The dredge Illinois is moored a short distance off Surf Road Beach in Ocean City, and a $9 million beach replenishment project is underway.Bulldozers begin to shape the new beach at North Street in Ocean City on Tuesday morning.The dredging project will pump 700,000 cubic yards of new sand to rebuild eroded beaches from the “terminal groin” (the first jetty at Seaspray Road) to the area around 15th Street. The project is expected to take between 45 and 60 days.The dredge will pump sand through an underwater feeder pipeline from an offshore borrow area to the beach at North Street.The work will begin at North Street then proceed northward toward Seaspray in the first phase over the course of about 10 days, according to Richard Pearsall, spokesman for the Army Corps of Engineers Philadelphia District. A second phase would then cover the area from North Street south to 15th Street._______ Sand and mud are flying at North Street Beach on Tuesday morning (Nov. 3) as the north end beach replenishment project kicks into high gear in Ocean City, NJ. Get the Daily. Sign up for free email updates._______The beach entrances at North Street and along Beach Road were closed on Monday and Tuesday as work commenced.Work is continuing around the clock with spotlights on the beach and the offshore dredge lit up on the horizon.The dredge Illinois sits offshore at the north end of Ocean City on Monday afternoon (Nov. 2) and will begin to pump 700,000 cubic yards of new sand to help rebuild eroded beaches.
Strathclyde’s cash balance at the end of its 2019 financial year was £58.8m. By way of comparison, the cash balances of Lothian Pension Fund, the second largest local government pension scheme in Scotland, had group cash balances of £39m as at 31 March 2020.Strathclyde’s total investment return for the year to 31 March 2020 was -3.5%, with most of the loss coming from equity portfolios (-6.3%).There were sharp falls in some other portfolios – -20.4% in emerging market debt and -15.5% in multi-asset credit – although the pension fund said its non-equity investments “held up reasonably well”, with UK property returning 2.5%, global real estate 11% and global infrastructure 3.7%.Although Strathclyde’s three and five-year annualised returns “comfortably” exceeded its benchmark, the pension fund highlighted that the three-year figure of 2.7% was less than the actuary’s long-term assumption of 3.5% per annum, and would therefore have a negative impact on the actuarial valuation to be carried out with a strike date of 31 March.New investment structure implementedStrathclyde has been pursuing a strategy of greater diversification over the past several years, and in its annual report said that during 2019/20 it had implemented an investment structure “consistent with” the new strategic target model it had agreed in 2018.Called “Step 2”, the model involves a 20% target allocation to two “enhanced yield” buckets – one short-term and one long-term – plus a 52.5% allocation to equity, a 1.5% hedging/insurance allocation and a 6% credit allocation.The pension fund said funding of a new private real estate debt mandate with ICG Longbow, and of three new segregated private corporate debt mandates with Barings, Alcentra and Partners Group commenced in the year under review, and would show up in the amount invested in the short-term enhanced yield bucket over the next two to three years.Looking for IPE’s latest magazine? Read the digital edition here. Strathclyde Pension Fund, Scotland’s largest local authority pension fund, topped up its cash balances to prepare for any COVID-19-linked interruption in income from employers, according to its unaudited annual report.The report indicates the top-up, which was a transfer from its investment balances, was for £100m (€84m).The £20.9bn pension fund said the transfer was “to ensure ample cover for pensions payments in the event that income from employers is interrupted as a result of coronavirus precautions in the new financial year”.It said it contributed to an “unusually high” cash balance of £195m as at 31 March 2020, the end of its financial year, alongside a contributions payment in respect of backdated equal pay settlements and a bulk transfer payment.