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been significantly weighted towards those top 10 names in terms of outperformance. And

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A lot of those ‸ names are in the tech, the communication services and consumer discretionary portion of the market that is more growth tilted. So this year again, you know, 2022 when the market sold off, value really protected to the downside. Now

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really outperformed. It's outperforming by about 21% year to date. So you'll see in the top right on page four, large cap growth up over 28%, large cap value up just seven. And so meta and communication services, so that's Facebook, it's up nearly 151% year to date through Friday. NVIDIA up over 200% year to date. And then Tesla up over 89% year to date. Surprisingly, two of the other names

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are

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names that have done really well. There's much smaller portions of the index, but within that consumer discretionary, it's actually the cruise line. So Royal Caribbean and Carnival cruise line are both up over 100% year to date.

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through into the earnings of not only the cruise lines, but a lot of the airlines as well.

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have also done well so far.

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people finally get back to traveling. The next page, page five. We still have very good, very strong economic numbers, but we are starting to see that people are spending down their savings and saving less. So the historical average of how much

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save on an

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This

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right, you'll see, we had a huge excess of savings coming out of the pandemic based on all the stimulus that was provided. We've pretty much spent almost all of that down.

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In the US that's down to just 0.3 trillion.

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So

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about 300 billion now. So we're starting to see the savings come down and we're starting to see credit credit balances increase.

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consumers.

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sold off during the pandemic. People were getting stimulus, weren't having to spend as much on credit. Uh, now that that savings has, uh, started to trickle off starting to spend more credit. So still not at historically bad levels, but again, it's something that we keep an eye on.

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be a headwind for consumers and the economy overall, uh, over the next couple of years. The good news is on page six, uh, the feds rate hikes, uh, that we saw last year and the start of this year, uh, seem to be, uh, producing the results, the desired results. So inflation, uh, has come down significantly. So we peaked in

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reported as of June. June was down to about 3.13%, depending on what you're looking at for inflation. Uh, and then July numbers just came out last week and those were at 3.2%. So we're starting to get to that level where we're leveling out. The target still is 2% for the fed.

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few months, uh, maybe the next six months as we see, uh, on the next page, you can actually see the breakdown on the left side of what's adding to, to inflation. So what's been up, what's been down really, what's been leading, uh, inflation lower the past few months has been, uh, energy prices coming down. But if you filled up your car over the past four weeks, you know, oil's already ticked back up.

[00:04:04] Attribution uncertain

Uh,

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gas prices are going back up. So you can see it's those green bars at the very bottom on the left side. That's, uh, falling energy prices over the past few months. Uh, since June

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expect the next, next couple months, uh, energy will start adding back to inflation instead of, uh, reducing it.

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And the feds going to maintain that path that we we've seen now where they paused, got some data, hyped another quarter percent, maybe see a pause at the next meeting. Uh, they'll have the July data that just came in.

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in September or just another quarter basis point. So they're going to be pretty methodical. Certainly don't expect any cuts to rates. Um, definitely this year and probably not until the earliest, maybe late 2024, assuming we don't have some sort of deep recession or economic crisis unfold. So, uh, we'd expect rates to remain higher for longer, at least through 2024.

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I think there's really no incentive for the fed to cut rates, um, just maintain where they're currently at. The next page, uh, the good news again, we've talked about it before is with higher rates. It means we're making more on bonds. Um, it also gives us a lot more wiggle room. So, uh, keep in mind the math behind bonds. If rates go up, the value of the bonds we currently hold goes down. Uh, but because rates are so high, even if we see on the right hand side of the chart, um, that's kind of a risk reward trade off. And we see rates rise another 1%, we have very limited downside.

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the two year treasury and the five year treasury, very limited downside. Even if we see another 1% uh,

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hike in rates.

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So for a two year treasury, we'd still be expecting about a 3% return. If rates went up another 1% for five year treasuries, we'd pretty much be flat. Uh, the other area we're

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that's investment grade corporates. So again, even if we see another 1% uh, hiking rates, we only expect it worse.

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flip side of that. If, and when we do see rates start to come back down, uh, very favorable

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returns.

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anywhere from seven to, uh, really double digit

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little more conservative and start to, um, really consolidate our investments and not have to reach out in different asset ‸ classes to get income because now we can get it in, uh, uh, in our bonds. So, uh, the last thing I'll point to on this page, we show the current yields as of 731.

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And so you can see a two year treasury, the yield right now is about 4.9%, um, shorter than, uh, two years. So if you look, if you buy your own treasuries or you have a broker that buys treasuries for you, the three and six months treasuries are closer to five and a half percent, which is pretty incredible.

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the aggregate. So the core bonds

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over seven and a half percent. So very favorable returns within, uh, and yields within the areas that we're invested in fixed income. Um, one thing we do keep an eye on page nine,

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are

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default rates. So the inability for companies to pay back debt. So, uh, we don't have any direct exposure to high yield in our portfolio. Uh, but it's one of the things we monitor.

