monthly basis. just really skip this and leave it, with it's very consistent with what we would see across all of our large public entity plans. take a quick look at the portfolio here. i'll just take on some main themes here. so diane mentioned, north of a billion dollars in assets in the fund. managing the fund to a duration of just under three years. so that is where we're picking up that term premium versus money market funds. in the bottom left, you can see the portfolio distribution. so we hold about 2-3% in cash and cash equivalents and that is used to manage participants flows in and out of the fund on a daily basis, so we don't have to sell bonds at inopportune times. the right side of the slide, you can see the theme of diversification. so when you talk about book value, that is the rap contract.

we've diversified that risk amongst five high quality providers. so, just talked about the book value. the wrap contracts. talk about the market value or the underlying fixed income for portfolios. so, again, seen here a big diversification. so in addition to galliard managing approximately 60% of the bonds, we have four additional fixed income managers with complementary styles to galliard that each manage 10% of the bonds. so five fixed income managers within the fund. you can see from an underlying sector standpoint, very diversified. and also we don't have details on the side, hallmark of galliard's style is diversification of the underlying bond issue. so we have thousands of underlying bonds within the portfolio. then lastly, very high quality portfolio. about two-thirds of the bonds in

the portfolio rated triple-a or government issued. performance in the fund. so this is the performance of the underlying fixed income managers and strategies that are in the fund today. all of the managers have outperformed their benchmarks since they've been brought into the fund. i'll bring your eyes to the top of the slide. this is the aggregate of all the strategies and the performance of all the managers since we took over management in 2014. outperformed the benchmark by 57 basis points annually over the last three years. >> we'll stop there. didn't want to be left alone. the pension plan, we have announcements.

and then in the back of the book for your reading pleasure. >> president stansbury: thank you very much more the presentation. >> commissioner driscoll: price break? >> we have a very low expense ratio and we leverage all of galliard's under management. >> commissioner driscoll: what about ours? >> outside of the stable value fund. we have a global fee schedule that leverages assets -- >> commissioner driscoll: other managers who manage on the db side. i suggest you check into it. two, um... oh. stable value is used in the goal maker product. but not in the target date fund? >> that's correct.

>> commissioner driscoll: since we're going to do changing here, i assume one it will stay in the future replacement goal maker, but is it now a time to visit whether it should be used in the target day fund. hold on, no. just be prepared to answer that question at the next deferred comp meeting which has not been scheduled yet to my knowledge. thank you. >> president stansbury: other questions from the board. seeing none, we'll open it up to public comment. any members of the public that would like to address the commission? seeing none, we'll close public comment. thank you, all, for the presentation. have a safe trip back. >> thank you for having us. >> thank you. let's move on to item number 14 which is an action item. excuse me, 15. item number 15. >> action item, review approval of fiscal year 2019-20 budget. item was continued from the

april 10, 2019 board meeting. >> commissioner driscoll: quickly, just an overview. >> can i ask a question first? >> the documents that showed the staff changes, et cetera, that we had in the committee meeting wasn't attached? >> and it's not applicable to this. if you notice on the handout, it showed fiscal year 20-21 and 20-22. this is really a one year budget focusing on 19-20, even though there is 20-21. >> the reason was because that was so much a part of our discussion. >> certainly. >> it was looking forward on the budget and i think it answered more questions about the budget than -- because the two things we came out with, we're looking ahead three years, right?

>> longer than that, five years. five year road map. >> we're looking ahead and we want future budgets to have better transparency, better explanations, justifications of everything. so that is what we did in the committee. the only reason i'm saying that is for the sharing with the board members, we did a -- looked at it, but we had other material we were looking at to put this all into context. >> yeah. that document that i asked bill and his team to prepare was in reaction to the restrictions that we had in submitting this year's budget. and i told them that if he didn't have a road map, we weren't going to be able to prepare the folks in city hall to the fact that we're going to be coming to them in the future, regardless if there are restrictions from the mayor's office and asking for additional resources. so this document that was presented to the investment

committee was prepared after we submitted the budget to the mayor's office back in february. but certainly we want to use it and leverage it and communicate so that when we come back next year, we will have paved the justification of asking for additional resources. what we did with the restrictions that had been placed, we took vacant positions and redeployed them to create an investment operations division. which was one of the three points that was included in the investment committee presentation by bill. and that is without asking for additional resources. it's not at the staffing level that bill is recommending, but anyone who is familiar with how the city budgets, when you create a new position, you have to justify year after year whether you need additional resources, but we don't have a manager and we'll have a staff

person who will be relieving the investment professional staff from doing the administrative side of what they're doing now, which is setting up new accounts, coordinating cash calls, a lot of the administrative work.

