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B
D
Me
too
me
too:
let's.
E
It's
I'm
just
you.
E
E
E
Yeah
well,
as
I
said,
they've.
D
C
E
C
E
He's
yeah.
E
A
D
D
C
Did
the
just
trying
out
everything
yeah
where
they
give
you
the
range?
They
actually
started
that
in
my
senior
year.
B
All
right,
let's
I,
think
we'll
go
ahead
and
call
the
meeting
to
order.
B
C
F
Good
afternoon
everybody,
so
this
information
here
would
be
as
of
September
30th.
So
these
will
be
your
fiscal
year
in
numbers,
which
of
course,
are
the
important
numbers
for
the
year,
and
this
is
the
action
we've
entered
the
Actuarial
evaluation
season.
So
these
are
the
numbers
that
will
be
used
as
far
as
calculations
for
contribution
rates
and
so
on.
F
So
for
the
dollar
amounts
themselves,
starting
the
quarter.
You
had
about
eight
points,
just
over
8.4
million.
It
was
88
000
in
contributions
that
came
in,
saw
an
earnings
decrease
of
364
000
paid
out
twenty
one
thousand
in
distributions
at
just
under
21
000
expenses.
So
the
ending
balance
for
the
fiscal
year,
8
million
one
hundred
twenty
two
thousand
eight
hundred
two
dollars
and
34
cents
and
I.
Think
if
you
scroll
down
to
maybe
page
13
that
should
have
the
investment
returns
on
there.
F
Perfect
yeah
back
I
think
back
your
cup
yeah
there
you
go
so
obviously
you
know
with
the
dollar
amounts
being
down
for
the
quarter,
then
we
had
negative
returns
again
down
a
little
over
four
and
a
quarter
percent
for
the
quarter,
and
then
the
year,
the
fiscal
year
number
down,
16.88
or
I'm.
Sorry,
that's
the
year
to
date,
number
the
fiscal
year
number
down
13.28.
F
So
that's
again,
that's
the
important
number
as
it
relates
to
the
valuation,
nothing
new
as
far
as
what
was
guiding
the
market,
so
not
a
whole
lot
of
big
information
or
big
things
going
on
just
continue
to
struggle
with
inflationary
numbers
and
then
Rising
interest
rates
really
just
kept
the
market
depressed
for
the
whole
entire
2022
through
September
30th,
this
particular
quarter.
We
actually
had
a
great
month
in
July
and
about
halfway
through
August,
well,
a
step
back.
F
The
reason
that
July
was
so
good
is
is
there
was
a
lot
of
speculation
that
the
Fed
was
was
maybe
happier
with
where
inflation
was
headed
and
how
the
interest
rates
they
were.
There
was
some
thought
that
maybe
they
were
seeing
the
results
they
wanted
from
the
interest
rate,
Rising
hikes
that
they've
been
putting
it
in
place.
F
Mid-August
chairman
Powell
came
out
and
said:
inflation
is
Public,
Enemy,
Number
One
and
we're
going
to
continue
on,
and
so
any
kind
of
hopes
that
the
market
had
at
that
point
were
squashed
the
last
half
of
August
and
then
through
September
were
really
really
awful
and
that's
what
got
us
down
for
the
quarter
so
again,
just
kind
of
continuing
the
theme
of
the
year
for
the
fiscal
year
to
date,
and
that
gave
us
such
negative
returns
a
little
bit
of
good
news,
just
kind
of
as
we
sit
today.
F
October
is
actually
one
of
the
best
months,
the
in
the
history
of
the
market,
so
a
huge
bounce
back
in
October
and
then
as
far
as
November
November
has
been
pretty
positive
as
well.
The
last
couple
days,
we've
we've
had
some
drop.
We
had
a
big
drop
yesterday,
but
but
again
still
very
strong,
year-to-date
numbers.
F
Now,
of
course,
that's
only
not
even
quite
a
full
two
months
into
a
new
fiscal
year,
so
it
doesn't
have
any
good
impact
on
last
year's
numbers,
but
it
and
of
course
it
certainly
doesn't
highlight
you
know
where
it
will
be
a
year
from
now,
but
a
little
bit
of
good
news
in
a
very
troubling
trying
year,
I
will
say
just
kind
of
looking
for
a
little
bit
of
more
silver
lining,
because
there's
it's
not
a
lot
of
great
news
as
it
pertains
to
this
report,
but
the
the
investment
managers
as
a
whole
did
perform
well
and
that's
what
we
want.
