some agreed lifting the restrictions until the conference. participating today via tele conference. this will ensure the safety of the board an staff and the public. it may not be as seamless as we

would like it to be. a reminder to the board members and staff to mute themselves. we are not providing comment to minimize background noise. >> : thank you very much. at this time, could you please take roll call. >> : (roll call). >> : thank you. >> : thank you. we have a quorum. >> : at this time are there any communications. >> : item number two, communications. due to the covid 19 health emergency and to protect

members, the retirement system is closed. other members participating in the meeting remotely this is taken in precaution to the state order and directives. members participating via video conference as if they were physically present. public comment will be available on each item on the agenda. you will be given two items to speak. when connected you will hear the meeting discussions but be muted and in listening mode only. when your item of interest comes up press star three. best practices are to call from

a quiet location, speak clearly and slowly and turn down your tv or radio. >> : thank you very much. is there any public comment? >> : moderator, do we have any callers on the line. >> : madam secretary, there are no callers on the line. >> : thank you. hearing no calls, public comment is now closed. >> : call the next item, please. >> : action item. review an approval for a recommendation to establish an ad hoc committee and committee assignments. >> : thank you very much. at this time, i'll entertain a motion and any discussion if

desired. >> : commissioner, i move to approve the appointments as presented a and b of the formation of your ad hoc search committee. >> : mr. president, i second. can madam secretary read the committee assignments. i think they are are slig slighy different than the packet. >> : we cannot hear you. >> : sorry about that. the deferred compensation committee.

governance committee. investment committee. members committee as a whole. staff legal liaison. operations oversight committee. staff legal liaison. personnel committee.

the committee of the ad hoc director's search committee. >> : commissioner, i have a question. everything looks well but the personnel committee meeting assignment shows as amended just now, the the consultant was said to be -- if we're going to do the director's search committee as a committee as a whole then

basically gary is not necessary to be on the consultant as the personnel committee. >> : that's correct. that's an error there. thank you. >> : okay. so i will second -- i will rescind my motion previous and replace it with a motion to approve as adjusted and amended. >> : i second the amended motion. >> : okay. thank you very much. is there any discussion on this? >> : i have some thoughts on the committee assignments. >> : go ahead. >> : i think the spirit of the retirement board has always been trying to have a balance between elected and appointed members. we see that around rules of reference as related to the

president. always trying to have an elected member. when i look at the committee assignments what i see for operations oversight is stacked with committee members. i think we should make some changes to those two committees so there at least one member from each group on each of those committees. >> : thank you. anybody else have any thoughts?

>> : i didn't offer to say anything but the observation that the labor management balance that we tried to maintain, will not be in effect the way these committees are appointed. if that's what people are trying to achieve, you've done it with these appointments. unlike, for example, the presentation several weeks ago, many of the pension plans in canada, that was a subject that came up recently. they have unit rule on many fltf the subject plans in canada. we don't have a unit rule but we

have balance here for two of the most important ones. >> : anybody else? >> : president, i understand the spirit of it. given where we are right now and the search for an executive director as well as cio, i just think that we have to pivot a little bit because we're looking at something that's a little different this time. i'm okay with the assignments this time based on what we're working with.

>> : actually, never mind. we can adjust this shortly but we have to get through what we're working on right now and get that behind us. i would not be adverse to making a swap from one governance between operations and doing a swap there. i have one in mind. we have to get through the issues we have right now. anybody wish to chime in on that? >> : i think what we're trying to get through right now, i think lacks a little bit of balance. especially the way you have these set up. i don't think it's an effective use of the board on this committee. if the balance has always

historically been important. which i know it always has to you, you talk about it a lot. it just doesn't seem right. i think we should have balance on all committees. >> : balance is important to p me. me.i thought i could do that. we have a situation we're trying to work on immediately. given where we are and what we're working on. i agree with president, we can always pivot and change back unless we achieve the goals we're working on in the eg and cio. >> : is that the only goals. ceo and cio issue. >> : i guess i feel like people are talking cryptically here.

as it stands,ly not be supporting this. i know labor is not a fan of how this is set up either. >> : okay. let's call for the vote then and see where we're at. >> : we need public comment, first. >> : if you have not already done so, please press star three to be added to the queue. >> : there are no callers on the line. >> : thank you. hearing no callers public comment is now closed. >> : (roll call) we have two

noes and three ayes. >> : motion passes. >> : thank you very much. we've already called for public comment. item number four. >> : item number four closed session. >> : okay. public comment before going into

closed session. >> : if you have not already done so please press star three >> move to not disclose. >> we need roll call first. [roll call]

