you you you you you you you you you you I'm not sure if you can see it. I'm not sure if you can see it. I'm not sure if you can see it. I'm not sure if you can see it. I'm not sure if you can see it. I'm not sure if you can see it. I'm not sure if you can see it. I'm not sure if you can see it. Really? Do we do like it recorded? Yeah, I don't think it'll reach the limit. Awesome. So we'll kick it off on page 8 of 52 in the virtual packet that that's been provided to you by Troy. You know, as we approach the election, the heart of the election cycle here, there is just a lot of market volatility. I'm sure that you've read over the weekend that Trump almost was potentially assassinated for the second time, and that just stirs up more animosity across the markets. But overall, as we think about the overall economy, and irrespective to what Democrats or Republicans think, we actually believe that the US economy is doing well. So despite what you may hear from one party or the other party, overall we believe that the US businesses are going strong and the factor that we look for something called the default rate. So as long as companies are in business and they're able to pay their debt, we can kick this can down the road, right? Everyone likes to throw around the word, the recession or the bad economy, those type of sentiments out there, but in reality our current default among US corporations is right around 2%. And that's historically lower than the long-term average of 3.5%. So consequently, as we think about the US economy, we don't foresee every session in the near future. Despite what some of the rhetoric may say out there. Let's move on to page 15 of 52 in the PDF where page 8 of our booklet. And on this page, you'll find a summary of your performance. So as you get there on page 15 of 52, you'll see that we're off to a banner start on this fiscal year so far and knock on wood. We're up 14% and through this quarter, we should be adding another 1% to the calendar here So as we sit here today, we're pushing close to 15% and with hopes, right as we close out this month We'll be able to not lock in a pretty good return So that's all favorable and the reason that the plan has done so well is part of the board's theme over the last year. As if you remember about a year ago, I said we should be more efficient with our portfolio using more index funds to drive the returns. And that has been the key driver of success behind your portfolio. So as an example, if you find your your overall allocations on page 10, you'll find that we have a lot of our US equities in an investment called the Fidelity 500 Index. And historically, you had a value manager, you had a growth manager, you didn't have much in the middle. So there was always this discussion of, hey, vertices, you know, pick the right stocks on the left side or hey, all springs of Wells Fargo picked the right stocks on this side. And there weren't too much in the middle. But this past year has been a year dominated by technology oriented companies by the name of NVIDIA, right? By the name of Amazon, by the name of Facebook. So these three companies have driven the market so high that if you didn't own any of these companies, you would have fallen behind. So the efficiency came about of owning all the possible companies in the S&P 500 index, right? If you're a stock picker, you may not have owned it. So likewise as we evaluated Verdus or Wells Fargo or all Springs now, they didn't own the full breadth of those small companies and therefore as we transition out of them this year, you can see that our index funds by way of the S&P and the Vanguard S&P 500 growth index have actually performed substantially better than most of the people with that pick stocks behind a desk. So that's part of the efficiency. That's worked. And consequently, we've been able to keep up with the market. Most of our plans, right, that have a lot of active stock figures that support the pension, they haven't met with the plans able to achieve. But again, here specifically, we were able to mirror what your expected goals are and that was largely due to what you guys have all collectively agreed to was move forward with a little bit more efficiency in the portfolio. So let's put that in different perspective on page 19 of the PDF document. So as you scan down the one year column on page 19, you'll find that Vertis, you know, as I alluded to was only up 15% right this is Interesting environment for for managers to invest But if you look at the fidelity 500 index Or the Vanguard growth index Under the one year column you'll find those performances to be 24.6 and 32.8%. Does everyone see that? So again, by owning all of the stocks in the index, we were able to capture the full upside of the market. So that itself worked favorably, especially for your plan. And more importantly, I think the positioning of this overall pension portfolio has an overweight in domestic-oriented stocks versus international or bonds. So by having an overweight in the U.S. and less overseas, that's another reason why we're able to over and outperform. Now, there are some interesting things that we are taking care of in between meetings. So by way of looking at your large cap growth and domestic equities knowing that we're overweight, we are starting to take some profits off the table. So starting two months