The street.

It wasn't that long ago

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[00:00:07] Speaker 2

because I live off

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[00:00:15] Speaker 3

Ready? Yes, sir. All right,

[00:00:17] Attribution uncertain

we

[00:00:17] Speaker 3

call

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a

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[00:00:32] Speaker 3

Present. Carmen Wing.

[00:00:34] Speaker 2

Here.

[00:00:35] Speaker 3

All

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[unclear audio]

[00:00:35] Speaker 3

everyone's here, so we have a quorum this morning.

[00:00:37] Speaker 4 + overlapping voice

Woo-hoo.

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[00:00:47] Speaker 4 + overlapping voice

technically ended, but the attorney had, uh, advised that, you

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[00:00:50] Speaker 4

of course he stays on until we reappoint. But I'm sort of getting used to the two meetings a year instead of four. So what we would need would be a motion by a member of the board and a second to reappoint, uh, Greg Torbert. And he would be willing, he would be serving a new term from, uh, October 1 of this year through September 30th of 2025.

[00:01:14] Speaker 3

Do we have a motion?

[00:01:16] Speaker 1

I so move.

[00:01:17] Speaker 3 + overlapping voice · overlapping voices

Second. Second. All in favor? Aye. Aye.

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[00:01:25] Speaker 4 + overlapping voice · overlapping voices · Machine re-recognized

Who seconded that? Greg. Okay. And of course we want to welcome Vince back to the board.

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[00:01:33] Speaker 1 + overlapping voice · overlapping voices · Machine re-recognized

No, Vince. Vince seconded.

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[00:01:37] Speaker 5 + overlapping voice · overlapping voices · Machine re-recognized

I know.

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[00:01:38] Speaker 4 + overlapping voice · overlapping voices · Machine re-recognized

Okay.

[00:01:39] Speaker 1 · Machine re-recognized

Sorry about that.

[00:01:40] Speaker 4 · Machine re-recognized

As you will recall, of course, Missy left the board last year. Steve was our vice chairman and secretary and he moved up to chairman. I contacted Greg Torbert since he's

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[00:01:57] Speaker 4

slash secretary. And he graciously said he was willing to serve so we would, if the board is in agreement and there are no other interest parties we'd have

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secretary we

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have a motion

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[00:02:30] Speaker 4

current terms and of course Greg is our vice chairman slash secretary

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[00:02:39] Speaker 3

meeting. Is there any discussion or comment about that I

[00:02:46] Speaker 1

move we approve the minutes as presented we

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have a second ‸ second ‸ all in favor

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[00:02:58] Speaker 3 + overlapping voice

section. right

[00:03:03] Speaker 6

good morning, everyone.

[00:03:07] Speaker 1

Morning.

[00:03:09] Speaker 6 + overlapping voice

so I have the 630 quarterly report as well as the 930 quarterly report and then I have multiple handouts so you if I have multiple handouts just that's a that's a kind of a signal that the the market is not doing that well. ‸ we need additional support to kind of provide some perspective. So before we get into and and I'll

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[00:03:37] Speaker 6 + overlapping voice

but obviously the 630 numbers are dated. So my thought is that we'll spend most of our time on the 930 report and and and if you have any questions ‸ on 630

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to discuss is this scatterplot handout that I should be on the top of your

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packet.

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[00:04:04] Speaker 6 + overlapping voice · overlapping voices

annual return matrix okay

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and

[00:04:09] Speaker 6

basically what this does it goes back

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[00:04:16] Speaker 6

for the um the US aggregate bond index which is kind of the core bond index that is generally used in the market and it plots the annual returns for the S&P 500 versus that bond index and the lower you know left hand quadrant you could see is the year to date all by itself where stocks are down. This is

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today. But as of 930, you we had a year

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[00:04:54] Speaker 6

in the last 40 some years where bonds have gone down that to that extent. And you really have to go back all the way to the Great Depression. We don't have that index data, but

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[00:05:09] Speaker 6

what that did back then. And you really have to go back to the Great Depression to have a period where bonds have done this poorly. So it's a really anomalous period. The stock market going down is not abnormal. It's been a while other than

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[00:05:25] Speaker 6

since we've had a bear market. You have to go back to that financial crisis, quote unquote ‸ from 2008 and 2009. And

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[00:05:37] Speaker 6

you know, if you go through history, stock market declining and going in a bear market, which is,

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[00:05:46] Speaker 6

high, is something that happens every several you know few years. It's something that's fairly normal. And I have a chart to show that later. But the bond market usually is that kind of ballast of the portfolio when the stocks are down. And unfortunately, in this year, it has not been. So, um I just want to,

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[00:06:05] Speaker 6

words. It kind of shows you graphically how unique this year is.

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the period and the 930. the

[00:06:27] Attribution uncertain

equity and

[00:06:27] Speaker 6

if you flip to page

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[00:06:35] Speaker 6

you can just see the, in numbers, the returns for the various equity and fixed income benchmarks or indices that we use uh for the quarter in the upper right hand side. And the one year period for the lower right hand side. And you can see the the the story is the same. um And obviously, the one year period corresponds to our fiscal year, right? So, um really, there's no place to hide, as kind of that that matrix shows. So, for the

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And

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[00:07:20] Speaker 6

The more risk you took for the year period, the worse that you did. You can see the Russell 2000 is small cap

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[00:07:33] No voice detected

And

[00:07:34] Speaker 6

international stocks down more than domestic, both for the quarter

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[00:07:38] Speaker 6

and for the one year period

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quarter down

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[00:07:49] Speaker 6

And then for the one year period, the aggregate ‸ bond down about

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[00:07:59] Speaker 6

was negative you government bonds were down 13 corporate bonds particularly the last couple quarters, have sold out

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[00:08:09] Speaker 6

um So it

[00:08:10] Attribution uncertain

was

[00:08:10] Speaker 6

really, a bleak you know, the only thing you made money in was the black, which is cash. And as a pension fund, we don't, you know, we have some cash to pay our distributions, but we don't make a strategic asset allocation because you can't, uh you know, up until the last year you made zero in cash. You can make a little bit of money, but on an inflation adjusted basis

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[00:08:34] Speaker 6

um even when you can can yield

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[00:08:40] Speaker 6

your purchasing power, which is why we have our money invested in in in stocks and bonds. um But it's been a really rough period. And, and,

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[00:08:50] Speaker 6

level, the federal reserve, after being incredibly accommodative and providing incredible amounts of liquidity to the market to get us

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[00:09:07] Speaker 6

they came in and basically were providing as much support to the economy as they could. And probably more than they should, but it was, I think, under good reason to You know, everything shut down. It was very, very scary. No one knew what was going to happen. So they dropped interest rates to zero in

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[00:09:26] Speaker 6

They also purchased a lot of bonds. So they they added money to the system that way in a very big way, multiple trillions of dollars of bonds that they bought. And this all worked it helped us get through that rough patch. But last year in 2021, the middle part of the year, inflation started to rise and we started ticking up and and then, you know, really started to become an issue in

[00:09:51] Attribution uncertain

the

[00:09:51] Speaker 6

beginning part of this year. um And the Fed has acted very aggressively. The Federal Reserve has has raised interest rates from basically zero to now over

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[00:10:04] Speaker 6

in less than a year because they didn't start raising rates until January. um

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[00:10:15] Speaker 6

been that aggressive in raising rates and with with good again i think they were slow to do this. There were signs of inflation last year in 2021, and they kind of ignored it for a bit. So they were late to to come and realize this, but they've been very aggressive, and rightfully so, because inflation is poison for an economy. So to to, you know, and to give you numbers on inflation, right, the June, we were ticking up June was right now what is the high

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[00:10:51] Speaker 6

me, that the headline number. And we've been

[00:10:53] Speaker 6 · Machine re-recognized

taking

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[00:10:53] Speaker 6

down a bit as what the Fed has been doing has been been kind of working its way through the system

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[00:11:05] Speaker 6

down to 7.7 and that number was a little bit better than the market expected. I think the market, you know, Wall Street consensus was that inflation was going to come at 7.9 it came in at 7.7 and

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[00:11:23] Speaker 6

the month before the

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[00:11:28] Speaker 6

and the market was expecting 8.1 and the exact opposite happened the market sold off over a thousand points and was down

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[00:11:36] Speaker 6

or

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[00:11:36] Speaker 6

in one day. So it's incredibly volatile. The market is very, very short term focused on what inflation is going. I think the trend is positive. We're going from

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[unclear audio]

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[00:11:45] Speaker 6

down to

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[00:11:46] Speaker 6

And I won't bore you with the details of how that's calculated. But we're dropping off very high numbers on a month over

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[00:11:59] Speaker 6

the middle part of next year, we should be down at

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[00:12:03] Speaker 6

or maybe even a little bit lower than that, which would be a good trend. And I i don't think the the Fed is going to stop raising rates until we get a little bit closer to

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[unclear audio]

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[00:12:12] Speaker 6

and they might pause then. So I think they'll continue to raise the rates.

