I'm going to have to get a picture of the community. I'm going to have to get a picture of the community. Congratulations, Jacob. I don't know if you ever thought you would be sitting on the board. Thank you. All right. We need an approval of the minutes of June 6th. I make a motion to approve the minutes from the June 6 meeting. I second it. Any discussion? Okay. All in favor? Aye. Minutes are approved. New business ratification of invoice payment. Page 5. Did you want me to take you through to everybody's got to have leaders? Yeah, is there anything that stands out that you would like to discuss or? These are, no, these are very standard. You have a legal services of $1,000, $75 towards the response to an auditor's request. You have administrative consulting fees of your quarterly fees of $1,700, just under $1,900, another 1,000 legal fees and then your fiduciary liability insurance of $7,000. As a reminder, especially for the new trustee, that is one of the things you all very much care about as trustee sets coverage for you all should have in the finger lines. We appreciate that. Yes. We appreciate that. Is there any discussion, guys, of the fees? No. Okay, motion to approve. I make a motion to approve the invoices. Nice second. All those in favor? Aye. Bill's repaid. Retirement and lump sums of approval. No new lump sum of retirees this quarter. Quarterly investment returns. So this information will be as of June 30th. I'll go over the dollar amounts. Not going. No, no, it's good news since June 30th actually, in totality. You started the quarter with 21.3 million, yet 7,800 contributions come in. Earnings increase of 176,000 paid out 432,000 in distributions had $11,000 expenses, $24,500 in the other column. And then your ending balance was $21,073,702.42 cents. Any dollar related or counting questions before I do go into the investment side. No. Okay. Greg? Anything? Jacob? Anything. All right. We did see a little bit of a slowdown in the market, especially, you know, we had the December quarter being up 8 plus percent, March being up 4 plus percent, which are huge quarters. We did, again, see a little bit of a slow down. The fund was still up about 87 basis points, 0.87 percent for the quarter. So fiscal year to date through June 30th, the fund was up 14.85 percent. So it's been a great year. Nice. Just kind of going ahead and jump and forward because as we sit here we only have 25 days left in the quarter and therefore your you're fiscal year, so we're getting down to what sort of returns we'll actually book for the year. July was actually fantastic. July was a huge month, probably added, conservatively 2, 3% to the portfolio just in July. Possibly a little more than that, but conservatively 2, 3%. We did have a pretty good blip right at the beginning of August where the market did see a big sell off. That was due to there was a little over a half a percent increase in the unemployment rate and that sent a bit of a shock into the system. What happened though is the market since rally throughout the rest of August, because what they were able to discern once they had a chance to really look at the data, It wasn't mass layoffs, which was the initial fear that were hay were headed towards a recession. It was what they found was there was a large swath of people looking to come back into the work force that had been on the sidelines since COVID. And unfortunately, obviously, presumably, that's the cost of living. The pain we're all feeling on a daily basis, I guess, this caught up to a lot of people where they feel the need to get back in. Unfortunately for them, the labor market has turned. It was very labor-friendly year or so ago. Now it's with the slowdown that we're seeing economically across the country. It is harder now all of a sudden to find jobs. So that's where you're getting that increase in unemployment. It's people trying to get back in. It wasn't these, again, these math layoffs. So the market rallied very well throughout the rest of August. And by the end of August, I think the Dow was maybe even up slightly higher than it was in July. S&P was maybe slightly under. But they kind of recouped most of July's winnings by the end of August. Then we turned to September and right at the beginning of this week, the market had a big sell off on Tuesday. That was really just economic fears of what sort of slow down as they had the data certainly points towards the economy is beginning to slow down. Which then puts us in an interesting position of what the Fed's going to do very soon here. By all accounts, the expectation is the Fed is going to cut rates finally this month for the first time. But now what's everybody's kind of keeping their eye on and it'll be interesting to see how the market responds is do we get a quarter percent cut or a half a percent cut? The thought being if you get a quarter percent cut that should be looked at as a positive or as a half a percent cut which sounds better could have negative repercussions because it could be the- a lot of people might interpret that to be the Fed going oh we think the economy's headed a little to south a little too quick We need to add some stimulus back into it. We need to spark it. And so that, the market would actually potentially could look at that as a negative. So that's going to be interesting to see how that plays out. I never considered it that way. I just thought it would. I'm in the real estate business, so the half percent was always better than that quarter of a percent. Exactly. Exactly. So the half percent was always better than that quarter of a percent exactly exactly no and very well and again That's one of those unknowns, which is why we nobody I would I always recommend if somebody tells you they know what's coming in the market You should probably just turn around and walk the other way Because the smartest minds will say that they don't know what the market's gonna do if there's a half percent cut There's just a there's an acknowledgement that it could have a negative impact that said the market may shoot up you you really never know till it happens but that said we you know 25 more days to go the fund is as we say here today probably up conservatively 16 17% for the year so we've got a nice cushion even if we hit a little bit of a rocky road before it finishes. So it looks promising, but we get a few more weeks. Now, to keep on the track, because obviously we love the numbers. Double teens. Wonderful. Always a good