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B
B
So
this
is
caroline
quill.
I
just
wanted
you
guys
to
meet
her
she's
she's,
a
new
associate
with
our
firm
I've
dragged
her
along
to
a
bunch
of
my
meetings,
so
she
sees
that
what
we
do
is
actually
somewhat
real.
A
A
B
D
B
A
All
right,
I
could
do
that
chair
neiman
here.
D
You
thank
you.
Second
item
on
our
list
is
the
presentation
of
the
quarterly
plan
investment
from
september
30,
21.
C
Sure
page
seven,
which
looks
like
is
also
up
on
the
screens.
So
all
the
information,
as
was
just
stated,
will
be
as
of
september
30th,
which
also
is
your
fiscal
year
end,
as
you
all
know
so,
kind
of
the
important
numbers
for
the
year
or
in
here
your
beginning,
balance,
as
you
can
see,
is
just
over
9.3
million
83
000
in
contributions
came
in.
We
did
see
a
little
bit
of
an
earnings
decrease
of
66
000
you
paid
out.
C
Seventy
two
thousand
distributions
had
twelve
thousand
expenses,
so
your
ending
balance
for
the
quarter
and
again
for
the
fiscal
year,
nine
million
two
hundred
sixty
thousand
nine
hundred
nineteen
dollars
and
seven
cents.
Then
the
next
couple
pages
would
just
be
the
accounting
for
the
ins
and
outs
of
the
cash
flow
for
the
quarter.
C
So,
even
though,
obviously
as
we
just
noted
there,
there
was
a
little
bit
of
a
decrease
for
the
quarter.
The
fund
was
down
0.7
percent,
but-
and
this
is
a
good
news,
but
but
it
was
a
great
great
fiscal
year
we
were
up
19.42
for
for
the
year,
so
just
an
incredible
year.
Obviously,
the
market
was
kind
of
rocking
and
rolling
for
the
majority
of
the
year
and
we
were
able
to
take
take
advantage
of
it.
C
Our
our
managers
for
the
most
part
had
a
really
good
year.
Actually,
the
only
manager
who
kind
of
had
some
underperformance
was
our
small
mid-cap
manager,
which
is
atlanta
capital
and
then
of
course,
the
irony
being.
Historically,
this
is
the
best
manager
within
the
whole
pension
fund,
and
they
just
now
it's
all
relative,
because
they
still
returned
33.78
for
the
year,
but
there
was
a
little
bit
of
lag
from
the
benchmarks
and
I,
and
that
was
not
new.
C
In
other
words,
kind
of
most
quarters,
there
was
a
little
bit
of
lag,
so
I'm
sure
I
I
touched
on
why
before,
but
just
a
quick,
noting
it
again
is
that
this
manager
is
very,
very
big
on
strong
balance
sheets
and
steady
growth,
and
the
two
biggest
winners
in
this
space
this
year
were
biotech,
which
is
extremely
volatile
and
not
a
space
that
this
manager
plays
much
in.
C
For
that
reason,
but
that
was
the
big
winner
again
as
you
had,
the
vaccines
come
out
and
other
things
related
to
covet,
really
drove
pharmaceuticals
and
the
biotech
space,
and
then
the
other
part
was
what
we
call
loss
leaders.
So
these
would
be
companies
that
maybe
don't
even
didn't,
even
have
earnings
this
year
or
had
had
losses
for
the
year
but
showed
good
opportunity
for
growth.
C
So
all
that
to
say
we're,
extraordinarily
confident
in
what
this
manager
is
doing.
They
didn't
waver
this
year,
which
we're
good
with
and
we
think
going
forward
what
they've
done
in
the
past
that
has
performed
so
well.
We
expect
that
that
will
continue,
because
you
you'll.
B
C
You
know
times
like
that:
well,
not
coveted
times,
necessarily
like
this,
but
you're
going
to
have
market
cycles
where
abnormal
things
lead
the
way
at
certain
times.
But
we
don't
think
that
that's
anything,
that's
obviously
going
to
be
sustainable
so
and
we've
already
seen
in
the
last
little
bit
of
time.
Their
strategy
is
starting
to
be
kind
of
back
in
favor
again
so
really
outside
of
that
it
was
a
great
year
and
even
that
one
little
blip.
C
We
did
see
that
little
bit
of
dip
right
at
the
end
of
september
and
that's
where
we
got
the
negative
quarter,
because
august
and
or
sorry
july
and
august
were
actually
not
too
bad.
We
were
up
and
then
september
knocked
us
back
a
little
bit,
but
then
october
was
a
really
good
month.
C
So
we
we
started
the
year
the
new
fiscal
year
that
we're
in
we
started
off
very
well
and
just
really
up
until
the
last
couple
days
we're
having
a
really
strong
start
now
the
markets
kind
of
hiccup
the
last
couple
days.
C
Obviously,
the
new
variants
got
everybody
a
little
on
edge,
I'm
not
sure
how
that's
going
to
play
out
and
what's
the
fed
going
to
do
with
interest
rates
as
it
relates
to
that
and
then,
as
it
relates
to
inflation,
where
they're
starting
to
admit
a
little
more
that
okay,
maybe
this
you
know
the
big
word
transitory-
that
nobody
ever
really
hardly
used
then
became
a
normal
terminology.
They're
they're,
maybe
backing
off
that.
C
It's
not
quite
as
transitory
and
may
last
a
little
longer,
so
those
are
some
of
the
things
that
are
they're
playing
into
the
market
right
now.
So
the
last
couple
days,
we've
we've
seen
some
pull
back
earlier.
It
was
it
bounced
back
nice
today,
but
then
I
checked
right
before
we
started
and
it
was
up,
but
not
up
as
much
so
looks
like
we
may
be
in
for
a
little
volatility
right
now.
Is
there
some
question
marks
in
the
air?
But
again
you
know
big
picture.
C
C
C
Okay,
one
thing
that
we
did
start
back
in
october
and
I
want
to
make
sure
that,
hopefully,
everybody
got
the
flyer
and,
if
not
make
sure
we
get
make
sure
we
can
get
the
right
info
to
you.
But
back
in
october
we
had
our
first
webinar
with
the
consultant
over
the
plan
very
excited.
This
is
that
is
the
first
one
of
what
we
plan
to
be
ongoing
now
on
a
quarterly
basis.
C
It's
one
thing
to
hear
from
me,
but
I'm
mostly
just
kind
of
regurgitating
what
the
consultants
and
the
investment
managers
are
telling
me,
and
now
that
everybody's
got
a
little
more
used
to
a
little
more
comfortable
doing
zoom
and
the
like.
We
thought
this
was
a
great
opportunity
to
start
doing
webinars
with
the
consultants,
so
you
all
will
have
the
opportunity
on
an
ongoing
basis
to
actually
hear
it
straight
from
the
expert's
mouth.
