>> president bridges: rollcall

please. [rollcall]

>> we do have a forum. >> president bridges:thank you madam secretary you everyone for coming back to open session . at this time i get a motion to propose the session on the cfo february 7, 2012 a. >> vice president casciato: i will make a motion not to disclose. >> i'd amend the motion it applies to 2 and closed session 3. and i'll second. >> presidentbridges: so . commissioner, youaccept the amendment ?

>> yes i do for both sessions. >> is moved by commissioner casciato. we will not disclose items discussed in closed session three the on the san francisco administrative code section 6412. madam secretary, please open the phone lines for public comment.>> members who wish to provide public comment should call 415-655-0001. press 187-636-6566 and pound, pound. if you have not done so already rest star 3. a system prompt willindicate you have raised your hand . wait till the system indicates

you have been on muted and you may begin comments . we will have a standard two minutes to provide your comments . moderators, we have callers on the line. >> madam secretary, there are no callers on the line. >> public comment is now closed. >> rollcall. >> trendline.

>> we have 6aye's, the motion passes . >> you madamsecretary, next item . >> annual publiccomment . >> members of the board, we've received one emailthat we will include in the general public comment . it isfrom john simpson and it reads as follows . your board members very knowledgeable about investing. i hope when it comes to investing in hedge funds miss gandhi does not go along to get along. you should divest from hedge funds for the same reason public pension funds like hers in the state of new jersey are divesting from them. ds, you should also stop calling hedge funds return investments.best regards from john simpson, a 46 yearmember . that was the onlyemail submission we had for public

comment . >> president bridges: thank you,madam secretary if we can open the phone lines for public comment . >> callers, if you have not already done so press star 3. any callers on the line? >> madam secretary, there are no callers on the line. >> presidentbridges: public comment is now closed . thank you madam secretary. next item please. >>item number five, action item, minutes of the may 12 21 retirement board meeting . >> president bridges: commissioners, youreceive the minutesfrom the may 12 toward meeting . what is your pleasure ? >> moved to approve. >> i will second. >> president bridges: second by commissioner casciato that we approve the minutes from our boardmeeting .

may 12,2021 board meeting . madam secretary, please open the phone lines or public comment. >> a reminder to the callers to press star 3. any callers on the line much in mark ... moderator, do we have any callers on the line in mark ... moderator? can you hear me? we are having a little technical difficulty rightnow . >> madam secretary,there are no

callers on the line . >> president bridges: ring no calls,public comment is now closed . >> president bridges: rollcall vote please . [roll call vote] thank you, we have6 aye's. motion passes. >>president bridges: thank you madam secretary, next item please . >> item 6, action item consent calendar . >> president bridges: what's your question?

calendar. >> president bridges: it has been moved by commissioner casciato seconded by mister driscoll the consent order. madam very open phone line for public comment. >> any callers star 3 to be added to the queue. do we have any callers on the line? >> there are no callers on the line. >> public comment is now closed. >> president bridges: will. [roll call vote] we have 6 aye.

motion passes. >> president bridges: next ite . >> item, investment. >> president bridges:. >> thank youpresident bridges . >> president bridges: commission report, i'm sorry, commissioner friends. >> scott heldfond: that's okay bill, go ahead. >> president bridges: for over to him but you are the chair, i willover to commissioner heldfond seven go ahead bill . >> ahsha safai: >> bill coker: the investment committee meeting was held last month regarding a walk through the different futures of the committee and model. it was an presentation and discussion.

it was an educational item only. the board can take the model up as we go forward. >> i appreciate your team organizes these meetings and i think the turnout in the historical turnout has been the evidence is that we are getting substantive and meaningful time information so all the help for the report. >> president bridges: thank you mister coker on the investment committee. this is a action item only so if there are no questions from i will open it for public comment.

>> cfo over made on summarizing the paper written by people from the world bank aboutthe 80 was well done. there were some illusions regarding their experience . we had a lot of bumps on the road to their success over there and although they only usedfloorplans represent what occurred in canada , there were many things not discussed that we would want to be aware of in case we tried to go down towards that type of a model. i just want to point out there were a lot of issues we did not discuss even though it was a great presentation. >>president bridges: any other observations or comments ? if not, again, the discussion item so now at this timeyou can open the phone lines for public comment .

>> if you have not done so already pressáthree. for those on hold continue to waituntil the systemindicates you have been on muted . moderators, do we have any callers on the line ? >> madam secretary, there are no callers online. >> presidentbridges: public comment is now closed . >> commissioner heldfond and cio coker, thank you for really convening a great investment committee meeting all year. the information was very timely and the research was done well so thank youto the team and thank you commissioner for leading that at thecommittee chair . madam secretary, next item please . >> item number eight, discussion item, reports on investment requirements for retirement fund forthe quarter end of march 31 2021 .

>> thank you madamsecretary . i will turn this over to miste coker . >> bill coker: we had another outstanding quarter on top of a most extraordinary fiscal year to date. returns have been truly spectacular. i'll have more to say in the cio report on the quarterly report as well as returns in april and may meanwhile alan will walk us through this item . >> can everyone hear me? thank you. you have before you the goods andperformance analysis report for calendar quarter january 20, 2020 . this report was generated through last friday the essence b is up another 6.7 percent and we would estimate total fund is up even more than the 6.11 percent bills report for the

quarter. that would bring your total fund return through may 31 two 30.62 percent which is truly extraordinary and there's more to come assuming the markets don't reverse in june. as profiled on page 2, we are experiencing massive strength in us consumer demand you'll by ongoing low interest rates and unprecedented financial stimulus. initially as you will recall coming out of the financial crisis, that stimulus was disproportionately led by the top file in income and benefited household and folks like you that financial assets. in contrast the capability to generate this broad fiscal support enables a much broader participation in the current expansion and you start to see that when you look at the next page because a briefsummary of

the first-quartereconomic environment , gdp growth up 6.4 percent . the sales the end ofthe year quite strong . unemployment was down although we added at commissioner driscoll's request, unemployment does not measure people who have left the labor force and aren't actively looking for a job. labor participation which is the percentage of the population that's actually working as continued to stay stubbornly high, reflecting the fact that a lot of americans just did not come back into the workforce andin the long term that is on what disturbing . the fly in the ointment to all this is the potential for significant inflation and rising rates so if you look down you'll see cpi saw an uptick, 2.7 in quarter one and as of may that year over your number is up 4.2 which is the largest increase in inflation

we've seen in decades. the federal reserve as you will see raised interest rates on the 10 year treasury from .92 1.6 percent and the yield curve as deepened and you will see that when we look at the end tax of rising rates on fixed income. the market although the equity markets have done quite well but not nearly done as well . the fed continues to be committed to his stimulated action and you can see with these stocks are continuing to price at a high level. i did want to read a quote from bridgewater about the environment which would be the ongoing fiscal push into a strengthening economy is creating strong pressures on growth and inflation . the fed could be forced to pull back which increases the risk assets underperformed the

economy . there's a wide range of potential outcomes and a rate of risk in inflation than there has been in a decade and many portfolios are not prepared. a few benefit from having taken actions several years ago with broader diverse indications across assets and geography . so with that if we take the step to the next page tojust look briefly at the underlying capital environment , you will see that in quarter onewhich is that first column , everything is up except public fixed income which was down 3.37 percent which is also impacted i rising rates. that's why you strategically shifted what has been is directly public market fixed income into private debt. you'll see over the same period looking at your private debt portfolio later it was up 5.05

percent so strong reward or a strategic action you took a while ago. s&p was up 6.3. our 2000which is that you smallest docs is up 12 percent . private equity was up 13 percent. commodities which influence real asset returns 6.9 everything did well with the exception of fixed income and real estate has alsolacked . if you look at the year everything was up. the snp up 56 percent but fixed income which is the 40 in a 6040 portfolio was only a 70 basis points. small did well, international didwell , real estate lagged so you see a supportive environment for financial assets. with that if we turn to page 18 which is the summary page, i'll give you a chance to get there.

the top line on this report is the net time returns for period indicated with the ranking in your group universe of 83 public funds with more than $1 billion in assets .the most important result on this line is we have generated returns that meet or exceed the rate sufficient to amortize our liability. currently at 7.4 percent and virtually every time period reported here though the answer is we generated sufficient returns? the answer is strongly yes including if you flip to the next page over 1520 and 30years . we've added value versus simply indexing the assets in a global 6040. or a domestic 60, 30, can be in real estate over all period's

greater than a year. as bills cio report will indicate we've chosen to diversify our assets with the expectation that in down markets over a full cycle , we will outperform , but recognizing an extremely strong market upswings will be carried up with the market we will slightly underperform the pure groups which tend to have slightly more inpublic markets . at the condition we're looking atwhen you look at the fiscal year-to-date and one your returns . wrong returns thatfrom a competitive standpoint not nearly as strong lastly , the fund as a policy index which reflects our asset allocation targets and benchmark returns for each asset class. the policy index attempts to mirror what we would have earned if the staff were to always have each asset class a its policy target .and the asset class earned what the benchmark earned. as a result, the difference

between the total funds return and policy index represents value added or detracted from portfolio positioning and or manager selection. you can see over the past five and 10 years the next of the results if you compare the top line to policy index has been a very strong 2 to 3 percent and i will tell you counseling a lot of public funds that is a strong result. to put that in a dollar context, over five years the outperformance of our policy, 17.79 minus 10.37 over the 640 is 1.42 percent in dollars that would be $2.01 billion. in the 2.8 percent outperformance versus, i'm sorry. that's versus the policy index. the 2.8 percent of outperformance versus a global 6040 index is or $.04 billion

so we had a strategy. we consciously chosen to diversify so we are not subject to reversal and over the longer term that rewarded us in a very strong way. one of the objectives of that diversification is to operate a total fund with less volatility than the markets that sell. protecting the funds from severe market pale risks. the most common measure of that volatility is the standard deviation of monthly returns and if you look atthe two tables to the lower right , the annualized standard deviationin their portfolio , 7.6 percent over the three-year 6.23 over the five-year, both of which rank in the bottom six percent meaning you are less risk in terms ofvolatility than 90+ percent of your peers . the different plans choose

different asset allocations and volatility levels and wemeasure your portfolio efficiency , yourreturn to unit of risk . as measured commonly by the sharpe ratio by the fortino ratio. the sharpe ratio is simply the return above the risk free rate and for this you can virtually think of therisk-free rate of zero with interest rates as low as they are divided bythe volatility . so for five years ,you see your sharpe ratio 1.71 , top two percent of your pure group, three years 1.32, top three percent of your pure group. the sorrentino ratio is a similar measure but itlooks at return for downside . it's developed by san francisco state professor frank sorrentino and his design look at the return and down. and you see a strong ranking i the top two percent of the pure

group .lastly for the year ending reporting one, the investment gain of 29.63 percent equates to $7.62 billion and as of 3:31, the market value for plan assets is 3.06 million is an all-time high very little troubling information here. the underperformance versus peers in that one year is easily understood i having a lower riskexposure . if there are no questions here i've got a couple of comments to follow on compliance and where theperformance came from. i'd be happy if there are any questions . if not, if we go to page 20. this is a compliance page so the, this chart compares your actual performance in each asset class as of 3:31 with the long-term target range and indirect target.

