[00:00:00] Speaker 1 + overlapping voice
And
[00:00:00] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:00:00–00:00:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:01] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
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[00:00:06] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:00:09] Speaker 1 + overlapping voice
to really, even with five more years in the job,
[00:00:12] Speaker 1 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:00:12–00:00:13 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:13] Speaker 2 + overlapping voice
Yep, yep. There he is.
[00:00:16] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:00:16–00:00:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:17] Attribution uncertain · Unclear audio
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[00:00:17] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
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[00:00:18] Speaker 3
What the heck is going on with the traffic out there? Well, come to
[00:00:22] Speaker 3 · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:00:22–00:00:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:22] Speaker 3
I'll show you traffic. Yes,
[00:00:24] No voice detected
yes. It
[00:00:25] Speaker 2
took me 40 minutes to get over the lake. Wow. I don't know.
[00:00:28] Speaker 1 · Unclear audio
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Flag: a language review questioned the wording · 00:00:28–00:00:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:29] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
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[00:00:30] Attribution uncertain · Unclear audio
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[00:00:30] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:00:30–00:00:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:31] Speaker 1 · Unclear audio
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[00:00:33] Speaker 2
Friday afternoon.
[00:00:35] Speaker 2 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:00:35–00:00:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:35] Speaker 2
Chris Morrison.
[00:00:36] Speaker 2 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:00:36–00:00:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:37] Attribution uncertain · Unclear audio
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[00:00:37] Speaker 2 · Unclear audio
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[00:00:42] Speaker 3 + overlapping voice · overlapping voices
All
[00:00:43] Speaker 2 + overlapping voice · overlapping voices
right, yes. We will call this meeting to order and take a roll call.
[00:00:50] Speaker 2 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:00:50–00:00:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:52] Speaker 2 + overlapping voice
President Chris Morrison.
[00:00:53] Speaker 2 + overlapping voice · Unclear audio
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[00:00:54] Attribution uncertain · Unclear audio
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[00:00:54] Speaker 2 · Unclear audio
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[00:00:55] Speaker 1
Okay.
[00:00:56] Speaker 2 · Unclear audio
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Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:00:56–00:01:35 · unresolved: the words are not shown (unclear audio); listen to the recording
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[00:01:35] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:01:35–00:01:38 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:01:36] Speaker 2 · Unclear audio
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[00:01:39] Speaker 2
All
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Flag: the machine readings disagree here · 00:01:40–00:02:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:01:56] No voice detected · Unclear audio
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[00:03:44] Speaker 3
Now, ‸ that's always an estimate for two reasons. One is we don't know what the state monies are going to be this year. And secondly, the city puts in a dollar requirement. They fully fund the plan each October 1st as a lump sum. So while we're looking at that right-hand column for the current year, the city's already made its contribution. I ‸ don't know, as we sit here today, the amount they put in because they have to ballpark it. They're guessing what
[00:04:15] Speaker 3 · Machine re-recognized
payroll is
Flag: words were replaced by a machine repair · 00:04:15–00:04:16 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:04:16] Speaker 3
going to be for the entire year and then put the money in. But what's been happening is they've been overfunding a bit. So we just hold that
[00:04:27] Speaker 2
and
[00:04:27] Speaker 3 + overlapping voice · overlapping voices
tell them that they can use it in the upcoming year.
[00:04:32] No voice detected
So
[00:04:32] Speaker 3
using what they had to put in in fiscal 23 compared to our calculation, they overfunded by just over $91,000. So there is a footnote on page 6 at the bottom. And the city folks, they know where to look for that. ‸ Perfect. Part of the reason for that, I think, is the state contribution went up.
[00:04:59] Speaker 2 + overlapping voice · overlapping voices
Yeah,
[00:05:00] Speaker 3
which has been going on everywhere in the state, not just police but also fire. So that probably had a role in it. Also because the city's estimating, I'm guessing they're being conservative and they might be putting in some margin so they don't get caught short.
[00:05:16] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:05:16–00:05:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:05:24] Speaker 3
left column.
[00:05:25] Attribution uncertain
And
[00:05:25] Speaker 3
that amount would be due this coming October 1st. So just over seven months from now.
[00:05:31] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:05:31–00:05:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:05:35] Speaker 3
That's quite a jump. There's a couple of reasons for that in moving parts. Some of it's because of an actuarial loss. Primarily due to the investment side.
[00:05:49] Attribution uncertain
Now,
[00:05:49] Speaker 3
on the market return for the year, you did fine. Larry's already given you that information. Our calculation was 8.6%. We were going for the assumption, 7.25%.
[00:06:06] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:06:06–00:06:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:06:10] Speaker 3
We used that average. And that came in short. That came in at 5.2%. So there was an investment loss. Salary increases came in a little higher than expected as well. Our calculation was about 6.5%. We were looking at 5-ish.
[00:06:29] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:06:29–00:06:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:06:33] Speaker 3
But you did have an actuarial gain. It didn't offset fully the investment and the salary. But no surprise to everybody here, turnover. High turnover. We started the year with 58 actives and 8 terminated.
[00:06:51] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:06:51–00:06:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:06:55] Speaker 3
contract.
[00:06:55] Speaker 3 · Unclear audio
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Flag: the recognizer flagged its own output · 00:06:55–00:06:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:06:56] Attribution uncertain · Unclear audio
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[00:06:56] Speaker 3
Some took their contributions right away.
