►
Description
No description was provided for this meeting.
If this is YOUR meeting, an easy way to fix this is to add a description to your video, wherever mtngs.io found it (probably YouTube).
C
C
The
next
two
meetings
you
all
already
had
on
the
books
work
and
then
we'll
kind
of
talk
about
how
we
want
to
pick
meetings.
Yeah,
maybe
we'll
touch
on
that
at
our
next
meeting,
okay
kind
of
what
how
we
want
to
address
that,
but.
C
A
D
B
C
C
B
C
E
D
B
C
C
E
B
And
Jeremy
I
don't
know
if
you
want
to
do.
We
want
to
do
a
roll
call,
I'd.
C
Be
happy
to
yeah
chair
Neiman,
here
secretary
Cerrone
trustee
Grimes
here
trustee
Mahoney
trustee
saraki
here.
Do
you
have
a
quorum.
D
B
C
Okay,
let's
see
so
the
information
I'll
go
over
will
be
as
of
March
31st
I'll
go
over
the
dollar
amounts
first,
beginning
balance
for
the
quarter
was
just
sick
under
8.6
million
it's
68
000
contributions
come
in
another
good
earnings,
quarter
up
282
000
paid
out
twenty
one
thousand
eight.
Fifty
three
in
distributions
Gary.
D
D
E
C
So
I
had
just
under
6
000
in
expenses,
so
your
ending
balance
was
eight
million
922
000
84.68
and
then
let
me
scroll
real,
quick.
We
just
the
following
couple
pages:
are
the
accounting
of
that
as
usual
and
goes
through
your
recurring
payments
as
well
onto
the
next
page,
so
any
questions
just
dollar
related
or
accounting
related
before
we
talk
about
the
Investments
themselves,.
C
Okay,
so,
as
I
already
alluded
to
another,
really
good
quarter
of
3.3
percent
for
the
quarter,
which
puts
us
up
9.39
for
the
fiscal
year,
so
we've
continued
to
see
a
really
strong
rally,
an
unexpected
rally,
but
a
much
needed
rally
right.
We
we're
we're
in
a
very
interesting
market
and
I,
don't
even
want
to
say
cycle,
but
a
market
environment.
Really,
if
you
go
back
the
last
couple
years
right,
we
had
coveted
kind
of
kicked
it
all
off.
C
Where
you
had
a
huge
Market
dip
in
the
matter
of
just
a
couple
weeks,
then
you
saw
a
fierce
rebounds
and
then
you
saw
a
huge
rally
in
20
fiscal
year,
21
one
of
the
best
years
on
record
and
then
fiscal
year,
22
one
of
the
worst
years
on
record
and
I.
Think
you
know
coming
out
of
that.
C
There
was
an
expectation
that
we
were
probably
going
to
be
in
for
a
slow
grind
for
a
couple
years
or
so
and
to
our
pleasant
surprise,
we've
seen
a
really
strong
rally
so
that
you
know,
as
we
sit
here
today,
April
was
probably
up
give
or
take.
Maybe
a
half
a
percent
May
took
most
of
April's
gains
away.
So
far,
June's
been
positive,
especially
in
the
last
last
week
we
saw
a
good
rally.
C
I
have
not
seen
what
the
Market's
done
this
morning,
how
it's
opened
up,
of
course,
how
it
opens
has
no
bearing
how
it
closes
for
the
day.
But
as
we
sit
here,
there's
a
you
know:
we're
probably
sitting
up
over
10
percent
for
the
fiscal
year.
So
again,
we've
made
back
what
we're
down
a
little
over
13.
C
so
made
back
a
huge
portion
already
of
what
was
taken
from
us
last
year,
so
really
enjoying
that
strong
rally
and
amazingly
enough,
even
though
there's
some,
you
know
I
think
there's
a
lot
of
dark
clouds,
leaning
over
us
just
on
the
the
micro
level
right
at
our
own
personal
costs
of
living.
Even
though
inflation
is
coming
down,
it's
not
gone.
It's
still
there.
Everybody
knows
that
things
are
very
challenging
there.
C
You
know
there's
been
some
layoffs
in
the
tech
sector
which
quite
often
can
kind
of
lead
the
way.
So
there's
some
things
that
don't
look
so
great
for
the
general
economy,
but
when,
when
you
take
a
look
at
the
market,
there's
actually
some
positive
still.
So,
even
though
we've
seen
this
rally
and
it
kind
of
makes
you
scratch
your
head
in
a
good
way
talking
with
a
consultant
over
the
plan
and
some
of
our
investment
managers,
they
think
that
there's
still
a
positive
outlook
that
we
continue
to
can
continue
to
see
more
growth.
