Members of the public will have opportunities to participate during public comment. We ask that the public wait for the agenda item before making a comment on that item. Comments will be addressed in the order they are received. When the moderator announces that the Commission is taking public comment, members of the public can:
1. Raise hand by pressing *3 and you will be queued.
2. Callers will hear silence when waiting for your turn to speak. Operator will unmute you.
3. When prompted, callers will have the standard three minutes to provide comment.
• Ensure you are in a quiet location
• Speak clearly
• Turn off any TVs or radios around you
- Call to Order and Roll Call
The meeting was called to order at 9:05 a.m. by Todd Rydstrom, Deputy Controller. Other participants included Aimee Brown, Kevin Kone, Meghan Wallace, Brenda Kwee McNulty and Eric Sandler.
- Discussion and Action to Approve Minutes
The minutes of the June 4, 2021 meeting were unanimously approved. There was no public comment throughout the meeting because no members of the public were present or called in.
- Review of the Treasurer’s Recent Investment Performance (White)
Hubert White, of the Treasurer/Tax Collector’s Office, provided a review of the Treasurer’s recent investment performance from the report dated October 15th, 2021. As expected, the COVID pandemic continues to have a strong impact on the economy and markets. The COVID variants are also presenting a greater concern for economic growth.
Employment rates in the United States (as of August 10, 2021) among workers in the bottom wage quartile decreased by 25.6% (as compared to January 2020 (not seasonally adjusted). High wage earners are the only segment to show a recovery relative to the beginning of 2020. Collegeage people, parents and older people are not present in the work force.
This was reflected throughout the review and discussion that included: strategic considerations, an economic outlook, pooled fund review, portfolio considerations and investment pool participation trends and results.
Other information included future rate changes, yield curve inversions and recessions, year-over-year portfolio comparisons, county pooled fund statistics, a pool participants breakdown as of September 2021 and pooled participant trends.
- Public Comment
The meeting was adjourned at 10:03 a.m
City Hall, 1 Dr. Carlton B. Goodlett Place, is wheelchair accessible.
The closest accessible BART Station is Civic Center, three blocks from City Hall. Accessible MUNI lines serving this location are: #47 Van Ness, and the #71 Haight/Noriega and the F Line to Market and Van Ness and the Metro stations at Van Ness and Market and at Civic Center. For more information about MUNI accessible services, call 923-6142.
There is accessible parking in the vicinity of City Hall at Civic Center Plaza and adjacent to Davies Hall and the War Memorial Complex.
The following services are available when requests are made by 12:00 p.m. of the Friday before the Committee meeting. Providing at least 48 hours' notice will help to ensure availability. For American Sign Language interpreters, use of a reader during a meeting, sound enhancement system, or for a large print copy of agenda or minutes in alternative formats, contact Maura Lane at (415) 554-7502.
In order to accommodate persons with severe allergies, environmental illness, multiple chemical sensitivity or related disabilities, attendees at public meetings are reminded that other attendees may be sensitive to various chemical based products.
The ringing of and use of cell phones, pagers and similar sound-producing electronic devices are prohibited at this meeting. Please be advised that the Chair or the Interim Chair may order the removal from the meeting room of any person(s) responsible for the ringing or use of a cell phone, pager, or other similar sound-producing electronic devices.
Ancestral homeland acknowledgment
Ancestral homeland acknowledgment
We acknowledge that we are on the unceded ancestral homeland of the Ramaytush Ohlone who the original inhabitants of the San Francisco Peninsula are. As the indigenous stewards of this land and in accordance with their traditions, the Ramaytush Ohlone have never ceded, lost nor forgotten their responsibilities as the caretakers of this place, as well as for all peoples who reside in their traditional territory. As guests, we recognize that we benefit from living and working on their traditional homeland. We wish to pay our respects by acknowledging the ancestors, elders, and relatives of the Ramaytush Community and by affirming their sovereign rights as First Peoples.