I'm in a very minority class right now, if you listen to the talking heads on all the business channels, about everybody now is saying,

[00:00:08] Attribution uncertain

oh,

[00:00:08] Speaker 1

the Fed's done, and then the markets just loved it, and they took off yesterday, and even today they're up a little bit. You

[00:00:14] Attribution uncertain

know,

[00:00:14] Speaker 1

the stock market's in anticipation that the Fed's done now and everything's good. I don't believe that. The Fed has said they want a 2% inflation rate. Core is still at 4%. Again, the CPI number, I think, was, you know, it's a short-term aberration because of energy. Energy prices coming down. Everything else is still very high. The other big factor that I don't know why people are ignoring it in the business news press, but you still got a lot of wage problems or wage issues out there relative to inflation. Now, it's good news for the workers. There's been a lot of strikes and a lot of settlements that have produced some very good wages, very nice wage increases, but that is inflationary, and that's continuing, and they don't take those raises back. So that's still out there. So I still think you've got what they call wage push inflation, and I still think you've got energy issues going to impact the inflation numbers again the rest of the way down, the rest of the year, certainly. And so I think in December, you'll see the Fed sit still. They probably won't do anything. They've kind of telegraphed that. They're going to wait and see if, you know, there's a lag effect to what they do, so they're going to wait and see how some of these rapid increases have impacted the market. But my bet is that sometime in early 2024, we see at least one more rate hike and maybe two. But I hope I'm wrong. You know, I hope this equity rally is for real and sticks this time, but I'm kind of, I'm in the iffy camp on it right now, but we'll see how it goes. But if you look at the markets on the at the end of the quarter on page two of your report,

[00:01:47] Speaker 1 · Unclear audio

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[00:01:49] Speaker 1

including bonds for the quarter.

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[00:01:52] Speaker 1

that's the bond market on the top, and you can see on the left hand side of the top of page three, that was also negative for the quarter. So you had a rising interest rate environment a little bit rates ticked up during the quarter.

[00:02:03] Speaker 1 · Unclear audio

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[00:02:09] Speaker 1

rather dramatically. And right now, the 10 years at about four and a half, where it was just at five, you know, not that long ago. Again, I don't know how permanent that is. Given some of the things I just mentioned, I think the Fed has another rate hike or two in there. So I think we'll see them ticking back up. They already have started to take up just a little

[00:02:28] Speaker 1 · Unclear audio

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[00:02:36] Speaker 1

I'm going to skip on over to this is your fiscal year that we didn't identify. If you go to page eight, there's a few things there that we have as a compliance. In addition to that, there's other things in your investment policy. We did not identify any compliance issues. So at the end of your fiscal year, everything is in compliance, which is obviously where we want to be. If you go to page nine, I'll touch briefly on the quarter here, but then I'll go through performance on a different page. But you can see for the quarter, there was a net outflow of money of 222,000. The loss for the portfolio was about 1.26

[00:03:11] Speaker 1 · Unclear audio

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[00:03:15] Speaker 1

we're that was about a minus three and a half percent return for the quarter. And which is again, very disappointing. We hope we could sneak out a really good fiscal year, your fiscal year. This is net of ‸ fees is 8.8%. So again, we'll go through this. And again, in just a second,

[00:03:34] Speaker 1 · Unclear audio

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[00:03:39] Speaker 1

little bit. I mean, basically on target with domestic equity. When you add that in the global infrastructure, a little underweighted convertibles, we are underweighted have taken a position to be a little underweighted in international. I think that's going to be very helpful. The real estate. We're still we're in the queue, as I think you're aware, fully in the queue for one of your managers bearings.

[00:03:58] Speaker 1 · Unclear audio

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[00:04:02] Speaker 1

So hopefully we start to see some activity pick up.

[00:04:05] Speaker 1 · Unclear audio

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[00:04:13] Speaker 1

residential mortgage activity has really picked up here ‸ the last week, week and a half because of this drop in rates. So even if it's short term, apparently people ‸ sitting on the sidelines ready to go when rates do drop. So maybe we'll see activity pick up a little bit. ‸ We can get our money a little bit quicker out of the real estate fund.

[00:04:29] Speaker 1 · Unclear audio

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[00:04:31] Speaker 1

You're about if you add it all up, including the cash, you're at about 24% versus the target of 25. So we're going to shift a little. I'm going to recommend shifting a little bit around within that category. But I'll get to that in just a second.

[00:04:47] Speaker 1 · Unclear audio

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[00:04:51] Speaker 1

You certainly cannot argue this is not a well diversified portfolio. Whether that pays off or not is another question, but you are very well diversified. So when we look at the numbers then on page 14 and see the rankings, you know, it's very disappointing to see what's happened here. And when you see the quarter ranking in the 87th percentile, the one year 80th percentile and just a little bit below the benchmarks in each of those. So if you go back just as recently as 18 months to two years ago and look at your reports, there's nothing like that. You know, no numbers really like this. Everything was pretty good. So what's happened and and I actually made some notes for this quarter because I couldn't believe some of the stats I was seeing. And, you

[00:05:32] Attribution uncertain

know,

[00:05:32] Speaker 1 · Unclear audio

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[00:05:35] Speaker 1

hear the term. Well, it's different this time. I used to make fun of people that said, well, it's different this time. Well, of

[00:05:40] Attribution uncertain

course,

[00:05:40] Speaker 1

it's different. It's always different. You know, the markets never stay the same. But what really does feel strange this time is how volatile the markets have been the last couple of years and some of the actions taken by the Fed and just the reaction of the markets.