one. Wonderful. Yeah. Any questions? I'm going to let it all. Discussion on retiree. Excuse me, update on the state of deceased member. Do we refund the contribution? Yeah, I can take that. That's regarding the Lyndon Bonner refund of contributions. If you recall, there was an estate open and we've been working with his wife's attorney regarding the estate and what the status is regarding that because there is a refund of contributions owed to the estate. We actually heard from Mr. Fisher this week and he said that they're still working on closing out the estate. They did have a question. There was a letter back in 22 that Laura sent to Lyndon Bonner. This was obviously when he was still alive, informing him that there was a refund of contributions that was due to him and it had an amount in there. And Mr. Fisher has a couple questions regarding obviously that letter was from 2022. So he was asking is there working on closing out the estate if that is still the amount and for verification. So we sent it to Laura. We just got it to her because we just got it this week. And she's gonna check and confirm on those numbers. We'll get back to Mr. Fisher and continue working with them and get the refund of contributions to them when we're able and it's ready to be closed out. And that's the update. Right, we've been working on that for a while right yeah They've had the estate open you know we had reached out to him mr. Fisher a While ago and then he literally just got back to us on September 3rd and said they're still working on it It's getting close and you know they just want to you know make sure that that letter is correct and everything He said we are still administering this estate but close to closure. So, you know, we're ready, obviously, to release the funds when everything's in order, and we hear back from them, and we'll get the confirmation from Laura and let him know that that is the number or if the number is different. And whenever they're ready, I mean, we have the funds, you know, it's not a question of if but a matter of when. So, we appreciate the diligence in dotting the eyes and crossing the teeth. Thank you. Yeah. Any questions? Discussion of retiree members appointment to the board. If I may, I didn't tell her I'm going to do this, but I'm going to let Laura address this one because she's the one who's been working on it I think we've as we've noted in the past had Run into bumped up against walls trying to Has good news? Well, I don't think so so there's a list here of the current retirees who Can serve on the board? There's probably about a handful or so that we know can't serve for a dual office holding. There's also a recent within the last five years or so who served on the board and I believe he lived pretty far away so he wasn't able to and I believe Gary Brown was the one you asked me to reach out to and he's not able to at this time and I know Patricia Bliss isn't available at the moment. So I'm not sure if there are others on the list that anyone is aware of that I could potentially reach out to. Maybe Marilyn Spencer. Marilyn Spencer, I can reach out to her. I think she's still around. And I can't recall if she's the one who served several years back Brent. Do you recall heard? That name doesn't ring a bell. I don't think she's ever been on the board not since I've been here. Jeremy, does that ring about? I don't think so. And Laura's been administering his plane longer than I've ever been. So yeah, and that one Laura not that I can recall since we've been at the same time. I can check in with her and I know several of them don't live particularly close, but I can try to reach out to everyone again. I just wasn't sure if I'd providing the list if anyone had any insight into anyone else I could reach out to. If I can further that a little bit, I know Laura's worked very diligently on this for two, three years now. And even when we've had the spot filled it for various reasons, it hasn't been able to last. I still think, unless you all can nudge somebody, we haven't had any success. I know she's been through this list before, so for her to continue at it would just be doing what she's already done. Which certainly we can do, but I do think at least suggesting a conversation to you all if you're open to it, maybe looking at, is it time to allow somebody else to fill that fifth seat just to broaden our options to get that trustee? And I don't know if- So it's up to us to change that? I think ultimately- Well go ahead. Well yeah, I mean it's really up to the city, the city commission to change the makeup of the board section 2-6 4.2. And our court of ordinances states what the makeup of the board is. And right now it's the city manager, his or her does Gne and elected official nominated by the mayor and ratified by the city commission. The City Attorney has a her doesg knee in one act of plan member and here's the one and one retired plan member appointed by the other three members. So yeah if there's obviously desire or a situation where there's literally no one who can fill that retired plan member then I think it would be a good idea for the city to look at and contemplate changing that makeup of the board so that we can have a fifth trustee. Well another one that I see is Gilbert Rosenkoff, but he's still an employee. Does that matter? He'd be an active. So I mean maybe the city changes it to two active. He's an active employee? So I mean, maybe the city changed it to two active. Yeah. You know? So he's an active employee? Yeah, he's a cloned enforcement business. Yeah, he definitely is active. Okay, he is a retiree. He is receiving a retiree benefit. Oh. Okay, I wasn't aware he was active. I'm pretty sure that yeah, he's an inspector. He's a kill. Doesn't ring a bell Um, but I was also thinking seeing that active members at some point we don't have a whole lot of active that maybe we would have to change it again at some point and so maybe Changing it to another city manager does it me since we always have a city manager. So that's just my thought seeing that active members at some point will no longer exist. Yeah, or you can even make it, you know, rather than one active plan member, one retired plan member. Either two active, two retired, one retired, one active, you know what I mean? That way you catch the whole scope of like you said, there's not a lot of active left. But as they move into retiree, because like you said, you're gonna have a situation where there's no active in that way. Maybe