F
We
don't
always
expect
to
outperform
in
markets
that
are
going
up,
but
we
do
expect
good,
strong
performance
and
volatile
and
downturn
markets,
because
that's
the
that's.
The
strategy
that
we
have
in
place
is
to
protect
on
the
downside,
more
so
than
trying
to
capture
when
all
of
the
returns.
When
the
Market's
going
up-
and
you
can
see,
we
did
good
good
performance
for
the
fiscal
year
in
a
relative
sense.
F
So
the
managers
are
doing
what
we
expect
them
to
do
and
what
we
hope
for
so
kind
of
a
high
level
overview
of
where
we
stand
at
this
particular
point
in
time.
Certainly,
I'll
entertain
any
questions
or,
if
you
all
want
to
talk
about
any
specifics,
a
little
further
happy
to
do
that.
C
I,
of
course,
wanted
to
bring
up
that
annoying
inflation
piece
of
it.
I
missed
the
last
meeting
and
I
apologize
for
that
it
was
picking
up
the
sun,
but
I
know
at
the
last
meeting
I
was
at.
We
were
discussing
what,
if
interest
rates,
get
to
seven
percent?
Do
we
consider
just
buying
a
fixed
instrument
for
the
time
frame,
and
we
had
some
discussion
about
it.
C
I
guess
the
Actuarial
folks
were
on
as
well
and
I
just
saw
it
as
the
fiduciary
group
here
that
it's
something
that
we
need
to
entertain.
I,
don't
believe
that
we're
going
to
get
there.
I
am
incredibly
hopeful
that
we
don't
but
I'm
I
looked
this
morning
and
there's
four-year
CDs
paying
five
percent
right
now
and
if
we
get
to
the
seven
percent,
do
we
start
looking
at?
C
Is
it
something
that,
as
a
board
we
should
discuss?
Is
that
number
seven
and
a
half
or
eight
percent?
And
what
do
we
do
to
where
you
can
lock
in
no
interest
or
no
risk
for
that
interest
rate?
That's
FDIC
or
government
paper.
That's
backed
like
that,
and
it's
just
a
conversation.
I,
don't
think
we're
ever
going
to
get
there,
but
I
just
thought.
It
was
something
that
we
should
throw
out
on
the
table
for
a
couple
minutes
and
discuss.
F
Well,
if,
if
the
board
did
want
to
go
that
route
and
certainly
I,
don't
know
what
sort
of
I
I
suspect
there
might
be
some
legal
hurdles
as
far
as
statute
rules
of
trying
to
do
something
like
that
I,
although
I
don't
know
that
that's
the
case,
so
I
certainly
can't
state
that
off
top
of
my
head,
I've
I've
not
had
this
particular
idea
approach
before
so
I've
never
really
looked
into
it.
I
can
tell
you
just
as
far
as
us
that
the
board
would
have
to
decide
hey.
F
We
we
want
to
separate
from
the
Florida,
Municipal,
pigeon
trust
fund
and
then
make
that
decision
as
a
board
to
move
that
direction.
That's
that's
something
I
feel
extraordinarily,
confident
that
that
our
fund
would
not
do.
F
We
would
not
take
any
measures
like
that.
So
I,
you
know
I.
That
would
have
to
be
a
just
kind
of
a
board
level
decision,
because
that
wouldn't
be
anything
that
we
could
offer
you
all.
That
would
be
something
you'd
have
to
make
and
then
choose
to
do
on
on
your
own
and
again
I,
and
maybe
you
can
do
that.
I
I
know,
there's
you
know
quite
often
there's
some
there's
some
rules
as
it
relates
to
how
what
sort
of
diversification
you
have.
F
So,
for
instance,
you
can
only
have
up
to
25
percent
of
non-us
equity
in
in
a
chapter
portfolio,
I
again,
I,
don't
know
if
there's
any
sort
of
CD
or
fixed
income
rules,
it's
nothing.
I've
ever
had
to
look
into
Pedro.
