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TUCSON SUPPLEMENTAL RETIREMENT SYSTEM BOARD of TRUSTEES Notice of Regular Meeting / Agenda DATE: Thursday, February 27, 2020 T

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TUCSON SUPPLEMENTAL RETIREMENT SYSTEM BOARD of TRUSTEES Notice of Regular Meeting / Agenda DATE: Thursday, February 27, 2020 T TUCSON SUPPLEMENTAL RETIREMENT SYSTEM BOARD OF TRUSTEES Notice of Regular Meeting / Agenda DATE: Thursday, February 27, 2020 TIME: 8:30 a.m. PLACE: Human Resource Conference Room, 3rd floor East City Hall, 255 West Alameda Tucson, Arizona 85701 A. Consent Agenda 1. Retirement Ratifications for February 2020 2. January 2020 TSRS Budget vs. Actual Expenses 3. January 2020 Board Meeting Minutes 4. TSRS January 2020 Investment Measurement Services Monthly Review B. Call to Audience C. Investment Activity Report 1. J.P.Morgan Asset Management Infrastructure Investments Fund Presentation 2. IFM Investors Global Infrastructure Fund Presentation 3. TSRS Quarterly Investment Review for 12/31/2019 – Callan D. Administrative Discussions 1. Investment Policy Statement Review 2. Mayor and Council Presentation 3. Business Services Director Recruitment Update 4. Internal Audit Update E. Articles & Readings for Board Member Education / Discussion 1. Use Better Assumptions to Pay for Pensions 2. Can Stocks Keep Soaring as the U.S. Dollar Surges F. Future Agenda Items G. Adjournment Please Note: Legal Action may be taken on any agenda item *Pursuant to A.R.S. 38-431.03(A)(3) and (4): the board may hold an executive session for the purposes of obtaining legal advice from an attorney or attorneys for the Board or to consider its position and instruct its attorney(s) in pending or contemplated litigation. The board may also hold an executive session pursuant to A.R.S. 38-431.03(A)(1) for the discussion or consideration of matters specific to an identified public officer, appointee, or employee or pursuant to A.R.S. 38-431.03(A)(2) for purposes of discussion or consideration of records, information or testimony exempt by law from public inspection. Report ID : FIN-COT-BA-0001 City of Tucson Run Date : 02/20/2020 Budget vs Actual Expenses Run Time : 09:29 AM Through: January, 2020 For Fiscal Year 2020 Parameter Page Parameters and Prompts Fiscal Year 2020 Accounting Period 7 Fund 072 Department * Unit * Object Code * Report Description The Expenses vs. Actual Report shows expenditures and encumbrances for the selected accounting period and for the selected fiscal year compared against the current expense budget and the unobligated budget balance. The report is sectioned by Department, Fund and Unit and summarized by Object. Report ID : FIN-COT-BA-0001 Page 1 of 12 City of Tucson Run Date : 02/20/2020 Budget vs Actual Expenses Run Time : 09:29 AM Through: January, 2020 For Fiscal Year 2020 Department 900 - TUCSON SUPPL RETIREMENT SYSTEM Fund 072 - TUCSON SUPP RETIREMENT SYSTEM Unit 9001 - Normal Retiree Benefit Current Current Current Unobligated Current Total YTD YTD YTD Total Object Period Period Budgeted Budget Percent Obligations Encumbrance Expenditure Obligations Encumbrance Expenditure Amount Balance 105 - PAYROLL PENSION 0.00 5,809,080.51 5,809,080.51 0.00 40,371,942.93 40,371,942.93 71,300,000 30,928,057.07 43.38 % Total for 100 - PAYROLL