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A
No
kenny
was
unopposed,
so
he
was
appointed
for
the
next
two
years.
A
E
Okay,
as
you
know,
john
hill,
at
the
end
of
this
town,
he
retired
he
is
moving
to
up
to
north
florida.
So
we
had
to
find
a
new
city
appointee.
Okay,
sandy
grimes
has
accepted
the
position:
okay
and
she's
not
able
to
join
us
today.
She
was
approved
by
council
last
night,
however,
so
she
she
will
be
here
at
the
next
meeting.
E
E
The
plan
started
out
the
quarter
in
january,
with
a
value
of
nine
million
six
hundred
eighty
nine
thousand
seven
hundred
twenty
dollars,
then
in
the
corner,
at
a
value
of
nine
million
two
hundred
forty
six
thousand
ninety
one
dollars,
it
was
a
rough
quarter
as
everybody
else's
experience,
the
it
had
a
loss
of
464
000
for
the
quarter,
which
took
back
some
strong
gains
that
we
experienced
in
the
first
quarter
of
the
fiscal
year.
E
The
returns
were
negative
for
the
year
for
the
quarter
for
4.79
down,
fixed
income
took
a
hit
and
real
estate
was
up
about
7
the
april
statement.
We
realized
another
loss
of
about
452
000
in
the
may
statement,
was
up
about
30
000,
which
of
course,
doesn't
offset
anything
so
overall
through
may
we're
down
about
480
000,
the
you
know
most
of
us,
because
the
first
quarter
was
very
strong.
We
don't
have
the
june
statement
yet
so
that
should
be
coming
out.
E
We
have
benefits
distributions,
totaling,
twenty
one
thousand
two
hundred
sixteen
dollars
and
seventy
two
cents
there's
one
retiree
one:
disability
retirement
and
then
one
beneficiary
payment
that
was,
you
know
paid
it
was
paid
out.
We
also
had
payments
for
the
some
of
the
administrative
expenses.
We
have
payments
to
the
attorney
for
retainer
and
travel
costs
november
21
through
march
of
22.,
and
we
also
had
a
payment
to
the
quarterly
plan
manager
for
reporting,
quarterly
plan
management
fees,
totaling,
four
thousand
three
hundred
thirty
three
hundred
and
eighty
three
dollars
and
sixty
five
cents.
D
E
E
Okay,
we
do
see
legal
fees
coming
through
as
of
march
31st,
and
mostly
those
are
payments.
You
know
for
the
retainer
through
you
know,
november,
through
it
was
through
through
march
through
february,
that's
through
march
22,
and
there
were
some
travel
costs
involved
and
then
also
the
plan.
Administrator
fees
are
reflected.
E
Those
are
right
on
target.
We
had
a
travel,
expense,
reimbursement,
167
dollars,
but
otherwise
the
administrative
budget
looks
on
track
for
the
next
budget.
We
will
see
for
the
actually,
the
year-end
budgets
are
already
passed
june.
30Th.
We
will
see
the
payments
that
are
going
to
be
requested
for
approval
in
this
statement.
So
they'll
have
the
audit
fees
and
the
actuary
and
different
things
coming
through
any
questions.
E
Okay,
after
fiscal
year,
2021
the
board
elected
to
have
a
separate,
audited
financial
report
and
they
engaged
wells
houser
schatzel
to
prepare
the
financial
statements
and
complete
the
audit.
John
houser
cpa
is
here
to
present
the
audit
of
financial
reports.
John
welcome
and
thank
you
for
attending.
G
Yes,
good
to
be
here,
we've
completed,
our
audit
for
the
fiscal
year
ended
9,
30
21,
and
here
we
are
in
after
mid
july,
so
this
is
kind
of
ancient
history.
G
G
G
September
3021,
you
elected,
to
have
a
separate
report,
that's
kind
of
going
on
a
rotational
basis.
Later
in
the
meeting
you'll
see,
we've
presented
two
engagement,
letters
for
9
30
22
on
the
same
basis
separate
reporter,
combined
with
the
city.
This
separate
report
includes
our
independent
auditors
report
on
page
one
at
the
bottom.
Our
opinion
is
that
it's
an
unmodified
opinion.