C
C
That
was
our
first.
That
was
our
first
one.
We
hadn't
done
it
now.
I
mean
we're
going
to
have
ongoing,
did
stephanie
get
anything
to.
C
C
So
in
the
next
couple
weeks
you
should
be
now.
I
just
want
to
make
sure
that
we're
getting
that
to
you
all
so
that
you
can
attend
they'll
be
they're
live,
so
you
can
attend
them
of
course
live.
But
if
it
doesn't
work
out
with
your
own
schedule,
we
will
have
them
posted
on
our
website,
so
you'll
be
able
to
go
back
and
re-watch
at
a
time.
That's
more
convenient
for
you
as
well.
C
C
I
don't
know
that
we've
necessarily
named
it
but
asset
consulting
group
acg.
That
is
the
consultant
for
the
pension
fund,
the
florida
municipal
pension
trust
fund,
which
is
what
you
all
are
part
of.
That's
the
consultant
and
that's
who
you'll
will
be
being
advertised.
I
mean
it'll
come
the
average.
The
flyer
comes
from
us
because
I'm
on
those
calls
kind
of
moderating
them
but
asset
consulting
group
is,
is
who's
going
to
be
making
the
presentations.
C
Yes,
we
didn't
that
one
we
didn't
get
quite
as
early
but
notice,
but
going
forward
we'll
probably
try
to
send
them
out
roughly
about
a
month
ahead
of
time
each
for
each
quarter
moving
forward.
So,
like
I
said
hopefully
in
the
next
couple
weeks,
you
all
should
see
the
next
one
and
then
just
so
on
and
so
forth
from
there.
C
Good,
okay,
those.
B
B
So
it's
really
just
more
of
a
you,
know
kind
of
self-policing
aspect
of
the
statute,
if
you,
if,
if
that
makes
any
sense
it's
so
it's
really
as
a
board
as
a
trustee
in
fulfilling
your
fiduciary
responsibilities,
you
should
seek
education
right,
and
so
you
know,
if
you
do
it,
it's
kind
of
the
honor
system.
You
don't
have
to
formalize
and
say
I
attended
this.
It's
really
just
more
of
you
know.
I
did
this,
and
so
I
I
satisfied
the
statute.
C
And
to
that
point
you,
you
segued
me
to
the
other
item
I
wanted
to
note
on
that
was
that
was
a
perfect
segue,
because
we
are
talking
about
it
before.
That's.
Why
yeah
I'll
slippy,
the
20,
like
the
one
thing
we
get
all
the
time
from
trustees?
Is
we
get
questions
just
like
that?
You
know.
Is
that
educational?
What
counts
as
educational?
Where
can
we
get
education?
C
C
And
so
fortunately,
we've
we've
seen
some
good
growth
on
our
end,
which
is
allowing
us
to
do
some
more
things
and
starting
this
coming
year,
we're
it
looks
like
we're
still
trying
to
finalize
everything,
but
maybe
july
will
be
the
first
one
for
us,
but
we're
going
to
start
hosting,
essentially
a
miniature
school.
C
The
state
one
is
usually
about
three
days
two
and
a
half
days
we're
going
to
mostly
model
that
same
quality
types
of
speakers
cover
the
same
topics
but
it'll,
probably
just
be
you
know
an
afternoon
and
then
a
next
morning,
so
we'll
do
lunches
and
meals
and
try
to
make
it
a
good
experience,
but
we're
gonna
start
offering
that
as
well
and
again
we're
looking
at
next
july.
Probably
for
that,
we
will
be
shooting
out
a
big
flyer
blast
for
that
as
soon
as
we
have
everything
finalized.
C
So
keep
an
eye
out
for
that.
In
probably
january
sometime,
we
should
have
everything
finalized
and
we'll
be
sending
that
out,
won't
be
any
costs
to
attend.
We're,
not
we're
not
charging
anything.
So
just
it
would
just
be
regular.
Whatever
your
travel
costs
and
stuff
that
they're
playing
is
it.
B
C
C
That
is
how
we're
going
to
start
it
out.
I
believe
yeah
I
mean
not
to
say
we
may
not
adjust
at
some
point,
but
no.
C
We
start
talking
about
it,
we
just
assumed
it
would
be
for
for
ours.
You
know,
we've
got
a
pretty
good
size
of
funds,
we
work
with
and
the
amount
of
trustees
as
a
result
of
that.
But,
quite
frankly,
that's
a
good
question.
C
So
we'll-
and
I
don't
know
the
answer
until
I
just
discuss
with
the
higher
ups
but
yeah
pedro
I'll-
let
you
know
if
we
change,
but
for
the
outset
it
would
be
f
and
ptf
members,
at
least
probably
for
the
first
one,
but
anyway
again
just
kind
of
keeping
out
for
that.
D
F
Madam
chair,
the
the
administrative
budget
for
september
30th
2021,
has
been
attached
with
the
actual
expenses
all
the
expenses
came
in
under
budget
and
with
the
ending
results
for
all
administrative
expenses.
For
the
year
was
forty
three
thousand
six
hundred
forty
dollars
and
that's
out
of
fifty
six
thousand
dollar
budget.
So
everything
is
in
line
under
budget
as
expected.
F
F
A
D
F
E
D
F
Okay,
madam
chair,
I've
included
a
letter
that
we
received
from
the
state
of
florida
with
our
we
can't
it
came
back
with
our
annual
report
and
they
have
indicated
they
recommend
that
we
look
at
the
interest
rate
assumption
for
the
the
next
valuation
report.
That's
going
to
be
prepared
and
we'll
probably
have
the
results
in
february,
or
so
I
just
wanted
the
board
to
start
thinking
about
this
and
start
discussing
the
what
interest
rate
assumptions
we
will
be
using
jeremy
langley
has
offered
to
provide
some
guidance
on
that
and
give
us
some
information.
C
Sure
we
have
seen
we've
seen
that
letter,
although,
ironically
not
consistently,
you
would
think
every
plan
that
does
it
goes
a
certain
way
should
all
get
that
letter
they
don't
so
there
seems
to
be
a
little
no
rhyme
or
reason
and
pedro.
I
know
you
work
with
plans
that
aren't
ours
as
well,
so
I
don't
know
you've
probably
seen
the
letter
with
other
plans
potentially
as
well.
I'm
assuming.
B
Yes,
exactly
I
was,
you
know,
I
would
just
reiterate
we,
I
think
you
know
basically
any
I
would
say
the
majority
of
our
plans
received
the
same
letter
effectively.
You
know
calling
for
a
lower
investment
assumption,
although
to
jeremy's
point
not
all
of
them,
which
is
odd.
