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A
C
A
D
D
E
E
F
F
A
E
D
D
F
I
do
have
jeremy's
phone
number.
He
can
call
him
okay,
the
budget
report.
This
is
through
december
31st
2021
and
basically
I
don't
see
anything
that's
out
of
the
ordinary
for
this
report.
It's
early
in
the
fiscal
year
we
had
5
223
paid
to
the
plan
administrator
and
then
hundred
fifty
dollars
paid
for
legal
counsel.
F
Also,
we
had
a
hundred
sixty
seven
dollars
paid
for
some
travel
expenses
for
apollo
soraki
and
otherwise
that's
all
we
had
for
the
quarter.
We
expect
to
have
some
other
activity
coming
in
through
not
probably
not
much
for
the
end
of
march
we're
already
here
and
then
for
june
30th,
we'll
have
some
other
activity
the
actuary
and
we
should
have
auto
audit
invoices
and
things
like
that.
D
A
F
B
B
Oh
okay!
Well
then,
let
me
pull
this
back
up
then,
okay,
all
right!
So
we
you
all
haven't
just
just
so.
I
kind
of
know
how
I'm
gonna
chat
about
you
all
haven't
then
obviously
talked
with
chuck
or
any
of
the
assumptions.
Great
conversation
yet
correct,
correct.
Okay,
all
right!
Perfect!
Okay!
Well,
I
don't
know
what
you
all
have
in
front
of
you
visually
speaking,
but
I
will
I'll
go
over
the
december
31st
quarter,
numbers
and
I'll
start
with
the
actual
dollar
amounts.
B
B
Similar
story
is
what
we've
seen
equities
continue
to
drive
the
market.
The
fixed
income
actually
was
slightly
negative
for
the
quarter,
so
really
strong
equity
returns
and
actually
a
very
good
quarter
in
the
real
estate
portfolio
as
well
up
nine
and
a
half
percent,
but
and
I'll
kind
of
unless
anybody's
got
any
questions
about
that
quarter.
I
know,
since
we've
turned
the
calendar
to
2022,
that's
probably
a
little
more
pertinent
to
where
we
sit
today,
unfortunately
january
the
market
took
most
of
those
returns
from
that
december.
B
B
A
serious
hit
saw
a
big
rally
yesterday
and
so
maybe
hopeful
that
that
kind
of
ride
the
ship,
but
back
down
negative
again
today,
you
know
the
economy
was
able
to
overcome
the
the
really
huge
inflation
hit
over
the
past
year
in
this
last
in
the
prior
quarter
really
the
whole
year-
and
I
just
saw
today
it's
up
to
7.9
percent,
so
consumers
were
still
continuing
to
go
out,
purchase
goods
purchase
services.
So
that's
where
we're
still
continuing
to
to
push
through
that
inflation.
B
But
this
this
war
with
russia
and
ukraine
has
has
been
a
little
too
much
for
the
market
to
overcome,
of
course,
now
we're
seeing
huge
increase
in
the
price
of
oil
and
energy
and
that's
one
of
the
single
biggest
drivers
of
inflation.
So
now
we're
adding
that
to
the
inflation
mix
and,
of
course,
you
know
not
only
just
the
price
of
gas
going
up,
but
if
all
the
goods
and
services
that
you
consume
energy
to
make
them
and
then,
of
course,
to
deliver
those
products
to
the
end
user.
B
If
those
costs
start
to
skyrocket,
as
we've
seen
over
the
last
couple
weeks,
that's
continue
going
to
continue
to,
of
course,
drive
inflation
up
even
more
and
that's
certainly
creating
a
big
headwind
for
the
economy.
Right
now,
we've
seen
that
the
last
the
last
few
weeks
has
been
been
very
difficult
and
we're
we're
we've.
Definitely
given
back
all
of
the
gains
we
got
in
the
first
quarter,
if
not
even
a
little
more
as
we
sit
today,
a
little
bit
of
good
news
on
that
front
is.
B
I
saw
an
interesting
chart
just
a
few
weeks
ago
that
showed
other
major
global
events
over
the
last
100
years.
You
know,
including
something
like
911,
for
instance
in
other
world
wars
and
things
of
that
nature,
and
while
they
have
you
know
potentially
large
short-term
impacts,
they
were
all
short-term.
B
The
market
typically
could
recover
fairly
quickly
from
these
events
and
continue
to
push
forward
again
when
you're
looking
at
a
long-term
chart.