G
G
C
G
Total
assets
increase
about
1.6
million
dollars,
that's
primarily
from
investment
gains
during
the
year,
as
well
as
contributions,
liabilities
which
are
the
advanced
employer
contribution
and
the
due
to
share
plan
increased
about
forty
thousand
dollars.
An
overall
net
position
increased
one
million
five,
fifty
five
four
eighty
up
to
a
total
of
eight
point.
Four.
G
G
The
deductions
are
for
benefit
payments
and
administrative
charges.
The
total
deductions
were
up
about
59
000,
you
can
see
in
benefit
payments
115
that
includes
a
share
plan
payout
to
one
of
the
retirees
of
about
51
500
during
the
year.
So
that's
the
reason
for
the
increase
in
the
benefit
payments.
It's
a
one-time
payout
overall
that
increase
in
net
assets
of
a
net
position
of
million
five
fifty-five
started
at
six
point:
nine.
G
It
wound
up
at
eight
point
four:
the
notes
to
the
financial
statement
disclosed
the
description
of
the
plan
on
page
five,
a
summary
of
significant
accounting
policies,
starting
on
page
six
and
then
on
page
eight
is
the
note
d.
The
plans
funded
status
at
the
middle
of
the
page,
one
page
back.
G
Maybe
there
you
go
under
the
net
pension
liability
asset,
the
liability
actuarial
determined
was
about
7.5
plants.
Fiduciary
net
position
was
8.5,
so
you
had
a
net
pension
asset
of
over
a
million
dollars
and
that's
once
again,
primarily
from
those
investment
returns.
G
So
the
plan
was
funded
113
over
the
actuarial,
determined
liability.
G
Page:
nine,
where
that
liability
is
determined
you'll
see,
I
guess
you're
going
to
have
your
actual
evaluation
presented
later
in
the
meeting.
Is
it's
based
on
a
discount
rate,
and
I
guess
you're
going
to
also
discuss
that
later
in
the
meeting
the
discount
rate
for
9
30,
10,
1,
20
valuation
7.
G
Now
that
showed
the
pension
asset
of
the
million
dollars
plus,
if
the
discount
rate
decreased,
one
percent
went
down
to
six
percent,
it
would
actually
have
a
a
liability
of
278
000,
so
that
discount
rate
does
affect
how
you
know
what
your
contribution
rate
is
as
well
as
the
funded
percentage
of
the
plan.
If
the
discount
rate
went
up
up
to
eight
percent,
you
know
you'd
be
fine
at
a
higher
level.
You'd
have
an
excess
money
of
2
million
based
on
these
9
30
21
numbers.
G
And
page
12
note
g
is
a
detail
on
the
administrative
expenses
overall
they're
pretty
much
the
same
legal
fees,
insurance,
investment
fees,
the
audit
fee,
admin
actuarial
fees,
conference
fees,
expense,
reimbursements
and
membership
dues.
Really
the
legal
fees
and
your
investment
fees
are
the
larger
expense
categories
within
administration
is
followed
by
the
audit
and
the
actuarial
fees.
G
This
shows
the
net
pension
liability
asset
as
well
as
a
schedule
of
contributions
for
the
last
10
years,
and
that
first
first
table
the
net
pension
liability
asset
from
10
112
to
930
21
every
year,
you've
had
excess
funding.
You've
been
more
than
a
hundred
percent
is
only
in
2012
in
2019
that
a
liability
was
actually
shown.
So
overall,
the
funding
percentage
of
the
plan
has
been
very,
very
high
or
close
to
100
percent,
as
well
as
the
schedule
of
contributions
and
percentage
of
the
covered
payroll
and
it
kind
of
gives
you
an
idea.
G
Facing
pages
so
you're
only
going
to
see
one
on
the
screen,
probably,
but
this
shows
the
10
actually
eight
years
of
historical
information,
because
this
government
accounting
standard
sports
statement,
60
67,
went
into
effect,
9,
30
14.
G
and
when
10
years
of
transformation
is
available,
you
know
we'll
add
a
year
every
year,
eventually
you'll
reach
that
10
year,
but
it
does
show
the
plan
funded
percentage
once
again,
only
in
2019
wasn't
less
than
100
percent
and
at
the
very
bottom
of
the
page,
is
the
average
money
weighted
rate
of
return,
and
you
know
that
you
kind
of
compare
that
to
what
your
discount
rate
is.