>> clerk: we do have a quorum. >> okay. thank you very much.

also, do you -- we've got everybody? >> commissioner safai is not in attendance. >> okay. he was complaining that he was in the other session. >> clerk: no, he's not. he's not here. >> okay. okay. thank you. at this time, i'll entertain a motion to not disclose. >> so moved. >> so moved by commissioner heldfond. >> second. >> seconded by commissioner [inaudible] okay. any discussion? all those -- or take a roll call, please. >> public comment? members of the public who wish to provide public comment on

this item should call 415-655-0001, access code 146-416-2189, then pound, and pound again. moderator, do we have any callers on the line? >> operator: madam clerk, there are no callers. >> clerk: thank you. hearing no calls, public comment is now closed. president casciato? >> clerk: okay. roll call vote, please. [roll call]

>> clerk: thank you. we have six ayes. motion passes. president casciato. >> can you call the next item? >> clerk: item number 5 general public comment. >> commissioners, i've received one e-mail public comment that was asked to be read into the minutes of the meeting, and so it is from mr. john stinson, and i will read it. at the june 4 board meeting, the city attorney gave you a presentation about your fiduciary responsibilities. investing in [inaudible] when you can get better returns by just making a passive investment in stocks, bonds, and real estate. ask your chief investment if he got 6% growth returns on your hedge funds investments?

what would your net return be after payment and fees? respectfully, john stinson, a 46-year member. that was the only public comment that we received. >> clerk: callers, if you have not already done so, press star, three to be added to the queue. moderators, do we have any callers on the line? >> operator: madam secretary, we do not have any callers on the line. >> clerk: thank you very much. public comment is now closed. >> thank you very much. call the next item, please. >> minutes of the june 9, 2021 retirement board meeting and minutes of the june 30, 2021

special retirement board meeting. >> is there any comment on the minutes? public comment, please, on the minutes. >> clerk: callers, if you have not already done so, press star, three to be added to the queue. for those already on hold, please continue to wait until the system indicates you have been unmuted. moderator, do we have any callers on the line? >> operator: madam secretary, we have no callers on the line. >> clerk: thank you. hearing no calls, public comment is closed. president casciato? >> roll call vote, please. >> clerk: did we have a vote? i didn't hear it. >> mr. president, i move that we adopt the minutes from last month's retirement board meeting as well as the special

board meeting. >> okay. thank you. motion made, commissioner bridges. is there a second? >> second. >> okay. commissioner heldfond, second. okay. any discussion, commissioners? okay. roll call vote, please. [roll call] >> clerk: thank you. commissioner safai is present. we have six ayes. >> okay. next item. i'll entertain a motion to

adopt the consent calendar at this time. >> so moved. >> i second, mr. president. >> moved and seconded. is there any discussion? is there any public comment? >> clerk: a reminder to callers, if they have not already done so, to press star, three to enter the queue. moderator, are there any callers on the line? >> operator: madam secretary, there are no callers on the line. >> clerk: thank you. public comment is now closed. president casciato? >> roll call vote? [roll call]

>> clerk: we have six ayes. motion passes. president casciato? >> okay, next item, investment calendar. >> clerk: item 8, discussion item, chief investment officer report. >> good afternoon, everyone. i hope that everyone is well. i'm going to invite anna lange to provide an update on the status of our investments and our investment facilities. anna, are you on the line? >> yes. i'll see if i can share the

c.i.o. report. one minute. can you see the report? >> yes. >> excellent. so good afternoon, commissioners, and everybody who is on the call. it's a pleasure to see and hear you? i would like to walk you through the details of a few liquidity management tools. first, we use futures contracts to gain exposures to this year's treasury market in a cash efficient way. if you see on page 7 of the c.i.o. report, if you look at the capital preservation under treasury, you will see that we have both physical and synthetic exposures to u.s. treasury bonds. the physical exposure relates to holding bonds that are

[inaudible] this account is fully funded, which means that we sent $1.1 billion to black rock, and they bought $1.1 billion of u.s. treasury bonds, replicating the treasury benchmark that we set. the synthetic exposure refers to holding of market treasury futures. to match [inaudible] and requires about 10% of the actual exposure in cash. that is $40 million in cash funding to gain 400 million of economic exposure to the one to

ten viewer treasury mix. the remaining 160 million cash is available to be drawn should we have a large capital call. however, if you see on the six calls that we did not use this 160 million cash. that means that we have sufficient cash, and that means we do not have fund level leverage. if you see, all the exposures

add up -- [please stand by]. >> the annual cost [inaudible] was 63 basis points, which included 30 basis points of administrative fees and 33 points back to our lending cash collateral account. in total, as you see on this table, we did $11,864 with the

