1
00:00:00,950 --> 00:00:02,862
Apologies, guys. Won't happen again.

2
00:00:02,862 --> 00:00:03,592
No problem.

3
00:00:03,592 --> 00:00:05,051
Do we want to wait or start?

4
00:00:05,051 --> 00:00:05,862
I think we start.

5
00:00:05,862 --> 00:00:06,251
Okay.

6
00:00:06,251 --> 00:00:07,369
Yeah, I think we start.

7
00:00:07,369 --> 00:00:08,861
All right. It is 8:44.

8
00:00:08,861 --> 00:00:11,686
We're ready to go. Okay. We're ready to
go. Okay.

9
00:00:11,686 --> 00:00:12,977
8:44.

10
00:00:12,977 --> 00:00:14,654
Entirely my fault.

11
00:00:16,364 --> 00:00:17,364
No, no, no worries.

12
00:00:17,364 --> 00:00:21,433
Um, calling the meeting to order at 8:44.

13
00:00:21,433 --> 00:00:25,106
I think we'll start with the minutes.

14
00:00:25,106 --> 00:00:29,473
Oh no, first let's Um, Grace Bennett,
Chair.

15
00:00:29,473 --> 00:00:32,250
Erik Milam, not Chair.

16
00:00:32,250 --> 00:00:35,746
And Steve Collie, City Manager. Great.

17
00:00:35,811 --> 00:00:37,335
Um, all right, I've not reviewed the
minutes.

18
00:00:37,335 --> 00:00:39,028
We can do that now and see if we have any
changes.

19
00:00:39,028 --> 00:00:42,835
Uh, it was a pretty, uh, open discussion.

20
00:00:42,835 --> 00:00:46,085
Uh, we didn't really have much, uh,

21
00:00:46,085 --> 00:00:49,335
much going on at that last meeting.

22
00:00:51,208 --> 00:00:51,391
Okay.

23
00:00:53,340 --> 00:00:56,481
There are no changes. Do I have a motion?

24
00:00:56,481 --> 00:00:58,943
Motion.

25
00:00:58,943 --> 00:01:01,000
Second? Second?

26
00:01:01,064 --> 00:01:02,928
I can second it. You can second it.

27
00:01:02,976 --> 00:01:03,234
Yeah.

28
00:01:03,234 --> 00:01:04,856
All in favor? Aye.

29
00:01:04,856 --> 00:01:11,376
All right. Uh, 2 and, uh, 0. So passed.
Okay.

30
00:01:11,457 --> 00:01:15,033
We have signed copies for you later. Okay.

31
00:01:15,778 --> 00:01:17,076
Did you guys both sign it?

32
00:01:17,076 --> 00:01:17,986
Yes, we did.

33
00:01:17,986 --> 00:01:18,750
Okay, excellent.

34
00:01:19,326 --> 00:01:24,466
Okay. So we can move on then with our
agenda.

35
00:01:24,466 --> 00:01:27,207
I just am walking it on,

36
00:01:27,207 --> 00:01:33,946
but you'll see here the template review of
the investments.

37
00:01:33,946 --> 00:01:40,570
I mean, I think my big takeaway is the
yield has gone up a

38
00:01:40,570 --> 00:01:45,824
little bit, or stayed about the same
actually.

39
00:01:45,824 --> 00:01:45,954
Yeah.

40
00:01:46,352 --> 00:01:49,228
The duration has ticked up slightly.

41
00:01:49,228 --> 00:01:54,420
I think before we jump into numbers and
like where the budget is,

42
00:01:54,420 --> 00:01:57,296
I know there's a lot of storm stuff.

43
00:01:57,296 --> 00:02:00,331
The as far as like duration and yield,

44
00:02:00,331 --> 00:02:04,805
I know we've been trying to go out a
little bit further.

45
00:02:04,805 --> 00:02:10,396
I don't know if we would have that
recommendation for stone is just to

46
00:02:10,396 --> 00:02:11,275
recommendation for stone is just to
continue to

47
00:02:11,275 --> 00:02:15,589
try to take it out a bit. It's nice to be
able to see.

48
00:02:15,589 --> 00:02:22,299
You know, since March of '25, that average
duration was less than a year and a half.

49
00:02:22,299 --> 00:02:24,855
So we've certainly increased it.

50
00:02:24,855 --> 00:02:26,101
Yeah.

51
00:02:26,101 --> 00:02:31,793
I would be curious, like, what you all are
doing and if there's—

52
00:02:31,793 --> 00:02:38,989
Yeah, no, I mean, it's— well, I mean, I
would agree with you.

53
00:02:38,989 --> 00:02:46,421
I mean, I was expecting to agree with you.
I think we— Sort of.

54
00:02:46,421 --> 00:02:53,735
We're not in the business of forecasting
what the Fed is going

55
00:02:53,735 --> 00:02:57,038
to do, but I mean, all sign.

56
00:02:57,038 --> 00:03:00,223
I mean, on a lot of levels,

57
00:03:00,223 --> 00:03:04,942
extending duration makes a lot of sense,

58
00:03:04,942 --> 00:03:12,020
and it's it's likely the best decision to
increase the yield

59
00:03:12,020 --> 00:03:15,441
within the parameters of our.

60
00:03:15,441 --> 00:03:22,401
Increase duration some that we can and not
get outside the—

61
00:03:22,401 --> 00:03:25,114
our guidelines of what,

62
00:03:25,114 --> 00:03:30,069
what the city needs in terms of the money.

63
00:03:30,069 --> 00:03:30,214
Yeah.

64
00:03:30,214 --> 00:03:37,369
So just to recap, kind of, you said
there's a lot of storm stuff.

65
00:03:37,369 --> 00:03:44,193
So, I mean, are we Needing to beef up our
emergency fund above

66
00:03:44,193 --> 00:03:50,798
target, kind of, is the— to put a personal
spin on it, like,

67
00:03:50,798 --> 00:03:58,393
like LGIP, are our targets still adequate
given the current situation

68
00:03:58,393 --> 00:03:59,934
with the city?

69
00:03:59,934 --> 00:04:05,448
Yeah, what I guess it would be helpful
What are the expected—

70
00:04:05,448 --> 00:04:10,330
so the last time we had kind of expected
expenditures,

71
00:04:10,330 --> 00:04:11,324
$3 million.

72
00:04:11,324 --> 00:04:16,187
Uh, you know what, then we have the
additional liquidity.

73
00:04:16,364 --> 00:04:16,444
My—

74
00:04:16,685 --> 00:04:22,719
this air conditioner is right in my ear
and I cannot hear you because

75
00:04:22,719 --> 00:04:24,555
it's kind of muffled.

76
00:04:24,555 --> 00:04:29,540
So, um, so here's, uh, you're talking
about the duration.

77
00:04:29,540 --> 00:04:35,487
Um, what happened there was we had those
long, uh, low-interest, uh,

78
00:04:35,487 --> 00:04:41,608
Treasury notes and all that, that fine,
and CDs that finally came due.

79
00:04:41,608 --> 00:04:41,960
Yeah.

80
00:04:41,960 --> 00:04:48,060
So if you'll— if you can go back and
you'll notice that most everything we have

81
00:04:48,060 --> 00:04:48,214
you'll notice that most everything we have
in

82
00:04:48,214 --> 00:04:53,928
there, we've gotten rid of that
1-point-nothing percentages except for one

83
00:04:53,928 --> 00:04:54,546
1-point-nothing percentages except for one
Treasury

84
00:04:54,546 --> 00:04:58,329
note in there that's going to come Come
due soon.

85
00:04:58,329 --> 00:05:04,198
But, um, there's, um, um, that's, uh, how
that duration had gotten improved.

86
00:05:04,198 --> 00:05:07,595
And we'll be able to do that as we go
along.

87
00:05:07,595 --> 00:05:08,189
Sure.

88
00:05:08,189 --> 00:05:14,437
But, um, the, um, one thing that I don't
know if I had shared with you all,

89
00:05:14,437 --> 00:05:19,270
and I meant to do it at this meeting, but
I will send you—

90
00:05:19,270 --> 00:05:22,602
the board did a fund balance policy, uh,

91
00:05:22,602 --> 00:05:28,351
based on the request from the
comptroller's office. Because we didn't

92
00:05:28,351 --> 00:05:29,100
comptroller's office. Because we didn't
have one.

93
00:05:29,100 --> 00:05:30,933
And normally they ask—

94
00:05:30,933 --> 00:05:37,765
the comptroller has suggested somewhere
between 25% and 30% of your current budget

95
00:05:37,765 --> 00:05:43,930
in fund balance. And our board wanted 50%,
like we've always talked about.

96
00:05:43,930 --> 00:05:48,493
And is that what would be considered LGIP?
Is that fund balance?

97
00:05:48,493 --> 00:05:53,459
That would just be— all of it really is
fund balance.

98
00:05:53,459 --> 00:05:59,269
Everything that we have in reserve is
considered fund balance.

99
00:05:59,269 --> 00:06:05,547
So we have plenty of, we have plenty of
room there to be over that,

100
00:06:05,547 --> 00:06:07,796
meet that 50% of budget.

101
00:06:07,796 --> 00:06:13,137
So I will send you guys a copy of that
after the meeting.

102
00:06:13,137 --> 00:06:16,885
So you'll have that for your file. Okay.

103
00:06:17,749 --> 00:06:22,883
Okay. Well, and I guess looking at the
vehicles, like the holdings now,

104
00:06:22,883 --> 00:06:27,873
there isn't anything that's going to come
due until May of next year.

105
00:06:27,873 --> 00:06:28,617
Right.

106
00:06:28,617 --> 00:06:33,370
So we'll just see that duration tick down
slowly over time.

107
00:06:33,370 --> 00:06:37,720
I guess if, if slash when more money comes
into Stone,

108
00:06:37,720 --> 00:06:42,150
then the ask would be that it gets on the
furthest end.

109
00:06:43,262 --> 00:06:47,585
So, um, I don't want to digress on your
report,

110
00:06:47,585 --> 00:06:54,668
but just about pointing out this, um, this
report that I sent you all on the,

111
00:06:54,668 --> 00:06:58,624
um, on the winter storm, um,
reimbursement.

112
00:06:58,624 --> 00:07:03,591
Um, our total spend, as you can see, was
$3.5 million,

113
00:07:03,591 --> 00:07:10,306
and what we have requested for our
reimbursement portion that we think we

114
00:07:10,306 --> 00:07:13,802
should get back would be $2.6 million.

115
00:07:13,802 --> 00:07:18,217
So our estimated out-of-pocket after we
get our—

116
00:07:18,217 --> 00:07:21,989
we file at TEMA would be around $442,000.

