civic record · cocoa, florida
General Pension

General Pension Regular Meeting

Date
2024-11-20
Status
Machine transcript available
Source
CivicClerk event #281
No City record on file — no AI-written text

The City's record

What the City's record shows

The City's minutes for this meeting are not on file in this archive. This briefing states only what the City's agenda lists. Nothing here is taken from the machine transcription.

  • No agenda file for this meeting is held in this archive. The agenda packet button on this page opens the City's meetings-portal page for it, where the City may or may not have posted one.

The recording's machine transcription is below. It is unverified: words and names may be misheard, and it cannot establish who acted or how anyone voted.

Agenda (the City's wording)

The City's agenda items for this meeting are not available as a list here; see the agenda packet link on this page.

Transcript Partial transcript

Machine transcription of the meeting recording. The words are the recognizer's, except where a passage is marked as corrected or machine re-recognized; most have not been checked against the audio, so words, numbers and names can be misheard. It describes what was said. It cannot establish who voted how, an amount or an outcome — the City's minutes do that (above). A time links to its passage, and “Copy link” copies that link. No recording can be started from here.

Speakers were separated by voice. A plain name rests on evidence tied to that voice; “provisional” is a name from an earlier text-only pass and is not verified; “Speaker N” is an unidentified voice.

[00:00:03] Speaker 1 + overlapping voice · overlapping voices
So, yeah, he
[00:00:08] Speaker 2 + overlapping voice · overlapping voices
looks the same, but I mean,
[00:00:09] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:00:09–00:00:14 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:14] Speaker 2 + overlapping voice
I
[00:00:15] Attribution uncertain
can
[00:00:15] Speaker 2 + overlapping voice
take notes and I
[00:00:16] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:00:16–00:00:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:18] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:00:18] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:00:21] Speaker 2 + overlapping voice · overlapping voices
My wife and I used to get that
[00:00:23] No voice detected
golf now.
[00:00:25] Speaker 3
I don't have to take it.
[00:00:27] Speaker 3 · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:00:27–00:00:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:27] Speaker 3
this is
[00:00:27] Speaker 2 + overlapping voice · overlapping voices
a game of play out
[00:00:28] Speaker 3 + overlapping voice · overlapping voices
there for free.
[00:00:33] Speaker 1 · Unclear audio
[unclear audio — 0:02]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:00:33–00:02:02 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:35] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:00:37] Speaker 1 · Unclear audio
[unclear audio]
[00:00:37] No voice detected · Unclear audio
[unclear audio — 0:02]
[00:00:39] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:00:41] Speaker 1 · Unclear audio
[unclear audio]
[00:00:41] Attribution uncertain · Unclear audio
[unclear audio]
[00:00:41] Speaker 1 · Unclear audio
[unclear audio — 0:09]
[00:00:50] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
[00:00:54] Speaker 1 · Unclear audio
[unclear audio — 0:03]
[00:00:57] Attribution uncertain · Unclear audio
[unclear audio]
[00:00:57] Speaker 1 · Unclear audio
[unclear audio — 0:03]
[00:01:00] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:00] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:01:01] Speaker 3 · Unclear audio
[unclear audio — 0:03]
[00:01:04] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:04] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:05]
[00:01:10] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:01:11] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:01:12] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:12] Speaker 3 · Unclear audio
[unclear audio]
[00:01:12] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:12] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:01:14] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:01:15] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:15] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:01:16] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:16] Speaker 3 · Unclear audio
[unclear audio — 0:04]
[00:01:21] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:01:23] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:01:24] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:01:26] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:01:27] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:27] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:01:27] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:03]
[00:01:31] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:01:31] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:31] Speaker 3 · Unclear audio
[unclear audio]
[00:01:32] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:32] Speaker 3 · Unclear audio
[unclear audio — 0:04]
[00:01:37] Speaker 1 · Unclear audio
[unclear audio — 0:05]
[00:01:42] Speaker 3 · Unclear audio
[unclear audio — 0:05]
[00:01:48] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:48] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:01:48] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:01:49] Speaker 1 · Unclear audio
[unclear audio]
[00:01:51] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:01:53] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:10]
[00:02:02] Speaker 3 + overlapping voice · overlapping voices
Thank you. I will do what I can. We can go ahead and do the call to order. I didn't realize that was slow and I just looked at this because it's 1102.
[00:02:10] Speaker 1
We'll call this meeting
[00:02:11] Speaker 1 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:02:11–00:02:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:02:16] Speaker 1
I'll start ‸ the roll call. Mr. Knowles? Yeah. Mr. Torbert? Here. Mr. Woodhouse?
[00:02:24] Speaker 3
Okay, there it is, Doug.
[00:02:26] Speaker 1
I'm here. Steve Harrell?
[00:02:28] Speaker 3 · Machine re-recognized
It's
Flag: words were replaced by a machine repair · 00:02:28–00:02:28 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:02:29] Speaker 1
coming in.
[00:02:30] Speaker 3
I thought I saw something light up. Just give us a sec here.
[00:02:39] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:02:39–00:02:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:02:50] Speaker 3
Hello?
[00:02:56] Speaker 4 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:02:56–00:02:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:02:57] Speaker 3 + overlapping voice · overlapping voices
Yeah.
[00:02:58] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:33]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:02:58–00:03:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:03:31] Speaker 1 · Unclear audio
[unclear audio — 0:08]
[00:03:39] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:03:41] Speaker 1 · Unclear audio
[unclear audio — 0:11]
[00:03:53] Speaker 1
Thank
[00:03:53] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up; a language review questioned the wording; words only one machine reading has (possibly not said) · 00:03:53–00:07:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:03:54] No voice detected · Unclear audio
[unclear audio]
[00:03:55] Speaker 3 · Unclear audio
[unclear audio — 0:17]
[00:04:12] No voice detected · Unclear audio
[unclear audio]
[00:04:13] Speaker 1 · Unclear audio
[unclear audio]
[00:04:14] Speaker 3 · Unclear audio
[unclear audio — 0:06]
[00:04:20] Speaker 1 · Unclear audio
[unclear audio — 0:07]
[00:04:30] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:04:31] Attribution uncertain · Unclear audio
[unclear audio]
[00:04:31] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:04:38] No voice detected · Unclear audio
[unclear audio — 0:07]
[00:04:52] Speaker 3 · Unclear audio
[unclear audio — 0:09]
[00:05:01] Attribution uncertain · Unclear audio
[unclear audio — 0:26]
[00:05:27] Speaker 2 · Unclear audio
[unclear audio — 0:03]
[00:05:42] No voice detected · Unclear audio
[unclear audio]
[00:05:42] Attribution uncertain · Unclear audio
[unclear audio — 0:12]
[00:05:54] Speaker 3 · Unclear audio
[unclear audio — 0:08]
[00:06:02] Speaker 2 · Unclear audio
[unclear audio]
[00:06:02] Speaker 3 · Unclear audio
[unclear audio]
[00:06:02] Speaker 2 · Unclear audio
[unclear audio]
[00:06:02] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:06:03] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:06:04] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:06:05] Speaker 1 · Unclear audio
[unclear audio — 0:03]
[00:06:10] Speaker 3 · Unclear audio
[unclear audio — 0:02]
[00:06:12] Speaker 1 · Unclear audio
[unclear audio]
[00:06:12] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:06:13] No voice detected · Unclear audio