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how many companies are defaulting on bonds they've issued. Uh, but we are starting to see it take up. So you'll see that blue line. All the way to the far right, starting to trend upward. And so that's something we keep an eye on. So, uh, while we don't have direct exposure there, it certainly could bleed into some of the higher quality bonds that we do own, uh, through our investments. And so we want to be cognizant of that. So, uh, again, don't see any issues right now, but, uh,

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Should we see default ‸ rates tick up too high? Um, page 10, uh, just

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‸ outperform just barely over the last really one and a half years. Um, and again, really since the fed started raising rates, that's when international started to outperform the U S. So, uh,

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S significantly outperforms.

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uh, tech,

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significantly outperformed. And then the previous time that, uh, international outperformed by, you can see that kind of

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blue,

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uh, excuse me, purple spike up in the chart. That was from really 2000 to 2008.

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So that was when all the tech companies sold off and people were much more comfortable investing in energy and financials, uh, which are much more heavily represented in the international market. So, um, again, we think we'll probably be about neck and neck right now, uh, with international, as we've started to see growth and tech in particular start to rebound. But on page 11, despite the outperformance, we've seen from international, it's still heavily discounted to the U S. So, uh, that's one of the main reasons we still have an allocation there. Uh, we are underweight to our target in international.

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discounted it is. So you can see

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based on, uh, valuation metrics. So the price to earnings.

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income, uh, gauged by a dividend of about 1.6% more than the U S. So,

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[00:10:32] Speaker 1

again, we'll always have some sort of international exposure in our portfolio. Uh, and for right now, this is really the main reason why, because it's so heavily discounted. And obviously you have to take into account the geopolitical situations there. It's much different than we have here in the U S. Um, and that impacts the valuations, but, uh, from just a company to company standpoint, when you compare comparable companies, uh, they are trading at a severe discount to their U S counterparts.

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[00:11:04] Speaker 1

uh, and I'll get into it specifically with bearings, but just wanted to throw in a quick update for, uh, commercial real estate. And so you can see here to no surprise office continues to be the, the area that struggles the most in commercial real estate vacancies continue to tick up, uh,

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[00:11:31] Speaker 1

So, uh, we'll have some recommendations there, but just wanted to give you an update, kind of a high level look at what we're seeing in the commercial real estate market right now. Industrial continues to do well. Multifamily apartments continues to do well. Even retail has done much better. Um, so you remember years ago when we were kind of worried about the regional malls and, uh, nobody wanted to own space in the regional malls. Those are because they were written down, you know, four or five, six years ago. Uh, their valuations are much more attractive than they've actually been, uh, probably one of the winners in commercial real estate. As everything's valuations has started to come back down. Um, but with that, I'll hop over to our report.

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[00:12:21] Speaker 1

So, um, one of my colleagues, Frank Juan put this together and, uh, is a look into the housing affordability crisis. And the big takeaway here is, uh, as of March of this year, the median home price across the U.S.

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[00:12:36] Speaker 1

Um, if you look at the chart to the right, uh, this is actually a chart of how many millions of Americans are able to afford or not able to afford a home within a certain price range. And so what you see is about 39 million Americans are unable to afford a home. That's over 150,000. But if you add up the bottom four bands there, which goes up to a home of 405,000, it actually adds up to a little over 93 million. So

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So that roughly 93 to 95 million Americans are unable to afford the median home, uh, in today's market. So unfortunately, uh, to add onto that mortgage rates have obviously crept up significantly in the past 12 months alone,

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uh,

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a half percent.

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a mortgage payment. So, uh, it was already a tough housing market for individuals, you know, a year ago. Now with rates up even, even higher,

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you would expect what most people expected is with mortgage rates going up.

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but because there's such limited supply, the prices really haven't budged. So we're at historically high prices, historically high, well, not historically, but higher mortgage rates.

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than

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we've seen in, in, uh, at least a decade. And so unfortunately it's just very unaffordable for a majority of Americans right now. Uh, we have seen a lot of multifamily apartments go online, but most of those are luxury class a apartments that also are, um, requesting pretty significant rents from their tenants.

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of living paycheck to paycheck, it's very hard right now, uh, in terms of shelter to be able to afford, uh, a house or, or rent to live.

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but,

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[00:14:43] No voice detected

Um,

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and the most important thing on page four, how the plan did. So for the quarter, uh, third consecutive quarter positive

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So, uh, fantastic start to the fiscal year. So first three quarters of the fiscal year, uh, very strong performance this quarter,

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the

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And you're ranked in the top 49th percentile of other public pension funds led by large cap growth.

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the S and P 500 index.

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So

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the first three quarters of the fiscal

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Again, large cap growth, uh, up 32.1% for the first three quarters, uh, of the fiscal year international up 28%. And

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Uh, past 12 months, uh, annualized return of 8.8%. And that was right in line with our strategic model, which was at 8.7%. And that ranked you right in the

[00:15:58] Speaker 1 · Machine re-recognized

median

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[00:15:58] Speaker 1

of your peer group at, uh, the 50th percentile. So again, large cap up nearly 20% mid cap up nearly 18% and then

[00:16:07] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:16:07–00:16:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:16:11] Speaker 1

Uh, the biggest reason for underperformance, um, for the fiscal year to date was really the active managers. Um, Voya large cap growth, which we got rid of, we still have some of their numbers in those, uh, three quarters. So, uh, their underperformance to the benchmark hurt, uh, but we made that transition and that's already starting to show, uh, improvement there.