you can see all the allocations arewithin the ranges .they're very close to both indirect and long-term targets with the exception ofprivate credit . i think the board members understand you got into private credit 3 to 4 years ago. it is a private asset class it takes time to deploy money so you're up to the five percent which is good progress but still below the target and you see and underweight to treasury because that's where we put the leverage but we are not leveraging the portfolio at this moment in time justto show we have approval but we don't have any . all the asset classes are clos to target . most public funds building private market exposures are below their long-term target in private equity. you listen long enough in private equity to be actually

at or above your target very welpositioned . any questions on compliance and policy ? if not, if we flip to the next page, 12:22. they aresimply here to point out two things . one, the fund -like most matur plans is cash flow negative . you pay out more than you collected contributions and it has to be expected of a mature public fund.you also note for every period, the investment returns far exceed that negative cash flow which puts youunder a healthy state . if you were to divide that cash outflow of $500 million, it's around 1 and a half percent for most plans. that's from 1 to 3 so you comfortably have deficient liquidity to be able to invest in the less liquid private

market asset classes which are produced extraordinarily higher returns so again, nothing on this page ofconcern . the next two pages go through more detail . your rankings against your pur group . if we start on page 23, the one your results, each point in that chart is a public fund greater than 1 billion. they are plotted on the verticalscale in terms of return . on the horizontal tail in terms of tenderdeviation . san francisco is the green square so as we noted early, a performance result slightly before medium and look at that level of that line, it's 30 percent. so extraordinary performance but below median in arising market . substantially lower risk than

appeared group which we said earlier. the black triangle is your policy portfolio and again, while we slightly underperformed in this period which we will describe in a little more detaillater , we did it with much less risk . the objective of damaging a lower risk portfolio which we have some control on and have achieved in returns which we don't always control have been extraordinarily good in this environment. if we go to page 2 which is five year results which are less ugly to be bounced around you see the same chart on page 24 to the left only five or six funds at lower risk than you. five or six of those dots to the left of you and you will see your return is i are everyone but a few in that chart. in this case you seethat your performance , that green triangle, the operation of the

actual portfolio versus policy has produced both higher returns and at less risk which is a desirable result. i won't go into the 10 year because you will see a similar result in that respect . if we turn to page 21, we are going to look a little bit at where that outperformance came from by asset class and by positioning so on page 31, you see simply plotted quarter by quarter the outperformance or underperformance for each policywith that blue line being a five-year moving average . it does bounce around a little bit. these are markets. we don't control them. we can't guarantee we are going to outperform in every environment but if you start q2 of 2017 that blue line turns from to a definite slope upwards and you can see how

many more of those markets you had in this period time. if we look at that five-year rolling return versuspolicy, that blue line , it's roughly 1.62 percent and if you turn forward to page 34, we're going to take that 1.62 percent of outperformance versus policy and decompose it into how much came from asset allocation affect, i.e. did we overweight asset classes that did well and underweight classes that did poorly. versus manager selection effect which is the manager in that asset allocationoutperform the index ? the allocation affect at the top, we don't want that to be big. if it were too big you would be

taking a lot of positioningrisk . here it's positive and that's a good thing but it's small. that leaves 1 and a half percent per adam next of fees that come from outperformance by asset class. if you go down this list you had outperformance in virtually every asset class with the exception of 2. the absolute underperformance recall is against 2 bills +5 which is an aggressive benchmark and david has described the difficult period in the middle of last year, march orapril of last year we are recoveringfrom . the other one is private equity . this has to do with your choice of benchmarks. the benchmark you are using is apublic market equivalent , 75 percent of the russell 3+25 percent of the mfc i wait, the

global equity index plus the spread of three percent so your actual private equity portfolio when we look at it over five years as generated 19.07 percent per adam. anybody who has gotten a result like that, that's extraordinarily strong but the index is a three percent spread and if you looked earlier and added the russell 3000 to the msci, the benchmark was up 19.08 so there is underperformance versus that benchmark. when we look at that you will see that we very strongly outperformance your peers at this underperformance has to do with the benchmark selection as opposed toanything related to poor performance . with that i wouldask you to go to page 45 . we are now going to look at the risk adjusted returns for your

variousasset classes . on page 45, it's a busy chart but just as in the total portfolio when you measured the sharpe ratio being the return of a risk free rate divided by volatility, the equivalent measure with respect to asset class is the asset class return above the benchmark divided by the volatility of the actual results around the benchmark so you see annualized aj, tracking errors, those are the two equivalents and when you divide those you getwhat's called an information ratio .very similar in concept to the short ratio and if we go down the page your public equity top one percent, us equity top five percent, emerging marketstop one percent, global equity top eight percent . you don't see a ranking in

equity because you'll notice over this period we underperformed index and that number is negative which is improper bob to rank what we've had underperformance and you see it here in developed market equity. that has to do with managers that have been replaced and a slight value tells to our allocation and as we looked at earlier while value has come back strongly recently is not been rewarded overa long time . if you look at these numbers and look at the consistency of your public equity, very very strong competitive results. the next page, page 46, similar statistics on fixed income. one you will notice its 6.36 percent of your portfolio so that's been strategically reduced. we have had underperformance there from the core and core

plus. as you know from the investment committee meeting is looking to restructure thoseallocations . and the duration of that portfolio and a period ofrising rates is modest. the underperformance is there . it's not a performance concern. if we turn to the private markets on the next page, page 47, private credit is listed first and i want to emphasize particularly the return to private credit over this period is 10.77 percent come. compare that to what public market fixed incomes did on the prior page or you were looking at numbers in the twoand three percent range . that's why we adopted that allocation to private credit. and the nice thing about private credit is one, it at least in the direct lending portion typically floating rates which means if we have inflation and rate increase, this private credit allocation

will actually mitigate that. and two, your staff and cambridge in researching the managers that manage that portfolio, those managers look at individual loans, most of them are senior secured meeting if something goes wrong, it's unlikely something goes wrong but if it does your secured which puts you in a much better situation to withstand credit issues than if you own enron bonds and they get downgraded where you still have a lot to control so again, that's pretty adoption of that private credit is already looking strong, looking back and we wouldsubmit going forward is evenmore important . by the equity , we talked about this earlier area i would add if we looked at the cambridge private equity index line from the first page we talked about, that's 15.64 percent so you see again your private equity of 19.07 has done very well against your top 13 percent.

this is time related, this is not the right measure but tory cove report in july the irr rate being a multiple of invested capital. so this is strongly indicative of thisperformance . their result will do in more detail and real assets have come back as commodity prices. as we see some inflation there in the portfolio 11.1 percent of the total, 8.03 percent, prop seven and the real asset managerswe track . i would suggest that you have a policy that shifted to be more conservative. to protect you against what we see as cover sledding but over the longer timeframe you the

results you gotten have put you in a strong position relative to peers. i'll take any questions. the summary as you can see underperformance in an area where we weren't aware of and we have corrected action underway. iwould be happy to take any questions . >> i have a comment and i just wanted to thank theinvestors because there are hard part . >> one minorquestion and it relates to cash . it's not so much about the wasted cash and i understand how does that appetizing the cashprogram . >> because there's a number on the cios report about.

>> and i can come in here. >> i'm just wondering how is that moments component doing w advertise it . >> we overlay it and originally that was equity station. but when we went through the financial crisis last year in march , to be conservative and conserve our liquidity, the overlay is done withtreasury overlay, not an appetite overlay . it's a small value added but it's not an overlay inequity . i don't know you want to describethat in more detail . it's not an acquisition at this point. >> that's correct. as of last may we stop the overlay. we have treasuries and that's

what's been driving the liquidity . as of november, we will go over the additions from the cio report and as of november last year, the board approved the strategic allocation to leverage and the leverage will take over the cash overlay because the leverage is adjusted for cash overlay. talking about the details, that portion is currently not in. >> did that cover your questio ? >> i don't know if anybody can hear me but not one word of whatyou said have i heard . i'll try to call you both tomorrow to get your answer . >> commissioner casciato, i

think you were cut off. >> vice president casciato: i didn't have a question. that comment was i want to thank the investment staff and consultants forthe tremendous job they've done over the last several years . thank you very much. >> are there additional questions from the commissioners to mister coker oron this presentation . any additional questions or comments? i do so much to mister barton, and mister coker and the entire investment team. it's an excellent report overtime and we looked at first

the question of stem investment so thank you very much. we appreciate it. and i hope we can keep it up because we don't know what's uncertain right now so hopefully we can maintain momentum. so thank you very much. >> this is a discussion item at this time we will ask for public comment . >> presidentbridges: a reminder to any callers , press star 3 to be addedto the queue . >> madam secretary, there are no callers on the line. >> public comment is now closed. presidentbridges . >> president bridges: next item please. >> item number nine, discussio item . the investment officers. >> is overcoming your up.

