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Make sure you're in January. I think

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we're good.

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» Good morning all.

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>> Good morning.

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» Good morning.

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>> Board of Port Commissioners meeting will

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» Board of Port Commissioners meeting will

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convene. Um we can start with the

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invocation. We do have a pinch hitter.

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Brian, I understand you're pinch hitting

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for us. The rabbi was unable to come

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here. If we could all stand for that and

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then the pledge, please.

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» Good morning everybody. Nice to see you.

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Quick prayer here. Uh, heavenly father,

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as we gather for this meeting, give us

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the use of your gift of peace and

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understanding that we may approach the

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matters we must govern today with

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sincere and just hearts. We ask for your

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guidance in our decision-m and thank you

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for the leadership bestowed upon us.

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Thank you, Lord, for the servicemen and

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women defending and protecting our

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freedoms. Please be with them and keep

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them safe in your loving hands so that

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they may soon return home to their

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families. We ask this in your name.

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Amen.

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>> Amen.

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» Amen.

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>> Please turn to the flag.

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» Please turn to the flag.

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>> I pledge allegiance to the flag of the

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» I pledge allegiance to the flag of the

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United States of America and to the

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republic for which it stands, one nation

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under God, indivisible, with liberty and

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justice for all.

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[clears throat]

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Thanks, Brian. [snorts]

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>> Uh, next item on the agenda is our

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» Uh, next item on the agenda is our

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annual reorganization

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board of port commissioners. Um,

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» good morning, commissioners and special

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management committee. For the record, I

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am Claudia Curtain and I am the county

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record services manager and it's my

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privilege to represent the clerk's

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office to conduct the annual

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reorganization of the board of

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commissioners. As a reminder, any

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commissioner may nominate another

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commissioner or themselves to serve as

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chair. Nominations [clears throat]

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do not require second, but a vote is

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required to close nominations and a roll

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call vote is required for each

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nomination.

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The floor is now open for a nomination

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for chair.

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>> I nominate S Pentagross. Mr. Chairman,

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» I nominate S Pentagross. Mr. Chairman,

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>> I'll second that.

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» I'll second that.

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>> I move we close nominations.

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» I move we close nominations.

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[clears throat]

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>> Thank you. Nominations are closed.

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» Thank you. Nominations are closed.

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>> I will now call for a vote for the

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» I will now call for a vote for the

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election of chair for C uh Commissioner

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Pendergrass by district. Commissioner

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Wayne.

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>> Commissioner Pendergrass. Oh,

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» Commissioner Pendergrass. Oh,

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>> yes.

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» yes.

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>> I thought Commissioner Ma. Yes,

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» I thought Commissioner Ma. Yes,

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>> Commissioner Hammond.

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» Commissioner Hammond.

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>> Yes,

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» Yes,

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>> Fisherki.

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» Fisherki.

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>> Yes.

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» Yes.

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>> Congratulations.

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» Congratulations.

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>> Thank you.

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» Thank you.

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>> Thank you. [applause]

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» Yours to take over for vice chair.

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>> Thank you. Thank you to my board for the

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» Thank you. Thank you to my board for the

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vote of confidence. Look forward to a

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great year of RSW and our special

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management team. Ray, you had a chance.

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You could have volunteered, you know,

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but you know, [laughter]

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>> still nice to see you on that side of

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» still nice to see you on that side of

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the table. So,

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>> pleasure to be here. Again, thank you.

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» pleasure to be here. Again, thank you.

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At this time, we take nominations for

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vice chair by nominate Commissioner

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Malika.

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>> I'll second that.

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» I'll second that.

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>> I move we close nominations.

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» I move we close nominations.

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>> Any public comment on that? Any

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» Any public comment on that? Any

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objections? No objections. Resolution.

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David Malika.

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>> Thank you. [applause]

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» Thank you all for the vote of confidence

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and I look forward to serving in that

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capacity.

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>> Thank you. And I'd like to introduce our

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» Thank you. And I'd like to introduce our

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newest commissioner, Trish Petroski.

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This is her first meeting with us today.

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We She's been working with us for last

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month. So, THANK YOU. WELCOME.

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SHE'S BEEN UM GETTING her feet wet every

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day working and being out in the

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community and being at the office every

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day. So, this is our actual first

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meeting and then next week on the 20th

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we have a board meeting. So, be your

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first people. So, congratulations. I

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hope you're having a good time and thank

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you for your efforts and volunteering

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for this job.

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>> Thank you. Happy to be aboard.

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» Thank you. Happy to be aboard.

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>> Great. Thank you. [snorts]

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» Great. Thank you. [snorts]

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>> Okay, we'll move on to the recap. Um we

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» Okay, we'll move on to the recap. Um we

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have

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um we only have one item be pulled by

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Commissioner Luka. Item C. We're going

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to the consent agenda. Any items be

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pulled by discussion of board other than

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number 11. Commissioner Hammond.

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>> I have none. Mr. Chairman,

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» I have none. Mr. Chairman,

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>> I have none.

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» I have none.

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>> I have none. Mroski.

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» I have none. Mroski.

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>> Any

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» Any

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>> I have none.

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» I have none.

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>> Okay. I'm going to take that motion to

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» Okay. I'm going to take that motion to

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approve the balance of the items.

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>> So move.

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» So move.

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>> Second.

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» Second.

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>> Any public comment on the balance items?

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» Any public comment on the balance items?

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We have one public comment card in

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regards to it. Is that

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>> No, that's not.

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» No, that's not.

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>> You're right. Sorry. Okay. And any

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» You're right. Sorry. Okay. And any

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public comment on the consent?

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Any objection? Objection. Motion

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carries. Commissioner Booka number 11,

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please.

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>> Thank you all. Um I um

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» Thank you all. Um I um

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appreciate the opportunity to discuss

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this matter. I um these union

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negotiations are these are complex labor

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agreements. I mean this uh this one pay

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plan is 77 pages long, right? So there's

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a lot a lot of things in this uh these

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negotiations and I appreciate staff and

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all of our all of our firefighters for

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doing their great work every day. But

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there was a couple things when we when

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we had convened as a board in the shade

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session to uh discuss the pay plans. We

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[snorts] left there the f first time we

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had a an impass and came back to us

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because we said we want to be

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competitive with the market. We want to

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be fair to our employees. We want to

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make sure that we're competitive in the

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market for other agencies. And we we

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made a special effort to raise the

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floor, right? Because our starting

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people were were below where we wanted

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them to be. And then we made a also made

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a deliberate effort that we didn't want

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to raise the ceiling on the highest paid

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people was part of our discussion in

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that meeting because they were already

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at 116% of market in that particular

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silo. So I mentioned this u for that and

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then there's so there's the pay plan

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concern on the on the upper end for that

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one particular tier of the max of the

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highest paid people that I wanted to

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talk about and then there was another

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item that caught my attention that I

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wanted to ask uh Steve to explain to us

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a bit um on 39.07 07.

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It says, "Time worked during emergencies

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and unforeseen airport events. When the

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executive director designate designates

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at an event and as an emergency,

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bargaining unit personnel who work

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during the emergency shall receive

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emergency pay calculated at double time

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and 1/2 [snorts]

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for all hours worked. The reopening of

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the airport signals the emergency is

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over and they'll be paid as usual. So,

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can you discuss what emergency pay is

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[clears throat] and how that multiplier

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with work?

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>> Yes, definitely. So, the county has um a

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» Yes, definitely. So, the county has um a

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document. It's policy number 504. It's

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titled pay for work during emergencies

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or disasters. The port authority has a

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similar policy. And with that policy,

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basically an emergency for the airport

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um is not you're you're calling out the

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police department or the fire

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department. An emergency is a hurricane.

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There is a catastrophic event. There is

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uh you know the the unlikely instance of

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an aircraft crash or if there's an

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active shooter, something that requires

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the closure of the airport, a portion of

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the airport, and it could be either

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airport. In that instance, we have

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through our policies the ability to call

252
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people in. We have broken down our staff

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by tiers. Tiers 1, two, and three. Tier

254
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one are the people, you know, like

255
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myself and some of the people in the

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room, uh, that are always on call. Uh,

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some of them are salaried, some of them

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are hourly. So, using the call it the

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easy one, if there is a hurricane, um,

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the airport may be closing a little bit

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off from the county, that is up to the

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airport as critical infrastructure to

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decide when that is. um because we have

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a different role uh with getting people

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in to help with evacuation, search and

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rescue, things of that nature. So, what

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this does is it gives us a means in line

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with the county to pay the staff that

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are brought in specifically to work um

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for whatever instance that is. The item

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to note is, you know, if somebody is

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called in, they might not be doing their

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normal job. So if somebody is in

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accounting, they might be brought in as

275
00:08:28,720 --> 00:08:30,319
part of a team to help clean up the

276
00:08:30,319 --> 00:08:32,320
roadways to get something open or they,

277
00:08:32,320 --> 00:08:34,320
you know, on, you know, opening day,

278
00:08:34,320 --> 00:08:36,000
they might be wearing a red vest helping

279
00:08:36,000 --> 00:08:39,599
people. So the roles are not a uh a one

280
00:08:39,599 --> 00:08:42,240
for one. Uh we do have an extensive, you

281
00:08:42,240 --> 00:08:44,159
know, hurricane plan in that regard

282
00:08:44,159 --> 00:08:47,360
where people are assigned locations. Um

283
00:08:47,360 --> 00:08:49,519
so this gives us that means and methods

284
00:08:49,519 --> 00:08:51,519
in line with the county to pay our

285
00:08:51,519 --> 00:08:53,519
people. [snorts] In reference to this,

286
00:08:53,519 --> 00:08:55,279
the previous contract did not include

287
00:08:55,279 --> 00:08:57,120
the language. So, we included the

288
00:08:57,120 --> 00:08:58,880
language here to provide that

289
00:08:58,880 --> 00:09:01,200
consistency with what the rest of the

290
00:09:01,200 --> 00:09:04,080
airport and the county is doing.

291
00:09:04,080 --> 00:09:06,230
>> Okay. Well, respectfully, I I mean, I

292
00:09:06,230 --> 00:09:06,240
» Okay. Well, respectfully, I I mean, I

293
00:09:06,240 --> 00:09:08,560
think every time we call for help for a

294
00:09:08,560 --> 00:09:10,080
first responder that there must be an

295
00:09:10,080 --> 00:09:10,880
emergency, [snorts]

296
00:09:10,880 --> 00:09:12,640
right? [laughter] I mean, the life

297
00:09:12,640 --> 00:09:14,240
saving someone's life in a car wreck,

298
00:09:14,240 --> 00:09:16,880
you know, it doesn't have to be uh I

299
00:09:16,880 --> 00:09:18,240
want to make sure that they couldn't

300
00:09:18,240 --> 00:09:20,080
call in a bonus every time they put the

301
00:09:20,080 --> 00:09:20,800
sirens on.

302
00:09:20,800 --> 00:09:23,110
>> No, sir. Because we the job of a

303
00:09:23,110 --> 00:09:23,120
» No, sir. Because we the job of a

304
00:09:23,120 --> 00:09:25,120
firefighter is to help someone in need

305
00:09:25,120 --> 00:09:25,920
and then

306
00:09:25,920 --> 00:09:27,190
>> the only reason they

307
00:09:27,190 --> 00:09:27,200
» the only reason they

308
00:09:27,200 --> 00:09:28,470
>> need a first responders is because we

309
00:09:28,470 --> 00:09:28,480
» need a first responders is because we

310
00:09:28,480 --> 00:09:30,959
have an emergency. Right. So if we just

311
00:09:30,959 --> 00:09:32,480
say the word emergency that didn't

312
00:09:32,480 --> 00:09:34,800
wasn't defined as airport closure in

313
00:09:34,800 --> 00:09:35,920
this document.

314
00:09:35,920 --> 00:09:39,590
>> How would I know that? Right. That was

315
00:09:39,590 --> 00:09:39,600
» How would I know that? Right. That was

316
00:09:39,600 --> 00:09:41,279
my my point of that question.

317
00:09:41,279 --> 00:09:43,509
>> If I could is see is this also like part

318
00:09:43,509 --> 00:09:43,519
» If I could is see is this also like part

319
00:09:43,519 --> 00:09:44,800
of the state of emergency and I think

320
00:09:44,800 --> 00:09:46,399
every city every county municipality

321
00:09:46,399 --> 00:09:48,560
uses FEMA funding for reimbursement.

322
00:09:48,560 --> 00:09:50,160
you're doing a hurricane for example

323
00:09:50,160 --> 00:09:51,600
once you declare a state of emergency

324
00:09:51,600 --> 00:09:54,000
for like the city for mar city coral lee

325
00:09:54,000 --> 00:09:55,680
county the port authority once they

326
00:09:55,680 --> 00:09:57,360
declare that then those employees are

327
00:09:57,360 --> 00:09:59,839
required to be at work 24/7 12 our

328
00:09:59,839 --> 00:10:01,279
shifts for example they're compensated

329
00:10:01,279 --> 00:10:03,839
that pay rate of double time and a half

330
00:10:03,839 --> 00:10:05,350
>> that that is correct and and that's what

331
00:10:05,350 --> 00:10:05,360
» that that is correct and and that's what

332
00:10:05,360 --> 00:10:06,880
you know when I stated that our time

333
00:10:06,880 --> 00:10:08,720
frame might not necessarily match up to

334
00:10:08,720 --> 00:10:11,760
the counties um but nonetheless our

335
00:10:11,760 --> 00:10:13,600
employees are also being tracked through

336
00:10:13,600 --> 00:10:15,360
our finance department you know we're

337
00:10:15,360 --> 00:10:16,800
keeping the the same list that the

338
00:10:16,800 --> 00:10:18,399
county would be be keeping for

339
00:10:18,399 --> 00:10:20,560
reimbursement if it was in the case of a

340
00:10:20,560 --> 00:10:23,600
natural disaster. Um, so those are all

341
00:10:23,600 --> 00:10:25,440
all par for the course and typically how

342
00:10:25,440 --> 00:10:28,160
that goes is if I am calling something

343
00:10:28,160 --> 00:10:29,600
you know that we are projecting, hey,

344
00:10:29,600 --> 00:10:31,760
we're going to have a a hurricane notice

345
00:10:31,760 --> 00:10:33,760
is getting sent to the board and I'm

346
00:10:33,760 --> 00:10:35,440
reaching out to the board. If something

347
00:10:35,440 --> 00:10:38,160
were to happen right now and staff

348
00:10:38,160 --> 00:10:40,000
that's out on the airfield needs to

349
00:10:40,000 --> 00:10:41,519
declare emergency, the airport's shut

350
00:10:41,519 --> 00:10:43,360
down, that doesn't mean that emergency

351
00:10:43,360 --> 00:10:45,440
pay is automatically getting kicked in.

