this one's not good no no right on time sir we were discussing we were discussing your meeting tonight oh yeah oh yeah okay 1,500 I call this meeting to order of the general employees pension board quarterly meeting um Pam if you could do roll call Patricia drott present will Collings present Dennis Small present commissioner Williams here Char pinky here no public so no public comment consent agendas approval of minutes quarterly minut meeting minutes from February 15 2024 approval of expenses Burgess Chambers one invoice Foster and Foster one invoice Sterling Capital One invoice truest two invoices if um I could please get a motion to approve the consent agenda motion a second B retirees none this period old business none new business um Sterling Capital quarterly report um this afternoon I'll I'll do this uh report on behalf of Blake Meen as he's out of town um he did email me uh review a summary review um so we need to go over for him this is for this right here yeah but you just have one baby [Applause] okay great and hope nothing goes bad is that right nothing's bad we're doing good and and and Mr Cole is going to confirm I you go I don't see any cupcakes so that's not necessarily bad news we just got we'll get some nice cupcakes here if we can keep this Market going can't bring record so note always bring commissioner Williams a cupcake so he can be happy during our Mee I just teas him we'll celebrate when it's appropriate and we are getting close to appropriate I'm getting a feeling that there's going to be a a some profit taking coming along after the Dow hit 40,000 yep you're right okay uh economic update in the first quarter Global equities responded positively to continued economic resilience despite the Federal Reserve or fed policy tightening in the prior year fixed income returns however were negative as continued economic strength and upside inflation surprises pushed treasury yield hirees you will go to page eight of the blue packet for Sterling [Applause] capital I will say as a side note unrelated to Mr M's um summary um this time on page six they included their Client List it was actually rather interesting some of their clients that Sterling capital um provides Financial um Services too a lot of government on there Sterling Capital was started it's probably 30 years or more Ago by some guys who broke off from uh it was either first Union or BB&T one of the Charlotte Banks and started Sterling so they've been around quite a while had a lot of contacts a lot of good relationships when they broke off and so the firms been around for a while do a good job for the most part okay page eight equities um the start of the year was in many ways like what we saw in 2023 equities continued to move higher as the Russell 3000 index gained 10.02 for the quarter uh sorry 10.02% for the quarter once again us large cap growth stocks were the best performers led by the handful of artificial intelligence related stocks so AI is still um producing good good results kind of scary but there it is also on page eight fixed income unlike stocks bonds gave back some of the strong gains they had to close out 2023 the Bloomberg aggregate index was down by 0.78% for the period interest rates increased significantly During the period as Bond investors moved quickly to adjust future rate expectations forecast for rate Cuts in 2024 moved from six start the year to between two or three as we finish the quarter I'm I was just talking to uh Larry about that we're not convinced either of us that they're going to even drop that much before the end of the calendar year we don't see it maybe by a quarter basis just because it's an election year but inflation is still high yeah yep that'll be all right on page 11 and page 12 asset all allocation strategy no tactical changes were made to the portfolio during the first quarter but for the first time in more than a decade our Equity forecasted returns have now moved below fixed fixed income higher bond yields based on the aggressive interest rate increases in 2022 along with strong Equity returns in 2023 and to start 2024 are the primary drivers in our tactical strategy to underweight equities compared to our benchmarks these adjustments were made in early April so they will not be reflected in the first quarter 24 material so I'm guessing we'll see that next time we meet and then on page 23 and that'll be in your third tab portfolio performance our portion of the pension plan was up 4.74% in line with the Benchmark which gained 4.77% for the quarter slight underperformance for the equity portion of the plan was essentially offset by strong relative Bond performance an overweight to small cap value stocks and an underweight position in large cap growth Securities were the primary drivers of the slight stock underperformance modest underperformance from our large and small cap value managers also contributed Bonds were helped by strong performance from the core portfolio along our out of Benchmark Holdings in inflation protected securities and the small tactical allocation to short-term treasuries and that complet the highlights of Blake's um report for this quarter do you need a motion to accept this report I usually do them together but we can do them single sorry I'm wait so Mr ready all right well in our report if you just flip over to page two some of a little bit of a of a repeat of what pish just covered from Blake but uh you can see on the top of of page two uh this was again this is a quarter ending 331 so it was another good quarter for stocks they continued to uh for the most part go up um I'd say there's two main factors that have been driving the market ever since the third quarter really of last year and that would be uh AI artificial intelligence and really the FED watching the fed and the anticipation that the FED is going to a lower rates and that started if you'll remember back in October of last year um the