[00:06:59] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:06:59–00:07:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:07:06] Speaker 3
So at the end of the year, it was not fully staffed back up. So headcount-wise, we went from 58 to 54. That had a lot to do with why the contribution as a percent of payroll went up. Payroll is smaller. So you have this ongoing payment for the unfunded liability. And even if there was no actuarial loss, you're now taking that payment and dividing it by a smaller payroll.
[00:07:31] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:07:31–00:07:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:07:35] Speaker 3
Now, I'll just give you a heads up. Let's say whatever the chief and the city are doing to try and encourage turnover from occurring and trying to get new people in, I could show you a real different answer next year if they're successful. And that's because when a new hire comes into the plan on average,
[00:07:54] Speaker 3 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:07:54–00:08:02 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:08:02] Speaker 3
After they put in their six and a half, the city needs
[00:08:05] Speaker 3 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:08:05–00:08:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:08:12] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:08:12–00:08:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:08:15] Speaker 3
showing here.
[00:08:16] Speaker 3 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:08:16–00:08:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:08:20] Speaker 3
So new hires coming in is really good for a plan. It can really bring down the percent of payroll contribution requirement because all those extra monies are going towards the unfunded liability. So just kind of giving you a heads up on that, that if the turnover issue is addressed successfully, I could show you a
[00:08:41] Speaker 3 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:08:41–00:08:43 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:08:46] Speaker 3
Before I move on from this page, can I answer anything?
[00:08:50] Speaker 1 + overlapping voice · overlapping voices
One question. Sure. Last valuation, you gave us a question in the dollar amount of the contribution for next October based on current payroll.
[00:09:00] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:09:00–00:09:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:09:03] Speaker 1
Yeah.
[00:09:04] Speaker 3 + overlapping voice · overlapping voices
I would ballpark roughly, based on current payroll, let's call it 780,000. That's a big caveat, though, because if they are successful in trying to get turnover under control and get a lot of new hires in, and on top of that negotiate pay increases, it could be higher than that 780. But just based on current payroll, that would be my estimate. All right. I figured there's a bidding war around the state. I'm a broken record
[00:09:53] Speaker 3 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:09:53–00:09:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:09:58] Speaker 3 + overlapping voice
Actually, it's not just that, it's general employees, too.
[00:10:02] Speaker 3 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:10:02–00:10:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:10:04] Speaker 3 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:10:04–00:10:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:10:08] Speaker 3 + overlapping voice
done yet. But that makes sense to me. I called part of it a few years ago when I saw the minimum wage law pass.
[00:10:20] Speaker 3 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:10:20–00:10:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:10:22] Speaker 3 + overlapping voice
I'll just do the math. That's $31,000 a year. There's no way that you're going to have special risk entry under $31,000 when that happens. ‸ Then you get inflation, and then you get a housing market issue, especially in Florida. Everybody trying to move to Florida and supply and demand.
[00:10:46] Speaker 3 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:10:46–00:10:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:10:49] Speaker 3 + overlapping voice
So when interest rates go up, people sitting on a lot of equity in their house, they're like, oh, well, a certain percentage would take the equity out and say, I'll just go and get another house somewhere else. I'll do ‸ some mortgage somewhere else, smaller house maybe, something. But when the interest rates go up, people have equity ‸ in their house. Like, well, I'd like to take cash out, but if I do that,
[00:11:15] Speaker 3 + overlapping voice · Machine re-recognized
i
Flag: words were replaced by a machine repair · 00:11:15–00:11:15 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:11:15] Speaker 3 + overlapping voice
got to find another place, and I'm going to trade my current mortgage for a really bad interest rate. ‸ Who's going to want to trade a mortgage where they're paying 3% or 4% for 6, 7, 8? So that has contributed to housing prices staying high in Florida especially.
[00:11:34] No voice detected · Unclear audio
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[00:11:35] Speaker 3 · Unclear audio
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[00:11:38] Speaker 3
If you just do the rule of thumb that your mortgage shouldn't be more than 25% of your net. And if a house, if it's very hard to get a house for under $400,000, you've got to make about $100,000 a year to afford a house.
[00:11:54] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:11:54–00:11:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:11:55] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:11:55–00:12:02 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:02] Speaker 3
they'll stop. But it wouldn't surprise me if they continue.
[00:12:08] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:12:08–00:12:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:10] Speaker 3
finish up on page 18. Just swipe right. A couple of times you're going to come across the funding progress chart, green bars. And in spite of the net loss this last year and that the city's requirement going up as a percent of payroll, the funded status is still pretty stable. With this report, you can see on that graph, it's 90.3%. Last year it was 91.4%. So your plan's still in very good shape. You've been in the 90s even cracking 100 for the last decade. So that just shows that the plan is, you know, being funded with methods and assumptions in a way
[00:12:57] Speaker 3 · Machine re-recognized
that
Flag: words were replaced by a machine repair · 00:12:57–00:12:57 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:12:57] Speaker 3
you can absorb losses and still the funded status is going to remain pretty well. It's going to not change much from one year to the next.
[00:13:07] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:13:07–00:13:12 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:13:12] Speaker 3
myself to the August meeting to talk about your investment return assumption. But then I looked, and the last time we did a full review of all the assumptions with an experience study was six years ago. So what I'm recommending is when I show up in August, I do a review of all the assumptions with an experience study. So we'll talk about not just the investment return but everything else.
[00:13:40] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:13:40–00:13:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:13:43] Speaker 3 · Unclear audio
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Flag: a language review questioned the wording · 00:13:43–00:13:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:13:46] Speaker 1 · Unclear audio
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Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:13:46–00:13:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:13:49] Speaker 3 + overlapping voice · overlapping voices
Yeah, let's ‸ go ahead and get that motion for the full study.