352
00:10:45,440 --> 00:10:48,399
It it's predicated on situation. So what

353
00:10:48,399 --> 00:10:50,000
a couple years ago we had the United

354
00:10:50,000 --> 00:10:52,720
plane that blew a tire. You know it tail

355
00:10:52,720 --> 00:10:54,480
was blocking the runway. We did not

356
00:10:54,480 --> 00:10:55,839
declare an emergency because it was

357
00:10:55,839 --> 00:10:57,920
handled during normal business hours.

358
00:10:57,920 --> 00:10:59,440
You know you didn't call people in. It

359
00:10:59,440 --> 00:11:01,120
was a huge impact to the airport. But

360
00:11:01,120 --> 00:11:03,680
that didn't fall to this criteria. This

361
00:11:03,680 --> 00:11:06,240
is of very large magnitude. You know

362
00:11:06,240 --> 00:11:09,040
it's not the same as you know you know

363
00:11:09,040 --> 00:11:11,360
the the common you know thought of

364
00:11:11,360 --> 00:11:13,279
what's an emergency. So

365
00:11:13,279 --> 00:11:14,949
>> okay I know the word emergency the word

366
00:11:14,949 --> 00:11:14,959
» okay I know the word emergency the word

367
00:11:14,959 --> 00:11:16,720
safety. These can be broad brush terms

368
00:11:16,720 --> 00:11:18,560
right. I just wanted to make sure every

369
00:11:18,560 --> 00:11:20,880
time they responded to anything that

370
00:11:20,880 --> 00:11:22,720
might be saving someone's life, which I

371
00:11:22,720 --> 00:11:24,800
think they would consider an emergency,

372
00:11:24,800 --> 00:11:26,880
right? That they didn't get a bonus, you

373
00:11:26,880 --> 00:11:28,640
know, every time the bell went off at

374
00:11:28,640 --> 00:11:31,200
the fire station. So, um, so we can rely

375
00:11:31,200 --> 00:11:34,160
on you for your discretion to if the

376
00:11:34,160 --> 00:11:35,760
airport is shut down or there's a state

377
00:11:35,760 --> 00:11:37,839
of local emergency that that's the bar

378
00:11:37,839 --> 00:11:39,920
threshold that we can rely on your

379
00:11:39,920 --> 00:11:41,519
kicking this in. We'd be notified of

380
00:11:41,519 --> 00:11:41,839
that.

381
00:11:41,839 --> 00:11:44,310
>> Right. Yeah. So, so to staff to board I

382
00:11:44,310 --> 00:11:44,320
» Right. Yeah. So, so to staff to board I

383
00:11:44,320 --> 00:11:46,560
declare an emergency in writing as well.

384
00:11:46,560 --> 00:11:47,110
>> Okay.

385
00:11:47,110 --> 00:11:47,120
» Okay.

386
00:11:47,120 --> 00:11:48,630
>> Because that's part of our our

387
00:11:48,630 --> 00:11:48,640
» Because that's part of our our

388
00:11:48,640 --> 00:11:50,959
documentation as the commissioner noted

389
00:11:50,959 --> 00:11:53,600
for like FEMA as an example. When did

390
00:11:53,600 --> 00:11:55,680
you call it? When did it end? Give me

391
00:11:55,680 --> 00:11:58,000
everything in between. So it's very

392
00:11:58,000 --> 00:12:00,240
delineated in that regard. Um the other

393
00:12:00,240 --> 00:12:02,480
item to note is you know again is it is

394
00:12:02,480 --> 00:12:04,560
airportwide for those employees. So it's

395
00:12:04,560 --> 00:12:06,420
not just subject to ARF, you know,

396
00:12:06,420 --> 00:12:08,959
[snorts] for this question. It could be

397
00:12:08,959 --> 00:12:11,519
anybody. So, as we tie out this cleanup

398
00:12:11,519 --> 00:12:14,959
language to match county languages,

399
00:12:14,959 --> 00:12:16,560
there may be some other administrative

400
00:12:16,560 --> 00:12:18,480
updates to the code or other things that

401
00:12:18,480 --> 00:12:20,800
we can do to clean that up definitions

402
00:12:20,800 --> 00:12:22,639
of that for emergency purposes.

403
00:12:22,639 --> 00:12:23,829
>> Yes, yeah, we can definitely look at

404
00:12:23,829 --> 00:12:23,839
» Yes, yeah, we can definitely look at

405
00:12:23,839 --> 00:12:24,160
that.

406
00:12:24,160 --> 00:12:27,190
>> Okay, thank you for that.

407
00:12:27,190 --> 00:12:27,200
» Okay, thank you for that.

408
00:12:27,200 --> 00:12:31,600
So, can we talk about for a moment?

409
00:12:31,600 --> 00:12:32,800
Does anybody else have any questions on

410
00:12:32,800 --> 00:12:36,560
that portion? But thank you. Um so

411
00:12:36,560 --> 00:12:40,000
regarding the the the pay benefits uh we

412
00:12:40,000 --> 00:12:42,560
we left our meeting uh with Anna's

413
00:12:42,560 --> 00:12:45,040
approval at the 109 number I believe and

414
00:12:45,040 --> 00:12:47,360
then it came can you talk to us about

415
00:12:47,360 --> 00:12:49,279
how it came back before us today what

416
00:12:49,279 --> 00:12:51,120
what changed

417
00:12:51,120 --> 00:12:53,190
>> between just so the difference between

418
00:12:53,190 --> 00:12:53,200
» between just so the difference between

419
00:12:53,200 --> 00:12:55,680
the 109 and the number here for the the

420
00:12:55,680 --> 00:12:57,829
>> we left our shade session saying for

421
00:12:57,829 --> 00:12:57,839
» we left our shade session saying for

422
00:12:57,839 --> 00:13:00,880
unanimous approval at this

423
00:13:00,880 --> 00:13:02,389
>> yeah so that so the with

424
00:13:02,389 --> 00:13:02,399
» yeah so that so the with

425
00:13:02,399 --> 00:13:03,590
>> that changed after that fact

426
00:13:03,590 --> 00:13:03,600
» that changed after that fact

427
00:13:03,600 --> 00:13:05,430
>> yeah so the the number that is before

428
00:13:05,430 --> 00:13:05,440
» yeah so the the number that is before

429
00:13:05,440 --> 00:13:08,639
the board today for the ARF tech. Um,

430
00:13:08,639 --> 00:13:12,639
but I guess actually all of them is well

431
00:13:12,639 --> 00:13:14,639
I'll back up just specific to the ARF

432
00:13:14,639 --> 00:13:18,639
tech that 109 did not include the uh pay

433
00:13:18,639 --> 00:13:20,800
range adjustment that we provided all

434
00:13:20,800 --> 00:13:22,800
employees at the airport. So that pay

435
00:13:22,800 --> 00:13:24,399
range that I believe it was 3%

436
00:13:24,399 --> 00:13:27,680
adjustment brought it from 109 to 113 in

437
00:13:27,680 --> 00:13:30,399
line with the rest of the staff or LCPA

438
00:13:30,399 --> 00:13:32,399
for for the pay ranges. So you have the

439
00:13:32,399 --> 00:13:34,320
minimum pay range and the maximum. We

440
00:13:34,320 --> 00:13:37,839
adjusted those this year. So that 3% was

441
00:13:37,839 --> 00:13:42,470
the difference between 109 and 113.

442
00:13:42,480 --> 00:13:45,519
» Mr. Chairman, if I could also uh by way

443
00:13:45,519 --> 00:13:47,680
of explanation, when we went back to the

444
00:13:47,680 --> 00:13:49,360
union representatives, part of their

445
00:13:49,360 --> 00:13:52,160
voiced concern was the implication of

446
00:13:52,160 --> 00:13:54,800
the thenexisting maximum pay caps

447
00:13:54,800 --> 00:13:56,399
because that affected, I believe, four

448
00:13:56,399 --> 00:13:58,720
employees. So we had further

449
00:13:58,720 --> 00:14:01,680
negotiations with the union and we came

450
00:14:01,680 --> 00:14:04,560
to a a tenative agreement that's why the

451
00:14:04,560 --> 00:14:07,360
contract is before you today whereby

452
00:14:07,360 --> 00:14:10,320
those maximum caps would be increased by

453
00:14:10,320 --> 00:14:12,639
2% in the second and third year of the

454
00:14:12,639 --> 00:14:15,839
contract. In return for that concession

455
00:14:15,839 --> 00:14:18,399
uh the union has agreed to eliminate the

456
00:14:18,399 --> 00:14:20,720
wage reopener provisions that were in

457
00:14:20,720 --> 00:14:23,360
the previous contract. So they are

458
00:14:23,360 --> 00:14:25,760
foregoing the opportunity to revisit

459
00:14:25,760 --> 00:14:28,000
wages on an annual basis which they had

460
00:14:28,000 --> 00:14:30,240
in the existing contract. So if this

461
00:14:30,240 --> 00:14:32,800
contract goes forward uh with all due

462
00:14:32,800 --> 00:14:34,720
respect to our firefighter friends, you

463
00:14:34,720 --> 00:14:36,399
don't have to deal with union

464
00:14:36,399 --> 00:14:38,480
negotiations with them for a three-year

465
00:14:38,480 --> 00:14:41,519
period. [clears throat]

466
00:14:41,519 --> 00:14:44,240
So this basically staggers three-year

467
00:14:44,240 --> 00:14:47,519
pre-aggreement that's fixed rather than

468
00:14:47,519 --> 00:14:48,845
I wasn't here for the last three years

469
00:14:48,845 --> 00:14:49,760
[cough and clears throat] old ones on an

470
00:14:49,760 --> 00:14:51,040
annual basis.

471
00:14:51,040 --> 00:14:52,320
get the hang of this when you say it's

472
00:14:52,320 --> 00:14:53,920
the first time I ever heard this before.

473
00:14:53,920 --> 00:14:56,160
You know, I can still say that on a

474
00:14:56,160 --> 00:14:58,320
couple things, you know, but but

475
00:14:58,320 --> 00:15:00,480
respectfully, so we we take a little bit

476
00:15:00,480 --> 00:15:03,279
of a bite now today and then it

477
00:15:03,279 --> 00:15:04,880
staggers. It breaks it up over the

478
00:15:04,880 --> 00:15:05,600
three-year period [snorts] in a

479
00:15:05,600 --> 00:15:07,839
predictable manner rather than being so

480
00:15:07,839 --> 00:15:10,480
if we said hold tight at the 109, then

481
00:15:10,480 --> 00:15:13,279
we get to a haggle two more times.

482
00:15:13,279 --> 00:15:13,670
>> Correct.

483
00:15:13,670 --> 00:15:13,680
» Correct.

484
00:15:13,680 --> 00:15:15,509
>> And it could end up costing more or

485
00:15:15,509 --> 00:15:15,519
» And it could end up costing more or

486
00:15:15,519 --> 00:15:17,760
less. And again, please keep in mind the

487
00:15:17,760 --> 00:15:20,560
distinction between a pay increase and

488
00:15:20,560 --> 00:15:23,120
increasing the pay ranges. What we're

489
00:15:23,120 --> 00:15:24,720
talking about in this contract with the

490
00:15:24,720 --> 00:15:28,000
2% per year that I discussed was

491
00:15:28,000 --> 00:15:30,560
increasing the maximum pay range. It's

492
00:15:30,560 --> 00:15:34,240
not a guaranteed 2% pay raise. Uh the

493
00:15:34,240 --> 00:15:36,399
firefighters under the contract would

494
00:15:36,399 --> 00:15:38,800
get the same pay increase that the board

495
00:15:38,800 --> 00:15:41,839
would approve for all employees. This

496
00:15:41,839 --> 00:15:44,399
merely increases the pay, the maximum

497
00:15:44,399 --> 00:15:48,240
pay cap so that they're not maxed out in

498
00:15:48,240 --> 00:15:50,079
terms of pay.

499
00:15:50,079 --> 00:15:51,350
>> And I think one thing I learned from you

500
00:15:51,350 --> 00:15:51,360
» And I think one thing I learned from you

501
00:15:51,360 --> 00:15:53,519
in our review of this yesterday, if we

502
00:15:53,519 --> 00:15:55,440
had a 5% raise and we didn't raise the

503
00:15:55,440 --> 00:15:56,800
max, and I didn't I didn't know all

504
00:15:56,800 --> 00:15:58,560
this. I don't have a union shop with my

505
00:15:58,560 --> 00:16:02,399
company, right? So, um, if the 5% money,

506
00:16:02,399 --> 00:16:04,399
they would still get the money that they

507
00:16:04,399 --> 00:16:06,399
would get in a raise. They would just

508
00:16:06,399 --> 00:16:08,639
get in a lump sum payment, right? So

509
00:16:08,639 --> 00:16:10,720
they they wouldn't I I thought the first

510
00:16:10,720 --> 00:16:12,720
time I read this that if they got a 5%

511
00:16:12,720 --> 00:16:14,880
pay raise and they were at the max that

512
00:16:14,880 --> 00:16:16,800
they wouldn't be entitled to the race,

513
00:16:16,800 --> 00:16:18,880
right? Again, as a as a new

514
00:16:18,880 --> 00:16:20,639
commissioner, you I would have I thought

515
00:16:20,639 --> 00:16:23,440
that was their cap, [clears throat] but

516
00:16:23,440 --> 00:16:25,040
they would still get the five grand or

517
00:16:25,040 --> 00:16:26,320
whatever the money would be. They would

518
00:16:26,320 --> 00:16:28,399
just get a lump sum payment, but that

519
00:16:28,399 --> 00:16:30,480
legacy cost of going on for the rest of

520
00:16:30,480 --> 00:16:32,320
their lives at their pension, that's the

521
00:16:32,320 --> 00:16:34,399
escalation that they want to protect. Is

522
00:16:34,399 --> 00:16:35,360
that correct,

523
00:16:35,360 --> 00:16:36,870
>> Mr. Germany?

