Appropriations & Oversight Committee — 2025-11-10
Attendance
Cal Finocchiaro ; Mark Garipay ; Ward Hamilton ; Maya Jamaleddine ; Manjula Karamcheti ; Leila Migliorelli ; John Obremski ; Devin Romanul ; Robb Stewart ; Kimberly Vandiver ; Ryan Williams
Agenda
- CALL TO ORDER
- Attendees
- MINUTES APPROVAL
- PUBLIC COMMENT
- APPROPRIATION
- An Appropriation from Capital Stabilization in the amount of $35,000 to DPW Facilities. An Appropriation from Capital Stabilization in the amount of $35,000 to DPW Facilities to provide emergency temporary shoring at City Hall. (ID# 13004)
- GRANTS
- Acceptance of Donation to Support Recycling and Sustainability Initiatives. Acceptance of Donation in the Amount of Five Hundred Dollars ($500) for the Purposes of Proceeding with Solid Waste and Recycling Initiatives. (ID# 13002)
- ORDERS
- Adoption of MGL 203C, Sections 1-11 Prudent Investor
- ADJOURNMENT
Minutes
Appropriations & Oversight Committee Monday, November 10, 2025, 7:20 PM City Council Chamber, 1st Floor 562 Main Street, Melrose, MA 02176 MINUTES I. CALL TO ORDER Maya Jamaleddine Vice Chair Cal Finocchiaro Ward Hamilton Manjula Karamcheti John Obremski Devin Romanul Robb Stewart Kimberly Vandiver Ryan Williams Leila Migliorelli President, Ex Oficio Mark Garipay Chair Attendee Name Title Status Arrived Maya Jamaleddine At-Large Present Cal Finocchiaro Ward 6 Present Ward Hamilton At-Large Absent Manjula Karamcheti Ward 2 Present John Obremski Ward 2 Present Devin Romanul Ward 7 Present Robb Stewart Ward 3 Present Kimberly Vandiver Ward 5 Present Ryan Williams At-Large Present Leila Migliorelli At-Large Present Mark Garipay Ward 4 Present Meeting was called to order by Chair Garipay at 7:26 pm. II. MINUTES APPROVAL 1. Appropriations & Oversight Committee Meeting October 20, 2025 7:20 PM Motion to Approve minutes without reading made by Chair Garipay. RESULT: ACCEPTED [UNANIMOUS] 1 AYES: Maya Jamaleddine, Cal Finocchiaro, Manjula Karamcheti, John Obremski, Devin Romanul, Robb Stewart, Kim Vandiver, Ryan Williams, Leila Migliorelli, Mark Garipay NAYS: None ABSENT: Ward Hamilton III. PUBLIC COMMENT Motion to Open public comment made by Chair Garipay at 7:28 pm There were no comments on the floor or via Zoom. Motion to Close public comment made by Chair Garipay at 7:28 pm Motion to Recess out to Legal & Legislative meeting made by Councilor Vandiver at 7:29 pm Seconded by Councilor Romanul All were in favor and meeting was recessed. When: Nov 10, 2025 07:20 PM Eastern Time (US and Canada) Topic: Appropriations & Oversight Committee Meeting Join from PC, Mac, iPad, or Android: https://cityofmelrose- org.zoom.us/j/95877605408?pwd=16gbmteNHwooPOQayMfygaGAvIuhas.1 Passcode:311318 Webinar ID: 958 7760 5408 IV. APPROPRIATION
A. (ID # 2025-126): An Appropriation from Capital Stabilization in the amount of $35,000 to DPW Facilities. An Appropriation from Capital Stabilization in the amount of $35,000 to DPW Facilities to provide emergency temporary shoring at City Hall.
(ID# 13004) Councilor Vandiver asked if this project could be internally sourced, and no, it cannot. The City of Melrose does not have staff with the proper capability. Councilor Finocchiaro asked about the timeline of the project. It will go out to bid in 5-6 months and they are not sure how long it will take to build. Motion to Approve made by Councilor Williams Seconded by Councilor Romanul All were in favor and motion passed RESULTS: ACCEPTED [UNANIMOUS] TO: City Council AYES: Maya Jamaleddine, Cal Finocchiaro, Manjula Karamcheti, John Obremski, Devin Romanul, Robb Stewart, Kim Vandiver, Ryan Williams, Leila Migliorelli, Mark Garipay NAYS: None ABSENT: Ward Hamilton 2 V. GRANTS
A. (ID # 2025-125): Acceptance of Donation to Support Recycling and Sustainability Initiatives. Acceptance of Donation in the Amount of Five Hundred Dollars ($500) for the Purposes of Proceeding with Solid Waste and Recycling Initiatives.