117
00:07:21,989 --> 00:07:29,256
So that is really, if all this falls in
place and works like it should, I mean,

118
00:07:29,256 --> 00:07:32,843
that's really dodging a bullet for our—

119
00:07:32,843 --> 00:07:33,268
Yeah.

120
00:07:34,568 --> 00:07:39,968
Our $2.6 million that we actually spent
that we don't— that we'll get back.

121
00:07:39,968 --> 00:07:42,272
So, uh, when that comes back in,

122
00:07:42,272 --> 00:07:46,808
we'll just roll that back into Stone for a
treasury note or CD,

123
00:07:46,808 --> 00:07:49,112
whatever looks best at the time.

124
00:07:49,946 --> 00:07:52,801
And, uh, and then keep the LGIP at around
1.5.

125
00:07:52,801 --> 00:07:55,527
Yeah. Keep the LGIP right. Kind of where
it is.

126
00:07:55,639 --> 00:07:55,815
Okay.

127
00:07:56,184 --> 00:08:00,963
Um, I think that's, that was kind of our
goal to get the LGIP there.

128
00:08:01,412 --> 00:08:01,941
Mm-hmm.

129
00:08:01,941 --> 00:08:08,348
And how we spent money to pay for the
storm cleanup just kind of worked out that

130
00:08:08,348 --> 00:08:13,073
way. So I'm pretty encouraged by us
getting the money back.

131
00:08:13,073 --> 00:08:19,401
Just this morning, we got all of the last
part of the last million submitted to

132
00:08:19,401 --> 00:08:24,046
FEMA. So it's all submitted, and they're
reviewing it now,

133
00:08:24,046 --> 00:08:28,611
and we just have to sit back and see if
they cut a check.

134
00:08:28,611 --> 00:08:33,416
But I would I will say on the TDEC grant,
if you all recall,

135
00:08:33,416 --> 00:08:35,659
the TDEC grant was $738,000,

136
00:08:35,659 --> 00:08:40,384
and we've received all of our
reimbursement back from that.

137
00:08:40,384 --> 00:08:41,122
Oh, great.

138
00:08:41,122 --> 00:08:45,738
So it sort of went back into the checking
account because we were

139
00:08:45,738 --> 00:08:50,426
just paying out of checking like crazy
when we were doing cleanup.

140
00:08:50,426 --> 00:08:52,444
So is there anything outstanding?

141
00:08:52,444 --> 00:08:55,623
There's no outstanding bills at point to
cover Fern?

142
00:08:55,623 --> 00:09:02,148
No, everything that— everything that—
everything else from Fern has been paid

143
00:09:02,148 --> 00:09:02,487
everything else from Fern has been paid
off.

144
00:09:02,487 --> 00:09:04,443
So we don't need additional liquidity?

145
00:09:04,443 --> 00:09:06,518
No, no. So that's, that's done.

146
00:09:06,518 --> 00:09:11,674
So, you know, the thing is, I mean, we
always talk about this rainy day fund,

147
00:09:11,674 --> 00:09:15,757
and it's a good thing we had it, because
if we hadn't had it,

148
00:09:15,757 --> 00:09:18,971
we would have had to go borrow money to do
that.

149
00:09:18,971 --> 00:09:20,158
Right, half a million dollars.

150
00:09:20,270 --> 00:09:22,720
Yeah. Is that— is that—

151
00:09:22,720 --> 00:09:24,996
John, I think he's coming in.

152
00:09:24,996 --> 00:09:30,227
So, is there—

153
00:09:32,068 --> 00:09:39,032
so it seems like LGIP is where it needs to
be. So our direction to—

154
00:09:39,032 --> 00:09:42,446
Morning.

155
00:09:42,446 --> 00:09:43,627
Morning, John.

156
00:09:43,627 --> 00:09:44,802
I apologize.

157
00:09:47,802 --> 00:09:52,671
Looks like we've got— let's see, what's
coming due? I'm trying to find—

158
00:09:52,671 --> 00:09:56,281
Not until '27. So that's where once the—
basically,

159
00:09:56,281 --> 00:10:02,014
I think the short of it is I don't know
what the timing is on the $2.6 million to

160
00:10:02,014 --> 00:10:05,695
get reimbursed, but that would flow back
into Stone.

161
00:10:05,695 --> 00:10:11,357
And I think our ask is then that it's on
the higher end of the duration allowed.

162
00:10:11,357 --> 00:10:13,430
Yeah, right. Yeah.

163
00:10:16,281 --> 00:10:19,249
Do you have any idea when the funds might
come in?

164
00:10:19,249 --> 00:10:24,223
Well, we had submitted this in categories,

165
00:10:24,223 --> 00:10:30,972
so we had about $1 million in one category
that will come

166
00:10:30,972 --> 00:10:37,485
back, and then the rest of it will come
back in another

167
00:10:37,485 --> 00:10:41,275
category. I got a feeling it'll,

168
00:10:41,275 --> 00:10:46,130
it'll kind of slow back in and increment.

169
00:10:46,130 --> 00:10:48,021
You mean they're not in a rush to give you
all the money?

170
00:10:48,021 --> 00:10:48,911
No, they're not in a rush.

171
00:10:48,911 --> 00:10:50,446
Wow, that's so surprising.

172
00:10:50,446 --> 00:10:56,789
Um, but I will say this, you know, and
I've always had, you know, real, uh,

173
00:10:56,789 --> 00:11:00,765
I don't know, I don't want to say be too
harsh,

174
00:11:00,765 --> 00:11:07,869
but I've always worried with FEMA because
they work really hard to find ways to just

175
00:11:07,869 --> 00:11:13,705
credit your, your reports. But they, they
worked with us really well.

176
00:11:13,705 --> 00:11:18,273
They, they checked back with us, reviewed
the reports.

177
00:11:18,273 --> 00:11:21,148
I mean, it was a huge undertaking,

178
00:11:21,148 --> 00:11:26,223
and Desiree has done a terrific job in
keeping up with that.

179
00:11:26,223 --> 00:11:32,990
But, um, so we finally did get it all, uh,
dumped in, uh, last, last part today,

180
00:11:32,990 --> 00:11:39,164
this morning, just as you guys were coming
in. We were finishing that up.

181
00:11:39,164 --> 00:11:45,592
So that's great. So I'm guessing it's
going to be minimum 60 days, probably.

182
00:11:45,592 --> 00:11:51,851
I would say maybe by Christmas, maybe by
the first of the year, who knows.

183
00:11:51,851 --> 00:11:54,287
And who knows where rates are.

184
00:11:54,287 --> 00:11:59,972
I mean, today, you know, there's still a
premium to go out to 4 years.

185
00:11:59,972 --> 00:12:03,627
I think the 3 years, 4.5, 5 years, 4 So
yeah,

186
00:12:03,627 --> 00:12:07,444
I think that would be our direction to
Preston.

187
00:12:07,444 --> 00:12:13,258
Yeah, because I mean, 1.8 at Stone is not—

188
00:12:13,258 --> 00:12:16,581
I'd like to push it out.

189
00:12:16,581 --> 00:12:21,703
It seems like a good time to do that.

190
00:12:21,703 --> 00:12:28,209
And then you've got a lot of things coming
due,

191
00:12:28,209 --> 00:12:35,131
let's see, in 2027. We've got, um, the
only— well,

192
00:12:35,131 --> 00:12:41,499
we've got about, um, right at about a
million.

193
00:12:41,499 --> 00:12:43,306
Yeah, $1.075 million.

194
00:12:43,306 --> 00:12:49,878
So, you know, and then we can see if the
city needs it or

195
00:12:49,878 --> 00:12:52,415
extend it further. Um,

196
00:12:52,415 --> 00:12:59,333
do we need to pull the $66,000 in cash and
stone We just let

197
00:12:59,333 --> 00:13:04,060
that sit or we want to pull that in LGIP?

198
00:13:04,060 --> 00:13:06,534
I think we could do either or.

199
00:13:06,534 --> 00:13:12,141
If Stone has a good product right now, we
could just move that over.

200
00:13:12,141 --> 00:13:15,852
I don't really think— the thing is right
now,

201
00:13:15,852 --> 00:13:21,542
because our grants have been worked out,
we've paid all of our bills.

202
00:13:21,542 --> 00:13:27,809
They're complete. I'm not looking at
needing a big influx of cash right now.

203
00:13:27,809 --> 00:13:34,736
So I think, I think it's better to get it
into stone because I don't really need the

204
00:13:34,736 --> 00:13:40,673
liquidity. And we've got $1.4 million— was
it $1.4 million in there now?

205
00:13:40,673 --> 00:13:42,982
Yeah, I think that's plenty.

206
00:13:42,982 --> 00:13:45,079
And treasuries are liquid anyway.

207
00:13:45,079 --> 00:13:50,288
So worse come to worse, it'd be very easy
to liquidate that without much friction.

208
00:13:52,530 --> 00:13:55,735
Are we telling them to put that,

209
00:13:55,735 --> 00:13:58,941
put that $66,000 into something?

210
00:13:58,941 --> 00:14:01,445
It's such a small amount.

211
00:14:01,445 --> 00:14:03,761
Yeah, they have it.

212
00:14:03,761 --> 00:14:09,812
But I think, I think I would— I'd like to
make a suggestion to the,

213
00:14:09,812 --> 00:14:12,340
to the investment committee,

214
00:14:12,340 --> 00:14:18,843
is that sometime between maybe 4 Maybe
before or after our next meeting,

215
00:14:18,843 --> 00:14:21,642
though we're already September.

216
00:14:21,642 --> 00:14:26,519
Maybe January, because December is a no
meeting month.

217
00:14:26,519 --> 00:14:33,202
Maybe January or February we have a
meeting, and then you all come to the—

218
00:14:33,202 --> 00:14:36,453
come to either one of the workshops,

219
00:14:36,453 --> 00:14:42,233
and let's talk about the thing that John's
always talking about.

220
00:14:42,233 --> 00:14:49,548
Is let's, let's, let's push the board to
designate a fund for capital investment,

221
00:14:49,548 --> 00:14:54,424
capital projects, CIPs, because if, if
they don't get—

222
00:14:54,424 --> 00:15:00,836
if they don't get nudged to do it, I'm
having a hard time nudging them.

223
00:15:00,836 --> 00:15:07,158
And, and I'm saying this on tape because I
don't care if they hear it.

224
00:15:07,303 --> 00:15:09,096
Okay. I think that would be really
important.

225
00:15:09,096 --> 00:15:14,866
I think we I think we need to nudge them
to be able to take—

226
00:15:14,866 --> 00:15:19,001
because we've got crumbling
infrastructure.

