[00:00:00] No voice detected

The first thing is,

[00:00:01] Speaker 1 + overlapping voice · overlapping voices

you know, we have some elections and so we would like to welcome Alan Worthy to the board. Yes, welcome. I'm working with you. I have several little business items we need to take care of. We need to

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[00:00:21] Speaker 1 + overlapping voice

Pat Duvall has served for some time as our vice chairman, so he has indicated willingness to step up and be our chairman. ‸ So, unless anyone else wants to name other attendees, for lack of a better term, then, you know, the board may make

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[00:00:44] Speaker 2 · Unclear audio

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[00:00:48] Speaker 3

You really?

[00:00:49] Speaker 2 + overlapping voice · overlapping voices

Yes.

[00:00:51] Speaker 1

One second. And then all in favor of that?

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[00:01:03] Speaker 4

Aye.

[00:01:04] Speaker 4 · Machine re-recognized

Okay.

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[00:01:07] Speaker 1

And then, as a result of that, we need to elect a vice chairman. It's important to me that we maintain our secretary, so I did reach out to John Casey, only because he had, you know, previously served as chairman for some period of time and he said ‸ unless someone else wanted it, he was willing to serve. So, if anyone else is interested, you know, we can certainly entertain that. If not, we would need a motion to name John Casey as our vice chair.

[00:01:48] Speaker 4 · Unclear audio

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[00:01:49] Attribution uncertain · Unclear audio

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[00:01:49] Speaker 4 · Unclear audio

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[00:01:49] Speaker 3 + overlapping voice · Unclear audio

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[00:01:51] Speaker 3 + overlapping voice · overlapping voices

That was

[00:01:52] Speaker 4 + overlapping voice · overlapping voices

Mike Kern. All in favor? Aye. Any opposed? Motion carries.

[00:02:01] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:02:32] Speaker 1 + overlapping voice · Unclear audio

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[00:02:39] Speaker 1 + overlapping voice

He subsequently resigned, got

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[00:02:51] Speaker 1 + overlapping voice

So we would need, I can do it in one motion, ‸ a motion to certify the results of both elections so that we have that for the language

[00:03:00] Speaker 2

Okay. I'll make a motion and certify the results of the election.

[00:03:06] Speaker 3

I'll second.

[00:03:07] Speaker 1

Is that Mike?

[00:03:08] Speaker 4

Yep.

[00:03:09] Speaker 1

Okay. All

[00:03:10] Speaker 4

in favor? Aye. Aye. Any opposed? Motion carries.

[00:03:15] Speaker 1

And um I have one item that I need to add here as a matter of business. ‸ You recall we switched or

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[00:03:28] Speaker 1

of new rules. I have a signer form. I've had some of you sign as you come in. Whenever we have a change in the membership, we get a new authorized signer list for the bank. And

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[00:03:42] Speaker 1

asked me to have a motion of the board to authorize execution of the updated signer

[00:03:48] Speaker 4

‸ Okay. So

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[00:03:59] Speaker 3 · Unclear audio

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[00:04:00] Speaker 4 · Unclear audio

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[00:04:06] Speaker 4

Any opposed? Motion carries.

[00:04:10] Speaker 1 · Unclear audio

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[00:04:21] Speaker 4

Do you want to check with the the public first? Is

[00:04:24] Speaker 1

that okay with y'all?

[00:04:25] Speaker 1 · Unclear audio

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[00:04:28] Speaker 4

they had any Any requests from uh the public or employees? Nope. Okay. uh

[00:04:35] No voice detected

What we'll do, uh i I have

[00:04:38] Speaker 1

sent you a large package of information, as you know, uh on our pre-determined death ‸ ordinance. Both the attorney and that crew and address that,

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[00:04:50] Speaker 1

yesterday in a conference call. So, uh Stu and Doug, can we turn it over to you all now?

[00:04:55] Speaker 5

Sure. That would be great. Yes, we did have a uh productive conversation yesterday afternoon. Myself, Doug, uh Tammy from the City, and uh Glenn Thomas, who is the City's Pension Council. And a good recommendation was made by your actuary, Doug, that rather, the way that I drafted the ordinance was that those um members who were eligible for normal retirement could select a an optional uh survivor benefit that would pay the spouse or name beneficiary

[00:05:32] Speaker 5 · Unclear audio

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[00:05:36] Speaker 5

And as I said, I drafted it so that you had to make that election, but after speaking with uh Doug yesterday, he had a very good idea that rather than making it an election, just make it something that is automatic because it is a greater benefit uh than what is currently provided, the 10-year uh benefit. It would stop after a payment ‸ of a benefit of 10 years. um So we discussed that, and I believe that the city was, you know, on board with bringing that forward uh for consideration. But

[00:06:11] Speaker 5 · Unclear audio

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[00:06:16] Speaker 5

would have to make a selection and fill out a form. It would be something that would be automatic to provide the benefit. um The way Doug explained, well, I'll

[00:06:25] Attribution uncertain

let

[00:06:25] Speaker 5 + overlapping voice

Doug talk about any cost associated uh with it. um There's really not a set cost, but

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[00:06:33] Speaker 5 + overlapping voice · overlapping voices

But I think Doug is is the, uh you know, not an actuary for a reason, and I think that uh ‸ like to just hear from Doug on

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[00:06:42] Speaker 6 · Unclear audio

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[00:06:47] Speaker 6

I made it known that we're not asking for a benefit improvement here. um It's really at no fault to the member, um you know, who hits normal retirement and still employed that um he could retire anytime he or she. And, you know,

[00:07:07] Speaker 6 · Unclear audio

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[00:07:11] Speaker 6

disappears, the life portion, and only 10 years would be paid up to the beneficiary. And I said, in that event, the plan gets an actuarial gain. So let's claw that gain back and protect the beneficiary. And what we would do is simply assume that

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[00:07:32] Speaker 6

and chosen the 100 survivor option immediately prior to death, which is the actuarial equivalent of the fully funded benefit. So the the synopsis here is ‸ that in in order to not have the plane get an actuarial gain in the future

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[00:07:53] Speaker 6

um we would instead make sure that the beneficiary is protected.

[00:08:02] Speaker 5

So, you know, I believe after I revise the ordinance, uh I'm just going to submit it again for review to uh

[00:08:11] Attribution uncertain

uh

[00:08:11] Speaker 5

City Council and Tammy. And if we can get it done by this Friday, it will be on the agenda for the next uh commission meeting. uh If not, it'll be uh the subsequent meeting in December for the first reading. And then, uh you know, the ordinance uh ordinances have to go before the commission uh two times. So, you know,

[00:08:32] Speaker 5 · Unclear audio

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[00:08:35] Speaker 5

I'll work on it as long as you're okay with it. I will work on it this afternoon and make sure that uh I circulate it tomorrow or Friday. So

[00:08:43] Speaker 4

we need a motion to... um

[00:08:45] Speaker 5

No, I i think just direction from the

[00:08:48] Speaker 5 · Machine re-recognized

trust.

