The Public Safety, Finance, and Strategic Support Committee convened on October 16, 2025, receiving and unanimously accepting four annual reports. The presentations covered strong pension fund investment returns, police recruitment strategies, the status of the city's tow service modernization, and emergency management work plan priorities.
Okay. Well, before we begin, I want to remind the public safety, finance, and strategic support committee members and member of the public to follow our code of conduct at meetings. This including includes commenting on the specific agenda item only and addressing the full body. Public speakers will not engage in a conversation with the chair, council member, or staff. All members of the public safety, finance, and strategic support committee staff and the public are expected to refrain from abusive language. Repeated failure to comply with the code of conduct, which will disturb disrupt or impede the orderly conduct of this meeting may result in removal from the meeting. This meeting of the public safety finance and strategic support committee will now come to order. Can the clerk please call roll? Tordillos. Here. Casey. Mulcahi? Here. Vice Chair Committee. Absent. Chair Duan? You have a quorum. Thank you. Meeting comes to order. Just to mention on the review of the work plan. Item number one has already been updated and approved to move to December 4th. Item number two has already been draw from today. So there's nothing on consent. Do we have any public comments at this point? No public comment. Perfect. Item number one on the report to committee is retirement plan investment annual report. And I believe that will be John Flynn, Director, and Jay Kwan, the senior retirement investment officer. Good afternoon. Chair, Council Members, John Flynn, Officer of Retirement Services, joining the box today, and who will be presenting. Our senior investment officer, Jake Wan. Good afternoon, Council Members. Jay Quan, Office of Retirement Services. Do I need to click to get no? We did. Well we'll see. Always the AV, the AV technical T. Oh, there we go. Apologies. Just for that, we'll be super brief. Good afternoon, Council members. Jay Kwan, Office of Retirement Services. I'm here to present the report of annual investment returns for the Federated System and Police and Fire Department retirement plans. You may remember that the plans assume the investment portfolios earn a certain rate of return every year. That's the discount rate for both plans. The assumed rate is currently six and five-eighths percent. So to be explicit, the returns for both plans were in excess of their assumed rates. Additionally, both plans' performance continues to be above median in their peer universe of similarly sized public pension plans over longer time horizons. Performance was largely driven by global stocks, which returned 15%, about 15% over the fiscal year. Returns for other asset classes were more muted, but uh given that approximately half of the assets of either plan are in stocks, this was a fairly good year.