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A
A
A
B
So
we
did
replace
Morgan's
car.
A
A
D
A
A
One
of
my
good
friends
is
his
son,
made
it
all
through
Junior
and
Senior
year,
driving
his
2005
Corolla
that
he
bought
brand
new
and
had
it
since
then
his
daughter's
second
day
of
school.
This
year
she
was
driving
totaled.
E
B
E
Was,
and
certainly
we
can
talk
about
it
again-
I
think
that
was
per
what
the
trustees
preferred.
B
B
F
F
B
B
D
B
Yeah
so
I
just
I
hadn't
gotten
that
far
okay.
But
next
item
is
approval
of
absence
for
Brian
Mahoney
from
the
June
20
meeting.
B
A
second
any
discussion
or
questions
all
in
favor,
aye
aye
any
opposed.
Thank
you.
The
next
item
is
the
quarterly
investment
report.
Okay,.
E
E
Right
and
you,
as
you
can
see,
the
dollar
amounts
are
up
on
the
screen
and
I'll
go
over
those
first,
so
you
started
the
quarter
with
just
over
8.9
million.
It
was
114
000
in
contributions
that
came
in
another
good
earnings,
quarter
of
161
thousand
paid
out
just
under
22
000
distributions
had
just
under
21
000
expenses,
so
the
ending
balance
was
nine
million
155
313.81.
E
B
E
Let
me
see
page
18.
for
scrolling
on
the
screen,
hopefully
if
it
matches
mine
so
as
I
kind
of
allude
to
already
another
good
earnings
quarter
up
1.81
percent,
which
puts
us
fiscal
year
to
date
again
through
June
30th
of
up
11.37
percent.
So
again
continuing
the
rally
that
we've
enjoyed
most
this
year
kind
of
jumping
ahead
a
little
bit.
July
was
an
awesome
month.
Great
month,
unfortunately,
August
decided
to
investors
kind
of
took
some
of
their
their
winnings
off
the
table.
E
So
we
did
see
some
July's
earnings
taken
taken
back,
September
had
been
the
first
a
couple
weeks
or
so
was
not
a
lot
happening,
and
then,
unfortunately,
the
last
couple
weeks
we're
starting
to
starting
to
see
some
some
a
little
bit
of
trouble,
a
little
bit
of
kind
of
gray
clouds
hovering
so
we're
starting
to
see
the
market
pull
back
again.
It's
been
down
quite
a
bit
yesterday
was
I
think
the
worst
day
we've
had
since
back
in
March.
E
It
Market
opened
up
slightly
this
morning,
but
I
don't
know
that
that
put
any
stock
in
where,
where
a
Market
opens
to
start
the
day,
so
we
are
seeing
a
bit
of
a
sell-off
right
now,
we've
got
a
we've,
got
to
withstand
two
more
days,
get
through
Friday,
and
then
that
gets
us
through
our
fiscal
year.
So
if
we
can
keep
from
anything
real
bad
happening,
we're
still
going
to
book
a
really
strong
fiscal
year
return.
E
You
know
whether
it's
11
12
13
10.
So
you
know
it
should
be.
It
looks
like
it's
going
to
be
a
double
digit
gain
again,
we'll
see
how
the
next
few
days
go
so
much
needed
after
last
year.
It's
been
kind
of
an
incredible
roller
coaster
ride.
You
look
back
two
years
ago
record
year
up
over
20
percent,
followed
up
with
a
record
bad
year,
down
13
plus
percent
and
then
a
very
unexpected,
but
much
needed
rally
this
year.
E
You
know,
as
we've
talked
about
before,
nobody
really
saw
this
coming,
but
we'll
certainly
take
it
because
you
know
contribution
rates
took
took
large
hits
last
year
and
this
is
going
to
help
kind
of
bridge
the
gap
back
down
to
where
it
was
before.
It's
not
going
to
get
us
there,
of
course,
but
but
it's
certainly
going
to
help
kind
of
alleviate
that
pain
as
we
go
into
the
next
Actuarial
evaluation
season
coming
up
and
we
find
out
what
the
news
contribution
rate
will
be.
E
So
you
know
that
that's
certainly
going
to
help
again.
It's
it's
weird
I
spent
a
lot
of
time
this
time
of
last
year
and
even
early
into
this
year
kind
of
cautionary
we're
not
we
don't
have
a
real
great
Outlook
and
we're
we're
kind
of
back
to
that
again.
There's
the
recession.