access to an additional $50 million at the time when the cash position was the tightest. so this liquidity management tool, we use this to gain economic exposure to treasury indexes and the credit facilities are critical for the flexible and additional cash management of the fund. we will provide a comprehensive overview and update of first liquidity management update next wednesday, july 21, at the investment committee meeting. on that day, we will update the board on projected cash flows for all private investments, projected cash payments, and liquidity cash payments under various stress scenarios. now i'd like to turn it back to

bill. >> thank you all, board members. i'm thrilled to report that for the fiscal end of june, is that we returned about 33.8%. the report, the numbers that we had at the publication date, the c.i.o. report was 33.99. right now, it's at 33.76. i wouldn't expect it to move very much from there, but it is by far a historic -- a record setting year for sfers. our previous high was just under 24%, which we had done twice. i think this was the third year where we had returned 20% or more, and we have fund data on annualized returns going back to 1985-86. this is just projection, but i believe that our returns this year were an all-time high, and

that is because back prior to 1985, sfers was more of a fixed-income centric portfolio than it was right now, going into our returns a little bit is that in public equity, it was a sweep across the board, and we performed in the 30s to near 50. in private equity, we returned a stunning 66% for the year. our venture capital book alone returned 87%. the -- compare our returns of 33.76. today, calpers announced their returns, which is 21.3. the median pension plan was

probably about 26 or 27% for the fiscal year. if 27 was correct, that means we outperformed by about $1.8 billion this year? and in returns of gains, we returned approximately close to $9 billion for the year. going a little bit further into private equity, you can see on page 2, technology is beginning to sweep across a wide array of industries. i gave an example of large i.p.o.s in the last 1.5 years just so you can see how large these are for digital payments. travel, social media and dating, infrastructure and crypto currency, platform

prescription drug, and more, and fee platform for construction. these are very widely disbursed different types of businesses that technology is beginning to impact. digging a little bit further into our book beyond public and private equity, you'll recall that in our real assets portfolio really took it on the chin in -- particularly in 1-q, 2-q, and 3-q 2019, where it staged a strong come back. our natural resources book for the year finished up 21%. another area that got -- took

it on the chin in march 2020 was our absolute return portfolio. that's also staged a very, very strong come back, including the returns for june, when the book returned about 30 basis points is we finished up 14.1% for the year. credit, this is where there's an adjustment downward, our private [inaudible] that's a very impressive return for a credit year. our fixed income book is the one part of our portfolio where it didn't do much, about 3% for the year, but our treasury book was in the red.

however, if we step back and take a look at just the last 3.5 years, the fiscal year 21 is our public equity, our private equity, and our credit books all posted sterling returns. just previous to that, it was our equity book that had a stellar return prior to covid and then, we were bailed out because of our treasury portfolio. if we go back to 2018, when almost every public plan lost money for the year, we edged out a positive return. i think we were the top performer or the second best

performing public equity plan in the country in 2018. that is because our natural resources book returned 20% that year. so my point is that every portfolio in just the past 3.5 years has had times where it's contributed significantly to our excess reports. so we've had this rotation -- returns, so we've had this rotation of excess returns in the last 3.5 year period. so because of that, our projected status is 12.9%. you see on page 4 that our trust assets are also now at an all-time high, $34.5 billion.

we were under 25 billion just 15 months ago, 16 months ago. and our plan has grown more than 3x, 11 billion, from 2009, so just in 11 years. i do want to comment on inflation. the most recent numbersfrom the c.a.o. report is about 5.8%. the core inflation, so stripping away food and energy, that's 12.5%. that's actually near a 40-year high. there are two schools of thought regarding what the future for inflation might be. one school of thought is that this is a -- the uptick in

inflation is caused by an uptick in economic growth post covid. the u.s. had inflation in world war ii, but the c.p.i. was up in 1946, but it quickly returned to its very low trend of inflation. the reason why this might not be the case where we wouldn't have a return to very low inflation is we're really putting an extraordinary and unprecedented amount of money -- we're really printing an extraordinary and unprecedented amount of money. when you have more money that is chasing too few goods, that's when you have inflation.

so the volume of money is out pacing the volume of produced goods. i do want to move onto a date board of approved investments -- >> i'm going to wait a second. i'm going to lose electrical power in just a few minutes. darlene? >> yes. >> can you switch me to the cell phone? >> sure. you're not in as an attendee, no.