[00:16:33] Speaker 1 · Unclear audio

[unclear audio — 0:05]

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[00:16:38] Speaker 1

to active managers, uh, they've just underperformed the benchmark. And so that hurts. We have slowly started moving some money away into the index fund for convertibles. Uh,

[00:16:47] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:16:47–00:16:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:16:48] Speaker 1

Um,

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[00:16:52] Speaker 1 · Unclear audio

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[00:16:55] Speaker 1

Uh, you'll see the numbers. Unfortunately, uh, that's been a big drag on performance. So in spite of that, we've pretty much been in line slightly under the benchmark and, uh, had very, very favorable returns over that those periods.

[00:17:07] Speaker 1 · Unclear audio

[unclear audio — 0:04]

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[00:17:12] Speaker 1

managers have done on a three year basis ‸ generated 7.4 million in investment gains. Uh, for an annualized return of 7.5%. Five years, 10.8 million or 6.9% annualized. And that ranked in the top 34th percentile of other public pension funds. And then if we pan out to the past decade, you've generated returns of about 7.4% on an annual basis. Um, we did make some adjustments. So again, I alluded to in, in may, we raised 800,000 from the SSI convertible portfolio and

[00:17:45] Speaker 1 · Machine re-recognized

moved

Flag: words were replaced by a machine repair · 00:17:45–00:17:45 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:17:45] Speaker 1

that over to I shares convertible bond ETF.

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[00:17:55] Speaker 1

expenses and distributions. And then I'll just quickly jump to six and seven, uh, more yeses than

[00:18:06] Speaker 1 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:18:06–00:18:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:06] Speaker 1

here. Um, no issues on this page other than bearings, which we'll talk about our recommendation there.

[00:18:13] Speaker 1 · Unclear audio

[unclear audio — 0:04]

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[00:18:17] Speaker 1

So even at

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[unclear audio — 0:02]

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[00:18:25] Speaker 1

uh, achieving the strategic model.

[00:18:27] Speaker 1 · Unclear audio

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[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:18:30–00:18:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:34] Attribution uncertain

We

[00:18:34] Speaker 1

were ranked in the top 54th percentile. Uh, so even when, when it is a no, uh, it's right on the cusp of being a yes,

[00:18:41] Speaker 1 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:18:41–00:18:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:46] Speaker 1

These are just the numbers that I went over. Uh, but I will highlight the last column for the 10 years. Again, investment gains over the past 10 years,

[00:18:54] Attribution uncertain

uh,

[00:18:55] Speaker 1

20.3 million. Uh, so we finished the quarter at 36, just over 36 million in assets. And then I will flip over to, um, the asset allocation and targets were, uh, pretty much right on target on page 10,

[00:19:13] Attribution uncertain

uh,

[00:19:14] Speaker 1

slightly overweight, domestic equity, um, slightly underweight convertibles and global infrastructure underweight international. We still have that slight overweight to private real estate as we get redemptions back from bearings and then a little underweight fixed income. Uh, and then about a little over 1% in cash. So at this time, no recommendations to rebalance. We're comfortable with how the asset allocation looks.

[00:19:39] Speaker 1 · Unclear audio

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[00:19:43] Speaker 1 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:19:43–00:19:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:47] Speaker 1

in order to expedite that, uh, uh, redemption. Our recommendation is to put in for a full redemption.

[00:19:54] Speaker 1 · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:19:54–00:19:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:59] Speaker 1

just allow us to get more, uh, in each redemption payment that comes out on a quarterly basis. And then eventually we'll redeem the whole thing and rebalance it accordingly. Um, TA realty, the other private real estate manager has done a fantastic job. Um, so we're very comfortable with them for the meantime, not being the primary, uh, allocation.

[00:20:20] Attribution uncertain

We

[00:20:20] Speaker 1

have in private, private real estate. And at the time we get a full redemption, if they're the sole private real estate manager, we're, we're comfortable with that as well. But at that time we'll, we'll reevaluate some other managers, some other options and see if we want to rebalance into any new managers

[00:20:35] Speaker 1 · Machine re-recognized

or

Flag: words were replaced by a machine repair · 00:20:35–00:20:35 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:20:35] Speaker 1

new products available.

[00:20:36] Speaker 1 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:20:36–00:20:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:20:40] Speaker 1

uh, no issues with the investment. Investments or managers, uh, I will highlight. So for small cap, this was one of the first quarters that both, uh, the small cap value and small cap growth underperformed. Um, a lot of it had to do with what these managers didn't hold versus what was in their portfolio. Uh, so in particular, the Vanguard Explorer fund, uh, it didn't hold super micro computer, which deals with, um,

[00:21:06] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:21:06–00:21:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:10] Speaker 1

things of that nature.

[00:21:11] Speaker 1 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:21:11–00:21:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:18] Speaker 1

So even though it's a small portion of the index, not having it in their portfolio hurt their performance. So, especially to the magnitude of those returns. And then the other one they didn't hold was, uh, Prometheus, uh, biosciences, uh, uh, ‸ biotech company, very similar story.