C
There's
still
some
looming
issues
out
there,
of
course
right
as
the
what's
the
FED
going
to
do
with
interest
rates
it
finally
held
off
in
their
June
their
meeting
last
week.
But
there
is
some
kind
of
wondering:
could
there
be
any
other
one
or
even
two
rate
hikes
this
year?
And,
of
course,
that's
going
to
depend
upon
what
happens
with
data
as
it
comes
out
as
it
relates
to
inflation
and
as
it
relates
to
our
consumers,
still
spending
and
as
long
as
consumer
spending
is
still
up
right.
C
That's
going
to
make
it
hard
for
pricing
to
come
down
so
we'll
have
to
see
how
that
goes.
Is
the
labor
market
continue
to
stay
strong
because,
even
though
I
said,
we've
seen
a
lot
of
layoffs
in
the
tech
side
of
things?
If
you
look
at
the
big
picture,
at
least
from
a
data
standpoint
now
you
can
question,
there's
questions
about
reporting
and
how
they
go
about
that.
But
it's
the
the
numbers
they're
taking
a
look
at
are
still
very
strong
right.
There's,
there's
still
more
jobs
than
supposedly
people
looking
for
jobs.
C
C
But
if
you
kind
of
come
back-
and
you
look
at
this
report-
and
you
look
at
where
we
sit
here
today-
stalking
talking
strictly
the
pension
fund
itself,
there's
actually
a
lot
of
good
things
happening.
So
we're
really
happy
with
that.
I'll
stop
there
and
that's
that's
kind
of
just
an
overview
of
things.
If
you
want
me
to
talk
about
any
specific
portfolios,
more
in
depth,
be
happy
to,
or
if
you
have
any
general
questions
happy
to
answer
them.
B
Okay,
has
there
been
any
discussion
about
how
the
positives
are
going
to
affect?
Maybe
our
contribution
rate
next
year.
C
Well,
certainly,
yeah
no
right,
it
took
a
huge
hit,
as
we
talked
about
last
meeting
yeah.
No.
If
this
continues
on
in
in
contrary
to
what
we
saw
last
year,
we
should
see
a
really
nice
Improvement.
Now,
just
as
a
refresher
we
to
get
back
to
where
we
were
everything
else
being
equal,
we
can't
just
make
back
what
we
lost,
because
we
were
down
over
13
percent,
but
we
had
a
target
of
I.
Think
it
was
I.
Can't,
remember,
I,
think
you
all
are
at
seven
or
is
it
6.75
now?
C
Okay,
so
we
so
we
didn't
miss
the
we
didn't
just
miss
by
13.
We
actually
missed
by
almost
20
percent
right
or
probably
at
right
about
20..
So
we'd
have
to
have
a
20
rally
this
year
to
get
right
back
to
where
we
were.
So.
If
we
have
a
10
rally,
you
know
if
the
the
year
ended
today,
we
again
everything
else
being
equal
we'd
make
about
half
of
that
back.
Essentially,
that
short
fall.
So
we
cut
into
half
of
the
increase
from
last
year.
C
So
but
yes
certainly
we're
on
a
good
Pace
to
to
start
working.
That
back
down
it,
just
it
takes
more
than
unfortunately
what
you
lost
to
get
back
to
where
you
were,
and
that's
kind
of
the
old,
the
old
adage
or
the
old.
The
way
math
looks
if
you,
if
you
lose
10
one
year
and
you
make
10
back
the
next
year,
you're
not
back
to
where
you
were.
You
actually
are
still
down
some.
C
So
it's
it's
very
important
and
that's
how
we-
and
this
is
maybe
I-
don't
know
if
you
all
want
to
get
into
this,
but
maybe
a
good
conversation
for
another
time.
But
we
the
way
we
look
at
the
Investments
is
we're
first
more
concerned
about
in
protecting
Capital.
So
in
other
words,
we
want
to
outperform
in
a
down
Market
we're
not
so
concerned
about
outperforming
in
an
up
market
right,
because
there's
more
value
in
protecting
in
troubled
times
than
there
is
in
trying
to
achieve
maximum
returns
in
the
up
years.
D
B
Next
item
is
the
to
accept
the
audited
pension
fund
financial
statement
for
fiscal
year.
9
30
22.