[00:05:56] Speaker 1 · Unclear audio

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[00:06:01] Speaker 1 · Unclear audio

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[00:06:05] Speaker 1

So big tech names. It's Meta, Google, Tesla, Nvidia. I'm going to forget

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[00:06:20] Speaker 1

that have absolutely dominated the market like we've never seen before in terms of the concentration. And I actually had a little bit a couple of stats I just share with you.

[00:06:28] Attribution uncertain

I

[00:06:28] Speaker 1

don't want to put you to sleep, but that it's more concentrated. It's ever been in history. The mag seven, as they

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[00:06:37] Speaker 1

Now, remember, the S&P 500 is a capitalization weighted index. So the bigger stocks have a bigger impact on the performance and, you know, waiting the waiting in the in the S&P.

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[00:06:56] Speaker 1

have come from those seven stocks.

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[00:07:00] Speaker 1

seven stocks in the last year to date. This is

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[00:07:08] Speaker 1

equal weighted them, it's actually negative year to date. So you had

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[00:07:20] Speaker 1

flat. Last time I remember seeing numbers anywhere near that was in the late 90s during the dot com era. So I kind of replaced dot com right now with AI artificial intelligence because that's what's driving most of these. Most of these chip makers have really done well because of AI.

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the late 90s didn't have any any earnings. A lot of them didn't even have any income, but yet they were getting a valuation. Well, these companies are going to be

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earnings.

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[00:07:57] Speaker 1

They're pretty pricey. They've got a they've really priced them to absolute perfection that nothing's going to go wrong. So I think what you'll see in the market really is a is a rotation. I don't think the market's going to necessarily crash because I do think we're we're close to a peak in rates if we're not already there. And that'll help the stock market. But I do think it's very reasonable to expect a rotation out of those seven a little bit. They may underperform the S&P 493,

[00:08:24] Speaker 1 · Unclear audio

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[00:08:28] Speaker 1

these valuations right now. There's a lot of cheaper stocks in the 493 space than in that Mag seven. But, you know, they've done well. They're continuing to do well. They're great companies.

[00:08:39] Speaker 1 · Unclear audio

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[00:08:44] Speaker 1

yesterday. If your managers active manager just picked one or decided back at the beginning of the year that NVIDIA was just a little too pricey, didn't want to go there. That decision alone could cost

[00:08:56] Speaker 1 · Machine re-recognized

them

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[00:08:56] Speaker 1

several percentage points relative to the benchmark because

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[00:09:02] Speaker 1

So, you know, when you get to that kind of a concentrated market, it's very hard for active managers to to outperform. And that's sort of what's hit us here a little bit. You've got some index exposure that helped you. But the active managers are really struggling in this kind of a market.

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[00:09:21] Speaker 1

late 90s and 2000. And I know that's 23 years ago now, almost 24. But if it's anything like that, we saw a dramatic turn in 2000 from what they call the growth stocks to the value stocks. Well, back then, the peak I remember was growth was outperforming value in the in the marketplace by maybe I want to say

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[00:09:43] Speaker 1

Don't hold me to that, but it was somewhere in that range. Well, growth has outperformed

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[00:09:51] Speaker 1

So it is really out of whack. And I think when it gets like that, you've got to stay patient, especially in times like this. Stay patient with managers. It's a bad time to try and change managers or, you know, it's really a hard time to evaluate them when it gets that concentrated.

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[00:10:09] Speaker 1

the bond market going crazy with interest rates.

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[00:10:14] Speaker 1

in the business every day, just as recently as the first quarter of 2022 that interest rates were ‸ zero at or near zero. And so

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[00:10:29] Speaker 1

as you remember, and had big negative returns in bonds.

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[00:10:36] Speaker 1

always been a cushion. They weren't. So I think a lot of those things have just come together like the perfect storm and

[00:10:42] Speaker 1 · Machine re-recognized

caused

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[00:10:43] Speaker 1

a lot of turmoil in the markets and a whole lot of volatility that we we're not used to seeing. So those rankings are a little disappointing. Those are not long term problems. Those are what's happened in the last couple of years. And that's why I think it's it's a good idea to stay pretty patient with these. Most of your managers as you look here.

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[00:11:05] Speaker 1

So relative to, you know, assumption rates and all that is a good return.

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[00:11:13] Speaker 1

In August, I guess. And

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[00:11:20] Speaker 1

I don't know how much detail you'd like to go into. But again, I'm not recommending changing any management. We are going to recommend switching some money around. Maybe I'll do that right now.

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[00:11:35] Speaker 1

you is on.

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[00:11:44] Speaker 1

Look at pages 11 and 12. ‸ What we're recommending you do is. We're going to we think bonds are close to a peak. Now, that doesn't mean they have peak, but they're close. Right. So it makes sense. I think in this environment to extend your maturities just a little bit.

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[00:12:04] Speaker 1

you could get a double digit return in your bond portfolio. If rates just drop one or two percent, you get a nice appreciation in the bonds. They're

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[00:12:17] Speaker 1

You get another couple percent, you know, appreciation. You could get more than that.

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[00:12:23] Speaker 1

But I think there's a decent chance

[00:12:24] Speaker 1 · Machine re-recognized

you'll

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[00:12:24] Speaker 1

get some very good returns out of the bond market. They're relevant again. Bonds haven't been relevant for a lot of years and they are now. So what we're suggesting you do, there's two areas where I think we could lower our exposure a little bit because of the higher rate environment.

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[00:12:51] Speaker 1

bond fund, the Vanguard short term corporate bond fund.

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[00:12:57] Speaker 1

Yeah.

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[00:13:13] Speaker 1

funds, the intermediate term bond fund and the intermediate term investment grade

[00:13:18] Speaker 2

bond fund.

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[00:13:23] Speaker 1

into each of those. All we're doing there, we're still keeping the bond. We're

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[00:13:34] Speaker 1

infrastructure

[00:13:34] Speaker 1 · Machine re-recognized

funds.

