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This is a meeting of the Roosevelt Island Operating Corporation Audit Committee.

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Today is Wednesday, December 22nd, present for the committee, myself, Howard Poloby and

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Erica Lewandowski, present for the corporation, John O'Reilly, our CFO, and Vice President.

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We're going over the budget, which we expect to approve next week.

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This is a budget for the fiscal year beginning April 1st, 2022, and so a lot of the assumptions

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and projections from our partially completed year, but we've done this before and I'm sure

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that we have a tight range for those projections.

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We've had an initial meeting to go over the proposed budget, and so this is our final

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meeting, and we expect after this meeting to be in a position to recommend its adoption

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at the board meeting.

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Yeah, so the presentation that we made in September hasn't changed much.

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One change that we made to it was we adjusted the salary and the benefits to account for

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the reorganizational changes that we've made, which at the end of the day I think is going

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to result in about a half a million dollar reduction from the September budget to the

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budget that's currently in front of you.

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So we've identified some reorganizational changes that we wanted to make, and we've

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rolled those through into this budget, which is effective April 1st, 2023.

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So revenue is being projected down with $32,384,000.

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Personnel expenses at $12,481,000.

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Other expenses, $10,279,000, which brings us to a total expense of $22,760,000, net

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income before depreciation and extraordinary expenses at $9.6M, extraordinary expenses

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at $8.9M, which gives us a total net income before depreciation, which is basically our

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cash flow of a little less than $700,000, depreciation at $4.6M, that number keeps on

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going up as a result of the capital expenditures improvements that we've made over the last

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two years of $4.6M with a net income loss of $3.9M.

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The important part about that is we're still projecting to be cash positive at $688M.

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We are in the process of updating the projected actual 2022 numbers.

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Currently we're running at about a $2.6M profit for 2022 as opposed to a $506,000 loss.

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That base, that line, that column right there really represents what we had in the budget

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for last year.

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And that represents an increase as a result of some transaction fees associated with Riverwalk

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where they sold some co-ops and we earn some transaction fees as a result of those sales.

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Tram revenue is much better than it was last year, but it's still lagging behind.

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We're projecting that number to be about $3M, which is about a million and a half dollars

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off where we normally would go.

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We put $4.6M into the budget for 2023.

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This was before we really had this new variant come through.

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We were averaging about $263,000 a month in tram revenue, which was up significantly from

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last year.

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Normally we would do somewhere between $3.25M and $3.50M, so we saw a pretty good trend

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on it.

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We're still looking to see if we can get the $0.75 increase from the $2 that we get on

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a swipe to the $2.75, which is what the MTA fare is.

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I've had conversations with Shelton to see if we can press Albany or get somebody in

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to help us get to that number, so we're working hard to try to figure out if we can get that

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increase.

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That represents about a million and a half dollars to $2 million in additional revenue.

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We'll make up for the loss that we're currently seeing as a result of low traffic, which has

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been impacted by the pandemic.

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The one number in the current year that we're looking at that's higher from an expense perspective

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than we anticipated, which is hurting the numbers slightly, even though I indicated

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we have a bigger profit as professional fees and legal fees.

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We're fighting a couple of lawsuits, as you guys know, that are causing us to have a fairly

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significant increase in our outside legal costs.

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Other than that, guys, we really didn't make many changes.

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We didn't make any changes to the budget other than that salary and that benefit number,

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which, again, we're looking at about a half a million-dollar decrease from the budget

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that we presented last year.

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If you look at the year-over-year number, the projected actual for 2022, we're looking

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at almost a $300,000 reduction in that personnel expense.

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I'll be happy to answer any questions that you guys may have.

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Let me just touch on one other thing before I get to that.

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We started the insurance renewals.

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We kicked that off about two and a half weeks ago.

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There seems to have been some softening in the market relative to the general liability

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stack.

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I don't see that that doesn't mean necessarily we're going to have a decrease in cost, but

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it means that we'll be able to get the stack completed much earlier than we did last year,

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which will give us more opportunity to be out in the marketplace.

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I have Gallagher putting an analysis together on the people who they're approaching from

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a marketing perspective so everybody understands how many underwriters they've actually gone

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out to to try to fill the stack and get the numbers in.