inflation number came in the CPI number came in like 3.2% everybody got really excited because it was lower than expected and everybody thought well that's a sign that the that that the fed's policies are working and that now they can start lowering interest rates um You Might Recall even at that meeting at the I think November meeting we said we thought that was a little bit premature to get too excited because because at that time when the rates were down to 3.2% it was mostly because gas prices had come down oil prices had come down we thought that was probably temporary because there a war had just broken out in the midd East which is not typically an environment that produces lower oil prices or lower gas prices and also at that time the thing that got under reported I think was that the core CPI number where they take out food and energy was still at 4% or close to 4 3.9 to 4% so nowhere near the Fed Target of 2% so the pundit at that time uh a lot of forecasts were that the the FED would cut rates six or seven times in 2024 again I think it was just a giant overreaction to to that low inflation number that that particular month um and now it it moved to maybe now they're just going to cut rates two or three times sure enough oil prices have backed up a little bit gas prices have come back up a little bit inflation's ticking back up again even the numbers this week are showing 3 and 1 half to 4% depending on what you're looking at so inflation is still there and um a lot of it too right now you had wage growth numbers uh I was telling Patricia this earlier that back in two year or two weeks ago the wage growth numbers came out and they were higher than expected so you get something called cost push inflation you know if people are making more money that's great but that's also inflationary it's like when the when the government pumps a bunch of money into the economy if if if the demand or if the Supply stays the same and more money is chasing fewer Goods you're going to get inflation well that's that's sort of the same thing you're going to get some inflation from higher wages um and so inflationary pressures anyway from the higher wages so I think the DAT there's a lot of mixed data out there but right now I would say the economy looks too strong and the labor market looks too strong to really think the fed's going to get aggressive cutting interest rates Plus are nowhere near their 2% Target on inflation so I would I'm still in the camp I I'd be surprised if we see any rate Cuts this year if we do it may be politically driven uh as we get closer to the election they may feel the the temptation to lower rates I think chairman pal uh is probably out of a job if if Trump wins so uh you know supposedly the fed's supposed to stay independent but he may not be as independent as you as you think so but he does have he's got other fed members he's got to work with too so um we'll see see where it goes but I I would not be surprised if there were no rate Cuts this year and we and we're into 2025 before we start seeing rates come down but that's what's been driving this Equity Market that and AI now early on in the AI game in the artificial intelligence game it was really the mag 7 remember we talking about the Magnificent 7 stocks and they were the ones that were running and everything else the the other S&P 493 weren't doing anything so it was really just those big tech stocks and the producers of AI that were moved what's happened is you've seen a little bit of broadening in the market as the market is starting to realize that not only the producers of AI will benefit but companies down the line will benefit that's what AI is all about making things more productive and maybe even more profitable so a lot of companies will be using Ai and will benefit Walmart just came out with some good numbers today and Walmart stock is up and Walmart is a big user of AI a huge user of AI and that's one of the things is driving their stock performance and their earnings right now so that'll pass on down manufacturing companies will benefit from AI I mean it's just a you know I think the market was missing that early on it was just all the the nvidias all the chip makers and all that were making the were getting rewarded but nobody that would benefit from using AI so we're starting to see a little bit of broadening of the market but it's still primarily that through this quarter we're looking at right now it was driven by those stocks those those um AI related companies uh in April we saw the market gave a lot back and particularly the uh those the mag 7 gave some back um couple of stocks kind of dropped out of the out of the seven it's more like the Fab four or five now but um but even those bounced back in May a little bit so uh as we look at these numbers I'm going to show you for the plan on a fiscal year-to dat basis you're up over 14% it's been a great six-month run I'd say we're down maybe 1 1.2% from that number as we sit here today but still well into double digit return for the for the six months or for the fiscal year to date uh hopefully we can hang on through that through the summer and get some decent returns but I I wouldn't think that the fed's going to be the reason for that I just don't think they will cut rates but long as the market thinks they're going to cut rates down the road in not too distant future stocks have been getting rewarded for it so it's kind of where the markets are if you go to page y you know the the bit Bitcoin things were like a big rage couple years ago and they went you know up through the roof and all that but that's a totally different animal than AI yep but with AI if a company purchases software that's going to give them efficiencies better marketing strategies and stuff uh there's potential that those companies won't need as as many employees so they can raise their shed some employees and raise their profit bases and I don't