C
But,
and
so
our
our
thought
would
be,
and-
and
I
have
talked
with
the
consultant-
and
I
have
talked
with
the
actuary
at
this
point
in
time-
while
there
is
a
recommend,
so
I
think
there's
two
different
things
at
play:
there,
the
one
is
the
letter
and
then
one
is
unrelated
to
leather.
What
should
or
should
you
do
the
first
one
just
on
the
letter
aspect,
and
maybe
I
should
let
pedro
actually
weigh
on
in
this
part.
I
think
our
stance
would
be
it's.
It
certainly
is
not
the
idea
of
lowering.
C
It
is
not
a
bad
idea
whatsoever.
The
numbers
they
put
in
there,
I
think,
are
utterly
could
be
utterly
unrealistic
to
drop
to
a
five
and
a
half
percent
assumption
rate
probably
would
be
completely
and
utterly
unaffordable
by
the
majority
of
municipalities
there's.
No,
that
would
be
more.
I'm
not
that's
going
to
be
a
massive
increase
in
cost,
so
I
don't
know
how
strict
a
municipality
is
going
to
have
to
try
to
do
exactly
what
this
letter
says.
The
other
part
is
at
the
end
of
the
day
you
have
consultants,
so
these
are
actuaries.
C
Providing
this
letter.
Well.
Consultants,
who
are
the
actual
investment
experts,
not
the
actuaries,
a
consultant
will
tell
you.
No,
you
know
right
now,
as
of
today,
the
seven
percent
is
appropriate,
in
other
words,
they're
looking
at
long-term
30-plus
year
horizon,
which
is
how
you're
supposed
to
approach
this-
and
they
say
seven
percent
is-
is
what
you
should
assume
and
and
a
little
quick
blurb
to
that.
The
way
they
determine
it
is
not
when
they're
coming
up
with
with
what
the
expected
rate
of
return
would
be
or
the
assumption
rate
it's
not.
C
What
could
we
get
they'll
model
it
out?
They'll
do
everything
and
they
say
what
is
the
most
likely
outcome?
Not
not
what
could
we
do
and
the
most
likely
outcome?
In
other
words,
what
they
actually
legitimately
expect
is
a
seven
percent
average.
So
you
would
have
the
consultant
supporting
you
if
you
wanted
to
stay
at
the
seven
percent
and
not
make
any
changes
again,
that's
as
of
today.
C
Now
something
could
change
in
the
future
and
the
consultant
might
say:
well,
things
are
different
now
and
we
do
think
that
with
this
investment
mix
x
is
now
the
appropriate,
appropriate
assumed
rate
of
return
and
that
day,
there's
a
decent
chance
that
day
might
be
coming,
but
we
haven't
gotten
there
yet,
and
so
I
don't
think
this
letter
from
an
investment
side
is
necessarily
something
that
you
couldn't
argue
about.
If
you
didn't
want
to
change,
and
then
I've
got
a
second
part,
but.
E
C
C
C
C
C
Why
not
right-
and
so
one
thing
you
are
looking
at
is
that
we
are
coming
off
a
historically
great
year,
so,
all
of
again
all
being
equal.
If
there's
no
other
big
changes
that
have
happened,
the
contribution
rate
should
come
down
during
the
next
valuation.
This
is
usually
what
actuaries
will
tell.
You
is
a
great
opportunity
to
look
at
making
any
sort
of
changes
that
might
come
with
a
cost,
because
what
can
happen
quite
often
is
you
have
the
ability
to
instead
of
lowering
the
contribution
rate?
C
C
So
if
the
board
was
interested
in
that,
what
I
would
say
is
you
could
you
could
ask
chuck
the
actual
the
actuary
when
he
runs
the
valuation
this
year?
Hey
also
give
us
a
couple
other
options
as
well,
so
run
it
at
the
seven
percent.
If
that's
what
you
all
want,
but
then
hey
show
us
what
the
cost
would
be
at
6.8,
6.6
6.75.
What
you
know
maybe
give
them
a
couple
different
options.
C
He
then,
when
he
brings
the
report,
you
can
see
what
those
costs
would
be
and
then
you
could
make
a
decision
and
say:
oh
okay,
this
this
looks
like
a
really
nice
time
to
make
a
change,
or
you
know
what
we'd
rather
just
take
the
the
gains
this
year
and
stay
at
the
seven
percent.
So
that's
you
know
in
in
the
board.
You
all
are
are
in
control
of
the
assumption
rate.
That
is
actually
a
hundred
percent
in
your
all's
hands.
You
decide
what
it
needs
to
be.
C
Of
course
you
want
to
keep
in
mind
what
those
costs
associated
with
that
are
because
if
you
pick
an
assumption
rate
that
is
not
affordable,
then
we
have
a
you
know.
Another
spiral
out
of
place,
but
so
that's
that'd
be
my
thoughts
on
the
matter.
If
you
all
have
any
questions
or
pedro
wants
to
weigh
in
on
any
part.
B
There's
just
a
couple
comments,
and
I
mean
excuse
me:
I
agree
with
you
know
with
everything
that
was
said.
Essentially
you
know
all
of
our
majority
of
our
boards
have
gotten
similar
letters.
This
is
not
the
first
time
this
has
happened.
You
know
a
couple
years
ago
the
state
was
kind
of
on
the
same
kick
and
they
were
sending
these
letters
about
folks
lowering
their
assumption
rates.
B
So
you
know,
if
you
recall,
I
don't
know
jeremy
six
seven
years
ago,
maybe
eight
everybody
was
closer
to
eight
percent
eight
and
a
half
percent
and
a
quarter
percent,
and
now
I
would
say
the
average
is
probably
around
where
we
are
seven,
maybe
seven
and
a
quarter
frs
just
lowered
their
rate
also
last
month
I
think
they're
at
six
point.
Six
now
or
six
point
eight.
I.
B
It
they
just
lowered
it,
and
I
forget
now
so
you
know
the
trend
is
certainly
to
lower
the
assumption.
You
know
I
think,
generally
speaking,
we
would
look
for
a
recommendation
from
your
consultant
and
from
your
actuary
to
rely
upon
right.
Is
this
something
we
should
do
and
I
think
everybody
for
the
most
part
just
like
any
other
assumption
right.
It
doesn't
necessarily
mean
that
you're
going
to
change
the
cost
of
the
plan.
B
You
just
kind
of
change
the
financing
terms
right,
so
you
just
kind
of
change,
you're,
paying
more
upfront
and
paying
less
later,
or
vice
versa,
depending
on
the
assumption
and
how
you
know
how
your
experience
correlates
with
with
what
you're,
with
what
you're
expecting
what
your
assumption
is
so
obviously
realizing
that
the
city
is
our
partner
in
this
endeavor.
You
know,
I
think
part
of
the
conversation
should
also
include
the
city.
