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From YouTube: City of Oldsmar Firefighters Pension Board, 6/22/21
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A
B
B
D
D
D
B
E
F
A
I'm
good
I'm
good.
We
have
a
couple
of
things
we
want
to
do
here
this
afternoon.
One
we
want
to
recognize
a
few
people
who've
hit
certain
anniversaries
with
service
to
the
board.
It's
funny
because
I
was
looking
at
the
date
on
renee's
and
I'm
thinking.
A
A
Tells
her
whether
or
not
he
was
going
to
get
his
disability
pedro
remembers
that
I'm
sure
that's
right.
That
was
my
very
first
meeting.
Welcome
to
the
board
yeah.
It
was
really
good.
I
don't
think
I
don't
think
bruce
has
still
forgiven
me
for
that.
I
don't
know
that's
a
long
story
anyway,
yeah
yeah!
That's
that's
the
way
to
do
it.
A
That's
right
we're
in
here
I
think
yeah,
it
was
good.
So,
as
you
all
know,
every
year
we
try
to
have
a
volunteer
dinner
where
it's
our
opportunity
to
say
thank
you
to
the
volunteers
and,
of
course,
because
of
covet.
We
were
unable
to
do
so,
so
we
have
been
trying
to
do
things
a
little
different
and
instead
of
having
the
big
event,
we're
bringing
a
miniature
event
to
you.
A
So
we
have
some
refreshments
here
and
I-
and
I
should
thank
the
clerk's
office,
because
both
ann
and
kathy
worked
real
hard
to
try
to
make
sure
we
did
this
with
every
board.
So
we've
been
like
the
thank
you
volunteer,
traveling
roadshow.
So
so
we
good
to
be
here
with
you
all
today
and
it
really
is
an
honor
for
us
to
to
just
be
able
to
say
thank
you.
A
See
this
works
so
well.
You
know,
look
I'll
I'll,
just
say
this
real
quick
and
I'm
going
to
keep
it
brief,
because
I
know
you
have
a
meeting
to
do,
but
it
takes
three
things:
to
have
a
good
city
to
have
a
great
city.
I
really
believe
that
number
one
you
have
to
have
a
great
staff.
A
You
can't
have
a
great
city
without
a
great
staff,
and
we've
got
that
you
gotta
have
a
good
elected
group
of
officials
and
while
we
might
be
a
little
sketchy
sometimes
I
think
we
have
a
good
team
of
people
who
care
about
the
city
and
work
real
hard.
But
the
third
thing
that
you
have
to
have
to
go
from
a
city
to
a
real
community
is
you
have
to
have
quality
volunteers
and
without
that
there's
just
so
many
things
that
would
not
happen
in
this
city.
That
could
not
happen.
A
A
I
could
tell
you
in
talking
with
some
of
my
peers:
they
they
have
a
fit,
sometimes
trying
to
keep
their
boards
full,
and
so
we
not
only
are
able
to
do
that,
but
we
do
so
with
quality
people,
and
so
when
we
say
thank
you
as
a
city
council,
we
mean
it
because
it
makes
a
difference
so
give
yourselves
a
round
of
applause.
A
F
A
A
A
D
E
D
E
E
D
E
D
D
E
Hello,
how
are
you
good
thanks
for
being
here,
so
this
is
just
kind
of
a
meet
and
greet
in
case
the
board
has
any
questions.
Okay,
maybe
you
want
to
start
with
telling
us
a
little
about
yourself.
B
E
Thank
you
and
what
drove
you
to
apply
for
our
board?
Anything
in
particular.
B
D
No,
but
I
would
like
to
say
she
has
done-
I
was
past
governor
or
am
the
past
governor
of
the
moose
lodge
and
paul
has
been
very
helpful
in
getting
our
newsletter
put
together.
She
does
a
real
professional
job
and
I
personally
like
to
take
this
time
to
thank
her,
because
I
don't
think
I
ever
got
to
do
that
when
I
was
the
governor.
So
thank
you
paula.
Well,
thank.
E
Any
other
questions,
okay,
so
this
is
the
first
time
we've
done
a
board
appointed
applicant.
Is
that
correct,
yeah.
E
E
True,
that
was
a
long
time,
so
I
think
what
we
will
do
is
we'll
go
ahead
and
we
can
do
a
quick
vote
ourselves.
We
can
just
write
who
we're
voting
for
on
a
piece
of
paper,
we'll
hand
them
to
anne,
and
then
she
can
read
the
results
for
us.
Thank
you,
paulo.
Okay,
thank
you.
D
C
So
so
that
was
going
to
be
my
comment
as
well,
so
I'm
I'm
fine.
If
you
want
to
write
them
down
on
a
piece
of
paper
and
then
you
know,
ann
can
read
out
the
votes,
but
but
I
do
think
just
for
purposes
of
the
record
we
should
have
we
should
it
should
reflect
who's
voting
and
what
they're
voting
for,
if
that
makes
sense.
C
C
You
guys
want
to
do
it.
It's
fine.
I
don't
have
a
problem
if
you
write
the
name
down
and
ann
reads
it
just
so
long
as
it's.
You
know
when,
when
it's
red,
it's
chairperson,
renee,
voted
x
right
or
something
to
that
effect.
C
Or
or
correct,
or
we
could,
we
could
start
with
having
a
motion
made
and
with
the
nomination
and
then
a
second
to
the
nomination.
E
Okay,
we
can
just
do
the
nomination.
I
think
it's
probably
easier.
E
B
So
paula
well,
thank
you.
D
A
B
We'll
send
you
a
letter
if
you
can
come
to
the
july
20th
meeting
for
city
council,
then
we'll
just
just
ratifies
or
makes
it
formal.
I
think
we
need
to
do
that
right.
Pedro.
C
Correct
so
so
it
should
be
placed
on
a
subsequent
city
council
agenda,
and
so
this
council
will
as
a
ministerial
function.
So
in
other
words
I
hate
to
say
rubber
stamp,
but
they
would
formally
approve
the
board's
election
and
then
you
know
we
would
have
our
fifth
trustee
officially
seated
at
the
subsequent
meeting.
Whenever
that
takes
place,.
C
It's
up
to
you.
I
did
want
to
remind
you,
though,
and
I'm
sure
you'll
get
reminded
at
some
point,
but
whenever
it
is
that
the
council
finally
appoints
you,
there
is
a
financial
disclosure
form
that
you
would
be
required
to
file.
