system. >> san francisco employees' retirement system retirement board meeting is now called to order. good afternoon, everyone. due to covid-19 health emergency and given the public health recommendations issued by the san francisco department of public health, governor newsom and mayor breed have lifted the restrictions on teleconference. this meeting is being held virtually with all staff members and participants participating via teleconference. while technology allows us to hold these meetings via teleconference, the meetings may not be as seamless as we'd like them to be. i'd like to remind members and

staff to mute themselves when not offering comment. madam secretary, roll call, please. [roll call] >> clerk: thank you. we do have a quorum. >> thank you, madam secretary.

at this time, i would like to welcome our newest board member and commissioner, commissioner ghandi. we welcome you to the board, and we're just delighted that you have joined us. it's a delight to just welcome you on this beautiful sunny day in san francisco, and at this time, i'll ask other board members, starting with our vice president, to introduce themselves. i think some, you met before, but i'll ask them to introduce them quickly, and during the on boarding process, you'll meet some of the investment team as well as director jay huish. so at this time, board members, i'd ask you to introduce yourself to commissioner ghandi, and then, i'll have her address us at the very end. commissioner casciato? >> yes. i've already had the

opportunity to welcome here, and i look forward to working with her, and i think this'll be an exciting time to all of us. my background is i'm the retired -- i'm retired from the san francisco police department. i've served on and off on this board since 1994, and just i'm thrilled to have you and look forward to developing a good relationship with you. >> thank you. commissioner driscoll? >> welcome aboard, commissioner ghandi. there's always plenty of work and issues to discuss here at the retirement system. not a dull moment. i've been on the board for a while, as well. i'm an active member of the san francisco fire department. thank you for joining us.

>> thank you. commissioner helfond? >> thank you for joining us. talk to you later. >> i don't know if commissioner safai is on yet, so commissioner stansbury? >> yeah, welcome to the board. looking forward to connecting you offline and talking about the system. >> thank you, and commissioner safai will join us later, and you've met our executive director, director jay huish, and you've met our secretary. [inaudible] you guys have met, and i don't know if you've met our c.i.o., mr. bill coaker. are you there? >> i am, president bridges, yes. would you like me to say a few words? >> well, just a brief welcome.

>> yeah. well, commissioner ghandi, i'm thrilled to work with you. we have a very distinctive strategy and a group of very likeable people. really look forward to meeting you in person. >> thank you. and commissioner ghandi, would you like to say something? right before you say a few words, i would just like to let you know there will be an on boarding process with our executive director. at that time, during the on boarding process, you will meet the rest of mr. coaker's team and the supportive staff and hear about the entire system. that process will be forthcoming with our executive director, so at this time, i will let you have a few brief words. >> thank you so much, president bridges. i am so excited to have you talk me and walk me through the process and meeting me before

getting to this point, and also, commissioner safai, you know, both -- i think all of you were great to help me on board so far. i am excited to work with you. this is one of the most amazing organizations that, you know, sets an example and is a role model for other organizations and pension funds out there, so i'm very excited to be here, and i'm very excited to be part of this team, learn, and contribute, and i'm honored to serve here, so thanks again, everyone. >> well, thank you very much. it's a great team. every single person, you will enjoy the experience. i will say we have one of the best teams of any system that you will find in the u.s. it's going to be an exciting journey for you, so thank you, and we look forward to working with you. >> thank you. >> madam secretary? >> clerk: item number two, communications.

due to the covid-19 health emergency and to protect board members, city employees, and the public, the san francisco employees retirement system is closed. however, members will be participating in the meeting remotely. this precaution is taken pursuant to the various local, state, and federal orders, declarations, and directives. board members will attend the meeting via video conference and participate in the meeting to the same extent as if they were physically present. public comment will be available on each item on this agenda. each speaker will be allowed two minutes to speak. comments or opportunities to speak during public comment period are available via phone by calling 415-655-0001, access code 187-303-3662, then pound, then pound again. when connected, you will hear the meeting discussions, but you will be muted and in

listening mode only. when your item of interest comes up, press star, three to be added to the speaker line. best practices are to call from a quiet location, speak clearly and slowly, and turn down your t.v. or radio. moderator, are there any callers on the line? >> operator: madam secretary, there are no callers on the line. >> clerk: thank you. hearing no public commenters on the line, public comment is now closed. president bridges? >> yes. at this time, we will now be going into closed session. public appointment and employee hiring, we'll be going into closed session on 3-b, investments, and the board will begin with general public comment no later than 2:30 p.m. we'll take public comment on going into closed session at this time. madam secretary, please open the phone lines, please. >> clerk: thank you.

callers, if you have not already done so, press star, three to be added to the queue. moderator, are there any callers on the line? >> operator: madam secretary, there are no callers on the line. >> clerk: thank you. hearing no calls, public comment is now closed. president bridges? >> yes. at this time, we will now go into closed session, so at this time, if you would log out of this session and log into >> clerk: commissioner driscoll. >> commissioner driscoll: present. >> clerk: commissioner gandhi. >> commissioner gandhi: present. >> clerk: commissioner heldfond. >> commissioner heldfond: present. >> clerk: commissioner safai.

absent. commissioner standbury. absent. and president bridges. >> president bridges: present. >> clerk: we have a quorum. >> president bridges: thank you madam secretary. a motion on whether to disclose what was held in closed discussion. >> move to not disclose. >> i second that. >> president bridges: moved by commissioner heldfond and seconded by commissioner casciato. at this time we'll take public comment. >> clerk: members of the public who wish to comment on this item please call 415-655-0001, access 187 303 3662.

then pound and then pound again. if you haven't done so, press star 3 to be added to the queue to speak. a system prompt will indicate you have raised your hand. wait until your system indicates you have been unmuted and then you can start your comment. you will have two minutes to provide your comments. moderator, do we have any callers on the line? >> there is one caller on the line. >> clerk: thank you. caller please state your name. your two minutes start when you speak. >> i'm actually wanting item number 4. >> clerk: okay. we will call public comment at that time. moderator, do we have any further callers? >> madam secretary, there's no more callers on the line.

>> clerk: public comment is now closed. >> president bridges: thank you. roll call vote please. (roll call vote) >> clerk: motion passes. president bridges. >> president bridges: thank you madam secretary. next item please. >> clerk: general public comment.