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[00:08:49] Speaker 5

Okay. fine um

[00:08:50] Speaker 1 + overlapping voice

What I'll do when when I get the ordinance from the attorney, of course, as always, I'll send it to you. uh We're hoping, as he said, that we

[00:08:58] Speaker 1 + overlapping voice · Unclear audio

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[00:09:01] Speaker 1 + overlapping voice

not, we just push out. And uh

[00:09:03] Speaker 1 + overlapping voice · Unclear audio

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[00:09:06] Speaker 1 + overlapping voice

the letter of no impact that he's already prepared that we have to file with the state and with the city ‸ council, that stands. uh So I'll be handling, you know, filing it with the Division of Retirement.

[00:09:18] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:09:24] Speaker 1 + overlapping voice

Pat, I know we're having a hard time getting those beneficial things but this makes it even more

[00:09:29] Speaker 4 + overlapping voice · overlapping voices

critical that

[00:09:31] Speaker 1 + overlapping voice · overlapping voices

we've all

[00:09:32] Speaker 4 + overlapping voice · overlapping voices

right

[00:09:32] Speaker 1 + overlapping voice · overlapping voices

we've gotten a handful.

[00:09:33] Speaker 4

Yeah. um

[00:09:34] Speaker 4 · Unclear audio

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[00:09:40] Speaker 4 · Machine re-recognized

bridge

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[00:09:40] Attribution uncertain · Unclear audio

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[00:09:40] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:09:41] Speaker 1 + overlapping voice · Unclear audio

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[00:09:51] Speaker 1 + overlapping voice · Machine re-recognized

currently active,

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[00:09:52] Speaker 1 + overlapping voice · overlapping voices

not people in drop because they're

[00:09:54] Speaker 4 + overlapping voice · overlapping voices

right

[00:09:54] Speaker 1

they're considered

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retired.

[00:09:55] Speaker 4 + overlapping voice

Right.

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[00:09:59] Speaker 4 + overlapping voice · overlapping voices

really appreciate it. um I just want to make sure you guys know

[00:10:03] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:10:05] Speaker 5

Well, you're the one that brought it to the table, and, i you know, we appreciate that. And, you know, it's

[00:10:10] Attribution uncertain

a lot of the

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[00:10:23] Speaker 5 · Unclear audio

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[00:10:33] Speaker 5

we're going to be updating the summary plan description. I just wanted to get your uh

[00:10:39] Attribution uncertain

authorization

[00:10:39] Speaker 5

to make any necessary changes. I will probably wait until after the uh death benefit ordinance passes so that I don't have to update it again. But, you know, hopefully that's done way before the February meeting and I'll include that and get the uh revised summary plan description to Sheila for inclusion in the next uh meeting agenda for approval.

[00:11:03] Speaker 5 · Unclear audio

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[00:11:06] Speaker 5

um Other than that, you have a memo in your, well, actually I just wanted to make sure that that was okay with you first before I made the uh necessary revisions.

[00:11:16] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:11:22] Attribution uncertain

is

[00:11:22] Speaker 1

everyone

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[00:11:27] Speaker 1

significant benefit change. ‸ So we will make sure it's in

[00:11:29] No voice detected

the

[00:11:29] Speaker 1

okay We have consensus.

[00:11:33] Speaker 5 · Unclear audio

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[00:11:42] Speaker 5

Support Act of 2022, which actually deals with

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[00:11:53] Speaker 5

um for officers and firefighters that are either disabled or killed in the line of duty. The benefit goes up every year as of

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[00:12:11] Speaker 5

uh And that increases pretty much every year.

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[00:12:25] Speaker 5

death was as a result of PTSD, any suicide resulting from PTSD, it was not considered a line of duty, disability, or death under federal law. uh The law was recently amended and changed so that incidences of PTSD that lead to a disability or death would now be considered to be line of duty incidents, and officers and firefighters would be entitled to that federal death benefit. So that is a good thing. In order to be eligible for disability benefits of the federal program, it's a different ‸ disability standard than we have at the plan level. At

[00:13:07] Speaker 5 · Unclear audio

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[00:13:10] Speaker 5

that you are totally and permanently disabled from providing further duties as a police officer. The federal law is a different standard and says that in order to be entitled to the benefits, you have to prove that not only you cannot work as a police officer, but you cannot work in any gainful employment, which is really the federal Social social Security disability disability uh standard. So it's a little bit more difficult to prove entitlement to uh federal death benefits than it is to get a disability or death uh considered line of duty on the local plan level. So that's a good thing. um Just so you know, hopefully we never have to deal with anything like this, but our office does on a pro bono basis help officers and firefighters who are clients. uh And otherwise, if we're contacted by like

[00:14:05] Speaker 5 · Unclear audio

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[00:14:08] Speaker 5

we would assist on a pro bono basis uh with helping the officer or firefighter uh applying for uh those federal benefits. And we would represent them the whole way. So that's just something we've been doing for a long time. Thank goodness we haven't had to do it more than, you know, a couple of times. I could count the the number of times we did it on one hand, and hopefully it will never be more than that one hand. But um that's just for your information. Other than that, i Sheila had also submitted two memos, I think, for your review um that had to do with proxy issues. One was uh entitled SEC Proxy Voting Disclosure Rules, which is just for informational purposes

[00:14:54] Speaker 5 · Machine re-recognized

that

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[00:14:54] Speaker 5

the

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[00:15:03] Speaker 5

to investors, which is a good thing if you're interested in seeing how a particular mutual fund or ETF was voting uh their proxies. The other memo has to do with a change to Delaware law. And as you probably are aware of, most companies that conduct business in the United States are incorporated in the state of Delaware

[00:15:26] Speaker 5 · Unclear audio

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[00:15:31] Speaker 5

So the law used to provide that in addition to the company being liable for any type of fraud that's committed, you could also seek recourse from the corporate officers themselves. And there was a revision uh that says that a company may pass a charter provision which would

[00:15:55] Speaker 5 · Unclear audio

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[00:15:59] Speaker 5

uh any any fraud claim. So they would not be personally liable. So the only recourse you would have is against the company. um The recommendation from our office is that each plan reach out to their investment managers and just advise that we would like them to vote against uh the charter provision taking away that personal liability for corporate officers. And

[00:16:26] Speaker 5 · Unclear audio

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[00:16:32] Speaker 5

all the investment investment managers asking them to vote to vote against uh those type of uh proxy issues that come up. um So that is, unless you have any questions on the memos,

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[00:16:49] Speaker 5

or anything else that would conclude ‸ council report for this afternoon.

[00:17:04] No voice detected · Unclear audio

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[00:17:12] Speaker 6 + overlapping voice · Unclear audio

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[00:17:13] Speaker 6 + overlapping voice

else, um but

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[00:17:15] Speaker 6 + overlapping voice · overlapping voices

if something comes up and I can call back in.

[00:17:17] Speaker 1 · Unclear audio

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[00:17:19] Attribution uncertain · Unclear audio

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[00:17:27] Speaker 7 · Unclear audio

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[00:17:28] Speaker 7

Sure. uh ‸ just curious, kind of off the top of your head, uh they had a minus 14 fiscal year. Can you comment maybe on the impact of that with smoothing? And I know you haven't got the report or anything, but I just kind of off the top of your head.