>> for members, there are a couple of new features to cio report going to ask, to walk through and introduce the new members and i will take it from there.>> thank you commissioners. asi mentioned last year , last november , the board approved many strategic allocations. that included three percent targets, strategic targets to leverage. this gives staff flexibility in implementing some of the especially less out of your own part of our asset allocation through deliberate evidence and doing that cash efficiency. specifically first staff reviewed including reviewed our

custodians being their capabilities to properly report the exposure of leverage portfolios or events portfolio. we also talked to multiple references that are similar public funds for using leverage and we use their experience in implementing difficulties as well as reporting it to the board . we also used multiple providers for portfolio leverage and although it's an overlay solution, with an eye towards the needs that we first were looking for. so far we determined our current provider offers competitive implementation and

offers adequate reporting of the leverage. we determined that we historically like to implement using u.s. treasury futures and potentially part of the equity connected to those futures. the hearing got to implement total leverage injuly . far as alan mentionedin his report , we didn't have total plan leverage even though the liquidity management we implemented prior to our exposures were derivative through the futures out walking through that . so in preparation for the introduction of plan leverage , the amended the cio report to report cash leverage offsets. i'm going to share the cio report and walk you through the details.

please let me knowif you can see this . so hopefully you see this is page 9 ofthe cio report . and you will see cash and leverage calculations that are new. the cash exposure is net of other exposures in the portfolio. for example, currently we have exposure to us treasury bond intermediate bond index. through treasury futures. managed by parametric. it's about 380 million and it is includedin this fixed income outlay . so the two point four six billion exposure to fixed income includes the synthetic

exposure through futures or we call it cash efficiency exposure to the treasury. that's 380 million exposure is then subtracted from the cash line.and therefore the cash reported on the state next page are other synthetic exposures. it's if we increase our treasury exposure even further, for example we increase one percent , 340,000,002 treasury exposures through this line, the cash will go to zero. the cash exposure will go to zero and we will introduce leverage exposure to -.2 so that the total weight sums up to 100. so at the same time, we changed similarly where you see the

cash position and leverage asset position calculating exposures. to make sure that we properly report our actual cash positio , we amended the last page, the old cash. that reports actual balance of the cash at hand. so our actual balance is 412. in the beginning of may. we paid 114 million inbenefits . we also sold exposures for equities and other investments and raised 305 million and our balance as of the end of may, cash balance is 603 million. projection going forward you will see that we expect, we

plan currently for 200 and we will be amending the investments going forward but currently we budget about 100 million every month for pension payments. we expect employer prepayment contributions thefirst week of july . 300 736 million. and as we also expect net contributions rate or outflow to our liquid portfolios like private equity, private credit and this is how much we come back. so that's the overview of the cash movement and calculations of leverage and reporting of leverage that we can expect. the second change that we introduced and it's on the last page is in line with the credit line facility.

the board approved last june and in august we introduce the policies and procedures for reporting of credit. we've been very fortunate to have plenty of cash. however this month we plan to correct past the credit facility making sure we have a need for thecredit facility is there . we also are going to report credit facility usage and availability in line with the policies in august. that concludes the changes to the cio report that we introduced in order to make sure that we are in good position to report credit liquidity. back to you. >> go ahead.

>> i like the reporting on this, i like to break down so it's very transparent on the credit facilities because that's something we talked about when we were talking about rules and regulations of how we set it up. thank you very much for strategically outlining every single aspect . >> board members, in the early period you can see numbers here. and i will walk youthrough the first few months . just so everybody is clear and understands what the numbers are and what the numbers mean. meanwhile, any questions or comments ? okay. very good. turning then back over to the broader cio report, and by the

way on page one that should read may 2021. we had another extraordinary month on top of all recent months. another 3.54 percent in private equity. we were up about 11 and a half percent by two factors. one is we had a large ipo that was exceedingly successful and also there's the writeups to public marketequivalents . which in 2q on our private equity reflects december quarter values and of the private public equity public markets were up very significantly in 4q. other parts of ourportfolio also did well . private credit was a more than two percent so it was real assets that had begun to stage a comeback. initially, the rally post

covid-19 was private credit and absolute return also joined in market recovery and more recently it's been in real assets as well. i'm going to skip the calendar year to date and we will go to the fiscal year-to-date. so with 11 months in the book, we are up 30.62percent . we needed to post an approximate 20 percent return for the calendar year and june to have a 100 percent status so you could have your own estimates as to where we are there . we're possiblyright around 110 percent . the private equity portfolio has been red-hot, on fire. almost 60 percent. the ipo market has been most extraordinary. there's a lot of terrific businesses that are being, that have been priced richly but in

my opinion they've mostly been fairly valued. we have terrificprospects going forward . and in addition to that there's been equivalence in public market writeups and north of 10 percent of our private equity is in a equitysecurities that's normal , that public equity securities continue to be held. there are private equity books which are now somewhat more than usual. in addition, our public equity book is all up almost 40 percent. initially in thefiscal year that was led by the rally in biotech and technology but more recently it's been very broad cyclical sectors , international and emerging markets have also recovered extremely well here in recent months. on a fiscal year-to-date private credit is almost up 18 and 14 percent respectively but

as i indicated, the real assets portfolio has now asked into that territory and is not eigh percent on a fiscal year-to-date basis . that's all occurred in the last quarter. it's north of seven percent in the past quarter. the turning to a discussion of returns, just to add a little bit on context to allen's report is that our strategy as a reminder and also for new commissioner gandhi is that our strategy tends to achieve 2 objectives. one is to post better returns in down markets. so have better resistance, better markets decline and the second is to outperform over a full market cycle which we deployed there. and we attempt to reduce our

systematic exposure to the market and thus our exposure to a market loss through a different shaded approach to asset allocation namely we have less exposure to public equity than our peers by about eight or 10 percent. and in a major market equity rally , that's going to cause us to lack our peers but on an absolute basis given that the very definition i just cited is a major market rally is that our absolute returns would look very good but we expected to trail our peers and as stated so in the last couple of annual updates on our risk exposures which we do in 4 quarter of every year but we expect to outperform on a market cycle through good manager selection

and allen's report , he just highlighted a couple of pages over the past three and five years but about 80 to 90 percent of our access returns this has come from manager selectionand you see that on the table , envelope on page 2 is that we've outperformed by north of 1 and a half percent forthe past quarter . nearly 3 percent on a fiscal year-to-date basis but we lagged on about two percent over one year that we've outperformed by 2 and a half percentover the three years . so the sum of all that is we are achieving our objectives. and you'll also see that on page 3. and so as alan indicated, these are measurements of risk total portfolio risk , standard deviation and you see our total portfolio risk is running about 25 to 30 percent less than our

peers so it's significantly less. and in addition to that, our volatility is also running considerably lower than our own policyindex . and then in addition to that our sharp ratio which are measures of risk-adjusted returns and risk-adjusted returns in down markets, both of those are approximately 50 percent or so plus or minus some better than our peers and index. bottom line is that we are achieving all our objectives . weare hosting very good risk-adjusted returns . we posted every good relative returns and down markets. we posted every good absolute returns in all markets. and we're outperforming our peers over a market cycle. i did want to comment briefly on the inflation, given an

extensive writeup. alan indicated also we had some comments to make about inflation. the one month inflation rates in may was the highest in 44 years. and the one year rate of a little over four percent was the highest inwell over a decade . the, there's a lot of factors that gointo inflation . you can read between the lines here a little bit .i'm a little skeptical at the reported rate of inflation. it's the actual rate of inflation that's experienced by consumers. you can see as i've highlighted here there's a number ofreasons that go into that . thesubstitution of fact , adjustments, etc. the bottom line is that the inflation is inherently very difficult to measure because it's 80,000

good, across and each region has its own economic experience with differenttypes of goods . and it's an incredibly complicated metric to measure. this writeup was conveyed to convey both its importance and complexity. the beginning on page 6 we have seven closed items that the board approved in closed session that have since closed and are due to be reported to the board. in addition 4 more have closed in recent days since the application of the board materials and before today's board meeting so let me run through those 11items real quick .

this is an initial strategy, our first ever investment with the firm. our private credit the board approved an allocation of up to $70 million last month and indeed, we closed on 70 millio . control environmental goods which is also equally bringing capital , the board approved $50 million through our real assets portfolio and we closed on $3 million. this is our first investment with equilibriumcapital . the flagship core investment in our private equity buyout portfolio, this is our ninth investment. the board approved $50 million in march. insight partners, the board approved and allocation of $100 million in two insight funds. we closed on $50 million in

their flagship fund and $20 million in their annex buyout strategy. we are a 6 two 7 your investments withinsight . milestone real estate investors, this is our first investment with milestone. board approved an investment of the. hey, you are also a very seasoned investor with ta. the board approved an allocation of up to $100 million between 2 ta funds in march. we did close on $80 million and theirflagship fund . five more to go. this is our first investment with vita ventures. vita is a private equity investment and the board approved 35 million and we did

close on 35 million. for more to go. i culture, this is our first investment tiger, obviously it's an agriculture finance strategy at the board of 50 million . because the pag which is one of our flagship poor investments in our private creditstrategy . this is our seventh investment with pag. the board approved up to 125 billion. this is a music royalty strategy, the board approved an allocation of up to 60 million. we closed on 50 million. this is our second investment with primary wave. level equity, the board approved 40 million between 2 level equity strategies.

we were allocated 29 million to the flagship fund, $11 million to the equity opportunities fund. this is our second investment with level capitali have just one or two more things to go . i will turn back to the cio report. on the investment committee, we do have an investment committee scheduled for just over a month from now on wednesday, july 19 from 1 to 4:00. staff has been preparing vigorously for this meeting for quite some time. it's a heavy lift. there are going to be 4 different teams presenting in addition to an apc. you see the five items and it's a private credit as well as liquidity analysis and our schedule and alan will be giving his initial annual report on our coinvestment

program for the delegation of authority that existed for yea 2020 . it's a heavy lift. there's going to be a lot of valuableinformation at the ic report. second to last , on personal updates there are no new staff members to report departures. importantly, the action on the buildout of personnel staff for the strategic plan, that is underway.we have done the infrastructure behind the scenes before this goes out to the public there. and that will be ready to be rolled out so next month. lastly i wanted to report on the last page of the cio report. that isthe monthly asset .you see it closedthe month of may at 33.9 million . $33.9 billion as of last night

we are over $34 billion. we were at a 4.9 billion just 14 months ago. we've made over $9 billion. cash outflows in just 14 month . that's the most extraordinary recovery. with that, commissioner bridges i will turn it over to you for comments . >> president bridges: thank you mister coker. any questions for mister coker onhis report ? mister coker, i'd like to say thankyou . it's a lot of good news in your report and first of all as i said earlier, thanks to you and anna for the new outline and also for achieving over 34 billion and the potential of having funding of over 110 percent estimated. coming up. i think this says a lot and

speaks volumes to you and the investment team another one for meetings including our plan , i applaud all the hard work you've put into this it's not easy particularly in the markets that we've had over the last year so thank you so much and i salute you and the investment team and all the managers so thank you . >> iq president bridges. methodsare rarely going to be this generous . >> so there's going to be some back-and-forth. there's going to be a period probably sometime in the next five years where we're honest in the belly. but i do think that we have a very good strategy. we have a good approach to asset allocation. we have a good philosophy towards manager selection. i think there's a lot of and the value in our partnerships with our gps and we have a talented team that does

incredibly accurate research which is expressedin the reports that you see . >> how does thiscompare to the peers in terms of how they performed over the last year . >> our returns over the past five years right in the top five percent versus our peers. even as our volatility rate in the lowest eight percent. and our risk-adjustedreturns right in the top two percent . >> you talk about your objectives. how often do youevaluate the objectives and risk. that you're taking . is it at a majority basis or every five years? >> i would say it's an iterative ongoingprocess but it's also strategic .

so we conduct what our expected returns on bonds to publicly traded stocks to markets. the, what the expected volatility of those asset classes are with the relationship to their returns or the correlationsof their returns are expected to be . formally, the process is done every three years is what the board sees. in practice is much more vigorous than that.>> any additional questions. if not, thank you so much mister for your report. as this time i will open the phone lines for public comment. this is an suggested item only really iq colors.

if you have not done so press star three. do we have any colors online ? >> madam secretary, there is one calleron the line . >> iq. please take your name and begin when youspeak . >> this is fred from protect our benefits. mister keane can't overlook such an outstanding key investment officer report. it's extraordinary.i mean, i know it's unusual times in the market but there's been a lot of financial planners and othe investment . pension funds and stuff that done nearly as well. so salute to not only build poker but his team and the staff and everybody works

together . it's extraordinary and it's representing retired people a lot . it will be over 100 percent funded, and you all know what that means tosome people . to be 110 percent funded, that wasn't supposed to happen for a number of years so from the bottom of many people's hearts we thank youand salute you . >> thank you caller. do we haveany further calls ? >> there are no more colors on theline . >> hearing no calls, public comment isnow closed . >> can you hear me?if you can hear me, not your head. >> president bridges: we can hear you. >> to speak i have to pull out a headset but then i cannothear

you so that's why i spoke that way . i'm going to ask a question or give mister coker heads up on what he resented. the investment committee meeting question i like you to be prepared to answer since we have a high funding ratio level is whether or not we should consider immunizing the portfolio against liabilities. i'm going to ask that question at the investment committee meetingnext month . thisis what insurance companies do when we get to this point . thank you. >> president bridges: thank yo commissioner driscoll . madam secretary, can you call the next item please. >> item number 10, discussion item, sf dp managerial board . >> president bridges: thank you so much.

