BOARD OF ADMINISTRATION  
Meeting Minutes - Final  
Police & Fire Department Retirement  
Plan and Health Care Trust  
Wednesday, March 18, 2026  
9:00 AM  
1737 N. First St. Suite 580, San Jose, CA  
95112  
HYBRID MEETING  
PHYSICAL LOCATION:  
1737 N. First St. Suite 580, San Jose, CA 95112  
ZOOM INFORMATION:  
zoom.us  
Dial In: +1 408 638 0968 US (San Jose)  
Meeting ID: 998 3877 3508  
BOARD MEMBERS  
Andrew Gardanier, Chair, Fire Active Rep (Term Expires 11/30/27)  
Eswar Menon, Vice-Chair, Public Member (Term Expires 11/30/26)  
Gretchen Flicker, Trustee, Public Member (Term Expires 11/30/28)  
Sunita Ganapati, Trustee, Public Member (Term Expires 11/30/26)  
David Kwan, Trustee, Public Member (Term Expires 11/30/28)  
Howard Lee, Trustee, Public Member (Term Expires 11/30/26)  
Richard Santos, Trustee, Fire Retiree Rep (Term Expires 11/30/26)  
Franco Vado, Trustee, Police Retiree Rep (Term Expires 11/30/28)  
David Woolsey, Trustee, Police Active Rep (Term Expires 11/30/28)  
George Casey, City Council Liaison to the Board  
Maytak Chin, General and Fiduciary Counsel  
John Flynn, CEO, Office of Retirement Services  
8 -  
Present:  
Absent:  
Sunita Ganapati, Eswar Menon, Richard Santos, Andrew Gardanier, David  
Kwan, David Woolsey, Gretchen Flicker and Franco Vado  
1 - Howard Lee  
The Board of Administration of the Police and Fire Department Retirement Plan and  
Health Care Trust met in person at 1737 N. First St., Suite 580, San Jose, CA 95112 and  
via Zoom on Wednesday, March 18, 2026 at 9:00 a.m. Chair Gardanier called the Pension  
Plan and Health Care Trust meeting to order at 9:00 a.m. followed by roll call.  
Board Members Present: Andrew Gardanier, Franco Vado, David Woolsey, Richard  
Santos, David Kwan, Eswar Menon, and Gretchen Flicker.  
Trustee Ganapati arrived at 9:01 a.m.  
Trustee Lee was absent.  
Retirement Staff Present: John Flynn, Barbara Hayman, Prabhu Palani, Amanda Hiew,  
Chris Ha, Dhinesh Ganapathiappan, Jennifer You, Christina Wang, Ron Kumar, Jay  
Kwon, David Aung, Julie He, Harrison Pearce, Arun Nallasivan, Ryan Reynado, Edith  
Orosco, Gabriela Romero, Sherrell Aledo, and Cynthia Ayala.  
Retirement Staff Present via Zoom: Nam Cao, Benjie Chua-Foy, Sandra Castellano, Ellen  
Lee and Shilpi Dwivedi.  
Also Present: Christopher Maldonado, General and Fiduciary Counsel; George Casey,  
Council Liaison; and Laura Wirick, Meketa Investment Group.  
Also Present via Zoom: Nate Weinstein, Public Member; Kevin Balaod, Journalist; Julie  
Becker and Benita Harper, Aon Consulting; Niru Vaidy, Public Member; Tyler Czinege,  
Neuberger Berman; Bill Gold, OER; and Faith Daigneau, Public Member.  
ADA ALERT  
In accordance with the requirements of AB 2449, the Board of Administration (“Board”) will generally,  
upon request, provide appropriate aids and services leading to effective communication for individuals  
with disabilities so they can participate equally in the Board’s meetings, including qualified sign  
language interpreters, documents in Braille, and other ways of making information and communications  
accessible to people who have speech, hearing, vision or other disabilities.  