B
So,
while
obviously
this
board
has
full
purview
and
authority
to
make
the
change
to
the
assumption,
you
know
we're
not
in
a
vacuum
and
I
think
we've
always.
It's
always
been
a
partnership
and
a
kind
of
a
symbiotic
relationship,
so
it
I
would
agree
that
I
think
maybe
the
best
course
would
be,
and
what
many
of
our
plans
are
doing
is
this
year
that
we've
had
such
good
gains
actuarial,
wise
and
so
there's
a
little
bit
of
a
cushion
where
the
the
contribution
from
the
employer
or
the
plan
sponsor
rather
is
going
to
be.
B
Less
plants
have
taken
that
opportunity
to
kind
of
say,
okay.
Well,
we
can.
We
can
make
this
change
without
really
costing
any
more
right.
We're
we're
just
eating
up
into
the
gains,
but
we're
not
costing
more
money
at
this
point
in
time,
whereas
if
we're
forced
to
do
it,
maybe
two
years
from
now
and
we've
had
poor
experience,
it's
going
to
be
a
you
know
much
larger
hit
to
kind
of
make
the
change.
So
I
would.
B
I
would
agree
with
the
suggestion
that
maybe
we
asked
chuck
to
look
at
what
the
plan
would
look
like
in
terms
of
contribution,
increase
or
decrease
compared
to
our
gains
and
see,
if
there's
a
sweet
spot
that
that
we
can.
B
You
know
the
board
feels
comfortable
with
lowering
the
assumption,
taking
advantage
of
the
gains
and
and
the
timing
really
and-
and
you
know,
affording
the
the
city
some
leeway
and
not
kind
of
hitting
them
with
a
big
bill
at
an
inopportune
time,
which
you
know
we
may
need
to
do
at
some
point
in
the
future
right.
So
again,
we
don't
need
to
make
the
change.
B
I
think
it
would
just
be
information
so
that
when
we
meet
with
the
with
the
actuary
at
the
next
meeting,
he's
going
to
have
the
report
and
we're
going
to
go
through
the
report
and
then
he's
going
to
say
this
is
what
the
contribution
would
look
like
with
a
7
with
your
current
assumption.
This
is
what
it
would
look
like
with
a
6.8
assumption,
and
then
you
know
you
can
kind
of
gauge
up
or
down.
B
If
you
want
to
go
to
six
seven
or
six,
seven,
five
or
six
nine
or
you
can
kind
of
play,
I
mean
you
can
play
it.
He
can
give
you
a
rough
estimate
as
to
what
it
would
look
like
and
then
the
board
can
decide,
and
maybe
we
can
have
the
city
you
know
present
at
the
meeting
or
or
you
know,
have
the
information
and
say
what
it
would
prefer
right.
Would
it
prefer
to
hey.
You
know
we'd
rather
take
this
hit
now
as
opposed
to
later
or
you
know.
B
E
E
B
E
And
then
I
guess
the
other
question
is
you
know,
I'm
the
penny,
pincher
of
the
bunch
if
we
move
a
quarter
of
a
point,
what's
the
monetary
impact
to
the
city,
so
if
we
drop
it
from
seven
to
six
and
three
quarters,
what's
it
gonna
be
if
we
drop
it
to
six
and
a
half?
What's
the
actual
monetary
outlay
that
the
city
is
going
to
have
to
do.
B
B
Excuse
me-
and
this
is
what
it
would
be
if
you
lower
by
a
quarter,
point
675
and
then,
if
it's
too
low
right,
if
it's
too
big
of
a
hit
at
675,
then
we
could
say
to
chuck
hey.
You
know
if
we
lower
it
by
a
tenth.
If
we
go
to
six
nine,
what
would
that
be
or
if
we
go
to
six
eight?
What
would
that
be
or
if
675
is
still,
you
know
a
good
number,
we
could
say
well,
you
know,
can
we
lower
to
six
and
a
half?
E
B
Right
right,
so
that's
another!
So
if
we
are
well
above
that's
another
kind
of
wrinkle
in
the
in
the
equation,
if
you
will
so
state
statute
provides
that
for
closed
plans
such
as
ours,
if
you
are
fully
funded
and
they
have
a
definition
under
the
statute
of
fully
funded,
which
is
essentially
if
your
present
assets
can
cover
all
you
know,
current
and
future
benefits
right
under
certain
methodologies
or
assumptions.
B
B
There's
two
so,
but
I
think
by
by
lowering
the
assumption
by
lowering
your
investment
assumption,
you
may
actually,
you
may
get
there
anyway.
So
that
may
be
another
reason
to
lower
your
investment
assumption,
because
then
that
would
that
would
lower
that
funded
ratio
to
a
to
a
point
where
you're
no
longer
fully
funded.
And
you
don't
have
to
worry
about
that
part.
B
Question
it
is
a
talk
to
chuck
question.
Well,
I
mean
talk
to
chuck
in
the
sense
he's
going
to
give
you
the
numbers,
but
I
can,
and
if
you
have
another
question
for
a
long
time,
if
you
have
another
question,
I
can
try
and
answer
it,
but
if
it's
definitely
something
related
to
math
or
actuarial
science,
I
would
not
be
able
to
yeah
quickly.
D
B
C
That's
one:
that's
the
big
kicker
that
that
gets
awesome.
There's
two
different
funding
percentages,
there's
the
current
liability.
So
if
you're
in
your
actuarial
evaluation,
it
says
100
funded
in
that
what
that
means
is.
If
you
shut
the
plan
down
today
and
you
paid
and
you
paid
out
everybody
what
they've
earned
to
that
point
and
that's
it-
you
have
enough
money
to
do
it
if
you're
over
funded,
it
means
you
pay
out
everybody
today,
you're
still
going
to
have
some
left
over,
it
doesn't
mean
you
are
fully
funded.
C
C
C
B
B
There's
only
a
couple:
retirees
left
that
they're
paying
out
on
and
but
either
way
that
the
chuck
would
be
able
to
answer
hey
are
we
are
we
at
risk
or
in
jeopardy
of
potentially
losing
our
state
money
and
and
just
like
anything
else,
this
is
not
going
to
happen
overnight
right,
so
you
know
for
better
or
worse,
but.
E
A
B
We
usually
get
in
august
september
is
when
we
get
the
check
august,
usually
august
august,
but
we're
not
they
used
to
give
us
two
we're
not
getting
as
of
maybe
two
or
three
years
ago.
Maybe
two
years
ago
they
stopped
the
supplemental
portion,
so
firefighters
used
to
receive
two
distributions.
They
used
to
receive
kind
of
the
initial
one,
and
then
they
would
always
have
a
supplemental,
because
there
was
extra
that
supplemental
in
the
last
two
years.
Maybe
three
I
don't
know
has-
has
effectively
gone
away.
B
They
haven't
made
a
supplemental
distribution,
but
we're
still,
but
we're
still
getting
that
first
round
of
distributions.
