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D
B
C
C
C
But
the
first
thing
we'll
do
is
we'll
look
at
the
actual
numbers,
as
you
can
see
up
on
the
board,
your
beginning
balance
for
the
quarter
of
just
over
six
point:
five
million
sixty
thousand
come
in,
and
contributions
saw
two
hundred
seventy
three
thousand
and
earnings
gains
paid
out:
13600
distributions,
20,000
and
expenses.
Your
ending
balance
was
six
million,
eight
hundred
forty-three
thousand
nine
hundred
dollars,
so
we
did
did
increase
the
fund
by
a
few
hundred
about
close
to
three
hundred
thousand
for
the
quarter.
C
We
had
another
really
good
corner,
so
a
lot
of
gains
in
the
market,
I
will
say
on
an
absolute
basis,
of
course,
but
also
on
a
relative
basis.
Our
our
managers
have
performed
very
well
this
this
whole
year,
so
far
again,
not
only
an
absolute
returns
but
just
kind
of
in
a
relative
sense
as
well
and
I'll
kind
of
talk
about
that.
Some
for
the
quarter
up
4.1
six
percent,
which
gets
us
to
four
point:
seven:
four
percent
for
the
fiscal
year.
C
If
you
remember,
we
actually
started
in
a
hole
of
over
eight
percent
down
to
start
the
fiscal
year,
so
our
December
31st
quarter.
We
were
down
over
eight
percent
so
to
be
up
almost
five
percent
two
quarters
later
we
are
pretty
pretty
happy.
The
markets
done
a
really
nice
bounce-back
I
will
I
will
say
this.
C
We're
not
there's
not
a
lot
of
new
news
as
far
as
what
news
is
driving
the
market,
so
I
hate
to
kind
of
sound
like
a
broken
record,
but
a
lot
of
the
things
we've
been
talking
about
this
whole
year
continue
to
hold
true
us-china
us-china
us-china
that
continues
to
drive
the
market.
You
know
I
saw
something
before
the
market
opened
this
morning.
C
O
markets
set
to
jump
positive
because
of
us-china
trade
talks
seeming
to
look
really
positive
and
that's
where
we've
seen
the
gains
you
know,
especially
in
September,
but
I
will
tell
you
July
not
to
jump
too
far
had
July
was
not
bad.
We
added
a
little
bit.
Autist
was
not
good
at
all
September.
We
bounced
back
most
of
that
again
related
to
what's
the
latest
tweet
related
to
US
and
China.
We
actually
have
now
I've
been
in
and
out
of
some
meeting
so
I've
only
caught
the
headlines.
C
I
don't
have
all
the
details,
but
I
think
the
market
is
actually
taking
a
little
bit
of
a
hit
today,
not
due
to
China,
but
it
sounds
like
there's
some
heavier
impeachment
talk,
so
I'm
sure.
If,
if
things
go
that
way,
I
imagine
there
the
markets,
probably
in
the
interim
of
while
that's
going
on,
because
it
doesn't
like
the
unknown.
So
how
will
that
play
out?
C
That
could
create
a
little
bit
of
havoc
and
while
that
process
goes,
if
it
does
come,
but
outside
of
that
again
we
go
back
to
kind
of
us-china
and
what's
the
trade
talks
and
and
how
does
that
play
out?
The
second
driver
this
year,
not
near
as
powerful,
but
the
second
thing
again
continues
to
be
what
the
Fed
does
with
interest
rates.
They've
stayed
low,
extremely
low.
They
just
I
will
say
that
it's
kind
of
interesting
too.
We
talked
to
our
fixed
income
managers
recently
about
this
and
they're
really
thrilled.
C
But
if
you
look
at
your
your
two
fixed
income
portfolios,
your
your
broad
market,
which
is
kind
of
your
high
quality
fund
up
almost
seven
percent
this
year,
and
then
your
core
plus
up
five
point:
six,
nine
percent.