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Hopefully, I have that by middle of January or early February so we can start looking

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at it.

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We're still going to have an issue with finding somebody to write auto liability insurance

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because there are not many people out there who are looking to write auto liability relative

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to buses.

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That's still going to be something that we're going to have to evaluate as the process goes

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along.

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I suspect we're probably going to have somewhere between a 5% and a 10% increase in premium.

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That's conservative on my part.

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I wouldn't want to tell you we're going to have a decrease just because of the nature

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of the business right now.

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The market looks like it's starting to head back to more of a reasonable perspective as

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opposed to what we've seen over the last two years.

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That's good.

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I think you said 4.3%.

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I saw that there was, I focused a little bit on the narrative, I'm sorry to spend loads

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of time on this, but I expected it to be a certain way and it was.

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You mentioned the insurance costs there and then you also discussed insurance costs again

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on page four, the second paragraph under extraordinary expenses.

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Is there a difference, could the discussions be melded in some way?

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We moved some of the numbers down below into extraordinary expenses, we can meld those

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up a little bit and change that narrative.

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It's just that this is something that someone could read.

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The rest stays.

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And also, this is like a page three you mentioned, second from bottom paragraph, increase is

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mainly due to a decrease in scope related to landscaping services, maybe it should be

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an increase.

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Yeah, it should be an increase.

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Yeah, it should be an increase.

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That increase is really associated with the fact that we have more space that we have

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to landscape now.

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We have the conversation that finished, we have South Point Park, both coastlines that

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just finished.

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We have Nellie Bly now that has to be manicured a little bit neater than what we had before.

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So we have a lot more space that we need to take care of.

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We have the aqua pavers, that space is going to have to be manicured a little bit further

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than what we've done in the past just because if we let it go, it just doesn't look good.

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And for South Point Park, my point was that we did such a good job and made the shorelines

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look so good.

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It kind of made the inside of the park look like it was a little worn and down.

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So we have to do a little bit more relative to making sure that the whole park looks good,

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not just the shorelines.

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Yeah, I saw it very briefly and I mean, it's what I envisioned.

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So in a year or two when the planting starts maturing, it will look great.

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Yeah, it's going to take two or three years and we're going to have to make sure we stay

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on top of it, otherwise it just falls back to where it was before.

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We've got some good comments on it.

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Of course, we get the few people who didn't like it who give us comments on the blogs

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and stuff.

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Oh, do they?

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Yeah, most part the people who have been walking down there, when I walk down there they've

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given us some nice comments about the place.

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It really came out well.

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It's amazing.

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The public asked for something.

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They asked for shoreline access.

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They wanted the possibility of pathways down there.

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And you have divided opinion and there are people who never want to see anything other

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than what they saw three years ago.

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There's nothing to be done about it.

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Yeah, it's come out. I think I think Trevcon did a great job on it.

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They came in and they came in a couple of months early.

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They came in on the budget.

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We couldn't ask for a better job.

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I mean, they really they really did a good job in managing and getting forward.

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So we're happy with it.

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We're happy with the way it came out.

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All the projects we did.

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We've we've done. We've finished a lot of projects this year.

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Hope Memorial, the shorelines, the elevator is going to be done probably by middle of

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January. We did Blackwell pavers.

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We got the Youth Center done.

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We got the comfort station done.

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The lighthouse will probably be done in the next week or so.

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We got Nellie Bly up.

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All that got done was in the last 12 months.

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Amazing. It was pretty, pretty, pretty aggressive schedule.

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And next year, most of the most most of the capital work will be on design.

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There's not going to be a lot of work actually being put in place as far as physical

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construction is concerned. It's mostly going to be design work.

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All right. Right.

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So where do we stand with Sports Park?

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Sports Park looks like it's going to be done probably next June or July.

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I mean, they're moving along pretty well.

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They started putting the tiles in.

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They're probably 80 percent done with the main lobby as far as tile tiling is

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concerned. All the all the infrastructure is done.

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HVAC, electrical power data.

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That's all that's all been run.

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The floor is probably going to go in.

