Trustees review final 2025 PAFR draft; request formatting and footnote fixes

Director Sahlstrom presented the final draft of the 2025 Popular Annual Financial Report (PAFR), noting the document summarizes audited ACFR numbers through June 2025 and will be submitted to the Government Finance Officers Association (GFOA) for verification.

"We will send this to GFOA, and they will verify that all these numbers in here match up with the ACFR," Director Sahlstrom said, adding staff will send the version with final edits for GFOA review and certification.

Trustees made several format and clarity suggestions. One committee member asked that the term "deferred retirement option" be changed to "deferred retirement option plan" (packet page 73), requested that tabular figures indicate whether amounts are shown in millions, and asked for chart titles and alignments to be adjusted on page 75. Another committee member flagged that on page 77 historical OPEB values for 2015–2016 appear as zeros and recommended a footnote explaining why those entries are zeroed so readers are not misled.

Director Sahlstrom said the chart misalignment was a graphic‑design issue that staff will fix and agreed to add zeros in fields where appropriate (for example, transfers from other retirement systems) and to work with the designer before returning the revised report. Staff also noted a 90‑day window for GFOA review and will plan revisions to meet that schedule.

Next steps: staff will incorporate the formatting and clarifying edits, verify the pages and charts with the graphic designer, and return a revised draft to either the committee or the full board for final approval before GFOA submission.