524
00:16:36,870 --> 00:16:36,880
» Mr. Germany?

525
00:16:36,880 --> 00:16:39,189
>> Yes. Under the the state retirement

526
00:16:39,189 --> 00:16:39,199
» Yes. Under the the state retirement

527
00:16:39,199 --> 00:16:40,880
system, your state retirement is based

528
00:16:40,880 --> 00:16:43,120
on your high the average of your high-

529
00:16:43,120 --> 00:16:46,079
five wage earning years multiplied by

530
00:16:46,079 --> 00:16:48,399
years of service multiplied by a service

531
00:16:48,399 --> 00:16:51,600
classification factor. So it in the

532
00:16:51,600 --> 00:16:54,240
employees best interest to have that

533
00:16:54,240 --> 00:16:56,720
high five as high as possible. the

534
00:16:56,720 --> 00:16:58,639
difficulty comes in and we all recognize

535
00:16:58,639 --> 00:17:01,680
this. When you reach the maximum cap,

536
00:17:01,680 --> 00:17:04,319
you get that pay in a lump sum, but it

537
00:17:04,319 --> 00:17:06,640
doesn't go toward increasing your high

538
00:17:06,640 --> 00:17:08,959
five for retirement purposes. So over

539
00:17:08,959 --> 00:17:10,240
the course of your career, you're

540
00:17:10,240 --> 00:17:13,280
actually suffering a harm that will be

541
00:17:13,280 --> 00:17:16,880
in perpetuity for the rest of your life

542
00:17:16,880 --> 00:17:18,799
as you retire and receive those

543
00:17:18,799 --> 00:17:20,559
retirement benefits through the state

544
00:17:20,559 --> 00:17:22,640
system. And I would point out that that

545
00:17:22,640 --> 00:17:25,039
is the state retirement system that you

546
00:17:25,039 --> 00:17:28,000
are obligated to participate in and

547
00:17:28,000 --> 00:17:32,799
statutoily cannot opt out of.

548
00:17:32,799 --> 00:17:34,230
>> On from that, I'd like to say that I

549
00:17:34,230 --> 00:17:34,240
» On from that, I'd like to say that I

550
00:17:34,240 --> 00:17:36,400
think I think that our purpose here, our

551
00:17:36,400 --> 00:17:37,679
goal at the time though doing this

552
00:17:37,679 --> 00:17:40,240
negotiation was trying to uh adjust the

553
00:17:40,240 --> 00:17:42,000
pay based upon the market. That's why we

554
00:17:42,000 --> 00:17:43,679
asked the staff to do a market analysis.

555
00:17:43,679 --> 00:17:45,280
I would suggest in the future we do this

556
00:17:45,280 --> 00:17:46,720
three years from now is maybe do a

557
00:17:46,720 --> 00:17:48,799
market analysis of international airport

558
00:17:48,799 --> 00:17:50,320
staff not just [snorts] local fire

559
00:17:50,320 --> 00:17:52,720
departments because we use LII acres you

560
00:17:52,720 --> 00:17:55,120
know San Carlos Bonita to look at pay

561
00:17:55,120 --> 00:17:57,200
adjustments for for example like this

562
00:17:57,200 --> 00:18:00,000
pay right here we're the 109 this four

563
00:18:00,000 --> 00:18:02,160
employees there four employees that live

564
00:18:02,160 --> 00:18:03,679
in our community they're taxpayers their

565
00:18:03,679 --> 00:18:04,720
kids go to school there they're

566
00:18:04,720 --> 00:18:07,120
consumers that are being funded not by

567
00:18:07,120 --> 00:18:08,960
taxpayers by everybody that flies this

568
00:18:08,960 --> 00:18:11,280
airport from the UK Australia and

569
00:18:11,280 --> 00:18:12,400
everywhere else in the country in the

570
00:18:12,400 --> 00:18:13,919
world that comes here those four

571
00:18:13,919 --> 00:18:15,760
employees are getting funded for that. I

572
00:18:15,760 --> 00:18:17,360
think we have to make sure we're not

573
00:18:17,360 --> 00:18:19,039
trying to obviously uh it was mentioned

574
00:18:19,039 --> 00:18:20,640
about FRS. I don't think FRS is the

575
00:18:20,640 --> 00:18:22,080
issue. I think that the employees are

576
00:18:22,080 --> 00:18:24,160
making sure they're being paid that's

577
00:18:24,160 --> 00:18:26,880
fair and adjusted based upon the market.

578
00:18:26,880 --> 00:18:28,000
There's no reason they should have to go

579
00:18:28,000 --> 00:18:29,200
across the street, work somewhere else

580
00:18:29,200 --> 00:18:30,720
and make more money and be here at the

581
00:18:30,720 --> 00:18:32,240
airport. We are the best airport in the

582
00:18:32,240 --> 00:18:33,919
country. We want to, you know, provide

583
00:18:33,919 --> 00:18:35,600
that. We also want to make sure you

584
00:18:35,600 --> 00:18:37,200
coming in at 150 m per hour with no

585
00:18:37,200 --> 00:18:39,039
landing gear just to make qualified

586
00:18:39,039 --> 00:18:40,559
waiting for you in the runway with some

587
00:18:40,559 --> 00:18:43,840
foam. Okay. So then my or my goal was to

588
00:18:43,840 --> 00:18:46,240
make sure we provided a good environment

589
00:18:46,240 --> 00:18:48,320
for these four employees and make sure

590
00:18:48,320 --> 00:18:50,000
their pay is based upon what's in the

591
00:18:50,000 --> 00:18:51,280
market. If you see they can go somewhere

592
00:18:51,280 --> 00:18:57,830
else and stay benefic

593
00:18:57,840 --> 00:18:59,520
contributions based upon making sure we

594
00:18:59,520 --> 00:19:01,280
have a fair market here for the

595
00:19:01,280 --> 00:19:02,640
employees we have working your service

596
00:19:02,640 --> 00:19:04,880
in the airport. And I can echo the

597
00:19:04,880 --> 00:19:06,559
fairness. You know, we all want to be

598
00:19:06,559 --> 00:19:08,559
fair, right? And we we spent a lot of

599
00:19:08,559 --> 00:19:10,240
time in our conversations just for the

600
00:19:10,240 --> 00:19:11,919
public's knowledge to make sure we

601
00:19:11,919 --> 00:19:13,840
raised the floor and everybody everybody

602
00:19:13,840 --> 00:19:17,679
else but the max on the sixth tier was

603
00:19:17,679 --> 00:19:19,760
shrewed up to be close to 100% which

604
00:19:19,760 --> 00:19:22,000
they were shy of that before. We were

605
00:19:22,000 --> 00:19:24,000
trying to be very competitive to make

606
00:19:24,000 --> 00:19:26,160
sure that we got everybody around 100%.

607
00:19:26,160 --> 00:19:28,400
But when the 116% group wanted to be

608
00:19:28,400 --> 00:19:31,200
119% it just sort of caught me a little

609
00:19:31,200 --> 00:19:33,360
bit flatfooted on that.

610
00:19:33,360 --> 00:19:34,880
I thought they already had a scale on

611
00:19:34,880 --> 00:19:36,880
the on had a pace on that and the fact

612
00:19:36,880 --> 00:19:38,480
that we have so many people in that pay

613
00:19:38,480 --> 00:19:40,080
grade. I thought I I I thought I read on

614
00:19:40,080 --> 00:19:41,919
your report yesterday that there were 10

615
00:19:41,919 --> 00:19:44,000
people at the $ 109,000

616
00:19:44,000 --> 00:19:45,679
pay range currently. I don't know where

617
00:19:45,679 --> 00:19:46,640
the four

618
00:19:46,640 --> 00:19:47,830
>> I I don't have that. I'm sorry. I don't

619
00:19:47,830 --> 00:19:47,840
» I I don't have that. I'm sorry. I don't

620
00:19:47,840 --> 00:19:49,440
have that. I can get that.

621
00:19:49,440 --> 00:19:51,270
>> Anyway, irregardless. Thank you for

622
00:19:51,270 --> 00:19:51,280
» Anyway, irregardless. Thank you for

623
00:19:51,280 --> 00:19:53,280
showing me the the staggered approach

624
00:19:53,280 --> 00:19:54,720
for the three years. Basically

625
00:19:54,720 --> 00:19:56,480
pre-approving the incremental so it's

626
00:19:56,480 --> 00:19:58,799
not like we're not agreeing to this and

627
00:19:58,799 --> 00:20:00,400
then having to agree to agree two more

628
00:20:00,400 --> 00:20:02,559
times. That's helping clarify that. I do

629
00:20:02,559 --> 00:20:04,640
I do appreciate that. Just these shade

630
00:20:04,640 --> 00:20:06,240
sessions. We have those and we don't

631
00:20:06,240 --> 00:20:07,760
talk again until we get on camera again.

632
00:20:07,760 --> 00:20:09,360
So, thank you for indulging me with

633
00:20:09,360 --> 00:20:11,760
those explanations. So,

634
00:20:11,760 --> 00:20:12,549
>> I'll make a motion.

635
00:20:12,549 --> 00:20:12,559
» I'll make a motion.

636
00:20:12,559 --> 00:20:13,909
>> Sure. Go ahead.

637
00:20:13,909 --> 00:20:13,919
» Sure. Go ahead.

638
00:20:13,919 --> 00:20:15,350
>> I'll make a motion to approve. Still

639
00:20:15,350 --> 00:20:15,360
» I'll make a motion to approve. Still

640
00:20:15,360 --> 00:20:16,160
have discussion.

641
00:20:16,160 --> 00:20:17,990
>> Okay. I motion second.

642
00:20:17,990 --> 00:20:18,000
» Okay. I motion second.

643
00:20:18,000 --> 00:20:19,990
>> Mr. Chairman, if I may. Yeah. No, I I

644
00:20:19,990 --> 00:20:20,000
» Mr. Chairman, if I may. Yeah. No, I I

645
00:20:20,000 --> 00:20:21,440
was glad to hear you make a motion. I

646
00:20:21,440 --> 00:20:23,520
was I was uh about to do that as well,

647
00:20:23,520 --> 00:20:25,039
but uh I just wanted to share some

648
00:20:25,039 --> 00:20:26,559
thoughts, too. This was a long process

649
00:20:26,559 --> 00:20:28,480
to get here to this point to get this

650
00:20:28,480 --> 00:20:30,400
contract negotiated. And I I did want to

651
00:20:30,400 --> 00:20:32,480
share my thanks with the folks from the

652
00:20:32,480 --> 00:20:34,799
union. Uh and I do want to thank all of

653
00:20:34,799 --> 00:20:36,240
our firefighters who are out there every

654
00:20:36,240 --> 00:20:38,000
day doing their job regardless of what

655
00:20:38,000 --> 00:20:39,600
the negotiations are doing behind the

656
00:20:39,600 --> 00:20:41,440
scenes. So, thank you very much to the

657
00:20:41,440 --> 00:20:42,640
folks who are out there on the front

658
00:20:42,640 --> 00:20:44,480
lines, too. But I also wanted to thank

659
00:20:44,480 --> 00:20:46,240
our our team here. Thank you guys for

660
00:20:46,240 --> 00:20:48,159
working through this and uh and the hard

661
00:20:48,159 --> 00:20:49,520
work that you did to get it to this

662
00:20:49,520 --> 00:20:51,039
point. There was many, many, many

663
00:20:51,039 --> 00:20:53,440
meetings to get here. Um, the one thing

664
00:20:53,440 --> 00:20:55,360
that I I do appreciate that we've kind

665
00:20:55,360 --> 00:20:56,880
of talked about already though that's in

666
00:20:56,880 --> 00:20:59,200
this contract is the ability that for

667
00:20:59,200 --> 00:21:01,679
the next few years uh this bargaining

668
00:21:01,679 --> 00:21:03,200
group will get the same as what the

669
00:21:03,200 --> 00:21:04,799
airport employees get. It'll we're

670
00:21:04,799 --> 00:21:06,480
calling it kind of like a meto clause.

671
00:21:06,480 --> 00:21:08,320
So if we give a raise to the airport

672
00:21:08,320 --> 00:21:09,760
employees, they're going to get a very

673
00:21:09,760 --> 00:21:12,400
similar increase. Then um I like that

674
00:21:12,400 --> 00:21:14,080
because personally I really feel very

675
00:21:14,080 --> 00:21:15,919
strongly about treating each group the

676
00:21:15,919 --> 00:21:17,760
same. Uh I don't like it when we treat

677
00:21:17,760 --> 00:21:19,120
one group differently than another

678
00:21:19,120 --> 00:21:21,039
group. And so to me, this contract

679
00:21:21,039 --> 00:21:24,320
really does get um to that point. It

680
00:21:24,320 --> 00:21:26,640
satisfies my desire to get everybody

681
00:21:26,640 --> 00:21:28,480
kind of on an equal level of increases

682
00:21:28,480 --> 00:21:29,679
where nobody feels like they're being

683
00:21:29,679 --> 00:21:31,679
treated differently. So, thank you, Mr.

684
00:21:31,679 --> 00:21:33,200
Chairman. Happy to support the motion.

685
00:21:33,200 --> 00:21:34,789
>> Thank you, Commissioner W.

686
00:21:34,789 --> 00:21:34,799
» Thank you, Commissioner W.