I
mean
that
discount
rate
is
what
you
think:
you're
gonna
earn,
and
you
know
what
you
think
you
can
earn
so
1930-21.
G
It
was
pretty
high
19.3
percent
compared
to
a
discount
rate
of
seven
in
20
in
previous
years.
It
was
around
five
six,
seven
percent
and
20
19
and
18
13
and
17
8
and
16
15
was
a
just
a
horrible
horrible
year,
less
less
than
one
percent
at
14
about
eight
and
a
half.
So
overall,
pretty
solid
average
money
weighted
rates
of
return.
G
I'd
like
to
thank
management,
cindy
and
her
staff
for
their
assistance
in
completing
the
audit
and
if
anyone's
got
any
questions
I'll
try
to
address
it
now
any
questions.
G
That's
the
actuarial
determination.
As
far
as
that
goes,
and
I
guess
it's
collective
bargaining
agreement.
B
Yeah,
this
is
chuck
the
actuary
yeah.
The
the
plan
has
an
automatic
three
percent
cost
of
the
adjustment
that
is
built
into
the
plan,
and
it
it's
not
something
that
it's
not
a
decision
that
has
to
be
made
each
year.
It
is
a
part
of
the
current
plan.
B
We
have
now
I
my
information
is
as
of
october
1
of
21.
We
had
four
individuals
who
had
terminated
their
employment.
They
were
not
vested
and
they
are
do
a
refund
of
their
contributions.
I
don't
know
the
administrative
process
for
getting
that
done.
I'm
not
sure
you
know
if
they
have
to
proactively
request
the
refund
or
if
the
plan
administrator,
you
know
as
soon
as
they're
notified,
they
terminated
employment.
Do
they
reach
out
to
them,
but
it
looks
like,
as
of
october
121,
there
were
four
individuals
do
a
refund.
B
Then
we
also
had
one
deferred
vested
participant:
that's
an
individual
who
is
entitled
to
a
pension
they're
they're
vested,
so
they
do
have
entitlement
to
a
pension
if
they
don't
withdraw
their
own
contributions,
but
before
they
are
eligible
to
retire,
then
they
will.
B
F
E
F
Hey
this
is
ken
harrison.
I
think
also
the
people
that
were
terminated
and
weren't
vested
have
up
to
five
years
to
leave
their
money
in
the
plan
on
the
possibility
they
could
be
rehired
at
the
end
of
that
five-year
period,
and
we
have
to.
C
C
E
Yeah,
as
far
as
I
know,
those
employees
that
have
tournament
that
have
left
that
still
have
money
in
the
plan
they
have
been
contacted.
I
don't
know
if
the
league
or
the
fn
ptf
proactively
contacts
them
every
year.
If
we
can
clarify
that,
but
they
upon
termination,
they
were
given
the
paperwork
and
the
procedures
to
withdraw
their
money.
B
Hi
everyone-
this
is
chuck
carr,
I'm
the
actuary
for
the
plan.
So
today
I'm
going
to
just
quickly
review
the
october
121
actuarial
evaluation
at
a
previous
meeting
and
it's
it's.
I've
worked
with
so
many
clients.
B
So
we're
we're
pretty
much
in
line
with
where
frs
is
not
what
we
need
to
be,
but
just
it's
interesting
to
note
that
we're
kind
of
in
the
same
place
where
they
are.
That
was
the
only
assumption,
change
that
is
reflected
here
so
I'll
just
go
right
to
the
bottom
line,
because
we
sort
of
went
over
the
results
before
when
we
were
looking
at
the
different
alternative
interest
rates.
But
the
total
required
contribution
rate
for
the
current
plan
here
is
27.06
percent.
B
I
say
total
because
that
is
the
that
includes
the
statement,
the
chapter
175.
If
you
look
at
page
and
let's
see,
go
one
more
page,
there
we
go
to
the
pie
graph
you'll
see
the
the
lower
pie.
Graph
shows
you
for
last
plan
year
what
the
percentage
of
pay
worked
out
to
be
for
the
city
as
well
as
the
chapter
money.
