MAY 1, 2025 | Police & Fire Department Retirement Plan Board
City of San Jose, CA
[{'start': '234.640', 'end': '237.640', 'text': 'Baby.'}, {'start': '266.000', 'end': '269.000', 'text': 'Hey.'}, {'start': '289.759', 'end': '291.840', 'text': 'Are'}, {'start': '301.320', 'end': '305.320', 'text': 'you happy?'}, {'start': '316.160', 'end': '319.320', 'text': 'What happened?'}, {'start': '454.360', 'end': '460.120', 'text': 'I'}, {'start': '456.120', 'end': '460.120', 'text': 'am speech.'}, {'start': '542.320', 'end': '544.320', 'text': 'All'}, {'start': '550.080', 'end': '554.680', 'text': 'right, if we can grab our seats so we'}, {'start': '551.440', 'end': '554.680', 'text': 'can get started.'}, {'start': '563.440', 'end': '567.839', 'text': 'Call this May 1st meeting in progress.'}, {'start': '566.000', 'end': '571.680', 'text': 'Thank you. Call this May 1st meeting to'}, {'start': '567.839', 'end': '574.000', 'text': 'order again by roll call. Andrew here.'}, {'start': '571.680', 'end': '577.880', 'text': 'Esar here.'}, {'start': '574.000', 'end': '581.200', 'text': 'Uh, Senita does not appear to be here'}, {'start': '577.880', 'end': '583.080', 'text': "yet. Um, so David Quan's not coming,"}, {'start': '581.200', 'end': '586.640', 'text': "right? We know that he's"}, {'start': '583.080', 'end': '590.080', 'text': 'traveling. And Howard present. Dick.'}, {'start': '586.640', 'end': '593.480', 'text': 'Yes. David Wooley here. Gretchen here.'}, {'start': '590.080', 'end': '596.800', 'text': 'And I, Franco here. I do not believe we'}, {'start': '593.480', 'end': '600.680', 'text': 'have any sunshine to wave. And our first'}, {'start': '596.800', 'end': '600.680', 'text': 'item is close session.'}, {'start': '651.600', 'end': '654.600', 'text': 'Happy.'}, {'start': '771.560', 'end': '775.560', 'text': 'Hey, hey, hey.'}, {'start': '817.440', 'end': '820.519', 'text': 'You know,'}, {'start': '851.079', 'end': '855.079', 'text': 'Hey, hey, hey.'}, {'start': '872.639', 'end': '875.720', 'text': 'Heat. Heat. N.'}, {'start': '988.440', 'end': '992.440', 'text': 'Heat. Heat.'}, {'start': '1165.720', 'end': '1169.720', 'text': 'Heat. Heat.'}, {'start': '1172.080', 'end': '1175.080', 'text': 'Old'}, {'start': '1247.840', 'end': '1249.840', 'text': 'What'}, {'start': '1260.320', 'end': '1262.400', 'text': 'do'}, {'start': '1263.159', 'end': '1267.159', 'text': 'you do?'}, {'start': '1295.799', 'end': '1300.280', 'text': 'Hey, hey, hey.'}, {'start': '1306.320', 'end': '1308.400', 'text': 'Are'}, {'start': '1324.440', 'end': '1328.440', 'text': 'you happy?'}, {'start': '1435.679', 'end': '1438.679', 'text': 'Heat. Heat.'}, {'start': '1461.840', 'end': '1464.840', 'text': "I'm"}, {'start': '1493.360', 'end': '1499.159', 'text': 'Okay, just let the record show that'}, {'start': '1495.200', 'end': '1499.159', 'text': 'Senita has joined us.'}, {'start': '1500.000', 'end': '1503.279', 'text': 'So, we have no orders of the day.'}, {'start': '1501.360', 'end': '1504.960', 'text': 'Nothing to wave in sunshine. Do we need'}, {'start': '1503.279', 'end': '1509.080', 'text': 'to report out from close session?'}, {'start': '1504.960', 'end': '1512.880', 'text': "There's no reportable action. Thank"}, {'start': '1509.080', 'end': '1514.799', 'text': 'you. So, we just need approval of the'}, {'start': '1512.880', 'end': '1516.960', 'text': 'consent calendar.'}, {'start': '1514.799', 'end': '1519.039', 'text': 'I have a motion from Dick. Second by'}, {'start': '1516.960', 'end': '1522.360', 'text': 'Guardier. Second by gardener. All those'}, {'start': '1519.039', 'end': '1524.279', 'text': 'in favor? I'}, {'start': '1522.360', 'end': '1529.000', 'text': 'opposed.'}, {'start': '1524.279', 'end': '1529.000', 'text': 'Okay, moving on to investments.'}, {'start': '1531.279', 'end': '1533.440', 'text': 'Good'}, {'start': '1534.520', 'end': '1539.120', 'text': 'morning. So, we have uh performance'}, {'start': '1536.960', 'end': '1541.679', 'text': 'estimates that Laura shared fiscal year'}, {'start': '1539.120', 'end': '1543.600', 'text': 'to date which seems surprisingly strong.'}, {'start': '1541.679', 'end': '1546.480', 'text': "Uh so she's going to send me the backup"}, {'start': '1543.600', 'end': '1548.960', 'text': 'on that but I will share what I have. Uh'}, {'start': '1546.480', 'end': '1551.760', 'text': 'fiscal year to date through two days ago'}, {'start': '1548.960', 'end': '1553.640', 'text': 'pension was up 4.2% and healthcare trust'}, {'start': '1551.760', 'end': '1556.320', 'text': 'was up'}, {'start': '1553.640', 'end': '1559.039', 'text': '4.5%. Uh I would have expected lower'}, {'start': '1556.320', 'end': '1560.520', 'text': 'numbers. Um but we will double check'}, {'start': '1559.039', 'end': '1565.200', 'text': 'those those'}, {'start': '1560.520', 'end': '1568.320', 'text': 'numbers. Um we just have the one item'}, {'start': '1565.200', 'end': '1571.200', 'text': 'today which is u pacing plan which'}, {'start': '1568.320', 'end': '1572.720', 'text': "requires the board's approval."}, {'start': '1571.200', 'end': '1575.600', 'text': 'And so unless there are any questions'}, {'start': '1572.720', 'end': '1578.799', 'text': "for me, I'm happy to invite uh Desh to"}, {'start': '1575.600', 'end': '1581.960', 'text': 'present the pacing plan.'}, {'start': '1578.799', 'end': '1581.960', 'text': 'Thank you.'}, {'start': '1582.640', 'end': '1586.000', 'text': "Good morning. I'll go ahead and share my"}, {'start': '1588.440', 'end': '1592.240', 'text': "screen. So this morning we're going to"}, {'start': '1590.480', 'end': '1593.919', 'text': 'be presenting the annual private markets'}, {'start': '1592.240', 'end': '1595.520', 'text': 'pacing plan. And this was presented at'}, {'start': '1593.919', 'end': '1598.240', 'text': 'the investment committee last month and'}, {'start': '1595.520', 'end': '1600.240', 'text': 'it was uh unanimously approved. So the'}, {'start': '1598.240', 'end': '1601.840', 'text': 'purpose of this pacing plan is to show'}, {'start': '1600.240', 'end': '1604.000', 'text': 'how we can get to the board approved'}, {'start': '1601.840', 'end': '1606.080', 'text': 'strategic asset allocation targets for'}, {'start': '1604.000', 'end': '1608.240', 'text': 'each of the five private private market'}, {'start': '1606.080', 'end': '1609.679', 'text': 'subasset classes. And the reason that we'}, {'start': '1608.240', 'end': '1611.520', 'text': 'have to do this for private markets is'}, {'start': '1609.679', 'end': '1613.120', 'text': 'because these are illquid investments'}, {'start': '1611.520', 'end': '1615.760', 'text': 'where the fund managers control the'}, {'start': '1613.120', 'end': '1617.360', 'text': 'timing of cash flows where they make'}, {'start': '1615.760', 'end': '1618.880', 'text': 'investments and call our capital and'}, {'start': '1617.360', 'end': '1620.720', 'text': 'then realize those investments and'}, {'start': '1618.880', 'end': '1622.240', 'text': 'distribute the capital back to us. So'}, {'start': '1620.720', 'end': '1624.559', 'text': 'there is some level of uncertainty and'}, {'start': '1622.240', 'end': '1626.000', 'text': 'the consultants work on modeling out the'}, {'start': '1624.559', 'end': '1628.480', 'text': 'expectations of how our existing'}, {'start': '1626.000', 'end': '1630.159', 'text': 'investments as well as expected future'}, {'start': '1628.480', 'end': '1633.360', 'text': 'investments can get us to our targets'}, {'start': '1630.159', 'end': '1635.760', 'text': 'over time. So the goal today is to show'}, {'start': '1633.360', 'end': '1637.679', 'text': 'you where we are in terms of our'}, {'start': '1635.760', 'end': '1639.919', 'text': "allocations, what we've done over the"}, {'start': '1637.679', 'end': '1643.120', 'text': 'last fiscal year and get approval for'}, {'start': '1639.919', 'end': '1644.640', 'text': 'the f upcoming fiscal year pacing plan.'}, {'start': '1643.120', 'end': '1646.559', 'text': "All of the modeling that's been done is"}, {'start': '1644.640', 'end': '1648.480', 'text': 'by our consultants. So Newberger Burman'}, {'start': '1646.559', 'end': '1649.679', 'text': 'for the buyout asset class, Makita'}, {'start': '1648.480', 'end': '1651.279', 'text': 'Investment Group for the other private'}, {'start': '1649.679', 'end': '1652.799', 'text': "asset classes, and we're going to be"}, {'start': '1651.279', 'end': '1654.880', 'text': 'showing projections for the next 10'}, {'start': '1652.799', 'end': '1656.799', 'text': 'years, although this is revisited on an'}, {'start': '1654.880', 'end': '1658.120', 'text': 'annual basis because there are changes'}, {'start': '1656.799', 'end': '1660.720', 'text': 'that'}, {'start': '1658.120', 'end': '1663.120', 'text': 'happen. This page has a summary of what'}, {'start': '1660.720', 'end': '1664.960', 'text': "we're going to talk about today and I'm"}, {'start': '1663.120', 'end': '1667.520', 'text': 'going to move forward to the next slide,'}, {'start': '1664.960', 'end': '1669.760', 'text': 'which puts it into context. So if you'}, {'start': '1667.520', 'end': '1672.159', 'text': 'look at the far right column at the'}, {'start': '1669.760', 'end': '1674.720', 'text': "lower right, we've deployed or expected"}, {'start': '1672.159', 'end': '1677.200', 'text': "to deploy 115% of the current year's"}, {'start': '1674.720', 'end': '1679.360', 'text': 'pacing plan. The pacing plan is intended'}, {'start': '1677.200', 'end': '1682.399', 'text': "to be a guide. So it's not uh"}, {'start': '1679.360', 'end': '1684.240', 'text': 'prescriptive that we must um commit 100%'}, {'start': '1682.399', 'end': '1685.520', 'text': "on an annual basis. There's some years"}, {'start': '1684.240', 'end': '1687.440', 'text': "we're going to commit more, some years"}, {'start': '1685.520', 'end': '1689.919', 'text': 'that will commit less, but the objective'}, {'start': '1687.440', 'end': '1691.600', 'text': 'is to have vintage year diversification.'}, {'start': '1689.919', 'end': '1693.760', 'text': 'Um a few things to point out here.'}, {'start': '1691.600', 'end': '1696.640', 'text': 'Private debt is the highest allocation'}, {'start': '1693.760', 'end': '1698.480', 'text': 'at 140% of the pacing plan. The primary'}, {'start': '1696.640', 'end': '1700.799', 'text': 'reason for this is that two of our'}, {'start': '1698.480', 'end': '1702.080', 'text': 'private debt funds had actually fully'}, {'start': '1700.799', 'end': '1703.600', 'text': 'realized and liquidated their'}, {'start': '1702.080', 'end': '1705.039', 'text': 'investments even before the market'}, {'start': '1703.600', 'end': '1707.039', 'text': 'volatility. So they reached their return'}, {'start': '1705.039', 'end': '1709.200', 'text': 'objectives, returned the capital back to'}, {'start': '1707.039', 'end': '1710.640', 'text': 'us and gave us the opportunity to'}, {'start': '1709.200', 'end': '1713.360', 'text': 'redeploy that capital into new'}, {'start': '1710.640', 'end': '1714.880', 'text': 'investments. The second observation here'}, {'start': '1713.360', 'end': '1717.200', 'text': "is on growth real estate where there's"}, {'start': '1714.880', 'end': '1720.320', 'text': "been a two-year pause that we've taken"}, {'start': '1717.200', 'end': '1722.159', 'text': 'in real estate. And currently after the'}, {'start': '1720.320', 'end': '1723.919', 'text': "interest rate repricing, we're starting"}, {'start': '1722.159', 'end': '1726.080', 'text': 'to see new opportunities emerge,'}, {'start': '1723.919', 'end': '1729.200', 'text': 'fundraising also improving for certain'}, {'start': '1726.080', 'end': '1732.600', 'text': 'um types of funds. So we expect to fully'}, {'start': '1729.200', 'end': '1734.799', 'text': 'deploy the pacing plan in this fiscal'}, {'start': '1732.600', 'end': '1736.799', 'text': 'year. This page shows where our'}, {'start': '1734.799', 'end': '1740.320', 'text': 'allocations stand relative to the policy'}, {'start': '1736.799', 'end': '1743.720', 'text': "targets. So currently we're at 23.2% 2%"}, {'start': '1740.320', 'end': '1746.880', 'text': '4.3% below the board approved 27 and a'}, {'start': '1743.720', 'end': '1748.960', 'text': 'half% target. And this is a new chart'}, {'start': '1746.880', 'end': '1750.720', 'text': 'that we added this year to show how the'}, {'start': '1748.960', 'end': '1752.640', 'text': "board's strategic asset allocation"}, {'start': '1750.720', 'end': '1755.919', 'text': 'targets have changed over time, which is'}, {'start': '1752.640', 'end': '1758.000', 'text': 'in the green bar. And the blue bars are'}, {'start': '1755.919', 'end': '1760.000', 'text': 'where our actual allocations are as of'}, {'start': '1758.000', 'end': '1761.520', 'text': "each fiscal year end. And what you'll"}, {'start': '1760.000', 'end': '1763.360', 'text': 'see is that the board has generally been'}, {'start': '1761.520', 'end': '1765.679', 'text': 'increasing the private markets target'}, {'start': '1763.360', 'end': '1767.440', 'text': 'allocation and our actual allocations'}, {'start': '1765.679', 'end': '1770.559', 'text': 'have been moving closer and closer to'}, {'start': '1767.440', 'end': '1772.320', 'text': 'those. There was a dip in 2021 where we'}, {'start': '1770.559', 'end': '1774.399', 'text': 'had a secondary sale in the private'}, {'start': '1772.320', 'end': '1778.320', 'text': 'equity asset class where we sold about'}, {'start': '1774.399', 'end': '1778.320', 'text': 'one and a half percent of plan'}, {'start': '1779.480', 'end': '1784.000', 'text': 'assets. And this page shows somewhat of'}, {'start': '1782.080', 'end': '1785.279', 'text': 'a report card of where we stand relative'}, {'start': '1784.000', 'end': '1787.760', 'text': 'to where we thought we would be in the'}, {'start': '1785.279', 'end': '1789.919', 'text': "prior year's pacing plan. So we're about"}, {'start': '1787.760', 'end': '1791.520', 'text': '1% above where we thought we would be.'