687
00:21:34,799 --> 00:21:37,590
>> Sure. Appreciate it. Um certainly I echo

688
00:21:37,590 --> 00:21:37,600
» Sure. Appreciate it. Um certainly I echo

689
00:21:37,600 --> 00:21:39,520
many of the comments that here. I just

690
00:21:39,520 --> 00:21:40,880
think that, you know, for the record,

691
00:21:40,880 --> 00:21:42,880
for clarity, you know, this was a

692
00:21:42,880 --> 00:21:45,120
paycale adjustment. Um we pride

693
00:21:45,120 --> 00:21:46,720
ourselves to have consistency throughout

694
00:21:46,720 --> 00:21:49,120
the organization. We pride ourselves for

695
00:21:49,120 --> 00:21:51,919
first uh right of refusal and certainly

696
00:21:51,919 --> 00:21:53,760
uh acknowledging the employees that we

697
00:21:53,760 --> 00:21:55,280
have and that's really important. You

698
00:21:55,280 --> 00:21:57,520
know, someone that has certainly a lot

699
00:21:57,520 --> 00:21:59,520
of people on a payroll in a given period

700
00:21:59,520 --> 00:22:01,360
of time, I understand how important it

701
00:22:01,360 --> 00:22:04,320
is to keep continuity. Many people don't

702
00:22:04,320 --> 00:22:07,120
realize just how difficult it is to

703
00:22:07,120 --> 00:22:09,039
replace people, the learning curve you

704
00:22:09,039 --> 00:22:10,559
have to go through, the institutional

705
00:22:10,559 --> 00:22:12,799
knowledge you lose. It's so important to

706
00:22:12,799 --> 00:22:14,400
make sure we do this and honestly being

707
00:22:14,400 --> 00:22:16,480
fair to the whole process. And this

708
00:22:16,480 --> 00:22:18,400
collective bargaining is always an

709
00:22:18,400 --> 00:22:21,120
interesting process. I certainly

710
00:22:21,120 --> 00:22:22,480
experienced that in Sandville. There's

711
00:22:22,480 --> 00:22:24,640
two unions there. So when I got in

712
00:22:24,640 --> 00:22:26,400
office in '07, it was the recessionary

713
00:22:26,400 --> 00:22:28,480
times and went through this every year.

714
00:22:28,480 --> 00:22:29,840
But I think, you know, it also gives

715
00:22:29,840 --> 00:22:32,960
kudos to not only staff and to our our

716
00:22:32,960 --> 00:22:35,280
employees recognizing that we did an

717
00:22:35,280 --> 00:22:37,760
adjustment to salary and there go there

718
00:22:37,760 --> 00:22:39,520
wasn't a necessary adjustment to do

719
00:22:39,520 --> 00:22:41,280
something in the future for a couple

720
00:22:41,280 --> 00:22:42,640
years. So obviously it's just

721
00:22:42,640 --> 00:22:44,640
recognition what we did. Can't thank

722
00:22:44,640 --> 00:22:46,640
staff enough. Can't thank your team,

723
00:22:46,640 --> 00:22:48,960
Henry, and everybody that they did. It

724
00:22:48,960 --> 00:22:50,400
comes out with a nice outcome and

725
00:22:50,400 --> 00:22:51,919
certainly appreciate the fact that we've

726
00:22:51,919 --> 00:22:53,919
approved this and it's a second. I think

727
00:22:53,919 --> 00:22:55,760
it's a good thing for everyone. And I

728
00:22:55,760 --> 00:22:58,240
think Commissioner Pentag is this isn't

729
00:22:58,240 --> 00:22:59,840
a taxpayer dollars and I think that

730
00:22:59,840 --> 00:23:01,280
sometimes gets lost in this whole

731
00:23:01,280 --> 00:23:03,360
process.

732
00:23:03,360 --> 00:23:04,950
>> We have one public comment card if

733
00:23:04,950 --> 00:23:04,960
» We have one public comment card if

734
00:23:04,960 --> 00:23:07,679
there's no comments from the commission.

735
00:23:07,679 --> 00:23:11,881
Um Henry Garcia

736
00:23:11,891 --> 00:23:16,549
» [snorts]

737
00:23:16,559 --> 00:23:18,640
» Morning everyone. H Garcia, president of

738
00:23:18,640 --> 00:23:21,039
local 1826. I am firefighter here. I

739
00:23:21,039 --> 00:23:22,320
just want to take an opportunity to

740
00:23:22,320 --> 00:23:23,760
thank everyone at the board for their

741
00:23:23,760 --> 00:23:25,919
foresight to approve this contract. Uh

742
00:23:25,919 --> 00:23:27,760
you guys took a huge step forward in the

743
00:23:27,760 --> 00:23:28,720
recruitment and retention of

744
00:23:28,720 --> 00:23:30,799
firefighters, paying them a good wage,

745
00:23:30,799 --> 00:23:32,080
and they're very happy with their

746
00:23:32,080 --> 00:23:34,000
contract. We had a unanimous vote of the

747
00:23:34,000 --> 00:23:35,919
collective bargaining agreement. So they

748
00:23:35,919 --> 00:23:37,760
are very thankful for the foresight that

749
00:23:37,760 --> 00:23:39,200
you guys showed in giving them those

750
00:23:39,200 --> 00:23:41,360
wage increases. Also like to thank the

751
00:23:41,360 --> 00:23:43,919
county attorney's office

752
00:23:43,919 --> 00:23:45,440
for all their hard work. We really

753
00:23:45,440 --> 00:23:46,880
appreciate the partnership.

754
00:23:46,880 --> 00:23:47,430
>> Thank you.

755
00:23:47,430 --> 00:23:47,440
» Thank you.

756
00:23:47,440 --> 00:23:48,710
>> Thank you.

757
00:23:48,710 --> 00:23:48,720
» Thank you.

758
00:23:48,720 --> 00:23:50,310
>> Any other public comments?

759
00:23:50,310 --> 00:23:50,320
» Any other public comments?

760
00:23:50,320 --> 00:23:51,590
>> Thank you.

761
00:23:51,590 --> 00:23:51,600
» Thank you.

762
00:23:51,600 --> 00:23:52,789
>> Let's come back. We'll close public

763
00:23:52,789 --> 00:23:52,799
» Let's come back. We'll close public

764
00:23:52,799 --> 00:23:53,840
comment. Come back to board. We have a

765
00:23:53,840 --> 00:23:54,880
motion with a second. Any other

766
00:23:54,880 --> 00:23:57,520
discussion? Any objection? No objection.

767
00:23:57,520 --> 00:23:58,880
Motion carries. Thank you.

768
00:23:58,880 --> 00:24:01,430
>> Thank you. [clears throat]

769
00:24:01,430 --> 00:24:01,440
» Thank you. [clears throat]

770
00:24:01,440 --> 00:24:07,909
>> Number 12,

771
00:24:07,919 --> 00:24:09,440
Richard. Is this one to rec?

772
00:24:09,440 --> 00:24:11,269
>> Sir, Mr. Chairman, if you would please

773
00:24:11,269 --> 00:24:11,279
» Sir, Mr. Chairman, if you would please

774
00:24:11,279 --> 00:24:14,799
convene as the board of

775
00:24:14,799 --> 00:24:16,240
the board of county commissioners.

776
00:24:16,240 --> 00:24:18,950
>> We are now board of county commissioners

777
00:24:18,950 --> 00:24:18,960
» We are now board of county commissioners

778
00:24:18,960 --> 00:24:19,760
number 12.

779
00:24:19,760 --> 00:24:21,350
>> Thank you, Mr. Chairman. Sitting as the

780
00:24:21,350 --> 00:24:21,360
» Thank you, Mr. Chairman. Sitting as the

781
00:24:21,360 --> 00:24:23,120
board of county commissioners, the

782
00:24:23,120 --> 00:24:25,679
purpose of agenda item 12 is to conduct

783
00:24:25,679 --> 00:24:27,919
a keer hearing with regard to the

784
00:24:27,919 --> 00:24:31,039
potential issuance of uh revenue series

785
00:24:31,039 --> 00:24:33,840
bonds. Mr. Andor is here for the staff

786
00:24:33,840 --> 00:24:36,480
presentation following the closure of

787
00:24:36,480 --> 00:24:39,279
the public hearing. Uh item 13 would be

788
00:24:39,279 --> 00:24:41,120
to approve the resolution approving the

789
00:24:41,120 --> 00:24:43,440
issuance. That can only take place after

790
00:24:43,440 --> 00:24:44,880
the public hearing.

791
00:24:44,880 --> 00:24:45,909
>> Okay.

792
00:24:45,909 --> 00:24:45,919
» Okay.

793
00:24:45,919 --> 00:24:46,630
>> Thank you.

794
00:24:46,630 --> 00:24:46,640
» Thank you.

795
00:24:46,640 --> 00:24:48,470
>> Thank you.

796
00:24:48,470 --> 00:24:48,480
» Thank you.

797
00:24:48,480 --> 00:24:50,870
>> Hi. Good morning. Dave Anderson record.

798
00:24:50,870 --> 00:24:50,880
» Hi. Good morning. Dave Anderson record.

799
00:24:50,880 --> 00:24:54,159
Uh stated items 123 14 all relate to the

800
00:24:54,159 --> 00:24:56,240
bond issuance. Uh we'll have that

801
00:24:56,240 --> 00:24:58,400
separate hearing. Item 13 as you said

802
00:24:58,400 --> 00:24:59,919
will be approval of the Lee County

803
00:24:59,919 --> 00:25:02,240
Airport Revenue Bond Series 2026 in the

804
00:25:02,240 --> 00:25:05,200
amount not to exceed $375 million. And

805
00:25:05,200 --> 00:25:07,360
then the same item will be introduced by

806
00:25:07,360 --> 00:25:14,470
the board of appealers.

807
00:25:14,480 --> 00:25:16,080
» So we were last in the bond market in

808
00:25:16,080 --> 00:25:18,400
October 2024 to do the first borrowing

809
00:25:18,400 --> 00:25:20,240
to fund terminal expansion phase 2

810
00:25:20,240 --> 00:25:22,720
concourse E. Now we're coming back to

811
00:25:22,720 --> 00:25:24,159
the board for approval to raise the

812
00:25:24,159 --> 00:25:25,520
additional funds needed to finish that

813
00:25:25,520 --> 00:25:27,679
project off as well as raise additional

814
00:25:27,679 --> 00:25:30,159
funds for terminal expansion phase one

815
00:25:30,159 --> 00:25:31,840
and to build the new public safety

816
00:25:31,840 --> 00:25:34,080
building. As part of this bond deal, we

817
00:25:34,080 --> 00:25:36,000
also have the opportunity to refund one

818
00:25:36,000 --> 00:25:38,159
of our existing series 2015 bonds that

819
00:25:38,159 --> 00:25:40,799
are now callable and can be refinanced

820
00:25:40,799 --> 00:25:42,320
in order to reduce our overall debt

821
00:25:42,320 --> 00:25:43,852
service costs. So, as the slide

822
00:25:43,852 --> 00:25:44,640
[clears throat] states, the bond

823
00:25:44,640 --> 00:25:46,320
issuance achieves two strategic

824
00:25:46,320 --> 00:25:48,559
objectives. It funds three major capital

825
00:25:48,559 --> 00:25:50,320
improvement projects and it refunds an

826
00:25:50,320 --> 00:25:52,480
existing bond series to capitalize on

827
00:25:52,480 --> 00:25:57,269
nature savings opportunity.

828
00:25:57,279 --> 00:25:59,120
This this slide provides an overview of

829
00:25:59,120 --> 00:26:00,720
the series [clears throat] 2026 bonds,

830
00:26:00,720 --> 00:26:03,039
their uses, amount, tax structure, and

831
00:26:03,039 --> 00:26:04,640
other features. I'll quickly touch on

832
00:26:04,640 --> 00:26:06,480
the bond issuance, our plans, and then

833
00:26:06,480 --> 00:26:07,919
I'll hand it over to our m municipal

834
00:26:07,919 --> 00:26:10,159
adviser, Bill Case from PFN. They'll go

835
00:26:10,159 --> 00:26:11,679
over some of the specifics, talk about

836
00:26:11,679 --> 00:26:13,760
market conditions, affordability, and

837
00:26:13,760 --> 00:26:15,520
impact of the bond issuance to our debt

838
00:26:15,520 --> 00:26:17,520
profile. So, it's important to note that

839
00:26:17,520 --> 00:26:19,440
our that the not to exceed amount of

840
00:26:19,440 --> 00:26:21,600
$875 million that was shown on the last

841
00:26:21,600 --> 00:26:24,240
slide. It factors in all the uses of the

842
00:26:24,240 --> 00:26:26,400
funds associated with the issuance. So,

843
00:26:26,400 --> 00:26:28,000
that's the deposit to the project fund

844
00:26:28,000 --> 00:26:30,159
for construction. It's the deposit to

845
00:26:30,159 --> 00:26:32,480
fund our required reserve account, cost

846
00:26:32,480 --> 00:26:34,159
to issue the bonds, capitalized

847
00:26:34,159 --> 00:26:36,960
interest, and any other ancillary costs.

848
00:26:36,960 --> 00:26:38,320
Those estimated amounts are broken out

849
00:26:38,320 --> 00:26:40,159
on a later slide that uh Bill Case will

850
00:26:40,159 --> 00:26:42,799
walk you through. So before I move off

851
00:26:42,799 --> 00:26:43,919
this slide, I just like to make the

852
00:26:43,919 --> 00:26:45,039
statement of these bonds. Like

853
00:26:45,039 --> 00:26:46,720
everything else at our airports, funded

854
00:26:46,720 --> 00:26:48,799
by user fees, no local taxes going

855
00:26:48,799 --> 00:26:52,400
towards funding these bonds.

856
00:26:52,400 --> 00:26:53,760
So on slide four, we show the funding

857
00:26:53,760 --> 00:26:56,480
plan for terminal expansion phase one.

858
00:26:56,480 --> 00:26:58,640
In March 2025, the board voted to

859
00:26:58,640 --> 00:27:00,320
proceed with the project redesign and to

860
00:27:00,320 --> 00:27:02,720
increase the project budget to $678

861
00:27:02,720 --> 00:27:04,799
million. We always plan to be in the

862
00:27:04,799 --> 00:27:06,320
bond market for terminal expansion phase

863
00:27:06,320 --> 00:27:08,720
2 concourse E around this time. the

864
00:27:08,720 --> 00:27:10,240
timing worked out nicely to raise the

865
00:27:10,240 --> 00:27:11,600
additional funds needed to complete

866
00:27:11,600 --> 00:27:14,640
phase one as well. Uh we're planning on

867
00:27:14,640 --> 00:27:16,320
construction proceeds of about 250

868
00:27:16,320 --> 00:27:17,840
million out of this bond series to go

869
00:27:17,840 --> 00:27:23,350
towards the completion of phase one.