So
last
year
the
city's
contribution
alone
was
27.85
percent
of
payroll,
and
then
the
chapter
money
worked
out
to
be
10.55
percent
of
payroll.
Of
course,
employees
contribute
5
for
the
current
year.
B
These
these
percentages
are
only
estimates.
Their
estimates
for
two
reasons:
number
one.
We
don't
know
exactly
what
our
covered
payroll
will
be
for
the
current
year
and
then
two
we
don't
know
what
the
chapter
money
will
be
because
I
assume
it
hasn't
come
in
yet-
and
I
certainly
I've
not
seen
it
so,
based
on
the
actuarial
assumptions
we
make
and
based
on
you
know
the
numbers.
B
We
estimate
for
this
valuation
we're
estimating
that
the
city's
contribution
will
be
just
over
16
percent
of
payroll,
so
we're
estimating
an
almost
12
percent
of
a
reduction
in
the
city's
required
contribution
to
the
plan
from
last
year
to
the
current
year.
B
If
we
go
over,
actually
you
don't
really
need
to
turn
there.
It's
on
table
1-e,
as
in
edward
the
present
value
of
accrued
benefits.
I
just
want
to
point
out
one
thing
at
the
bottom
of
that
page.
We
show
the
funded
percentage
in
the
lower
right
hand
corner
that
funding
percentage
is
just
over
134
funded
the.
If
you
look
in
the
in
the
middle
columns,
you'll
see
the
under
the
old
seven
percent
interest
rate.
B
We
we
were
just
shy
of
140
funded,
so
we
we
reduced
our
funding
percentage
by
about
five
and
three
quarters
per
cent
due
to
the
redu.
The
quarter
percent
reduction
in
the
interest
assumption
134
percent
is
very
good,
sometimes
when,
when
a
client
sees
that
the
plan
is
over
100
funded,
that
leads
to
the
question.
Well,
why
do
we
have
a
required
contribution
at
all
if
we're
over
100
funded?
B
That's
a
very
good
and
a
very
logical
question
to
ask
the
reason:
is
this:
funded
percentage
is
based
on
liability
for
benefits
that
were
earned
up
to
10
one
of
21.,
so
it
does
not
reflect
any
liability
for
future
benefits.
We
expect
to
be
earned
by
the
current
group.
We
do
have
a
frozen
active
group,
but
we
still
have,
I
believe
it's
nine
people
who
are
actively
employed
and
they're
actively
approving
benefits
on
the
plan.
B
So
when
we
add
in
the
projected
liability
that
we're
going
to
have
for
for
benefits,
they're
expected
to
earn
between
now
and
when
when
they
retire,
we're
not
100
funded
on
that
basis.
That
number,
in
fact,
is
about
9.43
million
dollars
of
liability
9.43
compared
to
actuarial
assets
at
about
8.46.
B
So
we're
we're
a
little
under
a
million
dollars
shy
of
our
ultimate
funding
goal
and
that's
why,
even
though
we're
over
100
funded
on
an
approved
benefit
basis,
that's
why
we
still
have
a
required
contribution
and-
and
of
course
the
contribution
is,
what
that
tells
us
is.
B
It
is
that
all
of
the
contribution
that
we
receive
is
is
funding
active,
employee
benefits,
active
employee
benefit
rules,
it's
not
being
used
to
fund
past
service
costs,
because
we've
already
got
those
taken
care
of
so
anyway
that
that's
a
good
position
to
be
in
the
plan
is
obviously
it's
healthy.
B
Now
I
don't
get
involved
with
the
investments,
and
I
know
I
just
was
at
another
pension
board
meeting
this
morning,
and
so
I
do
hear
from
barry's
clients
from
time
to
time
about
how
the
investments
are
doing
for
those
different
plans.
So
I
know
the
world
at
large
has
not
been
kind
to
pension
funds
this
year
and,
and
so
who
knows
between
now
and
september,
30th,
where
we'll
end
up.
Wouldn't
surprise
me
if
we
end
up
with
a
shortfall
and
we
make
something
less
than
our
six
and
three
quarters
percent.
B
I
would
say
at
this
point-
that's
probably
likely
but
we'll
have
to
see,
but
we
have
you
know
the
plan
is
well.
