ITEM TITLE:
Permanent Fund Annual Council Workshop
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Receive and file
SUMMARY STATEMENT:
• This annual workshop provides Council with a review of fund performance, history, and objectives.
• The workshop will be led by the Alex Browning, Senior Vice President of Callan LLC., the City’s Investment Advisor.
• Mr. Browning will provide slides (attached), and will leave time for Council Q&A.
• The meeting is also a venue for Council to interact with the Investment Committee.
• Previously the annual meeting was an occasion for representatives from all of the investment manager firms to visit Valdez. Travel restrictions have precluded such a meeting in 2020. In addition, staff has initiated revisions to the ongoing and annual meeting formats to allow for more in-depth discussions for both Council and Committee. The current format is:
o Two fund managers and technical team-members presenting at each quarterly committee meeting, remotely. (2020 meeting entails remote meeting for Callan and fund managers)
o Two fund managers visiting Valdez during the annual committee meeting.
o Mr. Browning as the sole presenter to Council during the annual council workshop.
• The format changes have been well-received by the Committee, and staff recommends continuing in this manner.