So
we
can.
We
can
talk
more
about
that.
You
know
whenever
that
happens,
but
but
that
is
something
that
from
your
appointment,
you
would
have
30
days
to
get
that
on
file.
So
I
just
want
to
make
sure
that
you're
aware
of
it.
E
E
F
I
do
have
one
it
and
it's
a
stupid
question,
so
you
should
be
expecting
them
at
this
point
for
me
under
earnings,
how
come
it
doesn't
say
like
unrealized
gains
or
gains,
and
it
says
earnings
it.
Just
it's
always
nagged
me.
You
know
what
I
mean:
it's
not
an
earning
because
the
portfolio
goes
up
or
or
is
that
our
dividends
that
are
coming
in
that's
just
the
growth
of
the.
G
That
is
the
that
you
read.
The
actual
dollar
amounts
you
receive
in
earnings
over
the
quarter.
Yeah.
So
that's
not.
I
mean
it's
unless
you
want.
F
G
I
guess
I
apologize,
I
don't,
I
don't
think
I'm
doing
a
good
job
of
following
yet
it's
I
mean
it's
realizing
the
fact
that
that's
how
much
money
now
there
is
and
the
assets
which
is
being
invested
and
continue
to
grow,
it's
not
realizing.
That's
obviously
you
take
that
money
as
far
as
dividends
you
talked
about.
F
G
Yeah,
I
don't
I
mean
I
they're.
The
only
dividend
part
would
be.
F
Okay,
as
far
as.
G
G
G
Market,
it's
kind
of
interesting
to
note
too.
This
is
this:
as
of
being
march
31st,
essentially
we've
seen
the
value
of
the
copen
impact
at
the
end
of
last
march.
So
now
we're
basically
looking
at
you
know
feats.
I
think
we've
even
picked
up
a
little
higher
but
you're
close
to
the
piece
here.
So
you
can
see
the
one
year
number
of
37.5,
which
is
kind
of
amazing,
and
then
you
really
and
of
course,
that's
all
being
mostly
driven
by
equities
and
then
you
so
look
down
a
little
farther.
G
Incredible
kind
of
d
shaped
recovery
that
we've
seen,
so
I
don't
think
we
would
have
ever
thought.
We
could
see
these
numbers
a
year
ago,
but
we
are
certainly
very
excited
to
see
it.
G
G
Franklin
templeton
has
been
underperforming
for
a
little
while
now,
additionally,
their
strategy
are
there.
The
reason
they
were
brought
on
their
strategy
was
meant
to
be
a
compliment
pioneer,
so
they
weren't
necessarily
competition
with
each
other.
That
seems
better,
but
their
folks
complement
each
other
moving
forward
with
the
way
the
market
environment.
G
G
G
G
Aware
none,
the
other
big
change
that
was
made
in
the
quarter
is
more
of
a
looking
forward.
Strategic
change,
so
kind
of
ironic
we're
sitting
there.
G
The
and
we've
been
talking
about
this
for
really
a
couple
years
now,
but
the
chatter
is
getting
louder
that
there's
a
slowdown,
not
necessarily
you
know,
hopefully
not
a
crash,
hopefully
not
a
big
recession,
but
it
seems
more
and
more
inevitable
that
we're
gonna
hit
a
point.
G
But
so
a
considerable
amount
of
time
again
in
the
long
run
you
know
the
seven
percent
you're
assuming
you
know
that
would
still
be
appropriate,
so
we're
not
necessarily
making
any
changes
at
this
time
so
again,
more
informational
things,
but
strategically,
because
we
do
think
this
is
going
to
be
just
you
know.
G
Whenever
this
slowdown
does
hit,
we
don't
think
it's
just
a
little
bit
longer
than
that,
so
we
want
to
position
ourselves
accordingly
and
what
we've
seen
in
this
run-up
is
the
u.s
large
cap
has
been
the
biggest
driver,
but
as
a
result
of
that,
it
now
has
kind
of
the
the
least
amount
of
opportunities
we
believe
over
the
short
period
of
time.
G
G
Way
to
put
it
in
easier
terms,
yeah,
the
sp500
historically
is
traded
10
to
15
times,
so
that
will
be
your
stock
price.
G
In
other
words,
again
you're
going
to
really
overpay
for
a
lot
of
the
companies
within
that
space.
G
So
that
being
said,
we
don't
think
as
much
over
the
next
little
period
of
what
we're
is
we're
taking
our
target
application
and
it
was
34
into
the
u.s
large
cap
34
of
the
current
portfolio
and
we're
taking
nine
percent
out
of
the
u.s
large
cap
we're
putting
nine
percent
into
the
international.
So
it's
going.
G
D
G
G
G
G
It
is
a
big
move,
totally
honest
when
it
was
presented
from
our
consultant.
You
know
this
kind
of
gets
your
attention
and,
of
course,
they
a
much
longer
scale
time
consuming
scale.
They
went
through
and
explained
in
great
detail
and
I'm
happy
to
get
some
more
information.
G
If
you
all
are
interested
into
the
reasoning
and
why
they
believe
and
one
of
the
biggest
things
that
they
do
is
they
do
now,
of
course,
have
to
take
it
all
the
way
to
salt,
because
it's
forward
looking
because
they
do
a
lot
of
modeling
and
one
of
the
things
that
was
very
surprising
but
pleasantly
surprising,
is
that
you
know
my
biggest
thought
when
I
heard
that
was
well.
G
And
so
they
said
through
their
modeling
again
because
of
the
situation
in
front
of
us,
meaning
if
the
u.s
large
cap
is
close
to
maxed
out.
Therefore,
there's
potential
more
potential
for
bigger
swings
and
that
when
they
modeled
out
over
the
next
kind
of
intermediate
time
frame,
they
actually
did
not
see
any
increase
in
volatility.
G
You
know
you're
not
talking
about
the
big
differences
where
we're
trying
to
chase
an
extra
one
or
one
and
five
percent.
This
is
you
know
we
might
only
see
half
the
percentage
of
gain
going
this
way,
the
most
a
lot
of
it
was
actually.
The
argument
was
actually
smoothing
out
some
volatility
as
well.
So
when
we
are
getting
kind
of
to
your
point
of
aggression,
you
know
that's
always
one
of
the
biggest
things
that
they
make
is.
Is
this
a
risk
appropriate
change.