Anyone who requires an auxiliary aid or service for effective communication to participate in a Board  
meeting should contact the designated contact in Office of Retirement Services as far in advance of the  
scheduled meeting as possible. The Board strongly encourages individuals with disabilities to endeavor  
to submit requests for reasonable accommodation no later than five (5) business days before the  
scheduled meeting, as the Board may not be able to grant requests for reasonable accommodations  
without sufficient advance notice. The Board strongly encourages individuals with disabilities to submit  
their written requests via email or regular mail to facilitate tracking and response; however, if the  
submission of a written request constitutes a hardship, individuals may call the Office of Retirement  
Services to submit an oral request.  
The designated contact in the Office of Retirement Services will endeavor to respond to each request  
within three (3) business days of receipt of the request. Depending on the request, the designated contact  
in the Office of Retirement Services may ask to schedule a time to discuss the request (which may occur  
virtually) to determine the most appropriate auxiliary aid or service, before the request is resolved.  
ADA Designated Contact Information  
Attention: Deputy Director/Chief Operations Officer, Office of Retirement Services  
Address: 1737 N First St #600, San Jose, CA 95112  
Email: #Retire_Admin@sanjoseca.gov  
Phone: 408-794-1000 (ORS Main Line)  
THE LEVINE ACT  
The Levine Act requires a Party in a Proceeding before the City of San José that involves any action  
related to their contract, license, permit, or use entitlement to disclose any campaign contributions to  
City elected or appointed officials totaling more than $500 within the 12 months prior to the City decision.  
A Participant to a Proceeding may voluntarily report a campaign contribution on the form located on the  
Levine Act webpage.  
AGENDA  
CALL TO ORDER AND ROLL CALL  
SB 707 REMOTE APPEARANCE(S)  
i.  
Take action on request(s) for remote appearance.  
CEREMONIAL ITEM  
a.  
Discussion and action on the Resolution Recognizing Prabhu Palani for His Service as Chief  
Investment Officer to the San José Police and Fire Department Retirement System and approval of  
Resolution No. 4848.  
Chair Gardanier presented CIO Palani's commendation. Chair Gardanier, Vice-Chair Menon,  
CEO Flynn, Trustees Vado, Santos, Kwan, Ganapati, and Flicker said a few kind words. CIO  
Palani said a few comments and thanked the Board and staff.  
A motion was made to approve the Resolution Recognizing Prabhu Palani for His Service as  
Chief Investment Officer to the San José Police and Fire Department Retirement System and  
the approval of Resolution No. 4848.  
Approved. (M.S.C. Santos/Vado 8-0-0). Trustee Lee was absent.  
ORDERS OF THE DAY  
None.  
PUBLIC/RETIREE/GENERAL COMMENTS - Subject to Government Code Section  
54954.3  
• Members of the public may comment on items not included on the agenda,  
provided that the matter is within the subject matter jurisdiction of the Board.  
None.  
CLOSED SESSION  
CLOSED SESSION AGENDA ITEMS WILL BE HEARD AT 9:00 A.M.  
CLOSED SESSION NEW BUSINESS  
I.  
Closed Session was heard immediately after the Ceremonial item. The Board entered into  
Closed Session at 9:15 a.m.  
A.  
CLOSED SESSION: CONFERENCE WITH LABOR NEGOTIATORS PURSUANT TO  
GOVERNMENT CODE SECTION 54957.6(a).  
There was no reportable action for this item from Closed Session.  
The Board came out of Closed Session at 9:25 a.m.  
OPEN SESSION - will reconvene following Closed Session, estimated to be 9:20 a.m.  
Open Session re-convened at 9:28 a.m.  
1.  
CONSENT CALENDAR  
A motion was made to approve the Consent Calendar.  
Approved. (M.S.C. Santos/Menon 8-0-0). Trustee Lee was absent.  
1.1  
Approval for a Service-Connected Disability Retirement  
a.  
b.  
Carli Avery, Police Officer, Police Department, Request for Service-Connected Disability  
Retirement, effective August 27, 2025; 17.78* years of service. (Disability Committee  
Recommendation: Approval)  
Joseph Desroches, Police Officer, Police Department, Request for Service-Connected Disability  
Retirement, effective May 9, 2026; 4.63* years of service. (Disability Committee  
Recommendation: Approval)  
c.  
a.  
a.  
