The pension fund rose to just over $26.5 million at quarter end June 30 and reached nearly $27.5 million as of Aug. 31, the board was told during its quarterly investment report.

Jack, the investment consultant from Mariner, presented the June 30 quarterly report and the shorter flash update through Aug. 31. He said market appreciation accounted for roughly $1.6–$1.7 million of the quarterly gain. "Contributions of 75,000, distributions of 261,000, management fees and other expenses of about 30,000, income of about 200,000 and appreciation of almost 1,700,000 during that period," Jack said.

The consultant said the fund's equity weighting at the time was about 53.5% (target 50%), with domestic fixed income around 16% (target ~20%). He noted active managers — particularly in large‑cap growth space — had trailed benchmarks during the quarter and fiscal year, citing MFS and Eaton Vance as examples of lagging performance. He also reported that real estate and infrastructure showed stabilizing pricing, and that fixed income performed roughly in line for the quarter.

The board reviewed manager performance tables, regional exposures, and a Vanguard fund comparison tool for possible indexing of part of the international allocation. Trustees asked questions about concentration risk (noting high Japan exposure in some Asia funds) and about manager consistency; the consultant emphasized the benefit of consistent consultant coverage and the practical limits of tactical timing for a quarterly meeting schedule.

There was no separate vote on the report itself; the board later acted separately on an allocation change and IPS updates discussed in the meeting.