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[00:12:20] Speaker 6

because the risk of what, you know, so ‸ to remind you, bond prices, you know, the the math is for bonds, rate is interest rates go up, bond prices go down, and vice versa. if bond If interest rates go down, bond prices go up.

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[00:12:37] Speaker 6

base, and we've gone up significantly with interest rates. That causes bond prices to go down. Now, the stock market sells off because interest rates are important for how the market values stocks. It's important for the cost of capital for companies. So and also as with as when the Fed increases interest rates, basically what they want is a slowdown in economic activity so that inflation goes down.

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[00:13:07] Speaker 6

like we're seeing.

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[00:13:15] Speaker 6

bear market, and this is

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[00:13:21] Speaker 6

We've had times where it's gone down more, right? That 2008 and

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[00:13:28] Speaker 6

But on

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[00:13:32] Speaker 6

or 15 months for a bear market. to that's the the average length of

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[00:13:44] Speaker 6

pretty much close to that that average. you know And we were it's been 10 months since our last high. So we're statistically, I think, further along towards the end than we are the beginning.

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[00:14:02] Speaker 6

especially in in terms of ‸ inflation. um But, you know, things are very volatile. I don't think we can kind of, you know, go to that new growth trajectory. um until the Fed stops raising rates. So it's going to be kind of you know slugging it out here. I think it's going

[00:14:20] Attribution uncertain

to

[00:14:20] Speaker 6

be real volatile, uh continue to be volatile for the next couple ‸ months. um But if ‸ the the numbers. Continue trending the way they well. Well, I think we can get some, another you know, a decent base starting next year sometime. um ‸ That being said for even a closed plan like ours. We have an incredibly long time horizon, which is a very strong asset for us to help weather this storm, right? We we have to pay distributions and we'll get into the financial reconciliation, but we don't have to pay them all next month or next year. We have longer dated liabilities that allows us to take a longer term perspective.

[00:14:59] Speaker 6 · Unclear audio

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[00:15:01] Speaker 6

up a few things to help us. um Relatively speaking, whether this storm is well, one of the things I haven't talked about and I'll talk about is we we have a meaningfully amount, a meaningful amount of our assets in real estate, which has been ‸ The one place that you can make money in the last year. So you

[00:15:20] Attribution uncertain

know

[00:15:20] Speaker 6

you could see bonds and stocks down 15 to

[00:15:22] Speaker 6 · Unclear audio

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[00:15:23] Speaker 6

Real estate was ‸ positive

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[00:15:28] Speaker 6

really adding that diversification benefit.

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[00:15:33] Speaker 6

above our allowable range, and I'm going to recommend that you all actually reduce our allocation because it's done so well um that we're now violating our IPS guidelines. But before I get into that and get into the plan results, do you have any questions about anything that you're hearing about in terms of the markets or the economy that you'd like to address? no all right so flip to page 13. yes So this is a 10-year view of the pension. the The blue line is our market value given our investments. And the the gray bar is is the net cash flow. So if we weren't invested and you just were

[00:16:43] No voice detected

um

[00:16:44] Speaker 6

using what's coming in versus what's going out,

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[00:16:58] Speaker 6

um But we

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[00:17:01] Speaker 6

um But you can see we are off our all-time high. You can see obviously ‸ the stock market has sold off. so we ended the

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[00:17:12] Speaker 6

numbers and

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[00:17:24] Speaker 6

the last month and a half, we we

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[00:17:34] Speaker 6

um and bonds are slightly positive as well um so that 13.8 equates to about

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[00:17:42] Speaker 6

30 number.

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[00:17:48] Speaker 6

our next fiscal year end? uh

[00:17:51] Attribution uncertain

i

[00:17:51] Speaker 6

have no idea, but i I'll take it when it comes. And I ‸ at least uh uh ‸ again a silver lining of some positive news um as the market reacts to the the downward trend in inflation. and The next couple of pages are pie charts, but I'll flip to page 17. Which is our asset allocation relative to our investment policy statement targets. So you can see given the strength and the real estate relative to our other asset classes,

[00:18:32] Speaker 6 · Unclear audio

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[00:18:37] Speaker 6

We're above the upper end of our allowable range. So we have a 15 target we can have

[00:18:44] Speaker 6 · Unclear audio

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[00:18:44] Speaker 6

but the max that we could have that you know with our IPS is 20 and we're slightly um above that as of 9 30. um i did run the updated numbers

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[00:18:58] Speaker 6

the market recovery. But I still am recommending that you take action today to submit a redemption for your real estate and it's worth talking about this because it might be a while since we talked. So your real estate is a private real estate investment with American Realty. It's not as liquid as the rest of the portfolio where if we wanted to sell a mutual fund, we could do it and get the money the next day. Or if we wanted to sell some of your bonds, we could sell them and get the next day. The real estate fund offers quarterly liquidity. And the the managers always have the option to ‸ the amount of money that is able to be taken out. And

[00:19:42] Speaker 6 · Unclear audio

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[00:19:46] Speaker 6

I'll just give you an example. For my clients last quarter that were overweight, we submitted redemption. So say if we submitted um um a

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[00:20:01] Speaker 6

amount that we asked for. So the rest of that is waiting and they'll pay that out over time. But the real estate market is not immune to what's going on in the economy. So things are kind of slow there.

[00:20:12] Speaker 6 · Unclear audio

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[00:20:20] Speaker 6

commercial real

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[00:20:26] Speaker 6

rise.

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[00:20:31] Speaker 6

and that's kind of putting a slow down on transactions. um that being said, I do think it makes sense to make

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[00:20:44] Speaker 6

to get us closer to our target. Because one of the things right now as I talked about rates going up.

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[00:20:53] Speaker 6

because we couldn't make anything in bonds for over a decade. So you the, the, the 10-year treasury yield right now

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[00:21:06] Speaker 6

10-year treasury was yielding that. And, uh while this has been a really difficult time for. For fixed income, this reset, you know, the future expectations, because

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[00:21:21] Speaker 6

times are much better than they were. So I think it makes sense. And my recommendation to you is to submit a partial

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[00:21:33] Speaker 6

to our

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[00:21:38] Speaker 6

know we're not going to get that tomorrow. So

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[00:21:45] Speaker 6

I'm not going to say, take that money and allocate it to a certain investment at this time, because it's going to take time to flow through. We also know that we're paying 250 000 per quarter in distributions. So my thought is we just ask for that money.

[00:22:01] Speaker 6 · Unclear audio

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[00:22:04] Speaker 6

and either we pay benefits with it or we have a standing letter of direction for cash management that would come into play where if we have more cash than our target is, then we have a letter on file at regions and they'll just invest that for us.

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[00:22:21] Speaker 6

require a motion. The motion would be to submit a partial redemption of

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[00:22:33] Speaker 6

questions if you have

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[00:22:37] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:22:41] Speaker 3

So you're saying that would not come in all at once? It would come in and payments? I

[00:22:45] Speaker 6

would be really surprised. It would have to, like I said, the the trend is, you know, last quarter was they gave us

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[00:22:52] Speaker 6

um Just how the market is and there hasn't been that much change since then. I do think it's going to come in trips and

[00:22:59] Speaker 6 · Machine re-recognized

drafts

Flag: words were replaced by a machine repair · 00:22:59–00:22:59 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:22:59] Speaker 6

over the next several quarters. uh Now,

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[00:23:03] Speaker 6

the

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[00:23:04] Speaker 6

pauses rates and you have, you know, the client, there might be something that happens where we get more than I expect. But I do think it's going to be a process where we're not getting all that money in the door for a couple, at least for for a couple quarters.

[00:23:18] Speaker 4 + overlapping voice

I i have

[00:23:19] Speaker 4 + overlapping voice · Unclear audio

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[00:23:19] Speaker 4 + overlapping voice · overlapping voices

question. um Since we haven't done this, did they notify us like quarterly or that there will be a distribution of the amount and then they would do it uh under the wire instructions that they have for? Yeah,

[00:23:34] Speaker 6 + overlapping voice · overlapping voices

so that would just get wired right into the regions account. ‸ how

[00:23:37] Speaker 4 + overlapping voice · overlapping voices

they do the uh quarterly, you know, just exactly Exactly. Okay. yes exactly uh do they distribute quarterly when you set that up?