227
00:15:19,001 --> 00:15:25,445
And that— when we started talking about
infrastructure 4 years ago,

228
00:15:25,445 --> 00:15:32,080
we did a study. And the study came back
and said— Was that Kim Owens?

229
00:15:32,080 --> 00:15:35,927
No, that was Barge Wagner did the study.

230
00:15:35,927 --> 00:15:43,332
And they said you've got $17 million of
infrastructure that needs to be taken

231
00:15:43,332 --> 00:15:50,064
care of. Well, we spent $2 million and
really just didn't make a dent.

232
00:15:50,064 --> 00:15:56,123
I mean, they were good projects and they
will last a long time,

233
00:15:56,123 --> 00:15:58,046
but it's not enough.

234
00:15:58,046 --> 00:16:05,547
And so we just need to get this capital We
need to be able to put some of this

235
00:16:05,547 --> 00:16:10,837
or designate it some way in a capital fund
that we say,

236
00:16:10,837 --> 00:16:15,549
instead of just saying all of this is in
reserve,

237
00:16:15,549 --> 00:16:23,242
we need to say capital project reserve and
let it build on its own and add to it

238
00:16:23,242 --> 00:16:24,108
as we go.

239
00:16:24,108 --> 00:16:28,458
How can that— are there different
stipulations on how that can be invested?

240
00:16:28,458 --> 00:16:29,850
Or is it the same limit?

241
00:16:29,850 --> 00:16:30,797
No, same limits.

242
00:16:30,797 --> 00:16:37,252
So the advantage would be just to
bifurcate it and have a dedicated fund.

243
00:16:37,252 --> 00:16:37,878
Exactly.

244
00:16:37,878 --> 00:16:39,837
More intentional.

245
00:16:39,837 --> 00:16:43,208
From an accounting standpoint, the board
can do it—

246
00:16:43,208 --> 00:16:47,372
I guess you'd call it internal
restriction, but it's not really

247
00:16:47,372 --> 00:16:48,099
restriction, but it's not really
restricted,

248
00:16:48,099 --> 00:16:49,487
it's just designated.

249
00:16:49,487 --> 00:16:51,366
Yeah, it's designated. That's right.

250
00:16:52,670 --> 00:16:57,774
Formally, the board could pass a
resolution if they

251
00:16:57,774 --> 00:17:03,278
wanted to go that formal and resolve that
this is to be

252
00:17:03,278 --> 00:17:08,382
put into this fund and then they could
reverse that

253
00:17:08,382 --> 00:17:09,183
anytime.

254
00:17:09,183 --> 00:17:09,746
Yeah.

255
00:17:09,746 --> 00:17:14,877
But on the— one of my biggest fears for
some of the nonprofits plus others,

256
00:17:14,877 --> 00:17:20,418
you know, you've got uses for But then
some people pick up your balance sheet and

257
00:17:20,418 --> 00:17:22,744
see, well, you've got $12 million.

258
00:17:23,033 --> 00:17:23,725
Yeah, right.

259
00:17:23,821 --> 00:17:26,280
Investments. So why do I need to— why do
you need more?

260
00:17:26,553 --> 00:17:28,454
Why do you need contributions?

261
00:17:28,454 --> 00:17:33,458
And, you know, I think a good number would
be whatever the amount of money that

262
00:17:33,458 --> 00:17:36,246
comes back from FEMA that we get
reimbursed.

263
00:17:36,246 --> 00:17:39,160
I think that would be a good number to put
in.

264
00:17:39,160 --> 00:17:39,467
That small?

265
00:17:39,467 --> 00:17:42,416
Yeah. And then build on it, you know.

266
00:17:42,416 --> 00:17:46,153
But how do you— so I've got a question.

267
00:17:46,153 --> 00:17:48,645
So how do you build on it?

268
00:17:48,645 --> 00:17:52,765
And also, like, if you think about it
with—

269
00:17:52,765 --> 00:17:56,270
Well, I guess what I'm thinking about,
Erik,

270
00:17:56,270 --> 00:18:02,403
is as we see our investments come to
maturity and they— and when we roll them

271
00:18:02,403 --> 00:18:02,801
maturity and they— and when we roll them
over,

272
00:18:02,801 --> 00:18:06,943
we roll them over into that capital
project account.

273
00:18:06,943 --> 00:18:13,634
Not that we're— because I've got I've got
2 capital projects on the budget right now

274
00:18:13,634 --> 00:18:18,732
for this upcoming year, the year— this
fiscal year we're in now.

275
00:18:18,732 --> 00:18:24,467
Uh, one is about $150,000, $160,000, and
the other one's about $290,000.

276
00:18:24,467 --> 00:18:30,600
And I'm probably going to need an extra
$50,000 to $100,000 on both of those.

277
00:18:30,600 --> 00:18:31,310
Uh-huh.

278
00:18:31,310 --> 00:18:37,357
Uh, once we get them, um, off, off the
drawing board and in into bid.

279
00:18:37,357 --> 00:18:43,491
But as we see these things, that's what
I'm talking about building on.

280
00:18:43,491 --> 00:18:46,558
And so when some of these come due,

281
00:18:46,558 --> 00:18:50,502
then when they roll over or we reinvest
them,

282
00:18:50,502 --> 00:18:55,322
we identify them at that time as capital
project. Sure.

283
00:18:55,804 --> 00:19:01,072
Like, I think what my concern is, I
understand it.

284
00:19:01,072 --> 00:19:05,708
I think we should do a capital project
fund,

285
00:19:05,708 --> 00:19:08,764
it's $17 million 4 years ago.

286
00:19:08,764 --> 00:19:09,844
Right.

287
00:19:09,844 --> 00:19:12,232
What's that cost now? Double?

288
00:19:12,232 --> 00:19:13,734
At least. At least.

289
00:19:13,734 --> 00:19:15,547
So, yeah, I think, like,

290
00:19:15,547 --> 00:19:21,591
the concern I have is that our investment
return isn't going to keep up with the

291
00:19:21,591 --> 00:19:23,707
inflation of these projects.

292
00:19:23,707 --> 00:19:29,902
So, like, at some point, the board's got
to decide Like, you know, it's a balance,

293
00:19:29,902 --> 00:19:34,662
right? And I'm glad I don't have your job,
but like, good Lord.

294
00:19:34,662 --> 00:19:39,875
I mean, it seems like we've just got a
ticking time bomb if we don't—

295
00:19:39,875 --> 00:19:40,051
Yeah.

296
00:19:40,051 --> 00:19:41,908
Start to really attack it.

297
00:19:41,908 --> 00:19:47,478
And then the other question is, where are
we going to get the extra, you know,

298
00:19:47,478 --> 00:19:50,620
dollars we need? But anyway, that's— I
mean,

299
00:19:50,620 --> 00:19:55,761
I guess this is a long-term problem we've
got to fix over the long term.

300
00:19:57,302 --> 00:20:00,014
Well, we have limited revenue sources.

301
00:20:00,530 --> 00:20:00,676
Yep.

302
00:20:00,837 --> 00:20:06,602
And so what I'm working on that I have
been working on for a couple of years now

303
00:20:06,602 --> 00:20:06,746
been working on for a couple of years now
is

304
00:20:06,746 --> 00:20:09,701
trying to see if we can increase— I mean,

305
00:20:09,701 --> 00:20:14,458
we are doing really well with our permit
and our codes department.

306
00:20:14,458 --> 00:20:20,151
We're bringing in about a million, a
little less than a million dollars a year.

307
00:20:20,151 --> 00:20:21,448
Has that improved?

308
00:20:22,341 --> 00:20:24,257
The run rate on that, is that improving?

309
00:20:24,257 --> 00:20:25,929
Yeah, it is improving.

310
00:20:25,929 --> 00:20:31,021
But we could take on the MEP, the
mechanical, electrical, plumbing.

311
00:20:31,021 --> 00:20:37,177
And so we're doing some research now with
Metro to see what they're taking in and

312
00:20:37,177 --> 00:20:38,773
what the numbers are.

313
00:20:38,773 --> 00:20:45,157
But that would mean that we've got to hire
an inspector, hire another office person.

314
00:20:45,157 --> 00:20:48,576
And maybe— and have some larger office
space.

315
00:20:48,576 --> 00:20:52,756
So let's say we could bring in another
million dollars,

316
00:20:52,756 --> 00:20:59,064
but we're going to spend $300,000 under,
you know, with overhead because we've got,

317
00:20:59,064 --> 00:21:03,092
you know, everything, you know, you know,
one person,

318
00:21:03,092 --> 00:21:08,944
you think one or two persons is not going
to be a lot in salary, but you got—

319
00:21:08,944 --> 00:21:09,377
Benefits.

320
00:21:09,377 --> 00:21:15,159
Insurance, office space, vehicle, all the
things that go along with it.

321
00:21:15,159 --> 00:21:21,755
But still, if we could net out $500,000 or
$600,000 a year in additional revenue,

322
00:21:21,755 --> 00:21:23,872
that would be huge for us.

323
00:21:23,872 --> 00:21:24,914
Mm-hmm.

324
00:21:24,914 --> 00:21:29,958
So I think that's a, uh, you know, that's
something that I've got, uh,

325
00:21:29,958 --> 00:21:35,001
our coach department working on. We're at—
we talk about it every day.

326
00:21:35,001 --> 00:21:40,981
And so we're getting very close to having
some good hard numbers to throw out there

327
00:21:40,981 --> 00:21:45,953
and, I floated this to the board and
they're, you know, they're like,

328
00:21:45,953 --> 00:21:49,771
they've got to put their lawyer heads
together on it.

329
00:21:49,771 --> 00:21:53,734
But, you know, but we've just got to keep
hammering it.

330
00:21:53,734 --> 00:21:58,489
And the only thing that's going to make
this work are the numbers.

331
00:21:58,489 --> 00:22:02,164
If the math works, we can make the rest of
it work.

332
00:22:02,164 --> 00:22:04,830
So, A couple of questions.

333
00:22:04,830 --> 00:22:07,598
One is, you were proposing,

334
00:22:07,598 --> 00:22:13,852
or maybe the state did come up with some
definitions of these

335
00:22:13,852 --> 00:22:16,826
different funds. As I recall,

336
00:22:16,826 --> 00:22:21,132
you were working on that a few months ago.

337
00:22:21,132 --> 00:22:27,523
I mentioned to the other 2 before you came
in that we did pass a resolution for a

338
00:22:27,523 --> 00:22:33,046
Fund balance policy, and it identified
those different types of funds—

339
00:22:33,046 --> 00:22:33,914
those different types of funds—
restricted,

340
00:22:33,914 --> 00:22:37,701
unrestricted, unused fund balance, and all
that.

341
00:22:37,701 --> 00:22:44,329
And that was based on a suggestion, not a
rule, but a suggestion by the comptroller.