G
G
And
additionally,
one
thing
I
am
going
to
have
for
you
on
your
at
the
next
meeting
is
because
it's
probably
been
quite
a
while,
since
you
all
haven't
even
really
gotten
some
information
on
who
the
consultant
investment
advisor
committee
is
that
we
have
that
works
on
the
portfolio
I'll.
Have
I'm
gonna
have
some
information
for.
G
G
Carried
through
and
then
looking
further
forward,
but
this
is
probably
getting
into
next
year.
At
this
point
it
was
actually
something
that
was
coming
until
koba
did
kind
of
through
some
wrenching,
but
actually.
F
G
D
F
The
enormous
international
exposure
and
I'm
not
as
worried
about
the
small
mid
cap,
one
as
I
am
the
international
and
they
have
not
rebounded
they
haven't,
come
back.
There's
still
a
play
for
that,
and
I
understand
all
that.
I
just
think
that's
a
big.
It's
a
big
move.
Taking
that
major
chunk
out
of
the
us.
G
G
And
actually,
I
will
so,
interestingly,
not
too.
This
is
just
kind
of
more
fyi
on
the
international
portfolio,
there's
actually
a
25
limit
by
state
statute
that.
F
For
the
international
equity,
what's
the
exposure
to
the
fund-
and
I
know
it's-
it's
1.4-
it's
not
a
lot
here,
but
from
a
holistic
standpoint
of
the
whole
portfolio
now
you're
I
mean
you're
literally
talking
20
of
the
portfolio
when
I'm
looking
at
eight
million
and
you're
telling
me
over
two
millions
in
there
is
this
across
the
board.
Large
cap
international
equities.
Is
this
global
or
is
there
any
us
in
that,
or
is
this
all
x-us.
F
G
Yeah
your
monthly
statement,
I
don't
think
that
you
all
get.
I
mean
we're
getting
constant
reporting
in
conversations
throughout
the
quarter.
I
don't
think
the
monthly
statements
that
you
all
get.
G
Yes,
so
this
report,
usually
so
this
report
is
actually
compiled
by
the
consultant-
it's
typically
produced
about
six
weeks
after
the
quarter
in
the
reason
is,
is
for
the
most
part
they're
waiting
around
for
all
of
the
other
reporting
that
has
so.
The
managers
get
their
information,
pretty
quick
with
it,
because
there's
a
lot
of
comparison,
analysis.
H
Other
peer
groups
indexes
market
conditions.
It
ends
up
being
about
six
weeks
before
this,
so
it
will
have
it
available
by
the
second
week
of
august.
G
Yeah
so
and
then
you
disseminated
them
pretty
quickly,
okay,
if
there,
but
if
you
all,
have
any
questions
or
you
don't
have
it
especially
about
third
week
I
mean
usually
I'll
just.
D
F
It's
harder
it's
hard
because
there's
nothing
we
can
do
about
it.
Theoretically,
correct
I
mean
your
voices
do
not
go
unheard.
H
Madam
chair,
we
are
presenting
the
quarterly
invest
or
not
the
quarterly
budget
report
for
the
administrative
budget.
While
this
report
is
not
while
the
adoption
of
the
administrative
budget
is
required
by
statute,
the
periodic
reporting
is
provided
as
accuracy
to
the
board.
The
we
do
not
see
anything
unusual.
H
E
E
We'll
ask
him
when,
when.
G
Providing
information
updates
educational
pieces
that
matter
and
so
far
that
also
has
satisfied
the
requirements,
so
you
may
want
to
expound,
but
there's
I've
yet
to
hear.
H
Yeah,
I
do
have
some
notes
from
our
last
meeting.
The
trustee
school
will
be
online.
The
state
has
canceled
the
in-person
school.
The
fppta
has
lots
of
different
online
training
options
available,
so
it
doesn't
appear.
There's
any.
Unless
you
know
pedro
can
give
us
an
update.
Any
live
in-person
conferences.
E
F
Well,
the
reason
I
was
asking
just
because,
as
I
was
poking,
is
that
our
upstanding
new
member
will
would
be
a
great
opportunity
to
sit
through
that
stuff
for
a
couple
days.
E
E
Did
I
oh,
I
did
didn't
I,
which
is
yours,
number,
five
announce
reappointment
of
the
board
appointed
trustee
renee.
B
E
Okay,
did
I
catch
everything
now
number
eight
accept
interest
rate
assumption
and
actuarial
evaluation
report
for
october
1.
I
Yes,
I
don't
know
if
you
have
it
in
front
of
you,
if
you
don't
it's
not
particularly
important.
The
valuation
report
I'm
going
over
is
was
prepared
as
of
october
1
2020.,
and
I
think
we
issued
it
maybe
back
in
january,
but
so
we're
we're
actually
going
over
it,
probably
a
little
bit
later
in
the
fiscal
year
than
we
normally
normally
would.
I
Anyway,
there
were
no
plan
changes.
This
is
just
for
the
record.
No
plan
changes
were
reflected
in
this
evaluation
report,
but
there
is
a
change
to
the
assumptions
that
I
wanted
to
go
over
briefly.
I
You
may
recall
that
a
few
years
ago,
florida
state
law
was
changed
to
require
all
florida,
public
pensions
pension
plans
to
use
the
same
mortality-
that's
been
used
by
frs,
so
we
pretty
much
just
have
to
follow
along
with
whatever
they
decide
to
do.
I
believe
it
was
effective
for
their
july
1
2020
actuarial
evaluation.
I
They
have
updated
their
mortality
tables
or
changed
their
mortality
tables.
They've
changed
to
something
called
pub
pub
2010
and
the
pub
does
stand
for
public.
To
my
knowledge,
these
are
the
first.
This
is
the
first
time
we've
had
public
mortality
tables
that
were
developed
based
on
public
sector,
employee
experience,
as
opposed
to
the
general
population,
so
I
probably
would
have
recommended
that
we
go
to
these
tables
anyway,
even
if
frs
had
not
done
so,
and
even
if
we
weren't
required
to
follow
suit.
I
I
There
are
three
broad
groups
of
tables
within
the
pub
2010
family.
There
are
public
safety,
employee
tables,
there
are
general
employee
tables
and
there
are
teacher
tables.
So
again
I
have
used
exact.
I've
used
those
tables
in
exactly
the
same
way
that
frs
has
used
them
now.
This
was
an
update
in
the
sense
that
these
tables
were
just
published
about
two
years
ago,
two
and
a
half
years
ago,
so
they
are
kind
of
the
latest
greatest
mortality
tables
that
we
have
available
to
us.
