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Finance Committee Minutes September 7, 2021 <br />City of San Leandro Page 3 <br /> <br /> <br />Finance Director, Susan Hsieh, introduced the presenters from PARS and HighMark Capital <br />Management. <br /> <br />Mitch Barker and Anthony Armas presented the Summary of Agency's OPEB Plan. <br />Since June 1, 2009, with the initial contribution of $500,000, the Total Investment <br />balance has grown steadily and is currently at $21.9 million as of July 31, 2021. <br /> <br />Randall Yurchak presented the investment objective to be Moderately Conservative <br />High Mark Plus. (Active). Randall explained the difference between the two options of <br />Active verses Passive. "Active" being that the investments using actively managed <br />funds that seek to outperform the benchmark verses "Passive" being that the <br />investment would use passive index funds that seeks to mimic the benchmark. <br /> <br />Randall made a point to note, that over the years, the return has exceeded the <br />expected. It was also pointed out that the return may subside going forward. <br /> <br />The Committee thanked the PARS team for presenting the information. <br /> <br />2.C. Future Agenda Items <br /> <br />1. CalPERS Update <br />Finance Director Hsieh advised the committee of the CalPERS updated to be <br />presented at the next meeting. Highlights including investment return and how <br />this triggered the reduction of the discount rate. CalPERS is currently reevaluating <br />their asset liability program. The presentation at the next meeting will show the <br />committee how this change will affect the discount rate going forward. <br /> <br />Mayor Cutter requested that staff provide an update regarding the Budget Task <br />Force recommendations at a future meeting. Council Member Ballew and Council <br />Member Lopez also made comments regarding the Budget Task Force <br />recommendations and supported the Mayor’s request. <br /> <br />City Manager Fran Robustelli informed the Committee that a survey was conducted <br />with the members of the Budget Task Force and the survey results will be distributed <br />to the City Council and the Budget Task Force. <br />. <br /> <br />3. PUBLIC COMMENTS <br /> <br />4. COMMITTEE MEMBER COMMENTS <br /> <br />Council Member Lopez and Council Member Ballew thanked the team and the <br />presenters of PARS. <br />5. ADJOURN <br /> <br />Meeting concluded at 4:28 P.M. <br /> <br />6. MEETING ACCESSIBILITY <br />88