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tv   LIVE SFCTA Vision Zero Committee  SFGTV  December 15, 2016 2:00pm-6:01pm PST

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it's about the young people for me >> support support more people. >> thank you
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>>
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>> >> >> >> good afternoon. welcome to the vision zero committee of the transportion authority board. the special meeting, i guess on thursday december 15,
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2016. 2 p.m. so, i am commissioner norman yee and will chair todays meeting and to my left is commissioner david campos and i believe that commissioner jane kim will be here shortly. i want to first acknowledge stephen stamos is our clerk and like to thank sfgovtv for airing todays meeting. so, let's see--mr. clerk, roll call, please. >> item 1, commissioner campos, present. commissioner kim, absent. commissioner yee, present. we have quorum. >> this is the last meeting of the year, so forgive me if i
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lose focus here. mr. clerk, item 2. >> item 2 approval the minutes of september 15, 2016 meeting. this is action item. >> okay. any public comments on this item? seeing none, public comment is closed. roll call. >> on the minutes, campos, aye. yee, aye. the minutes are approved. >> okay. please call item 3. >> item 3, vision zero two year action strategy update. this is information item. >> come on up. marie hunter and megan weir. >> good afternoon commissioners. i'm megan weir with san francisco department of public health and cochair of vision zero task force and here with marry hunter and we are excited to provide a update on
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the two year action strategy for vision zero. as you remember, the vision zeery was adopted in san francisco in february 2014 and since then a number of city agencies have adopted resolution in support of vision zero and launched the website and had a strategy that covered 2015 to 2016. we had a number of achievements including the vision zero high injury network, the city accomplishing the 24 project in 24 months ahead of schedule. the first comprehensive vision zero education and enforcement campaign, it stops here focus on 5 goals of 50 fert and institutionalizing the transbay data base that helps the data driven approach. we learned a lot and have acknowledged and
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increased focus on speed for vision zero, speed being the primary predictor of severe injury and death. this slide is the likelihood of surviving at 20 mile a hour is [inaudible] a lot of the initiatives focus on slowing traffic down to save lives. with respect to our vision zero action strategy timeline, we have been working on that all fall. we had a lot of success in getting input both from city agencies as well as public stakeholders through public meetings and outreach as well as through online survey jz meeting with the vision zero coalition and that is summarized here. we also been working to outreach to you and to our supervisors presented to the directors working group on november 16 where it was well received and doing outreach with aim of releasing action
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strategy january of next year. the next slide is a list the money city agencies pleased and vaurfbed in creating and refining our action strategy with a number of action and commitments for the coming two years to help us take vision zero to the next level. a key change in our action strategy for next two years is we are focusing on outknhs opposed to engineer, education enforcement and evaluation so focus on creating safe streets, people and vehicle jz organizing our actions around the outcome which we think will help us improve our interagency coordination. and also just to revisit and restate our core principles for vision zero so leading with traffic deaths are preventable and want to save lives and reaffirming and elevating commitment to equity
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so insuring all communities are really safe and prioritize efforts for vuliable road users eliminate disparities and sensitive to community and making sure our action are not axiser baiting concern. focus on safe street, vehicle jz slowing down streets. again, this is a graphic to illustrate i think the concept of equity so on the left is the relative to equality. on the left is investment in the same level of resources really leading a different outcomes but through vision zero and data driven approach we look to invest in communities where we have more higher need to make sure that in the end everyone has a safe community to live in. now i will turn it over to mar i.
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>> we have done outreach with key stakeholders and online surveys and e-mails that have come in and the workshop we hosted at city hall, here are key things we heard time and time again. a few i want potonet out is the equity section again making sure we elevate that discussion within the strategy and making sure our actions within the strategy not only promote equity but work to eliminate any existing inequities. i'll opponent out one other in the opportunity section, the first one make city a model for vision zero and holding ourselves accountable. we are doing a lot the work to redesign streets or develop programs but within our daily processes and you know, field work making sure we are as staff and
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employees as the city and county are also promoting the core principles of vision zero. for the actions that we identified within the strategy, here just kind of guidelines that we used to finalize that selection. first being to promote the core principles and then to make sure we are going beyond businesses as usual. we want to make sure we use our resources efficiently-excuse me. >> let me ask a quick question. in terms of the stakeholders to engage- >> yes >>-have you actually engaged with seniors in >> yes. >> okay. >> um, i'll just comment this is a abbreviated list. people are have offered dozens and dozens of group tooz engage in so we'll--okay. >> i know dph has been doing a
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lot of engagement for safe streets for seniors specifically targeting seniors throughout the fall so this list points out the areas where there is less targeted engagement that we could increase in the coming two years. >> um, again making sure it is data driven, the evidence based approach. we want to make sure people come up with oo a lot of great ideas but want to own and champion it so making sure the city can advanss it. this is a two year strategy, and have the goal of zero bife 2024 but in the next two years what can we initiate or complete? the next slide provides a few actions pulled from the strategy. the first few are just new engineering specific efforts. you are familiar with walk
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first and the first would be similar but specifically for bicycle collision jz the second for transit collisions. we had success with the combination of high visibility education and enforcement so launching two initiatives for driving under the influence and distracted driving. making sure the city continues to be coordinated and collaborative to try and speed up the delivery process for project and program implementation and then another critical project or program is the implementation of e citations which not only is a great enforcement tool, but serves to inform engineering solutions and other programmatic -just other programs. regarding next steps, i apologize, the task force was last tuesday but we are here
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today to share this update with you. over the next few months or month in a half finalizing the action strategy and releasing it in mid-to late january. >> that it? >> yes, sorry. >> um, i guess i'm just wondering we have been at it for about two years trying to implement and get to our goals and as you know, it seems like we haven't gotten closer to our goal yet. and so the strategies that we have been using, has there been any thought about whether or not we have to rethink it?
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>> um, that is a good question. the short answer is yes. part the strategy tries to refine build upon that first action strategy. we know that we must lead by design so that is made explicit within the strategy update that we need to build a transportation system that st. intuitive and really basically requires people to walk and bike and drive safely through the city, so we dont have to rely on enforcement. that is something we are emphasizes within the strategy and with the laurch of these new programs, the bike coalition and transit coalitions integrating those into the engineering solutions of the transportation system. >> can you give me a concrete example of how something is new in terms of strategies? yes, you are talking in generalities. >> sure. well for example with
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the bike collision analysis, the city is already in the process of identified ipthe executive directive bicycle infrastructure and this will just make that a even richer program so we can make sure as we are shifting with the transit first policy we shift to people walk{bikeic and transit and building the system to do that safely. is that helpful? >> we'll see. i also wanted to as you are looking-you are always i would imagine revising your strategies to a certain extent, so my question is more specifically on how we are looking at the streets that we
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are focusing on, which is the high injury corridors, i guess. >> uh-huh. >> i know that the determination of high injury corridors is basically the number of incident that happened along those corridors and one of the thoughts i had recently and don't know if staff has taken this into consideration or not is that sometimes when we are on the west side and or it doesn't have to be the west side but anywhere where there are fewer people that is actually crossing a street, and so what happens then is that when you just look in terms of actual numbers, those streets are basically ignoreed because the numbers are not that high in
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real count and i guess i would like us to consider a different way to look at things, which is that for instance, in monterey valdez, there are two recently, collisions there, a month and a half or twoe months of each other and that wouldn't be considered like high incident corridor because there are two in 10 years or whatever, but what i'm realizing is that that is two out of 20 people that cross in that period rather than 2,000 people crossing and three people were involved or something. i guess my point is, is there a way to measure things differently so we take
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that into consideration because to me having two there where hardly anybody crosses a street indicates it is really a dangerous intersection. >> sure. i'll take the first half of it and just say that um, while we do want to prioritize the high injury network, we specifically articulate we want continue doing safety imprubment city wide systematic improvements and aligned with the 311 program, when things pop up that may be considered a outlier or not get as much attention because it is off the high injury network those are opportunity for us to identify those where we may not otherwise if they are hauf the high injury network. >> development a additional action we will pursue with the next strategy is more
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predictive modeling which will look at environmental conditions that predict severe and fatal injurys and what that can do is help address some of what you are identifying is a particular location may have factors that contribute to higher injuries but identify where we want higher improvements even if there isn't a collision history. >> is this a model you are developing or developed? >> it is a model we are developing. >> what is the timeframe. >> we focus on a bike specific model so the bike project that mari described this year in 2017. >> do you develop for pedestrians also? >> we are aiming to develop for all modes but start wg the bicycles. >> this may be three years out
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by the time you finish? >> pardon me kr? >> you are talk- >> this is a sophisticated model to do this work so it requires building and testing the model so it takes some time. >> again, you said just for the bike model? >> i think what is exciting about this modeling is once you have one, it is really powerful template for building models for other modes but having a mode specific model is needed just because predictors of pedestrian vurss auto versus bicycle collisions are different. >> so, can you make sure that eeben if you are not completed with the model because i don't want to too long to hear about it and make sure it is on the ajndsa to giv us an update where you are? >> we would be happy to. thank
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you. >> commissioner campos. >> thank you mr. chair. so, if we can step back-thank you for the presentation. if we can step back to vision zero was approved in february 2014, how many fatalities did we have in the year prior? >> let me go grab that. >> and then i wondered if you can tell me how many fatalities a year after that and where are we now two years-within two years since the adoption of vision zero. >> meg 2014 is 15 we had 31 fatalities each year. >> how about the past year? >> so, the current fatalities
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official counts we for vision zero is 22, but that doesn't include all the fatalities from november, those are being finalized now. we get data from the medical examiners aufs. >> do you bow how many wroo we are talking about? >> i think there were three more that are being reviewed for november but that is being finalized by staff. i think what ultimately what you are speaking to is we are relatively flat with respect to fatalities and that is something that is not acceptable and that is obviously not what we-we are haven't achieved our goal. we do have been focus through vision zero and also looking at interim metrix because we know it is ambitious goal and have a 10 year timeline so through the data analysis and developing the high injury network and
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focus on education and enforcement on speed with the laurch the speed campaign and focus on automated speed enforcement we are really doing what we can to focus on what we know are the causal factors for fatalities but we have a lot more to do. we are seeing at the state level and national level 15 percent and 8 percent respectively increases in fatalities so nationally this is something vision zero cities in the country are struggling with of what are the factors we are hoping through the targeted work we can help lead for solutions but now we have a lot more work to do. we will look at severe injuries and working on a linked surveillance system with the hospital and have a lot more data on severe injuries but adding that data will help further refine our approach.
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>> i appreciate that and mindful of the fact the numbers are increasing in other parts the country, but the goal of vision zero isn't to do the best we can but get to zero fatalitiesism given we are flat we are flat since this goal was adopted i'm just trying to understand what it we are doing differently so a year from now we are not getting the same result. >> um, i think part of the answer is that within the past couple years we have been able to reprioritize the capical program and want to lead by design and a lotf the capital projects take a while to get in the ground. we are doing the
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quick which have been affective and elevating-signal retiming is across the city, high visibility cross walks and safety zones so implementing those treatments around the city until the capital projects which are even more visible and maybe more impactful, so we are working to improve that project delivery and so again, the physical environment will create the safe space, the safe transportation cystment >> with the 24 or 20 plus fatallies we had this year, what do we know about the sort of the demo graphics of the people who are involved? of the victims? >> we are finalizing that fatally report right now for the end of the year so we are happy to sair that with you. >> how about prior years, has
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there been a specific demographic-and imagine depend who you are talking about there are different strategies? >> we know over half fatalsies are pedestrians and seniors are disproportionately injured and why we laurned the saich streets for seniors program. we know again that the high injury network is highly predictive of where these injuries are happening so that is why the city is focus improvements on the communities. we know the focus on the 5, speeding, red light running, driver failing to yield to pedestrians are consistently highly predictive of severe and fatal injuries. you know, through the sfpd achieving the focus on the 5 through the city launching the first comprehensive spreed campaign that is lasting a year and has high visibility enforcement on a high injury
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core dor aerfb week, those are the near term actions the city can take while the engineering improvements go on the ground. >> one of the things that walk sf noted in their document and you talked about some of the engineering improvements which is good, but some of the projects, in fact 57 project said have experienced delay, can you talk about that? what happened with those projects? is it project management issue? >> just want to be clear, fiver 7 of the projects haven't been delayed, the new priority projects? >> uh-huh. >> i will duffer to tom maguire and will present in the next item. >> okay, great. final question is, do you think this is a thing of resources? could we do better if we added more
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resources to this? is it a matter of it takes time to get to a outcome? what is the-- >> um, we identified kind of three challenge areas, one being resources, financial or staff, but also political and physical environment. there are some places where it may not be a engineering solution or we are having trouble identifying a solution that works with the competing demands of a particular area. it is a area within the strategy we elevated that engagement process to make sure it is a shared goal and people really understand the benefits of the treatments that are coming in. >> thank you. >> a final response to that question is u we know automated speed enforcement, one of the most effective tools which is a substantial body of evidence is not legal in san francisco, so
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that is a tool we are not able to deploy that we know would have a really powerful impact with respect to vision zero. >> thank you. >> any other questions? seeing none, thank you very much. any public comment? >> good afternoon supervisors. cathy deluke octhe prals and program director with walk san francisco. i want to first acknowledge all the great work the city has done in the vision zero strategy approach programs and policies. the amazing sort of quick and effective roll out of treatments, we have seen a lot ofchanges in the city, a lot of positive chaimp. the focus on the 5 accomplishment, the last 3 to 4 months the department is over 50 percent and city focus on equity is
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great. the question though is why are we not seeing a concurrent reduction in crashs and fatallies and so to help answer this quegds and think about this, walk sf just produced our annual report on the state of walking in san francisco. street score 2016 and what we did is outlined what we thipg the city needs to do to reduce the crash and fatalities. i will gove what we think that is. there are 5 strategies but 4 that relate to vision zero. the first is putting equity front and center. making sure projects are prioritized in communities of concern, plee making sure police enforcement doesn't lead to racial profiling. if we know what works let's put as many resourceess into those things as possible. and so instead of doing individual treatment lets do comprehensive, and instead of
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standard enforcement high visibility. the third main point is do comp hence rfb and robust project so rather safe intersection we need safe corridors. high injury corridors have a pattern. finally, we think it is important the city identifies what is keeping them from reaching zero and figure strategies to overcome obstucomes without doing that we can't figure what we are doing wrong. that is a overview. more detail in the report. thanks avenue wn for the hard work and we'll keep working for it. thank you. >> thank you, cathy. any other public comments? >> just a few comments. these are i guess just my beliefs. >> what is your name >> ken. san francisco. just my beliefs based on hypothesis. the road diet in glen park has led to multiple freway accidents because of the severe
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traffic back up. you call it lane straining but it is pretty severe back up. and also i february of this year or last year i spoke of the near term consequences orphvision zero in terms of a possible update in the accidents, injuries and fatallies as a forseeable assect of the learning curve because drivers navigate around distragz and obstacles and unfamiliar roads to by-pass road slow downs and congestion. regarding the congestion that is discriminatory towards those less likely to contend with congestion and that is a minority of personalties who are introverted and syms oriented. two percent the population that is esoteric study but i did find that.