Paulo Paredes, Police Officer, Police Department, Request for Service-Connected Disability  
Retirement, effective January 31, 2026; 16.23* years of service. (Disability Committee  
Recommendation: Approval)  
1.2  
Approval for a Change in Status to Service-Connected Disability Retirement  
Victor Velasquez, Fire Captain, Fire Department, Request for Change of Status to  
Service-Connected Disability Retirement, effective January 7, 2023; 25.04* years of service.  
(Disability Committee Recommendation: Approval)  
1.3  
1.4  
Approval Of Board Minutes  
Approval of the Board Minutes of February 18, 2026.  
Approval Of Travel and Reimbursements  
a.  
b.  
David Kwan, Trustee  
·
CALAPRS General Assembly 2026, March 8-11, 2026, Carlsbad, CA.  
John Flynn  
·
·
CALAPRS Virtual HR Round Table, February 27, 2026.  
PRISM 2026 Conference, San Diego CA, May 17-20, 2026.  
1.5  
1.6  
Approval of Return of Contributions - NONE  
Voluntary | Involuntary  
a.  
Communication and Information Reports  
a.  
b.  
c.  
Police and Fire Department Retirement Plan Dashboard.  
Report of the Monthly Board Expenses for January 2026. Receive and file.  
Approval of the Q3 2025 travel and attendance report for the Police and Fire Department  
Retirement Plan.  
d.  
e.  
Approval of the Q4 2025 travel and attendance report for the Police and Fire Department  
Retirement Plan.  
Request for Consideration of Reasonably Good Cause.  
1.7  
Education and Training  
a.  
b.  
c.  
d.  
e.  
f.  
CALAPRS 2025 Program Calendar.  
Quarterly Trustee Education Opportunities Report.  
CALAPRS Virtual Compliance Round Table, March 27, 2026.  
The 20th Edition of With Intelligence The Annual, Los Angeles, CA , April 20-22, 2026.  
SACRS Spring Conference 2026, Olympic Valley, CA, May 12 - 15, 2026.  
NCPERS Trustee Educational Seminars (TEDS), Las Vegas, NV, May 16 - 17, 2026.  
g.  
NCPERS The Annual Conference & Exhibition (ACE), Las Vegas, NV, May 17 - 20, 2026.  
1.8  
Notice of Alternate Payee Benefit Election  
a.  
Approval of Alternate Payee Benefit election of Unreduced Retirement Option to be paid to Carrie  
Moutzouridis, ex-spouse of Police Officer, John Moutzouridis to be effective March 20, 2026  
under Part 17, Section 3.36.3600 of the San Jose Municipal Code.  
2.  
INVESTMENTS  
a.  
Oral update by CIO, Prabhu Palani.  
CIO Palani thanked Councilmember Casey and reported on the following unaudited  
estimated performance by Meketa Investment Group:  
- For FYTD as of March 16, 2026, the Pension Plan was up 6.6%.  
- For FYTD as of March 16, 2026, the Health Care Trust was up 10.15%.  
b.  
c.  
d.  
Presentation of Calendar 3rd Quarter 2025 Private Equity report by Neuberger Berman.  
Tyler Czinege, Neuberger Berman, presented the item and answered questions from  
Vice-Chair Menon.  
Presentation of Calendar 3rd Quarter 2025 Private markets report by Meketa Investment Group.  
Laura Wirick, Meketa Investment Group, said a few kind words to CIO Palani and presented  
the item and answered questions from Chair Gardanier.  
Presentation of Calendar 4th Quarter 2025 Performance report for Pension Plan by Meketa  
Investment Group.  
Laura Wirick, Meketa Investment Group, presented the item.  
e.  
f.  
Presentation of Calendar 4th Quarter 2025 Performance report for Health Care Trust by Meketa  
Investment Group.  
Laura Wirick, Meketa Investment Group, presented the item and answered questions from  
Trustee Kwan. CIO Palani and Christina Wang, Investment Officer, assisted with answering  
questions.  
Discussion and action regarding the prefunding of the City’s retirement contribution.  
Jay Kwon, Senior Investment Officer, presented the item. Chair Gardanier added comments.  