}, {'start': '1789.919', 'end': '1793.200', 'text': 'And the main reason for that is coming'}, {'start': '1791.520', 'end': '1795.120', 'text': 'from the buyout asset class where'}, {'start': '1793.200', 'end': '1797.760', 'text': "there's been a slowdown of realizations"}, {'start': '1795.120', 'end': '1799.200', 'text': 'or um distributions coming back from'}, {'start': '1797.760', 'end': '1800.960', 'text': 'existing managers and existing'}, {'start': '1799.200', 'end': '1803.600', 'text': "investments. This is something that's"}, {'start': '1800.960', 'end': '1806.000', 'text': 'common throughout the industry and um'}, {'start': '1803.600', 'end': '1807.679', 'text': 'brought us 1% higher than we were. The'}, {'start': '1806.000', 'end': '1811.360', 'text': 'other four private asset classes are'}, {'start': '1807.679', 'end': '1811.360', 'text': 'actually very close to where we had'}, {'start': '1811.720', 'end': '1816.240', 'text': 'modeled. This next page starts the'}, {'start': '1814.000', 'end': '1819.120', 'text': 'building blocks of how we model the'}, {'start': '1816.240', 'end': '1821.120', 'text': 'upcoming pacing plan. So to do so, we'}, {'start': '1819.120', 'end': '1823.520', 'text': 'start with the 10-year net asset value'}, {'start': '1821.120', 'end': '1825.840', 'text': 'forecast for the overall plan. The way'}, {'start': '1823.520', 'end': '1827.679', 'text': 'we do this is take our existing market'}, {'start': '1825.840', 'end': '1830.080', 'text': 'value and layer on the expected return'}, {'start': '1827.679', 'end': '1831.520', 'text': 'of the plan as well as the actuarial'}, {'start': '1830.080', 'end': '1833.600', 'text': 'contributions and distributions coming'}, {'start': '1831.520', 'end': '1836.320', 'text': 'from the plan. And the difference is'}, {'start': '1833.600', 'end': '1838.320', 'text': 'actually very minor, 2% higher than'}, {'start': '1836.320', 'end': '1840.720', 'text': 'where we had expected as of the previous'}, {'start': '1838.320', 'end': '1840.720', 'text': 'fiscal'}, {'start': '1840.840', 'end': '1845.120', 'text': 'year. And another another new slide that'}, {'start': '1843.520', 'end': '1848.559', 'text': 'we added is on liquidity management.'}, {'start': '1845.120', 'end': '1850.159', 'text': 'This has been a I think hot topic of how'}, {'start': '1848.559', 'end': '1852.799', 'text': 'private investments have taken longer to'}, {'start': '1850.159', 'end': '1855.679', 'text': 'make realizations and plans that are'}, {'start': '1852.799', 'end': '1858.480', 'text': 'overallocated have to in some cases sell'}, {'start': '1855.679', 'end': '1861.440', 'text': 'investments to make capital calls. So'}, {'start': '1858.480', 'end': '1863.440', 'text': 'for us based on the consultant modeling'}, {'start': '1861.440', 'end': '1865.520', 'text': 'all of the upcoming fiscal years are'}, {'start': '1863.440', 'end': '1867.279', 'text': 'expected to have positive net cash flows'}, {'start': '1865.520', 'end': '1868.960', 'text': 'where the distributions from existing'}, {'start': '1867.279', 'end': '1871.440', 'text': 'investments are expected to be greater'}, {'start': '1868.960', 'end': '1875.159', 'text': 'than the capital calls and those get'}, {'start': '1871.440', 'end': '1875.159', 'text': 'larger over time.'}, {'start': '1875.360', 'end': '1878.720', 'text': 'And putting it all together into a'}, {'start': '1876.799', 'end': '1881.440', 'text': 'visualization, this shows the upcoming'}, {'start': '1878.720', 'end': '1883.520', 'text': '10 years where the dark bars show where'}, {'start': '1881.440', 'end': '1885.679', 'text': 'we expect to be for each of the five'}, {'start': '1883.520', 'end': '1887.600', 'text': 'private asset classes. The'}, {'start': '1885.679', 'end': '1890.000', 'text': 'underallocation is in orange, which is'}, {'start': '1887.600', 'end': '1891.679', 'text': 'where we use the proxy. And the light'}, {'start': '1890.000', 'end': '1893.360', 'text': 'shading next to each year is where we'}, {'start': '1891.679', 'end': '1895.840', 'text': 'should be if we were to be exactly at'}, {'start': '1893.360', 'end': '1897.760', 'text': 'target over time. And because the plan'}, {'start': '1895.840', 'end': '1899.760', 'text': 'increases is expected to increase in'}, {'start': '1897.760', 'end': '1902.240', 'text': 'value, those bars end up getting larger'}, {'start': '1899.760', 'end': '1905.039', 'text': 'and larger in terms of dollar values.'}, {'start': '1902.240', 'end': '1908.200', 'text': 'And over the the upcoming year as we get'}, {'start': '1905.039', 'end': '1910.559', 'text': 'closer to the'}, {'start': '1908.200', 'end': '1912.559', 'text': 'targets and the numbers behind this are'}, {'start': '1910.559', 'end': '1914.080', 'text': "shown on this page where what we're"}, {'start': '1912.559', 'end': '1916.080', 'text': 'looking for approval for today is'}, {'start': '1914.080', 'end': '1917.679', 'text': 'highlighted in yellow which is very'}, {'start': '1916.080', 'end': '1922.399', 'text': "similar to the previous year's pacing"}, {'start': '1917.679', 'end': '1924.320', 'text': 'plan for a total of $375 million. And'}, {'start': '1922.399', 'end': '1926.240', 'text': 'another new item that we added at the'}, {'start': '1924.320', 'end': '1927.919', 'text': 'bottom of the page is that based on the'}, {'start': '1926.240', 'end': '1930.399', 'text': 'investment policy statement and the'}, {'start': '1927.919', 'end': '1933.039', 'text': 'expected um investment implementation'}, {'start': '1930.399', 'end': '1934.640', 'text': "procedures, there's a limitation of how"}, {'start': '1933.039', 'end': '1937.440', 'text': 'much we could commit in any any'}, {'start': '1934.640', 'end': '1941.440', 'text': 'particular fiscal year of 150% of the'}, {'start': '1937.440', 'end': '1942.960', 'text': 'pacing plan any prior under commitments.'}, {'start': '1941.440', 'end': '1944.960', 'text': "And we're showing those dollar amounts"}, {'start': '1942.960', 'end': '1947.760', 'text': 'of the theoretical maximum that we could'}, {'start': '1944.960', 'end': '1950.320', 'text': 'commit in a particular fiscal year. So'}, {'start': '1947.760', 'end': '1952.159', 'text': 'theoretically it could be as high as 563'}, {'start': '1950.320', 'end': '1954.320', 'text': 'million across private markets if we'}, {'start': '1952.159', 'end': '1956.480', 'text': 'were to reach that one and a half times'}, {'start': '1954.320', 'end': '1959.679', 'text': "limit. There's no expected cumulative"}, {'start': '1956.480', 'end': '1961.039', 'text': "catchup. Um and it's unlikely that we"}, {'start': '1959.679', 'end': '1962.320', 'text': 'would be committing this much. But just'}, {'start': '1961.039', 'end': '1965.120', 'text': 'so that you know that this is the'}, {'start': '1962.320', 'end': '1966.640', 'text': 'maximum that we could be. And that is'}, {'start': '1965.120', 'end': '1968.240', 'text': "the end of the presentation. So we're"}, {'start': '1966.640', 'end': '1970.000', 'text': 'seeking approval on the highlighted'}, {'start': '1968.240', 'end': '1973.000', 'text': 'amounts and happy to answer any'}, {'start': '1970.000', 'end': '1973.000', 'text': 'questions.'}, {'start': '1974.399', 'end': '1980.799', 'text': 'A motion to approve. Just like two quick'}, {'start': '1977.640', 'end': '1983.120', 'text': 'questions. So if you reach the 563'}, {'start': '1980.799', 'end': '1985.600', 'text': "million, you'll still be within the"}, {'start': '1983.120', 'end': '1989.159', 'text': 'overall private equity private market'}, {'start': '1985.600', 'end': '1992.240', 'text': 'allocation SAA.'}, {'start': '1989.159', 'end': '1995.039', 'text': 'So the SAA is a percentage of plan'}, {'start': '1992.240', 'end': '1997.840', 'text': 'assets. This is purely commitment based.'}, {'start': '1995.039', 'end': '2000.480', 'text': "So it's uncertain if these commitments"}, {'start': '1997.840', 'end': '2001.840', 'text': 'are in funds that have not made'}, {'start': '2000.480', 'end': '2004.080', 'text': "investments yet, they wouldn't"}, {'start': '2001.840', 'end': '2005.760', 'text': 'necessarily directly get there. What it'}, {'start': '2004.080', 'end': '2007.440', 'text': 'would likely do if we were to overcommit'}, {'start': '2005.760', 'end': '2009.760', 'text': 'is that future years of commitments'}, {'start': '2007.440', 'end': '2011.600', 'text': 'would be lower in future pacing plans.'}, {'start': '2009.760', 'end': '2013.840', 'text': "So that's why we do it each year so that"}, {'start': '2011.600', 'end': '2015.760', 'text': 'it can be adjusted for any any years we'}, {'start': '2013.840', 'end': '2017.840', 'text': 'go over or under to make those'}, {'start': '2015.760', 'end': '2019.279', 'text': 'adjustments. And another question, I'}, {'start': '2017.840', 'end': '2022.000', 'text': "didn't quite understand what you said"}, {'start': '2019.279', 'end': '2023.840', 'text': 'about the two funds that paid off early'}, {'start': '2022.000', 'end': '2026.480', 'text': 'and why would that affect the pacing'}, {'start': '2023.840', 'end': '2028.720', 'text': "plan? I didn't quite understand. So it"}, {'start': '2026.480', 'end': '2031.039', 'text': "doesn't well it changes our expectation"}, {'start': '2028.720', 'end': '2033.039', 'text': 'for future commitments because we'}, {'start': '2031.039', 'end': '2035.799', 'text': 'realize money faster than we expected.'}, {'start': '2033.039', 'end': '2038.880', 'text': 'So if I go back to'}, {'start': '2035.799', 'end': '2041.120', 'text': 'this private debt page. So in the prior'}, {'start': '2038.880', 'end': '2043.600', 'text': 'pacing plan, we expected to be at $250'}, {'start': '2041.120', 'end': '2046.159', 'text': 'million of net asset value right here.'}, {'start': '2043.600', 'end': '2049.200', 'text': 'Uh but we actually ended up being at 237'}, {'start': '2046.159', 'end': '2051.520', 'text': 'million. So 13 million lower. So what'}, {'start': '2049.200', 'end': '2054.240', 'text': 'this would do is because that money came'}, {'start': '2051.520', 'end': '2056.720', 'text': 'back sooner than was expected and in'}, {'start': '2054.240', 'end': '2058.720', 'text': 'these cases roughly five years sooner'}, {'start': '2056.720', 'end': '2061.440', 'text': 'than those investments were expected to'}, {'start': '2058.720', 'end': '2063.760', 'text': 'pay off that meant that we could'}, {'start': '2061.440', 'end': '2065.359', 'text': 'redeploy that capital. we have the 150%'}, {'start': '2063.760', 'end': '2067.280', 'text': 'limit and we use that as our'}, {'start': '2065.359', 'end': '2069.119', 'text': "justification that we thought that it's"}, {'start': '2067.280', 'end': '2071.200', 'text': 'a good time so that we could we had the'}, {'start': '2069.119', 'end': '2073.280', 'text': 'right investment opportunity. We had'}, {'start': '2071.200', 'end': '2074.960', 'text': "this reason where we're underallocated."}, {'start': '2073.280', 'end': '2076.800', 'text': 'We want to get closer to target instead'}, {'start': '2074.960', 'end': '2079.119', 'text': 'of in future years making larger'}, {'start': '2076.800', 'end': '2081.200', 'text': 'commitments. Keep at the same investment'}, {'start': '2079.119', 'end': '2086.000', 'text': 'size but just do one extra commitment in'}, {'start': '2081.200', 'end': '2087.079', 'text': 'the current year. Thanks. Anything else?'}, {'start': '2086.000', 'end': '2089.599', 'text': 'Any other'}, {'start': '2087.079', 'end': '2091.599', 'text': 'questions? We have a motion from a'}, {'start': '2089.599', 'end': '2094.280', 'text': 'second from Dick.'}, {'start': '2091.599', 'end': '2096.920', 'text': 'All those in favor? I'}, {'start': '2094.280', 'end': '2099.160', 'text': 'opposed. Okay, move'}, {'start': '2096.920', 'end': '2102.400', 'text': 'on. Thank'}, {'start': '2099.160', 'end': '2104.880', 'text': 'you. And we have nothing under old'}, {'start': '2102.400', 'end': '2107.920', 'text': 'business. So, we will go to new business'}, {'start': '2104.880', 'end': '2110.160', 'text': 'and oral update from our CEO.'}, {'start': '2107.920', 'end': '2114.119', 'text': 'Morning everyone.'}, {'start': '2110.160', 'end': '2117.040', 'text': "I'm pleased to share that excluding uh"}, {'start': '2114.119', 'end': '2118.560', 'text': 'the internal audit position that we are'}, {'start': '2117.040', 'end': '2121.359', 'text': 'planning to eliminate as part of this'}, {'start': '2118.560', 'end': '2122.440', 'text': "year's budget process that OS is now"}, {'start': '2121.359', 'end': '2125.760', 'text': 'fully'}, {'start': '2122.440', 'end': '2127.839', 'text': "staffed. Um it's been a long time since"}, {'start': '2125.760', 'end': '2129.839', 'text': 'the organization was at full strength'}, {'start': '2127.839', 'end': '2132.400', 'text': "given the city's current vacancy rate of"}, {'start': '2129.839', 'end': '2135.359', 'text': 'around 10%. This is a significant'}, {'start': '2132.400', 'end': '2137.920', 'text': "milestone for OS. While we've been only"}, {'start': '2135.359', 'end': '2139.440', 'text': 'been fully staffed for a few weeks, uh I'}, {'start': '2137.920', 'end': '2141.280', 'text': 'want to take a moment to recognize the'}, {'start': '2139.440', 'end': '2143.599', 'text': "achievement while we're still on top and"}, {'start': '2141.280', 'end': '2145.280', 'text': 'celebrate the small wins. First, I want'}, {'start': '2143.599', 'end': '2147.920', 'text': 'to thank the staff across the'}, {'start': '2145.280', 'end': '2151.119', 'text': 'department. Uh every vacancy means that'}, {'start': '2147.920', 'end': '2154.320', 'text': 'someone else or everyone else had to'}, {'start': '2151.119', 'end': '2156.640', 'text': 'step up and they did. I felt the weight'}, {'start': '2154.320', 'end': '2158.400', 'text': 'uh of those vacancies when I first did'}, {'start': '2156.640', 'end': '2160.960', 'text': 'my one-on- ones with the staff as we'}, {'start': '2158.400', 'end': '2163.680', 'text': 'were emerging from a higher than normal'}, {'start': '2160.960', 'end': '2167.880', 'text': "turnover rate. The staff's commitment to"}, {'start': '2163.680', 'end': '2170.320', 'text': 'our members is deep and they keep things'}, {'start': '2167.880', 'end': '2172.000', 'text': "moving. I'm still new, so I won't claim"}, {'start': '2170.320', 'end': '2173.520', 'text': 'credit for this achievement, but I do'}, {'start': '2172.000', 'end': '2175.280', 'text': 'want to recognize and thank our senior'}, {'start': '2173.520', 'end': '2177.839', 'text': 'management team and the supervisors for'}, {'start': '2175.280', 'end': '2179.520', 'text': 'their focus on recruiting and creating a'}, {'start': '2177.839', 'end': '2181.920', 'text': 'workplace culture that has led to'}, {'start': '2179.520', 'end': '2183.680', 'text': "minimal turnover since I've been here."