(ID# 13002) Councilor Jamaleddine asked who donated the $500 and it was Green Team Junk Removal. Councilor Williams expressed concern about this business donating the money due to their relationship with the city and it was explained that there is no conflict of interest. Motion to Recommend to city council made by Councilor Stewart Seconded by Councilor Karamcheti All were in favor and motion passed RESULTS: ACCEPTED [UNANIMOUS] TO: City Council AYES: Maya Jamaleddine, Cal Finocchiaro, Manjula Karamcheti, John Obremski, Devin Romanul, Robb Stewart, Kim Vandiver, Ryan Williams, Leila Migliorelli, Mark Garipay NAYS: None ABSENT: Ward Hamilton VI. ORDERS
A. (ID # 2025-63): Adoption of MGL 203C, Sections 1-11 Prudent Investor Much discussion occurred about the adoption of Mass General Law 203C for investing the city's trust funds. It was explained that this would allow for a more diversified portfolio with potentially higher returns compared to the current legal list of investments. There is no potential downside any worse than the current plan. Motion to Recommend to city council made by Councilor Vandiver Seconded by Councilor Karamcheti All were in favor and motion passed RESULTS: ACCEPTED [UNANIMOUS] TO: City Council AYES: Maya Jamaleddine, Cal Finocchiaro, Manjula Karamcheti, John Obremski, Devin Romanul, Robb Stewart, Kim Vandiver, Ryan Williams, Leila Migliorelli, Mark Garipay NAYS: None ABSENT: Ward Hamilton VII. ADJOURNMENT 3 Motion to Adjourn made by Councilor Finocchiaro at 8:25 pm Seconded by Councilor Williams All were in favor and meeting was adjourned 4 DEPARTMENT OF PUBLIC WORKS Administration–Engineering–Water–Sewer–Facilities Parks–Forestry–Highway–Sanitation–Cemetery–Fleet CITY OF MELROSE City Hall, 562 Main Street Melrose, Massachusetts 02176 Telephone – (781) 665-0142 To: Mayor Jennifer Grigoraitis Melrose City Council From: James Troup, DPW Deputy Director of Public Works Administration and Finance cc: Kerriann Golden, CFO/Auditor Lauren Grymek, Chief of Staff Elena Proakis Ellis, DPW Director Date: October 1, 2025 Re: Appropriation Request – City Hall Entrance Please accept the request for an appropriation from Capital Stabilization in the amount of thirty-five thousand dollars ($35,000) for the purpose of placing temporary emergency shoring at the entrance to the ground level of City Hall, reopening the accessible doorway to the public, and designing a more permanent solution. Over the past several months, the Department of Public Works has worked with several companies to investigate possible solutions to reopen the handicap accessible door at the ground level of City Hall on the Main Street side. The investigation commenced after the ceiling collapsed and revealed significant deterioration to the slab. Preliminary assessments determined that the material was not hazardous. There was a concern that the walkway above would not last through a harsh winter. A structural engineering firm was asked to further test the area and to design a temporary solution that would make the area safe for the public. Upon receiving the design for the temporary solution, DPW reached out to several possible vendors to perform the work. Prices include the construction of the temporary shoring plus the cost for the rental of the equipment. The engineer was also tasked with moving to the next stage of the project to design a permanent repair. The costs associated with this design are included in this request, along with a small contingency. The City has also asked for cost estimates for the permanent repair, which will be shared when they become more precise, at the conclusion of the design phase. We formally request an appropriation from Capital Stabilization in the amount of $35,000 for the purposes of placing temporary shoring at the entrance to City Hall and to design the permanent repair. Funds will be deposited into a dedicated project account to be set up by the City Auditor. The DPW will be the custodian of the account and will be the Project Manager. DEPARTMENT OF PUBLIC WORKS Administration–Engineering–Water–Sewer–Facilities Parks–Forestry–Highway–Sanitation–Cemetery–Fleet CITY OF MELROSE City Hall, 562 Main Street Melrose, Massachusetts 02176 Telephone – (781) 665-0142 To: Mayor Jennifer Grigoraitis Melrose City Council From: James Troup, DPW Deputy Director of Public Works Administration and Finance cc: Kerriann Golden, CFO/Auditor Lauren Grymek, Chief of Staff Elena Proakis Ellis, DPW Director Zack Laflamme, Environmental Outreach Coordinator Date: September 29, 2025 Re: Donation Acceptance Request Please accept this request to consider accepting a donation in the amount of five hundred dollars ($500) for the purpose of proceeding with recycling and sustainability initiatives in the Department of Public Works. For the past several years, Rep. Kate Lipper-Garabedian has hosted a Sustainability Day at Melrose High School. This event has grown in popularity and has provided an outlet to collect and dispose of hard-to-recycle materials. The Department of Public Works has provided some level of support as our sustainability initiatives run parallel with this event's. The primary vendor, Green Team Junk Removal is appreciative of the efforts of the Sanitation Division and has expressed interest in donating monies to go toward our expenses for this day as well as other expenses to help promote recycling and to educate our residents on the values of sustainability. We formally request acceptance of this donation in the amount of $500 from Green Team Junk Removal for the purposes of proceeding with Solid Waste and Recycling Initiatives. Funds will be deposited into our Solid Waste and Recycling Enterprise account that has been set up by the City Auditor. There is no cost or encumbrance required to enter into this agreement and there will be no effect on the Department of Public Works Operating Budget. CITY OF MELROSE Office of Treasurer-Collector TreasurerDEPARTMENT NAME HERE City Hall, 562 Main Street Melrose, Massachusetts 02176 Kathryn J Armata Treasurer - (781) 979-4162 Treasurer-Collector Collector - (781) 979-4120 Fax - (781) 665-6877 MEMORANDUM To: City Council From: Kathryn Armata CC: Mayor Grigoraitis, Chief Auditor/CFO Kerri Golden Date: September 19, 2025 Re: City of Melrose Trust Funds Investment Policy Statement The Treasurer Collector is responsible for the investment of the City of Melrose Trust Funds. The Trust Funds total approximately $14 million and include 40 separate accounts. The City’s Investment Advisor to the Trust Funds is Bartholomew & Co. (https://www.bartandco.com). The Stabilization Funds, which are included in the Trust Fund portfolio for reporting purposes, are excluded from the recommendation in this memo as they are managed under separate rules. Excluding the Stabilization Funds, the amount of assets under discussion is approximately $4.4 million. Of the $4.5 million, 71% of the assets are overseen by the Cemetery Commission which must approve any changes to investment policy. The Trust Funds have a long-term investment horizon and are invested by Bartholomew & Co in the Legal List of Investments (the “Legal List”), which is the list of securities approved for investment by the Commissioner of Banks under the provisions of Massachusetts General Laws (“MGL”) chapter 167, sections 15A-15K, inclusive. The Legal List is updated annually, however, additions to the Legal List are infrequent, mergers and acquisitions have decreased the approved equity and fixed income names over time, and investment options are heavily tilted toward government and quasi- government offerings. Investing in the Legal List can be challenging from a diversification perspective and is challenged from a return perspective under many investment scenarios given the restrictions on permissible investments. To address these challenges, municipalities in Massachusetts have been adopting an alternative investment option for Trusts under MGL 203C, Sections 1-11, inclusive, known as the Prudent Investor Rule. Prudent investment allows for diversified investment in high quality securities and funds and consideration of all the factors normally taken into account in an investment approach including liquidity needs, investment time frame, economic factors, and