>> good afternoon commissioners, can you hear me? >> yes we can. >> thank you. it's pretty hard to follow mister coker's excellent cio report but i will do my best. as you know the ss pcp is a voluntary plan and so our assets are not quite close to the 34 billion but we are at almost 5 billion and wanted to give high level overview of the plan so that we can go over the monthly board report, particularly because we have a new commissioner. welcome on this board. with that said i'd like to turn to the monthly activity report included in your materials and i'm going to walkthrough at a high level in less thanfive minutes . if that's okay withpresident

bridges .>> president bridges: please proceed . >> thank you. going to the first page this is basically alineup of all our investments . you can see we have close to about 5billion in assets . these arevoluntary dollars . if there's any additional money that our employees have chosen to put away for their retirement to compliment anything theyexpect to receive .>>.

our staff works very closely with our record keeper. we have five councillors that we employ through the record keeper. and their job is to be boots on the ground. their job is to go into the departments and introduce themselves and tell people about

the plan. what happens is in the past it's very difficult for city employees to -- for lack of a better words, trust an outsider, right. our employees are more understanding that this is truly a benefit, that it's for them. and it's not, you know, something that is presented with any other goal, except to make them right, more financially secure. that's off the cuff. any other comments or questions?

okay. thank you so much for the deferred comp report. thank you. thanks to you and your team for all of your hard work. this is a discussion item only, madam secretary. please open the phone lines for public comment. >> clerk: thank you. a reminder to any callers if they have not already done so, press star 3 to be added to the queue. >> moderator: madam secretary, there are no callers on the line. callers on the public comment is now closed. >> thank you, madam secretary. next item, please. >> clerk: item number 11. >> thank you so much. executive director. >> commissioners, this is a report out from the government's committee and it's november 2020 governance committee meeting. the chair of the committee

requested that the board's fiduciary governance committee work towards a statement. they reported back on the may 2021 governance committee, there were various models that we wanted the committee to be aware of, and to consider. and that we had basically a recommendation from the consultant to develop a short aspirational statement, similar to the vision statements that we see other california public plans have adopted. also the governance consultant was careful to distinguish the vision statement from the mission statement of the organization. at the end of that discussion, the governance committee voted to recommend to the full board, the following vision statement, with a recommendation from the committee that the board approve

and adopt it. and that we start publishing it, not only on our website, but in other future publications. the vision statement that the committee is recommending is the vision of the san francisco employees' retirement system is to be trusted, leading edge, financially sound, well governed, dependable, ethical and transparent pension plan. and with that again it's the recommendation of the governance committee that the board adopt this vision statement. i'd be happy to answer any questions. chair driscoll obviously. >> commissioner, as chair of the committee, do you have any additional comments on this recommendation? >> i had to make sure that you could hear me. >> yes, i can hear you. >> okay. good. i can't -- now i can't hear you.

okay. here we go. jay expressed clearly how the vision statement was created with diane's help and why we're recommending it. the small piece of the puzzle that you don't see yet, that hopefully will come back in the neck several month -- next several months. there's another thing called the purpose statement, which needs to come from the bottom up. because it is how all of the staff on the service side, not just the investment inside, that our members really rely and depend on to meet their needs. so that purpose statement and how we execute and achieve what our mission and values are all about. those are more words. but hopefully it's -- they're not just words that appear on our stationary or website, but the culture that the executive director is responsible for leading and managing, that purpose statement will then help

all of our employees at sfers understand how we're trying to do things. it focuses more on the how than simply the what and the why, which division statement and the mission statement are all about. that's anence of what we were trying to accomplish by reaching out to develop a mission statement. thank you. >> thank you, commissioner driscoll. if we can hear them at this time. >> i'll make a motion -- i'll make a motion to adopt division statement. >> i'll second it. i'll second. >> thank you. it has been moved and seconded that we adopt the recommended

vision statement from the governance committee. madam secretary, please ask for public comment. >> clerk: thank you. callers, if you have not already done so, to press star 3 to be added to the queue. moderator, do we have any callers on the line? >> moderator: madam secretary, there are no callers on the line. >> clerk: hearing no calls, public comment is now closed. >> thank you, madam secretary. roll call vote, please. >> clerk: yes. [roll call]

>> clerk: we do have six ayes. motion passes. >> thank you very much. and thank you to the governance committee for working on this and we'll -- look forward to hearing the rest of the committee report a little later. thank you, commissioner driscoll, and to the governance committee. madam secretary, next item, please. >> clerk: item number 12, discussion item. educational presentation on fiduciary duties. >> thank you so much. at this time i'll turn it to the executive director to introduce this item. >> i need to unmute and start my video. the governance policies provide that the board -- again -- [inaudible] in the past, we have

requested the city attorney's office and today we have deputy city attorney robert -- [inaudible]. presenting a segment of fiduciary training and then usually these are every six months. this has been delayed. but i will now turn it over to robert brian. >> thank you. can you set me to sharing. >> clerk: moderator, can you pass the ball? >> give us the ball. >> clerk: you should be set now. >> yes, i see it. one second.

i hope you can hear me. i think you can see me, i can't see you in my current mode. hopefully you can hear me? >> clerk: yes, we can hear you fine. we have the representation up. thank you, robert. >> excellent. this is a review of the fiduciary duties for the retirement board. and many of you have heard much of this before. and not much has changed, but it is worth reviewing from time to time as the executive director pointed out. this presentation will basically address three subjects, what is a fiduciary, what are the four

basic duties of a planned fiduciary, the relegation of fiduciary duty. so the most useful, helpful definitions of a fiduciary can be found in the employees' retirement insurance security act and the internal revenue code. and the definition there instead of fiduciary is any person to exercises discretionary authority or control of management or grant assets. renders investment advice for a fee or compensation or secondary authority or responsibility for planned administration. essentially if you have to put discretion over an administration or investment, you're a fiduciary and you must contact in accordance with the fiduciary standards. so in a fiduciary function, your job description or your contract terms may not identify you as a fiduciary. if you do the things by

definition to make you a fiduciary, then you become one. and so it's important for those who, within the staff who were not expecting to be fiduciaries, not act like fiduciaries. and it's important to remember that appointing a fiduciary makes you a fiduciary to that appointment. you basically must monitor the performance of the delagee and make the appointment in accordance with the duties, that meets fiduciary standards. so there are some examples of fiduciaries, that we commonly know. the board and its committees are fiduciaries. and individual members of the board and investment in benefits staff are also fiduciaries. and investment managers are sometimes hired to make fiduciary decisions on our behalf. and examples of nonfiduciaries.

the biggest example is the settler of a plan, the creator of a benefit plans, the city and county of san francisco. the city is not making discretionary decisions regarding administration of the plans or investment of assets, but the city is creating the plans. and record keepers who have ministerial duties only, with regards to records, are in similar position. and attorneys, auditors are also given advice or actual findings, but are not making discretionary decisions in regards to the plan. so what are the four basic duties of a planned fiduciary? and these duties can be found in the state constitution and the charter. and we start with the

constitution, which is based on the board. we start there and then the charter, article 12 or the city charter does the same thing. so the four basic duties are, that we'll find in those bodies of law, are duty of loyalty, also known as the exclusive benefit rule, duty of prudence, also known as prudent expert standard. the duty to diversify plan assets and the duty to meet the terms of the equitable law. so the duty of loyalty. it's stated in the state constitution and to satisfy this duty fiduciaries -- for the exclusive purposes of providing benefits to participants and their members of the

beneficiaries. this part of that duty is reflected in the charter as well. the next part of the duty, minimizing employee and employer contributions in administering the charter, but not within the constitution. so it is our obligation to satisfy. now this duty -- the duty of loyalty you could the constitution, it takes precedent over any other duty that you have as fiduciaries. obviously it's extremely important. to satisfy the duty, we may not as fiduciaries place fiduciary's interests, the plan sponsor's interest, the unions or constituent's interests and third parties interests ahead of the interests of beneficiaries. so basically you must have one thing in mind, which is what in the best interest of planned participants and beneficiaries. this is basically a conflict of

interest rule. you should not have a competing interest with the interest of the plan when making a plan decision that's a fiduciary obligation. so let's look at a hypothetical. hypotheticals are often good for helping us understand rules. so alexis is a member of the retirement board. alexis' spouse is an employee. investment l.p. invests in a company with space technology. and would help to diversify the pension fund assets. in closed session, alexis with all other board members voted to place up to $70 million of investment of that. board members not to disclose their closed session discussion or vote. so the question here, we'll stay with the example a, before we go to example b. the question is is there a

breach of the duty of loyalty? if the red flag here is alexis' spouse is an employee of investment company, investment l.p. and so alexis has loyalty to alexis' spouse and we might know that that interest in the spouse's position might also be a financial one and that the spouse is receiving an income from her employer. so that's -- that in almost certainty would be deemed conflict of interest. and if alexis voted and alexis breached the duty of loyalty. there's another layer to this hypothetical that gives me a chance to just briefly review government code section 10090, which prohibits the board from taking any action on a contract, in which any board member has a financial interest. this might fit that category.