>> one e-mail as requested to be included in general public comment. i will read it now. at your april board meeting your chief investment officer was happy because of good returns. in an 11 year bull market, you don't have to be a genius to get good investment returns. there are two words not liking to hear, passive investment. in the s&p 500 produced a return of 56% and stock and bond balanced index produced a 39% return. there's an old wall street say, the bigger the boom, the bigger the bust. when we have our big bust, our pension fund will be stuck and you should start reducing the

risk. best regards. >> clerk: thank you. press star 3 to be added to the queue. those on hold, please continue to wait until the system indicates you have been unmuted. moderator, do we have any callers on the line? >> there is one caller on the line. >> clerk: please state your name, caller. >> hello. i'm the past president of the retired employees of the city and county of san francisco and calling on behalf of the retired employees of the city and county

of san francisco. we just wish to welcome commissioner shruti gandhi to the board and look forward to her participation and her term on the board and it's just a welcome from some of your constituents. thank you very much. >> clerk: thank you for your call. moderator, do we have further callers on the line? >> madam secretary, there are no more callers on the line. >> clerk: public comment is now closed. president bridges. >> president bridges: thank you madam secretary. next item please. >> clerk: approval of the minutes of april 14th, 2021, and approval of the april 28th, 2021, board meetings. >> president bridges: thank you madam secretary. at this time, i will entertain a

motion for both sets of minutes from our monthly board meeting and the special board meeting. approve the minutes from the regular board meeting and special board meeting. madam secretary, public comment please. >> clerk: thank you. callers if you haven't done so, press star 3 to be added to the queue. moderator, are there any callers? >> there are no callers on the line. >> clerk: public comment is now closed. president bridges. >> president bridges: roll call

please. >> clerk: (roll call vote) thank you. we have five ayes. motion passes. president bridges. >> president bridges: thank you. next item please. >> clerk: item 6 action item, consent calendar. >> president bridges: thank you madam secretary. at this time i will entertain a motion to approve the consent calendar if there are no

objections or corrections. >> commissioner heldfond: so moved. >> vice president casciato: i'll second it. >> commissioner driscoll: i requested, i believe the third item be removed for separate consideration. >> commissioner heldfond: i'll amend my motion to comply with the request. >> president bridges: so commissioner driscoll item number? >> commissioner driscoll: this is the third item. kennedy, hearing officer case number. >> president bridges: thank you. we approve the consent calendar with the exception of item 3 as it relates to kennedy.

and that item will be removed from the consent calendar for consideration. all right. thank you so much. madam secretary would you open the phone lines for public comment, please. >> clerk: callers if you haven't done so, press star 3 to be added to the queue. moderator, are there any callers on the line? >> there are no callers on the line. >> clerk: thank you. public comment is now closed. president bridges. >> president bridges: thank you madam secretary. roll call please. >> clerk: (roll call vote)

motion passes. >> president bridges: and now we go back to the item 3 from the consent calendar. >> commissioner driscoll: it was ryan a kennedy, effective date june 1st, 2020. >> president bridges: okay. >> commissioner driscoll: i request to be recused from voting on this item. >> president bridges: okay. >> i'll make a motion to allow

commissioner driscoll to be recused. >> president bridges: so moved. >> clerk: a reminder to callers to press star 3 to be added to the queue. moderator, do we have callers on the line? >> madam secretary, there are no callers on the line. >> clerk: thank you. public comment is closed. >> president bridges: roll call vote please. >> clerk: (roll call vote) >> vice president casciato: i wanted to for the record note that supervisor safai had to go to the budget meeting.

>> clerk: thank you. motion passes. president bridges. >> president bridges: now call the next item. item on kennedy. >> we need to consider the approval of retirement. >> president bridges: this is a

separate -- one item only for mr. kennedy. any discussion or concerns? >> we need a motion now to approve the retirement of ryan a kennedy and then a second and every board member would be asked to vote except for commissioner driscoll. >> move to approve. >> president bridges: thank you commissioner heldfond. >> i'll second.

>> president bridges: seconded by commissioner casciato that we approve the retirement of mr. kennedy. madam secretary, public comment please. >> clerk: thank you. moderator, do we have callers on the line? >> madam secretary, there are no callers on the line. >> clerk: thank you. public comment is now closed. >> president bridges: roll call please. >> clerk: (roll call vote) motion passes. >> president bridges: thank you madam secretary. next item please. >> clerk: item 7, investment

committee report. >> president bridges: commissioner heldfond. >> commissioner heldfond: thank you president bridges. i'll make this short and sweet. i thank bill and his staff for presenting it at the investment committee meeting and updating us regarding public, fixed income and private equity and return portfolios. and i also have to thank bill and his staff for creating a pathway to some good, meaty and informative ic meetings we've had and plan to have. i think everybody was there but i'll be glad to answer any

questions. >> president bridges: thank you commissioner heldfond. if there are no questions, i'll take -- this is discussion only. i'll take public comment if there are no questions of commissioner heldfond. >> clerk: callers, if you haven't done so, press star 3 to be added to the queue. moderator, are there callers on the line? >> madam secretary, there are no callers on the line. >> clerk: thank you. public comment is closed. president bridges. >> president bridges: next item, please. >> clerk: item number 8, discussion item, chief investment officer report. >> president bridges: mr. coaker. >> we had another strong month in april, up 2.8% public equity led the market up, more than

4.25%. assets were positive for the month except for real assets down just a bit. continuing to see it as it has been throughout the year. our portfolio for the 10 months ending april is up 25.73%. public equity is up almost 40%. and private equity up is a little north of 40%. the rally most recently has mostly been pretty broad-based. emerging markets are up almost 38%. fiscal year to date, the u.s. is up more than 36, europe is up more than 31, private credit is up 14, return up 12 through march and had a positive month in april.

there are some imbalances making their way through the market here in the early part of may. we have added about $10 trillion of debt and as a result, there's a lot of money flowing through the economy and it's leading to two things, swelling asset values and also inflation pressures that we haven't had for a very long time. and in addition to that, some parts of the economy are also expressing a shortage of skills. unemployment is still at about 5.8% but some businesses are reporting a difficulty in hiring, that there's a shortage of skills. and some lower wage earners that are getting stimulus checks are not taking jobs.