870
00:27:23,360 --> 00:27:24,720
On slide five, we show the funding plan

871
00:27:24,720 --> 00:27:27,760
for terminal expansion phase 2.

872
00:27:27,760 --> 00:27:29,600
As mentioned, the second bond is always

873
00:27:29,600 --> 00:27:30,880
planned for this project in order to

874
00:27:30,880 --> 00:27:32,320
arrange the funding in line with the

875
00:27:32,320 --> 00:27:35,440
overall spending of the project.

876
00:27:35,440 --> 00:27:37,200
We were in the bond market last October

877
00:27:37,200 --> 00:27:41,360
to raise approximately 500 October 2024

878
00:27:41,360 --> 00:27:43,919
to raise approximately $525 million to

879
00:27:43,919 --> 00:27:46,159
get the project kicked off. Uh now we

880
00:27:46,159 --> 00:27:47,440
plan to be back in the market in

881
00:27:47,440 --> 00:27:50,240
February to raise an additional $327

882
00:27:50,240 --> 00:27:53,600
million, excuse me, $332 million to

883
00:27:53,600 --> 00:27:55,440
finish the project. Uh this will

884
00:27:55,440 --> 00:27:56,559
complete the funding needed for the

885
00:27:56,559 --> 00:27:58,080
total project budget of just over $1

886
00:27:58,080 --> 00:28:02,310
billion.

887
00:28:02,320 --> 00:28:03,840
On slide six, we show the funding plan

888
00:28:03,840 --> 00:28:05,039
for the new public safety building,

889
00:28:05,039 --> 00:28:06,559
which will be the new home for the

890
00:28:06,559 --> 00:28:08,640
airport police department. This is a

891
00:28:08,640 --> 00:28:09,840
singlestory building that is

892
00:28:09,840 --> 00:28:11,840
approximately 21,000 square ft and is

893
00:28:11,840 --> 00:28:13,279
located southwest of the terminal

894
00:28:13,279 --> 00:28:15,760
building along cargo lane. Construction

895
00:28:15,760 --> 00:28:17,039
on the project began earlier this year

896
00:28:17,039 --> 00:28:18,240
and is scheduled to finish in the fall

897
00:28:18,240 --> 00:28:21,039
of 2026. The project has a total project

898
00:28:21,039 --> 00:28:22,960
budget of a little over $18 million with

899
00:28:22,960 --> 00:28:24,080
the majority of the funding coming from

900
00:28:24,080 --> 00:28:27,990
this bond issuance.

901
00:28:28,000 --> 00:28:29,120
As mentioned earlier, we had the

902
00:28:29,120 --> 00:28:30,880
opportunity to refund our series 2015

903
00:28:30,880 --> 00:28:32,480
bonds, which have now seen principal

904
00:28:32,480 --> 00:28:35,360
balance of roughly $33 million. Uh we

905
00:28:35,360 --> 00:28:37,600
typically target a minimum of 3% net

906
00:28:37,600 --> 00:28:39,520
present value savings and uh based on

907
00:28:39,520 --> 00:28:41,200
current market conditions, uh this

908
00:28:41,200 --> 00:28:42,480
refunding is estimated to have net

909
00:28:42,480 --> 00:28:43,919
present value savings of approximately

910
00:28:43,919 --> 00:28:46,399
15%. So it's a great opportunity for us

911
00:28:46,399 --> 00:28:47,360
to take advantage of some interest

912
00:28:47,360 --> 00:28:48,559
savings while we're already going to be

913
00:28:48,559 --> 00:28:52,950
in the market.

914
00:28:52,960 --> 00:28:54,320
On my last slide here, I want to take a

915
00:28:54,320 --> 00:28:55,760
moment to point out the excellent team

916
00:28:55,760 --> 00:28:57,440
of industryleading adviserss and legal

917
00:28:57,440 --> 00:28:58,720
counsel that we had working on this bond

918
00:28:58,720 --> 00:29:00,720
issuance. Uh the same team has been in

919
00:29:00,720 --> 00:29:02,000
place the last few times we've gone out

920
00:29:02,000 --> 00:29:03,440
to markets and we've been very

921
00:29:03,440 --> 00:29:04,880
successful at developing affordable

922
00:29:04,880 --> 00:29:06,960
long-term financing plans for our

923
00:29:06,960 --> 00:29:08,640
airports while structuring our debt to

924
00:29:08,640 --> 00:29:10,000
maximize the marketability of our debt

925
00:29:10,000 --> 00:29:11,919
to investors. So, hats off to our

926
00:29:11,919 --> 00:29:13,760
excellent business partners. And uh with

927
00:29:13,760 --> 00:29:15,039
us today, we have Bill Case, our

928
00:29:15,039 --> 00:29:17,360
municipal adviser from PFM Financial

929
00:29:17,360 --> 00:29:19,440
Policies LLC.

930
00:29:19,440 --> 00:29:20,799
uh Bill is located out of the Tampa

931
00:29:20,799 --> 00:29:22,240
office and has been working on our

932
00:29:22,240 --> 00:29:24,320
account for a number of years and he's

933
00:29:24,320 --> 00:29:25,760
going to walk you through our debt

934
00:29:25,760 --> 00:29:27,200
portfolio to talk a little bit about the

935
00:29:27,200 --> 00:29:29,279
specifics of the bond issuance and also

936
00:29:29,279 --> 00:29:31,600
touch on affordability. So also I want

937
00:29:31,600 --> 00:29:33,360
to point the audience with us today. We

938
00:29:33,360 --> 00:29:37,120
have Doug Draper from BFA securities

939
00:29:37,120 --> 00:29:38,640
serving as our lead underwriter on this

940
00:29:38,640 --> 00:29:40,720
issuance and we also have Tom Giblin and

941
00:29:40,720 --> 00:29:43,039
Bratesh Patel from Neighbors Vickerson

942
00:29:43,039 --> 00:29:52,389
who serves as our bond counter.

943
00:29:52,399 --> 00:29:54,720
Good morning, commissioners. Bill Casem

944
00:29:54,720 --> 00:29:57,840
financial advisors. Uh I'll walk you

945
00:29:57,840 --> 00:29:59,919
through a overview of the authority set

946
00:29:59,919 --> 00:30:01,520
portfolio as well as the background in

947
00:30:01,520 --> 00:30:05,120
the series 2026 bonds.

948
00:30:05,120 --> 00:30:06,880
There's currently four series of bonds

949
00:30:06,880 --> 00:30:10,880
outstanding approximately 862 million

950
00:30:10,880 --> 00:30:17,909
years service is 62 million.

951
00:30:17,919 --> 00:30:20,080
This is the estimated sources and uses

952
00:30:20,080 --> 00:30:23,360
for the bond issue. Approximately $725

953
00:30:23,360 --> 00:30:26,159
million of proceeds that are required to

954
00:30:26,159 --> 00:30:30,320
fund $600 million of project fund. The

955
00:30:30,320 --> 00:30:32,240
$34 million of the refunding Astro

956
00:30:32,240 --> 00:30:34,320
deposit. That's the refunding the series

957
00:30:34,320 --> 00:30:37,120
2015 bonds. There will be capitalized

958
00:30:37,120 --> 00:30:40,000
interest of approximately 37 million. a

959
00:30:40,000 --> 00:30:42,080
deposit to the debt service reserve fund

960
00:30:42,080 --> 00:30:44,720
of 51 million and then various cost of

961
00:30:44,720 --> 00:30:46,240
issuance including the underwriting fees

962
00:30:46,240 --> 00:30:49,039
of 3.3 million.

963
00:30:49,039 --> 00:30:51,200
To the right uh the average life on

964
00:30:51,200 --> 00:30:53,120
these this bond issue be approximately

965
00:30:53,120 --> 00:30:56,480
21 years. We are showing an all-in cost

966
00:30:56,480 --> 00:30:58,880
of 4.72%.

967
00:30:58,880 --> 00:31:00,960
This is approximately 50 basis points

968
00:31:00,960 --> 00:31:03,360
above market rates. We use that for

969
00:31:03,360 --> 00:31:05,360
conserv level of conservative

970
00:31:05,360 --> 00:31:06,880
conservatism

971
00:31:06,880 --> 00:31:09,120
uh for the financial projections to make

972
00:31:09,120 --> 00:31:11,760
sure that uh the the finance programs

973
00:31:11,760 --> 00:31:15,276
affordable.

974
00:31:15,286 --> 00:31:16,240
[snorts]

975
00:31:16,240 --> 00:31:19,360
After the bonds are issued, there will

976
00:31:19,360 --> 00:31:22,320
be approximately $1.5 billion of uh

977
00:31:22,320 --> 00:31:25,279
bonds outstanding. Uh next year's or

978
00:31:25,279 --> 00:31:27,520
fiscal year 2026 debt service would be

979
00:31:27,520 --> 00:31:30,351
$80.6 million.

980
00:31:30,351 --> 00:31:32,880
[clears throat] Here

981
00:31:32,880 --> 00:31:34,960
are some uh two very key financial

982
00:31:34,960 --> 00:31:38,399
metrics uh that we monitor to ensure

983
00:31:38,399 --> 00:31:39,760
that there's affordability of the

984
00:31:39,760 --> 00:31:42,240
program. First is the airline cost per

985
00:31:42,240 --> 00:31:44,799
employment over the projection period

986
00:31:44,799 --> 00:31:48,559
looking to get to uh $20.34.

987
00:31:48,559 --> 00:31:52,399
Uh that is uh in line with other

988
00:31:52,399 --> 00:31:54,480
airports with similar passenger levels

989
00:31:54,480 --> 00:31:56,559
are undertaking uh large capital

990
00:31:56,559 --> 00:31:59,120
programs. So it is uh well within the

991
00:31:59,120 --> 00:32:01,760
range of what the radium season and the

992
00:32:01,760 --> 00:32:06,240
market would be uh looking at. Um

993
00:32:06,240 --> 00:32:08,880
down below is a very key metric for the

994
00:32:08,880 --> 00:32:10,080
uh you [snorts] know for the

995
00:32:10,080 --> 00:32:12,159
affordability of the project. This is

996
00:32:12,159 --> 00:32:14,000
that service coverage the ability for

997
00:32:14,000 --> 00:32:16,880
the authority to pay uh their debt. Bond

998
00:32:16,880 --> 00:32:19,440
documents have a requirement of 1.25

999
00:32:19,440 --> 00:32:21,440
times coverage. Over the projection

1000
00:32:21,440 --> 00:32:23,440
period we're looking at uh coverage

1001
00:32:23,440 --> 00:32:27,120
levels uh between 1.45 and 1.47. 47. So

1002
00:32:27,120 --> 00:32:29,840
there's a healthy uh cushion there to

1003
00:32:29,840 --> 00:32:32,080
really ensure the affordability.

1004
00:32:32,080 --> 00:32:34,320
Also the airline agreement does have

1005
00:32:34,320 --> 00:32:36,640
provisions that ensures that that uh

1006
00:32:36,640 --> 00:32:38,399
that they will ensure that the coverage

1007
00:32:38,399 --> 00:32:40,480
maintains above 1.4. So there's always

1008
00:32:40,480 --> 00:32:42,640
going to be adequate coverage above the

1009
00:32:42,640 --> 00:32:47,029
legal requirements.

1010
00:32:47,039 --> 00:32:49,279
This is the financing schedule. We're

1011
00:32:49,279 --> 00:32:50,240
scheduled to meet with the rating

1012
00:32:50,240 --> 00:32:52,640
agencies January 28th and 29th that will

1013
00:32:52,640 --> 00:32:54,960
be coming in for a site site visit and

1014
00:32:54,960 --> 00:32:58,240
tour expected to get uh ratings the week

1015
00:32:58,240 --> 00:33:01,519
of February 9th. We will then post POS

1016
00:33:01,519 --> 00:33:04,320
uh in the same week and then schedule

1017
00:33:04,320 --> 00:33:06,559
for a bond pricing the week of February

1018
00:33:06,559 --> 00:33:09,840
23rd followed by a closing the week of

1019
00:33:09,840 --> 00:33:14,070
March 9th.

1020
00:33:14,080 --> 00:33:16,399
So I'll be happy to answer any

1021
00:33:16,399 --> 00:33:18,080
questions. Any questions this time for

1022
00:33:18,080 --> 00:33:19,760
staff?

1023
00:33:19,760 --> 00:33:21,190
>> I have a question. Uh, just to kind of

1024
00:33:21,190 --> 00:33:21,200
» I have a question. Uh, just to kind of

1025
00:33:21,200 --> 00:33:22,960
put it in very simple terms, and I I

1026
00:33:22,960 --> 00:33:24,320
understood it by looking at the debt

1027
00:33:24,320 --> 00:33:26,320
coverage ratio or number that you put

1028
00:33:26,320 --> 00:33:28,080
out there, but um, you know, in simple

1029
00:33:28,080 --> 00:33:29,519
terms, so we're we're we're borrowing

1030
00:33:29,519 --> 00:33:31,039
money here. You want to know when you go

1031
00:33:31,039 --> 00:33:32,399
and take out any kind of loan, can you

1032
00:33:32,399 --> 00:33:34,399
make the payments on that loan? So maybe

1033
00:33:34,399 --> 00:33:36,000
Dave might be the best person to answer

1034
00:33:36,000 --> 00:33:37,919
this, but I'm not sure. Can we make the

1035
00:33:37,919 --> 00:33:39,200
payments on our loan based on our

1036
00:33:39,200 --> 00:33:40,399
current budgeting and our current

1037
00:33:40,399 --> 00:33:44,630
financial situation?