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[00:13:35] Speaker 3 + overlapping voice · overlapping voices

But the rest.

[00:13:36] Speaker 1

Yeah. The rest is just moving the money from shorter term bonds to a little bit longer maturity structure. ‸ See if we can't get a little bit of goose from falling interest rates next year.

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[00:13:53] Speaker 1

So at this point that will take us up to about target on

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[00:14:14] Speaker 1

took a hit.

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[00:14:19] Speaker 1

Utilities typically pay a little higher dividend. But when ‸ competition for the money with rates going up as fast as they have. And as high as they have the competition for the ‸ money kind of hurt them a little bit. So. I think it makes sense to

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[00:14:34] Attribution uncertain

And

[00:14:34] Speaker 1

move it into bonds.

[00:14:37] Speaker 3 + overlapping voice · overlapping voices

Yeah.

[00:14:38] Speaker 1 + overlapping voice

We'll send you a sample letter and all that to get it done. If the board. If the board's in agreement.

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[00:14:47] Speaker 1 + overlapping voice

it out to you. But it's.

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[00:14:52] Speaker 1 + overlapping voice · overlapping voices

Mitchell and

[00:14:52] Attribution uncertain

I

[00:14:52] Speaker 1 + overlapping voice · overlapping voices

were talking late last night as a matter of fact. So. I think that's a good strategy. If y'all are

[00:14:59] Speaker 3

in agreement.

[00:14:59] Attribution uncertain

If

[00:14:59] Speaker 3

the board agrees and we would need a nation.

[00:15:03] Speaker 3 · Unclear audio

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[00:15:08] Attribution uncertain · Unclear audio

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[00:15:08] Speaker 3 · Unclear audio

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[00:15:10] Speaker 3

from Vanguard Short-Term. And move ‸ equally into the two other Vanguard funds.

[00:15:17] Speaker 1

Vanguard bond funds.

[00:15:19] Speaker 3 + overlapping voice · overlapping voices

And what? Bond funds.

[00:15:21] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:03]

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[00:15:26] Speaker 2

Thank you.

[00:15:29] Speaker 2 · Unclear audio

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[00:15:30] Speaker 4 · Unclear audio

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[00:15:40] Speaker 1 · Unclear audio

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[00:15:42] No voice detected

I

[00:15:43] Speaker 1

think the only other chart I just ended on is page 22. And you know I talk about what's happened in the last couple ‸ years. And it's all just kind of backed up by the volatility.

[00:15:51] Attribution uncertain

You

[00:15:51] Speaker 1

see on the left hand side of that page. To have this many managers. This diversified. You know best in class kind of managers. Plus some good index funds. Be that well diversified. And see that kind of volatility that we've seen since 2021. Is just. It's unprecedented. So. Stay patient.

[00:16:09] Attribution uncertain

I

[00:16:09] Speaker 1

think things. I mean you had a good year.

[00:16:10] Attribution uncertain · Unclear audio

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[00:16:14] Speaker 1

I think things will kind of.

[00:16:16] Speaker 1 · Unclear audio

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[00:16:19] Speaker 1

bit here in the next few quarters. And bond rates. As we sit here a year from now I think bond rates will be lower. ‸ Next couple of quarters. I'm not betting on that right now. But I think it's still a good time to go ahead and start inching that way.

[00:16:32] Attribution uncertain · Unclear audio

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[00:16:32] Speaker 1 · Unclear audio

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[00:16:39] Speaker 1

That's really about all I was going to cover. Unless there's anything you want me to go into a little more detail on.

[00:16:45] Speaker 4 + overlapping voice

Two questions. I was at the Department of Management Services

[00:16:50] Speaker 4 + overlapping voice · Machine re-recognized

conference

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[00:16:50] Speaker 4 + overlapping voice · overlapping voices

in Orlando. And your colleague from BCA.

[00:16:55] Speaker 1 · Unclear audio

[unclear audio]

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[00:16:57] Speaker 4 · Unclear audio

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[00:16:58] Speaker 4 · Unclear audio

[unclear audio]

[00:16:59] Speaker 4

He said. To ask this at the next board meeting.

[00:17:03] Speaker 1

‸ Okay.

[00:17:05] Speaker 4

What is our expected rate of return on our bond alternatives?

[00:17:11] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

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[00:17:14] Speaker 1 + overlapping voice · overlapping voices

You

[00:17:14] Speaker 4 + overlapping voice

tell me

[00:17:14] Speaker 4 + overlapping voice · overlapping voices · Machine re-recognized

cause

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[00:17:15] Speaker 4 + overlapping voice · overlapping voices

this is a question he said we all should ask.

[00:17:17] Speaker 1 · Unclear audio

[unclear audio — 0:02]

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[00:17:19] Speaker 1

places has been you know with this higher rate environment again. Remember how fast this has happened from zero to five or whatever you know in this higher rate environment. Is it is it I don't know maybe the best way to word is it worth the risk to go into some of these other asset classes? And if so.

[00:17:38] Speaker 1 · Unclear audio

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[00:17:39] Attribution uncertain · Unclear audio

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[00:17:39] Speaker 1 · Unclear audio

[unclear audio]

[00:17:39] Attribution uncertain · Unclear audio

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[00:17:39] Speaker 1 · Unclear audio

[unclear audio]

[00:17:40] Speaker 1

if I can get 5%

[00:17:41] Speaker 1 · Unclear audio

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[00:17:43] Attribution uncertain · Unclear audio

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[00:17:43] Speaker 1 · Unclear audio

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[00:17:53] Speaker 1

We've got some you know other alternatives infrastructure. I don't really consider infrastructure ‸ alternative. It's kind of a subset of an equity but

[00:18:00] Speaker 1 · Unclear audio

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[00:18:05] Speaker 1

And the answer is yeah 5% ‸ good.

