►
Description
City of San José, California
Police & Fire Department Retirement Plan Board of August 4, 2022
This public meeting will be conducted via Zoom Webinar. For information on public participation via Zoom, please refer to the linked meeting agenda below.
Agenda https://sjrs.legistar.com/View.ashx?M=A&ID=978348&GUID=CC54A131-632D-47B8-B1C8-4C0182685312
A
A
A
A
A
A
B
We've
got
a
fairly
lengthy
closed
session,
so
let
me
go
around
the
room.
Andrew
are
you
here
here.
C
E
B
B
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A
B
I'm
sorry
bored
I
was
on
mute
when
I
was
just
blathering
away.
We
only
have
one
report
out
of
closed
session.
B
Obviously
we
gathered
input
from
all
the
trustees
about
the
performance
reviews
that
we'll
do
at
the
end
of
this
month,
roberto
and
prabhu
and
the
board
moved
and
proved
unanimously
that
I'd
be
authorized
to
be
the
labor
negotiator
in
others
to
sit
in
and
actually
do,
the
performance
review
for
berto
and
similarly
eshvar
was
approved
as
labor
negotiated
work
with
his
counterpart
anurag
on
the
federated
side
to
sit
in
and
perform
along
with
roberto
that
performance
review
for
prabhu.
B
Unless
the
chairman,
if
I
can,
if
I
can
just
that,
was
wrong
th.
Those
actions
were
approved
on
a
motion
that
was
made
by
chair
alonzo
and
seconded
by
member
santos,
and
that
was
a
nine
to
nothing
unanimous
vote
to
appoint.
D
Those
two
positions
as
labor
negotiators
to.
B
Yeah,
great
and
and
as
harvey
told
us
in
the
closed
session,
we
didn't
talk
about
any
salaries.
We
were
just
gathering
the
the
the
qualitative
information
about
their
performance
and
next
month
after
we've,
sat
and
discussed
the
qualitative
aspects
of
the
performance
with
them.
Then
next
month
we
will,
along
with
federated,
go
back
and
forth
and
pick
a
recommendation
for
any
potential
salary
increase
or
bonus.
B
We've
already
done
the
the
roll
call
we
are
all
here.
We've
done
a
closed
session.
We
have
orders
of
the
day
in
general.
You
know
if
we
have
to
go
around
robin
you'll
sort
of
sense,
that
and
we'll
do
it,
but
in
general,
for
most
things
the
floor
is
open.
If
you
want
to
interrupt
the
speaker
to
ask
a
temporal
question
feel
free
to
do
it.
Half
the
questions
are
best
best
asked
in
the
moment.
B
B
The
floor
is
open
to
entertain,
motion
to
wave
sunshine
on
item
4b
total
move
by
santos
promotion.
My
santos
to
have
a
second.
A
B
B
Okay,
dick,
you
know
what
everybody:
let's
take
a
five
minute
break.
It's
a
quarter
chill,
let's
meet
back
at
10
to
11.
A
B
11
the
floor
is
open
if
any
members
of
the
public
would
like
to
make
any
comments.
Raise
your
hand
staff,
and
I
will
look.
I
don't
see
any.
If
I
missed
you
jump
in
once,
going
twice
right
onto
the
calendar.
Is
there
anything
anybody
wants
to
pull
off
the
consent
calendar
if
I'll
entertain
a
motion
to
approve
the
consent?
Calendar?
Don't
move.
E
D
B
I'll
take
that
a
second!
Why
wilson,
who,
who
is
down
to
the
wire
andrew
aye
aye,
one
aye,.
D
F
All
right,
thank
you,
mr
chairman.
Good
morning,
trustees,
staff
consultants,
members
of
the
public.
It's
going
to
be
a
very
short
investment
session
this
morning,
we'll
have
more
detailed
investment
reports
in
the
next
couple
of
months.
I
do
want
to
share
some
numbers
with
the
board.
As
always,
these
are
estimates.
These
are
not
final
and
these
are
not
audited
but
give
a
sense
for
how
we've
done
in
the
last
fiscal
year.
F
So,
according
to
makita's
estimates,
last
fiscal
year
the
pension
plan
was
down
five
percent
and
healthcare
trust
was
down
nine
and
a
half
percent,
and
if
you,
if
you
recall
the
previous
year,
the
pension
plan
was
up
over
25,
so
you're
going
to
have
some
up
years
and
some
down
years.
Thankfully,
on
the
downside,
it
was
somewhat
mitigated
thanks
to
running
managing
a
diversified
portfolio
and
there
continue
to
be
issues
in
the
market
in
the
economy.
F
We've
certainly
had
a
tough
six
months
and
we
still
have
issues
around
inflation,
geopolitical
risks,
the
fed
stands,
corporate
earnings
and
so
on.
Assets
are
certainly
cheaper
now
than
they
were
six
months
ago.
So
hopefully
the
market
will
settle
down
and
we'll
have
some
clarity
in
the
next
six
months.
F
But
you
know
my
crystal
ball
is
not
any
clearer
than
clearer
than
anybody
else's,
but
all
I
can
say
is
that
you
know
assets
are
cheaper.
We
have,
we
have
a
better
handle
on
what
the
fed
is
trying
to
do.
It's
hard
to
predict,
what's
been
priced
in
and
what's
not,
but
as
always,
we
are
long-term
investors.
F
The
the
good
news
is
that
I
I
shared
numbers
so
last
fiscal
year
july
was
a
strong
month
and
as
of
yesterday,
the
pension
plan
was
up.
3.56
percent
and
healthcare
trust
was
up
four
percent,
so
80
of
what
we
lost
in
the
last
last
fiscal
year.
F
We
recouped
80
of
it
just
in
july,
so
and
that's
that's
just
the
nature
of
the
markets
and
again
these
are
estimates
from
makita
there's
one
more
thing:
I
want
to
share
with
the
board,
and
that
is
the
city
spirit
funding,
so
the
city
elected
to
pre-fund
its
contributions
for
this
fisc
current
fiscal
year
and
on
july
1st,
we
received
two
wires
from
the
city
for
the
pension
flow
plan
of
about
190
million
and
healthcare
trusts,
28
million,
so
total
of
218
million,
which
we
went
ahead
and
deployed
according
to
our
strategic
asset
allocation
I'll,
actually
invite
jay
to
give
a
very
brief
overview
on
how
we
deployed
those
assets
and
with
that
over
to
jake
one
and
after
that,
I'm
I'm
happy
to
take
any
questions.
C
Good
morning,
I'll
I'll
put
up
something
on
the
screen
and
be
super
brief.
Hopefully
you
can
see
the
the
blue
chart.
I
have
up
here.
C
It'll
help
make
comments.
It'll
put
the
comments
in
context.
So,
as
probably
noted,
when
the
cd
chooses
to
pre-fund
the
plan
has
a
relatively
large
amount
of
trading
condensed
into
a
tight
type
window.
C
So
you
know
if
you're
looking
at
the
june
30th
time
period,
we
had
the
end
of
year
coincided
with
the
end
of
the
fiscal
year
rebalances
going
into
the
end
of
june,
and
then
on
july
1st
we
had
pre-funding
where
we
put
the
sponsor's
contribution
to
work,
and
so
I'm
going
to
talk
specifically
about
pre-funding
here,
probably
noted
that
the
the
check
we
got
for
the
pnf
pension
was
about
190
million
dollars.