I
I
What
happened
is
both
of
the
old
table,
which
was
the
rp2000
table
and
the
new
one
with
both
of
those
tables.
We
are
applying
a
mortality
improvement
scale
so
so
that,
basically,
within
the
valuation
itself,
we
are
making
an
assumption
about
how
much
life
expectancy
will
improve
over
the
next
50
60
70
years.
Basically
as
long
as
our
youngest
participant
would
be
expected
to
to
be
alive,
so
we've
got
this
long-term
improvement
in
life
expectancy
that
is
built
in
the
valuation.
I
What
happened
is
that
with
the
old
projection
scale
and
the
old
mortality
table,
frs
was,
and-
and
we
were
also
by
default-
we
were
over
projecting
improvements
in
life
expectancy,
so
the
reality
is,
life
expectancy
hasn't
improved,
at
least
in
the
last
few
years.
It
hasn't
improved
as
much
as
we
expected
it
to
and
that's
actually
where
the
saving
the
cost
savings
is
coming
from,
so
they
you
know,
and
they
they
also
frs,
did
the
way
that
they
used
the
tables
for
public
safety.
Employees
and
I've
done
this
here.
I
I
know
this
is
another
factor
in
in
that
plays
in
the
cost.
Savings
they've
actually
pretended
that
male
participants
are
one
year
older
than
they
really
are,
which
means
that
you
actually
have
a
little
bit
obviously
shorter
life
expectancy.
I
So
if
a
participant
is
currently
age,
50
we're
pretending
that
person
is
age
51.
again,
that's
what
frs
is
doing.
I've
mimicked
exactly
what
they're
doing
here,
but
that's
another
reason
that
we
have
a
net
cost
savings
from
this
change.
You'll
see
what
the
savings
is
in
just
a
minute
other
than
that
all
the
other
assumptions
are
the
same
from
from
last
year,
including
the
seven
percent
assumed
investment
return.
We
do
get
that
return
every
year,
usually
later
in
the
summer
we
get
from
the
fmptf
investment
consultants.
I
They
give
us
a
kind
of
a
projection
of
what
the
long-term
expectation
is
related
to
the
returns
on
the
portfolio.
They
give
us
that,
for
both
the
50
50
to
60
40
and
the
70
30
portfolio,
you
know
separately,
they
don't
give
us
a
single
number.
I
What
they
do
is
give
us
the
a
chart
that
shows
the
likelihood
of
achieving
certain
returns
on
a
long-term
basis,
and
then
we
kind
of
go
middle
of
the
road
and
seven
percent
is
what
they
have
projected
as
kind
of
the
middle
of
the
road
mainstream
long-term
expectation
for
that
60
40
portfolio,
we've
been
at
that
for
several
years.
I
suspect
at
some
point
it
probably
will
drop
a
little
bit.
Maybe
this
year
I
don't
know
I'll
have
to
see
what
they
what
they
provide
to
us.
I
But
this
is
not
by
the
way,
we're
not
trying
to
predict.
You
know
what
the
return
will
be
in
the
next
one
or
two
or
even
five
or
ten
years.
This
really
is
a
long-term
assumption.
I
So
anyway,
that's
our
that's
our
interest
or
discount
rate,
and,
as
I
said
before,
we've
been
at
that
rate
for
a
number
of
years,
I'm
not
going
to
spend
much
time
going
over
the
assets
that
are
shown
in
the
valuation,
because
these
numbers
are
very
out
of
date
and
jeremy
just
gave
you
much
more
updated
numbers,
but
just
for
the
record,
as
of
october
1
2020,
our
market
value
of
assets
was
a
little
over
6.9
million
dollars
on
an
actuarial
value
basis,
I'm
actually
using
6.85
million.
I
The
reason
that
I'm
using
something
a
little
bit
less
is
we
do
have
an
82
000
advanced
contribution
from
the
city.
This
is
where
the
city
as
of
october,
1st
2020,
had
made
deposits
contribution
deposits
into
the
pension
fund
that
were
in
excess
of
the
minimum
required
contribution,
and
so
what
we
typically
do
unless
we're
instructed
to
do
otherwise
is
we
will
take
any
excess
contributions
that
are
made.
I
We
will
sort
of
put
those
aside
and
it
basically
becomes
a
credit
city
has
with
the
plan
such
that
the
city
could
choose
to
reduce
the
current
year's
contribution,
just
as
an
example
by
82
000,
in
which
case
I
would
look
to
this
82
000
contribution
credit
to
cover
that
shortfall
between
the
actual
contributions
of
the
minimum
required.
I
The
reason
this
happens
is
usually
because
the
contribution
rate
that
we
develop,
for
example,
the
rate
that's
developed
in
this
report-
applies
to
the
current
fiscal
year.
Obviously
we
don't
have
these
reports
until
a
few
months
into
the
fiscal
year,
and
so
sometimes
the
city
may
already
have
budgeted
for
or
may
already
have
been
contributing
at
a
higher
rate
for
part
of
the
year,
and
that
can
be
just
one
way
that
you
can
end
up
with
the
advanced
contribution
I
do
most.
Cities
do
carry
some
amount
of
advanced
contribution
with
the
pension
funds.
I
It's
it's
good.
It's
handy
to
have
that.
You
know
from
a
budgeting
standpoint,
because
if
we
have
a
year
when
the
contribution
rate
goes
up,
for
example-
and
maybe
it
goes
up
by
an
amount,
the
city
just
has
not
budgeted
for
or
can't
handle
for
that
year
in
the
budget,
the
city
could
then
use
this
advanced
construction
credit
to
help
cover
any
gaps
that
you
know
that
haven't
been
budgeted
for.
So
I
think
it's
a
good
thing,
a
helpful
thing.
The
money
is
actually
a
part
of
the
trust
fund.
I
I
just
can't
recognize
it
as
as
a
as
an
asset
of
the
plan
until
we
recognize
those
contributions
or
apply
those
contributions
to
the
minimum.
So
again,
the
actuarial
value
that
I'm
working
with
as
of
10
120
was
6.85
million.
The
overall
return
that
we
calculated
for
the
market
value
was
just
under
six
percent.
This
was
for
last
fiscal
year.
Of
course
our
assumed
return
was
seven,
so
we
did
fall
short
by
a
little
over
one
percent.