342
00:22:44,329 --> 00:22:48,984
And I will send you all a copy of that so
you'll have that.

343
00:22:48,984 --> 00:22:53,237
That's just set up the terminology, but
you didn't make any—

344
00:22:53,237 --> 00:22:55,293
did you make any allocations?

345
00:22:55,293 --> 00:22:57,985
No, we didn't make any allocations.

346
00:22:57,985 --> 00:23:04,369
It's just a policy of how we operate and
handle our fund balance so that it'll just

347
00:23:04,369 --> 00:23:08,445
put some more guardrails around it so
that, you know,

348
00:23:08,445 --> 00:23:14,060
people don't come in and start deciding
they want to give the money away.

349
00:23:14,060 --> 00:23:19,241
Well, most of the entities that are
capital intensive,

350
00:23:19,241 --> 00:23:23,271
like hospitals and others, not for profit,

351
00:23:23,271 --> 00:23:29,892
They do set these funds up with a board
resolution, usually based on,

352
00:23:29,892 --> 00:23:36,416
you know, if you have a plan like you
said, or an engineering study,

353
00:23:36,416 --> 00:23:42,845
or a capital project, it's easier to say,
okay, that's $17 million.

354
00:23:42,926 --> 00:23:43,055
This—

355
00:23:43,410 --> 00:23:46,139
you've got this building and this project,

356
00:23:46,139 --> 00:23:50,753
and the architects have estimated $15
million, and they will move that.

357
00:23:50,753 --> 00:23:55,887
They would pass a Board resolution and
then move $15 million into this board or

358
00:23:55,887 --> 00:23:56,797
building fund.

359
00:23:56,797 --> 00:23:57,394
Right.

360
00:23:57,394 --> 00:24:02,122
And then, then as that gets spent down or
changed, you can, you can designate it,

361
00:24:02,122 --> 00:24:06,150
undesignate it, but it gives you some—
well, it gives you discipline,

362
00:24:06,150 --> 00:24:07,376
budgetary discipline.

363
00:24:07,376 --> 00:24:07,665
Yeah.

364
00:24:07,665 --> 00:24:11,976
But I mean, the thing that I would like
you all to see is, is—

365
00:24:11,976 --> 00:24:17,260
and I think there's members of the board
that are concerned about Putting an

366
00:24:17,260 --> 00:24:20,736
estimate out there, but that's what
accounting is.

367
00:24:20,736 --> 00:24:26,298
Just go out and do your projection. And,
some things are more solid than others.

368
00:24:26,298 --> 00:24:29,913
You know, that you might have this project
for sure,

369
00:24:29,913 --> 00:24:33,737
and you have an architect study, and
that's what it is.

370
00:24:33,737 --> 00:24:37,144
And then, others are, you know, that in
the past,

371
00:24:37,144 --> 00:24:39,786
there's what it costs to replace them.

372
00:24:39,835 --> 00:24:40,740
So, I mean, you could—

373
00:24:40,740 --> 00:24:45,445
It doesn't It could be redesignated. It's
not externally restricted.

374
00:24:45,445 --> 00:24:49,181
So when your auditor— when the auditors
come in, they—

375
00:24:49,181 --> 00:24:54,647
as long as they have a resolution, they
could come in and on your fund balance,

376
00:24:54,647 --> 00:24:59,560
instead of showing that you have $15
million undesignated fund balance,

377
00:24:59,560 --> 00:25:01,774
they can bifurcate that and say—

378
00:25:01,774 --> 00:25:02,095
Right.

379
00:25:02,095 --> 00:25:04,006
Here's the different levels.

380
00:25:04,006 --> 00:25:08,237
And a lot of companies will put in this
emergency fund of like

381
00:25:08,237 --> 00:25:10,352
4 months of operating expenses.

382
00:25:10,352 --> 00:25:10,739
Yeah.

383
00:25:10,739 --> 00:25:13,803
And they'll, they'll kind of segregate
those out.

384
00:25:13,803 --> 00:25:17,921
And, and that, uh, that new policy, uh,

385
00:25:17,921 --> 00:25:21,195
stated that for 50% of our, um,

386
00:25:21,195 --> 00:25:27,425
of our operating budget will be held for
reserves for that.

387
00:25:27,425 --> 00:25:30,321
So you do need me to allocate,

388
00:25:30,321 --> 00:25:36,015
and I physically go ahead and Do that for
at least whatever

389
00:25:36,015 --> 00:25:38,525
was set up for the policy?

390
00:25:38,525 --> 00:25:39,271
Yes.

391
00:25:39,271 --> 00:25:46,614
You should designate, or at least on the
financials have that designated then.

392
00:25:46,614 --> 00:25:48,144
50% would be the emergency fund?

393
00:25:48,144 --> 00:25:51,301
Or like if there's 3 different buckets,
emergency fund, operating,

394
00:25:51,301 --> 00:25:53,836
and capital projects, is that what you're
suggesting?

395
00:25:53,836 --> 00:25:54,240
Yes.

396
00:25:54,240 --> 00:25:57,358
So 50% has to be held in emergency or
between—

397
00:25:57,358 --> 00:26:02,646
For operations. Yeah. So we haven't talked
about emergency funds.

398
00:26:02,646 --> 00:26:06,552
I think the way the board looks at it
right now,

399
00:26:06,552 --> 00:26:11,189
that everything that's in investments is
emergency funds.

400
00:26:11,189 --> 00:26:17,516
And maybe the distinction really could be
you need 50% of the budget between

401
00:26:17,516 --> 00:26:19,514
operating and emergency,

402
00:26:19,514 --> 00:26:24,342
but a certain amount of that 50% needs to
be shorter term.

403
00:26:25,164 --> 00:26:25,952
Yeah, right.

404
00:26:26,852 --> 00:26:27,613
Yeah.

405
00:26:30,613 --> 00:26:36,083
And, and, and our budget for this fiscal
year is

406
00:26:36,083 --> 00:26:38,476
just over $3 million,

407
00:26:38,476 --> 00:26:43,604
and we've got very close to $150,000 in
LGIP,

408
00:26:43,604 --> 00:26:47,593
so that sort of takes care of that.

409
00:26:47,593 --> 00:26:49,069
$1.5 million.

410
00:26:49,361 --> 00:26:49,540
Yeah.

411
00:26:51,694 --> 00:26:53,703
How much is in cash in the bank?

412
00:26:53,703 --> 00:27:00,299
Uh, I think about $1.3 million, something
like that, last time I looked.

413
00:27:00,299 --> 00:27:03,249
So LGIP has $1.5 million,

414
00:27:03,249 --> 00:27:07,497
but in a bank account we've got $1.3

415
00:27:07,497 --> 00:27:08,441
million.

416
00:27:09,328 --> 00:27:10,183
Okay.

417
00:27:11,474 --> 00:27:15,533
Are we at all— is that Like the expenses
and

418
00:27:15,533 --> 00:27:19,499
everything, is that about the right
number?

419
00:27:19,499 --> 00:27:20,752
Yeah, yeah.

420
00:27:20,752 --> 00:27:23,128
Is that just a check?

421
00:27:23,128 --> 00:27:27,394
Because we— see, we, um, we start having,
uh,

422
00:27:27,394 --> 00:27:30,807
expenditures before we get revenues.

423
00:27:30,807 --> 00:27:35,453
See, our revenues like state sales tax and
sales—

424
00:27:35,453 --> 00:27:40,478
local option and sales tax, it comes in by
the month.

425
00:27:40,478 --> 00:27:45,028
So we don't get all of our $500,000 at one
time.

426
00:27:45,028 --> 00:27:48,157
It just trickles in by the month.

427
00:27:48,157 --> 00:27:48,643
Mm-hmm.

428
00:27:48,643 --> 00:27:51,014
Same way with street aid.

429
00:27:51,014 --> 00:27:56,420
Metro aid, the Metro street aid comes in
at one lump sum,

430
00:27:56,420 --> 00:28:00,782
but it doesn't come in until late in the
year.

431
00:28:00,782 --> 00:28:04,955
We won't see it until August of next
summer.

432
00:28:04,955 --> 00:28:09,222
So you see, It just takes— it's a shell
game.

433
00:28:09,222 --> 00:28:14,438
It's kind of— you just got to— it's
kitchen table math.

434
00:28:14,438 --> 00:28:20,129
You've got to see, do we have the money to
pay for this now,

435
00:28:20,129 --> 00:28:25,060
or we've got to wait for the state money
to come in?

436
00:28:25,060 --> 00:28:28,059
Say, on this permit revenue,

437
00:28:28,059 --> 00:28:33,523
which is part of the When you do the
annual budget,

438
00:28:33,523 --> 00:28:37,272
how do you set that revenue number?

439
00:28:37,272 --> 00:28:44,235
Is there a calculation of that, or do you
just kind of say, okay,

440
00:28:44,235 --> 00:28:47,127
the last 3 years we've had—

441
00:28:47,127 --> 00:28:51,470
We look at that, and we look at the open
permits,

442
00:28:51,470 --> 00:28:56,699
and then we usually set that number We
look at that number,

443
00:28:56,699 --> 00:29:02,903
that revenue number, at probably 60 or 70%
of what we usually take in.

444
00:29:02,903 --> 00:29:08,399
We lowball that number as a revenue number
because it, I mean,

445
00:29:08,399 --> 00:29:14,780
it could drop out. I don't think it will
in Oak Hill, but it could drop.

446
00:29:14,780 --> 00:29:16,572
How big a lag time is—

447
00:29:16,572 --> 00:29:22,925
I've always asked the question of it would
be nice to see some volume numbers.

448
00:29:22,925 --> 00:29:29,360
Numbers like the number of permits or
something that gives you an indication of

449
00:29:29,360 --> 00:29:29,604
something that gives you an indication of
the

450
00:29:29,604 --> 00:29:30,174
volume?

451
00:29:30,174 --> 00:29:36,708
So I did— I haven't updated it, but I did
this a while ago because I was curious.

452
00:29:36,708 --> 00:29:42,112
I did it through '23, the number of
permits and the percent change.

453
00:29:42,112 --> 00:29:46,226
So I could do '24 and '25 on here and
start to see,

454
00:29:46,226 --> 00:29:50,743
but you get an idea of like It kind of
goes up steadily.

455
00:29:50,743 --> 00:29:56,470
Like, for instance, we started in 2010,
there's 110,000 permits, right?

456
00:29:56,470 --> 00:29:56,590
Yeah.

457
00:29:56,590 --> 00:30:01,337
And kind of keeps creeping up until about
2019,

458
00:30:01,337 --> 00:30:06,287
488,000, and then it jumps to 868,000, 1
million.