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also you have more accidents i believe because people pedestrians and cyclist are brought near proximity with [inaudible] you are removing parked vehicles along streets and that is a barrier between pedestrians and moving vehicles. that is a-parked vehicles. also, pedestrians and cyclist have a false sense of assurance and security when they got these cones and everything but that doesn't stop vehicles obviously. i think your ideal target speed and 15 miles per hour and never been able to achieve that and dont think you will. >> thank you very much. >> okay. >> any other public comments? seeing none, public comment for this item is closed. are there any other questions,
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colleagues? seeing none move to item 4. >> item 4, vision zero project and initiative. this is a information item. >> so, we have tom maguire, there he is, director of sustainable street at the sfmta will present on the status update. >> good afternoon supervisors. thanks again for having us here today to talk about the delivery of those projects that supervisor cam possess were talking about. this is the part of the presentation when we talk about following through on the engineering changes to the streets, the 57 projects that we laid out in the june committee hearing to track over the next two years and talk about our progress towards them. i'll remind everybody before we start there is up to date for all 57 projections at
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vision zero sf.org. you can click on the map and pull up any projects and get a depailed breakdown of what the project is about and milestone we are at now and the expected completion date and whether it is on schedule or not. i will highlight where we stand right now in early december 2016 on those 57 projects. as we said, in june we were hoping to move a large number through the completion of construction, other very long term projects the goal is nds of design or laurch construction. happy to say that at this point 6 mupths in we completed close to a third of the projects and about half are on or ahead of strej. some of schedule will be done in the next couple weeks, so more than sthree quarters of the projicts we are well on the path to deliver. there are few delays and i'll talk in more detail in those in the next few
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slides. the reason for the delays illustrate why it is so challenging to execute these complicated and transformative projects in san francisco. i'll start with good news and that is what we have got done in fall 2016. if you have been oneter side the building we have begun projects on polk street which bring a raised cycle track, 11 corner bulbout squz new traffic signals between puck between here and pine. also on construction in van fless with chwill bring lots of pedestrian safety features including left turn prohibitions, medium referages, traffic signals, and curb extensions and make van ness a safer place to walk and drive. we have begun to motorcycle
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campaign. motorcycles are far disproportionately representered in the driver fatallies even though they make up 5 percent of the traffic on the street. we have far too many of those fatalities every year. finally, we completed construction of it tenderloin safe routes to school at larkin and hyde and in the process evaluating before and after conditions. lots of construction underway complete and being launched just this fall. a few projects we hit snags are listed on this slide and i will give a couple examples of the problems we face because i think they illustrate some sthof challenges we have when we try do these very complex construction projects on a exbudited schedule. the first is road diet on san jose. during the process of design
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for the repavement that will proceed the safety features built. we discovered a underground storage tank in san jose near deloris so that really throws a wrinkle in design and construction so have to figure a way to design around that. another example would be the webster street project which is meant to provide traffic calming and signals between fulton and sulter streets. we are working with pu c water main installations, sewer replacement and also found when coordinated with p-g & ecs there is a main line in the way of some of theue timties so those are the things even with great advanced planning and trying to comicate up front with fellow agencies when we
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get in the field we encounter this and in the process trying to come up with a schedule to get them done as close to on schedule as possible. couple things that will get done and move from that on schedule to completed slice of the pie in the next few weeks, include the construction of the man zel streetscape improvement project which brings bike and pedestben sufillies roaddite to that street. we are also working on things in the spring including making sure that all the crossing guards on walk to school day have complete vision zero information and pass that out to kids and families with whom they interact. that's quick update on the 57 milestons we have tracked since june. i do want to invite kate green up to give a update on automated speed enforcement
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program and how that is going. >> good afternoon. good to see you. we have been working this last quarter continuously to do a deeper dive with some of the key stakeholders on speed infortsment. starting maybe about a month or two months ago now we following the league of california cities adoption of the vision jeero support resolution took to the san francisco police compligz specific resolution in support of automating speed enforcement passed unanimously. i think the important work that we have done over the past few months work wg walk sf, san francisco police department, the san francisco bike coalition is to talk to groups such as the aclu, electronic 41 teen foundation and really get very specific input on the way a system would work in san francisco. they have provided
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us with quite detailed template language relating to system impact and use report and what would be included relative to data collection, use, retention and access. so, we have been working to incorporate those suggestions. in addition, balancing that we are continuing to hear and take input on equity issues around how a program would be administered if and when we have authorization to use a automated system in san francisco. on the other side, we have also worked to incorporate input from the motor ist perspective, aaa what that looks like in the context of the bill is a specific criteria where the systems could be used in san francisco with a very specific emphasize on a nexus to speed related injuries and fatalities. so, overall i would say we are making progress getting a bill
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that can be considered a true balancing act of the input we have taken. not going to make everybody happy because it is reflection of incompromise but that where we start. the session started but spesk to see activity in the 2017 legislative session. i think what will be really important going forward is the launch of the families for safe streets, the bay area regional families cephalsafe streets will bring their voice to this effort. the partnership with law enforce; san francisco police department is a important partner. san francisco public health and public helths allies across the state and advocates in it pedestrian community. happy to answer questions, it is a ongoing process and you have been following this for some time. thank you. >> so, curious who are some of
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the state legislatorers behind this? >> this is sfwo city pilot and working in partnership with sth city of san jose. different than if we were on our own. we are navigating the issues i refer rensed earlier so it is though delegations we do our closest work. san francisco legislative delegation and san jose. >> is there any projections? >> i find that every time i'm here and say i'm optimistic there is something that comes up and i am a optimist and i think i would like to say we would have a bill and then let's go and see if we can be suck sussful. last week we spent all day in sacramento
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meeting with the california state transportationagy to hear concerns around iml.itation of a program or any objections they might have. you know, i don't want to make a prediction but sure ly hope we have a bill. >> because there are additional supporters that make-i think i mentioned at the last meeting or maybe not, but has staff approached the golden gate bridge? >> yes, i shared information about automated speed enforcement with dennis mulligan and provided that information following your request so hopefully they are taking that under consideration. i haven't heard from them though. >> when did you do that? >> probably two months ago. >> there is a board meeting tomorrow. >> i will go back to dennis and
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remiped him. >> appreciate it. any other questions here? thank you for your presentation. >> thank you very much. >> that is the end of our presentation. >> thank you very much. any public comments on this item? >> hello again catha dulukea from walk san francisco. excited to see projects moving forward and ase moving forward. just want to point out, i think for the projects that have been delayed i think it is a great opportunity to see what factors are standing in the way of us reaching vision zero and so what we would like to see at walk sf is the next action straetagy really identifies what these obstacles and come up with strategies for ovcoming them. if we know there are things keeping us from our goal, what are they and what
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will we do in the next two years to get through them so encourage staff to look into that. thank you. >> any other public comment? seeing none, public comment is closed for this item. mr. maguire. i think in your presentation you talked about some of the factors that delayed-are these things in the future you can anticipate whether it is p g and e line. >> we can always do better in this area, i admit. we have worked with our partners in the department of public work squz pu c and p-g & e to use the improved mapping tools public works has and construction scheduling so we are trying
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share information up front to make sure we know as murch about the assets as possible. many delays are things became known in the field when we started to survey so if we share all the best nrfgz in the maps and drawings, sometimes there are things in the field that we discover when we get out. that said, we don't want to rest on our laurels and look at ways to survey those conditions and just coordinate better. there is room for improvement. >> okay. any other questions? seeing none, thank you very much. mr. clerk, can you call item number 5. >> item 5, mayor's executive director of achieving vision zero. this is information item. >> this is luis montoya. >> good afternoon mr. chair and members of the commission.
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luis montoya and lead the livable streets group in the sfmta and that implements the bike and pedestlen safety infrastruck chur. here to speak about the mayor's exectesk director issue in august. i spoke last quarter about some of these and heard from kate breen and others about other aspects of it, but i think that these 13 points outlined in the director do touch on the question asked earlier about what can we do to improve on the collision reduction. what have we lurped and do more of and it is really all here in the executive directive which encourages to have a broad as well as a tailored approach. it is a broad approach, it meaning not only focus on ingene earring and enforcement and education and make sure we do work
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throughout the city to improve safety because we have high injury network corridors in every district in the city. we know that there is inequities between where people are getting hit in terms of certain districts having high proportion of collisions so having the broad approach to make sure that we are approaching from many angle jz have a tailored approach to be data driven and to be sensitive to the different needs and different communities. so, much of that is reflected here in the executive director. next quarter we will come back and talk more about telematics and driver training and about the city fleet improvement but today i want to talk about the items that are highlighted in the bold black here. so, protected byways are one of the ways that we know that we can transform our streets not only
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to predict cyclist and reduce collision of people bicycling but to slow traffic and decrease crossing distance for pedestrians which you asked about seniors earlier supervisor yee and this is what we hear time and again from seniors is street in san francisco are too wide. protected bikeways do a lot to decrease the crossing distance for seniors. the other thing that we are learningplore and more as imp lment the bikeways is they help transit as well and that gets at not only the transit first goal but also at some of the inequities because yee know that a lot of the corridors with the highest number of collisions are also transit corridors and know the populations that tend to be more vaubld in collision are
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transit dependent so improving safety around transit is key. the mayor directed to achieve three projects within 9 months. we are on track for that. two of the projects are approved by the mta, complete project on 7th and 8th street. not just protected bikeway but reducing a lane of travel, shortage pulestren crossing distance and bulb-out jz working on turk street and folsom and howard undergoing inturj it zine and review with city department jz hope to move to the board for approval and quick implement ation. i think your question earlier about what could we do to get the projects in the ground quicker. one thing we
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are doing for each project outlined here, instead of waiter for the bulb-out jz maybe the repaving projects we are going through the paint and signs and posts implementing as soon as we can. 7th and 8th was approved by the board. the partsds undrb control we start right away and the others we expedite as much as we can. the mayor's directive asked to look specifically at a area in golden gate park that was a site of there tragic fatality in june and happy to report that we have drasticly improved safety along the western segment of jfk between the great hi high way and transverse by installing 9 speed humps and a raised cross
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walk. proud of the quick work that our team did to do outreach and make sure that we were doing something that was contact sensitive to the special needs of the park and also to work closely with our partners in public works to get the project implemented quickly. we want to do more in golden gate parks that just speed humps on jfk drive. last weekend we had a public meeting to look how to improve safety throughout the park. we know that over the past few years over 100 people are hit by cars in golden gate park. we see most of them are people actually bicycling. several fatalities involving motorcyclist and seberal hit by cars so want to work with the people who live in and around the park to come up a plan to
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reduce speeds and reduce cut through traffic and reduce improved safety at key intersection with a history of crashs. i mentioned the broad approach that the mayor's executive director kasked totake and enforcement is key part of that. we know we don't have the resources to invest in complete streets on avenue street in the city, i wish we did, but we can twrie to have a multiplying effect by combining the efforts with enforcement and intarsal that enforcement on behaviors we know are most likely to lead to collisions. when we started vision zero, the police department initiated the focus on the 5 program where they were directing their resources on those top 5 collision factors and making sure they were citeing for those. the police department for the past few months is
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hitting that target. that is something we are really proud of that they have been able to do that and the past 4 months running and we are continue toog work with them to look at continuing to improve that and not resting on our laurels and settling for 50 percent and see how to do more. >> can you just quickly-there are different colors here bought i don't know what the colors represent. there is green, peach- >> i mentioned there are 5 different violation jz this is just a gradation of the different violation. they are citeing for all 5 of those violations. >> could you tell me which is which? >> let me see if i have that. >> apologize i thought the legend was at the bottom. i'll follow up with you. >> maybe that is something we
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can make sure to get the numbers to authority staff too. so, again more than just engineering and more than enforcement, educating the folks who use our streets about that there is a problem of traffic deaths in our city. what the causes of those traffic deaths are and what they can do about it. last quarter we gave a in depth presentation about the campaign that kicked off in august. multimediacome pain, many languages across radio and print and bus advertising. we have listed here many of the different languages and outlets we were able to push this through. this is again-it was targeted on the messages and groups we know we need to focus on in order to make a
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difference and we held focus groups in order to identify which messages res ainate jd think we will see great outcomes with the vision zero awareness campaign. with that, i just want to take any questions you have. >> colleagues any questions? thank you, mr. montoya. >> sorry-i did have a quick question. i know the board went through the process of doing a add back for the education component of vision zero, and so we are hopeful for some positive outcomes to come from this. i'm curious in previous meetings we got presentations on what kinds of education campaigns worked and what don't and one that we had heard was being told that you
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may hit someone or kill someone wasn't an effective way of getting penal to slow down. i hoped you would take more about why this campaign you think will have a impact on slowing people down. i haven't seen much the education advertisements and curious where it was. >> i will invite my colleagues john wise who is leading the research oaf the program. >> thank you john. you were the one that did the presentation. research you had done on what worked not necessarily vision zero but other campaigns. >> slutdly. so, to your second question first, where these were put along market street and cisc ic center in september and will role out a much larger print campaign
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later in the spring. the bigger point, i dont think we are running any real campaigns specifically saying don't run over people and hoping that will happen. the majority of the radio advertising seen here focused on a, there is a problem with street safety in san francisco and there are actions we can take and that are choices are resulting in action bl policy or behavioral choices but two of the three months spinge addressed the idea speeding is issue so the ads that ran in september highlighted the fact speeding is a top cause of fatalsties insuch and october highlighted you can get a ticket in san francisco which our focus groups and surveys found people do not believe it could be a problem in san francisco because nobody gets a ticket for it. conjungz of the high