[00:17:42] Speaker 6

Yeah, high level, um because each plan has returns pretty similar

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[00:17:54] Speaker 6

horrible with this next report. There will be a loss. The city's

[00:17:58] Speaker 6 · Machine re-recognized

costs

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[00:17:58] Speaker 6

will go up. I'm i'm gonna

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[00:18:05] Speaker 6

um it

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[00:18:09] Speaker 6

all in. Even if we get back to normal returns in the seven range, um that that negative 14 loss is going to phase in over four years, and it will cause the city's requirements to go up. I i don't see any way

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[00:18:26] Speaker 7 + overlapping voice · overlapping voices

return, though, that that should help smooth it a little bit for right now, right, for the next three years?

[00:18:31] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

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[00:18:36] Speaker 6 + overlapping voice

in, so that that

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[00:18:41] Speaker 1 · Unclear audio

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[00:18:45] Speaker 4

So then we'll move on to Larry.

[00:18:47] Speaker 1 + overlapping voice · overlapping voices

Well, we can go back to approve the minutes Okay. No, we

[00:18:50] Speaker 4 + overlapping voice · overlapping voices

didn't prove the minutes yet

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[00:19:00] Speaker 4 + overlapping voice

meeting.

[00:19:01] Speaker 2

I'll second. All

[00:19:03] Speaker 4

in favor?

[00:19:03] Speaker 2

Aye. Any

[00:19:05] Speaker 4

opposed? Motion carries.

[00:19:12] Speaker 7 + overlapping voice · overlapping voices

Larry, I guess you're up. All

[00:19:14] Speaker 3

right. Well, uh good afternoon.

[00:19:15] Speaker 7 + overlapping voice

I see a couple ‸ familiar faces, but it's been a few years since i've since I've covered over here. So good to see everybody. Thanks. Appreciate that. um

[00:19:25] Speaker 7 + overlapping voice · Unclear audio

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[00:19:31] Speaker 7 + overlapping voice · overlapping voices

Glad to do it. I was going to just tell you he was scared of these returns and didn't want to face you, but I didn't want to throw him under the bus like that. so um Why don't you turn to page two? I'll just talk about it.

[00:19:44] Speaker 7 + overlapping voice · Unclear audio

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[00:19:46] Speaker 7 + overlapping voice

management side of ‸ business in the last 21 years on the consultant side of the business. And this is probably as difficult a period as I can remember, quite frankly. And so you look back last year, you had a 21 plus return. This year you got a minus 14 return. You've got more diversification than anybody could ask for. It's a very well diversified portfolio. Your active managers are assumed to be some of the best in class. And how in the world can you get that kind of volatility out of that kind of diversification ‸ that kind of man And the only answer I can come up with, with again, 40 plus years experience is we never shut the world down before and turned it on, you know, flip the switch to turn it on at

[00:20:23] Attribution uncertain

the

[00:20:23] Speaker 7

same time. And

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[00:20:28] Speaker 7

and you got a very active Fed. You know, we dumped all this money into the economy during

[00:20:33] Speaker 7 · Unclear audio

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[00:20:33] Speaker 7

to keep things afloat.

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[00:20:40] Speaker 7

You had inflate not only the money that was pumped into the economy, but because we shut the world down, created a lot of supply chain problems. Right. So when we turn the world back on, you know, there's a lot of backlog. So there's a lot of things just couldn't get there. Well, so you got you got high demand from people having a lot of money and you got a lower supply because of the of the supply chain issues. So that equates to inflation. I mean, everybody pretty much predicted it.

[00:21:04] Speaker 7 · Unclear audio

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[00:21:08] Speaker 7

as high as it as it came as as has come in. So I think that's caused a mess. You had the Fed raising rates from I think just over a year a little over a year ago the

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[00:21:20] Speaker 7

range so that's a dramatic increase. Even back,

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[00:21:27] Speaker 7

was given all this credit for stamping out inflation. He raised rates very aggressively. But even in his

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[00:21:37] Speaker 7

numbers then. um I don't know if there's anybody, some of you might, a couple of you might remember, but

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[00:21:46] Speaker 7

and back down to 11 in a 12 month

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[00:21:54] Speaker 7

percentage-wise don't even compare to the increases percentage-wise that the Fed has done here. So they've gotten very aggressive, raised rates. That's killed the tech stocks. It's strengthened the dollar to a point where that hurts the tech stocks because all their overseas earnings are translated back into u.s dollars and that hurts. um So it's just been an environment that, um again, the Fed's very aggressive against inflation. We turn the world on. and It's starting to ease up a little bit. ‸ One of the things I was looking at for several years, not to get too nerdy on you, but for the last couple of years is looking at the PPI, which is that producer price index, versus the CPI, which is the one we're all used to in inflation. That's the retail inflation number. Well, the PPI is kind of the whole,

[00:22:37] Speaker 7 · Machine re-recognized

thing

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[00:22:37] Speaker 7

of it as the wholesale inflation number. Well, for several quarters, that PPI was running

[00:22:42] Speaker 7 · Unclear audio

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[00:22:43] Speaker 7

to

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[00:22:44] Speaker 7

above the CPI. So

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[00:22:50] Speaker 7

the consumer and there's more to come, or the companies are going to continue to eat those costs and they're going to go out ‸ business or their earnings are going to be impacted pretty dramatically. So finally, just in this last report this week you've got the ppi coming in at eight and the cpi coming

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[00:23:08] Speaker 7

somewhere around there. So finally, it's

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[00:23:16] Speaker 7

long term, but at least that tells us that

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[00:23:21] Speaker 7

maybe for inflation.

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[00:23:29] No voice detected · Unclear audio

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[00:23:29] Speaker 7 · Unclear audio

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[00:23:30] Speaker 7

don't say lax, but a little take it take ‸ a little easier instead of raising rates 75 basis points.

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[00:23:38] Speaker 7

points and

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[00:23:45] Speaker 7

as is usually the case, the Fed, they they put too much money into the account. They overdo it on both ends. They put too much money in and then they slam the brakes on too hard. So that's probably what we're about to go into. I suspect we will have a recession if we're not already in one, but it maybe it will be minor from what some of the data that's coming in. uh

[00:24:04] Speaker 7 · Unclear audio

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[00:24:07] Speaker 7 · Unclear audio

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[00:24:07] Speaker 7

this is your fiscal year end. um If you look at the top, those are the various market indices, bond and stocks. And you can see there was no place to hide. What's different about this downturn in the equity market is that it wasn't

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[00:24:21] Speaker 7

propped up by the bond market. The bond markets had in record low years, so there was no place to really hide to get to make money. Maybe real estate made a little money, you'll see, and uh energy. If you were invested in energy energy stocks or energy related uh issues, you made some money for the period. Otherwise, you you didn't make any money. You can see that in some of the other charts. the Energy is the only thing really showing up. But when you flip to page three, that bond market, I really think the bond

[00:24:46] Speaker 7 · Machine re-recognized

market is

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[00:24:47] Speaker 7

kind of more of a story than the stock market. We're used to volatile stock markets, but we're not used to bond markets being down