459
00:30:06,287 --> 00:30:11,236
2022, you'd expect to be a little lower,
550,000.

460
00:30:11,236 --> 00:30:12,650
2023, 857,000.

461
00:30:12,650 --> 00:30:13,630
Well—

462
00:30:13,630 --> 00:30:15,060
Like, to your point, to start to see
trends.

463
00:30:15,570 --> 00:30:15,698
Yeah.

464
00:30:15,698 --> 00:30:16,375
And understanding.

465
00:30:16,375 --> 00:30:23,745
And the thing is, you got to be careful
with just raw numbers because we

466
00:30:23,745 --> 00:30:31,013
have a lot of roofs, siding, kitchen
rehabs, things like that that are—

467
00:30:31,013 --> 00:30:33,572
is a number for a permit.

468
00:30:33,572 --> 00:30:40,123
But the ones we got to look at are our
rebills or our new bills,

469
00:30:40,123 --> 00:30:46,879
and those are, you know, Their value is
somewhere in the millions.

470
00:30:46,879 --> 00:30:50,242
Oh, and you know what I just realized too
is I did—

471
00:30:50,242 --> 00:30:53,802
that's the dollar amount that came in, not
the number.

472
00:30:53,802 --> 00:30:58,550
So that, to your point, could be
interesting to see breaking out between

473
00:30:58,550 --> 00:30:59,275
interesting to see breaking out between
the number.

474
00:30:59,275 --> 00:31:00,788
How big a lead time?

475
00:31:00,788 --> 00:31:05,023
So somebody comes in, and I guess I may be
getting this—

476
00:31:05,023 --> 00:31:09,863
may or may not be getting this right, I
may not be heading down—

477
00:31:09,863 --> 00:31:15,611
We're heading down a project. I just
didn't know if it's requiring a permit.

478
00:31:15,611 --> 00:31:17,577
But, how long a lead time?

479
00:31:17,577 --> 00:31:22,569
Does somebody come in here— I mean,
typically, if it's done right,

480
00:31:22,569 --> 00:31:27,409
somebody will come in and have a dialogue
with you and say, hey,

481
00:31:27,409 --> 00:31:33,535
we're considering this type of project,
and understand the ramifications of that.

482
00:31:33,535 --> 00:31:38,300
First of all, you know, is a permit
required, or is it— I mean,

483
00:31:38,300 --> 00:31:43,140
I guess whether there's a— this is viewed
to be a repair versus—

484
00:31:43,140 --> 00:31:47,663
Yeah, any project really, however small or
however large,

485
00:31:47,663 --> 00:31:49,964
is going to require a permit.

486
00:31:49,964 --> 00:31:54,487
And the permit cost is based on the value
of the project.

487
00:31:54,487 --> 00:31:58,138
So you have a project It's going to cost
$400.

488
00:31:58,138 --> 00:32:03,058
It's going to— it's going to— we're going
to bill you on $400.

489
00:32:03,058 --> 00:32:07,105
Or the next guy comes in, his project's $4
million,

490
00:32:07,105 --> 00:32:10,120
we're going to bill him on $4 million.

491
00:32:10,120 --> 00:32:15,892
Well, it's tough because I think if you
sent a questionnaire out and asked the

492
00:32:15,892 --> 00:32:16,262
sent a questionnaire out and asked the
board

493
00:32:16,262 --> 00:32:19,518
and others, okay, I have to replace my
roof,

494
00:32:19,518 --> 00:32:24,106
is that required a permit or is that
viewed to be a repair of—

495
00:32:24,106 --> 00:32:29,879
depending on if If it's a repair, like a
hailstorm comes and does some things,

496
00:32:29,879 --> 00:32:32,173
I think you'd have a diversion.

497
00:32:32,173 --> 00:32:35,503
I think there's just not knowledge out
there,

498
00:32:35,503 --> 00:32:41,127
or understanding of what requires a permit
from a repair standpoint, versus—

499
00:32:41,127 --> 00:32:44,087
it used to be. I'm not a codes guy, but—

500
00:32:44,087 --> 00:32:44,135
Yeah.

501
00:32:44,135 --> 00:32:48,049
So, if you have a hailstorm, and you
damage the roof,

502
00:32:48,049 --> 00:32:51,963
usually you have insurance Right, coverage
from that.

503
00:32:51,963 --> 00:32:56,468
Nowadays the deductible is huge on those,
yeah, those things.

504
00:32:56,468 --> 00:33:01,564
So, um, is there— sometimes there isn't a
requirement, is everything.

505
00:33:01,564 --> 00:33:07,250
So if you have to just repair the roof,
but one time I thought that that was—

506
00:33:07,250 --> 00:33:11,599
If it's just— if, if you, if you're having
a guy come over and, uh,

507
00:33:11,599 --> 00:33:14,974
take off some damaged shingles and just
put some on,

508
00:33:14,974 --> 00:33:17,635
you Probably don't have to have a permit.

509
00:33:17,635 --> 00:33:20,750
It just has to do with the scope of the
project,

510
00:33:20,750 --> 00:33:23,930
and the contractor would be able to tell
us that.

511
00:33:23,930 --> 00:33:27,630
But if it's a full roof replacement, yeah,
it's a permit.

512
00:33:27,630 --> 00:33:33,024
So are we thinking then at our next
meeting maybe making it kind of a mini

513
00:33:33,024 --> 00:33:33,534
meeting maybe making it kind of a mini
working

514
00:33:33,534 --> 00:33:39,146
session between our group and come with
the goal being that we come up with a

515
00:33:39,146 --> 00:33:41,333
recommendation on the buckets?

516
00:33:41,333 --> 00:33:44,335
Yeah. I think that's a good question.

517
00:33:44,335 --> 00:33:50,665
And I think we should try to have a
meeting before we go to the board and have

518
00:33:50,665 --> 00:33:50,908
meeting before we go to the board and have
our

519
00:33:50,908 --> 00:33:54,154
ducks in a row about what we want to do.

520
00:33:54,154 --> 00:34:00,727
And I think you just sort of laid it out
as operational and emergency and capital

521
00:34:00,727 --> 00:34:01,457
projects.

522
00:34:01,457 --> 00:34:04,943
Well, and I was thinking, I was iterating
on it further.

523
00:34:04,943 --> 00:34:08,927
I think if you have 3 projects, you've got
operation, operating,

524
00:34:08,927 --> 00:34:12,849
which includes emergency, And that is a
hard 50% of the budget.

525
00:34:12,849 --> 00:34:17,020
Then you have the reserve, and then you
have this capital projects.

526
00:34:17,020 --> 00:34:20,257
And it sounds like the latter, the capital
projects,

527
00:34:20,257 --> 00:34:23,743
would be an absolute dollar amount that
we'd start with,

528
00:34:23,743 --> 00:34:27,852
and then basically everything else then
would go into the reserve.

529
00:34:27,852 --> 00:34:28,305
Right.

530
00:34:28,305 --> 00:34:30,734
And I guess the question I would have is,

531
00:34:30,734 --> 00:34:35,712
how do we determine what's an appropriate
amount to start the capital projects with?

532
00:34:35,712 --> 00:34:40,333
To your point, it could be easy to just
say whatever is coming back from FEMA,

533
00:34:40,333 --> 00:34:40,570
say whatever is coming back from FEMA,
2.5,

534
00:34:40,570 --> 00:34:41,696
but is that really—

535
00:34:41,696 --> 00:34:49,110
Well, you know, we have a— we have this
$17 million, right, you know,

536
00:34:49,110 --> 00:34:51,259
project ahead of us.

537
00:34:51,259 --> 00:34:57,062
So any amount that we could put against
that would be—

538
00:34:58,347 --> 00:35:01,462
I think would be So my question is, why
not more?

539
00:35:01,462 --> 00:35:07,178
So $17 million is based on the study that
was done a few years ago?

540
00:35:07,178 --> 00:35:09,843
Yes, at least 3 years ago.

541
00:35:09,843 --> 00:35:15,848
From Barge? From Barge, yeah. And that
relates substantially to the road repair?

542
00:35:15,848 --> 00:35:21,884
No, it's mostly culverts and ditches and
stormwater.

543
00:35:21,884 --> 00:35:27,455
And the thing about that is They also did
a, um,

544
00:35:27,455 --> 00:35:34,420
in that report they did priority projects
and they did other

545
00:35:34,420 --> 00:35:40,804
ongoing projects like just cleaning
ditches and pulling

546
00:35:40,804 --> 00:35:44,866
ditches and cleaning out cleanouts.

547
00:35:44,866 --> 00:35:51,018
But priority projects, the, um, we did 1,
2, 3, 4, 5.

548
00:35:51,018 --> 00:35:51,859
6.

549
00:35:53,075 --> 00:35:59,981
5, maybe 6 of the 20 priority projects,
and we ran out of money.

550
00:35:59,981 --> 00:36:05,592
We ran out of the 2 ARPAs that we were
operating on.

551
00:36:05,592 --> 00:36:12,822
And those 2 ARPAs, the ARPA was $1.3
million that was just giveaway

552
00:36:12,822 --> 00:36:19,620
money, and And the city decided to put
that against stormwater.

553
00:36:19,620 --> 00:36:26,742
And then because ARPA had more money that
they brought back to the

554
00:36:26,742 --> 00:36:31,921
states, we could apply on a
non-competitive bid.

555
00:36:31,921 --> 00:36:36,561
And we, um, we, uh, qualified for
$730,000,

556
00:36:36,561 --> 00:36:43,467
but we had to pay 35% match, and that was
$285,000 of our money.

557
00:36:43,467 --> 00:36:43,645
Okay.

558
00:36:44,252 --> 00:36:48,316
So that was another million dollars for
the project.

559
00:36:48,316 --> 00:36:51,912
So we had $2.3 million to do those 6
projects.

560
00:36:51,912 --> 00:36:58,352
So, so unlike other municipal and
governmental entities, you're having—

561
00:36:58,352 --> 00:37:03,340
you're trying to have the discipline of
have the money,

562
00:37:03,340 --> 00:37:09,871
cash or investments, before I make versus
Going out and getting in debt.

563
00:37:09,871 --> 00:37:16,220
I mean, other people could pass some sort
of bond offering or whatever

564
00:37:16,220 --> 00:37:17,399
and get debt.

565
00:37:17,496 --> 00:37:17,560
Okay.

566
00:37:17,835 --> 00:37:23,692
So do you want to see that? Which is a
great philosophy if you can do that.

567
00:37:23,692 --> 00:37:30,628
Well, I've been in jurisdictions where
we've had bad situations where all the

568
00:37:30,628 --> 00:37:38,014
streets were bad or all All the buildings
were dilapidated and we went out and did

569
00:37:38,014 --> 00:37:45,130
an $8 million street paving project and we
borrowed the money and then we paid—

570
00:37:45,130 --> 00:37:48,462
Through a bond offering or something?