[00:13:53] Speaker 1 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:13:53–00:13:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:14:00] Speaker 1
You want to wait and do one motion?
[00:14:03] Attribution uncertain
Because
[00:14:03] Speaker 1 + overlapping voice · overlapping voices
you said this would be a footage. Maybe let's
[00:14:06] Speaker 3 + overlapping voice · overlapping voices
handle them separately. Okay.
[00:14:07] Speaker 1
Okay.
[00:14:08] Attribution uncertain · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:14:08–00:14:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:14:08] Speaker 1 · Unclear audio
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[00:14:10] Speaker 1
at
[00:14:10] Speaker 1 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:14:10–00:14:14 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:14:14] Speaker 1
I know it's going to run. So do you need a
[00:14:17] No voice detected · Unclear audio
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Flag: the recognized words and the detected speech do not line up · 00:14:17–00:14:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:14:22] Speaker 5
Yeah.
[00:14:23] No voice detected · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:14:23–00:14:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:14:24] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:14:25] Attribution uncertain
I
[00:14:25] Speaker 5
was just wondering, Doug, if you had an estimate of the cost of an experience study?
[00:14:29] Speaker 3 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:14:29–00:14:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:14:31] Speaker 5
Okay.
[00:14:35] Speaker 3
It's a big report. It's one of the reasons we do it every time of
[00:14:39] Speaker 5 + overlapping voice
year.
[00:14:39] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:14:39–00:14:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:14:42] Speaker 5 + overlapping voice
That's all.
[00:14:44] No voice detected · Unclear audio
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Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:14:44–00:15:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:14:48] Speaker 1 · Unclear audio
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[00:14:48] Speaker 2 · Unclear audio
[unclear audio]
[00:14:48] Attribution uncertain · Unclear audio
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[00:14:58] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:15:02] Attribution uncertain · Unclear audio
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[00:15:19] No voice detected · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; words only one machine reading has (possibly not said) · 00:15:19–00:16:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:15:26] Speaker 1 · Unclear audio
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[00:15:36] No voice detected · Unclear audio
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[00:15:37] Speaker 2 · Unclear audio
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[00:15:45] Speaker 1 · Unclear audio
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[00:16:01] Attribution uncertain · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:16:04–00:16:13 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:16:15] Speaker 1 · Unclear audio
[unclear audio — 0:03]
Flag: the recognizer flagged its own output · 00:16:15–00:16:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:16:24] Speaker 4 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:16:24–00:16:28 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:16:28] Speaker 4
recommendation.
[00:16:30] Speaker 2 · Unclear audio
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Flag: flagged by the automatic checks · 00:16:30–00:16:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:16:36] No voice detected · Unclear audio
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[00:16:39] Speaker 2 · Unclear audio
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[00:16:45] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:16:54] Speaker 2 · Unclear audio
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[00:16:57] Speaker 1 · Unclear audio
[unclear audio — 0:02]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:16:57–00:16:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:17:01] Speaker 3 + overlapping voice · overlapping voices
Yeah, whenever the board would like to cover it.
[00:17:03] Speaker 1
Yeah.
[00:17:04] Speaker 1 · Unclear audio
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[00:17:11] Speaker 2 · Unclear audio
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[00:17:14] Speaker 4
All right. Well, good to see everybody again. As I was here last quarter, I remember, I guess it was mid-November, and I had mentioned that we would expect to see some rotation in the market.
[00:17:25] Speaker 4 · Unclear audio
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[00:17:28] Speaker 4
I think I might have even handed something out. I don't remember, but how they were just dominating the market.
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[00:17:34] Speaker 4
kind of trailing or doing so-so. Matter of fact, probably at the time I was here, the S&P 493 taking out those seven was probably flat, maybe up a percent or two, but wasn't up much.
[00:17:46] Speaker 4 · Unclear audio
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[00:17:48] Speaker 4
average over 100% or something. It was a ridiculous number. And we expected to see, hope to see some rotation. Also, during the quarter, last quarter, and that's the quarter we're reviewing now, remember that the CPI number came out a little lower than expected, 3.2, I think it was,
[00:18:04] Speaker 4 · Machine re-recognized
in
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[00:18:04] Speaker 4
3.1, maybe a couple months there in a row. And it got the market all excited.
[00:18:09] Speaker 4 · Unclear audio
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[00:18:15] Speaker 4
times ‸ in 2024. Well, again, I can't remember the timing, whether I mentioned this last time, but the reason that CPI number came down, really, was just because of gas. Gas came down quite a bit, which made no sense to me whatsoever, because a war had just broken out in Israel and looked like it could spread. That's not usually an environment where you see oil prices go down. So I thought maybe the CPI number was a little bit temporary and that we might see a spike back up, and we have a little bit.
[00:18:43] Speaker 4 · Unclear audio
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[00:18:49] Speaker 4
Now they're down to two or three rate cuts, possibly in 2024. And they've all been pushed back out to, you know, much later in the year. You know, it wouldn't surprise me one bit if there are no rate cuts in 2024. Inflation still, the core inflation number is still running close to 4%. Their target's two. Again, oil prices have stayed relatively low, but they're starting to tick back up a little bit. So, again, it wouldn't surprise me to see oil back at $100 a barrel before too long, given what's going on in the Mideast. So I think it's a little premature to think that the Fed is going to start cutting rates. Inflation is nowhere near where they want it. And Powell has made it, Chairman Powell has made it very clear he's going to stick to it and make sure it comes down. The good news is, though, it did spark a nice rally in the stock market in the fourth quarter, and your returns are good for the quarter. So we got off to a great start for your 2024 fiscal year due to some of that.