[00:18:08] Speaker 1 · Unclear audio

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[00:18:11] Speaker 1 · Machine re-recognized

We've

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[00:18:11] Speaker 1

still got to take some risk. I think real estate is a very still a pretty reasonable. It's obviously gotten hit. I think we're closer though to a buy point in commercial real estate than selling more right now. I

[00:18:26] Attribution uncertain

mean

[00:18:26] Speaker 1

I know we're in the queue and I think we need to stay there because that manager hasn't earned your business.

[00:18:30] Speaker 1 · Unclear audio

[unclear audio — 0:04]

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[00:18:33] Speaker 1

‸ That's what I've been talking to our investment committee about is we need to keep our eyes up here for the buy point because in 2008 if you remember what happened in 2008 we had kind of ‸ similar situation during the financial crisis. Real estate got hit.

[00:18:47] Attribution uncertain

You

[00:18:47] Speaker 1

couldn't get your money out.

[00:18:48] Speaker 1 · Unclear audio

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[00:18:52] Speaker 1

got in the withdrawal queue line. By the time we got to the front of the line we moved over to the other line said you know I think it's time to get in not out. That's probably going to happen again because I think there's some pent up demand there and if rates did drop

[00:19:05] Speaker 1 · Machine re-recognized

if

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[00:19:05] Speaker 1

mortgage rates and lending rates dropped.

[00:19:07] Speaker 1 · Unclear audio

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[00:19:12] Speaker 1

used to be considered high. If that dropped back down I think you'd see a lot of activity picking up just like that.

[00:19:18] Speaker 1 · Unclear audio

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[00:19:19] Speaker 1

‸ was saying driving over the word was just from this 50 basis ‸ point drop we've seen this last week activity picked up. Well I think there's it would happen a lot.

[00:19:32] Speaker 1 · Unclear audio

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[00:19:33] Speaker 1

There's a lot of people haven't sold their house because on the residential side they're not

[00:19:37] Speaker 1 · Unclear audio

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[00:19:41] Speaker 1

or seven but they might want to sell. So

[00:19:44] Speaker 1 · Unclear audio

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[00:19:47] Speaker 1

because demand will go through the roof especially in Florida if rates go back down to four to kind of cut to the answer to your question.

[00:19:55] Speaker 1 · Unclear audio

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[00:19:58] Speaker 1

expected over the risk free rate.

[00:20:00] Speaker 1 · Unclear audio

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[00:20:03] Speaker 1

estate long term who knows what's going to happen in the short run but long term.

[00:20:07] Speaker 1 · Unclear audio

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[00:20:11] Speaker 1

you're going to demand a little bit higher return than you would have 12 months ago.

[00:20:15] Speaker 4

Thank you.

[00:20:15] Attribution uncertain

So

[00:20:15] Speaker 1 + overlapping voice · overlapping voices

does that

[00:20:16] Speaker 4

kind

[00:20:17] Speaker 1

of answer it?

[00:20:17] Speaker 4

Yeah.

[00:20:17] Attribution uncertain

Then

[00:20:17] Speaker 4

I had another question.

[00:20:19] Speaker 1

Are

[00:20:19] Speaker 4

you familiar with House Bill 3?

[00:20:22] Speaker 1

Yes.

[00:20:23] Speaker 4

Are you familiar with the word pecuniary?

[00:20:25] Speaker 1 + overlapping voice · overlapping voices

Oh yeah. I had to look it up. But yeah.

[00:20:27] Speaker 4 + overlapping voice · Unclear audio

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[00:20:34] Speaker 4 + overlapping voice · overlapping voices

that word is another word for money making. Yep.

[00:20:39] Attribution uncertain

Uh,

[00:20:40] Speaker 4 + overlapping voice · Unclear audio

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[00:20:47] Speaker 4 + overlapping voice · overlapping voices

in hedge funds. We cannot invest in private equity. Yet we are obligated as fiduciaries to make money. Um, do you see our investment policy statement changing to allow for hedge fund investments to allow for private equity investments?

[00:21:10] Speaker 1 + overlapping voice

I'd have

[00:21:10] Speaker 1 + overlapping voice · Machine re-recognized

to look at the wording in

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[00:21:11] Speaker 1 + overlapping voice

there, but you can, I would always recommend that if you can go to a more, um, you know, get, get, I think it usually requires council approval to go to ‸ more liberal language that allows you if there's restrictions in there.

[00:21:24] Speaker 1 + overlapping voice · Unclear audio

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[00:21:28] Speaker 1 + overlapping voice

an ordinance that says you can't, you know, there's certain things we might not be able to go to.

[00:21:31] Speaker 1 + overlapping voice · Unclear audio

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[00:21:33] Speaker 1 + overlapping voice

not, I think going to a more liberal policy is good where it's, it kind of opens the door.

[00:21:38] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

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[00:21:40] Speaker 1 + overlapping voice

but you don't know what's going to happen five years down the road or 10 years down the road.

[00:21:44] Speaker 1 + overlapping voice · Unclear audio

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[00:21:47] Speaker 1 + overlapping voice

um, I call it kind of the anti woke bill or anti ESG bill. What they didn't want was managers coming in to Florida and saying, uh, making their investment decisions to promote a social agenda or to promote an agenda that you all may not agree with, or two of you might agree with and two of you don't. The point being, if they're going to work for you as a pension board, their job is to make you money and any decision they make on the investment side should be done with that solely in mind.