>> can you see me as a participant? >> you're as a participant, not as an attendee. >> okay. can you move me on that one? >> al, we do not see you coming in on your cell phone. >> okay. i called the number for public comment. >> clerk: 415-655-0001. >> that's exactly what i used. >> clerk: yes, and the event number --

>> yes, and the double pound. >> are you hearing the meeting on your phone? >> no, i cannot hear the meeting on my phone. >> you should probably hang up and try dialing in, because you're not showing up as an attendee. we can only see you on your computer with the participants. you want to verify -- >> clerk: the event number? >> 146-416-2189. >> okay. just go ahead, and if you lose me, it's because of a power

surge. >> thank you, president casciato. board members, regarding items previously approved by the board in closed session that have now closed, alteris, the board approved this, pelion, we received an allocation of 25 million and 24.75 million respectively. moving onto -- we have what staff thinks of is one of the

most important meetings of the year with the board, and that is our asset class updates, and this month's i.c. meeting, which is next wednesday, july 21, 1:00 to 4:00, it is a really robust meeting. we have five agenda items, assets for public equity, updates in provide credit as well as updates on private schedules, and alan has his updates for when we have the delegation of authority. staff spends several months providing these materials, and you'll see that there's going to be a really rich and robust amount of data. it includes more detailed, more granular updates. it includes planned actions

completed, planned actions going forward, and it includes a more comprehensive market update for all three asset classes. regarding our liquidity position, it's much better than it was a year ago, and i think it's structurally improved because of our credit facility as well as more active engagement across asset classes and careful management across the portfolio. so i think our liquidity is in very, very good position going forward. the the -- and staff is enthusiastic and excited about presenting these materials to you. we are going to need to start pretty close to right on time at 1:00, and we're going to go right up until 4:00, but you'll see there's a lot of material and a lot of good material, as

well. with that, president casciato, i can turn it back over for any questions or comments. >> okay. any questions or comments from anybody for the c.i.o.? >> commissioner casciato, i just want to remind mr. coaker is that a question that will come up next week is a question of immunizing the portfolio. >> okay. thank you. okay. any others? i want to thank you, thank you for all the good work. appreciate you. thank you very much. >> it is, president casciato. staff works very hard. they're very thoughtful and comprehensive about what they do. >> thank you. all right. next item, please.

>> we need to take public comment on the c.i.o. report. >> clerk: callers, if you have not already done so, please press star, three to enter the queue. moderator, do we have any public callers on the line? >> operator: madam secretary, we do not have any public callers on the line. >> clerk: thank you. public comment is now closed. item 9, sfdcp committee report. >> the report was filed. it's very exciting, the work that's being done at the deferred comp committee, and it's all there before you in the packet.

do we have any public comment on the deferred comp report? >> clerk: callers, if you have not already done so, press star, three to enter the queue. moderator, are there any callers? >> operator: madam secretary, there are no public callers on the line. >> clerk: thank you. public comment is closed. next item. item 10, sfdcp manager report. >> thank you very much. good afternoon, commissioners. can you hear me okay? >> clerk: yes. >> thank you, miss secretary. so commissioners, today will be a brief report as it is our monthly report. next month will be our full quarterly report in addition to our semiannual investment performance update. so before you, i've included the stable value crediting rate for your reference, by is 1 -- which is 1.7 for the third quarter. as a reminder, this is a rate

for the quarter and is a dip of .7. yields were in line with last quarter. i'm also happy to report some early results from our targeted mail campaign that dropped in june. more details will be provided next month in the full report, but e-mail results this month are very prompting. as of yesterday, the restart your savings e-mail garnered a 47% open rate with a nearly 7% conversion rate. the conversion rate is when the receiver actually clicks through the e-mail to learn more. the save more e-mail received a 53% open rate and a 67% click rate. for comparison, an all-industry average open rate is around 18% and a click to rate of 2% to 3%. so we seem to be benefiting

from a very participating bait or a very interested base. i will be providing updated to the board once we received 30-day, 60-day, and 90-day post drop. i will say we've received the feedback of our most recent news letter and it's one of our best click-through rates of almost 50%. we hope to capitalize on this momentum. and lastly, attached is the monthly activity report for may. you may recall i walked the board through the design of this last month. on page 6, we're -- we've added the c.a.r.e.s. act section, and

two members have paid their covid distribution. while the number you see is not a huge number to the $39 million take-in, it is certainly a step in the right direction. with that, i am happy to answer any questions you may have regarding this month's report. >> if there is no questions, thank you very much, and public comment on that. >> clerk: thank you. moderator, do we have any callers on the line? >> operator: madam secretary, there are no callers on the line. >> clerk: thank you. hearing no calls, public comment is closed. next item, number 11, action item. declaration of vacant see on

retirement board occurring february 20, 2022. >> commissioners, as you're aware, we have elected members who are elected to five-year terms on a staggered basis, and we are asking the board to declare a vacancy that would occur on february 20, 2022, next year, for the term of office that is currently being occupied by president casciato. you'll see by the timeline and the documents that we bring this to you today so we can partner with the department of elections starting in august so that we can come to a decision on the timeline and the schedule of election that we would bring back to the full

board [inaudible] on this item, however, we do request a motion to approve [inaudible]. >> okay. at this time, i'll entertain a motion. >> i'd like to make a motion, president casciato. >> go ahead.