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visibility enforcement which is happening avenue week and has been since the beginning of october we ran adcampaigns that talk about the fact you can get a citation that is expensive 10 miles over the speed limit $230. this kill with kideness is mup more this part hof campaign developed through focus groups. people liked the-to again get to the support the overall idea there is a problem on the streets. we dont expect somebody will see this and say i will drive more safely but trying to set the conversation about there being a problem and we need to consider how we are using our streets and think of our streets differently. >> thank you. >> i have a question about the advertising on the radio. >> yes. >> how long are these
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advertisements? >> these are a mix of 15 and 30 second ads. >> i would love to be at our next meeting for you to play those-play it here. >> happy to do that. >> just for us to hear. take advantage othf opportunity where the public can hear this. >> happy to do that. we also have them for the public linked on a sound cloud account and push it out through our social media as well so no problem to bring it here. >> thank you. >> thank you. >> any public comments on this item? >> good afternoon. hulia a community organizer with the san francisco bike coalition. when mayor lee igesed the commitment to make the streets a safe place for everyone, one
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commitment is reduced jfk drive where a sligz occurred at 38 avenue. in april the san francisco rec and park commission resolved to adopt the vision zero resolution bringing the deparchlt to align with vision zero goal frz city and county of san francisco. we appreciate the city's responsiveness by adding 9 speed humps on jfk drive as a short term measure reducing speeds. we support the speed humps we advocate for long term solutions to reconsider vehicles through traffic which is another task outlined in the directorive. we look for wrbd to continued improvement to insure golden gate park is a [inaudible] and not a thorough fair for fast moving vehiclesism we also look forward to more opportunities to fast track protected bike lane project throughout the city because street design makes the biggest impact helping those who bike feel more safe and gelting people to bick in the city. for example,
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we are excited for protected bike lanes on 7th andathyth street and the temporary measures improve safety on these streetss. thank you for your attention. the san francisco bike coalition will continue to hold the city accountable to making the city of san francisco safe and bike{walking and hope the committee will join us to do so i continue asking for regular updates on the city's progress. >> any other public comments, come on up, cathy. >> hello again, cathy deluca from walk san francisco. it is exsitting to see the energy the mayor's executive directive put behind the work. i do advoicacy training with community members and before the communications campaign i withed and folk tooz raise their hands if they heard of vision zero and there were not many that raised their hands
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and once the radio ads wnt out half the room raised the hand so have agimpact. it is important to raise awareness of vision zero because we think thai that will help bet the buy in for the projects and programs on the streets. i would like to question-i wondering-i know this is the first time there is a update. the directive, the last item says the city is suppose today provide quarterly updates on the progress of all the item jz this is the first formal update squz only got updates for the 5 items. as a public person i love to know the updates on all the other items including getting to 18 miles so curious to see when that update is available. >> thank you. mr. montoya, can you answer that question? >> i nudged to mention that in
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my presentation. we didvent to go time to go through all 13 but on the website we have updated on all 13 points on what we are doing and that will be updated on a quarterly basis. it is live now. >> thank you. any other public comments on this items? seeing none, public comment is closed. mr. clerk could i have item number-where are we? >> 6. >> 6, yes. >> 6, open letter to transportation #234e9work companies and oretd share hch ride services to support vision zero. information item. >> good afternoon. john nox with the san francisco municipal transportation agency. we want to give a quick update and preview of a
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projethwe are starting at the request of supervisor peskin, the transportation authority reached out and asked if we could start to work together on a open letter towards really all private shared vehicle providers in the city really looking to use the public pulpit to encourage even safer condition on our streets over and above the steps that they have taken. we thought this came up last week and thought for this committee it is a good opportunity to run down how professional drivers are receiving the training the drivers are receiving so we can help set the context for a conversation we think will occur over the next month or two cull mu mating and coming back to the the next quarterly vision zero meeting with a recommended letter for
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presentation. so, initially i wanted to walk through-most of this has been presented in full at the meetings in the past but the city has direct oversight for traxies where they are providing in house training at sfmta and includes talking about bike safety relating to driver behavior but also have to go through a one week privately operated provided safety train ing course. i think 6 months ago we had a overview of the muni driver program, it is a 9 week training course. both of these are good examples where we have full control of the drivers call thd platinum standard of driver training for professional drivers. these drivers get to know the
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vehicles and understand the environment they are dribeing in and it gives our agency our city the opportunity of highlight key points of concern and key points for drivers to look out for. three months ago talked about the city administrator office program on employee drivers so people using city cars, their jobs may not be driving but have a large city fleet used by a host of employees we are rolling out a online defensive driving course. those frequent drivers using sfmta vehicles on a frequent basis are now getting in person in vehicle courses so they are going out with a instructor and going through defensive driving not just online but with a person. which brings us to the next
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level which is no entities that interact with the agency and leverage the flrt action. the city vendors with the sfmta and soon with the city are required to haveveneders go through a bike and pedestrian safety. that is video we talked about a number of times here. we are expanding that to city wide program. our commuter shuttle program, because we are able to regulate those shuttles and there are shuttle providers who interact with the city we are able to set requirement jz all the shuttles drivers are required to make sure the drivers go through the training as well. on a lower level tour
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bus we engage in the tour bus industry, 8 of the operator said agreed to provide the training so we are trying on a variety of levels to interact with operates on the street and when we cant require them we encourage them and having some success getting them to start to engage on this issue. which brings to transportation company, uber and lyft and others because there is no place for the city to regulate their operations, at this time all the work we do with them is on a voluntary basis. so, we have been about the last year or so in discussions with them about how they can work to make sure the drivers are aware of the issues thatd the committee talks about so frequently and
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both operators have developed videos and materials they offer to the drivers. they offer them in different ways so i quickly go through that. lyft has a video available on the web, it is about 5 empties long and require all the drivers to watch the video now. that is something they rolled out this fall. they have been work wg the city to provide specific safety messages. we had issues around vehicle behavior around cable cars speelsh lots of vehicles not understanding you can't pass a cable car at a stop and people are getting on and off and lyft and uber founds different ways to start to provide that information to their drivers. they have offered also lyft is opened a new driver center and offered space within the office space to provide driver information.
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on a interesting level and something a lot dont know, lyft started a program in which when you are at the cal train station on 4th street and use their app to call a lyft, it teps you where you have to pick up. you order up a lyft and where you were standing the car is told to come to you. now it tell youz you can't be picked up if in front and walk to the designated stop for pick up which is pilot they have been working on and have been working with sfmta and other folks in the city that we really hope is the beginning of a conversation about how we can use this and other areas of the city. uber has produced multiple videos. they are contracted with the bike coalition, the bike coalition created the videos. they did offer mta the opportunity to view and provide comments which
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we did very happily. having seen them we feel both the videoerize consistent with the meshaging our taxi videos are providing. i would say our taxi drivers go through a significantly larger amount of training in person training but we do feel the videos provided to these drivers are consistent with the messaging. uber does not require the drivers to watch these, they are in stead working on model in which they provide multiple opportunities for drivers to interact with the videos. the videos get embedded in the messages. i did have a tument to speak with them earlier and all the videos are on you tube. you tube tells how many people watch the video when the drivers receive them it is through a proprietary system so the view counts don't count there so
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didn't lieu how many wherewe are at last time but significantly higher. that is the universe-our conversations with lyft and uber continue and will continue and i think as we are working through this process to develop a open letter and a call for encouragement for more safety actions to be taken by all these-we will also be continuing our conversations with them to see what we can get before that letter comes out. >> so, appreciate those things that you are aware of that they are doing. most of it seems to be around the training asspect i guess for the video. so, i wondering if we could think at a different dimension in regards to seeing if these
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could be involved with our vision zero. i believe the way the system works they know where the cars are and so forth, so it is probably similar to the system that we are installing in our city in terms of the telematics. it would be really interesting to approach them to say, can you step it up a little by actually being more proactive and maybe utilizing that system for them to monitor it and to actually get rid of bad drivers or whether they are bad drivers that is one piece of it. the other one would be can we ask
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drivers not to circle around for more than 5 minutes or whatever time, because a lot of the drivers keep circling and adding more pollution and of course the more they are driving and pick up somebody that will also increase the percentage of the possibility of having a collision happen. not too sure how to approach this whether a letter or just because you are communicating with them, see if they are open to that. i would really appreciate that. >> absolutely. >> yes, i did negligent to say the vision zero task force met tuesday and had a lar presentation and opened up discussion for ideas from the community and what not. we heard similar not exactly the same ideas but similar ideas that are good. from a sfmta
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standopponent we agree and not looking just to encourage to give more training materials but look frg ways to show themselves to be more accountable for the behavior hap ong on sth streets report ing out to work together to solve the issues because as we know right now it is slightly a black box and we know there is data out there that could help us identify problems we could solve and what you speak to gets not only to getting that data but way tooz use the data to change behavior and think it is good idea. >> i really appreciate it. i hope they will voluntary work with us on this and think there will be people that-some of my colleagues may be interested doing legislation to put it on the table. that is just one thing but there is many issues around this. >> absolutely. the reason it
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feels straisk to write a letter and take a couple months to figure what the letter is but it is complicated and layered issue and think we want to make sure that if we are going take this step wlaurfb level it ends up being we want to address key issues with long term impacts and help us move forward. >> this letter approach is consistent with-i actually read the minutes from the last meeting and we actually talked about these issues to try to get the tmc and other shuttle buses to see how they could be a part the vision zero solution. >> absolutely. to the shuttle buses, the mta has held the first two meet jgz have a quarterly working group of large vehicle operator jz not just tour buses it is commune
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shuttles and trucks and carriers and teamsters who meet quarterly to diss cus the isaoos. identifying issues they are seeing but also talk about issues we are observing and looking for solutions. collaborative-i don't want to claim everything can be done clav clabatively, sometime said market pressure and others push gaens that but try to approach from a collaborative stance first and go from there. >> i see sonny from supervisor peskin's office is here and would you like to make a comment? >> hello. thank you commissioner yee. so, i just want to give a little background to the genesis of where this item came from. we had been meeting with several
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schools in our district around issues that have been raised by parents and principles and the central office around over proliferation of transportation network companies the fact that they are really being used as commercial vehicle jz being used as tour industry vehicles to carry tourist around and there have been a lot of safety issues and concerns parent raised so we made a commitment to the parent we would work with the transportation authority and sfmta to see if there was a more direct approach and want to thank sfmta staff for the work they have done aroupd the video jz walk sf and around the educational y videos-i feel the companies themselves should be in a appropriate professional world they would be here
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reporting themselves on what they are doing to insure our streets are safe and making sure their companies and employees are actually abiding by our vision zero goals. it is disturbing i think that we really haven't seen any kind of reciprocal kind of interest on their part and being-outside the great work john is doing on the working group. i read with great interest the state regulatory filing that sfmta put forward and i would love to know and think commissioner peskin would love to know what more can we do to try and regulate them locally out of safety concerns. whether it is limiting their movement around school zones. whether is limiting movement around other
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vuliable areas like senior sites. what can we do-clearly-i was on my way over here crossing market street at 8th there was a tmc blocking the cross walk that had driben through the bike lane and i was there with lee hepner and we were like this is illegal you are breaking the law and the guy was like whatever. this is what the resident are seeing and would like to know what our agencies-what type of stronger position we are going take and what we can do even if it is not necessarily-even if they are not respaupding for it to be very public so our constituents know we are pushing back on this behavior. if there is a way to incorporate that in the letter we would like to see that. thank you. >> thank you. i think this is
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splended idea. i wonder in the next meeting if we can invite them to come and maybe just to show that they are interested in this issue and what they plan to do around this. i think it is great idea for them to be here. so, any other public comments on this issue? come on up. >> good afternoon again. [inaudible] san francisco bike beeursical coalition. the rise of tmc mept the rise of complaints we hear on a daily basis from the members. you can bike on valencia and have to navigate against uber or lyft. we partnered with uber to show how uber shares the streets. we are proud of the videios and taking a
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opportunity we can to move the neeldal but need support the ledge slaiper. education and enforcement can't be the only strategies rchlt we need better policy squz need state leader shmpt we urge the city and committee to inurtmc opraigdss make our streets safer for all user jz urge the state to take action. thank you for your attention. >> thank you. >> good afternoon. cathy deluca from walk san francisco. i don't want to repeat what sonny and hulia said because they said it wonderfully bedanger the vehicles are posing to the pedestrians and bicyclist. the vision zero coalition over and over again qu hear the different members talking what a impact this is having on seniors trying to cross the street. folks with disabilities when these vehicles block the cross walks and you are in a wheelchair or walker you cant get off the
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ramp to cross the street so we need to make sure everyone can use our street safely so we also urge you to do everything you can to make sure the city has say over these vehicles. the letter going to the tnc's large policy aside, we love to see the go fencey-john talked at the cal train station the passengers have to go chair y somewhere esto get picked up and love to see the same on high injury corridors rather than picking up and dropping auch at high injury corridors pick up and drop off around the block and can lead to less crashs. i'll stop it there mptd thank you. >> thank you. any other public comment? seeing none, public comment closed. thank you for your report and let's move on to-where are we now? item
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number 7. >> introduction of new items. >> seeing none. we dont need public comments on this, right? >> >> item 8, general public comment. >> good afternoon. andrew yip. [inaudible] have a vuchues for the [inaudible] origin of principle to achieve [inaudible] that will provide benefits [inaudible] compassion and vision and principles for [inaudible] justice of pathways of career. loyalty and point of love and [inaudible]
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politics religion learning and pathways along holy studies >> student promote two true principles [inaudible] kindness, to maximize ones self nature for [inaudible] one is superior being able to control ones human emotions and desires [inaudible] proceed to make benefits of what the world thinks of one self and others with [inaudible] having a destiny on to realistic [inaudible] thank you. >> any other public comments? seeing none public comment is close said. any other items?