result of this lack of staff? >> i don't believe so. i believe we have vacant divisions to be filled. we have two new positions in the investment division over seven to fill and main tape staffing. other issues we don't have room for staff. we can hire them but we don't know where we will put them. we are moving to fully staff the investment division. i don't believe there is any way to say these restrictions are going to impair our ability to get a return.

long term, absolutely. we would be prevented from going to certain strategies without the resources. >> maybe it is adverse from impacted but it is loss of opportunity. >> we can convert any position that we have vacant in that division to a position that would require expertise. we could do that today. it is not going to prevent us from bringing on resources necessary to explore the long five year plan, and, you know, it takes time to fill positions. that is the nature of city employment. certainly i believe we have unfilled capacity, we source capacity today and with this new budget that will sufficiently meet at least the second for one year, the second target in bill's plan.

we are always chasing it. the idea of the five year plan was to get ahead. rather than to say we have a direct investment opportunity but no staff to do it. it takes a year and a half to hire staff and the opportunity is gone. we want to stay up with what we anticipate on the route we are going. >> i will move the process forward by saying i will move to adopt the budget for 2019-2020, but i want you to remember that it is in context of the future budgets, and a educational process of city hall talking to city hall, explaining to them what we are doing, why we are doing it, how the fund works and does not impact the general fund and does impact the general fund if we lose opportunities and if, you know, contributions have to

be increased. i think that we can't be painted with the same brush all of the other departments get painted with because we are different, and we are revenue but we are in a different manner, not compared to the airport or m un i. >> i will make the motion to adopt the budget based on that context what we did at the committee over the two month period. >> the mayor's office asked me to document how the budget -- we have given to support the mayor's main initiatives. the initiatives are homelessness and housing. and public safety and health. so we don't have a direct responsibility. what we did is we used presentation to basically say by

the fact that they, city hall supported investing in the investment staff over the last five years had we made median returns of public pension plans we saved the city over $275 million in contributions. they know those numbers in front of them. with them investing and supporting us because they did. the mayor's office had to improve the increase in staff and sign off on the pay structure that we are able to now recruit folks to these investment positions. i want to put in front of them that had they not done that and had we made median results, they would have had to pay over the last five years an additional $275 million in employer contributions. we hope they will give us credit that we saved them that money and the investment they made in

increasing the resources has paid off more than 100 fold. >> okay. there was a motion on the floor. >> i will second it. i want to make a comment. we talked about this is the change not so much -- it is a change in the way we do our business, and with your plan for the next year. it is something that my experience with the city is we are going to pass the budget, hope we don't stick it in the drawer because you guys have a lot of education upping what you do and how you do it and look at the positives. i don't think all of the positives are getting out so i encourage that we all keep our eye on this ball. next budget cycle starts coming

right in october. it is an election sitting there. >> exactly. >> on that note. >> i am going to ask if this is a one-year. the impact of what you are doing now, my understanding, this is the next budget cycle things could totally change based on the initiatives you outlined. >> we load to the budget system the two year budget last year and now we are making significant changes on that budget. we will do our ask and justification. we talked with president stansberry we want the material available after the election to make sure that city hall and the mayor's office and board of supervisors who have to approve the budget understand we are

doing a good job and need the resources or they will end up having to pay for the lack of us to keep ahead of a $40 million pension liability in less than 10 years. >> that is the key. you just said it. >> we are trying to package it into three slides. i don't know if we will make it to three slides. >> it is the right strategy. >> after the last board meeting we all started talking about next steps in process. what i said is myself and mr. hughes would meet offline and talk about how to move forward. we did that. we met week before last. there is some other things we need to do. as part of what we did is ask ththeedjanette to look at the rs

this is 2012. have we continued to be average over the last several years how much more money would the city have had to contribute. mathmatically correct calculations plugged in the numbers in the model so we know exactly how much money the city would have had to contribute had we not increased investment returns from average to where we are today and that number is over $270 million. next year it will save us -- it will save the city $150 million. that is incredible. there is a lot of other things that we have to do and we will meet around talk about it again and keep the board updated. we have a motion, a second and