[00:22:14] Speaker 1 + overlapping voice · Unclear audio

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[00:22:17] Speaker 1 + overlapping voice

They may look at ESG and say the fact that this company is doing this particular thing will help its earnings down the road, we believe, and we'll do that, you know, and then they end up recommending the stock. I don't

[00:22:28] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

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[00:22:33] Speaker 1 + overlapping voice

me and say, you know, um, I want you to buy all these windmill companies because we believe that's the answer. If they do that, they're out the door. Well, we wouldn't let them come in to you anyway, if that was the case, you know, we just, we recognize

[00:22:48] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

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[00:22:52] Speaker 1 + overlapping voice

not everybody's thinking the same, you know, you're not going to do that. We want you to make money for our clients and beat your benchmarks.

[00:22:58] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

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

So, um,

[00:23:03] Speaker 1 + overlapping voice · Unclear audio

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[00:23:07] Speaker 1 + overlapping voice

whether you can invest in hedge funds or whether you can go private equity or do anything like that.

[00:23:11] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

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[00:23:15] Speaker 1 + overlapping voice · overlapping voices

I can take back to, uh, to Mitchell and maybe while Stu's on the line, he can, if he's up. Yeah, yeah, yeah.

[00:23:23] Speaker 1 + overlapping voice · Unclear audio

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[00:23:25] Speaker 1 + overlapping voice

whether we've got any kind of, uh, ordinance issues, we'd have to get changed if we wanted to change that.

[00:23:29] Speaker 2

No, I don't think so. I mean, we could get rid of that language, but I don't think it's something that, you know, BCA is recommending at this point in time, any investments ‸ hedge funds.

[00:23:39] Speaker 2 · Unclear audio

[unclear audio]

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[00:23:39] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:23:40] Speaker 2 · Unclear audio

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[00:23:44] Speaker 2

time we were considering it. ‸ You know, anytime we bring on a new asset class, you know, we, we do, you guys do revise the investment policy statement to take it into account with regard to the asset allocation. So I

[00:23:55] Speaker 2 · Unclear audio

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[00:23:59] Speaker 2

class that, you

[00:24:00] Attribution uncertain

know,

[00:24:01] Speaker 2

you guys are recommending.

[00:24:02] Speaker 1 · Unclear audio

[unclear audio]

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[00:24:06] Speaker 2

maybe you would recommend it. And, you know, we could,

[00:24:09] Attribution uncertain

we

[00:24:09] Speaker 2

could revise the investment policy, but as of now, if

[00:24:11] No voice detected

it's

[00:24:11] Speaker 2 + overlapping voice · overlapping voices

something that, you know, your firm's not going to stand behind and recommend to the trustees. And I don't have an issue with the investment policy, uh, as is presently.

[00:24:20] Speaker 1

Yeah, I don't either.

[00:24:22] Speaker 1 · Unclear audio

[unclear audio — 0:03]

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[00:24:25] Speaker 1

We've had a lot of hedge fund managers come through the shop, tried to do some due diligence on it. This dates back. I've been doing this, that part of it for over 20 years.

[00:24:34] No voice detected

And

[00:24:34] Speaker 1

one thing I can tell you, they come in and they are smart. Almost every hedge fund guy I've ever, I will tell you when they come in, they do their thing. I'm, I'm usually impressed with how intelligent they are. What I'm not impressed with typically are the, are the returns for the risk that you take the risk return trade off. Usually, uh,

[00:24:50] Speaker 1 · Machine re-recognized

just

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[00:24:51] Speaker 1

hasn't been that attractive.

[00:24:52] Speaker 1 · Unclear audio

[unclear audio — 0:06]

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[00:24:59] Speaker 1

was that movie? Uh, Indiana Jones,

[00:25:01] Speaker 1 · Unclear audio

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Flag: a language review questioned the wording · 00:25:01–00:25:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:25:04] Speaker 1

this.

[00:25:05] Speaker 1 · Unclear audio

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[00:25:07] Speaker 1

I feel like they're kind of the samurai guy. Just the hedge fund guys. They come in and they got a lot of good language and they got a lot of things they're throwing at you. They got a lot of features, a lot of derivatives, a lot of things they do. And then they

[00:25:19] Speaker 1 · Unclear audio

[unclear audio — 0:03]

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[00:25:22] Speaker 1

‸ I was impressed enough to say, Oh yeah, we got to go here. Some of the things we are looking at though, that, that could be down the road.

[00:25:29] Speaker 1 · Unclear audio

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[00:25:31] Speaker 1

plan right now. But,

[00:25:32] Speaker 1 · Unclear audio

[unclear audio]

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[00:25:32] Attribution uncertain

um,

[00:25:33] Speaker 1 · Unclear audio

[unclear audio — 0:05]

[00:25:39] Speaker 1

now because banks have sort of dried up their lending. Uh, you know, with higher rates and regulations and problems banks have had in general, it's harder for middle sized companies to get loans. So, um, they've turned to the private market for direct lending in a lot of cases. Those aren't necessarily hedge funds. Those are usually, uh, you know, limited partnership structures where you can get in, but they lock up your money. They have some liquidity issues, but they do have some pretty attractive yields, but you pay for that yield with other features. So that's something, you know, that we could come and we'd have to have probably a change to the investment policy to permit it. But we're always looking at stuff like that. And as long as they don't get too risky, you know, there might be something that we bring to you down the road. But,

[00:26:20] Speaker 1 · Unclear audio

[unclear audio — 0:01]

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[00:26:21] Attribution uncertain

a

[00:26:21] Speaker 1 · Unclear audio

[unclear audio — 0:01]

[00:26:23] Speaker 4 + overlapping voice · overlapping voices

Thank you very much.

[00:26:24] Attribution uncertain

I'm

[00:26:24] Speaker 1

sorry. Get a little winded sometimes.

[00:26:29] Speaker 2

Yes, sir.

