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Record of Proceedings

Carson City OPEB Trust Fund Board of Trustees Meeting - May 20, 2026

Board of Supervisors — Wednesday, May 20, 2026

BodyCarson City, Nevada

SessionBoard of Supervisors

DateWednesday, May 20, 2026

StatusFILED

Video Record

0:00 / 9:07

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2:28

Today is Wednesday, May twentieth at one thirty PM, and this is the date and time set for the public meeting of the other post-employment benefits trust fund, also known as OPEB.

2:38

Zach, good afternoon.

2:40

I could you please provide us with a roll call of the OPEB members.

2:44

Chair Razor.

2:46

Present.

2:51

We have a quorum.

2:52

Thank you.

2:53

And we also welcome former city manager Nancy Paulson to the OPEP Trust Committee.

2:58

Welcome.

2:58

Thank you so much.

3:00

At this time, the public is invited to comment on and discuss any topic that is relevant to or within the authority of this public body.

3:09

Seeing and hearing no comments from the public, I will move forward and close public comment at this time.

3:14

We'll move to our next agenda item, which is agenda item four A, which is the approval of the minutes from our last meeting on Wednesday, February twenty-fifth, two thousand twenty-six.

3:23

And Vice Chair Ganger and Trustee Paulson, have you had a chance to review the minutes?

3:27

Yes.

3:29

And I do have one change.

3:58

Moving forward to agenda item five A, which is a discussion and possible action regarding the OPEP trust earnings report for the third quarter of fiscal year two thousand twenty-six.

4:34

That gives us a total earnings for the year of 282.049.26.

4:37

That is a 5.2% return on investment.

4:43

Last year we were only at three point nine return on investment.

4:46

So even though we had a bad month, we're still ahead of last year.

4:50

And hopefully that'll turn around.

4:52

It's very volatile right now.

4:53

So yeah.

5:02

Is there any questions?

5:03

That's all I had.

5:05

Any committee members have any questions?

5:08

No questions.

5:09

All right.

5:10

Would anybody like to make a motion for this agenda item?

5:13

I move to approve the OPEB trust earnings report as presented.

5:18

I'll second.

5:20

All in favor, please say aye.

5:21

Aye.

5:22

Aye.

5:23

Motion carries unanimously.

5:26

Moving on to agenda item 5B, which is the discussion and possible action regarding the OPEB trust activity for the third quarter of fiscal year 2026.

5:34

Again, CFO Sherry Russell Benaboo.

5:36

Thank you very much.

5:38

So this is the monthly revenues and expenses.

5:41

And in a perfect world where no retirees passed away and nobody ever retired, it would be zero.

5:49

The monthly PL, the yellow highlight, the bottom, that would be zero.

5:53

However, people are coming off and on the plan all the time.

5:56

So you'll see pluses and minuses.

6:01

And there are no city contributions recorded as of yet.

6:06

We will make those in the fourth quarter.

6:08

And we're looking at about one percent of payroll, which is what the board approved is about 625,000 this year.

6:16

And we'll do that like I said in June, right before the year ends.

6:20

There is over here a little balance sheet, and you can see the income, the investment income from the report we just talked about in the last item.

6:28

And then cash is 5,464 865.07, and there's a one little adjusting entry.

6:38

So the total net position of the OPEB trust right now is 5,466, 155.89.

6:47

And if there's any questions, I'm happy to members have any questions.

6:53

We would have a question, but I'm not sure if you'll know the answer.

6:56

How much uh the cities actually put into the fund over all the years versus you know now it's at 5,400,000.

7:06

I will get that answer for you.

7:07

I do not know how much interest earnings versus uh principal.

7:11

I can get that I can get that number for you.

7:17

Just curious.

7:20

I will email everybody.

7:23

I have no questions.

Discussion Breakdown — Share of Meeting

Fiscal Sustainability█████████████████████████████████████████████61%

Procedural█████████████████████████████39%

Summary of Proceedings

Carson City OPEB Trust Fund Board of Trustees Meeting - May 20, 2026

The Carson City Other Post-Employment Benefits (OPEB) Trust Fund Board of Trustees met on Wednesday, May 20, 2026, at 1:30 PM. Chair Razor presided with a quorum present. The board welcomed former city manager Nancy Paulson as a new trustee. The meeting covered approval of prior minutes, review of third-quarter financial reports, and scheduling of the next meeting. No public comments were made.