I
That
being
said
on,
for
the
last
ten
years,
we
do
have
a
chart
that
shows
the
ten-year
average
of
returns
and
the
ten-year
average
return
is
a
little
over
seven
and
a
half
percent,
and
during
that
period
we
were
assuming
an
average
of
7.35.
I
So
we
have
beat
for
the
last
10
years.
At
least
we
have
the
our
assumed
return
by
about
15
to
20
basis
points
which
is
good.
So
let's
go
to
the
bottom
line,
which
is
on
table
1a.
The
first
page
of
table
1a.
I
I'll
give
you
a
second
to
scroll
up
to
it
almost
there
one
more
page
and
we'll
be
there
one
one
more
bat
there
we
go
okay,
so
this
shows
you
in
the
in
the
box
at
the
bottom
of
that
page,
the
required
contribution
rate
for
the
current
fiscal
year.
It
is
38.4,
and
that
is
about
four
percent,
roughly
four
percent
of
pay
less
than
the
required
contribution
for
last
fiscal
year,
as
mentioned
before,
the
drop
is
due
primarily
to
that
assumption
change.
I
I
This
doesn't
show
you
the
transmission
rate,
but
actually
something
called
the
normal
cost
rate,
which
is
which
is
most
of
the
contribution
rate
is
made
up
of
the
normal
cost
rate.
There
is
a
slight
adjustment
for
interest.
That's
why
it's
a
little
bit
different,
but
this
will
at
least
give
you
a
feel
for
the
how
things
changed
or
why
they
changed.
So
we
added
almost
one
and
a
half
percent
of
pay
to
the
normal
cost
rate
due
to
the
investment
loss.
I
That
was
again
that
one
percent
investment
shortfall
for
last
year,
but
then
that
was
more
than
offset
by
over
five
and
a
half
percent
of
paid
decline
due
to
this
new
mortality,
so
it
was
pretty
dramatic.
What
I
found
is
that
the
younger
the
group
on
average
that
I'm
working
with
the
bigger
impact
or
the
bigger
reduction
that
change
in
mortality
had,
if
I
have
an
older
group,
that
maybe
I
have
a
plan-
that's
just
retirees
or
mostly
retirees.
I
The
impact
of
that
change
was
not
nearly
as
dramatic.
The
reason
for
that
again
is
when
I'm
dealing
with
a
younger
group
of
participants,
there's
a
lot
more
years
that
were
projecting
the
life
expectancy
improvements.
So
if
we
pull
back
from
that,
you
know
it
has
that
that
pulling
back
on
the
life
expectancy
improvement
over
the
next
few
decades
has
a
much
more
dramatic
impact
for
a
younger
group
than
for
an
older
group.
That's
why,
for
years,
so
to
be
over
five
percent
of
pay
reduction
in
the
contribution
rate.
I
Due
to
that
is
you
guys?
Are
you
know
one
of
the
young
groups
I
deal
with,
but
this
is
also
one
of
the
more
dramatic
impacts
that
I've
seen
the
demographic
experience,
which
is
just
point:
zero,
six
percent
of
payroll.
That's
just
a
little
tweak,
that's
really
just
a
balancing
item,
it's
just
all
of
the
experience
related
to
the
demographics
of
the
plan
and
everything
from
pay
increases
to
retirements,
more
or
less
than
we
assumed
and
so
forth,
employment
terminations
all
that
stuff
combined.
I
Basically,
we
were
break
even
so.
The
real
the
real
reduction,
as
I
said
before,
was
due
to
the
was
due
to
that
mortality.
Assumption
change,
so
the
contribution
rate
for
the
current
fiscal
year
is
38.4,
that's
the
employer's
rate.
It
does.
That
does
exclude
the
five
percent
employee
contribution.
If
we
go
back
up
two
pages
to
the
page,
that
shows
those
pie
charts
right
there
you
can
see
the
breakout
now
last
year's
breakout
is,
is
the
real
deal,
because
I
have
the
actual
numbers.
I
I
The
last
thing
I
wanted
to
point
out
is
just
something
that
I
think
most
of
most
trustees
find
of
interest,
and
that
is
over
on
table.
One
dash
e,
which
is
page
roman
numeral
1-6
at
the
very
bottom
of
that
page
you'll,
see
right
the
bottom
of
that
page
right
there
there
we
go
you'll,
see
the
funded
percentages
for
the
plan.
We
are
well
over
125
percent,
we're
actually
129
plus
as
of
10
120.
I
That
means,
theoretically,
if
we
had
shut
the
plan
down
as
of
october,
1,
2020
and
just
said,
let's
just
settle
up
with
all
the
participants,
we'll
give
them
a
lump
sum:
that's
the
actuarial
value
of
whatever
benefit
they've
earned
to
date
and
we'll
just
sort
of
pay
everybody
off
whatever
we.
We
owe
them
at
that
point
in
time
we
would
expect
to
have
over
29
cents
left
over
for
every
dollar
we
paid
out
of
the
trust
on
that
basis.
So
that's
very
good.
I
This
is
certainly
one
of
the
higher
funded
percentages,
that
of
clients
that
I
work
with,
and
it's
it's.
You
know
it's,
it's
obviously
a
very
positive
factor
to
be
to
be
have
such
a
high
funding
percentage.
This
usually
begs
the
question:
if
we're
over
100
funded,
why
do
we
even
have
a
contribution
requirement
and
that's
a
very
logical
question
to
ask
the
answer
is
because
the
florida
state
law
does
not
allow
us
just
to
fund
benefits
as
they
accrue
or
as
they're
earned.
I
So
while
we
are
over
100
funded
on
the
crude
benefit
basis,
we
are
not
100
funded
yet
on
a
projected
benefit
basis,
and
that's
where
the
contribution
requirement
comes
from.
We
have
to
keep
putting
money
into
the
plan
to
to
pre-fund.
If
you
will
future
expected
benefit
of
cools
and
that's
what
that's
where
the
contribution
comes
from.
Nevertheless,
it's
really
good
to
be.
You
know
at
this
funding
percentage,
it's
a
very
healthy
thing.
The
fund
is
very
healthy.
You
know
we
we
obviously
can
withstand.
I
I
mean,
I
know
the
asset
performance
has
been
very
good
of
late,
but
you
know
if
there
is
a
correction
in
the
markets
or
whatever
you
know,
we
should
easily
be
able
to
withstand
that
and
not
and
not.