So
you
know,
our
consultant
is
still
suggesting
that
there's
some
there's
some
good
economic
indicators
should
we,
you
know,
get
past
the
current
trials
and
tribulations
that
we're
facing
globally
again
with
the
russia,
ukraine
incident
and
then
just
you
know
the
inflation
that
is
definitely
skyrocketing
at
the
moment.
So
this
report
has
a
lot
of
good
numbers
in
it.
B
He
yes,
he'll
he'll,
present
his
findings
or
the
results
of
a
study,
and
then
I
can
also
provide
some
insight
from
our
consultant
as
I've
spoken
with
them
about
this
recently
to
kind
of
say:
hey,
you
know
what
what
is
their
take
on
the
current
interest
rate
assumptions
and
what
their
recommendations
would
be.
So
I
I
can
speak
to
that
part,
but
chuck
will
definitely
go
over
his
findings
with
you
all.
F
F
G
G
Hello:
yes,
yes,
oh
okay,
all
right,
I
couldn't
hear
okay,
so
I
assume
everybody
has
a
copy.
It's
just
a
one-page
handout
that
shows
it
has
four
columns
of
numbers
on
it.
The
leftmost
column
of
numbers
is
just
a
repeat
of
last
year's
the
2020
actuarial
valuation
results,
and
then
we
have
three
alternative
columns
of
numbers
that
are
based
on
different
three
different
interest
rates.
The
first
one
of
those
columns
is
our
current
seven
percent
interest
rate
assumption
so
that
column
shows
you.
The
2021
actuarial
evaluation
results.
G
If
we
don't
make
any
changes
to
the
interest
assumption
and
then
moving
to
the
right,
you'll
see
if
we
lower
it
by
a
quarter
percent
to
six
and
three
quarters,
that's
our
column
of
numbers
and
the
valuation
results
there
and
then
finally,
the
rightmost
column
shows
you
the
results
at
a
six
and
a
half
percent
assumed
interest
rate.
So
just
as
a
reminder,
the
valuation,
as
of
october
1
2020
determined
the
required
contribution
rate
for
the
current
the
2122
fiscal
year.
G
So
this
new
valuation,
as
of
october
121,
will
determine
the
city's
contribution
rate
for
next
fiscal
year
for
the
22-23
fiscal
year.
So
our
current
contribution
rate
based
on
last
year's
report
was
a
total
of
38.40
of
of
pensionable
earnings
in
the
box
at
the
bottom.
You
can
see
how
each
of
these
well,
the
total
required
rate
contribution
rate
is
in
bold,
but
then
the
the
and
I
take
that
back.
I
misspoke
when
I
said
there
was
a
one-year
delay.
G
So
the
contribution
rate
for
last
year,
which
was
38.40,
you
can
see
that
broke
out
between
the
chapter
175
contribution
and
the
city's
portion
cities
portion
was
27.85
and
the
chapter
money
worked
out
to
about
10.55,
and
then
you
can
see
that
breakdown
for
each
of
the
alternative
interest
rates.
So
as
we
move
to
this
year's
results,
we
currently
assume
a
7
interest
assumption,
and
on
that
basis
we
would
have
a
total
required
contribution
rate
of
just
16.27
percent
and
that's
the
total,
including
the
chapter
money.
G
I've
estimated
the
breakout
between
the
chapter
money
and
the
cities
portion.
The
city's
portion
really
would
plummet
down
to
all
the
way
down
to
5.22
percent
of
pay.
The
chapter
money
is
estimated
to
be
a
little
over
11
percent
of
pay.
We
don't
know
exactly
what
the
chapter
contribution
will
be
because
we
don't
know
the
dollar
amount
and
of
course,
we
also
don't
know
what
the
payroll
will
be
for
the
current
year.
G
So
we
we
can
only
estimate
the
percentage
based
on
expected
payroll
and
based
on
what
last
year's
chapter
money
was
I'm
just
assuming
that
it
continues.
You
know
we
get
the
same
amount
this
year
and
then,
as
we
move
to
the
right,
you'll
see,
reducing
a
quarter
percent
adds
about
between
10
and
11
to
the
total
rate.
G
All
of
that,
of
course,
goes
to
the
city,
because
the
chapter
money
is
not
going
to
change
based
on
what
we
assume
for
the
interest
rate,
so
the
chapter
money
will,
in
all
cases,
is
expected
to
be
a
little
over
11
of
payroll.
So
at
six
and
three
quarters
percent
interest
rate
assumption,
the
city's
portion
is
estimated
to
be
just
over
16
percent
of
payroll.