[unclear audio]
[00:06:24] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:06:26] Speaker 3 · Unclear audio
[unclear audio — 0:02]
[00:06:30] Speaker 1 · Unclear audio
[unclear audio — 0:05]
[00:06:36] Speaker 3 · Unclear audio
[unclear audio — 0:05]
[00:06:41] Speaker 2 · Unclear audio
[unclear audio — 0:06]
[00:06:47] Speaker 3 · Unclear audio
[unclear audio — 0:19]
[00:07:07] No voice detected · Unclear audio
[unclear audio — 0:04]
[00:07:11] Speaker 3 · Unclear audio
[unclear audio — 0:11]
[00:07:22] Attribution uncertain · Unclear audio
[unclear audio]
[00:07:22] Speaker 3 · Unclear audio
[unclear audio]
[00:07:22] Attribution uncertain · Unclear audio
[unclear audio]
[00:07:22] Speaker 3 · Unclear audio
[unclear audio]
[00:07:22] Attribution uncertain · Unclear audio
[unclear audio]
[00:07:22] Speaker 3 · Unclear audio
[unclear audio]
[00:07:22] Attribution uncertain · Unclear audio
[unclear audio]
[00:07:22] Speaker 3 · Unclear audio
[unclear audio]
[00:07:22] Attribution uncertain · Unclear audio
[unclear audio]
[00:07:22] Speaker 3 · Unclear audio
[unclear audio]
[00:07:22] Attribution uncertain · Unclear audio
[unclear audio]
[00:07:22] Speaker 3
Not good.
[00:07:29] Speaker 2 + overlapping voice · overlapping voices
I wanted to hold off so when I'm talking,
[00:07:31] Attribution uncertain
you
[00:07:31] Speaker 2
would be able
[00:07:32] Speaker 3 + overlapping voice · overlapping voices
to take
[00:07:34] Speaker 2
everything down.
[00:07:35] Speaker 3 + overlapping voice · Machine re-recognized
Alrighty.
Flag: words were replaced by a machine repair · 00:07:35–00:07:35 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:07:36] Speaker 3 + overlapping voice · overlapping voices
Let's go ahead then. All set? Yeah. IT is supposed to come and help us. ‸ We'll see.
[00:07:42] Speaker 2
All right. I'll make this short and sweet.
[00:07:46] Speaker 2 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:07:46–00:07:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:07:49] Speaker 2
I'm the actuary for the pension plan.
[00:07:50] Speaker 2 · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 00:07:50–00:07:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:07:51] Attribution uncertain · Unclear audio
[unclear audio]
[00:07:51] Speaker 2 · Unclear audio
[unclear audio — 0:04]
[00:07:56] Speaker 2 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:07:56–00:07:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:08:00] Speaker 2
It's been that way for several years.
[00:08:02] No voice detected · Unclear audio
[unclear audio — 0:05]
Flag: the recognized words and the detected speech do not line up · 00:08:02–00:08:07 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:08:07] Speaker 2
a
[00:08:07] Speaker 2 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:08:07–00:08:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:08:10] Speaker 2 · Unclear audio
[unclear audio — 0:04]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:08:10–00:16:47 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:08:14] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:08:15] Attribution uncertain · Unclear audio
[unclear audio]
[00:08:15] No voice detected · Unclear audio
[unclear audio]
[00:08:15] Attribution uncertain · Unclear audio
[unclear audio — 0:01]
[00:08:16] No voice detected · Unclear audio
[unclear audio — 0:30]
[00:08:45] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[00:08:47] No voice detected · Unclear audio
[unclear audio — 0:07]
[00:08:53] Speaker 2 · Unclear audio
[unclear audio]
[00:08:54] No voice detected · Unclear audio
[unclear audio — 0:09]
[00:09:03] Speaker 2 · Unclear audio
[unclear audio — 0:18]
[00:09:21] No voice detected · Unclear audio
[unclear audio — 0:08]
[00:09:29] Speaker 2 · Unclear audio
[unclear audio — 0:08]
[00:09:37] No voice detected · Unclear audio
[unclear audio — 0:06]
[00:09:43] Speaker 2 · Unclear audio
[unclear audio — 0:17]
[00:09:59] No voice detected · Unclear audio
[unclear audio — 0:09]
[00:10:08] Speaker 2 · Unclear audio
[unclear audio — 0:13]
[00:10:21] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:10:22] Speaker 2 · Unclear audio
[unclear audio — 0:43]
[00:11:05] No voice detected · Unclear audio
[unclear audio — 0:12]
[00:11:16] Speaker 2 · Unclear audio
[unclear audio — 0:06]
[00:11:23] No voice detected · Unclear audio
[unclear audio — 0:11]
[00:11:33] Speaker 2 · Unclear audio
[unclear audio — 0:24]
[00:11:57] No voice detected · Unclear audio
[unclear audio — 0:08]
[00:12:05] Speaker 2 · Unclear audio
[unclear audio]
[00:12:06] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:12:07] Speaker 2 · Unclear audio
[unclear audio — 0:27]
[00:12:35] No voice detected · Unclear audio
[unclear audio — 0:11]
[00:12:45] Speaker 2 · Unclear audio
[unclear audio — 0:05]
[00:12:52] No voice detected · Unclear audio
[unclear audio — 0:04]
[00:12:55] Speaker 2 · Unclear audio
[unclear audio — 0:25]
[00:13:20] Speaker 3 · Unclear audio
[unclear audio — 0:20]
[00:13:41] Speaker 2 · Unclear audio
[unclear audio — 0:15]
[00:13:56] No voice detected · Unclear audio
[unclear audio — 0:11]
[00:14:06] Speaker 2 · Unclear audio
[unclear audio — 0:07]
[00:14:14] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:14:15] Speaker 2 · Unclear audio
[unclear audio — 0:27]
[00:14:43] Attribution uncertain · Unclear audio
[unclear audio]
[00:14:43] Speaker 2 · Unclear audio
[unclear audio — 0:06]
[00:14:49] No voice detected · Unclear audio
[unclear audio]
[00:14:50] Speaker 3 · Unclear audio
[unclear audio — 0:19]
[00:15:10] Speaker 4 · Unclear audio
[unclear audio]
[00:15:11] Attribution uncertain · Unclear audio
[unclear audio]
[00:15:11] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:15:13] Speaker 3 · Unclear audio
[unclear audio — 0:02]
[00:15:18] Speaker 2 · Unclear audio
[unclear audio — 0:03]
[00:15:21] Attribution uncertain · Unclear audio
[unclear audio]
[00:15:21] Speaker 2 · Unclear audio
[unclear audio — 0:06]
[00:15:28] No voice detected · Unclear audio
[unclear audio — 0:17]
[00:15:44] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[00:15:45] No voice detected · Unclear audio
[unclear audio]
[00:15:46] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[00:15:47] No voice detected · Unclear audio
[unclear audio — 0:13]
[00:16:00] Speaker 2 · Unclear audio
[unclear audio — 0:27]
[00:16:27] No voice detected · Unclear audio
[unclear audio — 0:10]
[00:16:41] Speaker 2 · Unclear audio
[unclear audio — 0:03]
[00:16:45] Speaker 5 · Unclear audio
[unclear audio — 0:02]
[00:16:47] Speaker 2
It is 102.6%. Thanks. Okay. Well, I don't have any other recommendations.
[00:17:03] No voice detected
The
[00:17:03] No voice detected · Unclear audio
[unclear audio — 0:05]
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 · 00:17:03–00:17:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:17:09] Speaker 2
The
[00:17:09] Speaker 2 · Unclear audio
[unclear audio — 0:24]
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 · 00:17:09–00:18:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:17:34] No voice detected · Unclear audio
[unclear audio — 0:11]
[00:17:46] Speaker 2 · Unclear audio
[unclear audio — 0:09]
[00:17:55] No voice detected · Unclear audio
[unclear audio — 0:11]
[00:18:06] Speaker 2 · Unclear audio
[unclear audio]
[00:18:06] Speaker 2
becomes known, I'll make
[00:18:07] No voice detected
you aware
[00:18:07] Speaker 2
of
[00:18:08] No voice detected
it. So
[00:18:09] Speaker 2 · Unclear audio
[unclear audio — 0:03]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:18:09–00:18:13 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:18:13] No voice detected · Unclear audio
[unclear audio]
[00:18:13] Speaker 3
Yeah,
[00:18:14] Attribution uncertain
I
[00:18:14] Speaker 3 · Unclear audio
[unclear audio — 0:03]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:18:13–00:18:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:18:18] Speaker 3
What
[00:18:18] Speaker 3 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:18:18–00:19:05 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:18:24] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:09]
[00:18:33] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
[00:18:37] Speaker 2 · Unclear audio
[unclear audio — 0:05]
[00:18:43] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:18:44] Speaker 2 · Unclear audio
[unclear audio]
[00:18:45] Speaker 3 · Unclear audio
[unclear audio — 0:03]
[00:18:50] Speaker 2 · Unclear audio
[unclear audio — 0:04]
[00:18:55] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:03]
[00:18:58] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:07]
[00:19:05] Speaker 2 + overlapping voice
Yeah,
[00:19:06] Speaker 3
they do. Okay. Alrighty.
[00:19:10] Speaker 3 · Unclear audio
[unclear audio — 0:07]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:19:08–00:19:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:19:17] Speaker 3
I
[00:19:17] Attribution uncertain
have a motion
[00:19:17] Speaker 3 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:19:17–00:19:47 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:19:23] Speaker 1 · Unclear audio
[unclear audio — 0:04]