Grumblings
are
starting
to
grow
again
as
I'm
sure
everybody's,
probably
hearing
2024
is
kind
of
the
best
guess
for
when
that
may
happen,
it
seems
inevitable.
E
You
know
we'll
have
to
see.
Hopefully,
if
it's,
if
it
does
come,
you
know,
won't
be
a
deep
one
or
a
long,
lasting
one.
But
again
you
you.
Just
you
don't
know
so
I
would
and
really
all
that
to
just
say:
let's
we'll
enjoy
the
the
gains
we
had
this
year,
but
I
don't
think
we're
just
going
to
turn
around
and
expect
you
know
seven.
Eight,
nine,
ten
plus.
E
Yeah
so
well,
we
shall
see
I'll
kind
of
stop
there
for
a
moment.
Certainly,
if
you
want
me
to
kind
of
talk
about
any
individual
portfolios
or
have
any
questions,
we
can
do
that
or
any
thoughts.
E
D
E
Know
you're
getting
this
compare,
comparing
it
to
something.
You
know
a
lot
of
these
funds
have
very
but
pretty
good,
accurate
benchmarks
to
compare
them
against
the
core.
Plus
is
the
only
other
one,
the
core
Plus
bond
fund,
where
there's
really
there's
really
nothing
to
compare
it
to
so
we
kind
of
use
the
closest
thing,
but
I
always
tell
people,
don't
don't
get
caught
up
too
much
in
that
index.
E
I've
had
some
various
boards
kind
of
get
stuck
on
that,
because
wool
out
that
fund
will
outperform
the
index
by
five
to
ten
percent
some
years
and
then
it'll
turn
around
and
underperform
it
by
large
amounts,
because
it's
just
not
there's,
there's
not
really
an
accurate
index
compared
to
the
way
that
fund
operates.
The
rest
of
them
are
a
little
more
a
little
more
in
line.
B
H
A
A
G
E
G
C
E
Am
not
an
audit
expert,
so
I
can
I
can
give
you
the
gist,
but
certainly
if
somebody
feels
like
they
know
of
the
I
believe
it's
more
procedural
I
think
like.
If
they
do
one
for
this
board,
they
might
do
a
little
more
in
depth
to
look
at
like
processes
and
procedures.
I,
don't
I,
don't
know
what
that
really
comes.
We
don't
I
guess
the
best
way.
I
could
answer
it,
and
and
I
don't
have
a
dog
in
this
fight.
One
way
or
another
is
most
boards.
E
B
And
a
lot
of
that's
been
on
the
recommendation
from
the
board
attorney
just
to
protect
the
board
that
we
are
doing
that
just
for
the
board,
we're
not
relying
on
this
any
other
entity
or,
and
that's
kind
of
why
we've
stuck
with
that
every
other
year.
B
C
Then
eight,
but
if
the
data
is
the
same,
like
Brian's
saying
I
mean
might
be
a
tiny,
you
know
a
bit
different.
How
would
we
still
not
be
doing
our
fiduciary
responsibility,
we're
having
it
audited,
it's
being
done
by
an
outside
vendor
when
there's
no,
you
know
way
that
we
can
or
the
city
can
manipulate
the
data.
So
I
would.
D
G
The
next
meeting
would
be
too
late,
I
mean
we
need
to
I
need
to
know
yeah,
you
know
or.
G
C
Tonight
my
motion
and
change
it
at
this
point
I
think
we
can
just
alter.
C
I
would
like
to
amend
my
motion
that
we
based
on
costs
and
everything
this
year.
We
include
ourselves
in
the
city
and
revisit
it
next
year
again
to
possibly
going
back
to
the
every
other,
but
I
think
the
savings
is,
you
know,
2100
is
you
know
an
amount
that
we
should?
You
know
save
this
year
going
forward?
So
that's
my
new
motion,
I'll.
Second,
that
okay.
B
E
Yeah,
this
is
just
I,
think
something
that
you
all
have
had
done
by
this,
the
city
in
the
past,
just
kind
of
keeping
you
up
to
date,
I,
don't
believe
we
need
any
action
on
this.
It's
just
keeping
us
apprised
of
where
you
stand
for
the
year,
then
the
next
item
we're
actually
going
to
take
action
on
which
is
very
closely
tied
to
this
yeah.
E
Certainly,
I
can
run
through
here.
If
you
have
any
questions
or.