1038
00:33:44,640 --> 00:33:46,480
» Uh, yes. It's important to note that the

1039
00:33:46,480 --> 00:33:49,200
airline agreement that we have we

1040
00:33:49,200 --> 00:33:50,880
negotiate over a two-year time period

1041
00:33:50,880 --> 00:33:52,880
and we are now in the first year of that

1042
00:33:52,880 --> 00:33:54,559
agreement. It's written in there that

1043
00:33:54,559 --> 00:33:56,080
they provide a safety net. So when the

1044
00:33:56,080 --> 00:33:57,919
debt goes up, the rates and charges go

1045
00:33:57,919 --> 00:33:59,840
up. So we collect that in revenues from

1046
00:33:59,840 --> 00:34:01,760
the airlines uh so that we will make

1047
00:34:01,760 --> 00:34:04,480
those coverage budget. So the [snorts]

1048
00:34:04,480 --> 00:34:05,279
short answer is yes.

1049
00:34:05,279 --> 00:34:05,590
>> Yes.

1050
00:34:05,590 --> 00:34:05,600
» Yes.

1051
00:34:05,600 --> 00:34:07,029
>> Okay. And then I looked at the cost per

1052
00:34:07,029 --> 00:34:07,039
» Okay. And then I looked at the cost per

1053
00:34:07,039 --> 00:34:10,560
employment number uh going up to $20.34

1054
00:34:10,560 --> 00:34:13,760
by the year 2030 it looked like. Um, has

1055
00:34:13,760 --> 00:34:15,440
that been run by the airlines as well?

1056
00:34:15,440 --> 00:34:18,000
And they they're on board with it. I'm

1057
00:34:18,000 --> 00:34:20,320
sure they don't like it, but [laughter]

1058
00:34:20,320 --> 00:34:22,230
>> short answer is yes. And we meet with

1059
00:34:22,230 --> 00:34:22,240
» short answer is yes. And we meet with

1060
00:34:22,240 --> 00:34:25,760
them at least once a year. And when we

1061
00:34:25,760 --> 00:34:28,720
before we even began these projects, we

1062
00:34:28,720 --> 00:34:31,599
discuss these projects with them. They

1063
00:34:31,599 --> 00:34:34,240
want these projects completed. They're

1064
00:34:34,240 --> 00:34:36,560
really excited to to move in here and we

1065
00:34:36,560 --> 00:34:38,720
update them on the cost of the project.

1066
00:34:38,720 --> 00:34:40,960
And so far, these projections are below

1067
00:34:40,960 --> 00:34:44,000
what we've shown them. Okay. Excellent.

1068
00:34:44,000 --> 00:34:46,149
>> Thanks, Mr. Wayne.

1069
00:34:46,149 --> 00:34:46,159
» Thanks, Mr. Wayne.

1070
00:34:46,159 --> 00:34:47,589
>> Sure. Um, thank you for the

1071
00:34:47,589 --> 00:34:47,599
» Sure. Um, thank you for the

1072
00:34:47,599 --> 00:34:49,520
presentation. Appreciate the briefing.

1073
00:34:49,520 --> 00:34:50,720
You know, a couple things to highlight

1074
00:34:50,720 --> 00:34:51,760
and I appreciate what Commissioner

1075
00:34:51,760 --> 00:34:53,839
Hammond just said. You know, this bond

1076
00:34:53,839 --> 00:34:55,599
accomplishes an awful lot of things. So,

1077
00:34:55,599 --> 00:34:58,480
it not only um has to save an awful lot

1078
00:34:58,480 --> 00:35:00,960
of money as a result of paying bonds off

1079
00:35:00,960 --> 00:35:02,240
that obviously at a higher interest

1080
00:35:02,240 --> 00:35:05,119
rate. uh we probably time the market as

1081
00:35:05,119 --> 00:35:06,960
best as we possibly could given the

1082
00:35:06,960 --> 00:35:08,880
environment the Federal [snorts] Reserve

1083
00:35:08,880 --> 00:35:10,800
has certainly dropped interest rates and

1084
00:35:10,800 --> 00:35:13,359
continue to do so. Um your approach is

1085
00:35:13,359 --> 00:35:16,240
conservative in nature. Um someone has

1086
00:35:16,240 --> 00:35:18,079
purchased municipal bonds most of his

1087
00:35:18,079 --> 00:35:19,680
life. Um I appreciate your

1088
00:35:19,680 --> 00:35:22,320
conservativism but there is heightened

1089
00:35:22,320 --> 00:35:24,800
demand um as you start to have Dow Jones

1090
00:35:24,800 --> 00:35:27,200
at historical highs to go to the bond

1091
00:35:27,200 --> 00:35:28,800
market look for the bond market for

1092
00:35:28,800 --> 00:35:31,040
securities. So that is accomplished. The

1093
00:35:31,040 --> 00:35:32,800
other thing that's really noteworthy,

1094
00:35:32,800 --> 00:35:35,839
um, two things. One, uh, most bonds when

1095
00:35:35,839 --> 00:35:38,079
they're issued might have 110, maybe

1096
00:35:38,079 --> 00:35:39,680
115%

1097
00:35:39,680 --> 00:35:42,000
coverage. Covenants are very common,

1098
00:35:42,000 --> 00:35:43,680
certainly in the banking world. I've

1099
00:35:43,680 --> 00:35:45,440
been dealing with them my entire life.

1100
00:35:45,440 --> 00:35:47,760
So, I understand that is. So, 125 is is

1101
00:35:47,760 --> 00:35:49,359
certainly on the higher side. So, that

1102
00:35:49,359 --> 00:35:51,280
gives everybody a cushion. But on top of

1103
00:35:51,280 --> 00:35:54,160
that, we're at 146, 147. So, there's

1104
00:35:54,160 --> 00:35:55,359
ample things. The other thing of

1105
00:35:55,359 --> 00:35:57,040
noteworthy as we go through this

1106
00:35:57,040 --> 00:35:59,440
process, the airline has a true up

1107
00:35:59,440 --> 00:36:01,200
process every year as we go through our

1108
00:36:01,200 --> 00:36:03,920
budget. So again, we're exceeding our

1109
00:36:03,920 --> 00:36:06,079
expectations. You coming conservative

1110
00:36:06,079 --> 00:36:08,320
with interest rate, you see the money

1111
00:36:08,320 --> 00:36:09,839
coming in the door. There's an

1112
00:36:09,839 --> 00:36:11,599
opportunity for the airlines not only to

1113
00:36:11,599 --> 00:36:13,200
appreciate that we're building this,

1114
00:36:13,200 --> 00:36:15,119
we're allowing them to expand, make more

1115
00:36:15,119 --> 00:36:17,839
revenues, but if we believe in our plan

1116
00:36:17,839 --> 00:36:19,599
and the conservative things you have,

1117
00:36:19,599 --> 00:36:21,359
there's opportunities from the UNCC

1118
00:36:21,359 --> 00:36:23,440
adjustments to their favor because

1119
00:36:23,440 --> 00:36:24,800
that's what this has done. So, I think

1120
00:36:24,800 --> 00:36:26,560
it's accomplished so many things. I just

1121
00:36:26,560 --> 00:36:29,040
want everyone to understand just the

1122
00:36:29,040 --> 00:36:30,880
challenges you have in municipal

1123
00:36:30,880 --> 00:36:33,119
financing, doing what you need to do,

1124
00:36:33,119 --> 00:36:35,680
the creativity of paying bonds off, the

1125
00:36:35,680 --> 00:36:37,920
ability to adhere to very very

1126
00:36:37,920 --> 00:36:40,000
conservative covenants, which is

1127
00:36:40,000 --> 00:36:43,119
unprecedented in the bond market at 125

1128
00:36:43,119 --> 00:36:44,800
and still being able to come out at at

1129
00:36:44,800 --> 00:36:46,800
an interest rate that's going to be very

1130
00:36:46,800 --> 00:36:48,800
very. So the savings not only in paying

1131
00:36:48,800 --> 00:36:50,480
the bonds off but the savings in a lower

1132
00:36:50,480 --> 00:36:52,720
interest rate given a couple years ago

1133
00:36:52,720 --> 00:36:54,800
are a significant nature and we continue

1134
00:36:54,800 --> 00:36:56,560
to have the opportunity to even reduce

1135
00:36:56,560 --> 00:36:59,599
our cost as we continue to meet and or

1136
00:36:59,599 --> 00:37:02,160
exceed expectations and projections. So

1137
00:37:02,160 --> 00:37:03,920
thank you so much.

1138
00:37:03,920 --> 00:37:05,589
>> Any other questions or comments?

1139
00:37:05,589 --> 00:37:05,599
» Any other questions or comments?

1140
00:37:05,599 --> 00:37:07,829
>> I just had a question. Um so basically

1141
00:37:07,829 --> 00:37:07,839
» I just had a question. Um so basically

1142
00:37:07,839 --> 00:37:09,440
the way you describe this the airline is

1143
00:37:09,440 --> 00:37:11,680
almost like a guarantor of our success

1144
00:37:11,680 --> 00:37:13,520
in this bonds because they're covering

1145
00:37:13,520 --> 00:37:16,079
us if we if something falls short. were

1146
00:37:16,079 --> 00:37:19,119
there to help support this financially.

1147
00:37:19,119 --> 00:37:21,750
>> They're a key business partner. Yes. And

1148
00:37:21,750 --> 00:37:21,760
» They're a key business partner. Yes. And

1149
00:37:21,760 --> 00:37:23,280
communication with them and trust is

1150
00:37:23,280 --> 00:37:24,320
very important.

1151
00:37:24,320 --> 00:37:25,829
>> So they're willing to participate in

1152
00:37:25,829 --> 00:37:25,839
» So they're willing to participate in

1153
00:37:25,839 --> 00:37:27,440
backs stop some of these [snorts] things

1154
00:37:27,440 --> 00:37:29,040
because they get to participate in the

1155
00:37:29,040 --> 00:37:31,520
new facilities and that enhances their

1156
00:37:31,520 --> 00:37:32,960
business opportunity. So they're willing

1157
00:37:32,960 --> 00:37:36,240
to basically support us in that if if

1158
00:37:36,240 --> 00:37:38,560
something happens. So what what I wasn't

1159
00:37:38,560 --> 00:37:40,640
here during COVID when there was nobody

1160
00:37:40,640 --> 00:37:43,040
flying in. How did what happens to an

1161
00:37:43,040 --> 00:37:45,920
airlines guarantee or participation when

1162
00:37:45,920 --> 00:37:48,480
if the market or something

1163
00:37:48,480 --> 00:37:50,800
goes ter goes down? How does how does

1164
00:37:50,800 --> 00:37:53,280
that work?

1165
00:37:53,280 --> 00:37:58,069
>> So as part of that guarantee they

1166
00:37:58,079 --> 00:38:01,680
guarantee us to make sure maintain 1.4

1167
00:38:01,680 --> 00:38:04,800
for coverage ratio and then terms of

1168
00:38:04,800 --> 00:38:07,920
that the other impact is if things

1169
00:38:07,920 --> 00:38:10,079
didn't go well the amount of planes

1170
00:38:10,079 --> 00:38:12,160
coming to the airport uh that would

1171
00:38:12,160 --> 00:38:14,079
affect their revenue sharing as well

1172
00:38:14,079 --> 00:38:15,280
ours would go down theirs would go down

1173
00:38:15,280 --> 00:38:15,680
as well

1174
00:38:15,680 --> 00:38:19,349
>> so same tide floats all votes basically

1175
00:38:19,349 --> 00:38:19,359
» so same tide floats all votes basically

1176
00:38:19,359 --> 00:38:20,870
>> okay I just wanted to make sure it's

1177
00:38:20,870 --> 00:38:20,880
» okay I just wanted to make sure it's

1178
00:38:20,880 --> 00:38:23,119
easy to times they're good to spend

1179
00:38:23,119 --> 00:38:24,400
money but I just wanted to I didn't know

1180
00:38:24,400 --> 00:38:26,000
what the other side felt like during

1181
00:38:26,000 --> 00:38:28,079
those times so I love the whole program

1182
00:38:28,079 --> 00:38:29,680
but I just wanted to make sure I clarify

1183
00:38:29,680 --> 00:38:31,040
that thank you

1184
00:38:31,040 --> 00:38:32,550
>> luckily during co a lot of people came

1185
00:38:32,550 --> 00:38:32,560
» luckily during co a lot of people came

1186
00:38:32,560 --> 00:38:34,480
here [laughter]

1187
00:38:34,480 --> 00:38:35,910
>> and they kept coming and they're still

1188
00:38:35,910 --> 00:38:35,920
» and they kept coming and they're still

1189
00:38:35,920 --> 00:38:38,320
coming. So yeah, any other questions or

1190
00:38:38,320 --> 00:38:39,200
anything for a motion?

1191
00:38:39,200 --> 00:38:40,230
>> Just one last question and then yeah,

1192
00:38:40,230 --> 00:38:40,240
» Just one last question and then yeah,

1193
00:38:40,240 --> 00:38:41,520
I'd love to make a motion real quick if

1194
00:38:41,520 --> 00:38:43,040
you could go back a couple slides. I saw

1195
00:38:43,040 --> 00:38:44,720
something about a reserve that's also

1196
00:38:44,720 --> 00:38:48,160
being funded out of the closing there.

1197
00:38:48,160 --> 00:38:51,200
There you go. Uh

1198
00:38:51,200 --> 00:38:53,440
debt service reserve fund is that

1199
00:38:53,440 --> 00:38:57,040
basically uh 50.9 Yeah, debt service

1200
00:38:57,040 --> 00:38:59,440
reserve fund 50. Is that basically 50.9

1201
00:38:59,440 --> 00:39:02,079
million bucks to also act as a reserve

1202
00:39:02,079 --> 00:39:03,760
to help us make those payments if there

1203
00:39:03,760 --> 00:39:05,599
was a shortfall one year?