Maybe
you've
had
this
question
broached
before.
Maybe
you
know
the
answer
off
top
of
your
head:
I
I'm,
just
not
sure
myself
sure.
D
So
in
in
the
statutes
175,
it
does
provide
certain
limitations
with
respect
to
you
know,
as
Jeremy
mentioned,
if
you're,
for
example,
your
foreign
Holdings,
it
also
has
restrictions
on
having
any
one
issuance
account
for
more
than
five
percent
of
the
total
portfolio
right.
D
So
you
can't,
you
know
so
to
speak,
put
all
your
eggs
in
one
basket,
let's
say
but
other
than
that,
it's
pretty
flexible,
so
I
think
it
would
just
be
more
of
a
conversation
you
know
in
terms
of
maybe
were
you
were
you
thinking
about
the
entire
portfolio.
D
C
If
we
start
getting
into
Jimmy
Carter
rates,
why
would
the
board
take
on
any
risk
when
it
could
lock
in
these
absurd
rates
for
the
pension
fund?
And
that's
really
I
didn't
go
any
deeper
than
that?
It
was
just
more
of
because
we
can't
discuss
it
outside
of
here.
So
there's
nobody
to
talk
to
it
about.
D
Cocktail
party
yeah
right
so,
but
but
I
think
to
to
Jeremy's.
You
know
initial
Point
that
wouldn't
be
something
that
we
could
do
with
the
current
structure
right
with
within
the
Florida
municipal
pension
trust
fund
within
the
fmptf
right,
Jeremy,
there's
no
way
to
carve
out
a
portion
of
the
of
the
assets.
Let's
say
and
put
it
into
something
like
this
like
what
we're?
What
we're
discussing
right.
F
To
to
carve
it
out
not
well
I
guess
I
should
back
up
a
little
bit.
We
we
have.
We
do
have
an
option:
we've
just
never
had
a
board
choose
it,
because
it's
it's
cost
prohibitive.
F
We
could
build
a
portfolio
strictly
for
a
board,
but
one
of
the
big
tipping
points
of
why
a
board
might
use
us
to
administer
their
pension
fund
is
that
through
economies
of
scale
you're
getting
access
to
managers
that
you
wouldn't
otherwise
be
able
to
and
you're
getting
extremely
reduced
fees
as
it
relates
to
Administration
and
investment
expenses,
and
one
of
the
big
things
is:
there's
a
consultant
piece
that
every
pension
fund
must
have.
You
are
by
being
part
of
the
the
trust
fund.
F
If
we
were
to
essentially
build
an
entire
portfolio
for
a
board,
we
can
and
would
do
that,
but
you
lose
that
Advantage,
because
now
the
consultant
and
everything
else
we
do
all
the
reporting.
That
has
to
be
now
be
done
specifically
for
this
board
and
we
could
not
spread
those
costs
amongst
everybody
else
which
provides
that
savings,
so
so
I
guess
to
back
up.
Yes,
we
could
look
at
doing
something
specifically
for
you
all,
but
it
would.
F
It
would
increase
the
the
administrative
costs
to
do
that
so
I,
you
know
I'd
probably
recommend
against
it,
but
we
could
certainly
look
into
it
again.
I
and
I
don't
know
Pedro
kind
of
the
five
percent
that
you
were
talking
about,
which
is
also
within
our
fund
document
as
well.
F
I,
don't
know
if
a
CD
somehow
usurps
that
and
that
doesn't
count,
but
certainly
if
that,
if
that
is
the
case,
that
may
nullify
that
whole
possibility,
where
a
hundred
percent
in
a
CD
does
count
against
that
five
percent
in
anyone
holding
and
again
I
wouldn't
I,
don't
know
that
answer
off
top
my
head
well.
C
I
mean
again,
this
is
just
conversation,
I'm
not
saying.
Let's
go
running,
do
this,
it's
just
conversation
and
food
for
thought,
but
I
mean
it
would
be
treasury
bills
or
what
have
you
or
some
notes
or
whatever
that
would
be
government
backed,
but
again
it's
just
something
to
think
about.
If,
if
you
start
getting
them
at
eight
percent,
I
mean
it's
stupid,
attractive.