when you have a mismatch, you're going to have some inflationary pressures and it's starting to make its way through the markets recently. the nasdaq is down about 7.5% month to date and some stocks are getting hit hard, the stocks that led the market up post covid in april '20, some are down 20-25% in a couple of weeks. moving on to some items that the board previously approved in closed session and that have subsequently closed. in march the board approved a coal investment called project mirasol. the board approved up to 20

million, we were allocated 15 million. under review was updated. three managers were added to the under review list. we'd be glad to talk to you off line if you want to learn more. there's an investment committee scheduled for a week from today to review the canadian model and report published by the world bank subtitled lessons for building world class pension organizations. a personal update, we have no recruitments currently and there

have been [indiscernible] i would be glad to answer questions or if you have comments. >> president bridges: thank you. >> i was listening to cnbc and there was a private equity conference, a big one, today, and they said something about thoma bravo. did any news come through on thoma bravo? are you aware of anything? >> i'm not sure what you are referring to -- >> i'll find out and get back to you. >> president bridges: commissioners, any questions for

mr. coaker about his report? if not, thank you to you and your team and recommendations and research. i know it's a team effort and everyone who works with you. we appreciate you and thank you for the outstanding performance. >> thank you president bridges. >> president bridges: if there are no other comments, we'll open for public comment. >> clerk: callers, press star 3 to be added to the queue. moderators, do we have callers on the line? >> madam secretary, there are no callers on the line.

>> clerk: thank you. public comment is closed. >> president bridges: next item please. >> clerk: sfdcp quarterly report. >> good afternoon commissioners, i'm pleased to present to you today the quarterly sfdcp report, covering the four pillars critical to our plan. first is the investments. the quarterly crediting rate is 1.78 for the second quarter. this is a decrease and due to the difficult bond market but the stable value portfolio did outperform the benchmark. we reported at the last meeting in march that the firm has been acquired by two private equity

firms. in addition, we have been recently informed that laura cells recently left the firm. she was part of senior staff and deputy head of client portfolio management and co-chair of the stable value strategy committee. we have worked with her for over seven years. she represents a senior level departure and could take some time to replace her given her level of experience. there's a call this week to learn more. our custom target date fund investment manager russel announced the hiring of two senior people to their leadership team. one from goldman sachs as the

global cio. and joining as president from morgan stanley. the president position is a new role and includes responsibilities of running the day-to-day business and sales and support. this frees up the current chair and ceo to focus on big picture strategy. finally, rsp remains in a blackout period as we are contracting to renew for another five years after the board approved this renewal. i can move on to the marketing fund if there are no questions. the plan has launched two new webinars. one in march for tax season and the other later this month to coincide with the anticipated polar races in july. details can be found in the memo. the plan is developing new

educational videos to be hosted online and a targeted direct mail to drop in july and september this year. at a high level, our record keeper has identified specific cohorts that would benefit from increasing contribution to the plan. in addition to a hard copy post card, participants receive an e-mail shortly after and details of the campaign are covered in the attached presentation deck which will be presented after this report. regarding operations, the crd, the coronavirus repayment distribution repayment mailing dropped last month and we have included a copy of letter and form for your reference. we include all of the materials

to make it as easy as possible for participants to repay the distributions. to date, no one has repaid their crd yet. finally, our record keeper is in the middle of launching changes to the participant transaction website in late summer as outlined in the memo. these include a better user experience, easier withdraw and spanish translation. i can now turn it over to discuss the changes after covering the marketing initiatives just discussed in more detail. would you like a full or abbreviated version of the presentations? >> president bridges: i'm comfortable with abbreviated because we have the documents in

the package. i'm happy to proceed unless commissioners have concerns that they need the full text that we have in our packet. please proceed with abbreviated. >> certainly. thank you. brian? >> can you hear me okay? >> president bridges: it's a little low. >> try to speak louder. any better? >> president bridges: yes, we can hear you. >> very good. so i'll briefly highlight -- i can share my screen. would that be the best way of going about doing this? >> president bridges: i think so. can you allow him access to

share? >> he has access to share documents. >> president bridges: thank you. >> in the written responses, we talk about our pledge to communicating with planned participants based on the information. we allow access for materials

and models. project for retirement income and provide through a variety of means, timeline to webinars through periodic news that we can take advantage of. we have put together an annual communications calendar so we can be prepared to take advantage of each of these routine events that we can provide timely information to planned participants. this includes news that goes out quarterly. we have been able to take advantage of the annual statement, to not only plan but

other members who may not be part of the plan, who may not otherwise be able to communicate with -- and national security retirement month, a great opportunity to take advantage of that nationwide event to promote retirement savings. we have five counsellors within the service participants and their role is to engage both employers as well as plan participants to promote the plan to engage locally being on site has had to change, employers have had other priorities. that said, we have maintained communications with our employer contacts to continue to make them aware that we're available. help promote the availability of

the counsellors and develop new contacts throughout the city and evolved in the way we are engaging to the state of in person meetings, promoting webinars, seminars, including via zoom and support participants one-on-one virtually or through phone calls and reaching out to participants. and new employee orientation meetings to let them know we have available to them and help assist with the plan.

we're offering additional seminars this time next year, we have offered it to other clients around the country acknowledging some of the unique retirement and savings needs women have. and this is something brought up as an ask from this committee as a matter of fact and we are pleased to roll it out this year. our five counsellors happen to be male, that said, we have other resources in the region that we can help deliver this

presentation so it's presented by a woman. the last couple of topics, in addition to planned specific seminars, we are rolling out broader range of deeper dives into various financial topics. these are seminars that are very professionally done. they cover broad topics that we're going to put with introductions from local counsellors so there's a familiar voice and face that plan participants will resinate with. these videos we're working on now and look forward to putting in our library. in the last item under the

communications calendar and topics we'll talk about here, hard targeted communications. in addition to the routine communications calendar, we can take advantage of, we are also doing data analysis to identify opportunities for us to target certain segments of the population to maybe encourage them to restart saving or save more or just register their account. as we have found, those who engage with us, register their account, first, there's a benefit from a security standpoint and allows us to continue to find ways to promote availability of the plans through web registration. more to come on these topics as we define this population and start to finalize the materials.

