civic record · cocoa, florida
Police Pension Board

Police Pension Regular Meeting

Date
2023-05-17
Status
Machine transcript available
Source
CivicClerk event #830
No City record on file — no AI-written text

The City's record

What the City's record shows

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

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

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

Agenda (the City's wording)

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

Transcript Partial transcript

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

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

[00:00:00] No voice detected · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:00:00–00:00:09 · unresolved: the words are not shown (unclear audio); listen to the recording
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[00:00:02] Speaker 1 · Unclear audio
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[00:00:08] Speaker 1 · Unclear audio
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[00:00:09] Speaker 1
Thank you, sir.
[00:00:16] Speaker 2
Thank you, sir.
[00:00:19] No voice detected · Unclear audio
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[00:00:41] Speaker 1
surprises here when you see the costs that are
[00:00:43] Speaker 2 + overlapping voice · overlapping voices
going
[00:00:45] Speaker 1
up.
[00:00:47] Speaker 2
Imagine that.
[00:00:49] Speaker 1
Yeah. So I'll
[00:00:51] Attribution uncertain
give
[00:00:51] Speaker 1
you a quick summary. Yes, but the funding requirements going up, and that will probably continue for the next several years. Depending.
[00:01:02] Attribution uncertain · Unclear audio
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[00:01:09] Speaker 3 · Unclear audio
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[00:01:10] Speaker 3
Good to go.
[00:01:12] No voice detected
Okay. So, looking
[00:01:16] Speaker 1
at the summary page six, we'll just throw right to the city's bottom line. And as a reminder, this is the latest valuation for the
[00:01:25] 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 · 00:01:25–00:01:28 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:01:30] Speaker 1
And the requirements you see down through the city, those are estimates of pensionable payroll.
[00:01:39] Attribution uncertain · Unclear audio
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[00:01:39] Speaker 1 · Unclear audio
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[00:01:50] Speaker 1 · 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 · 00:01:50–00:02:36 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:02:37] Speaker 1
We fund the plan as a percent, but a lot of times it's
[00:02:42] Attribution uncertain
a
[00:02:42] Speaker 1
question, hey, what's this in dollar terms?
[00:02:46] Speaker 1 · 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 · 00:02:46–00:04:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:02:49] Attribution uncertain · Unclear audio
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[00:02:57] Speaker 1 · Unclear audio
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[00:03:54] Speaker 1 + overlapping voice · Unclear audio
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[00:04:13] Speaker 1 + overlapping voice
I would venture a guess that it would translate to about $800,000. So ‸ I have no doubt that the city would be able to budget appropriately. You know, come up with the same types of numbers. But that has, you know, the last couple of years have been nice and stable of how we're getting to a point where we do need some extra contributions. That's the reason why the funding status stays high, though.
[00:04:43] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:04:43–00:05:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:05:27] No voice detected
Hmm.
[00:05:29] Speaker 4
But
[00:05:29] Speaker 1
remember
[00:05:30] Speaker 5 + overlapping voice · overlapping voices
we use smooth...
[00:05:30] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:05:30–00:07:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:06:49] Attribution uncertain · Unclear audio
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[00:06:49] Speaker 1 · Unclear audio
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[00:07:02] Speaker 1 · Unclear audio
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[00:07:30] Speaker 1 · Unclear audio
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[00:07:32] Speaker 1
They're both working against each other right now. For the four-year average, they're both in that average. But three years from now,
[00:07:41] Speaker 1 · Unclear audio
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Flag: a language review questioned the wording · 00:07:41–00:07:44 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:07:45] Speaker 1
And there's one more phase in of fiscal 22. That's when you're going to get the big jump. So for budgeting purposes, you know, the city...
[00:07:56] Speaker 1 · 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 · 00:07:56–00:08:48 · unresolved: the words are not shown (unclear audio); listen to the recording
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[00:08:05] Speaker 1 · Unclear audio
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[00:08:49] Speaker 1
Thank you. So
[00:08:54] Speaker 1 · Unclear audio
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Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:08:53–00:09:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:09:11] Attribution uncertain · Unclear audio
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Flag: the machine readings disagree here · 00:09:11–00:09:38 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:09:38] Speaker 1 · Unclear audio
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[00:09:39] Attribution uncertain · 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 · 00:09:40–00:11:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:09:40] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:10:54] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:11:02] Speaker 1 · Unclear audio