ago as INES and her team needs money for benefits. So on a monthly basis, you spend about two to three hundred thousand dollars in benefits. So that's the area and under large cap growth. We're taking haircuts from the profits and then using that as part of the proceeds for benefits. Because we do believe that there are part part of the markets that are expensive and companies like NVIDIA or the Facebooks of the world where they've been up more than a hundred percent year to date, they are running a little too fast for their own good and we just don't want the board to trip and fumble in the part of the process. So as you can probably see in the statements, if you were to look closely, we will likely to continue to take money away from the Vanguard growth index just so that we reduce the part of the risk and your portfolio. And what we might do at some point is to rebalance more of your assets into the small and mid companies, as I mentioned before, these are the companies in a small to mid cap sector that will benefit directly from the FES change and interest rate. So this Wednesday, we're expected to get our first rate cut. And companies that will stand to benefit are the small to medium size companies. So as we look at the performances for the quarter, you can see that the Vanguard Extended Market Index that's made up of roughly 1500 companies in the small to the medium size space. So while it looked like losers for the quarter, I would say that so far this quarter, the small and the medium size companies based on the expectation that we're going to get a rate cut are up 4%. While the S&P is zero. So a lot has shifted already just based on the sentiment alone that the Fed is getting ready to knock down the interest rates in the country. So there are a lot of changes that have occurred in the last 18 months and don't be surprised if we move a little bit more and you know as I always appreciate you know your trust and confidence in allowing us to work with INES and HIRTEEN to be able to make these changes intra-quarter and report it back to you thereafter. So we are watching your plan very carefully and we will continue to manage the risk accordingly. But for now you're really off to amazing start especially given how conservative you are as a closed plan but we will try to maximize every dollar that we can in the process, however be mindful of risk associated with an overall portfolio as well. And then lastly I'd like to just comment on real estate. So real estate has been a point of contention in the portfolio. You know over the last call it three, four years, real estate remains positive. So if you go down to the three-year column under page 19, you can see that real estate still produced a positive gain, despite the losses we've experienced in real estate. So real estate was up 2.2% annualized, even including the past years 10% loss. And comparatively speaking, we took money out of bonds, right? So bonds over the last three years have averaged a minus 2.5%. So still, we are in the plus, right? Now the good news is that real estate are very sensitive to interest rate movements. So again, with the expectation that the rates may be cut, we've actually seen the valuation stabilize. So real estate is typically measured on a spread basis according to where the 10-year US Treasury is. Over the last 45 days, the 10-year US Treasury reached a high point on April 30th of 4.5 percent. high point on April 30th of 4.5%. Today is 3.65%. So with rates falling as much as it does, that actually helps real estate to get reappraised at a higher price. Because real estate is always sensitive to the changes and interest rates because people borrow at that money. Now that they can borrow or fall lower, guess what? The profit margin just increased, therefore the valuation of the property increases as well. So we have already seen a front line related to the office properties and we are probably going to see a bit of an uptick in real estate. So this is happening a little bit sooner than we had expected. Now, granted, across the country, you know, we are not in the, in that what I would consider to be distressed properties. You may continue to hear news out of Wall Street that there are properties, skyscrapers being sold pennies on a dollar compared to where the investor bought it a few years ago. Just three weeks ago, the UBS tower in downtown New York, downtown Manhattan sold for 11 million dollars. Remember last quarter, I talked about another property in Dallas where a sold the 40 story building sold for 17 million? Both properties were acquired three years ago for over a hundred million, right? So these type of deals You will continue to hear right on the market, but these deals are really too good to be true to be able to find But also these deals are marked to the bottom because they're not least Under American reality the portfolio is 94% least So we don't have the same distress, right, as landlords, to say that, hey, our tenants can't pay the rent anymore. So we are under a unique circumstance where this set of properties that you own, roughly 70 properties, stand to benefit the most because this already occupied, there's cash flowing. And as long as American Realty can refi from a higher rate to a lower rate, that valuation of the same property will automatically increase. So all this points to the fact that