You
would
not
expect
to
see
those
types
of
returns
and
fixed
income
in
a
low
interest
rate
environment
like
we're
in
so
our
managers
are
saying
you
know
it's
it's
been
a
great
year,
but
they'll
be
the
first
to
caution
you
that
this
is
not
the
new
thing,
we're
all
fixed
incomes.
C
Finally,
bounced
back
because
it
hasn't
really
done
a
whole
lot
for
a
number
of
years,
its
equities
has
been
making
up
all
the
return.
So
while
we've
again,
while
we've
seen
those
good
returns,
they'll
tell
you
that
as
long
as
the
interest
rates
say
this
way,
they
are
don't
necessarily
expect
to
continue
to
see
these
really
good
returns
and
fixed
income.
It's
probably
still.
The
weight
is
still
going
to
be
on
equity
shoulders
to
probably
get
most
of
the
return.
C
Us
large
cap
performed
very
well
up
five
point
three
to
four:
the
corridor
up
three
point:
six:
seven
for
the
year.
Finally,
just
got
back
into
the
positives
for
the
year
this
quarter,
because
even
with
the
big
bounce
back
in
March,
the
equities
were
actually
still
still
down
on
the
year,
because
the
whole
week
we
had
from
December
so
good
bounce
back
your
small
mid
cap
that
that
is
the
manager
that
always
has
just
been
a
rockstar
in
this
portfolio,
and
they
continue
to
do
it
again.
C
A
eight
point:
eight
two
percent
for
the
quarter
and
then
the
fiscal
year
just
number
blows
my
mind
up
almost
five
and
a
half
percent
when
they're
bench,
sir
down
2.8%,
so
just
incredible,
but
they
that's
kind
of
what
they've
always
done.
You
look
back
in
any
time
period
and
they've,
always
their
benchmark,
saying
their
peer
groups
by
considerable
amount
international
portfolio.
Yet
next,
thank
you
really
pleased
here
too,
for
those
of
you
that
maybe
been
on
the
board
for
a
while
International
Fund
was
kind
of
be
difficult.
C
The
problem
child
of
this
total
portfolio
for
a
number
of
years
we've
made
manager
change
in
October
of
fourteen,
so
we're
we're
coming
up
right
on
the
five-year
mark
now
and
you
look
back
and
the
five-year
number
now
looks
pretty
good.
Looking
at
that
two
point:
nine
nine
percent
versus
two
point:
six:
five
on
the
benchmark:
you
go
out
to
the
ten
year
and
you
kind
of
see
that
still
still
shows
the
trouble
that
we
had
there.
But
the
two
managers
that
we
have
in
place
now
I've
done
a
really
good
job.
C
But,
more
importantly,
what
we
look
at
is:
how
are
they
also
doing
against
other
managers,
because
you
know
benchmark
at
the
end
of
the
day,
is
a
it's.
It's
a
something
you
used
to
measure
against,
but
it's
not
a
real
thing.
It's
not
like
you
go
by
a
benchmark,
so
we're
looking
at
that,
but
we.
How
do
we
stack
up
against
other
investors
and
your
your
portfolio's?
Actually,
let
me
find
it
then
I
can
tell
you.
C
You
can
see
even
in
every
time
period
performing
very
well,
so
the
the
the
first
line
kind
of
a
bluish
gray
being
what
your
portfolio
is
done,
the
benchmark
being
the
middle,
the
dark
blue,
but
then
the
peer
groups
being
in
green,
and
you
can
see
that
in
every
time
period
well
outperforming
other
managers,
so
I
have
to
give
kudos
to
the
managers
we
have
in
place
and
the
job
they've
been
doing
not
only
this
year
but
really
over
a
number
of
years
now.
So
we're
very
excited
at
the
moment.
C
Coming
back
to
the
question
that
you
all
probably
want
to
know
where
we're
gonna
stack
up,
you
know
versus
the
assumption
rate
for
the
year
we
were
so
were
sitting
at
four
point:
seven:
four:
as
of
the
June
quarter,
as
I
mentioned,
we
saw
a
slight
increase
in
July.