A
Hi
everybody
John
Hauser
here
with
Wells
Houser
and
schatzel,
the
independent
Auditors
for
the
city,
as
well
as
the
firefighter
pension
plan
for
9
30
22,
the
pension
board
elected
to
not
have
a
separate
report.
We
did
a
separate
report
in
9,
30
21.
and
the
agenda
packet.
There
were
just
two
pages
in
there:
the
changes
in
net
assets
and
the
statement
of
net
assets
and
what
I've
done
is
I've
printed
out
some
additional
information
that
kind
of
extracts
from
this
150
page
document
the
items
that
primarily
relate
to
the
pension
plan.
A
The
first
item
is:
what's
called
required:
communication
to
the
board
indicating
we've
completely
audited
the
city
which
includes
the
the
plan.
As
far
as
note
disclosures,
the
most
significant
one,
of
course,
is
note
I
dealing
with
all
the
retirement
plans,
but,
of
course,
with
the
firefighters
pension
plan.
It
includes
information
in
accordance
with
governmental,
Accounting,
Standards,
Board,
67
reporting
for
pension
plans.
It's
got
the
net
pension
asset
and
liability
change
in
the
net
pension
liability
or
asset
comparison
of
net
pension
liability
asset
use,
an
alternative
discount
rates.
I
believe
you
are
6.75.
A
Now
that's
down
from
seven
percent,
which
is
in
this
9
30
22,
as
well
as
the
long-term
expected
rate
of
return.
We
had
no
significant
difficulties
in
dealing
with
management.
During
the
audit
we
had
proposed
no
journal
entries.
The
journal
entries
were
prepared
by
the
city
and
we
had
no
disagreements
with
management.
So,
overall,
no
issues
to
report.
A
We
have
issued
our
report
for
the
city
and
the
fire
Pension
Plan.
It's
an
unmodified
opinion
that
the
the
numbers
represent
the
statement
of
position
and
net
assets
at
9,
30
22.,
page
28
is
the
first
financial
statement
for
the
plan.
A
Statement
of
fiduciary
net
position,
the
total
assets
decrease
from
9.
about
9.3
million
to
a
little
over
8.1.
That's
your
13
decline.
You
were
talking
about
for
the
year,
whereas
you
hope
to
have
6.75
increase
liabilities
aren't
significant.
The
city
does
have
an
advanced
contribution.
They'll
utilize
during
this
9
30
23
fiscal
year
that
actually
increased
for
the
year
and
the
due
to
share
plan
has
gone
down
due
to
the
market
conditions
as
well
as
a
prior
year
payout,
and
that
position
is
a
little
over
7.4
million
dollars.
A
Page
29
is
the
changes
in
the
net
position.
The
overall
the
additions
wound
up
being
a
negative
916
000
due
to
the
investment
return
loss
for
the
year.
One
point:
a
little
over
1.1
expense
is
about
the
same.
The
benefit
payments
decrease
because,
as
I
said
in
2021,
there
was
a
share
plan
payout
to
one
of
the
participants.
A
Administrative
charges
were
up
about
five
thousand,
still
not
significant
as
far
as
overall
expenditures
go,
but
there
was
a
decrease
in
the
net
position
of
a
little
over
a
million
dollars
that
really
being
like
I,
say
the
market
conditions
where
you
just
had
a
horrible
year
as
far
as
returns
go
in
2022
and
as
Jeremy
indicated
so
far,
so
good
for
2023
in
the
the
the
notes,
Pages
31
and
32
and
48
through
52,
and
those
are
really
the
notes
that
pertain
primarily
to
the
plan.
A
Page
31
talks
about
a
basis
of
accounting,
page
32
talks
about
the
fiduciary
funds.
You
know
those
are
not
assets
available
for
the
city,
they're
excluded
from
the
city
financial
statements
they're
only
presented
as
a
fiduciary
fund
within
the
statements
on
page
28
and
29
assets
not
available
for
the
city.
Those
are
set
aside
for
pension
benefits,
page
48
at
the
bottom
of
page
48,
you'll,
see
firefighters,
retirement
pension
trust
fund
starts
the
disclosures
page.
49
talks
about
basis
of
accounting
method
used
value.
A
The
Investments
page
50
has
the
membership
of
the
plan,
deferred,
inflows
and
outflows,
the
amortization
of
those
items
and
the
net
pension
asset
liability
and
the
change
in
that
net
pension
asset
or
liability
for
years
you'd
had
the
plan
was
actually
over
funded
due
to
the
return
on
investment
being
negative
for
first
time.