Yes,
and
we
will
continue
to
do
so
until
such
point
in
time
when
the
state
realizes
you
know,
assuming
that
we
are
the
state
realizes
we're
fully
funded,
there's
probably
a
little
bit
of
a
delay
there,
because
you
know
they're,
not
they're,
not
looking
at
this
on
an
annual
basis.
E
One
question
and
then
one
point:
how
much
are
we
contributing
on
an
annual
basis,
the
city
just
from
a
city
perspective.
F
E
E
F
E
We'd
have
full
board
yeah
at
least
the
firefighter
side
of
the
world,
because
it
has
a
greater
impact
on
you
guys,
especially
if
we're
doing
the
city
dynamic,
with
the
impacts
of
your
retirement.
B
If
it
is
an
issue,
it
it'll
likely
be
resolved
because
by
lowering
the
assumption,
you're
you're
out
you're
assuming
right
your
money,
you're
not
going
to
make
as
much
money
going
forward,
which
means
you're
going
to
have
to
put
in
more
money,
initially
yeah.
So,
but
we
can,
we
can
ask
chuck
if
that's
when
we
asked
chuck
about
the
you
know
costing
out
lowering
the
investment
assumption.
We
can
also
ask
him
about
whether
or
not
we
need
to
be
concerned
with
the
fully
funded
and
losing
our
state
money
or
premium
tax
money.
B
E
I
will
go
there
now.
You
just
threw
me
off
darn
it.
Oh
bobble
heads.
So
a
couple
things
to
consider.
The
goldman
sachs
city
group
and
jp
morgan
are
saying
the
10-year
perspective
on
the
market
is
in
the
5
to
six
percent
range
over
the
next
to
10
years,
or
so
with
that
being
said,
a
seven
percent
assumption
on
our
side
could
be
troubling.
E
I
have
faith
in
you,
but
at
the
same
time
I
don't
want
to
crush
the
city
budget
in
case
we
need
another
fire
truck,
so
I
kind
of
there's
a
lot
of
balancing.
I
guess
we
have
to
discuss
through
that
yeah
and
would
he
be
able
to
attend,
or
at
least
do
a
zoom
thingy.
C
C
And
just
to
add
one
more
caveat,
so
there's
no
surprises,
because
I
don't
want
you
all
to
to
get
caught
off
guard
it
to
have
him
run.
A
couple
extra
scenarios
probably
will
come
at
a
little
bit
of
an
extra
charge
for
the
valuation
he's.
This
is
a
a
lot
of
boards
are
looking
at
this
this
year.
I
mean
this
is
the
time
to
look
at
it
for
sure,
hopefully,
at
the
high
end
about
another
thousand
dollars,
hopefully
a
little
less
of
extra
potential
cost.
C
I
just
want
to
make
you
all
aware
so
that
you're
not.
B
That
was
another
reason
why
I
said
just
give
him
one
number,
because
then
you
can
kind
of
play
off
of
that.
You
don't
want
to
have
him
cost
out
675
6.5
6.8,
because
then
you're
running
three
studies,
you're
incurring
the
cost,
when
usually
he
can
kind
of
he'll
be
able
to
tell
you
you
know.
Roughly
you
know
if
you,
this
is
what
it
is
at
six,
seven,
five.
If
you
were
to
lower
to
six
and
a
half
it
would
you
know,
give
or
take
x
right
he's
he's
pretty
good
about
being.
B
C
B
C
On
ural's
behalf
right,
so,
if
you
ever
so
kind
of
like
everything
else,
we
do
we
use
large
buying
power
because
of
the
size
of
the
trust
fund.
We
have
a
contractor
with
him
and
he
offers
rates
that
are
considerably
less
than
most
actuaries
charge
around
the
state
doesn't
mean
other
actuaries
are
bad.
It's
just
an
opportunity
for
you
all
to
take
advantage
of
the
reduced
costs.
You
are
actually
free
to
pick
any
actuary
you
want.
We
do
have
a
few
plans
that
have
worked
with
other
actuaries.
That's
no
problem
to
us!
C
C
So
it's
you
know
if
you
just
happen
to
like
somebody
better
or
if
you
want
to
just
do
it
on
call.
However,
you
want,
but
you
all
do
have
that
option.
If
you
ever
wanted
to
just
pursue
a
change.
F
In
the
past
we
have
done
quotes
or
proposals
for
actuarial
services
and
chuck
by
far
came
in
much
more
reasonable
than
other
cert.
Other
companies
he's
always
done
a
good
job,
so
we
didn't
have
any
issues
with
that
last
meeting.
The
board
did
allow
us
to
proceed
with
an
engagement
letter
with
him
and
we
didn't
have
the
final
amount,
but
we
they
did
approve
of
a
not
to
exceed.
C
He
did
okay,
good
yeah,
so
I
I
didn't
make
the
last
meeting,
unfortunately,
but
he
did
if
you
weren't
aware
and
then
pass
it
on,
he
did
actually
finally
raise
his
fees
this
year.
I
think
he
was
got
caught
lagging
too
far
behind
he's.
Still
it's
still
a
substantial
say.
I
mean
he
was
literally
about
half
of
everybody
else.
Now
he's
still
a
decent
savings.
I
don't
know
exactly
what
it's
it's
at
now,
but
he
did
raise
his
his
fee,
prob,
probably
about
20.
C
But
again
it
was
such
a
big
gap.
It's
still
considerably
less
than
most
people,
so
I
don't
yeah.
That's
probably
why
you
didn't
have
a
number
yet
as
if
that
hadn't
been
so
to
make
you
all
aware
yeah
it
is.
His
feast
did
go
up
this
year.
He
hadn't
raised
him
in
quite
some
time.
C
So
it
makes
no
difference
to
me
generally
when
I
hear
him
talking.
He'll
usually
say:
you'll
have
like
a
couple
numbers
and
then
he
can
extrapolate
from
there
but
I'll
relay
to
him
hey
if
it's,
if
it's
that
much
more
to
run
two
different
options
versus
one
just
run
one
for
him.
C
But
if
you
wanted
a
couple,
usually
that's
a
lot
of
times
how
to
do
it,
but
I
can
check,
make
sure,
there's
no
significant
extra
cost.
Again,
that's
up
to
you
all,
I'm
just
kind
of
restating
what
I've
heard
him
when
he
recommends
things
is
usually
he'll.
Do
a
couple
different
options.
Unless
you
know
what
you
want.
D
Thoughts
on
options
for
you
guys,
my
thought
is
definitely
obviously
the
seven
that
we're
at
and
at
least
maybe
six
seven
five.
Is
that
what
you
were
thinking
or
you
wanted
one.