[00:19:30] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:17]
[00:19:47] Speaker 3 + overlapping voice
which
[00:19:47] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:22]
Flag: the recognizer flagged its own output · 00:19:47–00:20:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:10] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 00:20:09–00:20:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:10] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:20:12] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:09]
[00:20:21] Attribution uncertain · Unclear audio
[unclear audio]
[00:20:21] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:20:22] Speaker 5 · Unclear audio
[unclear audio — 0:07]
[00:20:29] Attribution uncertain · Unclear audio
[unclear audio]
[00:20:29] Speaker 5 · Unclear audio
[unclear audio — 0:03]
[00:20:32] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: flagged by the automatic checks · 00:20:32–00:20:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:33] Speaker 5
You know, for the record, Based
[00:20:36] Speaker 5 · Unclear audio
[unclear audio — 0:15]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:20:35–00:20:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:52] Speaker 3
Well, we need a separate motion on that, and then I have that letter.
[00:20:57] Attribution uncertain
The
[00:20:57] Speaker 3 + overlapping voice · overlapping voices
motion would
[00:20:58] Attribution uncertain
be
[00:20:58] Speaker 3 + overlapping voice · overlapping voices
to
[00:20:58] Speaker 1
adopt 6.5%.
[00:21:00] Speaker 3
To accept the recommendation.
[00:21:04] No voice detected
Do
[00:21:04] Speaker 1 · Unclear audio
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[00:21:05] Speaker 3 · Unclear audio
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[00:21:07] Speaker 1 · Unclear audio
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[00:21:29] Speaker 4 · Unclear audio
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Flag: the recognizer flagged its own output; a language review questioned the wording · 00:21:31–00:21:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:21:34] Speaker 3
Okay. I think they're going to pull their mics closer.
[00:21:40] Attribution uncertain
I
[00:21:40] Speaker 3
think we should be on.
[00:21:42] Speaker 1 + overlapping voice · overlapping voices
Can you hear me now?
[00:21:44] Speaker 3 + overlapping voice · overlapping voices
Can you hear me now?
[00:21:46] Speaker 6
Can you hear me?
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[00:21:48] Attribution uncertain · Unclear audio
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[00:22:14] Speaker 5 + overlapping voice
Sean, is it better? Can you guys hear me? I'm just close enough.
[00:22:20] Speaker 5 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:22:20–00:22:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:22:22] Speaker 5 + overlapping voice · overlapping voices
care about the investment stuff. So it's great to see you all. I gave you hard copies of both the June 30th and the September 30th. My plan was just to go through the 930 book. It's our fiscal year end. The June report was decent. The plan was up about 1%. It wasn't anything crazy that happened that quarter, but ‸ very pleased.
[00:22:50] Speaker 5 + overlapping voice · Unclear audio
[unclear audio]
Flag: a possible machine repair could not be placed · 00:22:50–00:22:50 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:22:50] Speaker 5 + overlapping voice
Doug had talked about, this is a tremendous fiscal year for most pension funds. And even in spite of, if you remember, we de-risked the portfolio in thinking about trying to be proactive with knowing that we were going to reduce the return assumption.
[00:23:05] Speaker 5 + overlapping voice · Unclear audio
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[00:23:12] Speaker 5 + overlapping voice
rates went up and reduced our equity. Even in spite of that, we got ‸ over 18% for the pension for this fiscal year. So it was ‸ tremendous. If you flip to page 2 and 3 of the 930 report, on page 3, you can see on the upper right-hand side is what happened in the quarter for the broad equity and fixed income indices, and then the one-year period, which corresponds to our fiscal year on the lower right-hand side. In the quarter, we saw the S&P 500 up about 6%.
[00:23:46] Speaker 5 + overlapping voice · Unclear audio
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[00:23:51] Speaker 5 + overlapping voice
a little bit better, up 9%. It's the first time in a while we saw small-caps beat kind of large caps.
[00:23:58] Speaker 5 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:23:58–00:24:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:03] Speaker 5 + overlapping voice
return for bonds. In red, you can see the U.S. aggregate bond, Bloomberg U.S. aggregate bond index, up over 5% for the quarter. The big news in the quarter was the Federal Reserve in September starting to lower their interest rates after aggressively raising rates from, you know, as inflation was roaring, you know,
[00:24:26] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:06]
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[00:24:32] Speaker 5 + overlapping voice
5.25 to 5.5%. And then they kept rates at that level for about a year, and then in September started cutting rates as things are starting to normalize from inflation, right? We peaked in the middle of 2022 at 9% inflation, which was a 40-year high in inflation. And you go, you know, you fast forward to last month, we're at 2.4%. The Fed's trying to get to 2%, but they're not going to wait until we hit that number. They want to be proactive and I would say normalize monetary policy in advance of it kind of getting to that level because they don't want the economy to a crater, right? And if you remember that really bad fiscal year in 2022 where, you know, from January to October,
[00:25:25] Speaker 5 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:25:25–00:25:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:27] Speaker 5 + overlapping voice
digits for the first time ever. So it was a really, really tough fiscal year.
[00:25:31] Speaker 5 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:25:31–00:25:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:35] Speaker 5 + overlapping voice
jacking up interest rates so aggressively, we're going to get into some recession and potentially a bad recession. And we just haven't seen that. And so from a fundamental perspective, you can see, you know, over the last year, I mean,
[00:25:46] Speaker 5 + overlapping voice · Unclear audio
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[00:25:51] Speaker 5 + overlapping voice
orange there on the lower right-hand side,
[00:25:53] Speaker 5 + overlapping voice · Unclear audio
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[00:25:56] Speaker 5 + overlapping voice
The market's very, very optimistic right now of the Fed being able to kind of walk that tightrope of bringing the inflation down without cratering and creating any sort of recession. And fundamentally right now there isn't any signs of that.
[00:26:13] Speaker 5 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:26:16–00:26:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:26:21] Speaker 5 + overlapping voice
up from its low, but still, historically speaking,
[00:26:24] Speaker 5 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 00:26:24–00:26:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:26:27] Speaker 5 + overlapping voice
the last 100 years, right? And then you have, like I said, the inflation coming down.
[00:26:32] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:26:32–00:26:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:26:34] Speaker 5 + overlapping voice
last report. So corporate profitability is good,
[00:26:37] Attribution uncertain
you
[00:26:37] Speaker 5
know, earnings growth, revenues growth is solid. So things from, you know, that kind of fundamental perspective look good. The one risk right now is, you know,
[00:26:49] Speaker 5 · Unclear audio
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Flag: a language review questioned the wording · 00:26:49–00:26:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:26:51] Speaker 5
It's doubled since the low, almost doubled since the low in October of 2022. Things are expensive.
[00:26:59] Attribution uncertain
So
[00:26:59] Speaker 5
stocks are expensive relative to historical levels. If you look at the price earnings ratio, how much you're paying for each unit of earnings for the S&P 500, we're looking at 23 times next 12 months. There haven't been many times in history where it's been that expensive. You know, it's got in the tech bubble, it got up, you know, higher than that. But you're talking about
[00:27:20] Speaker 5 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:27:20–00:27:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:27:25] Speaker 5
the history of that index, which, you know, ‸ things are good. But, you know, as ‸ an investment advisor,
[00:27:33] Speaker 5 · Unclear audio