In
a
while,
we
now
have
a
net
pension
liability
that
is
resulting
in
the
plan
being
90
percent
funded
at
9,
30,
22.,
page
51,
some
of
the
assumptions
and
arriving
at
the
value
as
well
as
this
discount
rate.
A
If
the
rate
was
one
percent
more
one
percent
less,
it
would
affect
that
net
pension
asset
or
liability.
If
it's
at
seven
percent,
if
it
went
to
eight
percent
you'd
wind
up
with
a
with
a
net
pension
asset.
Again,
of
course,
if
the
market
went
down
and
wound
up,
only
being
six
percent,
you'd
have
a
larger
liability,
page
52,
Target
asset
allocation
and
then
a
summary
of
the
ordinances.
A
The
city's
adopted
that
you
know
affects
the
plan
as
far
as
benefits
or
requirements,
page
63,
64
and
65
kind
of
gives
10
years
of
information.
As
far
as.
A
What's
the
liability,
the
net
pension
asset
or
liability,
and
you
can
see
that,
aside
from
2019
and
2022,
the
plan's
been
overfunded
or
funded
in
excess
of
100
percent
and
usually
those
instances
where
it
does
go
to
a
liability,
have
been
direct
market
conditions.
You
know
decline
in
Investments,
page
64
shows
the
net
pension
asset,
liability
changes
and
funded
percentages.
It
was
90
percent
in
2022
and
99
in
2019,
but
every
other
period
presented
was
over
a
hundred
percent
funded.
A
B
A
C
C
So
here's
a
just
an
update,
obviously
of
where
your
expenses
stands
so
we're
to
this
point.
We,
our
expenses,
are
quite
a
bit
lower
than
you
than
the
budget
that
was
approved
for
this
year.
Just
as
a
reminder,
we'll
we'll
be
doing
our
budget
for
next
year.
At
the
next
meeting,
budgets
and
I'll
say
this
again
at
the
next
meeting
budget's
I.
C
Don't
know
that
it's
the
right
terminology,
really
it's
just
an
estimation
of
what
you're
expending
of
what
you
expect
to
spend
you're,
not
actually
setting
specific
dollar
amounts
aside,
and
you
can
only
use
this
and
it's
just
a
again
it's.
This
is
what
our
best
guess
is.
What
we
think
are
expenses
will
be
typically,
we
overshoot
a
little
bit
have
a
little
extra
buffer
in
there
and
that's
because
if
we
end
up
spending
more
than
we
put
in
our
budget,
it's
completely
fine.
C
It
just
means
we
come
have
to
come
back
at
the
end
of
the
year
and
make
an
amendment
so
in
a
in
order
to
avoid
that,
usually
we
make
sure
we
have
a
enough
buffer
in
there
to
cover
any
unexpected
expenses.
But
for
the
moment
you
can
see
halfway
through
the
year
where
our
our
expenses
are
actually
quite
a
bit
lower
than
expected.
But.
B
B
C
B
C
Okay,
chairman,
if
I
may
I,
don't
want
to
steal
the
attorney's
Thunder,
because
I
believe
he's
going
to
talk
about
House
Bill
3,
which
is
what
impacted
this
so
might
be
easier.
If
I,
let
him
go
first,
Pedro
I,
don't
want
to
steal
your
thunder,
so
I'll
I'll
just
wrap
it
up
on
our
end,
when
you're
done,
if
that's
works,
that's.
B
E
Guys
want
me
to
go
now,
yeah,
absolutely
so
just
so.
How
spell
three?
We
we
spoke
about
it
at
the
at
the
last
meeting
in
in
March
and
and
obviously
with
the
expectation
was
that
it
would
be
passed
and
it
would
ultimately
become
law,
and-
and
that
is
what
happened
it
was
passed
by
the
legislature
signed
by
the
governor.
E
It
technically
does
not
become
effective
until
July,
first,
so
a
few
weeks
from
now,
but
nonetheless,
obviously
it
is
something
that
we
should
be
aware
of,
and
certainly
you
know
just
just
ensure
compliance
right,
even
though
we're
not
exactly
certain
what
that
means
right
now,
but
so
so
how's
Bill,
three
taking
a
step
back,
essentially
amends
the
definition
of
a
fiduciary
right
and
so
now,
whereas
I
think
we're
all
familiar
with
kind
of
the
the
Arista
definition,
the
more
traditional
definition
in
terms
of
acting
solely
in
the
best
interest
of
participants
and
beneficiaries,
while
defraying
reasonable
expenses.