A motion was made to reduce the pre-funding discount rate offered to the sponsor by a total  
of 30% from 6.625% to 4.6375% for fiscal year 2026-27.  
Approved. (M.S.C. Ganapati/Flicker 8-0-0). Trustee Lee was absent.  
3.  
4.  
OLD BUSINESS CONTINUED-DEFERRED ITEMS - NONE  
NEW BUSINESS  
a.  
Oral update by CEO, John Flynn.  
CEO Flynn updated the Board on:  
•Mayor’s March Budget Message at City Council Meeting  
•ORS Staffing / Recruitments  
•Investment Compensation Study  
•Retirement Planning Workshops  
•Procurements and Contracts  
•Internal Audit  
•ADA Title II WCAG 2.1 AA compliance  
•ORS offices will be closed on Tuesday, March 31, for a City Holiday  
•Retiree 1099Rs were mailed in January  
•GPP (Guaranteed purchasing power) for 2026 was paid to those who qualify in February.  
•PF Retirees impacted by 415 limits (IRS 415(b) limit for 2026 is $290,000 will see their 2026  
adjustments in this months, March 2026, retirement payment  
•COLA was applied in February for Retirees  
•Save the Date - NCPERS Public Safety Conference - October 25-28, 2026 — Nashville, TN  
•Save the Date - CALAPRS - Principles of Pension Governance for Trustees -  
Monday-Thursday, August 24-27, 2026  
b.  
c.  
Oral update from the City Council Liaison to the Board.  
City Council Liaison, Councilmember George Casey, updated the Board on matters before the  
City Council and relevant to the Board, and answered a question from Chair Gardanier.  
Trustee Woolsey added comments.  
Discussion and action to approve and for the Chair to execute the employment contract negotiated  
by designated labor negotiators for the new Chief Investment Officer.  
Chair Gardanier spoke to this item and congratulated Jay Kwon, Senior Investment Officer.  
Jay Kwon said a few words, expressing his gratitude to the Board and CIO Palani, and  
acknowledging the contributions of ORS staff.  
A motion was made to approve and for the Chair to execute the employment contract  
negotiated by designated labor negotiators for the new Chief Investment Officer.  
Approved. (M.S.C. Santos/Menon 8-0-0). Trustee Lee was absent.  
d.  
Discussion and action on approval of the Strategic Plan - Workshop and Presentation by Aon.  
Julie Becker, Aon Consulting, presented the item. CEO Flynn added comments and answered  
questions from Trustee Ganapati. Trustee Vado added comments.  
A motion was made to approve the strategic plan.  
Approved. (M.S.C. Santos/Menon 8-0-0). Trustee Lee was absent.  
e.  
Discussion and action on adoption of updated City Policy Manual #1.8.1 - Use of City and  
Personal Vehicles Policy with Revised Date of February 27, 2026, for ORS Operations, approved  
by City on February 27, 2026.  
This item was heard together with items 4f, 4g and 4h.  
Chair Gardanier introduced the item. CEO Flynn spoke to the item and answered a question  
from Trustee Vado. Trustees Woolsey and Santos added comments.  
A motion was made to adopt the City Policy Manual #1.8.1 - Use of City and Personal Vehicles  
Policy with Revised Date of February 27, 2026, for ORS Operations, approved by City on  
February 27, 2026.  
Approved. (M.S.C. Santos/Flicker 8-0-0). Trustee Lee was absent.  
f.  
Discussion and action on adoption of updated City Policy Manual #4.2.2 - Military Leave Policy  
with Revised Date of February 27, 2026, for ORS Operations, approved by City on February 27,  
2026.  
This item was heard together with items 4e, 4g and 4h. CEO Flynn answered a question from  
Trustee Santos.  
A motion was made to adopt the City Policy Manual #4.2.2 - Military Leave Policy with  
Revised Date of February 27, 2026, for ORS Operations, approved by City on February 27,  
2026.  
Approved. (M.S.C. Santos/Flicker 8-0-0). Trustee Lee was absent.  
g.  