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[00:24:53] Speaker 7

I mean, that's just crazy. These are high quality bonds, even the investment grade universe down even

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[00:24:58] Speaker 7

It was just a terrible uh bond market with the Fed being this aggressive. That's why I mentioned the percentage of the increase the Fed has done has really impacted those bonds. One little side note I picked up a couple days ago was that

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[00:25:17] Speaker 7

now, both of them, three quarters in a row. Last time that happened was over 50 years ago. So I was telling Mitchell, who's a little bit younger than me, I said, you know, I've been doing this 40 years, ‸ I can't remember a period like this. Well, I don't think there's been a period like this because it was over 50 years ago that we saw that kind of uh those kind of reactions in the market. So it has been rough. uh But the reason I went ahead and asked Doug that question while he was on the phone, uh just to kind of, you know, as dramatic as this minus

[00:25:46] Speaker 7 · Unclear audio

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[00:25:47] Speaker 7

is between the smoothing and the 21 return

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[00:25:53] Speaker 7

status or the funding requirements of the plan, and that's what I wanted to, you know, what since he was on the phone, have him tell you that. ‸ looks like it might have a little bit, but maybe not too much. um If you jump to, um we just kind of get in, we didn't identify any compliance issues, so that's good if you want to jump on over i'll just go to page 11. page 11 is the asset allocation um uh Talking with Mitchell, the only thing we're going to recommend is uh

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[00:26:23] Speaker 7

the real estate, take that real estate weighting down a little bit more. uh I've actually got a form here for for you, Sheila. um the uh Everything else, um I think will will stay there. One of the important things about these markets is when you go back and look at historic downturns or big drawdowns on the market,

[00:26:42] Speaker 7 · Machine re-recognized

you've

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[00:26:42] Speaker 7

got to be there when it goes the other way because

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[00:26:50] Speaker 7

now, we look I don't know if this is going to stick, but we've had a pretty strong rally since uh since the September 30. uh most equities are up somewhere in the 8 to 11 range depending on what you're looking at maybe a little bit more even some. I would estimate

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[00:27:08] Speaker 7

the envelope estimate, but ‸ should be pretty close.

[00:27:12] No voice detected

um

[00:27:12] Speaker 7

Whether or not that sticks or not has yet to be seen, but if it is a if it is the end of the bear market, then you know we should see a significant rally there. So the point there being, kind of stay the course, even though it's kind of rough,

[00:27:23] Speaker 7 · Machine re-recognized

you've

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[00:27:23] Speaker 7

got to hold your nose sometimes in these market environments, but it's important to be there when it does turn.

[00:27:28] Speaker 1 + overlapping voice · overlapping voices

Larry, when you said you have a form, are you going to need a motion? Yes,

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[00:27:36] Speaker 1

We

[00:27:37] Speaker 7 + overlapping voice

won't be able to pull it out

[00:27:38] Speaker 7 + overlapping voice · Machine re-recognized

until

Flag: words were replaced by a machine repair · 00:27:38–00:27:38 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:27:38] Speaker 7 + overlapping voice

the, we have to have a 90 day uh notice to them, so it'll be uh it'll be the end of March uh

[00:27:44] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

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[00:27:46] Speaker 7 · Unclear audio

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[00:27:47] Speaker 1 + overlapping voice · overlapping voices

and they would distribute it, I guess, just like they were when we were getting the dividends? Well,

[00:27:52] Speaker 7 + overlapping voice · overlapping voices

yeah, assuming that they have the cash to distribute. You know, the real estate funds can get illiquid at times. and that's that ‸ right

[00:27:59] Speaker 3 + overlapping voice · overlapping voices

that

[00:28:00] Speaker 7 + overlapping voice

sets ‸ It gets us in the queue, in the line. Now, I will tell you, historically, with real estate, particularly back, say, in 08, everybody with a financial crisis back in 07, 08, everybody got in line to get out of real estate.

[00:28:12] Speaker 7 + overlapping voice · Unclear audio

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[00:28:15] Speaker 7 + overlapping voice

the line, we turned changed our

[00:28:16] Speaker 7 + overlapping voice · Machine re-recognized

mind

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[00:28:16] Speaker 7 + overlapping voice · overlapping voices

and went went in the other line ‸ got back in. So, I don't think it's going to be that dramatic this time.

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[00:28:22] Speaker 7 + overlapping voice

or at least the

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[00:28:25] Speaker 1 + overlapping voice · overlapping voices

they can do it. Yeah. a Partial distribution. Right.

[00:28:28] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:28:29] Speaker 7 + overlapping voice

So, if you know, if

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the

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[00:28:34] Speaker 7

things have changed, we we think maybe stay. But right now, and i'll I'll talk about bearings in a minute, why we specifically are taking it there. But that's the only asset allocation change we're recommending at this point

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[00:28:48] Speaker 7

uh on page 15.

[00:28:50] Speaker 1

Did you want that motion now?

[00:28:52] Speaker 7

I can do that for the report in case there's any other questions come up. um on page 15 you can see for the quarter it was down 3.7 percent i happened to do a uh a virtual meeting on September 9th with a client up in Pensacola. So I ran some numbers then, and

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[00:29:12] Speaker 7

At that point in time, they were up 5.5 percent quarter to date some of the growth managers were up 12 13 percent that had been hit hard. And that was as of September 9th.

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[00:29:25] Speaker 7

or

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[00:29:26] Speaker 7

for the quarter, just kind of like ‸ a little bit worse than you. And so things can change quick, but it ended up being a negative quarter, as you saw from the from the first page I went over with you. uh That was a little bit, if there's some bright news, I guess, that was a little ‸ ahead of the

[00:29:40] Attribution uncertain

of

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the

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[00:29:45] Speaker 7 + overlapping voice

fund universe,

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[00:29:46] Speaker 7 + overlapping voice

national public pension fund universe. So you held up well in that environment. uh The one year number, though,

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[00:29:56] Speaker 7 + overlapping voice · overlapping voices

percent year last year. Unbelievable volatility for a plan this diversified. That was just slightly below average. um Alan, this might be all new to you, I guess, maybe, but

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[00:30:12] Speaker 7 + overlapping voice

across the country of about, I think there's about 1200 plans in there right now. Don't absolutely hold me to that, but somewhere in that neighborhood. So um 55 means you're, 50 would be right in the middle of the pack.