>> are you able to track the number of hits on any of those sites by san francisco participants? >> we will be able to track -- those who register for the events, we can track specifically those specific to san francisco. we're designing them in such a way we are promoting them directly to san francisco participants. in addition to that, when we deliver these communication campaigns, we're delivering through e-mail that allows us to track things like open rates and track how many people are opening and reading through these e-mails too. as part of our reporting, we'll be able to report out on all of

that. >> that's great. thank you. >> the last thing i'll talk about briefly. we have upcoming enhancements to our participant website. it is rolling out this summer and san francisco will be included in this. all the functionality that exists today will still be available to plan participants but we're looking at improved navigation design so that the most important information is more readily visible and accessible to plan participants. less clicks to get to the topics they want to. that includes the retirement advisors, financial wellness topics as well as the most common transactions, such as contributions and savings, investments in loan to withdraw.

currently participants navigate a number of drop downs. we're going to bring it to the forefront so it is easier for participants to find and access. and in addition to that, we're providing additional kind of cleaner verbiage around that and what we refer to as saturday language, simpler and easier to understand and navigate and supplement that where appropriate with additional educational content, including videos built in to help explain how some of the transactions work. you can see what the redesign looks like. this is research conducted with various user groups.

testing we did with the user groups to validate various designs and we think it will be an improved experience for participants across the customer base, including the city and county of san francisco. i will stop and see if there are additional questions or comments. >> president bridges: thank you. commissioners, are there questions on the presentation? any comments or questions? this is a discussion item only. if not, i would like to thank you for bringing the presentation. it's very comprehensive and we look forward to seeing the rollout in the next few weeks.

thank you so much. sorry, was there a question? at this time we'll open the phone lines to public comment. this was a discussion item only. >> clerk: thank you. a reminder to callers if they haven't done so, press star 3 to be added to the queue. moderator, do we have callers on the line? >> madam secretary, there are no callers on the line. >> clerk: thank you. public comment is now closed. president bridges. >> president bridges: thank you madam secretary. next item please. >> clerk: next item number 10 discussion item, review discussion of july 1, 2020, actuarial funding valuation results and presentation of employer contribution rates projection. >> president bridges: thank you madam secretary. >> good afternoon commissioners. we have two actuarial items

today. the first is discussion only. we ordinarily would present the final for the board to adopt because our plan sponsors are all very anxious for the final contribution rate, we are only presenting the results and stress test today. the valuation report will come before the board next month and bill and anne are here to help us of course.

>> we know we have been through some of this information over the last several meetings as we were considering the discount rate. with the final decision, we want to hit the highlights and remind you where we are and we'll be moving through the deck quickly and skipping some sections in order to get to the new information and most informative information. so with that, i'm going the turn it to anne to read us through the first part. >> thank you. so as bill said, i'm going to go quickly through some of the highlights of the valuation after all of the discussions

we've had in the past few months. the discount rate, i'm sure everyone wants to kind of move forward now. so the current contribution rate was the 2020 valuation has decreased from 26.9% down to 24.41% before cost sharing. that's a 2.5% decrease that will become effective july 1st of this year. after cost sharing, the employer contribution rate decreased down to almost 20.9%. and one item i'm going to touch on the graph here, in the current year, fiscal year 2022 when the contribution is going to be paid, there's about 8.6% of the contribution rate is going to go towards paying off principle on your unfunded accrued liability.

that is represented by the space above the teal bar. that is a very high contribution rate, just to kind of side note there. the next slide, this shows the status of the plan. i definitely want to caveat that the measurement date here was back in june 30th of 2020 when the market value of assets was 26.6 billion at the time and the actuarial was close as well, you can see that with the blue and green converge in the second tier right there. and so the current funded ratio as of 2020 was 90.5% and was very similar 90.2% on actuarial

basis. moving forward, we're going to skip a couple of the slides and go all the way to slide 7 to discuss historical and projected funded status here. you can see in 2020, the light bars border with the black. the current funded ratio for the 2020 valuation was 90%. historically what you're seeing there, where the bars are lighter, there was no supplemental and when there are darker bars, those are years with supplemental paid. the projection going forward shows funded status assuming the plan earns the 7.4% every year going into the future. we do include a function there that some will be paid going

forward as well. next slide also shows historical projected trends. these are the contribution rates. before cost sharing are stacked on top of the number rates at the bottom. and last year was 2021 was a peak year at 26.9%. historically it's been a little lower. but going forward, there's definitely some downward pressure on the contribution rates and those are mostly due in the next three or four years due supplemental cola being paid. in each of the next four years, they're going to be paid in full. that's why you see this downward pressure in the contribution rate and then stabilizes over

the next six or seven years and this projection is based on market assets in june 2020. it does not include the fabulous returns that we've had this year. we'll get to some of those projections when bill does his presentation. >> so contributions are made up of two components. there's the normal cost component that pays for the benefits, for each year of service and then the payments on the unfunded liability. this chart at the top shows the individual components of the payments on the unfunded liability. every year we set up a schedule to pay for that year's gain or loss, that year's supplemental,

any target changes and any assumption changes and these are shown individually in the squares that are color coded. the point we want you to understand here is we have these supplementals that are shown in red being paid off. those payments decline over the next four years and one charter change in dark blue that gets paid during that period. that's creating this strong downward pressure on the contribution rates.

here's the chart for next year's valuation if all of the functions are met except for the investment return and we look at different investment returns. 24.4% contribution for fiscal year end 2022. then depending on the actual rate of return on the market value of assets, the blue line shows what the contribution rate would be for fiscal year end 2023. a couple of interesting points, one is it takes about -15% return for the contribution rate

not to go down next year because of all of the downward pressure on rates. here we have an odd dynamic on returns, that's the range we generate a supplemental cola that gets paid and that increases the rates. given the returns so far, we know we're down in this lower area of the curve. at about 17% we expect the employee cost sharing to reduce next year. and at 17.5% or higher, we would expect to be fully funded based on the market value of assets

next year. for the current returns, i think it was noted about 25%. though may may have retracted a bit of that. we would be exceeding both points next year. the one year shot has a return slightly better than what we're expecting given the year to date actual returns. it gives you a sense of where we may be headed if the returns hold up for the last two months.

this chart summarizes all of those scenarios. i'm happy to show specific scenarios if there are questions. here are the historical rates with the graph barring and then projected baseline is this black line. and these are the other lines are the other scenarios. and the gray area is our estimate of the returns. the line that goes down here is that one year positive. if we got 28.6% return for the fiscal year, a little ahead of where we are year to date, we would be looking at reducing the employer contribution rate

fairly significantly in our projections going forward. we have the model here, i'll save that in case people want to see specific scenarios. i wanted to close by saying there is significant downward pressure on future contribution rates for the next two to four years. the investments return to date, if they hold on for the last two months of the fiscal year, that downward pressure would be even greater. with that, we'll take questions. >> president bridges: thank you.