[inaudible]. >> as commissioner [inaudible] pointed out, it is nothing personal. it is procedure and routine, and we just need a declaration. >> i second. >> okay. thank you very much. is there any comment? if there isn't, call for public comment and then roll call following. >> clerk: thank you. a reminder to callers to press star, three to be added to the queue. moderator, are there any callers on the line? >> operator: madam secretary, there are no callers on the line. >> clerk: thank you. hearing no callers, public comment is now closed. roll call vote. [roll call]

>> clerk: that's six ayes. motion passes. >> okay. thank you very much. next item, please. >> clerk: next item, item 12, action item. approve recommendation to retain nossaman, l.l.p., as retirement board fiduciary

governance consultant. >> [inaudible] this is an engagement that has, over the past five years, been fulfilled by nossaman, l.l.p., a law firm of the main person that was assigned to this -- that is assigned to this contract is ashley denning, and so we submitted the -- or we actually issued the r.f.p. in march, and we received responses from three firms in april, by the april 5 deadline. we had an evaluation team composed of myself and [inaudible] who is the deputy executive director. we reviewed the three proposals and determined that all three

president firms -- [inaudible] basically saw that, as you're aware, we have basically spanning and organizing and conducting off-site board retreat back in 2017 focused on governance and improving governance, so the majority of the experience that they've showed in their r.f.p. response was very similar, very project-based, audit based,

shorter term engagement with plans for the -- and nossaman has applied also, and in their response, showed similar, and because they are a law firm, most of the plans experienced with public plans was in the fiduciary counsel area rather than in the governance plans consulting air, and the same was true with the third proposer [inaudible] who provides legal counsel to an impressive list of public pension plans, but again doesn't have any experience with what we would ask them to do under the r.f.p. so long story short, it might

be too late for that. we had evaluated the three proposals. we are recommending that the board retain nossaman for another five-year term for this agreement, and just as a reminder, this statement of services is not to provide legal or fiduciary counsel to the board but to do more of the mechanics related to governance, helping the committee and the board conduct reviews of governance policies and procedures, conducting and helping the personnel committee conduct performance reviews for the executive director and the actual service coordinator and being generally a consultant and a resource for the governance committee as they work through priorities that they may have. so with that, i'd be happy to answer any questions that you,

the board members have, but with that, we'd request that you approve the recommendation that we retain our agreement with nossaman for an additional five years. and i've put in the write-up that this is rather unusual because under the city charter, we cannot engage a law firm directly, meaning the department cannot engage a law firm directly, so for the past five years, we have been negotiating directly with the city attorney's office, and i think robert would agree, it's been operating very smoothly, making sure that the procedures

have been progressing nicely, and with that, i'll answer any questions. . >> if there are no questions, i'll entertain a motion to adopt staff recommendations. >> so moved. >> i second. >> okay. it's moved by commissioner heldfond, seconded by commissioner bridges. any discussion? public comment, please. >> clerk: thank you. a reminder to any callers, if you have not already done so, press star, three to be entered into the queue. moderator, do we have any callers in the queue? >> operator: madam secretary, there are no callers on the

line. >> clerk: thank you. hearing no callers, public comment is closed. roll call vote. [roll call] >> clerk: we have six ayes. motion passes. next item, number 13, discussion item, operations oversight committee report of may 27, 2021.