1204
00:39:05,599 --> 00:39:07,750
>> Uh yes. And that that will be a deposit

1205
00:39:07,750 --> 00:39:07,760
» Uh yes. And that that will be a deposit

1206
00:39:07,760 --> 00:39:11,040
into u the existing reserve fund which

1207
00:39:11,040 --> 00:39:13,599
will get it up to about $100 million and

1208
00:39:13,599 --> 00:39:15,760
it's roughly equal to 1 million or

1209
00:39:15,760 --> 00:39:17,280
excuse me one year's worth of debt

1210
00:39:17,280 --> 00:39:18,079
service.

1211
00:39:18,079 --> 00:39:20,390
>> Okay. So that that's another back stop

1212
00:39:20,390 --> 00:39:20,400
» Okay. So that that's another back stop

1213
00:39:20,400 --> 00:39:22,720
stop to mitigate risk in case we do have

1214
00:39:22,720 --> 00:39:25,280
uh something happening that. So I think

1215
00:39:25,280 --> 00:39:27,040
that's fantastic. M Mr. Mr. Chairman,

1216
00:39:27,040 --> 00:39:28,160
I'll go ahead and make a motion for

1217
00:39:28,160 --> 00:39:28,880
approval.

1218
00:39:28,880 --> 00:39:29,430
>> Second.

1219
00:39:29,430 --> 00:39:29,440
» Second.

1220
00:39:29,440 --> 00:39:30,950
>> Got a motion. Second. Any public comment

1221
00:39:30,950 --> 00:39:30,960
» Got a motion. Second. Any public comment

1222
00:39:30,960 --> 00:39:31,920
on number 12?

1223
00:39:31,920 --> 00:39:33,670
>> Mr. Chairman, actually, I need you to

1224
00:39:33,670 --> 00:39:33,680
» Mr. Chairman, actually, I need you to

1225
00:39:33,680 --> 00:39:36,160
open the terra hearing to solicit public

1226
00:39:36,160 --> 00:39:37,119
comment

1227
00:39:37,119 --> 00:39:38,310
>> for number 13.

1228
00:39:38,310 --> 00:39:38,320
» for number 13.

1229
00:39:38,320 --> 00:39:40,230
>> Uh, we're still on number 12, please.

1230
00:39:40,230 --> 00:39:40,240
» Uh, we're still on number 12, please.

1231
00:39:40,240 --> 00:39:44,550
>> So, you would open up the hearing for

1232
00:39:44,550 --> 00:39:44,560
» So, you would open up the hearing for

1233
00:39:44,560 --> 00:39:47,280
public comment to solicit input on the

1234
00:39:47,280 --> 00:39:49,200
adoption of the resolution and issuance

1235
00:39:49,200 --> 00:39:51,359
of Lee County Airport Revenue Bonds

1236
00:39:51,359 --> 00:39:56,800
series 2026 A1 and 20 26 A2. Okay. So,

1237
00:39:56,800 --> 00:39:58,800
we have public hearing now on that

1238
00:39:58,800 --> 00:39:59,280
hearing.

1239
00:39:59,280 --> 00:39:59,990
>> Perfect. Thank you.

1240
00:39:59,990 --> 00:40:00,000
» Perfect. Thank you.

1241
00:40:00,000 --> 00:40:04,710
>> Any public comment on this hearing?

1242
00:40:04,710 --> 00:40:04,720
» Any public comment on this hearing?

1243
00:40:04,720 --> 00:40:06,720
Come back to the board.

1244
00:40:06,720 --> 00:40:08,390
>> Now, if you would please entertain the

1245
00:40:08,390 --> 00:40:08,400
» Now, if you would please entertain the

1246
00:40:08,400 --> 00:40:10,800
motion to adopt the temper resolution

1247
00:40:10,800 --> 00:40:12,320
and the issuance of the Lee County

1248
00:40:12,320 --> 00:40:15,012
revenue bonds as indicated in item 12.

1249
00:40:15,012 --> 00:40:15,040
[snorts]

1250
00:40:15,040 --> 00:40:16,950
>> And just for clarity, so moved.

1251
00:40:16,950 --> 00:40:16,960
» And just for clarity, so moved.

1252
00:40:16,960 --> 00:40:18,870
>> I'll second that. We motion Commissioner

1253
00:40:18,870 --> 00:40:18,880
» I'll second that. We motion Commissioner

1254
00:40:18,880 --> 00:40:21,200
Hammond, second by Commissioner Wayne.

1255
00:40:21,200 --> 00:40:24,870
Any other discussion?

1256
00:40:24,880 --> 00:40:26,400
Any objection? No objection. Motion

1257
00:40:26,400 --> 00:40:29,990
carries. Thank you.

1258
00:40:30,000 --> 00:40:32,240
» State command of the board number 13.

1259
00:40:32,240 --> 00:40:34,550
>> Need one more, please. Item 13, sitting

1260
00:40:34,550 --> 00:40:34,560
» Need one more, please. Item 13, sitting

1261
00:40:34,560 --> 00:40:37,200
as the board of county commissioners, I

1262
00:40:37,200 --> 00:40:38,720
need you to approve a resolution

1263
00:40:38,720 --> 00:40:40,800
approving the issuance of county revenue

1264
00:40:40,800 --> 00:40:46,720
bonds series 2026A1 and 2026 A2.

1265
00:40:46,720 --> 00:40:49,359
uh authorize the payment of related

1266
00:40:49,359 --> 00:40:51,040
issuance costs and authorize the chair

1267
00:40:51,040 --> 00:40:52,800
or designate to execute sale documents

1268
00:40:52,800 --> 00:40:54,480
and all documents necessary to complete

1269
00:40:54,480 --> 00:40:56,880
the transaction. So move

1270
00:40:56,880 --> 00:40:58,710
>> second. We have a motion commissioner

1271
00:40:58,710 --> 00:40:58,720
» second. We have a motion commissioner

1272
00:40:58,720 --> 00:41:01,280
Hammond second. Commissioner Maluca

1273
00:41:01,280 --> 00:41:05,599
any public comment on that number 13.

1274
00:41:05,599 --> 00:41:07,520
Okay. Come backing objection objection.

1275
00:41:07,520 --> 00:41:09,680
Motion carries. Thank you. Now we will

1276
00:41:09,680 --> 00:41:11,280
reconvene at the port authority.

1277
00:41:11,280 --> 00:41:13,750
>> Yes sir. Thank you.

1278
00:41:13,750 --> 00:41:13,760
» Yes sir. Thank you.

1279
00:41:13,760 --> 00:41:17,920
And item 14 is identical to item 13. We

1280
00:41:17,920 --> 00:41:20,160
just need you to adopt the resolution

1281
00:41:20,160 --> 00:41:21,920
sitting as the board of court

1282
00:41:21,920 --> 00:41:22,880
commissioners.

1283
00:41:22,880 --> 00:41:24,150
>> I'll make that motion.

1284
00:41:24,150 --> 00:41:24,160
» I'll make that motion.

1285
00:41:24,160 --> 00:41:25,750
>> Commissioner Wayne makes a motion.

1286
00:41:25,750 --> 00:41:25,760
» Commissioner Wayne makes a motion.

1287
00:41:25,760 --> 00:41:28,950
>> I'll second.

1288
00:41:28,950 --> 00:41:28,960
» I'll second.

1289
00:41:28,960 --> 00:41:32,720
Any public comment on 14.

1290
00:41:32,720 --> 00:41:34,160
Any objection? No objection. Motion

1291
00:41:34,160 --> 00:41:37,599
carries. Thank you.

1292
00:41:37,599 --> 00:41:40,160
Administrative agenda number 15.

1293
00:41:40,160 --> 00:41:42,230
>> Thank you, Mr. Sher. Uh number 15 is the

1294
00:41:42,230 --> 00:41:42,240
» Thank you, Mr. Sher. Uh number 15 is the

1295
00:41:42,240 --> 00:41:44,079
rate and fee settlement. Dave, if you'd

1296
00:41:44,079 --> 00:41:50,309
like to introduce that

1297
00:41:50,319 --> 00:41:52,160
administrative item number 15 is the

1298
00:41:52,160 --> 00:41:54,240
annual recalculation of airline racing

1299
00:41:54,240 --> 00:41:55,760
fees that we do every year in accordance

1300
00:41:55,760 --> 00:41:57,440
with our long-term airline use and lease

1301
00:41:57,440 --> 00:42:00,160
agreement carriers. I'll just give a

1302
00:42:00,160 --> 00:42:01,440
quick recap of the year and how the

1303
00:42:01,440 --> 00:42:04,079
selling ended up. This is the first year

1304
00:42:04,079 --> 00:42:06,000
of this new 10-year agreement that had a

1305
00:42:06,000 --> 00:42:07,359
number of changes to how we build the

1306
00:42:07,359 --> 00:42:09,359
airlines. As a reminder, everything we

1307
00:42:09,359 --> 00:42:10,400
build the airlines throughout the year

1308
00:42:10,400 --> 00:42:13,040
is based on estimated budget figures. So

1309
00:42:13,040 --> 00:42:14,319
at the end of the year, we take all of

1310
00:42:14,319 --> 00:42:16,800
our actual revenues, expenses, and

1311
00:42:16,800 --> 00:42:18,079
airline activity and compare them to

1312
00:42:18,079 --> 00:42:20,319
what we had budgeted. But most years,

1313
00:42:20,319 --> 00:42:21,839
our expenses come in under budget and

1314
00:42:21,839 --> 00:42:23,200
airline activity is right at what we

1315
00:42:23,200 --> 00:42:25,200
project.

1316
00:42:25,200 --> 00:42:26,720
So we typically refund the signatory

1317
00:42:26,720 --> 00:42:29,680
carriers overpayment most years. So this

1318
00:42:29,680 --> 00:42:31,280
year was a little unique due to some of

1319
00:42:31,280 --> 00:42:32,319
the changes with the new airline

1320
00:42:32,319 --> 00:42:33,920
agreement. So when everything shook out,

1321
00:42:33,920 --> 00:42:36,000
sign carriers owe us a little over $1

1322
00:42:36,000 --> 00:42:38,400
million. And then the other piece of the

1323
00:42:38,400 --> 00:42:40,319
year end calculation that we do is the

1324
00:42:40,319 --> 00:42:42,319
revenue sharing of the area's net

1325
00:42:42,319 --> 00:42:44,079
revenues which we also think of as our

1326
00:42:44,079 --> 00:42:46,240
profits per year. So under the new

1327
00:42:46,240 --> 00:42:47,920
agreement the airport keeps 70% of those

1328
00:42:47,920 --> 00:42:49,599
net revenues and the airlines will

1329
00:42:49,599 --> 00:42:52,240
receive 30%. The total net revenues

1330
00:42:52,240 --> 00:42:56,390
worth $30.7 million

1331
00:42:56,400 --> 00:42:59,040
port retains $21.5 million and the

1332
00:42:59,040 --> 00:43:02,240
airlines will receive 9.2 million 3%

1333
00:43:02,240 --> 00:43:05,440
share. So just a reminder as to why we

1334
00:43:05,440 --> 00:43:07,200
revenue share. It's part of a negotiated

1335
00:43:07,200 --> 00:43:09,359
business deal. In return, we get a

1336
00:43:09,359 --> 00:43:10,480
safety net from the airlines

1337
00:43:10,480 --> 00:43:11,599
guaranteeing that we [snorts] need to

1338
00:43:11,599 --> 00:43:13,599
help get the coverage level that we need

1339
00:43:13,599 --> 00:43:15,599
with all the construction going on. And

1340
00:43:15,599 --> 00:43:16,880
uh so they pay a little more than they

1341
00:43:16,880 --> 00:43:19,200
normally would help maintain a higher

1342
00:43:19,200 --> 00:43:20,960
coverage discussed earlier in that

1343
00:43:20,960 --> 00:43:22,560
presentation.

1344
00:43:22,560 --> 00:43:24,400
So to wrap up the item, after board

1345
00:43:24,400 --> 00:43:25,920
approval, we would cut checks to the

1346
00:43:25,920 --> 00:43:28,400
airlines totaling $ 8.1 million. That

1347
00:43:28,400 --> 00:43:29,920
factors in the 1 million they owe us

1348
00:43:29,920 --> 00:43:32,079
from the settlement and the 9 million we

1349
00:43:32,079 --> 00:43:34,319
owe them from the revenue sharing. So

1350
00:43:34,319 --> 00:43:35,359
all in all the airlines should be

1351
00:43:35,359 --> 00:43:37,280
pleased with the year. Our overall cost

1352
00:43:37,280 --> 00:43:39,200
for employment was below budget and our

1353
00:43:39,200 --> 00:43:40,560
revenue sharing amount is more than what

1354
00:43:40,560 --> 00:43:42,400
we [snorts]

1355
00:43:42,400 --> 00:43:43,520
important to note that our airport

1356
00:43:43,520 --> 00:43:45,920
consultant recond associates reviewed

1357
00:43:45,920 --> 00:43:47,280
all of our data advised us on any

1358
00:43:47,280 --> 00:43:50,000
suggest suggest changes and uh signed

1359
00:43:50,000 --> 00:43:51,520
off on the final amount. So this whole

1360
00:43:51,520 --> 00:43:54,079
process goes through a detailed review.

1361
00:43:54,079 --> 00:43:55,599
Are there any questions I can answer on

1362
00:43:55,599 --> 00:43:58,720
this year's settlement process?

1363
00:43:58,720 --> 00:44:00,390
>> Any questions from the board?

1364
00:44:00,390 --> 00:44:00,400
» Any questions from the board?

1365
00:44:00,400 --> 00:44:02,230
>> I'll make a motion to approve. Mr. I

1366
00:44:02,230 --> 00:44:02,240
» I'll make a motion to approve. Mr. I

1367
00:44:02,240 --> 00:44:04,880
will gladly second it.

1368
00:44:04,880 --> 00:44:07,910
>> So any objection? No objection. Motion

1369
00:44:07,910 --> 00:44:07,920
» So any objection? No objection. Motion

1370
00:44:07,920 --> 00:44:08,720
carries.

1371
00:44:08,720 --> 00:44:11,109
>> Public I'm sorry. Public comment on this

1372
00:44:11,109 --> 00:44:11,119
» Public I'm sorry. Public comment on this

1373
00:44:11,119 --> 00:44:14,079
item, please. Rookie chair. It's been 10

1374
00:44:14,079 --> 00:44:17,589
minutes.