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[00:11:38] Speaker 1 · Unclear audio
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[00:11:43] Speaker 1
I would like maybe Mitchell's input at this point.
[00:11:47] Speaker 1 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:11:47–00:11:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:11:52] Speaker 1 · Unclear audio
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Flag: the recognizer flagged its own output · 00:11:52–00:11:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:11:57] Speaker 6
I
[00:11:58] Speaker 6 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:11:58–00:12:02 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:02] Speaker 6
the lower end.
[00:12:03] Speaker 6 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:12:03–00:12:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:09] Speaker 6
So I think we're already in a good position and gauging by the performance last year,
[00:12:15] Speaker 6 · Unclear audio
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Flag: a language review questioned the wording · 00:12:15–00:12:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:16] Speaker 6
the city significantly by reducing it again this year.
[00:12:20] Speaker 6 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:12:20–00:12:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:24] Speaker 6
fiscal year. We're already at 9.7%. So assuming that we can hold on to that and we don't see significant volatility for the next two quarters, we'll already be capturing a slight gain for the 2023 fiscal year. So yeah,
[00:12:41] Speaker 6 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:12:41–00:12:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:45] Speaker 6
board would like to plan on moving it down to 7% over the next couple of years, that'd certainly be feasible. And again, we can do it in steps like we did when
[00:12:54] Speaker 6 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:12:54–00:12:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:58] Speaker 6
at a time, whichever makes sense from a funding standpoint.
[00:13:02] Speaker 1
Okay, perfect.
[00:13:04] Speaker 7
Let me just ask a question here. When you come, like, to the May meeting in 2024, would you be doing one of those complete studies of the assumptions in conjunction with that?
[00:13:16] Speaker 1
Okay,
[00:13:16] Attribution uncertain
my
[00:13:16] Speaker 1
thought is the August.
[00:13:19] Speaker 7 + overlapping voice
Okay, August. Okay. But will you do that study where you review all the...
[00:13:25] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:13:25–00:13:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:13:27] Speaker 7 + overlapping voice · overlapping voices
Okay. Would that be done? Okay. So
[00:13:29] Speaker 1 + overlapping voice · overlapping voices
I'll do a reminder when I'm here next day to get that formal approval
[00:13:34] Speaker 1 + overlapping voice · Machine re-recognized
at
Flag: words were replaced by a machine repair · 00:13:34–00:13:34 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:13:34] Speaker 1 + overlapping voice · overlapping voices
that time from the board. Okay. Okay.
[00:13:39] Speaker 7 + overlapping voice
Okay. So we don't have
[00:13:41] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:13:41–00:13:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:13:42] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
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[00:13:44] Attribution uncertain · Unclear audio
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Flag: the recognizer flagged its own output · 00:13:47–00:13:47 · unresolved: the words are not shown (unclear audio); listen to the recording
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[00:14:43] Speaker 8 · Unclear audio
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[00:14:49] Speaker 8
I'll make a motion to approve the summary report.
[00:14:52] Speaker 4
I'll second.
[00:14:54] Speaker 7
Was that Pat?
[00:14:55] Speaker 8 + overlapping voice · overlapping voices
Yep, and Paul. Okay.
[00:14:58] Speaker 7
Just a sec here.
[00:15:04] Speaker 7 · Unclear audio
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Flag: a language review questioned the wording · 00:15:04–00:15:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:15:09] Speaker 7
is a requirement that we declare the expected rate of return for the next year, the next several years, and over the long term thereafter. We ask our consultant, who just said that he's satisfied with the 7.25% return now, so we need a motion to accept the consultant's recommendation for the declaration of returns, that the 7.25% actuarial assumption will be reached in the next year, over the next several years, and over the long term thereafter.
[00:15:44] Speaker 2
Okay. Sheila, before we go on, just a little housekeeping. The last two motions that we've made, we didn't vote on.
[00:15:51] Speaker 7
Oh, I'm sorry.
[00:15:52] Speaker 2
Which?
[00:15:53] Speaker 7 + overlapping voice · overlapping voices
You'd like to say all in favor. Oh, you're
[00:15:55] Speaker 2 + overlapping voice · overlapping voices
right. Just a housekeeping issue.
[00:15:58] Speaker 7 + overlapping voice
Were you all in favor of the motions on the valuation?
[00:16:02] Speaker 7 + overlapping voice · overlapping voices · Unclear audio
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[00:16:02] Speaker 2 · Unclear audio
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[00:16:04] Speaker 8 · Unclear audio
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[00:16:12] Speaker 8
All in favor? Aye. Any opposed? Okay. That motion carries.
[00:16:17] Attribution uncertain
And
[00:16:17] No voice detected
then the
[00:16:17] Speaker 7
declaration of the rate of return.
[00:16:19] Speaker 8
Yeah. That's the new one. Okay. So, I'll make that motion to approve.
[00:16:27] Speaker 2
And I'll second it.
[00:16:29] Speaker 8
All in favor? Aye. Any opposed? Motion carries.
[00:16:35] Speaker 7 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:16:35–00:16:36 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:16:36] Speaker 8 + overlapping voice · overlapping voices