571
00:37:48,462 --> 00:37:50,264
Yeah, we got a very,

572
00:37:50,264 --> 00:37:57,740
very good price on a bond and we paid that
back with the state street aid that came

573
00:37:57,740 --> 00:38:00,442
in. So that serviced the debt.

574
00:38:00,442 --> 00:38:05,576
Now it would take, you know, 5, 6 years to
get that done,

575
00:38:05,576 --> 00:38:12,872
but still you get the advantage of local
day pricing and the advantage of getting

576
00:38:12,872 --> 00:38:15,845
all the streets done at one time.

577
00:38:15,845 --> 00:38:22,060
If you do it over 5, 6, 8, 10 years, by
the time you get to 10 years,

578
00:38:22,060 --> 00:38:23,591
it's going to be—

579
00:38:23,591 --> 00:38:24,714
You're redoing the old ones.

580
00:38:24,714 --> 00:38:29,729
Yeah, you're going to have to start— yeah,
you're buying—

581
00:38:29,729 --> 00:38:32,104
you're Your cost is triple.

582
00:38:32,104 --> 00:38:35,536
And the one variable is the bituminous,

583
00:38:35,536 --> 00:38:40,639
because that's the price that is flexible
in the contract.

584
00:38:40,639 --> 00:38:47,589
Every paver in the world, their bituminous
cost is flexible. So it's spot cost.

585
00:38:47,589 --> 00:38:47,864
Mm-hmm.

586
00:38:47,864 --> 00:38:54,187
So we may get a bid today for it, and then
by the time we get around to paving,

587
00:38:54,187 --> 00:38:58,188
saving in 3 months, that price could have
gone up,

588
00:38:58,188 --> 00:39:01,870
as you can well see what's going on right
now.

589
00:39:01,870 --> 00:39:07,792
You know, Venezuela bituminous is very
expensive, and it's hard to refine.

590
00:39:07,792 --> 00:39:14,389
Well, the prior city manager, I guess— I
forget what his name was—

591
00:39:14,389 --> 00:39:16,389
after Jeff Claussen.

592
00:39:16,389 --> 00:39:18,588
left was big on, well,

593
00:39:18,588 --> 00:39:25,185
it's better to do the capital expenditure
now so it's not going to

594
00:39:25,185 --> 00:39:27,884
cost as much down the road.

595
00:39:27,884 --> 00:39:28,094
Yeah, right.

596
00:39:28,094 --> 00:39:32,271
Even though there's probably more of a
balancing going on.

597
00:39:32,271 --> 00:39:35,512
But I think this, if I put my citizen hat
on,

598
00:39:35,512 --> 00:39:40,769
I think this information is valuable to
the citizens, should be educated,

599
00:39:40,769 --> 00:39:46,459
and my opinion is Management and the board
should do an estimate of what future

600
00:39:46,459 --> 00:39:48,260
capital expenditures are,

601
00:39:48,260 --> 00:39:53,661
and the extent that it could be based on
an engineering study from Barge or

602
00:39:53,661 --> 00:39:58,198
whatever, you get a little more substance
to that than to just—

603
00:39:58,198 --> 00:40:00,071
but you also have history,

604
00:40:00,071 --> 00:40:04,608
and you also can walk around and see the
potholes and whatever.

605
00:40:04,608 --> 00:40:05,600
Yeah, right.

606
00:40:05,600 --> 00:40:08,864
It should be management's best guess, and
then Then,

607
00:40:08,864 --> 00:40:11,375
it gets allocated back into those funds.

608
00:40:11,375 --> 00:40:15,204
You have the operating fund for 4 months,
6 months, whatever.

609
00:40:15,204 --> 00:40:19,222
Then, you have whatever, you have a solid
capital project, this,

610
00:40:19,222 --> 00:40:22,863
and then you have the others that are more
of an estimate.

611
00:40:22,863 --> 00:40:24,872
And then, you just monitor that.

612
00:40:24,872 --> 00:40:27,634
Anyway, I think that's owed to the
citizens,

613
00:40:27,634 --> 00:40:31,463
is to not just look and see that you have,
what, $12 million?

614
00:40:31,463 --> 00:40:33,008
No, yeah.

615
00:40:33,008 --> 00:40:34,359
$10 million?

616
00:40:35,548 --> 00:40:40,732
Yeah, so what do we— if we end up picking—
we can do it at the end of this meeting,

617
00:40:40,732 --> 00:40:44,978
but if we end up picking a time in January
to meet, what do we need?

618
00:40:44,978 --> 00:40:47,976
Could we— could you recirculate the barge
study?

619
00:40:47,976 --> 00:40:48,975
Yeah.

620
00:40:48,975 --> 00:40:53,652
It would be interesting. And maybe I'll
take a crack at it.

621
00:40:53,652 --> 00:40:56,719
It is huge. I'll skim it.

622
00:40:56,719 --> 00:41:01,382
I don't know if I can send you a link,

623
00:41:01,382 --> 00:41:05,553
but I will try to send you a link.

624
00:41:05,553 --> 00:41:08,071
Okay. Because it sounds like, again,

625
00:41:08,071 --> 00:41:13,875
if we came out of our January meeting with
a recommendation that was bolstered with

626
00:41:13,875 --> 00:41:18,351
some information from that as well as like
data you can provide,

627
00:41:18,351 --> 00:41:23,106
then that is what we could take to the
board following that meeting.

628
00:41:23,106 --> 00:41:28,436
Yeah. And if we haven't done all those
capital projects, like the question would

629
00:41:28,436 --> 00:41:28,636
capital projects, like the question would
be,

630
00:41:28,636 --> 00:41:33,633
do we really need another study done
that's going to cost Oak Hill a lot of

631
00:41:33,633 --> 00:41:34,100
that's going to cost Oak Hill a lot of
money 3

632
00:41:34,100 --> 00:41:36,032
years later? It's like, well,

633
00:41:36,032 --> 00:41:39,697
we haven't done all this $17 million worth
of projects,

634
00:41:39,697 --> 00:41:43,561
so we know it's at least $17 million.
Inflate that number.

635
00:41:43,561 --> 00:41:45,493
Yeah, you've got a good idea.

636
00:41:45,493 --> 00:41:50,224
I don't want to cost us a bunch of money
for another study if it's not—

637
00:41:50,224 --> 00:41:53,593
Yeah, that study was pretty expensive.

638
00:41:53,593 --> 00:41:57,582
I mean, from our standpoint, it was
$280,000.

639
00:41:57,582 --> 00:42:02,458
So, I mean, that was a lot of our ARPA
money to go out.

640
00:42:02,458 --> 00:42:06,807
I want to ask a stupid question because
I'm not an accountant and I'm not Grace

641
00:42:06,807 --> 00:42:09,009
Bennett, so I may not be following this.

642
00:42:09,009 --> 00:42:10,663
She's both.

643
00:42:10,663 --> 00:42:13,898
But I would say, so help me understand,

644
00:42:13,898 --> 00:42:20,367
the goal of Having a capital improvement
project fund specifically and carving

645
00:42:20,367 --> 00:42:26,421
out dollars. I understand like the
designated funds and that makes sense.

646
00:42:26,421 --> 00:42:28,660
Is it to try to compel the,

647
00:42:28,660 --> 00:42:35,046
the commissioners to spend that money on
capital projects over like a certain

648
00:42:35,046 --> 00:42:37,617
amount of time? So to say like,

649
00:42:37,617 --> 00:42:43,506
we are going to put extra money over here
and we want this to be spent.

650
00:42:43,506 --> 00:42:43,617
Yes.

651
00:42:44,121 --> 00:42:48,789
Or we suggest it to be spent, but that's
really their decision.

652
00:42:48,789 --> 00:42:53,532
I mean, isn't all of this basically for
capital projects anyway?

653
00:42:53,532 --> 00:42:54,681
Slash emergency.

654
00:42:54,681 --> 00:42:56,470
Yeah, slash emergency.

655
00:42:56,470 --> 00:42:59,154
So like, what's the goal of just—

656
00:42:59,154 --> 00:43:03,790
other than just bifurcating it on paper,
what's the goal?

657
00:43:03,790 --> 00:43:08,824
I think from my perspective, it's to
create discipline.

658
00:43:08,824 --> 00:43:13,950
with your funds so that you have certain
things that are

659
00:43:13,950 --> 00:43:19,167
restricted, that are earmarked for those
specific things.

660
00:43:19,167 --> 00:43:24,568
Because we'll get people in here that will
come in and say,

661
00:43:24,568 --> 00:43:27,863
we have so much money, why don't we—

662
00:43:27,863 --> 00:43:27,992
Gotcha.

663
00:43:27,992 --> 00:43:33,370
Why don't we buy a leaf truck to suck up
all the leaves on the side of

664
00:43:33,370 --> 00:43:36,750
the road? And I I think that's a great
idea,

665
00:43:36,750 --> 00:43:39,055
but it's not practical for us.

666
00:43:39,055 --> 00:43:42,876
Well, I think if you have a plan, to
John's point, if you have like—

667
00:43:43,342 --> 00:43:43,679
got it.

668
00:43:43,759 --> 00:43:46,808
If you've communicated a plan that says,
well, in both directions,

669
00:43:46,808 --> 00:43:50,410
both to the board to say we're going to be
more disciplined about spending the

670
00:43:50,410 --> 00:43:53,089
dollars and then being able to communicate
it to citizens.

671
00:43:53,089 --> 00:43:56,877
And these are the order of priorities and
where all of this money is slated to go.

672
00:43:56,877 --> 00:44:00,244
But it also plays into that there should
be I mean,

673
00:44:00,244 --> 00:44:04,337
why are permit fees as high as they are or
as low as they are?

674
00:44:04,337 --> 00:44:08,628
It helps you determine what you should
charge for these services,

675
00:44:08,628 --> 00:44:12,523
the same way with trash, which you have in
a separate fund.

676
00:44:12,523 --> 00:44:16,009
Well, and people complain about the permit
fees too being high.

677
00:44:16,009 --> 00:44:17,445
Yeah, so you've got—

678
00:44:17,445 --> 00:44:20,449
To build a pool in Oak Hill for a lot—

679
00:44:20,449 --> 00:44:25,824
it costs a lot more money to build a pool
in Oak Hill than in Metro.

680
00:44:25,824 --> 00:44:31,989
Yeah, but Like, I'm looking at this and
I'm going, this— all this money spoken

681
00:44:31,989 --> 00:44:32,305
I'm going, this— all this money spoken
for,

682
00:44:32,305 --> 00:44:38,629
you know. I mean, uh, and so we don't
really— on paper we have money, but right,

683
00:44:38,629 --> 00:44:40,289
we need to invest it.