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The gym floor is probably going to go in in somewhere around January, February

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timeframe. They started to work in the pool on the on the on the locker rooms.

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They've pretty much laid down all the plumbing work inside the ground.

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So the next thing that's going to go up and that's all going to be sheetrock.

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It's not going to be block.

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So the sheetrock is going to go up pretty quick.

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So it's moving it moving ahead pretty, pretty well.

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I suspect we'll be a little bit ahead of schedule on that.

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The way things are things, things are looking, we're going to be a little bit

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ahead of schedule.

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So it's progressing pretty well.

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We still we're still we're working with a company called New York Community Bank.

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They have interest in the space in Sports Park, but we still haven't they

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still haven't made a decision on whether they want Sports Park or the old

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amalgamated space.

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But I need to have a little bit of a plan for that.

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Old amalgamated space, but I need to have a decision from them by the end of

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next week, because if they don't make a decision on that space, then it's going

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to put a little bit of a cramp in the phasing of the projects.

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I got to figure out if I'm going to leave it for them for them to do that work or

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if I'm going to have to go back to the original design, which was office space

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and conference room.

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All right, so that's that's great.

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All we have to do is publicize everything that's been accomplished in the year.

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I actually have Liro working on like a marketing document that talks about all

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the projects that were completed over the last year and a half, two years, and

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then a section on future projects that we're thinking about doing and the

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conceptually what was what I thought is relative to those future projects.

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So we're working on that.

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I think it's going to be done for the board meeting.

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And it may be something that Shelton will present at the board meeting.

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I'm not 100 percent sure of that, but I know they're coming down to the final

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final piece, final edits relative to that document.

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And so far, what I've seen is it looks pretty good.

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That's great, because we could certainly use something like a website.

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Yeah, yeah.

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We're going to go we're going to go look to see if we can get some, you know,

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engineer news and record, which is the which is the construction periodical.

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They give they give out awards on certain projects relative to, you know,

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different different types, you know, historical work or show like work or

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whatever. So Liro and our architects.

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And also going to work together both both on the South Point Park riprap work

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and on the lighthouse restoration to see if we can apply and get

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win a couple of awards that will put us on the map a little bit.

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That would be that would be great.

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Well, I have looks good in the distance.

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It looks good, doesn't it?

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Yeah, it does. It's really good.

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Really, really, really good.

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And the monument looks good without the backdrop.

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Yeah, the monument came out really good.

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We have we have we have plans to we have plans to expand that park south.

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That's going to be in that document that liberals prepare for us.

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OK, because we've been discussing using part of the

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hospital parking space as part of the space for the residents.

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Well, we have a we have a different concept that we're looking at.

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We're actually looking at putting a green parking tower

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similar to Motegate in that space.

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We have we have a waiting list at Motegate of four hundred and eleven people.

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Look at the space is there.

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There were documents about creating the last quadrants of Motegate.

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And I don't know what I don't know if there was even a trigger

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in the documents, I believe.

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No, I don't. I'm not sure.

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I'm not aware of that.

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We're looking if we can put if we can put another parking garage in

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and earn some revenue on the parking garage,

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we can get the thing paid for probably within five to six years

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and satisfy a need for parking on the island.

232
00:16:41,940 --> 00:16:43,860
That would be very important.

233
00:16:43,860 --> 00:16:45,900
Yeah. And the way they do it.

234
00:16:45,900 --> 00:16:49,260
And also, you'd also believe that a congestion point.

235
00:16:50,100 --> 00:16:52,060
Yeah, definitely would.

236
00:16:52,060 --> 00:16:56,140
And the way they build parking garages now, they look like they look they're all green.

237
00:16:56,140 --> 00:17:00,140
They have green fronts and the top level would be almost like a park.

238
00:17:00,220 --> 00:17:02,660
We can make the top level of park so we don't lose it.

239
00:17:02,820 --> 00:17:06,900
We wouldn't lose any green space as a result of the footprint of the of the garage.

240
00:17:06,900 --> 00:17:10,340
And we would do it in a way that the first Florida garage

241
00:17:10,660 --> 00:17:15,100
would potentially be certain things like retail or different types of stores

242
00:17:15,100 --> 00:17:17,380
or things that would support the community.