}, {'start': '2181.920', 'end': '2185.920', 'text': 'This leadership has made RS a place'}, {'start': '2183.680', 'end': '2188.400', 'text': 'where people want to stay uh come and'}, {'start': '2185.920', 'end': '2190.839', 'text': 'want to stay. And I think that was worth'}, {'start': '2188.400', 'end': '2194.560', 'text': 'noting.'}, {'start': '2190.839', 'end': '2197.280', 'text': 'Um on to business. Uh eligible uh police'}, {'start': '2194.560', 'end': '2199.240', 'text': 'and fire retirees received their annual'}, {'start': '2197.280', 'end': '2202.640', 'text': 'Medicaid Part B reimbursement letter in'}, {'start': '2199.240', 'end': '2205.920', 'text': 'February. Uh information uh was due to'}, {'start': '2202.640', 'end': '2208.640', 'text': 'OS uh to show that their enrollment uh'}, {'start': '2205.920', 'end': '2212.160', 'text': 'was due by April 1st. The staff received'}, {'start': '2208.640', 'end': '2215.119', 'text': 'over 1,000 forms. Reimbursement for this'}, {'start': '2212.160', 'end': '2218.320', 'text': 'benefit started in February. staff has'}, {'start': '2215.119', 'end': '2221.800', 'text': 'processed approximately 870 so far and'}, {'start': '2218.320', 'end': '2224.400', 'text': 'expect to have reimbursements paid by'}, {'start': '2221.800', 'end': '2227.200', 'text': "June. As a reminder, it's the time of"}, {'start': '2224.400', 'end': '2230.160', 'text': 'year uh where trustees uh where the'}, {'start': '2227.200', 'end': '2232.320', 'text': 'trustee waiver of recourse fees are due.'}, {'start': '2230.160', 'end': '2236.400', 'text': 'Um please provide payment to ORS'}, {'start': '2232.320', 'end': '2237.920', 'text': 'accounting uh by May 31st. Uh we can uh'}, {'start': '2236.400', 'end': '2239.599', 'text': 'you can leave that with the admin team'}, {'start': '2237.920', 'end': '2242.160', 'text': 'and we can make sure that it gets to'}, {'start': '2239.599', 'end': '2244.400', 'text': 'accounting. Um, just as a reminder, this'}, {'start': '2242.160', 'end': '2247.839', 'text': 'coverage is fiduciary insurance for the'}, {'start': '2244.400', 'end': '2250.880', 'text': 'trustees. Uh, this coverage uh requires'}, {'start': '2247.839', 'end': '2252.880', 'text': 'payment of $75 payable to the city of'}, {'start': '2250.880', 'end': '2256.760', 'text': 'San Jose Police and Fire Department'}, {'start': '2252.880', 'end': '2259.839', 'text': 'retirement plan and is required by May'}, {'start': '2256.760', 'end': '2261.920', 'text': '31st. Please note that the payment must'}, {'start': '2259.839', 'end': '2264.160', 'text': 'uh from each trustee must be from his or'}, {'start': '2261.920', 'end': '2266.800', 'text': 'her personal account and cannot be paid'}, {'start': '2264.160', 'end': '2269.800', 'text': 'or reimbursed by any other person or'}, {'start': '2266.800', 'end': '2269.800', 'text': 'organization.'}, {'start': '2269.920', 'end': '2274.320', 'text': "We're in the final stages of all of our"}, {'start': '2272.560', 'end': '2276.800', 'text': 'major procurements with the last set of'}, {'start': '2274.320', 'end': '2279.200', 'text': 'approval approvals on the agenda today.'}, {'start': '2276.800', 'end': '2282.880', 'text': 'Uh we have started to engage in contract'}, {'start': '2279.200', 'end': '2282.880', 'text': 'negotiations with most of the'}, {'start': '2282.920', 'end': '2287.599', 'text': 'consultants. OS has been begun working'}, {'start': '2285.599', 'end': '2291.119', 'text': 'with building management on the buildout'}, {'start': '2287.599', 'end': '2294.599', 'text': 'of our new suite 560. Um and uh'}, {'start': '2291.119', 'end': '2298.880', 'text': 'following the OS lease renewal'}, {'start': '2294.599', 'end': '2301.760', 'text': "um we're expecting that uh construction"}, {'start': '2298.880', 'end': '2305.079', 'text': 'will be complete in July and uh we hope'}, {'start': '2301.760', 'end': '2307.040', 'text': 'to be able to move in shortly'}, {'start': '2305.079', 'end': '2308.880', 'text': 'thereafter. Quarterly retirement'}, {'start': '2307.040', 'end': '2310.960', 'text': 'workshops which are held via Zoom'}, {'start': '2308.880', 'end': '2313.920', 'text': 'members can attend can register on our'}, {'start': '2310.960', 'end': '2317.920', 'text': 'website. The next police and fire uh'}, {'start': '2313.920', 'end': '2319.520', 'text': 'retirement workshop is May 22nd at 1 PM.'}, {'start': '2317.920', 'end': '2321.200', 'text': 'Just as a reminder, these retirement'}, {'start': '2319.520', 'end': '2323.200', 'text': 'workshops are for tier one or tier 2'}, {'start': '2321.200', 'end': '2325.040', 'text': 'members who are within one one or two'}, {'start': '2323.200', 'end': '2326.960', 'text': 'years of retirement. The workshop is'}, {'start': '2325.040', 'end': '2328.560', 'text': 'approximately two hours and covers'}, {'start': '2326.960', 'end': '2330.760', 'text': 'retirement benefits and a variety of'}, {'start': '2328.560', 'end': '2333.119', 'text': 'other'}, {'start': '2330.760', 'end': '2335.200', 'text': 'topics. Uh for those of you who were'}, {'start': '2333.119', 'end': '2337.680', 'text': "contacted today, you know that we're in"}, {'start': '2335.200', 'end': '2340.160', 'text': 'the process of replacing trusty iPads.'}, {'start': '2337.680', 'end': '2342.640', 'text': "Um, and we're going to be replacing"}, {'start': '2340.160', 'end': '2345.119', 'text': 'iPads, older iPads, and enrolling all'}, {'start': '2342.640', 'end': '2347.200', 'text': 'iPads in our mobile device management uh'}, {'start': '2345.119', 'end': '2348.400', 'text': 'system. First round of deployments will'}, {'start': '2347.200', 'end': '2352.000', 'text': "start today, and there'll be another"}, {'start': '2348.400', 'end': '2352.000', 'text': 'round uh later in the'}, {'start': '2352.280', 'end': '2357.680', 'text': 'summer. Uh we had our department all'}, {'start': '2355.040', 'end': '2360.280', 'text': 'staff meeting uh this past Tuesday where'}, {'start': '2357.680', 'end': '2363.200', 'text': 'we discussed uh current city COVID'}, {'start': '2360.280', 'end': '2365.440', 'text': "protocols. Um the city's on-site"}, {'start': '2363.200', 'end': '2369.599', 'text': 'schedule moving from three days to four'}, {'start': '2365.440', 'end': '2370.760', 'text': 'days per week. OS budget among a few'}, {'start': '2369.599', 'end': '2372.960', 'text': 'other'}, {'start': '2370.760', 'end': '2374.880', 'text': 'topics. And then just a reminder that'}, {'start': '2372.960', 'end': '2378.320', 'text': 'the offices will be closed on Monday,'}, {'start': '2374.880', 'end': '2382.040', 'text': "May 26 for Memorial Day. With that, I'll"}, {'start': '2378.320', 'end': '2382.040', 'text': 'take any questions.'}, {'start': '2384.079', 'end': '2389.680', 'text': 'Of course, you finished my mouth full.'}, {'start': '2386.800', 'end': '2391.680', 'text': 'Perfect timing on my part.'}, {'start': '2389.680', 'end': '2395.040', 'text': 'Council member Casey, any updates for'}, {'start': '2391.680', 'end': '2397.200', 'text': 'the board? Um just one in terms of the'}, {'start': '2395.040', 'end': '2400.400', 'text': 'budget process, the projected shortfall'}, {'start': '2397.200', 'end': '2403.760', 'text': 'has been adjusted. Instead of $45'}, {'start': '2400.400', 'end': '2406.400', 'text': "million, it's down to 35 million. So"}, {'start': '2403.760', 'end': '2411.400', 'text': 'some positive news there. Otherwise, no'}, {'start': '2406.400', 'end': '2411.400', 'text': 'other updates. Good to hear. Thank you.'}, {'start': '2412.640', 'end': '2418.320', 'text': "Okay, we're going to item"}, {'start': '2415.240', 'end': '2422.240', 'text': "four C. discussion on board's"}, {'start': '2418.320', 'end': '2423.480', 'text': 'designation of 1737 North First Street'}, {'start': '2422.240', 'end': '2428.560', 'text': 'Suite'}, {'start': '2423.480', 'end': '2431.520', 'text': "580 or RS's boardroom for the 2026"}, {'start': '2428.560', 'end': '2434.119', 'text': 'regular standing and uh standing board'}, {'start': '2431.520', 'end': '2437.720', 'text': 'and committee meetings.'}, {'start': '2434.119', 'end': '2440.480', 'text': "So, I'll give a little just kind of"}, {'start': '2437.720', 'end': '2441.839', 'text': 'background. When I first started getting'}, {'start': '2440.480', 'end': '2444.240', 'text': 'interest on the retirement board, the'}, {'start': '2441.839', 'end': '2445.760', 'text': "meetings, and I'm sure Dick can attest"}, {'start': '2444.240', 'end': '2448.000', 'text': 'to this, the meetings were at retirement'}, {'start': '2445.760', 'end': '2450.400', 'text': 'services Somewhere along the line, they'}, {'start': '2448.000', 'end': '2453.040', 'text': 'did get moved. Over the course of the'}, {'start': '2450.400', 'end': '2455.200', 'text': "last year and a year and a half, there's"}, {'start': '2453.040', 'end': '2456.720', 'text': "been a few things that I've noticed. Few"}, {'start': '2455.200', 'end': '2458.319', 'text': "things that I found out. One, we're"}, {'start': '2456.720', 'end': '2462.040', 'text': "paying for a large boardroom that's"}, {'start': '2458.319', 'end': '2467.040', 'text': 'getting used what, 12, 15 times a'}, {'start': '2462.040', 'end': '2470.000', 'text': 'year. Um, the convenience of coming to'}, {'start': '2467.040', 'end': '2472.560', 'text': 'First Street Nor as opposed to coming'}, {'start': '2470.000', 'end': '2474.240', 'text': 'here. Santa Clara actually adds five'}, {'start': '2472.560', 'end': '2475.920', 'text': 'more minutes on my commute coming south'}, {'start': '2474.240', 'end': '2477.920', 'text': 'to here with the buses and the'}, {'start': '2475.920', 'end': '2479.440', 'text': "pedestrians and everything else. I've"}, {'start': '2477.920', 'end': '2482.960', 'text': 'also realized that our consultants'}, {'start': '2479.440', 'end': '2484.560', 'text': 'coming to San Jose airport in OS is'}, {'start': '2482.960', 'end': '2486.319', 'text': 'probably within walking distance of some'}, {'start': '2484.560', 'end': '2487.720', 'text': 'of those hotels. So I think it would be'}, {'start': '2486.319', 'end': '2491.040', 'text': 'a lot more convenient for our'}, {'start': '2487.720', 'end': '2492.880', 'text': 'consultants. I found out staff brings a'}, {'start': '2491.040', 'end': '2495.119', 'text': 'lot of this equipment and stores chairs'}, {'start': '2492.880', 'end': '2497.200', 'text': 'here. They got to bring the coffee, the'}, {'start': '2495.119', 'end': '2499.119', 'text': 'water, not to mention all their'}, {'start': '2497.200', 'end': '2500.640', 'text': 'equipment and themselves. And then I'}, {'start': '2499.119', 'end': '2503.280', 'text': 'start counting the amount of staff from'}, {'start': '2500.640', 'end': '2506.520', 'text': 'RS that are here and typically 8 to 12'}, {'start': '2503.280', 'end': '2509.520', 'text': 'people are all coming here for the'}, {'start': '2506.520', 'end': '2511.280', 'text': 'trustees. Um we have issues with the'}, {'start': '2509.520', 'end': '2513.200', 'text': 'parking garage sometimes in our'}, {'start': '2511.280', 'end': '2515.359', 'text': 'validations. So you either pay for it on'}, {'start': '2513.200', 'end': '2517.000', 'text': 'your own or you got to come back up and'}, {'start': '2515.359', 'end': '2518.720', 'text': 'get it'}, {'start': '2517.000', 'end': '2520.800', 'text': 'revalidated. When you go to the'}, {'start': '2518.720', 'end': '2523.200', 'text': "bathroom, you need someone's card key."}, {'start': '2520.800', 'end': '2527.200', 'text': 'These are a lot of just inconvenient'}, {'start': '2523.200', 'end': '2529.720', 'text': 'issues that I found um that just make it'}, {'start': '2527.200', 'end': '2534.720', 'text': 'logical for us to move back to'}, {'start': '2529.720', 'end': '2537.040', 'text': "OS and I'll open it up for discussion."}, {'start': '2534.720', 'end': '2537.040', 'text': 'Mr.'}, {'start': '2537.240', 'end': '2543.440', 'text': 'Chair, you said everything that I would'}, {'start': '2539.599', 'end': '2546.720', 'text': 'be thinking. So I appreciate it.'}, {'start': '2543.440', 'end': '2549.200', 'text': 'Anyone else?'}, {'start': '2546.720', 'end': '2553.280', 'text': 'John, can you talk a little bit about'}, {'start': '2549.200', 'end': '2557.200', 'text': 'the resources that are here versus not'}, {'start': '2553.280', 'end': '2560.640', 'text': 'at OS that we would want to potentially'}, {'start': '2557.200', 'end': '2564.400', 'text': 'recreate or not? Um, just so we have the'}, {'start': '2560.640', 'end': '2564.400', 'text': 'full picture. Sure.'