1375
00:44:17,599 --> 00:44:19,440
» Any public comment? Seeing none, bring

1376
00:44:19,440 --> 00:44:20,800
it back to the board [clears throat] for

1377
00:44:20,800 --> 00:44:23,760
final approval. So any objection? No

1378
00:44:23,760 --> 00:44:25,520
objection. Motion carries.

1379
00:44:25,520 --> 00:44:27,349
>> Great job.

1380
00:44:27,349 --> 00:44:27,359
» Great job.

1381
00:44:27,359 --> 00:44:29,910
>> That's one.

1382
00:44:29,910 --> 00:44:29,920
» That's one.

1383
00:44:29,920 --> 00:44:31,760
All right. Commissioner items. Any

1384
00:44:31,760 --> 00:44:33,680
appointments?

1385
00:44:33,680 --> 00:44:35,040
Anyone?

1386
00:44:35,040 --> 00:44:36,390
>> Yeah. Now that the chair's gone, let's

1387
00:44:36,390 --> 00:44:36,400
» Yeah. Now that the chair's gone, let's

1388
00:44:36,400 --> 00:44:39,119
have some fun.

1389
00:44:39,119 --> 00:44:41,349
>> Joking. I have no items. Thanks.

1390
00:44:41,349 --> 00:44:41,359
» Joking. I have no items. Thanks.

1391
00:44:41,359 --> 00:44:42,870
>> I have no other chair.

1392
00:44:42,870 --> 00:44:42,880
» I have no other chair.

1393
00:44:42,880 --> 00:44:44,150
>> I have no items. Okay.

1394
00:44:44,150 --> 00:44:44,160
» I have no items. Okay.

1395
00:44:44,160 --> 00:44:46,390
>> All [laughter] right.

1396
00:44:46,390 --> 00:44:46,400
» All [laughter] right.

1397
00:44:46,400 --> 00:44:47,920
All right. Comments from the chair of

1398
00:44:47,920 --> 00:44:51,200
the ASMC. Well, I'd just like to welcome

1399
00:44:51,200 --> 00:44:53,920
Commissioner Petroski once again. say

1400
00:44:53,920 --> 00:44:56,480
that the management committee is here to

1401
00:44:56,480 --> 00:44:58,640
serve you and anything we can do to

1402
00:44:58,640 --> 00:45:01,359
assist you, uh, just give us a call. I'm

1403
00:45:01,359 --> 00:45:03,280
saying I'm glad that you're on board.

1404
00:45:03,280 --> 00:45:04,790
>> Thank you. I appreciate that.

1405
00:45:04,790 --> 00:45:04,800
» Thank you. I appreciate that.

1406
00:45:04,800 --> 00:45:06,150
>> Any other comments from the other

1407
00:45:06,150 --> 00:45:06,160
» Any other comments from the other

1408
00:45:06,160 --> 00:45:07,359
members?

1409
00:45:07,359 --> 00:45:08,950
>> I've got one. Okay. Go ahead.

1410
00:45:08,950 --> 00:45:08,960
» I've got one. Okay. Go ahead.

1411
00:45:08,960 --> 00:45:10,630
>> I just wanted to thank Commissioner

1412
00:45:10,630 --> 00:45:10,640
» I just wanted to thank Commissioner

1413
00:45:10,640 --> 00:45:12,640
Wayne for his service this year under

1414
00:45:12,640 --> 00:45:14,560
trying circumstances, all the extra

1415
00:45:14,560 --> 00:45:16,720
efforts he went to to attend our

1416
00:45:16,720 --> 00:45:20,480
meetings, and uh, we just hope uh, 2026

1417
00:45:20,480 --> 00:45:22,240
is a much better year for him.

1418
00:45:22,240 --> 00:45:23,349
>> Amen.

1419
00:45:23,349 --> 00:45:23,359
» Amen.

1420
00:45:23,359 --> 00:45:26,240
amendment. All right. [snorts] Anything

1421
00:45:26,240 --> 00:45:29,119
else? Executive Director Adams.

1422
00:45:29,119 --> 00:45:31,589
>> Thank you, Mr. Chair. Um, I'd also like

1423
00:45:31,589 --> 00:45:31,599
» Thank you, Mr. Chair. Um, I'd also like

1424
00:45:31,599 --> 00:45:33,839
to welcome new commissioner. Welcome to

1425
00:45:33,839 --> 00:45:36,720
the airport and the uh and we look

1426
00:45:36,720 --> 00:45:38,720
forward to working with you. Um, I also

1427
00:45:38,720 --> 00:45:41,359
again want to call out all the work for

1428
00:45:41,359 --> 00:45:43,839
this bond. It's been a tremendous, you

1429
00:45:43,839 --> 00:45:45,760
know, Dave and and team and Brian and

1430
00:45:45,760 --> 00:45:47,760
legal, they underscore the amount of of

1431
00:45:47,760 --> 00:45:50,880
time that this takes. It has been a

1432
00:45:50,880 --> 00:45:53,359
large undertaking. So, we appreciate all

1433
00:45:53,359 --> 00:45:55,200
the support and all the hard work that

1434
00:45:55,200 --> 00:45:57,440
everybody has put in. Um, and I also

1435
00:45:57,440 --> 00:45:59,040
want to just kind of note again the

1436
00:45:59,040 --> 00:46:02,000
budget. Being able to have a revenue

1437
00:46:02,000 --> 00:46:04,000
share at the end of the year year means

1438
00:46:04,000 --> 00:46:05,760
that the airport has been good stewards

1439
00:46:05,760 --> 00:46:08,400
of their funds that we're being fiscally

1440
00:46:08,400 --> 00:46:10,560
responsible and you know, I think we're

1441
00:46:10,560 --> 00:46:12,720
in great shape moving forward. Uh, with

1442
00:46:12,720 --> 00:46:14,560
that being said, we couldn't do all this

1443
00:46:14,560 --> 00:46:17,040
without our passengers. And the first

1444
00:46:17,040 --> 00:46:19,920
one to note is we have again during

1445
00:46:19,920 --> 00:46:23,440
December uh we had 1,12,000

1446
00:46:23,440 --> 00:46:26,720
passengers come through RSW. Um it is a

1447
00:46:26,720 --> 00:46:28,720
decrease from last December of about

1448
00:46:28,720 --> 00:46:30,560
1.7%

1449
00:46:30,560 --> 00:46:33,599
but for fiscal year 25 it's great news,

1450
00:46:33,599 --> 00:46:39,990
record-breaking news. We had 11,154,458

1451
00:46:40,000 --> 00:46:43,040
thou uh 458 passengers come through.

1452
00:46:43,040 --> 00:46:45,040
It's about a 1.1%.

1453
00:46:45,040 --> 00:46:48,000
So, it's pretty neat when 1.1% is about

1454
00:46:48,000 --> 00:46:50,319
120,000 passengers. So, we're we're

1455
00:46:50,319 --> 00:46:52,079
pumping through some people. So, while

1456
00:46:52,079 --> 00:46:56,160
1.1% is a small number in magnitude,

1457
00:46:56,160 --> 00:46:58,640
we're ready for all of this 14 gates in

1458
00:46:58,640 --> 00:47:00,880
our new uh expansion and the checkpoint

1459
00:47:00,880 --> 00:47:03,119
to come through. Uh traffic leader this

1460
00:47:03,119 --> 00:47:06,640
year was Delta, 217,000 passengers,

1461
00:47:06,640 --> 00:47:08,960
followed by Southwest United, American,

1462
00:47:08,960 --> 00:47:11,680
and JetBlue. Um and then across town at

1463
00:47:11,680 --> 00:47:13,839
Page Field, they've also been having

1464
00:47:13,839 --> 00:47:16,000
great numbers. their uh December was up

1465
00:47:16,000 --> 00:47:18,880
year-over-year 5%. So the airports are

1466
00:47:18,880 --> 00:47:20,720
are looking good moving into the new

1467
00:47:20,720 --> 00:47:22,400
year.

1468
00:47:22,400 --> 00:47:24,150
>> Terrific. Mr. Chair,

1469
00:47:24,150 --> 00:47:24,160
» Terrific. Mr. Chair,

1470
00:47:24,160 --> 00:47:25,349
>> I and uh

1471
00:47:25,349 --> 00:47:25,359
» I and uh

1472
00:47:25,359 --> 00:47:25,990
>> yes,

1473
00:47:25,990 --> 00:47:26,000
» yes,

1474
00:47:26,000 --> 00:47:28,710
>> just a couple of um echoes, Steve.

1475
00:47:28,710 --> 00:47:28,720
» just a couple of um echoes, Steve.

1476
00:47:28,720 --> 00:47:30,400
Listen, I appreciate the report and

1477
00:47:30,400 --> 00:47:31,760
everything you've done. Your staff has

1478
00:47:31,760 --> 00:47:34,160
done a tremendous jobs. I mean, it's

1479
00:47:34,160 --> 00:47:36,240
always hard if you've ever operated a

1480
00:47:36,240 --> 00:47:37,760
business to be under construction and

1481
00:47:37,760 --> 00:47:40,319
try to have um the experience. So, you

1482
00:47:40,319 --> 00:47:43,359
know, given just all the complications,

1483
00:47:43,359 --> 00:47:45,440
it seems like it's been going seamlessly

1484
00:47:45,440 --> 00:47:46,640
and appreciate all [clears throat] your

1485
00:47:46,640 --> 00:47:48,640
hard work in doing so. It was nice to be

1486
00:47:48,640 --> 00:47:51,520
out the airport when we did. Um, it's

1487
00:47:51,520 --> 00:47:53,760
amazing how quickly this is going and it

1488
00:47:53,760 --> 00:47:55,839
is by far the most talked about thing

1489
00:47:55,839 --> 00:47:58,000
and I'm out the road by so many people

1490
00:47:58,000 --> 00:48:00,000
within Southwest Florida. So, thank you

1491
00:48:00,000 --> 00:48:00,560
so much.

1492
00:48:00,560 --> 00:48:01,670
>> Thank you. [snorts]

1493
00:48:01,670 --> 00:48:01,680
» Thank you. [snorts]

1494
00:48:01,680 --> 00:48:03,589
>> I'd like to echo that. um you know,

1495
00:48:03,589 --> 00:48:03,599
» I'd like to echo that. um you know,

1496
00:48:03,599 --> 00:48:05,359
being new and just the time that I've

1497
00:48:05,359 --> 00:48:07,119
had with the briefings with you and your

1498
00:48:07,119 --> 00:48:09,040
staff, I'm thoroughly impressed with

1499
00:48:09,040 --> 00:48:11,200
what you're doing um in light of being

1500
00:48:11,200 --> 00:48:13,359
under construction and the way that the

1501
00:48:13,359 --> 00:48:15,359
management is being held and the fiscal

1502
00:48:15,359 --> 00:48:16,800
responsibility that you're taking with

1503
00:48:16,800 --> 00:48:19,520
the budget and the bonds. So kudos.

1504
00:48:19,520 --> 00:48:20,160
Thank you.

1505
00:48:20,160 --> 00:48:22,309
>> And ju just to make a clarification in

1506
00:48:22,309 --> 00:48:22,319
» And ju just to make a clarification in

1507
00:48:22,319 --> 00:48:24,400
case I misspoke, those 11 million

1508
00:48:24,400 --> 00:48:26,240
passengers are calendar year. It's not

1509
00:48:26,240 --> 00:48:28,559
our fiscal year. So ending up in

1510
00:48:28,559 --> 00:48:29,839
December.

1511
00:48:29,839 --> 00:48:32,549
>> Great. Great report. Great, great

1512
00:48:32,549 --> 00:48:32,559
» Great. Great report. Great, great

1513
00:48:32,559 --> 00:48:34,160
results. I want to know I flew back in

1514
00:48:34,160 --> 00:48:35,920
here last night from Tallahassee and I

1515
00:48:35,920 --> 00:48:38,160
got to see coming through Delta and u

1516
00:48:38,160 --> 00:48:40,400
all of the passenger experience areas,

1517
00:48:40,400 --> 00:48:41,520
everything's clean, every all the

1518
00:48:41,520 --> 00:48:43,599
whiteboard, all the facades are all up

1519
00:48:43,599 --> 00:48:45,520
there nice, neat and clean and so you

1520
00:48:45,520 --> 00:48:47,200
wouldn't even know somebody's hammering

1521
00:48:47,200 --> 00:48:49,280
nails behind the wall. So, you know, as

1522
00:48:49,280 --> 00:48:51,119
as it was a few months ago. So, the

1523
00:48:51,119 --> 00:48:52,559
experience is getting better and I'm

1524
00:48:52,559 --> 00:48:53,839
just I'm excited to see the pro

1525
00:48:53,839 --> 00:48:55,680
progress. So, kudos to that and thanks

1526
00:48:55,680 --> 00:48:58,079
for keeping us all safe with the uh FAA

1527
00:48:58,079 --> 00:49:00,160
approval again for the Sterling results

1528
00:49:00,160 --> 00:49:02,000
eight years in a So, I wanted to also

1529
00:49:02,000 --> 00:49:04,319
call you out for that. So, uh, anything

1530
00:49:04,319 --> 00:49:05,599
else?

1531
00:49:05,599 --> 00:49:06,549
>> No, sir. Thank you.

1532
00:49:06,549 --> 00:49:06,559
» No, sir. Thank you.

1533
00:49:06,559 --> 00:49:07,990
>> Port attorney items.

1534
00:49:07,990 --> 00:49:08,000
» Port attorney items.

1535
00:49:08,000 --> 00:49:09,430
>> Nothing further, Mr. Chairman. Thank

1536
00:49:09,430 --> 00:49:09,440
» Nothing further, Mr. Chairman. Thank

1537
00:49:09,440 --> 00:49:12,400
you. Do we have any public comment on

1538
00:49:12,400 --> 00:49:16,069
any other matters?

1539
00:49:16,079 --> 00:49:18,079
Easy crowd today.

1540
00:49:18,079 --> 00:49:19,440
Seeing none, I will call this meeting

1541
00:49:19,440 --> 00:49:21,760
ajourned.