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>> item 9, adjournment. >> okay. meeting adjourned. >> okay. meeting adjourned. [meeting adjourned] - working for the city and county of san francisco will immerse you in a vibrant and dynamic city that's on the forefront of economic growth, the arts, and social change. our city has always been on the edge of progress and innovation. after all, we're at the meeting of land and sea. - our city is famous for its iconic scenery, historic designs, and world- class style. it's the birthplace of blue jeans, and where "the rock" holds court over the largest natural harbor on the west coast. - the city's information technology professionals work on revolutionary projects,
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like providing free wifi to residents and visitors, developing new programs to keep sfo humming, and ensuring patient safety at san francisco general. our it professionals make government accessible through award-winning mobile apps, and support vital infrastructure projects like the hetch hetchy regional water system. - our employees enjoy competitive salaries, as well as generous benefits programs. but most importantly, working for the city and county of san francisco gives employees an opportunity to contribute their ideas, energy, and commitment to shape the city's future. - thank you for considering a career with the city and county of san francisco.
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>> san francisco is known worldwide for its atmospheric waterfront
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where spectacular views are by piers and sight and sounds are xhanl changing we come to the here for exercise relax ball games entertainment, recreation market, exhilaration a wide variety of contributions easily enjoyed look up the bay the waterfront is boosting for activities boosting over 25 visitors every year the port of san francisco manages 7 may have million dollars of waterfront from hyde street and fisherman's wharf to the cargo terminals and name
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shoreline the architecture like pier 70 and the ferry building is here for the embarcadero and a national treasure the port also supports 10 different maritime industries alongside with the recreational attractions making san francisco one of the most viable working waterfronts in the world but did you think that our waterfront faces serious challenges if earthquake to damage the seawall and the embarcadero roadway rising seawalls will cause flooding at high tides and major repairs to a safe many of the piers the port is at a critically turnl point time to plan for the future of san francisco's waterfront
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this year the port is updating it's marts plan the plan working group to invite a wide variety of poichdz from the city and bayview and other advisory teams to share their expertise if intense and maritime operations the waterfront land use plan has guided the use and development of the lanes for the last 20 years major physical changes take place along the waterfront and now is the time to update the waterfront plan to continue improvements that will keep our waterfront vibrate, public and resilient the biggest challenges facing the waterfront are out the site an aging seawall along the embarcadero roadway and seawalls that will rise by 21 hundred to
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provide and productivity of tides seawall is built over weak soils and mud the next earthquake will cause it to settle several feet without the urgent repairs that will damage the promenade and other things we've been fortunate over the last hundred years less than one foot of seawall over the next hundred years scientists say we'll have 6 feet of seawall rise imagine the pier 30/32 will be floated, the embarcadero will be flooded our transportation system is fog to be heavy impacts unfortunately, the port didn't have the financial resources to repair all the deteriorating piers let alone the adaptations for sea level rise. >> it is clear that the port
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can't pay for the seawall reinforcement or deal with the sea level rise on its own needs to raise money to take care of the properties at take care of the maintenance on the properties no way absent anti funding the issues of sea level rise or the schematic conditions of seawall can be development. >> as studies talk about the seawall challenges the working group is look at the issues please come share our ideas about recreation, pier activities, shoreline habitat, historic preservation and transportation issues and viral protection. >> we know this planning process will not have one question and one answer we need the diversity of the opinions how people feel about san francisco waterfront and want to hear all the opinions.
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>> the challenges call for big decisions now is the time to explore now and creative ideas to protect and preserve san francisco waterfront. >> now is the time to get involved to help to shape the future of our waterfront. >> we need the debate please come forward and engage in the process. >> this is your waterfront and this is your opportunity to get involved be part of solution help san francisco create the waterfront we want for the future. >> this is really to dream big and i think about what our waterfront looked like for all san franciscans today and generations to come. >> get involved with the planning process that will set the fraction for what is coming at the port. >> find for in upgrading dates
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on the ports website. >> (ship blowing horn in distances)
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>> self-planning works to preserve and enhance the city what kind hispanic the environment in a variety of ways
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overhead plans to fwied other departments to open space and land use an urban design and a variety of other matters related to the physical urban environment planning projects include implementing code change or designing plaza or parks projects can be broad as proipd on overhead neighborhood planning effort typically include public involvement depending on the subject a new lot or effect or be active in the final process lots of people are troubled by they're moving loss of they're of what we preserve to be they're moving mid block or rear yard open space. >> one way to be involved attend a meeting to go it gives
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us and the neighbors to learn and participate dribble in future improvements meetings often take the form of open houses or focus groups or other stinks that allows you or your neighbors to provide feedback and ask questions the best way to insure you'll be alerted the community meetings sign up for the notification on the website by signing up using you'll receive the notifications of existing request the specific neighborhood or project type if you're language is a disability accomodation please call us 72 hours before the event over the events staff will receive the input and publish the results on the website the notifications bans feedback from the public for example, the feedback you
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provide may change how a street corridors looks at or the web policy the get started in planning for our neighborhood or learner more mr. the upcoming visit the plans and programs package of our we are talking about with our feedback and participation that is important to us not everyone takes this so be proud of taking ann >> good afternoon ladies and gentlemen. my name is maria cohen president of the retirement board this of the regular scheduled full board meeting. the purpose of the board [inaudible] please join me and rising raising your right hand over your heart and saying the budget of allegiance. >>[pleage of allegiance]
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>> thank you. clerk any announcement? >> commissioners paskin-jordan and stansbury one up here today >> can we do please take roll call >> cohen speak, here. bridges, here. driscoll, here. makras. mdm. clerk >> it's time for close session open up or public comment on our close session items. seeing none, public comment is closed. at this time >>[gavel] >> >> thank you we will resume at in 15 min. at 2:30 pm. excuse me. >> good afternoon. we are
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going to take a motion-can come out of close session and make a motion not to discuss what we discussed in close chat session. is there a motion? >> >>[inaudible] [off mic] not just us what was [inaudible] >> motion has been made by commissioner bridges and second by commissioner cohen we can take that without objection. thank you. clerk-first i want to thank the public for allowing us a few more minutes. your time is important and i want to recognize that. thank you for being flexible and honoring our request. i would like to go to item number four mdm. clerk and you call that for me? >> item 4 general public on >> i've one public card. if there's anyone us don't like to speak these, not
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>> or one or i pool not to reveal the minutes of the close session. anyway one thing i want to comment on his hedge funds. one of the idea, supporting hedge funds is in an economic downturn maturities will take a less beating. now i think that perfectly good fund, especially those which the dow jones 30 are very faithful relatively speaking and they take less of a begin what is the sense of having hedge funds? because there's such an overhead expense. they're not transparent or not accountable. also, it's [inaudible] okay. none of the hedge funds are based in the cayman islands. okay but do they have dealings with the cayman islands? that
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in itself is suspicious because the cayman islands are a hotbed of monica money laundry, crime and what else you can think of that is bad. so i think that to go with traditional securities, to go with stable stocks is the best way to go and i think this is an elementary thinking about the stock market. it used to be thinking about the stock market if you would watch wall street brief with willis--or any of the other programs. basically, that's my critique of hedge funds and i was sick with to share it with this group. thank you. >> thank you mr. weiner. >>[calling public comment cards] >> good afternoon. my name is john--animate 42 year member of the pension funds.. i'd like to start up i telling you and make you all happy telling you a unmet hedge fund manager joking is called confessions of a hedge fund manager. as many two
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words to him just peered every time a pension fund asked why our returns are so bad, we tell them we are managing risk. we convince them that we are less downsize risk than the market even though 13's art a terrible with excellent [inaudible] and that they are better off getting low returns in exchange for minimal downside risk. then we throw in a few greek words. we now convinced that investing in a hedge fund is good downmarket protection. you've got greek words in all hedge fund managers know a lot more greek words and you do. i will tell you that. anyhow, you are supposed to get downmarket protectant when was the last downmarket? 2008, think that was the third-largest downmarket in stock market history. what happened in that downmarket? more than 2000 hedge funds went out of
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business after losing their clients money. the average hedge fund lost 18% and when the hedge fund loses money you can kiss it goodbye. it's gone forever. and the great [inaudible] he started out $1 million bet with the top hedge fund manager in january first 2008 and how was i that going so far? well but that was that vanguard 500 index fund would outperform hedge funds picked by him to he picked five hedge funds and the best so far is the hedge funds are 21% and the vanguard index funds is up 65%. now i think you will all i'll give you a prediction if you invest in hedge funds you will average about 5% a year over 10 years. if you want some shock,
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financial therapy as mr. coaker in the tenure period how much you will pay in performance and management fees to get it 5% return. >> thank you. >> i realize this is the only opportunity to bring holiday wishes to all of you on the board from ra ccsf and also from ci you must pay retirees. david is unable to be here this afternoon. but also to let you know that we will still be here at every meeting watching and listening and we let some people speak first. we let the attack dogs out first. dexter
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is not here so i can use that phrase. but thank you all very much for all your dedication and your hard work during the year. and for watching over for our pension plan. we just want to wish you the best of the holiday season and we will see you next year after we survive what i hope is a short meeting today. thank you. >> >> thank you thank you for those kind words. clerk anyone else that would like to public comment seeing none, public comment is closed. >>[gavel] >> call item 5 >> item 5 action item approval of the minutes of november 9, 2015 meeting >> moved and seconded. without objection- >> public comment, and >> public comment on the approval of the minutes? seeing none, public comment is closed. a motion has been made and seconded and without objection that passes without without objection >>[gavel] >> clerk next item >> item 6 consent under >> let's take public comment seeing none, public comment is
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closed. moved and seconded. without objection-we took it. you missed it william. >>[laughing] without objection the motion passes mdm. clerk item 7 >> item 7 investment committee report >> the investment committee report sent as printed. it's highlighted in what we covered and i just want to say public thank you to the investment team and mr. coaker for facilitating and giving some really good speakers in for the informational session for the investment community meeting. but as the report states this is what was covered in hulk where private equity insecurities have done the oh so thank you to mr. coaker and the investment team and all our assistance >> thank you.. thank you for
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the presentation. i too want to acknowledge not only investment staff but also the committee. thank you very much. mr. mitts thanks for doing an excellent job with working with mr. coaker putting together an amazing year for education in the investment field. let's take public comment on this report. seeing none, public comment is closed.. can i get a motion to accept? - excuse me - me it's a discussion item only. thank you very much. clerk the please call item 8 and i together >> item eight and 9 report on investment performance and retirement funds and number nine report on managers under review >> they are intrinsically linked. >>[inaudible] [off mic] mr. martin intend to see cover some macro issues and about but in briefly on performance for the quarter.
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>> i'm joined by dan hennessy who i know you all nobody joined us about three months ago. he is a wharton grad. he spent seven years at franklin templeton in research that spent four years with our bill or a major consultant down on the peninsula. he joins me as part of your team get your member dan lobo has returned to his home in rhode island due to illness and his family. so dan has been working with us for 2-3 months. you finally get to meet him. along the theme of a very good year, as you'll see in a moment before quarter which is your first fiscal year quarter was a very strong quarter for you all, +3.7% net return. which capped off a strong 12 month period. 9.55%. so we do talk about this low return environment but since february we've had very very strong equity markets and strong capital markets and you benefited greatly from that.