C
So
normally
we
would
take
that
money
and
spread
it
out
across
the
asset
allocation
right,
give
each
asset
class,
their
pro
rata
slice
of
capital
and
thereby
we
would
keep
the
plan
near
its
strategic
asset
allocation
targets.
C
So
remember
the
immunized
net
cash
flow
strategy
or
I'll
just
call
it
incf-
is
where
the
plan
sets
aside
the
next
five
years
of
net
cash
outflows
and
we
take
that
money
and
we
invest
it
in
a
laddered
treasury
portfolio.
You
can
call
it
front
end
ldi
or
cash
flow
match
bond
portfolio.
C
C
So
basically,
you
can
think
of
it
as
the
plans
piggy
bank
that
helps
us
avoid
having
to
potentially
sell
assets
or
risk
assets
in
dislocated
markets
to
to
simply
to
fund
benefit
payments
right.
We
have
this
incf
that
we
draw
from
instead.
C
So
the
way
we
determine
how
large
the
incf
needs
to
be
is
to
look
at
the
plan's
projected
net
cash
outflows
as
a
supplied
by
chiron
right,
so
they're
crunching
the
numbers
and
they're
looking
at
what
are
the
beneficiary
payments
going
out
and
what
are
the
projected
contributions
coming
in,
so
that
that's
how
we
got
the
name?
It's
immunized
net
cash
flows.
We
named
it
after
what
what
it's
supposed
to
do
now.
C
C
It
was
great
for
the
market
value
and
the
funded
status
of
the
plan,
but
it
had
a
kind
of
perverse
effect
on
the
net
cash
flows,
because
the
outperformance
that
year,
basically
netted
against
past
years
of
under
performance
right
and
it
those
two
things
together-
reduced
the
sponsors,
ual
payments.
C
So
going
back
to
the
definition
of
net
cash
flows,
we
have
the
same
beneficiary
payments
going
out.
Those
are
unchanged
by
the
market
right,
so
the
beneficiary
payments
are
going
out
monthly,
but
we
have
fewer
contributions
coming
in,
because
the
the
ual
payments
are
smaller,
so
in
net
cash
flow
terms,
the
net
cash
flow,
it
has
become
more
negative
right,
so
more
cash
going
out
every
month
means
we
need
to
set
aside
more
of
the
plan
as
that
piggy
bank.
C
So,
as
as
you
can
see
again
in
the
middle
of
the
chart,
we
had
to
increase
the
size
of
the
immunized
net
cash
flow
allocation
to
just
over
10
percent
of
the
plan,
and
so
there
were
a
couple
of
ways
to
increase
the
immunized
net
cash
flow
allocation.
C
We
we
could
have
taken
a
bit
of
capital
from
every
other
asset
class,
pro
rata
or
taking
the
money
from
the
things
in
the
plan
that
were
financially
most
similar.
So
we
discussed
this
at
the
last
special
ic
meeting
with
the
trustees
there
and,
as
you
can
see,
we
ended
up
doing
the
latter
right.
We
funded
the
increase
in
the
incf
by
drawing
down
the
cache
allocation.
C
So
that's
basically
the
the
columns
in
the
chart,
the
first
column
of
numbers
gives
you
the
strategic
asset
allocation
weights,
the
the
second
column,
the
labeled
630,
gives
you
the
end
of
quarter,
which
is
also
the
end
of
the
fiscal
year
weights,
and
then
the
third
column
shows,
after
receiving
that
the
the
check
from
the
sponsor
on
seven
one,
what
the
plan
weights
look
like
and
then
you
can.
You
can
look
at
those
second
and
third
columns
relative
to
the
first
saa
target
weights.
C
C
So
at
some
point
we'll
be
coming
back
to
the
board
and
asking
for
a
waiver
on
that
particular
restriction
for
things
like
the
incf
and
then
the
funding
sources
for
that,
in
this
case
cash,
so
I'll
have
more
on
the
incf
at
the
upcoming
ic
meeting,
and
if
that
doesn't
make
you
want
to
tune
into
that,
I
I
don't
know
what
will.
So
if
you
have
any
questions
I'll
take
them
now,
otherwise,
again
more
more
to
come
at
the
ic
meeting,
any.
B
B
Going
once
it's
going
twice
all
right,
as
I
recall
for
the
last
couple
of
months,
we've
been
in
process
on
two
service
members
retired
who
committed
felonies
so
item
3a
regards
the
first
member
gala
gallagher
in
item
3
b.
Regards
the
second
member
williams
over
to
you,
maytag
for
3a.
G
Sure
thank
you
charlenza,
so
relating
to
item
4a.
Oh
3a,
I'm
sorry.
We
have
a
report
out
of
closed
session
from
the
may
5th
2020
board
meeting.
So
here's
a
readout
from
our
closed
session,
effective
july
7th
2022
the
plan
and
the
member
stephen
gallagher
entered
into
this
written
settlement
agreement
regarding
action
to
be
taken
due
to
the
members
conviction
of
a
felony
in
2005..
G
The
agreement
essentially
provides
for
the
members
current
monthly
allowance
to
be
reduced
for
the
rest
of
his
life
by
10
percent,
based
on
the
facts
and
circumstances
presented
to
the
board
at
the
may
meeting.
The
member
has
also
waived
and
released
any
and
all
claims
against
the
plan
arising
out
of
the
board's
action
taken
under
the
municipal
code.
So
that
relates
to
the
closed
session
held
in
may
of
2020
that
this
board
had
in
the
report
out
regarding
the
settlement
terms.
G
Sure
so
we
also
had
a
member
kenneth
williams,
also
agendas
at
the
may
5th
2020
board
meeting
and
at
the
may
2020
board
meeting.
As
this
board
recalls,
the
member
had
requested
a
continuance
of
the
matter
due
to
scheduling
issues
following
which
the
board
granted
following
that
meeting,
I
have
been
confirmed
with
the
members
council
and
have
provided
a
notice
that
we
were
going
to
hear
his
case
today
on
august
4th
2022,
which
is
agreeing
upon
date
between
member
and
members
council
and
the
board.
G
However,
yesterday
I
received
notice
from
the
members
council
that
he
again
is
requesting
a
continuance
and
again
citing
scheduling
conflicts,
and
I
recommend
that
the
board
continue
and
defer
this
matter
to
the
to
a
later
meeting.
In
light
of
the
members
request
now,
I
want
to
note
for
the
record
that
the
board
has
made
every
effort
to
accommodate
mr
williams
and
his
counsel,
despite
our
numerous
advanced
notices
to
him
and
his
counsel
regarding
the
identifies
matter.
Any
delay
in
hearing
this
matter
is
due
to
the
member's
conduct
and
not
of
the
board.
G
G
You
know
it's
really
hard
to
say
I.
I
do
think
that
we
should
extend
the
courtesy
of
giving
a
extension
this
time
around
and
we
will
try
to
work
with
the
member
to
and
his
council
to
secure
a
date
for
for
certain
where
we
will
hear
this
matter.
E
H
H
First,
if
you
have
had
a
chance
to
look
at
the
agenda
where
we,
the
top
of
the
agenda,
includes
all
of
the
board
members
names
and
their
time,
the
the
term
for
the
board,
we
actually
have
four
positions
coming
up
this
november,
four
positions
out
of
the
nine
that
are
coming
up
soon
enough
for
renewal,
so
that
would
mean
that
those
four
trustees,
if
they
desire
to
continue
the
trusted
ship
of
the
plan,
they
will
have
to
file
an
application,
and
unfortunately
it
is
a
pretty
straightforward
process.