any discussion on this item before i call for public comment? >> this $98 million including deferred comp, correct? >> yes. >> we know that is dealt with separately. the details in this budget has to do with management fees $54 million plus. there is a problem how accurate that is. i believe we use assumed expense ratio of .45. >> .46. >> that is greater than the budget because there are fees we are responsible for paying that do not show up in the budget. >> it was raised to .46 when we right around 2009 and 2010 when the value of the pension was

less than $12 million in order to support the acual. they look at the normal assumption is less than 45 or 46 basis points. the change was made in the 20 basis point level until the reality of our operation and our commitments were exceeding that and so they had to adjust that by board approval to increase administrative fee raise. it ask the highest i have ever seen for a public plan. i don't think that is our limit. from the actuary's perspective we are be low administration costs. to your first point our budget including retiree healthcare trust fund budget. that is not printed to this board. it is presented to their board. we are now submitting three

separate budgets. deferred comp, retiree healthcare and this. >> the things about the .45 that goes to the total cost we collect on which the city and the active employees pay o. >> exactly. >> watching the costs improve the platform to maintain the 7.4 or better. >> what we actually spend. we have had new board members why aren't we budgeting more closely. we drew up a list as of june 30 of who we were investing with because our process started in september and october. we don't spend. i think we probably are lucky to spend two-thirds much the budget on the investment management side and so it is significantly less than the 46 basis points.

>> if you look at it as opposed to collar by manager -- dollar by manager. >> when this education process works make sure there are two people from the office. >> the board of supervisors and the mayor's office does not review or touch that part of the budget. they do not touch the administrative expenses of investing the money other than to approve staff salaries and money to pay staff. all of the management fees and research is at the discretion of this board and they will not change it, they never have changed it. they don't review it or suggest changes to it. that is the one carve out that we have that i don't believe any other department has. >> thank you. >> thank you very much for the presentation. we have a motion, second. we will call for public comment. any members of the public to

address the commission on this item? >> if he wants more office space is buy a san francisco office building. where are you going to get the money? if you took the investment advice and just invested in stocks, bonds and real estate, it would double in 10 years. the office building more than likely would have 100% return on your investment. the money for that, you have got to spend hundreds of millions of the hedge funds, equity and in 10 years just the money you spend on performance fees, management fees would more than pay for the office building. it would also lease out the space that you don't use to

other agencies. >> thank you very much. any other members of the public that would like to address the commission on this item? seeing none, i will close public comment. can we take this without objection? >> item passes. why don't we go back to item 11, please. >> chief investment report. >> we were up 1.2% in the month of november. excuse me the month of april. led by the public equity portfolio in the u.s. up almost 3%. i do want to draw your attention on page 2 on the right side. our unstanded commitments the te obligations totals $7.5 billion

in liquid -- excuse me private credit is slowest growing. the current wait is 2.5% versus a policy of 10. the way to think about this is that a fully funded private credit strategy including unfunded commitments would be $2.5 billion. looking at that from a $3.3 billion is where it is halfway there, not a quarter of the way there. the commitments have not yet been called. turning to the narrative starting on page one, we have had a really amazing four months. the s&p 500 is up 20% in the first four months of the year. that is the best start to a year since 1987. i don't want to repeat what

happened in october of 1987. it has really been due to two factors. easing of the trade tensions with china, although those have been renewed the last couple of days, and the jobs market has continued to be quite strong. the pmg, we meet at least twice each month and we did approve the recommendations that the board saw this month. on page 2 of the narrative. great news. delighted to convey that chris chained ward have been promoted as director of natural resources and director of rural assets. they co-lead the assets program and work together. they both have 12 years total experience.