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since the report was generated the s&p i wrote in my note this morning, was up an additional 5% but that was before the fed raised interest rates and so now it's up an additional 4%. we had a little back off. the fed as you know raised interest rates 25 basis points at the last meeting with an expectation to do that again maybe more frequently in the next year. we did have despite that 4% since the report was produced the month of october was actually down 1.8% and then a recovery which it was rates the point that we do face potentially higher volatility in the market as we go forward as the market adjusts to new expectations. you have before you on the projector the economic environment. i'm not point to spend a lot of time on it. it has not changed a lot since the last period of time. at least through the end of september, we are 70 years into a cyclical expansion although it's been a very slow one and we are no longer in a depressed
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economic environment but that expansion has taken place within the context of the lever to get deleveraging is a fancy word for paying down your debt. so the challenge of the debt overhang does remain in place in the new administration will have that challenge to overcome to the extent that revenues do not exceed expenses at the federal level. more borrowing is required and more borrowing will and impact on interest rates. i wasn't not cover each of these other than the point out down the page the fed funds rate was unchanged during the third quarter but that fed funds rate today-not the fed funds, the treasury yields today is 2.49% and heard as the
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we look at not just the constant maturity rates that we have here but the spot rate for on the run treasuries. that number is also in that 2.5% range. so we've had an 80 basis point increase in interest rates since the close of the quarter. that is big news. i would be happy to take questions on the economy but as i say, it's been a slow recovery in the us. we are at the aging part of that cycle. we have a new administration with new plans and so will be talking more shortly about the implications of that. if not, i would just take you to mark themselves on the next page to give you the backdrop of what's been going on in the market. as we've seen the economic aggression, you can see looking at the first column of very strong quarter across the board did other than in commodities and-us equities were up 3.9% with small cap stocks recover reasonable exposure finally catching up in generating over 9%. the-which is the non-us developed market of 6% emerging
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markets up 9%. those bboth benefited your portfolio in the third quarter but i'll tell you, both of those things have been reversed since then because of the strength in the dollar. using some back off there. core bonds in a period rising rates about half a percent. by the equity, up 4%. so you see generally very good numbers for the quarter and and if you look at the one your returns, very strong numbers in us equity, 15%. emerging markets 17%. credit related bonds, very strong. so across the board this is been a very forgot for investors in general and your portfolio has been well positioned with respect to over weight in areas that are done well. pages 17 print for san francisco msu one comment, first, bob? >> go ahead a couple comments
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but go ahead >> way to the top line percent san francisco, you see the top line there is your total funds time weighted rate of return net of all fees. the quarter was in the 57 percent out of the public fund. group of greater than $1 billion. the one-year, one 91.55% [inaudible] three years 7.2%, top 3% and the 10 year number, 10.24% top 11% get very very good numbers and you'll notice now that the one year, the three-year and the five-year are either at or close to your assumed rate. if you look at the performance of the fund versus the public fund >billion needy and you'll see in all periods is outperformed and if you look at it versus a 60-40 us domestic international equity domestic international bonds, other than the one year you've
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outperform that index as well. on the other hand, the fund is underperformed your policy index for all periods which were going to analyze shortly. a lot of that has to do with benchmarks specification as opposed to disappointing manager performance although there is disappointing manager performance in a couple of asset classes. on a risk-adjusted basis, if you look at those tables and you look at your standard deviation versus the median of the fund, your staff, as they've indicated, has operated your portfolio in a less volatile way then your peers. so your standard deviation is lower. it's below meeting in terms of riskiness and when you combine that a good return with a lower risk the measures that we use to talk about risk adjusted returns, the sharpe ratio being one where you look at the return per unit of volatility, the ratio developed by frank
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sortino looks at risk per unit of downside volatility, you will see your rankings on both a three and five year are in the top 10%, top 12% of the peer group. so very strong risk adjusted results. for the year ended september 30 you express a net investment gain of $1.89 billion. with 764 of that drain the third quarter. your assets are now at 20.9 6 billion up for 19.7 2 billion a year ago. so let me pause there with the headlines. bob has some specific comments and will come back and talk about attribution. >> can give me the dollar amount [inaudible] >> repeat that please >> the total value of the fun? 20.96 >> the 729-1.8 9 billion is the investment gain and then during that period you also paid out money.
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>> the investment game, is 1.8 under >> thank you this is on the right up on page 17, also. >> >> thank you. any other questions for martin? >> just a few comments. this is been when i look at the numbers for this quarter all the managers we have in public markets including the private marks everything is nice to see there are some areas of disappointment. but i'd like to focus on specifically emerging-market equities. across the board, we were 200 basis points behind and is the result of underweight in three countries and 2 seconds. specifically china, taiwan and korea. three largest countries in the index did phenomenally well during the quarter good as did information technology and financials and several managers were underweight those sectors. long-term it's worked out but for this particular quarter given some of the ways that are
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managers i will point out specifically mandate which were adding to the under with you had no weight in chinese technology companies. as a deep value emerging-market equity manager so not surprised that no weight in chinese technology companies. also nothing in chinese financials that that was the brunt of their underperformance during the quarter. that's also one of the reasons they're going under review for performance reasons during this quarter. so during very good quarter when i look out on an absolute basis as alan noted. were up 3.7% up during the quarter and a little more for the fiscal year. but there are areas of disappointment. were also adding oak tree for operational reasons. organizational. whether also under review for performance. now this is it almost sounds a little bit odd but they are higher quality
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junk or high-yield manager. people continue to stretch for yield and fixed income as a result this portfolio underperformed its benchmarks. but when you look at the numbers. are still added of their peers, which is a hopeful comment for us. >> [inaudible] i'm sorry? >> >>[inaudible] [off mic] >> were adding additional factor, organization. sorry. that will conclude my comments unless there are specific questions from the board? >> i just want to take you to a couple more pages on both attribution of risk and return. if you go to page 21, on page 21, >> >>[inaudible] [off mic] if i'm right by memory now, june 30 at the end of year when we closed out we looked like $500 million decline in our total assets. how does that play on this that shows were making money? in on the analog report
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it says we are not. just a you can walk us through that. so people that may compare these can understand. >> part of the knee-so separating out performance numbers from changing dollar values. we run once you take into account contributions less pension benefits and expenses, we run between i think it is 80 $5 million per month. so 960 some odd million dollars negative cash flow per year. i'm sgt. i double back is good of you out $500 million negative cash flow. so looking at growth in dollar value while not taking into account the fact that money flows out of the system every month, it becomes difficult to connect total return numbers with changing dollar values. sorry. that's not a direct answer all give you more information. >> if it's there with the numbers on page 17
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>> yes. >> that sort of the crux of where we are at. september through september, july to july, january to generate, if the funds in the pot positive or negative? >> these are all when your windows and so we dropped a quarter a year ago and we've added what you can see here. we probably should go back and see if we can tell you the quarter we dropped but that is essentially the phenomena you are seeing. we should we make our fiscal year september 30 here because at the end of june markets were not nearly as robust and the prior 12 months have been a very challenging period cured we have your physical year return later on with something like to point-i have it in the charts here somewhere-was very very low. here it is. total fund, fiscal
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year- >> commissioner are you asking of our total fund value is larger now than a year ago? yes, it is. is that the question? >> june 30 through june 30 dropped by memory. but i'm just looking at [inaudible] >>[inaudible] [off mic] i'm getting trying to get a clear understanding how >>[inaudible] [off mic] we are in the profit zone for the past three years. let me just strike at summer weather the evaluation is up or down, when we close our books, could we paid the last six months and the money that came in we are
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in the profit zone?'s >> yes. are fund value is decidedly larger now. when we get to the cio report there's a graph that will show that and we can walk through and i would answer the question. or we can turn to that now. >> i'm taking a three year window. so if anybody says we lost money, how do you answer that question? when we are saying over three years, we made more money than we spent in the turn. if i could just understand that? as we hear this over and over. >> we not had negative investment return over the last three years. we must not shut measurements as of june 30 each year and we measure the market value from the prior july 1 through the current june 30. we, in the meantime, as bob pointed out, are running cash negative. so if we earn 2% the value of market value of the trust could decrease because we paid out over $1 billion in
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benefits from those earnings, but we've had positive investment returns for the last three years. we have averaged over the last five years i think 9-10%. >> for the last three years to the benchmark we've used we've earned 7.2% annualized returns. so that cumulatively compound that's the lower 22%. our burn rate, meaning our cash outflows are about 5-600,000,000 a year. so that is 1.5 million. we will have earned about 22% and on pain out about 1.5 million over three years, that's about 7.5% land assets. so roughly speaking, our plan assets today would be around 14, maybe 15%
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higher than three years ago. we will see that also when we get to the cio report on make special note to show that to you. >> is it fair to say [inaudible] for the past 36 months benchmark month to month to month we've always made money we >> now when you use benchmark are you talking up land value or benchmark? >> returned. >> we made profit for the last 36 months, yes. >> net of our expenses and that of our out) benefit is that we are about 14% or about 2.5 billion dollars, a little over the, almost $3 billion i think-right around 3 billion-more than we had three years ago. okay? it will
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become clear when we get a cio report. >> it's clear but am asking it so i can hear it. i'm asking is there some questions people have asked me [inaudible] and i told him i don't believe we are. >> it's not. >> that's why i'm asking 36 month to date the one month we've lost money and i believe we have not. so i'm asking [inaudible] >> let's remember one number. hang onto that number when we get to the cia the report. one number is on page 17 get since we are referring to three years, as we look to the total fund return that is 7.2% annualized. if you look over on the far left, our plan value right now is about 21 billion. let's remember those two numbers and when we get to the cip report will complete the
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picture. >> beautiful. thank you. >> can you put up slide 27 for a moment we i mean, slide 28. 28, here are your fiscal year returns for the fiscal years from 2016 back. you can see every single year on a fiscal year basis you have a positive return. but your 2016 fiscal year, which is the year that ended june 30, the burnt 1.29%. that was less in investment returns than you paid out in benefits. so the fund, over that period, would have been smaller at the end of that period that was at the beginning we still had positive returns for virtually every period here. to your question,
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if you want it monthly, just looking at your results for this year, january your investment return was down 3%. february was flat. march you are up for 4.33. there are months we've had a negative investment return but as you compound them into longer periods you've not had a 36 month moving period in the last three years what you have been negative. >> >>[inaudible] [off mic] pain offal or like when you're the city repaid their contributions and went up 500 million in cash, i believe. so the number with sku because we are prepaid but was still show on our financials statement. that's why i'm trying to hone in on profit because i think it's confidence issue to some degree when people start asking the question. they're worried about their pension and i want to walk through it and convey
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the confidence i believe we have in our returns. >> that's what part of what were trying to convey in the write up on page 17 which is differentiated between the investment numbers and cash flow numbers. there is-so the performance summers adjust for the fact we would get a $500 million contribution from the city in the first week of july. it usually shows up the first couple days of the new fiscal year. the july performance is not massively large because $500 came in. it's not included as part of the percentage performance but it is included in terms of how much the fund goes up in value. >> correct. >> okay. >> one quick question the fund does not have financial loss, has not had a financial loss? >> that's actual actuarial losses used when the funds have shrunk at the trust has shrunk and as you see in the financial report is mr. martin pointed out, we made 1.29% which was not enough to offset the obligation of paying benefits, including the appeal be, retroactive benefits but just normal benefits. so there will be to your point, a slight reduction in the market value
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of the trust reflected in the financial statements i believe. is that correct? i mean the trust shop >> that is correct >> because of our payout that we've had positive investment return. we smoothed losses actuarially over five years. we are through with 2008-2009 a off and we have all positive investment return years but we are still not achieving the 7.5%. that's where most of the conversation is. we have not been able to achieve a 7.5% return. but you will see next month or in separate, that we will have actually less money in the trust as of june 30, 2016 then we had the year prior. slightly. >> again that's not because we encourage investment loss. we had investment gain, but the
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outflows to paid benefits exceeded our dollars earned on investment return. >> a small difference of years. ivan number do you have an approximate number? >> i think it's a couple hundred thousand dollars. >> couple hundred million? >> couple hundred million, - excuse me - me exactly >> just my thought. i think it's for but [inaudible] >> you might be very close. >> 400 million. >> less. >> anyone else? >> before we leave this chart, this chart is particularly instructive because if we you were to draw a line between that 5% and 10% at 7.5, across that page, you would see for
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fiscal year 2016 and for fiscal year 2015 there is not a public fun in this country that earns the assumed rate. you did quite well but you didn't earn your assumed rate. your actuary, remember with her five-year smoothing is moving those very good years we had in 2014 and 13 together with these two not so good years and if we don't get some other big ears coming forward that leads to the growth of unfunded liability unless you change your assumed rate. this is not just you. we are in a low return environment. all funds of experience fairly low returns. you've done amazingly well in the 2016 fiscal year. you are in the top 16% and the same thing for the 2015 year. so you have done very well but it's been very challenging market. from a compliance perspective, if we go back to page 19, this
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is just a snapshot of the fund as of 9-30. you can see all your allocations are close to policy as of 9-30 and all the allocations are within the approved board approved ranges with the exception of cash. let a little more cash on 9-30. you outside of 1% range which i would tell you is very tight range. i think bill would tell you that was positioning against volatility worries. but you will see your allocations there. you also notice probably not to the liking of a couple members of the audience, that the absolute return allocation has been funded at the 1.19% level as of the end of june 30. so those assets it started to be deployed. >> one clarification i believe the previous meeting at a previous meeting this at october 1 it was fun. you are saying, june? >> i'm certain i should've said september 30. >> thank you all right >> >>[inaudible] [off mic] >> on september 29. which is
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why you see it there be 250 million. >> okay. under risk return base is identical go to page 21 number to go through this fairly quickly, these charts each dot is a public fun greater than $1 billion but we are plotted on a scale of return on the vertical and volatility on the horizontal. you will see if you thumb through both this page and the next page on every single chart san francisco is in that upper left hand quadrant, meaning less volatility than your peers and higher returns. that's going to be a fairly consistent theme across all of these. in the back of the book, pages 57 and 58 you have to go there now. we also present these results [inaudible] against a public fun greater than 5 billion universe and an
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endowment universe as well and the numbers are not dramatically different. i will caution you that public funds greater than 5 billion universe is a pretty small universe but if you look at that, the three-month, you are 57th in the other one is the one year you were 39th. the three-year you were third versus first did the five-year you were 11 versus eight. in the tenure 21 versus 43. the 10 year is very few observations. so you still look very very strong. lastly look a little better against the larger universe and the same result would be true of endowments. one comment i would make on endowments is this is not an endowment universe that's all that robust. smaller endowments that does not include harvard radio, stanford mit really really fine and diamond funds. so probably has a biased downward to it. again you've done very very well even when you look at other universes.