[00:26:31] Speaker 1

So

[00:26:31] Speaker 2 + overlapping voice · overlapping voices

that's good. It actually dovetails, uh, right into my report on House Bill 3. So at the last meeting, you did actually revise your investment policy to include the provisions for House Bill 3, just saying that you're going to make your investment decisions based upon pecuniary factors.

[00:26:46] Speaker 2 + overlapping voice · Unclear audio

[unclear audio — 0:02]

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[00:26:48] Speaker 2 + overlapping voice

The only housekeeping item left with regard to House Bill 3 compliance is to get that, uh, report filed with the Division of Retirement by December 15th.

[00:26:58] Speaker 2 + overlapping voice · Unclear audio

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[00:27:03] Speaker 2 + overlapping voice

the provisions of the law. So, you

[00:27:06] Attribution uncertain

know,

[00:27:06] Speaker 2

we sent away, we reached out to the Division of Retirement. We asked them, you know, what should this report look like?

[00:27:12] Speaker 2 · Unclear audio

[unclear audio — 0:02]

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[00:27:14] Speaker 2

to be a comprehensive report. So no help there. Uh, so what we did was we got on the phone with all the other, uh, pension attorneys in the state. And we had a couple of conference calls and we developed language, which is included in your packet. And it is the second document from us.

[00:27:35] Speaker 2 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:27:35–00:27:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:27:39] Speaker 2 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:27:39–00:27:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:27:41] Speaker 2

And this is actually going to be the report that we are going to be filing on December 15th. And the bulk of it is just saying that, you

[00:27:50] Attribution uncertain

know,

[00:27:50] Speaker 2

we're aware of, uh, the law and that we have adopted this comprehensive investment policy, which you approved at the last meeting, which is attached to, you know, this, this document. And that serves as the report, we sent it for review up to, uh, Keith Brinkman at the Division of Retirement. He is fine with the report, and this is basically going to be the standard report that all pension funds in Florida are going to be using. Um, so, you know, Sheila has direction from us already that she should take this, you know,

[00:28:26] Speaker 2 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:28:26–00:28:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:27] Speaker 2

report, put it on our fund letterhead, attach the investment policy to it, and get it filed

[00:28:32] Speaker 2 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:28:32–00:28:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:35] Speaker 2

by December 15th. And then we are taken care of with regard to the requirements, uh, for compliance with the law. So, you

[00:28:44] Attribution uncertain

know,

[00:28:44] Speaker 2

we try to make it as easy as possible, and I think, you know, this meets the, uh, provisions of the law in the easiest manner possible. You know, kept it very simple. So, uh, you know, the division should not have an issue with it, and Sheila will get it filed. She already registered on the portal, and she will get it filed by December 15th. So,

[00:29:06] Speaker 4 + overlapping voice · overlapping voices

we are good to

[00:29:08] Speaker 2 + overlapping voice · overlapping voices

go there. Yeah.

[00:29:09] Speaker 2 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: words only one machine reading has (possibly not said); the recognized words and the detected speech do not line up; a language review questioned the wording · 00:29:09–00:29:14 · unresolved: the words are not shown (unclear audio); listen to the recording

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[00:29:12] Attribution uncertain · Unclear audio

[unclear audio]

[00:29:12] No voice detected · Unclear audio

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[00:29:15] Speaker 2

Yep. That's correct. And then, yeah, so, Larry, I don't know if we have any, uh, separate investment managers who are voting

[00:29:25] Speaker 2 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:29:25–00:29:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:26] Speaker 2

It looks like the bulk of our investments are either mutual funds or ETFs or

[00:29:30] Speaker 2 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:29:30–00:29:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:32] Speaker 2

So, uh, if there are any independent actively

[00:29:36] Speaker 2 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:29:36–00:29:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:37] Speaker 2

that we have, uh, that are voting proxies for us, we will need to send,

[00:29:41] No voice detected

uh,

[00:29:42] Speaker 2

the next page, the next document in your packet, uh, labeled, you know, it's

[00:29:47] Speaker 2 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:29:47–00:29:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:51] Attribution uncertain

two,

[00:29:51] Speaker 2 · Unclear audio

[unclear audio — 0:02]

[00:29:54] Speaker 2

And, uh, we would like you, if we have an active investment manager voting proxies, we'd like you to place that on letterhead as well and send it out to the manager just so they are aware of,

[00:30:06] No voice detected

uh,

[00:30:07] Speaker 2

the law when they are voting the proxies and they have to vote proxies solely with regard to pecuniary factors without considering any, you know, outside economical,

[00:30:17] Attribution uncertain

uh,

[00:30:18] Speaker 2 + overlapping voice

environmental, ideological, corporate governance issues. So I think we might have

[00:30:23] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:23–00:30:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:27] Speaker 2 + overlapping voice

Yeah.

[00:30:27] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:27–00:30:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:27] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:30:29] Speaker 1 + overlapping voice

that we'd have to send that to.

[00:30:30] Speaker 2

Okay. Okay. So Sheila, you would have to just send that memo to them.

[00:30:35] Speaker 1 + overlapping voice · overlapping voices

Yep.

[00:30:36] Speaker 2 + overlapping voice · overlapping voices

And that's it. Then we are good to go and, you know, we could stop talking about house bill three in every meeting. So other than that, uh,

[00:30:46] Speaker 2 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:30:46–00:30:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:50] Speaker 2 + overlapping voice

Hearing none. Okay. Uh, only other thing, just, you know, status update on we're monitoring that potential forfeiture matter. Uh, you know, I

[00:30:59] Speaker 2 + overlapping voice · Machine re-recognized

check

Flag: words were replaced by a machine repair · 00:30:59–00:31:00 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:31:00] Speaker 2 + overlapping voice

the docket every couple of weeks to see if the case has gone to trial and the criminal case has been resolved and it's still, there's no, uh, resolution at this point in time. There's no trial date set, but, you know, just to let you know, I am keeping my eye on it to see if we're going to have to do institute forfeiture proceedings against the, uh, ex police officer. Other than that, nothing further to report today. I just wanted to, you know, take the opportunity to ‸ wish everyone a happy holiday, happy new year, good health, happiness. And, uh, you know, thank you for your continued confidence in the firm. We appreciate it.

