Transcript
AI TRANSCRIPT
This transcript was generated automatically from audio using AI and hasn't been reviewed by a person — it can contain mistakes, including plausible-sounding sentences that were never actually said. Treat it as a starting point, not a verbatim record.
[0:03]
Okay. All courting has started. Okay. It is 332 on August 17th. We have a quorum here of the
[0:13]
Registration States, Infrastructure, Financing District. Do we have a motion to call this
[0:18]
meeting to order? I move that we call it to order. And I second that. All those in favor?
[0:27]
All right.
[0:30]
This meeting is called to order. We have no preliminary action items today which brings
[0:35]
us to public comment. We have a motion to open the public comment portion of this meeting.
[0:43]
That we open the public portion of this meeting. Thank you. I second that.
[0:49]
All those in favor. All right. The public comment portion of this meeting is open. I don't see
[0:57]
Any members of the public online, but I'll pause for a moment.
[1:03]
Okay, hearing none, do we have a motion to close the public comment portion of this meeting?
[1:09]
We close the public portion of the meeting.
[1:12]
And I second that.
[1:14]
Thank you all in favor.
[1:17]
Aye.
[1:18]
Aye.
[1:19]
All right, moving right along, that brings us to the consent items.
[1:23]
We have two items on the consent agenda today.
[1:25]
Those being the approval of the draft minutes from the last board meeting on April 29th,
[1:30]
2026 and a ratification of payments made since that last board meeting.
[1:36]
Happy to answer any questions that anyone might have.
[1:39]
If there are none, I would take a motion to approve the draft minutes.
[1:44]
I review these. They look accurate to me. I approve that we approve them.
[1:52]
Can I second that?
[1:53]
All right. Motion in a second. All those in favor.
[1:58]
Okay. Perfect. The next item are the claims from the last board meeting.
[2:05]
Those were enclosed in the packet. Again, happy to answer any questions.
[2:09]
Or if there are none, just a motion to ratify those claims.
[2:13]
We ratify the payments that have been made.
[2:18]
And I second that, okay, the motion has been seconded all those in favor.
[2:26]
All right, that brings us to our action items, we just have one today, and that is the review
[2:32]
and acceptance of the Q2 financial statements, Lauren, I will let you review those.
[2:38]
Perfect.
[2:39]
And I am in a room where I have one screen, so if you could share for me, yeah, that'd be
[2:44]
perfect.
[2:45]
Thanks, Nick.
[2:47]
So board, the financial statements today are as of June 30th, and we're starting with
[2:53]
the balance sheet here, total assets we're sitting at, just over 58 million, with 47,000
[3:00]
of that sitting in the General Fund, 38.4 million sitting in the debt service fund, and
[3:06]
then 19.6 million sitting in the Capital Projects Fund, mostly in that construction account, but
[3:12]
little bit in the working capital fund. And then on the accounts payable side, it looks like an
[3:18]
accounts payable balance of 6,980.
[3:23]
And if we can scroll down one page, Nick,
[3:27]
the moving to the
[3:28]
general fund here, so far total revenues are 2614, all of which is the interest income that's come
[3:36]
in so far. And then total expenditures are 29,930, made up of the administrative costs for accounting
[3:44]
being looks like district management and then the legal costs that have come through.
[3:50]
So then after that transfer in or and I had one question on that we have that district
[3:56]
management actual versus variance, but we didn't have a budget for that.
[4:01]
Is that something that should be in accounting and auditing or is that separate from?
[4:06]
I think originally it was all budgeted within the accounting costs there,
[4:11]
that $20,000, but CLA splits it out since we're doing the district management now. So that's
[4:18]
why you're seeing that split. It should still all be worked. Was that after we switched from
[4:25]
Tom kind of helping with it to you guys doing everything? Is that what that represents?
[4:30]
Yep, exactly. And that's why you're seeing the split. It should still all be within budget
[4:35]
it, just in the different buckets here.
[4:38]
Gotcha.
[4:39]
Thank you.
[4:39]
Yeah.
[4:40]
Good question.
[4:42]
Let's see.
[4:43]
I think I left off on this transfer from other funds.
[4:46]
So this 56,020, that represents the administrative carve-out that was transferred from the Capital
[4:52]
Projects Fund.
[4:54]
So after that transfer, our ending fund balance is 41,494,
[5:01]
and then moving to the debt service
[5:03]
fund.
[5:05]
Okay. One question on that. That transfers to their fund, that foreground. What does that represent?
[5:13]
So that hasn't happened yet, but that will be a chance for the paying agent fees. So it'll get paid
[5:22]
from the general fund. It looks like and it'll get transferred to the debt service fund because that's
[5:28]
a debt service cost. Does that make sense? Yeah. But then on the debt service fund here, you'll see a chance
[5:35]
for in 4,000 if we scroll down.
[5:42]
Yep, so then you'll see that 4,000 right there. So that those
[5:47]
invoices did come through last month, so you'll probably see that expense on next quarter's financial
[5:52]
statements as well. Thank you. Then here in the debt service phone so far interest in 2021, 760,
[6:04]
And then on the expense side, we did have the bond interest payment made on June 1st, 1 million 17,000.
[6:14]
So then our ending fund balance on the debt service fund is, it's like just under 5.9 million.
[6:23]
And then lastly, the capital projects fund.
[6:26]
And so far, interest income of just under $415,000, and then we did have the acceptance
[6:35]
of reinversible costs of $4.6 million to conceive below as well with the repayment and
[6:41]
the recognition of costs for that same amount.
[6:44]
And then the engineering costs that have come through of $13,850, and then lastly, this transfer
[6:51]
to other funds that we saw for administrative costs, this went to the general fund for
[6:56]
those, the administrative carve out. So after that movement, it looks like our ending fund
[7:01]
balance and the capital projects fund is $19,599,898. Any questions I can answer on the
[7:11]
financials today. No additional questions from me. Thank you.
[7:17]
None from me either.
[7:22]
The Nick, I'll let you ask for the motion that you need.
[7:24]
Sure. Sure. The barring and other questions, we would take a motion and a second to accept
[7:30]
the Q2 financial statements. We accept the Q2 financial statements.
[7:37]
And I second that.
[7:39]
Thank you very much, all those in favor.
[7:42]
Hi.
[7:44]
Okay.
[7:45]
That brings us to the end of our action items.
[7:49]
A portion of the agenda next.
[7:51]
It's just an open meeting for.
[7:54]
Any updates on any public infrastructure business?
[7:58]
I'll pause here if any board members would like to provide any update.
[8:03]
I think that we've provided, I think you're up to speed on everything Ryan, so I don't have anything necessarily to, the construction is moving along great.
[8:13]
On schedule, doing great, we've got our agreement done with highland city.
[8:18]
Oh, hey, I feel good about where we are.
[8:23]
Okay, that's great.
[8:26]
Okay.
[8:28]
If there is no other business to come before the board today, we would just accept a motion in a second to adjourn at 340.
[8:38]
We adjourn the meeting.
[8:40]
And I second that.
[8:42]
All those in favor?
[8:44]
Aye.
[8:44]
Thank you.
[8:46]
All right.
[8:46]
We are adjourned. Thanks, everyone.
[8:48]
Thanks, everybody.
[8:49]
Thank you.
[8:49]
You