[00:30:22] Speaker 7 + overlapping voice · Unclear audio

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[00:30:26] Speaker 7 + overlapping voice

years are still above average, even though it sure pulled the absolute numbers down,

[00:30:30] Speaker 7 + overlapping voice · Unclear audio

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[00:30:35] Speaker 7 + overlapping voice

this time. uh As far as that one year number, you can actually look at uh two managers, primarily

[00:30:40] Speaker 7 + overlapping voice · Unclear audio

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[00:30:43] Speaker 7 + overlapping voice

and how much they underperform their benchmark and then put the weighting to it, that they're they're

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[00:30:53] Speaker 7 + overlapping voice

We've seen that everywhere. so um So all in all, I think your manager lineup is solid. Bearings had a little problem. If

[00:31:00] Attribution uncertain

you

[00:31:00] Speaker 7

go to page 16, uh Bearings had an issue with, um not an issue, but they wrote down

[00:31:07] Speaker 7 · Unclear audio

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[00:31:11] Speaker 7

So it's reflecting uh some

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[00:31:15] Speaker 7

to get a feel for what these, you know, uh um

[00:31:19] Speaker 7 · Unclear audio

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[00:31:23] Speaker 7

you know, what kind of occupancy we're

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[00:31:28] Speaker 7

rates down about, it's in the 80, low 80s, uh the 80 percent. So that means, you know, that they're not getting big rent increases, so even with inflation. So there's some pressure on the office space. uh They they uh revalued their office space quite dramatically there. I think they had about 23 percent or so exposed to office and wrote it down by about 19 percent. So took a big hit there, and that that's reflected in their quarter numbers. And that is where um Mitchell suggested we go ahead and get in the a million dollar queue,

[00:32:00] Speaker 7 · Unclear audio

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[00:32:03] Speaker 7

there for that first quarter. Your bond portfolio, again, this is this is just crazy, down

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[00:32:10] Speaker 7

the year. uh Your short-term bonds were only down eight, only down eight, and that's one of the worst years for bonds right there

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[00:32:21] Speaker 7

anything intermediate to long term was down substantially. So, again, I think that's kind of the story where you just didn't get any support from any asset class other than real estate, really, to uh to prop up during those equity markets, and that's extremely unusual. uh You can kind of look at the rankings for the mutual funds on the next two pages 17 and 18. nothing there that really jumped out at us. The ones that are struggling a little bit seem to have good quarters. um And then um longer term numbers for most of your mutual funds there are pretty solid,

[00:32:52] Speaker 7 · Unclear audio

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[00:32:54] Speaker 7

um they're They have a growth style tilt that was kind of out of favor during this period. I do think Europe and uh Asia, Europe particularly is going to be a little longer coming out of COVID. Well, Asia too now, if China starts shutting down some more, then that's going to spread pretty quick. So there's some pressure there, but the valuations are extremely attractive. We just think the risk level is still pretty high

[00:33:16] Speaker 7 · Unclear audio

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[00:33:19] Speaker 7

Pacific is the largest fund out there and pretty inexpensive and got the best group of managers in the country. So I just stay patient with it. it'll As you can see, the three and five year numbers and all are still pretty solid

[00:33:31] Attribution uncertain

uh

[00:33:31] Speaker 7

and

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[00:33:34] Speaker 7

uh Let's see, maybe the last chart I'll cover with you and let's go to page 23.

[00:33:43] Speaker 7 · Unclear audio

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[00:33:44] Speaker 7

this time, it is different. You can see these are your fiscal year returns dating back to 2005. and you see the last two years just pretty phenomenal anything close to that was 2007 and 2008 we had positive 13 and minus 12.

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[00:33:59] Speaker 7

21 and minus 14. so i i really would say i you held up pretty well minus 14 is not too bad for It's about average of what I'm seeing out there um uh for the for the year. um So the diversification helped, I guess, in some ways, but still, as I said, no place to hide. The rest of it's a lot of data ‸ a lot of numbers that can put you to sleep in about 30 seconds, but I'll be glad to cover. I'm not sure what

[00:34:29] Speaker 7 · Unclear audio

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[00:34:31] Speaker 7

out.

[00:34:34] Speaker 1

‸ Yeah,

[00:34:34] Speaker 4 + overlapping voice · overlapping voices

it's pretty close though.

[00:34:38] Speaker 1 + overlapping voice · overlapping voices

Yeah,

[00:34:39] Speaker 7 + overlapping voice · overlapping voices

I think we usually do similar.

[00:34:41] Speaker 7 + overlapping voice · Unclear audio

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[00:34:41] Speaker 1 + overlapping voice · Unclear audio

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[00:34:44] Speaker 1 + overlapping voice · overlapping voices

executed. Yes. Exactly. What kind of motion do you need ‸ Just

[00:34:48] Speaker 7

need a motion to go

[00:34:49] Speaker 7 · Unclear audio

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[00:34:55] Speaker 1 + overlapping voice

So uh i did authorize the chairman to execute this document in

[00:35:01] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:35:02] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:35:04] Speaker 4 + overlapping voice

before we'll do the motion. uh

[00:35:05] Speaker 2

Last year at

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[00:35:08] Speaker 2

in Orlando, Mitchell spoke and he had mentioned when it's report time,

[00:35:13] Speaker 2 · Unclear audio

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[00:35:20] Speaker 2

‸ Could you tell us a little bit how we look as far as those two are

[00:35:25] Speaker 7 + overlapping voice · overlapping voices

‸ Yeah. If you actually, there's a chart that might be helpful in that discussion. You know, when we put, man

[00:35:31] Speaker 7 + overlapping voice · Unclear audio

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[00:35:32] Speaker 7 + overlapping voice

when When we recommend managers to you, and try to, you know, diversification only works if you put managers in place that don't look like each other. You know, if you hire two managers, two growth managers that have, that love tech stocks and overweight tech stocks dramatically, you're not going to get much benefit from that diversification. You know, is ‸ going to get, going to get none, basically. So what we try to do is find managers that don't fish in the same, well then they may fish in the same pond, but they use different bait. That's the way I kind of describe it sometimes, is that they have a different style. They have a little different lineup. Their top 10 names don't usually have a whole lot of overlap. So that's important to smooth the ride over the long term. One will do well for a period of time. One won't, and it'll flip around a little bit. But in the long run, they both do their job. You'll outperform, and you'll you'll be happy with the the combination. So that's what diversification is all about. Standard deviation is that risk level. How much volatility are we taking? or or And that's a measurement of risk. How much volatility does the plan have to get the returns that you've had? As I showed you across the board, although

[00:36:37] Speaker 7 + overlapping voice · Unclear audio

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[00:36:39] Speaker 7 + overlapping voice

your rankings were pretty solid in the top third or so,

[00:36:43] Speaker 7 + overlapping voice · Unclear audio

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[00:36:46] Speaker 7 + overlapping voice

But did we take a lot of risk to get those good numbers, those relatively good numbers? And page 22 kind of tells you you're right on top of the benchmark. So the answer ‸ that's no, you're well diversified. The standard deviation and the five-year standard deviation total fund 13.8 percent so that's

[00:37:07] Speaker 7 + overlapping voice · Unclear audio

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[00:37:11] Speaker 7 + overlapping voice

high number. You can see the different

[00:37:12] Speaker 7 + overlapping voice · Unclear audio

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[00:37:16] Speaker 7 + overlapping voice

more volatility and the more risk so the s p 500 growth index

[00:37:20] Speaker 7 + overlapping voice · Unclear audio

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[00:37:23] Speaker 7 + overlapping voice

So that means you have this expected return of, let's say your expected return is

[00:37:29] Speaker 7 + overlapping voice · Unclear audio

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[00:37:29] Speaker 7 + overlapping voice

Well, ‸ standard deviation tells you that think that could read that

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[00:37:35] Speaker 7 + overlapping voice

in a given year. that's pretty That's a pretty dramatic, that's a volatile asset class. Then you get down to bonds and historically bonds are

[00:37:42] Speaker 7 + overlapping voice · Unclear audio

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[00:37:45] Speaker 7 + overlapping voice

5.33 So you don't expect to see the kind of volatility in bonds that you would see in stocks. Certain types

[00:37:52] Speaker 7 + overlapping voice · Unclear audio

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[00:37:58] Speaker 7 + overlapping voice

Large caps with the techs going to be a little volatile. values typically a little less volatile. And so that's that's how we design the portfolios. We try to keep the risk level uh as low. and Hopefully, we'll actually get your blue dot moving down to the bottom left. That's even better. uh Or excuse me, top left. That's where you have a little higher return, a little less risk in that quadrant. But you're kind of

[00:38:20] Speaker 7 + overlapping voice · Unclear audio

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[00:38:24] Speaker 7 + overlapping voice

fairly low standard deviation. That's kind of a long-winded answer. Did it answer your question?