I just was
[00:16:37] Speaker 7 + overlapping voice · overlapping voices
thinking about it. I said, I haven't said anything all day yet. I have that letter for the chairman's signature that has the rate of return we filed at with the Division of Retirement, the Actuary, and the City. And then, as you may recall, within 60 calendar days after you've approved the valuation, the actuary submits certain reports under Chapter 112, and ‸ the consultant will send the Rule 60T report of retrospective investment returns. And then I will file those with the city to post on the website. Okay. So, we'll be taking care of all of that.
[00:17:17] Speaker 8
Thank you.
[00:17:19] Speaker 7
Okay.
[00:17:21] Speaker 8
Way off today.
[00:17:24] Speaker 2
‸ I don't know. Thanks, man.
[00:17:30] Speaker 7
Is that it for Doug?
[00:17:32] Speaker 8
Doug's report threw me off. Okay. Right there.
[00:17:36] Attribution uncertain
If
[00:17:36] Speaker 8
you need
[00:17:37] No voice detected
anything
[00:17:37] Speaker 8
else.
[00:17:39] Speaker 3
Thank you, Doug.
[00:17:48] Speaker 8
All right, Mitchell, you ready?
[00:17:50] Speaker 6
Sure am.
[00:18:05] Speaker 4 · Unclear audio
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Flag: the recognizer flagged its own output · 00:18:05–00:18:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:18:09] Speaker 4
Good
[00:18:10] Attribution uncertain
to see
[00:18:20] Speaker 4
you.
[00:18:20] Speaker 4 · Machine re-recognized
just quickly because it's pretty simple. I've provided you just the only page that changes in the investment policy statement. It's page 2, so I've given you a copy of that. And you can see what's highlighted
Flag: the recognized words and the detected speech do not line up · 00:18:20–00:18:32 · gap filled by a machine re-reading (not checked by a person)
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[00:18:50] Speaker 4
So I'm starting to do all that.
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[00:18:51] Speaker 4 · Unclear audio
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[00:20:02] Speaker 4
So really just want to clean up the IPS and clean up our reports
[00:20:06] Speaker 4 · Machine re-recognized
to
Flag: words were replaced by a machine repair · 00:20:06–00:20:06 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:20:06] Speaker 4
reflect really how the managers are purely investing versus using those hybrid indexes. So with that, I'll just open it up to any questions that you have
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just
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[00:20:20] Speaker 4 + overlapping voice
I provided Sheila with some clean copies.
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[00:20:34] Speaker 4
Any questions on ‸ those changes?
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:20:43–00:20:44 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:45] Speaker 8
Nope. All right. I'll make a motion to approve the investment policy statement update.
[00:20:52] Speaker 4
I'll second.
[00:20:55] Speaker 8
You got that, Sheila? All in favor? Aye. Any opposed? Motion carries.
[00:21:02] Speaker 7
And that just requires the Chairman's signature. Paulo,
[00:21:04] Attribution uncertain
I
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[00:21:08] Speaker 7
Thank you.
[00:21:09] Speaker 4
And then just in line with that, Paul provided me with a few questions about the current IPS. One was to look at adding private equity to a list of prohibited investments. We already have hedge funds listed in prohibited investments. We also don't have a private equity listed in ‸ authorized investments. So as of right now, if we wanted to consider private equity, which we're not in the camp of looking at private equity currently, we would actually have to update the IPS to add it to the off-price
[00:21:41] Speaker 4 · Unclear audio
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[00:21:41] Speaker 4
So I think we're okay there. We
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the
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[00:21:57] Speaker 4 + overlapping voice
The other question that Paul has was about the standard deviation, greater than 120%. So that's just something we look at. That data is actually provided for each investment in the back ‸ of our books.
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[00:22:25] Speaker 4 + overlapping voice
So you'll see at the very bottom of the second column. This
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[00:23:20] Speaker 4 + overlapping voice · overlapping voices
Yeah, so this is just saying we don't want
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[00:23:24] Speaker 4 + overlapping voice
So we don't want to be in excess, essentially taking more risk than necessary. So
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[00:23:34] Speaker 4 + overlapping voice · overlapping voices
Yeah, for the individual funds, yeah. So on page 21, that's looking at the total fund. And then the rest of those pages, so 23
[00:23:43] Speaker 4 + overlapping voice · Machine re-recognized
through
Flag: words were replaced by a machine repair · 00:23:43–00:23:43 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:23:43] Speaker 4 + overlapping voice
the end of the book, those are all the individual managers. ‸ That's what we're really looking for. As
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[00:23:51] Speaker 4 + overlapping voice
line as well. I understand. Yeah, and again, it really only impacts the actively managed fund, like Westwood, for instance.
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[00:24:02] Speaker 4
25. We don't have a long term ‸ there, but it's page 26. You'll see that the standard deviation there is spot on because it's using the same index. As the index funds are always going
[00:24:15] Attribution uncertain
to
[00:24:15] Speaker 4
be in line with it, just like the return of standard deviation.
[00:24:21] Attribution uncertain
‸ So
[00:24:21] Speaker 4
yeah, great question. Thank you. Yeah, that's just one of our risk management tools.