[00:23:45] Speaker 6

Yeah. So, so for instance, you know, we got it you have to get in two weeks before the end of the quarter. So you had this we'd have to submit a redemption by, you know, probably, to say, December 14th or 15th, whatever it is.

[00:23:58] Speaker 4 + overlapping voice · overlapping voices

But you just submit it once, not every quarter. Correct.

[00:24:01] Speaker 6 + overlapping voice · overlapping voices

So once and then we're in the queue and and and then they will make the distributions as the money is available.

[00:24:06] Speaker 4 + overlapping voice · overlapping voices

But yeah, then you'll,

[00:24:08] Speaker 6

yeah, and then in early January, they will send a letter to us. Okay, here's what we're going to be distributing to you. Yes. Okay.

[00:24:14] Speaker 4

Thank

[00:24:15] No voice detected

you.

[00:24:15] Speaker 4

I just want to know the logistics of it. Okay.

[00:24:18] Speaker 1 + overlapping voice · overlapping voices

Yeah. Isn't that kind of like when we allocated money for real estate, they just held it until they needed it and then they would draw from it? Isn't that exact

[00:24:27] Speaker 6 + overlapping voice · overlapping voices

It's the same exactly, but it's ‸ just

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[00:24:29] Speaker 6 + overlapping voice · overlapping voices

opposite. So ‸ when we put money to work with real estate, we make a commitment, but they sometimes don't call that capital at once.

[00:24:36] Speaker 6 + overlapping voice · Machine re-recognized

it

Flag: words were replaced by a machine repair · 00:24:36–00:24:36 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:24:36] Speaker 6 + overlapping voice · overlapping voices

might take a couple quarters for us. If we say, here's,

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[00:24:42] Speaker 6 + overlapping voice

okay, give us

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[00:24:43] Speaker 6 + overlapping voice

and then

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[00:24:46] Speaker 6 + overlapping voice · overlapping voices

Exactly.

[00:24:46] Speaker 1 + overlapping voice · overlapping voices

So it's just the opposite. yeah

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[00:24:58] Speaker 4 + overlapping voice

let me just I just want to be sure I understand the notion would be to redeem the

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[00:25:10] Speaker 4 + overlapping voice

time with uh the monies to be used to pay benefits

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[00:25:22] Speaker 6 + overlapping voice

net for this quarter, not over time. We, we wouldn't get it back over time, but the, the, the redemption would be one time we would send it in to get in the door for the 1231 valuation date. Does that, does that make sense?

[00:25:38] Speaker 4 + overlapping voice · overlapping voices

uh Yes. ‸ Even though it's not distributed ‸ Yeah.

[00:25:44] Speaker 6

But we only, we only tell

[00:25:46] Attribution uncertain

we only tell

[00:25:46] Speaker 6 + overlapping voice · overlapping voices

them we want money once. We don't have to keep telling

[00:25:49] Speaker 4 + overlapping voice · overlapping voices

them. ‸ So it's a motion for redemption

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[00:25:56] Speaker 3

So do we have a motion I,

[00:25:58] Speaker 1

I move that we go ahead and put that to American real estate.

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[00:26:06] Speaker 1 + overlapping voice

And then so Vincent.

[00:26:12] Speaker 4 + overlapping voice · overlapping voices

um and, and, um this would include the execution of any documents by the chairman. I assume what do we have to actually? Yeah.

[00:26:21] Speaker 6 + overlapping voice · overlapping voices

So there'll be a letter that the chairman will need to sign, um or any authorized signer, but, um okay but

[00:26:28] Speaker 4 + overlapping voice · overlapping voices

so basically

[00:26:30] Speaker 6

what I will do if the motion passes, I would tell American realty, ara um ‸ you know, the coco general employees pension with like a partial redemption of 600 000 They'll send me a letter with that and then what they need. And then I'll have, I'll send it off to you to get signed and then we'll submit it. um and we have, yeah, we have, we

[00:26:51] Speaker 6 · Unclear audio

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[00:26:51] Speaker 6

month to, to get that done. So we have plenty of time. Okay.

[00:26:55] Speaker 4 + overlapping voice · overlapping voices

i'll say All in favor. All

[00:26:59] Speaker 3

in favor say

[00:27:00] Speaker 6 + overlapping voice · overlapping voices

aye.

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[00:27:03] Attribution uncertain · Unclear audio

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[00:27:13] No voice detected

That's

[00:27:13] Speaker 6

for the, the asset allocation. um I did want to review page 18, which is the the financial reconciliation that shows you the ins and outs of the pension. ‸ we

[00:27:27] Speaker 3

have one day

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[00:27:50] Speaker 4

you understand what they're doing? No. Okay. Got it. Thank you. I'm sorry. No? Where were we on?

[00:28:03] Speaker 6

‸ Yeah, page 18 is the financial reconciliation that shows you the ins and outs for the quarter. so

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[00:28:24] Speaker 6

total fund line uh at July 1st. The net transfers just shows you that that's kind of the cash raise that goes on behind the scenes when we need to raise money.

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[00:28:44] Speaker 6

separate account managers of 8224 Other expenses of 10 498 Our investments generated income of 55 829 And then we had a capital depreciation

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[00:29:03] Speaker 6

12.9 million at 930 and then again as of yesterday we're at around 13.8 page 20 is the performance and i wish i was coming with with better numbers um i think the long term story is very very strong here which is is part of um what i wanted to talk to you about but the reality is is that for the quarter our

[00:29:35] Speaker 6 · Unclear audio

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[00:29:38] Speaker 6

better our

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[00:29:41] Attribution uncertain

the quarter our total pension was down 4.4 percent we did a little bit better our policy index 4.6 for the quarter

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[00:29:43] Speaker 6

you know we were down

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[00:29:49] Speaker 6

index um due to some underperformance in our equities, both internationally and domestically. But longer term, you could see that the the results are very, very strong.

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um

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[00:30:07] Speaker 6 + overlapping voice

So we're beating our return assumption over the long term, even with a down 15 year baked into those numbers as well. And you could see your ranks for the one year, you're you ranked relative to other pension funds about average.

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[00:30:23] Speaker 1 + overlapping voice · overlapping voices

page are you on i'm

[00:30:25] Speaker 6

sorry page 20.

[00:30:26] Speaker 1

okay

[00:30:35] Speaker 6

‸ But the, you know, the the longer term, the last seven, last

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[00:30:39] Speaker 6

and going back to the 2004 inception of the numbers

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[00:30:50] Speaker 6

over all time periods. So the results have been very strong. We've been able to bank good results in the pension to help offset this this tough time. You know, in terms of your investments, I'd be happy to get into um to the details if you wanted to.

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[00:31:16] Speaker 6

policy was addressed. The last time we met, if you remember, we had a growth biased international fund. Growth has done, growth stocks have done worse than value. So we added that international value fund to help offset the kind of, you know, day-to-day and month-to-month volatility there. um

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[00:32:03] Speaker 6

But you can see over all time periods ‸ they rank kind of below average. um So I think. um um Well,

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[00:32:18] Speaker 6

you know, we need to see ultimately you pay active managers a fee to beat the, ‸ beat the index or do it you know with you know perform. if If it's not performing in line, it should do it with significantly less risk. That's kind of how I think about it.

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[00:32:37] Speaker 6

But when I see a 10-year number where you're underperforming and you're you know down below average, then that that that makes me think, okay, now it's time to start expecting some some improvement or otherwise maybe we need to think about an alternative and give someone else a shot. So not at this point. Our research team has has you know fully vetted this fund. that They have not made a formal recommendation for our clients to move on. um But it's something that I'm watching for you guys and I'm going to continue and um over, you know, I'll let you know the next time we meet or ‸ even if if there's something that changes that um um I think is pertinent that you all need to know

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[00:33:35] Speaker 6

year. We have always maintained a more conservative bond positioning. Our adjunct court is an intermediate um fund, which means they own bonds that mature basically between one year and 10 year. And they don't own kind of say the 30-year bonds that are most exposed to interest rates going up. So our bonds, you know, went

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[00:34:01] Speaker 6

um again you know losing money is is is is is not a good story to tell but we did better than the broad base. And that was purposeful, right? We don't want to have that much exposure to those those more volatile longer dated bonds. And over ‸ long term, the adjunct court has done well for you. And then the new PIMCO fund, the PIMCO global bond fund that you added at the end of 2020, ‸ had a relatively good year too. they were down 0.8 their index was down 0.12 and the average global bond was down 17 last year so that one did much better than its peers and it's

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its um

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[00:34:40] Speaker 6

So we're we're thankful for a good start, relatively speaking, for that fund relative to the alternatives that are there. And then, you know, one of the things about both of those funds now is, is you know, if you went back 18 months ago,

[00:34:55] Speaker 6 · Machine re-recognized

now your adjunct core

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[00:34:57] Speaker 6

fund was was yielding about 1.5 percent and the pimco global bond was yielding somewhere around

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[00:35:04] Speaker 6

Both of those numbers are over double what it was yielding 18 months ago. The

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[00:35:10] Speaker 6

Fund is is yielding close to

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[00:35:12] Speaker 6

now and the PIMCO Global Bond Fund is yielding around

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[00:35:16] Speaker 6

right now

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[00:35:22] Speaker 6

which has kind of emerging

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markets

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[00:35:25] Speaker 6

bonds. It has a variety of different asset classes in a down market. We wouldn't expect it to do well. The long-term results there continue to be strong. BlackRock Multi-Asset Income Fund

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[00:35:40] Speaker 6

So for them to do a little bit better in a down market is what we would

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[00:35:46] Speaker 6

then page 22 is the one bright spot of your portfolio that we talked about.