H
It's
basically
the
same
process,
and
I
know
the
chair
will
be
probably
reaching
out
to
each
one
of
you
and
if
you
are
desired,
to
file
an
application
to
request
another
four-year
term,
let
us
know
and
we'll
make
sure
to
forward
you
the
link
to
the
recruitment
that
is
posted
at
the
city,
clear
website,
so
that
you
can
get
an
application
and
kick
off
the
process.
So
again,
four
of
those
positions
are
coming
up.
Three
are
from
public
members
and
one
is
a
retiree
seat.
E
H
Remember,
that's
a
good
question,
I'm
not
aware
of
it.
It
may
be
a
little
different
dig
for
the
retired
reposition
in
the
event
that
someone
else
apply
and
this
some
sort
of
a
process
that
they
have
to
win
election
for
the
public
members.
As
you
know,
there
is
no
election
and
they
just
have
to
go
to
an
interview
with
the
city
council,
so
I
will
have
to
look
at
the
details
and
get
back
to
you.
So
I
appreciate
that.
E
H
We'll
we'll
follow
up
on
it,
and
I
want
to
make
sure
I
know
on
the
background
linda,
who
really
helps
me
to
this
process,
is
taking
notes
to
make
sure
that
we
actually
reach
out
to
the
city
players
so
we'll
get
back
to
you
today.
Thank
you,
okay.
You're
welcome.
H
I
also
wanted
to
inform
the
board.
Congratulations
to
our.
You
know
our
staff
of
the
office
retirement
services
and,
in
particular,
the
accounting
group
for
receiving
their
police
and
fire
certificate
of
achievement
of
excellence
in
financial
reporting
for
the
fiscal
year
ending
in
june
30th
2021
for
the
comprehensive
annual
report.
H
We
have
been
receiving
the
certificate
for
strain
now
for
over
20
years
and
it's
a
lot
of
work
so
again,
thank
you
to
the
staff
that
was
involved
in
this
process,
and
that
includes
everyone
in
the
office,
from
benefits
to
administration,
to
I.t
and
to
investments
and,
of
course,
the
accounting
group
who
actually
puts
information
together.
H
So
congratulations
to
everyone
and
staying
with
the
accounting
group
I
wanted
to
let
you
know
that
we
welcome
a
new
accounting
clerk.
Chris
reyes,
he
is
worked
diligently
on
a
lot
of
issues
at
accounting,
including
the
the
payroll
for
the
retirees
and
the
payroll
for
the
office
staff
at
rra.
So
chris,
thank
you
so
much
for
working
on
that
every
bi-weekly.
H
We
are
also
working
on
the
benefits
in
quite
a
few.
Quite
a
few
recruitments.
They
are
at
different
stages
of
the
process,
but
we
are
in
the
final
stage
for
two
benefits:
senior
analyst
positions
that
we're
interviewing
and
we
also
kick
off
the
process
for
the
three
new
positions
that
were
approved
as
part
of
the
administrative
budget
for
this
current
fiscal
year
and
those
are
benefit,
analysts
senior
benefit
analyst
and
a
senior
supervisor
in
the
benefits
section.
H
I
attended
my
weekly
senior
staff
meeting
with
the
city
yesterday
and
they
also
expressed
their
desire
to
make
sure
that,
to
the
extent
possible
and
so
long
as
the
proclamation
from
the
state
and
the
governor
to
allow
for
remote
meetings
continue
that
they
are
really
encouraging
boards
and
commissions
to
continue
having
their
meetings
remotely
as
soon
as
possible.
H
We
could
kick
off
a
hybrid
process,
meaning
join
attendance
of
people
physically
and
remotely,
but
at
this
point
the
boards
have
elected
to
continue
their
full
remote
process,
and
so
we
will
continue
to
do
that
so
long
as
the
proclamation
stay
in
place
and
you
continue
approving
ab361,
but
I
will
keep
you
posted
in
any
on
any
changes
on
that.
I
just
want
to
let
you
know
that
the
office
we
actually
had
our
summer
picnic
that
was
last
june.
It
was
after
your
last
boy
meeting
in
june.
That's
what
you
hear
from
now.
H
It
was
well
attended.
It
was
really
really
nice
to
see
some
staff
that
I
haven't
seen
in
in
some
time,
because
when
we
come
to
the
office
many
times
we
sort
of
staff
comes
similar
dates.
So
if
I'm
in
a
in
a
in
a
process
that
I
usually
come
on
tuesdays
and
thursdays,
I
must
be
see
staff
that
comes
those
days.
H
So
I
was
able
to
see
some
staff
that
I
haven't
seen
in
person
in
quite
some
time
so
again,
kudos
to
the
committee
and
the
staff
that
work
on
putting
together
the
the
summer
picnic,
including
a
very,
very,
very
nice
and
healthy
barbecue
that
was
actually
mostly
put
together
by
and
and
cooked
by,
the
husband
of
one
of
our
retirees
that
is
back
to
work.
H
Lastly,
I
wanted
to
mention
to
you
a
couple
of
things:
the
retire
retirement
connection
newsletter,
which
you
get
a
copy
of
right
now
last
month,
and
I
think
staff
is
doing
an
excellent
job
so
kudos
to
our
communication
consultant
working,
obviously
with
barbara
and
linda
on
the
newsletter.
Keeping
our
members
surprised.
H
We
will
be
closed.
The
office
will
be
closed
september
5th,
an
observance
of
labor
day,
and
the
last
item
I
was
going
to
mention.
Prabhu
did
an
excellent
job
and,
and
so
obviously
did
I
was
senior
investment
officer,
j
equine
on
providing
detail
on
the
city,
pre-funding
and
the
deployment
of
those
assets.
So
that
concludes
my
comments.
Mr
share.
I'm
happy
to
answer
any
questions.
I
I
am
welcome
back
to
in
august,
we
had
july
was
completely
off,
so
I
really
don't
have
a
report
other
than
we're
starting
up
city
council
meetings
on
the
9th,
and
it
looks
like
we're
going
to
have
a
busy
agenda
through
the
end
of
the
year
as
as
we
typically
do
so.
I
don't
really
have
any
report
nothing
to
report
on
until
hopefully,
next
meeting
I'll
have
something
relevant
to
say
about
what
we're
up
to
at
city
hall.
B
If
not
we'll,
move
on
to
item
4c,
which
is
mine,
so
the
the
trustees.
Now
we
just
came
out
of
a
closed
session
where
we
implemented
our
part
of
the
new
performance,
the
updated
performance
review
system
gathering
input.
So
I
wrote
this
memo
kind
of
a
space
and
time
memo
right.
Let's
go
to
a
hundred
thousand
feet,
look
at
where
we
are.
There
are
two
multi-year
arcs
arc,
not
not
going
full
of
animals
that
moses
and
his
wife
piloted,
and
I
want
to
make
sure
we're
sort
of
aware
of
these
arts.
B
We
are
nearing
the
end
of
one
arc
that
started
about
15
years
ago
and
we're
about
to
start
on
another
five
or
ten
year
arc,
so
the
arc
started.
I
think
it
was
2008
when
the
city
said
hey,
you
know
what
I'm
all
we
have
on
this
board
are
employees
and
council
members
and
the
job
of
the
board
is
to
manage
money.