243
00:17:18,340 --> 00:17:20,180
That sounds great.

244
00:17:20,900 --> 00:17:23,500
So thanks for the concept.

245
00:17:23,500 --> 00:17:24,700
Everyone involved with that.

246
00:17:24,700 --> 00:17:28,980
You know, we have we have we have a conceptual drawing of it and it looks really good.

247
00:17:29,500 --> 00:17:31,420
Oh, I'd love to see that.

248
00:17:31,460 --> 00:17:33,380
Yeah, I would say I would set that up.

249
00:17:33,380 --> 00:17:35,300
Great. Thank you.

250
00:17:35,300 --> 00:17:36,260
So.

251
00:17:40,260 --> 00:17:41,140
Can you hold on one second?

252
00:17:41,140 --> 00:17:42,820
I got to go let the dog in.

253
00:17:43,820 --> 00:17:44,620
OK.

254
00:17:47,900 --> 00:17:51,300
Erica, how are things in your neighborhood?

255
00:17:52,060 --> 00:17:57,660
You know, hanging in there, some budget season, so it's ramping up fun.

256
00:17:57,780 --> 00:18:02,180
You know, for the first time,

257
00:18:02,180 --> 00:18:05,220
we're spending more than a couple of weeks away.

258
00:18:06,020 --> 00:18:06,980
It's nice.

259
00:18:06,980 --> 00:18:08,340
That's different.

260
00:18:08,340 --> 00:18:12,980
Yeah, for me, it makes a big difference because I have some joint issues

261
00:18:12,980 --> 00:18:15,380
and I do this every day.

262
00:18:15,380 --> 00:18:16,420
That's it's.

263
00:18:18,660 --> 00:18:20,580
Good. It's nice.

264
00:18:21,580 --> 00:18:22,660
We have a lot of.

265
00:18:24,020 --> 00:18:24,780
That's good.

266
00:18:24,780 --> 00:18:29,020
It's still you know, it's Florida and covid stuff and hit and miss

267
00:18:29,660 --> 00:18:33,300
and you can go to the store and it's it's kind of a mixed bag.

268
00:18:33,940 --> 00:18:37,980
Go into any indoor space and we're not able to because they don't take the portions

269
00:18:37,980 --> 00:18:40,460
like they do in New York.

270
00:18:40,460 --> 00:18:44,060
Yeah, my my mom's in Tampa and she sort of sees a lot of the same

271
00:18:44,940 --> 00:18:49,500
inconsistent application of restrictions and guidelines.

272
00:18:50,660 --> 00:18:54,180
Oh, well, those are those are helpful suggestions, I think.

273
00:18:54,620 --> 00:18:57,780
Right, right.

274
00:18:57,780 --> 00:19:01,140
Yeah, yeah, you know, you may want to consider.

275
00:19:02,140 --> 00:19:04,820
Yeah. Terrible.

276
00:19:04,820 --> 00:19:07,540
And New York City's bearing the brunt of it right now.

277
00:19:07,780 --> 00:19:11,780
So, I mean, I get I get the daily alerts and everything, too.

278
00:19:11,780 --> 00:19:14,260
So let's see exactly what's going on.

279
00:19:17,420 --> 00:19:20,260
My kids are both in health care.

280
00:19:20,260 --> 00:19:22,660
I'm looking at things.

281
00:19:22,780 --> 00:19:27,540
And so anyway, I hope everyone whether it's a storm.

282
00:19:28,220 --> 00:19:30,980
I'm sorry that the holiday season has such a downpour on it.

283
00:19:32,780 --> 00:19:33,940
And it's tough.

284
00:19:33,940 --> 00:19:36,060
Yeah, well, everyone has hopes.

285
00:19:36,060 --> 00:19:36,860
Yeah.

286
00:19:38,660 --> 00:19:42,420
And it's just to worry people down.

287
00:19:42,420 --> 00:19:45,060
Well, I don't have any particular questions about the budget.

288
00:19:45,060 --> 00:19:47,380
How many months have actually used it right now?