We
can
certainly
afford
to
you
know
we
can
withstand
a
year
or
even
a
couple
years
of
bad
investment
returns.
That's
you
know
it
might
rock
the
boat
a
little
bit.
That's
certainly
not
gonna
put
the
plan
at
risk
or
anything
of
that
nature.
As
I
said
before,
the
city's
contribution
requirement
is
expected
to
drop
by
close
to
12
percent
of
payroll
from
last
year
to
this
year.
B
So
you
know
we
may
end
up
increasing
that
back
a
little
bit
for
next
year,
depending
on
how
assets
performed
this
year,
but
hopefully
none
of
that
will
adversely
impact
the
city's
budget
and
it
certainly
shouldn't
adversely
impact
the
plan
we're
in
good
shape.
That's
pretty
much
the
valuation
report.
In
a
nutshell,
does
anybody
have
any
questions
on
the
report
or
anything
of
an
actual
nature
that
I
could
that
I
could
address.
C
I
gotta
throw
the
one
crazy
off
the
wall,
one
and
I
apologize
again.
The
fed
keeps
raising
rates
and
we
start
getting
to
where
you
can
get
cd
rates
for
seven
percent,
eight
percent.
C
B
Yeah,
I
would
say
if
you
were
able
to
get
a
guaranteed
seven
or
eight
percent
investment
return,
guaranteed,
that's
important,
then
we
probably
could
look
at
taking
the
six
and
three
quarters
percent
and
we
might
bump
it
back
up
to
seven
or
so.
The
problem
is
two
two
comments
on
that.
First
of
all,
even
if
you
get
a
cd
today
at
seven
or
eight
percent,
you
could
do
that.
B
B
So
we
would
be
talking
about
you
know,
maybe
five
or
ten
years
when
you
might
be
able
to
have
that
higher
return
locked
in.
So
you
know
we
still
want
to
look
at
overall
for
the
long
term.
What
do
we
think
the
trust
would
earn,
because
it
may
well
be
if
you
locked
in
that
interest
rate
even
for
10
years.
You
know
what's
going
to
happen
after
that,
you
may
be
back
cd
rating
back
in
half
a
percent
or
something
at
that
point.
We
don't
know
the
other.
B
The
other
comment
I'll
share
with
you,
and
let
me
preface
this
by
saying
I
am
absolutely
not
an
investment
consultant
and
so
do
not
take
what
I'm
about
to
say,
as
investment
advice
in
any
way
shape
or
form
I'll
just
share
with
you
what
I
actually
heard
at
the
meeting
I
was
at
this
morning,
I
I
was
at
the
city
of
atlanta
pension
board
meeting.
B
So
it's
they
are
not
surprising
me,
not
surprisingly,
my
largest
client,
but
they
their
investment
consultant
was,
of
course
nobody
knows,
but
he
suggested
that
he
felt
it
was
more
likely
than
not
that
interest
rates
will
actually
in
2023
come
back
down
that
the
the
fed,
maybe
was
overreacting
a
little
bit
to
the
current
inflation
situation.
I
don't
know
if
that's
a
perspective,
that's
shared,
you
know
widely
out
there
in
the
investment
world,
but
from
what
I
heard
today-
and
I've
heard
this
at
some
other
meetings
as
well.
B
I
don't
I
don't
know
that
we're
gonna
see
things
like
cd
rates.
You
know,
I
don't
think
we're
going
to
have
a
repeat
of
the
of
the
late
70s
and
early
80s.
When
you
know
you
could
get
these
huge
interest
rates
on
cds.
I
certainly
wouldn't
hold
my
breath
for
that.
B
It
could
happen
anything's
possible,
but
based
on
what
I
was
hearing,
I'm
I'm
not
sure
that's
a
likely
thing
to
happen,
but
regardless
of
that
I
mean
it
would
take
a
lot
for
us
to
to
want
to
move
that
six
and
three
quarter
percent
interest
assumption
back
up,
certainly
to
something
above
seven
percent.
I
think
I
think
we
really
have
to
have
a
fundamental
shift
in
our
long-term
expectation
with
respect
to
the
investment
return.
