BOT of The Consolidated Police Officers and Firefighters Retirement Plan

1 City of Gainesville City of Gainesville Board of Trustees of The Consolidated Police Officers and Firefighters Retirement Plan Meeting MINUTES March 25, 2026, 9:00 a.m. City Hall, Roberta Lisle Kline Conference Room (Room 16) 200 East University Ave Gainesville, FL 32601 Members Present: Walter Barry, Harvey Lewis, Lisa Scott, Steven Varvel Members Absent: Christopher Silcox Others Present: Staff Present: Dennis Nguyen, Director of Finance; William Johnston, Chief Investment Officer; Greg Williams, Sr. Analyst Others Present: Robert Klausner, Board Attorney; Barbara Boyd, Purvis Gray; Olivia Edery, Nuveen; Brian Tilton, Nuveen; Brendon Vavrica, Mariner _____________________________________________________________________ A. CALL TO ORDER The meeting was called to order at 9:03 a.m. B. ADOPTION OF THE AGENDA Moved by Walter Barry Seconded by Harvey Lewis Approve. Approved 2 C. APPROVAL OF THE MINUTES Lisa Scott joined the meeting at 9:12 am. Moved by Harvey Lewis Seconded by Walter Barry Approve as recommended. Approved as Recommended D. BOARD ATTORNEY UPDATE E. BUSINESS DISCUSSION ITEMS 1. 2026-206 Presentation by Purvis Gray (B) Barbara Boyd of Purvis Gray, the Plan's Auditor, discussed the Plan's Fiscal Year 2025 audited financial statements, independent auditors report, and communication letter with the Board. Ms. Boyd noted that the FY25 Plan Audit had a clean opinion, the highest level of confidence the firm provides. The Plan's fiduciary net position, funding level, and liability and contributions as a percentage of covered payroll were discussed. Ms. Boyd and Mr. Johnston noted the Plans strong returns which have helped keep the funding ratio higher than average. Moved by Walter Barry Seconded by Harvey Lewis Recommendation: The Board of Trustees hear and discuss a presentation and take any action deemed appropriate. Motion: Approve the Fiscal Year 2025 Financial Statements and Auditors Opinion. Approved 2. 2026-172 Presentation by Nuveen (B) Brian Tilton and Olivia Edery of Nuveen reviewed the firm, and the Plan's investment in the U.S. Cities Industrial Fund. Mr. Tilton reviewed the Fund's investment rationale, and performance. Nuveen's investment approach, expected earnings, and holdings were also discussed. Current positioning, individual property selection, and valuation analysis were discussed. Trustee Barry and Trustee Varvel inquired as to why the Fund 3 was repositioning away from coastal areas; Mr. Tilton noted valuations, not climate impacts, were the main source of the repositioning. Trustee Lewis inquired about the east coast properties and whether bulk industrial was suffering from overbuilding; Mr. Tilton confirmed Trustee Lewis' thoughts and noted that the Fund focused more on light industrial over bulk industrial due to the lower supply of light industrial additions to the market which helped keep inventory low and rents higher. Recommendation: The Board of Trustees hear and discuss a presentation and take any action deemed appropriate. 3. 2026-177 Presentation by Mariner (B) Brendon Vavrica of Mariner Consulting reviewed total Plan and individual manager investment performance relative to benchmarks. Plan investment returns through the month ending February 28, 2026, were reviewed, noting that portfolio performance had been negatively impacted in March. Impacts to markets due to the Iranian conflict were discussed in addition to oil prices, commodity movements, currency fluctuations, and how markets might react to and end of the conflict. Walter Barry left the meeting at 10:40 am. Harvey Lewis left the meeting at 10:40 am. Lisa Scott left the meeting at 10:40 am. Steven Varvel left the meeting at 10:40 am. Moved by Walter Barry Seconded by Harvey Lewis Recommendation: The Board of Trustees hear and discuss a presentation and take any action deemed appropriate. Motion: Direct Staff to invest 175/185 Share Plan assets, currently held as cash, in a manner similar to the investments of the Pension Plan to earn a similar rate of return. Approved F. PUBLIC COMMENT G. MEMBER COMMENT 4 Trustee Lewis asked Trustee and City Risk Management Director Varvel about annual recertification of retirees. As a Fort Lauderdale Firefighter Retiree, Trustee Lewis received annual recertification notices, and was curious about Gainesville's recertification process. Trustee Varvel discussed the Gainesville process, and indicated that recertifications were sent out annually and required responses that verified retiree identities, such as notarization. H. NEXT MEETING DATE I. ADJOURNMENT The meeting was adjourned at 10:40 a.m. Kristen Bryant, JD, CMC, City Clerk