You
know
read
too
much
havoc
with
the
city's
finances
as
well.
So
that's
pretty
much
everything
I
wanted
to
go
over
related
to
the
valuation
report.
Does
anyone
have
any
questions
or
anything
that
I
can
address,
of
an
actuarial
nature.
I
Yes,
yes,
so
the
dollar
the-
and
this
again
of
course,
is
just
an
estimate
is
just
under
250
000
total.
Let
me
quickly
see
what
the
chapter
money
came
in
at
because,
of
course,
I
have
no
idea
where
the
chapter
money
was
so
the
chance
was
67
000
last
year.
I
If
we
get
about
you
know,
65
or
70
000,
then
we'd
be
looking
at
about
185
180
to
185
000
from
the
city
and
just
for
comparison,
so
that
lines
up
with
with
last
year
the
city
deposited
183.,
so
the
dollars
I'm
estimating
are
going
to
line
up
pretty
much
roughly
for
this
year.
Their
dollar
funding
requirements
from
the
city
itself
should
line
up
roughly
with
where
it
was
last
year.
D
I
If
you
look
at
table
2e
in
the
on
in
the
valuation
report,
there
is
a
10-year
history
and
it
only
goes
back
10
years,
but
it
will,
I
think,
somewhat
address
your
question.
There.
We
go
right
there,
so
the
upper
left
most
column
shows
the
employer,
and
this
is
this
is
excludes.
The
chapter
there's
a
separate
column
for
the
chapter
contribution,
so
the
city
alone
10
years
ago
it
was
just
under
300
294,
then
201
229.
Then
it
dropped.
I
I
Yes,
sir
okay,
well,
there
is
no
requirement
that
you
do
this
today,
but
if
you
are
happy
as
a
board
with
the
actual
evaluation
at
some
point,
it
would
need
to
be
formally
accepted.
It's
only
at
that
point
that
it
becomes.
You
know
the
legal
document
or
the
the
bill
or
invoice
if
you
will
to
the
city
as
far
as
the
contributions
for
this
year
also,
once
the
the
actual
evaluation
has
been
accepted,
we
have
60
days
under
state
law
to
get
it
filed
with
the
state.
I
We
do
that
funding
electronically
and
typically
assuming
you
approve
it.
At
today's
meeting,
I
will
send
a
text
or
email
to
lisa
back
in
my
office
to
let
her
know
that
it's
been
approved
and
then
within
a
day
or
so
she
will
most
likely
get
it
filed
with
the
state.
We
take
care
of
that
filing
for
you.
So
there's
nothing
for
you
guys
to
worry
about
related
to
that.
I
The
other
thing
that
the
other
kind
of
bit
of
housekeeping
that
that
would
need
to
be
done
is
and
I'll
let
pedro
he
can
say
it
a
lot
better
than
I
can.
But
there
is
a
requirement
that
the
board
each
year
approved
the
expected
investment
return
for
the
help
me
out
pedro
for
the
next
year,
the
short
term
and
the
long
term
they're
after
or
something
to
that
effect.
I
If,
if
that,
if
that's
not
the
case,
if
the
board
were
to
approve
something
different,
I
suspect
it
would
probably
raise
some
eyebrows
at
the
state
level
with
division
retirement,
because
then
they
would
say
well,
if
you're
expecting
something
different
for
the
long
term,
why?
Why
is
you're
actually
using
seven
percent?
So
typically,
assuming
you
agree
with
the
seven?
That
would
be
what
you
would
adopt
for
that
purpose,
but
obviously
there's
no
requirement.
C
I
You
adopt
the
seven
just
you
know
if
you
think
it
should
be
something
other
than
seven,
we
should
probably
revisit.
You
know
the
valuation,
and
you
know
what
we're
assuming
there
for
the
investment
terms.
C
China
yeah,
I
was
going
to
say
I
was
going
to
suggest
if
the
board
is
comfortable.
I
think
the
first
motion
would
be
to
approve
the
valuation
report
as
presented
as
of
october
1,
2020
and,
and
then
after
that,
then
you
can
go
on
to
this,
which
would
be
actuary's
recommendation
and
and
our
consultants
recommendation,
that
the
the
the
same
percentage
be
be
used
and
filed
with
the
state
as
our
expected
rate
of
return
for.
C
F
D
F
I
Okay,
well,
thank
you
guys,
as
I
said
I'll,
send
lisa
a
message
to
go
ahead
and
get
the
actual
report
filed
with
the
state
and
just
let
me
know
if
you
have
any
any
questions,
I'm
gonna
leave
the
meeting
but
jeremy.
As
you
know,
you've
got
my
cell.
So
if
something
comes
up
and
you
guys
need
me
just
shoot
me
a
text
or
something
I
can
always
log
back
in.
E
So
the
next
item
is
approval
for
payment
of
the
to
the
fm
ptf
invoice
for
the
actual
evaluation.
I
cannot
talk
today.
I'm
sorry
approved
payment
for
the
actuarial
evaluation
report.
E
So
the
next
item
is
accepting
the
fiduciary
liability
insurance
proposal
and.
H
H
The
florida
league
of
cities
with
fmit
came
back
with
an
aggressive
proposal
for
1893
per
year
for
one
million
dollars
of
coverage.
Cincinnati
insurance
company
came
back
at
20,
2
608
for
the
same
coverage,
and
then
we
had
a
third
for
1.5
million
dollars
of
coverage.
That
was
an
outlier
6500.
F
There
was
one
part
I
just
wanted
to
point
out
to
you
guys:
can
you
flip
down
a
page
or
two?
H
F
D
D
E
I
think
one
thing
we
had
talked
about
last
time
was
the
amount
of
coverage
and
I
think
why
we
had
asked
for
different
quotes.
Yes,.
H
E
Any
thoughts
or
discussions-
and
this
is
for
us
for
a
three-year
term
again.
C
So
I
was
just
gonna,
I
was
just
gonna
mention
that
you
know
the
policy
seems
to
be
seems
to
be
in
order.
I'm
glad
that
that
you
know
that
you
guys
are
looking
at
it
and
it
was.
It
was
a
good
observation
in
terms
of
what
the
you
know.
The
difference
is
right,
one
one
has
a
deductible,
the
other,
doesn't
they
they
both
have.
One
of
the
things
that
I
look
for
is
the
waiver
of
recourse.