B
And
again
I
don't
know
I
don't
I
don't
know
how
likely
it
is
that
you'd
be
able
to
lock
in
you
know
a
seven
or
eight
percent
return
for
the
long
haul,
and
that
and
that's
of
course,
what
we
look
at.
We
we're
not
too
concerned
about.
B
You
know
the
next
five
or
ten
years
that
that's
the
very
short
term
from
from
an
actuarial
standpoint.
So
I
don't
know
if
I
answered
your
question,
but
that's
those
are
kind
of
my
comments
on
that.
F
F
In
addition
to
what
chuck
explained
about
why
you
need
to
have
a
employer
contribution,
we
also
have
a
state
law
that
says
the
employer
must
must
contribute
to
the
plan
each
year,
whatever
the
normal
cost
is,
and
the
normal
cost
is
those
those
new
credits
that
go
to
existing
employees
every
year
every
year,
there's
a
little
bit
more
added
to
that
liability
for
existing
employees
and
that
by
statute
must
be
contributed
so,
and
that
came
about
because
of
what
happened
in
the
90s.
F
When
we
had
a
another
market
that
was
doing
well
and
in
fact
a
lot
of
the
employers
said.
Well,
we
don't
need
to
make
any
contributions
at
this
time
because
we're
overfunded
and
of
course,
2001
came
along
and
that
changed
everything
real
quickly
and
they
had
to
make
some
significant
contributions.
So
the
state
opted
to
introduce
this
new
requirement
that
any
annual
cost
or
new
costs
would
have
to
be
paid
for
every
year.
C
I
I
think
what
I
was
really
targeting
is:
if
you
can
lock
in
a
five
year
at
seven
percent,
do
you
guys,
then,
at
that
time
say?
Okay,
we
get
the
five
year
at
seven
percent
in
a
cd
and
then
can
we
say
we're
going
to
convert
back
to
the
market
at
that
point,
or
does
that
impact
your
30-year
actuarial
table
that
you're
running.
B
Well,
like
I
said
I
don't,
I
don't
think,
even
if
you
could
lock
in
say
five
years
a
five
year
return
at
seven
percent.
I
don't
think
that
would
be
enough.
It
wouldn't
be
nearly
long
enough,
at
least
from
my
perspective,
for
us
to
consider
changing
the
six
and
three
quarter
percent
assumption
yeah.
C
B
C
B
Years
and
you're
not
you're,
not
sitting
at
the
at
the
table
anymore,
so
to
speak,
you
left
the
poker
game
temporarily
and
then
at
the
end
of
the
five
years,
then
you
go
back
to
the
market.
I
I
suspect
again.
This
is
not
an
investment
advice,
but
I've
had
similar
questions
come
up.
I've
heard
similar
questions
to
be
asked
over
the
years
and
usually
what
the
investment
consultants
will
tell
you
is
that
that
is
just
a
different
way
of
market
timing.
B
B
It
still
may
not
be
advisable
to
do
that,
because
you're
you're,
taking
a
gamble
that,
at
the
end
of
the
five-year
period,
that
that,
when
you
get
back
into
the
game
that
you
know
it'll
be
a
quote-unquote
normal
market
or
whatever,
with
a
normal
expectation.
What
could
happen
in
the
five
years?
Is
you
have
the
next
two
years
could
be
really
bad
with
investments,
and
then
you
could
have
another
15
or
20
year
that
you
miss
out
on
completely.
B
So
I
suspect
the
consultants
will
say
that
is
kind
of
a
different
way
of
of
doing
a
market
timing.
You
essentially
go
to
cash
lock
in
a
return
for
a
period
of
time
and
then
get
back
into
the
market.
That's
usually
considered
kind
of
a
market
timing
approach
which
most
of
the
advisors
that
I've
heard
you
know
advise
against
that.
But
I
mean
I
I
suspect
I
mean
I'm
sure
that
ken
can
opine
on
on
the
legal
perspective
of
you
know
whether
that's
something
that
would
be
advisable
from
a
fiduciary
standpoint.
B
You
know
a
money
management
standpoint
to
to
to
go
to
cash
and
then
get
back
in
the
market,
but
I
I
suspect,
that's
what
the
investment
advisors
at
least
would
say.