[00:21:35] Speaker 1 · Unclear audio

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[00:21:39] Attribution uncertain

And

[00:21:39] Speaker 1

so while it's just a very small portion of the index with those such, such large returns, not holding it, uh,

[00:21:46] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:21:46–00:21:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:48] Speaker 1

So, um, those are examples of companies that have high valuations and as an active manager, they just forego investing in extreme multiples like that. And so, uh, unfortunately that hurt them in a, in a market where it's been really risk on and a lot of those high growth names have outperformed.

[00:22:05] Speaker 1 · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:22:05–00:22:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:11] Speaker 1

which had been, uh, one of their best holdings was actually academy outdoor, um, sports. So the CEO announced during the quarter that he was stepping down. And, uh, so the market, uh, took that negatively

[00:22:24] Speaker 1 · Machine re-recognized

and

Flag: words were replaced by a machine repair · 00:22:24–00:22:24 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:22:24] Speaker 1

the stock sold off. So it had been a winner, um, for most of the year. And then this quarter with that news, it sold off. So, um, but other than that, looking through their portfolio, you know, some underweight to the

[00:22:35] Attribution uncertain

year.

[00:22:35] Speaker 1

Uh,

[00:22:35] Attribution uncertain

areas

[00:22:35] Speaker 1

like tech that have done really well in a value in the value style. We're okay with that. If they're going to be a little more conservative than the benchmark, if they're a value manager,

[00:22:45] Speaker 1 · Unclear audio

[unclear audio — 0:02]

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[00:22:47] Speaker 1

So no issues there. And when we look longer term, like for the fiscal year to date, both managers have outperformed. And, uh, compared to the benchmark that we're looking at for a total

[00:22:57] Speaker 1 · Unclear audio

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[00:23:00] Speaker 1

So again, just a tough quarter for both of them, uh, unfortunately. Uh, but longer term, uh, very happy with how they both performed.

[00:23:08] Speaker 1 · Unclear audio

[unclear audio — 0:04]

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[00:23:13] Speaker 1

I mentioned, you'll see right in the middle of the page, the, uh, real estate.

[00:23:16] Speaker 1 · Unclear audio

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[00:23:19] Speaker 1

do very well. Again, it's a newer portfolio of commercial properties.

[00:23:22] Speaker 1 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:23:22–00:23:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:23:30] Speaker 1

office properties down

[00:23:31] Speaker 1 · Unclear audio

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[00:23:34] Speaker 1

Three or four quarters ago,

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Flag: a language review questioned the wording · 00:23:35–00:23:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:23:39] Speaker 1

And across the board on average, they wrote their properties down by over 5%. So, uh, again, we, we think it's just prudent right now to expedite getting out of them. And so increasing the redemption from, uh, the portion we initially, um, requested to that full, uh, as of the end of the quarter, $1.6 million.

[00:24:00] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:24:00–00:24:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:24:03] Speaker 1

up for discussion and for you to vote on.

[00:24:12] Speaker 2

Okay.

[00:24:15] Speaker 1

Yeah. And the second part of that is, um, we will recommend to turn off the drip for both, uh, real estate managers. And so the drip is the dividend reinvestment program. So each quarter, all the rents and, uh, leases that come in provide income to the fund. And typically that just gets reinvested in the fund. Um, we can turn that off. And so, instead of that income going back into the fund, it'll actually come back to the plan as cash. Um, so our recommendation again, as we're overweight and we're trying to rebalance back down to the target, turning that off, getting that cash in, um, quarterly, it'll help cover some of the expenses that we raised cash for anyways on a quarterly basis. Um, so for both, both bearings and for, um, for TA,

[00:25:03] Attribution uncertain

we

[00:25:04] Speaker 1

would elect to turn that off and we can turn it back on at any time.

[00:25:07] Speaker 1 · Unclear audio

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Flag: a language review questioned the wording · 00:25:07–00:25:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:25:11] Speaker 1

back and lowering our allocation.

[00:25:13] Attribution uncertain · Unclear audio

[unclear audio]

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[00:25:32] No voice detected · Unclear audio

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[00:26:12] Speaker 2

In

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:26:12–00:26:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:26:14] Speaker 3 + overlapping voice · Unclear audio

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[00:26:16] Speaker 3 + overlapping voice · overlapping voices

Well,

[00:26:17] Speaker 2 + overlapping voice · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:26:16–00:26:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:26:23] Speaker 2 + overlapping voice · overlapping voices

But then in addition, we're going to actually

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Flag: words only one machine reading has (possibly not said) · 00:26:30–00:26:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:26:45] Speaker 1

Yeah, we'll still be getting pieces of it. It'll just be a bigger piece since we're requesting the full thing. ‸ I think it was one, a little over a million was the initial request.

[00:26:55] Speaker 2

So on this, we

[00:26:57] Speaker 2 · Machine re-recognized

need

Flag: words were replaced by a machine repair · 00:26:57–00:26:57 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:26:57] Speaker 2

a motion to approve ‸ total redemption of the fact, their

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Flag: the recognizer flagged its own output · 00:27:00–00:27:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:27:06] Speaker 3

I'll

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:27:06–00:27:13 · unresolved: the words are not shown (unclear audio); listen to the recording

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[unclear audio]

[00:27:08] Attribution uncertain

the

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[00:27:11] Speaker 3 · Unclear audio

[unclear audio]

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[00:27:13] Speaker 3 · Unclear audio

[unclear audio]

[00:27:13] Speaker 3

Aye.