[00:38:28] Speaker 2

Yeah, it's just...

[00:38:29] Speaker 7

Okay. It's kind of what we're looking at behind the scenes when we're putting portfolios together.

[00:38:35] Speaker 4 · Unclear audio

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[00:38:40] Speaker 7 · Unclear audio

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[00:38:41] Speaker 1

would be uh to get into the queue.

[00:38:44] Speaker 1 · Unclear audio

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[00:38:46] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:38:49] Speaker 1 + overlapping voice · overlapping voices

and authorize the chairman to execute the uh form in this regard. Correct.

[00:38:54] Speaker 4

Okay, I'll make the motion. a second. All in favor? Aye. Aye. Any opposed? ‸ motion carries? and

[00:39:03] Speaker 1 + overlapping voice

That was

[00:39:04] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:39:06] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:39:08] No voice detected

‸ thank

[00:39:08] Speaker 1 + overlapping voice · overlapping voices

you Larry. It's good to see you.

[00:39:15] Speaker 7 + overlapping voice · overlapping voices

‸ Good to see you all.

[00:39:15] Speaker 1

I've

[00:39:16] Speaker 1 · Unclear audio

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[00:39:22] Speaker 4 + overlapping voice · Unclear audio

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[00:39:24] Speaker 4 + overlapping voice · overlapping voices

Sheila, so...

[00:39:24] Speaker 1 + overlapping voice · overlapping voices

Okay. um Most of these items are uh informational. I want to just point out a couple of things. um We did cancel the fall school. It will be at the end

[00:39:36] Speaker 1 + overlapping voice · Unclear audio

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[00:39:40] Speaker 1 + overlapping voice

you know, you you need to think about whether you want to go to that. Or the December, which that's

[00:39:45] Speaker 1 + overlapping voice · Unclear audio

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[00:39:48] Speaker 1 + overlapping voice · overlapping voices

It's just over in Orlando. And ‸ generally just drive back and forth. So if anybody is going to do those, I say i emailed you okay various ‸ things. um Our next meeting dates are listed here for next year. If you'll go ahead and mark these on on your calendars. uh February 15th, May 17th, August 16th, and November 15th. So the next one is is in February. And um after the meeting, I need to be sure I have everyone's ‸ signature on both signature forms that I bought And uh

[00:40:24] Speaker 1 + overlapping voice · Unclear audio

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[00:40:27] Speaker 1 + overlapping voice

We transmit the financial data from the

[00:40:29] Speaker 1 + overlapping voice · Machine re-recognized

plan

Flag: words were replaced by a machine repair · 00:40:29–00:40:30 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:40:30] Speaker 1 + overlapping voice

after the end of the fiscal year to

[00:40:32] Speaker 1 + overlapping voice · Unclear audio

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[00:40:37] Speaker 1 + overlapping voice · overlapping voices

and um Paul, I'm going to need you to certify that one form as secretary. uh I was just looking through if anybody has any questions on any of these items, I'd be glad to address them I know you've been

[00:40:55] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:41:00] Speaker 1 + overlapping voice · overlapping voices

I'll be getting that taken care of. so uh the next item I

[00:41:08] Speaker 1 + overlapping voice · Machine re-recognized

have,

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[00:41:08] Speaker 1 + overlapping voice

unless there are any questions, you

[00:41:09] Speaker 3 + overlapping voice · overlapping voices

know, every year we have to do a detailed accounting

[00:41:12] Speaker 1

of our administrative costs for

[00:41:14] Speaker 1 · Unclear audio

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[00:41:16] Speaker 1

We do a prospective budget, as you know, and then at the end of the year we put in our actual expenditures.

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[00:41:29] Speaker 1

And uh then we send that out uh to the city as

[00:41:35] Speaker 1 · Machine re-recognized

the

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[00:41:36] Speaker 1

plan sponsor. And I'll send it to the chairman to just give you you know, through your system there at the PD so ‸ the members can see it. And then it also goes to the actuary. They have to uh include that when they file

[00:41:49] Attribution uncertain

uh

[00:41:49] Speaker 1

annual report uh next March. So um certainly

[00:41:55] Speaker 1 · Unclear audio

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[00:41:58] Speaker 1

did not exceed our budget. And

[00:42:01] Speaker 1 · Unclear audio

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[00:42:05] Speaker 1

we ‸ need a motion to approve the uh detailed accounting of actual expenses for fiscal year 21 22

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[00:42:17] Speaker 1

city with land members and the actuary. I'll

[00:42:22] Speaker 4

make that motion to approve.

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[00:42:34] Speaker 4

Motion carries.

[00:42:39] Speaker 1 + overlapping voice

Okay. And then uh the only other item that I have is the ratification of our uh disbursements and deposits,

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[00:43:00] Speaker 1 + overlapping voice

glad to answer any questions on these items.

[00:43:04] Speaker 1 + overlapping voice · Unclear audio

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[00:43:10] Speaker 1 + overlapping voice · overlapping voices

their money. They

[00:43:11] Speaker 4 + overlapping voice · overlapping voices

don't like to uh come and get it.

[00:43:14] Speaker 1

Yeah. uh You know, I tell them it's their money, but

[00:43:18] Speaker 1 · Unclear audio

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[00:43:26] Speaker 4

again, we go back to, um you know, knowledge. They're just, they're not thinking that that's something they got to deal with and what are they going to do with it?

[00:43:35] Speaker 1

Well, you know, i I bug people

[00:43:37] No voice detected

a lot.

[00:43:37] Speaker 4 + overlapping voice · overlapping voices

Right.

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[00:43:41] Speaker 1 + overlapping voice

you know, obviously they can leave it in the fund in case they're going to come back

[00:43:45] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:43:48] Speaker 1 + overlapping voice · overlapping voices

wants to, but these were all people who indicated they wanted their funds. Right. And, uh you know, when you're talking 20 000 you want somebody to get it under active investment where they're drawing something on

[00:44:02] Speaker 4 + overlapping voice · overlapping voices

‸ Yeah, when I was going over the agenda, I saw all the names on there and I'm like, man, they've been gone a while. oh

[00:44:08] Speaker 1 + overlapping voice · overlapping voices

I know. I feel like I've adopted

[00:44:11] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:44:11–00:44:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:15] Speaker 2 · Unclear audio

[unclear audio — 0:05]

[00:44:21] Speaker 3

I'll second. All

[00:44:23] Speaker 4 + overlapping voice · overlapping voices

in favor? aye Any opposed? Motion carries.