You
know
maybe
got
us
up
over
five
percent,
maybe
up
to
six
I,
don't
know
exactly
what
it
was,
because
we
don't
get
the
full
in-depth
report
each
month
we
just
get
a
quick
overview
August.
C
We
we
probably
pulled
back
quite
a
bit
and
then
September
so
far
has
been
pretty
positive.
So
an
estimating
we're
gonna
see
you
know
Barney
barring
what
happens?
What
tweets
come
out
over
the
next
five
days?
We
should
see
some
positive
gains
for
the
quarter,
but
probably
not
on
the
level.
That's
gonna
get
you
to
seven
percent
or
above
for
this
year.
The
good
news
is,
you
know
your
actuaries
using
a
smoothing
technique.
B
A
C
So
if
you're
on
the
four-year
15
was
a
basically
a
0
here
so
depend
on
how
many
years
fuse
on
smoothing
you
may
actually
even
without
getting
the
Assumption
right,
you
may
actually
see
a
a
positive
gain
this
year,
so
that
kind
of
comes
down
to
which
number
of
years
he
uses
on
that,
but
either
way
it's
not
going
to
be
a
see.
You
shouldn't
see
a
significant
change
next
year
due
to
investment
gains
or
losses.
C
A
D
D
D
Only
change
we
increase
the
accounting
fees,
we
rounded
it
up
to
7,000,
because
the
gas
we
67-68
requirements
for
the
firefighters
for
the
plan,
financials
have
increased
a
lot
of
things
a
bit
and
that's
been
over
the
past
couple
years.
Okay
need
see
the
next.
We
do
have
the
as
an
item
on
the
agenda
following
I.
Think
it's
number,
seven
or
eight
that'll
be
the
audit
for
nine
thirteen
19.
But
if,
even
if
we
picked
the
higher
level,
this
will
cover
it.
D
C
C
C
You
know
because,
if
you're
paying
whatever
whatever
that
total
cost
would
be,
if
it
was
actually
17,
I
didn't
see
your
other
one.
It
was
actually
17
thousand
this
year.
It
should
you
know
if
the
market
goes
up
at
all
next
year.
It's
gonna
go
up
with
it
incrementally
so
you
might.
You
know
I
I
always
recommend,
usually
always
having
that
piece
of
the
budget
to
kind
of
go
up
a
little
bit
each
year.
To
count
I
mean
you
figure.
C
B
B
D
D
A
A
D
Is
something
that
we
had
talked
about
briefly
as
some
of
the
other
meetings,
and
this
is
just
a
letter
that
the
actuary
has
provided
indicating
that
they
do
not
feel
that
the
new
legislation
will
have
an
impact
on
our
contribution
rate?
That's
good
in
the
new
it's
a
new
year
coming
up,
you
have
any
questions
about
that.
D
C
I
could
say
he
has
for
some
other
plans
and
I,
don't
and
I.
Unfortunately,
don't
know
exactly
what
went
because
sometimes
he
has
proposed.
Like
you
mentioned
a
slight
increase,
this
one
would
no
impact
I'd.
There
may
be
some
variations
in
your
plan
that
led
him
to
that.
So
I
do
know
it
had
different
types
of
letters
depending
on
the
plan.
D
E
D
D
You
know
last
year
was
it
was
about
the
same,
so
there
really
hasn't
been
any
change
in
that
the
be
prepared
by
the
League
of
Cities,
actuary,
Chuck
Carr
from
southern
actuarial
services,
and
we
have
just
about
everything
ready
to
send
in
to
them
we're
waiting
for
this
last
payroll
to
update
and
then
we'll
be
sending
the
file
to
the
League
of
Cities
to
get,
and
hopefully
this
form,
so
we
can
get
it
in
line
for
the
annual
report.