F
B
Again,
I
think
if
you
ask
him
for
six
seven
five
and
then
he
comes
back
and
says:
hey,
that's
gonna
cost
you
I'm
making
up
a
number
twenty
thousand
dollars
more
right
for
the
save
for
this.
For
the
for
the
city's
contribution,
you
can
ask
him:
okay,
ballpark.
What
do
you
think
if
we
were
to
go
to
six
and
a
half?
What
do
you
think
it
would
be,
and
he
would
say
well,
I
think
that'll
probably
be.
Maybe
you
know
about
50
000.
B
B
I
think
I
think
you
you
you'll
get
you'll
be
able
to
get
to
where
you
want
to
go
just
asking
him
to
cost
out.
You
know
a
quarter
percent,
a
quarter
percent
less
and
then
you
can
you
know
just
by
discussing
with
him,
you
can
you
can
see
if
that
works
or
if
you
want
to
go
higher.
If
you
want
to
go
lower.
A
B
It's
just
so
so
what
would
happen
is
for
for
the
following
year
right,
the
the
city's
next
contribution
for
next
fiscal
year
could
potentially
be
lower,
because
you
know
if,
if
just
like
in
this
year,
I
would
imagine,
we've
had
a
really
nice
return.
The
city's
contribution
likely
went
down
from
the
past
year,
so
it
would
be
the
same
kind
of
relationship
right
so
next
year
we
do
really
well.
Jeremy
hits
the
ball
out
of
the
park,
and
you
know
we
make
instead
of
the
675,
that
we
were
assuming
we're
at
10
right.
B
C
Pedro
made
an
excellent
point
earlier
too,
that
is
really
the
key
to
remember
in
all
this
you're
gonna
you're
gonna
pay,
whatever
it
costs
and
nothing
we're
talking
about,
is
actually
going
to
impact
the
total
cost.
It's
just
when
you're
going
to
pay
for
it.
Do
you
want
to
pay
more
now,
or
do
you
want
to
pay
more
later?
The
reason
they
call
it.
If
you
lower
your
assumption
rate,
you
pay
more
now.
E
B
A
D
E
A
C
Right
it'll,
be,
I
will
tell
you,
I
mean
to
his
point:
it'll
be
real
close.
Actually
he
can
he.
He
certainly
can,
if
you
all,
don't
mind
a
guesstimate,
so
he
comes
in
at
six
seven
five.
He
does
report
and
you're,
like
that's
close,
but
I'd
like
it
to
make
the
numbers
work
for
us.
Maybe
we
want
six,
eight
or
six
six
or
six
for
whatever.
If
you
all
don't
mind
a
guesstimate
without
him
having
to
to
rework
the
whole
thing
and
charge
you
again,
he
can
he
can
ballpark
you
relatively
close.
C
E
C
B
Listen,
I
I
never.
I
never
get
into
what
what
others
charge
for
their
time,
so
I
and
and
I
can't
handle
excel
anyway.
So
it's
important.
B
But
I
think
I
think,
if
you
want
to,
if
you,
if,
if
the
board
is
comfortable
with
it,
just
by
consensus,
you
can
you
can
direct
to
ask
chuck,
you
know
to
cost
out
the
six
six,
seven
five
and
six
and
a
half
with
a
not
to
exceed
of
a
thousand
dollars.
If
you
can
do
it,
you
do
it.
If,
if
it's
gonna
be
more
than
that,
then
you
don't
do
it.
B
B
It's
gonna
be
yeah,
I
think
I
think
you're,
just
you're
gonna
get
the
information
back
at
your
march
meeting.
Hopefully,
hopefully,
and
then
you
will
have
the
discussion
then
in
terms
of
you
know
what
you
finally
want
to
do.
Do
you
want
to
lower?
Do
you
want
to
leave
it
the
same?
Do
you
want
to
raise
it?
I
doubt
it,
but
definitely.
C
E
Is
it
based
on
a
specific
allocation
model,
because
if
it's
a
70
30
in
theory
over
a
30-year
time
span
you're
going
to
have
a
different
quantitative
number
than
you're
going
to
have?
Oh
absolutely
at
that
60
40
rate?
So
what's
the
impact
on
it,
we're
on
the
60
40
right
now
and
in
an
inflationary
environment
and
what
your
lovely
40
is
going
to
do
over
the
next
three
years
is
a
different
issue.
Yeah.
C
Well,
and
on
that
note-
and
I
know-
we've
talked
about
equities
past,
but
you
do
have-
we
do
offer
another
allocation
that
some
of
our
boards
are
taking
advantage
of,
which
is
a
70
equity
allocation
and
and
to
your
point,
the
the
expected
rate
of
return.
The
assume
rate
of
return
that
matches
that
allocation
is
seven
and
a
half,
so
you
do
expect
to
get
another
half
a
percent
return
by
taking
on
10,
more
percent
of
equity
and
just
another
quick
highlight.
I
know
you
all
know
this.
C
The
leftover
portion,
10
of
that
is
real
estate
and
the
remaining
is
fixed
income,
so
the
60
year
and
now
30
is
fixed
income
and
10
is
real
estate.
So,
if
you
were
to
move
to
70
equity
20,
fixed
income,
10
real
estate,
the
real
estate
stays
the
same.
The
fixed
income
is
the
part
that
changes
and
moves.
So
if
you
were
interested-
and
this
is,
this
is
an
option
that
the
board
can
make
at
any
time
again.
This
is
kind
of
ural's
purview
and
it's
relatively
quick,
there's
nothing.
C
You
do
other
than
you
make
a
motion
and
decide
and
tell
me
and
then
and
then
we
make
the
move
on
on
the
back
end,
to
put
you
in
a
new
equity
allocation
portfolio.
But
you.
C
C
What's
your
appetite
for
a
little
more
volatility,
so
over
the
long
run,
which
is
what
we're
talking
about
when
we
talk
to
this
pension
plan,
unless
there's
some
knowledge
that
this
plan
is
going
to
close
sometime
soon.
So
if
we're
assuming
that
it's
going
to
remain
open
and
we're
going
to
continue
for
decades
on
end
to
have
to
have
people
new
people
coming
in
and
paying
retirees,
then
what
you're?
What
you
would?
C
The
expectation
of
moving
to
a
70
equity
allocation
is
over
that
long
run
we're
going
to
earn
more
money,
but
what
happens
is
if
we
get
a
little
more
volatile
years.
You
get
just
a
little
more
ups
and
downs,
so
that
means
the
contribution
rate
could
fluctuate.
Now
again,
we're
not
I
mean
I
don't
think
we're
talking
huge
amounts,
but
it
it
does
exist,
so
the
contribution
rate
could
fluctuate
a
little
more
if
the
city
or
the
board
says
you
know
what
I'd
rather
just
make
more
money.
A
C
Still,
though,
right,
yes,
do
you
know
what
the
youngest
roughly
active
participant
may
be?