}, {'start': '2565.319', 'end': '2573.040', 'text': 'Um, you know, I I guess what I would say'}, {'start': '2567.920', 'end': '2574.319', 'text': 'is in, you know, talking with um staff,'}, {'start': '2573.040', 'end': '2578.240', 'text': 'senior staff that have been here longer'}, {'start': '2574.319', 'end': '2580.160', 'text': 'than me, which is everybody. Um,'}, {'start': '2578.240', 'end': '2582.000', 'text': 'uh, and then also working with Reed'}, {'start': '2580.160', 'end': '2583.359', 'text': 'Smith just to understand what the, you'}, {'start': '2582.000', 'end': '2584.400', 'text': 'know, I like to understand where are the'}, {'start': '2583.359', 'end': '2586.640', 'text': 'where are the bounds, what are the'}, {'start': '2584.400', 'end': '2589.280', 'text': 'minimum requirements, and I I think the'}, {'start': '2586.640', 'end': '2590.640', 'text': "thing in in short, there's no policy or"}, {'start': '2589.280', 'end': '2593.920', 'text': 'legal requirement to have the board'}, {'start': '2590.640', 'end': '2596.880', 'text': 'meetings here. Um, the meaning code'}, {'start': '2593.920', 'end': '2600.000', 'text': 'clearly states that the boards set the'}, {'start': '2596.880', 'end': '2602.160', 'text': 'meeting time and location. Um, they only'}, {'start': '2600.000', 'end': '2605.319', 'text': 'need to be within the within the the'}, {'start': '2602.160', 'end': '2608.400', 'text': 'legal bounds of San Jose.'}, {'start': '2605.319', 'end': '2611.119', 'text': 'Um, there is no requirement to broadcast'}, {'start': '2608.400', 'end': '2614.079', 'text': 'or or or allow remote attendance. We'}, {'start': '2611.119', 'end': '2616.480', 'text': 'allow our trustees to remote attend if'}, {'start': '2614.079', 'end': '2619.599', 'text': 'they meet the the requirements of uh the'}, {'start': '2616.480', 'end': '2621.760', 'text': 'Brown Act. If we re allow trustees to'}, {'start': '2619.599', 'end': '2624.720', 'text': 'attend remotely, then we must allow the'}, {'start': '2621.760', 'end': '2626.319', 'text': 'public to uh view remotely, not'}, {'start': '2624.720', 'end': '2629.920', 'text': 'necessarily participate, although we do'}, {'start': '2626.319', 'end': '2633.040', 'text': 'allow them to participate. Um minimum'}, {'start': '2629.920', 'end': '2637.200', 'text': 'technical requirements uh is that we'}, {'start': '2633.040', 'end': '2638.880', 'text': 'must record auto we must uh provide'}, {'start': '2637.200', 'end': '2643.160', 'text': 'create an audio recording of every'}, {'start': '2638.880', 'end': '2646.160', 'text': 'meeting and store it for two years. Um'}, {'start': '2643.160', 'end': '2647.960', 'text': 'and uh that recording needs to be made'}, {'start': '2646.160', 'end': '2651.520', 'text': 'available upon'}, {'start': '2647.960', 'end': '2655.200', 'text': 'uh public information request uh to the'}, {'start': '2651.520', 'end': '2657.119', 'text': "to the board. Um when what you don't"}, {'start': '2655.200', 'end': '2659.040', 'text': "maybe you don't see here in this room is"}, {'start': '2657.119', 'end': '2661.440', 'text': "that there's actually a a a city"}, {'start': '2659.040', 'end': '2663.720', 'text': "broadcast staff that's happening behind"}, {'start': '2661.440', 'end': '2666.160', 'text': "the scenes here. So there's two or three"}, {'start': '2663.720', 'end': '2668.079', 'text': 'individuals. Um they actually are here'}, {'start': '2666.160', 'end': '2670.800', 'text': 'setting up the microphones before we get'}, {'start': '2668.079', 'end': '2672.400', 'text': 'here. Uh, unfortunately for the public,'}, {'start': '2670.800', 'end': '2676.000', 'text': "they're they're they're putting my face"}, {'start': '2672.400', 'end': '2677.760', 'text': 'up on the uh in a Zoom, but you can see'}, {'start': '2676.000', 'end': '2681.359', 'text': "that they're also putting the titles"}, {'start': '2677.760', 'end': '2684.880', 'text': 'underneath the um the video either with'}, {'start': '2681.359', 'end': '2687.440', 'text': "the person's name or the uh the agenda."}, {'start': '2684.880', 'end': '2688.800', 'text': 'Uh when we have we we have meetings back'}, {'start': '2687.440', 'end': '2690.240', 'text': 'in our office. So, we already meet all'}, {'start': '2688.800', 'end': '2692.000', 'text': 'the technical requirement the the'}, {'start': '2690.240', 'end': '2694.160', 'text': 'minimum technical requirements uh when'}, {'start': '2692.000', 'end': '2695.440', 'text': 'we hold a meeting in our office. Uh in'}, {'start': '2694.160', 'end': '2697.040', 'text': "our office it's a little bit different"}, {'start': '2695.440', 'end': '2699.520', 'text': "because we don't have any broadcast"}, {'start': '2697.040', 'end': '2702.560', 'text': 'personnel that are constructing uh the'}, {'start': '2699.520', 'end': '2706.800', 'text': 'the video as you see here. Uh we have a'}, {'start': '2702.560', 'end': '2709.119', 'text': 'technology uh owl camera that is spins'}, {'start': '2706.800', 'end': '2712.560', 'text': "around. It gives us a you know a bird's"}, {'start': '2709.119', 'end': '2715.040', 'text': 'eye a fisheye view of the boardroom and'}, {'start': '2712.560', 'end': '2717.839', 'text': "then focuses on whoever's talking based"}, {'start': '2715.040', 'end': '2720.160', 'text': 'on sound. So it it um it tries to zoom'}, {'start': '2717.839', 'end': '2722.400', 'text': 'in on the the area of the room where the'}, {'start': '2720.160', 'end': '2724.400', 'text': 'sound is coming from, but it meets all'}, {'start': '2722.400', 'end': '2727.280', 'text': 'the technical requirements. Uh in both'}, {'start': '2724.400', 'end': '2729.040', 'text': 'places, we broadcast to Zoom. Um our'}, {'start': '2727.280', 'end': '2732.160', 'text': "staff actually does that, but when we're"}, {'start': '2729.040', 'end': '2735.599', 'text': 'here, they also broadcast to uh Civic'}, {'start': '2732.160', 'end': '2737.200', 'text': 'Center TV live uh or cablecast. I I was'}, {'start': '2735.599', 'end': '2739.440', 'text': "educated. It's a cablecast, not a"}, {'start': '2737.200', 'end': '2742.800', 'text': 'broadcast. Um and it also goes out over'}, {'start': '2739.440', 'end': '2744.640', 'text': 'over YouTube. Um when we do it in our'}, {'start': '2742.800', 'end': '2747.200', 'text': "office, it's only going out over Zoom."}, {'start': '2744.640', 'end': '2749.440', 'text': 'And then we save uh the recording'}, {'start': '2747.200', 'end': '2751.359', 'text': 'through Zoom and then we provide that to'}, {'start': '2749.440', 'end': '2753.560', 'text': 'the city to store it in the same'}, {'start': '2751.359', 'end': '2757.680', 'text': 'locations that it would store'}, {'start': '2753.560', 'end': '2760.400', 'text': 'otherwise. So um the the question of'}, {'start': '2757.680', 'end': '2762.720', 'text': 'what do what resources do we need? I'}, {'start': '2760.400', 'end': '2765.040', 'text': 'mean the answer could be no additional'}, {'start': '2762.720', 'end': '2769.520', 'text': 'resources'}, {'start': '2765.040', 'end': '2771.680', 'text': 'um up to if we wanted to create similar'}, {'start': '2769.520', 'end': '2773.480', 'text': "broadcast quality you know we'd have to"}, {'start': '2771.680', 'end': '2775.680', 'text': "we'd have to figure out what those"}, {'start': '2773.480', 'end': '2777.040', 'text': 'implemental requirements are and then we'}, {'start': '2775.680', 'end': '2778.800', 'text': 'could go back and do some costing'}, {'start': '2777.040', 'end': '2780.319', 'text': 'analysis'}, {'start': '2778.800', 'end': '2782.800', 'text': "and I think we've talked on the short"}, {'start': '2780.319', 'end': '2785.200', 'text': 'goal maybe upgrade to the mic system'}, {'start': '2782.800', 'end': '2788.240', 'text': 'which is nothing too we discussed that'}, {'start': '2785.200', 'end': '2790.000', 'text': 'before uh you suggested the agenda item'}, {'start': '2788.240', 'end': '2793.440', 'text': 'you know in the office the mics'}, {'start': '2790.000', 'end': '2796.079', 'text': "are wired. We don't have as many uh and"}, {'start': '2793.440', 'end': '2797.599', 'text': "they're old technology. So, you know, we"}, {'start': '2796.079', 'end': '2801.280', 'text': "they didn't make the budget cut this"}, {'start': '2797.599', 'end': '2805.520', 'text': 'year. Uh but they are on the on the list'}, {'start': '2801.280', 'end': '2808.480', 'text': "of items that we're looking to upgrade."}, {'start': '2805.520', 'end': '2810.480', 'text': 'Our boardroom can accommodate um members'}, {'start': '2808.480', 'end': '2813.400', 'text': 'of the public as well. Sure. So, we we'}, {'start': '2810.480', 'end': '2817.520', 'text': 'meet all those requirements. Absolutely.'}, {'start': '2813.400', 'end': '2821.119', 'text': 'Um, with regard to the quality of the'}, {'start': '2817.520', 'end': '2823.200', 'text': 'video, do we have any estimates on how'}, {'start': '2821.119', 'end': '2825.079', 'text': 'many in particular participants, but how'}, {'start': '2823.200', 'end': '2828.400', 'text': 'many people in'}, {'start': '2825.079', 'end': '2832.000', 'text': 'general will watch the the live stream'}, {'start': '2828.400', 'end': '2833.440', 'text': "that comes from city hall? It's a good"}, {'start': '2832.000', 'end': '2835.440', 'text': "question. I don't have the answer to"}, {'start': '2833.440', 'end': '2837.599', 'text': "that question. I I I'll look to the"}, {'start': '2835.440', 'end': '2839.359', 'text': 'admin staff to talk about Zoom. Uh, you'}, {'start': '2837.599', 'end': '2841.520', 'text': 'know, on average, how many people do we'}, {'start': '2839.359', 'end': '2842.480', 'text': 'have logged into our Zoom? I mean, I'}, {'start': '2841.520', 'end': '2844.000', 'text': "guess that wouldn't change though,"}, {'start': '2842.480', 'end': '2846.319', 'text': "right? That piece wouldn't change. The"}, {'start': '2844.000', 'end': '2850.400', 'text': 'piece that could change would be the'}, {'start': '2846.319', 'end': '2852.880', 'text': 'number of YouTube uh watchers live as'}, {'start': '2850.400', 'end': '2854.720', 'text': "well as uh I I'm not sure we would be"}, {'start': '2852.880', 'end': '2858.079', 'text': 'able to know how many people are'}, {'start': '2854.720', 'end': '2860.160', 'text': 'watching it on the civic TV,'}, {'start': '2858.079', 'end': '2862.880', 'text': 'but YouTube maybe we we could uh we'}, {'start': '2860.160', 'end': '2864.800', 'text': 'could get some stats on that. Yeah, I'}, {'start': '2862.880', 'end': '2866.160', 'text': 'think my question is really sort of and'}, {'start': '2864.800', 'end': '2868.960', 'text': "we won't have an answer here, but"}, {'start': '2866.160', 'end': '2872.400', 'text': 'getting to the four plan participants'}, {'start': '2868.960', 'end': '2874.000', 'text': 'making sure that their experience with'}, {'start': '2872.400', 'end': '2877.359', 'text': 'interacting with the board meeting, even'}, {'start': '2874.000', 'end': '2880.359', 'text': "if it's just watching, isn't degraded,"}, {'start': '2877.359', 'end': '2880.359', 'text': 'right?'}, {'start': '2880.640', 'end': '2886.880', 'text': 'Um I think one of the other'}, {'start': '2884.359', 'end': '2888.720', 'text': 'advantages currently we have to have all'}, {'start': '2886.880', 'end': '2891.920', 'text': 'these staff members here in case we have'}, {'start': '2888.720', 'end': '2894.560', 'text': 'a question whereas at OS we could simply'}, {'start': '2891.920', 'end': '2896.560', 'text': 'send a text message they walk a floor'}, {'start': '2894.560', 'end': '2899.520', 'text': "and they're there. So they continue to"}, {'start': '2896.560', 'end': '2901.599', 'text': 'be you know efficient in their work. Um,'}, {'start': '2899.520', 'end': '2904.200', 'text': 'another personal pet peeve of mine,'}, {'start': '2901.599', 'end': '2906.880', 'text': 'although I understand why,'}, {'start': '2904.200', 'end': '2909.200', 'text': "is Dave and I have found that you can't"}, {'start': '2906.880', 'end': '2911.200', 'text': 'get into this building until 10 to 15'}, {'start': '2909.200', 'end': '2912.880', 'text': 'minutes before the meeting starts. And'}, {'start': '2911.200', 'end': '2915.520', 'text': "I'd really like to be here without"}, {'start': '2912.880', 'end': '2916.960', 'text': 'texting someone to open the door for me.'}, {'start': '2915.520', 'end': '2920.000', 'text': "I'd really like to be here a little"}, {'start': '2916.960', 'end': '2922.640', 'text': 'earlier on on occasion. So, just a lot'}, {'start': '2920.000', 'end': '2924.160', 'text': 'of logistical issues that just just'}, {'start': '2922.640', 'end': '2926.480', 'text': 'makes I think our work here more'}, {'start': '2924.160', 'end': '2928.400', 'text': 'difficult.'}, {'start': '2926.480', 'end': '2930.880', 'text': 'Yeah, I know for me the last two times I'}, {'start': '2928.400', 'end': '2932.240', 'text': 'parked downstairs. The parking'}, {'start': '2930.880', 'end': '2934.960', 'text': 'validation machine that was up here'}, {'start': '2932.240', 'end': '2936.480', 'text': "didn't work. Um, so I go, you know, it"}, {'start': '2934.960', 'end': '2937.839', 'text': 'says that it works. That gives it the'}, {'start': '2936.480', 'end': '2939.839', 'text': 'little code on the top that looks like'}, {'start': '2937.839', 'end': '2941.680', 'text': 'it works. Go down to my car, drive over'}, {'start': '2939.839', 'end': '2944.720', 'text': "to the gate. The gate won't accept the"}, {'start': '2941.680', 'end': '2946.160', 'text': 'the card, drive back, park, come up,'}, {'start': '2944.720', 'end': '2947.680', 'text': 'wait five or 10 minutes for someone to'}, {'start': '2946.160', 'end': '2949.760', 'text': 'validate, and that issue goes away'}, {'start': '2947.680', 'end': '2951.280', 'text': 'completely at the other building because'}, {'start': '2949.760', 'end': '2953.160', 'text': 'parking is in the parking lot with no'}, {'start': '2951.280', 'end': '2957.280', 'text': 'special access. And we have plenty of'}, {'start': '2953.160', 'end': '2959.040', 'text': "parking. Um, and I'll I'll let it out"}, {'start': '2957.280', 'end': '2961.200', 'text': 'just because this is another logistic.'