City Commission Conference Meeting on 2024-03-19 1:30 PM

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Fort Lauderdale City Commission 2h 42m 5 speakers 8 agenda items transcribed 4 days ago official recording ↗

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What financial results were presented in the quarterly investment report?

Dean Trantalis 0:00

Okay folks, why don't we get started, take care of some preliminary matters first, and hopefully Commissioner Sturman will be able to join us. Thank you all for being here today. This begins our conference meeting this October 19th, 2020, excuse me, March 19th, 2024. And I appreciate you all being here. Thank you to the NSU Fort Lauderdale Art Museum for hosting us again for this meeting. And we appreciate the accommodations here. They're very comfortable. So let us begin with CF1 quarterly investment report for the period ending December 31st, 2023. Who's going to begin, Linda? How much money do we make?

Greg Chavarria 0:45

Linda Short, CFO, will be presenting that. Good afternoon, Mr. Mayor and Commissioners. Vice Mayor and Commissioner.

0:53

Good afternoon.

Linda Short 0:54

Good afternoon, everyone. So I'm here to report on the quarterly investment report for the ending of the quarter. Overall, the city's funds had a positive percentage gain. We earned about 4.59% overall on our operating portfolio. So we also did very well on our OPEB and all the other funds. So

Dean Trantalis 1:19

any

Linda Short 1:20

questions?

John Herbst 1:21

I have no questions. Anyone else have any questions? No, my only comment is I'm just glad to see how well our passive funds are doing.

Linda Short 1:30

Right. And when we get to the OPEB, I'll share some information because one of the funds underperformed, but I'll explain why at that meeting. Okay? I have Scott Sweden here from PFM Asset Management. If you guys have any questions about the market?

Unknown 1:45

Dean Trantalis 1:45

you have any additional comments you'd like to make?

Unknown 1:47

I mean, she covered all the high points. For the most part, from a strategy standpoint... Are we still

Dean Trantalis 1:52

investing in timber?

Unknown 1:53

From a strategy standpoint, we're just basically waiting on the Fed. Obviously, rates. They should start to cut rates probably June, July timeframe. They are meeting today and tomorrow. We fully don't expect any movement until mid-year. So outside of that, performance has been strong across the board. Even with all of the volatility in the third and fourth quarter, we navigated the markets very well.

Dean Trantalis 2:21

So what you're basically saying is that should the Federal Reserve Bank start to reduce interest rates, then our performance is going to go down too. because our return on investment is going to be reduced because the interest rates go down.

Unknown 2:33

What you're going to see on the short end and under category, that's going to move basically lock and step with the Fed funds rate being decreased. Once the curve starts to normalize, which would be upward sloping, We are slowly starting to move clients a little bit further out on the curve from a proactive rather than a reactive standpoint. So we'll be able to lock in attractive yields as we start to see the Fed moving a little bit closer to cutting rates.

Dean Trantalis 3:06

Okay. All right. Anyone else have any questions? Okay. There being none, thank you so much. We appreciate it. And, Mayor, the Brazilian timber was in GPRS. Okay. Brazilian timber. Wonderful. We're complicit with cutting down the rainforest in the Amazon.

John Herbst 3:30

That, too,

Dean Trantalis 3:32

and there's also some significant corruption associated with it. Nice. Okay. Moving on. I guess the big thing this afternoon, and the only real item on the agenda, is business one, which is the proposed public-private partnership draft ordinance. So to put this into context for the public and for the Commission, The city of Fort Lauderdale has operated through the public-private unsolicited proposal approach to some of the projects that we have already undertaken. We did so under the state statute. The city of Fort Lauderdale never really operated under its own ordinance and so it's been proposed that we adopt our own ordinance and as you can see from the backup there was there's a graphic showing the existing statute as well as the proposed ordinance, which actually adds to the existing state statute.

Dean Trantalis 4:33

So we should take our time today to try to go through this, to understand it. Duane is here to explain it to us, and there are a few people who have signed up to speak on behalf of it. So why don't we begin with Duane, and please proceed.

Adam Geller 4:53

Good

D. Wayne Spence 4:54

afternoon, Mayor and City Commissioners, D. Wayne Spence, Deputy City Attorney.