[00:19:45] Speaker 4 · Unclear audio
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[00:19:49] Speaker 4
in the quarter, as we kind of thought, I didn't think it happened that fast, but it did start to broaden a little bit. And your returns reflect that. You'll see some pretty good numbers.
[00:19:58] Speaker 4 · Unclear audio
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[00:20:04] Speaker 4
You know, Tesla's kind of dropped out of it, but this market is still being dominated by those names again. But overall, the market is up a little bit. Small caps are down, but large and mid-cap equities are still up. We're probably up from the numbers I'm showing you today.
[00:20:20] Speaker 4 · Unclear audio
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[00:20:24] Speaker 4
quarter to date, just based on the market. So the markets seem pretty resilient right now to any news. It's almost, I don't know, a little bit scary at the levels that the market is at. But, you know, we'll take it, obviously. I don't think there's any chance, really, that the Fed will raise rates again. There's enough signs in the economy right now that it's slowing down or starting to slow down that I think they'd really risk if they raised rates. I think that could put the economy in a real tailspin. And so my guess is they just kind of leave it alone for a while. And
[00:21:01] Speaker 4 · Unclear audio
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[00:21:01] Speaker 4
get closer to the election. At least historically, they've left it alone as they got closer to the election. They didn't want to have any influence, but, you know, we'll see what happens then. But all in all, earnings have come in pretty good. And so it's not just a market that's, you know, where the price earnings multiples are expanding. Earnings have come in pretty strong. So it's ‸ kind of justified to have pretty decent ‸ returns. There's a big number coming out at the end of today. You can, if you watch any business news, it's going to come out. But NVIDIA releases their earnings tonight.
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And, you
[00:21:36] Speaker 4
know, and the market will swing on it. If they disappoint, the market will tumble. If they surprise on the upside, my guess is the whole market will shoot straight up.
[00:21:46] Speaker 4 · Unclear audio
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I
[00:21:48] Speaker 4
don't know if it still is, but the markets were down a little bit this morning. But it's all kind of based on what NVIDIA comes out with today. That said, I'll go through the book kind of quick. If there are any questions, let me know. But as I said, it was a good fourth quarter. If you look at the top of page two, those are the various market indices, both bonds and stocks and even commodities. If you pull out last quarter's book, it was just the opposite.
[00:22:13] Speaker 4 · Unclear audio
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[00:22:14] Speaker 4
Everything was down except commodities. So it flipped in the fourth quarter there, which is the first quarter of
[00:22:20] Attribution uncertain
your
[00:22:20] Speaker 4
fiscal year, and things look pretty good. Down on the bottom left of the different sectors, again, same story. Everything was up. If you flip to page three, the top of page three is the bond market and all the various sectors of the bond market all up, as you can see. And then the bottom of that page deals with international, and international was also up strong. So ‸ good stock market, good bond market. We actually saw rates tick down just a little bit during the quarter. That has kind of reversed itself this quarter. But, again, provided for some nice positive returns in both bonds and stocks. If you flip over to page six, something I just noticed as Doug was doing his report, and we'll get it corrected. But in the green section, we still show 7.5% is the assumed rate.
[00:23:08] Speaker 4 · Unclear audio
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[00:23:11] Speaker 4
So I recognize that we have the wrong number there. If you go then to compliance, ‸ really the compliance is built in there. There's no page eight is a few things straight out of the investment policy. We did not identify any compliance issues at all. So that's ‸ always good news. Performance starts on page nine. I'll just look at the quarter on this page. Started at 34.6. Net contributions were actually positive for the quarter. Then we had a nice gain. So your ending market value was 37.6. Total fund return, this is net of investment management fees, was 7.9%. A little bit below the model, but again, a very strong quarter. I think we'd take four quarters like that any day. Page 10 is your asset allocation. I'm not going to make any, you know, I talked with Mitchell quite a bit yesterday. We're not going to make any rebalancing recommendations.
[00:24:08] Speaker 4 · Unclear audio
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[00:24:11] Speaker 4
If you add the cash and
[00:24:12] Speaker 4 · Unclear audio
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[00:24:17] Speaker 4
fixed income. That's a little overweight ‸ the target. But I think given where rates are these days now, your bond managers
[00:24:26] Speaker 4 · Unclear audio
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[00:24:29] Speaker 4
investment grade. So considering where we were just 18, 24 months
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[00:24:37] Speaker 4 · Unclear audio
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[00:24:39] Speaker 4
You're still overweight slightly. It's showing in the real estate as I think you might remember.
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[00:24:50] Speaker 4
lousy quarter and lousy, lousy year. So they wrote down some office properties this quarter to the loan value.
[00:24:59] Attribution uncertain
I
[00:24:59] Speaker 4
think it was. And so three major office properties.
[00:25:03] Speaker 4 · Unclear audio
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[00:25:07] Speaker 4
So you can't get out fast enough. Although if this was a repeat of 08, 09, we got in line to get out of a lot of real estate funds during the financial crisis. By the time we got to the front of the line, we decided to switch lines. And it paid off well for a decade up until 2022 pretty much.
[00:25:26] Speaker 3 · Unclear audio
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[00:25:30] Speaker 4 + overlapping voice · Machine re-recognized
at this
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[00:25:30] Speaker 4 + overlapping voice
point. If you skip to, well, page 12 gives you a list of all the managers of a very well diversified portfolio, as I think you're well aware. Get into performance on page 14 in a little more detail. The fund was up 8 percent gross of fees. Again, a little bit behind the strategic model.