Money
maybe
get
some
investment
professionals
on.
B
I
was
in
that
inaugural
class,
along
with
vincennes
ferry
and
about
ten
and
a
half
years
ago
we
made
a
strategic
decision
to
bring
on
staff
to
add
alpha.
B
We
think
we've
done
that
and
in
fact,
as
part
of
this
ongoing
arc,
we're
going
to
start
reporting
out
on
that.
B
So
along
the
way
in
that
arc
about
five
years
ago,
vince
and
I
launched
a
measure
g-
there
was
a
disconnect
where,
while
we
were
on
the
board-
and
we
were
responsible
managing
it,
roberto
and
prabhu,
our
ceo
and
cio
still
reported
to
the
city
manager
and
so
with
c
manager's
help
and
the
mayor
and
and
city
council
everybody
was
on
board.
We
said
no,
no
they're
going
to
report
to
us
and
there's
some
other
other
little
factors
in
there.
So
this
arc
ends
started
with
us
coming
on
board.
B
B
Part
of
that
is
to
run
our
system
as
professionally
as
we
can
part
of
it
also
is
so
the
city
can
look
into
that
pieces
of
it
and
say
good
you're
under
control,
we're
very
comfortable
having
delegated
this
to
you
there's
a
second
piece
of
this
long
arc,
which
we
are
now
out
with
the
consultant
mcloggin
doing,
and
that
is
incentive
compensation
for
our
chief
investment
officer
and
his
ios
his
investment
officers.
B
We
will
report
out
what
we're
pretty
sure
to
be
true,
and
that
is
that
the
thesis
that
vince
and
zerry
had
10
years
ago
has
proven
to
be
true
that,
even
though
we're
a
small
pension
fund
relative
to
other
pension
funds
in
california,
we
are
big
enough
that
if
I
have
a
staff
of
six
or
10
professionals,
they
can
add
returns,
add
value
to
system
far
in
excess
of
their
salaries.
We
believe
that
to
be
true,
we'll
dig
in
the
numbers
we'll
report
that
out.
B
Therefore,
it
makes
sense
to
have
these
young
professionals
and
if
it
makes
sense
to
have
them,
then
it
makes
sense
to
train
them
and
retain
them,
and
if
it
makes
sense
to
train
them
and
retain
them,
then
it
makes
sense
to
be
competitive
with
other
public
pensions
and
private
pensions
who
hire
people
like
this
and
competitive
means
incentive
compensation
systems.
We
have
no
idea
if
the
city
will
go
for
this.
B
Governments
in
california
are
inherently
very
socialist
and
they
tend
to
frown
upon
paying
for
performance,
at
least
in
the
financial
sector,
but
all
we
can
do
is
try
and
I've.
I
have
confidence
that
this
board
and
this
staff
will
put
forth
something
to
the
city
that
they
will
take
seriously
and
any
luck
approve.
That
will
then
end
the
arc
that
started
15
years
ago.
Let's
bring
in
investment
professionals
best
professionals
say:
let's
have
a
staff
to
add
alpha.
B
Now
we
have
a
way
to
keep
that
staff
stable.
They
are
generating
alpha
and
we're
good
there's
a
second
arc.
That's
coming,
and
it's
a
deeply
personal
arc
in
case
you
haven't,
noticed
I'm
not
a
spring
chicken.
Neither
is
my
friend
harvey,
nor
is
my
friend,
roberto
or
pervu,
so
the
second
arc,
which
will
start
I
know
a
couple
of
years-
is
I'm
gonna
eventually
get
off
the
board.
B
I
assume
harvey's
gonna,
retire
to
jamaica
and,
of
course,
roberto
and
prabhu
at
some
point
in
time
will
retire
as
well,
and
so
the
next
arc,
which
the
jpc
will
take
up
probably
early
next
year,
is
generational
transition
and
when
you
have
a
board
where
the
ceo,
the
cio
and
the
chairman
and
chief
counsel
are
all
talking
about
retiring
the
next
five
ten
years,
you
should
grab
the
wheel
of
that
car
and
steer
it
very
carefully.
B
B
Unfortunately,
he
made
the
same
commitment
to
stay
until
his
employer
told
him
he
couldn't
stay
anymore,
so
these
long
arcs
are
going,
and
I
want
the
board
to
be
aware
of
the
strategic
nature
of
these
two
long
arcs,
and
thus
the
memo
that
I
put
out
and
hopefully
pam's
listening
and
hopefully
jennifer
hi,
jennifer
cheryl,
hopefully
you're
listening
to
are,
are
aware
of
these
changes
coming
and
therefore
like,
like
any
storm.
If
you
see
it
coming
two
days
away,
you
can
get
ready
for
it.
B
It's
not
a
storm
afterwards,
just
rain
and
that
and
and
plants
love
that
any
questions
for
me
or
harvey
or
roberto
or
prabhu.
H
Yes,
it's
our
office
is
a
request
to
be
a
location
funds
to
allow
us
to.
You
know,
work
with
the
budget,
but
I'll
send
it
over
to
benji
who
I
was
going
to
present.
I
might
just
say
no!
No!
No!
I
cannot
wait
to
speak
to
the
board.
I
haven't
spoken
today
in
a
while
and
I
would
love
the
chance
to
do
so
so
with
that
I'll
turn
her
over
to
benji
benji.
How
are
you
welcome
bill?
Benji's.
D
No,
not
quite,
but
I
will
present
it
anyway.
So
there
are
four
categories
of
the
administrative
budget
that
the
board
approves:
the
personnel
category,
the
non-professional,
slash
equipment,
category,
the
professional
services
category
and
the
medical
services
category.
D
This
memo
is
pretty
self-explanatory,
but
basically
the
professional
services
category
of
the
budget
will
be
exceeded
by
approximately
45
000
for
the
past
fiscal
year.
However,
the
total
administrative
budget
will
not
be
exceeded
and
there
are
a
few
reasons
for
the
excess
amounts
that's
outlined
in
the
memo.
Legal
services
were
exceeded
because
of
the
forfeiture
felony
matters.
Temporary
services
were
exceeded
because
of
the
staff
vacancies
and
actual
actuarial
services
was
succeeded
because
of
the
actuarial
audit.
D
This
past
year,
in
the
past,
when
line
items
were
over,
there
were
other
line
items
that
were
able
to
absorb
it
and
keep
the
category
below
the
budget
this
year.
The
excesses
were
too
much
to
do
that,
so
there
are
two
options
that
the
board
can
take.
We
either
leave
it
the
way
it
is
with
the
professional
category
being
exceeded
and
the
total
admin
budget
is
still
under
budget
or
we
can
reallocate
the
amounts
for
the
categories.
B
Open
any
questions
for
benji
do
we
need
a
vote
on
this
roberto.
D
B
Oops,
I
have
a
motion
by
santos
for
a
second.
G
I'm
sorry
just
for
clarification
of
the
record
here
so
trustee
sanchez
you're
moving
to
accept
the
recommendation
of
staff.
That's
correct!
Okay!
Thank
you.
D
B
Hi
dave
wilson
hi
and
it's
chairlines,
I
vote.
I
as
well
is
cairon
ready
to
go
roberto.
Are
they
here.
J
H
Yeah
and
he's
been
actually
emailing
me
for
two
months
now
pleading
to
speak
to
your
board
because
he
loved
presenting
actual
results
to
the
police
on
fire,
and
I
said
bill.
