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and then investments. <br /> SECTION 115 TRUST FUND <br /> In June 2018, the City Council approved the investment of $28.0 million of various <br /> reserves into a Section 115 Trust Fund to help smooth the pension liabilities which <br /> are expected to grow in the long run. The investment is made into two separate <br /> portfolios, the first one for $6.7 million into a Conservative portfolio which is available <br /> to pay the annual unfunded liabilities if necessary, and the second one for $21 .3 <br /> million into a long-term capital growth portfolio. <br /> In February 2020, City Council authorized Finance staff to deposit to and withdraw <br /> from the Conservative portfolio an additional amount up to the total annual required <br /> CaIPERS payment. In March and June 2020, two additional $5.0 million <br /> contributions were deposited into the Conservative portfolio for a total of $16.7 <br /> million deposited into the Conservative portfolio. <br /> As described in the chart below, the Conservative portfolio's balance was $17.32 <br /> million, a slight decrease over the June 30, 2022 balance of $17.63 million. Due to <br /> market volatility, the Conservative portfolio's investment return for the quarter ending <br /> September 30, 2022 was -1.61 percent, and the inception-to-date return remained <br /> positive at about 2.0 percent. <br /> Conservative PARS plan <br /> Account Balance <br /> $20 <br /> 8 3 1 <br /> 51457 $18.55 $18.66 <br /> 8,332 $18.14 <br /> $18 517.48 $87 c� $17.63 $17.32 <br /> $16 <br /> $14 <br /> s_'-58 <br /> $12 <br /> E. <br /> 0 <br /> $10 <br /> 57 ; <br /> $8 $6.70 $6.74 $6.67 '�b.v4_-'477E*—$7.11 <br /> $6 <br /> I- <br /> $4 <br /> $2 <br /> $0 <br /> - <br /> 00 00 00 Q1 01 Q1 Q1 O O O < N <br /> N N N N N N N N N <br /> C <br /> 0. U C Q iJ '- C ^ C Q V C <br /> o O in o g vi o 7 <br />