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Committee of the Whole May 10, 2016 (215) 504-4622 STREHLOW

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Committee of the Whole May 10, 2016 (215) 504-4622 STREHLOW Committee Of The Whole May 10, 2016 Page 1 COUNCIL OF THE CITY OF PHILADELPHIA COMMITTEE OF THE WHOLE Room 400, City Hall Philadelphia, Pennsylvania Tuesday, May 10, 2016 10:40 a.m. PRESENT: COUNCIL PRESIDENT DARRELL L. CLARKE COUNCILWOMAN JANNIE L. BLACKWELL COUNCILMAN ALLAN DOMB COUNCILMAN DEREK S. GREEN COUNCILMAN WILLIAM K. GREENLEE COUNCILWOMAN HELEN GYM COUNCILMAN BOBBY HENON COUNCILMAN CURTIS JONES, JR. COUNCILMAN DAVID OH COUNCILWOMAN CHERELLE L. PARKER COUNCILWOMAN MARIA D. QUINONES-SANCHEZ COUNCILMAN AL TAUBENBERGER BILLS 160170, 160171, and 160172 RESOLUTION 160180 - - - STREHLOW & ASSOCIATES, INC. (215) 504-4622 Committee Of The Whole May 10, 2016 Page 2 1 2 COUNCIL PRESIDENT CLARKE: Good 3 morning. We're going to start now. This 4 is the public hearing of the Committee of 5 the Whole regarding Bills No. 160170, 6 160171, 160172, and Resolution No. 7 160180. 8 Mr. Stitt, please read the 9 titles of the bills and resolution. 10 THE CLERK: Bill No. 160170, an 11 ordinance to adopt a Capital Program for 12 the six Fiscal Years 2017 through 2022 13 inclusive. 14 Bill No. 160171, an ordinance 15 to adopt a Fiscal 2017 Capital Budget. 16 Bill No. 160172, an ordinance 17 adopting the Operating Budget for Fiscal 18 Year 2017. 19 Resolution No. 160180, 20 resolution providing for the approval by 21 the Council of the City of Philadelphia 22 of a Revised Five Year Financial Plan for 23 the City of Philadelphia covering Fiscal 24 Years 2017 through 2021, and 25 incorporating proposed changes with STREHLOW & ASSOCIATES, INC. (215) 504-4622 Committee Of The Whole May 10, 2016 Page 3 1 5/10/16 - WHOLE - BILL 160170, etc. 2 respect to Fiscal Year 2016, which is to 3 be submitted by the Mayor to the 4 Pennsylvania Intergovernmental 5 Cooperation Authority (the "Authority") 6 pursuant to the Intergovernmental 7 Cooperation Agreement, authorized by an 8 ordinance of this Council approved by the 9 Mayor on January 3, 1992 (Bill No. 10 1563-A), by and between the City and the 11 Authority. 12 COUNCIL PRESIDENT CLARKE: 13 Thank you, Mr. Stitt. 14 Today we continue the public 15 hearing of the Committee of the Whole to 16 consider the bills read by the Clerk that 17 constitute proposed operating and capital 18 spending measures for Fiscal 2017, a 19 Capital Program, and a forward-looking 20 Capital Plan for Fiscal 2017 through 21 Fiscal 2022. 22 Today we will actually hear 23 testimony from the following departments: 24 Pension Board, SEPTA, Community College 25 of Philadelphia, City Commissioners. STREHLOW & ASSOCIATES, INC. (215) 504-4622 Committee Of The Whole May 10, 2016 Page 4 1 5/10/16 - WHOLE - BILL 160170, etc. 2 Departmental callbacks, in particular 3 OPA, later this afternoon. 4 Mr. Stitt, the first name of 5 the individual testifying is? 6 THE CLERK: Fran Bielli. 7 COUNCIL PRESIDENT CLARKE: 8 Thank you very much. 9 Mr. Bielli, please come 10 forward. 11 (Witnesses approached witness 12 table.) 13 COUNCIL PRESIDENT CLARKE: Good 14 morning. 15 MR. BIELLI: Good morning, 16 Council President Clarke, members of 17 Council. Thank you for inviting us here 18 today. My name is Francis Bielli, 19 Executive Director of the Board of 20 Pensions. With me is Deputy Director 21 Shamika Taliaferro, Compliance Officer 22 Christopher DiFusco, other members of our 23 executive staff, and the Chair of the 24 Board, Mr. Rob Dubow. 25 Before I read it, you have my STREHLOW & ASSOCIATES, INC. (215) 504-4622 Committee Of The Whole May 10, 2016 Page 5 1 5/10/16 - WHOLE - BILL 160170, etc. 2 testimony, but before I read a brief 3 summary, I just wanted to thank those of 4 you -- we've met with a number of you in 5 order to work cooperatively to try to 6 come up with ideas to strengthen the 7 Plan, and I appreciate your participation 8 in that. 9 Our budget request is slightly 10 less than FY16 estimated obligation 11 levels. The demographics of our staff is 12 77 percent female, 57 percent African 13 American, 4 percent Hispanic, and 4 14 percent Asian American. Our current 15 executive staff is 60 percent female and 16 60 percent African American. 