}, {'start': '2959.040', 'end': '2963.599', 'text': "There's on occasion times where this"}, {'start': '2961.200', 'end': '2965.200', 'text': 'room is not available to us. So, we know'}, {'start': '2963.599', 'end': '2970.079', 'text': "there's not a problem with us having it"}, {'start': '2965.200', 'end': '2972.400', 'text': 'there. And in the in the event like we'}, {'start': '2970.079', 'end': '2975.640', 'text': 'are aware of there may be a protest here'}, {'start': '2972.400', 'end': '2977.680', 'text': 'today, which could disrupt this meeting'}, {'start': '2975.640', 'end': '2980.000', 'text': "potentially. Our understanding is it's"}, {'start': '2977.680', 'end': '2982.400', 'text': 'in the afternoon so we should be okay.'}, {'start': '2980.000', 'end': '2983.839', 'text': 'But I could envision people blocking a'}, {'start': '2982.400', 'end': '2985.720', 'text': 'parking garage, not being able to get'}, {'start': '2983.839', 'end': '2990.720', 'text': 'out, some of these other things. We are'}, {'start': '2985.720', 'end': '2990.720', 'text': 'offsite and not going to be a targeted'}, {'start': '2992.200', 'end': '2997.119', 'text': 'area. Any other'}, {'start': '2994.920', 'end': '2998.960', 'text': 'questions? Well, this is this is a'}, {'start': '2997.119', 'end': '3003.119', 'text': 'discussion. I think this would just be a'}, {'start': '2998.960', 'end': '3006.000', 'text': 'direction to staff to as of fiscal year'}, {'start': '3003.119', 'end': '3008.960', 'text': '26 just report a new location. And I'}, {'start': '3006.000', 'end': '3010.480', 'text': 'think if any anybody else has a question'}, {'start': '3008.960', 'end': '3012.960', 'text': "or comment, they're more than free to"}, {'start': '3010.480', 'end': '3012.960', 'text': 'get a hold of'}, {'start': '3013.400', 'end': '3019.920', 'text': 'me.'}, {'start': '3016.359', 'end': '3023.040', 'text': "Okay. So, we'll bring we'll bring uh the"}, {'start': '3019.920', 'end': '3025.800', 'text': 'as part of the uh discussion and action'}, {'start': '3023.040', 'end': '3030.599', 'text': 'for setting the schedule for'}, {'start': '3025.800', 'end': '3034.000', 'text': 'uh calendar year 26, we will'}, {'start': '3030.599', 'end': '3037.920', 'text': 'uh we will include OS as the primary'}, {'start': '3034.000', 'end': '3041.280', 'text': 'location. This Fiscal year sorry. Yeah.'}, {'start': '3037.920', 'end': '3042.480', 'text': 'Uh fiscal year 26 starts in July. Uh we'}, {'start': '3041.280', 'end': '3045.119', 'text': 'would be doing this in August for'}, {'start': '3042.480', 'end': '3046.640', 'text': 'calendar year 26.'}, {'start': '3045.119', 'end': '3048.640', 'text': "Okay. We don't have we don't have a July"}, {'start': '3046.640', 'end': '3050.760', 'text': 'meeting, do we? No. No. No. Sorry. In'}, {'start': '3048.640', 'end': '3053.520', 'text': 'August. Yeah. Yeah. Okay.'}, {'start': '3050.760', 'end': '3055.359', 'text': 'So, if you wanted to do something not'}, {'start': '3053.520', 'end': '3056.640', 'text': 'waiting till January of next year, we'}, {'start': '3055.359', 'end': '3062.000', 'text': 'could take that action at the next board'}, {'start': '3056.640', 'end': '3063.680', 'text': 'meeting as well. But um we we'}, {'start': '3062.000', 'end': '3065.599', 'text': 'maybe I misunderstood. I the way you'}, {'start': '3063.680', 'end': '3067.839', 'text': "presented I thought you were saying we'd"}, {'start': '3065.599', 'end': '3070.880', 'text': 'start doing it in January. In we start'}, {'start': '3067.839', 'end': '3074.000', 'text': 'doing it in January.'}, {'start': '3070.880', 'end': '3075.760', 'text': 'I propose we start doing it in August.'}, {'start': '3074.000', 'end': '3079.119', 'text': 'Second.'}, {'start': '3075.760', 'end': '3081.119', 'text': "Oh, I'm I'm good with that. Well, we"}, {'start': '3079.119', 'end': '3083.599', 'text': "can't take an action on that today. No,"}, {'start': '3081.119', 'end': '3085.760', 'text': "we can't. Uh if if you as a proposed"}, {'start': '3083.599', 'end': '3087.280', 'text': 'agenda item for the next board meeting,'}, {'start': '3085.760', 'end': '3088.559', 'text': 'we could we could we could bring that'}, {'start': '3087.280', 'end': '3089.920', 'text': "back to the next board meeting if that's"}, {'start': '3088.559', 'end': '3092.480', 'text': "what the board would prefer. Chair's"}, {'start': '3089.920', 'end': '3095.920', 'text': 'consensus to put it on the agenda. Yeah.'}, {'start': '3092.480', 'end': '3098.160', 'text': 'question. Everybody okay with that? Do'}, {'start': '3095.920', 'end': '3101.119', 'text': 'we need to put on the agenda as well any'}, {'start': '3098.160', 'end': '3104.640', 'text': 'discussion about costs associated with'}, {'start': '3101.119', 'end': '3108.480', 'text': 'mic upgrades and video upgrades or'}, {'start': '3104.640', 'end': '3110.480', 'text': 'should we separate those as two things?'}, {'start': '3108.480', 'end': '3113.040', 'text': 'Well, I think in the immediate time it'}, {'start': '3110.480', 'end': '3116.800', 'text': 'would be looking into mic upgrades which'}, {'start': '3113.040', 'end': '3119.520', 'text': "fall well below John's authorized amount"}, {'start': '3116.800', 'end': '3122.480', 'text': 'to spend on I I think the real question'}, {'start': '3119.520', 'end': '3124.920', 'text': 'is if if the board gives me direction to'}, {'start': '3122.480', 'end': '3127.760', 'text': 'say that we would want to'}, {'start': '3124.920', 'end': '3132.160', 'text': 'um approach the production quality that'}, {'start': '3127.760', 'end': '3133.520', 'text': 'is that is done here at OS. I can go and'}, {'start': '3132.160', 'end': '3136.520', 'text': 'do that and bring that back to the'}, {'start': '3133.520', 'end': '3140.960', 'text': 'boards. um if you want to'}, {'start': '3136.520', 'end': '3143.040', 'text': 'wait until we we do until that is done'}, {'start': '3140.960', 'end': '3144.720', 'text': 'before the meetings or do you want to'}, {'start': '3143.040', 'end': '3147.040', 'text': 'move the meetings because we meet the'}, {'start': '3144.720', 'end': '3149.680', 'text': 'minimum requirements and then we will'}, {'start': '3147.040', 'end': '3153.440', 'text': 'upgrade that as we can move forward just'}, {'start': '3149.680', 'end': '3155.040', 'text': 'as a any sort of um audio video upgrades'}, {'start': '3153.440', 'end': '3157.680', 'text': 'is not included in the proposed budget'}, {'start': '3155.040', 'end': '3159.680', 'text': 'that we reviewed at last month. So also'}, {'start': '3157.680', 'end': '3161.680', 'text': 'have to take a look at that uh in the'}, {'start': '3159.680', 'end': '3163.359', 'text': "context of where we are in this year's"}, {'start': '3161.680', 'end': '3165.280', 'text': 'budget as well, you know, because there'}, {'start': '3163.359', 'end': '3167.680', 'text': 'could be some we might have some room in'}, {'start': '3165.280', 'end': '3171.520', 'text': 'a few areas to do some of that work now'}, {'start': '3167.680', 'end': '3173.920', 'text': 'before July 1st uh or uh have an impact'}, {'start': '3171.520', 'end': '3176.640', 'text': 'next fiscal year. Do you have a'}, {'start': '3173.920', 'end': '3178.720', 'text': 'preference? Uh if we have room in the'}, {'start': '3176.640', 'end': '3181.880', 'text': 'budget this year, uh you know, I I would'}, {'start': '3178.720', 'end': '3184.880', 'text': 'I would love to use the um the excess'}, {'start': '3181.880', 'end': '3186.960', 'text': 'there if we if we could. I suggest a'}, {'start': '3184.880', 'end': '3188.960', 'text': 'two-staged effort. First one being the'}, {'start': '3186.960', 'end': '3191.599', 'text': 'mics. Okay. Um just making sure we have'}, {'start': '3188.960', 'end': '3194.480', 'text': 'enough mics and the most efficient clear'}, {'start': '3191.599', 'end': '3196.800', 'text': 'and then looking into and coming up with'}, {'start': '3194.480', 'end': '3199.119', 'text': 'a proposal to upgrade the video system,'}, {'start': '3196.800', 'end': '3201.359', 'text': 'obviously working with the city texts as'}, {'start': '3199.119', 'end': '3204.640', 'text': 'to how we could make it either YouTube'}, {'start': '3201.359', 'end': '3206.480', 'text': 'live or whatever the other avenue is. I'}, {'start': '3204.640', 'end': '3209.200', 'text': 'I had a brief discussion with one of the'}, {'start': '3206.480', 'end': '3211.520', 'text': 'supervisors here last month about that'}, {'start': '3209.200', 'end': '3214.079', 'text': "and you know there's still some details"}, {'start': '3211.520', 'end': '3215.839', 'text': 'we would need to to flesh out but it'}, {'start': '3214.079', 'end': '3217.520', 'text': 'would require a few remote cameras no'}, {'start': '3215.839', 'end': '3219.280', 'text': 'different than what you see here maybe'}, {'start': '3217.520', 'end': '3221.119', 'text': 'an on-site technician for our board'}, {'start': '3219.280', 'end': '3224.079', 'text': 'meetings and then they would uh send the'}, {'start': '3221.119', 'end': '3225.839', 'text': 'fe a constructed feed back to here and'}, {'start': '3224.079', 'end': '3228.400', 'text': 'then we could meet all the same the same'}, {'start': '3225.839', 'end': '3231.599', 'text': 'requirements but it I believe it would'}, {'start': '3228.400', 'end': '3233.839', 'text': 'be just a one-time technology'}, {'start': '3231.599', 'end': '3233.839', 'text': 'upgrade'}, {'start': '3234.240', 'end': '3237.200', 'text': 'But I I can work through those details.'}, {'start': '3235.839', 'end': '3240.640', 'text': 'One quick question. Have we had any'}, {'start': '3237.200', 'end': '3243.359', 'text': 'feedback on meetings at OS from anybody'}, {'start': '3240.640', 'end': '3245.440', 'text': 'from the outside saying, "Oh, I couldn\'t'}, {'start': '3243.359', 'end': '3248.880', 'text': "see anybody or I couldn't do this or did"}, {'start': '3245.440', 'end': '3251.440', 'text': 'it matter?" Anybody? I I have not heard'}, {'start': '3248.880', 'end': '3254.440', 'text': 'any.'}, {'start': '3251.440', 'end': '3254.440', 'text': 'Yeah.'}, {'start': '3259.760', 'end': '3263.359', 'text': "They always look at me while I'm"}, {'start': '3260.800', 'end': '3263.359', 'text': 'chewing.'}, {'start': '3263.440', 'end': '3267.960', 'text': 'Okay. So, the if I just so I understand'}, {'start': '3265.359', 'end': '3270.960', 'text': "my direction, we're we're going to"}, {'start': '3267.960', 'end': '3273.760', 'text': "uh look at the mic upgrades. That's"}, {'start': '3270.960', 'end': '3276.559', 'text': 'something we were uh we had on our uh'}, {'start': '3273.760', 'end': '3278.400', 'text': 'longer horizon IT upgrade path. Anyway,'}, {'start': '3276.559', 'end': '3280.720', 'text': 'put together a proposal that I can bring'}, {'start': '3278.400', 'end': '3282.319', 'text': 'back for discussion in action or'}, {'start': '3280.720', 'end': '3283.839', 'text': "discussion if it's within my authority"}, {'start': '3282.319', 'end': '3285.440', 'text': 'with the boards just so that you can'}, {'start': '3283.839', 'end': '3290.000', 'text': 'understand what the cost of that move'}, {'start': '3285.440', 'end': '3291.599', 'text': "is. Um, and then in August we'll or or"}, {'start': '3290.000', 'end': '3298.359', 'text': 'potentially in next month we could'}, {'start': '3291.599', 'end': '3298.359', 'text': 'decide to uh uh move it for August,'}, {'start': '3298.480', 'end': '3305.240', 'text': "right? So next month. Yeah. So So we'll"}, {'start': '3300.800', 'end': '3305.240', 'text': 'put it on the next agenda. Okay.'}, {'start': '3310.720', 'end': '3315.359', 'text': 'Okay. A discussion and action'}, {'start': '3312.079', 'end': '3318.000', 'text': 'authorizing the CEO to negotiate and'}, {'start': '3315.359', 'end': '3321.000', 'text': 'execute a sixth amendment to the'}, {'start': '3318.000', 'end': '3324.160', 'text': 'agreement with Marty Ber Communications'}, {'start': '3321.000', 'end': '3326.440', 'text': 'Advantage to extend the term of the'}, {'start': '3324.160', 'end': '3329.599', 'text': 'agreement through June 30th,'}, {'start': '3326.440', 'end': '3333.280', 'text': '2026 with a maximum total amount payable'}, {'start': '3329.599', 'end': '3337.040', 'text': 'of 15,000 for the period July 1st, 2025'}, {'start': '3333.280', 'end': '3338.800', 'text': 'through June 30th, 2026.'}, {'start': '3337.040', 'end': '3340.079', 'text': 'So this is uh we currently have an'}, {'start': '3338.800', 'end': '3343.319', 'text': 'agreement with Marty Boyer'}, {'start': '3340.079', 'end': '3346.319', 'text': 'Communications Advantage to'}, {'start': '3343.319', 'end': '3348.400', 'text': 'um their main role is in the production'}, {'start': '3346.319', 'end': '3351.440', 'text': 'of our quarterly newsletters. Um they'}, {'start': '3348.400', 'end': '3354.400', 'text': 'help uh draft, author, edit all of the'}, {'start': '3351.440', 'end': '3356.400', 'text': 'articles uh and content that you see. Um'}, {'start': '3354.400', 'end': '3359.160', 'text': 'they also assist us in some other ways'}, {'start': '3356.400', 'end': '3361.599', 'text': 'too. Uh most again all around'}, {'start': '3359.160', 'end': '3362.760', 'text': 'communication. Uh this is an a request'}, {'start': '3361.599', 'end': '3365.920', 'text': 'for an'}, {'start': '3362.760', 'end': '3367.599', 'text': 'extension for the contract. uh you know'}, {'start': '3365.920', 'end': '3369.920', 'text': 'the thought there was a thought that we'}, {'start': '3367.599', 'end': '3373.440', 'text': 'would uh go out for competitive'}, {'start': '3369.920', 'end': '3375.440', 'text': 'procurement for this work uh along with'}, {'start': '3373.440', 'end': '3377.359', 'text': "there's an there's a second contract for"}, {'start': '3375.440', 'end': '3379.040', 'text': 'uh social media communications which is'}, {'start': '3377.359', 'end': '3382.559', 'text': 'separate from Marty Boyer but much'}, {'start': '3379.040', 'end': '3384.480', 'text': 'smaller uh in in overall costs uh that'}, {'start': '3382.559', 'end': '3386.240', 'text': 'would be within my delegation authority.'