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[00:24:33] Speaker 4 + overlapping voice
Did
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[00:24:35] Speaker 4 + overlapping voice · overlapping voices
Yes.
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[00:25:03] Speaker 4
end of a few large banking institutions that were a little nuanced compared to,
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[00:25:13] Speaker 4
We've seen over the past four or five years some of those institutions like Silicon Valley, Signature Bank, First Republic, they've
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[00:25:28] Speaker 4
And with those deposits, they can do one of two things.
[00:25:31] Attribution uncertain
They
[00:25:31] Speaker 4
can lend that money out, which because of regulations really hasn't been feasible for them. We've seen banks lending less and less over the past decade. And so the other option is they can invest that money in securities to generate a return on that. And so what we've seen specifically with Silicon Valley Bank, ‸ First Republic is they took in those deposits, which are short-term liabilities, or short-term assets, and then they've invested in the long-term liabilities. So
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[00:26:04] Speaker 4
of investing in, say,
[00:26:06] Attribution uncertain
a
[00:26:06] Speaker 4
three-month treasury bill,
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:26:08–00:26:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:26:09] Speaker 4
They got a little bit greedy and invested in the longer term with the expectation that they'd be able to hold those securities to maturity, so not experience loss. Well, unfortunately for Silicon Valley Bank, in the inflationary environment, in the tough environment for private equity firms ‸ and private companies. They've
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[00:26:35] Speaker 4
And
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Flag: the recognizer flagged its own output; a language review questioned the wording · 00:27:00–00:27:02 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:27:02] Speaker 4
But
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[00:27:09] Speaker 4
So that's really what happened. And
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[00:27:18] Speaker 4
And
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:27:18–00:27:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:27:22] Speaker 4
Again, they had a very niche set of depositors,
[00:27:25] Attribution uncertain
a
[00:27:26] Speaker 4
lot of private companies, venture capital, that essentially have been burning through a lot of cash, and where in the past they've been able to have net inflows of deposits that are
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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:27:35–00:27:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:27:38] Speaker 4
think for the most part, it's over. That poor risk management, I say that broadly, it was very tough for a lot of banks to expect a 5% increase in interest rates, which caused the significant losses in bonds. But again, there are risk management and regulations in place to kind of
[00:27:59] Speaker 4 · Unclear audio
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Flag: the machine readings disagree here; a language review questioned the wording · 00:27:59–00:28:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:28:08] Speaker 4
No depositors lost any money. All the deposits have been backed by the
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:28:11–00:28:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:28:16] Speaker 4
again, we don't
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[00:28:28] Speaker 4
kind of peter out as interest rates level off. We're
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[00:28:40] Speaker 4
to have to see the FED funds rate reach or exceed inflation. And so we've finally seen that the
[00:28:46] Speaker 4 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:28:46–00:28:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:28:50] Speaker 4
Our last inflation
[00:28:51] Speaker 4 · Machine re-recognized
reading
Flag: words were replaced by a machine repair · 00:28:51–00:28:51 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:28:51] Speaker 4
was at 4.9%. So we're finally at that level where maybe the FED can take a break, pause. We
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[00:28:59] Speaker 4
we think that the next FED meeting will either be their last rate hike or the first time they pause. And so that will be a positive, especially for the banking industry not to
[00:29:10] Speaker 4 · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:29:10–00:29:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:29:11] Speaker 4
losses on the school and insurance experience. And
[00:29:15] Speaker 4 · Unclear audio
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Flag: a language review questioned the wording · 00:29:15–00:29:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:29:18] Attribution uncertain · Unclear audio
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[00:29:18] Speaker 4
I
[00:29:18] Speaker 4 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:29:18–00:30:00 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:00] Attribution uncertain · Unclear audio
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[00:30:00] Speaker 4 · Unclear audio
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[00:30:02] Speaker 4
As of right now, since really mid-March, we've seen the markets just essentially be flat. So
[00:30:07] Speaker 4 · Unclear audio
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Flag: a language review questioned the wording · 00:30:07–00:30:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:10] Speaker 4
into those eight or nine weeks period. What they're going to do is if we go to page two is we did experience a pretty positive first quarter. Keep in mind this is actually the second quarter of the fiscal year. We
[00:30:25] Speaker 4 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:24–00:30:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:26] Speaker 4