E
This
adds
now
kind
of
a
third
piece
to
that
and
requires
that
investment
allocations
or
proxy
voting
decisions
be
made
with
the
sole
consideration
as
pecuniary
factors
quote
unquote,
and
although
it
certainly
would
have
been
helpful
to
define
a
pecuniary
factor,
it
I
think
it
attempts
to
do
so,
maybe
by
exclusion,
and
so
it
goes
on
to
provide
that
the
furtherance
of
any
type
of
environmental,
political,
sociological,
ideology
or
goal
is
expressly
prohibited
right
and
so
the
the
thought,
the
original
thought
was
that
this
is
really
geared
towards
the
ESG
moniker.
E
If
you
going
back
to
last
summer,
if
you
guys
recall,
there
was
a
bit
of
a
back
and
forth
between
the
State
Board
of
administration,
which
is
a
Board
of
Trustees,
similar
to
yourselves
right.
It's
composed
of
the
governor,
the
state's
Chief,
Financial,
Officer
and
then
a
third
appointee
of
the
governor,
and
they
are
in
charge
of
primarily
its
deforded
retirement
system
is
the
largest.
You
know,
asset
pool
that
they're
responsible
for
but
they're,
also
in
charge
or
or
authorized
to
administer.
E
State
529
accounts,
unclaimed
property
and
other
asset
pools
for
for
the
state,
but
but
primarily
really
it's
it's
Florida
retirement
system,
composes
the
majority
of
the
assets,
and
so
there
was
a
bit
of
a
back
and
forth
between
the
SBA
and
BlackRock
specifically,
and
the
the
thought
was
that
BlackRock
utilized
ESG
as
part
of
its
not
only
investment
process
but
also
when
it
was
Voting
proxies
right
for
for
a
specific
shareholder
action
and
a
like
for
the
for
the
companies
that
it
owns
right
and
so
at
a
policy
level
at
administrative
level.
E
They
they
adopted
this
pecuniary
factors,
policy
and
ultimately
divested
I
forget
the
amount,
but
but
it
was
essentially
a
low
interest,
yielding
cash
equivalent
account
right.
So
they
move
that
money
away
from
Blackrock
in
light
of
Disney
policy,
so
fast
forward
to
this
most
recent
legislative
session
a
few
months
ago,
and
essentially
that
policy
was
codified
into
the
statute
that
we
have
now
right
into
the
statutory
amendments
that
we're
that
we're
discussing.
E
So
it's
you
know
it
will
require
some
some
extra
hoops
and
hurdles
administratively
that
the
board
would
have
to
go
through.
Excuse
me,
but
I
think,
ultimately,
this
board,
you
know
obviously
very
similar
to
I,
don't
know
99.9
of
my
other
Pension
funds.
Practically
speaking.
Doesn't
this
this
shouldn't
affect
us
right,
I
mean
I,
don't
think
we've
ever
had
a
discussion
about.
E
You
know
trying
to
invest
with
with
anything
other
than
taking
a
look
at.
You
know,
what's
going
to
make
us
the
most
money,
while
while
you
know
obviously
providing
the
the
the
risk
metrics
that
that
were
that
we're
comfortable
with
right
and
so,
however,
administratively
for
example,
we
will
have
to
file
a
bi-annual
report.
So
once
every
two
years,
the
first
of
which
is
due
this
year,
December
15th,
we
don't
know
what
that
report
looks
like
yet.
But
hopefully
you
know.
E
Part
of
the
statute
also
requires
that
the
division
of
retirement
issue
guidance
so
hopefully
we'll
get
that
we'll
get
that
direction
from
the
state
sooner
rather
than
later,
so
that
we
can
so
we
can
ensure
that
we're
we're
all
on
the
same
page
and
then
we're
we're
complying
with
the
statute
as
intended.
E
But
it
has
some
pretty
far-reaching,
tentacles
in
in
a
lot
of
respects
and
so,
for
example,
any
agency
in
the
state
that
has
the
capability
to
issue
bonds
right,
so
cities
counties
fire
districts,
special
taxing
districts
right,
they
would
be
subject
to
this
new
fiduciary
standard,
so,
for
example,
green
bonds
that
have
been
very
popular
amongst
municipalities
in
the
last
several
years
would
would
likely
be
prohibited
under
this
new
statute.
E
Similarly,
in
procurement
right,
many
procurement
policies
for
for
agencies
will
have
special
considerations
or
grades
right
for
let's
say
locally
owned
businesses
or
or
minority-owned
businesses,
and
so
these
kinds
of
considerations
would
seemingly
be
impermissible.
