I'll call to order this town of Leesburg Trust Finance Board meeting.

It's August 26, 2026 at 202 p.m.

And joining us today, Tom Leesburg staff, Josh Didowick, Tamara Keyseker, Diane Starkey, Owen Snyder, Octavia Andrew, myself, Cole Fazenbaker, and then our citizen member Alexandra Greson.

PFM, we have Jack Schorbus and Alison Gorberly.

And then also joining us remotely or Bolton.

And we have D.

Berry and Tom Vicente.

And so to the next item, which is approval of the minutes of the May 27th, 2026 finance board meeting.

Okay, is there a second?

And then for the third item, I was going to do the actual review about Bolton go first, and then we'll do the um items for this, then we'll do the investment performance second.

Everybody's okay.

So I don't know if you you want to share your screen or we have printouts as well from what you've sent.

Can you see the screen now?

Is it up?

Yeah.

Okay.

But yeah, it's this is the same as what you have for your printouts.

So by introduction, I'm Tom Viceni, and with me is Tim Barry, my colleague.

We're both actuaries with Bolton.

Um we put our pictures in the printed handouts in case you wanted to keep those as a framing type of thing or something like that.

I think we started doing that during the pandemic when no one was going anywhere, and we just kept doing it.

So anyway, we both credentialed actuaries, both of them work on Leesburg account for uh for me at least the last four or five years.

I think Tim, maybe a little longer than that.

Yeah, they're so from an agenda.

Um, we're gonna try to keep this to about 10, 15 minutes.

Uh, certainly and feel free to interrupt us if there are questions.

Um, we're gonna just do a quick overview of the program, talk about the financial status, uh, get into some of the assumptions and methods that we do.

So we're the actuaries for the plan.

So it's our job to look at the the economic value of the promise to provide future retiree medical subsidies uh to uh both current retirees and potential future retirees in the group.

And we do that by gathering the census information that you have, gathering the financial information from the trust fund itself, uh doing a lot of calculations around the which include things like the probability that someone will stay to retirement, how old will they be when they do retire?

Um, how long will they live after they retire?

So we bring probability statistics in for all those different um contingencies, as well as how many people will elect to take your benefits.

It's not free.

So people have to pay something.

Sometimes they won't take it, even though it's uh it's a good deal.

Uh we'll get into those assumptions a little later.

Uh, but the the big deliverables that we do is we do an accounting disclosure report or reports for you.

So this is for the uh annual comprehensive financial reports or acfers that the that Leedsburg puts out, sort of provide numbers that go in your notes disclosure as well as the balance sheet and the RSI.

Uh, we also do another report that talks about how much to put into the trust to maintain the plan funding at a sustainable level so that the money's there to pay for the benefits as they come due.

So those are the big big deliverables we have.

Um high level, this is the a bunch of numbers or actuaries, we can't stop ourselves.

We have to have numbers.

Um this shows you a three-year progression from left to right, fiscal 23 through fiscal 25.

We're still working on the fiscal 26 information.

We don't have that completed yet.

But you can see the top line is the liability.

So that's again, that's the value in economic terms of all the future cash flows we projected to pay for future benefits for retirees.

Um 20 just under 22 million dollars as of 630, 2025, versus a market value of assets of 20, just under 21 million dollars.

So really well funded, 94% funded as a total at June 30, 2025.

Um that, and you'll see that going from left and right, two years ago, you were at 77% funded.

Now you're at 94% funded.

So that big run up had a lot to do with number one, how much money you've put into the plan.

And we have a slide a little later, we'll talk about what you've been putting in versus what we call the actuarily determined contribution.

Uh as well as it was a very strong three two-year period for investments.

But really, it's been a three year period, but in this case, it's two years that we're looking at the true of everything.

So that's where you stand in terms of the plan.

So this is this is very this is a very strong funded position.

Um most organizations don't ever really get to 100% funded just because of uh variations in benefit levels, as well as you don't really want to overfund the plan and have that money be trapped in there, and then you sort of overpaid.

Uh so you're doing really well.

I think if you compared yourself to other uh locals, whether in Virginia or Maryland or the Carolinas, wherever that might be, you'll find you're in the top tier in terms of how well funded this program.