B
B
E
So,
just
as
a
reminder
to
everybody,
this
is
some
busy
work
items
we
do
each
year,
so
at
the
last
fiscal
year
meeting
which
we're
doing
now,
we
we
set
the
budget
for
next
year.
Now
I
I
caution,
you,
the
term
budget
is
probably
not
the
right
word
we're
just
stating
what
we
estimate
our
expenses
to
be
we're
not
setting
aside
dollars
for
certain
things.
It's
we're
not
limiting
ourself
or
saying
we're
going
to
spend
this,
even
if
we
don't
need
to
we're
just
estimating
what
our
expenses
is.
E
That's
part
of
the
reporting
we
have
to
do
if
we
go
over,
we
go
over
if
we
go
under,
we
go
under
the
worst
case
scenarios.
If
we
spend
more
than
we
estimated,
we
come
back
and
just
file
an
amended
budget
to
reflect
that
so
and
then
at
our
next
meeting,
we'll
actually
then
approve
our
actual
expenses
from
from
this
year.
So
that's
what
we'll
be
doing
at
the
next.
E
So
that's
what's
put
together
here
again,
just
an
estimated
budget.
Certainly,
if
you
have
any
questions
or
want
to
tweak
some
numbers,
we
certainly
can,
or
we
can
just
approve
it
as
presented.
B
E
Again,
that's
the
very
next
page,
104
I
think
we
just
have.
It
looks
like
two
for
for
this
meeting.
We
have
our
quarterly
fees,
four
thousand
ninety
five
dollars
and
seventy
eight
cents
and
then
the
board
administration
fee
of
750.
So
it's
4
845.78.
H
E
Not
sure
I
could
I
could
look
it
up.
Real
quick
I,
don't
know
off
top
of
my
head.
I
haven't
I,
don't
remember
everybody,
but
I
did
notice.
They
had
it's
interesting
because
we
haven't
seen
supplementals
in
several
years
now
and
the
thought
was
they're
going
away,
but
in
the
columns
I
did
notice.
They've
got
some
municipalities
have
some
large
supplemental
so
we'll,
hopefully
those
are
coming.
E
The
Actuarial
yeah
he
so
I,
don't
know
I
we
can
I
can
certainly
go
in
and
look
at
what
he
I
think
what
he
generally
does
is.
He
just
looks
at
last
year.
The
prior
years
says
we
should
get
something
about
like
that
again
now
to
what
Renee
was
just
mentioning.
If,
if
the
supplementals
do
come
in
as
they
look
like,
then
you
could
end
up
being
well
over
the
150.,
so
that
may
be
what's
happening
this
year.
Is
that?
E
A
Me
if
I'm
wrong
and
I'm
old,
so
I
forget
things
at
this
point
in
my
life.
The
supplemental,
though,
is
kind
of
a
bonus
coming
in
though
this
is
the
114
is
the
outlay
from
the
city
correct.
B
A
E
No,
this
is
this
money's
not
tied
to
market
returns
or
anything.
This
is
strictly
so
there's
there's
tax,
there's
an
extra
tax
on
for
so
for
firefighters,
on
property
insurance
premiums
within
within
the
district
or
the
the
lines
that
are
being
covered.
That
tax
is
collected
by
the
insurance
company.
They
then
have
to
report
provide
that
money
to
the
state.
The
state
then
says,
if
you
so,
for
instance,
this
is
a
chapter
plan.
E
E
A
A
A
D
D
We
do
budget
for
it
for
insurance
payment,
so
in
this
year's
budget
the
city
budgeted
seventy
thousand
dollars.
It
came
in
at
a
hundred
and
fifteen
thousand,
but
that's
just
an
in
and
out
yeah,
so
we
have
to
record
it
in
the
budget
somewhere.
So
we're
going
to
show
us
over
a
budget
in
that
expenditure.
Category.
F
C
F
E
Then,
for
this
just
a
side
note
for
so
for
police
plans,
there's
an
extra
tax
on
automobile
insurance
premiums
and.
B
E
Obviously
it
was
approved
because
you
have
to
have
that
approved
to
get
the
state
to
send
you
the
premium
tax
dollars
that
we
were
just
discussing.
So
this
is
just
a
copy
of
it
here.
I,
don't
know
if
y'all
I
don't
know
how
you've
typically
done
past
if
you've
gone
through
it
or
it's
just
informational.
Let
you
know
that
it's
there,
so
you
all
can
tell
me
what
you
prefer
here,
but
I.