G
G
G
So
the
reason
we're
looking
at
this
today
is
you
have
a
somewhat
unique
opportunity
to
entirely
pay
for
a
reduction
in
the
interest
assumption
at
least
up
to
a
half
a
percent
reduction
with
your
excess
investment
earnings.
As
you
know,
already
last
year
was
was
probably
one
of
the
best
years
we've
had
in
a
lot
of,
certainly
in
a
very
long
time,
so
we
had
a
over
20
percent
return
on
the
investments
and
that
that
gained
those
extra
returns
are
going
to
be
used.
G
That's
why
the
the
city's
rate,
if
we
don't
make
any
changes
to
the
assumed
rate
of
return,
the
city's
contribution
rate
is
going
to
drop
by
gosh
by
over
20
of
payroll
over
22
percent
of
payroll.
Actually,
so
it's
gonna
plummet
all
the
way
down
to
five
point:
two:
two
percent:
I'm
not
saying
that's
a
bad
thing.
I'm
just
saying
understand
that
what
we're
talking
about
today
really
is
in
in
some
sense
it's.
How
are
we
going
to
spend
the
excess
investment
earnings
that
we
had
last
year?
G
Do
we
want
all
of
that
to
be
spent
on
on
buying
down
the
city's
contribution
rate?
To
all
the
way
down?
To
you
know
five
plus
percent,
or
do
you
want
to
spend
at
least
some
of
those
gains
on
lowering
the
bar
for
the
future
and
buying
ourselves
a
little
more
conservative
interest
rate
assumption,
because
even
at
six
and
a
half
percent
we're
still
going
to
have
a
slight
reduction
in
what
the
city
has
to
contribute,
it's
more
or
less
equal,
but
it
would
be
a
very
slight
reduction
at
six
and
three
quarters.
G
That's
that's
a
pretty
big
difference
and
it
adds
you
know
it
adds
gosh,
probably
four
or
five
percent
to
the
total
liabilities
projected
liabilities,
just
just
that
quarter,
percent
move
and
or
change
in
the
rate,
so
it
it
looks
small,
but
it's
actually
lowering
the
bar.
Even
by
that
small,
relatively
small
amount
really
does
help
us
have
more
gains
in
the
future
than
losses
I
because
of
I'm
on
the
cell
phone
and
the
way
the
speaker
works.
G
F
G
I
am,
and
I
would,
with
all
due
respect
to
the
state,
I
would
say,
don't
place
too
much
importance
on
it.
Frs
has
lowered
their
rate,
as
I
understand
it
to
6.8
percent,
but
you
guys
are
not
frs
you're
invested
differently
and,
and
so
what's
more
important,
far
more
important
than
that
letter
from
the
state
is.
What
are
the
consultants
telling
us?
What
are
your
consultants
telling
us
to
which
your
consultants,
of
course
by
default,
are
the
fmptf
investment,
consultants
and
jeremy?
G
You
jeremy
has
had
more
recent
up-to-date
conversations
with
them
than
I
have,
but
that
letter
from
the
state
what
happens,
is
the
state
ultimately
reviews
all
of
these
actual
reports?
Sometimes
it
takes
them
two
or
three
years
to
get
around
to
reviewing
a
particular
report.
Sometimes
they
subcontract
the
job
of
reviewing
reports
to
an
outside
actuarial
firm.
G
G
It
doesn't
even
necessarily
represent
the
opinion
of
the
state.
It
certainly
is
not
something
that
it
does
not
at
all
mean
that
the
state
that
your
risk
of
of
losing
your
state
acceptance
or
something
if
you
don't
go
lower
than
seven
percent.
That
is
not
at
all
what
that
letter
is
saying
it
may
be
kind
of
implied,
but
that's
not
at
all
what
it's
saying.
Those
letters
were
prepared
by
the
outside
actuarial
firm
and
they
just
put
it
on
state
letterhead
and
they
got
sent
out.
G
C
G
D
B
Perfect,
yes,
so
I
did
speak
with
the
consultant
for
the
fmptf,
and
I
don't
know
exactly.
Of
course,
what
chuck
told
you,
but
I've
had
this
we've
done
several
of
these
meetings
already,
so
I'm
guessing,
I
know
fairly
close
to
to
what
he
was
sharing
with
you
all
and
so
just
to
build
on
what
he
would
have
already
told
you.
B
They
do
look
at
that
every
single
year,
as
chuck
probably
alluded
to,
and
while
they
would
say
that
today
they
would
also
suggest
that
it's
possible
that
that
is
that
long-term
rate
is
going
to
change
now.