Discussion and action on adoption of updated City Policy Manual #5.1.5 - Food and Beverage  
Expenditure (Non-Travel) Policy with Revised Date of March 3, 2026, for ORS Operations,  
approved by City on March 3, 2026.  
This item was heard together with item 4e, 4f and 4h.  
A motion was made to adopt the City Policy Manual #5.1.5 - Food and Beverage Expenditure  
(Non-Travel) Policy with Revised Date of March 3, 2026, for ORS Operations, approved by City  
on March 3, 2026.  
Approved. (M.S.C. Santos/Flicker 8-0-0). Trustee Lee was absent.  
h.  
Discussion and action on adoption of updated City Policy Manual 5.1.2 - Procurement Card  
(P-Card) Policy with Revised Date of February 18, 2026, for ORS Operations, approved by City  
on February 18, 2026.  
This item was heard together with items 4e, 4f and 4g.  
A motion was made to adopt the City Policy Manual 5.1.2 - Procurement Card (P-Card) Policy  
with Revised Date of February 18, 2026, for ORS Operations, approved by City on February 18,  
2026.  
Approved. (M.S.C. Santos/Flicker 8-0-0). Trustee Lee was absent.  
5.  
RETIREMENTS  
5.1  
Service Retirements  
Chair Gardanier read the Service Retirements into the record.  
A motion was made to approve the Service Retirements.  
Approved. (M.S.C. Santos/Woolsey 8-0-0). Trustee Lee was absent.  
a.  
Carl L. Purnell, Police Officer, Police Department, effective April 11, 2026; 26.42* years of  
service.  
5.2  
Deferred Vested  
Chair Gardanier read the Deferred Vested Retirements into the record. Chair Gardanier and  
Trustee Woolsey said a few kind words.  
A motion was made to approve the Deferred Vested Retirements.  
Approved. (M.S.C. Santos/Woolsey 8-0-0). Trustee Lee was absent.  
a.  
b.  
Alfredo M. Guarducci, Police Sergeant, Police Department, effective March 22, 2026; 24.11*  
years of service. (With Reciprocity - 18.53 CSJ YOS + 5.58 PERS YOS)  
Jeffrey B. Perez, Fire Engineer, Fire Department, effective March 21, 2026; 22.43* years of  
service.  
6.  
DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)  
Chair Gardanier read the Death Notifications into the record and asked for a moment of  
silence for those who have served and passed away. Trustees Woolsey and Santos said a few  
kind words.  
a.  
b.  
Notification of the death of Amalio Gonzalez, Fire Fighter, retired January 28, 2024, died June 7,  
2024. Survivorship benefits to Jaxon Manzoni, child.  
Notification of the death of John Pieper, Arson Investigator, retired April 4, 1996, died January  
29, 2026. Survivorship benefits to Charlene Pieper, spouse.  
c.  
d.  
Notification of the death of Joseph X. Sanchez, Fire Captain, retired April 1, 1973, died January  
18, 2026. No survivorship benefits.  
Notification of the death of Douglas Zwemke, Police Sergeant, retired September 5, 1996, died  
January 20, 2026. Survivorship benefits to Sandra Zwemke, spouse.  
7.  
COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS  
Investment Committee (Lee, Gardanier, Ganapati, Kwan)  
7.1  
Last Meeting: February 23, 2026  
Next Meeting: April 28, 2026  
a.  
b.  
Oral update from the Chair of the Investment Committee.  
Chair Gardanier updated the Board regarding matters from the last meeting.  
Minutes of the Investment Committee meeting from December 16, 2025. Receive and file.  
The Minutes were received and filed.  
7.2  
Audit/Risk Committee (Woolsey, Ganapati, Menon)  
Last Meeting: February 19, 2026  
Next Meeting: May 21, 2026  
a.  
Oral update from the Chair of the Audit/Risk Committee.  
·
Approval of the Q3 2025 travel and attendance report for the Police and Fire Department  
Retirement Plan.  
·
Approval of the Q4 2025 travel and attendance report for the Police and Fire Department  
Retirement Plan.  
·
·
·
·
Nomination and Election of Audit Committee Vice Chairs.  
Introduction of Audit Consultant - Baker Tilly.  