[00:31:35] No voice detected

Thank you.

[00:31:38] Speaker 3 + overlapping voice

I'd like to add to that. We

[00:31:40] Speaker 3 + overlapping voice · Machine re-recognized

had

Flag: words were replaced by a machine repair · 00:31:40–00:31:40 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:31:40] Speaker 3 + overlapping voice

a discussion in the general.

[00:31:42] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: the recognizer flagged its own output; a language review questioned the wording · 00:31:42–00:31:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:48] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:31:48–00:31:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:53] Speaker 3 + overlapping voice

informative. So thank you, Stu. I

[00:31:57] Speaker 1

agree with that.

[00:31:58] No voice detected

It was a

[00:31:58] No voice detected · Machine re-recognized

true job.

Flag: words were replaced by a machine repair · 00:31:58–00:32:00 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:31:59] Speaker 2 · Machine re-recognized

You're

[00:32:00] Speaker 2

very welcome. I appreciate it.

[00:32:01] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:32:01–00:32:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:02] Speaker 1

out real quick, uh, just one thing on SSI. They did have a change.

[00:32:06] Attribution uncertain

Uh,

[00:32:06] Speaker 1

Jimmy Kowals was your contact. He's no longer there. He left the firm. I'm, he wouldn't tell me where he was going

[00:32:13] Speaker 1 · Machine re-recognized

because

Flag: words were replaced by a machine repair · 00:32:13–00:32:13 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:32:13] Speaker 1

he was sitting with some other guys from SSI when he called me. So I'll find out.

[00:32:17] Speaker 1 · Unclear audio

[unclear audio]

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[00:32:18] Attribution uncertain · Unclear audio

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[00:32:19] Speaker 1 · Unclear audio

[unclear audio — 0:01]

[00:32:20] Speaker 1

Do you have that?

[00:32:21] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:21–00:32:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:22] Attribution uncertain

I

[00:32:22] Speaker 3 + overlapping voice

think I got something

[00:32:23] Speaker 3 + overlapping voice · Machine re-recognized

from

Flag: words were replaced by a machine repair · 00:32:23–00:32:23 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:32:23] Speaker 3 + overlapping voice · overlapping voices

him. Okay. Could you shoot me an email? Sure. And, and since he's brought that up under my report, uh, we had, uh, that change from SSI to

[00:32:35] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:35–00:32:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:37] Speaker 3 + overlapping voice

And I checked with Stu because it was an assignment and he

[00:32:40] Speaker 3 + overlapping voice · Machine re-recognized

thought

Flag: words were replaced by a machine repair · 00:32:40–00:32:40 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:32:40] Speaker 3 + overlapping voice

it was okay for the chairman to go ahead and try. So I just wanted the

[00:32:44] Speaker 3 + overlapping voice · Machine re-recognized

board's

Flag: words were replaced by a machine repair · 00:32:44–00:32:45 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:32:45] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:45–00:32:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:49] Speaker 3 + overlapping voice

it and, you know, the reporting is fine. Yeah. Yeah.

[00:32:57] Attribution uncertain

Thank

[00:32:57] Speaker 3 + overlapping voice · overlapping voices

you. Since he bought up SSI. Okay. Is that everything there? ‸ Yeah.

[00:33:05] Attribution uncertain

I

[00:33:05] Speaker 3 + overlapping voice · overlapping voices

just wanted you to know that in

[00:33:07] Attribution uncertain

case

[00:33:07] Speaker 3 + overlapping voice · overlapping voices

you're gonna ‸ send that out. Yeah.

[00:33:08] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:33:08–00:33:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:09] Attribution uncertain

I

[00:33:09] Speaker 3 + overlapping voice · overlapping voices

think I got something.

[00:33:12] Speaker 1

Yeah.

[00:33:12] Attribution uncertain

They

[00:33:12] Speaker 1

sent something out.

[00:33:13] Attribution uncertain · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output; words only one machine reading has (possibly not said) · 00:33:13–00:33:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:13] Speaker 1 · Unclear audio

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[00:33:56] No voice detected · Unclear audio

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Flag: flagged by the automatic checks · 00:33:56–00:34:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:56] Speaker 3 · Unclear audio

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[00:34:00] No voice detected · Unclear audio

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[00:34:00] No voice detected

you.

[00:34:08] Speaker 3 · Unclear audio

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Flag: flagged by the automatic checks · 00:34:08–00:34:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:17] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:34:35] Speaker 3

Thank you. We do a detailed

[00:34:43] Speaker 3 · Machine re-recognized

accounting

Flag: words were replaced by a machine repair · 00:34:43–00:34:44 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:34:44] Speaker 3

of the actual paid expenses. And so that's a separate attachment that I put there. Also put the budget to show you that we did not exceed our... Budget,

[00:34:57] Speaker 3 · Unclear audio

[unclear audio — 0:22]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:34:56–00:35:57 · unresolved: the words are not shown (unclear audio); listen to the recording

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[00:35:24] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:35:28] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:35:57] Speaker 3

I'll make

[00:35:59] Attribution uncertain · Unclear audio

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[00:36:07] Speaker 4

to approve the expenses and deposits.

