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El Paso City pension board hears investment and budget update; mailroom, leases and refunds flagged for review
Summary
Staff told the El Paso City Pension Board its target return is 7.5% and reported a recent performance improvement; board members asked staff to check unused mailroom funds, over-budget leases and training reimbursements while staff warned refunds may rise.
At a meeting of the El Paso City Pension Board, staff reported the fund—s target return is 7.5% and said the most recent monthly return moved from negative 2.6% to negative 0.59%, a marked improvement; staff also flagged several budget items for review, including a $21,000 mailroom line that has not been spent and building lease costs running at about 200% of budget.
The update focused on investment performance and near-term budget monitoring. "Strategy standpoint, our our target rate is 7 and a half percent. We're at point 59% negative right now. That sounds not too good, but last month, we were at a negative 2.6. So we got a 2 full percentage point benefit this last month," a staff presenter said. He added that…
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