So
if
anybody
is
able
to
attend
and
interested
at
you
know,
as
of
now
it's
a
live
conference.
They
are
offering
a
virtual
platform
as
well.
But
you
know
that's
a
that's
a
good
chance
to
to
get
some
some
training
and
some
education
and
then
also
the
state.
D
The
division
of
retirement
has
a
school
twice
a
year
and
last
year,
obviously
they
canceled
it
because
of
because
of
coven,
but
they
will
have
the
their
trusty
school
in
orlando
and
that
is
going
to
be
november
3rd
through
the
6th
at
the
at
the
renaissance.
Hotel
in
orlando
and
the
first
day
is
exclusively
for
new
trustees
and
then
there's
a
there's
another
day
and
a
half.
So
that's
another
great
opportunity
if
anybody's
interested
there's
no
registration
fee
for
that
one.
D
So
so
that's
a
nice
plus,
you
know,
obviously
the
hotel
or
or
car
mileage
anything
like
that
would
be
reimbursed
by
the
plan.
But
it's
you
know
it's
it's
convenient
in
the
sense
that
there
is
a
registration
fee.
So
if
people
want
to
kind
of
jump
in
and
jump
out,
it's
a
it's,
it's
a
lot
easier
to
do
and
I
think
the
only
charge
is.
If
you
want
paper
copies
of
all
the
materials
and
the
handouts,
then
there's
there's
a.
D
I
don't
know
if
it's
75
or
150
or
something
like
that.
But
otherwise,
if
you
you
know,
you
can
just
download
all
the
materials
to
your
tablet
or
your
laptop
or
you
know
whatever
the
case
may
be
so
and
really
that's
that's
all
I
had
for
for
my
report.
A
B
C
B
Good
quick
training.
E
I
have
a
question
about
that
for
the
the
first
day,
the
one
on
november
3rd,
that
first
day
of
trustee
training,
do
you
know
what
time
that
starts
in
the
morning
is
in
the
morning.
D
It
typically
starts,
I
want
to
say
in
the
past
it's
usually
8
or
8
30..
I
think
they'll
usually
have
a
breakfast
from
you
know:
7
30
to
8,
30
or
7
to
8
something
like
that,
but
I'm
almost
certain
it's.
They
haven't
released
the
agenda
yet
and
they've
reached
out.
I
know
I
typically
speak
at
it.
I
think
I'm
going
to
be
speaking
at
it
again
this
year,
but
they
have
not.
They
haven't
finalized
the
the
agenda
yet
so,
but
but
typically
it's
right
around
8
or
8
30.
E
D
C
E
I
think
that
would
be
fun.
Okay,
very
good,
actually,
my
husband's
going
to
be
in
orlando
that
same
weekend
for
a
thing,
but
his
doesn't
start
until
thursday.
Okay,
so
thinking.
A
E
We
would
drive
over
to
get
it
away.
We
wouldn't
have.
We
could
yeah.
I
wouldn't
wouldn't
have
to
pay
me
for
mileage,
okay
and
then
I
could
just
get
the
hotel
one
night
and
stay
at
his
hotel,
the
other
time,
the
other
nights.
So
because
I
checked
it's
about
a
half
an
hour
from
his
hotel,
so,
okay,
so
just
that
first
day
I
was
wondering
if
I
could:
okay
I'll.
A
A
C
A
Okay,
we
had
an
employee
retire
after
many
years
of
service.
He
was
fully
vested
in
the
plan.
The
the
board
just
approved
an
invoice
for
the
actuary
to
calculate
the
retirement
benefits,
so
it
comes
out
to
two
thousand
fifty
four
dollars
and
forty
six
cents
a
month.
There
is
also
a
share
plan,
benefit
that
is
included
and
that
is
for
51,
one-time
payment,
51
496.68.
D
D
No,
I
think
I
think
this
is
great,
I
think
so
exactly
exactly,
as
was
just
stated
right.
So
this
is
excuse
me
this
is
already
being
in
the
process.
This
is
pursuant
to
your
plan,
so
it's
really
just
to
board
ratifying
the
the
payment
or
the
expenditure.
The
benefit
payments,
but
you
know
that's.
This
is
it.
This
is
the
process.