because alexis' spouse is receiving the money from her employer, and yet alexis is taking a vote and the board with alexis has taken a vote on the contract. so we have to be very mindful of that situation. so there are two issues in this one item. let's assume that 1090 was not an issue here. the board voted and the investment transaction was under way. go to example b. hypothetical bwith one week after the board approved the investment, but before the investment transaction closed, ralph, a board member, was being interviewed by investment stars magazine for an article featuring his contributions to the retirement system. ralph disclosed to the stars magazine the retirement board's vote in closed session for the article. was there a breach of loyalty

here? the magazine was interested in interviewing ralph to feature his contributions. there seems to be a personal conflict of interest here in ralph interviewing with the magazine. and so this is also likely a case of an inappropriate conflict of interest. ralph is not necessarily acting in the best interest of the plan. and the board voted not to disclose. so one would assume that the board, in keeping the plan interest at plan, had a good reason for not discolleagues -- disclosing the vote. it may interfere with the transaction. it might stop the ability to close the transaction. so ralph had interest here in all likelihood. the other issue in this hypothetical, b, of course, is the vote not to disclose. and ralph's error is acting contrary to the vote. that could be deemed official

misconduct, which could be from his position. so the process to important situations that i think we have to be mindful of. i will add that the liability for breaching the duty of -- the fiduciary duty is personal generally, which is to say that the fiduciary couldn't be held personally liable for the damages caused by the breach. but you're a public agency. and the city would very likely, as it generally does, indemnify you if you act within the color and scope of your duty. people are acting within the color and scope of their duty, because they were -- because they could be said to be pursuing personal interests, not the interests of the city or the funds. [ please stand by ]

that acting in good faith or

underway because you think that you have a good motive in taking an action and that's not enough. you can act in good faith and still reach the duty of prudence. for example, you may have a board member who is sympathetic to a member who is not eligible for a disability pension but because they might go bankrupt without a disability pension or because the board member's family is in a bad situation otherwise. this board member instructs staff to grant a disability precipitation. the idea, the motivations are all good and the board member is pushing staff to approve a pension that's inconsistent with the requires of the pension plan. that is i am prudent and a breach of the fiduciary duty. you have a wide breadth of responsibilities and topics to

cover you can't always be experts. you may consult an expert. when you consult an expert and take into consideration that are add vis from the expert, you are responsible for the decision you make. so, the duty of prudence does not require you to guarantee an outcome or require a feud process and it's basically underscoring the need to document your decision-making to show, to show, that you have a prudent process and it's prudent outcome and no process more

likely to lead to haphazard outcome. with a hypothetical on this duty. and retirement board was in search of an investment adviser who acted as fiduciary. staff recommended the board retain luminary consulting and staff did not and time and work and investments recommended by luminary loss and the other grew by 10% during the same period. so, was there a breach of a duty of prudence? there are going to be many questions asked when an allegation of a breech of a duty of breweddens is made and it's all going to be fact-based it

making decided. why did staff recommend a luminary? it luminary's skills weren't retain particular? would a competitive process have helped? why not have one? they're all pro pro at factors and these are the types of questions that would be asked and investigated to make the decision what does it look likes? acting consistent with the laws and plans governance documents and which includes board policies and procedures and to the ex at any time, having systematic monitoring of the performance to ensure the del a gee is meeting the fiduciary responsibility and documents decision-making and documentation that shows what was considered and where did you

get information from, your sources, whom did you speak? what experts, for example. maybe experts that were interviewed and what were your conclusions. there are common documents that help us to document this and the agenda, staff and consultants suppose sorting materials and minutes and these are all things commonly available to help with document procedural prudent procedures. so they've gotten in trouble but not doing what the laws and the governance documents say they should be do. they will be reviewed and updated and having no record of what was considered and who was consulted. and having no record of what it looked like. the biggest concern again is not being able to support what was

done with documentation. >> the next duty is to diversify and it's only found in the constitution. one could argue it's a duty that fits on the dude of prudence but under the constitution, it's a duty to diversify the investment of the system and it's minimizing risk of loss and rate of return. unless it's clearly not prudent to do so and of course i found that the duty to diversify cannot be determined for some

formula and it's not new member numericalor counting stones, ita condition that determines by many facts and circumstances that are in place when decisions are being made. i have said this before and i'll say it again, arisa, of course, is a private retirement plan and it doesn't apply to us but the fiduciary standards closely have the standards and the constitution and the character and so, the analysis of these duties under arisa be can be helpful to us and useful guidelines. so, diversification is generally considered based on the plans entire portfolio but to get there, you would have to give and and here are the factors

that the case look at or some of the factors that the cases look at in trying to determine whether or not they are diversified. the purposes of the plan, the amount of the plan assets, financial industrial conditions, the type of investments, and mortgages, responded or stocks .it's in accordance of the plan documents and law and this is a common law principle you find it in the california state courts and the public printed grant and it will all the period of trust. you must follow the laws that

applies to the plan if you are going to and it falls within the duty of prudence and the board members urging statement of pension benefits and it's an example that someone not calling the plan rules or plan terms and app liberal able laws. this could very well fall under the duty of prudence as well. so, we know that the settle ler and they do not have the responsibility to satisfy the fiduciary duties and where as, you as board members would and and the settler is someone who created the trust.

so, settler functions, you too encloud adoption amendment and determine enation of planned terms and the third composition plan is set up by city ordinance and the city could make changes to what you could do regarding that. by amending those ordinance and the authority byway of the character to do that. and some officers of the plan may wear both hats and they may sometimes be settler and we have a board members on the board of supervisors and sometimes sometimes they are on the board of us and he is wearing a hat of a settler and he has the

fiduciary responsibility. so, we have to touch on the point that a is theeler is not obligated to consider the interest of planned participants and can act in the interest of the settler and modifying the plan. the city could take into consideration, financial burden on the city and making changes or could simply want to attract more employees to the city and drive the make other decisions and but so it's perfect example, the city added their own retirement window to our plan, whether it's the sfdp for example and then the

implementation of that would and importantly informing member out at the windows there and how to take it and that is part of our fiduciary duty. so, what are examples of fiduciary decisions? on the left, we are examples of settler actions and as we said, most of those, all of those have to do with changing the plan. planned terms or ending the plan and under the right of fiduciary actions, which involves various sorts of dis correction ary judgment, for a direction and monitoring of plan investments, a planned service providers and third expenditure of planned assets, including of fees and expenses and time and delivery and all of these must be done with the highest duty of care meeting the dude of prudence and

loyalty. let's talk briefly about delegation. because of the scope of your work, the complexity of it all, it's important you have the a lot to delegate authority and to the extent the board or delegates to staff and staff is obligated to meet the fiduciary standards of the character and the constitution. and it's haifa dash aor' function so when doing so, you must meet the duty of loyalty and the brewed expert standard. we've also talked about the fact you would need to have on going

monitoring of fiduciary when authorized is delegated. but still the principle applies to other service providers because they are obviously providing something to you services to you that you need to help you make good fiduciary judgment that's is important to monitor, all service providers there are tools to do these things to hire good service providers. r.f.p.s and r.f.i.s request for information and one technique to help us ensure that we're hiring the best that is available and systematic performance and peer reviews and fees are a touchy point. there's something that are often sued over because of the fees to

the plan are too high or the fees to members and using it as an example might be too high and those would be the allegations. use of standard agreements with investment managers and consultants as a risk management tool. this is a way to make negotiations more efficient and to help ensure that we get our best terms cross to service providers. and we'll tools and monitoring such as reporting meetings and watching these procedures. i think that ends the review of the fiduciary responsibility. do we have any questions? >> are there any questions on our fiduciary responsibility? >> yes, i have questions. >> i can see you but i can't hear you. can you hear snow.

>> i can hear you, so please proceed. >> if you nod your head, i'll see it. page 24, robert. i just want to make sure that i understand, it's obviously applies to the constitution, the city charter, i assume the administrative code inconceive blee m.o.u. contracts that affect us and that correct? >> next level of documents that's do with our terms of reference, our investment policy and belief statement, which has procedures in it, and any other resolution that's we adopt? are we obligated to follow them and our staff when we delegate to them? >> yes, you are, you certainly

should. to the extent you have inconsistent resolutions, it's important to correct that. yes, the idea is you are adopting the protocols and policies that telehealth to your ability to meet your fiduciary responsibility so you should be following them and removing any consistency when you review them. remember, i can't see you. is there another question? >> commissioner driscoll. >> is the board obligated to use a competitive process when we're getting ready to make a decision on some major need, as asset, we do a lot of different decisions. are we obligated to use a competitive process? >> you are not obligated on any

law that you have a competitive process and you have to poll your policy in regards to that and no, you are not obligated by-law to do it and you have your service providers, you have an option not to if certain conditions are met. but there's nothing lawfully that -- >> are staff obligated to use a competitive process or consider alternatives if there are any such alternatives for whatever project search, whatever we delegated to them in order to bring a recommendation back to the board? >> to the extent, they're not

this is your terms of reference which sets a competitive process requirement for certain service providers, no, there's no other obligation and it will follow your term of reference. if something is outside the scope of your terms and reference, there's no clear obligation. if following competitive process it's something that would help that one could argue would be the best way to help staff to make the decision then they can do that but there's nothing that object la gates to do it other than meeting the duty of prudence. they may decide they don't need to do it and your term of reference doesn't require it and they have other information that leads them to be there's only one person that can provide, that can provide the service or answer the questions that you

want. they should be able to justify why there's no need for it. there are flexibility -- there was a term of resolution or process described and it was not followed, whether or not it was conducted sips the board a proves things, whether or not the board was prude apartment. prudent.thank you for the prese. >> the board can always changes its policies and procedures if the board thinks that perhaps it could be something else would be more prudent than what it previously approved. that's why the board periodically reviews the terms of reference and other policies. >> thank you, commissioner driscoll do you have additional questions?