[00:44:30] Speaker 1

that That was all I had. All

[00:44:35] Speaker 4

right. do We have any staff reports, discussions or any actions from trustees.

[00:44:48] Speaker 1 + overlapping voice · overlapping voices

I have

[00:44:50] Speaker 4 + overlapping voice · overlapping voices

it right here. okay

[00:44:51] Speaker 1

good

[00:44:58] No voice detected

All

[00:44:59] Speaker 4 + overlapping voice · overlapping voices

right. Following seeing there's none. uh ‸ Make a motion to adjourn All right. we'll just adjourn How's that?

[00:45:11] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:45:11–00:45:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:45:12] Attribution uncertain

okay

[00:45:12] Speaker 3

You

[00:45:13] Speaker 7 + overlapping voice · overlapping voices

have a gavel?

[00:45:13] Speaker 5 + overlapping voice · overlapping voices

All right. Take care, everyone.

[00:45:16] Speaker 2 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:45:16–00:45:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:45:16] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:45:16] Attribution uncertain · Unclear audio

[unclear audio]

[00:45:16] Speaker 3 · Unclear audio

[unclear audio]

[00:45:17] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:45:17] Speaker 5 · Unclear audio

[unclear audio — 0:01]

[00:45:19] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:45:19–00:45:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:45:20] Speaker 5 · Unclear audio

[unclear audio — 0:01]

[00:45:21] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:45:30] Speaker 1 · Unclear audio

[unclear audio — 0:05]

[00:45:36] Speaker 1

you, you'll file this. Will you just email me a copy of the executed document? uh

[00:45:41] Speaker 7 + overlapping voice

uh yeah

[00:45:42] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:45:42–00:45:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:45:43] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

Flag: the recognizer flagged its own output · 00:45:43–00:45:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:45:47] Speaker 7 + overlapping voice · overlapping voices

yeah sounds good

[00:45:49] Speaker 3 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:45:49–00:45:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:45:51] Speaker 3

i recommend

[00:45:55] Speaker 3 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:45:55–00:45:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:03] Speaker 2

I'm not

[00:46:03] Speaker 3 + overlapping voice · overlapping voices

sure. It's a week or it's one day? Three

[00:46:05] Speaker 2

days.

[00:46:06] Speaker 3 + overlapping voice · overlapping voices

Three days.

[00:46:06] Speaker 2

It's actually two

[00:46:08] Speaker 3

full days and then the last

[00:46:10] Speaker 3 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:46:10–00:46:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:13] No voice detected · Unclear audio

[unclear audio — 0:07]

Flag: the recognized words and the detected speech do not line up · 00:46:13–00:46:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:54] No voice detected

Oh,

[00:46:55] Speaker 3

that's

[00:46:56] No voice detected

nice.

[00:46:59] No voice detected · Unclear audio

[unclear audio — 0:09]

Flag: the machine readings disagree here · 00:46:59–00:47:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:07] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:47:08] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:47:09] Speaker 3 · Unclear audio

[unclear audio — 0:04]

[00:47:14] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

[00:47:22] Attribution uncertain · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:47:22–00:47:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:23] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[00:47:25] Speaker 3 + overlapping voice · overlapping voices

Yeah. I like the position. Okay,

[00:47:30] Speaker 1 + overlapping voice · overlapping voices

here's another place I need you to sign.

[00:47:35] Speaker 3

Right.

[00:47:45] Speaker 1 + overlapping voice · overlapping voices

Okay. Alan, let me see if I need your signature again. I've got you.

[00:47:51] Speaker 1 + 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 · 00:47:51–00:48:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:54] Attribution uncertain · Unclear audio

[unclear audio]

[00:47:54] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:23]

[00:48:13] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: the machine readings disagree here · 00:48:13–00:48:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:48:15] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:48:15] Speaker 1 · Unclear audio

[unclear audio — 0:03]

[00:48:21] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

[00:48:26] No voice detected · Unclear audio

[unclear audio]

[00:48:26] Attribution uncertain · Unclear audio

[unclear audio]

[00:48:26] Speaker 7 · Unclear audio

[unclear audio]

[00:48:26] Speaker 7

with better news next time.

[00:48:34] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:48:34–00:48:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:48:34] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[00:48:35] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:48:35–00:48:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:48:36] Speaker 4 · Unclear audio

[unclear audio — 0:02]

[00:48:39] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

[00:48:49] Speaker 7 + overlapping voice · overlapping voices

I don't know if

[00:48:50] Speaker 4 + overlapping voice · overlapping voices

there's anything written. Well,

[00:48:52] Attribution uncertain

that's probably

[00:48:52] Speaker 4 + overlapping voice · overlapping voices

years ago, because we haven't had any female

[00:48:55] Speaker 7

consultants for a while.

[00:48:57] Speaker 4 + overlapping voice · overlapping voices

But if they want you to be a certified pension trustee, which I would think they would want you to. ‸ Now, right, so I had to do it in three years because I went every January. It just worked out for me.

[00:49:12] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: the machine readings disagree here · 00:49:12–00:49:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:14] Speaker 4 + overlapping voice · overlapping voices

of town.

[00:49:14] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:49:14–00:49:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:17] Speaker 4 + overlapping voice · overlapping voices

So the one in January is always in Orlando. So I did the first one, the basic, and then I did the intermediate, and then I did the advanced. Oh, those twins.

[00:49:28] Speaker 7 + overlapping voice · overlapping voices

His wife's pregnant. That's why I asked for that. He's having his first baby next month. And the funny thing is, he's a twin. He's a twin, and his wife has twins in the family.

[00:49:41] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:49:41–00:49:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:43] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:49:43–00:49:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:44] Speaker 7 + overlapping voice · overlapping voices

I didn't know.

[00:49:44] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:49:44–00:49:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:45] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:49:46] Speaker 3 + overlapping voice · overlapping voices

That's why he

[00:49:47] Speaker 4 + overlapping voice · overlapping voices

loves the twins.

[00:49:48] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:49:48–00:49:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:49] Speaker 3 + overlapping voice · overlapping voices

Look at

[00:49:49] Speaker 3 + overlapping voice · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:49:49–00:49:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:49] Speaker 4 · Unclear audio

[unclear audio — 0:01]

[00:49:51] Attribution uncertain · Unclear audio

[unclear audio]

Flag: a possible machine repair could not be placed · 00:49:51–00:49:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:51] Speaker 3 · Unclear audio

[unclear audio]

[00:49:52] Attribution uncertain · Unclear audio

[unclear audio]

[00:49:52] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:49:53] Speaker 4 + overlapping voice · overlapping voices

it's not written

[00:49:55] Speaker 3 + overlapping voice · overlapping voices

anywhere,

[00:49:57] Speaker 4 + overlapping voice · overlapping voices

I guess.