chris has been here three years and ed for four. our natural resources program outperformed by 8.76% for the past what is it? three years. that is a remarkable stunning outperform answer and is due to chris as well as tanya. hon has been here almost five years. she brings north of 20 years total experience to her position as director of public equity. she also has a distinguished educational background as do both ed and chris, and we do have several positions, two positions we have completed recruitment for three. two of those will start next

week. those are for real a assets and interim for private equity. anna had an offer extended to help her man age asset allocation. by may 27th we will have only one position i am aware of that will be open. we have come a long ways to fill out our analyst group. i am delighted with the career track for chris, ed and hon. i have a number of closings. >> we will take those as submitted if you want to go to item 13. >> if you need to make a report on the closing. if you could do it quickly that would be better. >> why? it is in the public record? why verbally? >> it is not all in the public

record. we need to make it. >> this is a public document, right? it is in the public record. why don't we put it in the minutes rather than going through it. can we please put it in the minutes going forward so we don't have to read all of them? i don't understand why we have to read them out every single time. >> because he is required to make a report of the closings at the next board meeting. >> it is submitted. >> they are reflected in that level of detail in the minutes. >> in the minutes, okay. thank you, mr. bryant. >> we have three additional closings which we will furnish to the board as well. >> thank you. very good. >> page 6 regarding absolute

return. a couple of keys here. inception today is that we have outperformed the index over 1.2%. we outperformed the barklays aggregate bond index by 3.4%. the investment committee the highlights are as we talked about, we are $25 billion a un and $28 billion in liabilities. they will grow to $60 billion. we are going to become a very large plan. we will become much more mature even if we hit our return objectives, our net cash outflows will grow from 2.0% plan assets to 2.8 and 3.3% in 20 years. if we don't hit the return

objectives they can be north of 4%. to prepare for becoming a very large plan, we have had good success emphasizing the specialist strategies that we think we have terrific partnerships. we do need to begin to make changes how we manage going forward as we become a much larger plan. we don't want to just index and invest in larger platforms that offer lower returns. we want to retain what we have done well. we need to modify that in four ways. develop operations group, develop a career track, increase co-investments by 4 to 8x so they become 10 to 20% plan assets in 10 years and fourth increase the total between investment and operations staff

from 26 to 33. about the next three years to 40, six years from now. we think this gives us the best chance to extract more value out of existing relationships and unearth new specialist strategies. this is our recommendation. we talked about this extensively at the ic. this is a recap to the board. that is it. >> thank you for the presentation. any questions, comments, discussion from the board? >> there is a piece that triggered the report. why you recapped the ic that was your choice i am not sure why. the fiscal year numbers in this stuff that you presented with kaiser was done in the calendar year. i suggest we change it to fiscal year. the contribution is calendar

year. this is based on fiscal year. when things line up it is easier to keep track. just a suggestion. >> very good. we may need to modify the calender. happy to do that. it is a work in progress. >> seeing nothing else from the board i will open it to public comment. any members of the public that would like to address the commission. >> i just read in the book that it said you have had an annual return on theming funds -- huge funds. 4.79%. that is ridiculous. to get 7.4% return you want you have to get 10% to get you 7.4. that should tell you that you should divest from hedge funds two years ago. it is the most ridiculous

investment you have ever made. >> any members of the public that would like to address the commission regarding this. thank you for the reports. why don't we go to item 14, please. >> item 14. discussion item. travel expense report for the quarter ended march 31, 2019. >> we take it as submitted. any members of the public to address the commission regarding the travel expense report? i will close public comment. anything from the board? great. item number 15. >> discussion item number 16. executive director's report. the city and county of san

francisco versus retirement board and executive director we expect a ruling from the court of appeals within 90 days, that would be by the end of july. i will report to protect benef benefits filed a brief and they were supportive in their filings of the retirement board's position in determining to pay the pre-1996 folks that was to pay the cola. >> anything from the board? we will open up to public comment. any members of the public to address the commission regarding the executive director's report? we close public comment. item 17, please. 17. discussion item. retirement board member good of the order.

>> anything from the board? we technically have to call for public comment. calling for public comment on this item. no members of the public wishing to address the commission we close public comment. everyone thank you for your time. meeting adjourned.

>> let me begin by thanking you all for coming out today to celebrate the opening of this amazing fire station in the western edition neighborhood. i am your public works director, and today is an exciting day, i think not only for the fire department, for the entire city. everyone -- every time we open a new building, we are providing a safer san francisco that will be prepared for when disaster strikes. this new fire station, which was built from the ground up replaced when that failed to meet the building codes today, and first responders needs. the new fire station needs -- meets national accreditation and seismic resiliency standards that serve the needs of the 21 st century san francisco. how about a big hand for this new fire station?