CHGS 0.00 5,809,080.51 5,809,080.51 0.00 40,371,942.93 40,371,942.93 71,300,000 30,928,057.07 43.38 % Total for Unit 9001 - Normal Retiree Benefit 0.00 5,809,080.51 5,809,080.51 0.00 40,371,942.93 40,371,942.93 71,300,000 30,928,057.07 43.38 % Report ID : FIN-COT-BA-0001 Page 2 of 12 City of Tucson Run Date : 02/20/2020 Budget vs Actual Expenses Run Time : 09:29 AM Through: January, 2020 For Fiscal Year 2020 Department 900 - TUCSON SUPPL RETIREMENT SYSTEM Fund 072 - TUCSON SUPP RETIREMENT SYSTEM Unit 9003 - Normal Retiree Beneficiary Benefit Current Current Current Unobligated Current Total YTD YTD YTD Total Object Period Period Budgeted Budget Percent Obligations Encumbrance Expenditure Obligations Encumbrance Expenditure Amount Balance 105 - PAYROLL PENSION 0.00 378,574.52 378,574.52 0.00 2,648,675.07 2,648,675.07 4,600,000 1,951,324.93 42.42 % Total for 100 - PAYROLL CHGS 0.00 378,574.52 378,574.52 0.00 2,648,675.07 2,648,675.07 4,600,000 1,951,324.93 42.42 % Total for Unit 9003 - Normal Retiree Beneficiary Benefit 0.00 378,574.52 378,574.52 0.00 2,648,675.07 2,648,675.07 4,600,000 1,951,324.93 42.42 % Report ID : FIN-COT-BA-0001 Page 3 of 12 City of Tucson Run Date : 02/20/2020 Budget vs Actual Expenses Run Time : 09:29 AM Through: January, 2020 For Fiscal Year 2020 Department 900 - TUCSON SUPPL RETIREMENT SYSTEM Fund 072 - TUCSON SUPP RETIREMENT SYSTEM Unit 9020 - Disability Retiree Benefit Current Current Current Unobligated Current Total YTD YTD YTD Total Object Period Period Budgeted Budget Percent Obligations Encumbrance Expenditure Obligations Encumbrance Expenditure Amount Balance 105 - PAYROLL PENSION 0.00 160,011.27 160,011.27 0.00 1,134,946.94 1,134,946.94 2,100,000 965,053.06 45.95 % Total for 100 - PAYROLL CHGS 0.00 160,011.27 160,011.27 0.00 1,134,946.94 1,134,946.94 2,100,000 965,053.06 45.95 % Total for Unit 9020 - Disability Retiree Benefit 0.00 160,011.27 160,011.27 0.00 1,134,946.94 1,134,946.94 2,100,000 965,053.06 45.95 % Report ID : FIN-COT-BA-0001 Page 4 of 12 City of Tucson Run Date : 02/20/2020 Budget vs Actual Expenses Run Time : 09:29 AM Through: January, 2020 For Fiscal Year 2020 Department 900 - TUCSON SUPPL RETIREMENT SYSTEM Fund 072 - TUCSON SUPP RETIREMENT SYSTEM Unit 9021 - Pension Fund Administration Current Current Current Unobligated Current Total YTD YTD YTD Total Object Period Period Budgeted Budget Percent Obligations Encumbrance Expenditure Obligations Encumbrance Expenditure Amount Balance 101 - SALARIES & WAGES FOR PERMANENT 0.00 21,993.60 21,993.60 0.00 146,057.03 146,057.03 300,770 154,712.97 51.44 % EMPLOYEES 108 - DOWNTOWN ALLOWANCE & DISCOUNTED 0.00 103.86 103.86 0.00 648.72 648.72 2,700 2,051.28 75.97 % TRANSIT PASSES 113 - TSRS PENSION CONTRIBUTION 0.00 6,048.24 6,048.24 0.00 39,989.60 39,989.60 82,720 42,730.40 51.66 % 114 - FICA (SOCIAL SECURITY) 0.00 1,608.57 1,608.57 0.00 10,870.16 10,870.16 21,680 10,809.84 49.86 % 115 - WORKERS COMPENSATION INSURANCE 0.00 22.29 22.29 0.00 1,163.86 1,163.86 6,550 5,386.14 82.23 % 116 - GROUP PLAN INSURANCE 0.00 2,667.52 2,667.52 0.00 19,137.13 19,137.13 34,840 15,702.87 45.07 % 125 - ONE-TIME DISTRIBUTION 0.00 0.00 0.00 0.00 3,750.00 3,750.00 0 (3,750.00) 0.00% 196 - INTERDEPARTMENTAL LABOR 0.00 0.00 0.00 0.00 0.00 0.00 96,000 96,000.00 100.00 % Total for 100 - PAYROLL CHGS 0.00 32,444.08 