[00:25:48] Speaker 4 + overlapping voice · Unclear audio
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[00:25:50] Speaker 4 + overlapping voice
It drug us down enough to get us below that target. It put us right in the middle of the pack in that large public fund universe. If you go down the list, Westwood underperformed a little bit. They had a pretty big weighting in a couple of oil stocks, Exxon and Chevron, and that drug them down just a little bit below the target. And those have been pretty volatile stocks, energy stocks in general. You have great quarters, and then you have lousy. And that was, that one didn't work out for them well this quarter. Your indices, your index funds all match their benchmark. If you
[00:26:26] Speaker 4 + overlapping voice · Unclear audio
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[00:26:34] Speaker 4 + overlapping voice
the year. For the quarter,
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it
[00:26:36] Speaker 4
really was a rotation. That last six weeks, we saw a real strong rotation to lower quality, higher risk kind of names, especially in the small and mid cap stock area. And they have a pretty high quality portfolio, and that just caused them to lag their benchmark pretty substantially.
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[00:26:59] Speaker 4
the quarter, so those did all right. Infrastructure had a nice quarter up 11.8. Switch over to the next page.
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[00:27:15] Speaker 4
Again, real estate is a big drag there after giving us some great returns for several years that it had
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[00:27:26] Speaker 4
And then bonds had a good quarter, as you can see, and your bonds
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[00:27:32] Speaker 4
That's a really strong bond number with rates coming down, as they did. Your short-term fixed income was up 4.2. And
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[00:27:47] Speaker 4
I don't have any managers ‸ that I would consider on watch. Westwood had a difficult quarter, but the longer-term numbers are still okay there. They don't take a lot of risk, so anytime it's a risk, whether we call ‸ a risk-on trade, they're probably going to lag a little bit. If you go to page 22, these are your fiscal year returns going
[00:28:12] Speaker 4 · Unclear audio
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[00:28:15] Speaker 4
You had a good fiscal year last year, a little over 9%, again, gross of fees.
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[00:28:23] Speaker 4
so that's your first quarter ‸ fiscal year. As we sit here today, as
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[00:28:29] Speaker 4
right now for where you stand. So really good start. Hope we can hang on to that. And then the last chart I'll cover with you is kind of, I call it the long-term report card on page 23. That on the top left, ‸ those are rolling five-year numbers. So you go back five years ago and you look back five years.
[00:28:48] Speaker 4 · Unclear audio
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[00:28:50] Speaker 4
And then every quarter we do the same thing. Look back five years and say, how did the plan do relative to its benchmark, which is the triangle, and how did it do relative to the peer group, ‸ which is where it would rank in those kind of those various colors.
[00:29:03] Speaker 4 · Unclear audio
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[00:29:06] Speaker 4
top quartile, but 70% of
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[00:29:07] Speaker 4
time in the second quartile.
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[00:29:11] Speaker 4
don't hold me to this, but I think it's about 1,100 plans in this universe across the country. And 75% of the time on a rolling five-year basis, you've been above average. So for, you know, a smaller plan to do that well relative, these are against multi-billion dollar plans. And, you know, so it's a, I think it's a good sign that you've been well diversified and weathered some storms pretty good.
[00:29:31] Speaker 2
And that's really all I was going to plan on covering, but I'll be glad to
[00:29:35] Speaker 4
go into any more detail on any of the managers or anything you have any questions about.
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Okay. I
[00:29:41] Speaker 2
only had the
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one question on page four. Four. Yeah.
[00:29:46] Attribution uncertain
It
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says the fee contribution.
[00:29:49] Speaker 2 · Unclear audio
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[00:29:52] Speaker 4
Yes.
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So,
[00:29:58] Speaker 4
and the question.
[00:30:00] No voice detected · Unclear audio
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[00:30:06] Speaker 2
That's
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something
[00:30:06] Speaker 2
else.
[00:30:09] Speaker 4 + overlapping voice · overlapping voices
As far as I know, that's the right number, but I'll be glad to double check it. I can check right now. Yeah. Doug can check it. Yeah.
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[00:30:18] Speaker 2
Right.
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[00:30:23] Attribution uncertain
I
[00:30:23] Speaker 2 + overlapping voice · overlapping voices
think
[00:30:24] Attribution uncertain
it
[00:30:24] Speaker 2
was like 200 and
[00:30:25] Speaker 1 + overlapping voice · overlapping voices
change.
[00:30:26] Speaker 4
Actually, I think we mentioned that last quarter.
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[00:30:38] Speaker 4
So you don't think that's right. Okay.
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[00:30:50] Speaker 1
It
[00:30:50] Speaker 2 + overlapping voice · overlapping voices
says
[00:30:51] Speaker 4 + overlapping voice · overlapping voices
725 was received, but I'm wondering if that's from. And
[00:30:54] Speaker 1 + overlapping voice · overlapping voices
then that whole front end contribution that the city makes.
[00:31:00] Speaker 4 + overlapping voice · overlapping voices
That would. Yeah. Oh, okay. So that's not the state. I
[00:31:03] Speaker 3 + overlapping voice · overlapping voices
will tell you that the city and state combined
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[00:31:14] Speaker 3 + overlapping voice · overlapping voices
that's close, but
[00:31:16] Speaker 1 + overlapping voice · overlapping voices
that's one end contribution that they make in October.
[00:31:21] Speaker 3 + overlapping voice · overlapping voices
But that's different. I'm talking about fiscal 23.
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[00:31:27] Speaker 2
Yeah.
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So
[00:31:27] Speaker 3
my guess is it is the city and state combined.