[00:27:14] Attribution uncertain

I

[00:27:14] Speaker 3

don't

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:27:14–00:27:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:27:20] Speaker 2

I

[00:27:21] Speaker 2 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:27:20–00:27:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:27:23] Speaker 2

want me to ‸ get ‸ a bit of a sign,

[00:27:25] Attribution uncertain

or

[00:27:25] Speaker 2

do you want me to ‸ email it to you?

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

Yeah, whatever. Yeah. Yeah. And the last thing I was going to mention is on page 15. The good news about getting that cash back is if you go to the very bottom of page 15, we're finally making some good money on cash. So you can see for the quarter 1.4% for the past year, 4%. So again, we're very comfortable with having more money come into cash, especially

[00:27:51] Speaker 1 + overlapping voice · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:27:50–00:27:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:27:57] Speaker 1 + overlapping voice

distribution.

[00:27:59] No voice detected

So,

[00:28:00] Speaker 1

you know, a little more cash making a little more money is not a bad thing.

[00:28:05] Speaker 2

The

[00:28:05] Speaker 2 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:28:05–00:28:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:08] Attribution uncertain

to

[00:28:08] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

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[00:28:23] Speaker 2 + overlapping voice

Yeah.

[00:28:25] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

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Flag: the machine readings disagree here · 00:28:25–00:28:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:35] Speaker 2 + overlapping voice

Yeah.

[00:28:42] Speaker 1 + overlapping voice

Yeah. Our recommendation just because we're underweight would be to put it in fixed income. And so we

[00:28:49] Speaker 1 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 00:28:49–00:28:55 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:55] Speaker 1 + overlapping voice

the Vanguard Intermediate Investment

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:28:57–00:29:02 · unresolved: the words are not shown (unclear audio); listen to the recording

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

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[00:29:02] Speaker 1 + overlapping voice · overlapping voices

I'll look for it right now and I'll send it to you before I leave. I know I saw it.

[00:29:08] Speaker 3

We

[00:29:09] Speaker 3 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:29:08–00:29:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:11] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

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[00:29:25] Speaker 4

I have not. As far as the money? What did you just say? Sorry.

[00:29:30] Speaker 2

The amount of the state money that we'll be getting. I haven't seen anything.

[00:29:36] Speaker 4

Yeah, it came out last week. Let

[00:29:38] Speaker 4 · Unclear audio

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Flag: the recognizer flagged its own output · 00:29:38–00:29:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:39] No voice detected

Oh, okay. I

[00:29:40] Speaker 4

think checks are starting to go out. I saw a couple of wires this morning, so I don't know if we're getting a wire or we're getting an actual check, but the amount is $245,612, which is up $38,000 from last year or 16%, which is great. 245, 612. $245,612,

[00:30:07] Speaker 4 · Unclear audio

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Flag: a language review questioned the wording · 00:30:05–00:30:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:14] Speaker 2

Did you get that actual report from the state or

[00:30:18] No voice detected

how did you-

[00:30:18] Speaker 4

Yes, it is on their website and they also sent out an email. Okay. Can

[00:30:26] Attribution uncertain

I call

[00:30:33] No voice detected · Unclear audio

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[00:30:46] Speaker 1 + overlapping voice · overlapping voices

Yeah, we would- 245, we would just allocate $120 to each of the bonds, intermediate-type

[00:30:56] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:30:55–00:30:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:58] Speaker 2

So-

[00:30:59] Speaker 3 + overlapping voice

Now,

[00:30:59] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:59–00:31:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:01] Speaker 3 + overlapping voice · overlapping voices

yeah.

[00:31:01] Speaker 2

Yeah. We

[00:31:02] Speaker 2 · Unclear audio

[unclear audio]

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 · 00:31:02–00:31:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:03] Attribution uncertain

know

[00:31:03] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:08]

[00:31:10] Attribution uncertain · Unclear audio

[unclear audio]

[00:31:11] Speaker 2 · Unclear audio

[unclear audio — 0:01]

[00:31:11] Attribution uncertain · Unclear audio

[unclear audio]

[00:31:11] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:11]

[00:31:22] Attribution uncertain · Unclear audio

[unclear audio]

[00:31:22] Speaker 2 · Unclear audio

[unclear audio]

[00:31:23] No voice detected · Unclear audio

[unclear audio — 0:05]

[00:31:28] Speaker 3 · Unclear audio

[unclear audio]

[00:31:28] No voice detected · Unclear audio

[unclear audio — 0:05]

[00:31:33] Speaker 2 · Unclear audio

[unclear audio — 0:04]

[00:31:38] Speaker 2

reported

[00:31:39] Speaker 2 · Unclear audio

[unclear audio — 0:02]

Flag: the recognizer flagged its own output · 00:31:38–00:31:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:42] Speaker 2

and, well, the fixed income funds, but she's going to pay

[00:31:45] Speaker 2 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:31:45–00:31:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:48] Speaker 3

I'll

[00:31:49] Speaker 3 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:31:48–00:31:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:50] Speaker 3

I'll touch

[00:31:51] Speaker 3 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:31:51–00:31:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:53] Speaker 3

Ella��

[00:32:00] No voice detected · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording; words the first reading may have missed · 00:31:53–00:33:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:04] Speaker 3 · Unclear audio