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Flag: a language review questioned the wording · 00:27:33–00:27:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:27:35] Speaker 5
So we'll get into this. And particularly it's those growth names, even though this was a quarter, last quarter was a quarter where value did a little bit better than growth. So the more interest rate sensitive financials and utilities as interest rates declined last quarter and then the market was kind of reacting to the Fed starting to lower rates, did better than growth.
[00:27:53] Speaker 5 · Unclear audio
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[00:27:55] Attribution uncertain · Unclear audio
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[00:27:56] Speaker 5
name, and particularly
[00:27:57] Speaker 5 · Unclear audio
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Flag: a language review questioned the wording · 00:27:57–00:27:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:27:58] Speaker 5
some of those growth names have really took off. So I'm going
[00:28:00] Speaker 5 · Unclear audio
[unclear audio]
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[00:28:00] Speaker 5
recommend, I'll get into this in a minute, that we sell some of our growth stocks and put it into fixed income as we can, you know, again,
[00:28:07] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:28:07–00:28:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:28:08] Speaker 5
trying to sell high, buy low,
[00:28:09] Speaker 5 · Machine re-recognized
etc
Flag: words were replaced by a machine repair · 00:28:09–00:28:10 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:28:10] Speaker 5
So I'll get into that in a minute. Any questions about overall economy or markets before I give you the plan results?
[00:28:29] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:28:29–00:28:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:28:30] Speaker 5
I always like to go through this one. Particularly we have the new trustees. ‸ Paul can kind of see the long-term history over the last 10 years of the pension. So this page shows you the blue line is the market value of the pension given the investment program over time. That gray bar ‸ at the bottom is the net cash flow. So if you just had your money in a safety deposit box,
[00:28:50] Speaker 5 · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:28:50–00:28:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:28:51] Speaker 5
comes in versus go out. Obviously, we've been in net cash outflow mode given the dynamics that Doug talked about being a retiree-only plan. You know, we're paying out this last fiscal year. We paid out a million dollars and we had, you know, just a handful of dollars come in, maybe 60 grand or so, ‸ right? So, you know, we started 10 years ago at ‸ just over $13 million. We paid out almost $10 million during that time period.
[00:29:17] Speaker 5 · Unclear audio
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Flag: a language review questioned the wording · 00:29:17–00:29:23 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:29:23] Speaker 5
left in the pension. But because of the investment program, we're actually above where we were at 10 years ago at 14.2 because we had almost $11 million of gains during that time period. So
[00:29:44] Attribution uncertain
if
[00:29:44] Speaker 5
you flip to page 16 and 17,
[00:29:46] Attribution uncertain
so
[00:29:55] Speaker 5
on the right-hand side of page 16 just shows you, so this is,
[00:29:58] Speaker 5 · Machine re-recognized
a
Flag: words were replaced by a machine repair · 00:29:58–00:29:59 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:29:59] Speaker 5
quarterly look over the last five quarters, but the right-hand side is September 30th. So you can see total fund $14.227 million at the end of the fiscal year. We
[00:30:11] Speaker 5 · Machine re-recognized
start the
Flag: words were replaced by a machine repair · 00:30:11–00:30:11 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:30:11] Speaker 5
fiscal year at 13.1. And I want to highlight up top here, you can see we are overweight equities a bit, but you can see relative to our IPS targets on the next page. I just want
[00:30:24] Attribution uncertain
to
[00:30:24] Speaker 5
highlight the Winslow large-cap growth. So ‸ that fund is outside of ‸ the region's account where all the rest of the investments are other than our real estate. So on a quarterly basis, we've rebalanced to fund the benefits, right? So Winslow doesn't get touched because it's outside of the region's bank.
[00:30:48] Speaker 5 · Unclear audio
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Flag: a language review questioned the wording · 00:30:48–00:30:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:53] Speaker 5
equity investments we have.
[00:30:54] Speaker 5 · Machine re-recognized
You know
Flag: words were replaced by a machine repair · 00:30:54–00:30:55 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:30:55] Speaker 5
that's the benefit of us.
[00:30:56] Speaker 5 · Unclear audio
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Flag: a language review questioned the wording · 00:30:56–00:30:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:58] Speaker 5
But I do think it's time that we do take some ‸ chips off the table there.
[00:31:02] Speaker 5 · Unclear audio
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Flag: a language review questioned the wording · 00:31:02–00:31:12 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:31:08] No voice detected · Unclear audio
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[00:31:09] Speaker 5 · Unclear audio
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[00:31:12] Speaker 5
So we will put a redemption in for the Winslow large-cap growth fund of $700,000.
[00:31:17] Speaker 5 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:31:17–00:31:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:31:24] Speaker 5
our core fixed income fund. Rates have jumped up a little bit since September 30th.
[00:31:30] Attribution uncertain · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:31:30–00:31:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:31:30] Speaker 5 · Unclear audio
[unclear audio — 0:05]
[00:31:34] Speaker 5
5% right now, which is a pretty attractive yield for very conservative fixed income instruments. So that will ‸ get us a little bit closer to our target in terms of our equity weighting. And then also, ‸ like I said, kind of reduce that overweight that we have to the large-cap growth ‸ while beefing up our fixed income. And you can see on page 17, kind of overall, this is ‸ our asset allocation compliance page that shows you the current allocation relative to our targets. And you can see the total domestic equity at green. ‸ We're ‸ within our allowable range, but we're a couple percent overweight domestic equity, a couple percentage point underweight domestic fixed income. So ‸ this rebalance will help us get us close to the targets. So I wanted to answer ‸ any questions you might have about that, that that recommendation would require a motion in the board to approve.
[00:32:37] Speaker 3
So if I may, we need a motion to take $700,000 from the Winslow investment and invest that in Agit course.
[00:32:49] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:32:49–00:32:50 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:51] Speaker 1
yes. We have a motion.
[00:32:55] Speaker 3 · Machine re-recognized
I so move.
Flag: words were replaced by a machine repair · 00:32:55–00:32:57 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:32:58] Speaker 1
second. A second. All in favor? Aye.
[00:33:02] No voice detected
Aye. Aye.
[00:33:04] Speaker 5
All right. Thank you. We'll get that implemented and we'll get it over to Winslow and
[00:33:08] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:33:08–00:33:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:09] Speaker 5
as soon as we can.
[00:33:10] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: the recognizer flagged its own output · 00:33:10–00:33:12 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:12] Speaker 3 + overlapping voice · overlapping voices
Yeah, exactly. I'll direct all
[00:33:13] Speaker 5 + overlapping voice · overlapping voices
the letters that we need.
[00:33:15] Speaker 3 · Unclear audio
[unclear audio — 0:04]
Flag: words only one machine reading has (possibly not said) · 00:33:15–00:33:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:27] Speaker 5 · Unclear audio
[unclear audio — 0:01]
[00:33:30] Speaker 5
If you flip to page 18 and 19,
[00:33:32] Speaker 5 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:33:32–00:33:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:36] Speaker 5
18 is the quarter. 19 is the fiscal year date. So I'll go through the quarter line by line.
[00:33:42] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:33:42–00:33:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:45] Speaker 5
The net transfers of in between meetings, like I said,