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>> if you could tell me why doesn't include the harvard's we >> because the data we get this from harvard and you'll do not provide their data to the consultants that contribute to this universe. >> see you can find it? >> herb and i can keep track that i write it down but it's not in this-this is a commercial universe that's been created >> it just seems to me if you have the numbers you could find out where they stand. you can add those because we hear harvard how did all the time but based on what i >>[inaudible] [off mic] advises the whole think i heard that as of last i don't know, 68 months ago harvard did not exceed its pre--27. >> bs harvard had a -2.79 return [inaudible] >> can we get those numbers? >>[cross-talking] [off mic] >> again we are vendor. we get this data from a cooperative to
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which we provide data. i can augment that. it's a very manual effort and i'll make every effort to make it more robust for you but it's a manual effort. we don't get that as a matter of- >> what i would suggest is harvard annual because we refer to those continuously and with those numbers representative. >> one of the two difficulties with the two schools and several other schools in the ids they will report out in their investment office books usually only the fiscal year most of them are june 3 we might deal to produces on the supplemental basis on a june 30 year end but on a continual rolling quarter basis, it's going to be this universe were potentially [inaudible] information mountain altogether >> can you do the june 30? >> yes. >> i look for to seeing that >> [inaudible] >> it doesn't bother me. >> thank you
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>> i think let's just look at a couple of attribution pages which bob can talk about. that will take you to the manager reality. so if we go to page 30 , we mentioned earlier that for the quarter you underperformed your benchmark bite 18 basis points. you can see here, we have knowledge of it that 18 basis points to allocation defect, meaning, being over our underweight in asset class versus manager selection effect which is how the manager performs. if you see the total aging, most of that was allocation defect and most of that was the fact that you are underweight, that you are overweight, cash during that period of rising market. if you go to the manager selection effect, what leaps out at you is private equity. it's called
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underperformance because that means you did less than the benchmark but recall the benchmark year is an aspirational benchmark it is s&p 500 come up +5. when we do the asset allocation i think cambridge and we would agree that we ought to lower that spread given current market conditions but here again you have a very active up s&p market, +5%. that's not a performance issue. as you know your private equity is done very very well but it appears as a performance issue here. similarly, real assets your benchmark is 8%. it's an absolute number. so the bulk of the underperformance is artificial. if you look across the rest of your asset classes reasonably good performance for the quarter. if we flip forward to one year and then bob can amplify the one year, again we trailed our policy by 2.18% and hear about 1.5% of that was in manager selection. again, private equity still true but
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us equity underperformed in the world a number of managers in fact. international equity outperformed but international equity is comprised of several categories. so when the core category you outperformed but as bob mentioned we go to the manager pages, you had underperformance in your emerging market activity. global equity, which is one manager essentially, was on benchmark. fixed income outperformed and ucd others. if you were to hold this forward and look at the three and five-year numbers which are not going to do in detail but i will tell you in fixed income generally outperformed it that's been very successful. in us domestic equity you've underperformed on average in this period peered international has been mixed with some underperformance in emerging in particular. you as a board will remarried terminated a couple manages that contribute to that
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underperformance and so in terms of your current portfolio positioning we can turn to your watch list but a number of the managers that contributed to the underperformance are no longer with you as of this time. >> the only comment i would make on these activation pages is when you look at the numbers and i'll specifically talk to private equity real assets, our five-year number and private equity is a most 13%. this is a testament to the fact that both of returns really nice to look at but absolute returns and total fund returns in terms of reaching over the long period of time where actual return assumption is in my mind a little bit of a higher goal. our private equity program as was discussed several occasions, is one of the best period... i figured talk about endowments, public, whatever. take this information with a grain of salt. the private
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equity program is an exceptionally look at us equities in a good position and for the fixed income we are short duration rates coming up. this is going to be helpful. all long credit exposures been helpful over the last couple several years and i think i was as rates continue to go up. when i look at the activation numbers relatively happy with them on an absolute basis. i think in some areas we done exceptionally well. there's plenty of room is mr. coker is a discussed were looking at restructuring emerging market equities which is why some of the managers were bringing on board i think we added over the long-term. >> just to reiterate the box point, if we go to page 55. these are. group rankings of your private equity and real assets portfolio. to box point, 11.9% annualized return. that's
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below the policy index within the top 5% of your peer group. again the policy index is very inflated in your real asset portfolio at 5.6% is the best performing real assets program in this universe which is 30-40 names. it's not super robust but your private equity and real asset allocations have done extraordinarily well. both an absolute returns and also relative to peers. i didn't have anything else that we could go to the individual managers to your liking but again, other than what we've highlighted and the watchlist, we think we are well-positioned structurally for the environment we foresee coming down the track. >> it doesn't look like there's much change from the watchlist from the previous month if i'm not mistaken? >> we added one. we removed to get those were the two managers that the board approved terminating. >> okay. degrees for the record >> capital guardian which is
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emerging market managers has been terminated along with that software is one of our u.s. congress that they were determined those funds are being redeployed and we added mongering for performance reasons and we also enhanced the other view cabin for oak trees high-yield program other that there's not been any changes to the review last >> >> thank you collects any other necessary discussion? >> i would like to clarify we got numbers june 30-2015 market value 20.4 billion. june 30, 2016 2220.2 billion swords $200 million difference. >> between fiscal years 15 and 16? >> exactly. >> thank you-yes? >> the fund did not lose 1.5 billion over the last year? >> no. it didn't speed up >>[inaudible] [off mic]
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>> the question i have is on the performance. first of all if you go back your last page which was page 35. pvt. markets includes private equity, real assets and absolute return. the itc >> no. is that correct? >> no. it should just include private equity and real asset we can make that were clear >> so if those of the two components and one of them earned 12.98 and the other earned 12.87, and their 50-50, how'd you get a number closer to 12.88? i don't think that's mathematically correct >> yes. they were not always 50-50. he was it is this just for that period? >> these are courtly rope
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number so dependent on the specific periods of time this is mathematically feasible >> these are the weights as of the entering of the reporting period? >> correct. >> you can do it for the quarter but-that does show the weights are changing over time. so, the performance for the absolute return also known as hedge funds of those are not included in these numbers we >> yes. because this is piano >> thank you >> >> thank you very much. thank your for your patients, staff. >>[inaudible] [off mic] >> we are discussion section 9 together. >> i know cap has been on the review for long time. at least for a couple years right? >> bem product art and the
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[inaudible] part of the issue is with capital is very difficult to get manager specific specificattributionsi form they prefer to on their performance has rebounded recently active management was in favor until probably mid-november or so.but their performance through the september dates still lags significantly behind peers. >> thank you. >> thank you are we ready to take public comment we i do not see your hand. please >> i guess my question the numbers on page 38 re: [inaudible] i try to focus on the quarterly one-year numbers but however one of the numbers their number [inaudible] there were nice enough to low lower the seat from 1.7, 21 and by for the reduction they would have been in the red but the long-term question has [inaudible] dedicate quarter
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but long-term has been an asset allocator managing this six, seven, eight, nine managers underneath were stock pickers. i just try to figure out to we stay with them or not? addresses question many times would last two years. >> this is the manager who is under review. we are meeting with regularly. you know, i don't want to make a comment in public to forecast a managers future. i'll be glad to talk with you privately but if we meet with his manager regularly. vicki and on were just the good i think they spent 3-4 hours there just the past month or so. we are monitoring this vigorously. publicly i would say please, stay tuned highly all be glad to have a conversation with you. if
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that's okay? >> if that's the answer, that is the answer. i will follow-up. >> we are not recommending termination as of this quarter. >> thank you. any other comments? recalled items eight and nine ticket will take public comment for both eight and nine at this time. public comment is closed. eight and nine are discussion items. so we will move on. mdm. clerk please call items 10 and 11 together >> item 10 and 11 action items approval of minutes regardless for springs capital management >> thank you. they are self-explanatory but-okay,
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their self experiment. hold on. >> i think were okay just turning it over to >> returned over to colleagues anything you want to say? okay. let's go ahead and sorry- sorry i don't think we knew next permission at this time. >> >>[cross-talking] [off mic] >> let's go to public comment on him send 11 seeing none, become and is there a motion? moved and seconded. this is for both. sethi n spring a motion has been made by meiberger second bite makras. without objection the motion passes. thank you. please call item >> item 12 >> item 12 chief investment
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officer report >> thank you mdm. chairman can all be pretty quick here. november the proposed it fun. we were up 35 basis points. it was a huge divergence of return . the us stock market rallied very sharply after the election and meanwhile fixed income and international stocks did poorly. international stocks [inaudible] trade and fixed income on worries of inflation and rising interest rates. but overall the portfolio did fine. for the first five months of the year are both blue is up 3.17%. every aspect or every asset class in our portfolio is up for the year led by us stocks which are up 7.5% in the last five years. on a calendar year basis >>[inaudible] [off mic] in the last five months.
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i'm sorry. five months. on a calendar year to basis, we are up 5.83% and again us stocks are the asset class leading the market up up almost 9.5% we don't have any updates in personnel to announce that we do have one position that we plan to begin to recruit for good we are allowing the team the analyst team, the managing is now in place. for a while. we are allowing our recent hires are analyst team to gain some seasoning once that's in place we will begin recruitment for that one open position. into investment committee meetings remaining during the year. you see february 15 is hardcoded. only a second one sometime in may or june to we will get a date for you here within the next number of weeks. section 4 is that you will see the pace of our private market commitments. the bottom line here is that we are running ahead of schedule..
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on number five is we do need to begin to monitor the pacing of our illiterates compared to asset values. we are up almost threefold compared to three years ago. item number six is the absolute return portfolio. it was funded at the end of september. it was up marginally in october when. and bonds were down sharply and if david is reporting, for the month of november, it's up another like 1.1 or 1.2%. so it's done well. item number seven is the to legal houses miller and spero are working out arrangements that we hope 70 agreement workouts and the risk initiative we are making a change. we discovered that with
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bny mellon are historical data is not loadable into a risk system. that is valuable data for us. there was another partner in another firm that we considered it and talk and talk and that. they were equally outstanding. we recommended bny mellon as a risk provider celebrity would be under one house. but given the value of historical data were going to go with the other option that was equally strong. in item number nine, a board member asked for what our investments in china are so we have details this out. the bottom line is that we are if you look at it on a total portfolio context, even taking into account our unfunded commitment, the capital commitments that we put in place, is that our total is
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right around i believe it's a little over a percent to 1.65 billion so that's a percent. that compares to ms-which is 3% and the cambridge venture private equity venture portfolio which is a percent. a little less than a percent. so we are marginally overweight could when i would note is that china is still expected to become the largest economy in the world 10-15 years from now. the-moving to item number 11, i would just walk through that we spent actually a fair amount of time walking through any any pcs chart at made some comments in here. a few of the key takeaways would be that there's no sign of inflation. the economy seems to be fine. there's consistent job growth. but valuations are a concern in us equity. there is some
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crowded this in the private markets. in bond yields of course in fixed income harlow. so we still have modest expectations for overall portfolio returns due to valuations, yields, and where we are in the cycle. with that alternate over to the board. >> any questions or comments? >> two questions. the dry powder. is this not include the plans for but uncalled 750 million in the absent return area, practically >> that is correct. we expected the minimus amount inspector go to china >> am not worried about the china question get my point being about the cash management
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required to manage the much dry powder. not every because it wants but it's a significant number to a significant month cash to watch over so we don't miss a call. [inaudible] >> right. commissioner to that point you will see a new item in our cio report, item number five in here. you look at the last line item. we will increase the monitoring of our commitments in our liquidity position spews that's the question i'm asking you is if you ask why it's because of the scale on which we've increased our private equity real asset. and other commitments >> how are you doing that? >> to begin, this year we know that right now we have about 5 billion in total outstanding commitments. say those are called over three years. on average. so we can expect about
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1.7 probably not about more than 2 billion is called to say that about 150 million a month or about 500 million a quarter. so we are looking at making sure we have liquid investments in how we would call that down in both public equity and liquid fixed income. now we are going to get some distributions that's going to reduce that 500 million per quarter but that's how we are beginning to manage this. in addition to that, once we get a formal risk system up and running that's going to help further out and more systematize the management of our liquidity position. >> [inaudible] cash program i guess i'll have to just say you are monitoring it all. >> awfully that word picture i gave in terms of the numbers,, we know we have 5 billion in outstanding commitments. we know that's going to be roughly
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on average about three years called. so we know that is roughly 1.54 2 billion a year. we know that were going to get some capital calls so over that three-year time horizon how much do we need in terms of liquidity from public equity and fixed income. so that's how we are walking through it. >> next question has to do with earnings. nice performance numbers. discussions level of our proposal to two beers i question is with origin markets are going up but where are the earnings? other earnings moving or not. i look at page 13 of the report. i don't see good i'm just wondering how somebody earnings? >> yes. what i would say is earnings have not been great. >> that will lead us back to [inaudible] >> yes. so if earnings-save earnings are zero in the stock
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market goes up 10% that means the stock market is 10% more expensive than it was a year ago. earnings have been pretty pedestrian. they've actually been negative. i think for 4-5 straight quarters. now the stock market also has done a lot. of 10% over a year but over the year and half that's about what its return is. but that means valuations have crept up. if you saw in one of allen's slides, is the schiller adjusted pe is no 26.7 and that is really hot. we had talked about the top decile in terms of the historical valuations. that is a-that is a concern. it's a material concern good we been saying that for a wild. now valuations but alone don't tend to cause major market declines. it usually takes some combination of valuations,
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credit tightening, contracting employment.. those are big signals. valuations people tend to get right for a wild but when you have had in credit conditions and rising unemployment and recession not only does the stock market come down because that there's no negative economic growth, is that high pe it also gets priced lower. then you get a double when he are both declining economic activity and a declining valuation. >> okay. a believer economic assumption though is two months away? >> say again? >> we do economic assumptions and one of the numbers in that is the expected equity or german is ongoing with this because that will be how we- >> two or three >> will affect the contribution rates we expect the sponsors and active numbers. trying to find out how
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[inaudible] you talk about rates of return we get away from the issue early. that's when try to find out how we live our economic assumptions are? >> and epc is formalizing their expected returns. for the next 5-70. they do that every year. alan could speak to when that is. i think it's about a month or two away. >>[inaudible] [off mic] yes. okay get a month from now. as far as usually when we kick off the liability study the first thing we do is we model the liabilities. then once we model the liabilities and we have expected returns that's when we begin to get into asset class management. >> okay. [inaudible] thank you. >> this is going to be coming up throughout the first 7-8 months of 2017.