[unclear audio — 0:11]

[00:32:19] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:32:21] Speaker 3 · Unclear audio

[unclear audio — 0:02]

[00:32:23] Attribution uncertain · Unclear audio

[unclear audio]

[00:32:24] Speaker 3 · Unclear audio

[unclear audio — 0:12]

[00:32:37] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

[00:32:42] Speaker 3 · Unclear audio

[unclear audio — 0:10]

[00:32:54] Speaker 2 · Unclear audio

[unclear audio — 0:06]

[00:33:01] Speaker 3 · Unclear audio

[unclear audio]

[00:33:01] Attribution uncertain · Unclear audio

[unclear audio]

[00:33:01] Speaker 3 · Unclear audio

[unclear audio]

[00:33:04] Speaker 3 · Unclear audio

[unclear audio]

Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:33:04–00:33:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:04] Speaker 2 · Unclear audio

[unclear audio — 0:06]

[00:33:15] No voice detected · Unclear audio

[unclear audio]

[00:33:16] Speaker 2 + overlapping voice · Unclear audio

[unclear audio — 0:02]

[00:33:18] Speaker 2 + overlapping voice · overlapping voices

Yes,

[00:33:19] Speaker 1 + overlapping voice · overlapping voices

that's my report. Just open to any questions or anything you'd like to talk about from the report.

[00:33:25] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:33:25–00:33:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:29] Speaker 3 + overlapping voice

Well, that's my wife.

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

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:33:33–00:33:36 · unresolved: the words are not shown (unclear audio); listen to the recording

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

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:33:36–00:33:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:36] Speaker 3 · Unclear audio

[unclear audio]

[00:33:37] Attribution uncertain · Unclear audio

[unclear audio — 0:08]

[00:33:44] Speaker 1 · Unclear audio

[unclear audio]

[00:33:45] Speaker 3 + overlapping voice

No.

[00:33:56] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up · 00:33:56–00:34:04 · unresolved: the words are not shown (unclear audio); listen to the recording

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

[unclear audio — 0:04]

[00:34:05] Speaker 4

Sounds good.

[00:34:06] Speaker 4 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:34:06–00:34:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:10] Speaker 1

for it.

[00:34:11] Speaker 4

Other than that, really, the only thing on the agenda is that House Bill 3 memo that we had sent out. And, you know, as Mitchell had alluded to, it required a change to the investment policy statement. So our firm sent out the language that we wanted in the IPS to all of the consultants we work with, and they adopted our language. So

[00:34:32] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:34:32–00:34:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:35] Speaker 4 · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:34:35–00:34:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:40] Speaker 4

to file a report with the Division of Retirement, basically confirming that we are abiding by the requirements of the statute. You know, we're making our investment decisions based upon what's going to provide, you know, the highest rate of return to the plan,

[00:34:55] Speaker 4 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:34:55–00:34:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:01] Speaker 4

Investment manager contracts are going to have to have a provision in there just stating that the manager is aware of the law and agree to abide by it and that we could cancel the manager contract, you know, without cause if they, you know, violate the statute at all. There's also a provision that

[00:35:22] Speaker 4 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:35:22–00:35:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:27] Speaker 4

reports that they send out

[00:35:29] Speaker 4 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:35:29–00:35:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:29] Attribution uncertain · Unclear audio

[unclear audio]

[00:35:29] Speaker 4 · Unclear audio

[unclear audio — 0:01]

[00:35:30] Speaker 4

expressed herein are not necessarily the views of the people of the state of Florida. So more bureaucratic things that we have to deal with. Substantively,

[00:35:40] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:35:40–00:35:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:43] Speaker 4

going to have any impact on your current investments at all. With regard to the investment manager contracts, we don't have to go back and revise anything.

[00:35:53] Speaker 4 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:35:53–00:35:58 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:58] Speaker 4

then with, and the division is basically engaged in administrative rulemaking at this point in time and we reach out to them every, every other week or so to see when they're going to publish their administrative rules and tell us, you know, what the report needs to look like for filing in December. So hopefully we'll get that in the next couple of weeks so we could take a look at it and be ready to file in December.

[00:36:24] Speaker 4 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:36:24–00:36:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:28] Speaker 4

thereafter. So it'll be 2023, 2025 and so on, you know, and rather than just add a question to the state report, which is due on March 15th,

[00:36:39] Speaker 4 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:36:39–00:36:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:43] Speaker 4

December 15th. But really that's the highlights of the memo, just a bunch of administrative ‸ things to deal with, but nothing that's going to have an effect on any of our investments. So I don't know if there are any questions on that. I'll pause for a second. I'm not hearing any. Only other thing that I just wanted to touch base on was the potential forfeiture. You know, we're looking at the criminal case and how it's proceeding. And he had waived the right to a speedy trial. So who knows when the trial is going to be. I know it's set for

[00:37:22] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:37:22–00:37:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:25] Speaker 4

It's the next court date. So I mean, it'll be probably another, you know, six months to a year before we see any resolution of that matter. And then we'll make a ‸ determination based upon what happens in the criminal court as to whether or not we have to proceed with any ‸ forfeiture proceeding. So, you know,

[00:37:44] Speaker 4 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:37:44–00:37:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:50] Speaker 4

website, easily accessible if you want to take a look at it. Other than that, nothing further. Everything's smooth. Yes. Yes.