C
D
D
A
D
I
don't
know,
maybe
we
want
to
call
him
and
just
kind
of
patch
him
in
or
maybe
he
can
address
the
board
with
his
questions.
I
don't
I
don't
know.
D
So
I
apologize
so
and
we
can
patch
him
in
you
know
the
only
the
only
he
wouldn't
be
able
to
vote
right
on
on
anything.
If
there's
a
motion
or
anything
like
that,
he
would
not
be
able
to
vote
on
the
motion,
but
I
don't
know
if
we're
really
taking
any
action.
Well,
I
guess
we
are
we're
going
to
be
potentially
ordering
the
report,
so
he
can.
D
He
can
essentially
say
I
would,
I
would
vote
not
to
order
the
report
and
then
the
board
can
either
you
know,
agree
or
not
agree,
but
that
would
be.
I
think
that
would
be
the
extent
of
his
participation.
C
C
B
Was
his
contact
information
in
that
email
that
he
sent
and.
B
E
C
A
B
A
Madam
chair,
I
passed
out
a
form
that
will
need
to
be
signed
if
approved
by
the
board.
We
did
not
have
this
in
time
for
the
agenda
packet,
so
basically
southern
actuarial
services
has
prepared
the
evaluation
report.
For
many
years.
We
have
quoted
the
service
in
the
past
and
found
that
others
were.
Other
firms
came
in
much
more
expensive
than
the
southern
actionary
real
services.
Okay,
last
year
we
paid
4
200
for
the
report,
mostly
due
to
the
additional
work
required
for
the
gatsby
67
68
requirements,
which
are
extensive.
A
We
expect
the
fee
will
increase
this
year,
possibly
up
to
around
5200
thereabout.
So,
if
approved,
if
the
board
is
okay
with
this,
I
would
like
to
see
if
you
could
have
proven
not
to
exceed
amount.
So
that
way,
when
we
get
the
proposal
in
it
should
be
shortly,
we
can
go
ahead
and
proceed
and
get
our
information
submitted.
You
know
soon
after
september
30th,
so
we
can
get
on
the
list
to
get
our
evaluation
report
done.
C
A
D
And
I
will
say
that
that
is,
you
know,
that's
a
that's!
That's
a
very
reasonable
fee
for
for
the
valuation
report.
C
And
the
not
to
exceed
6
000
above
last
year's
or
a
total.
C
D
I'm
sorry,
I
think
there
was
a
second
so
just
for
discussion
purposes.
It's
the
the
motion
is
to
is
to
approve
requesting
or
ordering
the
report
evaluation
report
for
2021
with
a
not
to
exceed
of
six
thousand
dollars.
Okay
is.
C
D
Just
just
for
for
for
purposes
of
kind
of,
following
up
on
on
the
discussion
we
were
having,
you
know
earlier
with
respect
to
the
annual
report
and
potentially
lowering
the
investment
assumption.
I
I
would
whoever's
gonna,
you
know,
I
guess
let
the
actuary
know
that
that
we
need
to
report.
If
we
could.
Let
them
know
that
we
may
be
we're
going
to
be
discussing
the
investment
assumption
at
the
december
meeting.
D
D
And
then
we
say,
oh
by
the
way
we
want
to
change
about
one
of
the
assumptions,
so
it
seems
like
it
seems
like
we'll
be
fine,
because
I
think
that
I'm
reading
here
it's
it's
due
by
you
know
middle
of
november,
and
I
think
we
meet
a
couple
weeks
later,
so
they're
not
going
to
do
it,
but
just
in
case
you
know,
whenever
we
reach
out
to
let
them
know
to
maybe
attend
the
meeting.
D
F
I
do
have
one
and
I'm
sorry
again:
I
apologize
it
has
nothing
to
do
with
the
board
that
has
to
do
with
the
firefighters,
my
brother's
brother-in-law.
We
just
did
his
funeral.
I
was
down
there
with
you
this
past
weekend,
pedro
31-year
captain
with
the
miami
fire
department
and
I've
got
to
experience
the
last
call
with
what
was
what
was
his
name:
art
alonzo.
D
F
He's
your
brother-in-law,
my
brother's
brother-in-law,
yeah
they've,
been
married
for
35
years
or
were.