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[00:36:04] Speaker 6

would expect that diversification benefit real estate doesn't act like like bonds or stocks. It also tends to be an inflation hedge.

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[00:36:15] Speaker 6 + overlapping voice

we're very thankful for the the strong results there. But you know, and when you think about kind of being disciplined with your asset allocation and and what you all approved,

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[00:36:24] Speaker 6 + overlapping voice

goal is to sell high and buy low.

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[00:36:28] Speaker 6 + overlapping voice

That 25 return there, that's about the best one-year result that you have seen for 25 years in real estate. So um uh

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[00:36:42] Speaker 6 + overlapping voice

for the pension, having, you know, not making it too much of our pension and being disciplined and taking some money off the table and locking in some gains, I definitely think was the right

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questions about any of the

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[00:37:07] Speaker 6 + overlapping voice

the last thing I wanted to, ‸ I talked about,

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[00:37:13] Speaker 6 + overlapping voice

page 23 shows you the last several fiscal

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[00:37:17] Speaker 6 + overlapping voice

you can see we've banked a number of very, very strong results over the last five or six fiscal years to help offset this. So,

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[00:37:28] Speaker 6 + overlapping voice

but the year before, which at the last meeting, you know, Doug came and presented on, we were up over 22 last year. And when we don't bank any, all ‸ those gains or losses in any one year because of the smoothing methodologies that are employed by Doug. So we have some, some gains in the bank to help offset some of these losses we experienced this

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[00:37:59] Speaker 6 + overlapping voice

But, you know, basically every year

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[00:38:08] Speaker 6 + overlapping voice

we were well above our return assumption.

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[00:38:14] Speaker 6 + overlapping voice

and also helps offset this this tough year. So.

[00:38:18] Speaker 4 + overlapping voice · overlapping voices

Could you email these to me? yes

[00:38:31] Speaker 6

So that that concludes the quarterly report, unless you have any other questions on that. The other handouts that I have, and and if you don't want to go through this and you have a time constraint, but it just tries to provide a longer term perspective on market downturns. um

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[00:39:04] Speaker 6

bull at the top and this just this goes back

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[00:39:11] Speaker 6

to you know it's been over a decade really since we've had a sustained bear market where the stock market went down, but you you can see. This one just tries to put the the recent downturn in perspective that the stock market does go down periodically.

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[00:39:31] Speaker 6

20 or more. From its high since 1945. And I quoted some of these numbers before, right? The, the average loss in a bear market is

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[00:39:44] Speaker 6

for it to go down to its bottom to where the next. market

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is the

[00:39:48] Speaker 6

growth phase or bear or bull market established. um so you can see the, the, you have these sharp declines, but they're fairly short in nature and it typically sets you up for a new base for a long-term Growth time. So you can see the green areas, which is where the market goes up are much longer. And much go up higher than the bear markets rate And that's reflected in the numbers.

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[00:40:17] Speaker 6

and the length of a bull market is over four years it's 53.4 months so um every, every bear market is very unique, right? You have, this is a time period. You have a war in Europe. You have inflation. You have

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[00:40:40] Speaker 6

if anyone was on the board back then, um but

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[00:40:50] Speaker 6

in a row, you

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[00:40:56] Speaker 6

We got through that, I believe, given our our position. of strength of being a pension fund and having that long-term time horizon is really a benefit to help us weather this storm. And

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[00:41:09] Speaker 6

long term and our strategic asset allocation, um I think we're going to get to a satisfactory result of of getting the last person in the pension, the last check, right? And that's the ultimate goal. But related to that, you know, when the market resets like this, it might seem counterintuitive, but your future expectations actually often will get better. Like

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[00:41:35] Speaker 6

we only expected our bonds to get us maybe

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[00:41:37] Speaker 6

or so,

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[00:41:39] Speaker 6

Now the expectation is we should make more money in bonds going for the next 10 years or so. So one of the things that we do periodically, and I'd have to go back and look, I'm not sure the last time that Tim did this, but

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[00:41:54] Speaker 6

for the next meeting where we take the most recent capital market projections. And then we have this software package that kind of runs these different

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[00:42:06] Speaker 6

nature to to say, okay, what is the appropriate mix of for our pension? in terms of the asset classes to get to our long-term return, assumption. and you know, in the past decade, one of the reasons, like I said, you know, we have 15 real estate probably is because that study at one point said, you know, it's going to be hard to make at work and in fixed income. so, um I'd like to run those numbers and present them to you to have kind of a basis for a conversation of do we need to make any tweaks now, given this new reality of, ‸ where the market is. And, and you know ultimately the goal is to get to that return assumption in the most efficient manner possible, which means by taking the least amount of risk. And

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[00:42:53] Speaker 6

take some tweaks there. So if you all are open to that, I'd like to present that at the next meeting, I'll

[00:42:58] Speaker 4 + overlapping voice · overlapping voices

put that on the may agenda. then Now, so that would be if you could ‸ email it to me in advance. Yeah, absolutely. Yeah, that way they can review it before. So

[00:43:06] Speaker 3

something like that might tell us that we need to bump our real estate up to 20 instead of 15 or something.

[00:43:13] Speaker 6 + overlapping voice · overlapping voices

Well, it could, but my, my hunch is that we're actually going to maybe reduce our real estate because we can, we real estate is a risk, even though it doesn't seem like it in this, it is over the long term is going to be a little bit risky or

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[00:43:30] Speaker 6 + overlapping voice

So maybe you know you you can take you know more, put more money in bonds right now because you can get to

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[00:43:41] Speaker 6 + overlapping voice

and not take as much risk in equities or in

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[00:43:47] Speaker 6 + overlapping voice

And again, you know ultimately, um it's a discussion. You don't want to be blind to any kind of model, right? it's It's

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[00:43:55] Speaker 6 + overlapping voice

You want to overlay some judgment, some historical perspective, and all those things on on there. um But i it's a best practice for

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[00:44:06] Speaker 6 + overlapping voice

to do that every couple years just as a normal course of business. But it I think it's especially timely given what's going on.

[00:44:12] Speaker 3

You know when the last time we did that? I

[00:44:14] Speaker 6

have to look it up. I could email ‸ Sheila to get that information to you.

[00:44:19] Speaker 4 + overlapping voice · overlapping voices

When the last uh investment policy statement was done, maybe that will give us some idea.

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

I think in in the past, um if in conjunction with that you would recommend you know changes to the investment policy statement, you might bring a red line exactly Exactly. Exactly.

[00:44:56] Attribution uncertain

so

[00:44:56] Speaker 1

that's how we've done that. Yeah.

[00:44:57] Speaker 4

We've got that for for May.

[00:45:09] Speaker 6

‸ All right. I have a couple other handouts that, you know, just this one just shows you the longer your time horizon, the less likely you're having ‸ a negative experience in the stock market. So it goes back to 1926 that's how how long we have data for the s p 500

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[00:45:30] Speaker 6

in any one year. And that

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the

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[00:45:32] Speaker 6

kind of we roll the you know drop off a month, add a month and and take a

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[00:45:40] Speaker 6

a positive stock market return in any one year period, but 25 of the time we have the negative. But the longer you extend your time horizon and

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[00:45:51] Speaker 6

we should think in terms of 10 and 20 years. If you go to a 20-year period, there's never been a 20-year period for the s ‸ p 500 where you've lost money. That includes the great depression, right? Where we have

[00:46:05] Speaker 6 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:46:05–00:46:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:05] Speaker 6

years in a row of negative stock market, and

[00:46:08] Speaker 6 · Unclear audio

[unclear audio — 0:12]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:46:08–00:46:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:20] Speaker 6

part of that decade, and then you also had the 55 decline in

[00:46:24] Speaker 6 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:46:24–00:46:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:26] Speaker 6

right, from from

[00:46:28] Speaker 6 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:46:28–00:46:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:30] Speaker 6

there. We had two significant bear markets, and that still was a positive return for for equities, even including both

[00:46:37] Speaker 6 · Machine re-recognized

of

Flag: words were replaced by a machine repair · 00:46:37–00:46:37 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:46:37] Speaker 6

those periods. So I think this this helps give me some support and solace that if we can maintain that long-term perspective, we're going to be okay. And and and it just

[00:46:46] Speaker 6 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:46:46–00:46:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:47] Speaker 6

not easy to live through these periods, but again, as a pension fund, we have the ability to do that. And then the last one is, uh this just shows you if you bought the stock market at the height of the market right before the financial crisis in October of 2007.