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Flag: a language review questioned the wording · 00:33:48–00:33:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:49] Speaker 5
that you all have approved ‸ to sell investments as we have cash needs. So that ‸ you can see ‸ we kind of take from a little bit from everything other than the Winslow and the real estate, which are outside of regions, and to fund the cash needs. So nothing came in during the period.
[00:34:06] Attribution uncertain
We
[00:34:06] Speaker 5
paid out about $273,000 in benefits.
[00:34:10] Speaker 5 · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:34:10–00:34:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:16] Speaker 5
that take the fee out every once in a while, or every day, actually. But
[00:34:21] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:34:21–00:34:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:25] Attribution uncertain
you
[00:34:25] Speaker 5
know, the ARA real estate fund that you pay a management fee to. That was about $5,000. You had, you know, just shy of $15,000 in other expenses during the period. And solid return for the quarter, $80,000 of dividends
[00:34:43] Speaker 5 · Machine re-recognized
and
Flag: words were replaced by a machine repair · 00:34:43–00:34:43 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:34:43] Speaker 5
income, and then $529,000 of capital gains. So that got us to that $14.2 million mark.
[00:34:50] Speaker 5 · Unclear audio
[unclear audio — 0:07]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:34:50–00:34:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:57] Speaker 5
show you,
[00:34:58] Attribution uncertain
you
[00:34:58] Speaker 5
know, the way that we structure it, you know, we're not just sitting on our heels and letting our equities ride when this market's up. You can see we sold $859,000 worth of equities during the fiscal year and $200,000 worth of fixed income to fund our cash needs during the period.
[00:35:19] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:35:19–00:35:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:35:20] Attribution uncertain · Unclear audio
[unclear audio]
[00:35:20] Speaker 5 · Unclear audio
[unclear audio — 0:03]
[00:35:24] Speaker 5
went out. So, you know, lowering that return assumption is certainly the right move. And I'm glad that we started that last year.
[00:35:34] Speaker 5 · Unclear audio
[unclear audio — 0:08]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:35:34–00:35:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:35:41] Speaker 5
fiscal year is tremendous. And you can see what that looks like in terms of
[00:35:46] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:35:46–00:35:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:35:50] Speaker 5
So 4.4% for the quarter and just shy net of fees, just shy of 18%, 17.8% net of fees for the fiscal year. And Doug kind of talked about this, the long-term results for this pension have been fantastic. You know, going out 10 years, we're at 8%. You know, we're trying to get 6.6 now, but, you know, we were at 7 and we reduced it. But the results have been fantastic. And, you know, this is, you know, over the last 10-year period, the number in parentheses where you rank relative to all pension plans nationally, not all, but, you know, several hundred you know, it's not just our clients, Mariner. It's, ‸ I think there's 10 different investment consultants that puts ‸ their numbers and their plan numbers into here. You
[00:36:40] Attribution uncertain
know,
[00:36:40] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:36:40–00:36:43 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:36:43] Speaker 5
tremendous performance. ‸ So very, very pleased with how things have been going.
[00:36:47] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:36:47–00:36:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:36:51] Speaker 5
particular, but I think every investment that you have is kind of hitting what we think given their investment process. So I'm not recommending that we fire anyone and try to find new funds at this ‸ quarter. Everything, you know,
[00:37:05] Speaker 5 · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:37:05–00:37:05 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:05] Speaker 5
highlight a couple for the year. Obviously,
[00:37:07] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:37:07–00:37:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:14] Speaker 5 · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 00:37:14–00:37:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:19] Speaker 5
quartile, you know, for this year and last year, too. No concerns there.
[00:37:25] Attribution uncertain
We
[00:37:25] Speaker 5
kind of our research team re-vetted that strategy. They've done pretty well for us over the long term, outperforming their benchmark and ranking in the top quartile back to 2016 on the right-hand side. Just every action manager goes through periods of outperformance and underperformance, and I think there was just some style issues there for the last year. That's two years that I believe we should be patient. I still think that's a good strategy. Yeah,
[00:37:50] Attribution uncertain
I
[00:37:50] Speaker 5
talked about small caps doing well last quarter and the value name is doing better. You can see that in the numbers, right?
[00:37:57] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:37:57–00:38:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:01] Speaker 5
growth was up two. But kind of flip-flops for the
[00:38:04] Speaker 5 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:38:04–00:38:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:10] Speaker 5
Going to page 21, you know, internationally, you saw that last quarter,
[00:38:16] Speaker 5 · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:38:16–00:38:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:16] Speaker 5
where value stocks did better than growth stocks.
[00:38:19] Speaker 5 · Unclear audio
[unclear audio — 0:09]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:38:19–00:38:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:27] Speaker 5
at five and a half. So I like how those funds are complementing each other.
[00:38:31] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:38:31–00:38:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:33] Speaker 5
does. Very conservative for a core ‸ fund, kind of eking out small wins versus the index over time. And then the PIMCO Global Bond Fund has been great. You know, if you remember back
[00:38:47] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:38:47–00:38:50 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:50] Speaker 5
struggling. So we got rid of that. We hired these guys, and you can see with the
[00:38:55] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:38:55–00:38:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:57] Speaker 5
than the index since inception and rank in the top third percentile relative to the peers there.
[00:39:03] Attribution uncertain · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:39:03–00:39:05 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:39:03] Speaker 5 · Unclear audio
[unclear audio — 0:02]
[00:39:08] Speaker 5
And then page 22,
[00:39:09] Attribution uncertain
you
[00:39:10] Speaker 5
know, the Global Tactical Asset Allocation Fund's doing what we would expect there. You know, the one positive news, you know, it's been a very rough go for commercial real estate and our real estate fund. ‸ Last quarter was the first positive return
[00:39:25] Speaker 5 · Machine re-recognized
and
Flag: words were replaced by a machine repair · 00:39:25–00:39:26 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:39:26] Speaker 5
I think, seven or eight quarters for real estate. So we'll see. We do have a redemption outstanding with that fund.
[00:39:36] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:39:36–00:39:39 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:39:39] Speaker 5
still overweight. ‸ Remember, ‸ we had a larger weight to real estate strategic asset allocation, and when we updated the IPS, we reduced that
[00:39:47] Speaker 5 · Machine re-recognized
when
Flag: words were replaced by a machine repair · 00:39:47–00:39:47 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:39:47] Speaker 5
we de-risked. But we didn't get any of the money back or we got maybe 50 cents on the dollar back. I think we got about half or maybe 60 percent of what we've asked for. So we're still a little bit overweight. Our new target for real estate. So I'm not going to recommend that we basically rescind the redemption request that we made a couple of years ago.
[00:40:10] Speaker 2 + overlapping voice · overlapping voices
Right.
[00:40:10] Speaker 5 + overlapping voice · overlapping voices
When in 2022, it was up 20 percent when everything else was down, right? So we got really overweight.
[00:40:16] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:40:16–00:40:20 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:40:20] Speaker 5 + overlapping voice