>> ok. other commissioners, do you have any questions for mr. brian and our fiduciary responsibility? this was a discussion item and i would like to thank you for pour duties and responsibilities of the board so thank you mr. brian. >> thank you, madam president. >> is there any public comment on this discussion item. >> clerk: thank you, a reminder to callers if they have not already done so to press star 3 to be added to the queue. are there any callers on the line? >> there are no callers on the

line. >> public comment is now closed. president bridges. >> thank you, madam secretary. next item, please. >> next item, number 13, discussion item, personnel committee reports, i do have one correction on the report. the title should reference personnel committee not investment committee. president bridges. >> thank you, madam secretary. commissioner stansbury. >> i don't think the committee has anything to report out other than our public' noticed meetings. >> thank you so much. this is a discussion item only. if there's nothing else, please open the phone lines. do you have any questions for commissioner stansbury? if not, we'll open the phone lines for public comment on this discussion item. >> thank you, moderators, do we

have any callers on the line. >> clerk: madam secretary, there are no callers on the line. >> thank you, hearing no calls, public comment is now closed. president bridges. >> thank you, madam secretary. next item, please. >> item number 14, discussion item. governance committee report. there is also one correction on this report that title the chair should read governance committee not investment committee. president bridges. >> thank you, madam secretary, commissioner driscoll, governance committee reports. >> the terms reference that we voted on several minutes ago was one result. the next governance committee meeting has not been set yet because we have to come back and look at our minutes as well as the motion that we adopted has still not got into, i would say final, final form so we hopefully will have actions

possible actions to recommend it for the july meeting. we had a very long meeting talking about a number of issues to have a function that would happen in the investment commitment meeting and other issues about improving our decision-making process. so, more to follow at next board meeting assuming the governance committee can meet before then. >> thank you so much, commissioner driscoll. board members, are there any questions for commissioners driscoll on the governance committee report? >> commissioner bridges, i just want to make -- >> i hear you, yes. >> the only thing i would say is we're under a -- we are in a period of what i would call enormous change and before we

start making changes to policies, anything that is dope structurally, it would be wise for us to wait until we have some of these new positions filled and we complete the executive director search before we contemplate any large changes. >> fellow board members. the item that was brought to the governance committee was submitted by staff to the president of the board. it was then delegated to me without any additional instructions. i've handled this best i can without any additional input from anybody other than the two committee members. only of two us actual low spoke on the matter. so i don't plan onrushing anything but we're asking a lot of questions and trying to figuring out, going forward, improving all our processes which is relating to the decision making and a lot of it relates to investments and and

how the mayor's office will be expanding our budget and for purchasing of bring on professionals and other high-level service oriented people as well as what the personnel committee is doing with its major projects. the governance but this was delivered to us meaning the governance committee. i have to plug in so i can hear any other comments. >> they're not directed towards him and i'm not trying to rush into it. and i just think that we're in a situation similar to when we were rolling out our return strategy and i want today make a point that i think it's important we don't rush through

it. not rush but we just wait until some of these other big changes are in place. >> says he said, everything is on the review and all the recommendation also come back to the board anyway. >> that's what i said many of it's approved by the board. that's one and two. one or two of these significant items go back to the retreat where he was helping us deal with some of these issues and so some of these ideas that have been floating they have to go in a good sequence which means the executive director that decision

and to the think. >> any comments or concerns on governance? >> does that clarify your concern? >> i understand the process, i just wanted to ask for an observation. is there no more concerns or questions for commissioner driscoll and the governance committee this is a discussion item and i will open the phone lines for public comment. >> thank you, callers. if you have already done so press star 3 to be added to the queue. are there any callers on the line? >> madam secretary, there are no

callers on the line. >> thank you, hearing no calls, public comment is now closed. president bridges. >> thank you madam secretary. next item, please. >> item number 15, action item. adoption of the july 1, 2020 funding and evaluation report. >> last month we did discuss the results of the july 1, 2020 and the board adopted for 21-22 fiscal year and this is the vote on the package and i have a couple brief highlights. i'd like to note the boost july 2010 now comprise 53% of our active and last year it was short of 50% and section 2 of the report is a very important section and it discloses risk and they have identified including investment risk, interest rate risk, and the

risks that the cost for future supplemental could be unaffordable and these results in discussed last month and i did ask bill to stand by and in case the board has any further questions and i should add that i am always available to answer questions at any time. >> board members, are there any questions or concerns regarding the funding evaluation report? if not, this is an action item and i entertain a motion. >> i'll move to approve. >> i'll second that.

>> moved by commission and second by commissioner that we adapt staff recommendations and as of july 1st, 2020 funding evaluation report, madam secretary, please open the phones to public comment. >> thank you. a reminder to any callers to press star 3 to be added to the queue. moderator, are there any callers on the line? >> adam secretary, there are no callers on the line. >> thank you, hearing no calls, public comment is now closed. press bridges. >> thank you, madam secretary, col call vote, please. >> clerk: [roll call vote]

are you waiting for me to vote again? >> i vote aye. if you can see me i got my. >> aye. >> thank you we have six ayes motion passes. deferred and terms of reference and monitoring and reporting policy, executive director and

performance evaluation policy and strategic planning policy and fast forward communications policy. president bridges. >> thank you, madam secretary. at this time, i would turn to a director and for this presentation. >> members of the board, as point the out in the memo the retirement board poll sees and sort of what he was requires a regular and of board policies and so these are the reviews are done initially in the governance committee so this is a report out from two governance committees and the first one being on november in 2020 where the governance committee reviewed the governance committee terms of reference that the deferred compensation and the monitoring and reporting policy and the executive director performance policy and the strategic planning policy as a normal review and from that meeting, all they did was update

the fact that they had reviewed the following three policies and the governance committee in terms of reference and deferred compensation information from

staff and more clear the process and the attracting process and it was staff's recommendation the section be educated to the policy that basically covers board information request from information from staff and i'll read it because it's brief. board members shall submit all

requests from staff which require research of gathering of information in writing to management, for example, executive director and the for consideration or action. for tracking purposes all request for information from staff should be copied to the board secretary who will align a tracking number, monitor report on the processing of these requests. this policy does not include routine request inform readily available information. management shall provide the semi annual report on the board and on the process and the board members request for information covered by the policy. with that, i don't know if chair driscoll wants to add anything but it's mostly routine,

substantive issue was the addition of a new section to the board of communication policies and the committee's recommendation is that the board approve changes to all six of these policies and with that i'll be happy to answer any questions. >> would you like to add anything? >> nothing significant to add but i want to underscore the issue about the communications policy and adding section 14 was to help track better request for information on how they executive with the staff and thank you. >> thank you commissioner driscoll and executive director. board members, do you have if i questions or concerns for either

regarding the recommendations? this is an action item. >> if no one has any objections i would move to approve. >> thank you, commissioner. >> i'll second it. >> it has been moved by commissioner and second that we approve the recommendation of amendments and updates to the following board policy. a of terms of reference, the compensation committee terms of reference, monitoring and reporting policy, g, executive director performance evaluation policy and strategic planning policy and board communications policy. madam secretary, please open the phone lines for public comment. >> clerk: thank you, callers. please press star 3. moderator, are there any callers on the line? >> madam secretary, there are no

callers on the line. >> clerk: thank you hearing no calls, public comment is now closed. president bridges -- >> thank you madam s a role call vote, please. [roll call vote] can i accept a thumbs-up? can we get an oral from him? >> can you plug in and say aye? >> clerk: can we accept a thumbs-up?

>> clerk: [roll call vote] >> i'm terribly sorry but i lost connections for last minute. what are we voting on? >> the approval of governance committee amendments on the board policies. >> to any of those affect investment-making decisions?

>> madam secretary, next item, please. >> item 17, discussion idea. executive director report. >> goods afternoon the only item was a budget updated related to

our hearings before the board of supervisors but i wanted to publicly state that the mayor issued or presented her budget on june 1st and i'm very pleased to announcement the investment positions the resources the environment board supported in our budget have been approved and are included in the mayor's budget. we're so lucky completely on the administrative non investment side of the house, however, we were able to get much needed resources from the mayor's budget. the process now is that we're in negotiations with the board of supervisors budget annalist, the harry rose house that has been working with the board of supervisors and basically

looking for ways to improve the budget and provide money fort board of supervisors to have some discretion on how to spend it. even though we are not general fund meaning anything that is cut from our budget, cannot be used for any other city purpose. we still go through the process and i've been getting e-mails during the meeting where they're asking for additional information so we're hopeful that we don't have a final decision as to what our budget will look like once it goes to

for cuts restored and i'm hopeful we will be successful but the final date that we can have a settled and figured, fully negotiated budget and the board of supervisors will at least make a committee decision on the department budget is the following wednesday which is june 23rd. so it's crunch time for the budget and i want to give you an update and make sure you understand that all the efforts and a lot of board members have made as well as staff's outreach to the mayor's office resulted in us getting the investment resources that we have requested and that the board had approved. thank you all for your efforts. with that i'll answer questions or if we have any other questions related to any other items. >> thank you, executive director. and is there any questions for

out deputy director? if not, this is a discussion item. if can you open the phone lines for public comment. >> a reminder to press star 3 to be added to the cue. moderator, do we have the callers on the line? >> madam secretary, there are no callers on the line. >> thank you, hearing no calls, public comment is now closed. president bridges. >> thank you, madam secretary. at this time, i will transition the meeting to our vice president and i will relinquish my seat as president and trans mission of the meeting. >> thank you, very much. at this time, i'd like to call items number 18 and 19 together.

>> clerk: 18 and 19' elections of board

>> thank you for the nominations. i'll go with aye. >> thank you. >> like it's a surprise. >> clerk: [roll call vote]

>> clerk: we have six ayes, motion passes. >> thank you, very much. would you call the next item, item 20. >> thank you. item number 20, discussion item, retirement board members. >> this time i would like to thank outgoing president bridges for her service to the board this past year and i would like to thank her for the teamwork exhibited and working together. thank you, very much. >> thank you vice president and may i speak at this time if possible? >> go ahead. >> thank you president.

i must say i'm grateful and humble to have served of president for this past year. it was a challenging during a global pandemic but the first staff and consultants and i'm pleased the committee convened to discuss the business of the retirement system and we performed our responsibilities and an excellent matter and i'm pleased with that so i thank each of you and i'm grateful. i salute the board and my vice president at the time, who i worked closely with so thank you, very much. our executive director administrative and operations teams i thank you and investment team, city attorney, consultants and our technology team, grace, craig and paul, you are the best. and last but not least, our rock

and the glue for the entire system our extraordinary board secretary, darlene, thank you, very much. thank you for support. i look forward to working with president as we is our responsibility of the system. thank you very much and thank you to all. thank you for yielding your time, mr. president. >> thank you. at this time, public comment. >> clerk: thank you. moderator, do we have any callers on the line? >> madam secretary, there's one

caller on the line. >> clerk: thank you. caller, please state your name, your two minutes begins when you speak. >> my name is fred sanchez with protect our benefits. sorry for getting in late. i wanted to thank commissioner bridges on the way she always conducted a first-class meetings, wonderful. god, yeah, very refreshing, great job to the president. to the new inductees we hope to work with you both. to my favorite supervisor on the board, ahsha, congratulations and you know, i know you will continue after commissioner bridges has done a great job i'm sure but just like to work with

you and god, if every board was like the retirement board, we'd be a lucky san francisco. thank you. >> thank you, caller. moderator, do we have any further calls. >> madam secretary, there are no more callers on the line. >> clerk: hearing no calls. public comment is now closed. >> ok, motion to adjourn is in order. >> so moved. >> moved by commissioner. do we have a second? >> second. >> thank you commissioner bridges. ok. call the roll, please. >> clerk: i don't believe there's a vote required for adjournment. >> it's not an action item. we should be adjourning.