[00:38:03] Speaker 2 · Unclear audio

[unclear audio — 0:04]

Flag: the recognizer flagged its own output · 00:38:03–00:38:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:38:07] Attribution uncertain · Unclear audio

[unclear audio]

[00:38:07] Speaker 2 · Unclear audio

[unclear audio]

[00:38:09] Speaker 2 · Unclear audio

[unclear audio — 0:17]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:38:09–00:40:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:38:25] Attribution uncertain · Unclear audio

[unclear audio]

[00:38:26] Speaker 2 · Unclear audio

[unclear audio — 0:14]

[00:38:39] Attribution uncertain · Unclear audio

[unclear audio]

[00:38:39] Speaker 2 · Unclear audio

[unclear audio — 0:24]

[00:39:03] Attribution uncertain · Unclear audio

[unclear audio]

[00:39:03] Speaker 2 · Unclear audio

[unclear audio — 0:02]

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

[unclear audio]

[00:39:05] Speaker 2 · Unclear audio

[unclear audio]

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

[unclear audio]

[00:39:05] Speaker 2 · Unclear audio

[unclear audio — 0:55]

[00:40:01] Attribution uncertain · Unclear audio

[unclear audio]

[00:40:01] Speaker 2 · Unclear audio

[unclear audio — 0:04]

[00:40:07] Speaker 3 · Unclear audio

[unclear audio — 0:09]

[00:40:17] Speaker 2 · Unclear audio

[unclear audio — 0:02]

[00:40:18] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:40:20] No voice detected · Unclear audio

[unclear audio — 0:02]

[00:40:22] Speaker 3 · Unclear audio

[unclear audio — 0:02]

[00:40:25] Speaker 2 · Unclear audio

[unclear audio — 0:06]

[00:40:32] Attribution uncertain · Unclear audio

[unclear audio — 0:08]

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

[unclear audio]

Flag: the recognizer flagged its own output · 00:40:32–00:40:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:40] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:40:40] Speaker 3 · Unclear audio

[unclear audio — 0:03]

[00:40:44] Attribution uncertain · Unclear audio

[unclear audio]

[00:40:44] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:40:46] Attribution uncertain · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:40:40–00:40:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:47] Speaker 3 · Unclear audio

[unclear audio — 0:02]

[00:40:48] Attribution uncertain · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 00:40:48–00:40:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:48] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:40:50] Speaker 3

Thank

[00:40:51] No voice detected

you.

[00:40:52] Speaker 2

That

[00:40:52] Speaker 2 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:40:52–00:43:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:00] Speaker 3 · Unclear audio

[unclear audio — 0:05]

[00:41:06] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:18]

[00:41:26] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:41:28] Speaker 2 · Unclear audio

[unclear audio — 0:01]

[00:41:28] Attribution uncertain · Unclear audio

[unclear audio]

[00:41:29] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:07]

[00:41:36] Speaker 3 · Unclear audio

[unclear audio — 0:07]

[00:41:47] Speaker 2 · Unclear audio

[unclear audio — 0:02]

[00:41:49] Speaker 3 · Unclear audio

[unclear audio — 0:07]

[00:41:57] Attribution uncertain · Unclear audio

[unclear audio]

[00:41:57] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:41:59] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

[00:42:02] Attribution uncertain · Unclear audio

[unclear audio]

[00:42:02] Speaker 2 · Unclear audio

[unclear audio — 0:03]

[00:42:07] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:21]

[00:42:29] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:13]

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

[unclear audio — 0:03]

[00:42:46] Speaker 2 · Unclear audio

[unclear audio — 0:08]

[00:42:54] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

[00:42:58] Attribution uncertain · Unclear audio

[unclear audio]

[00:42:58] Speaker 4 · Unclear audio

[unclear audio]

[00:42:58] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:42:58] Attribution uncertain · Unclear audio

[unclear audio]

[00:42:59] Speaker 2 · Unclear audio

[unclear audio — 0:03]

[00:43:02] Attribution uncertain · Unclear audio

[unclear audio]

[00:43:02] Speaker 2 · Unclear audio

[unclear audio — 0:03]

[00:43:05] Attribution uncertain · Unclear audio

[unclear audio]

[00:43:05] Speaker 2 · Unclear audio

[unclear audio — 0:05]

[00:43:09] Attribution uncertain · Unclear audio

[unclear audio]

[00:43:09] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

[00:43:12] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:11]

[00:43:24] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:43:25] Speaker 3 · Unclear audio

[unclear audio]

[00:43:26] No voice detected · Unclear audio

[unclear audio]

[00:43:29] Speaker 4

It would be limited to a total between the two. Usually it's five years total. You can't do four and four, but I'll take a quick look at the code and see if

[00:43:40] No voice detected

it's

[00:43:41] Speaker 4

different. It's either four or five.

[00:43:43] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:43:43–00:43:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:43:44] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: the recognized words and the detected speech do not line up; a language review questioned the wording · 00:43:44–00:43:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:43:45] No voice detected · Unclear audio

[unclear audio — 0:05]

[00:43:50] Speaker 3

is they allow you to ‸ second vacation pay for it. So the buyback they're able to use that. So in 10 years, you potentially could have enough money to pay for those years.