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[00:31:34] Speaker 4 + overlapping voice · Unclear audio
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[00:31:35] Speaker 4 + overlapping voice
Yeah. I see Mitchell's notes from August said state monies were released.
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[00:31:43] Speaker 4 + overlapping voice
will be 245,612. He made a recommendation back then.
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[00:31:53] Speaker 4 + overlapping voice
contribution instead of quarterly. Yeah. Yeah. Apologize for that.
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[00:31:59] Speaker 4 + overlapping voice · overlapping voices
We'll, we'll get back. We'll get back to Sheila on it. Yeah. That'd be
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[00:32:07] Speaker 4 + overlapping voice
back to Sheila on that.
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[00:32:10] Speaker 4 + overlapping voice
That's a good, good catch.
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[00:32:15] Speaker 4 + overlapping voice
Okay.
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Larry.
[00:32:27] Speaker 4
Yep. That's a good fit for those actually, um, capital one and discover don't go after the same clientele. So they, they, uh, I just, I haven't done a whole lot of research on
[00:32:38] Speaker 4 · Machine re-recognized
it. It's
Flag: words were replaced by a machine repair · 00:32:38–00:32:38 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:32:38] Speaker 4
Kind of just going by what I heard on the, on the business news channels, you
[00:32:41] Speaker 4 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:41–00:32:46 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:47] Speaker 4
Um, so.
[00:32:49] No voice detected
So
[00:32:49] Speaker 4 + overlapping voice · overlapping voices
they thought it would be a good merger and help them compete more against the American express and the visa and the master cards of the world. So, uh, ‸ probably
[00:32:57] Speaker 2
a pretty good move.
[00:33:00] Speaker 4
That's not a recommendation by the stock.
[00:33:02] Attribution uncertain
I
[00:33:02] Speaker 4
have no idea what the impact is going to be, but to stay competitive in that arena, you gotta be, you gotta be a big player to stay competitive in that arena. That's for sure. So, um, I guess
[00:33:12] Speaker 4 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:33:12–00:33:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:13] Speaker 2 · Unclear audio
[unclear audio — 0:03]
[00:33:16] Speaker 2
Um,
[00:33:17] Speaker 4
just. With the election coming up and it's just going to get nasty and nastier and nastier and accusations are going to fly. And it'll be a crazy year and what impact that has on the markets.
[00:33:34] Speaker 4 · Machine re-recognized
you never know. But typically, I would expect a little more volatility. Doesn't mean bad, just volatility.
Flag: the recognized words and the detected speech do not line up · 00:33:34–00:33:41 · gap filled by a machine re-reading (not checked by a person)
[00:33:44] No voice detected · Unclear audio
[unclear audio]
Flag: the recognized words and the detected speech do not line up; numbers, amounts, negation or names differ between the machine readings · 00:33:44–00:33:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:44] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:33:46] Speaker 4 · Machine re-recognized
Good
Flag: the recognized words and the detected speech do not line up · 00:33:46–00:33:46 · gap filled by a machine re-reading (not checked by a person)
[00:33:46] Speaker 4 · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:33:46–00:33:46 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:46] No voice detected · Unclear audio
[unclear audio — 0:02]
Flag: the recognized words and the detected speech do not line up; numbers, amounts, negation or names differ between the machine readings · 00:33:46–00:33:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:49] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
[00:33:49] Speaker 5 + overlapping voice · Machine re-recognized
Good afternoon, everyone. Just an update on a couple of items. As you know, we've been monitoring that forfeiture, potential forfeiture proceeding. We reached out and spoke to the assistant state attorney
Flag: the recognized words and the detected speech do not line up · 00:33:49–00:34:03 · gap filled by a machine re-reading (not checked by a person)
[00:34:03] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: the machine readings disagree here · 00:34:03–00:34:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:04] Speaker 5 + overlapping voice · Machine re-recognized
case.
Flag: the recognized words and the detected speech do not line up · 00:34:03–00:34:04 · gap filled by a machine re-reading (not checked by a person)
[00:34:04] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:04–00:34:05 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:05] Speaker 5 + overlapping voice
the parties are engaged in trying to strike a deal and come to a deal. But we don't know
[00:34:12] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:34:12–00:34:14 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:14] Speaker 5 + overlapping voice
He said that he would just keep us in the loop and advise when there's any sort of plea agreement reached or whether they're going to trial.
[00:34:22] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:34:22–00:34:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:25] Speaker 5 + overlapping voice
So depending upon, you know, if he pleases to a felony, we're just going to have to dig a little bit further and see if there were any weapons used that were provided by the city. If that's ‸ the case,
[00:34:41] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:34:41–00:34:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:42] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:34:42–00:34:46 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:47] Speaker 5 + overlapping voice
He was also wearing a bulletproof vest, and we are state attorneys looking into whether or not that was issued by the city as well. If that is the case, then that may be the link to his employment. We would need to proceed with
[00:35:04] Speaker 5 + overlapping voice · Machine re-recognized
a forfeiture hearing,
Flag: words were replaced by a machine repair · 00:35:04–00:35:06 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:35:06] Speaker 5 + overlapping voice
But still, it's all contingent upon what he actually, you know, pleased to or is found guilty of.
[00:35:14] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:35:14–00:35:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:35:17] Speaker 5 + overlapping voice · overlapping voices
any further information. But we'll give you a recommendation once the criminal case is concluded. So that's the update on that. I don't know if you have any questions. I'll pause for a second to see if you have any questions on that. Not hearing any. So yesterday, Sheila and I, we were on a phone conference with our cyber insurance liability provider. They had reached out to Sheila and Pat and said that they had become aware of some vulnerability with regard to
[00:35:54] Speaker 3
the
[00:35:54] Speaker 5
website. Now, we don't have a website. So it seems that they were talking about the city website. ‸ And I know that Pat had reached out to the city and they were not, they did not have any issues.