know if they're going to tack the price of the AI under their pricing of their products but or how that's all going to play into you know the potential loss of of jobs yeah that's a really good point because that's what a lot of people are looking at and what a lot of these stock analysts and everybody are looking at right now is trying to figure out how AI is going to impact that but they don't they don't they don't care if people lose their jobs as long as the stock goes up well and that's probably true so it's not necessarily a good thing I think it's a little bit scary at this point because we don't know what the impact's going to be and we don't know you know you hear some pretty intelligent people say we need to slow down because um AI in and of itself is a little scary does it become smarter than humans and can you turn it off and you know kind of star treky stuff I know but it it is kind of U it is something out there that's a little Star Trek it's 2001 Space out okay sorry got got my movie but you you make some really good points and that's what I think analysts are really trying to dig in and find out I mean I think the Walmarts of the world will benefit I think they will they will benefit but even if they could bring give the consumer some relief because now they've cut costs but if they shed employees you know it's not going to be an overall good thing you wouldn't think so unless there's another sector out there that makes up for it and I don't know what that is it's been happening for 50 years the robots welding cars robot I think the fast fast food they got they got three guys maintaining it but I mean it's ai's been around since the 70s it's just a new name different form it's a little bit more advanced now because it's got more logic now it's got more it has a new name it can think for itself now a little bit more a computer still cannot make an independent decision as of today yeah without us telling it it's a thing tell it yeah but computer cannot pick the concern is is we're not they are not far from it that's an interesting point that that's the problem computer can't pick a random number it's a program it's it's it can't now can say this is random lottery drawings every week those are ping pong balls that's not a computer ping pong balls bill that's a really good point you know and how far has it come how fast do it come and but you are seeing it now in like the fast food IND Fast Food Industries are great example everything in there is a program response it doesn't have original thought as now it's the game Zork from the70s I'll be quiet now yeah as as of as of now as of now but but we're still seeing the effects of Technology on the workforce you know you you now I have gone into stores where there's no longer a human cashier right yeah lot of self which drives me crazy I don't like to go there because you know if you are going to pay if you're going to have me check my own self out you better give a discount cuz now I'm doing the job of your employee and it makes me mad so I only go places to shop where there's a cashier somebody's out of a job but that's my point but there's no reduction in the cost of that good right they're not paying a human anymore to provide that service but they're not giving me a discount to Pro I'm providing that service for free now and I hate that get a job going strawberri cuz they turned them all into housing developments I guess I'm just old but I don't want to do I don't want to work $20 an hour at California minimum wage but now they just somebody submitted a bill that even you can only have so many self checkouts they you still have to you're going to have to have that's the bill that they California priced themselves out priced people out of the market right but that's what I'm saying the bill that was just submitted was that you even though you have you can only have so many self checkouts or maybe even none so they think they're or if you're going to have checkouts at least give the Shopper a discount because they're doing the work on behalf of you or W2 at the end of the year sorry W2 at the end of the year bill I think the difference now though between the 70s and now you're right I mean it can't make that decision but the decisions it makes now based on the data that's in there because of the processing speeds it's billions of data pieces that are in there versus you know probably one billion less than that back in the 70s so it's much more thorough data and it and it it almost is to the point where it's making a decision because it's got so many data points to base its its final answer or whatever on so so it may not be I would argue it's not almost there that's a big leap I hope you're right an independent decision from a from a machine that it can make a creative thought I I didn't think that either but you're hearing some people yeah and I don't know enough about it you know I'm not a it's not a calculator you know where you put in numbers equals and you can go do math and say yeah that's right yeah but but the problem is you may be correct right and it may always be that that is correct but at some point the difference becomes so negligible as to be no longer noticeable so yes it's not an independent thought it's not an organic thought process that we as humans have but it becomes so similar and so close that it's no longer relevant I used some of I used AI just as distinguishable correct I went into uh chat gbt I guess it's called whatever and you know we do this quarterly summary stuff or in our books all the time right sometimes I write them up sometimes some of the other guys in office so I just put it gave it a topic you know and just randomly said um I forget what it was I did this about three months ago but I gave it a random topic and said and it gave you a you know you could give it a short you get a short answer intermediate answer long answer memo form letter form professional