D
B
Order
of
business
for
my
part-
and
that
is
you
just
you're-
not
obligated
to
do
this-
today's
meeting
by
any
means,
but
technically
until
the
pension
board
formally
accepts
the
actual
evaluation.
It
is
just
a
draft.
It's
only
at
the
point
that
the
board
accepts
the
report
that
the
27.06
percent
confusion
rate.
It
becomes
the
legally
required
funding
funding
requirement
for
the
city.
B
So
if
you're
inclined
to
do
that
today,
if
you're
happy
with
the
report,
then
I
think
a
motion
would
be
in
order
to
accept
the
actual
evaluation
if
the
board
does
accept
it.
At
today's
meeting,
we
we
have
60
days
to
get
the
report
filed
with
the
state
which
we
do
electronically
excuse
me,
and
usually
within
a
few
days
of
your
accepting
report,
lisa
back
in
my
office
will
will
get
that
file
with
the
state
and
then
that
would
include
the
the
sort
of
normal
actuarial
business
for
the
current
year.
A
D
A
Okay
approved,
thank
you.
No
bleep.
B
All
right
well,
thank
you
guys,
I'm
going
to
to
exit
the
meeting,
but
if,
if
you
need
me
for
some
reason,
I'm
just
sitting
here
working.
So
if
you
need
me
for
some
reason,
just
shoot
me
an
email
and-
and
I
can
jump
back
in
if
I
need
to.
E
D
That
was
yeah.
D
E
Standalone
financial
statements:
okay:
we
have
an
invoice
presented
for
six
thousand
six
hundred
fifty
dollars
for
wells,
hauser
schatzel.
This
is
for
the
audit
work
and
the
presentation,
the
preparation
of
the
stand
alone,
financial
reports
in
the
presentation.
This
is
an
agreement
with
the
engagement
letter
the
board
had
previously
approved
just
for
our
perspective.
The
full
report
was
the
six
thousand
six
hundred
fifty
dollars.
The
other
option
for
the
non-standalone
report,
which
would
have
been
incorporated
into
the
city's
financial
reports,
would
have
been
4
600..
E
A
E
Okay,
this
is
the
invoice
for
southern
actuarial
services
struck
cars,
preparation
of
the
valuation
report.
Again
this
is
we
had
the
board
head
accepted
a
not
to
exceed
amount,
because
at
that
point,
when
we
approved
the
fmpdf
to
prepare
the
valuation
report,
we
didn't
have
the
cost
estimate
yet,
but
this
does
fall
within
the
not
to
exceed
direction
of
the
board
and
it's
appropriate.
It's
certainly
a
reasonable
price
for
the
the
report
that
he
prepared.
E
A
E
Okay,
the
board
had
asked
the
actuary
to
prepare
a
report
to
calculate
the
contribution
rate
with
various
interest
rate
assumptions,
with
the
6.75
being
one
of
them.
Seven
percent
is
the
other,
and
then
there
was
a
third
request
as
well:
six
six
and
a
half
the
board
also
agreed
to
a
not
took
seed
price
of
a
thousand
dollars.
We
questioned
chuck
carr
about
this.
He
agreed
it
should
have
been
a
thousand
dollars,
so
we
will
request
a
corrected
invoice
from
the
fnptf
and
chuck
has
directed
us
to
only
pay
a
thousand
dollars.
A
Need
a
motion
to
approve
the
invoice
for
the
alternate
valuation
results.
Correct
an
amount
like
to
make
a
motion
to
improve.
A
I
can't
any
questions
discussion
all
in
favor.
A
Okay,
next
item
is
approving
the
invoice
for
the
fppta
member
news
renewal
for
2022.
E
E
D
Would
like
to
make
motion
to
approve
the
ffffpta
membership
for
2022,
750
and
I'll?
Second,
it.
C
D
E
Renewal:
okay:
this
is
the
last
invoice
on
this
agenda.
We
this
agenda
or
this
invoice
was
due
july
1st.
We
had
initially
planned
to
present
this
at
the
june
1st
meeting.
It
was
canceled
and
were
postponed
until
today.
This
is
the
second
year
of
a
three-year
policy.