We
use
never
seen
the
annual
evaluation
report
back
in
February
or
large.
B
E
D
D
Moving
right
along
the
we've
presented
two
options
for
the
annual
audit
for
the
firefighters
pension.
The
first
option
includes
a
report,
that's
included
in
the
city's
Khafre
the
fee,
for
that
would
be
four
thousand
three
hundred
and
fifty
dollars,
and
the
second
option
is
a
stand-alone
report
for
six
thousand
three
hundred
dollars.
Historical
historically,
we've
done
a
standalone
report
every
other
year.
So,
according
to
a
schedule,
this
would
be
in
a
year.
We
would
do
the
stand-alone
report,
so
the
more
and
some
board's
options
to
do
that.
So
the
board
wishes
to
proceed
with
that.
E
D
Okay,
the
report
is,
the
final
report
is
attached
for
9:30
18.
It
was
approved
by
the
state.
We
have
recently
get
a
letter
of
approval.
Now
we
just
have
an
email
so
sign
of
the
times,
I
suppose
so
that
was
approved
by
the
state
officially
on
July
22nd,
2019,
okay-
and
this
is
included
for
informational
purposes,
for
the
board
and
just.
E
Just
a
couple
things
to
go
over
with
you,
I
think
I
heard
you
guys
talking
about
it
earlier,
but
there
are
some
educational
opportunities
coming
up.
The
trustees
are
so
inclined.
The
division
of
retirement
has
its
school.
This
is,
as
you
guys
know,
the
state
agency
side,
the
state
agency,
that's
charged
with
administering
municipal
pension
funds.
Here
in
Florida
they
put
on
a
school
twice
a
year
for
pension
trustees.
This
in
the
fall
it's
in
Orlando.
So
it's
not
too
far.
E
The
dates
are
the
29th
of
October
through
the
31st
the
first
days,
usually
geared
towards
new
trustees
and
then
the
second
day
is
a
full
day,
usually
wraps
up
around
four
or
five
o'clock.
Maybe
and
the
third
day,
it'll
usually
end
up
around
lunchtime
12
1
o'clock.
So
there
is
no
registration
fee
for
for
this
school,
so,
if
anybody's
interested
in
going
they
would
they
do
like
for
you
to
just
kind
of
RSVP
and
let
them
know
you're
coming
because
they
order
food
and
things
like
that,
although
it's
not
required.
E
E
It's
a
foot,
it's
2
full
days
and
then
a
half
day
on
that
on
that
third
day,
there
is
a
registration
fee,
obviously,
for
that
one
and
the
hotel
does
get
hooked
up.
So
if
anybody's
interested
in
going
I
would
I
think
you
should
probably,
how
do
we
do
it
here
to
do
the
trustees
make
their
own
reservations
at
the
hotels
or
I
just
forget.
E
E
The
software,
that's
used
by
visually
impaired
or
hearing
impaired
individuals
on
their
on
their
laptops
around
their
devices,
doesn't
recognize
a
lot
of
the
documentation.
That's
on
these
websites,
so
there's
been
some
some
litigation,
some
fines
or
some
settlements.
Rather
that
have
been
reached
as
a
result.
But
again
we
don't
have
our
own
website
this
pension
fund,
but
obviously
the
Oldsmar
does
so
again.
E
It's
not
anything
for
this
board
to
do
other
than
we're
aware
of
it
and
I
think
you
know,
our
recommendations
are
to
our
trustees
has
been
just
to
try
and
help
our
partner
out
as
much
as
possible.
So
if
we're
requesting
documentation
from
our
vendors,
so
the
gatsby
reports
that
have
to
be
posted
evaluation
report
things
like
that
that
we
that
we
asked
for
them
in
an
already
appropriate
or
ad
a
compliant
format.
A
E
Then
the
other,
on
the
other
side
of
the
fence,
the
criminal
side
and
again
this
is
just
dating
me.