>> yes. thank you, madam secretary. the operations oversight committee report has been submitted, and as stated here, our meeting was held on may 27, but we did have approved amendments to the operations oversight committee terms of reference that are being forwarded to the governor's committee, so you'd like to know what's being forwarded, i can do that now, and from there, it'll be submitted to the full board with approval. >> good afternoon, commissioners. thank you, chair bridges. the amendments that we had provided to the committee and that were approved included oversight of the department strategic plan, oversight of

the new divisions in operations management, oversight in data security, oversight -- customer service and member education services, and lastly, an oversight for the tracking for staff response to member inquiries. i'm happy to take any questions. jay, did i catch them all? >> i believe you did, yes. >> i'm happy to answer any questions. >> yes, that was all of them. >> and again, these have been forwarded to the governor's committee for review and approval and then to the full board? >> that's correct. >> okay. thank you. public comment, please. >> clerk: thank you.

callers, if you have not already done so, press star, three to enter the queue. moderator, are there any callers on the line? >> operator: madam secretary, there are no callers on the line. >> clerk: thank you. public comment is closed. next item, item 14. discussion item, personnel committee reports of june 2, 2021 and june 7, 2021. >> commissioner stansbury, go ahead. >> nothing to report. >> so we can take -- this committee report is submitted. >> please. >> okay. thank you. >> thank you. can you call for public comment, please? >> clerk: yes.

callers, press star, three to be added to the queue. moderator, are there any callers on the line? >> operator: moderator, there are no callers on the line. >> clerk: thank you. hearing no callers, public comment is now closed. item 15, discussion item, executive director's report. >> the major thing that i had to report was that the department budget had made its way through the mayor's budget office and also the budget and appropriations committee, and it had remained significantly intact, and we have been able to procure all the new positions that we'd requested, including the investment division positions as well as funding for the other priorities that the retirement board had supported in the budget that we presented. so i believe the timeline is there are two readings before

the mayor's budget before the board of supervisors this month, with the second reading to be july 27, and the mayor is expected to sign the final budget by august 1. the department of human resources and the payroll will have loaded all of the new positions and the budget for all the new positions hopefully soon thereafter, in august, and that we will be able to start filling these positions within the next four to six weeks, and with that, i'll be happy to take any questions. >> are there any questions? any public comment? >> clerk: callers, please press star, three to be added to the queue. moderator, are there any callers on the line? >> operator: 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 [inaudible] and i am calling for the retired employees in the city and county. i understand that the budget is being heard finally on july 27. my question more is with regard to our funding. it did not indicate whether [inaudible] 100% market funding and their discussion about supplemental cola, and i would like some clarifications on that because i believe that [inaudible] i would like clarification also on the good returns. thank you very much. >> clerk: thank you for your

call. moderator, are there any other callers? >> operator: madam secretary, there are no more callers on the line. >> clerk: thank you. hearing no callers, public comment is now closed. >> okay. thank you very much. >> clerk: item number 16, discussion item, retirement board member good of the order. >> does any member have anything for the good of the order? the only item i have is that we're starting to think about in-person meetings and what the protocols will be for those, so we'll be discussing those among -- jay will be discussing that with the health department and etc. okay. thank you very much. any public comment on that? >> i have one other item to add to good of the order. i had to wait until the blackout period was over.

one item that is not listed, and that's correct, it would not be listed under educational items that nossaman sent to us, but one of the other companies, mr. rick nelson has also been doing educational, one of the -- [inaudible] sister fund, calpers. i did not bring the link to us, but the upcoming series had to do with performance and risk management, which is really good educational stuff, and if you're interested, i'll provide the information to all of the trustees at the same time without discussion purposes so i'm not violating the [inaudible] rule, but that's what it relates to. >> yeah. thank you very much. if you could just submit that to darlene, and she'll make sure it gets out.

>> all right. thank you. >> okay. >> clerk: public comment? >> yes, go ahead. >> clerk: callers, a reminder to press star, three to be added to the queue. moderator, are there any callers? >> operator: madam secretary, there are no callers on the line. >> clerk: thank you. hearing no calls, public comment is closed. item number 17, adjournment. >> okay. at this time, unless -- unless anybody has a comment from the commission, i will adjourn the meeting. okay. thank you very much. we are adjourned. >> thank you.

>> hi. my name is carmen chiu, san francisco's elected assessor. when i meet with seniors in the community, they're thinking about the future. some want to down size or move to a new neighborhood that's closer to family, but they also worry that making such a change will increase their property taxes. that's why i want to share with you a property tax saving program called proposition 60. so how does this work? prop 60 was passed in 1986 to allow seniors who are 55 years and older to keep their prop 13 value, even when they move into a new home. under prop 13 law, property

growth is limited to 2% growth a year. but when ownership changes the law requires that we reassess the value to new market value. compared to your existing home, which was benefited from the -- which has benefited from the prop 13 growth limit on taxable value, the new limit on the replacement home would likely be higher. that's where prop 60 comes in. prop 60 recognizes that seniors on fixed income may not be able to afford higher taxes so it allows them to carryover their existing prop 13 value to their new home which means seniors can continue to pay their prop 13 tax values as if they had never moved. remember, the prop 60 is a one time tax benefit, and the property value must be equal to or below around your