D
C
Which
is
also
there
as
well
and
then
you
know,
I
think
the
discussion
last
time
was
really
something
to
the
effect
of
did.
We
have
enough
coverage
right
or
should
we
have
something
more,
and
I
think
that
just
in
in
terms
of
practically
speaking,
we
know
we
tried
to
get
other
quotes
and
they
would
not.
C
You
know
it
sounds
like
nobody
would
quote
us
for
a
higher
amount
and-
and
I
I
think
I
would
probably
agree
that
it
could
just
be
based
on
the
asset
value
and
something
where
it
just
doesn't
make
sense
to
them.
But
but
you
know,
obviously
we
can't
speak
to
that,
but
I
think
that
it
would.
C
It
should
help
the
board
feel
more
comfortable
with
the
amount
of
coverage
that
that
you
have
and
then
that
obviously,
coupled
with
the
fact
that
you
know,
I
think
the
comment
was
just
made
where
you
know
we've
had
the
same
company
for
a
while
and
hopefully
we'll
never
have
to
use
it.
That's
exactly
right,
I
think.
Hopefully
we
will
never
have
to
use
it.
The
majority
of
my
plants
never
have
to
use
it,
and
so
I
think
the
board
can
feel
better
about
the
amount
of
coverage
it
has
and
binding
the
policy.
C
My
last
comment
would
be
also
that
by
binding
the
apollo
see,
although
it's
a
three-year
term
right,
we
we
can
cancel
the
policy.
Obviously,
whenever
we
want
so
so
really,
the
the
three
years
is
more
for
the
price,
for
the
premium
amount
that
we're
going
to
be
paying
more
so
than
the
actual
agreement,
so
we're
not
locked
into
anything.
So
if
we
want
to
shop
it
around
next
year
here
we
can
do
it
again.
C
You
know
obviously
probably
not
from
this
company,
but
it
doesn't
prevent
the
board
from
from
signing
on
with
another
carrier.
So
those
are
those
are
really
just
my
only
comments
for
and
obviously,
if
you
have
any
questions
to
me,
I'm
happy
to
have
you
to
answer.
E
Thank
you.
Next
item
is
approve
payment
for
the
fppta
dues.
H
E
I'm
gonna
make
a
motion
to
approve
renewal,
any
discussion,
questions
on
favor.
H
Historically,
we
have
prepared
a
standalone
audit
report
every
other
year
for
9
30
20.
We
did
an
integrated
report.
That
means
it
was
integrated
into
the
city's
annual
audit
and
issued
financial
statements.
The
auditor
came
to
the
last
meeting
and
he
did
a
presentation.
He
provided
copies
of
the
backup
documentation.
H
H
E
I
know
I
guess.
E
D
F
Yeah
I
just
I
mean
I
don't
know
that
we
get
the
bang
for
the
buck,
but
it
is
a
policy
that
we've
been
running
for
quite
some
time
mike
and
I
watch
pennies,
and
I
just
I
don't
know
that
that
extra
kicker
is
that
extensive
for
us,
but
I
also
agree:
we've
been
doing
it
for
quite
some
time.
E
C
Yeah
I
mean
I,
you
know,
I
I
think
the
important
thing
is
and
and
one
of
the
requirements
of
our
of
our
plan
state
law
is
that
we
have
an
audit
performed,
and
so
that
can
be
certainly
part
of
the
city's
kafir
or
obviously
it
could
be
a
standalone.
C
C
I
do
see
some
value
in
having
a
report
just
unique
or
or
a
standalone
report,
rather
than
as
a
as
a
part
of
the
city's
annual
kafir
report
and
really
it's
it's
two
two
reasons
you
know
one
primarily
because
you
know
obviously-
and
I
think
we
touched
on
it
briefly-
the
the
materiality
component
right
is
is
significantly
different
when
you're
talking
about
the
city-
which
I
think
you
mentioned,
maybe
has
a
36
million
dollar
budget
or
or
something
to
that
effect,
and
obviously
our
pension
fund
right
that
scale
is
going
to
be
different,
so
in
theory,
you're
getting
a
more
detailed
analysis
of
our
financial
statements
with
different
testing
parameters.
C
As
part
of
the
audit,
now
I'm
not
expecting
anything
to
be
found,
that's
going
to
be
different,
I'm
not
expecting
it
to
be
anything
significantly
better
right
for
for
the
plan
as
part
of
our
records,
you
know,
but
but
I
do
think
that
it's
it's
worthwhile
now,
if,
if
we're
talking
about
doing
it
every
other
year
as
opposed
to,
maybe
we
have
you
know
every
two
years.
That
can
certainly
be
something,
and
we
save.
C
We
save
some
money
on
that
front,
but
I
just
for
for
my
two
cents,
you
know
the
extra
and
I'm
I'm
probably
not
doing
the
math
correctly,
because
I'm
an
attorney
but
the
extra
1500
bucks
for
the
standalone.
C
When
you
you
know
when
you
take
into
kind
of
just
in
proportion
to
the
assets
of
of
our
plan
and
the
administration
cost
of
our
plan,
it's
a
fairly
marginal
number
right,
it's
a
fairly
marginal
saving,
so
you
know
I
think,
for
for
whatever
it's
worth.
I
do
think
that
there
is
value
in
it
now
you
know,
depending
on
how
the
board
wants
to
wants
to
do
it.
I
don't
have
a
problem
doing
it
every
other
year.
C
Every
two
years
I
don't,
I
don't
see
that
as
as
a
problem
at
all.
C
Right,
no,
no,
I
know,
but
I
guess
maybe,
if
the
board
wants
to
you
know,
extend
it
so
so
that
it's
not
every
other
year,
rather
every
two
years
right
so
every
third
year
we
would
do
a
standalone.
You
know
something
to
that
effect.
If
the
board,
you
know,
feels
comfortable
getting
the
included
as
part
of
the
city's
reports,
but
it's
part
of
the
city's
financial
audit-
and
it
wants
to
you,
know,
add
a
little
bit
of
savings
it
could
it
could
change
the
policy,
I
guess
to
every
two
years.
C
You
know
it
would
do
a
standalone
or
or
if
it
just
wants
to
scrap
the
standalone
altogether.
That's
you
know,
that's
also
a
possibility,
although
I
think
you
know
what
I'm
trying
to
say
is.
I
do
find
value
in
standalone,
so
I
would
think
that
at
least
every
periodically
we
should
have
a
standalone
report.