I
mean,
are
we
still
looking
at?
C
I
mean
if
you
have
actives
in
theory,
we're
still
looking
30
plus
years,
potentially
that
we
would
be
paying
benefits
right?
Do
you
have
actives
in
their
30s.
C
Right,
if
you
well,
if
you're
using
a
mortality
table
of
you
know,
I
don't
know
what
currently
say
78
for
you
know,
that's
what
that's
what
you're
basing
everything
on
is
mortality
table.
So
if
you
have
somebody
retiring
in
their
mid
50s,
that's
you
know
20
if
they're
55,
that's
23
years
of
retirement
that
were
plus
any
extra
years
of
actives
before
they
get
to
retirement.
C
So
if
we're
looking
30
plus
years,
we're
still
talking
about
a
you
know
a
decent
term,
long
horizon
now,
as
you
get
closer
to
the
very
end
of
the
plan,
then
you
maybe
want
to
start
going
well,
maybe
we
want
and
we
have
a
50
equity
allocation,
which
we
only
have
two
plans
in
but
they're
closed
and
they
are,
at
the
very
very
you
know,
kind
of
tail
end
and
then
there's
and
they're
very
well
funded.
So
why
take
any
extra
risk
at
all?
C
But
with
your
time
horizon
that
you
still
have
left
you,
you
have
the
the
flexibility
to.
If
you
say
yeah,
let's,
you
know
make
a
little
more
to
take
a
little
extra.
I.
E
F
C
F
C
F
E
A
E
C
So
for
a
frame
of
reference,
as
it
relates,
I'm
looking
so
you're
the
60,
so
we
were,
we
just
saw
a
down
quarter
at
september.
30Th
now
is
all
in
the
last
couple
weeks,
but
that's
kind
of
irrelevant.
The
60
equity
that
you
all
were
in
was
down
0.7.
C
The
70
equity
fund
was
down
0.95,
so
about
25
basis
points
again,
the
expectation
is,
is
actually
about
a
a
half,
a
percent
or
50
basis
points,
and
more
often
up
until
really
the
last
couple
years
where
0809
started
to
fall
off
because
our
10-year
returns,
when
you
looked
out,
they
tracked
pretty
close
to
about
a
half
a
percent
of
return
difference.
C
The
10-year
number
right
now,
there's
almost
a
percent
difference,
but
that's
because
just
the
equity
markets
have
been
so
good
for
so
long,
but
I'm
looking
at
I'm
just
going
to
a
down
a
down
quarter,
you
see
about
a
quarter
percent
difference,
but
more
often
not
they've
historically
done
a
decent
job
of
tracking
about
a
half
a
percent,
a
difference
which
is
over
a
long
period
of
time.
C
C
A
I
learned
a
lot.
I
actually
just
learned
that
I'm
glad,
because
it
would
help
me
with
this
discussion
to
say
that
I
didn't
realize
that
that
there's
a
text
from
sure
that
insurance
companies
pay
a
tax
on
the
premiums
which
I
never.
B
Mean
not
health
insurance
property?
No,
it's
a
it's.
The
casualty
portion
so
for
175
for
excuse
me
for
firefighters,
it's
the
casualty
portion
of
your
homeowner's
policy
of
your
of
and
then
for
for
police
officers
for
185
plans,
it's
from
from
the
casualty
portion
of
your
car
insurance,
okay,
okay!
So
it's
not!
I
need
to
do
flood
insurance,
no.
B
No,
nothing,
nothing
with
nothing
with
flood.
B
No
but
likely,
but
but
generally
you
know
at
least
I
don't
know
about
here,
but
I
know
where
I
live
in
miami
dade
county
insurance,
your
homeowner's
insurance.
If
your
flood
insurance
goes
up,
your
homeowner's
insurance
goes
up
too.
So
you
know
if,
if
now
flood
insurance
is
going
to
be
required,
then
on
the
other
side
the
homeowners
may
also
increase,
just
because
the
thought
is
that
you're
more
susceptible
to
damage
potentially
and
so
flood
insurance.
I
think,
only
covers
it's
by
statute.
B
B
It's
essentially
meant
you
know,
obviously
to
protect
you
as
trustees
and
insulate
you,
because,
as
fiduciaries
technically,
you
are
personally
liable.
So
you
know,
while
the
plan
has
a
lot
of
kind
of
checks
and
balances
to
to
protect
the
board,
you
know.
Obviously
the
insurance
is
a
it's
a
it's
a
reasonable
expense
for
the
plan,
and
you
know
something:
that's
not
not
too
crazy
in
terms
of
cost.
A
A
D
At
least
the
shift
schedule
I'm
a
little
more
free
now
that
I'm
on
days,
but
we
try
not
put
it
on
the
days
that
he's
on
duty.
B
I've
often
said
I
don't
even
know
my
life
is
controlled
by
outlook
well
well,
yeah
and
by
women,
really
because
between
my
my
two
daughters,
my
wife
and
and
jessica,
that
controls
my
schedule
at
work.
I
kind
of
yeah
I
don't
have.
I
don't
have
much
say
as
to
where
I
go.
D
All
right
next.
B
Okay,
so
nice
to
see
everybody
officially
it
was,
I
know
I
know
it's
been
a
while,
but
I
appreciate
you
guys
accommodating
us.
First,
I
wanted
to
introduce
caroline
quill.
I
kind
of
mentioned
her
name
briefly
when
I
first
walked
in,
but
caroline
is
a
new
associate
with
our
firm
she's
been
with
us
almost
a
year.
At
this
point,
she's
been
wonderful
and
I'll
I'll.
B
Let
her
kind
of
tell
you
guys
a
little
bit
about
herself
she'll
do
a
better
job
than
I
will
sir
hi
everyone
nice
to
be.
A
A
The
state
attorney's
office
prosecuting
misdemeanors,
most
of
the
time
over
zoom
court,
so
that
was
very
interesting
dealing
with
all
those
technicalities
and
I
went
to
law
school
up
in
d.c
at
gw,
but
I
went
to
undergrad
at
and
I
hate
the
winter,
so
I
love
being
in
florida,
and
my
parents
live
on
the
west
coast
of
florida
and
port
charlotte.
A
B
Okay
and
then
I
just
wanted
nothing
really
actionable
for
for
the
board
today,
it
was
more
just
kind
of
housekeeping
items,
usually
I'll,
take
this
opportunity
at
these
meetings
to
present
you
or
kind
of
refresh
your
memories
and
for
our
newest
trustees.
I
apologize
in
advance,
but
this
is
the
gift-giving
season
or
the
beginning
of
the
gift-giving
season.
B
So
I
kind
of
give
you
my
primer,
our
primer
on
state
ethics
laws,
which,
obviously,
by
virtue
of
your
service
on
this
board,
you
are
technically
considered
a
public
official
and
therefore
subject
to
state
ethics
law,
so
just
really
quickly
to
go
over
them.
