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Trust hears strong investment performance, accepts FY24 finance report
Summary
Asset Consulting Group told trustees the portfolio has delivered solid multi-year returns and the trust stood at about $125 million at September; the board received quarterly/monthly reports and accepted the FY24 annual finance report, which included a cleaned audit opinion and a corrected census finding.
Oklahoma City Post Employment Benefits Trust trustees heard an investment update and accepted the trusts annual finance report during their Nov. 12 meeting.
Jason Pulos of Asset Consulting Group told trustees that markets have been strong and the trust has benefited from its allocation choices. "Good news is markets continue to go up pretty much, every day it seems like we're breaking a record on one of the major indices," Pulos said. He reported the portfolio is up about 11% net of fees over five years and just under 10% over ten years, and said the policy index used for comparison was adjusted to better reflect the trusts current implementation.
Pulos highlighted recent allocation changes made earlier this year: the non-U.S. equity target was increased from 10% to 20%, a small-cap value manager and an international growth manager were added, and domestic large-cap and small-cap targets were clarified. He noted dollar growth over the decade of approximately $73.5 million in investment growth and about $17.8 million in net additions, with the portfolio valued a little over $125 million at the September report and up roughly $3 million in October.
After Pulos said he had no manager concerns and did not anticipate major changes at the next meeting, trustees moved to receive the quarterly and monthly investment reports and approved the motion.
The board then heard the fiscal year 2024 annual finance report from David Perez of Accounting Services. Perez said the audit returned an unmodified opinion, the trusts net position was $106,850,000 at 06/30/2024 (an $11.9 million increase from the prior year), and the trusts funded ratio rose to 81.3% from 59.5% the previous year. Perez disclosed a finding related to errors in census information for FY24 and said internal controls were strengthened for FY25 to address that issue. Trustees voted to accept the FY24 annual finance report.
The meeting proceeded with administrative items after the financial business concluded.