Consent Calendar

There were no consent calendar items; all actions were taken separately.

Public Comments & Testimony

Public comment periods were opened twice but no members of the public offered comment.

Discussion Items

Approval of Minutes (February 25, 2026): Vice Chair Ganger and Trustee Paulson reviewed the minutes. One unstated change was noted. The minutes were approved unanimously.
Agenda Item 5A – OPEB Trust Earnings Report (Q3 FY2026): CFO Sherry Russell Benaboo reported total earnings of $282,049.26 for the fiscal year, representing a 5.2% return on investment, up from 3.9% in the prior year. Despite a poor recent month, the board noted the year-to-date performance remains ahead of last year. The report was approved unanimously.
Agenda Item 5B – OPEB Trust Activity Report (Q3 FY2026): CFO Benaboo presented monthly revenues and expenses. No city contributions have been recorded yet; the planned contribution is approximately 1% of payroll (~$625,000) to be made in the fourth quarter. The trust’s total net position is $5,466,155.89, with cash of $5,464,865.07 and a small adjusting entry. A trustee asked for a historical breakdown of city contributions versus earnings; the CFO agreed to provide the data by email. The report was approved unanimously.
Agenda Item 5C – Next Meeting Date: The board discussed scheduling the next meeting. To allow time for end-of-July financial statements, they chose Wednesday, August 26, 2026, at 1:30 PM. This maintains the regular February/May/August/November schedule.

Key Outcomes

Approved minutes of February 25, 2026 (unanimous).
Approved Q3 OPEB trust earnings report (unanimous).
Approved Q3 OPEB trust activity report (unanimous).
Scheduled next meeting for August 26, 2026, at 1:30 PM.
CFO to email historical data on city contributions versus trust earnings.
Meeting adjourned without further action.

Meeting Transcript

Today is Wednesday, May twentieth at one thirty PM, and this is the date and time set for the public meeting of the other post-employment benefits trust fund, also known as OPEB. Zach, good afternoon. I could you please provide us with a roll call of the OPEB members. Chair Razor. Present. We have a quorum. Thank you. And we also welcome former city manager Nancy Paulson to the OPEP Trust Committee. Welcome. Thank you so much. At this time, the public is invited to comment on and discuss any topic that is relevant to or within the authority of this public body. Seeing and hearing no comments from the public, I will move forward and close public comment at this time. We'll move to our next agenda item, which is agenda item four A, which is the approval of the minutes from our last meeting on Wednesday, February twenty-fifth, two thousand twenty-six. And Vice Chair Ganger and Trustee Paulson, have you had a chance to review the minutes? Yes. And I do have one change. Moving forward to agenda item five A, which is a discussion and possible action regarding the OPEP trust earnings report for the third quarter of fiscal year two thousand twenty-six. That gives us a total earnings for the year of 282.049.26. That is a 5.2% return on investment. Last year we were only at three point nine return on investment. So even though we had a bad month, we're still ahead of last year. And hopefully that'll turn around. It's very volatile right now. So yeah. Is there any questions? That's all I had. Any committee members have any questions? No questions. All right. Would anybody like to make a motion for this agenda item? I move to approve the OPEB trust earnings report as presented. I'll second. All in favor, please say aye. Aye. Aye. Motion carries unanimously. Moving on to agenda item 5B, which is the discussion and possible action regarding the OPEB trust activity for the third quarter of fiscal year 2026. Again, CFO Sherry Russell Benaboo. Thank you very much. So this is the monthly revenues and expenses. And in a perfect world where no retirees passed away and nobody ever retired, it would be zero. The monthly PL, the yellow highlight, the bottom, that would be zero. However, people are coming off and on the plan all the time. So you'll see pluses and minuses. And there are no city contributions recorded as of yet. We will make those in the fourth quarter. And we're looking at about one percent of payroll, which is what the board approved is about 625,000 this year. And we'll do that like I said in June, right before the year ends. There is over here a little balance sheet, and you can see the income, the investment income from the report we just talked about in the last item. And then cash is 5,464 865.07, and there's a one little adjusting entry.

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