market research, among other considerations. Adoption of the Prudent Investor Rule offers the ability to achieve greater diversification through a variety of investment types and companies and management of the funds in a less constrained investment universe than the Legal List. Given the long-term nature of the Trust Funds and the goal to achieve reasonable growth over time, the Prudent Investor option is appropriate for the portfolio. CFO Golden and I presented Prudent Investor to the Cemetery Commission this summer and the Commission’s approval of the Prudent Investor mandate was received on September 18th. A summary of the portfolio returns against applicable benchmarks is provided as an attachment. The performance history shows portfolio outperforms shorter term government indices but trails other asset class returns as well as the Consumer Price Index over the long term. This could be attributable to limited options with which to construct a competitive portfolio. Also attached are a Bartholomew & Co white paper on Prudent Investor and a draft of proposed investment guidelines. Given the benefits of Prudent Investor and limitations under the Legal List of Investments, I respectfully asked for your support of adopting Prudent Investor for the City of Melrose Trust Funds Attachments: Bartholomew & Co White Paper on Prudent Investor Proposed investment guidelines Trust Funds portfolio review as of 8/31/2025 Order: To see if the City will vote to accept the provisions of G.L. c.44, §54(b),(c),&(d) to allow the City of Melrose Trust Funds to be invested in accordance with G.L. c.203C, the so-called “Prudent Investment Rule”, or take any other action relative thereto. Bartholomew & Company White Paper – Prudent Investment Rule What does “prudent” investment actually mean? “Prudent” investing can be flexible and diverse in terms of its actual application. The key is that investment decisions are based on the specific intentions of the funds being invested. Essentially, Prudent investing means that the investment fiduciary understands the unique goals and objectives of the funds under management and chooses an investment strategy based on available relevant information. Essentially, prudent investing opens the doors to all different investment products, methods, and risk profiles – as long as those decisions were made with as much applicable information as possible. Example: a community has $100,000 that can’t be touched for 3 months, but after those 3 months the investor is expecting all principal value back. In this case, you likely will not invest in one single high-risk stock. Instead, you may purchase a Treasury bond that matures in 3 months. On the flip side, a community has $100,000 they won’t touch for 10 years. A “Prudent” person might say that in this case, it could be perfectly acceptable to invest in a mix of stocks and bonds. This is a very simple explanation, but it brings to light that “prudent” investing is understanding the nature, goals, and objectives of the assets. What are some of the pros and cons? The biggest benefit to communities is that prudent investing allows for much greater diversification opportunities than currently allowed under the MA Legal List of Investments. Where appropriate, investment managers can use US and international mutual funds, ETFs, stocks, bonds, alternative investments, etc. where they previously had to adhere to a very short list of investments. One of the perceived negatives is that now Trust Funds could be invested more “risky” than on the Legal List. Certainly, the Prudent Investor Rule allows for many types of investments, some of which are certainly high on the risk spectrum. When Prudent investing is properly employed with the specific goals of the funds in mind, there should not be inherently more risk than is appropriate; just more opportunity for diversification. What should be considered prior to either accepting, or not, the local option? • Understand the composition of your community’s assets and if accepting the local option makes sense for some of the community’s assets. • Evaluate goals and objectives for each type of monies. • Evaluate goals in comingled accounts. • Review your Investment Policy Statements. DRAFT CITY OF MELROSE TRUST FUNDS INVESTMENT POLICY STATEMENT The primary purpose of this Investment Policy Statement (the “IPS”) is to provide a clear understanding regarding the CITY OF MELROSE’s (the “CITY”) CITY OF MELROSE TRUST FUNDS’s investment objectives, performance goals, risk tolerance, and investment guidelines established for the long-term Prudent Investor funds. A. Scope This IPS applies to all funds that are separately designated as CITY OF MELROSE TRUST FUND funds. These funds can be invested as a pooled investment portfolio unless otherwise stated. Any additional contributions of these types of funds will also be maintained in the same manner. B. Authority The funds shall be invested pursuant to Massachusetts General Laws 203C (The Massachusetts Prudent Investor Act) unless otherwise stipulated. C. Diversification The following asset classes can be included in the CITY OF MELROSE TRUST FUNDS in order to construct a diversified investment portfolio that is both prudent and appropriate given the CITY OF MELROSE TRUST FUNDS target rate of return, investment objective, and risk tolerance. The investment parameters and asset allocation definitions that will govern the Investment Manager of the diversified portfolio are included in the addendums to this IPS. Equities The primary objective of the CITY OF MELROSE TRUST FUNDS’s equity allocation is to provide long–term total returns that are, at a minimum, consistent with appropriate broad market indexes through full market cycles. The Investment Manager of the diversified portfolio can purchase and manage the equity allocation using individual equities, such as domestic common stocks, preferred stocks, and/or American-Depository Receipts (ADRs). The Investment Manager can also utilize other investment vehicles such as, mutual funds, exchange traded funds, closed-end funds, etc. Total equity exposure is able to include, both domestic and international equities, both developed and emerging countries and geographic regions, as well as large-, mid-, and small- market capitalization weighted companies. Direct holdings of common stock, preferred stock, and/or ADRs in any one company should not exceed 5% of the market value of the invested portfolio. DRAFT DRAFT Investing directly in real estate, private placements, letter stock, or initial public offerings is strictly prohibited. The Investment Manager of the diversified portfolio shall not engage directly in margin transactions, short sales, or any other leveraged or inverse investment vehicles. Mutual funds, exchange-traded funds, and closed-end funds, however, may engage in margin, leverage, and/or short sales. Investing directly in unit- investment trusts (UITs) and business development companies (BDCs) are strictly prohibited. Fixed Income The primary objectives of the CITY OF MELROSE TRUST FUNDS’s fixed income allocation are to preserve capital and generate a reasonable level of cash flow. The secondary objective is to provide price returns that exhibit lower correlation to the broad global equity markets in order to reduce the overall risk of the portfolio. The Investment Manager of the diversified portfolio can purchase and manage the fixed income allocation using individual bonds that are United States Dollar denominated only. Issuer selection can include domestic corporate bonds and any obligations of the United States Government and/or its agencies. The Investment Manager can also utilize other investment vehicles such as, mutual funds, exchange traded funds, closed-end funds, etc. Total fixed income exposure is able to include, both domestic and international bonds, both developed and emerging countries and geographic regions. Direct holdings of individual corporate bonds in any one company should not exceed 5% of the market value of the invested portfolio; however, this is not applicable to the United States Government and/or its agencies. Lower-quality investments may only be held through diversified vehicles, such as mutual funds or exchange-traded funds. Investing