by International. That's at the very top
[00:30:28] Speaker 4 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:28–00:30:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:32] Speaker 4
It's up over 8.5%. The US markets gave us about 7.5%. The
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Flag: a language review questioned the wording · 00:30:38–00:30:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:41] Speaker 4
And
[00:30:42] Speaker 4 · Unclear audio
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Flag: a language review questioned the wording · 00:30:41–00:30:46 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:46] Speaker 4 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:30:46–00:30:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:52] Speaker 4
that transition in the fourth quarter where growth started outperforming in. And that continued in the first quarter of 2023 with growth significantly outperforming value. ‸ We go to page four. This is the highlight for the plan itself for the quarter.
[00:31:07] Speaker 4 · Machine re-recognized
we earned
Flag: words were replaced by a machine repair · 00:31:07–00:31:07 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:31:07] Speaker 4
about 1.4 million in investment gains, which is good for 4.2% growth, 4.1% net, ahead of our strategic model. So our plan benchmark, which is up 4%. The
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Flag: the machine readings disagree here · 00:31:18–00:31:23 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:31:22] Attribution uncertain
which
[00:31:23] Speaker 4 · Unclear audio
[unclear audio]
[00:31:23] Speaker 4
large cap growth, up 14.5%. International is up 10%. And then large cap core, so the S&P 500 is
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Flag: the machine readings disagree here · 00:31:30–00:31:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:31:30] Speaker 4
7.5%. ‸ We span out to the past 12 months. We're still down about 2.2 million, or negative 5.5%. And right in line with our benchmark, which
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:31:43–00:31:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:31:45] Speaker 4
Over that period, the best performers were cash. So one of the benefits of rising interest rates is we're actually making some money in cash. So we actually generated 2.8% of returns in cash for the past year. Small cap value was up 1.2%. And then short term fixed income, our short term bonds,
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:05–00:32:07 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:07] Speaker 4
essentially flat in the past 12 months. Further here, really where we saw underperformance was what's highlighted. Our actively managed large cap growth, which we've already addressed. We've
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:21–00:32:23 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:23] Speaker 4
index fund, which again had a fantastic quarter. And it ranked very highly compared to other large cap growth managers. And then our actively managed
[00:32:32] Speaker 4 · Machine re-recognized
convertibles.
Flag: words were replaced by a machine repair · 00:32:32–00:32:33 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:32:33] Speaker 4
So we have SSI, the
[00:32:35] Speaker 4 · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:32:35–00:32:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:36] Speaker 4
convertible ‸ portfolio. And
[00:32:38] Speaker 4 · Unclear audio
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Flag: a language review questioned the wording · 00:32:38–00:32:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:42] Speaker 4
And I'll show you the differences there, but an actively managed significant number of performance compared to the index. So the past three years, we've returned 10.4 million in investment gains, which
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:54–00:32:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:58] Speaker 4
Again,
[00:32:58] Speaker 4 · Machine re-recognized
a
Flag: words were replaced by a machine repair · 00:32:58–00:32:58 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:32:59] Speaker 4
huge change from the three year number I was showing you last quarter. So pretty incredible how much that can change ‸ this quarter to quarter period. And that ranks in
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[00:33:11] No voice detected · Unclear audio
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[00:33:12] Speaker 4
For
[00:33:12] Speaker 4 · Unclear audio
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[00:33:16] Speaker 4
enough for 6.7% annualized. And
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[00:33:25] Speaker 4
7% on average. Ahead
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[00:33:34] Speaker 4 · Unclear audio
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[00:33:41] Speaker 4
this just highlights those numbers I went over. But you can see for the past decade, about 19.2 million in investment gains over that period. It's
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[00:34:21] Speaker 4
So at this time, no recommendation for rebalance. We have about 500,000 in cash. But our quarterly outflow is anywhere between 150 and 450,000. So we're comfortable with keeping that in cash right now. And then if we do have a surplus, if I come back next quarter, we'll
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[00:34:40] Attribution uncertain
above
[00:34:40] Speaker 4
that 500,000 level, we ‸ get a little bit ‸ rebalance. We're right now very comfortable ‸ in the portfolio. If we flip over to page 14, this highlights some of those numbers ‸ are reflected.
[00:34:55] Speaker 4 · Machine re-recognized
And
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[00:34:56] Speaker 4
you can see for the quarter, again, just a huge dispersion between large cap growth and large cap value. So
[00:35:02] Speaker 4 · Unclear audio
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[00:35:04] Speaker 4
about