if there are no questions by the board, thank you so much. we'll open the phone lines for public comment. >> clerk: a reminder to callers if they haven't already done so, press star 3 to be added to the queue. moderator, any callers on the line? >> there are no callers on the line. >> clerk: public comment is now closed. >> president bridges: thank you madam secretary. next item. >> clerk: item 11 action item, adoption of rate of 24.41% for fiscal year 2021-22. >> president bridges: thank you. >> i had to unmute, sorry about that. again, good afternoon

commissioners. sorry about that. the employer contribution rate results of the july 2020 actuarial evaluation have been presented to you. the results were discussed and now we just would like the board to adopt the employer contribution rate developed as a result of the results. thank you. >> i'll make a motion to approve staff recommendation. >> president bridges: thank you commissioner casciato. is there a second? >> i'll second. >> president bridges: seconded by commissioner heldfond that we adopt staff recommendations of the employee contribution rate of 24.41% for fiscal year 2021-22. madam secretary, please open the

phone lines for public comment. >> clerk: moderator do we have callers on the line? >> madam secretary, there are no callers on the line. >> clerk: thank you. public comment is now closed. president bridges? >> president bridges: roll call vote please. >> clerk: (roll call vote) we have five ayes. motion passes. >> president bridges: thank you madam secretary.

>> clerk: item number 12 discussion item. >> commissioners, this quarterly report is a substitution for what we used to call the travel and education budget. there's a travel prohibition in effect so this report is now a report on remote virtual conferences that are attended by board members and staff. so in the budget in a normal year, in this year's budget we have over $1 million allocated for business travel for both staff and the board. however, three quarters of the way through the year, we have

used $2040 in virtual conference fees or registration fees for that conference. so we're hoping that the world will be a safer place for business travel in the future but just to bring everybody into the perspective, we've had over an entire year where all business travel by both staff and board has been prohibited. next year the hope that board members would have the opportunity to take advantage of training, education and conference attendance. with that, i'll be happy to answer questions.

>> president bridges: any questions for director huish on this item? if not, it's discussion only and we'll open the phone lines for public comment. >> clerk: callers, if you haven't done so, press star 3 to be added to the queue. moderator, do we have callers on the line? >> madam secretary, there are no callers on the line. >> clerk: thank you. hearing no calls, public comment is closed. president bridges. >> president bridges: thank you madam secretary. next item please. >> clerk: executive director's report. >> this has been taken care of, the one item i had on my report was notification to both the public and the board that the mayor has appointed shruti gandhi to be the next retirement board commissioner. having watched her navigate

through the board of supervisors over the last two days, i was happy to see she was in attendance today. she has been sworn in both darlene and i were at the swearing in. and she has now been approved by the board of supervisors. she is appointed officially to serve out the remainder of the term with retirement board. >> maybe -- this is the shortest meeting we're going to have in history. >> yes, she might be our good luck. i understand she asked president bridges how long the meetings normally last and president

bridges indicated the longest one she attended was beyond 7:00. we were not trying to jinx this meeting but we may be out before 4:00 which is unusual. >> commissioner gandhi: i bring good luck. only good luck. >> welcome for that, too. any other questions? >> president bridges: any questions for executive director huish and his report? if not, then i'll open the phone lines for public comment. discussion item only. >> clerk: if you haven't done so, press star 3 to be added to the queue. moderator, any callers on the line? >> madam secretary, there are no callers on the line.

>> clerk: public comment is closed. president bridges. >> president bridges: thank you madam secretary. next item please. >> clerk: item 14, discussion item. >> president bridges: thank you madam secretary. commissioners, do you have any questions or comments or anything for us? >> again, just thank you to all of the staff for all of the good work they do. a big thank you. >> president bridges: thank you commissioner casciato. >> commissioner gandhi: i want to say thank you again. this was my first meeting and i was observing and learning, thank you for having me here and i look forward to working with you again soon on moving forward in all the future meetings. >> president bridges: we look forward to working with you as

well. your onboarding process will start soon with executive director and board secretary. if there are questions and concerns that come up in the meantime, feel free to reach out to either of us. we are happy to have you on board. welcome. >> i would like to also encourage everybody to attend the investment committee meeting next week because mr. coaker is focusing on the canadian model. we have shown a lot of interest in and dedicated the meeting to it. thank you. >> president bridges: thank you commissioner heldfond. that's in our packet and that is a committee of the whole. mr. coaker has been very good at bringing very good topics to the board, educational topics. thank you mr. coaker. we appreciate the time you put into this and inviting guests to come in to keep the board

educated and on top of things in the industry. thank you very much. and lastly, i would like to remind committee chairs to please schedule board meetings and get the final board meetings in for the year to really focus on the activities and governance of the board. if there's nothing else, this meeting is adjourned. >> clerk: public comment. >> president bridges: okay. >> clerk: moderator do we have callers on the line? >> there are no callers on the line. >> clerk: no calls, public comment is closed. >> president bridges: thank you madam secretary. now this meeting is adjourned at 3:45 p.m. which is a record for my tenure on the board. thank you everyone. please continue to be safe and well. thank you so much.

man, this is a dream come true. housing for homeless veterans and very low income families of san francisco. this is beautiful.

ed lee's birthday's tomorrow and he's smiling from heaven. am i right? anita, am i right? okay. this is too much joy. i promise not to preach too long because we've got the madam speaker here and the mayor and you want to hear them more than me. was i always like to start with some blessing. those of you who know me, i try to do the peoples' blessings. so you have to say the four words. matt, real loud. you're in the front row. we wish the spirit of these four words to bless this bruteful mayor edwin m. lee apartments. so we're going to do together. repeat after me. peace. joy. hope. and love. may those four super

ingredients of the spirit bless everyone who comes in and out of this place. in chinese, we call it [ speaking foreign language ]. whoever comes in and leaves out with peace. i'm surprising myself. here we go. we have one of the best mayors of this country and -- okay. she can brag for herself. let's welcome the mayor. come on. mayor london breed. >> reverend fong, we thought you were retired. let me tell you, revrend fong and ccv, madam pelosi who's fighting the good fight every day. we are so very fortunate to have so many amazing champions

and i want to thank you all for being here today. this place has manifest itself as a vision. a vision that our former mayor ed lee had to answer the call, the call that was put out to end veteran homelessness in san francisco and in our country. and he stepped up to that call. i remember when i first became mayor going to the auburn hotel and how it really did bring tears to my eyes because of the stories that i heard from so many of the formerly homeless veterans who now had a safe, affordable place to call home. tomorrow is ed lee's birthday and today we honor him and this place is a testament to his legacy and we want to thank his wife, anita lee for being here today to celebrate.