E
A
B
A
F
E
Okay,
so
a
drop
is
it's
called
deferred
retirement
option
plan,
but
nobody
says
that
so
drop.
Essentially,
what
you
do
is
you
retire
from
this
Divine
Benefit
Plan.
You
still
keep
coming
to
work
every
day
you
still
get
your
paycheck,
your
health
insurance,
so
on
and
so
forth,
but
you
quit
accruing
benefits
as
a
matter
of
fact.
What
we
do
at
that
time.
Is
we
pretend
you're
retiring?
E
So
we
do
all
of
your
calculations
to
determine
what
your
monthly
benefits
can
be
in
retirement,
but
instead
of
sending
that
check
to
you
each
month,
we
put
it
into
a
drop
account
and
then
there's
a
little
bit
of
variance
from
plan
to
plan
it's.
So
it's
planned
specific,
maybe
get
that
drop
account
gets
credited
with
a
guaranteed
percentage
or
very
common
is
just
whatever
the
plant
rate
we're
investing
all
the
plans
assets.
So
whatever
the
returns
of
the
plans
assets.
E
Are
you
just
credit
the
drop
account
with
so
each
month
we're
putting
a
check
in
there.
It's
earning
some
sort
of
credit
interest.
Whenever
you
go
to
retire
fully
retire
separate
service
sail
off
into
the
sunset,
then,
whatever
amount
of
money
is
in
that
account,
you
get
that
as
a
lump
sum
payment
and
then
those
monthly
checks
start
going
to
you
at
that
point
in
time.
So
it's
a
way
to
kind
of
build
a
little
bit
of
extra
cash
right.
E
F
B
Any
other
questions
I
think
I
think
some
of
that's
good,
sometimes
because
people
don't
know,
and
some
people
forget
as
we
get
older
what
to
have
for
breakfast.
Yes,
okay,
moving
on
consider
order
of
the
annual
valuation
report
for
10
123.
E
And
again,
as
as
I
kind
of
we've
kind
of
already
talked
about
it's
it's
the
season
again,
I
mean
that's
just
and
there
is
not
a
requirement
to
do
one
annually.
If
you
remember
prior
discussions,
as
a
matter
of
fact,
a
lot
of
plans
used
to
do
them
every
other
year,
but
what
happened
is
oh
Pedro's
calling
do
you
want
me
to.
I
H
I
C
E
So
as
I
was
saying
yeah
the
we
used
to
do
these
or
you
could
do
them
every
couple
years
you
still
can,
but
some
of
the
annual
requirements,
gasby
requirements,
which
are
government
account
government,
Accounting,
Standards
Board,
there
there's
annual
requirements
and
the
work
became
so
much
on
those
that
there's
not
a
cost
savings
anymore
to
just
doing
an
an
actual
evaluation
every
year,
because
the
the
actuar
is
already
doing
so
much
work
annually
on
those.
So
now
pretty
much
every
plan
just
does
an
annual
evaluation.
E
So
you
you
keep
getting
more
current
information
and
you're,
not
incurring
extra
costs.
We're
used
to
have
some
savings
by
doing
it
every
couple
years,
so
just
a
quick
refresher
there.
So
again
you
don't
have
to
have
one
next
year,
but
I
think
you
all
been
doing
it
manually
for
a
while.
Now
and
most
plans
do
so.
Yeah
does.
B
B
E
Pedro
I,
don't
know
if
you
can
hear,
but
if
you're
in
a
position
to
talk
they're
at
attorney,
update.
I
Yes,
yes,
I'm!
Sorry,
thank
you
Jeremy.
So
really
the
only
thing
I
just
wanted
to
touch
on
was
with
respect
to
legislation
that
we've
discussed
the
last
couple
of
meetings,
but
House
Bill
3.
I
I
I
Met
they
were
going
to
be
going
to
be
with
rules
or
it
has
not
yet
huge,
so
I
think
I
was
kind
of
eagerly
awaiting
what
that's
going
to
look
to
file
a
report
at
some
point
in
December
or
so
obviously
we'll
we'll
be
able
to
look
out
for
that.
We'll
work
with
Jeremy
and
his
team
in
terms
of
maybe
some
some
insight
that
I
think
we
could
Garner.
So
the
State
Board
of
administration
just
to
take
a
step
back
call
this
this
all.
Really.
This
whole
new
law
originated
from
Last
Supper.
I
I
Legislature
really
codified
the
sba's
administrative
policy
policy
back
to
these
peculiary
factors,
right
shortly
after
the
governor
signed
the
bill
of
the
SBA.