[00:47:08] Speaker 6 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:47:08–00:47:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:13] Speaker 6

You know, right off the bat, you lost over half your money, but,

[00:47:16] Speaker 6 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:47:16–00:47:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:17] Speaker 6

obviously, you've gotten a pretty nice gain, even with a few tough bear markets. You know,

[00:47:23] Speaker 6 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:47:23–00:47:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:26] Speaker 6

the most recent period. But why I like this chart is the

[00:47:31] Speaker 6 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:47:31–00:47:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:34] Speaker 6

shows you, in the middle part of this page, if you were invested that whole time what your return was on an annualized basis so for a 15-year period you've got you got 8.4 Even so, if you just you know bought at that that moment and just let it ride, you got an 8 return, even with all of those downtrends, which is a satisfactory result. It's a little bit below long-term averages, but still a good result. But the rest of these these bars show you if you avoid the best or worst days, what your result is. And you can see, you know, if you have that perfect crystal ball and you can just avoid the 10 worst days, you go from 8 to almost 15, which is great. ‸ But I think what is more instructive is what happens if you miss just the 10 worst days out of, you know, 3 792 trading days, you go from an 8 return to less than 3 And when you're compounding capital, that that's a disastrous result for a pension. And the best days and the worst days are often pretty close to each other. And that's really why being patient, time in the market is is is much more effective than trying to time the market. Because if you do get that wrong, you really can have a really poor result for our pension. So I think this this argues in favor of of that long-term perspective and being patient as well. i hope that wasn't too much, I thought, you know given the tough market, it made sense to go through a longer term perspective. Please reach out. I don't know if you all are getting questions from from members or retirees, but I'd be happy to have an offline conversation if you you know needed any help with anything.

[00:49:18] Speaker 6 · Unclear audio

[unclear audio — 0:03]

Flag: words only one machine reading has (possibly not said) · 00:49:18–00:49:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:21] No voice detected · Unclear audio

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[00:49:22] Speaker 3 · Unclear audio

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[00:49:26] Speaker 4 · Unclear audio

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[00:49:28] Speaker 8 · Unclear audio

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[00:49:30] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:49:32] Speaker 8 + overlapping voice · overlapping voices · Unclear audio

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[00:49:34] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:49:36] Speaker 8 · Unclear audio

[unclear audio]

[00:49:36] Speaker 8

Okay.

[00:49:37] Speaker 8 · Unclear audio

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Flag: a language review questioned the wording · 00:49:37–00:49:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:40] Speaker 8 · Unclear audio

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Flag: a language review questioned the wording · 00:49:40–00:49:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:42] Speaker 8

with regards to the plan. So uh just an action item on the agenda today.

[00:49:47] Speaker 8 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:49:47–00:49:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:50] Speaker 8

So every two years, Florida statute requires you to update your summary plan description and distribute it to the plan members and retirees.

[00:50:01] Speaker 8 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:50:01–00:50:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:05] Speaker 8

since the last time ‸ We updated the SPD. ‸ so

[00:50:08] Speaker 8 · Unclear audio

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Flag: a language review questioned the wording · 00:50:08–00:50:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:12] Speaker 8

you're going to see is on the front cover page. We ‸ updated it to today's date. And then at the very end of the summary plan description, we updated the list of the trustees because that's a requirement. Florida law just to include that as part of the summary plan description. There will be further information that we will get from the actuary that needs to be included as exhibit

[00:50:40] Speaker 8 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:50:40–00:50:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:40] Speaker 8

to the summary plan description. Just financial information uh that's contained in the evaluations basically summarized for purposes of the summary plan description. So unless you have any specific questions, comments, revisions, I believe that the summary plan description before you today is ready for approval by motion of the board.

[00:51:06] Speaker 3 + overlapping voice

Do we have a motion for approval of the biannual summary plan description? Second of us We need a

[00:51:14] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:51:14–00:51:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:19] Speaker 3 + overlapping voice · overlapping voices

All in favor? Aye. aye

[00:51:22] Attribution uncertain · Unclear audio

[unclear audio]

[00:51:22] Speaker 3

aye aye Any

[00:51:23] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:51:23–00:51:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:25] Speaker 4 · Unclear audio

[unclear audio — 0:01]

[00:51:26] Speaker 4

uh

[00:51:26] Speaker 4 · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:51:26–00:51:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:32] Speaker 4

he prepares the 2022 evaluation which he will be doing that in the next couple of months, and

[00:51:38] Speaker 4 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:51:38–00:51:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:43] Speaker 4

but he does go ahead and we provide that to the city for their your needs for budget, etc. And I will get the Exhibit B in conjunction with that

[00:51:53] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:51:53–00:51:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:56] Speaker 4

We have no active plan members, so but I'll take care of all that. Thank you,

[00:52:01] Speaker 4 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:01–00:52:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:03] Speaker 8 + overlapping voice · overlapping voices

Thank you. um And then Sheila sent those uh two firm memos having to do with uh just proxy issues. yes I don't know if they've been distributed to ‸ trustees.

[00:52:14] Speaker 4 + overlapping voice · overlapping voices

Yeah, I did. Okay.

[00:52:16] Speaker 8 + overlapping voice · overlapping voices

I'll just go over them. One, I really don't need to get into detail on, but

[00:52:21] Speaker 8 + overlapping voice · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:52:21–00:52:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:26] Speaker 8 + overlapping voice

and that's just to inform everybody in case you're interested in uh looking at how your mutual funds, ETFs, and other registered investment companies uh vote their

[00:52:37] Speaker 8 + overlapping voice · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:52:37–00:52:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:43] Speaker 8 + overlapping voice · overlapping voices

Commission, the SEC, about two weeks ago that just requires more transparency with regard to how the mutual funds, ‸ ETFs,

[00:52:52] Speaker 8 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:52:52–00:52:57 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:57] Speaker 8 + overlapping voice

memo there. There's no action needed uh by the trustees on that. It's really for just informational purposes ‸ only. And then you had a memo with regard to a change in Delaware law that we were notified of by one of the securities litigation firms that

[00:53:18] Speaker 8 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:53:18–00:53:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:53:23] Speaker 8 + overlapping voice

summarizes a change to Delaware law. Most of the companies that we invest in do business and are incorporated in Delaware due to the tax and other advantages in in the state of Delaware. So they had uh changed the law in Delaware to say that if a company wants to revise their charter to exculpate officers of the corporation from personal liability, they can pass a charter amendment to do so, which

[00:53:58] Speaker 8 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:53:58–00:54:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:54:02] Speaker 8 + overlapping voice

shareholders of particular companies, any investors. So while we do not have a proxy voting policy and we do have a few uh independent investment managers, uh recommendation from our office is that the investment managers be advised uh by uh by the correspondence from each pension fund that ‸ we would like their uh their proxies to be voted to oppose any change, uh exculpating the officers of the corporation from uh personal liability. Whenever there is a shareholder derivative action or other securities fraud case, usually the

[00:54:46] Speaker 8 + overlapping voice · Machine re-recognized

named

Flag: words were replaced by a machine repair · 00:54:46–00:54:47 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:54:47] Speaker 8 + overlapping voice

defendants include both the company itself and then the underlying uh officers in their personal capacity. And the new change in Delaware law allows the uh the companies to adopt a charter provision that would no longer provide for a personal liability for officers. So if you would like, we could send a just a sample letter on to Sheila and

[00:55:14] Speaker 8 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:55:14–00:55:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:55:16] Attribution uncertain · Unclear audio

[unclear audio]

[00:55:16] Speaker 8 · Unclear audio

[unclear audio]

[00:55:16] Speaker 8

investment managers with regard to uh voting proxies. The investment managers,

[00:55:21] Speaker 8 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:55:21–00:55:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:55:21] Speaker 8

proxies themselves. That's part of the investment management agreement. They're required to do so according to the agreement, but we'd like to specifically advise them how to vote the proxy, any proxies with regard to this particular issue. So if there are no questions, I could just uh receive direction from the trustees to send uh ‸ sample correspondence to Sheila to distribute to our uh independent investment managers.