directly in real estate, mortgages, collateral or non-collateral loans, private placements, fixed income or interest rate futures, or any other specialized fixed income ventures is strictly prohibited. Investing directly in unit-investment trusts (UITs) and business development companies (BDCs) are strictly prohibited. Alternative Investments The primary objective of the CITY OF MELROSE TRUST FUNDS’s alternative allocation is to provide long-term capital appreciation that is less correlated to broad global equity and fixed income indexes. The Investment Manager of the diversified portfolio can only purchase those strategies that are deemed to be alternative through daily-liquid diversified investment vehicles such as, mutual funds, exchange-traded funds, closed-end funds, etc. The only exception to the daily liquidity rule is private equity exposure and investment strategies. Private equity vehicles may also hold private debt as part of a diversified strategy. Investing directly in unit-investment trusts (UITs) and business development companies (BDCs) are strictly prohibited. Cash and Cash Equivalents Cash will be maintained to provide periodic cash distributions, if and when necessary. Cash will not normally be held as a strategic investment asset, although the Investment Manager may seek to allow cash to build to the maximum level in times of market uncertainty. DRAFT DRAFT D. Specific Risks Credit Risk Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The Investment Manager will manage credit risk several ways. There will be no limit to the amount of United States Treasury and United States Government Agency obligations. In regards to fixed-income investments, the Investment Manager will only purchase investment grade securities. Lower-quality investments may only be held through diversified vehicles, such as mutual funds or exchange-traded funds. Investments in fixed income securities will be made primarily for income and capital preservation. Custodial Risk The custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover deposits or will not be able to recover collateral securities that are in the possession of an outside party. The CITY will review the financial institution’s financial statements and the background of the sales representative. The intent of this qualification is to limit the CITY’s exposure to only those institutions with a proven financial strength, Capital adequacy of the firm, and overall affirmative reputation. Further, all securities not held directly by the CITY, will be held in the CITY OF MELROSE’s name and tax identification number by a third-party custodian approved by the Treasurer and evidenced by safekeeping receipts showing individual CUSIP numbers for each security. Concentration of Credit Risk Concentration of credit risk is the risk of loss attributed to the magnitude of a government’s investment in a single issuer. The Investment Manager will minimize Concentration of Credit Risk by diversifying the investment portfolio so that the impact of potential losses from any one type of security or issuer will be minimized. As stated above, securities of a single corporate issuer (with the exception of the United States Government and its Agencies) will not exceed 5% of the portfolio value. Interest Rate Risk Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The Investment Manager will manage interest rate risk by managing duration, as a measure of interest rate sensitivity, in the funds. DRAFT DRAFT Foreign Currency Risk Foreign currency risk is the risk that changes in foreign monetary exchange rates will adversely affect the fair value of an investment or a deposit. The Investment Manager will, as much as feasible, mitigate foreign currency risk. E. Standards of Care The standard of prudence to be used by the Treasurer and/or other authorized person, shall be the “Prudent Person” standard and shall be applied in the context of managing an overall portfolio. The Treasurer and/or other authorized person, acting in accordance with written procedures and this IPS, and exercising reasonable due diligence, shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided the purchases and sale of securities is carried out in accordance with the terms of this IPS. Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs; not for speculation, but for investment considering the probable safety of their capital as well as the probable income to be derived. F. Ethics The Treasurer and/or all other authorized persons shall refrain from any personal activity that may conflict with the proper execution of the investment program or which could impair or appear to impair ability to make impartial investment decisions. The Treasurer and/or all other authorized persons shall disclose to the CITY any material financial interest in financial institutions that do business with the CITY. They shall also disclose any large personal financial investment positions or loans that could be related to the performance of the CITY 's investments. G. Relationship with Financial Institutions Financial institutions should be selected first and foremost with regard to their financial soundness and stability. Brokers should be recognized, reputable dealers. All cash and securities shall be held in either a bank that is allowable for the deposit of public funds, provided funds on deposit are insured by the Federal Deposit Insurance Corporation (FDIC), or in an Investment Brokerage Account that is insured by the Securities Investor Protection Corporation (SIPC). If a banking institution is selected as manager, the CITY will subscribe to Veribanc©, a recognized bank rating service. The Treasurer and/or all other authorized persons shall require any brokerage houses and broker/dealers, wishing to do business with the CITY, to supply the following information to the Treasurer and/or all other authorized persons: • Annual financial statements DRAFT DRAFT • If acting as a Registered Investment Adviser, Form ADV Part II report • Errors & Omissions insurance amounting to, at a minimum, the total fair market value of the Trust Funds Portfolio. • A statement that the Advisor has read the CITY’s IPS and will comply with it on an annual basis • Annual review all advisors through www.finra.org: Broker Check H. Reporting Requirements On a Semi-Annual basis, a report containing the following information will be prepared by the Treasurer and/or other authorized persons and distributed to the CITY, as appropriate. The Semi-Annual report will include the following information, as a minimum requirement: • A listing of the individual accounts and individual securities held at the end of the reporting period. • A listing of the short-term investment portfolio by security type and maturity to ensure compliance with the diversification and maturity guidelines established in the "Diversification" section of this IPS. • A summary of the income earned on a monthly basis and year-to-date basis shall be reported. • The Treasurer shall include in the report a brief statement of general market and economic conditions and other factors that may affect the CITY 's cash position. • The report should demonstrate the degree of compliance with the tenets set forth in the IPS. I. Performance Measurement and Evaluation • The individual and custom benchmarks that will be monitored for performance reporting and analysis of the fund’s portfolio are stated and described in the addendums to this IPS. • It is expected that the respective asset classes of the fund’s diversified portfolio will outperform their respective benchmarks, net of fees and expenses, on a long term (market cycle) basis. J. Supervision • The Treasurer will meet with the investment manager(s) as frequently as semi-annually to monitor the performance of the funds and the investment manager(s) compliance with these guidelines. The Treasurer will receive and review portfolio management reports semi-annually. • The Treasurer will review this Investment Policy Statement at least once a year to ensure that it remains appropriate and complete. • The Treasurer has the option to review the management of funds to consider going out to bid periodically. K. Legal References • Massachusetts General Law Chapter 203C, Section 1 through 11 DRAFT