whatever it wrote that piece for me and it was pretty damn good I was like wow you know you could go in and make a few we didn't use it it was just a random one but you could go in and just make a few alterations and stuff but it was really I was shocked at how accurate it was how to the point it was that I was trying to make and and all I did was give it a hint and I could take my 10 page resume that I had keep on file with NASA which I could never use for for jaob application because they want to see one page or two pages right I could put all that into chat GPT and say write me one page and I'm sure it would come out with something Stellar it's it's pretty I was talking to somebody going for their Ms and they said that the schools now the universities prohibit the use of GPT for purposes of their reports but here's the thing they can't determine if it is you or not because that there's Randomness to the way that the the chat gpts will put together those answers there's enough Randomness to how they answer it that if you just tweak it just a tiny bit there is no way for the University to know if you did it or not right like back when we when some of us older folks were in school Patricia and Larry not me man I'm young I'm I'm only 30 lady here we did book reports and you'd write a book you read a book and then you write a report on the book our version of our version of AI then was the cliff notes remember well un predated clip okay I mean you know when you really did read the book yeah I really and then wrote the book report you know but now you could say you the heart boy secret treasure write me a book report in chat gbt and they write it for you y you never even seen the book modified just a smidge and nobody can tell they actually can't tell right now right now as long as you change a couple words you can't say was plagiarized by K we're on our way to Wall-E yes we are I mean we are whe whether we can solve that world crisis or not uh the good news is it's made a lot of money for a lot of people people right now a lot of investors have done well the other thing is I'll be here so at least 2026 and and I believe that there's going to be quite a change between now and 2026 but I won't be here in 5 years and in 5 years I believe it's going to it's going to be like unrecognizable the point is is that at least with AI we might be out of a job but at least we'll have a pension fund to live on that's right news making us money the good news is right now you're making money yeah we have a hologram over there Larry you know and there met yacht in in the right in the micronesian islands you know I like that I like that sound when it cleans up our trash can call um I don't even know where I left off after that discussion but if you go to page five yeah there you are page five uh I looked for compliance issues there were none so um that that's good there's nothing we had to absolutely uh fix so wait the equities Equity Equity Equity total equities might have been a point over so you only have another three mil to go to get us back to the preco pardon me you only have three mil to go to get us back to preo yeah pretty much we're getting there yeah we're getting there go to page six see some of those actual numbers you did gain about a milli 476 for the quarter nice ending market value was back up over 33 million I guess you're right skip I should have brought some cookies or something for that huh back up over 33 million what really makes me mad is I missed the Space Coast TPO meeting to come here and they have like or deres sorry pretty nice well I'll talk to Blake about that that's why all you have to do is raise the millage and we'll have a little money to make sure you have a snack when you come Ben's gone now the good news on this page to keep you guys on track today it's kind of tough 14.2% fiscal year-to date return that's net of investment management fees so uh that's where you were as of 6 months if we sit here today we're probably around 13 I guess probably gave a little bit of that back but still looking good we've got about uh there's a lot of breakdown on page seven but if you kind of don't get too wrapped up in all the large cap growth large cap value large cap core the bottom line is we've got about 30% in bonds and the rest is very well Diversified between large cap and small cap small and midcaps have done pretty well for you we also have uh infrastructure those are stocks remember that infrastructure are stocks that are related to you know either utilities Building Bridges building airports whatever you know true infrastructure so that there's stocks um they're typically a little more defensive have a little bit higher dividend yield so we uh we introduced those into the portfolio I don't know 3 four years ago ago maybe uh that asset is a little bit separate we've always owned the convertibles for a long time now International real estate is kind of a mixed bag the REITs the Real Estate Investment Trust which are stocks you have a split between that and private real estate private real estate was negative the rats were up 16% fiscal year date so because they're stocks not because real estate's strong so um that's kind of an area we we're watching close but I'm not going to recommend any changes right now I think we're getting closer and closer to a bottom in the private real estate uh I did spend quite a bit of time with u a firm American core realy just this last week on Monday this week on Monday um and they were uh gave a nice update on office space uh particularly in metropolitan areas and they're not saying it's at a bottom yet they think there's another year or two it's going to be pretty tough but the valuations may already be about there in anticipation of some of the got a better feel for what things are going to look like postco and that's reflected in some of the market values um you know the next move we might be coming in recommending