[00:55:52] Speaker 4 + overlapping voice · overlapping voices

so the board Any questions? that's okay okay

[00:55:56] Speaker 8 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:55:56–00:55:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:55:58] Speaker 4 · Unclear audio

[unclear audio — 0:01]

[00:55:59] Speaker 4

would go that that letter would go to um each investor?

[00:56:04] Speaker 8 + overlapping voice · overlapping voices

Each uh investment manager and we'll uh just give you the sample form and you can fill in the uh information for each manager and pass it along. Okay. Other than that, uh nothing further to

[00:56:20] Speaker 8 + overlapping voice · Machine re-recognized

report.

Flag: words were replaced by a machine repair · 00:56:20–00:56:21 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:56:21] Speaker 8 + overlapping voice

Wishing everyone a happy uh Thanksgiving, Merry Christmas, and Happy New Year and uh hope all is well with everyone. And

[00:56:30] Speaker 8 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:56:30–00:56:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:56:31] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:56:32] Speaker 8 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:56:35] Speaker 8 + overlapping voice · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 00:56:35–00:56:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:56:35] Attribution uncertain · Unclear audio

[unclear audio]

[00:56:35] Speaker 8 · Unclear audio

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[00:56:35] Speaker 4 · Unclear audio

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[00:56:36] Speaker 8 · Unclear audio

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[00:56:37] Attribution uncertain · Unclear audio

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[00:56:37] Speaker 8 · Unclear audio

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[00:56:40] Speaker 4 + overlapping voice · Unclear audio

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[00:56:43] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: the recognizer flagged its own output · 00:56:43–00:56:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:56:49] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:09]

Flag: the recognizer flagged its own output · 00:56:49–00:56:58 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:56:59] Speaker 4 + overlapping voice

I did want to mention Sherry had registered for the fall trustee school. It was canceled due to the Hurricane Ian. So we had not yet processed those checks. Sherry, I'm going to talk to the bank. I

[00:57:14] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:57:14–00:57:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:57:17] Speaker 4 + overlapping voice · overlapping voices

The next school, it's been rescheduled. The winter school is going to be toward the end of January. So we have time if you're going to attend that.

[00:57:27] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:57:27–00:57:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:57:30] Speaker 4 + overlapping voice

I do have an end of the year letter for the chairman to sign where we transmit the reports of all the investment activity to the city. And I will do that electronically after the meeting with the letter. So unless there are any questions on that, we can move to the ratification of disbursements and deposits, which would require a motion for approval. Of course, any questions I'll be happy to address.

[00:58:02] No voice detected · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:58:02–00:58:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:58:02] Speaker 3 · Unclear audio

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[00:58:07] Speaker 3 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:58:07–00:58:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:58:10] No voice detected

Pardon?

[00:58:11] Speaker 3 + overlapping voice · overlapping voices

We move to the ratification of the process

[00:58:14] Speaker 1 + overlapping voice · overlapping voices

‸ disbursements

[00:58:15] Speaker 3

and deposits.

[00:58:20] Speaker 4

Yeah, I move that we ratify that.

[00:58:26] Speaker 3 + overlapping voice · overlapping voices

I guess we just need a motion to approve.

[00:58:28] Attribution uncertain

Yes,

[00:58:28] Speaker 1

motion to approve. I second.

[00:58:31] 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 · 00:58:31–00:58:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:58:33] Speaker 1

Yes.

[00:58:34] Speaker 3

All in favor, say aye.

[00:58:35] Speaker 1

Aye.

[00:58:42] Speaker 4

‸ That was all I had.

[00:58:45] No voice detected

Thank

[00:58:45] Speaker 4

you.

[00:58:47] Speaker 3

Is there any other discussion or anything anyone would like to bring up?

[00:58:58] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:58:58–00:59:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:01] Speaker 3

We will bring this meeting to an end.

[00:59:03] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:59:03–00:59:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:10] Speaker 4 + overlapping voice

I do have Greg.

[00:59:11] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: the recognizer flagged its own output · 00:59:11–00:59:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:18] Speaker 4 + overlapping voice

Thank you all. Okay.

[00:59:20] Speaker 8

Thank you.

[00:59:21] Speaker 4 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:59:21–00:59:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:23] Speaker 8 + overlapping voice · overlapping voices · Unclear audio

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[00:59:25] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:59:29] Speaker 2 · Unclear audio

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[00:59:29] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:59:37] Speaker 6 · Unclear audio

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Flag: a language review questioned the wording · 00:59:37–00:59:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:41] Speaker 4 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:59:41–00:59:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:44] Attribution uncertain · Unclear audio

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

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[00:59:44] Attribution uncertain · Unclear audio

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

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[00:59:47] Attribution uncertain · Unclear audio

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[00:59:47] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:59:49] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

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[00:59:50] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:59:53] Speaker 6 · Unclear audio

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[00:59:54] Speaker 1 + overlapping voice · Unclear audio

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Flag: the recognizer flagged its own output · 00:59:54–00:59:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:56] Speaker 1 + overlapping voice · overlapping voices

I understand.

[00:59:57] Speaker 4 + overlapping voice · overlapping voices

It's

[00:59:58] Speaker 1 + overlapping voice · overlapping voices

usually done like right away like the next day or something.

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

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 01:00:01–01:00:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:00:02] Speaker 1 + overlapping voice

But in real estate, this real estate company,

[01:00:06] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:00:06–01:00:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:00:07] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[01:00:08] Speaker 1 · Unclear audio

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[01:00:10] Speaker 6 · Unclear audio

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[01:00:10] Attribution uncertain

a

[01:00:10] Speaker 1 + overlapping voice · overlapping voices

great holiday season. Money that they invest, but they don't always invest it right away.

[01:00:16] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:00:16–01:00:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:00:16] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[01:00:17] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:00:17–01:00:21 · unresolved: the words are not shown (unclear audio); listen to the recording

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[01:00:20] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[01:00:21] Attribution uncertain · Unclear audio

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[01:00:21] Speaker 1 · Unclear audio

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Flag: the recognizer flagged its own output · 01:00:21–01:00:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:00:21] Attribution uncertain · Unclear audio

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[01:00:21] Speaker 1 · Unclear audio

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[01:00:21] Speaker 4 + overlapping voice · Unclear audio

[unclear audio]

[01:00:22] Speaker 4 + overlapping voice · overlapping voices

Okay. Safe travels here.

[01:00:23] Attribution uncertain

They

[01:00:23] Speaker 1 + overlapping voice · overlapping voices

put it into, um, like a bank account. And then as they make investments and build a new condo or a shopping center or whatever, then they take it out and they use it as they need it.

[01:00:39] Speaker 4 + overlapping voice · overlapping voices

It's like putting

[01:00:39] Speaker 1 + overlapping voice · overlapping voices

a bank

[01:00:40] Speaker 4

account for them.

[01:00:41] Speaker 1

Okay.

[01:00:41] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:00:41–01:00:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:00:42] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:07]

[01:00:49] Speaker 1 + overlapping voice · overlapping voices

them now, they've got their money invested. It's been invested for 10, 15 years or

[01:00:56] Speaker 4 + overlapping voice · overlapping voices

whatever, but, um,

[01:00:58] Speaker 1

they, until they sell something or move something, ‸ it's not readily available. So that's why

[01:01:04] Speaker 1 · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:04–01:01:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:01:09] Speaker 1

much money in that account. And

[01:01:11] Attribution uncertain

so,

[01:01:11] Speaker 1 + overlapping voice · overlapping voices

according to our investment policy, we, we want it to be balanced and real estate has done so well that we've got too much money. So you're calling some of that money back, but they're only going to be able to get ‸ back to

[01:01:23] Attribution uncertain

it

[01:01:23] Speaker 1 + overlapping voice · overlapping voices

as they, as they get income when their rents come in and stuff, you know, so they can just do it a little bit at a time.

[01:01:29] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:01:29–01:01:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:01:29] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:01:30] Attribution uncertain · Unclear audio

[unclear audio]

[01:01:30] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:01:32] Attribution uncertain · Unclear audio

[unclear audio]

[01:01:32] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[01:01:34] Speaker 1 + overlapping voice · overlapping voices

uh, and they want to put it in for disbursements because we have to pay people, pay people's pensions anyhow. So we'd have to get money from somewhere, but this will be an easy way to get money back.