if it's just the fifth person can be an active or retiree, that would create a solution as well. Yeah, the active to to retiree I think is a good one, and then we can ask Gil who if he's on the clock would rather sit here than be outside and it would maybe win win. Are we just reach out to all the active ones and see if anybody's interested before we vote and try to take it to commission because what if none of them are interested as well? And be the same vote that we're. All right, let's check with Marilyn. Will you? The pay is great. Oh yeah. The furred vested members do a retirement benefit. So just following up on the last meeting, I know that that were you able to reach out to him. I spoke to him and his wife and advised them about it. I followed it with them yesterday, but apparently they still haven't done anything. But he knows and I explained to him that there is no increase in cost. Like it's not like it's growing any interest. So they're aware. Okay. Okay. All right. Thank you. I appreciate it. Is this the gentleman that's married to the commissioner? Yeah. Okay. The former commissioner? Yeah, okay. The former commissioner. Yeah. Yeah. That's all. Okay. Reports, plan attorney. I don't have anything to report. It was just going to update you on the bonner. Refront of contributions and we already covered that. And obviously the Jacob as well. So this is any questions that's all I have. going to update you on the bonner, refund of contributions, and we already covered that. And obviously, the Jacob as well. So unless there's any questions, that's all I have. Anybody have any questions for the attorney? No. Everybody filed their form one, correct? Yes. Yeah. Yeah. Trustee's, anything? No. No, sir. Which brings me to the point of, if I may, Jacob will probably have to file a form one now. All right. Yeah, I mean he's been designated as the Designate. Yeah, so Jacob there's a form one that that new trustees on boards have to file annually by July 1st and also within I believe it's 30 days of being placed on the board. So let's make a note, you will have to fill it out. You do it online. I think it's electronically, the department sent out email addresses for everybody, right? I believe to register. How did you guys, when you guys registered and feel like you're former non-line, did you get like a specific email address from the department or did you guys just submit it through? I just submitted it. In fact, I called them. They kind of walked through it with me a little bit. I know that the form one is online now. Yeah. And you'll complete it electronically. So, Jacob, I'll give you my card. You have my email address because I obviously were emailing yesterday, but it's a form one that you'll be required to. Jacob is not form six, which is one everybody does. Yeah, that's someone on his people designed, and yeah, there's lawsuits all over regarding that form six. So it's fairly easy, but it's all part of the government and the sunshine. And you being technically you're now trusty on the board of fiduciary duty and by sitting in the seat they require everybody to fill out this form one all right so let's just because when you said that I was thinking I was like no he needs to yeah I have to right it's not thank you I need through the state ethics commission it's on their website. There's a portal. You'll have to have the clerk and send you, Ashran Jury, she'll send you a link to it. That's a good idea. Yeah. And then because there'll be the ones, it's the municipality that provides the state the email address. That's what I was talking about. Yeah. Because that's the only hurt, supposedly, it's very easy except. Yes. You have the state is given a, and I don't know why they did this way. There were given email addresses. And then you have to use the one they were given because you have to create an account, but you have to pick the email that they already have. Instead of just saying, here's the email I want to use. So once you open, it'll make you use an account or open an account using the email. So the clerk should be the one who would be able to help you get started there. And then from there, it is my understanding that it's pretty short and quick to fill out. It's a financial disclosure form. Don't feel the number. With no numbers. No numbers. Yeah, you're not going to be releasing bank account information or anything like that. But that's what I was talking about. Thanks, Jeremy. It was the email address. That's a good idea. Talk to the city clerk because they'll have that designated email address or they'll get it for you because you said that's what you have to file because we've had other boards where they were looking for the email. They were using their other emails and you know, the clerk has to give it to every elected official. Yeah. And so each year she reminds us and so she definitely has it. So just tell the clerk you were designated to the board of the Management Pension Fund and you need to file your form one and you need the email address so that you can file it electronically. And then of course reach out to Jeremy Lawyer and I if you have any questions and just let us know. Thanks. Plan administrator. I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I have a lot of questions and I we've ever had a fee increase in 41 years, but the cost of doing businesses got into the point. We're forced to look at our expenses as well and make some adjustments. So I don't have any exact proposals yet to provide you all. That'll come to the next. Actually, prior to then you should get a notice probably in the next month, six weeks, I'm like that. We're still going through our budgetary process, but you'll get a fee increase proposal ahead of time. We'll talk about the next meeting. I think the intent is to probably try to implement it January 1. Hopefully you all will understand. We've... I think we're... I think we're a bit of a sympathetic on that. So that is something. I'd rather kind of just give you a little bit of a heads up now, but that'll be something we'll look at specifically next time. And hopefully you all will understand. Everybody else gets an increase, so it's only fair. All right. Next meeting at 10 a.m. some 10 or 5th. Public, do you have any comment? Oh, that is.m. some timber fifth public do you have any comment that is yes yeah okay motion to adjourn motion to adjourn approve second all those in favor all right we're adjourned thank you all for coming thank you safe travels