Now
what
that
periodic
timetable
looks
like
I,
I
think
you
know.
I
think
the
board
has
has
some
good
discretion
there.
F
F
You
know,
cindy's
pumping
out
600
payables
a
month
to
employees
and
suppliers
and
all
that's
where
I
mean.
If
we
had
a
hundred
beneficiaries
out
there
that
were
pumping
money
out,
we
need
to
make
sure
that
every
penny
is
going
where
it's
supposed
to
and
that's
the
way
I'm
looking
at
it,
but
I'll
support.
Whichever
way
you
guys
want
to
go.
E
H
E
H
Review
yeah,
madam
chair
blast,
meeting
the
board
approved
the
same
trustee
attendance
policy
so
to
as
a
companion
policy
to
the
attendance
policy.
We
have
to
have
a
trustee
removal
policy
again.
That
policy
requires
a
periodic
review
every
two
years.
So
it's
now
it's
time
to
review
it.
We
attempted
to
do
this
at
the
last
meeting,
however,
we
had
some
technical
difficulties,
so
we
are
the
board
elected
to
table
the
policy
until
this
meeting.
C
Yeah,
there's
there's
I
mean
nothing,
nothing
needs
to
be
updated
or
changed.
I
think
unless,
unless
you
guys,
you
know
want
to
want
to
change
the
parameters
or
want
to
want
to
change
some
of
the
terms,
but
it's
it's
pretty
straightforward
and
you
know
I
think,
similar
to
the
fiduciary
policy.
I
don't
think
hopefully
it's
something
we
never
have
to
use
anyway.
So.
D
D
E
Oh
second,
any
discussion
all
in
favor
aye
opposed
so
approved.
F
B
C
C
Perfect
now
brian's
going
to
miss
all
the
important
things
that
I'm
going
to
say
no
just
kidding,
luckily,
nothing,
nothing
really
to
to
report
from
a
legal
standpoint.
I
did
just
want
to
kind
of
close
the
loop
with
respect
to
the
legislative
session
so
that
there
were
no
bills
or
amendments
that
were
passed.
That
would
affect
our
plan
or
or
rather
any
municipal
plan
in
florida,
and
similarly,
I
did
want
to,
however,
update
you
as
part
of
the
budgetary
process.
However,
there
was
an
eight
more.
C
D
C
Okay,
so
I
don't
know
where
I
lost
you,
but
no:
no,
no
changes
on
the
legislative
front,
no
bills
or
amendments
that
were
passed.
However,
there
was
an
earmark
in
the
budget
that
was
approved
to
allocate
about
208
million
dollars
to
the
department
of
economic
opportunity,
and
those
funds
are
going
to
be
used
to
pay
quote-unquote
essential,
first
responders,
so
firefighters,
police
officers,
emts
paramedics,
a
1
000
bonus
check
for
all
of
their
for
all
their
service.
C
During
the
during
the
last
year,
plus
during
the
quarantine
and
the
cove
pandemic,
we
don't
know
exactly
yet
how
those
monies
are
going
to
be
distributed.
C
The
the
dea,
the
department
of
economic
opportunity
is
supposed
to
come
out
with
rules
by
the
end
of
this
fiscal
year,
so
by
9
30
as
to
the
who
the
what
the
when
the,
where
the
how
but
you
know.
Obviously,
we
should
probably
know
a
little
bit
more
details
in
the
next
couple
of
months,
so
we'll
keep
you
posted,
but
that
that
is
you
know,
obviously
some
good
news
for
for
our
firefighter
members,
so
it
should
be
coming.
We
just
don't
know
when
or
how
yet.
C
But
but
that
should
be
at
some
point
in
the
fall,
I
would
imagine,
those
checks
should
be
should
be
delivered,
so
certainly
some
good
news
and
then
lastly,
I
just
want
to
take
this
opportunity
to
remind
you
that
this
is
that
time
of
the
year
again,
where
we
do
have
to
complete
those
form
ones
which
is,
which
is
what
I
mentioned
to
our
newest
trustee
earlier
at
the
beginning
of
the
meeting,
and
so
those
are
due
by
july
1..
So
I
didn't
want
to
put
that
on
your
radar.
C
Have
you
guys
just
maybe
set
a
ticker
for
yourself
or
if
you
can
take
care
of
it
now,
that'd
be
even
better,
but
but
just
to
get
it
in
by
that
july?
One
date
and
just
recall
that
it
is
to
be
filed
with
the
supervisor
of
elections
in
the
county,
where
you
reside,
which
which
may
not
be
necessarily
where
you
work
and
and
really
that's
it.
Educational
opportunities
next
week
is
the
fppta
annual
conference
over
at
champions
gate
in
orlando.
C
So
if
anybody's
gonna
be
going
to
that,
you
know,
I
think
I
think
it'll
be
a
a
good
respite
from
the
virtual
seminars.
You've
probably
been
used
to
at
this
point
and
if
not
the
the
trustee
school
the
mppthst
school
will
be
in
october.
C
C
No,
so
my
understanding
is
that
it's
going
to
be
it's
going
to
be
live
and
in
person
just
similar
to
the
the
annual
conference
coming
up
next
week,
it's
going
to
be
live
and
in
person
they
may
or
may
not
have
a
virtual
component
as
well.
I
think
I've
gotten
kind
of
conflicting
reports
on
that.
C
So
I'm
not
exactly
certain,
but
but
I
think
that
they're
trying
to
at
least
have
a
virtual
attendance
as
well
a
virtual
platform
as
well
for
those
for
those
trustees
who
maybe
can't
make
it
or
maybe
don't
feel
comfortable
attending
live.
Yet
whatever
the
case
may
be,.
C
No,
no,
the
state,
my
understanding
is,
although
it
has
not
formally
canceled
the
school,
that's
going
to
come
up
in
the
fall
that
one's
usually
in
the
orlando
area
as
well.
I
do
believe
that
at
least
just
kind
of
from
my
from
my
from
my
conversations
with
the
dor,
I
do
believe
that
that
that
that's
going
to
be
postponed
as
well
or
canceled
as
well,
at
least
for
the
time
being.
I
don't
think
that
they're
going
to
have
it
in
person,
but
that
could
change.
E
Sure,
if
there's
nothing
else,
just
need
a
motion
to
adjourn.
D
C
Okay,
everybody.
Thank
you.
So
much
appreciate
you
guys
entertaining
me.
I
will
I'll
see
you
guys
soon.