Investment Manager and Other Updates

Currently, a single solution continues to be reviewed by the investment consultant, external legal and tax advisors along with City staff and is near completion. Final documentation will be available in the next few weeks and staff are recommending the Board authorize the Chair or Vice Chair execute the necessary documentation once the external review is completed. City staff continue to transfer funds from the Short-Term Fund (managed internally) and into the Long-Term Fund (managed by the Board) as well as re-balancing of the Sinking Fund. A summary of the transfers is outlined in this report. An update of the current funding status of Long-Term Fund ("LTF") and Sinking Fund ("SF") is provided in Attachment 1 to this report.