}, {'start': '3384.480', 'end': '3388.319', 'text': 'My my proposal is that we extend these'}, {'start': '3386.240', 'end': '3390.160', 'text': 'for one more year. This allows us to go'}, {'start': '3388.319', 'end': '3392.480', 'text': 'through our uh strategic planning'}, {'start': '3390.160', 'end': '3394.880', 'text': "process that I'm hoping that we will do"}, {'start': '3392.480', 'end': '3396.640', 'text': 'uh in the fall of this year. Typically,'}, {'start': '3394.880', 'end': '3398.920', 'text': 'one of the pillars of a pension fund'}, {'start': '3396.640', 'end': '3402.240', 'text': 'strategic plan is around stakeholder'}, {'start': '3398.920', 'end': '3405.119', 'text': 'communications. And my thought is I I I'}, {'start': '3402.240', 'end': '3407.200', 'text': "don't want to put out I don't want to"}, {'start': '3405.119', 'end': '3410.079', 'text': 'invest the time and energy in a in a in'}, {'start': '3407.200', 'end': '3412.880', 'text': 'a procurement process that potentially'}, {'start': '3410.079', 'end': '3414.319', 'text': 'coming out of the strategic plan could'}, {'start': '3412.880', 'end': '3416.640', 'text': "be significantly different. I don't know"}, {'start': '3414.319', 'end': '3418.480', 'text': 'if it will be, but it could be. Um and'}, {'start': '3416.640', 'end': '3420.319', 'text': "so the thought is let's extend this for"}, {'start': '3418.480', 'end': '3422.720', 'text': 'one year and then next year on the other'}, {'start': '3420.319', 'end': '3424.319', 'text': 'side of the strategic planning process'}, {'start': '3422.720', 'end': '3426.240', 'text': "uh we'll work through what our"}, {'start': '3424.319', 'end': '3428.880', 'text': 'communication needs are and we can'}, {'start': '3426.240', 'end': '3431.520', 'text': 'better define how and if that impacts'}, {'start': '3428.880', 'end': '3433.520', 'text': 'any staffing requests andor consulting'}, {'start': '3431.520', 'end': '3436.319', 'text': 'services.'}, {'start': '3433.520', 'end': '3439.160', 'text': "Hey John um isn't this within your"}, {'start': '3436.319', 'end': '3441.920', 'text': "delegated authority? So although it's"}, {'start': '3439.160', 'end': '3444.400', 'text': '15,000 uh the total contract is more'}, {'start': '3441.920', 'end': '3446.720', 'text': 'than 50,000. So this is just 15,000 for'}, {'start': '3444.400', 'end': '3448.000', 'text': 'the one year. Uh the con the wording on'}, {'start': '3446.720', 'end': '3449.200', 'text': 'this contract is a little bit different'}, {'start': '3448.000', 'end': '3451.520', 'text': "than what we've seen in some of the"}, {'start': '3449.200', 'end': '3453.520', 'text': "other contracts. So it's yearbyear and"}, {'start': '3451.520', 'end': '3456.160', 'text': "so that's why you're only seeing the 15."}, {'start': '3453.520', 'end': '3458.400', 'text': 'Uh but the total amount the total'}, {'start': '3456.160', 'end': '3460.880', 'text': "contract amount is over 50. So it's"}, {'start': '3458.400', 'end': '3462.720', 'text': 'greater than my authority.'}, {'start': '3460.880', 'end': '3465.440', 'text': 'Just a thought uh during the strategic'}, {'start': '3462.720', 'end': '3466.720', 'text': 'planning exercise will we re review your'}, {'start': '3465.440', 'end': '3468.240', 'text': 'delegated authority because you know'}, {'start': '3466.720', 'end': '3472.319', 'text': 'sometimes very small amounts come in'}, {'start': '3468.240', 'end': '3473.839', 'text': 'front of us. I I would love that.'}, {'start': '3472.319', 'end': '3476.400', 'text': "Mr. Chair, there's a motion to approve"}, {'start': '3473.839', 'end': '3479.680', 'text': 'the CEO take care of and a motion from'}, {'start': '3476.400', 'end': '3481.599', 'text': 'Dick. Second. Second from Gretchen. Any'}, {'start': '3479.680', 'end': '3486.440', 'text': 'further discussion?'}, {'start': '3481.599', 'end': '3486.440', 'text': 'All those in favor? I opposed.'}, {'start': '3490.119', 'end': '3497.440', 'text': 'Okay. Discussion and action on amendment'}, {'start': '3493.520', 'end': '3500.240', 'text': 'toou between board and city for use of'}, {'start': '3497.440', 'end': '3501.839', 'text': 'actuary to review city bond disclosure'}, {'start': '3500.240', 'end': '3503.680', 'text': 'documents.'}, {'start': '3501.839', 'end': '3506.720', 'text': 'So, just some quick background on this.'}, {'start': '3503.680', 'end': '3509.520', 'text': 'Uh, the city uh when they put out any'}, {'start': '3506.720', 'end': '3512.000', 'text': 'sort of uh bonds, they need to disclose'}, {'start': '3509.520', 'end': '3514.640', 'text': 'their pension liabilities. Uh, my'}, {'start': '3512.000', 'end': '3517.280', 'text': 'understanding is back in 2016, the'}, {'start': '3514.640', 'end': '3520.319', 'text': 'boards agre uh created anou with the'}, {'start': '3517.280', 'end': '3522.720', 'text': 'city to do two specific bond offering'}, {'start': '3520.319', 'end': '3524.799', 'text': 'reviews and this is where Chiron, they'}, {'start': '3522.720', 'end': '3527.920', 'text': 'bring in Chiron to review the pension'}, {'start': '3524.799', 'end': '3531.359', 'text': 'liability disclosures. Um we did an'}, {'start': '3527.920', 'end': '3533.119', 'text': 'amendment in 2018 and 22 basically'}, {'start': '3531.359', 'end': '3535.440', 'text': 'keeping the terms the same and only re'}, {'start': '3533.119', 'end': '3537.920', 'text': 'revising the bonds that they would the'}, {'start': '3535.440', 'end': '3540.880', 'text': 'bond that that are being offered. Uh and'}, {'start': '3537.920', 'end': '3543.599', 'text': 'so the proposed is anotherou amendment'}, {'start': '3540.880', 'end': '3546.400', 'text': 'from uh between us and the city that'}, {'start': '3543.599', 'end': '3548.319', 'text': 'would allow Chiron uh allow them to'}, {'start': '3546.400', 'end': '3550.880', 'text': 'procure Chiron services to review the'}, {'start': '3548.319', 'end': '3553.880', 'text': 'bonds and uh the city would pay Chiron'}, {'start': '3550.880', 'end': '3553.880', 'text': 'directly.'}, {'start': '3554.240', 'end': '3560.079', 'text': 'Motion to approve, Mr. Chair.'}, {'start': '3557.760', 'end': '3562.240', 'text': 'Motion from Dick, second from Gretchen.'}, {'start': '3560.079', 'end': '3564.799', 'text': "I I had a question. Maybe I'm behind"}, {'start': '3562.240', 'end': '3567.359', 'text': 'here. Is this the city is planning on'}, {'start': '3564.799', 'end': '3568.559', 'text': 'doing a bond offering? Uh I I believe'}, {'start': '3567.359', 'end': '3570.319', 'text': "they're planning to do two bond"}, {'start': '3568.559', 'end': '3572.480', 'text': 'offerings, not related to pensions.'}, {'start': '3570.319', 'end': '3574.160', 'text': 'Yeah. Yeah. Yeah. But this this this is'}, {'start': '3572.480', 'end': '3577.680', 'text': "uh it's public knowledge and it's going"}, {'start': '3574.160', 'end': '3579.680', 'text': "to happen. Is that the idea? I I I don't"}, {'start': '3577.680', 'end': '3582.000', 'text': "know the terms of what's public and"}, {'start': '3579.680', 'end': '3583.920', 'text': "what's not, but I know this is part of"}, {'start': '3582.000', 'end': '3586.160', 'text': 'the process to get the bonds uh through'}, {'start': '3583.920', 'end': '3588.160', 'text': 'the process. Okay. So this is not just a'}, {'start': '3586.160', 'end': '3591.520', 'text': 'you know we may do it later. This is'}, {'start': '3588.160', 'end': '3594.079', 'text': "it's pretty much things are in motion."}, {'start': '3591.520', 'end': '3595.760', 'text': "You know okay the it's really the the"}, {'start': '3594.079', 'end': '3597.760', 'text': 'department of finance within the city'}, {'start': '3595.760', 'end': '3599.920', 'text': 'controls that uh you know to say that'}, {'start': '3597.760', 'end': '3601.839', 'text': "it's quote unquote happening I you know"}, {'start': '3599.920', 'end': '3604.319', 'text': 'it could could it may not get approved'}, {'start': '3601.839', 'end': '3606.880', 'text': 'by city council to go to bump but part'}, {'start': '3604.319', 'end': '3610.000', 'text': 'of the process to get to that approval'}, {'start': '3606.880', 'end': '3611.839', 'text': 'is to create these uh um attachments'}, {'start': '3610.000', 'end': '3613.599', 'text': 'that disclose all their pension'}, {'start': '3611.839', 'end': '3615.839', 'text': "liability. Yeah, these aren't this is"}, {'start': '3613.599', 'end': '3617.599', 'text': 'not pension obligation bonds. This is a'}, {'start': '3615.839', 'end': '3620.160', 'text': 'bond associated something the city wants'}, {'start': '3617.599', 'end': '3623.520', 'text': 'to do but has to disclose what their'}, {'start': '3620.160', 'end': '3625.599', 'text': "obligations are. It's a what I have"}, {'start': '3623.520', 'end': '3628.720', 'text': 'written here is a lease revenue bond and'}, {'start': '3625.599', 'end': '3631.280', 'text': 'a general obligation bond. So both both'}, {'start': '3628.720', 'end': '3634.960', 'text': 'happen this proposed to happen uh uh'}, {'start': '3631.280', 'end': '3637.359', 'text': 'July and August of this year. Okay. When'}, {'start': '3634.960', 'end': '3639.760', 'text': 'do they need our approval to use'}, {'start': '3637.359', 'end': '3642.160', 'text': "service? uh they're using our contract"}, {'start': '3639.760', 'end': '3644.319', 'text': "with Chiron and so they're just they"}, {'start': '3642.160', 'end': '3645.680', 'text': "become a party to it. So they're"}, {'start': '3644.319', 'end': '3647.839', 'text': 'basically we already have all our'}, {'start': '3645.680', 'end': '3651.520', 'text': 'actuaries done so they just need'}, {'start': '3647.839', 'end': '3654.079', 'text': 'permission to consult with them.'}, {'start': '3651.520', 'end': '3656.079', 'text': 'I have a couple of questions.'}, {'start': '3654.079', 'end': '3657.920', 'text': "One is it says that there's been anou"}, {'start': '3656.079', 'end': '3660.240', 'text': 'with the city for a while. Are there'}, {'start': '3657.920', 'end': '3662.480', 'text': 'other suchus that again for the'}, {'start': '3660.240', 'end': '3664.799', 'text': 'strategic planning process and education'}, {'start': '3662.480', 'end': '3666.559', 'text': "we can understand because I mean I I've"}, {'start': '3664.799', 'end': '3668.880', 'text': "been on the board for a bit. I'm not"}, {'start': '3666.559', 'end': '3670.559', 'text': "aware of the other. Sure. It's a good"}, {'start': '3668.880', 'end': '3673.440', 'text': "question. U I wasn't aware that there"}, {'start': '3670.559', 'end': '3676.880', 'text': 'was anou uh prior to going through this'}, {'start': '3673.440', 'end': '3678.960', 'text': 'process. So um let me let me uh talk'}, {'start': '3676.880', 'end': '3681.280', 'text': "with uh I'll talk with staff and I'll"}, {'start': '3678.960', 'end': '3683.599', 'text': 'talk with Reed Smith to see if we can'}, {'start': '3681.280', 'end': '3684.559', 'text': 'generate a list of what theus are. I'}, {'start': '3683.599', 'end': '3686.640', 'text': 'mean they would have been on board'}, {'start': '3684.559', 'end': '3689.119', 'text': 'agendas in the past but see if we can'}, {'start': '3686.640', 'end': '3690.880', 'text': 'create a consolidated list at least in'}, {'start': '3689.119', 'end': '3692.559', 'text': 'the recent history. Yeah because I mean'}, {'start': '3690.880', 'end': '3694.000', 'text': "it's sort of some of us have been around"}, {'start': '3692.559', 'end': '3695.520', 'text': "but it hasn't come up in the past."}, {'start': '3694.000', 'end': '3697.200', 'text': 'Nothing wrong with it but be good to'}, {'start': '3695.520', 'end': '3700.319', 'text': 'educate ourselves. The second is I did'}, {'start': '3697.200', 'end': '3701.880', 'text': 'notice the language on page two. Uh'}, {'start': '3700.319', 'end': '3705.319', 'text': 'maybe this is a question for the'}, {'start': '3701.880', 'end': '3708.440', 'text': 'attorneys. It talks about'}, {'start': '3705.319', 'end': '3712.400', 'text': 'um this is page two'}, {'start': '3708.440', 'end': '3715.400', 'text': 'uh of the non red line of the actual'}, {'start': '3712.400', 'end': '3715.400', 'text': 'document.'}, {'start': '3716.440', 'end': '3722.480', 'text': 'Okay. says that the uh'}, {'start': '3720.119', 'end': '3725.119', 'text': 'information is derived in part from'}, {'start': '3722.480', 'end': '3727.359', 'text': 'among other sources public information'}, {'start': '3725.119', 'end': '3729.640', 'text': 'provided by the plan and its independent'}, {'start': '3727.359', 'end': '3732.880', 'text': 'accountants, actuaries and investment'}, {'start': '3729.640', 'end': '3735.400', 'text': 'advisors. Um so does Chiron have'}, {'start': '3732.880', 'end': '3737.760', 'text': 'information that is not'}, {'start': '3735.400', 'end': '3740.000', 'text': 'public that uh there needs to be a'}, {'start': '3737.760', 'end': '3743.760', 'text': 'firewall between their contract with us'}, {'start': '3740.000', 'end': '3745.520', 'text': 'and their contract with the city?'}, {'start': '3743.760', 'end': '3747.680', 'text': "I don't know if uh which attorney would"}, {'start': '3745.520', 'end': '3750.400', 'text': 'answer this, but this is I noticed this'}, {'start': '3747.680', 'end': '3752.799', 'text': "language in this. You're referring to"}, {'start': '3750.400', 'end': '3754.960', 'text': 'the indented paragraph and paragraph 3.'}, {'start': '3752.799', 'end': '3756.799', 'text': "Let's just write that. So, that's a"}, {'start': '3754.960', 'end': '3759.520', 'text': 'great question. Uh we can look into'}, {'start': '3756.799', 'end': '3761.640', 'text': 'that. One thing that I will note is that'}, {'start': '3759.520', 'end': '3765.599', 'text': 'this in order'}, {'start': '3761.640', 'end': '3768.160', 'text': 'to expedite this process um as requested'}, {'start': '3765.599', 'end': '3770.640', 'text': 'by the city, we did not make any changes'}, {'start': '3768.160', 'end': '3773.760', 'text': 'to thisou.'