Based
on
this
new
statute,
Banks
and
Trust
companies
in
the
state
that
custody
public
assets
right,
they
would
be
subject
to
this
new
fiduciary
requirement
as
well,
their
their
they're
charged
with
being
regulated
as
a
qualified
public
depository
and
so
with
respect
to
their
short-term
investment
vehicles
or
their
sweet
vehicles
and
how
they
manage
their
deposits.
E
They
would
likely
be
affected
by
this
as
well.
So
so
you
can
see
where
you
know
it's,
it's
pretty
extensive
it.
It
touches
a
lot
of
different
aspects.
E
You
know
of
of
being
a
fiduciary
in
public
assets,
but
but
interestingly,
when
you,
when
you
think
about
you,
know
what
our
thought
was
in
terms
of
what
this
law
was
was
really
attempting
to
to
I
guess
regulate
shortly
after
the
law,
passed,
I
received
a
an
email
from
from
an
investment
manager,
and
it
was
a
you
know.
E
It
was
an
article
in
a
kind
of
a
widely
publicized
periodical
in
the
in
the
investment
World
and
and
the
focus
was
essentially
that
the
Florida
retirement
system
had
made
a
fairly
large
commitment
to
a
BlackRock
ESG
fund,
and
so
naturally
that
raised
a
lot
of
questions.
E
You
know,
obviously,
not
only
in
light
of
the
the
administrative
policy
where
this
kind
of
All,
Began
and
and
really
it
was
it
was
the
you
know
specifically
directed
at
BlackRock
seasonally
and
then
obviously,
the
new
law
that
had
just
passed
and
it
had
been
signed
by
the
governor
and
I
think
the
response
from
the
governor's
office
was
was
telling
in
that.
E
Essentially,
the
response
was,
this
is
a
good
fund
and
it
makes
us
a
lot
of
money
right
and
so
seems
as
though
the
new
Amendment
or
the
new
statute
is
really
geared
towards
legislating
intent
more
so
than
the
actual
decision
right
which,
which
I
think
is
beneficial
in
the
sense
that
it
doesn't
doesn't
necessarily
remove
any
options
from
the
table
right.
E
So
it
seems
as
though
the
the
board
and
honestly
any
fiduciary
can
invest
in
whatever
it
is
that
they
want
to
invest
whether
it's
an
ESG
fund
or
not,
but
the
reasons
that
it
employs
or
that
it
considers
to
make
that
investment
cannot
be
anything
other
than
these
quote.
Unquote.
Pecuniary
factors
right
so
you're,
looking
at
price
and
performance
and
standard
deviation
and
Alpha
and
beta
right
all
those
metrics
that
are
that
are
included
as
part
of
your
performance
books.
E
That
needs
to
be
the
consideration
right
and
then
you
can
invest
in
whatever
you
want.
It
would
be
impermissible,
however,
to
potentially,
you
know,
invest
in
in
something,
because
you
know
it's
going
to
help
global
warming
or
you
know
we're
going
to
save
the
whales
or
we
want
to.
We
want
to
protest
against
guns
and
violence,
and
so
we,
we
kind
of
divest
from
arms
manufacturers
or
bullets
right,
so
those
kinds
of
considerations
would
likely
be
impermissible.
E
But
if
you're
reasoning
or
your
justification,
your
basis
for
investing
in
something
is
a
pecuniary
factor
that
I
think.
Ultimately,
what
you
invest
in
will
not
matter
right,
so
you
know
again
clear
as
mud
I'm
sure,
but
but
I
think
you
know
some
of
the
thoughts
that
we've
been
having
and
I
think
this
is
kind
of
where
Jeremy
was
was
going
to
pick
up.
E
Is
you
know,
essentially
revising
the
investment
policy
statement
to
to
include
language
now
that
that
will
track
the
the
statute
right?
So
it'll
it'll
obviously
refers
to
the
the
acting
solely
the
best
interest
of
participants,
the
beneficiaries,
but
then
it
also
include
this.
This
pecuniary
factors
consideration
language.
E
Similarly,
if
the
board
is
going
to
make
any
kinds
of
motions
right
to
have
that
this,
the
verbiage
from
the
statute
kind
of
tracked
as
part
of
the
motion
and
then
we'll
memorialize
it
as
part
of
the
minutes,
you
know
again
for
the
for
the
plans
records.
So
these
are
some
of
the
thoughts
that
we've
been
having
and
discussions
we've
been
having
with
you
know,
other
colleagues
and
League
of
cities
and
some
other.
You
know
consulting
firms
and
things
like
that.