32,444.08 0.00 221,616.50 221,616.50 545,260 323,643.50 59.36 % 202 - TRAVEL 0.00 456.53 456.53 0.00 7,729.75 7,729.75 18,000 10,270.25 57.06 % 204 - TRAINING 0.00 0.00 0.00 0.00 5,615.00 5,615.00 14,000 8,385.00 59.89 % 205 - PARKING SERVICE 0.00 64.00 64.00 0.00 400.00 400.00 500 100.00 20.00 % 212 - CONSULTANTS AND SURVEYS 0.00 18,875.00 18,875.00 0.00 144,745.44 144,745.44 436,000 291,254.56 66.80 % 213 - LEGAL 0.00 0.00 0.00 0.00 19,061.50 19,061.50 50,000 30,938.50 61.88 % 215 - AUDITING AND BANK SERVICES 0.00 0.00 0.00 0.00 8,800.00 8,800.00 380,000 371,200.00 97.68 % 219 - MISCELLANEOUS PROFESSIONAL 0.00 630.00 630.00 0.00 5,860.00 5,860.00 884,000 878,140.00 99.34 % SERVICES 221 - INSUR-PUBLIC LIABILITY 0.00 15.91 15.91 0.00 110.18 110.18 2,970 2,859.82 96.29 % 228 - HAZARDOUS WASTE INSURANCE 0.00 15.91 15.91 0.00 581.87 581.87 660 78.13 11.84 % Report ID : FIN-COT-BA-0001 Page 5 of 12 City of Tucson Run Date : 02/20/2020 Budget vs Actual Expenses Run Time : 09:29 AM Through: January, 2020 For Fiscal Year 2020 Department 900 - TUCSON SUPPL RETIREMENT SYSTEM Fund 072 - TUCSON SUPP RETIREMENT SYSTEM Unit 9021 - Pension Fund Administration Current Current Current Unobligated Current Total YTD YTD YTD Total Object Period Period Budgeted Budget Percent Obligations Encumbrance Expenditure Obligations Encumbrance Expenditure Amount Balance 232 - R&M MACHINERY & EQUIPMENT 0.00 0.00 0.00 0.00 0.00 0.00 1,200 1,200.00 100.00 % 245 - TELEPHONE 0.00 0.00 0.00 0.00 0.00 0.00 1,200 1,200.00 100.00 % 260 - COMPUTER SOFTWARE MAINTENANCE 0.00 (65,870.41) (65,870.41) 681.26 70,935.21 71,616.47 51,000 (20,616.47) -40.42 % AGREEMENTS 263 - PUBLIC RELATIONS 0.00 0.00 0.00 0.00 0.00 0.00 2,560 2,560.00 100.00 % 264 - INVESTMENT MGT FEES & COMMISSIONS 0.00 371,073.00 371,073.00 0.00 1,170,629.44 1,170,629.44 3,750,000 2,579,370.56 68.78 % 265 - SECURITIES LENDING (STOCK FEES) 0.00 0.00 0.00 0.00 0.00 0.00 60,000 60,000.00 100.00 % 277 - CARRIED INTEREST EXPENSE 0.00 0.00 0.00 0.00 0.00 0.00 4,500,000 4,500,000.00 100.00 % 284 - MEMBERSHIPS AND SUBSCRIPTIONS 0.00 230.00 230.00 0.00 590.00 590.00 1,500 910.00 60.67 % Total for 200 - PROF CHARGES 0.00 325,489.94 325,489.94 681.26 1,435,058.39 1,435,739.65 10,153,590 8,717,850.35 85.86 % 311 - OFFICE SUPPLIES 0.00 32.08 32.08 0.00 571.35 571.35 8,500 7,928.65 93.28 % 312 - PRINTING,PHOTOGRAPHY,REPRODUCTION 0.00 1,529.39 1,529.39 0.00 3,828.17 3,828.17 9,000 5,171.83 57.46 % 314 - POSTAGE 0.00 1,515.91 1,515.91 0.00 3,122.03 3,122.03 12,000 8,877.97 73.98 % 317 - COMPUTER SOFTWARE < $100,000 0.00 0.00 0.00 0.00 287.09 287.09 500 212.91 42.58 % 341 - BOOK, PERIODICALS AND RECORDS 0.00 0.00 0.00 0.00 0.00 0.00 250 250.00 100.00 % 345 - FURNISHINGS, EQUIPMENT AND TOOLS < 0.00 0.00 0.00 0.00 0.00 0.00 1,000 1,000.00 100.00 % $5,000 346 - COMPUTER EQUIPMENT < $5,000 0.00 51.41 51.41 0.00 642.33 642.33 1,000 357.67 35.77 % 359 - NON OFFICE SUPPLIES 0.00 0.00 0.00 0.00 2,048.97 2,048.97 0 (2,048.97) 0.00% Total for 300 - SUPPLIES 0.00 3,128.79 3,128.79 0.00 10,499.94 10,499.94 32,250 21,750.06 67.44 % Report ID : FIN-COT-BA-0001 Page 6 of 12 City of Tucson Run Date : 02/20/2020 Budget vs Actual Expenses Run Time : 09:29 AM Through: January, 2020 For Fiscal Year 2020 Department 900 - TUCSON SUPPL RETIREMENT
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