}, {'start': '3770.640', 'end': '3775.520', 'text': 'This is theou that was in effect before'}, {'start': '3773.760', 'end': '3777.760', 'text': 'these changes with the exception of the'}, {'start': '3775.520', 'end': '3782.440', 'text': "red lines. So that paragraph that you're"}, {'start': '3777.760', 'end': '3786.040', 'text': 'referring to has been in thisou'}, {'start': '3782.440', 'end': '3788.640', 'text': "before I mean because we because there's"}, {'start': '3786.040', 'end': '3792.079', 'text': "a I don't know if kyon has any"}, {'start': '3788.640', 'end': '3794.000', 'text': 'non-public information. I think so. K,'}, {'start': '3792.079', 'end': '3796.440', 'text': 'you know, part part of the evaluation'}, {'start': '3794.000', 'end': '3801.680', 'text': 'process is that we need to'}, {'start': '3796.440', 'end': '3803.480', 'text': 'deliver a population uh census of all of'}, {'start': '3801.680', 'end': '3805.920', 'text': 'our members'}, {'start': '3803.480', 'end': '3808.160', 'text': 'data. I think what this is saying is'}, {'start': '3805.920', 'end': '3810.079', 'text': "that that's the data that's not being"}, {'start': '3808.160', 'end': '3812.319', 'text': "used and they're only using the the the"}, {'start': '3810.079', 'end': '3814.240', 'text': 'results of that data which is all of the'}, {'start': '3812.319', 'end': '3816.039', 'text': 'documents that would have come through a'}, {'start': '3814.240', 'end': '3820.079', 'text': 'process here at the board. So the'}, {'start': '3816.039', 'end': '3822.160', 'text': "valuations the acters um the data that's"}, {'start': '3820.079', 'end': '3824.559', 'text': 'already publicly available. So the'}, {'start': '3822.160', 'end': '3826.400', 'text': 'output correct rates unfunded'}, {'start': '3824.559', 'end': '3828.160', 'text': 'liabilities I would assume it would be'}, {'start': '3826.400', 'end': '3831.119', 'text': "all that that you're talking about. So"}, {'start': '3828.160', 'end': '3832.880', 'text': 'the input is uh probably non-public and'}, {'start': '3831.119', 'end': '3834.559', 'text': "correct the output is public. That's"}, {'start': '3832.880', 'end': '3837.520', 'text': 'right. And those are the reports that'}, {'start': '3834.559', 'end': '3840.160', 'text': 'have come through the boards uh for'}, {'start': '3837.520', 'end': '3841.839', 'text': 'review, approval, you know, uh even your'}, {'start': '3840.160', 'end': '3843.680', 'text': 'assumptions. The assumptions are an'}, {'start': '3841.839', 'end': '3846.319', 'text': "input to the process, but it's also part"}, {'start': '3843.680', 'end': '3848.160', 'text': 'of the resulting public document. Yeah,'}, {'start': '3846.319', 'end': '3849.680', 'text': 'I mean that makes sense. Uh I would say'}, {'start': '3848.160', 'end': '3852.000', 'text': "that perhaps I'm a little bit more"}, {'start': '3849.680', 'end': '3853.280', 'text': 'sensitive having been in sort of banking'}, {'start': '3852.000', 'end': '3855.920', 'text': 'for so many years between you know'}, {'start': '3853.280', 'end': '3857.680', 'text': 'firewalls and something we might want to'}, {'start': '3855.920', 'end': '3860.880', 'text': 'think about as a procedure or a process'}, {'start': '3857.680', 'end': '3863.680', 'text': "where Chiron doesn't inadvertently"}, {'start': '3860.880', 'end': '3865.440', 'text': 'okay step a firewall is is that'}, {'start': '3863.680', 'end': '3868.559', 'text': 'something that would prevent the vote on'}, {'start': '3865.440', 'end': '3871.599', 'text': 'this today or I think so okay just for'}, {'start': '3868.559', 'end': '3873.920', 'text': "future when we're obviously this is a"}, {'start': '3871.599', 'end': '3877.200', 'text': 'regular occurrence uh maybe as part of'}, {'start': '3873.920', 'end': '3879.280', 'text': 'the nextou or the next request for'}, {'start': '3877.200', 'end': '3881.280', 'text': "review during a bond process. That's"}, {'start': '3879.280', 'end': '3883.119', 'text': 'something we could request that uh or'}, {'start': '3881.280', 'end': '3886.240', 'text': 'investigate with Chiron whether or not'}, {'start': '3883.119', 'end': '3888.400', 'text': "it's something that would add value uh"}, {'start': '3886.240', 'end': '3890.400', 'text': 'in the process and protection. And it'}, {'start': '3888.400', 'end': '3892.319', 'text': 'may be as simple as asking what they'}, {'start': '3890.400', 'end': '3894.799', 'text': 'disclose to the city outside of what we'}, {'start': '3892.319', 'end': '3897.119', 'text': 'would be posting at the back table that'}, {'start': '3894.799', 'end': '3899.680', 'text': "they're putting up on a presentation."}, {'start': '3897.119', 'end': '3901.920', 'text': 'Yeah, just a just a procedure that the'}, {'start': '3899.680', 'end': '3904.480', 'text': 'information is firewalled from the city.'}, {'start': '3901.920', 'end': '3906.960', 'text': "I guess that's all. I I don't think it"}, {'start': '3904.480', 'end': '3909.680', 'text': 'affects this, right? bit more a question'}, {'start': '3906.960', 'end': '3911.440', 'text': 'for them uh as a followup but not'}, {'start': '3909.680', 'end': '3914.480', 'text': 'necessarily for the nextou but when you'}, {'start': '3911.440', 'end': '3916.799', 'text': 'talk to them next. Sure. Okay.'}, {'start': '3914.480', 'end': '3918.319', 'text': 'Any other discussion?'}, {'start': '3916.799', 'end': '3921.200', 'text': "I don't think we voted on this yet. Did"}, {'start': '3918.319', 'end': '3925.359', 'text': 'we? No. No. Okay. We do have a motion in'}, {'start': '3921.200', 'end': '3928.480', 'text': 'second. Um all those in favor I opposed.'}, {'start': '3925.359', 'end': '3931.440', 'text': 'Okay. To clarify uh for the record, who'}, {'start': '3928.480', 'end': '3932.880', 'text': 'was the motion and second? It was Dick.'}, {'start': '3931.440', 'end': '3934.880', 'text': 'And I believe the second was correction.'}, {'start': '3932.880', 'end': '3937.359', 'text': 'Yeah. Correct.'}, {'start': '3934.880', 'end': '3937.359', 'text': 'Thank you.'}, {'start': '3941.039', 'end': '3944.920', 'text': 'Okay, moving on to retirements and we'}, {'start': '3943.280', 'end': '3950.039', 'text': 'have'}, {'start': '3944.920', 'end': '3953.680', 'text': 'none. We do have an early retirement for'}, {'start': '3950.039', 'end': '3956.039', 'text': 'Samantha Hoodin, Police Sergeant Police'}, {'start': '3953.680', 'end': '3959.799', 'text': 'Department, effective May 24th,'}, {'start': '3956.039', 'end': '3962.240', 'text': '2025, 21.96 years of'}, {'start': '3959.799', 'end': '3963.839', 'text': 'service. And then I will just put these'}, {'start': '3962.240', 'end': '3966.680', 'text': 'two together. We also have a diver'}, {'start': '3963.839', 'end': '3968.960', 'text': 'deferred vested for'}, {'start': '3966.680', 'end': '3971.960', 'text': 'Joseo, police sergeant, police'}, {'start': '3968.960', 'end': '3976.160', 'text': 'department, effective May 2nd, 2025,'}, {'start': '3971.960', 'end': '3978.400', 'text': '29.79 years of service with reciprocity.'}, {'start': '3976.160', 'end': '3981.000', 'text': 'I want to take a motion. And a motion'}, {'start': '3978.400', 'end': '3986.240', 'text': 'from Dick. Second. And a second from'}, {'start': '3981.000', 'end': '3988.400', 'text': 'Wooley. All those in favor? I I opposed.'}, {'start': '3986.240', 'end': '3990.000', 'text': 'Any words? Thank them for their service'}, {'start': '3988.400', 'end': '3992.799', 'text': 'and I hope they have a long and joyful'}, {'start': '3990.000', 'end': '3996.119', 'text': 'retirement. Agreed.'}, {'start': '3992.799', 'end': '3998.400', 'text': 'Uh, number six, death and survivorship'}, {'start': '3996.119', 'end': '4001.839', 'text': 'notification. Notification of the death'}, {'start': '3998.400', 'end': '4007.200', 'text': 'of John Ruis, police officer, retired'}, {'start': '4001.839', 'end': '4010.440', 'text': 'August 21st, 2010. Died March 19, 2025.'}, {'start': '4007.200', 'end': '4012.440', 'text': 'Survivorship benefits to'}, {'start': '4010.440', 'end': '4015.839', 'text': 'Exarmma'}, {'start': '4012.440', 'end': '4020.280', 'text': 'Rousen, sorry about the name, spouse.'}, {'start': '4015.839', 'end': '4020.280', 'text': "We'll entertain a moment of silence."}, {'start': '4028.599', 'end': '4034.640', 'text': 'Okay. I I did not know the individual.'}, {'start': '4031.920', 'end': '4036.319', 'text': 'Did you? I did not. But uh my'}, {'start': '4034.640', 'end': '4037.520', 'text': 'condolences to the surviving spouse and'}, {'start': '4036.319', 'end': '4039.920', 'text': 'their family and thank him for his'}, {'start': '4037.520', 'end': '4041.760', 'text': 'service.'}, {'start': '4039.920', 'end': '4043.559', 'text': 'Okay. We go to committee meet committee'}, {'start': '4041.760', 'end': '4046.079', 'text': 'meet minutes, reports and'}, {'start': '4043.559', 'end': '4049.200', 'text': 'recommendations. Investment committee.'}, {'start': '4046.079', 'end': '4051.839', 'text': "Uh we've not had a meeting. Um"}, {'start': '4049.200', 'end': '4056.319', 'text': 'We have the minutes of the February 25th'}, {'start': '4051.839', 'end': '4059.359', 'text': 'and uh the special IC on March 6 to'}, {'start': '4056.319', 'end': '4060.880', 'text': 'receive and file.'}, {'start': '4059.359', 'end': '4063.720', 'text': "Okay, we'll receive and file the"}, {'start': '4060.880', 'end': '4066.559', 'text': 'minutes. We do have a item up'}, {'start': '4063.720', 'end': '4068.400', 'text': "here. Did we Oh, it's receive and file"}, {'start': '4066.559', 'end': '4070.640', 'text': 'the minutes on both of these items. Got'}, {'start': '4068.400', 'end': '4073.760', 'text': 'it. Okay.'}, {'start': '4070.640', 'end': '4076.160', 'text': "72 audit risk. Uh we haven't had a"}, {'start': '4073.760', 'end': '4080.200', 'text': 'meeting since February. We have a joint'}, {'start': '4076.160', 'end': '4083.520', 'text': 'audit committee on May 15th.'}, {'start': '4080.200', 'end': '4084.960', 'text': 'Okay. Governance. Yes, Mr. Chair. Look'}, {'start': '4083.520', 'end': '4087.039', 'text': "like we're going to meet in June 5th and"}, {'start': '4084.960', 'end': '4090.440', 'text': "we'll be addressing some of these"}, {'start': '4087.039', 'end': '4090.440', 'text': 'pending issues.'}, {'start': '4090.640', 'end': '4096.839', 'text': "74 disability. Yes, we'll meet on May"}, {'start': '4093.680', 'end': '4099.520', 'text': "5th at 10 o'clock at the First Street uh"}, {'start': '4096.839', 'end': '4102.040', 'text': "headquarters. And uh there's our update."}, {'start': '4099.520', 'end': '4105.920', 'text': "That's it. Thank you."}, {'start': '4102.040', 'end': '4107.520', 'text': 'JPC. Um again no meeting um this last'}, {'start': '4105.920', 'end': '4110.400', 'text': 'meeting was before our last board'}, {'start': '4107.520', 'end': '4113.520', 'text': "meeting I think so we've discussed it"}, {'start': '4110.400', 'end': '4116.239', 'text': 'okay so we have 7.6 legal services joint'}, {'start': '4113.520', 'end': '4118.679', 'text': 'ad hoc'}, {'start': '4116.239', 'end': '4123.279', 'text': 'um what do we have on'}, {'start': '4118.679', 'end': '4127.359', 'text': 'this this is on the tax right John? So'}, {'start': '4123.279', 'end': '4132.080', 'text': 'uh this first item uh B is for tax'}, {'start': '4127.359', 'end': '4134.560', 'text': 'council. Um the legal services ad hoc'}, {'start': '4132.080', 'end': '4138.520', 'text': 'committee asked the staff to perform the'}, {'start': '4134.560', 'end': '4141.440', 'text': 'interviews for the um for the'}, {'start': '4138.520', 'end': '4144.960', 'text': 'proposed uh we went through the process'}, {'start': '4141.440', 'end': '4148.480', 'text': 'and made recommendation uh to the ad hoc'}, {'start': '4144.960', 'end': '4150.640', 'text': 'committee that we uh continue to use Ice'}, {'start': '4148.480', 'end': '4153.600', 'text': 'Miller as our as our tax council. It was'}, {'start': '4150.640', 'end': '4157.759', 'text': 'a very very close scoring between the'}, {'start': '4153.600', 'end': '4160.719', 'text': 'the two um two consultants who proposed,'}, {'start': '4157.759', 'end': '4163.839', 'text': 'but um the staff felt that staying with'}, {'start': '4160.719', 'end': '4166.000', 'text': 'the incumbent out outweighed any of the'}, {'start': '4163.839', 'end': '4168.159', 'text': 'other uh the closeness of the two the'}, {'start': '4166.000', 'end': '4171.040', 'text': 'two scores even though Ice Miller'}, {'start': '4168.159', 'end': '4174.040', 'text': 'slightly scored better than uh the'}, {'start': '4171.040', 'end': '4174.040', 'text': 'other.'}, {'start': '4175.359', 'end': '4181.520', 'text': "This say this is an action so it's to"}, {'start': '4178.560', 'end': '4183.319', 'text': 'accept the recommendation. So entertain'}, {'start': '4181.520', 'end': '4185.279', 'text': 'a motion to accept the'}, {'start': '4183.319', 'end': '4188.560', 'text': 'recommendation. I got a motion from'}, {'start': '4185.279', 'end': '4189.400', 'text': 'Dick. Second. A second from Senita. Any'}, {'start': '4188.560', 'end': '4193.080', 'text': 'further'}, {'start': '4189.400', 'end': '4195.480', 'text': 'discussion? All those in favor? I'}, {'start': '4193.080', 'end': '4197.239', 'text': 'opposed. All right. Then we'}, {'start': '4195.480', 'end': '4200.400', 'text': 'have'}, {'start': '4197.239', 'end': '4204.960', 'text': 'C which is the recommendation from staff'}, {'start': '4200.400', 'end': '4207.760', 'text': 'for investment council going to Hansen'}, {'start': '4204.960', 'end': '4211.360', 'text': 'Bridget for the term of six years for an'}, {'start': '4207.760', 'end': '4215.040', 'text': 'amount not to exceed $580,000 with four'}, {'start': '4211.360', 'end': '4217.920', 'text': 'one-year options to extend.'