289
00:19:48,540 --> 00:19:50,820
So again, how many months are

290
00:19:51,820 --> 00:19:53,860
are in the projected actual?

291
00:19:55,900 --> 00:19:59,300
We have April, May, June,

292
00:19:59,300 --> 00:20:02,260
July, August, September, October, November, eight months.

293
00:20:02,780 --> 00:20:04,540
Oh, OK. So.

294
00:20:06,580 --> 00:20:07,580
I'll update those numbers,

295
00:20:07,580 --> 00:20:11,220
but we were right now reflecting a two point six million dollar operating profit,

296
00:20:11,220 --> 00:20:14,060
which, you know, the combination of

297
00:20:15,500 --> 00:20:18,020
watching and keeping our cost in line and the additional revenue

298
00:20:18,340 --> 00:20:21,180
we got from the transaction fees on the condo sales.

299
00:20:23,220 --> 00:20:24,100
Good.

300
00:20:27,540 --> 00:20:31,060
One one other small question on the page three,

301
00:20:31,060 --> 00:20:33,140
where we talked about personal expenses.

302
00:20:33,540 --> 00:20:38,220
We want to say anything about the expenses are reviewed by you.

303
00:20:41,700 --> 00:20:43,100
I mean, we can do we can do that.

304
00:20:43,100 --> 00:20:45,460
I don't know if you have a problem.

305
00:20:45,460 --> 00:20:47,700
No, not at all. I mean, you know, just just just

306
00:20:48,020 --> 00:20:50,420
points of information for

307
00:20:50,420 --> 00:20:53,260
any of our interested public friends.

308
00:20:55,940 --> 00:20:57,620
That is, I believe, our role on the board.

309
00:20:57,620 --> 00:21:00,020
So noting that is fine.

310
00:21:01,180 --> 00:21:05,300
Yes. Just a place to review by department budget.

311
00:21:08,300 --> 00:21:11,620
And other than that, I don't have it.

312
00:21:11,620 --> 00:21:13,980
Yeah, same here. I'm glad to hear that.

313
00:21:13,980 --> 00:21:17,060
John, I'm very pleased with the way things are going.

314
00:21:17,380 --> 00:21:20,540
What about the search for control?

315
00:21:21,300 --> 00:21:22,900
Most of the people that are looking for a job

316
00:21:22,900 --> 00:21:25,740
want guarantees that they can work remotely.

317
00:21:27,020 --> 00:21:30,980
And we can't get we can't give guarantees on that.

318
00:21:32,180 --> 00:21:34,660
States not going to allow us to give guarantees that we can

319
00:21:34,660 --> 00:21:36,260
that people can work remotely.

320
00:21:36,260 --> 00:21:39,300
There's a bunch of different jobs that we're having a hard time filling

321
00:21:39,940 --> 00:21:41,300
because of that that issue.

322
00:21:41,300 --> 00:21:43,020
And it's not just us.

323
00:21:43,020 --> 00:21:45,980
It's it seems to be rampant in the marketplace

324
00:21:45,980 --> 00:21:49,900
that people are either not working because they're getting

325
00:21:51,020 --> 00:21:54,860
getting subsidies from from the government, state or federal subsidies,

326
00:21:55,500 --> 00:21:57,940
or they don't want to work because they don't want to want

327
00:21:57,940 --> 00:22:00,540
don't want to come to work.

328
00:22:01,180 --> 00:22:03,460
And I, you know, I kind of get it.

329
00:22:03,460 --> 00:22:06,300
The other night, I lived 28 miles from Roosevelt Island.

330
00:22:06,940 --> 00:22:09,300
On Monday night, it took me two and a half hours to get home.

331
00:22:10,660 --> 00:22:14,180
Because people are not take the people are leery of public transportation.

332
00:22:14,180 --> 00:22:16,580
They don't want to take the buses and the trains and the subways

333
00:22:16,580 --> 00:22:21,500
because of a combination of homeless people and covid issues and crime.

334
00:22:22,180 --> 00:22:23,540
So they feel safer driving.

335
00:22:23,540 --> 00:22:27,500
So a lot of people have switched from using public transportation

336
00:22:27,500 --> 00:22:31,180
to driving in and using their vehicles, which is causing.