They
don't
know
if
it
will
or
won't
until
it
does,
but
they
do
they
do
predict
or
are
for
foreseeing
that
we're
going
to
see
the
the
the
slowdown
that
we've
kind
of
been
discussing
for
a
period
of
time.
B
Now
over
the
next
five
to
ten
years,
or
so,
where
they're
thinking
something
much
more
like
four
to
six
percent
on
an
annualized
return.
Of
course,
any
one
year,
a
lot
more
a
lot
less
and
then,
as
you
start
to
move
out
15
20
years.
Maybe
that
starts
to
look
like
more
six
six
and
a
half
percent
and
then
at
the
30-year
mark.
For
instance,
it
looks
like
seven
percent
as
we
sit
today,
but
they
would
tell
you
even
though
again
the
seven
percent
works
today.
B
If
the
board
feels
that
it's
prudent
and
fiscally
responsible,
they
would
strongly
recommend
that
you
all
do
take
a
look
at
going
ahead
and
making
a
reduction
of
that
interest.
Assumption
rate.
The
reason
being
is
that
we
know
over
the
next
few
years,
there's
an
expectation
that
it's
going
to
be
much
lower,
but
then
and
then
to
build
on
that.
B
So
the
financial
hit
to
the
contribution
rate
could
be
much
more
drastic
because,
of
course,
you're
going
to
you're
going
to
have
a
hit
from
a
bad
year
where
you're
going
to
see
an
increase,
and
then,
if
you
were
to
try
to
lower
the
assumption
rate
at
the
same
time,
it's
going
to
really
increase
that
contribution
rate
a
lot
more,
so
they
would.
They
would
definitely
recommend
going
ahead
and
moving
it
down
again.
B
Of
course,
this
is
a
board's
decision,
as
I
know,
chuck
would
have
already
alluded
to,
but
you
certainly
want
to
take
into
account
what
is
affordable
and,
what's
not-
and
I
know
looking
at
the
results
of
the
study-
there's
some
definite
flexibility
to
move
down
without
creating
any
new
increased
costs,
and
so
they
would
definitely
strongly
recommend
you.
You
take
a
look
at
one
of
those
options,
any
specific
questions
that
I
can
maybe
answer
that
as
it
relates
to
that.
F
H
F
H
H
That
bill
has
basically
stalled
out,
and
it's
been
stuck
in
committee
since
since
about
mid-january
and
so
with
session,
ending
tomorrow,
the
11th
that
you
know.
I
think
the
expectation
is
now
that
it's
obviously
not
going
to
make
it
make
it
to
the
floor
for
a
vote,
and
then
they
won't
have
the
vote
in
time
anyway.
So
you
know,
I
think
likelihood
is-
will
be
reintroduced
next
next
session.
But
the
time
being,
I
think
I
think
you
know
this.
This
is
not
going
to
make
it
through.
H
They
did
advise
that
they
were
going
to
cancel
that
trustee
school
this
year
about
a
couple
weeks
ago.
They
decided
to
cancel
it.
So
so
the
the
next
opportunity
for
the
division
of
retirement
would
be
at
some
point
in
november.
They
haven't,
announced
the
dates
yet,
but
at
some
point
in
november
and
it's
it'll
be
held
in
in
the
orlando
area.
H
So
so
not
too
too
far
from
from
you
guys
and
then,
if
not,
the
fppta
is
having
its
annual
conference
june
23rd
through
the
26th
over
in
in
orlando
as
well.
So
if
anybody's
interested
in
attending
that
you
know,
that's
that's
something
that
that
they
may
want
to
check
out,
but
other
than
that.
That
really
concludes
my
remarks.
Unless,
unless
you
guys
had
any
questions
or
anything
for
me.
H
E
H
So
so
I
think
I
think,
just
in
terms
of
kind
of
just
crafting
the
motion,
I
think
you
could
phrase
it
so
that
it
would
be
a
motion
to
change
the
investment
return,
assumption
effective
with
the
10-121
or
or
maybe
the
10-122.
I
don't
know
kind
of
where
the
discussion
was,
but
either
this
year
or
next
year,
valuation
report,
and
then
you
would,
you
know,
insert
whatever
the
the
new
rate
is,
what
what's
the?
H
Okay,
I
got
you
just
for
purposes
of
discussion,
so
I
think
you
could
open
it.
You
know,
I
think,
if
somebody
wants
to
just
start
again
to
start
the
for
discussion
purposes,
make
the
motion
to
lower
the
investment
assumption
rate
of
return
to.
They
picked
something
effective
with
the
10
121
valuation.