El Paso retirement trust reports modest net increase, reviews BNY Mellon statements; consent agenda approved unanimously

The City of El Paso Employees Retirement Trust on Feb. 19 reviewed quarterly and fiscal-year financial statements compiled from reports prepared by BNY Mellon that showed net assets available for benefits of just over $1 billion and modest net additions through the first five months of the fiscal year.

A BNY Mellon representative told the board the statements are valuations at specific points in time and summarized key figures: total cash and investments around $1,000,000,000 as of Jan. 31; total receipts for the five months of approximately $25,900,000; net investment income of about $20,900,000; total net additions of roughly $46,800,000; benefits paid to retirees about $34,100,000; and total deductions for the five months of approximately $36,900,000, producing an increase for the five months of about $9,900,000.

The presenter also highlighted realized gains of roughly $24,700,000 and unrealized losses near $5,800,000, and noted the trust—s annual investment target of 7.25 percent. For a partial fiscal-period calculation, the presenter cited a 2.25 percent result for a shorter measurement and 3.02 percent as the pro rata portion of the 7.25 percent annual target.

Before the regular-agenda financial review, the board moved to adopt the consent agenda. Representative Pena moved to approve the consent agenda and was seconded by Mr. Kern. The board polled members and recorded the votes as follows: Valdez — Aye; Kern — Aye; Remkus — Aye; Pena — Aye; Representative Chris Canales — Aye. The motion passed.

There were no substantive policy decisions or budget appropriations recorded in the excerpt tied to the financial presentation; the session for the investment report was a review of BNY Mellon-prepared statements and explanatory charts.