Opposed? Unanimous. We'll now move to item three on the agenda since we heard regarding items not on today's agenda. Are there any sentences designed to be heard? Hearing, seeing them, move to item 4.1.

9:03•1

Approve the new hires for acceptance into the pension plan as listed.

9:09•3

Good afternoon. Tiffany Macris, human resources director. I'm here for any questions for the next three items.

9:15 – 9:38•0

We want hear from the public today that desires to be heard regarding agenda item 4.1. Hearing seeing none, is there any trustee's discussion? Now is there a motion? Move to approve agenda item 4.1. One. Second. Those in favor?

9:38•2

Aye.

9:39•0

Opposed, unanimous. Agenda item 4.2.

9:42•1

Approve the following request of employees, Sherry Dragan, gas department, Michael Morakis, information technology department, investor pensions as provided.

9:54•3

Available for any questions.

9:56 – 10:12•0

Okay. Anyone here from the public today that desires to speak to agenda item 4.2? Hearing seeing none, is there any trustee's discussion? Now is there a motion? Move to approve agenda item 4.2. Second. All those in favor? Aye. Opposed? Unanimous. Agenda item 4.3.

10:12•1

Approve the requests, of the employees listed to vest their pensions.

10:21•0

Available for questions.

10:23•3

Still Tiffany? Still available for questions.

10:25•0

Anyone here from the public desire to speak to agenda item 4.3? Hearing seeing none, is there any discussion? If not, is there a motion?

10:32•2

Motion to approve agenda item 4.3.

10:34•0

Second. All those in favor? Aye. Opposed? None. Agenda item 4.4.

10:39•1

Annual review of the employee's pension plan investment performance for the calendar and plan year ending 12/31/2025.

10:47 – 11:26•2

Good afternoon, trustees. Jay Ravens, Finance Director. This is the annual review of calendar year investment performance for the pension plan's investment portfolio. We've included with the agenda item a detailed summary of investment performance by money manager for each of the 22 money managers as well as performance for each major asset category of the portfolio. Overall, the plan had a strong calendar year 2025 return of 11.45%, well in excess of the actuarial assumption of 6.5%.

11:27 – 12:12•2

However, the portfolio did significantly underperform versus the benchmark index of 13.36%, largely due to underperformance in the small cap equity asset category. The Pension Committee has recommended and the trustees have approved three money manager terminations and respective replacements during calendar 2025. The committee continues to closely monitor the performance of each of the plan's money managers with the assistance of our investment consultant, CapTrust. We will bring additional recommendations for terminations and replacements in the future as appropriate. We'd be happy to answer any questions.

12:15 – 12:31•0

Right. Is there any trustee's discussion on this one? We need to approve this report. I don't think we did, did we? Just presentation. Okay. Thank you. Right. June item 4.5.

12:31 – 12:43•1

Determine trustee's expected rate of return for pension plan investments for current year, each of the next several years and for the long term thereafter in accordance with Florida Statutes one twelve point six six one paren nine.

12:44 – 13:17•2

Good afternoon trustees. Again, Jay Ravens, finance director. This item is requesting the trustee's determination of an expected rate of investment return for the current year, each of the next several years, and for the long term thereafter, as required by Florida statutes on an annual basis. Staff is recommending the plan's actuarial assumption of a 6.5% rate of return net of investment fees as the trustee's expected rate of return for the current year, next year, and for all years thereafter. Be happy to answer any questions.

13:19 – 13:36•0

So you wanna hear from the public that I desire tonight? I guess it's not quite tonight. It feels like it. Be there, sir. I'll speak to this again. None, is there any trustees discussion? If not, is there a motion?

13:36•1

Motion to approve agenda item 4.5.

13:38•0

Second. All those in favor? Aye. Opposed? Unanimous. That move to item five, which is to adjourn the April 20, city of

This transcript was automatically generated from the official public meeting video and is presented unedited. It reflects remarks made on the public record by elected officials, staff, and public commenters. Transcript accuracy may vary; view the original recording for reference.