Unfortunately,
we
don't
mean
in
june,
but
I
mean
july,
but
we're
getting
you
in
agus
and
with
that
I'll,
send
it
over
to
bill.
Welcome
bill
good
to
see
you
yeah.
J
Good
to
see
all
of
you
so
hopefully
you're
seeing
my
screen
here,
we
just
wanted
to
for
this
meeting,
just
get
some
updated
projections
out
there.
A
year
ago
we
had
some
great
investment
returns
that
really
changed
the
scenario
of
our
projections,
and
this
last
year
we've
had
some
negative
returns,
and
so
we
wanted
to
give
you
an
idea
of
where
those
are
putting
our
projections.
J
J
J
The
opeb
is
much
smaller
in
terms
of
the
the
assets
and
liabilities,
but
it
was
only
31
funded
in
2020
increased
to
40
percent,
and
we
were
projecting
it
to
continue
to
increase
to
43,
but
with
the
preliminary
returns-
and
we
did
this
with
a
minus
5.3
for
the
pension
and
a
minus
10.8
for
the
opeb
I
know
refinements
are
coming
in,
but
based
on
the
market
value,
the
pension
funded
status
would
drop
to
79
open
to
36
and
that
that
assumes
all
our
assumptions
remain
the
same
and
that
all
of
the
liability
experience
was
the
same,
and
so
we
know
there
will
be
some
adjustments
to
that
as
well.
J
Now
the
contributions
are
not
based
on
the
market
value
of
assets,
they're
based
on
the
actuarial
value,
which
smooths
out
the
returns
over
a
five-year
period,
and
so
we
show
the
investment
gains
and
losses
here
back
in
2018.
J
We
were
almost
right
on
the
money,
so
you
can't
hardly
see
it,
but
in
2019
and
2020
we
had
some
small
losses,
then
the
large
gain
in
2021
and
the
the
loss
in
2022
in
recognizing
those.
Over
five
years
now
the
2019
has
been
80
recognized,
20,
20
60,
and
this
year
we
will
recognize
another
big
chunk
of
the
investment
gains
so
that
it's
the
2021
gains
are
40
recognized
and
we're
only
going
to
recognize
20
of
the
investment
losses.
J
So
if
you
add
up
all
the
deferred
pieces
that
we
have
not
recognized,
there's
about
520
million
in
deferred
losses
and
about
476
million
in
deferred
gains
and
so
for
the
pension,
the
market
value
and
the
actuarial
value
will
be
very
close
at
about
4.5
billion
this
year.
J
And
so,
while
the
plan's
funded
ratio
on
a
market
value
basis
is
we're
estimating
will
decline
from
87
to
79
percent
on
the
actuarial
value
basis.
It'll
actually
increase
from
77
last
year
to
around
80
this
year,
and
that
shows
you
that
the
unfunded
liability
is
about
1.1
or
1.2
billion,
depending
on
the
basis.
J
So
how
does
that
boil
down
in
terms
of
contributions?
We're
still
expecting
the
city's
contribution
for
the
pension
to
go
down
from
what
it
is?
The
current
year
down
from
212
to
204
or
205.
J
that's
higher
than
we
detected
last
year.
We
were
predicting
it
to
drop
all
the
way
to
194,
but
it
is
still
going
down.
I,
if
we
looked
at
the
open,
it
is
staying
pretty
much
on
track
with
what
we
had
expected
and
that's
just
because
it's
much
smaller
and
not
as
well
funded.
J
So
in
combination
we're
still
expecting
the
the
city's
total
contribution
to
go
down
just
not
as
low
as
it
was
projected.
Last
year.
J
So
now
our
preliminary
projection
falls
somewhere
in
between
those
two
numbers,
so
in
the
near
term
we're
expecting
the
contribution
rate
to
hold
fairly
steady
for
the
next
few
years.
There
is
a
bump
up
after
we've
recognized
the
2021
gains
and
then
have
one
chunk
of
the
2022
losses
to
recognize,
and
so
we
may
talk
to
you
about
that
bump
up
and
what
we
can
do
about
it.
If
we
want
to
do
anything
about
it,
but
that's
where
the
pension
projections
look.
J
J
Yeah
next
month
we
went,
we
want
to
come
back
and
fulfill
one
of
the
audit
recommendations
and
then
piggybacking
on
that
reviewing
the
funding
methods
that
we're
using
so
the
asset
smoothing
and
the
amortization
in
particular
right.
H
Sounds
like
fun
to
me,
and-
and
I
just
wanted
to
mr
schaefer-
allow
me
just
30
seconds
to
those
trustees,
especially
david,
who
is
new.
H
Obviously
he
has
a
lot
of
investment
background,
but
all
the
trustees
that
don't
have
a
lot
of
actuarial
background
and
happy
to
schedule
a
very
short
training
if
you
feel
that
it
will
be
helpful
in
anticipation
of
having
a
bill
coming
before
you
board
for
the
next
five
or
six
months
in
a
row,
I
mean
bill,
does
an
excellent
job
being
very
basic
and
making
sure
that
he
tried
to
bring
everyone
up
today,
but
obviously
there's
a
range
of
knowledge
from
the
maybe
the
actual
standpoint
of
the
board,
and
I
want
to
make
sure
that
if
there's
any
particular
basic
knowledge
that
is
being
sorted
out
by
new
trustees,
we
will
try
to
be
as
helpful
as
we
can
to
do
that.
D
This
is
dave
just
a
quick
comment
here.
I
I
think
I
understand
most
of
the
information
that
was
presented,
but
it
will
probably
be
still
nice
to.
C
J
H
B
I've
done
rhonda
item
4f
committee
assignments.
This
is
I
just
put
this
on
the
agenda,
so
sunita's
been
enormously
patient
waiting.
Her
turn
the
whole
reason
she's
here
to
sit
on
the
investment,
because
the
whole
reason
expertise
is
needed
on
the
board.
We
love
you
just
for
use
so
be
on
the
investment
committee
and
she
was
very
patient.
B
While
I
extended
my
stay
a
year,
while
we
really
locked
down
the
venture
capital,
private
equity
part
of
the
portfolio,
so
I'm
ready
to
get
off
and
and
sneeze
is
going
to
take
my
seat
and
then
a
year
from
now,
howard
also
from
the
vc
committee
will
get
off
and
david
kwon
will
take
issy,
probably
the
june
23
board
meeting.
So
we're
going
to
make
that
change.
We
need
to
vote
so
I
will
move
that
I
stepped
down
from
the
investment
committee
and
need
to
step
up.
Take
my
seat.
E
B
No,
no!
No!
No!
I
I
it's
actually
really
interesting.
When
david
then
comes
on
we're,
probably
gonna
have
the
highest
power
investment
committee.
I
think
we've
ever
had
so
we're
really.
I'm
actually
really
excited
about.
Having
you
and
ashfar
and
david
on
that
committee,
I
think
once
when
vince
was
on,
we
had,
I
think
three
people
of
your
caliber.
It's
only
for
like
a
year
cena.
How
do
you
vote
hi.
D
Good
quan,
I
vote
yes,
but
let's
not
set
the
bar
too
high.
Let's.
B
Hello,
no
pressure
right,
howard,
yes,.
D
Yes,
sir,
thank
you
drew
for
you
know
being
on
the
committee,
and
I
will
stay
in
touch
with
you,
even
though
you're
not
going
to
be
and
welcome
sanita
and
it's
a
yes
work.