i would like to thank the staff and public works, many of our engineers and architects who designed and managed this project and a specials shout out to magdalena, charles a garris and our city architect edgar lopez for leading the way. this project was almost 80% plus done in place by the city team. let's give them a big hand, too. also a big shout out to all ten construction, the general contractor who built this, this project was on budget but we had a little delay on time, but budget wise, we did meet our budget commitments. let's give it to them. most of all, to our voters who

made all of this possible when we passed the 2010 earthquake safety and emergency response bonds. the bond which was funded, which funded the seismic upgrade is a voter backed initiative aimed at strengthening neighborhood fire stations, police stations, ambulance facilities and emergency firefighting systems, we take work great pride in overseeing crucial capital improvement projects. with the support of the san francisco voters, we continue our work delivering world-class facilities to too many of our diverse neighborhoods, and now, i have the pleasure to introduce our mayor, london breed, who has been a champion for making sure san francisco is kept safe. let's welcome our mayor, london breed. [applause] >> thank you.

it really is so amazing to be here at this time, opening up this new firehouse right here in the community that i was born and raised in. i actually grew up two blocks from here, entering the holiday season, we would line up at that door on turk street to get our toys from the firefighters here at station five, but there was also a really incredible connection that this station in particular. my answer, michel, we'd spent a lot of hours here. michele was born with a mental disability, and sometimes required a lot of patients, but this fire station not only showed her a lot of patients, they showed her a lot of love, and so it time and time again, she would show up, complement a lot of the guys on how handsome they are, deputy chief chief mar gonzales spoke at her funeral a couple of years ago when she passed away, and so many of the

men and women who are standing behind me showed up for her like they show up for so many people in this community, time and time again. and they clearly deserve a state-of-the-art facility where they feel safe, where they can spend time, because they spend countless hours in this station, and where they will continue to connect with this amazing community. thank you to the men and women who serve the department, not only here in station five, but the folks all over the city and this department. i know that the president of local 798, the union for the firefighters and paramedics are here, shawn buford is joining us today, and i want to acknowledge him and tom o'connor. thank you both for your hard work and helping to fight for the funding that we need to make

sure we are really building our public safety places all over san francisco. in the past, to our earthquake safety and emergency response bond, we developed a plan where we brought to the voters a 2010 bond, and a 2014 bond, and i am proposing that we bring forward a 2020 bond, because we know that protecting these facilities is so critical to making sure that when disaster strikes in our city, that the people who are housed in these facilities don't have to worry about saving themselves. their responsibility is to make sure that we're doing everything we can to save the public. just recently in january, we cut the ribbon on station at 16, we cut the ribbon on a new medical examiner facility, we cut the

ribbon a while ago on a new public safety building down at the new chase center chase center area, and we have done this with not only the support of the voters, but without increasing property taxes on small property owners, and i'm really proud of how responsible we have been in developing long-term plans in order to make sure that we are protecting these very important facilities. we know that there is a lot of work to be done in san francisco to keep san franciscans safe, and it is not a matter of if disaster strikes, it is a matter of when, and when we will be prepared. our public safety officials will be prepared to meet those challenges, and they will have these incredible facilities that are in a state of good repair thanks to the voters of san francisco, and the hard work of the people from the department of public works, the architects, and all the people who invested

into building this incredible facility. with that, i want to introduce someone who has been a champion for public safety. not only is your district five supervisor, but for all of the issues around san francisco that we face. ladies and gentlemen, please welcome supervisor vallie brown. [applause] >> thank you. i want to thank mayor breed and naomi kelly, chief hayes -white, the fire department, all of the men and women standing behind me these men and women, they always come out when we need them. not only if there is a fire, but in this community, they come out and they are part of the community. they come out when there is a community event at alley hill hatch, or the african-american health and culture complex.

they bring out and stay barbecue with us all. this is actually a community station and all the other things they do for this community, i could go down the list, but i definitely, when i'm looking at this station, because i was part of the legislative aide when this first went on the bonds and they were first talking about it , and now looking at this station, i'm like, wow. it is absolutely beautiful. i would like a desk right over there, please. much easier to work than city hall sometimes, but i just found this out that our city architects actually designed this. to me, that is amazing because some of you know, i was an artist when he first moved to the city, and to look and have this beautiful building that our city architects designed, look,