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>> thank you >> if i could i like to address commissioner makras is earlier question and go to the graphic. if the graph proceeding the narrative. where it's title, spurs monthly net assets. sfers one thing and asked. since were highlighting the her neck and in june and the three years ended, we will go to that. at june 16 we had roughly 20 point-it looks like almost $21 million-$21 billion. if you go back to june of 13 is that we had about $17 billion. our plan assets are up about $4 billion over the past three years. net, net about how close. we know that our closer about 5-600,000,000 a. is that helpful? >> yes..
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>> okay. mdm. chair >> i appreciate. i'm a direct meiberger >> thank you for your board we covered a lot of ground to do one address a couple issues one of which is the liquidity. we talked about liquidity for capital calls and it's nice to assume their continuous but often times. big chunks. they are lumpy. thank you. to avoid some problems, i think we should consider having all treasury in our cash for full good as a cash is now managed by custodian remember what happened last time when during the panic of 20 weight were custodian pros are cash account with to so other assets. we don't want that to happen again. so i think we should at least consider every scraper the giggly as the fed starts to tighten credit the recent bringing this up now, is the fact that the fed is starting to tighten credit. at some point will be some very. there
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will be oh with illiquidity. the way around that is through holding treasury. i do want to comment since we talked about warren buffett earlier i want to mention one of the stories charlie market shared that the last pitcher halfway meeting when one of its uncle was married one buffett's grandfather gave him cash as his wedding gift. because he said-i think it was to her dollars or something, we give it specifically is about ready money because over the life you're going to credit needs for ready money. you don't want to be forced to sell something get that was the reason why the cash was used it to replenish it. this was the advice that young one buffett saw from his uncle fred naturally chartered ali said that labels a lot of cash in his attempted the liquidity is important. don't forget what warren buffett. during the panic of 28 terms of yet the treasury when he could write a check for his
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acquisitions at the time. so is very very important. usually you don't need liquidity 99% of the time. but 1% of the time it's like for death. let's just be mindful of that at least considered because returns are low any on the cash for full good liquidity is very very important. i think that something of these i would suggest that we consider. number two, and i'll leave it at number two. were always word about the recession. when we hurt and burning key speak a year ago i love his face, the usual culprits were not there for recession. with a very long expansion and specifically credit tightening. we seen a change. he used the word, left up when i think of lift off on think about a missile going up. when you think about increasing yields that's not good. what i would suggest when most vital indicators over the recession is the tenure minus the one you get the inverted yield curve when the one-year yields more than the tenure typically
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recessions follow. within a year or so. so if you could just add what number, what is the 10 year treasury yield? what is the one year treasury yield quick because a very long warning and as you said before it inverts the gas to get smaller. so this is probably the warning if you will. sorry the best warning that work in the past when recessions happen because that's what the concerns are get in recession stock market goes up to so this a most reliable indicator by looking at the inverted yield carpet let's at least monitor that. the lease we can get ideas of stresses and strains in the economy. again thank you for your report. >> commissioner.com and will quickly on the quiddity? we have between us equity between the s&p 500 are large value and [inaudible] enhanced index strategy, highly highly highly liquid. we have 3 billion in assets between those three. we have index investments in international equity than a ticket total into about 3.4
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event in the bond index we have almost 1,000,000,000 in the berkeley's us debt index. we have 639 in the investment manager and research government credit index and we have another 300 million in the blackrock 1-3 year treasury another 700 million in the barren investment which is very very high quality. what i am driving at is that between these, we have-we have $6 billion of very liquid investments. a little over 3 billion in public equity and a little less than 3 billion in fixed income. so i can ballpark it could i can see it that we are in good position here for a wild it's more the pacing going forward and is that called overtime? or is it just laid out a few more years. but we
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will teach oh this more periodically for the board. >> thank you. >> when you share this afternoon and the other times were the stock market is going and pricing is high and p/e ratios are high, today sure that you have a material concern about those values. if you don't make recommendations to us of any change are we just to assume that you take your asset allocation and go forward and you're taking on those maternal concerns as a proactive action to stay in the market or you just giving us a warning so we can share the blame if the market falls? >>[laughing] i wanted over doing something when were talking about these, i'm going to call it that flies. it's great. i been here three, four, five years but i don't see us moving the ship
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cured >> yes.. >> on that suggestion we move the rental of just asking the question so i understand, what i'm to expect. if you don't move the ship, then is that an action you are making? >> yes. their question. >> [inaudible] the material concern you have. i just must wake up and say were all sparrow but we all told each other. >> yes. as a matter of practice, i think that market timing is a poor thing to do. i can give you two examples of that. in october 87 the stock market fell 22% in one day it fell 30% over two months. we thought the stock market was priced too high earlier in the year the mark was up 44%
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through august. so the market was just blowing through new highs. up 44%. >> monday morning order back but the point is you're bringing the concern to us now. i want to know if you are asking us to act. if you are going to ask. i just want to [inaudible] >> i can crystallize this in a single sentence. valuation is a -not a good predictor of short-term returns. it is a good predictor of long-term returns. so we can show you the data on that. what that suggests in the short-term we avoid you with the stock market is going to do. both of two valuations, but in the long-term it tells us that our returns are going to be low from beta returns in the stock market.
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>> so, going back to my question, if a recommendation does not come from you [inaudible] >> well i believe we together as a policymaking board and a professional investment staff is we can't forecast short-term returns but we can decide how much risk we want to take and where we want to take it. so we decided that three years ago we are going to revisit outs of allocation again next year. we, right now are not recommending to be significantly underweight or significantly overweight equities.
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>> >> so so when you say we're in it together i believe that we are. do you actually want to vote if we want you to put something on paper or are you going to take individual guidance so we can look at it like commissioner meiberger said, we should do bonds. to be liquid. well that sounds good and it may have appeal but i'd like to see what we think we can return on bonds. what we are doing down and compare and view it's good obviously have a recommendation whether you would agree with that or not agree with its. but i constantly see is these ideas but i don't see us looking at them in real hard numbers and making it a policy decision by what we discussed. >> we are currently operating under an asset of patient was presented to this board nearly 3 years ago and her movement is towards getting to those allocations. as mr. holder
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pointed out, the sub asset class will be coming over the next-to three months >> yes. >> will be discussing specific strategies, tactics, were sub assets. so we will be bringing it but you are absolutely correct. you, basically need to have calendared an action for you to take to direct staff to do something other than what we are recommending but we, every month ring you forward recommendations and we will be going through it full-blown asset allocation over the next six months. right? >> right. i believe the board approved as an outpatient on guesses around october 14 and i don't know. maybe was a few months after that what we been doing since then is weaving executing on that. that execution was to materially increase the funding of private
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equity to increase the funding to real assets including building out a natural resources strategy. to fund the and implement the absolute return strategy and reduce long winded stock and long-winded bond. that's we've been executing on the last 2.5 years. we will continue to execute on that until we get direction from the board next time to act on asset allocation. it doesn't mean that in the 2.5 years we done nothing in terms of other than just execute on the policy directives of the board your we have trends height you'll believe increase the credit quality of us equities. we do think oftentimes from time to time about the positioning our
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equity market, but while in the us market, we worry about high evaluations in the international markets we worry about poor fundamentals. europe. japan. emerging markets. many of them annually was ill is in the worst recession-brazil is a two and 40 or economic disappointment. so these two things awfully each other. ideal scenario would be if we had low valuations, poor fundamentals but the poor fundamentals are getting a lot better. because then you not only of robust economic growth but you also have a repricing of risk asset higher. right now, we'll see an environment where anything the risk environment area that has those characteristics. >> thank you. >> one of the things are called the cio talking to us about educating us about one of the reasons i can say what i
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voted for, as it outpatient mix was inserted i guess i'd forget it was a bible anyway it was the usual drawdown. they dropped is it not a rate of return. lessen the impact on us. that's why he recommended us to go into the absolute return area. rented his original recommendation was 15%. we all items it recover myself voted on the 5% and those were things he was trying lead us to do and the driver was-- excuse me - think we agreed on five. whatever you want to use. but again trying to deal with the drawdown affect those were the better ways to do it. at the same time pursuing beta returns increasing commitments to real estate and private equity which of all the pros and cons.
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>>[cough] all the drug powered on socket a lot of other issues is recommended over so time to implement that's one huge move. the second one most recent discussion was because of changing custodians of how good is their platform to build out what i think bill is leading ellen has also come up with risk management tools to load on issues of managed future so we can go start up we think something is going on how quickly can we reposition as opposed just making long-term i think those are tools again will take one, two years to implement but the people are here the budget is. but if things were not he was commissioner driscoll menotti gallo. the wind commissioner driscoll is referring to is if we have a good robust this system along with provider that we can equity eyes are cash because right now our cash is earning cash rate of return. that cash should be automatically advertised in the futures market. so we are
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earning the equity rate of return and it's highly liquid. you can sell it the same day. another thing is automated rebalancing. where we are automatically be balancing that target. i cannot incrementally some small number of basis points. it's not 50 basis points to return but it can help return, help boost return. then the last tool to use is to use futures and options, derivatives, to change your risk exposures without selling physical spirit because selling physicals is, one, it can be expensive. second, it takes time. for example the dfa international small-cap strategy that would take us several months to liquidate. it's a high-yield strategy takes several months to liquidate. we should not be in a position to have to wait to
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do that. but we need to complete the tools to do that. this is the big thing that alan is here for. among several. but we want to get these tools up and running. so is that helpful? okay. >> thank you >> anything else? >> no. commissioner meiberger brings up a good point and we will include the second will include a schedule to show the liquidity now looks like we are forecasted to do over the next several years so the board can see you. >> thank you let's take public comment on cio reports. public comment is closed. >> thank you good mr. b mr. please call item 13 >> item 13 discussion item managers report >> thank you. >> good afternoon
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commissioners. as you can see before you, we have the monthly for comments asian activity viewports. i would like to open this opportunity for any questions you may have with regards to this four we go into the other update. >> the report speaks for itself but i think mr. driscoll a something to say. >> >>[inaudible] [off mic] the discussion items were that we were concerned about how to deal with the investment advisory and flightpath but the manager [inaudible] had done a lot of work with so we are okay either. there may be some minor changes going for but the committee will work on echoing forward. there are are other items range of issues were working on but being-[inaudible]
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then hard-core loadable managers all that would be was being done at the same time's pia proving to improve [inaudible] adding value and that's going to be our goal adding value. the one thing that's been talked about the last couple of weeks now that there's new president elect online, what ms.-the undersecretary for labor fiduciary rules was to go in effect in april we been how will it affect us directly or indirectly. i assume that rule is not the change could weather doesn't not result in continued pursuit respect our vendors comply with the intent of that rule. that education issue which anna boyle doesn't be quick for the board numbers to understand this what we join our vendors this fiduciary rule
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for anyone working magically making recognition to our participants. again just one of those list of items in the near term in the neck six months will come back to the full board. >> thank you, commissioner. sorry. one more. >> if i could just make a comment? >> sure. >> if you could expand on the loans to participants at i know partisan civics lesson interest. i see $13.7 million taken out by [inaudible] first of all thank you for your [inaudible] i know it's very a lot of different pieces to the puzzle. so you're involved in the implications implementation of its. if you could just give us expand on the program. how it is going? >> sure.. as you can see we've included tracking of the problem in the monthly reports. obviously loans can to be very very popular. people are definitely taking them out for the highest amount with the
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longest period of time. in a way this is good for them because they're definitely meeting their 50% net pay threshold. they can actually afford to repay these loans. at the same time, it takes a long time for them to repay those loans. so the issue is, the fact that you want to make sure we made the process easy for people to actually do. we do not want to launch a program that was not client friendly. because the whole goal was to provide it to our constituents. so if you apply for loan today you are automatically approved. if you have the right assets involved in the right records must you take a homeowner there's more documentation that's required for that. because the homeowner is over a longer period of 15 years
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versus a standard five-year period. the issue is, is it really too easy for clients lastly take a loan out we'd be a basically to grapple the decision on how easy do i make this for clients and how available to we were really want to make this program. those are things that we are thinking about. as you know we recently hired a new loan manager. those are the things were going to be discussing and continuing to work with our partner, prudential, in administering the loan program. that is at a the short high-level view. our feedback is good. a lot of people are being able to take out a loan and unforeseen emergency heavily decreased. that is one positive. there are maybe one or two that come in and that's partially because they say don't have enough get the loan amount they can take is not up for what they need. >> we the question over here. >> in my point of view the easier the better. when you are saying you are reviewing it and you're looking at it obviously the alternative is to make it a little harder. or, maybe have a cooling-off period. could you shoot you share with aboard
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people regret borrowing the money or you've heard anything that we do to believe that the easiness made it a mistake [inaudible] i was in vegas and i wanted to place a white when and for my money and i regret it. we have feedback from our members? >> >> so i was eight i members are happy to access to this morning. at the same time, they're trying to fulfill an immediate need versus looking at their overall long-term strategy. even though, yes, they're happy that access to the money they're using it today may not be the best thing for them in the long-term. that's really sort of ruby and stop coming to we want to make sure that were actually incorporating all the potential possibilities of what could happen to participants over the course of their life so they'll ultimately have sustainable retirement income to supplement their pension benefit. yes, i would say, yes clients are happy to access to their money. is it really the best thing for the? they don't care. they don't care and we do.