F
A
F
And
certainly
I
I
understand
wholeheartedly
your
your
point.
I
mean
I,
it's
the
only
downside
is
when
you
get
in
and
when
do
you
get
out,
but
as
far
as
you
know,
if
you
got
a
risk-free,
eight
percent
return
can't
argue
with
the
attractiveness
there.
You
I
mean
it's
certainly
a
valid
point.
It
just
there's.
You
know
the
other
questions
that
have
to
be
answered,
but
I
completely
understand
why.
E
C
A
consultant,
no
I,
do
it
on
a
daily
basis.
Now,
I,
don't
need
it
anymore.
No,
it
it's
just
more
of
I,
just
wanted
to
throw
it
out
there
so
that
we're
discussing
it
that
and
we
won't
have
any
idea
until
March
how
crazy
the
FED
has
gone.
God
willing
on
two
three
weeks
on
the
15th.
C
G
This
is
the
the
year-end
results
for
the
budget
to
actual
for
the
administrative
cost
to
the
plan,
the
adopt
and
budget
for
fiscal
year
22
was
a
total
of
sixty
thousand
dollars
and
the
actual
results
came
in
just
over
forty
eight
thousand,
and
that
would
include
in
the
the
plan
expenses
such
as
the
actuary
administrator
costs.
Legal
auditor
do
some
subscriptions
insurance
and
that
type
of
thing,
so,
basically
everything
is
in
line
for
perspective.
The
board
did
approve
the
fiscal
year
23
budget.
G
D
So
trustees,
just
for
for
a
little
bit
more
context.
This
is
essentially
the
the
there
was
a
disclosure
that
was
required
by
the
legislature
a
couple
years
ago,
where
initially
or
they
they
would
ask
for
the
board
to
adopt
a
a
budget
for
the
fiscal
year
which
essentially
you're
telling
the
public.
This
is
what
we
believe
we're
going
to
spend
right
and
then
the
the
book
end
to
that
disclosure
requirement
is.
Is
this
final
accounting
piece
so
we're
telling
the
public?
D
This
is
what
we
believe
we're
going
to
spend,
and
then
this
is
what
we
actually
spent,
and
so,
if,
if
there's
no,
you
know
issues
with
with
the
with
the
tabulation,
then
emotion
would
be
in
order
to
approve
it.
B
G
Okay,
one
of
the
board
members
had
asked
to
put
this
on
the
agenda
as
a
discussion
item
the
last
RFP
that
the
the
board
completed
for
legal
services
for
a
board
attorney
was
held
in
2010
and
several
firms
responded
at
that
point,
Sugarman
suskin
was
selected
with
the
proposed
monthly
retainer
of
12.50
per
month.
We
were
able
to
locate
Copies
of
the
RFP
responses
and
the
original
RFP.
G
If
the
board
would
like
to
look
at
that
and
go
that
route
alternately,
Kendra
may
have
some
ideas
or
options
for
the
board
that
he
can
present
yeah,
possibly.
D
Please
so
you
know
I
guess,
first
and
foremost,
obviously
you
know
thank
you
for
for
sticking
with
me
for
this
long,
but
I
think
you
know
when
we
first
when
we
first
came
on,
there
was
I
think
a
lot
more
going
on
in
the
plan
than
than
now,
and
so
you
know,
I,
don't
I,
don't
I,
don't
recall
if
we
were
the
cheapest
but
I,
don't
think
we
probably
weren't
the
most
expensive,
but
just
in
terms
of
I
had
my
my
office
look
at
it
this
morning
or
last
night,
and
so
you
know,
as
you
mentioned,
it's
a
12,
15
monthly
retainer,
which
is
I,
think
it's
probably
the
lowest
of
all
of
our
firms,
of
all
of
our
clients.
D
Rather,
however,
you
know
obviously
I
I
I
appreciate
the
life
cycle
of
the
plan
and
where,
where
you
know
where
we
are
where
the
fund
is
so
I'm
I'm
more
than
willing.
If,
if
you
guys,
you
know
if
it's
a
feed
discussion,
I'm
I'm
more
than
happy
to
to
maybe
offer,
if,
if
you
guys
are
comfortable
with
with
my
attending
remotely,
you
know
we
could
I
could
reduce
the
fee
by
20.