The
board
had
previously
gone
out
for
quotes
last
year
and
the
fmit
had
submitted
a
favorable
quote
for
the
1893
dollars.
It's
the
same
insurance
company
same
coverage
that
we
had
previously,
so
we
went
ahead
and
accepted
it
again.
This
is
a
second
year
three-year
policy.
E
A
Did
I
skip
that?
Oh
I
didn't.
I'm
sorry
consider
the
audit
engagement
letters
for
the
fiscal
year,
9
30
22,
the
integrated
or
separate
financial
report.
E
We're
almost
we're
getting
close
to
the
end
of
the
fiscal
year
again,
so
we
wanted
to
go
ahead
and
present
the
audit
engagement
letter
options
for
the
board
to
consider
the
first
option.
You'll
see
in
the
packet
is
for
no
standalone
report,
and
that
means
the
autonomous
financials
will
be
incorporated
into
the
city's
back
for
the
annual
comprehensive
financial
report.
The
second
option
would
be
to
have
another
standalone
report.
Historically,
the
board
has
elected
to
have
a
standalone
report
every
other
year.
E
D
C
D
F
Oh
glad
to
be
here,
unless
you
have
questions
of
me,
I
really
don't
have
anything
update.
The
legislature
right
now
seems
to
be
more
focused
on
the
upcoming
midterm
elections
and
if
you've
been
watching
the
ad
you
can
see,
some
of
the
political
activists
have
been
active
presenting
ads.
So
that's
about
most
that's
going
on
in
the
legislature.
A
Okay,
thank
you.
I
do
have
one
question.
I
had
a
member
ask
me
how
they
would
go
about
purchasing
military
time.
F
Okay,
they
basically
would
have
to
apply
and
provide
apply
to
purchase
the
time
telling
us
the
specific
time
periods
and
also
they'd
have
to
provide
documentation
that
when
the
service
occurred,
that's
assuming
that
this
is
service
prior
to
employment.
If
it's
service
that
occurred,
while
they
were
employed,
that's
an
automatic
provisions
covered
in
the
statute.
F
F
Your
administrator
and
they'd
have
to
provide
documentation
of
when
the
service
occurred.
F
For
instance,
military
orders,
dd
214
form
those
are
the
kind
of
things
that
they
have
to
provide
and
it
would
come
before
the
board
to
approve
and,
of
course,
it
would
have
to
go
to
the
actuary
to
figure
out
the
cost
and
they
would
be
they
would
require
to
make
whatever
contribution.
The
actuary
calculates.
D
A
A
The
power
of
this
board
does
not
have
we're
not
able
to
determine
benefits.
Is
that
correct
we're
only
overseeing
if
the
financial.
F
Yes,
your
your
job
is
to
administer
the
plan
as
an
active
for
any
benefit
change
or
anything
like
that.
It
goes
through
the
collective
bargaining
process.
If
the
parties
then
agree,
we
would
have
to
adjust
the
document.
The
plan
document
to
reflect
those
changes,
but
your
primary
job
is
to
administer
what's
been
enacted
by
the
municipality.
D
D
F
However,
a
lot
of
the
drops
have
a
provision
in
it
and
irs
has
take,
takes
a
hard
look
at
drops
that
if
you
potentially
can
lose
principle,
they
have
an
issue
with
irs
has
an
issue
with
it.
So
if
the
plan
that
would
be
negotiated
actually
provided
that
you
could
not
lose
principle,
in
other
words,
if
the
plan
loses
money,
you
would
not
you,
you
could
not
lose
your
principle
there.
There
then
involves
a
a
minimal
cost.
F
If
that
is,
if
that's
the
plan
that's
adopted
so,
but
the
original
plan
of
a
drop
is
be
cost
neutral,
whatever,
whatever
the
plan
does,
the
drop
account
would
reflect
that
and
there
would
be
no
cost
to
the
plan.
But
again
it
depends
on
the
type
and
the
formal
language
that
gets
adopted
into
the
collective
bargaining
agreement.
C
D
Or
61,
what
is
it
55
and
25
yeah
the
state
right
now
it's
60
30.,
supposedly
they
were
they're
talk
that
it
might
be
changed.
But
right
now
the
state
is
60.
30.
A
Okay
next
item
is
to
adjourn.