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[00:35:05] Speaker 4
Compared to Westwood, large cap value down about 0.5%. Now it looks a lot different than it's benchmark. But just for reference, as we're updating the benchmark to the Russell 1000 value, for the quarter, the Russell
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[00:35:21] Speaker 4
compared to Westwood, it's still underperformed, but not as much as it
[00:35:26] Speaker 4 · Machine re-recognized
looks with our hybrid
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[00:35:28] Speaker 4
index. And again, that's just because of the huge difference between core growth and value and
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[00:35:36] Speaker 4
Longer term, Westwood still has great numbers. But for the quarter, really their financial positions hurt them with the banking crisis. Some names like AIG and BMA so long. And
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[00:35:53] Speaker 4
And ‸ you've probably seen in the past week or two. And
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[00:36:02] Speaker 4
at any other banks potentially collapsing. But we just
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[00:36:15] Speaker 4
So their stock was up, I think, 12 or 13% yesterday based on their recent state. They actually had inflows of about 2 billion in deposits. So it sold off about 30% in the first quarter. But it's recouped
[00:36:29] Attribution uncertain
the
[00:36:29] Speaker 4
fund of those losses based on some of the companies they've been providing. One of the other names that was a major detractor in their portfolio for the quarter was Johnson & Johnson. Their earnings for the fourth quarter were down about 25% solely
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[00:36:47] Speaker 4
that was one of their largest holdings at about 3.5%. And
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[00:36:55] Speaker 4
But again, very comfortable with Westwood. Their longer term numbers speak for themselves. They do a fantastic job. Look at their five-year number, 8.5%. It's
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[00:37:14] Speaker 4
And we'll continue to monitor their continued underperformance. That'll be the time that we bring in our recommendations
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[00:37:25] Speaker 4
If we look right in the middle of page 14, our small cap funds have done fantastic. Small
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were
[00:37:32] Speaker 4 · Unclear audio
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[00:37:34] Speaker 4 · Machine re-recognized
a
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[00:37:34] Speaker 4
significant outperformer of 18.8% for the fiscal year to date compared to the benchmark of 7.7%. And then we added that Vanguard Explorer fund for small cap growth. That
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[00:37:52] Speaker 4
‸ Global infrastructure did well. Lizar
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[00:37:54] Speaker 4
to outperform. Last
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[00:38:02] Speaker 4
And even though the dollar has fallen back this year, you can see for the first quarter, they still
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[00:38:18] Speaker 4 · Unclear audio
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[00:38:24] Speaker 4
Next page, page 15. ζ
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[00:38:28] Speaker 4
So
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[00:38:55] Speaker 4
And that will split our allocation to be about 50% active and 50% passive, and then we'll continue to monitor SSI should they continue to underperform. We'll
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[00:39:15] Speaker 4
We think it's a much easier option.
[00:39:17] Speaker 7
You need a motion on that?
[00:39:18] Speaker 4
Yes. Okay.
[00:39:25] Speaker 7
So the motion would be to move $800,000 from SSI to the iShares Convertible Bonds? Correct.
[00:39:33] Speaker 8
I'll make that motion.
[00:39:36] Speaker 4
‸ I'll second.
[00:39:37] Speaker 8
‸ All in favor? Aye. ‸ Any opposed? Motion carries.
[00:39:44] Speaker 4
And then just a few more things to touch on on page 15.
[00:39:49] Speaker 4 · Unclear audio
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[00:39:52] Speaker 4
a strong rebound in the first quarter, up 10%. And for the
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[00:39:57] Speaker 4
one of the best performers up 25.3%. So strong performance there. Private real estate, we still see some heavy...
[00:40:05] Attribution uncertain
The
[00:40:05] Speaker 4
redwoods
[00:40:05] Speaker 4 · Unclear audio
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[00:41:33] Attribution uncertain · Unclear audio
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[00:42:31] Speaker 4
Cash,
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[00:42:37] Speaker 4
So again, very strong comeback from last year recovering some of those losses.
[00:42:42] Attribution uncertain
And
[00:42:42] Speaker 4
so
[00:42:42] Speaker 4 · Unclear audio
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[00:42:46] Speaker 7
Mitchell,
[00:42:46] Speaker 7 · Unclear audio
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[00:42:51] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
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[00:42:52] Speaker 4 + overlapping voice · overlapping voices
yeah, we'll draft it on the letter of
[00:42:53] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
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[00:42:59] Attribution uncertain
Thank
[00:42:59] No voice detected
you.
[00:42:59] Speaker 4
To do with that, I will open it up to any questions.
[00:43:07] Speaker 7
Are you able to stay
[00:43:08] Speaker 7 · Machine re-recognized
until
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[00:43:08] Speaker 7
the end for me to get this done? Okay, thank you.
[00:43:15] Speaker 8
Any questions from the
[00:43:16] Speaker 8 · Machine re-recognized
board?
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[00:43:19] Speaker 8