E
But
but
ultimately
I
think
you
know
the
thought
is
we
just
want
to
see
what
the
report
looks
like
see,
what
guidance
we
get
from
the
state
and
then
you
know
Circle
back
obviously
with
the
board
and
just
and
Jeremy
and
his
group
and
his
team
just
to
make
sure
that
we're
we're
complying,
obviously
and
and
that
we're
we're
providing
the
right
required
disclosures
or
reports
that
that
the
state
needs
you
know.
So
it's
it's
a
bit
of
a
movie
Target
right
now,
but
but
just
to
kind
of
keep.
E
Let
you
know,
obviously,
that
it's
out
there
and
we're
aware
of
it,
and
you
know
we'll
we'll
keep
you
guys
posted
in
terms
of
how
how
we
need
to
to
comply
in
order
to
stay
to
stay
in
the
good
graces
of
the
Department
of
Management
Services.
E
Okay
and
then
the
only
other
item
I
wanted
to
touch
on
really
was
just
to
remind
you.
Your
financial
disclosure
forms
those
form
ones.
We
all
love
completing
they
are
coming
up.
They
are
due
July
1st.
E
So
if,
if
you
have
an
opportunity
to
kind
of
take
that
off
your
plate,
certainly
encourage
you
to
do
so
recall
you
can
you
can
email
them
now
which
which
I
think
you
know,
makes
it
a
lot
easier
and
and
it's
the
supervisor
of
elections
office
in
the
county,
where
you
reside
right,
so
whether
it's
Pinellas
County
or
somewhere
else,
but
you
can,
you
can
just
go
on
the
on
the
supervisor.
E
Elections
on
their
website
and
they'll
have
an
email
that
you
send
it
into
or,
or
you
know,
I
can.
If
you
want
to
just,
let
me
know
and
I
can
get
that
for
you
guys
it's
not
a
problem
either
and
then,
lastly,
just
to
avoid
any
kind
of
confusion,
there
was
a
bill
that
passed
this
this
most
recent
session,
that's
going
to
require
some
heightened
disclosures,
Financial
disclosures
for
publicly
elected
officials
and
so
going
forward.
E
State
legislators,
city,
council,
members,
cabinet,
State,
cabinets
Judiciary
right,
they're,
going
to
be
filing
next
year,
a
form
six
and
that's
going
to
supersede
the
form
one
that
they've
been
filing,
but
just
for
your
all
information,
and
it
does
not
apply
to
you
so
so
we're
going
to
file
for
one
this
year
and
going
forward
we're
going
to
file
we're
going
to
continue
to
file
form
one.
E
So
just
you
know
just
in
case
you
hear
about
it
is
to
avoid
any
kind
of
confusion
that
does
not
apply
to
to
you
all
as
pension
board
trustees,
even
if
you're
the
the
member
elected
trustee
right.
It's
that
it
does
not.
This
new
bill
doesn't
apply
so
just
wanted
to
for
informational
purposes
more
than
anything
else,
and
that's
it.
That's
really
all
I
had.
E
So
we
can
get
it
to
you
or
if
you
just
Google
form
one
Florida,
it
should
be
the
first
hit
that
comes
up
recall
your
it's.
It's
gonna
say
2022
on
it,
so
you're
always
doing
it
kind
of
a
year
in
arrears.
So
it's
it's
through
the
it's
for
the
year
up
through
December,
you
know
30th
or
29th,
whatever
the
date
is,
and
then
you
file
that
every
kind
of
by
July
1st
and
then
the
following
year
is
the
same
thing.
So
next
year,
you're
going
to
be
filing
for
2023.
E
So
but
but
I
can
you
know
if
Jeremy
Jeremy
I'm
sure
can
get
it
to
you?
I
can
get
it
to
you.
You
know,
however,
you
whatever
is
easier.
D
E
Okay,
so
so
I
wouldn't
I
think
you're.
Okay,
you
don't
have
to
file
a
second
one.
Okay
by
any
chance
that
I
doubt
you
did,
but
there
would
you
know
they
have
a
line
on
that
form,
one
that
says
it's
basically
asking
why
you're
filling
out
the
form
right,
whether
you
know
so,
you
put
I'm
guessing
you
put
in
Oldsmar
code
enforcement.
E
Okay,
it's
okay!
So
no!
The
answer
is
you
only
have
to
file
one
okay,
you
know
so
so
I
think
you're.
Okay,
you
don't
have
to
next
year.