If
you
do
receive
something
of
value
anything
of
value,
regardless
of
the
value
that
you
believe
is
being
given
to
you
in
some
way,
shape
or
form
to
influence
your
decisions
on
the
board.
You
should
obviously
reject
that
or
return
that
to
sender.
B
If
you
receive
something
that's
valid
at
25
or
less,
you
can
accept
that
and
there's
no
reporting
requirements.
If
you
receive
something
between
25
and
100,
you
can
accept
it.
However,
there
is
a
reporting
requirement
on
behalf
of
the
the
gift
giver
right,
so
the
person
company
entity
that
gives
you
the
gift-
needs
to
file
a
form
of
the
state
ethics
commission,
advising
that
they
gave
you
the
gift
and
what
what
the
value
of
the
gift
was.
B
If
you
receive
something
that's
valued
at
100
or
more,
you
should
not
accept
it,
reject
it
or
donate
it,
and
we
always
recommend
you
file
a
letter
with
the
state
ethics
commission
advising
which
you
know
the
gift
you
received.
Who
gave
it
to
you
what
it
was
valued
at
and
ultimately
the
disposition
of
the
gift
right?
What
you
did
with
it?
You
donated
it
to
a
charity.
You
donated
it
to
the
city
to
the
employee.
You
know
rec
room
or
you
return
it
to
sender.
B
Whatever
the
case
may
be,
does
that
make
sense
for
everybody?
Okay,
you
guys
are
all
varsity,
I
know
so
I'm
so,
but
I
figure
it's
it's
good
to
refresh
memories
kind
of
dovetailing
off
of
that.
Historically,
we
have
provided
holiday
gifts
to
to
our
clients
to
our
board
members
they've
always
been
under
25,
so
we
have
not
triggered
any
reporting
requirements.
B
However,
obviously,
last
year
with
kovid,
we
decided
to
make
a
charitable
donation
on
each
of
our
clients
behalf,
so
we
we
actually
donated
to
local
food
banks
around
the
state
this
year,
just
with
everything
going
on,
it
was
a
bit
of
a
logistical
nightmare
to
kind
of
get
a
bulk
order
and
and
get
it
engraved
or
monogrammed
and
then
get
it
delivered.
We
really
didn't
have
too
much
confidence
that
it
was
going
to
get
done
so
we're
again
going
to
make
a
donation,
a
charitable
donation
on
each
of
our
clients.
B
Perhaps
behalf
this
year
we
chose
the
maryland
seskin
cancer
research
fund,
and
this
is
it's
in
conjunction
with
the
university
of
miami
sylvester
cancer
center
and
it
was
actually
a
charity
or
a
research
fund
that
was
started
by
by
my
partner
by
our
partner
bob
sugarman
about
two
years
ago
after
his
wife
passed
away.
So-
and
you
know,
I
think,
for
the
firefighters
that
you
know-
I
know
you
guys
are
aware
of
it,
but
the
sylvester
cancer
center
has
done
a
lot
of
work
just
historically
with
research
and
firefighter
cancer.
B
Specifically,
so
we
thought
it
was
a
good.
It
was
a
good
mix
or
a
good
match.
So
if,
if
you're
comfortable
with
that,
that's
where
we
would
make
the
donation,
however,
obviously
this
is
this
is
your
donation,
so
we
want.
If
you
have
another
charity,
if
you
have
another
organization,
anybody
else
we're
happy
to
do
it.
Just
you
know
tell
me
now
or
grab
me
offline,
but
you
know
this
is
obviously
something
that
we
want.
B
B
B
Yeah
great
at
the
which
conference,
the
division,
retirement,
yeah,
yeah,
okay,.
B
A
Know
the
donation,
and
I'm
just
thinking
if
like
we
I'd,
want
to
try
to
keep
it
in
the
community,
like
maybe
oldsmar,
cares
sure
would
it
be?
Would
I
be
doing
it
for
all
of
us
or
say
just
me
or
I
mean
no.
A
B
A
B
A
A
A
Yeah
no
problem
at
all
happy
to
do
it.
D
Thank
you
anything
else.
B
Last
but
not
least,
educational
opportunities
coming
up
for
the
board.
The
fppta-
and
I
always
forget,
are
we
members
of
the
fppta?
Yes,.
A
B
Okay,
I'm
sorry.
I
know
I've
probably
asked
that
every
single
time,
but
the
trustee
school
is
coming
up
late
january.
I
think
it's
the
I
should
have
known.
I
always
forget
the
dates
I
want
to
say
it's,
the
21st
to
the
23rd.
B
But
if
you
give
me
a
second
and
it's
it's,
it's
relatively
close
by
it's
in
orlando,
so
it's
not
it's
not
too
too
bad.
B
Yeah,
the
21st
to
the
23rd
of
january,
I'm
sorry,
the
23rd
through
the
26th
I
apologize
yeah
23rd
to
the
26th,
and
it's
usually
so
I
think
it's
the
23rd
of
sunday,
yes
yeah,
so
the
the
sunday
is
just
they
don't
really
have.
They
have
kind
of.
I
think
a
welcome
cocktail
or
kind
of
reception
in
the
evening,
but
the
classes
or
the
courses
actually
start
on
the
on
the.
B
I
think
it's
at
8
or
8
30
on
the
monday,
so
it'll
be
on
the
24th
and
the
26th
is
a
wednesday.
It's
usually
a
half
day.
They'll
have
a
for
those
who
are
getting
their
certifications.
They'll
have
an
exam,
but
they'll
usually
have
maybe
one
or
two
kind
of
roundtable
sessions
in
the
morning
and
that's
usually
it
for
for
wednesday.
So
it's
primarily
it's
a
two-day
conference.
B
So
if
you
guys,
if
you
guys,
are
interested,
obviously
that's
that's
that's
the
one
that's
available.
The
state
is
going
to
have
another
school,
it's
up
in
tallahassee,
so
it's
a
little
bit.
You
know
more
of
a
pain
to
get
in
and
out
of,
but
they
do
a
wonderful
job
as
well.
Typically
it'll
be
mid
to
late
may,
they'll
they
hold
it
on
fsu's
campus,
so
they'll
wait
till
spring
semester
has
ended
in
the
past.
They've
they've
had
ash
williams
present
and
he's
you
know,
he's
a
brilliant
guy.
B
B
They
have
it
at
you
know
it's
a
nice
conference
center
kind
of
a
big.
You
know
kind
of
a
big
class
like
this,
but
yeah
it's
on
the
campus.
It's
not
at
the
it's
not
at
the
state
capitol,
and
that's
it.
That's
really
all
we
had
for
from
my
from
my
prepared
remarks.