We're all good, Mitchell. Thank you.
[00:43:20] Attribution uncertain
Thank you,
[00:43:20] Speaker 8
Mitchell.
[00:43:22] No voice detected
We'll get that
[00:43:23] Speaker 4
time committed and we'll forward to you. Trade
[00:43:29] Speaker 4 · Unclear audio
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[00:43:30] Speaker 7
Okay, thank you.
[00:43:36] No voice detected
You
[00:43:37] Speaker 8
still on the line there, Stu? You're up.
[00:43:39] Speaker 3 + overlapping voice · overlapping voices
I am. Good to go. Good afternoon, everyone. I'll make it quick. Is Mitchell staying? Yes.
[00:43:46] Attribution uncertain
I
[00:43:46] Speaker 3
have a question. Okay. So on the legislative side, I just wanted to bring your attention to House Bill 3, which was passed about two weeks, signed off by the governor about two weeks ago. And
[00:44:00] Speaker 3 · Unclear audio
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[00:44:04] Speaker 3
regard to economic, social, and governance issues, basically the new law applicable to all public pension funds, is that you cannot take into account these non-pecuniary factors, ‸ such as environmental issues, social issues, corporate governance issues, when determining what to invest in. And
[00:44:25] Speaker 3 · Unclear audio
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[00:44:28] Speaker 3
to make investment decisions with regard to what is going to provide the highest rate of return to the plan. Substantively, I don't believe it is going to affect us whatsoever with regard to our investments. And that's why I
[00:44:42] Attribution uncertain
just
[00:44:42] Speaker 3
asked if Mitchell was there, if he's got any comments on that, or if he thinks it's going to involve any substantive changes with regard to our investments. I don't think so, but I wanted to confirm with Mitchell.
[00:44:56] Speaker 6
Yeah, it'll have no impact on certainly our portfolio as it sits today. And our investment process is when we look for funds, we're looking for something specifically to fit in the portfolio. We first look at return and risk. And
[00:45:10] Speaker 6 · Unclear audio
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[00:45:12] Speaker 6
either include or exclude. It's if a manager uses it, we're agnostic to it as long as they meet our return and risk requirements. And it fits within the portfolio we've already constructed, then that's what we go with. So again, we're agnostic to it. We don't run ESG searches just for to add an ESG manager. And
[00:45:35] Speaker 6 · Unclear audio
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[00:45:39] Speaker 6
So going forward, essentially what the bill says is we can't solely look at ESG as a factor, whether we're recommending or not recommending a ‸ firm to invest in. And we haven't done that in the past. And there's no reason for us to do that going forward.
[00:45:55] Speaker 3
‸ Very good. That's exactly what I expected. But, however, there will be some new administrative issues that we're going to have to deal with. First,
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[00:46:07] Speaker 3
include just a statement saying that we're complying with the requirements of the law. With
[00:46:13] Speaker 3 · Unclear audio
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[00:46:20] Speaker 3
some sort of report, just the testing that we are complying ‸ with the law as well. This year, it's going to need to be filed by December 15th and then every other year. So 2023, 2025. We
[00:46:34] Speaker 3 · Unclear audio
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[00:46:37] Speaker 3
we're waiting on the Division of Retirement to basically issue some administrative rules as to what they want to see in the report. And we'll take it from there. We'll keep Sheila up to date with what needs to be filed. With regard to any new investment manager contracts, there also needs to be a provision in any new agreements that the managers are abiding by that law as well. So really, ‸ as I said, no substance of effect. But there will be some ‸ more administrative issues to report on. Not such a big deal. Other than that, in the Florida legislative session, really nothing on the ‸ pension side, which is good news. Any questions on that
[00:47:23] Speaker 3 · Unclear audio
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[00:47:27] Speaker 5
I do, Stu.
[00:47:29] No voice detected
Yeah.
[00:47:30] Speaker 5 + overlapping voice
This
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[00:47:32] Speaker 5 + overlapping voice
Could you go to the investment policy statement? There
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[00:47:45] Speaker 5 + overlapping voice
limitations A6J.
[00:47:54] Speaker 3
‸ Okay.
[00:47:56] Speaker 5
Isn't that
[00:47:56] Speaker 3
referring
[00:47:59] No voice detected
to the
[00:48:00] Speaker 5
countries
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[00:48:05] Speaker 3
Yes.
[00:48:06] Speaker 5
Iran?
[00:48:07] Speaker 3
Yes, sir.
[00:48:07] Speaker 5
Okay. So with that being said, to me, ESG affects this as ‸ well. Because to me, those folks have funds they could be purchasing, and they're not able to because those companies can't invest in those countries. So
[00:48:29] Speaker 5 · Unclear audio
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[00:48:35] Speaker 5
It seems like ESG would make J go away.
[00:48:42] Speaker 3
I
[00:48:42] Speaker 3 · Unclear audio
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[00:48:46] Speaker 3
would affect any investments that were prohibited from investing in those countries. Sudan, Darfur, and Iran. And
[00:48:55] Speaker 3 · Unclear audio
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[00:49:00] Speaker 3
The new law, you know, we're waiting basically to see what administrative rules of Division of Retirement comes out with. And, you know, we'll deal with any. I'll work with Mitchell on any needed changes to the investment policy.
[00:49:12] Speaker 5
Right.
[00:49:13] Speaker 5 · Unclear audio
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[00:49:19] Speaker 5
of scrutinized countries. So I don't believe ESG is going to affect Russia because in a roundabout way, folks are still benefiting off of their war in Ukraine.