and none of those other architects have anything on san francisco architects at the creativity of this building. [applause] >> amazing. and the fact that they left these lights here is just so cool. i can't even tell you. but bernadette fung's classwork, and i think if you have gone by this in the daytime, it is absolutely beautiful, and what it really represents, it represents going back in time in the past in this community, whether it is the japanese community that was pushed out into internment camps in world war ii, whether it was the african-american community that was pushed out during redevelopment, this beautiful piece of art on an actual fire station, a fire station that is

so well-designed, but the people inside at the heart of this community also, i just think it's an absolutely amazing piece of art and a fire station, and i want to thank everybody that was involved in it. the community, i remember at this coming out to the community and the community putting their input in, and they actually listen to them, and i'm stunned, and i think i will stay here for a little while just to enjoy it. thank you, everyone for coming. there's all these great things, it is seismic safe, it will be faster getting people out of here to get to a fire or a barbecue, but i also want to thank everyone for coming here today and showing your strength and your support, because we have to support each other as we move forward in the city and this station shows that we do. thank you. [applause]

>> sin -- thank you supervisor brown. i also want to acknowledge that our fire chief will be retiring on sunday, and this will be her last ribbon-cutting ceremony as chief. thank you so much, chief, for your leadership over the past 15 years in this department. [applause] >> thank you to all the fire commissioners who are joining us here today. i also want to introduce your new fire chief, janine nicholson he was behind me here. [applause] incredible leadership in this department that i am very proud of. with that, speaking of leadership, the person -- department that really spearheaded this project, which consisted of so many city employees in different departments that make this

project definitely -- i don't mind a delay in a project, but i definitely want to make sure a project is within its budget, and she made sure that that took place. ladies and gentlemen, the city administrator, naomi kelly. [applause] >> good morning. thank you mayor breed. thank you to everyone here. this happened here today because of the great collaborative work we have working with each other. we understand the importance that there is a 72% chance of a six-point seven earthquake in the next 30 years that will happen here in san francisco. so our first responders need to be in a seismically safe, functional building, because the faster they can respond to emergencies, the faster that we can reduce death, injuries, and

property loss. we need these buildings safe. so i want to thank -- this is -- i want to thank the voters of san francisco who have adopted the easter 2010, easter 2014, as you heard the mayor announced, you we will go to devote again in 2020. these fire stations, police stations, our emergency firefighting water system, are all important to the recovery and the vibrancy of san francisco. having said that, i know that is doom and gloom, but it is the reality of how we live here in san francisco. i just want to say, thank you to joanne hayes wait and her team. since easter 2020, she has been instrumental to working with us to make sure that these are priorities. while she was chief, we opened four new fire stations. this one station five, station 16 that the mayor talked about,

station four, and i believe station 48 -- 49, okay. and station one. it was not done on an easter bond, but it happens. in addition, we also talked about -- in addition to not just opening new police stations, we also touched almost all -- to keep saying police stations, fire stations. we also touched all of the fire stations to remediate any deficiencies that we could with the other excess funding. i just want to reiterate what the mayor said about the bonds, as we are doing this in a fiscally responsible way, and as we issue new debt, we paid down old debt so we are not increasing the property taxes of the voters. we do this in a transparent way, and again, i want to thank everyone. with that, i would like to bring out our fire chief who is retiring this sunday. joanne hayes-white. [applause]

>> thank you to our city administrator. good morning, everyone. welcome mayor breach. i know this particular project is near and dear to your heart, as she acknowledged, this was her backyard, and she grew up here and felt safe here and always felt welcome. for those of you who are here from the community, i hope you also feel the same way as you always have. if you have lived here for a while, or if you are a newcomer, we want to welcome you to our fire station. you're always welcome, it is a safe place, young and old. supervisor brown, thank you also for being here. not only does she represent this district very capably, but she is involved in all city aspects. thank you for being here. lots of think use. this is surreal as a lookout, i wanted to acknowledge that there are a number of retired guys, because that's what it was in the day, that are here that worked here, put in long hours, real courageous guys in the back please raise your hand if you were tara to to active station

five. thank you very much. [applause] >> it is very special that you are here. and then i look to you, the old guard, in a lookout here in a c.a.c. of people who are hoping to be firefighters, paramedics, and e.m.t.s. raise your hand if you're hoping to get into the department. thank you for coming out. >> it is bittersweet. mostly sweet right now, i have to admit, but there are some aspects that i am very nostalgic about this week. as the mayor mentioned, and supervisor brown, and city administrator kelly, this is my last official fire department public event, and i wanted to really say thank you to public works, the entire team. i will not name all of you, but i will name their director. he has been a great colleague. mayor breed expects nothing less than partnerships and teamwork and efficiency, and public works