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>> >>[inaudible] [off mic] >> i think our consideration is not to make it more operationally difficult to take a loan. because it is very simple. you fill it out and submit it. it's a done deal if you have the money in your account. what we're focusing is are we provide them enough information before they push the submit button and make sure they understand that they are choosing the longest repayment period good maybe because they think that's the easiest but it might be better for them to choose a shorter repayment period depending on what their retirement goals are. so i think its focus on putting additional education in front of the submit application button and i think that's the nature of our concern. >> we do advising to our members than? [inaudible]
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>> we don't. you login- >>[inaudible] [off mic] to either give them advice or [inaudible] >> we expect to them what their investment options are so they can make their decision themselves. we also offer asset allocation programs so they can easily invest to understand every single core investment option. we actually are not allowed to give advice that we have retirement councils to basically explain what the plan is, how it helps you, how it supplements your pension and what your investment choices are. they can also give some advice on how quickly want to rebalance, but generally as far as investment advice whether you choose one fund or the other, no, they're not allowed to do that. >> >>[inaudible] [off mic] that's part of what ongoing bringing them in and making it
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harder [inaudible] i think that there's some risk to us in the investment advice business >> there's no intention to bring people in or make it harder to apply. what we want to make sure is that they plainly can see when they're making decisions on the amount they want to borrow or the repayment period that they should be considering that this money will be-if they retire early while i still oh money what the impact is. it's really education. it's not by saying, well, you choose a five-year repayment and retire in three years, please, no it will do in table or be a taxable event. we want to make sure the education is there. so it's not advice. it's just making sure that people don't take the easiest route unless the easiest route really fits with what their plans are.
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>> because of a retire early or for disability for example the money has to come from their paychecks to pay for the payments. >> disability are special rules but, yes. if you separate from employment and he comes remaining outstanding balance becomes payable or it is not paid back it becomes a taxable event. >> the other thing is appealing is the interest rate. your letting money to yourself but the stated rate is prime, plus wanted it to be whatever the short answers when you were paid to paying interest to yourself. >> right. tiered >> i think that's an interesting ask that there. 11 patients and you borrow money from yourself >> while monies out of the plant in not earning investment earning. >> you are forgoing earnings >> in order to pay yourself back prime, plus one. >> thank you >> scuttle other corporations
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because the loan program which are much more prevalent in the 401(k) air. they go through this whole issue this regrets issue. different sponsors at different ways of dealing with it. some make sure that we at least a 2-3 week delay before they get the money. people are not all of a sudden running down to their deferred comp like its atm and they think that's added value but whose money is it what is our role but they're trying to prevent some of the problems it person will have cause i was sometimes called leakage. can we do something about or should we? responses could make that speed will but to start with it may sound unfair to the participants. again i think there's actually wools in certain borrowing were person has 72 hours to regret they can close out paying the fees that are fees are so low it's almost negligible. we don't want to check the fees because is not a profit center for us or anything like that. >> >>[inaudible] [off mic] us we can pay off in a month. pay it off in a year.
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>>[inaudible] [off mic] >> anyone else? anything else want to share with us? >> at a couple of updates for you. one is the target date rfp update. as mr. driscoll commissioner driscoll mentioned were in the middle but target great rfp. as you may remember, the board had approved for us to begin contracting with russell in may. for another five-year contract however shortly after that decision was made it was some organization changes that russell. for that reason, they had remained under review and we do not feel comfortable contacting with
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them immediately. as such they underwent an observation period and so some time has passed and we've been reviewing them. so as our new investment consultant, callum. upon review it appears that the five reasons the five peas, people, philosophy, process, performance and price will we have not changed over the last couple of months. portfolio management team in place seems quite strong and full of managers actually cio the ashley manages the office target fun dates in addition to the custom target date funds. for that reason would a "talking with russell so we can complete a five-year contract arrangement with them. so awfully wet by the time we meet in january we will have completed that process. that's the target date fund of the. on target date fund use were actually going to do the annual rolled out of the glide path. that happens on an annual basis. and russell has discretion to do the role down. this is based on a strategy the board had approved a couple years ago and
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the actual trade will go into effect on january 3 which makes a new allocation in effect on january 4. so there will be some trades happening in the near future as we move down the glide path. >> [inaudible] >> bno rolldown is once a year, correct. >> >>[inaudible] [off mic]the next item i have >> the next item i have is a second ultimate am pleased to provide this update to you but usually it's mr. coker was expanding his team. >>[laughing] we are finally expanding hours. the first one i want to share with you is stephen boyd. even more bizarre new loan program manager. he is a wealth of 457 deferred accommodation plan experience. it was an account executive at boeing for nearly 10 years. the city of san josé and the city of san mateo. stephen holds eight cfa, cfp and many other designations which i like to call the alphabet soup after
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his name do we are very happy to have stephen with us. in addition i'm also happy to announce joe collins has been promoted to the team manager of the retirement counselors. as you know chad casper was previously the team lead it recently removed back to seattle so that position was open. i think this is a longtime promotion for joe collins and many of you know him through his work with the police and he's actually been [inaudible] for nearly a decade. he brings a lot of experience and a lot of value to this role. that means that the fifth counselor position is open. they are actively recruiting and they are having interviews, i believe, set for january so hopefully we'll be able to have a fifth counselor soon. that's all i have. >> thank you. colleagues, questions? let's go to public comment. thank you for your presentation at public comment is open. public comment is closed. thank you clerk call
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the next item >> item 14 discussion i'm scheduled 2017 board meetings. esther huish >> we provided a schedule you'll notice that all the second wednesday of each month except for mayweather we have determined that because any pc holds an annual investment conference were moving it to the third wednesday to encourage board members to attend the conference. discussion item only >> thank you. but take public comment on this item. public comment is closed. clerk alden please >> item 15 discussion i'm executive directors report esther huish >> the item i have on my report is a budget update. we met with the mayor's office last week. as a result of the election there's two consequences that will be impacting the current year's budget as well as next year's
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budget. one was the failure to pass sales tax here in san francisco which had been the revenues from that had been included in a balanced the budget for 16-17 and 17-18 and the second which is an unknown impact which is potentially a reduction in federal funding as a result of san francisco's status as a sanctuary city. but in the meantime, the mayor's office is predicting a $400 million deficit for the next two budget years. so they called upon departments to budget for 83% general fund cut for the next two consecutive years. we have no general funding so we will not be subject to reducing our cost or
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budget in that manner. they are also basically saying no expansion of [inaudible] and their camino budget submitted with a net increase in personnel . so that will impact our approach to cementing our budget. we has some grace in the fact that we do not rely at all on any general fund but at the same time we are not going to necessarily get additional staffing as we might require or might need, but we will keep you up-to-date on that. then from a perspective of timing we will need to have a finance committee meeting in january to present the budget before we would present it to the full board in february. so we will be providing tech and we be contacting, reaching out the budgeting committee or finance committee draft that meeting. rb happy to answer any questions. i will be happy to
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answer questions >> questions? thank you. >> i would also remind you of the holiday party and wish you a safe and holiday season it if i don't get a chance to see you. >> i just have a comment on the budget. i still believe you should [inaudible] whatever personnel you want to best operate [inaudible] support that and go forward [inaudible] >> i will say that's exactly what we intend to do. we will bring forward a budget that-i mean we've talked to additional responsibilities that were being asked to assume. for example the retiring health care trust fund investments and certainly we will need additional resources and funding for additional
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resources. so any help that you can give in particular supervisor cohen in her capacity will be helpful as we go through the budget process. i just wanted to sort of give you the tenor of what the mayor has announced to all the departments and in years that we've had this type of thing we been spared from layoffs or cuts but it's very difficult sometimes to get through the board of supervisors additional staffing but you are absolutely-you hold me to the budget by present is the budget am willing to live with. so we will continue to have that regardless of what the mayor has told us. >> thank you. public comment is open. undecided public comment is closed. thank you for your presentation. mr. huish. the mr. item 16 >> item 16 discussion i'm
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number good of the order >> colleagues anything you want to put on that good of the order? public item comment on this item public comment is closed. item 17, please >> item will 17 discussion i'm retirement board member reports >> reports have intimated for your review we can take public comment on this item. public comment is closed. on item 17 >> thank you. item 18 please >> item 18 close session >> >> thank you anything? we will go into closed session. we need to take public comment. ladies and general take public comment out as to whether or not we should go into closed session. seeing none, public comment is closed. thank you very much.
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>> may i entertain a motion not to us" was discussed in closed session? moved and seconded. thank you. the motion has been way. is there a second? motion made by mr. peskin 8 second by commissioner my meiberger. without objection, thank you. there's a motion to adjourn. clerk is that okay? this meeting is adjourned. thank you. >>[gavel] >>[adjournment] >> >>
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week. >> ♪ ♪ ♪ ♪ ♪ the san francisco. the reporter: has many opportunities to get out and placing play a 4 thousand acres of play rec and park has a place win the high sincerely the place to remove user from the upper life and transform into one of mother nachdz place go into the rec and park camp mather located one hundred and 80
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square miles from the bay bridge past the oakland bridge and on and on camp mather the city owned sierra nevada camping facility is outings outside the gate of yosemite park it dates back before the area became is a popular vacation it i sites it was home to indians who made the camp where the coral now stands up and artifacts are found sometimes arrest this was the tree that the native people calm for the ac accordions that had a high food value the acorns were fatally off the trees in september but they would come up prosecute the foothills and were recipe the same as the people that came to camp
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camp is celebrating it's 90th year and the indians were up here for 4 thousand we see every day of them in the grinding rocks around the camp we have about 15 grinding sites in came so it was a major summer report area for the 92 hawks. >> through there are signs that prosperity were in the area it was not until the early part of the century with the 76 began the construction of damn in helpfully a say mill was billed open the left hand of the math for the construction by which lake was used to float logs needed for the project
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at the same time the yosemite park and company used the other side of the camp to house tourists interesting in seeing the national park and the constructions of damn when the u son damn was completed many of the facilities were not needed then the city of san francisco donated the property it was named camp mather the first director it was named after him tuesday morning away amongst the pine the giant sequoia is the giants inventories first name if our title is camp means there's going to be dirt and bugs and so long as you can get past that part this place it pretty awesome
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i see i see. >> with a little taste of freedom from the city life you can soak up the country life with swimming and volley ball and swimming and horseback riding there you go buddy. >> we do offer and really good amount of programming and give a sample p of san francisco rec and park department has to offer hopefully we've been here 90 years my camp name is falcon i'm a
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recession he leader i've been leading the bill clinton and anarchy and have had sometimes arts and crafts a lot of our guests have been coming for many years and have almost glutin up, up here he activity or children activity or parent activity here at camp mather you are experiencing as a family without having to get into a car and drive somewhere fill your day with with what can to back fun at the majestic life
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the essence of camp mather one thing a that's been interesting i think as it evolves there's no representation here oh, there's no representation so all the adults are engine i you know disconnected so there's more connection the adults and parents are really friendly but i think in our modern culture i you know everyone's is used to be on their phones and people are eager to engagement and talk they don't have their social
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media so here they are at camp mather how are i doing. >> how are you doing it has over one hundred hundred cabins those rustic structures gives camp mather the old atmosphere that enhances the total wilderness experience and old woolen dressers and poaches and rug i do lay out people want to decorate the front of thaifr their cabins and front poefrnz their living room is outside in this awesome environment they're not inviting their guests inside where the berms are people get
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creative with the latin-american and the bull frogs start the trees grow and camp mather is seen in a different light we're approaching dinner time in the construction of the hetch hetchy damn the yosemite park built jackson diane hauling hall to serve the guests it does was it dbe does best service s serve the food. >> i'm the executive chef i served over 15 hundred meals a day for the camp mather folks breakfasts are pancakes and french toast and skranld eggs and hash brown's our meal formulate is we have roost lion it's reflecting of
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the audience we have people love our meals and love the idea they can pick up a meal and do worry about doing the dishes can have a great time at camp mather after camp people indulge themselves everyone racks go in a place that's crisis that i air after the crackinging of a campfire a campfire. >> the evening is kept up with a tenant show a longed tradition it features music
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i tried this trick and - this talent show is famous for traditional things but we have new things ♪ ♪ ♪ ♪ the first 7, 8, 9 being on stage and being embarrassed and doing random things >> unlike my anothers twinkling stars are an unforcible memory ♪ ♪ ♪
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admission to camp mather is through a lottery it includes meals and camp programs remember all applicant registration on line into a lottery and have a rec and park department family account to register registration typically begins the first week of january and ends the first week in february this hey sierra oasis is a great place to enjoy lifeiest outside of the hustle and bustle and kickback and enjoy and a half >> everything is so huge and beautiful. >> the children grew up her playing around and riding their bites e bicycles it's a great place to let the children see
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what's outside of the city common experience is a this unique camp when you get lost in the high sierra wilderness camp mather is waiting and we look forward to city manager's office you here soon ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ light for our city and our
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streets illuminating our ideas and values starting in 2016 the san francisco public utilities commission is xhoefl that light with new led with the did i audits for better light for streets and pedestrian and they're even better for this vitally lasting longer and consuming up to 50 percent less energy upgrading takes thirty minutes remove the old street light and repeat 18 thousand 5 hundred times while our street lights will be improving the clean energy will remain the same
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every san francisco street light is powder by 100 percent godfathers hetch hetchy power in one simple word serious as day turns >> good afternoon. welcome to the vision zero committee of the transportion authority board. the special meeting, i guess on thursday deb

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