[00:49:35] Speaker 3
Right.
[00:49:36] Speaker 5
Okay. Thank you.
[00:49:38] Speaker 3
Yeah, I got you. No problem. Any other questions on that? If not, I just have just one additional update. You know, I think you're all aware there may be a potential forfeiture coming down the pike. At
[00:49:52] Speaker 3 · Unclear audio
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[00:49:57] Speaker 3
not we're going to have to ‸ proceed with any, you know, forfeiture hearings. Keeping an eye on how a criminal case plays out. And once that is resolved, we'll have a recommendation to the board as to whether or not, you
[00:50:11] Attribution uncertain
know,
[00:50:11] Speaker 3
we have to proceed with any forfeiture proceedings. But at this time, it's still too early to tell. We need the criminal case to play out and be resolved. And dependent upon how that plays out, you know, we'll make our recommendation to the board. Other than that, any questions on that?
[00:50:32] No voice detected
Where
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[00:50:34] Speaker 1 · Unclear audio
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[00:50:38] Speaker 3
Sure. It's in Florida statute 112.3173. So if you just Google Florida statutes, it'll take you to the statutes. And then you basically scroll down and it'll be in section 112 of the Florida statute. ‸ Just take a look at 3173. So there are some specified offenses in there that require a forfeiture proceeding to go forward, for us to go forward with
[00:51:07] Speaker 3 · Machine re-recognized
the
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[00:51:07] Speaker 3
forfeiture proceeding. But there needs to be a conviction under the definition ‸ in the forfeiture statute. And certain felonies are included really has to do with whether or not it's basically the crime ‸ has anything to do with your employment as a police officer. Things such as theft, embezzlement, official misconduct, ‸ those types of things are included specifically as a forfeitable offense. But
[00:51:39] Speaker 3 · Unclear audio
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[00:51:45] Speaker 3
well, any public employee convicted of a crime that's considered a breach of the public trust, and they use their office to carry out that crime somehow, then we would be proceeding under that catch-all provision. I think it's in, off the top of my head, 3173. I think it's E6. But I will certainly provide a full memo with regard to any recommendation we have on the forfeiture issue. But without the criminal case being resolved, it's really too early to take any action at this point in time.
[00:52:24] Speaker 8
Okay. Anybody else have any
[00:52:26] No voice detected
questions?
[00:52:26] Speaker 3 + overlapping voice · overlapping voices
Very good. That's it, Stu. Other than that? Okay. Very good.
[00:52:34] No voice detected
In
[00:52:34] No voice detected · Unclear audio
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Flag: a language review questioned the wording · 00:52:34–00:52:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:34] Speaker 7 · Unclear audio
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[00:52:35] No voice detected · Unclear audio
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[00:52:35] Speaker 7 · Unclear audio
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[00:52:38] Speaker 7
We do have the conference coming up at the end of June. Alan
[00:52:44] Speaker 7 · Unclear audio
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[00:52:47] Speaker 7
and
[00:52:47] Speaker 7 · Machine re-recognized
calls,
Flag: words were replaced by a machine repair · 00:52:47–00:52:48 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:52:48] Speaker 7
So if anyone else is interested, let me know. And everything appears to be all good on our annual report. I guess we're just waiting for state approval. They had no issues, just needed the CAPA, which was just approved and submitted. And our next meeting is August 16th, if you'll mark that on your calendars. And then the only other thing I have is mutual ratification on the disbursements and deposits, unless you have any questions.
[00:53:34] Speaker 1 · Unclear audio
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Flag: flagged by the automatic checks · 00:53:34–00:53:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:53:38] Speaker 8 + overlapping voice · overlapping voices · Unclear audio
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[00:53:46] No voice detected
I
[00:53:46] Speaker 8 + overlapping voice · overlapping voices
don't think we have any questions for you, Sheila.
[00:53:49] Speaker 7
Then we just need to consider our ratification on the disbursements and deposits.
[00:53:56] Speaker 8
Okay. All right. If nobody has anything else, I'll make a motion to adjourn.
[00:54:03] Speaker 7
No, I need a motion on the expenses.
[00:54:06] Speaker 8 + overlapping voice · overlapping voices
Oh, okay.
[00:54:07] Attribution uncertain
I need a
[00:54:07] Speaker 7
ratification on that.
[00:54:08] Speaker 8
Yes. So I'll make a motion on the ratification of expenses.
[00:54:13] Speaker 5
I'll second.
[00:54:14] Speaker 8
All in favor? Aye. Any opposed? Motion carries.
[00:54:18] No voice detected
Okay.
[00:54:19] Speaker 8
Anything
[00:54:20] Speaker 8 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:54:19–00:54:20 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:21] Speaker 7 + overlapping voice · overlapping voices
No. And then you don't require a motion to have adjourn. You just, as a chairman, you just adjourn. Well, we have to see if anyone has any other comments.
[00:54:33] No voice detected
‸ All
[00:54:34] Speaker 8 + overlapping voice · overlapping voices
right. We're just going to adjourn. Thanks,
[00:54:36] Speaker 8 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 00:54:36–00:54:36 · unresolved: the words are not shown (unclear audio); listen to the recording

Transcript revision built 2026-10-27T11:26:53 · 3,893 ordinary words, 4,799 in suspect passages, 55 machine re-recognized.

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