[00:36:12] Speaker 3 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:36:12–00:36:43 · unresolved: the words are not shown (unclear audio); listen to the recording

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[00:36:20] Attribution uncertain · Unclear audio

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[00:36:20] No voice detected · Unclear audio

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[00:36:33] Attribution uncertain · Unclear audio

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[00:36:39] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

[00:36:43] Speaker 4 + overlapping voice · overlapping voices

I'm not sure who gets this question. Six

[00:36:46] Speaker 1 + overlapping voice · overlapping voices

percent. Back

[00:36:48] Speaker 4

at the conference, there was an attorney who deals with IRS, and he wanted us to ensure

[00:36:57] Speaker 4 · Unclear audio

[unclear audio — 0:05]

Flag: the recognizer flagged its own output · 00:36:57–00:37:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:04] Speaker 2

So, you know, I don't know whether or not we have one. There's no requirement to actually have one. In fact, the IRS stopped issuing them a couple of years ago. So, if we don't have one, we're not going to get one. But that really does not ‸ have any effect on anything because all pension funds are considered qualified plans for purposes of the IRS tax code. So, I mean, there's no specific. ‸ Most of the plans do not have one. And there's no requirement to have one.

[00:37:36] No voice detected

And,

[00:37:36] Speaker 2

you know, if the law changes again, they open up the window to allow filing for them. You know, we can consider it, but it's not even something that's on the table at this point in time.

[00:37:45] Speaker 4 + overlapping voice · overlapping voices

Okay. Thank you. Yeah, no problem.

[00:37:49] Attribution uncertain · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:37:49–00:37:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:49] Speaker 4 · Unclear audio

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[00:37:54] Speaker 4

and we were talking retirement. And I was not aware that FRS has an eight year drop. So, I was wondering if that's something, it's not a benefit improvement to increase the drop from five to eight. Is that something that we would want to entertain? It

[00:38:11] Speaker 3

has to be negotiated with contract

[00:38:14] Speaker 4

negotiations

[00:38:15] No voice detected

with PBA.

[00:38:16] Speaker 4

‸ That would be a benefit.

[00:38:18] Speaker 2 · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:38:18–00:38:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:38:19] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:38:20] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

[00:38:22] Speaker 2 + overlapping voice

It would be subject to collective bargaining. There are a couple of funds who have, you know, headed in direction after they saw the FRS law change. You know, if it's something that we want to consider, you know, we got to reach out to the union and ask them if they, you know, it's something that they want to, you know, negotiate with the city for.

[00:38:44] No voice detected · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:38:44–00:39:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:38:50] Speaker 2 · Unclear audio

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[00:38:55] No voice detected · Unclear audio

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[00:39:02] Attribution uncertain · Unclear audio

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[00:39:05] Attribution uncertain · Unclear audio

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[00:39:18] No voice detected · Unclear audio

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[00:39:19] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:39:20] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

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[00:39:22] Speaker 2 + overlapping voice

There's no cost involved, really. It's just a policy issue. ‸ It helps you retain the, you know, more seasoned, I'll use that word instead of age-related officers. You know, and if you can't… If you're having a problem attracting new police officers, then, you know, it's also helpful in that way. You know, ‸ it's really a policy decision for the ‸ city and it has to be a bargain.

[00:39:51] No voice detected · Unclear audio

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Flag: the recognized words and the detected speech do not line up; a language review questioned the wording · 00:39:51–00:40:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:39:53] Speaker 3 · Unclear audio

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[00:40:00] Speaker 3

that grant

[00:40:00] Speaker 3 · Unclear audio

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[00:40:05] Speaker 2 · Unclear audio

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Flag: a language review questioned the wording · 00:40:05–00:40:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:11] Speaker 2

and even you could allow the current drop members to have their drop period extended as well.

[00:40:16] Speaker 2 · Unclear audio

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[00:40:18] Speaker 2

and, you know, give them the opportunity to do so also.

[00:40:23] Speaker 4 · Unclear audio

[unclear audio — 0:01]

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[00:40:24] Speaker 2

You got it. Pleasure.

[00:40:25] Speaker 2 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:40:25–00:40:47 · unresolved: the words are not shown (unclear audio); listen to the recording

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[00:40:29] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:40:36] Attribution uncertain · Unclear audio

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[00:40:36] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:40:38] Speaker 3 · Unclear audio

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[00:40:47] Speaker 3

And the other thing is, the way our

[00:40:50] Speaker 3 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:40:50–00:41:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:00] Speaker 3 · Unclear audio

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Flag: a language review questioned the wording · 00:41:00–00:41:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:05] Speaker 3

But that definitely, you

[00:41:06] Attribution uncertain

know,

[00:41:06] Speaker 3 + overlapping voice

we… How many times have we

[00:41:08] Speaker 3 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:41:08–00:41:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:08] Speaker 3 + overlapping voice · overlapping voices

this? You know, I've been working

[00:41:10] Speaker 3 + overlapping voice · Unclear audio

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[00:41:10] Speaker 3 + overlapping voice

17 years and I think that was one of the first things we discussed. So, ‸ yes, that definitely has to be negotiated

[00:41:18] Speaker 3 + overlapping voice · Unclear audio

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[00:41:19] Speaker 3 + overlapping voice · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:41:19–00:41:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:27] Speaker 3 + overlapping voice · overlapping voices

That

[00:41:28] Speaker 1 + overlapping voice · overlapping voices

would be a question. Yeah, that would be

[00:41:29] Speaker 3 + overlapping voice · overlapping voices

something that we did with them. But

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:41:31–00:41:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:37] Speaker 1

Anybody else? All right, I think that's about it.

[00:41:49] Speaker 4 + overlapping voice · overlapping voices

All

[00:41:49] Speaker 2

right, good deal. Take care, everyone.

[00:41:53] No voice detected

Thank you.

Police Pension Regular Meeting

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