Alright, well I think we've got everybody here.

Now we're gonna go and with our hope in session of the July 21st, 2025 uh Columbia City Council's pre-council meeting.

And I think I'm kicking this over to Jim McDonald or Matthew Liu.

Please use the microphone.

Alright, so we have uh Heidi Barry from GRS.

She is uh well Mita and her are actuaries, so she'll be talking about the actual report, and then we have Mark Shigowski and David Sears from UBS, they are investment managers and sprinkle throughout here.

We do have members of the police and fire pension board, so as well.

So I think we were gonna have Heidi kick this off.

So Heidi, if you want to bring up your slides and we can get started.

Okay, great, thank you.

I'm gonna share my screen here.

Uh see.

You have to get our permission to share these.

Okay, Matthew.

Okay.

So do you have permission there?

You should have permission.

Yeah.

Yeah.

Okay.

So Mia could not be here today, so I'm going to go through the results of the September 30, 2024 actuorial valuation.

So the main, there are a couple of main reasons that we perform the valuation.

One big one is of course we want to determine what the employer contribution rate is going to be.

And the 24 valuation determines the employer contribution rate for your fiscal year ending September 30, 2026.

The other big thing that we want to keep an eye on our look at is the funding progress of the system.

And we do this obviously on an annual basis, we want to see what has happened from 2023 to 24 and so on.

So this graph here is meant to kind of illustrate how you would finance your benefit obligations, and it shows in some ways it shows the benefits of prefunding the plan, which is what uh Columbia is doing.

So this green bar here would be considered like a pay as you go system where you're just paying out benefits over time.

Eventually the system will be relatively mature and you'll um it'll level off because you'll have people retiring and then you'll have other people dying and coming off, and it will be remain relatively level.

So the employer would be paying everything under that green bar.

Now the benefits of prefunding is this little horizontal blue line that we're looking at.

In a pre-funding, we start paying contributions into the system immediately, employer and employee.

And you invest this money that is not being paid out, with the idea being that over time the employer and the employee is paying this this amount under these, and the system earns investment income that's gonna pay out the rest of those benefits.

So in spends it's it's a the investment is a big part of what is paying for those benefits.

So now when we perform an actual evaluation, we take a lot of different things into account.

So we're gonna look at the census data, a snapshot of the census data as of September 30, 2024, and similarly snapshot of the assets of that same time period.

We'll look at benefit provisions, and uh sometimes there are benefit provision changes.

There were no changes for 2024, but we pretty much have to model the benefits that the system is um expecting to pay its members.

So in order to do that, we have to make a lot of assumptions.

So we don't really know what's gonna happen in the future.

We have to make assumptions about mortality when people will die, uh, when people will retire, if people will make it to retirement, or will they quit beforehand?

Lots of different assumptions that go into the valuation.

And then finally, we need a funding method, something to develop the employer contribution rates so that the system can contribute and be able to pay out the benefits when they're new.

Alright, so now we're gonna get into the actual 24 results and data and all the stuff that went into uh developing uh evaluation results.

So we'll take a snapshot.

Um this is a snapshot of the active members that includes your job members.

So for police, there were 136 active members as of September 30, 2024, and the payroll increase pretty significantly to 11.6 million.

So that was about a 16.5% increase in the total payroll for the group.

And that will become important a little later on when we're talking about the contribution rates.

And then similarly, we have some information for the fire at the bottom.

There are 168 active members, and total payroll is 13.6, 13.7 million, and that was a 17.5% increase.

So I'll segue back to that in a little while.

For retirees and beneficiaries, we had this is a reconciliation of the data from 2023 to 24.

So we had eight new retirees or beneficiaries coming onto the system, three were removed, or a total of 203 benefit recipients receiving about 6.8 million dollars in annual benefits.

And then for fire, we had 15 new retirees and beneficiaries added to the system.

10 were removed, and uh for a total of 181 members receiving about 9.5 million, and then we'll take a look at the assets, and then we'll put all this into all come together into the results.

So for the assets, we don't use the market value of assets because the markets can be relatively volatile from year to year, so we want to try to reduce some of that volatility.

And we do that by using a four-year smoothing method.

So this page is what we use to develop those assets that we want to ultimately use to produce the results.

So we have in row a funding value at the beginning of the year of 174.4 million.