Ironically
enough.
I
Policy
that
you
had
in
place,
but
also
you
know,
the
new
law
which
you
just
signed,
which
I
guess,
admittedly,
doesn't
become
effective
months.
July
4.
I
The
governor
the
SBA
responded
with
you
know
this
fund
has
had
you
know
great
performance.
Extremely
reasonable
fees
has
also
similarly
satisfied.
You
know
all
of
the
board's
long-standing
risk,
tolerance
and
thresholds
right
essentially
pointing
to
pecuniary
factors,
and
so
it
seems
like
this.
This
this
law
is
really
geared
more
towards
legislating
intent
rather
than
the
final
decision
or
action
right,
and
so
what
I
mean
by
that
is.
It
seems
that,
like
the
the
ESG
fund,
if
it
chose.
I
I
E
Correct
and
I
I
believe
you
weren't
here
at
the
last
meeting,
so
we
did.
We
discussed
this
and
just
for
your
for
your
knowledge
this.
This
does
have
no
material
impact
on
us,
because
none
of
our
investment
managers
were
making
decisions
based
on
that,
so
they
don't
have
to
change
anything
they're
doing.
We
did
update
our
investment
policy
just
to
reflect
the
language,
but
again
it's
not
impactful
other
than
just
a
stay,
compliant
and,
as
Pedro
said,
we're
hoping
to
get
information
on
the
filing.
E
Our
hope
you,
because
you
have
kind
of
utilized
us
and
you've,
joined
our
trust
fund.
Technically,
you
all
don't
own
any
assets,
you
just
own
a
share
of
the
Florida
municipal
pension
trust
fund.
So
we're
very
hopeful
that
the
trust
fund
will
just
file
the
report
and
that
will
flow
through
to
all
our
members,
because
if
we
had
to
do,
if
you
all
do
one,
it's
gonna
be
the
exact
same
for
all
of
our
members.
So
we'll
see
how
it
goes.
E
Well,
my
guess
is,
you
won't
have
to
do
anything
you'll,
just
we'll
have
to
do
the
work
and
then
just
review
it
well,
whatever
that
looks
like
so,
if
you
had
your
own
individual
invest
like
if
you
went
out
and
hired
your
own
consultant,
which
means
then
you
would,
with
the
consultant's
help
you
all
would
actually
hire
your
own
investment
managers.
You
probably
have
to
do
more
actual
work
as
the
board
potentially
now,
of
course,
they
would
help
you
with
that,
but
in
this
case
hope
I,
don't
think
you're
going
to
have
to.
I
C
B
So
yeah
nothing
left
on
the
agenda,
but
I
just
wanted
to
touch
on
I
think
we
usually
put
the
next
meeting
date
at
the
end
of
the
agenda.
I,
don't
see
that
on
this
one,
it's.
E
B
B
E
E
B
Just
make
sure
the
updated
time
gets.
I
E
And
then
going
forward
I
you
all
kind
of
tell
me
how
you
want,
because
it
was
my
understanding
that,
because
it
is
time
to
set
the
dates
for
2024
in
the
past
is
my
understanding
that
the
city
just
set
the
dates
and
let
you
all
know
and
I
thought.
Maybe
there
was
some
conversation
that
you
all
would
like
to
have
him
I
guess
how
would
you
all
like
to
go
about
setting
the
dates
going
forward.
B
I
think
what
they've
done
in
the
past
is
considered
our
shift
schedule.
Okay,.
E
B
E
B
Needed
it
through
the
attorneys,
okay
and
then
once
they
had,
they,
then
I
think
they
sent
them
to
us
to
make
sure
that
we
were
good.
Okay,.
E
B
E
Okay,
so,
let's
see
so
no
B
shifts
in
a
city
Side
on
the
city
side.
Is
there
any
thing
to
try
to
avoid
for
10
a.m?
Meetings
in
this
room
days,
maybe.
E
E
No
problem
so
we'll
work
on
that
and
somewhere
between
now
and
the
next
meeting,
hopefully
in
the
next
month
or
so
we'll
we'll
disseminate
some
dates
to
everybody.
A
B
A
B
Yeah
well
yeah,
because
just
doing
the
link
from
what
you
guys
sent
the
error,
I
got
was
that
my
emails?
Not
in
your
point,
the
league
SharePoint,
that's
what
mine
said:
yeah
like
an
authorized
email
in
your
SharePoint.