DRAFT The below signed Treasurer and/or other authorized persons of the CITY OF MELROSE have reviewed this IPS and will manage the CITY’s CITY OF MELROSE TRUST FUNDS under my control in accordance with this IPS. _____________________________________ _____________________________________ Signature Signature _____________________________________ _____________________________________ Printed Name Printed Name _____________________________________ _____________________________________ Date Date _____________________________________ _____________________________________ Signature Signature _____________________________________ _____________________________________ Printed Name Printed Name _____________________________________ _____________________________________ Date Date DRAFT DRAFT ADDENDUM #1 INVESTMENT PARAMETERS The information contained herein shall dictate the long-term asset allocation targets as well as minimum and maximum parameters, when applicable, that will govern the management of the investable portion of the funds. The methodology for determining specific security and investment strategy definitions is detailed in Addendum #2. Category Min Target Max Equity 41% 51% 61% Domestic Equity 21% 31% 41% International Equity 10% 20% 30% Balanced 0% 0% 10% Fixed Income 24% 34% 44% Domestic Bonds 17% 27% 37% International Bonds 0% 7% 17% Alternatives 5% 15% 25% Private Equity 0% 0% 10% Real Estate 0% 0% 10% Cash 0% 0% 10% Total --- 100% --- DRAFT DRAFT ________________________________ ________________________________ Treasurer’s Signature Date DRAFT DRAFT ADDENDUM #2 ASSET ALLOCATION DEFINITIONS Asset Class Morningstar Category Allocation 85% Equity Mid-Cap Blend Communications Mid-Cap Growth Consumer Cyclical Mid-Cap Value Consumer Defensive Natural Resources Convertibles Real Estate Energy Sector Fund Domestic Equity Financial Small-Cap Blend Health Small-Cap Growth Industrials Small-Cap Value Large-Cap Blend Technology Large-Cap Growth Utilities Large-Cap Value Emerging Markets India Europe Infrastructure Foreign Large-Cap Blend Japan Foreign Large-Cap Growth Latin America International Equity Foreign Large-Cap Value Pacific/Asia Foreign Small/Mid Blend Pacific/Asia ex-Japan Foreign Small/Mid Growth World Large Stock Foreign Small/Mid Value World Small/Mid Stock Global Real Estate Allocation 15% to 30% Equity Retirement Income Allocation 30% to 50% Equity Tactical Allocation Balanced Allocation 50% to 70% Equity Target Date Allocation 70% to 85% Equity World Allocation Bank Loans Muni National Intermediate Convertibles Muni National Long-Term High-Yield Bond Muni National Short-Term High-Yield Muni Muni Single State Inflation Protected Bond Nontraditional Bond Domestic Bond Intermediate Gov't Bond Preferred Stock Intermediate Term Bond Short-Term Bond Long-Term Bond Short-Term Gov't Bond Long-Term Gov't Bond Stable Value Multisector Bond Ultrashort Bond Emerging Markets Bond World Bond International Bond Emerging Markets Local Currency Bear Market Market Neutral Business Development Company Multi-Alternative Commodities Options Based Currency Precious Metals Alternatives Direct Real Estate Private Debt Hedge Funds Private Equity Long/Short Credit Structured Notes & Annuities Long/Short Equity Trading/Tactical Managed Futures ________________________________ ________________________________ DRAFT DRAFT Treasurer’s Signature Date DRAFT DRAFT ADDENDUM #3 PERFORMANCE REPORTING Policy Benchmarks Risk Profile Benchmarks Broad Asset Class Benchmark Name Percentage Broad Asset Class Benchmark Name Percentage Equity MSCI ACWI IMI 51% Equity MSCI ACWI IMI 60% Fixed Income Bloomberg Barclays US Universal Bond 34% Fixed Income Bloomberg Barclays US Universal Bond 40% Alternatives HFRX Global Hedge Fund (USD) 15% Alternatives --- --- Total 100% Total 100% Asset Class Level Comparitive Benchmarks Asset Class Benchmark Name Domestic Equity MSCI USA IMI International Equity MSCI ACWI ex USA IMI Domestic Bond Bloomberg Barclays US Universal Bond International Bond Bloomberg Barclays Global Aggregate Bond ex USD (Hedged) Alternatives HFRX Global Hedge Fund (USD) Cash US Treasury Bills Benchmark Name Description captures large, mid, and small cap representation across Developed and Emerging Markets MSCI ACWI IMI countries. The index covers approximately 99% of the global investable equity market. captures large, mid, and small cap representation of the United States. The index covers MSCI USA IMI approximately 99% of the free float-adjusted US investable equity market. captures large, mid, and small representation across Developed (excluding the US) and Emerging MSCI ACWI ex USA IMI Markets countries. The index covers approximately 99% of the global investable equity market outside of the United States. consists of income securities issued in US Dollars, including US government and investment grade Bloomberg Barclays US Universal Bond debt, non-investment grade debt, asset-backed and mortgage-backed securities, Eurobonds, 144A securities and emerging market debt with maturities of at least one year. a measure of global investment grade debt from local currency markets (excluding the US). This Bloomberg Barclays Global Aggregate Bond ex USD (Hedged) multi-currency benchmark includes treasury, government-related, corporate and securitized fixed- rate bonds from both developed and emerging markets issuers. is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, HFRX Global Hedge Fund (USD) distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. represents the monthly return equivalents of yield averages, which are not marked to market; this US Treasury Bills index is an average of the last three three-month Treasury Bill issues. ________________________________ ________________________________ Treasurer’s Signature Date DRAFT What does “prudent” investment actually mean? “Prudent” investing can be flexible and diverse in terms of its actual application. The key is that investment decisions are based on the specific intentions of the funds being invested. Essentially, Prudent investing means that the investment fiduciary understands the unique goals and objectives of the funds under management and chooses an investment strategy based on available relevant information. Essentially, prudent investing opens the doors to all different investment products, methods, and risk profiles – as long as those decisions were made with as much applicable information as possible. Example: a community has $100,000 that can’t be touched for 3 months, but after those 3 months the investor is expecting all principal value back. In this case, you likely will not invest in one single high-risk stock. Instead, you may purchase a Treasury bond that matures in 3 months. On the flip side, a community has $100,000 they won’t touch for 10 years. A “Prudent” person might say that in this case, it could be perfectly acceptable to invest in a mix of stocks and bonds. This is a very simple explanation, but it brings to light that “prudent” investing is understanding the nature, goals, and objectives of the assets. What are some of the pros and cons? The biggest benefit to communities is that prudent investing allows for much greater diversification opportunities than currently allowed under the MA Legal List of Investments. Where appropriate, investment managers can use US and international mutual funds, ETFs, stocks, bonds, alternative investments, etc. where they previously had to adhere to a very short list of investments. One of the perceived negatives is that now Trust Funds could be invested more “risky” than on the Legal List. Certainly, the Prudent Investor Rule allows for many types of investments, some of which are certainly high on the risk spectrum. When Prudent investing is properly employed with the specific goals of the funds in mind, there should not be inherently more risk than is appropriate; just more opportunity for diversification. What should be considered prior to either accepting, or not, the local option? Understand the composition of your community’s assets and if accepting the local option makes sense for some of the community’s assets. Evaluate goals and objectives for each type of monies. Evaluate goals in comingled accounts. Review your Investment Policy Statements.
