Amy N. Kelley

The meeting included discussion on the 2026 proposed operating and capital budgets, covering personnel services, professional services, technology, and capital projects. The proposed operating budget is $49,450,000, a 17% increase from 2025, with increases in personnel services, professional services, and technology. The capital budget request is $1.1 million for technology enhancements and office improvements. The board may also meet in executive session to discuss personnel matters, investments, and evaluations of trustees or board consultants.

The meeting includes discussions on investment overview and strategy, investment reports including the Chief Investment Officer's report and the second quarter Trust Fund report. Also on the agenda is the General Investment Consultant Quarterly Report, review of asset allocation ranges, and an executive session to discuss personnel matters, potential litigation, and investment-related information.

The meeting agenda includes consideration of the consent agenda, executive director's report, senior staff quarterly reports, legal reports, audit committee report, finance reports, discussion of the proposed operating and capital budgets for 2026, and consideration of amendments to the actuarial funding policy. Additionally, there will be board education sessions on credit and tactical opportunities asset classes, an executive session, and a call for future agenda items.

The Board considered recommendations for investment allocations, including Altaris Health Partners Fund V, One Rock Capital Partners III, and Insight Partners XI, and authorized the allocations contingent on favorable background checks and successful negotiation of investment agreements. There was also a discussion regarding private real estate manager recommendations.

The meeting includes discussion and action on various topics such as the consent agenda, executive director reports, committee appointments, audit updates, finance reports, legislative agenda, and investment reports. The board will discuss potential legislation topics and receive updates on external quality assessment and internal audit activities. They will also discuss the proposed operating and capital budgets for 2025 and receive investment reports, including the Chief Investment Officer's report and a general investment consultant quarterly report. Additionally, there will be a board education session on the private equity asset class and an executive session to deliberate personnel matters and seek legal advice.