Thank
you
and.
B
And
and
just
as
brief
aside,
prabhu
has
been
concerned
about
losing
that
private,
ex
private
equity
expertise
and
so
eshwar
and
howard
and
prabhu
and
harvey-
and
I
are
putting
our
heads
together
and
harvey,
suggests
a
couple
ways:
we
can
keep
that
expertise
without
having
to
pass
it
through
the
investment
committee
more
report
on
that
a
couple
of
months
we
figure
out
the
best
way
to
do
it:
rick,
dick,
yes,
franco,
hi,
dick
dave,
sorry
hi
and
I'm
chair
lanza,
I
vote
as
well
yeah.
B
You
know
I
will
say
so:
I'm
I'm
always
more
a
pensioner.
I
think
I've
been
on
the
investment,
maybe
like
four
or
five
times
now.
I
never
stay
on
long,
because
I
really
don't
know
anything
about
you
know:
public
finance,
so
you're
gonna
have
a
lot
of
fun.
It's
a
great
committee
city,
you're,
gonna
really
enjoy
being
on
it.
D
Thank
you.
Thank
you,
yeah
andrew
it's
andrew
back
to
the
committee
assignments
that
puts
sunita
on
three
with
her
chairing
one
of
them
sunita.
Is
there
a
bandwidth
issue
there
by
any
chance,
or
are
you
okay,.
B
All
right,
yeah,
andrew,
let's
put
our
heads
together
and
we'll
reach
out
to
you
on
david
kwan
and
figure
out
how
to
handle
this
sounds
good
thanks!
That's
andrew!
I
think
that's
it
over
to
you
for
4g
that
looks
like
you
right,
roberto.
H
H
Yes,
as
to
the
next
meeting
right
now,
tentatively
is
october
17..
H
At
this
point,
I
believe
the
meeting
should
take
place
in
the
afternoon
and
should
be
remotely,
and
so
what
we
are
trying
to
ask
your
boy
this
morning
is
any
topics
or
discussion
that
you
would
like
to
bring
forward
for
discussion
with
the
city
council
in
in
an
attempt
to
aid
you
on
determining
what
topics
I
asked
staff
to
include
the
last
two
agendas
that
you
have
with
the
city
council
from
2020
and
2021.
H
H
So
those
are
the
last
two
agendas
that
we
have
had
with
the
city
council
on
the
boards,
and
so
with
that
I
know
cheryl
is
in
attendance
at
the
meeting,
as
well
as
your
department
from
the
city,
so
I'll
just
send
it
over
to
you,
mr
chair
and
the
board
for
any
questions
or
comments
or
suggestions
as
to
what
potential
topics
of
discussion
you
would
like
to
add
to
that
meeting
in
october
with
the
city
council.
B
I'll
I'll
go
ahead
and
go
first
and
then
we'll
open
the
floor.
You
know
I'd
love
to
do
the
incentive
compensation
system,
but
I
can
say
right
now:
it
won't
be
ready
by
then
so
we'll
let
that
will
not
be
there.
You
know
what
I'd
love
to
do
if
it's
not
too
politically
fraught
I'd
love
to
do
a
post-mortem
on
the
pension
obligation
bonds,
don't
I
don't
think
we
as
a
team,
the
city
us
handled
that?
B
Well,
certainly
in
hindsight
I'm
guessing
it
would
have
been
really
smart
to
do
them
because
rates
have
gone
up.
We
could
have
locked
in
a
lower
rate.
I'd
love
to
see-
maybe
maybe
our
staff
or
maybe
we
can
work
on
with
city
staff,
put
together
a
little
presentation
to
say
to
the
future
board
in
the
future
city.
Looking
back,
I
know
sheryl
did
a
great
job
driving
that,
but
we
never
quite
consummated
that
marriage
and
that
I'd
love
to
talk
about.
If
you,
if
you
don't
think
it's
too
politically
fraught
roberto.
H
Anything
is
possible,
drew
and
I
know
pam
has
her
hands
up.
So
I
don't
know
if
she
has
any
comments
on
that.
Oh
yeah
jump
in
pam
go
ahead.
I
Yeah,
I
don't
really
post
mortem
on
pension
obligation,
bonds,
they're
they're,
not
off
the
table,
we're
still
moving
through
the
process
of
getting
certification
to
allow
us
to
do
to
to
address
pension
obligation
bonds,
but
I'm
not
sure
timing
is
right.
Right
now
drew
as
you
mentioned,
and
that's
been
the
risk
all
along.
So
certainly
a
discussion
around
pension
obligation,
bonds
is
fine,
but
the
reason
I
raised
my
hand
is:
is
there
a
reason
that
we
have
to
have
this
meeting
in
october?
I
I
Well,
actually,
I
guess
it's
the
fourth
quarter
of
the
fiscal
year,
2020
22-23
so
in
between
may
april
may
june,
because
we
have
a
new
council
coming
in
the
council.
We
have
today
is
going
away,
so
anything
we
discuss
with
them
isn't
necessarily
relevant
as
decision
makers
going
forward.
That's
just
my
thought.
I
I'm
not
for
I'm
one
who
doesn't
support
having
meetings
just
because
I
think
the
meetings
need
to
be
effective
and
when
you
have
a
council,
that's
changing
as
much
as
we
are
next
year,
including
a
new
mayor.
I
B
K
Yeah,
so
so,
thanks
for
the
question
councilmember
foley,
the
reason
why
we
have
these
meetings
is
because
it
was
an
audit
recommendation
back
from
2018
that
the
city
council
and
the
two
retirement
boards
should
meet
annually
to
discuss
pertinent
issues
that
relate
to
both
the
city
council
and
the
retirement
boards.
Historically,
we've
met
in
the
fall
as
that's
when
we
typically
have
more
of
the
projections
and
some
of
the
draft
actuarial
reports
at
our
disposal
in
case
those
are
potential
agenda
items
that
come
up.
K
However,
there's
nothing
that
says
in
our
in
anyone's
bylaws,
whether
it's
the
municipal
code
or
any
of
the
governance
policies
for
both
retirement
boards.
That
says
we
we
have
to
do
it,
however.
Typically
when
there
are
audit
recommendations,
we
do
like
to
to
follow
those
to
stay
up
to
date
with
with
what
we're
doing
there.
So
that's
that's
why
I've
you
know
put
this
memo
on
the
agenda,
it's
one
historic
that
we
have
it
at
this
time
and
to
an
audit
recommendation.
K
You
know
I
I'm
happy
to
in
the
next
year
for
2023
schedule
it
in
it
in,
as
you
said,
the
fourth
quarter
at
least
attempt
to
for
a
study
session
as
there
there
will
be
new
council
members
new
council
new
mayor
for
for
the
next
term.
I
don't
think
it
hurts
to
have
more
communication
in
a
in
a
shorter
time
frame.
That's
just
my
perspective,
I'll
leave
that
to
the
boards
and
council
to
decide,
but
those
are
the
reasons
why
we
have
it
now.
B
H
So
yeah
I
want
to
echo
cheryl's
words.
Obviously
I
think
more
communication
is
always
always
better.
Councilmember
foley
is
absolutely
right.
If
there's
gonna
be
some
turnover
at
the
city,
council
and
the
mayor
will
no
longer
be
there
after
december.