you add to the asset class but I'm not there yet I think there's still a little bit more Carnage before it uh looks better um one of the areas that was very positive uh was Apartments residential was positive because the supply is there's a shortage and and the demand you know costs a lot for people to rent but there's a big demand there but it's also obviously with the high interest rate environment it's costing a lot for people to buy homes so it's it's sort of a dilemma for I don't you know young people especially coming out trying to find a place to live I think you know there's going to be a lot of teaming up um and living together you know and to to be able to afford it for a while till rates come down Florida is kind of a unique Market I don't think that we all get the right proper perspective on the National Market necessarily in real estate because there is such a demand down here right now still is and a shortage of supply and um people are still buying and a lot of people of course are moving in from the the californias or the or the New Yorks whatever they're selling their homes up there and and they've got a lot of cash my wife's a real estate agent and she's got a lot of cash buyers and she's been as busy as ever which I keep we were talking about this before the meeting keep saying have anybody told you and Ellen as her partner that you know there's this Market's bad that know nobody's buying cuz they've been they've been busy as could be and but it's a lot more cash buyers coming in from um other states that so I don't want to hear people whining about interest rates because I got in 19 early 1981 I was the first time buyer so instead of the going 16% rate I only had to pay 13.4% okay that's close but I bought a large one-bedroom town home in Cape Canaveral for $22,500 you know I remember that too my first home I paid I thought I got a deal at 14% And um you know I was managing bonds early in my career I got out of school in 77 I was managing Bond Bonds in 1980 and ' 81 but we we did it then we the bullet figur it out rates and we money but prime rate went remember prime rate you don't hear much about prime anymore but prime rate went from 11 to 21 and back down to 11 in a 12month period of time and that's why I quit managing bonds I was a bond manager I said I'm not doing this anymore it's crazy cuz people were people with one and and it was very common back then for a profit sharing plan those were the those were the plans and a lot of profit sharing plans and it was very common for those profit sharing plans to be 100% invested in government treasuries and people were losing six 7even 8% because rates went up and Market values went down and it was the strangest Market to go out to these companies and at that time they'd have a room full of their of the participants and you'd be telling them they lost you know 10% of their money in in a 100% Bond portfol Government Bond portfolio that was that was some hard hard explaining to do right and uh so anyway that's when mortgages were yeah in the teens and you got a deal so but I think what'll happen here my my prediction is that this Market in Florida particularly rates will come back down they come back down let's say sometime in late 25 maybe it wouldn't surprise me to see mortgage rates back in the five 5 and a half% range and the prices will shoot through the roof in Florida as the Market down they're going to be able to more house exactly your payments are going to be the same so I've been encouraged like I encourage my kids I said buy now I said honestly buy now just make sure you can refinance without a pen bargain compared to what we PID without a without a penalty right make sure you can refinance because you you don't see too many mortgages now where you can't but back back when we got those 13 14% they they all had penalties if you refinance within like five years they don't want you to refinance that yeah yeah yeah a big discount 16 to 14 right yeah so anyway we got about 30% in bonds your bond managers now you know at Sterling uh with new money they're buying 5 to 6% investment grade bonds so think about where we were just as recently as two years ago that number was probably around 2% or less so that's good news you can you can kind of we we can kind of lower the risk uh profile of the portfolio a little bit when you can buy 5 and 6% instead of two so that's why you're up to 30% or so or more right now in fixed income because we can do that so that's a that's a little helpful uh just looking at the performance real quick in a little different format on page 10 what what's really working well and what isn't uh the total fund this is gross of fees was at 4.7 for the quarter 144 for the fiscal year uh both of those numbers were ahead of the kind of the target of The Benchmark the Strategic model we have um large cap growth that's the AI sector if you will up 28% for the fiscal year to date 41% for the last year uh I think I may have thrown some of these numbers out to you last time but uh those mag 7 stocks uh I don't know exact numbers right now but as of last quarter they made up 34% I think of the S&P 500 CU it's a capitalization weighted index the bigger companies make up more so 34% of the S&P 5 with seven stocks so you not only had to own them you had to own a lot of them to keep up with the S&P and that's a pretty concentrated portfolio so more diversification was not your friend at that time but uh you've got a good growth manager um I give Sterling's uh Team a little credit there they had the lumous sales in there managing your large cap growth and they they've done a a really good job they I went in and looked at their portfolio just this week and they have about uh I want to say 7.8% or somewhere in that range of Nidia which has been the big performer the big chip maker for AI and so they owned some of it and own own I think that was their heaviest waiting and that that