[00:36:05] Speaker 5 · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:36:05–00:36:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:36:11] Speaker 5
that, you know, it has nothing to do with us. And we don't know, we don't need to be concerned with anything else at this point in time. I don't know, Sheila, if you have anything to add there.
[00:36:21] No voice detected
No, that accurately summarizes it.
[00:36:25] Speaker 5
Yep. ‸ Yeah. And then I see in the meeting agenda that Sheila had distributed the memo from our office on the filing of
[00:36:37] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:36:37–00:36:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:36:41] Speaker 5 · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 00:36:41–00:36:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:36:45] Speaker 5
We have the link in the memo to the website where you're going to have to go on and register, create a username, password, and then file the Form 1 online rather than filing it with the supervisor of elections in the county in which you live. So going forward, everything's going to be filed electronically. That includes the Form 1 and the Form 1F that you have to complete when you leave your position as a trustee, just so you're aware of that.
[00:37:14] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:37:14–00:37:18 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:18] Speaker 5
They said it's ‸ not very complicated and similar to what they had to do in writing in previous years. So you have some time to do it, but ‸ make sure you go online, register, and get it done in the next couple of weeks. Other than that, nothing further on the legal side to report unless you have any further questions.
[00:37:44] No voice detected · Unclear audio
[unclear audio — 0:04]
Flag: the recognized words and the detected speech do not line up · 00:37:44–00:37:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:48] Speaker 5
Not that we have seen so far. Nothing to report on.
[00:37:55] No voice detected · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:37:55–00:37:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:56] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[00:38:00] Speaker 1
‸ Do you have a reminder on the financial?
[00:38:02] Speaker 1 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:38:02–00:38:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:05] Attribution uncertain · Unclear audio
[unclear audio]
[00:38:05] Speaker 1 · Unclear audio
[unclear audio]
[00:38:05] Attribution uncertain · Unclear audio
[unclear audio]
[00:38:05] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[00:38:07] Attribution uncertain · Unclear audio
[unclear audio — 0:08]
[00:38:15] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:38:16] Attribution uncertain · Unclear audio
[unclear audio]
[00:38:16] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:38:17] Attribution uncertain
So
[00:38:17] Speaker 1
you can just do the link. I'll re-email it to all of you.
[00:38:30] Speaker 1 · Unclear audio
[unclear audio — 0:03]
Flag: the recognizer flagged its own output; words only one machine reading has (possibly not said); numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:38:30–00:40:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:33] Attribution uncertain · Unclear audio
[unclear audio]
[00:38:33] Speaker 1 · Unclear audio
[unclear audio — 0:13]
[00:38:46] Attribution uncertain · Unclear audio
[unclear audio]
[00:38:46] Speaker 1 · Unclear audio
[unclear audio — 0:22]
[00:39:11] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:39:12] Speaker 1 · Unclear audio
[unclear audio — 0:12]
[00:39:24] Attribution uncertain · Unclear audio
[unclear audio]
[00:39:24] Speaker 1 · Unclear audio
[unclear audio — 0:42]
[00:40:15] Speaker 5 · Unclear audio
[unclear audio — 0:01]
[00:40:17] No voice detected
If
[00:40:18] No voice detected · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:40:17–00:40:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:40:21] Attribution uncertain
direction
[00:40:22] Speaker 1 · Unclear audio
[unclear audio — 0:08]
[00:40:30] Attribution uncertain · Unclear audio
[unclear audio]
[00:40:31] Speaker 1 · Unclear audio
[unclear audio — 0:09]
[00:40:40] Attribution uncertain · Unclear audio
[unclear audio]
[00:40:40] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:15]
[00:40:55] Speaker 1 + overlapping voice
I
[00:40:56] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:10]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings · 00:40:55–00:41:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:41:06] Attribution uncertain · Unclear audio
[unclear audio — 0:04]
[00:41:10] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:41:10–00:41:14 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:41:15] Attribution uncertain · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:41:15–00:41:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:41:15] Speaker 3 · Unclear audio
[unclear audio — 0:07]
[00:41:22] Speaker 3
of payroll. And even if it was exactly 4% of payroll, again, if I would update the study, then the annual cost would be actually about the same. As I showed back then, that study showed $132,000 a year. Surprisingly, payroll's about the same now as it was three years ago.
[00:41:51] Speaker 3 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:41:51–00:42:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:41:55] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:41:56] Speaker 3 · Unclear audio
[unclear audio — 0:05]
[00:42:01] Speaker 3
I was factoring in current and future retirees, and everybody's ‸ marched forward in time.
[00:42:09] Speaker 3 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:42:09–00:42:13 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:42:13] Speaker 3
the ballpark of what you're looking at right here.
[00:42:16] Speaker 3 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:42:16–00:42:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:42:19] Speaker 3
guess, maybe 5-ish.
[00:42:21] Speaker 3 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:42:21–00:42:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:42:26] No voice detected · Unclear audio
[unclear audio]
[00:42:27] Speaker 3
that's just kind of giving you a sense.