Discussion and action on the Risk Assessment Overview and Timeline by Baker Tilly.  
Discussion of MGO’s FY2025 Observation #1 - Completeness and Accuracy of  
Participant Census Data.  
·
·
Discussion and action on the status of the outstanding Internal Audit recommendations.  
Discussion on status of outstanding Penetration testing recommendations.  
Chair Woolsey updated the Board regarding matters from the last meeting.  
b.  
Minutes of the Audit Committee meeting from October 30, 2025. Receive and file.  
The Minutes were received and filed.  
c.  
Discussion and action to accept 7 internal audit recommendations as “Complete” in the absence of  
an internal auditor.  
This item was discussed.  
A motion was made to accept 7 internal audit recommendations as “Complete” in the  
absence of an internal auditor.  
Approved. (M.S.C. Santos/Woolsey 8-0-0). Trustee Lee was absent.  
7.3  
Governance Committee (Flicker, Vado, Santos)  
Last Meeting: January 15, 2026  
Next Meeting: March 18, 2026  
a.  
Oral update from the Chair of the Governance Committee.  
Chair Flicker announced that the next meeting will take place after this meeting at 11:30 a.m.  
7.4  
Disability Committee (Santos, Woolsey - Alts: Flicker/Vado/Lee/Gardanier)  
Last Meeting: March 2, 2026  
Next Meeting: April 13, 2026  
a.  
b.  
Oral update from the Chair of the Disability Committee.  
Chair Santos announced that the next meeting will take place on April 13, 2026.  
Minutes of the Disability Committee meeting from February 9, 2026. Receive and file.  
The Minutes were received and filed.  
7.5  
Joint Personnel Committee (Menon/Gardanier/Vado)  
Last Meeting: January 27, 2026  
Next Meeting: April 1, 2026  
a.  
Oral update from the Vice-Chair of the Joint Personnel Committee.  
Vice-Chair Menon updated the Board.  
PROPOSED AGENDA ITEMS  
None.  
ADJOURNMENT  
Next Meeting: April 15, 2026  
The meeting adjourned at 11:00 a.m.  
*Estimated  
Minutes Recorded, Prepared and Respectfully Submitted by,  
_________________________________________  
ANDREW GARDANIER, CHAIR  
BOARD OF ADMINISTRATION  
ATTEST:  
_________________________________________  
JOHN FLYNN, CEO  
OFFICE OF RETIREMENT SERVICES  
All public records relating to an open session item on this agenda, which are not exempt from disclosure  
pursuant to the California Public Records Act, that are distributed to a majority of the legislative body will  
be available for public inspection at the Office of Retirement Services, 1737 N. First Street, Suite 600, San  
José CA 95112 at the same time that the public records are distributed or made available to the  
legislative body.  
Access the video or audio, the agenda, related reports, and supplemental materials for this meeting by  
questions, please contact the Office of Retirement Services at (408) 794 - 1000.  
Supplemental agenda materials may be made available less than 72 hours before a regular meeting,  
provided that they are: (1) distributed to a majority of the legislative body and made available for public  
inspection at the Office of Retirement Services, 1737 N. First Street, Suite 600, San José CA 95112, at the  
same time; and (2) posted on the Office of Retirement Services’ website at  
item for an upcoming meeting.  
The Code of Conduct  
0) is intended to promote open meetings that welcome debate of public policy issues  
being discussed by the City Council, their Committees, and City Boards and  
Commissions in an atmosphere of fairness, courtesy, and respect for differing points of  
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1. Public Meeting Decorum:  
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3. Addressing the Council, Committee, Board or Commission:  
a) Persons wishing to speak on an agenda item or during open forum are requested to  
complete a speaker card and submit the card to the City Clerk or other administrative  
staff at the meeting.  
b) Meeting attendees are usually given two (2) minutes to speak on any discussion item  
and/or during open forum; the total amount of time allocated for public testimony for  
each public speaker or for an agenda item is in the discretion of the Chair of the meeting  
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ensure non-English speakers receive the same opportunity to directly address the  
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only topics related to Retirement Board business when called to speak during open  
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