two years, we're starting to hear positive news and positive kind of chatter from the real estate managers and our research team in that area. So, you know, we'll see what will happen. ‸ Long term, I like this asset class.
[00:40:36] Attribution uncertain
It
[00:40:36] Speaker 5
provides diversification.
[00:40:37] Attribution uncertain
It
[00:40:37] Speaker 5
provides inflation protection. Exactly what it did in 2022. We expect that going forward. Like any asset class, you have to deal with
[00:40:45] Speaker 5 · Machine re-recognized
the
Flag: words were replaced by a machine repair · 00:40:45–00:40:46 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:40:46] Speaker 5
downturn, and we're dealing with it now. But a lot of the market participants believe that we are kind of creating this bottom that we should establish over the next couple ‸ quarters where you can get a more normalized return.
[00:40:58] Attribution uncertain · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:40:58–00:41:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:40:58] Speaker 5 · Unclear audio
[unclear audio — 0:04]
[00:41:01] Speaker 5
stock markets, right? Sometimes the stock market
[00:41:03] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:41:03–00:41:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:41:06] Speaker 5
will go up 10. I think
[00:41:07] Speaker 5 · Machine re-recognized
it'll
Flag: words were replaced by a machine repair · 00:41:07–00:41:07 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:41:07] Speaker 5
be more of a slow burn where you're going to start, you create this new bottom, and then you'll start getting kind of annualized 6, 7 percent returns, which is what we expect from that asset class going forward.
[00:41:18] Speaker 5 · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:41:18–00:41:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:41:24] Speaker 5
job of managing this. I think they're positioned well.
[00:41:26] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:41:26–00:41:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:41:27] Speaker 5
the office, which is, you know, there's some, that's going to be a longer term issue of working ‸ their way out of that, given the work from home and the less demand for office space. And ‸ they're overweight, you know, industrial. They're overweight multifamily slash apartments, which I think structurally are positioned well for the future. So, and with that, I'll open it up to any questions about the investments in your pension.
[00:41:54] Speaker 1
What you were just speaking about, I
[00:41:55] Speaker 1 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:41:55–00:42:00 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:42:00] Speaker 1
that people are coming back to the office.
[00:42:03] Speaker 5
So, so I don't think it's as dire as some people were talking about, where like there's going to be no demand for office space. And you are seeing, you, it's going to be a lot of, like, we'll use Mariner. You know, I, I'm on the road seeing clients all the time. But the people that are in the office all the time, you know, they come in three days a week and they have the option to work from home two days a
[00:42:26] Attribution uncertain
week.
[00:42:26] Speaker 5
Some people come in all the time. And I, I do think that's where we're heading. But when you have that,
[00:42:31] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:42:31–00:42:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:42:34] Speaker 5
and there's just less demand for office. And it's interesting. You look, you
[00:42:38] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:42:38–00:42:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:42:42] Speaker 5
fundamentals. ‸ There's a big spread between the haves and have nots in office. Like if you're a newer building that has all the amenities and, you know, you might have Starbucks there and, and, and, uh, you know, the natural light, et cetera, you're, you're probably 90, 95%. Um, um,
[00:43:01] Attribution uncertain
um,
[00:43:02] Speaker 5
you know, in the major metropolitan areas, 90, 95%, uh,
[00:43:05] Attribution uncertain
uh,
[00:43:07] Speaker 5
occupancy. But if you're kind of an old building, like class B, class C
[00:43:12] Speaker 5 · Machine re-recognized
and
Flag: words were replaced by a machine repair · 00:43:12–00:43:12 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:43:12] Speaker 5
those, they're, they're really struggling.
[00:43:13] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:43:13–00:43:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:43:16] Speaker 5
So there's really kind of a, um,
[00:43:18] Attribution uncertain
uh,
[00:43:19] Speaker 5
delineation between,
[00:43:19] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:43:19–00:43:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:43:23] Speaker 5
even in the kind of major metropolitan areas that are struggling like San Francisco and, and, and that, that, that metropolitan area,
[00:43:30] Speaker 5 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:43:30–00:43:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:43:32] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:43:32–00:43:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:43:35] Speaker 5
some issues, but it's really focused on, you know, the, the, the old kind of buildings that people just don't want anymore. If we're going to be in the office, we want to be in the kind of the nice building. Um, but I, I would agree that you're, you know, there were a lot of, you know, you can read a lot of things that it's the end of office. No one's ever going back to ‸ office. I think that, that, that was a little bit as, as things in the news tend to be a little bit sensational and the reality is a little bit closer to, um, you know, there's, there's definitely a structural impact, but it'll probably be less than, than some people were projecting. Yeah. Any other questions? All right.
[00:44:18] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:44:18–00:44:18 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:19] Speaker 5
Happy holidays.
[00:44:19] Speaker 3 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:44:19–00:44:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:24] Attribution uncertain · Unclear audio
[unclear audio]
[00:44:24] Speaker 3 · Unclear audio
[unclear audio — 0:11]
[00:44:37] Speaker 1 · Unclear audio
[unclear audio — 0:04]
[00:44:41] Speaker 1 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:44:41–00:44:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:42] Speaker 5
I'll second the motion.
[00:44:43] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:44:43–00:44:44 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:44] Speaker 5 · Unclear audio
[unclear audio]
[00:44:46] Speaker 3
And I'll get those forms to him as soon as you get them to me for the, uh.
[00:44:51] Speaker 1
Yes. Okay.
[00:44:54] Speaker 3
Uh,
[00:44:55] Speaker 3 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:44:55–00:44:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:58] No voice detected
All right. Thank you.
[00:45:01] Speaker 4 + overlapping voice · overlapping voices
All right. Uh, I think the first thing on the agenda for me was the summary plan description. Yes. Mr.
[00:45:09] Speaker 4 + overlapping voice · Machine re-recognized
Kaufman
Flag: words were replaced by a machine repair · 00:45:09–00:45:10 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:45:10] Speaker 4 + overlapping voice
updated the documents. Uh,
[00:45:12] Attribution uncertain
I
[00:45:12] Speaker 4
believe the only changes.
[00:45:14] Attribution uncertain · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 00:45:14–00:45:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:14] Speaker 4 · Unclear audio
[unclear audio — 0:05]
[00:45:20] Attribution uncertain · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 00:45:20–00:45:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:20] No voice detected · Unclear audio
[unclear audio — 0:02]
[00:45:21] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:45:23] No voice detected · Unclear audio
[unclear audio — 0:05]
Flag: the recognized words and the detected speech do not line up · 00:45:23–00:45:28 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:28] Attribution uncertain · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 00:45:28–00:45:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:28] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:45:29] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:45:31] Speaker 4
Uh,
[00:45:32] Attribution uncertain
‸ there are
[00:45:32] Speaker 4
no active employees that would be retiring at this point.
[00:45:36] Speaker 3
Yes. And, and the documents that, uh, you have in front of you did remove that.
[00:45:41] Attribution uncertain · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 00:45:41–00:45:43 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:42] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:45:44] No voice detected
Do
[00:45:44] Speaker 1
we need to vote on that?
[00:45:46] Speaker 3
Um, yeah, unless you