>> ok. we'll consider the meeting adjourned. thank you, very much, everyone.

>> shop & dine in the 49 promotes local businesses and challenges resident to do their showing up and dining within the 49 square miles of san francisco by supporting local services within the neighborhood we help san francisco remain unique successful and vibrant so where will you shop & dine in the 49 san francisco owes must of the charm to the unique characterization of each

corridor has a distinction permanent our neighbors are the economic engine of the city. >> if we could a afford the lot by these we'll not to have the kind of store in the future the kids will eat from some restaurants chinatown has phobia one of the best the most unique neighborhood shopping areas of san francisco. >> chinatown is one of the oldest chinatown in the state we need to be able allergies the people and that's the reason chinatown is showing more of the people will the traditional thepg. >> north beach is i know one of the last little italian

community. >> one of the last neighborhood that hadn't changed a whole lot and san francisco community so strong and the sense of partnership with businesses as well and i just love north beach community old school italian comfort and love that is what italians are all about we need people to come here and shop here so we can keep this going not only us but, of course, everything else in the community i think local businesses the small ones and coffee shops are unique in their own way that is the characteristic of the neighborhood i peace officer prefer it is local character you have to support them.

>> really notice the port this community we really need to kind of really shop locally and support the communityly live in it is more economic for people to survive here. >> i came down to treasure island to look for a we've got a long ways to go. ring i just got married and didn't want something on line i've met artists and local business owners they need money to go out and shop this is important to short them i think you get better things. >> definitely supporting the local community always good is it interesting to find things i never knew existed or see that that way. >> i think that is really

great that san francisco seize the vails of small business and creates the shop & dine in the 49 to support businesses make people all the residents and visitors realize had cool things are made and produced in san

>> the market is one of our vehicles for reaching out to public and showing them how to prepare delicious, simple food. people are amazed that the library does things like that. biblio bistro is a food education program. it brings such joy to people. it teaches them life skills that they can apply anywhere, and it encourages them to take care of themselves. my name is leaf hillman, and i'm a librarian, and biblio bistro is my creation. i'm a former chef, and i have been incubating this idea for many years.

we are challenged to come up with an idea that will move the library into the future. this inspired me to think, what can we do around cooking? what can i do around cooking? we were able to get a cart. the charlie cart is designed to bring cooking to students in elementary students that has enough gear on it to teach 30 students cooking. so when i saw that, i thought bingo, that's what we're missing. you can do cooking classes in the library, but without a kitchen, it's difficult. to have everything contained on wheels, that's it. i do cooking demonstrations out at the market every third wednesday. i feature a seafood, vegetable, and i show people how to cook the vegetable. >> a lot of our residents live in s.r.o.s, single resident occupancies, and they don't have access to full kitchens.

you know, a lot of them just have a hot plate, a microwave, and the thing that biblio bistro does really well is cook food accessible in season and make it available that day. >> we handout brochures with the featured recipe on the back. this recipe features mushrooms, and this brochure will bring our public back to the library. >> libraries are about a good time. >> i hired a former chef. she's the tickle queen at the ramen shop in rockwood. we get all ages.

we get adults and grandparents and babies, and, you know, school-age kids, and it's just been super terrific. >> i was a bit reluctant because i train teachers and adults. i don't train children. i don't work with children, and i find it very interesting and a bit scary, but working here really taught me a lot, you know, how easily you can influence by just showing them what we have, and it's not threatening, and it's tasty and fun. i make it really fun with kids because i don't look like a teacher. >> in the mix, which is our team center, we have programs for our kids who are age 13 to 18, and those are very hands on. the kids often design the menu. all of our programs are very interactive. >> today, we made pasta and

garlic bread and some sauce. usually, i don't like bell pepper in my sauce, but i used bell pepper in my sauce, and it complemented the sauce really well. i also grated the garlic on my bread. i never thought about that technique before, but i did it, and it was so delicious. >> we try to teach them techniques where they can go home and tell their families, i made this thing today, and it was so delicious. >> they're kind of addicted to these foods, these processed foods, like many people are. i feel like we have to do what we can to educate people about that. the reality is we have to live in a world that has a lot of choices that aren't necessarily

good for you all the time. >> this is interesting, but it's a reaction to how children are brought up. it is fast-food, and the apple is a fast-food, and so that sort of changes the way they think about convenience, how eating apple is convenient. >> one of the things that i love about my program out at the market is the surprise and delight on people's faces when they finally taste the vegetable. it's been transformative for some people. they had never eaten those vegetables before, but now, they eat them on a regular basis. >> all they require is a hot plate and a saute pan, and they realize that they're able to cook really healthy, and it's also tasty. >> they also understand the importance of the connection that we're making. these are our small business owners that are growing our food and bringing it fresh to the market for them to consume,

and then, i'm helping them consume it by teaching them how to cook. >> it connects people to the food that they're buying. >> the magic of the classes in the children's center and the team center is that the participants are cooking the food themselves, and once they do that, they understand their connection to the food, to the tools, and it empowers them. >> we're brokering new experiences for them, so that is very much what's happening in the biblio bistro program. >> we are introducing kids many times to new vocabulary. names of seasonings, names of vegetables, names of what you call procedures. >> i had my little cooking experience. all i cooked back then was grilled cheese and scrambled

eggs. now, i can actually cook curry and a few different thing zblz . >> and the parents are amazed that what we're showing them to cook is simple and inexpensive. i didn't know this was so easy to make. i've only bought it in the market. those comments have been amazing, and yeah, it's been really wonderful. >> we try to approach everything here with a well, just try it. just try it once, and then, before you know it, it's gone. >> a lot of people aren't sure how to cook cauliflower or kale or fennel or whatever it is, and leah is really helpful at

doing that. >> i think having someone actually teaching you here is a great experience. and it's the art of making a meal for your family members and hope that they like it. >> i think they should come and have some good food, good produce that is healthy and actually very delicious. >> cooking is one of my biggest passions, to be able to share, like, my passion with others, and skills, to h >> my name is andrea, i work as

a coordinator for the city attorney's office in san francisco. a lot of it is working with the public and trying to address their public records request and trying to get the information for their office. i double majored in political science and always tried to combine both of those majors. i ended up doing a combination of doing a lot of communication for government. i thought it would connect both of my studies and what was i was interested in and show case some of the work that government is doing. >> i work for the transportation agency known as muni and i'm a senior work supervisor. >> i first started as a non-profit and came to san francisco and started to work and i realized i needed to work with people. this opportunity came up by way of an executive

fellowship. they had a program at mta to work in workforce development type project and i definitely jumped on that. i didn't know this was something that i wanted to do. all i knew is that i wanted to help people and i wanted to empower others. >> the environment that i grew up that a lot of women were just stay-at-home moms. it wasn't that they didn't have work, but it was cheaper to stay home and watch the kids instead of paying pricey day care centers. >> my mom came from el salvador during the civil war. she worked very hard. when she came here and limited in english, she had to do a service job. when i was born and she had other kids, it was difficult for her to work because it was more expensive

for her to be able to continue to work in a job that didn't pay well instead of staying at home and being able to take care of us. >> there isn't much support or advocacy for black women to come in and help them do their jobs. there also aren't very many role models and it can be very intimidating and sometimes you feel uncomfortable and unsure of yourself and those are the reasons exactly why you need to do it. when i first had the opportunity, i thought that's not for me. my previous role was a project manager for a biotech start up. i thought how do i go from technology to working in government. thinking i didn't know about my skills, how am i going to fit in and doing that kind of work. thinking you have to know everything is not what people expect have you, but they expect you to ask

questions when you don't know and that's important. >> my mom was diagnosed with cancer. that was really difficult. she encouraged me to go to school because in case anything happened i would be able to protect myself. i wanted to be in oncology. i thought going to school it would set me for the trajectory and prepare me for my life. >> we need the hardships to some of the things that are going to ultimately be your strength in the future. there is no way to map that out and no way to tell those things. you have to do things on your own and you have to experience and figure out life. >> you don't have to know what you are going to do for the rest of your life when you are in college or high school because there are so many

things to do. i would encourage you to try to do everything that you are remotely interested. it's the best time to do it. being a young woman with so many opportunities, just go for it and try everything. >> growing up in san francisco has been way safer than growing up other places we we have that bubble, and it's still that bubble that it's okay to be whatever you want to. you can let your free flag fry -- fly here. as an adult with autism, i'm here to challenge people's idea of what autism is. my journey is not everyone's

journey because every autistic child is different, but there's hope. my background has heavy roots in the bay area. i was born in san diego and adopted out to san francisco when i was about 17 years old. i bounced around a little bit here in high school, but i've always been here in the bay. we are an inclusive preschool, which means that we cater to emp. we don't turn anyone away. we take every child regardless of race, creed, religious or ability. the most common thing i hear in my adult life is oh, you don't seem like you have autism. you seem so normal. yeah. that's 26 years of really,

really, really hard work and i think thises that i still do. i was one of the first open adoptions for an lgbt couple. they split up when i was about four. one of them is partnered, and one of them is not, and then my biological mother, who is also a lesbian. very queer family. growing up in the 90's with a queer family was odd, i had the bubble to protect me, and here, i felt safe. i was bullied relatively infrequently. but i never really felt isolated or alone. i have known for virtually my entire life i was not suspended, but kindly asked to not ever bring it up again in first grade, my desire to have a sex change. the school that i went to really had no idea how to handle one. one of my parents is a little bit gender nonconforming, so

they know what it's about, but my parents wanted my life to be safe. when i have all the neurological issues to manage, that was just one more to add to it. i was a weird kid. i had my core group of, like, very tight, like, three friends. when we look at autism, we characterize it by, like, lack of eye contact, what i do now is when i'm looking away from the camera, it's for my own comfort. faces are confusing. it's a lack of mirror neurons in your brain working properly to allow you to experience empathy, to realize where somebody is coming from, or to realize that body language means that. at its core, autism is a social disorder, it's a neurological disorder that people are born with, and it's a big, big spectrum. it wasn't until i was a teenager that i heard autism in

relation to myself, and i rejected it. i was very loud, i took up a lot of space, and it was because mostly taking up space let everybody else know where i existed in the world. i didn't like to talk to people really, and then, when i did, i overshared. i was very difficult to be around. but the friends that i have are very close. i click with our atypical kiddos than other people do. in experience, i remember when i was five years old and not wanting people to touch me because it hurt. i remember throwing chairs because i could not regulate my own emotions, and it did not mean that i was a bad kid, it meant that i couldn't cope. i grew up in a family of behavioral psychologists, and i