anita's sacrificed so much because her husband was mayor taking care of so many of us. i miss those days of us working together and now it's so important that we continue to move forward with goals that he set to make sure that we build affordable housing in this city, that we build housing and we don't let bureaucracy get in the way. the people that moved here in january 2020, they are counting on us to make good decisions and to move forward and not let it get in the way of something so spectacular. this place is magical. this courtyard. the formerly homeless veterans who are moving in here, the low income families who now have a place to raise their children, the teen rooms and the centers and the places that they will have to gather and be a

community right in the heart of mission bay, this is absolutely extraordinary and there were so many people that made it possible. it basically took a village. it took a village of a lot of money, not just the mayor's office of housing and workforce development. it also took state and federal resources and i want to really first of all thank the state of california veteran affairs. i want to thank the office of community investment here in san francisco. i want to thank the mayor's office of housing and community investment for the plow share ccdc. and i want to especially thank our speaker nancy pelosi. her advocacy, her work, her tireless effort to support and uplift veterans through the resources for the federal government, it would not have been possible had it not been

for her involvement in this project. it would not have gotten done. and then we had just a bit of a shortfall and then the private sector stepped in. juan conway, alex turk, sf cities. they helped to raise $4.5 million to make sure we got this project over the threshold. so many people. it really did take a village. this village has been incredible in pursuing opportunities to build more housing and so we are truly grateful that we have over 100 families and veterans who were already living here will continue to thrive right here and hopefully who knows maybe attend a warrior game or two. and, with that, i want to thank everyone for joining us here today, have a wonderful day.

>> so, mayor and madam speaker, i know you gave me a video message last year when i retired, but i'm back here because i just can't stay away from all that's going on. i'm so honored that you are here and weren't you here when we did the first project with the crowd share. you're always here. she's always making time for us. so everyone put your hands together and shout out loud! yay, madam speaker! >> peace, joy, hope, love, norman. he's still here, but we're also

joined by malcolm as well. malcolm young. thank you to chinatown community development center. the mayor talked about this taking a village and i want to follow up on her very apt theme. and this village is led by mayor london breed. she has been on this housing subject for her whole official life and probably before that on a volunteer basis so many of the things that came to fruition here had their roots in her work as supervisor and, of course, now as mayor. let's talk about that village, that village that is san francisco. it's a place that has beautiful diversity and that's why this collaboration between our veterans and ccdc is so appropriate. the diversity of san francisco, our strength.

i always say our diversity is our strength, our unity is our power. the unity between ccdc and veterans is what has made this a magical, wonderful occasion. in addition to that, the collaboration as the mayor discussed, federal, state, local, private sector, ron conway, john kegger, i see others who have played a role. and, for years, many of us have been involved in low income housing tax credit which has been a root to so much. but it has to be combined with other things to make this all happen. i also want to just talk for a moment about our veterans. not a moment, but a moment in connection to what's happening in d.c. right now. right now, the secretary of veterans affairs, dennis mcdonald. dennis used to be the president of obama's chief of staff.

and as chief of staff, one of his priorities was about homeless veterans. he came out here to make sure that project homeless connect was working for our veterans. he came out here personally only for that purpose and he has been following this issue. so the fact that he is now the secretary of veterans affairs in the biden administration, resurrecting what happened between h.u.d. and veterans affairs administration then under obama and now resurrected in the biden administration under dennis mcdonald's leadership and marsha the secretary of h.u.d. who has just recently worked with our mayor. so this, again, is all coming together in deep seeded values

in our city, our patriotism, our diversity, our respect for other opinions and collaboration, our respect for the public private, nonprofit sectors coming together and recognizing that it doesn't work without all of that. our v.i.p. today will be margie televera and we'll be anxious to hear from her. but i just want to acknowledge all who are finding housing here the mayor said to raise their families, to reach their own fulfillment, to have their own comfort, that's what this is really about. it's about the public policy to meet the needs of the people and to do so in a way that is, again, collaborative. i know that supervisor matt haney.

the masks are throwing me off a little bit. thank you, matt. for your involvement. jason elliott, former chief of staff. so beautiful. again, when we talk about all the things in san francisco, it's about family and here we are to pay tribute to mayor lee. anita is here. anita, thank you for sharing ed lee with us so completely and thank you for honoring us with your presence today. anita and, again, when mayor lee came into office. he was ready. the jobs he had in the city equipped him to do the job. when mayor london breed came from the board. she came from the board of supervisors, she was ready. she was ready to bring all our communities together. and when we take some pride, it

is only possible because we have initiatives of national significance that spring from our community. so, again, an occasion like this, someone will say it's my pleasure to be here today, to pay tribute to every aspect of our great city as we meet the needs of the people. and some other good news is that in our rescue package, there's $17 billion more for veterans. it wasn't there before. the homeless aspects have not been i talked about collaboration, i talked about community. san francisco which is a great community has the word community in it.

i have this pin. it's a flag that has on it one country, one vision. that's what we can say about our city of san francisco. we have a vision of meeting the needs of the people in a way that's respectful of their aspirations as well as our capabilities and we want them to have the biggest aspirations and the best capabilities to meet their needs. so congratulations to anyone who had anything to do with veterans. i can't wait to hear from our special guest, representative margie of the people who live here. they are truly our v.i.p.s, our very important people. so, yes, it is my pleasure to be here to congratulate everyone but especially to pay respects to anita and our

dearly beloved mayor lee. did you say that, norman? did you say something like that. i'm also imitating norman, what can you do. he has so much to say. anyway. thank you for the opportunity to share some thoughts with you congratulations on everything that's happening here and thank you mayor breed for making this possible. san francisco strong. thank you. >> i don't think i will say i love you, speaker pelosi. all right. next, we have malcolm young, the current director of chinatown d.c., but before he comes up, let me tell you these are tough times and a lot of young folks are saying it's

terrible. and even worse, there's a lot more hate going around. so what's the cure? i'm using their language a little bit. the cure is herd immunity and whenever city collaborators come together, we become the neutralizing agents of love to counter that hate. one of the best things on earth was getting to know michael fletcher. everyone pays but to actually do something, look, 62 years for formerly homeless vets. and, housing for very low income families. let me tell you, herd immunity in action. but a long timer is malcolm