[01:01:44] Speaker 1 + 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; a language review questioned the wording · 01:01:44–01:01:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:01:46] Attribution uncertain · Unclear audio

[unclear audio]

[01:01:46] Attribution uncertain · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 01:01:46–01:01:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:01:46] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:01:48] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:01:48–01:01:49 · unresolved: the words are not shown (unclear audio); listen to the recording

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

[unclear audio]

[01:01:49] Speaker 1 + overlapping voice · overlapping voices

It's not like you go down to the bank and you just get it out. It's going to be, but they're going to be sending it.

[01:01:55] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:55–01:02:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:01:55] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:01:56] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:01:58] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[01:01:58] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[01:01:59] Speaker 3 + overlapping voice · Unclear audio

[unclear audio]

[01:02:00] Speaker 3 + overlapping voice · overlapping voices

where the people's pensions that

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

were paying, uh, it's going to go into that, into that account so that they can just pay,

[01:02:08] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

Flag: the recognizer flagged its own output · 01:02:08–01:02:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:12] Speaker 1 + overlapping voice · overlapping voices

Because we'll have to take it out of something anyhow. But, um, it's just done a little bit different.

[01:02:20] Attribution uncertain

I

[01:02:20] Speaker 1 + overlapping voice · overlapping voices

have never...

[01:02:21] Speaker 5 + 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 · 01:02:21–01:02:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:21] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[01:02:22] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[01:02:24] Speaker 5 + overlapping voice

Pardon?

[01:02:24] Speaker 5 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:02:24–01:02:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:26] Speaker 5 + overlapping voice · overlapping voices

Right, right. Because I don't, you know...

[01:02:29] Speaker 1 + overlapping voice · overlapping voices

I didn't know anything until I started going to the schools. And

[01:02:32] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:02:32–01:02:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:35] Speaker 1 + overlapping voice

So it's been a long time.

[01:02:37] Speaker 5

I think we all need to go. That's something that should be mandatory.

[01:02:40] Attribution uncertain

I

[01:02:40] Speaker 4 + overlapping voice · overlapping voices

know. Well, that's... Timing. ‸ That's what happened to my brother and his wife.

[01:02:45] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:02:45–01:02:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:47] Speaker 1

to the school.

[01:02:48] No voice detected

And

[01:02:49] Speaker 4 + overlapping voice · overlapping voices

I've

[01:02:49] Speaker 1 + overlapping voice · overlapping voices

been going to it and I'm

[01:02:50] Attribution uncertain

a

[01:02:50] Speaker 1 + overlapping voice · overlapping voices

certified...

[01:02:51] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:02:51–01:02:55 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:54] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:02:55] Speaker 4 + overlapping voice · overlapping voices

When they did that, you know, everything was good.

[01:02:58] Attribution uncertain

‸ If

[01:02:58] Speaker 6 + overlapping voice · overlapping voices

you want to give me a call in between meetings about anything, I'd be happy to try to provide additional perspective. But yeah, the schools are great in the community.

[01:03:06] Attribution uncertain

Oh,

[01:03:06] Speaker 1 + overlapping voice · overlapping voices

they... And you know, I really wanted to go now that everything is topsy-turvy, because I want to find out what they're

[01:03:13] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:03:13–01:03:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:15] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:03:15–01:03:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:15] Attribution uncertain · Unclear audio

[unclear audio]

[01:03:15] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[01:03:16] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:03:15–01:03:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:17] Speaker 1 + overlapping voice · overlapping voices

‸ Greg, I

[01:03:18] Speaker 4 + overlapping voice · overlapping voices

need you to sign this here. This is just you as secretary certified. But I didn't...

[01:03:23] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:03:23–01:03:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:23] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[01:03:23] Speaker 4 + overlapping voice · overlapping voices

Huh?

[01:03:24] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:03:24–01:03:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:25] Attribution uncertain · Unclear audio

[unclear audio]

[01:03:25] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[01:03:25] Speaker 4 + overlapping voice · overlapping voices

Yeah, it's going to be ‸ the end of January, she said. So you

[01:03:28] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 01:03:28–01:03:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:28] Speaker 4 + overlapping voice · overlapping voices

just sign right above where I...

[01:03:30] Speaker 1

‸ Yeah.

[01:03:31] Speaker 4 + overlapping voice

Okay.

[01:03:32] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:03:32–01:03:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:34] Speaker 4 + overlapping voice · overlapping voices

if I could. Another one? That's a payment form.

[01:03:38] Speaker 1

Oh, you know, if you would have told me, I could have brought that check because I...

[01:03:41] Speaker 4 + overlapping voice

Oh, that's okay.

[01:03:43] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:03:43–01:03:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:46] Speaker 4 + overlapping voice · overlapping voices

them stop payment and have you shred it and me shred, you know, because... Okay. I think it's cleaner, but I want to talk to them. We've got some time. Okay. I'm still holding the registration check.

[01:03:57] Speaker 1

So I just put it down here where it says approved?

[01:03:59] Speaker 4

Yes.

[01:04:00] Speaker 1

Okay. Yeah, that's just my

[01:04:01] Speaker 4

mileage and postage.

[01:04:03] Speaker 1

Oh, okay.

[01:04:04] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:04:04–01:04:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:04:06] Speaker 1 · Unclear audio

[unclear audio]

[01:04:07] Speaker 4 + overlapping voice · overlapping voices

Okay. Mine's a terrible thing to lose, I want to tell you. Okay. Oh, is

[01:04:13] Speaker 1 + overlapping voice · overlapping voices

there two pages or just one? Just

[01:04:15] Speaker 4 + overlapping voice

one. Okay. I think I may have had something stuck to it. Yeah.

[01:04:18] Speaker 4 + overlapping voice · Machine re-recognized

Thank you.

Flag: words were replaced by a machine repair · 01:04:18–01:04:18 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:04:19] Speaker 4 + overlapping voice · overlapping voices

All right. Yep. I got everything, guys. Yeah,

[01:04:23] Speaker 1 + overlapping voice

I didn't even know what anything

[01:04:24] Speaker 1 + overlapping voice · Machine re-recognized

was.

Flag: words were replaced by a machine repair · 01:04:24–01:04:24 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:04:25] Speaker 1 + overlapping voice · overlapping voices

Yeah.

[01:04:25] Speaker 4 + overlapping voice · overlapping voices

It's a totally different

[01:04:26] Speaker 1

language, basically.

[01:04:29] No voice detected

It's

[01:04:29] Attribution uncertain

the truth. And

[01:04:29] Speaker 4

in fact,

[01:04:30] Speaker 4 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:04:30–01:04:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:04:30] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[01:04:32] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:04:33] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

[01:04:35] Speaker 1 + overlapping voice · overlapping voices

and so good after. You have to go three different times to get ‸ totally certified. You have to

[01:04:41] Speaker 1 + overlapping voice · Machine re-recognized

have

Flag: words were replaced by a machine repair · 01:04:41–01:04:42 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:04:41] Speaker 1 + overlapping voice · overlapping voices

three different tests, beginning, intermediate, and advanced.

[01:04:46] Speaker 1 + overlapping voice · 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 · 01:04:46–01:04:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:04:46] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

[01:04:50] Speaker 1 · Unclear audio

[unclear audio]

[01:04:50] Attribution uncertain · Unclear audio

[unclear audio]

[01:04:50] Attribution uncertain

And so I

[01:04:50] Speaker 1 + overlapping voice · overlapping voices

went up there and they graded the

[01:04:52] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:04:52–01:04:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:04:54] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:04:54–01:04:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:01] Speaker 1 + 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 · 01:05:01–01:05:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:03] Attribution uncertain · Unclear audio

[unclear audio]

[01:05:03] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[01:05:03] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:05:04] Attribution uncertain · Unclear audio

[unclear audio]

[01:05:04] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:05:05] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:05]

[01:05:10] Speaker 1 + overlapping voice

with it every day.

[01:05:11] Speaker 3

Right, exactly.

[01:05:12] Speaker 1

Right.

[01:05:15] Speaker 3 + overlapping voice · overlapping voices

‸ It takes a lot of effort to start sinking in. Yeah. Did

[01:05:18] Attribution uncertain

you

[01:05:18] Speaker 3 + overlapping voice · overlapping voices

go to

[01:05:19] Speaker 1 + overlapping voice · overlapping voices

school, Steve? Did you get certified? No?

[01:05:23] Speaker 3 · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 01:05:23–01:05:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:23] Speaker 1 · Unclear audio

[unclear audio]

[01:05:26] Speaker 5 · Unclear audio

[unclear audio]

[01:05:29] No voice detected · Unclear audio

[unclear audio]

[01:05:30] Speaker 5 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[01:05:31] Speaker 5 + overlapping voice · overlapping voices

Time at home to get on the line and talk to people.