}, {'start': '4215.040', 'end': '4220.960', 'text': 'Good morning. Uh received six responses'}, {'start': '4217.920', 'end': '4222.640', 'text': 'to the RF for for investment council.'}, {'start': '4220.960', 'end': '4224.320', 'text': 'Two of the firms were advanced to'}, {'start': '4222.640', 'end': '4227.159', 'text': 'interview to the interview stage. The'}, {'start': '4224.320', 'end': '4230.960', 'text': 'incumbent Hansen Bridget and uh Forester'}, {'start': '4227.159', 'end': '4233.280', 'text': 'Garvey both are very qualified firms and'}, {'start': '4230.960', 'end': '4235.199', 'text': 'scored very similarly. However, Hansen'}, {'start': '4233.280', 'end': '4239.040', 'text': 'Bridget had slightly better score and'}, {'start': '4235.199', 'end': '4240.719', 'text': 'lower fees. The staff recommended to the'}, {'start': '4239.040', 'end': '4243.199', 'text': 'ad hoc committee which app which they'}, {'start': '4240.719', 'end': '4246.480', 'text': 'approved to retain Hansen Bridget as'}, {'start': '4243.199', 'end': '4246.480', 'text': 'investment council for the two'}, {'start': '4247.239', 'end': '4250.239', 'text': 'plans.'}, {'start': '4250.600', 'end': '4256.239', 'text': 'Any questions? Yeah, what was the reason'}, {'start': '4254.159', 'end': '4258.159', 'text': 'for the failure of the first one? Just'}, {'start': '4256.239', 'end': '4260.320', 'text': 'out of curiosity, that firm proposed'}, {'start': '4258.159', 'end': '4263.280', 'text': 'only on securities litigation and did'}, {'start': '4260.320', 'end': '4267.280', 'text': 'not propose u services for any of the'}, {'start': '4263.280', 'end': '4267.280', 'text': 'items we needed. Oh,'}, {'start': '4268.440', 'end': '4273.600', 'text': "okay. Anything else? I'll make a motion"}, {'start': '4270.960', 'end': '4275.520', 'text': 'to approve. Got a motion from Andrew,'}, {'start': '4273.600', 'end': '4280.280', 'text': 'second from Dick. Any further'}, {'start': '4275.520', 'end': '4285.080', 'text': 'discussion? All those in favor? I'}, {'start': '4280.280', 'end': '4285.080', 'text': 'opposed. Okay. Thank you.'}, {'start': '4285.840', 'end': '4292.400', 'text': "Think we're on 77 actuarial services for"}, {'start': '4289.120', 'end': '4294.320', 'text': "ad hoc. Um this is David Kwan's so I"}, {'start': '4292.400', 'end': '4297.120', 'text': "don't know if there's someone who could"}, {'start': '4294.320', 'end': '4298.719', 'text': "speak to it. I'm happy to give the"}, {'start': '4297.120', 'end': '4303.520', 'text': 'overview.'}, {'start': '4298.719', 'end': '4306.239', 'text': 'Um very similar to the the actuarial'}, {'start': '4303.520', 'end': '4307.920', 'text': 'joint ad hoc committee uh authorized'}, {'start': '4306.239', 'end': '4311.520', 'text': 'staff to go ahead and perform interviews'}, {'start': '4307.920', 'end': '4314.239', 'text': 'and do the scoring. We interviewed uh'}, {'start': '4311.520', 'end': '4316.440', 'text': 'the four remaining actuarial candidates'}, {'start': '4314.239', 'end': '4319.600', 'text': 'for the actuarial audit'}, {'start': '4316.440', 'end': '4323.280', 'text': 'service and then made recommendation to'}, {'start': '4319.600', 'end': '4325.600', 'text': 'the audit committee. Um the scores uh we'}, {'start': '4323.280', 'end': '4328.040', 'text': 'had two two scores that were very close.'}, {'start': '4325.600', 'end': '4330.480', 'text': 'the incumbent which is Seagull and'}, {'start': '4328.040', 'end': '4334.560', 'text': 'Milleman. Milleman scored slightly'}, {'start': '4330.480', 'end': '4338.480', 'text': 'higher. Uh the staff after uh reviewing'}, {'start': '4334.560', 'end': '4340.960', 'text': 'the proposals and doing a a a quality'}, {'start': '4338.480', 'end': '4345.280', 'text': 'interview recommended Milleman to the ad'}, {'start': '4340.960', 'end': '4349.679', 'text': 'hoc committee uh changing to Milleman uh'}, {'start': '4345.280', 'end': '4349.679', 'text': 'for our actuarial audit'}, {'start': '4350.120', 'end': '4354.679', 'text': 'services. Okay. Do we have any'}, {'start': '4352.760', 'end': '4357.679', 'text': 'questions?'}, {'start': '4354.679', 'end': '4360.080', 'text': 'Hearing none, I will obtain a motion.'}, {'start': '4357.679', 'end': '4362.520', 'text': 'Got a motion from Dick. Second that'}, {'start': '4360.080', 'end': '4367.239', 'text': 'second from Woolley. Any further'}, {'start': '4362.520', 'end': '4370.320', 'text': 'discussion? All those in favor? I I'}, {'start': '4367.239', 'end': '4371.920', 'text': "opposed. Okay. 78. If if you'll just"}, {'start': '4370.320', 'end': '4374.480', 'text': 'allow me, I just want to thank all the'}, {'start': '4371.920', 'end': '4376.159', 'text': 'senior staff. We had a number of large'}, {'start': '4374.480', 'end': '4378.480', 'text': 'procurements that have been going on'}, {'start': '4376.159', 'end': '4380.560', 'text': "since December. And it's the same senior"}, {'start': '4378.480', 'end': '4384.239', 'text': 'staff that have been involved in in in'}, {'start': '4380.560', 'end': '4386.000', 'text': 'in uh reviewing, participating,'}, {'start': '4384.239', 'end': '4388.159', 'text': 'organizing all of these different'}, {'start': '4386.000', 'end': '4391.360', 'text': 'services. And this is uh this this'}, {'start': '4388.159', 'end': '4393.520', 'text': 'Milleman uh uh agenda item is really the'}, {'start': '4391.360', 'end': '4394.800', 'text': 'last of the of the bulk of those. And I'}, {'start': '4393.520', 'end': '4397.280', 'text': "just want to thank them because it's a"}, {'start': '4394.800', 'end': '4399.199', 'text': 'burden on top of their daily tasks that'}, {'start': '4397.280', 'end': '4401.040', 'text': 'we ask them to do. And you know, for'}, {'start': '4399.199', 'end': '4402.960', 'text': 'those of you who are involved in even in'}, {'start': '4401.040', 'end': '4404.560', 'text': 'a small way, you understand the the work'}, {'start': '4402.960', 'end': '4406.480', 'text': 'that goes into these procurements and'}, {'start': '4404.560', 'end': '4408.080', 'text': "they're so important for running the"}, {'start': '4406.480', 'end': '4411.360', 'text': 'running the retirement funds. So, I just'}, {'start': '4408.080', 'end': '4414.560', 'text': 'want to thank the senior staff and uh um'}, {'start': '4411.360', 'end': '4416.000', 'text': 'for for supporting that process.'}, {'start': '4414.560', 'end': '4417.520', 'text': 'Yeah, I must say that being on the'}, {'start': '4416.000', 'end': '4419.840', 'text': 'committee, it was really helpful to have'}, {'start': '4417.520', 'end': '4424.239', 'text': "staff's perspective on the ones I"}, {'start': '4419.840', 'end': '4426.760', 'text': 'participate on. Thank you.'}, {'start': '4424.239', 'end': '4429.120', 'text': 'Yeah, I would echo'}, {'start': '4426.760', 'end': '4431.120', 'text': 'those sentiments. That was a lot of work'}, {'start': '4429.120', 'end': '4432.719', 'text': 'in a short period of time on a lot of'}, {'start': '4431.120', 'end': '4437.440', 'text': 'different'}, {'start': '4432.719', 'end': '4440.480', 'text': 'um items. So again, thanks.'}, {'start': '4437.440', 'end': '4444.800', 'text': 'Okay. 78 investment governance ad hoc'}, {'start': '4440.480', 'end': '4446.480', 'text': "committee. Um Twan's not here. So yeah,"}, {'start': '4444.800', 'end': '4448.159', 'text': 'so uh we have made some progress.'}, {'start': '4446.480', 'end': '4450.880', 'text': 'Investment consultants have presented'}, {'start': '4448.159', 'end': '4453.040', 'text': 'their ideas in terms of changes. Um we'}, {'start': '4450.880', 'end': '4454.880', 'text': 'continue. We had one meeting to discuss'}, {'start': '4453.040', 'end': '4456.560', 'text': 'things. We have, you know, further'}, {'start': '4454.880', 'end': '4458.960', 'text': "discussions going on. So, they're not"}, {'start': '4456.560', 'end': '4460.880', 'text': 'ready to present as yet. So, we still'}, {'start': '4458.960', 'end': '4463.280', 'text': "haven't come to resolution on this."}, {'start': '4460.880', 'end': '4466.480', 'text': "That's correct. Yes. And what's holding"}, {'start': '4463.280', 'end': '4468.480', 'text': 'it up? Um, I have a call with the'}, {'start': '4466.480', 'end': '4471.840', 'text': 'investment consultants scheduled in a'}, {'start': '4468.480', 'end': '4473.280', 'text': 'couple of weeks to discuss some of the,'}, {'start': '4471.840', 'end': '4475.280', 'text': 'you know, the different opinions, I'}, {'start': '4473.280', 'end': '4478.000', 'text': 'guess, on this. Uh, David has been'}, {'start': '4475.280', 'end': '4480.840', 'text': 'traveling. Uh, he did have some some of'}, {'start': '4478.000', 'end': '4483.440', 'text': 'his own concerns. Um'}, {'start': '4480.840', 'end': '4484.800', 'text': 'so hopefully by the end of this month I'}, {'start': '4483.440', 'end': '4487.040', 'text': "think uh we'll be closer to a"}, {'start': '4484.800', 'end': '4488.560', 'text': 'resolution. So maybe you can enlighten'}, {'start': '4487.040', 'end': '4491.280', 'text': 'the board on the process of different'}, {'start': '4488.560', 'end': '4494.719', 'text': 'opinions from we talking about the two'}, {'start': '4491.280', 'end': '4498.159', 'text': 'investment firms the committee. The'}, {'start': '4494.719', 'end': '4501.040', 'text': 'committee. Yes. Okay. It would be my'}, {'start': '4498.159', 'end': '4503.360', 'text': 'recommendation that they present us with'}, {'start': '4501.040', 'end': '4505.000', 'text': "whatever they've come up with and that"}, {'start': '4503.360', 'end': '4509.920', 'text': 'this board would'}, {'start': '4505.000', 'end': '4512.400', 'text': 'hear your you know edits or ads or'}, {'start': '4509.920', 'end': '4514.880', 'text': 'takeaways from it so we can make a'}, {'start': '4512.400', 'end': '4516.640', 'text': 'decision as a board. That is the plan.'}, {'start': '4514.880', 'end': '4518.960', 'text': 'Okay. I just I just want to make sure'}, {'start': '4516.640', 'end': '4521.520', 'text': 'that because you having a discussion'}, {'start': '4518.960', 'end': '4525.199', 'text': 'them and creating a document takes us'}, {'start': '4521.520', 'end': '4529.280', 'text': 'out of the loop. Yes. Okay. Yes. Thank'}, {'start': '4525.199', 'end': '4531.520', 'text': 'you. Um I think we already uh had one'}, {'start': '4529.280', 'end': '4533.760', 'text': 'proposed agenda item. Any other proposed'}, {'start': '4531.520', 'end': '4536.560', 'text': 'agenda items?'}, {'start': '4533.760', 'end': '4538.159', 'text': 'I was uh going to request that the staff'}, {'start': '4536.560', 'end': '4540.320', 'text': 'send us a calendar invite for the'}, {'start': '4538.159', 'end': '4544.239', 'text': 'strategic planning so we know when it is'}, {'start': '4540.320', 'end': '4547.120', 'text': 'coming up. So uh what we what we will do'}, {'start': '4544.239', 'end': '4550.000', 'text': 'is we will adjust the September uh uh'}, {'start': '4547.120', 'end': '4553.040', 'text': 'invite to include a longer day uh for'}, {'start': '4550.000', 'end': '4555.120', 'text': 'the retreat. We have not yet onboarded'}, {'start': '4553.040', 'end': '4556.960', 'text': 'the governance consultant. will be'}, {'start': '4555.120', 'end': '4558.719', 'text': 'driving some of the strategic planning'}, {'start': '4556.960', 'end': '4561.199', 'text': 'process. So, as soon as we get'}, {'start': '4558.719', 'end': '4563.040', 'text': 'contracted with them, one of the'}, {'start': '4561.199', 'end': '4564.560', 'text': 'depending on how quickly we can do that,'}, {'start': '4563.040', 'end': '4566.480', 'text': 'one of the first things I want to do is'}, {'start': '4564.560', 'end': '4568.480', 'text': 'set out what the strategic planning'}, {'start': '4566.480', 'end': '4570.640', 'text': 'process will look like. It will include'}, {'start': '4568.480', 'end': '4572.560', 'text': 'some individual one-on- ones with the'}, {'start': '4570.640', 'end': '4574.400', 'text': 'with the consultants. I just want to'}, {'start': '4572.560', 'end': '4576.560', 'text': 'save the dates because we all live and'}, {'start': '4574.400', 'end': '4578.960', 'text': "breathe the calendar. Sure. 100%. It's"}, {'start': '4576.560', 'end': '4580.719', 'text': 'still the same day, right? The the the'}, {'start': '4578.960', 'end': '4583.440', 'text': 'September meeting is not changing the'}, {'start': '4580.719', 'end': '4585.280', 'text': 'date. it just expect a long longer day'}, {'start': '4583.440', 'end': '4587.040', 'text': 'and that day will be in the office but'}, {'start': '4585.280', 'end': '4589.600', 'text': 'the strategic planning the strategic'}, {'start': '4587.040', 'end': '4591.440', 'text': "plan won't happen all in that one day."}, {'start': '4589.600', 'end': '4593.920', 'text': "Um there'll be there'll be there'll be"}, {'start': '4591.440', 'end': '4597.120', 'text': 'work that needs to be done both before'}, {'start': '4593.920', 'end': '4599.280', 'text': 'and after that but my point is until we'}, {'start': '4597.120', 'end': '4601.520', 'text': 'get uh the governance consultant on'}, {'start': '4599.280', 'end': '4604.080', 'text': "boarded uh I don't have anything but as"}, {'start': '4601.520', 'end': '4606.000', 'text': 'soon as we do we absolutely know that we'}, {'start': '4604.080', 'end': '4608.159', 'text': 'have to work with each of you to get you'}, {'start': '4606.000', 'end': '4611.840', 'text': "on on your schedules and uh we'll do"}, {'start': '4608.159', 'end': '4611.840', 'text': 'that as soon as we can.'}, {'start': '4612.480', 'end': '4617.960', 'text': "There's nothing else for record time."}, {'start': '4623.120', 'end': '4626.120', 'text': 'Recording'}]