young who is now my boss. i was his boss for how many years? okay. but now you're the boss. make us proud. come on up. >> so mayor breed in the back there asked me on the side, are you sure you're the director of this organization. my response to her was not on most days. you know, it's really an honor and distinct pleasure to be here opening the ed lee apartments in addition to tomorrow being mayor ed lee's birthday. may also marks the month of api heritage month and it also marks affordable housing month. i want to call out the affordable housing month in

particular. right here we have a through line of champions from the local to the state to the federal and they've been champions for the entirety of their career. that starts with mayor lee. many people look at mayor lee, but to me one of his most important legacies was how he brought affordable housing into the main stream of san francisco and made it critical for the city to do and he reintroduced that concept to us and this mayor mayor breed has passed it and now she's incorporating affordable housing into the capital plan make interesting part of the infrastructure which brings us to our next and most amazing champion speaker nancy pelosi also shepherding the infrastructure act in congress

that will also incorporate affordable housing into the infrastructure of the nation. i wanted to say it started here in san francisco, mayor breed, your work is resinating throughout the country and speaker pelosi is going to bring us home along with president biden. so thank you for that. all right. now my written remarks. this is where it gets boring. so, first of all, i just want to say thank you to anita for coming up here and being with us. it means more than we can express to you. you know, i just want to say this building is a testament to mayor lee's legacy. i've always thought as i mentioned before, one of the most critical things mayor lee did was champion affordable housing and i hope you're proud of us and i hope he's proud of us and i want to just thank everybody for that. i want to call out why this

building is a particularly good example of that aspect. like ed, this building aspires to bring together diverse populations to bring together a single community. keyly watt told me last night and i want to quote her, veterans and families guarded alongside one another in our community garden. they water plants, they share vegetables. one family has twice donated greens to veterans. the residents have come to look out for each other and sometimes they do it in ways you wouldn't expect. veteran recently spoke on behalf of an asian family here worrying that the family's garden may have been a target of hate crime and we know that's been an issue this past year. it turned out it was a hate crime. the asian family said it if felt good to have that sense of community where neighbors watch out for each other and that's

what we're trying to build here and that's what the residents are moving towards. so thank you keely. she's in the back somewhere because bringing together veterans and families is not the first thing you'd think of whenever you create a community, but san francisco has a track record of bringing together unconventional communities and families pairs with an organization of chinatown to an organization that serves veterans. who would of ever thought that. but in all seriousness, i want to thank sorts of cloud share. this is the second building that we're working on with them. we're working on the third building on treasure island, but really the thing that i want to say is thank you to the residents here for showing us that this door of these

unconventional pairing is worth keeping open for the community that they build. thank you so everyone who supported this project and effort and thank you so much to our leaders for making sure the dream of affordable housing and affordability is going to continue well into the future of this community. thank you. >> earlier michael bleker from source house said "it's like we're married." i just wanted to say that. but madam speaker wants to introduce you. it's better than me. i always tell tomb jokes. this is unplanned. >> thank you, norman. this is very unplanned and unprecedented that norman would give up the microphone ahead of time. right. here we go. but i really want to say to you

what i say to my colleagues in washington, d.c.. this is a model for our nation. i've had to meet the needs of our wets in a way that is personal as well as pragmatic to get the job done. i've appointed michael to the department of veterans affairs commission on care where he brought his deep knowledge of what was needed to take care of our veterans. his courageous disagreement when necessary to that he was enormous value added. i wanted to see him in action. i started with sorts of cloud share. so i've seen him work with at least four mayors and of course, now with mayor breed. he understands that it all

starts with meeting the personal needs of our vets. to recognize the challenges that they have and that when we talk about homeless vets, it's a challenge to our conscience in a very particular way and so when we want to meet their housing needs, we want to deal with it with a particularum of care. and nobody does it better in the country and i meet regularly with the veteran service organization. michael from time to time has been able to join us and every time he does, it gives me the opportunity to take pride in what he does, take pride in how our city has recognized the value in what he is doing so i appreciate norman giving me the opportunity to say a few words

and welcome to the podium, a real american hero source to crowd shares. >> thank you so much. i just want to say this is sort of like a miracle to create this housing and former mayor ed lee said i want to have this. it's just like an asphalt parking lot and now it's beautiful. the courtyard and everything. this is going to be home for this r them and should they pass away or leave. so the housing stays for veterans and that's part of the magic of this collaboration,

the fact that you bring federal subsidies into the city. you bring all these incredible sources, but for investors it's backed up by the public sector so it's a tremendous. but, of course, all the work that goes in and we look forward to future projects all the community networks. it's all part of the deal. we're all working together on this to make it work. we're kind of that little engine that could. i think we fought the good fight. and part of that's been a big

partner with the veteran's administration making sure we protect the veteran's administration as a solid top notch health system that needs to be protected and, if it doesn't, it will be skirted away to private health insurance and we have to stop that and the va's playing a major role. but it all comes down to how do you care for them. we know the veterans from my generation are sicker and pourer and in worst shape and they need that kind of care. whether it's dropping care. where their needs are. housing. residential treatment beds. we do that. it's crucial outreach that we do. it's ensuring that the emergency hotels that we're active with that and making sure the people that leave the

hotels have a place to stay. we like everyone here, we roll our sleeves up and we do the work because that's what we have to do. that's why we have the honor. i appreciate everyone being here and you're all part of this big support. so thanks again. thank you. >> okay. change of schedule. since we've got the big shot secretary of california department of veteran affairs here, we would like to have vito embossini. you're coming on board right now. hang in there, margie.