Transcript
▶ 16:18 Mark Garipay: to start at seven 20 at this time. I'll make a motion to, uh, recess. Um, Legale Second. Um, we have a motion to recess made by Councilor gpe, seconded by Councilor Pen Chiro. Um, all in favor? Aye. Opposed? We're in recess. We Recording stopped. Good evening. It's 7 26 on Monday, November 10th. This is a meeting of the Appropriation and Oversight Committee. I'm Mark rp, the chair. Also joining me tonight is, um, Shia Jamal Ledine. Uh, cons, Vandiver Council. Nuro Councillor Osky, counselor Williams, counselor Romano and President Elli. This serves as a notice of Accord Quo. Hello, quorum in accordance with the Open Meeting law. This meeting is being recorded and broadcast live on MMTV. Also, joining us is Cons Stewart and Counselor Chedi.
▶ 17:36 Mark Garipay: Um, I'll motion by unanimous consent. Actually, why don't we jump to minutes. Uh, at this time I'll motion by unanimous consent to approve without reading the minutes of the October 20th, 2025 meeting of the appropriation and oversight meeting. Uh, seeing no objections. Those, um, minutes are, uh, now approved. Um, I will also jump up the public comment. I will motion by unanimous consent to open the floor for public comment. Seeing no objections, public comment is now open. Is there anyone in the gallery that would like to speak with any of the, uh, any of the items on the Appropriation and Oversight Committee agenda tonight? Seeing no one in the gallery, is there anyone online? There's no one online.
▶ 54:22 Second. Motion. Recess made by Councilor Stewart. Seconded by Councilor Crime. Jd. All in favor? Aye. Any opposed? We are now recessed for appropriations of oversight. Yeah, actually just that, Welcome back to Appropriations and Oversight. Um, we are gonna be moving on. Um, next up we have appropriation ID number 2 0 2 5 dash 26 in appropriation from capital stabilization in the amount of 35,000 to DPW facilities and appropriation from capital stabilization in the amount, uh, of 35,000 to DPW facilities to provide emergency temporary shoring of City Hall. Uh, Thank you. Um, Dr. Thank You. Um, this request encompasses a few different items related to the basement door that we've had blocked off for a couple months now.
▶ 55:53 Um, we have a structural engineer who we hired to design a temporary shoring solution. The cost of that design for the temporary solution was about $5,000. Um, we got prices from three contractors. Uh, the low price was around, I believe it was around $7,000 to do the temporary shoring, which we are proceeding with. And then we have about a $20,000 cost to do a design of a permanent solution that will involve the stairs up above. The construction is likely to be not insignificant. We don't know yet what the cost of that will be, um, but we'll probably be back for a request, um, for the actual construction. But the 35,000 encompasses the temporary design, the temporary fix, and the permanent design.
▶ 56:46 Any questions? Uh, council Williams, Does it fund the permanent fix? No. Okay. That's what I thought. I just wanted to hear That again. No, that was the one that we will be back with the request, but we just don't have a good handle on what that cost might be until the design is completed. Because you're including the stairs above it. It has to, yeah. Yeah. It might, might not be replacing the stairs, but they, it's all tied in together structurally, so, Yes. And those stairs are like, are like pitched forward And there are gaps. There are gaps at the sides where water's coming In. They're not great. I agree with you. Yeah. And there's a closet underneath too, beyond like when you go straight ahead if instead of going to the right Yeah.
▶ 57:22 Kimberly Vandiver: The door that's, that also has a completely caving in ceiling that's in that same Wow. Yeah. Tied into the same structure. Alright, thank you. Yeah. Council Vandiver and then Council Firo. Thank You. Chair Garra. Um, given that we just passed an override and maybe looking at potential hires within departments, is this something that in the near future we could staff internally or fund differently than through this proposal? So there's no plan from a staffing perspective that would involve any sort of in-house structural engineering, um, capability. Okay. Thank you very much. That's welcome. Council ra? Yes. Thank you. Um, the shoring that's gonna be added, will that be part of the permanent sign
▶ 58:01 or that just might, we'll just pay for that and then it'll kind of come off or, Yeah. We had asked the consultant if there was any sort of, you know, financial benefit of doing, doing something in phases that would be part of the final design, but that really wasn't feasible. This is basically, um, some sort of, I don't remember if it's plywood or whatever it is up against the ceiling and then temporary members coming down to the ground to hold it up and it, and it will still be accessible. Um, a DA accessible, the, the posts will be, um, spaced so that you could still get through with a wheelchair, but it is a very temporary fix. Okay. And the timeline as far as getting it permanently repaired,
▶ 58:43 do we know what that looks like Or, um, I think the design was gonna take a few months and then we'd have to put that out to bid. So I would say at the earliest we would be out to bid in five to six months and then I'm not sure how long it would take to actually construct A motion to approve. Second, I have a motion to approve by Council Williams. Seconded by cons. Ramano on discussion. If I could just ask one question. I probably know this answer. This is the door right off of Main Street in the basement. Yes. Thank you. Um, council Ache, just, is there any like imminent danger in terms of it not being fixed Potentially Within the temporary, within like the five to six months it might take
▶ 59:35 Manjula Karamcheti: for bid in this structure to be built? Yes. Yeah. Right now we've cleaned up the material that's falling and material has continued to fall. Um, and without that permanent design, we're really not entirely sure how much of the structure is compromised from up above and we just don't want any risk of somebody walking up the stairs right here and the stairs cave in. Right. That would be the risk. Right, exactly. So just, you know, people are being mindful of really making sure no one's accessing and using that area while we, we wait for the temporary shoring. Yeah. So we feel comfortable enough that, that, you know, people are coming in and outta the stairs up here. We just don't want it to let it go any longer than getting
▶ 1:00:21 that temporary solution possible. No, agreed. I I think it's fine today. I don't know if it'll be fine A few months from now. Freeze thaw snow. Right, right. Yeah. Anyone else on discussion? Uh, can we take a roll call? Vote Yes. Vice Chair Jamine? Yes. Councilor Occhio? Yes. Counselor. Kara Chetty? Yes. Counselor. A Bruski? Yes. Counselor Romano? Yes. Councilor Stewart? Yes. Counselor Vandiver? Yes. Councilor Williams? Yes. President Elli? Yes. Chair Garipay? Yes. That, that will, uh, get recommended, the full council. Next up we have Grant ID 2025 dash 1 25, the acceptance of a donation to support recycling and sustain sustainability initiatives. Acceptance of donation in the amount of $500 for the purpose