got development cal -- developmental psychology from all sides. i recognize that my experience is just a very small picture of that, and not everybody's in a position to have a family that's as supportive, but there's also a community that's incredible helpful and wonderful and open and there for you in your moments of need. it was like two or three years of conversations before i was like you know what? i'm just going to do this, and i went out and got my prescription for hormones and started transitioning medically, even though i had already been living as a male. i have a two-year-old. the person who i'm now married to is my husband for about two years, and then started gaining weight and wasn't sure, so i went and talked with the doctor at my clinic, and he said well,

testosterone is basically birth control, so there's no way you can be pregnant. i found out i was pregnant at 6.5 months. my whole mission is to kind of normalize adults like me. i think i've finally found my calling in early intervention, which is here, kind of what we do. i think the access to care for parents is intentionally confusing. when i did the prospective search for autism for my own child, it was confusing. we have a place where children can be children, but it's very confusing. i always out myself as an adult with autism. i think it's helpful when you know where can your child go. how i'm choosing to help is to give children that would normally not be allowed to have children in the same respect, kids that have three times as

much work to do as their peers or kids who do odd things, like, beach therapy. how do -- speech therapy. how do you explain that to the rest of their class? i want that to be a normal experience. i was working on a certificate and kind of getting think early childhood credits before i started working here, and we did a section on transgender inclusion, inclusion, which is a big issue here in san francisco because we attract lots of queer families, and the teacher approached me and said i don't really feel comfortable or qualified to talk about this from, like, a cisgendered straight person's perspective, would you mind talking a little bit with your own experience, and i'm like absolutely. so i'm now one of the guest speakers in that particular class at city college. i love growing up here. i love what san francisco represents. the idea of leaving has never

occurred to me. but it's a place that i need to fight for to bring it back to what it used to be, to allow all of those little kids that come from really unsafe environments to move somewhere safe. what i've done with my life is work to make all of those situations better, to bring a little bit of light to all those kind of issues that we're still having, hoping to expand into a little bit more of a resource center, and this resource center would be more those new parents who have gotten that diagnosis, and we want to be this one centralized place that allows parents to breathe for a second. i would love to empower from the bottom up, from the kid level, and from the top down, from the teacher level. so many things that i would love to do that are all about changing people's minds about certain chunts, like the transgender community or the autistic community. i would like my daughter to know there's no wrong way to go

through life. everybody experiences pain and grief and sadness, and that all of those things are temporary.

>> hello, my name is jamie harper. in this episode, we are featuring the park locations in

your very own backyard. this is your chance to find your heart in san francisco with someone special. golden gate park's largest body of water is this lake, a popular spot for strolling and paddling around in boats, which can be rented. created in 1893, it was designed foreboding and -- for boating. it is named for the wild strawberries that once flores. a pleasant trail follows the perimeter past huntington falls, 110 foot waterfall. two bridges connect the trail to the island. the climb to the hills summit, the highest point in golden gate

park at more than four hundred feet. you can get quinces of the western side of the city through -- glimpes of the western side of city through a thick trees. the lake is ada accessible. it has a peaceful atmosphere where you can enjoy a warm day. walk along the lake and watched many ducks, and swans, and seagulls. it is a tranquil spot to stroll, enjoy each other's company, and sail away. many couples come here to take a ride around the lake, floating under the bridges, past the pavilion and waterfall. for a quiet getaway, it makes for a memorable and magical experience. located on 19th avenue, this

grove is the place to wear your hiking boots, bring your family, and bring the dog because it has so much to offer you and your loved ones. it is a truly hidden gem in the city. the part is rich with eucalyptus trees. long paths allow you to meander, perfect for dog walking in a wooded environment. >> i enjoy this base and the history behind it. the diversity that exists in such an urban city, the concrete, the streets, cars, we have this oasis of a natural environment. it reminds us of what san francisco initially was. >> this is a section for dogs and plenty of parking. transit is available to get you there easily. and the part is ada -- park is

ada accessible. there is also a natural lake. this is your chance to stroll and let the kids run free. it also has many birds to watch. it is the place to find some solitude from the city and appreciate what you share with a wonderful breath of fresh air. , an experienced this park and enjoy the peoples, picnics, and sunshine. this is a lovely place to take a stroll with your loved one hand in hand. located in the middle of pacific heights on top of a hill, lafayette park offers a great square a of a peaceful beauty. large trees border greenery. it features tables and benches,

a playground, restaurants, and tennis courts. there are plenty of areas for football, frisbee, and picnics. it is very much a couple's part and there are a multitude of experiences you can have together. bring your dog and watch the mean go with the community or just picnic at one of the many tables and enjoy all of the park has to offer. many couples find this is the perfect place to put down a blanket and soak up the sun. it is a majestic place you can share with someone you cherish. it is located along the 1 and 10 buses and is accessed from the 47 and 90 buses. it is ada accessible. for more information about reserving one of these locations, call 831-5500. this number is best for special

events, weddings, picnics, and the county fair building. for any athletic fields and neighborhood parks, 831-5510. you can also write us. or walking in and say hello at old lock cabin, golden gate park. and of course you can find more information and reach us at sfrecpark.org. >> you're watching "coping with covid-19" with chris manners. today's special guest is katie birdbaum.

>> hi, i'm chris manners and you're watching "coping with covid-19." my guest is katie birdbalm. she's here today to talk about san francisco city programs which transforms city streets into car-free spaces. the program's beginning to start up again. ms. birdbalm, welcome to the show. >> thank you, chris, i'm excited to be here. >> before we get into the details, can you give us a brief overview of how it works. >> yeah. it's san francisco's open streets program and it was founded in 2008 as a mayoral initiative under mayor gavin newsome the now governor. the climate change equity program. to be able to transform our streets. the community spaces allow communities historically

underserved and suffer from higher rates of preventable diseases can be connected to healthy eating, active living activities and really connect to the rest of the city as well and so that's how we got started in 2008. >> i know that some small scale events started up again in april. could you police man where they were. how they managed safety and what they managed to do? >> yeah. absolutely. we still are in the waning days of the pandemic. we're there, so we do have some safety protocols in place. but we really were able to bring back sunday streets this april. we celebrated the opening of a biking and walking path in the bayview indian basin shoreline. we were able to offer fitness

classes and things like that as well as covid-19 testing. along the water front and a way for people to basically celebrate our new walking and biking path and be able to get outside and exercise while still being totally safe in terms of covid compliance and plenty of social distancing and ability to control who and where you're around. >> that's great. what can we look forward to in may? i've heard there's going to be new ways to celebrate carnival and cinco de mayo. >> yeah. so one thing we've been partnering with san francisco and carnival. there are a lot of large festivals. they've had to change some of their programming to compliance needs and the health and safety needs of our community, but that does not stop the fabulous spirit of carnival coming to

san francisco. but we're going to continue our partnership this year and they're going to continue a health and wellness fair. so they're able to access the critical covid-19 resources and also be able to experience some beautiful cultural performances in a safe, compliant format. we're able to do that with them again this year, so we're really excited to bring that program back out and we're helping offer some fitness classes around their health and safety fairs. that's going to be a beautiful way to celebrate spring and celebrate the culture that san francisco is known for around the world and then also with that, we're going to be doing a bike ride with them on cinco de mayo, so helping support the latino taskforce food hub and they're organizing a bike ride and active living. we're going to be supporting that and riding out with carnival on cinco de mayo.

>> that's cool. we haven't talked about walkway weekends yet. is that an ongoing event? >> yeah, so walkway weekend is one of the anchor sites for this year. so, you know, as part of covid compliance, we're not able to do big events, but we're doing a lot of smaller activation city rides and walkway weekends in chinatown is one of our anchor sites throughout the year. so we were able to access grant avenue car-free, that's from california to washington car-free every saturday from 11:00 a.m. to 5:00 p.m. and it's full with kind of the beautiful culture and art that is chinatown all the time. kind of a fun way to experience that with plenty of extra room in the street. also, as little extra room for us to have things like a lion dance. there's an exhibition that's

there every saturday. we're also going to be offering some fitness classes as well as other cultural programming as we're allowed to do it as things open up. >> these events take a lot of planning. i require a variety of resources to get off the ground. i know you work closely with the sfmta and the department of public health to organize them, but could you talk a little bit about the partnerships that make the sunday streets program possible and explain why they're so important? >> yeah. absolutely. sunday streets really at its core, you know, i work for a nonprofit called "livable city" and we hold the city streets program and at the center of it, it's been a partnership program. so they're transforming miles anywhere from 1 to 4 miles of city streets into car-free community spaces filling those with community groups, nonprofits, business activities and just kind of unique san francisco treasures wanting to bring their specialness to the streets.

it really has always been a partnership program. it's quite literally magic when all of these streets can transform within just a couple of, you know, we end up doing it in about 30 to 45 minutes where we transform 1 to 4 miles of streets into car-free community spaces. every city agency supports it as well as hundreds of community partners. it's a whole family of partners that are stepping forward to make sure that that space and that opportunity is being offered to the community in san francisco. >> could you talk about the four concepts of sunday streets. i understand you have something in the planning stages for october and, do you think our residents will be ready for large events by then? >> well, we do have something brewing for october and very much, you know, to answer your question, are people going to be ready to be together and in crowds again? that is part of our strategy

for the rides together season as we are starting now with small, like i said, very small comfortable, safe format with not that many people at it, so people can start getting used to being out and about again, right and that it is an activity that can be safe and enjoyable and really just start getting their feet wet in that type of community activity. so the hope is that, you know, we are able to throughout the spring and summer and into the early parts of the fall really get people used to being again in community again for ability for us to be able to come back in full force, sometime in the late fall. so we're looking at october is what we're looking at and the hopes is that we can actually create miles of streets for us to come out and celebrate in. you know, we're obviously going to be watching the public health directives and as they

unfold and follow them and make sure we're keeping all the community members safe and we'll make adjustments as needed. but the way things are trending right now, we should be able to be out together by the fall in a way that looks and feels a lot more like it used to for sunday streets. >> i'm really excited to see the city open up again and what you're doing with the sunday streets program is promising. and i want to thank you for coming on the show today. this has been really encouraging. >> thank you, chris. we're excited to see everybody out in the streets sometime when it's safe. >> thanks again. that's it for this episode. we'll be back with more updates shortly. you've been watching "coping with covid-19." for sfgov tv, i'm chris manners. thanks for watching.

>> clerk:for the board members are via video conference and we are in the same extent as if physically present. public comment is available with each item on the agenda. the members of the public who wish to make public comment the phone number is 1-(415)-655-0001. and the access code is 187 087 7247. then press pound and press pound again. when your item of interest is called, dial star, 3, to be add added to the queue to speak. you may speak once per agenda item up to two minutes. item number 1, call to order. >> president fei tsen:[roll cal]