[00:42:28] Attribution uncertain · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:42:28–00:43:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:42:28] Speaker 3 · Unclear audio
[unclear audio]
[00:42:29] Attribution uncertain · Unclear audio
[unclear audio]
[00:42:29] Speaker 3 · Unclear audio
[unclear audio]
[00:42:29] Attribution uncertain · Unclear audio
[unclear audio — 0:01]
[00:42:30] Speaker 3 · Unclear audio
[unclear audio — 0:03]
[00:42:34] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:16]
[00:42:51] Speaker 1 · Unclear audio
[unclear audio — 0:06]
[00:42:59] Speaker 2 · Unclear audio
[unclear audio — 0:07]
[00:43:09] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
[00:43:16] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[00:43:18] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:43:20] Speaker 2 · Unclear audio
[unclear audio — 0:04]
[00:43:25] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:06]
[00:43:31] Speaker 3 · Unclear audio
[unclear audio]
[00:43:31] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[00:43:36] Speaker 3
Not necessarily, but I can play it by ear because I'm here. General,
[00:43:40] Speaker 3 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:43:39–00:44:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:43:44] No voice detected · Unclear audio
[unclear audio]
[00:43:50] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:21]
[00:44:12] Attribution uncertain · Unclear audio
[unclear audio]
[00:44:12] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
[00:44:16] Speaker 2 · Unclear audio
[unclear audio — 0:04]
[00:44:20] No voice detected · Unclear audio
[unclear audio — 0:04]
[00:44:26] Speaker 5 + overlapping voice · overlapping voices
Yeah, I've also drafted a bunch of ordinances extending to aid for a bunch of police and fire plans as well around the state. So it seems like everybody's getting on board that train.
[00:44:39] No voice detected · Unclear audio
[unclear audio — 0:04]
Flag: the recognized words and the detected speech do not line up · 00:44:39–00:44:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:43] Attribution uncertain · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:44:43–00:44:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:43] Speaker 1 · Unclear audio
[unclear audio]
[00:44:43] Attribution uncertain · Unclear audio
[unclear audio]
[00:44:44] Speaker 1 · Unclear audio
[unclear audio — 0:07]
[00:44:51] Speaker 1
in the past, do you send them ‸ a letter to the negotiating board of the board ‸ and so on saying
[00:44:59] No voice detected · Unclear audio
[unclear audio — 0:04]
Flag: the recognized words and the detected speech do not line up · 00:44:59–00:45:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:04] Speaker 5
Yeah,
[00:45:04] Attribution uncertain
I
[00:45:04] Speaker 5
mean, I'm happy to do that or you could just give them my contact info and have them call me. You know, whatever. I'm here as a, you know, I'm here to provide any guidance that I can and any help. So.
[00:45:18] No voice detected · Unclear audio
[unclear audio — 0:05]
Flag: the machine readings disagree here · 00:45:18–00:45:23 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:28] Speaker 5 · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:45:28–00:45:29 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:29] Attribution uncertain
All
[00:45:29] Speaker 5
right. Yeah, just send me the info. I'd be happy to do that.
[00:45:33] No voice detected · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:45:33–00:45:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:38] Speaker 1 · Unclear audio
[unclear audio — 0:04]
[00:45:41] Attribution uncertain · Unclear audio
[unclear audio]
[00:45:41] Speaker 1 · Unclear audio
[unclear audio — 0:13]
[00:45:54] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:45:56] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[00:45:58] No voice detected · Unclear audio
[unclear audio]
[00:45:59] Speaker 5
Very good. Thanks. No.
[00:46:11] No voice detected · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up · 00:46:11–00:47:00 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:46:12] Speaker 1 · Unclear audio
[unclear audio — 0:09]
[00:46:26] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:46:28] Speaker 2 · Unclear audio
[unclear audio]
[00:46:29] No voice detected · Unclear audio
[unclear audio — 0:09]
[00:46:46] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:46:48] Speaker 2 · Unclear audio
[unclear audio — 0:04]
[00:46:53] Attribution uncertain · Unclear audio
[unclear audio]
[00:46:53] Speaker 2 · Unclear audio
[unclear audio — 0:04]
[00:46:57] Speaker 1 · Unclear audio
[unclear audio]
[00:46:57] No voice detected · Unclear audio
[unclear audio — 0:03]
[00:47:00] No voice detected · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:47:00–00:47:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:47:02] Speaker 5
Yeah, thank you everyone. Good speaking with you. Take care. Bye-bye.
[00:47:52] No voice detected
Thank
[00:47:53] Speaker 4
you.
[00:47:55] Speaker 4 · Unclear audio
[unclear audio — 0:01]
Flag: the machine readings disagree here · 00:47:55–00:48:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:47:55] Speaker 2 · Unclear audio
[unclear audio — 0:03]
[00:47:58] No voice detected · Unclear audio
[unclear audio]
[00:48:00] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:48:01] Speaker 2 · Unclear audio
[unclear audio]
[00:48:01] No voice detected · Unclear audio
[unclear audio — 0:02]
[00:48:03] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[00:48:04] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:48:08] Speaker 2 · Unclear audio
[unclear audio]
[00:48:09] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:48:10] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:48:13] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:48:15] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:48:15] Speaker 4 + overlapping voice · overlapping voices
Thank you. I
[00:48:18] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:48:18–00:48:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:48:20] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:12]
[00:48:34] Speaker 4 · Unclear audio
[unclear audio]
[00:48:36] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:48:36] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:07]
[00:48:45] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:48:46] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:10]
[00:48:57] Attribution uncertain · Unclear audio
[unclear audio]
[00:48:57] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:48:58] No voice detected
Mm-hmm. Thank
[00:49:41] No voice detected · Unclear audio
[unclear audio — 1:52]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:49:39–00:51:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:51:33] Attribution uncertain · Unclear audio
[unclear audio]
[00:51:33] No voice detected · Unclear audio
[unclear audio]