[01:05:34] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 01:05:34–01:05:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:34] Attribution uncertain · Unclear audio

[unclear audio]

[01:05:34] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:05:35] Speaker 1 + overlapping voice · overlapping voices

Oh, good.

[01:05:36] Attribution uncertain · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 01:05:36–01:05:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:36] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:05:37] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: the machine readings disagree here; the recognizer flagged its own output; a language review questioned the wording · 01:05:37–01:05:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:41] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[01:05:42] Attribution uncertain · Unclear audio

[unclear audio]

[01:05:42] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[01:05:43] Attribution uncertain · Unclear audio

[unclear audio]

[01:05:43] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:05:44] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 01:05:44–01:05:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:44] Speaker 7 + overlapping voice · overlapping voices

a Nancy. That's all I meant.

[01:05:46] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 01:05:46–01:05:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:53] Speaker 1

I always relied on Missy because she had such good knowledge of everything and I had, I could always ask her questions, you know, because I didn't,

[01:06:00] Speaker 4 + overlapping voice · overlapping voices

I

[01:06:01] Speaker 1 + overlapping voice · overlapping voices

still didn't understand. Even though I've been to school, there's still things that I don't quite understand.

[01:06:05] Attribution uncertain

We

[01:06:05] Speaker 1 + overlapping voice · overlapping voices

talk about stuff.

[01:06:06] Attribution uncertain

I

[01:06:06] Speaker 1 + overlapping voice · overlapping voices

shouldn't

[01:06:07] Speaker 4 + overlapping voice · overlapping voices

understand it better, but I really don't.

[01:06:09] Speaker 3

Sometimes when things aren't going good, they talk fast,

[01:06:12] No voice detected

but

[01:06:12] Speaker 3 + overlapping voice · overlapping voices

they're doing it. Yeah. Yeah, they do. Well, they're talking,

[01:06:14] Speaker 1 + overlapping voice · overlapping voices

they're talking in the, you know, it's like a lawyer.

[01:06:18] Speaker 3 + overlapping voice · overlapping voices

It's like full language. Yeah. Yeah.

[01:06:20] Speaker 1 + overlapping voice · overlapping voices

You know, in the law, they talk about things and you, you know, you're like,

[01:06:25] Speaker 4 + overlapping voice · overlapping voices

I don't know what you're talking about. But it's, you know, or, you know, like wastewater. You have your own language in there, you know.

[01:06:34] Speaker 1

Common people don't understand all of that.

[01:06:37] Speaker 5

Yeah.

[01:06:38] Speaker 1

Yeah. So. Anyhow. Okay.

[01:06:51] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

Flag: words only one machine reading has (possibly not said); a language review questioned the wording · 01:06:51–01:06:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:06:55] Attribution uncertain · Unclear audio

[unclear audio]

[01:06:55] Speaker 5 · Unclear audio

[unclear audio — 0:01]

[01:06:57] 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 · 01:06:57–01:07:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:06:58] Attribution uncertain · Unclear audio

[unclear audio]

[01:06:58] Speaker 3 · Unclear audio

[unclear audio]

[01:06:59] Attribution uncertain · Unclear audio

[unclear audio]

[01:06:59] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:07:00] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

[01:07:03] Speaker 5 · Unclear audio

[unclear audio — 0:02]

[01:07:05] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:07:05–01:07:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:07] Speaker 5

They're going to redo

[01:07:07] Speaker 5 · Machine re-recognized

it.

Flag: words were replaced by a machine repair · 01:07:07–01:07:07 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:07:08] Speaker 1 + overlapping voice · overlapping voices

When are you going to get started on that? It's

[01:07:09] Speaker 5

supposed to be mobilizing today.

[01:07:12] Speaker 1

Oh, really?

[01:07:12] Speaker 3 + overlapping voice · overlapping voices

Down here south of the hotel?

[01:07:14] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:07:14–01:07:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:17] Speaker 1 + overlapping voice · overlapping voices

Oh, okay. ‸ Well,

[01:07:18] Attribution uncertain

I

[01:07:18] Speaker 1 + overlapping voice · overlapping voices

think everything was thrown back because of the hurricanes. Because I think they were supposed to start it before that. Yeah, yeah,

[01:07:24] Speaker 5 + overlapping voice · overlapping voices

like two weeks before that.

[01:07:25] Speaker 1 + overlapping voice · overlapping voices

Yeah.

[01:07:25] Attribution uncertain

Change

[01:07:25] Speaker 1

that to a submersible

[01:07:26] Speaker 3

station?

[01:07:27] Speaker 5

Yeah.

[01:07:29] Speaker 3

So how many of them? You don't have any cans left here?

[01:07:32] Speaker 5

Yep,

[01:07:32] Attribution uncertain

19

[01:07:33] Speaker 5 + overlapping voice · overlapping voices

and 17. Myershal House.

[01:07:35] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:07:35–01:07:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:35] Attribution uncertain · Unclear audio

[unclear audio]

[01:07:35] Speaker 3 + overlapping voice · overlapping voices

High point.

[01:07:36] Speaker 5

Yeah. ‸ I was talking to the, I was talking to the Hormone Association lady, little Nick, though. She's like, you got a pump up there? I

[01:07:43] Attribution uncertain

said,

[01:07:43] Speaker 5

well, y'all turned down the new station and run about here. And so, you know, this station is old.

[01:07:49] No voice detected

Yeah.

[01:07:50] Speaker 5

You know? I said, you got a

[01:07:52] Speaker 5 · Machine re-recognized

new

Flag: words were replaced by a machine repair · 01:07:52–01:07:52 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:07:52] Speaker 5

roof on your house,

[01:07:53] Attribution uncertain

it

[01:07:53] Speaker 5 + overlapping voice

looks real nice. Yeah? That roof looks real nice.

[01:07:59] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:07:59–01:08:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:03] Speaker 5 + overlapping voice · overlapping voices

Yeah. Yeah. If you don't make changes,

[01:08:06] Speaker 3 + overlapping voice · overlapping voices

you're going to get

[01:08:06] Speaker 5 + overlapping voice · overlapping voices

this

[01:08:07] Speaker 3 + overlapping voice · overlapping voices

noise and

[01:08:07] Speaker 5

this pump here.

[01:08:10] Speaker 3 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:08:10–01:08:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:13] Speaker 3 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:08:13–01:08:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:15] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

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[01:08:18] Speaker 1 + overlapping voice · overlapping voices

By the store there? Yeah. Yeah. You don't have another meeting,

[01:08:21] Speaker 4 + overlapping voice · overlapping voices

Sheila? Yeah, I do.

[01:08:22] Speaker 4 + overlapping voice · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 01:08:22–01:08:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:24] Speaker 1 + overlapping voice · overlapping voices

Oh, okay. I've seen the generator up in the jail there.

[01:08:27] Speaker 4 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:08:27–01:08:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:27] Attribution uncertain · Unclear audio

[unclear audio]

[01:08:27] Speaker 4 · Unclear audio

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[01:08:28] Speaker 5 · Unclear audio

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[01:08:29] Speaker 5

was down.

[01:08:30] 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 · 01:08:30–01:08:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:32] Speaker 5

I mean, changes up. They try to do the best they can.

[01:08:37] Speaker 3

Well, now that you're getting some more flow up on the north end, is that helping that force main any?

[01:08:41] Speaker 5 + overlapping voice · overlapping voices

‸ No.

[01:08:42] Speaker 3 + overlapping voice · overlapping voices

No?

[01:08:43] Speaker 5

It's crimped up there because of the train track there.

[01:08:46] 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 · 01:08:46–01:08:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:49] Speaker 4 + overlapping voice · overlapping voices

‸ I said back

[01:08:51] Speaker 5 + overlapping voice · overlapping voices

then, when they put

[01:08:52] Speaker 5 + overlapping voice · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 01:08:52–01:08:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:54] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:08:54–01:08:57 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:54] Speaker 5 · Unclear audio

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[01:08:57] Speaker 5

bore it through that bridge. Yeah. I said they put the pipe and ‸ they put concrete on top of it. Then

[01:09:02] Speaker 5 · Unclear audio

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Flag: a language review questioned the wording · 01:09:02–01:09:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:09:04] Speaker 5

So they're trying to make it 30-inch.

[01:09:05] Speaker 3

Yeah.

[01:09:06] Speaker 5

And it was tearing up the boring bits.

[01:09:09] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:09:09–01:09:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:09:11] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 01:09:11–01:09:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:09:12] Speaker 5

Stop here by the front of the track. Goes up over and put a jumper in. A regular hard pipe.

[01:09:18] Speaker 8

Yeah.

General Pension Regular Meeting

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What the City's record shows

Agenda (the City's wording)

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