really helped them out so that worked out pretty good for you all um small and midcaps come back a little bit for the last year uh they still under performed large cap but coming back a little um International was up 18% fiscal year to date uh had a good quarter um so and even your bonds are up 6.3% fiscal year to date so uh the coupon rates are in the 5 to 6% range with new money um you've still got a lot of older Bonds in there that lower rates but you know they went up in market value as rates dropped so uh a nice 6% return there all of your funds are on page 12 and 13 so see all the you know what you do own specifically in those categories but all in all doing pretty well and then page 14 Patricia pointed out we're almost getting back to where we were we H 30 guess we went over 36 million there a couple times huh back in 21 so we got a little ways to go to get back up there but certainly moving in the right direction here recently so I like what I'm seeing and then your fiscal year Returns the last chart I'll cover with you is on page 16 that these are your fiscal year returns dating back to ' 05 and you can see majority of the time you've you've uh you know done well beat your assumption rate and all and then fiscal year today as I said [Music] 14.36% as interest rates shot straight up with the the FED raised R Spot times I think in in one year so that was pretty damaging to the bond market um soly quit giv free money to regular people in 2022 well it's funny that you mentioned it that way because what's that's one of the things that's made I think uh my field rather difficult the last couple years and that is that you've got a Fed who says they're going to stomp out inflation and they're doing everything they can from the monetary side to to get inflation to go down to 2% at the same time the government on a fiscal basis is throwing money out there like crazy chasing the same amount of goods and so it's very inflationary so they were really fighting the FED they are giving money to individuals like they were in in 2021 Co time frame yeah that money's kind of run out but um that's I said 2022 ran out and then you had this drop y yeah um we also had the you know remember you had the demand during Co you had all the uh supply chain problems and [Music] um you know you can argue whether the policies were right at the time to throw more money because you got more money out there chasing fewer Goods because we couldn't get the goods in that's that's the definition of inflation you know so um but I don't know if they'll ever get it down to two I if they they're going to have to raise rates again not lower if they're if they're going to go down to 2% and that's not out of the question by the way the next move might be a a tick up not down if that happens You' probably see stocks correct 10% or more I'm move to approve under new business the Sterling Capital quarterly report in the burg Chambers and Associates quarter I guess just like the commission I'm I lose can't get a second a second did you just call for my motion you saved me oh thank God now I don't have to do my job um Pam do we have to vote all those in favor please signify 5 I like that 5 um what's the what did you want me to say about the Burgess Chambers electronic delivery authorization um nothing there Karen wants you to remind them yeah okay I know about that a reminder to all board members um commissioner you still have to file a form six I don't think you have to do a form one but you have to the form the electronic filing form six I think you do form six as commissioner yeah don't worry about it I turned it into Karen yeah so you're done don't worry I don't think you do a form one as a a not if you turn in form six yeah that that's my thought but the rest of you if you haven't done it Denis bill um we we have to um and surely sorry we have to do uh file an electronic form on a financial disclosure we do a form one and you just reach out to Karen Grooms I just just reach out to Pam she'll she'll hook you up with how to do this it's not very difficult for us for the Commissioners it's horrible but we do like the basic version of this and it's due I think ju July 1st so we have a little bit of time but you do need to do it it is mandated by the state of Florida um it's not very invasive for us the questions are just we do it electronically just go through I thought that I did you may have I'm not sure as long as it doesn't say that you have you know $500,000 invested in Burgess Chambers and Associates that would be a problem you be you're okay yeah um being invested with say Sterling capital or Burgess chambers that that would not be good um talking to somebody like Skip and using his position as a commissioner to help you um get away with something naughty as it relates to our responsibilities on the board that would be bad but if you're just a normal person you just go through it and you just yeah and there's a basic stuff real dollar numbers but just do the threshold the threshold is long as you're we don't even have to on the form one we don't even give dollars right but you can do you have to do the threshold or the the dollar limit and just do the threshold yeah so they just ask for significant debt greater than 10,000 or something like that yeah and you just list your detor you got to list any properties you own and any Properties or assets like if you that's what you had me do that didn't you Pam that's what we okay I thought you completed that Shirley if you could just um just email Pam and say that you've completed it and we'll send that on to our city clerk cuz she's the one that tracks it she's got hers right there yeah she's done I'm done I'm done I'm done far as I know now we're all done we didn't have to bring it up even well I have to bring it up because I was told to um and that uh next quarterly meeting is on Thursday August 15th 2024 also at 1500 and we are J adjourned for