[00:44:01] Attribution uncertain

You

[00:44:01] Speaker 3 + overlapping voice · overlapping voices

know,

[00:44:02] Speaker 2

one

[00:44:02] Speaker 2 · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:44:02–00:44:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:03] Speaker 2

I worked with,

[00:44:04] Attribution uncertain

a

[00:44:04] Speaker 2 + overlapping voice

couple of people

[00:44:05] Speaker 2 + overlapping voice · Machine re-recognized

real

Flag: words were replaced by a machine repair · 00:44:05–00:44:05 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:44:05] Speaker 2 + overlapping voice

close to, I'm

[00:44:06] Speaker 2 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:44:06–00:44:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:06] Speaker 2 + overlapping voice · overlapping voices

about $60,000. And this is actually about 2007, the initial standard. So I thought,

[00:44:15] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:07]

Flag: the machine readings disagree here · 00:44:15–00:44:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:22] Speaker 2 + overlapping voice · overlapping voices

I

[00:44:23] Speaker 3 + overlapping voice · overlapping voices

didn't know that about art, but you can immediately buy it.

[00:44:25] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:44:25–00:44:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:25] Attribution uncertain · Unclear audio

[unclear audio]

[00:44:26] Speaker 2 + overlapping voice · Unclear audio

[unclear audio — 0:02]

[00:44:30] Speaker 2 + overlapping voice · overlapping voices

Like they have like, once you've got, ‸ let's say you bought a

[00:44:32] Speaker 2 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:44:32–00:44:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:33] Attribution uncertain

to

[00:44:33] Speaker 2 · Unclear audio

[unclear audio — 0:01]

[00:44:35] Attribution uncertain · Unclear audio

[unclear audio — 0:01]

[00:44:36] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:44:36] Attribution uncertain

Which

[00:44:36] Speaker 3 + overlapping voice · overlapping voices

is

[00:44:36] Speaker 2 + overlapping voice · overlapping voices

what I used to say.

[00:44:38] Speaker 3

Whatever. Three years, four years, 14.

[00:44:42] Speaker 3 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:44:42–00:44:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:47] Speaker 2

Yeah. He was real close to that.

[00:44:49] Speaker 3 + overlapping voice

Yeah, he needed to get in the academy for

[00:44:51] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:51]

Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:44:51–00:45:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:45:43] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:45:43–00:45:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:45:50] Speaker 2 · Unclear audio

[unclear audio — 0:02]

[00:45:52] Speaker 4

Yeah, actually, there is no limit. It's four years for military, if you look at Section 2-216, and it's five years for prior police. That's in Section 2-217.

[00:46:07] No voice detected · Unclear audio

[unclear audio — 0:04]

Flag: the recognized words and the detected speech do not line up; the machine readings disagree here · 00:46:07–00:46:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:12] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:46:12] Speaker 3 · Machine re-recognized

person that comes to mind would be Glenn Wade, right? Because he was military for 20 years,

Flag: the recognized words and the detected speech do not line up · 00:46:12–00:46:18 · gap filled by a machine re-reading (not checked by a person)

[00:46:18] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:46:18–00:46:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:19] Speaker 3

you had it in the long run.

[00:46:23] Speaker 2

Yeah,

[00:46:24] Speaker 3 + overlapping voice · overlapping voices

so that was the only thing I learned, that you can buy up to nine years.

[00:46:30] Speaker 2

We have had ‸ some, but usually it's not. I've never had anybody buy in nine years.

[00:46:38] Speaker 3

Right, but the option is to buy up there.

[00:46:43] No voice detected · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:46:43–00:46:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:43] Speaker 3 · Unclear audio

[unclear audio — 0:02]

[00:46:46] Speaker 2 · Unclear audio

[unclear audio — 0:05]

[00:46:52] No voice detected · Unclear audio

[unclear audio — 0:02]

[00:46:55] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:46:56] Speaker 3 · Unclear audio

[unclear audio]

Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:46:56–00:47:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:56] Attribution uncertain · Unclear audio

[unclear audio — 0:01]

[00:46:57] Speaker 4 · Unclear audio

[unclear audio]

[00:47:05] Speaker 3 · Unclear audio

[unclear audio — 0:03]

[00:47:08] Attribution uncertain · Unclear audio

[unclear audio — 0:03]

[00:47:11] No voice detected · Unclear audio

[unclear audio — 0:05]

[00:47:18] Speaker 4

Very good. Be well, everyone.

[00:47:20] No voice detected

Okay, thank you.

[00:47:21] Speaker 4

All right, take care.

[00:47:22] No voice detected · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:47:22–00:47:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:23] Speaker 1 · Unclear audio

[unclear audio]

[00:47:23] Speaker 1

you.

[00:47:24] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:47:24–00:47:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:24] Speaker 1 · Unclear audio

[unclear audio — 0:01]

[00:47:24] No voice detected · Unclear audio

[unclear audio — 0:03]

[00:47:28] Speaker 3 · Unclear audio

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Police Pension Regular Meeting

The City's record

What the City's record shows

Agenda (the City's wording)

Transcript Partial transcript

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