▶ 1:01:18 of proceeding with solid Waste and recycling initiative. Uh, ID dash 1 3 0 0 2. Don't know if I have to say that, but, um, Ms. Pro, so you, you're here to speak on that too, I'm Assuming? Yes. Uh, in the absence of Jim Troop who submitted this item, he is, um, in Las Vegas. I believe he's on vacation. Is it coming back? Maybe, maybe not $500. Yeah. So this was just an offer to donate to the city, $500 toward our recycling programs. And so we are just requesting acceptance for it. Thank you. Any questions from the council? Ms. G? I'm sorry, I may have missed it. Who, who donated the 500 I believe? Is it anonymous? I, no, I should have looked at it before. I believe it was Cassela, but, um, I could double check in the
▶ 1:02:09 Ryan Williams: memo that Jim submitted. Perfect. Thank You. Yeah. Council Williams. It's the green team Junk removal. Oh, yes. Yeah, it's, yes. Excuse me. It's, yeah, they're the ones who do, um, Kate Lip obedience, um, uh, spring Recycling event. They're the vendor that she works with. But since you, since you mentioned this, are they part of Sela? No. Okay. No, I'm sorry, I misspoke. I so I, as you know, have a green heart. Um, but I wanna ask, well, it's not really green, right? I'm just being funny guys. Um, is there, do you have any concerns with regard to like a private business donating money to an event that they profit from? I mean, what are they paying for? Like what's The So the donation is not for that event.
▶ 1:02:58 Okay. It's for the city's other recycling programs. It could be for school outreach. It could be Okay. Okay. You know, and any of the other, um, recycling initiatives that we do, it could be toward, I suppose, composting or, um, so yeah. They weren't specific, it wasn't tied to that event. Okay. A lot of these companies have, you know, sort of a charitable arm that likes to reach out to the communities that they work in and, and give donations. Um, so yeah, I wouldn't consider it like a conflict of interest because we, we actually don't contract with them either. Um, Kate's office contracts with them. So they're state rep Contracts, contracts with them? What's that? The state rep contracts. The
▶ 1:03:37 Mark Garipay: State rep contracts with them through her office. We don't pay them for that event. Got it. Okay. Or any event for That. Well, well, thank you very much. Um, um, this sounds great. So thank you for walking me through that little, little issue. Yeah. Thank you. Next up I got Councilor Stewart, councilor ti and then councilor, um, uc. Go ahead. Councilor Stewart. Uh, Mr. Chair is gonna make a motion to, uh, approve, but, uh, recommend, but that's there. So I'll second. Yeah. Okay. And I'll make a motion to recommend, Recommend. Second motion to recommend by Councilor Stewart, seconded by Councilor Chetty on discussion. Um, roll call on financial. Sure. Vice Chair Jamal Ledine. Yes. Councilor Occhio. Yes.
▶ 1:04:21 Mark Garipay: Councilor Caram Chetty? Yes. Counselor Osky. Yes. Counselor Roman? Yes. Councilor Stewart? Yes. Councillor Vandiver? Yes. Councilor Williams? Yes. President Elli? Yes. Chair Garipay. Yes. That will get recommended to the full council. Thank you. Thank you very much. Your night. Next up we have, uh, order 2020 ID 2025 dash 63. The, the option of Mass General Law, 2 0 3 C sections. One dash 11 Prudent Investor. And we have ADA with us and she has a guest. Thanks. Evening floor was yours. Pardon me? The floor is yours. Oh, thank You. Uh, the order before you tonight Is to discuss the adoption of Mass General Law 2 0 3 C prudent investment for the investment of the city's trust funds that are currently managed under what is known
▶ 1:05:17 as the Legal List until September, 2023. The legal list was the only option at the local level allow, uh, provided to municipalities under Mass General Law for the investment of trusts. And it has some significant limitations. Prudent investor addresses those limitations and allows for a more diversified and thoughtful approach to the portfolio composition. So with me tonight is Brian Grose from Bartholomew and Company, who is our partner in investment of our trusts. And he's going to talk to you a little bit about PR investor. Excellent. Thank you. We've been working with the city since 2012 as one of the investment partners. Um, one of the big changes, uh, since this has gone in September of 2023 is, um,
▶ 1:06:06 currently your OPE funds are currently invested under Chapter 2 0 3 C. This is allowing your, uh, your long-term funds, such as your cemetery, perpetual care, scholarships, and trust funds to be invested in the same manner. Uh, what that does, as Catherine said, is it opens up the opportunity to invest, uh, in all different investment products, method and risk profiles. Um, very simply, it, uh, allows you to invest in a much broader investment vehicle. Uh, right now you're limited with the legal list of investments to 22 stocks, big blue chip companies. And, uh, when you go to PR investor, which is currently how your OP is managed with us, through us with the same type of investment vehicles, uh,
▶ 1:06:49 it opens up the universe. There's no Bitcoin or Penny stock, so don't worry about that. Um, I can go into more detail. That's kind of high level. Uh, the best way to look at it is, uh, what ka uh, Catherine sent to you on the bar. White paper. Prudent investor gives all the details. Um, I can open it up to questions. Do, does any councils have any questions? Council Stewart, what will you be investing in? Oh, what will we be investing in? Well, it's gonna open it up to a, a global diversified portfolio. Uh, we have a, Um, Well first of all, what we're gonna do is we're gonna understand the different assets that, that are going into that. Okay. Um, are you familiar? Well, it will be invested very much ETFs, stocks, actually,
▶ 1:07:41 excuse me, mutual funds, ETFs. It opens up the doors for that. Um, US and international mutual fund et TF stocks, bonds, alternative investments, private markets. It opens up the doors to, um, we have that currently in your opep. Sorry, I only need most to read. Uh, we have that in your Opep account, but it opens up that door. Mr. Amato, what, what's our current return and what, what is, do we have a forecast for expected return based on this? Well, if, um, Do you wanna go Back? Okay, you're, I can't read your writing. I'm sorry. Oh, sorry. Is it alright if I answer that 12% roughly, please. Okay. So I just pulled the last three years and five year averages. Uh, you have to keep in mind that, you know, returns,
▶ 1:08:28 you have to be careful with the returns based on when you made the deposits and withdrawals. And that does take that into consideration. But the legal list investments, which is representative of those 22 stocks that we talked about, Mm-hmm. That's a 10% equity exposure. The last three year average was 5.41, and the five year was 3, 3 6. In your ope, which is prudently invested, uh, which is 70 30 portfolio, we're recommending a 60 40 with these type of funds, which is slightly a little bit less riskier. Uh, that three year, just to give you an, uh, average was 13.40 and the five year was at 7.56. You like those numbers better? Quite significant. Several hundred basis point change. Yeah, Absolutely. Absolutely. And more diversified,
▶ 1:09:20 Robb Stewart: um, as well. And, and what's, what's the amount of equity that we have invested? What is the amount? Yeah, it's approximately four and a half million. Most of it with cemetery funds. Okay. Okay. We can't, we can't invest the stabilization funds in this. Right. So we're, we could be drawing decent amount then off of these. Right. We could A couple hundred thousand dollars on a yearly basis. It's great. Great. Wonderful. Yeah, I get excited. We work with, uh, 330 municipalities entities across the state, uh, which represent about 80% of the cities and towns in Commonwealth. Uh, I get excited about the cemetery funds because those pretty much, a lot of cities and towns have had those pretty dormant.