684
00:44:40,289 --> 00:44:43,939
And see, that's how— that's how everybody
here on the board feels about it too,

685
00:44:43,939 --> 00:44:44,355
you know.

686
00:44:44,467 --> 00:44:44,547
Yeah.

687
00:44:45,078 --> 00:44:49,861
And, um, it's easy to come in and look at
your— look at the, uh, annual budget—

688
00:44:49,861 --> 00:44:54,825
I mean, the annual audit And you look at
the annual audit, you say, oh, hey, look,

689
00:44:54,825 --> 00:44:59,790
the city's got all this, all this money
and all these assets, but we really don't.

690
00:44:59,790 --> 00:45:00,577
I mean, it's—

691
00:45:00,577 --> 00:45:04,134
But on the audit report, if you do the
board, if you,

692
00:45:04,134 --> 00:45:08,565
if you follow your policy and put these
items in the funds, right,

693
00:45:08,565 --> 00:45:12,122
your fund balance then just doesn't show
$10 million.

694
00:45:12,122 --> 00:45:13,439
Yeah, that's a good point.

695
00:45:13,439 --> 00:45:14,980
It would be bifurcated.

696
00:45:15,510 --> 00:45:16,249
Yeah.

697
00:45:17,276 --> 00:45:19,044
I like that. I think,

698
00:45:19,044 --> 00:45:24,432
I think my only just kind of follow-up
question on this is like,

699
00:45:24,432 --> 00:45:30,914
I know we want to meet in January and we
want to look at studies and all that

700
00:45:30,914 --> 00:45:31,419
want to look at studies and all that
stuff,

701
00:45:31,419 --> 00:45:37,649
but like, are we— is it not fair to say,
and I could be missing something,

702
00:45:37,649 --> 00:45:44,299
we have $1.3 million in the bank, which is
what kind of our target needs to be.

703
00:45:44,299 --> 00:45:47,751
We have 50% of our annual budget In LGIP.

704
00:45:47,751 --> 00:45:54,317
So why not just say this is our capital
improvement project fund and call it a

705
00:45:54,317 --> 00:45:54,654
improvement project fund and call it a
day?

706
00:45:54,654 --> 00:45:55,462
Yeah.

707
00:45:56,172 --> 00:45:57,012
I mean, that's like—

708
00:45:57,222 --> 00:45:58,223
that's a good point.

709
00:45:58,223 --> 00:46:00,434
I mean, do we really need to make it
complicated?

710
00:46:00,434 --> 00:46:05,585
I'm wondering if you feel like there's not
appetite at the BOC level for designating

711
00:46:05,585 --> 00:46:07,609
all of that for capital projects.

712
00:46:08,337 --> 00:46:14,849
I think, I think, I think some people
would, some people would not.

713
00:46:14,849 --> 00:46:19,320
But I think, I think this, the board would
be,

714
00:46:19,320 --> 00:46:24,374
I think they would be plenty happy with
designating,

715
00:46:24,374 --> 00:46:30,691
designating all of that as restricted.
Because, I mean, we don't—

716
00:46:30,691 --> 00:46:31,239
Designate.

717
00:46:31,239 --> 00:46:36,551
Since I've been here, I have not Seen it,
having not been asked for it,

718
00:46:36,551 --> 00:46:41,563
and I have stood guard against, hey, let's
use this money for this,

719
00:46:41,563 --> 00:46:43,807
let's use this money for that.

720
00:46:43,807 --> 00:46:46,949
Hey, here's a nice— here's a nice charity,

721
00:46:46,949 --> 00:46:53,233
maybe we could just donate to the charity.
I mean, and I just— I fight against that.

722
00:46:53,233 --> 00:46:56,899
You know, that discussion comes up, I
said, well,

723
00:46:56,899 --> 00:46:59,966
I think that's not what this money's for.

724
00:46:59,966 --> 00:47:03,844
Yeah. I think it would have to— whatever
we land on,

725
00:47:03,844 --> 00:47:09,362
I think it just has to also then play
alongside your plan for here are the

726
00:47:09,362 --> 00:47:09,959
alongside your plan for here are the
projects

727
00:47:09,959 --> 00:47:14,508
we're doing in which order on top of the
regular maintenance.

728
00:47:14,508 --> 00:47:19,281
And so having those side by side, then it
says, okay, we've got—

729
00:47:19,281 --> 00:47:21,924
You know what this guards against?

730
00:47:21,924 --> 00:47:27,598
Several years back when they had some
challenges with Austin McMullen and

731
00:47:27,598 --> 00:47:30,474
others, and then a new group came in.

732
00:47:30,474 --> 00:47:35,604
They, they did not make any capital
expenditures for like 5 years,

733
00:47:35,604 --> 00:47:36,614
5 or 6 years.

734
00:47:36,951 --> 00:47:37,063
Yeah.

735
00:47:37,303 --> 00:47:40,623
So there was zero on that line, and then
all of a sudden—

736
00:47:40,623 --> 00:47:41,938
And we're living through that now.

737
00:47:41,938 --> 00:47:42,467
Yeah.

738
00:47:42,676 --> 00:47:44,119
So this creates—

739
00:47:44,119 --> 00:47:45,884
You know, it's like anything else.

740
00:47:45,884 --> 00:47:48,584
If you don't take care of your house, it
falls down.

741
00:47:48,584 --> 00:47:52,323
If you don't take care of your car, it
breaks down. It would be awesome.

742
00:47:52,323 --> 00:47:54,867
If you don't take care of your city, it
crumbles.

743
00:47:54,867 --> 00:47:59,129
It would be interesting to kind of come up
with, and you might already have this,

744
00:47:59,129 --> 00:48:02,707
but if, you know, out of that study that
was done, 6 of the 20 were—

745
00:48:02,707 --> 00:48:04,759
20 projects were highlighted, you know,

746
00:48:04,759 --> 00:48:09,021
to be able to have some communication that
goes out annually that just says, hey,

747
00:48:09,021 --> 00:48:10,494
we've completed 6 out of 20.

748
00:48:10,494 --> 00:48:14,440
We're slated to do 1 more in 2026, 2, and,
you know, and you start to show—

749
00:48:14,440 --> 00:48:14,922
Yeah.

750
00:48:14,922 --> 00:48:17,571
And show the, like, ticking of that.

751
00:48:18,202 --> 00:48:24,057
And I understand the fear of not— of like,
if I'm a commissioner or,

752
00:48:24,057 --> 00:48:28,879
you know, it's— there's probably a little
fear of, well,

753
00:48:28,879 --> 00:48:32,840
what if we need this money for something
else?

754
00:48:32,840 --> 00:48:37,145
There's probably a mechanism for a true
emergency.

755
00:48:37,145 --> 00:48:38,177
Right.

756
00:48:38,177 --> 00:48:41,129
Where the city can't— can't— yeah,

757
00:48:41,129 --> 00:48:45,210
there's probably a clause you can put in
there,

758
00:48:45,210 --> 00:48:51,201
but it's either for capital improvement
projects or a unanimous board

759
00:48:51,201 --> 00:48:57,105
decision to use it for a true emergency
where we can't get access to

760
00:48:57,105 --> 00:49:02,835
other funds for a short-term— or
short-term loan, or I don't know.

761
00:49:02,835 --> 00:49:06,703
Yeah, I mean, just take the storm for
instance.

762
00:49:06,703 --> 00:49:10,489
Yeah, I mean, after the first week and a
half,

763
00:49:10,489 --> 00:49:17,403
When the snow melted and people could get
in and out, the emergency was really over.

764
00:49:17,403 --> 00:49:18,236
Right.

765
00:49:18,236 --> 00:49:23,230
So cleaning up debris was not really an
emergency.

766
00:49:23,230 --> 00:49:28,424
I mean, you know, people's lives were not
in danger,

767
00:49:28,424 --> 00:49:33,917
but it was creating huge problems for
trash collection,

768
00:49:33,917 --> 00:49:39,311
emergency vehicles, So where did that
money come from?

769
00:49:39,424 --> 00:49:40,312
Did it come from Stone?

770
00:49:40,312 --> 00:49:44,091
Well, yes. We had partly LGIP,

771
00:49:44,091 --> 00:49:48,248
partly Stone, and partly from the

772
00:49:48,248 --> 00:49:50,390
operating budget.

773
00:49:50,390 --> 00:49:51,069
Okay.

774
00:49:51,069 --> 00:49:52,785
Operating checkbook.

775
00:49:52,785 --> 00:49:59,822
So we actually did ordinances to move or
amend the budget by $400,000. $4 million.

776
00:49:59,822 --> 00:50:05,229
We started out with $1 million, then it
turned into $2 million,

777
00:50:05,229 --> 00:50:07,889
then it turned into $4 million.

778
00:50:07,889 --> 00:50:13,553
So, but we didn't spend the $4 million, we
spent the $3.5 million.

779
00:50:13,553 --> 00:50:20,332
But, um, yeah, so we had some stone that
was in the sweep account, we had some—

780
00:50:20,332 --> 00:50:20,669
How much?

781
00:50:20,669 --> 00:50:26,686
And we had LGIP, and we had, and we had
some cash in the, in the checking.

782
00:50:26,686 --> 00:50:29,613
So we were able to To do it without—

783
00:50:29,613 --> 00:50:33,515
but if we had not had that cash available
to us,

784
00:50:33,515 --> 00:50:37,174
we'd have had to go out and borrow the
money,

785
00:50:37,174 --> 00:50:43,597
or we would have had to do it piecemeal,
and we'd still been picking up debris.

786
00:50:43,597 --> 00:50:44,291
Right, right.

787
00:50:44,291 --> 00:50:45,227
I mean, that would have been awful.

788
00:50:45,227 --> 00:50:46,076
Yeah.

789
00:50:46,076 --> 00:50:47,996
You know, but it would—

790
00:50:47,996 --> 00:50:52,505
but there was a lot of debris out there on
the side of

791
00:50:52,505 --> 00:50:55,344
the road that was really not Sure.

792
00:50:55,344 --> 00:50:55,747
Sure.

793
00:50:55,747 --> 00:51:01,498
Well, there's a great education or need
for education for transparency and

794
00:51:01,498 --> 00:51:04,918
disclosure to the full citizens of the
city.

795
00:51:04,918 --> 00:51:11,369
They understand that, and whether they get
it through the workshop that you shared,

796
00:51:11,369 --> 00:51:17,043
but anything that's internally designated
by the board is not technically

797
00:51:17,043 --> 00:51:22,561
restricted. A restriction is a legal
restriction usually in the county,

798
00:51:22,561 --> 00:51:26,992
like if somebody makes a contribution to
whatever school,

799
00:51:26,992 --> 00:51:30,878
it's restricted to this building or to
this place.