It
kind
of
makes
you
wonder.
H
H
So
you
know
this
process
was
sort
of
led
by
the
city,
so
I'll
just
refer
to
cheryl
whether
it
makes
sense
to
have
the
meeting
in
october
and
then
I
think,
as
she
suggested,
maybe
another
meeting
the
following
year,
maybe
earlier
than
usual
again
having
more
communication
is
better
than
less
so
I'm
happy
to
take
that
approach.
H
On
the
other
hand,
waiting
for
the
new
year
would
allow
us
to
have
the
new
players
on
board
and
more
concrete
actuarial
and
investment
information
at
our
fingertips
to
have
perhaps
a
more
meaningful
discussion,
although,
as
cheryl
knows
as
herself
and
myself
are
both
included.
When
we
have
new
council
members,
a
new
major
coming
in
as
part
of
the
onboarding
process,
we
do
provide
a
short
presentation
on
on
the
city
and
the
and
the
retirement
office
and
the
boards.
H
So
even
though
the
new
place
will
be
on
board
they're,
probably
going
to
be
a
little
more
training
or
they're,
probably
going
to
need
more
time
to
get
enough
knowledge
to
have
a
meaningful
participation
in
that
discussion.
So
it's
a
long
way
of
telling
I'm
pretty
open
with
whatever
is
decided
at
the
end
of
the
day,
so
long
as
we
continue
a
consistent
communication
and
meetings
on
the
annual
basis.
Thank
you,
mr
chair.
B
I
Yeah,
I
was
just
going
to
say
that
cheryl.
I
appreciate
that
background
information.
I
wasn't
aware
of
the
audit
recommendation
and
I
think
it's
an
excellent
recommendation,
but
it
it
seems
to
me
that
if
we
could
do
this
in
may,
let's
say
that
is
also
when
we're
setting
the
budget
the
mayor's
budget
comes
out.
I
Then,
and
we
start,
our
mayor's
budget
comes
out
a
little
bit
before
that,
but
we're
working
on
the
budget
at
that
point
and
the
council
understanding
the
impact
of
pre-funding
and
unfunded
liabilities,
while
we're
working
on
the
budget
would
be
really
helpful.
And
again
we
have
a
a
couple
of
brand
new
council
members
who
are
likely
to
be
to
win
their
elections.
I
We
have
some
veterans
too,
but
then
the
mayor
is
someone
who
is
either
one
of
our
councilmen
current
council
members
and
has
a
good
handle
on
the
retirement
funds
or
its
supervisor,
chavez
who
hasn't
who
established
the
retirement
board
or
was
involved
years
and
years
ago,
but
the
background
might
be
helpful
for
her
as
well.
So
I
don't
know
I
I
again.
Maybe
it's
a
shorter
meeting
in
october.
I
Maybe
it's
just
maybe
it
is
a
discussion
around
pension
obligation,
bonds
or
something
or
narrowing
the
the
discussion
a
little
bit
and
not
having
the
half
day
or
a
couple
hour
day
that
we've
used
to
have
as
a
joint
meeting.
So
I'm
I'm
flexible
there.
But
again.
If
it
seems
to
me
it
would
be
more
effective.
Once
we
have
a
new
council
because
they're
going
to
need
the
education
on
what
the
retirement
board
is
all
about
and
then
mostly
the
impact
on
the
general
fund
and
the
imp,
unfunded
liabilities.
A
J
A
J
E
Yeah,
I
support
council
member
foley's,
explanation
and
I'll.
Tell
you
why
you
and
I
have
had
a
conversation
about
the
mayor's
race
in
terms
of
not
picking
anybody,
just
saying
hey,
dick,
whatever
influences
you
have.
We
continue
with
yourself
and
this
very,
very
efficient
board,
and
I
said
it
by
all
means.
Whatever
I
can
do.
Pam
is
totally
correct
when
it
comes
to
the
other
agency.
E
I
work,
for
we
have
a
certain
committees
that
we're
putting
together
and
since
the
the
election
coming
up,
they're
postponing
them,
because
it's
important
and
a
priority
that
the
new
council
be
educated
when
it
comes
to
retirement
issues,
whether
it
be
mr
mahan
or
cindy
chapman's
cindy
chavez
was
the
former.
Vice
mayor
worked
in
this
system.
She
also
works
in
a
purse
system
now,
but
it's
things
have
really
changed
in
our
retirement
system,
which
is
a
private
one
by
all
means,
wait
to
get
the
people
who
need
to
make
the
decisions
to
work
with
us.
B
Thanks
dick
well,
unless
the
board
has
any
objections,
if
I
can
ask
roberto,
you
could
convene
a
meeting
with
pam
and
cheryl
and
yourself
and
see
if
you
guys
can
make
a
consensus
decision
if
you
can't
bring
it
back
to
the
board
next
month,
but
pam.
I
think
I
think
what
you're
saying
is
kind
of
compelling.
I
don't
want
to
adjudicate
it
here.
I
know
virtue
you
and
you
and
dick
and
others
have
said
yeah,
let's
not
insert
ourselves
into
that
elections
too
cheryl.
I
see
you
want
to
jump
in.
K
Yeah,
just
just
one
suggestion:
if
we're
going
to
convene
you
know
the
council,
member
and
roberto
and
myself
I'd
like
also
make
a
recommendation
that
council
member
davis
is
included
in
that
as
the
as
the
council
member
for
non-voting
member
for
the
federated
board,
I
think,
with
both
of
their
input,
we
can
come
up
with
a
a
solution
that
would
make
sense
for
all
parties,
but
I
just
want
to
make
sure
as
long
as
that's
not
violating
any
sort
of
brown
act,
I
want
to
make
sure
that
that
would
be
something
that
we
could
do
so
that
you
know
they
can
take
that
back
to
their
if
we
need
to
put
it
on
in
a
rules
committee
to
say,
hey
we're
just
going
to
bring
this
up
as
an
item
rather
than
a
meeting
that
would
suffice.
K
As
you
know,
I'm
from
the
office
of
employee
relations,
I'm
always
reticent
to
go
against
audit
recommendation,
recommendations
or
policies.
So
I
just
want
to
make
sure
that
council
and
the
boards
are
are
in
agreement
of
of
how
to
take
that
on.
So
I'm
happy
to
have
those
discussions,
offline.
B
H
I
I'll
reach
out
to
cheryl
we'll
work
it
out
and
then
we'll
reach
out
to
both
council
liaisons
and
we'll
we'll
get
back
to
the
board.
So
I
agree
with
you.
Thank
you.
B
Board
yeah,
I
know
good
catch,
pam
and
better
catch
by
cheryl.
Anybody
that
wants
from
the
board
want
to
weigh
in.
G
On
the
maytag
show,
the
city's
resolution
on
social
distancing
in
city
facilities
has
lapsed
due
to
the
fact
that
the
city
council
did
not
meet
in
the
may
in
the
month
of
june
july.
However,
circumstances
are
such
that
the
covet
19
pandemic
continues
to
pose
a
risk
for
meeting
in
person,
and
the
governor's
proclamation
for
the
state
of
emergency
continues
to
be
an
effect
due
to
cover
19.,
based
on
the
information
provided
to
you
with
your
backup
materials.