▶ 1:10:02 And with budgets of being tight, you can now put those to work. If you had that in a money market in the last 10 years, you'd be lucky to get one, one and a half to one eight. Oh, right. You can target now six, 7% return depending on the equity Exposure. Yeah. Super. So we can put that to work so we can handle some of those gaps. Because the trust fund, I mean the cemetery, perpetual care is the only thing that really impacts your budget. The trust funds and the scholarships, those are already, you know, that doesn't really touch the city. It's under your purview and under your, um, stewardship. But quite frankly, that doesn't benefit the city. The, the extra earnings targeted for the cemetery perpetual kit can be used for mowers, blowers,
▶ 1:10:40 tractors, maintenance roads, no employee costs, but all those such. Any downside. Do you see any downside? I don't see any downside. Ms. Um, not any more downside than you have with the legal list. There's always going to be ups and downs, but you are providing a much more diversified universe, uh, in which to invest. So it should smooth out. Great news. Thank you, Mr. Thank you. Council Ro? Yes, thank you. I just, um, wanted to clarify. So this is a change due to mass general law? Yes. Okay. And so where, that's just a state law that came out that it it's an option. Yeah. Okay. Mm-hmm. The MA that's recent, I'm sorry, Massachusetts Treasure Collectors Association has been trying to pass this law for the last 10 to 15 years.
▶ 1:11:27 Uh, there was some sticking points up at the leg, uh, at the State House. Uh, once their clarification had passed, uh, they had asked us, uh, once they had realized, uh, that for the clarification, it finally passed, allowing Chapter 2 0 3 C to be invested in trust funds. Good. Thank you. Council. I'm sorry you all that? Mm-hmm. Council Armo councilor Asked my question, so I'm also Thank you. Anyone else? I, um, council Williams, Um, are specialized instruments like climate ETFs included in the allowable list of funds that you can invest in by accepting this? Are they allowable? Uh, so we file the, the investment policy statement that's drafted. We can handle all kinds of investments such as ESG,
▶ 1:12:19 Ryan Williams: uh, and whatnot. But that would be constructed by the, the boards that are, or, uh, the trustees or the boards that are, uh, in charge of that. Sure, sure, sure. But we could do that. We can handle that. Do you feel that the, um, prior to acceptance of this MGL chapter, do you feel that it was, that the, the funds are more constrained against this? So are they, is it harder to invest in these sort of purpose-based ETFs and mutual funds? If you're just following the legal list? Is it easier to invest in them if you accept the MGL chapter we're talking about here? So prior to this provision, you really had to follow the 22 stocks period. Mm-hmm. And it was updated by the state, uh, once a year.
▶ 1:13:00 Ryan Williams: And that list has been, it hasn't changed since the eighties. Uh, anything, what it's done is it's dwindled. It used to be 40. Mm-hmm. Um, so it's, it really hasn't changed. So it doesn't, it didn't allow you to, you, you had to buy an individual stocks and bonds period. And it had to be specific companies, railroad bonds, uh, and such. Does that answer your Yeah, I think so. I, I, the, the question I'm getting at is whether or not this opens the door for Melrose to consider putting any investments into these sort of specialized ETFs that are, you know, themed. Right. So like the big one is climate, you know, fossil free funds and things like that. Um, where, given that the return might be sort of similar,
▶ 1:13:42 Mark Garipay: you wouldn't want to like severely disadvantage the fund, but you can also then apply a little bit of the community values, um, perspective into the investment portfolio as well. Yeah. We're very independent. We work for the city. So whatever we draft inside the investment policy statement, we'll follow to it t Cool. Alright. Appreciate your time. Thank you. Um, council of Vandiver, were you next? I was just going to motion to recommend. Second. We have a motion to recommend by Council Vandiver seconded by Council Ro on discussion. If I could just say, I'm actually very excited about this. I was on the cemetery commission. We had looked at seeing if we could do something because we were bringing in a half a percent.
▶ 1:14:21 Mark Garipay: And once the cemetery closes, we need the perpetual care to continue to grow. So it's not a, a drain on the budget. And I think the perpetual care is somewhere about three and a half or 3 million bucks in there. I would, I would assume so. That's exciting news finally, that they're, they've made the change. Um, we will take a roll call vote if there's no one else on discussion. Mad Vice chair Aldine? Yes. Councilor Occhio. Yes. Councilor Karen Chetty. Yes. Councilor Osky. Yes. Councilor Romanul. Yes. Councilor Stewart? Yes. Councillor Vandiver. Yes. Councillor Williams. Yes. President Elli. Yes. Chair Garipay. Yes. That will get recommended to the full council. Thank you both for being here. Very thank you. Goodnight.