is that. we really appreciate that relationship, and i certainly appreciate that it is may first, and i'm retiring may 5th, and he said to the director, we have to get it done before i retire. thank you so much. [applause] >> certainly our fire commission have been great partners in support of the easter bonds. this is part of easter 2010. the earthquake safety and emergency response bonds. we've also benefited from easter 2014, and s. mayor breed said, there will be a very vital easter 2020. and our citizens have always been supportive as has ever mayor to prioritize public safety in the city. thank you to our fire commission he is travelling and couldn't be here, he is in japan in senses greetings. i would like to introduce a vice president and acknowledge all of them. francine covington. [applause]

>> commissioner vernoses -- veronese, cleaeland -- we are joined by both of our captains. and all of the members. thank you. [applause] >> they were very patient during the time this is under construction, in this area did not lose any of the members.

we just redistributed and we are able to keep up with the response time. everyone is really glad that they are back here. this is our largest station. it houses an engine, which is an officer and three members, and a truck which is an officer in four members. it has room for growth. it also has our division house, and the city itself, and the fire department is divided into two divisions. this is division two, and the other division is 19th and folsom. during the workweek, or 24/7, the city is bifurcated in those division chiefs. we have michael in division today. [applause] >> they oversee the strategy, tactics, and operations for the city under the direction of the deputy chief of operations. it's 21,000 plus square feet. i still haven't visited it entirely since it has been completed. our members just moved in on monday. they are getting adjusted, but we are very grateful for the quality and craftsmanship, and i

believe alton construction should also be acknowledged for their great work in partnership with public works. [applause] >> a couple more things. i'm cherishing this last moment, so bear with me. the other person i want to acknowledge it couldn't be with us today, it is a small tribute to him, i, i am retiring on his birthday. that is mayor edwin lee, who we all worked with and worked for. he was a true champion just like mayor breed for prioritizing public safety, recognizing the importance of having facilities from first responders because they need to be able to get out the door, and we did have facilities that were deficient. this is the perfect prime illustration of that commitment, and sotomayor breach, once again , thank you. and also, i would like to take a moment to acknowledge my command staff. they have been a great team. they are here behind me. in particular, i want to thank mar gonzales where tier for a

number of years. we have been working together down in the office for seven years. i will be moving on, mar will be moving on isabel and as well and i know this means a lot to me, i am glad we are able to do it together. thank you for your great work. [applause] >> the person in support services who oversaw this project, he has done a great job he also may be moving on, we are not quite sure. he has done a great job. is a native san franciscan. thank you very much. [applause]. >> tony and his team are probably still here screwing in lightbulbs. they're not behind me but they are somewhere here. lieutenant tommy murphy who is walking away because he doesn't want the credit. thank you, tommy and steve.

and the rest of my command staff i obviously want to really appreciate mayor breed once again for selecting our successors. i think it is healthy. it is healthy for me and healthy for the department to have this transition time. they made an excellent choice as my successor. i'm very proud of her. i selected her as my deputy last year, and i would like to acknowledge deputy chief, seemed to be chief janine nicholson. [applause] >> and also two very capable individuals who will be joining her team, beginning monday, and that is victor worse. and deputy chief of administration, i only had two, but one of my finest ones, deputy chief josé valette will

be deputy chief of administration. with that, welcome. we will officially cut the ribbon, and please stick around and have some refreshments and take a tour of the station. most importantly, i would like to acknowledge all of our members, active, retired, hopefuls, and really today, it is all about the members of station five. thank you for your service, good luck to you in this station, and i will be passing through every once in a while. thank you. [♪] [applause]. >> thank you. we will go behind the camera and we will have a ribbon-cutting, and the fire station is open. we will have people to give you tours of the facility. >> five, four, three, two, one. [cheers and applause]

[gavel] >> good afternoon welcome to the land use and transportation committee of the san francisco board of supervisors. i'm the chair of this committee aaron peskin joined by supervisor ahsha safai and matt haney to my left. today is our meeting for monday may 6, 2019. ms. major do you have any announcements? >> please silence all cell phones and electronic devices, complete speaker cards and copy of documents should be submitted