Investment Manager and Other Updates

The City's external legal advisor and the tax advisor have reviewed the documentation and transaction view that there are no risks prohibitive to the City entering into the transaction from a legal or tax perspective in the new fund. At the previous meeting of the Board, the Chair or Vice Chair were authorized to execute the necessary documentation to bring this transaction into effect. A Letter of Direction has been approved, signed and sent to Fiera to proceed with the transaction. Fiera is targeting the transfer to take place in mid-September, however, may take up to three months to effectively complete the transaction. 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. In addition, initial funding for a manager in the Real Assets category was completed. A summary of the transfers completed after June 30th 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.