17 The Plan's funding percentage 18 decreased from 45.8 percent to 45 percent 19 as of July 1, 2015. The Board voted 20 unanimously to again reduce the assumed 21 rate of return. Over the last eight 22 years, the assumed rate of return has 23 been reduced 100 basis points, or 1 24 percent, from 8.75 percent to the current 25 7.75 percent. According to the Board's STREHLOW & ASSOCIATES, INC. (215) 504-4622 Committee Of The Whole May 10, 2016 Page 6 1 5/10/16 - WHOLE - BILL 160170, etc. 2 actuary, while the funding ratio may 3 appear to reflect lack of progress in 4 funding, the decrease in the assumed rate 5 of return represents improvement of the 6 Fund's risk profile, improving the 7 likelihood of achieving the assumption in 8 the future. 9 The Fund's investment return 10 for the fiscal year ending June 2015 was 11 relatively flat at 0.30 percent. 12 Although recent returns have not captured 13 the entire market upside, the long-term 14 returns are favorable when compared to 15 other well-known funds. 16 For example, over a three, 17 five, and ten-year period through June 18 30th, 2015, our fund has outperformed 19 PSERS by 3.09 percent, 2.27 percent, and 20 1.35 percent, respectively, for each 21 period. Our fund has also slightly 22 outperformed CalPERS, the country's 23 largest public pension fund, over a 24 ten-year period. 25 The Board recently voted to STREHLOW & ASSOCIATES, INC. (215) 504-4622 Committee Of The Whole May 10, 2016 Page 7 1 5/10/16 - WHOLE - BILL 160170, etc. 2 divest from all but two hedge fund 3 investments due to subpar performance and 4 high fees. Staff is actively 5 renegotiating lower fees with the two 6 remaining hedge funds that were willing 7 to do so. 8 The Fund is also continuing its 9 effort to lower fees by using a greater 10 number of index funds in its portfolio. 11 To date, approximately 40 percent of the 12 Fund's assets are in index products. 13 The Board recently selected a 14 new investment consultant. The trustees 15 and staff will work closely with the 16 consultant to review the asset allocation 17 and make necessary adjustments going 18 forward. Diversity investment managers 19 handle 16.07 percent of the Fund's 20 assets. This accounts for approximately 21 $716.3 million. Through the second 22 quarter, the total percentage of all 23 investment fees paid to diversity 24 managers was 18.14 percent, an increase 25 from the 14.35 percent in the previous STREHLOW & ASSOCIATES, INC. (215) 504-4622 Committee Of The Whole May 10, 2016 Page 8 1 5/10/16 - WHOLE - BILL 160170, etc. 2 fiscal year. 3 Using our investment manager 4 database, the Board once again conducted 5 a utilization study to determine the 6 universe of divestment managers that meet 7 the Fund's criteria, which is having a 8 three-year track record and at least $100 9 million assets under management. The 10 results are that 9.5 percent of the firms 11 and 6.1 percent of the products had 12 greater than 50 percent minority or women 13 ownership. The Fund's current lineup of 14 investment managers includes 22.2 percent 15 diversity managers. Local managers 16 account for 12.28 percent of the assets 17 under management. Both of those figures 18 far surpassing the universe that the 19 utilization study showed us. 20 The Board has also pursued 21 socially responsible initiatives through 22 our shareholder proxy voting. For 23 example, the Board let a shareholder 24 proposal to Cabot Oil and Gas requesting 25 that Cabot improve its procedures for STREHLOW & ASSOCIATES, INC. (215) 504-4622 Committee Of The Whole May 10, 2016 Page 9 1 5/10/16 - WHOLE - BILL 160170, etc. 2 consideration of diversity and female 3 candidates for Board of Directors. As a 4 result, Cabot added their first female 5 Board member and made changes to its 6 published selection criteria for Board 7 candidates. 8 The Board also continues to 9 work as a member of the Thirty Percent 10 Coalition, which is a national 11 organization committed to the goal of 12 women holding 30 percent of Board seats 13 across public companies. 14 We respectfully request that 15 you approve our budget, and we'd be glad 16 to answer any questions. 17 Thank you. 18 COUNCIL PRESIDENT CLARKE: 19 Thank you very much. I got a couple of 20 questions. Let me start out with Page 1 21 of your testimony. It talks about the 22 Board continuing to work diligently to 23 reduce management fees and costs. And as 24 you know, there's been a conversation 25 around this issue as it relates to hedge STREHLOW & ASSOCIATES, INC. (215) 504-4622 Committee Of The Whole May 10, 2016 Page 10 1 5/10/16 - WHOLE - BILL 160170, etc. 2 funds. So can you talk to me in a level 3 of detail about how the Board is working 4 to reduce the management fees and are we 5 still dealing with or anticipate dealing 6 with hedge funds? 7 MR.
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