replacement home. if you plan to purchase your new home before selling your existing home, please make sure that your new home is at the same price or cheaper than your existing home. this means that if your existing home is worth $1 million in market value, your new home must be $1 million or below. if you're looking to purchase and sell within a year, were you nur home must not be at a value that is worth more than 105% of your exist egging home. which means if you sell your old home for $1 million, and you buy a home within one year, your new home should not be worth more than $1.15 million. if you sell your existing home at $1 million and buy a replacement between year one

and two, it should be no more than $1.1 million. know that your ability to participate in this program expires after two years. you will not be able to receive prop 60 tax benefits if you cannot make the purchase within two years. so benefit from this tax savings program, you have to apply. just download the prop 60 form from our website and submit it to our office. for more, visit our website, sfassessor.org, >> i view san francisco almost as a sibling or a parent or

something. i just love the city. i love everything about it. when i'm away from it, i miss it like a person. i grew up in san francisco kind of all over the city. we had pretty much the run of the city 'cause we lived pretty close to polk street, and so we would -- in the summer, we'd all all the way down to aquatic park, and we'd walk down to the library, to the kids' center. in those days, the city was safe and nobody worried about us running around. i went to high school in spring valley. it was over the hill from chinatown. it was kind of fun to experience being in a minority, which most white people don't get to experience that often. everything was just really within walking distance, so it make it really fun. when i was a teenager, we didn't have a lot of money. we could go to sam wong's and

get super -- soup for $1. my parents came here and were drawn to the beatnik culture. they wanted to meet all of the writers who were so famous at the time, but my mother had some serious mental illness issues, and i don't think my father were really aware of that, and those didn't really become evident until i was about five, i guess, and my marriage blew up, and my mother took me all over the world. most of those ad ventures ended up bad because they would end up hospitalized. when i was about six i guess, my mother took me to japan, and that was a very interesting trip where we went over with a boyfriend of hers, and he was working there. i remember the open sewers and gigantic frogs that lived in the sewers and things like that.

mostly i remember the smells very intensely, but i loved japan. it was wonderful. toward the end. my mother had a breakdown, and that was the cycle. we would go somewhere, stay for a certain amount of months, a year, period of time, and she would inevitably have a breakdown. we always came back to san francisco which i guess came me some sense of continuity and that was what kept me sort of stable. my mother hated to fly, so she would always make us take ships places, so on this particular occasion when i was, i think, 12, we were on this ship getting ready to go through the panama canal, and she had a breakdown on the ship. so she was put in the brig, and i was left to wander the ship until we got to fluorfluora few days later, where we had a distant -- florida a few days later, where we had a distant

cousin who came and got us. i think i always knew i was a writer on some level, but i kind of stopped when i became a cop. i used to write short stories, and i thought someday i'm going to write a book about all these ad ventures that my mother took me on. when i became a cop, i found i turned off parts of my brain. i found i had to learn to conform, which was not anything i'd really been taught but felt very safe to me. i think i was drawn to police work because after coming from such chaos, it seemed like a very organized, but stable environment. and even though things happening, it felt like putting order on chaos and that felt very safe to me. my girlfriend and i were sitting in ve 150d uvio's bar, and i looked out the window and i saw a police car, and there

was a woman who looked like me driving the car. for a moment, i thought i was me. and i turned to my friend and i said, i think i'm supposed to do this. i saw myself driving in this car. as a child, we never thought of police work as a possibility for women because there weren't any until the mid70's, so i had only even begun to notice there were women doing this job. when i saw here, it seemed like this is what i was meant to do. one of my bosses as ben johnson's had been a cop, and he -- i said, i have this weird idea that i should do this. he said, i think you'd be good. the department was forced to hire us, and because of all of the posters, and the big recruitment drive, we were under the impression that they

were glad to have us, but in reality, most of the men did not want the women there. so the big challenge was constantly feeling like you had to prove yourself and feeling like if you did not do a good job, you were letting down your entire gender. finally took an inspector's test and passed that and then went down to the hall of justice and worked different investigations for the rest of my career, which was fun. i just felt sort of buried alive in all of these cases, these unsolved mysteries that there were just so many of them, and some of them, i didn't know if we'd ever be able to solve, so my boss was able to get me out of the unit. he transferred me out, and a couple of weeks later, i found out i had breast cancer. my intuition that the job was killing me. i ended up leaving, and by then, i had 28 years or the years in, i think. the writing thing really became intense when i was going through treatment for cancer because i felt like there were so many parts that my kids

didn't know. they didn't know my story, they didn't know why i had a relationship with my mother, why we had no family to speak of. it just poured out of me. i gave it to a friend who is an editor, and she said i think this would be publishable and i think people would be interested in this. i am so lucky to live here. i am so grateful to my parents who decided to move to the city. i am so grateful they did. that it never [♪♪♪] ♪ homelessness in san francisco is considered the number 1 issue by most people who live here, and it doesn't just affect neighbors without a home, it affects all of us. is real way to combat that is to work together. it will take city departments and nonprofit providers and volunteers and companies and community members all coming together. [♪♪♪]