[00:45:48] Speaker 3 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:45:48–00:45:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:54] Speaker 3
we needed to vote on it. Yes, there will be...
[00:45:57] Attribution uncertain · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 00:45:57–00:46:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:57] Speaker 3 · Unclear audio
[unclear audio — 0:14]
[00:46:12] Speaker 3
So unless there are questions on the document, we would need a motion to approve the SPD.
[00:46:18] Speaker 1
I make a motion to approve.
[00:46:19] Speaker 3
Second.
[00:46:21] Speaker 1
All in favor? Aye.
[00:46:28] Speaker 3 · Unclear audio
[unclear audio — 0:28]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:46:28–00:46:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:46:58] Speaker 3
So that's something I would hand off to our pension bank. So I was hoping you could add that to what you address.
[00:47:05] Speaker 4 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:47:05–00:47:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:47:06] No voice detected · Unclear audio
[unclear audio]
[00:47:06] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:47:06] Speaker 3 · Unclear audio
[unclear audio — 0:02]
[00:47:09] Speaker 4 · Unclear audio
[unclear audio — 0:06]
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; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:47:09–00:51:38 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:47:16] No voice detected · Unclear audio
[unclear audio — 0:26]
[00:47:41] Speaker 4 · Unclear audio
[unclear audio]
[00:47:42] No voice detected · Unclear audio
[unclear audio — 0:02]
[00:47:43] Speaker 4 · Unclear audio
[unclear audio]
[00:47:44] No voice detected · Unclear audio
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[00:47:46] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:47:47] No voice detected · Unclear audio
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[00:48:06] Speaker 4 · Unclear audio
[unclear audio]
[00:48:07] No voice detected · Unclear audio
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[00:48:08] Speaker 4 · Unclear audio
[unclear audio]
[00:48:09] No voice detected · Unclear audio
[unclear audio — 0:26]
[00:48:34] Attribution uncertain · Unclear audio
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[00:48:34] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:48:37] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:09]
[00:48:46] Attribution uncertain · Unclear audio
[unclear audio]
[00:48:46] Speaker 4 · Unclear audio
[unclear audio]
[00:48:46] Attribution uncertain · Unclear audio
[unclear audio — 0:01]
[00:48:47] Speaker 4 · Unclear audio
[unclear audio — 0:02]
[00:48:51] Attribution uncertain · Unclear audio
[unclear audio]
[00:48:51] No voice detected · Unclear audio
[unclear audio — 0:15]
[00:49:06] Speaker 4 · Unclear audio
[unclear audio — 0:19]
[00:49:25] Attribution uncertain · Unclear audio
[unclear audio]
[00:49:25] Speaker 4 · Unclear audio
[unclear audio — 0:09]
[00:49:34] No voice detected · Unclear audio
[unclear audio — 0:09]
[00:49:42] Speaker 4 · Unclear audio
[unclear audio — 0:30]
[00:50:13] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:50:13] Attribution uncertain · Unclear audio
[unclear audio]
[00:50:13] No voice detected · Unclear audio
[unclear audio — 0:38]
[00:50:51] Speaker 4 · Unclear audio
[unclear audio — 0:04]
[00:50:56] Attribution uncertain · Unclear audio
[unclear audio — 0:01]
[00:50:56] Speaker 4 · Unclear audio
[unclear audio — 0:10]
[00:51:07] Speaker 3 · Unclear audio
[unclear audio — 0:09]
[00:51:17] Speaker 4 · Unclear audio
[unclear audio — 0:03]
[00:51:21] Attribution uncertain · Unclear audio
[unclear audio]
[00:51:21] Speaker 4 · Unclear audio
[unclear audio — 0:06]
[00:51:27] Speaker 3 · Unclear audio
[unclear audio — 0:03]
[00:51:32] Speaker 4 · Unclear audio
[unclear audio — 0:04]
[00:51:36] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:02]
[00:51:38] Speaker 3 + overlapping voice · overlapping voices
a coffee just in case.
[00:51:45] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:09]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:51:45–00:54:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:51:54] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:07]
[00:52:02] Speaker 3 · Unclear audio
[unclear audio — 0:02]
[00:52:04] Speaker 4 · Unclear audio
[unclear audio — 0:02]
[00:52:06] No voice detected · Unclear audio
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[00:52:08] Speaker 3 · Unclear audio
[unclear audio — 0:07]
[00:52:16] No voice detected · Unclear audio
[unclear audio]
[00:52:16] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:52:17] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:52:17] No voice detected · Unclear audio
[unclear audio]
[00:52:18] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:52:20] Speaker 4 · Unclear audio
[unclear audio — 0:15]
[00:52:35] Attribution uncertain · Unclear audio
[unclear audio]
[00:52:35] Speaker 4 · Unclear audio
[unclear audio]
[00:52:35] Attribution uncertain · Unclear audio
[unclear audio]
[00:52:35] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:52:36] No voice detected · Unclear audio
[unclear audio — 0:05]
[00:52:41] Speaker 4 · Unclear audio
[unclear audio — 0:11]
[00:52:53] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:52:54] Speaker 4 · Unclear audio
[unclear audio — 0:18]
[00:53:12] Attribution uncertain · Unclear audio
[unclear audio]
[00:53:12] Speaker 4 · Unclear audio
[unclear audio — 0:07]
[00:53:19] No voice detected · Unclear audio
[unclear audio]
[00:53:34] Speaker 4 · Unclear audio
[unclear audio — 0:29]
[00:54:03] No voice detected · Unclear audio
[unclear audio]
[00:54:05] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:29]
[00:54:36] Speaker 3 + overlapping voice
And I will be processing our
[00:54:40] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:54:40–00:54:43 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:44] Speaker 3 + overlapping voice
And,
[00:54:45] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:54:45–00:54:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:49] Speaker 3 + overlapping voice · overlapping voices
‸ No, I'm going to get it done.
[00:54:51] Speaker 3 + overlapping voice · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:54:51–00:54:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:51] Attribution uncertain · Unclear audio
[unclear audio]
[00:54:51] Speaker 3 · Unclear audio
[unclear audio — 0:04]
[00:54:56] Speaker 3 · Unclear audio
[unclear audio — 0:08]
Flag: the recognizer flagged its own output · 00:54:56–00:55:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:04] Speaker 2
Okay.
[00:55:06] Speaker 3
And unless you have any questions on any of the items there, the only other thing that we have here is the ratification of our payments and deposits.
[00:55:18] Speaker 5 · Unclear audio
[unclear audio — 0:08]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:55:18–00:55:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:26] Speaker 3 · Unclear audio
[unclear audio]
[00:55:27] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:06]
[00:55:33] Attribution uncertain · Unclear audio
[unclear audio]
[00:55:33] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:55:36] Speaker 6 · Unclear audio
[unclear audio]
[00:55:36] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:13]
[00:55:49] Speaker 3 · Unclear audio
[unclear audio — 0:02]
[00:55:51] Attribution uncertain · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:55:51–00:55:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:51] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:03]
[00:55:54] Speaker 3 + overlapping voice
be to take 300,000.
[00:55:56] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:55:56–00:55:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:56] Speaker 1 · Unclear audio
[unclear audio]
[00:55:57] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:55:58] Speaker 3 + overlapping voice · overlapping voices
make
[00:55:58] Speaker 1 + overlapping voice · overlapping voices
a motion to revise the second motion. You have a second. All in favor? All right. Thank you. Sorry about that.
[00:56:04] Speaker 3 + overlapping voice · overlapping voices
So let me just be sure I got chairman.
[00:56:17] Speaker 1
So the next thing we'll be voting on ‸ ratification of the process
[00:56:21] Speaker 3 + overlapping voice · overlapping voices
disbursements. Does anyone have any questions
[00:56:24] Speaker 1 + overlapping voice · overlapping voices
about any of that?
[00:56:28] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:56:28–00:56:29 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:56:29] Speaker 1 + overlapping voice
have a motion to approve?
[00:56:32] Speaker 3
I make the motion.
[00:56:33] Speaker 1 + overlapping voice · overlapping voices
I'll second. All in favor?
[00:56:36] Speaker 3 + overlapping voice · overlapping voices
Aye. That was Paul seconded? Yes. ‸ Got him
[00:56:40] Speaker 1 + overlapping voice · overlapping voices
working already. Yeah. Okay.
[00:56:44] Speaker 3
And thank you.