I'm not concerned as much as I was even six months ago, especially since the fact that I see the light at the end of the tunnel related to rates and interest rates and also valuations. So as we sit here today, we still are waiting for some money back to us. We put in a $300,000 redemption request from American Realty and there's a chance that in 3.4 we may actually put a pause and just say, what keep it where it is. But for now, I still like the idea of redeploying some of our money in bonds. This quarter alone, your bonds are already up 4%. So to me, right, as we talked about the last meeting, if we can make 6% on real estate versus 6% on bonds, I'm still going to take bonds for now. But if we can make 9% on real estate, 6% on bonds, then I'm going to go back to real estate. So it's the equivalence of what we can acquire on a risk adjusted basis. And if it's, I guess, justified in terms of risk where you can make substantially more, then we will take a pause on the redemption and redeploy our money in real estate. But for now, my expected return for bonds and real estate over the next 12 months, it's about 6%. So given that their flatline will keep our spot in line to get our money back and continue to watch this sector as it gets closer. So overall, a lot of great news and I'll shut up here and take any questions that you may have related to the portfolio It's a partnership, you know, so I work for you owe you an apology. I'm not really. So I pronounce it correctly. The way. Okay. Good deal. Right. Okay. Thank you both. All right. Thank you so much. We have money. Dense them on the phone. Or. How would we have update on proposed ordinance? I actually have an update. Right. So. I'm going to say. I believe we have Bonnie Jensen on the phone for how would we have update on proposed ordinance? I actually have an update on So I I saw that the ordinance passed on first reading in August, but did not see it on the agenda for September correct So I think there was a slip of timing. I spoke with the city clerk this morning, and we're expecting that to be on the October agenda. Okay, great, because I called their office to ask like, what happened? Because there were a number, I don't know, six or seven second reading ordinances on the agenda, but not this one. Yeah. So I thought, oh, that'll be on the agenda, but not this one. Yes. So that'll be on the October agenda. Okay, great. Thank you. Thank you very much for the follow-up, because I did not get with anyone to be able to resolve it. Anyway, I also were updating the summary plan description, which we were waiting for the changes on the ordinance to go through so we could include that in the summary plan description. So hopefully I'll be able to provide all of that to you at your next meeting. Perfect. We appreciate it, Bonnie. That's all I have, unless you have questions. I don't have it. Wonderful. Will we appreciate your time? Thank you, Bonnie. Thank you, Bonnie. Thank you, Bonnie. All right. New business. Proposed 2025 meeting date. I just have a couple of comments once you get going there. Okay. Perfect. So I should be able to see those dates. Generally Paul. So as you've been able to see those states, they generally fall. And I obviously have to do this very early because we have so many people involved from consultants, and so do you, and us, and so, and Bonnie. So that's why we try to put these out early. And this scenario, I believe Bonnie, was able to give us states that actually fit orders and work from their backwards, just trying to to see what the best of the chance. We'd like to get an approval on these states knowing that there is a chance that in the future, unless there's something catastrophic, you know, now that would definitely be a problem, then we'd definitely like to address that. So not necessarily a catastrophic? Catastrophic? I can't say that's one. So not necessarily a catastrophic. September, we typically have council meetings on that date because of Labor Day. So it pushes back all of our meetings. And so typically September meeting we have on the third Monday for all the pension boards because they're running right up to council meeting time. Bonnie, we're able to. Okay, so let me just take a real quick look to just make sure I can meet that 25 September 15 so okay that looks good. I have an opening there and I will move that to that date. That's for all three boards. Yeah and I got an email from someone at Foster and Foster and I tried in on that fact. So then we would want to move back from September to the particular thing. It would be the 15th of September. Sorry, good to be frank. I think we all have a thing that I would recommend I would have to maybe coordinate with City Clerk, but if they had them all, I think because police and fire so late in the afternoon if they were able to shift those early in the day. Absolutely. So we actually got a request from the police and fire boards to move their meetings up. So Bonnie, Frank and board, if you guys are okay, we'd actually like to move your meeting up to 10 a.m. Okay. Is that for a whole year? Absolutely. I'd be going forward. If that were work. Will you be starting with the December meeting? Yeah. Bonnie, does that work for you? It does. Okay. Okay. Perfect. So we would move on this meeting to, for example, the next meeting, we go to 130 and then the next meeting. So