800
00:51:30,878 --> 00:51:33,753
But if this is internally designated,

801
00:51:33,753 --> 00:51:37,873
if the board says I want to use this for
these funds,

802
00:51:37,873 --> 00:51:41,992
that's internally designated and can be
undesignated.

803
00:51:41,992 --> 00:51:43,636
Yeah, so to your point, there's a reverse—

804
00:51:43,636 --> 00:51:48,321
With a resolution. But it does build into
discipline as to how you're allocating

805
00:51:48,321 --> 00:51:52,772
this versus showing $10 million of
undesignated funds and everybody comes in

806
00:51:52,772 --> 00:51:53,006
undesignated funds and everybody comes in
here

807
00:51:53,006 --> 00:51:56,988
and says, well, then I shouldn't have to
pay. Well, they do do that.

808
00:51:56,988 --> 00:52:00,502
They're saying I shouldn't have to pay for
trash collection.

809
00:52:00,502 --> 00:52:06,295
Well, so then I recommend we pick a date
in January and ahead of that I

810
00:52:06,295 --> 00:52:11,925
might draft something that then we can
discuss and tweak live at that

811
00:52:11,925 --> 00:52:12,578
meeting.

812
00:52:12,578 --> 00:52:12,948
Yeah.

813
00:52:12,948 --> 00:52:19,505
I don't know how January 22nd feels to
anybody. It's a Friday.

814
00:52:21,950 --> 00:52:23,551
Feels like early in the month is going to
be hard?

815
00:52:25,147 --> 00:52:28,428
No. I don't think so, right? Isn't it the
18th?

816
00:52:28,428 --> 00:52:30,712
Is it around President's Day? I think it
might be.

817
00:52:30,712 --> 00:52:32,176
Steve might be at the Super Bowl.

818
00:52:32,176 --> 00:52:39,842
No, I won't be. Unless Kansas City— Unless
Kansas City's playing, I might be.

819
00:52:39,842 --> 00:52:42,507
I don't think they'll get there this year.

820
00:52:42,507 --> 00:52:45,446
So 29th looks good.

821
00:52:45,446 --> 00:52:46,586
Okay, that's right.

822
00:52:46,586 --> 00:52:48,834
You want— you guys want to shoot for that?

823
00:52:48,834 --> 00:52:50,006
I was thinking the 22nd.

824
00:52:50,006 --> 00:52:55,192
22nd, that's okay too. What is that?

825
00:52:55,513 --> 00:52:56,188
Is that a Friday?

826
00:52:56,188 --> 00:52:56,991
Friday.

827
00:52:56,991 --> 00:52:59,415
Is it got a— is that a holiday or
something?

828
00:52:59,415 --> 00:52:59,897
Standard.

829
00:53:00,234 --> 00:53:00,860
You have standard—

830
00:53:01,133 --> 00:53:03,317
oh, like Martin Luther King is usually
Monday or something.

831
00:53:04,329 --> 00:53:06,950
I just want to make sure it's not around
that weekend because sometimes—

832
00:53:06,950 --> 00:53:12,595
So 22nd is Monday, the 18th is MLK, so it
would be the weekend.

833
00:53:12,643 --> 00:53:13,707
Yeah, the 22nd is great.

834
00:53:13,949 --> 00:53:16,802
So the 22nd would be okay following.

835
00:53:16,802 --> 00:53:20,877
Okay,

836
00:53:20,877 --> 00:53:24,951
22nd.

837
00:53:25,371 --> 00:53:28,608
And then just so you know,

838
00:53:28,608 --> 00:53:33,091
the workshop will be On Wednesday at

839
00:53:33,091 --> 00:53:34,336
1 o'clock.

840
00:53:34,336 --> 00:53:36,170
On the 20th?

841
00:53:36,170 --> 00:53:36,894
On the 10th.

842
00:53:36,894 --> 00:53:39,131
Of February?

843
00:53:39,131 --> 00:53:39,920
Of February.

844
00:53:39,920 --> 00:53:41,613
Okay, so that would be enough time.

845
00:53:41,613 --> 00:53:44,339
Um, how long is the workshop?

846
00:53:44,339 --> 00:53:48,988
Uh, it starts at 1 and usually goes to
about 5 o'clock. What?

847
00:53:48,988 --> 00:53:52,579
But I bet we could convince them to put us
on the schedule earlier.

848
00:53:52,579 --> 00:53:53,841
We'll put you guys up front.

849
00:53:53,841 --> 00:53:56,025
There's no reason to meet that long at
all.

850
00:53:56,640 --> 00:54:01,247
You're telling me you haven't attended
one? Yeah, you have.

851
00:54:01,247 --> 00:54:05,854
You need to come and attend one and say
just what you said.

852
00:54:05,854 --> 00:54:11,509
That was feedback that I also provided as
to why I could not be on the BOC.

853
00:54:11,509 --> 00:54:13,093
Um, 9 AM on the 22nd?

854
00:54:13,093 --> 00:54:15,790
9 AM is good. Yeah.

855
00:54:15,790 --> 00:54:18,022
Or would you prefer 8:30?

856
00:54:18,022 --> 00:54:20,189
I prefer either.

857
00:54:20,189 --> 00:54:21,345
All right, let's do 9 AM.

858
00:54:21,345 --> 00:54:27,696
9 AM. 9 AM. For me, the earlier the
better, because that's usually—

859
00:54:27,793 --> 00:54:28,594
I can do early.

860
00:54:28,851 --> 00:54:29,909
Give me plenty of time.

861
00:54:29,909 --> 00:54:31,095
All right, we can do 8:30.

862
00:54:31,095 --> 00:54:31,624
8:30.

863
00:54:31,880 --> 00:54:33,708
All right, despite current—

864
00:54:33,820 --> 00:54:34,141
sure.

865
00:54:34,237 --> 00:54:39,768
All right, I'm not, you know, all is
forgiven. Just, you know, what about—

866
00:54:39,928 --> 00:54:42,132
should I do a report out of this ahead of—

867
00:54:42,132 --> 00:54:46,434
because we had planned on my attending a
workshop and doing this earlier this year

868
00:54:46,434 --> 00:54:50,107
and it didn't get scheduled. Do I need to
do one before February 10th?

869
00:54:50,397 --> 00:54:57,333
Do you want to— do you want to come and do
that report at a BOC meeting?

870
00:54:57,333 --> 00:54:57,770
Sure.

871
00:54:57,915 --> 00:54:59,394
Yeah, I'm happy to do that.

872
00:54:59,394 --> 00:55:02,517
Just come to a BOC meeting for that and we
could do that.

873
00:55:02,517 --> 00:55:07,424
I think that makes sense because you
don't—

874
00:55:07,424 --> 00:55:09,821
Because I think it'd be good to keep that
on the record.

875
00:55:09,821 --> 00:55:12,451
Yeah, they usually do it like once a year
or something.

876
00:55:12,451 --> 00:55:16,446
Because we report up to the BOC.

877
00:55:19,446 --> 00:55:25,905
Yeah. So I think January 25th is the BOC
meeting.

878
00:55:25,905 --> 00:55:27,977
You don't want me to do one before that?

879
00:55:27,977 --> 00:55:34,628
Oh wait, I'm in the wrong year. Hold on a
second. I've already overshot their year.

880
00:55:34,628 --> 00:55:35,429
I'm sorry.

881
00:55:35,429 --> 00:55:41,849
Well, you can let me know if you want me
to come before January 25th.

882
00:55:41,979 --> 00:55:42,895
I'm happy to do that.

883
00:55:42,895 --> 00:55:43,091
Yeah.

884
00:55:44,022 --> 00:55:49,198
Let's just— you pick a day. It's the 4th
Tuesday.

885
00:55:49,198 --> 00:55:49,871
Okay.

886
00:55:49,871 --> 00:55:52,726
And I mean, you could come this—

887
00:55:52,726 --> 00:55:57,097
unless you want to wait and have more
information

888
00:55:57,097 --> 00:55:58,524
to put in there.

889
00:55:58,524 --> 00:56:03,764
I do— well, I'll circle back. I have
carpool on Tuesdays, but I can plan in

890
00:56:03,764 --> 00:56:04,323
carpool on Tuesdays, but I can plan in
advance.

891
00:56:04,323 --> 00:56:09,703
Okay. So we've set our next meeting. I
don't think there's any more business.

892
00:56:09,703 --> 00:56:13,197
Entertain a motion to adjourn. Do I have
to enter?

893
00:56:13,569 --> 00:56:16,707
That's it. That's all you got to do. Okay,
great.

894
00:56:17,241 --> 00:56:17,921
Meeting adjourned.

895
00:56:18,762 --> 00:56:19,022
Okay.

896
00:56:19,249 --> 00:56:21,244
9:40.

897
00:56:21,341 --> 00:56:21,779
9:40.

898
00:56:21,844 --> 00:56:23,353
Okay. All right, good.

899
00:56:23,353 --> 00:56:30,962
50-minute meeting. We started at 8:44.

900
00:56:31,349 --> 00:56:32,572
This is your signed version?

901
00:56:32,814 --> 00:56:34,665
Yes. I'm just going to hand that to Steve.

902
00:56:36,267 --> 00:56:41,432
I feel like we've streamlined this to
where we don't— like,

903
00:56:41,432 --> 00:56:45,196
after we get this done, then, yeah, I
mean,

904
00:56:45,196 --> 00:56:48,873
I think we've made a lot of progress here.

905
00:56:48,873 --> 00:56:51,606
Yeah, I think adding build to worst, we
can put that in there.

906
00:56:51,606 --> 00:56:53,016
That should be a simple formula.

907
00:56:53,016 --> 00:56:56,699
I would like to know, yeah,

908
00:56:56,699 --> 00:57:02,565
just should we replace any of those
things?

909
00:57:02,565 --> 00:57:07,270
And then— Yeah, right.

910
00:57:10,270 --> 00:57:15,867
Yeah.

911
00:57:18,867 --> 00:57:21,990
All right. Thank you all.

912
00:57:22,152 --> 00:57:38,704
Thank you.

913
00:57:55,520 --> 00:58:02,377
Yeah, I mean, yeah, I'm going

914
00:58:02,377 --> 00:58:09,233
to get rid of the work stuff.

915
00:58:10,806 --> 00:58:15,349
Okay, unless I have 2 new board— don't
forget we have 2 new board members.

916
00:58:16,810 --> 00:58:20,347
Oh yeah, yeah, I talked to Jen about she
wanted to be on