[00:56:48] Speaker 1
I guess that's...
[00:56:50] Speaker 3 + overlapping voice · overlapping voices
Any reports or any of the trustees or the public?
[00:56:56] Speaker 1
If no one has anything else, we will adjourn the meeting.
[00:56:59] Speaker 3
Okay. We're adjourning at 1157. Sean, I hope the city clerk will get back and I can get us better set up for the one o'clock meeting. But I'll text you, okay?
[00:57:15] Speaker 4
Okay. That sounds good. Thank
[00:57:17] No voice detected
you.
[00:57:17] Speaker 3
All right. Thank you. All
[00:57:18] Attribution uncertain
right.
[00:57:18] Speaker 3
Bye-bye.
[00:57:19] Speaker 4
All right. Have a good day.
[00:57:20] Speaker 3
You too. Bye. Bye.
[00:57:21] Attribution uncertain
Thank
[00:57:21] Speaker 3
you, partner. I never heard from anybody, so I hope you can get, you know, on that. Get it squared away before.
[00:57:32] Speaker 6 + overlapping voice · overlapping voices
There's anybody up there.
[00:57:33] Speaker 3 · Unclear audio
[unclear audio — 0:06]
Flag: the recognizer flagged its own output · 00:57:33–00:57:39 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:41] Speaker 1 + overlapping voice
Okay.
[00:57:42] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: the recognizer flagged its own output · 00:57:42–00:57:44 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:45] Speaker 3 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:57:45–00:57:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:46] Speaker 3
Okay. And then I'll have the chairman sign the other documents.
[00:58:05] No voice detected · Unclear audio
[unclear audio — 0:01]
Flag: the machine readings disagree here · 00:58:05–00:58:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:14] Speaker 3 · Unclear audio
[unclear audio — 0:04]
[00:58:19] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:58:19] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:58:20] No voice detected · Unclear audio
[unclear audio — 0:02]
[00:58:23] Speaker 3 · Unclear audio
[unclear audio]
[00:58:23] No voice detected · Unclear audio
[unclear audio]
[00:58:23] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:58:25] Speaker 4 · Unclear audio
[unclear audio]
[00:58:25] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:08]
[00:58:34] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:06]
Flag: the machine readings disagree here; numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:58:34–00:59:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:39] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:58:42] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
[00:58:46] Speaker 4 · Unclear audio
[unclear audio]
[00:58:47] Speaker 3 · Unclear audio
[unclear audio]
[00:58:49] Speaker 5 · Unclear audio
[unclear audio — 0:01]
[00:58:52] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:58:53] Speaker 2 · Unclear audio
[unclear audio]
[00:58:53] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:58:54] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:58:56] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:58:57] Attribution uncertain · Unclear audio
[unclear audio]
[00:58:57] No voice detected · Unclear audio
[unclear audio]
[00:58:57] Speaker 3 · Unclear audio
[unclear audio — 0:05]
[00:59:03] Attribution uncertain · Unclear audio
[unclear audio]
[00:59:03] Speaker 3 · Unclear audio
[unclear audio]
[00:59:06] Speaker 6
Okay.
[00:59:07] Speaker 3 + overlapping voice · overlapping voices
See you in ‸ half a year.
[00:59:11] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:08]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:59:11–00:59:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:59:20] Speaker 3 · Unclear audio
[unclear audio]
[00:59:20] Attribution uncertain · Unclear audio
[unclear audio]
[00:59:20] Speaker 3 · Unclear audio
[unclear audio]
[00:59:21] Attribution uncertain · Unclear audio
[unclear audio]
[00:59:21] Speaker 3 · Unclear audio
[unclear audio — 0:02]
[00:59:23] Speaker 6 · Unclear audio
[unclear audio — 0:01]
[00:59:24] Attribution uncertain · Unclear audio
[unclear audio]
[00:59:24] Speaker 6 · Unclear audio
[unclear audio — 0:03]
[00:59:27] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:59:29] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:59:29] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:59:30] No voice detected · Unclear audio
[unclear audio]
[00:59:30] Speaker 3 · Unclear audio
[unclear audio]
[00:59:31] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:59:32] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:59:35] Attribution uncertain · Unclear audio
[unclear audio]
[00:59:35] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:59:35] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:59:37] Speaker 3 · Unclear audio
[unclear audio]
[00:59:38] Speaker 1 · Unclear audio
[unclear audio]
[00:59:38] Attribution uncertain · Unclear audio
[unclear audio]
[00:59:38] Speaker 1 · Unclear audio
[unclear audio — 0:03]
[00:59:42] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:59:45] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:03]
[00:59:48] Attribution uncertain · Unclear audio
[unclear audio]
[00:59:48] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:59:50] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:59:50] Attribution uncertain · Unclear audio
[unclear audio]
[00:59:50] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:05]
[00:59:55] Attribution uncertain · Unclear audio
[unclear audio]
[00:59:55] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:59:56] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:59:56] Speaker 6 · Unclear audio
[unclear audio]
[00:59:57] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[01:00:01] Speaker 2 + overlapping voice
Especially during the summer.
[01:00:03] Speaker 2 + overlapping voice · overlapping voices · Machine re-recognized
yes
Flag: words were replaced by a machine repair · 01:00:03–01:00:03 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[01:00:04] Speaker 2 + overlapping voice
Okay, thanks.
[01:00:05] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 01:00:05–01:00:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:07] Attribution uncertain · Unclear audio
[unclear audio]
[01:00:07] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[01:00:08] Attribution uncertain · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 01:00:08–01:00:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:08] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[01:00:12] Speaker 2
It's already
[01:00:13] Speaker 2 · Machine re-recognized
happened
Flag: words were replaced by a machine repair · 01:00:13–01:00:13 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[01:00:13] Attribution uncertain
It's
[01:00:13] Speaker 2
already happening.
[01:00:15] Speaker 3
‸ You should have started on that first.
[01:00:17] Speaker 2 · Unclear audio
[unclear audio — 0:02]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings · 01:00:17–01:00:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:20] Attribution uncertain · Unclear audio
[unclear audio]
[01:00:20] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[01:00:26] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[01:00:27] Speaker 3 + overlapping voice · overlapping voices · Machine re-recognized
Okay. Well, I won't hang around that
Flag: the recognized words and the detected speech do not line up · 01:00:27–01:00:29 · gap filled by a machine re-reading (not checked by a person)
[01:00:29] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:00:29–01:00:29 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:33] Speaker 3 + overlapping voice
‸ Okay.
[01:00:34] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings · 01:00:34–01:00:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:35] No voice detected · Unclear audio
[unclear audio]
[01:00:35] Attribution uncertain · Unclear audio
[unclear audio]
[01:00:35] Speaker 3 · Unclear audio
[unclear audio — 0:07]
[01:00:43] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[01:00:47] No voice detected · Unclear audio
[unclear audio — 0:11]
[01:00:57] No voice detected · Unclear audio
[unclear audio — 0:02]
Flag: the recognizer flagged its own output · 01:00:57–01:02:02 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:59] Attribution uncertain · Unclear audio
[unclear audio — 0:20]
[01:01:19] No voice detected · Unclear audio
[unclear audio]
[01:01:19] Attribution uncertain · Unclear audio
[unclear audio]
[01:01:19] No voice detected · Unclear audio
[unclear audio — 0:06]
[01:01:24] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:08]
[01:01:32] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[01:01:35] Speaker 3 · Unclear audio
[unclear audio — 0:02]
[01:01:37] No voice detected · Unclear audio
[unclear audio — 0:02]
[01:01:39] Attribution uncertain · Unclear audio
[unclear audio — 0:20]
[01:01:59] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[01:02:00] Speaker 2 · Unclear audio
[unclear audio — 0:01]

Transcript revision built 2026-10-27T12:41:56 · 3,624 ordinary words, 5,111 in suspect passages, 27 machine re-recognized.

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