we're going to go to 1130 and then we're going to try to move fire up to 1130 and police to 130. Yeah. The fire board really wants to meet earlier in the day because they meet so late right now. Yeah. Or beyond is late. Yeah. Absolutely. That's what we're going to pitch. We'll think. We'll think. We'll think. We'll think. We'll think. We'll think. We'll think. We'll think. We'll think. We'll think. We'll think. We'll think. We'll think. We'll think. We'll think. being on that. But we can still change it to the 15. Okay. Everybody just agreed to that. So we'll change it to September 15th or 2025. And then move all your future meetings up to 10 a.m. Okay. I just have one other question. Usually every year we do like an hour training before one of the pension boards. I don't see that on this list. And I was just wondering if we were still going to do that. Absolutely. Can usually we do it in March that first meeting of the year? Yeah, so we could add that and that would just be then at 9 a.m. Yeah, that day. Is that okay? And that works for you, Bob Bonnie. It does work for me and I think Frank usually also present. Frank still there. You're good, Frank. Okay, wonderful. Thank you. Okay, so you can make the board can agree to the dates as revised as discussed. Okay. It can just be a back-and-sensor because ultimately, you know, they are subject to being moved. So do you do me this? Just a consensus. So do the change in those? We got a report. I'm good with the change. Yeah. Good. Good. Good. Yes, yes. Good. Good. I think this is going to be getting my calendar spring now. A lot of moving parts. parts. One or two. Doctors office business. So the next item under new business, trustee term, explorations. Again, I had a quick conversation with the city clerk. For Tim Sopco and my. Exploring. for Tim Sopco and my expert expiring firms needed to verify I believe we discussed this before but are you agreeable to serve another term? Yeah one more term. Okay so I talked to the city clerk and she can work on getting council agenda item ready for the next meeting for October. So that'll be on the October agenda. And then in the future, I guess the clerk request just kind of the administrators reach out and say these are the, you know, perfect. That is that mean you agreed to another term as well? I agree to another term as well. Great question. You might share the two elements. We spoke around that good way. Now I agree to another term as well. Great question. I'm not sure that you have a choice. We spoke about that in a good way. Now I agree to another term as well. I don't know if you have a choice. All right, so that is all for new business. Old business? I don't think we have any. Okay. To the scent agenda. I think the only thing that I'm aware of not necessarily new invoice but a coming payment would be for the fiduciary liability insurance. That would be coming out in the next couple of weeks. The insurance for Citywide is on the next council meeting So the general employees liability insurance would be 4,630 with the invoices up and plumbing just wanted to discuss that before we approve the consent agenda This has to help my head that those are paid by the plan Correct, okay, so we would need a board approval to pay that advice. And then I gave... I make a motion. We have cementing and work. I'll second. All in favor? Aye. And then are there any questions or concerns on the rest of consent agenda? I make a motion. We pay the bills. I'll second it. All in favor? Aye. Aye. All right. Moving on to staff reports discussion and action foster and foster. Troy Sierra. We think that we have on here is an educational opportunity which is a vision of retirement. It's having our 53 annual conference. November, year of local and the Deputy George. I said it's memory in a Orlando. This is a free conference. Kind of more geared toward police in fact, but general do attend as well. And it does kind of go toward your internal education. But from the feedback that I've got, this is from multiple boards now that I've been pushing this through since we left here a few months ago They say that's a great especially it's free Especially it's local With the flyer that I put in your gender packets You don't need to do anything through us that we can to be signed up like through that That flyer is interested But for one understand going to be very, very, very, very, very, very, very, very, very, very, very, But just FYI, they do focus a lot on 175 and 185. So, you know, they do have a lot of discussion that's focused around that. But, you know, again, they do give you a pretty good overview of 112 additionally. Excellent. We get an overview of 112 additionally. Do they normally do like 112 one day of the week? Or do they kind of like a different set of things? They don't. They don't. So they do a new trustee day on the, I think the 13th. And then the 14th and 15th is more, you know, more in depth of the subjects that they covered that one first today. They often have somebody come from the Commission on Ethics. They often have somebody come from the Attorney General's Office. I don't know whether those people are scheduled on the agenda. So Trustee Reports discussion and action Have anything Next item is adjourned. Wow 1102 am Thank you all Wow. I love no two AM. Thanks everybody. I was going to say say. So Frank what's your name?