>> thank you. >> good morning. thank you reverend fong for the introduction. madam speaker, madam mayor and all the guests and community leaders responsible for this project. i'm the secretary of the california department of veterans affairs and i'm here today, may the 4th, there are too many startrek fans. the force is with us. the forces of partnership. the forces of civic governmental leadership. the forces of community, charity, the forces of philanthropy all here today in this very spot on may the 4th. this is always going to be a great day when we can dedicate new housing for veterans and their families. as we look at this beautiful new facility, the edwin m. lee

apartments, i'm looking at much more than a successful completion of a routine construction project. this property is so much more than just architectural drawings and building materials. the windows of these buildings are windows of opportunity for veterans looking to make their path forward more secure. in these ed lee apartments, the walls to them are like burls that will provide sanctuary for veterans who gave so much in their service to the nation. i see roof tops and all of this is based on firm foundations upon which veterans will not build their future, but flourish in it. these buildings are in essence reflective of the love and respect we share for those who defended our constitution and our freedoms. securing housing for veterans is one of cal vet's core

missions which is why i'm so very honored to be here today in addition to advocating for california's 1.6 million veterans, our agency helped to fund this project through our veterans housing and homeless prevention program known as vhhp, a program that we administer in close collaboration with the california department of housing and community development. vhhp helps to fund the development or rehabilitation of affordable multiple family housing for veterans and their families. and whether it is permanent, supportive, or transitional housing, it comes, all of it, with an emphasis on veterans who are experiencing homelessness or who have extremely low incomes. at a rate of about once a year for five years now, vhhp has awarded more than $357 million to 72 projects all over the

state of which this is one contributing to the production of more than 4,700 housing units throughout california, over 2,500 of which are specifically reserved for veterans but still, our work is by no means done. and we still have a long way to go. over 1,000 veterans experience homelessness on any given day. even though our veterans here only account for 4% of our state population. and what's more distressing, california alone has a quarter of the nation's homeless veterans and over one half of the nation's total unsheltered veterans. so clearly providing a roof and four walls is a great start, but it doesn't completely resolve the issue of homelessness in the long term. we now know what's required to give veterans housing

stability, a sense of community, a sense of compassion and the necessary services delivered in a culturally competent matter to support veterans as they address the issues that contributed to their homelessness and that's why we're so proud and delighted to support crowd shares. their work in providing services and housing to veterans over the last 40 years is a testament and commitment to the dedication to their entire staff. furthermore, the support of their development partners in this project, chinatown community development center and the city of san francisco and several other cities over the years have benefited countless lives and i believe mayor lee would be very proud on how this undertaking turned

out. so i leave you with this. this dedication ceremony could only happen because so many of you dedicated your time, your efforts, and your hearts to make these walls of sanctuary, these windows of opportunity, these roof tops of protection, the foundation of so many solid and promising futures. thank you. >> okay. wow. get ready for the video. we are honored to have margie televera to come up and share her story living here. she's a vet and she lives here. she's going to share her story, but there's going to be a video first. i always wanted to say this. one, two, three, hit it. >> when i was able to move

here, i thought i won the lotto. it's brand new. i was like i'm the first person in that. that's a big deal for me. once i was living in my car and often living on couches. that is difficult when you're independent female. you're saying thank you because you're not in the street, but it breaks your heart. >> i spent eight years homeless, i guess. in and out of homeless. my mother says i wasn't homeless, i just wouldn't be still, but i was homeless because i was in shelters. i was tired. physically, mentally, emotionally, spiritually tired. and this place is beautiful. i couldn't believe it for awhile.

>> you can't underestimate the value of safe housing for people. i think you've seen that on both sides of the chinatown community. what we've given people here and what they've given us is a sense of belonging. we're starting to see friendships, people starting to get to know each other. >> when the children come in the courtyard when they're laughing, it just makes you feel good. so i always work out and i see them playing. >> we were tasked with building community when we first opened here. one day a week. one of the veterans volunteered. so if you cook a meal, you're starting to take a leadership role however small in the community. the chinatown community development center offered grants for artists. so the very first person whose piece isn't finished is randal larson. he did a piece that involved

the community. one that started is a leather worker. all of these things have a huge impact. the environment being a catalyst for them to start thinking about change that they perhaps didn't think was possible for them. >> when i lived in the shelters, i didn't feel safe, you know, sleeping. but then to come back home, that's beautiful and it's peaceful. i have a peaceful mind. >> i just look around and say "i'm okay." that's a great feeling. i wake up, i'm okay because i know when i go to bed i'm okay and when i wake up it's like i told you. it's this great feeling. everyone should have that. >> to find that you can be stable and actually mattering to the world, it's happening because you're living in this place. we're starting to see how communities built. veterans are reaching out to

each other and when ed m. lee apartments is a place of hope and peace and you can't underestimate any one of those factors in the success of this place in just one year. [applause] >> okay. margie. give it up for margie. i forgot your dog's name? is it bear? >> "little bear." >> hi everybody. little bear. yes. i heard 17 billion and i went, "oh, wow." yes. let me say first, this is beauty. this is what i see every day from that window and it makes me feel good.

i live in an apartment that's brand new. i'm safe and i'm happy. i represent the veterans here and i live with families as well. this is our hamlet and management here looks out for us and encourages us to communicate with each other and become part of society again. coming from the streets into a new apartment can take awhile to get used to. but to know that now i can make my own breakfast. i can get up when i want. i can sleep when i want. and i feel safe. that's huge. do you know what it's like when someone rings your doorbell now? i'm sure you all know and you go, "hey, come on in." a lot of

people take that for granted. now, for us, man, my sister, "come on in." i couldn't do that before. so san francisco, edwin lee, just the name of this place should indicate to you how great this is. i remember him. he would smile all the time and if you saw him on the street, he would go like this all the time. and i remember he used to always talk about building the city up and he would tell us that and he was always smiling. well, look, look at this. if you want to know who san francisco is, what san francisco is, this is san francisco. diversity, family, looking out for each other. it is about working together.

it is a struggle, but this is a picture of beauty. this is peace. this is ours and this is yours. welcome to our home. don't be a stranger. >> you almost made me cry. bye, little bear. all right. wow. i love it. passion. hope. joy when we need it most. we have anita, mrs. lee, ed's partner in life, and just to let you know, she's going to just say a few words, more if you want. but she drove all the way up -- okay. andrew drove six hours, you went fast, to be here with us. let's welcome her with a big hand. mrs. anita lee.

this is for you. i just got it. >> okay. thank you all for being here today. i have to look. okay. we are all honored that this project has beared some memory of ed. affordable housing was his passion and i know this would have meant so much to him. thank you so much. >> now you got the flowers. we're supposed to sing happy birthday. we need all your help. camera people too. we'll sing happy birthday to mayor lee, okay ed lee.

♪ happy birthday to you happy birthday to you happy birthday dear ed lee happy birthday to you ♪♪ >> thank you. i think this is a time for question and answers. i'm not going to answer them. who's coming up to answer them? change of schedule. i'm flexible. >> madam speaker wants to cut the ribbon. >> okay. all right. >> are we ready? margie, you ready? let's do this. five, four, three, two, one! yes!

>> president walton: good afternoon and welcome to the may 11, 2021 meeting of the san francisco board of supervisors. madam clerk, would you please call the roll. [roll call]