G
The
governor's
proclamation
for
the
state
of
emergency
under
due
to
cover
19
remains
in
effect
and
as
a
result
of
that
proclaimed,
state
of
emergency
meeting
in
person
would
present
an
eminent
risk
to
the
health
and
safety
of
the
attendees
and
with
the
back
of
materials,
we
have
provided
you
the
cdc's
current
rating
for
the
compute
community
level
of
for
cover
19
in
santa
clara
county,
which
is
high,
presenting
a
risk
and
eminent
risk
to
the
attendees
for
their
health
and
safety.
G
B
Great
floor
will
entertain
a
motion
to
adopt
these
two
factual
findings
allowing
us
to
meet
for
another
30
days.
Virtually
floors
open
for
that
motion.
Don't
move
santa
we've
got
a
motion
by
santos.
Do
I
have
a
second.
D
B
Franco,
hi
wilson,
hi,
I'm
chair
lanza,
I
vote
I
as
well.
Everybody
stick
around.
B
The
enemy
will
be
back
with
the
second
running
of
the
maytag
show
we're
under
retirements,
although
we
read
the
names
and
then
we'll
obtain
a
motion
to
prove
david
aaronia,
police,
lieutenant
police
department,
effective
august
6,
2022,
26.84
years
service,
daniel
p,
anderson
police
officer,
police
department,
effective
august
20,
2022,
26.87
years
of
service
man,
we
got
some
lifers
here,
paul
paulo
ambrito
fire
engineer,
fired
from
effects
of
august
6,
22
28.4
years
service
with
reciprocity,
corey,
greene,
police
officer,
police
department,
effective
september
3rd
2022,
26.13
years
service,
shane,
ludeke,
police
officer,
police
form,
an
effective
august,
20th
2022,
26.84
years
service,
jeff,
jeffrey
p,
reilly,
fire,
captain
fire
department
of
effect
september,
4th
2022,
26.61
users,
randall
brian
schrieffer,
police,
captain
police
department,
effective
august
6,
2022
27.05
years
with
us
positive.
B
A
B
B
B
D
Dave
yeah:
I
just
wanted
to
recognize
the
long
years
of
service
that
these
gentlemen
put
into
for
city
service.
Many
count,
many
of
them
as
my
friends
and
wish
them
the
best
in
retirement
in
the
future.
Endeavors.
D
Just
want
to
thank
you,
everybody
that
you
know
for
for
their
service
and
time
they
put
into
this
into
the
city
and
to
this
community.
Thank
you.
H
Right
yeah,
I
just
want
to
recognize
these
are
a
few
of
my
academics
and
I
wish
them
the
best.
B
Wow,
that's
saying
something:
man
that's
30
years
ago,
deferred
vested
lamont,
j,
casseau
police,
sergeant,
police
department,
effective
august
12,
2022,
27.97
years
service
with
reciprocity,
entertain
a
motion
to
approve,
go
move
santos
and
watch
my
santos
to
have
a
second.
D
D
Yeah,
this
is
wilson
I'll,
just
recognize
lamont
another
good
friend
of
mine,
as
he
continues
his
community
service
at
the
da's
office
as
a
da
investigator
congrats
on
finally
achieving
retirement
with
the
city.
B
B
I
will
note
that
one
of
these
gentlemen
joined
the
force
when
I
was
in
fourth
grade
the
other
one
joining
when
I
was
in
eighth
grade-
and
I
am
a
senior
citizen
by
age,
notification
of
the
death
of
robert
hollers
police,
lieutenant
retired
january
1992,
I'd
like
to
see
30
years
of
happy
retirement
died,
june,
22nd,
2022,
survivorship
benefits
to
valerie
holler's
spot
and
the
notification
of
the
death
of
eduardo
e
medina
fire
engineer,
retired
march
18,
20
2000
died,
may
7
2022
survivorship
benefits
to
connie
medina's
spouse.
D
Yeah
just
condolences
to
their
family
and
excuse
me:
I'm
coughing
here.
H
E
It's
always
sad
to
hear
this,
but
unfortunately,
unfortunately,
at
the
time,
eduardo
medina
and
his
family
were
very
good
friends.
They
actually
came
to
this
country
from
texas
to
alviso
and
he
came
on,
and
I
knew
him
well
and
it's
very
very
sad
to
hear
because
he
was
too
young
to
pass
away
at
this
early
time,
so
the
best
of
the
family.
Thank
you.
D
Okay,
so
we
had
a
meeting
in
june.
H
Two
topics
that
we
covered
one
was
looking
at
possible
hedging
strategies,
so
we
had
a
discussion.
I've
continued
to
talk
to
prabhu
and
the
team
on
that
and
the
second
was
we
had
a
review
of
risk
related
to.
B
And
let
me
note
the
board
receiving
file
the
minutes
from
426
and
by
five
sunita
audit
risk
committee.
H
D
D
D
H
Last
time,
so
I
apologize
in
we
didn't
meet
in
july.
So
that's
why
we
have
all
these
items
in
here.
You
are
correct.
We
did
have
a
special
meeting
just
recently
in
july,
but
in
addition
to
that,
we
have
all
these
other
discussions
at
the
audit
committee
level.
H
I
mean
specifically
two
main
things
that
you
can
take
out
of
it,
which
are
f
and
g,
was
reported
by
our
senior
nintendo
auditor
on
the
reconciliation
contributions,
audit
and
then,
of
course,
the
committee
received
the
presentation
by
grant
thornton
on
their
office
retirement
services,
audit
plan
for
fiscal
year
june,
30
2092,
and
they
approved
it.
So
I
think
it's
fair
to
say
that
the
committee
is
recommending
to
you
board
to
approve
the
audi
plan,
my
current
incoming
financial
audit
for
june
30.
D
B
It's
always
hard
bridging
july,
so
you
don't
apologize.
You
know
60
days.
90
days
is
a
long
time
carrying
memory.
Well
I'll
move
that
we
approve
the
auto
plan
by
grant
foreign.
Is
there
a
second.
B
H
Mr
chair,
before
we
go
to
governance,
I
just
want
to
make
a
side
note
that
this
is
very
likely
will
be.
The
last
audi
by
grant
thornton
and
staff
will
be
coming
before
you
board
later
early
in
2023,
because
we're
going
to
have
to
issue
a
request
for
proposal
for
financial
audit
services
for
the
2023
year.
So
just
wanted
to
keep
you
posted.
That's
what's
going
to
happen
next,
probably
early
in
2023.
B
H
B
Let
me
note,
then,
that
we
receive
and
file
again
these
minutes
from
the
may
5th
av
361
meeting
disability,
dick.
E
B
Great,
let
me
note
for
the
record
again:
we
we
receive
and
file
the
the
minutes
from
may
5th.
8361
meeting
jpc
anything
to
report
andrew.
H
No,
mr
chair,
nothing
to
report.
H
Roberto
we
are
trying
to
schedule
a
meeting,
a
special
meeting
with
you
and
andrew
and
spencer
and
trustee
chandra
from
federated.
So
you
can
approve
ab361
yeah,
hopefully
next
week,
that
will
allow
the
committee
to
schedule
the
enrollment
meeting
later
in
the
month.
So
we
can
then
take
the
presentation
by
the
compensation
consultant
most
likely
the
four-week
in
august
after
the
fed
meeting.
B
Great
we're
wrapping
up
any
agenda
items.
Any
member
of
the
public
want
to
speak
if
every
stay
online.
We're
gonna
adjourn
this
meeting
and
back
to
you
maytag
for
the
second
half
of
the
maytag,
show.