I,
don't
know
if
this
is
the
right
terminology
more,
but
hackers
I
guess
have
been
attacking
public
agencies
and
in
installing
ransomware
malware
too,
to
hold
data
captive,
and
then
the
public
agency
has
to
pay
them
in
Bitcoin
if
I
don't
so,
if
I'm
understanding
correctly
some
fairly
large
sums
of
money.
So
again
we
don't.
E
But
there
have
been
some
fairly
large
ransoms
paid
out
by
some
by
some
folks,
Riviera
Beach
city
of
Riviera
Beach,
which
is
a
northern
Palm
Beach
County
over
on
the
East
Coast,
they
paid
close
to
half
a
million
dollars,
Key
Biscayne,
which
is
down
south
where
I
live
in
South
Florida.
They
paid
I
think
over
$800,000
to
get
there
to
get
their
data
back.
So
there's
some
some
fairly
sizable
payments
that
are
being
made
again,
nothing
for
us
to
do
just
more
informational
anything
else.
E
E
That
Riviera,
Beach
and
Key
Biscayne
were
covered
by
the
insurance
right
there.
They're
cyber
policy
did
cover
it.
Just
cuz
it
just
so
happens
wanted
that
one
of
our
other
trustee
one
of
our
other
clients
he
on
an
entirely
different
plan,
I
think
he
mentioned
that
they.
You
know
they
were
the
insurance
broker
for
the
key
biscayne
policy.
So
but.
D
B
E
E
So
you
know
I
think
it's
just
kind
of
recent,
but
at
least
amongst
my
clients,
the
only
instance
that
I've
heard
of
and
it
wasn't
that
it
wasn't
being
covered.
It
was.
It
was
a
situation
and-
and
this
was
discussed
at
a
public
meeting,
so
I
can
talk
about
it,
Sarasota
County,
so
the
city
of
Sarasota
and
Sarasota
County.
Many
years
ago,
firefighters
were
transferred
over
to
the
county
through
a
near
local
agreement.
E
There
175
plan
the
city's
175
plans
same
as
ours
same
as
what
happened
here
stayed
open,
but
it
was
closed,
but
it
wasn't
frozen.
So
the
only
issue
there,
it's
not
so
much
that
nobody's
going
to
cover
it.
It's
that
the
city
and
the
county
are
kind
of
pointing
the
finger
at
each
other
as
the
responsible
agency
or
the
responsible
entity.
So
I
think
both
have
at
least
intimated
that
they're
going
to
cover
it
and
they're
not
going
to
fight
it,
but
they're
kind
of
looking
at
each
other
saying.
E
Well,
it's
your
responsibility
and
then
no,
no,
it's
your
responsibility.
So
but
that's
a
little
bit
of
a
unique
situation,
because
there
you
know
there
are
there's
one
employer.
There
was
a
former
employer
now
there's
a
current
employer,
but
apparently
something
with
the
insurance.
They
stayed
on
those
employees
that
transferred
stayed
on
the
cities
insurance
and
that
was
their
primary
insurance.
E
So
there's
just
a
little
bit
of
a
factual
distinction,
probably
than
the
majority
of
folks,
but
to
my
you
know
from
as
far
as
I
know,
I
think
everybody's
everybody's
in
agreement,
I,
don't
think
anybody's
really
trying
to
avoid
covering
it.
So
that's
a
good
thing
so,
but
I'm
sure,
though
it's
still
too
new,
so
I'm
sure
there'll
be
something
coming
up
at
some
point.
E
But
that's
usually
the
way
these
laws
kind
of
get
interpreted
and
and
get
a
little
bit
more
structure
to
them,
is
when
they're
challenged
in
court
and
then
the
courts
to
issue
'aa
pinions
and
that's
how
the
law
is
interpreted
going
forward.
So
until
we
get
a
couple
of
those
it's
kind
of
open
for
interpretation
on
some
things,
which
is
why
you
go
to
court
and
then
the
judge
decides.