When
you
do
it,
you
know
assuming
that
if
you're
still
kind
of
filing
for
multiple
entities
just
put
both
of
them,
you
know
or
or
you
know,
however,
many
on
that
line-
you
could
write,
you
know
Oldsmar
firefighter
pension
board
and
the
code
enforcement,
but
but
that's
it,
you
don't
have
to
file
multiple
multiple
forms.
E
E
In
a
certain
way,
but
but
helpful,
so
they
it's
a
daily
fine
up
to
a
maximum
I
think
is:
is
it
1500
or
2500
I
think
it
is
Jeremy,
so
it's
not
insignificant,
but
they'll
typically
wait
until
September
one
to
kind
of
assess
the
full
Freight
you
know
so
so,
historically
as
long
as
you
get
it
in
by
the
end
of
August,
you
should
be
fine
in
terms
of
avoiding
a
penalty,
but
but
obviously
you
know
I
can't
technically
speaking
their
due
July
first.
E
So
if
we
can
get
it
in
sooner,
that's
that's
definitely
what
we
want
to
do.
B
Any
other
questions
for
Pedro.
Thank
you
did
you
want
to
go
over
if.
C
C
C
Secondly,
we've,
of
course
this
this
was
not
a
bill
that
snuck
up
on
anybody.
It
was
well
talked
about
for
a
long
time
last
year,
so
we've
been
monitoring
and
keeping
on
top
of
it
and
talking
with
our
investment
managers
and
Consultants
throughout
the
process
and
I'm
happy
to
report,
as
Pedro
already
alluded
to
again,
it
should
not
have
any
practical
impacts
at
all.
None
of
our
investment
managers
were
making
any
sort
of
decisions
trades
buying,
selling
based
on
any
factors
other
than
what
is
in
the
best
financial
interest
for
the
pension
fund.
C
So
it's
not
going
to
change
how
they
go
about
doing
their
business.
So
that's
good.
The
only
other
thing,
I'll
just
add
on
the
reporting
side.
Again,
we
are
waiting
to
see
what
that
looks
like
best
case
scenario,
so
you
all
actually
as
in
hopefully
you
all
agree
this.
This
actually
makes
it
a
lot
easier
for
you
all
versus
some
other
boards
that
are
not
part
of
the
Florida
municipal
pension
trust
fund.
Technically
you
all
just
own
shares
of
the
pension
fund.
C
You
don't
actually
directly
hold,
have
any
Holdings
of
companies
or
bonds
or
anything
and
any
sort
of
assets
at
all.
So
we're
hopeful
that
that
just
translates
to
that
we
have
to
do
one
filing
for
the
trust
fund
itself
to
the
state,
and
you
all
don't
have
to
do
anything.
That's
that's
fingers
crossed,
but
we're
we're
thinking
worst
case
scenario,
although
you
never
know,
is
that
we
may
have
to
just
have
each
board.
I
may
have
to
bring
that
to
you
at
the
end
of
the
year
review
it.
C
C
Don't
expect
that
there's
any
real
work
or
anything
you
all
are
going
to
have
to
do
it's
just
how
much
do
we
have
to
do
on
our
end
and
whether
or
not
I
even
need
to
bring
anything
to
you
or
we
just
do
it
for
the
pension
fund,
and
that
covers
everybody,
so
we're
still
waiting
to
see
but
we'll
our
expectations,
we'll
probably
have
to
do
most
of
the
heavy
lifting
on
your
all's
behalf
which
I
I'm
going
to
trust
you're,
not
too
upset
about.
Thank
you
so.
C
B
C
E
Think
I
I
think
just
you
know,
just
in
light
of
everything,
that's
going
on
I
think
you
know
it's
the
leave
it
on
the
day,
job
yeah.
We
should
have
a
motion
just
to
keep
it
safe,
just
to
approve
the
the
revised
investment
policy
statement
as
as
discussed
in
that
way.
We'll
just
have
it
as
part
of
the
record
and
reflect
that
we
discussed
it
and
again
it's
in
the
interest
of
just
dotting
our
eyes
and
crossing
our
teeth.
D
D
B
C
Next
date,
September
27th
at
10
A.M,
so
the
the
rest
of
this
year
and
probably
at
the
next
meeting,
we'll
maybe
talk
about
dates
for
next
year
or
how
we
want
to
go
about
that.
But
for
this
year
the
me
the
two,
the
next
two
meetings
that
you
all
already
had
scheduled
actually
work
out.
Well,
so
the
only
thing
we
did
and
that
was
per
the
board's
request-
was
we
just
moved
them
from
two
o'clock
to
10
A.M.