>> the product homeless connect community day of service began about 15 years ago, and we have had 73 of them. what we do is we host and expo-style event, and we were the very force organization to do this but it worked so well that 250 other cities across the globe host their own. there's over 120 service providers at the event today, and they range anywhere from hygiene kits provided by the basics, 5% -- to prescription glasses and reading glasses, hearing tests, pet sitting, showers, medical services, flu shots, dental care, groceries, so many phenomenal service providers, and what makes it so unique is we ask that they provide that service today here it is an actual, tangible service people can leave with it. >> i am with the hearing and speech center of northern california, and we provide a

variety of services including audiology, counselling, outreach, education, today we actually just do screening to see if someone has hearing loss. to follow updates when they come into the speech center and we do a full diagnostic hearing test, and we start the process of taking an impression of their year, deciding on which hearing aid will work best for them. if they have a smart phone, we make sure we get a smart phone that can connect to it, so they can stream phone calls, or use it for any other services that they need. >> san francisco has phenomenal social services to support people at risk of becoming homeless, are already experience and homelessness, but it is confusing, and there is a lot of waste. bringing everyone into the same space not only saves an average of 20 hours a week in navigating the system and waiting in line for different areas, it helps them talk, so if you need to sign up for medi-cal, what you need identification, you don't have to go to sacramento or wait in line at a d.m.v., you go across the hall to the d.m.v. to get your i.d. ♪ today we will probably see

around 30 people, and averaging about 20 of this people coming to cs for follow-up service. >> for a participant to qualify for services, all they need to do is come to the event. we have a lot of people who are at risk of homelessness but not yet experiencing it, that today's event can ensure they stay house. many people coming to the event are here to receive one specific need such as signing up for medi-cal or learning about d.m.v. services, and then of course, most of the people who are tender people experiencing homelessness today. >> i am the representative for the volunteer central. we are the group that checks and all the volunteers that comment participate each day. on a typical day of service, we have anywhere between 40500 volunteers that we, back in, they get t-shirts, nametags, maps, and all the information they need to have a successful event. our participant escorts are a core part of our group, and they are the ones who help participants flow from the

different service areas and help them find the different services that they needs. >> one of the ways we work closely with the department of homelessness and supportive housing is by working with homeless outreach teams. they come here, and these are the people that help you get into navigation centers, help you get into short-term shelter, and talk about housing-1st policies. we also work very closely with the department of public health to provide a lot of our services. >> we have all types of things that volunteers deal do on a day of service. we have folks that help give out lunches in the café, we have folks who help with the check in, getting people when they arrive, making sure that they find the services that they need to, we have folks who help in the check out process, to make sure they get their food bag, bag of groceries, together hygiene kit, and whatever they need to. volunteers, i think of them as the secret sauce that just makes the whole process works

smoothly. >> participants are encouraged and welcomed to come with their pets. we do have a pet daycare, so if they want to have their pets stay in the daycare area while they navigate the event, they are welcome to do that, will we also understand some people are more comfortable having their pets with them. they can bring them into the event as well. we also typically offer veterinary services, and it can be a real detriment to coming into an event like this. we also have a bag check. you don't have to worry about your belongings getting lost, especially when that is all that you have with you. >> we get connected with people who knew they had hearing loss, but they didn't know they could get services to help them with their hearing loss picks and we are getting connected with each other to make sure they are getting supported. >> our next event will be in march, we don't yet have a date set. we typically sap set it six weeks out. the way to volunteer is to follow our newsletter, follow us on social media, or just visit our website. we always announce it right away, and you can register very easily online. >> a lot of people see folks

experience a homelessness in the city, and they don't know how they can help, and defence like this gives a whole bunch of people a lot of good opportunities to give back and be supported. [♪♪♪]

will be participating in today's meeting remotely. this precaution is taken pursuant to local, state and federal orders. commission members will attend through video conference and participate to the same extent as if they were physically present. please note today's meeting is live on sfgov tv and stream lined online live as well. once again streamed live at sfgovtv.org. public comment is available on each item of the agenda. each member of the public is allowed three minutes to speak. opportunities are via phone call calling 4165