D
If
that
would
be
acceptable
or
you
know,
I'm
open
to
ideas
or
suggestions
from
from
you
guys,
I,
don't
I
don't
have
a.
And
obviously
you
know
if
you
guys
ever
want
me
at
a
meeting.
It
doesn't
mean
I'm
not
going
to
come
to
a
meeting
and
likely
I
would
still
probably
come
or
Caroline
what
you
guys
have
met
as
well.
She
lives
she
lives
a
little
bit
closer
by
in
Port
Charlotte.
So
it's
a
little
bit
easier
for
her
to
get
to
get
to
some
of
the
places.
D
So
you
know
it
doesn't
mean
that
we
would
never
come.
We
can't
come,
we
wouldn't
come
I
think
we
would
probably
still
want
to
come.
Maybe
at
least
once
a
year,
even
if
we
were
you,
know
only
attending
remotely
but
again,
I'm
I'm,
pretty
flexible
and
open
to
whatever
you
guys
want
need.
D
A
B
D
So
if
anybody
has
a
chance
to
go
to
that
one,
that's
a
good
one
to
go
to
the
first
day
is
exclusively
for
new
trustees
and
and
the
in
the
second
day
is
a
full
day
and
then
the
third
day,
I,
think
it's
usually
over
by
about
11
or
so
I
think
that
they
may
have
one
or
two
sessions
in
the
morning.
But
it's
it's
a
pretty
quick.
It's
a
pretty
quick
day.
Also
so
there's
no
registration
fee,
so
you
know
free
is
always
great.
D
Obviously
any
room
travel
mileage,
anything
like
that
would
be
would
be
a
reasonable
expense
and
reimbursable
by
the
plan.
So
if
anybody
has
a
chance
to
go
to
that
one,
it
might
be,
it
might
be
worthwhile
and
then
the
fppta,
the
Florida
public
pension
trustees
Association.
They
have
two
schools
and
an
annual
conference
and
so
they're
having
a
school
at
the
end
of
January
January
29
through
February
1st,
and
that
is
going
to
be
at
the
Rosen
Center,
also
in
Orlando
that
one
does
fill
up
pretty
quickly.
D
It's
it's
fairly
well
attended
I,
want
to
say
it's
usually
four
to
five
hundred
trustees.
So
you
know
it's
a
pretty
large
conference
in
in
especially
in
comparison
to
this
to
the
state
school,
which
is
usually
Maybe
about
100,
150
or
so
attendees.
So,
if
anybody's
interested
in
attending
that
that
one-
that's
that's
another
one,
that's
that's
coming
up
that
may
work
out
a
little
bit
better.
B
D
G
D
So
it
doesn't
technically
apply
to
us.
It
applies
to
you
know,
municipalities,
public
agencies
here
in
Florida,
but
it
doesn't
technically
apply
to
our
Board
of
Trustees.
It
can,
if
we
want
it
to,
and
you
know
we
can,
how
do
we
do?
We
have
emails
now
for
the
board.
No
okay,.
E
D
You
know
I,
think
it'd
be
more
of
a
question
you
know.
So
how
do
we
we
use
their
personal
emails.
G
D
Right,
you
know,
I
mean
I,
think
it
could
be
also
something
where,
if
we
set
up,
maybe
just
a
dedicated
email
account
for
you
know
the
oddsmar
pension
or
owes
more
firefighter
pension
or
but
it
you
know
it
could
be
through
a
free
service.
It
could
be
through
Yahoo
or
Gmail,
or
you
know,
whatever
these
things
are
or
if
we
want
to
maybe
have
something
through
the
city.
D
Some
some
some
cities
have
kind
of
you
know
had
their
I.T
set
something
up
for
for
the
respective
boards
and
then
obviously
you
know
that
would
be
I
would
imagine
that
they
would
want
it
to
comply
with
with
the
new
requirements,
but
but
there's
no
need
that
we
comply
with
it.
If
we
want
to,
we
can
certainly,
but
but
there's
not
it's
not
mandatory.
Okay,
that's
a
good
question,
though.
Yes,
what
are
you
guys
doing
it
now?
Are
you
guys
do
you
guys
have
to
change
anything
or.