[00:49:59] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:49:59–00:50:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:59] Attribution uncertain · Unclear audio

[unclear audio]

[00:49:59] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:50:00] Speaker 4 + overlapping voice · overlapping voices

You know, even when

[00:50:01] Attribution uncertain

the

[00:50:01] Speaker 4 + overlapping voice · overlapping voices

candidates changed it, he didn't.

[00:50:02] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:50:02–00:50:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:06] Speaker 4 + overlapping voice · overlapping voices

It could be covered in

[00:50:07] Attribution uncertain

that.

[00:50:07] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:50:07–00:50:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:09] Speaker 4 + overlapping voice · overlapping voices

offers, like, a. And they were training at Tinker Field, right downtown there.

[00:50:13] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: words only one machine reading has (possibly not said) · 00:50:13–00:50:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:16] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:50:18] Speaker 7 + overlapping voice · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:50:18–00:50:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:18] Attribution uncertain · Unclear audio

[unclear audio]

[00:50:18] Speaker 7 · Unclear audio

[unclear audio — 0:02]

[00:50:20] Attribution uncertain

Like,

[00:50:21] Speaker 7 + overlapping voice · overlapping voices

ah, we got seven. Right.

[00:50:22] Attribution uncertain

Once

[00:50:22] Speaker 7 + overlapping voice · overlapping voices

a week. They had a deal. ‸ Yeah. Because, I mean, there is a. Get a hot dog in the air for like five bucks. Go to the game.

[00:50:28] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: the recognizer flagged its own output · 00:50:28–00:50:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:30] Speaker 4

There you go. Willy nilly.

[00:50:33] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:50:33–00:50:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:35] Speaker 1

‸ This is our. This is the one our attorney does for. So I sent it to the various investment managers. So I'm just going to move you to sign it here.

[00:50:44] Speaker 4

Are you done with me,

[00:50:45] Speaker 3 + overlapping voice · overlapping voices

Sheila? No. No. Oh, no.

[00:50:48] Speaker 1 + 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 · 00:50:48–00:50:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:50] No voice detected · Unclear audio

[unclear audio]

[00:50:50] Attribution uncertain · Unclear audio

[unclear audio]

[00:50:50] No voice detected · Unclear audio

[unclear audio]

[00:50:51] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

[00:50:51] Speaker 1 + overlapping voice · overlapping voices

That's it, Alan. Thank you.

[00:50:53] Speaker 3 + overlapping voice · overlapping voices

Do you need a copy of them?

[00:50:55] Speaker 1

No. Just be sure they make you a copy because you'll be doing that next July and it'll look just like that.

[00:51:01] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:51:01–00:51:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:01] Speaker 1 · Unclear audio

[unclear audio — 0:01]

[00:51:02] Speaker 3

Okay.

[00:51:03] Speaker 1

I'm sorry. No worries.

[00:51:07] Speaker 3

My idea

[00:51:08] Speaker 1

of

[00:51:08] No voice detected

making myself extra

[00:51:09] No voice detected · Machine re-recognized

coffee.

Flag: words were replaced by a machine repair · 00:51:09–00:51:10 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:51:10] Speaker 7

You know,

[00:51:10] Speaker 7 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up · 00:51:10–00:51:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:10] No voice detected · Unclear audio

[unclear audio — 0:03]

[00:51:13] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:51:16] Speaker 1

Just in case. If I'm.

[00:51:19] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:51:19–00:51:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:21] Speaker 1

But he's going to do it for him.

[00:51:24] Speaker 3 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:51:24–00:51:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:25] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[00:51:25] Speaker 1 + overlapping voice · overlapping voices

I'll let you know if otherwise. Thank you. Okay. Thank you. Have a happy Thanksgiving. And you do the same. Okay. Okay. Mr. Chairman.

[00:51:35] Speaker 3

Yeah.

[00:51:35] Attribution uncertain

The

[00:51:35] Speaker 3 + overlapping voice · overlapping voices

thing about not having

[00:51:36] Speaker 7 + overlapping voice · overlapping voices

another trustee in the room and having

[00:51:39] Speaker 7 + overlapping voice · Machine re-recognized

those

Flag: words were replaced by a machine repair · 00:51:39–00:51:39 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:51:39] Speaker 7 + overlapping voice

discussions on any issue that you might be voting

[00:51:41] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: words only one machine reading has (possibly not said) · 00:51:41–00:51:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:44] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:51:46] Speaker 7

Big deal. All right. Happy Thanksgiving.

[00:51:50] No voice detected

You too. Happy Thanksgiving,

[00:51:52] Speaker 3

guys.

[00:51:55] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:51:55–00:51:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:56] Speaker 3

very

[00:51:56] Speaker 1 + overlapping voice · overlapping voices

good to see you.

[00:51:58] No voice detected

Take care.

[00:51:59] Speaker 3

Good to see y'all. Take care, man.

[00:52:03] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:52:03–00:52:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:06] Attribution uncertain

Oh,

[00:52:06] Speaker 1 + overlapping voice · overlapping voices

he's

[00:52:06] Speaker 3

a walker here.

[00:52:11] Speaker 4

I'm nervous. I saw there was a hiccup on the,

[00:52:13] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:52:13–00:52:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:15] Speaker 1 · Unclear audio

[unclear audio]

[00:52:16] Speaker 4

But I didn't know what it was.

[00:52:17] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:52:17–00:52:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:20] Speaker 1

I'm

[00:52:20] Attribution uncertain

nervous.

[00:52:20] Speaker 1 + overlapping voice

Last,

[00:52:20] Speaker 1 + overlapping voice · Machine re-recognized

year's

Flag: words were replaced by a machine repair · 00:52:20–00:52:21 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:52:21] Speaker 1 + overlapping voice · overlapping voices

when I thought we'd find them. Right. Right.

[00:52:23] Attribution uncertain

They

[00:52:23] Speaker 1 + overlapping voice · overlapping voices

had a big conference call yesterday.

[00:52:25] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:52:25–00:52:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:27] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:52:27–00:52:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:27] Speaker 1 + overlapping voice

And then this is just our board one that we send our investment managers. So I've got that.

[00:52:34] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:52:34–00:52:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:36] Speaker 1 + overlapping voice

Okay. Every year at the end of the year, I have to certify

[00:52:40] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:52:40–00:52:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:40] Speaker 1 + overlapping voice

the state records.

[00:52:42] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:52:42–00:52:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:44] Speaker 1 + overlapping voice · overlapping voices

Right. We keep them in archives. So

[00:52:46] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:46–00:52:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:49] Speaker 1 + overlapping voice · overlapping voices

Okay. And then you just need to sign there. Okay. And you've got this. This is the more important thing to get back

[00:52:59] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: the machine readings disagree here · 00:52:59–00:53:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:53:01] Speaker 1 + overlapping voice

I think I've got your signature.

[00:53:03] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:53:03–00:53:03 · unresolved: the words are not shown (unclear audio); listen to the recording

Police Pension Regular Meeting

The City's record

What the City's record shows

Agenda (the City's wording)

Transcript Partial transcript

Ask about this meeting