337
00:22:31,180 --> 00:22:34,380
I mean, it's trying to get trying to get from Roosevelt

338
00:22:34,380 --> 00:22:38,460
down to Long Island is not one road that isn't just jam packed with traffic.

339
00:22:38,820 --> 00:22:43,460
So it's it's it's until we get this thing behind us

340
00:22:43,700 --> 00:22:46,180
and people decide that it's safe to get on the subways

341
00:22:46,180 --> 00:22:48,380
and the trains, it's going to be that's what's going to be.

342
00:22:51,780 --> 00:22:54,020
So it's been a tough market.

343
00:22:54,100 --> 00:22:57,380
So bottom line to your question, we have no hits on the controller yet.

344
00:22:59,940 --> 00:23:01,380
How would you commute?

345
00:23:01,380 --> 00:23:04,420
How would you use mass transit if you could?

346
00:23:04,420 --> 00:23:08,460
I could take Long Island Railroad into Penn, walk up a block at the train.

347
00:23:08,460 --> 00:23:10,100
You have train. Yeah, yeah.

348
00:23:11,060 --> 00:23:17,300
So, yes, it's a real two zone commute for you, but you backtrack.

349
00:23:18,580 --> 00:23:23,380
Yes. OK, so it's it's hard.

350
00:23:25,260 --> 00:23:27,820
And the state is being very careful.

351
00:23:27,820 --> 00:23:34,300
And so remote work is being offered where necessary, but can't be guaranteed.

352
00:23:35,140 --> 00:23:36,220
No, it can't be guaranteed.

353
00:23:36,220 --> 00:23:38,340
I mean, we want remote today.

354
00:23:38,580 --> 00:23:39,820
We're looking at it.

355
00:23:39,820 --> 00:23:43,140
I think we're looking at a two or three week look, look, look out.

356
00:23:43,260 --> 00:23:46,660
So, you know, most people, a lot of people on vacation for the next week.

357
00:23:46,660 --> 00:23:48,140
So it's not impacting us that much.

358
00:23:48,140 --> 00:23:50,340
And it will take us probably through the middle of January

359
00:23:50,340 --> 00:23:52,780
before we go back full time to the office.

360
00:23:52,780 --> 00:23:56,780
So we have staggered staff, staggered chefs.

361
00:23:57,820 --> 00:24:03,780
And the way we did it, the way we did it went back in the spring of 2020.

362
00:24:04,460 --> 00:24:07,580
So we'll look at that and take another view out of another.

363
00:24:07,620 --> 00:24:10,940
And, you know, middle of January timeframe.

364
00:24:13,940 --> 00:24:18,980
Meanwhile, we have we have we have staff who have to be present.

365
00:24:20,860 --> 00:24:24,300
Yeah, we have, you know, buses have the bus has to run, the tram has to run.

366
00:24:24,300 --> 00:24:25,740
We have to have facility management.

367
00:24:25,740 --> 00:24:27,460
We have to have the grounds there.

368
00:24:27,460 --> 00:24:31,300
But we try to we try to alternate the shifts, take people out of shifts.

369
00:24:31,300 --> 00:24:35,660
So in case one shift does get hit with a covid issue, we can we can have

370
00:24:35,660 --> 00:24:39,860
the flexibility to maneuver different shifts into different spaces.

371
00:24:39,860 --> 00:24:41,220
So we always have coverage.

372
00:24:41,220 --> 00:24:46,100
So we did this we did this back in the spring of 2020.

373
00:24:46,100 --> 00:24:49,740
So we just reimplemented the process that we had back then.

374
00:24:49,740 --> 00:24:53,260
So it wasn't that big of a big of a shock for anybody to understand

375
00:24:53,260 --> 00:24:55,580
what was going on and everybody's comfortable with it.

376
00:24:56,820 --> 00:24:59,140
So we'll see how it goes.

377
00:24:59,140 --> 00:25:02,060
But, yeah, it's it's going to be it's going to be

378
00:25:02,060 --> 00:25:05,740
a it's going to be a difficult next 30 days or 40 days.

379
00:25:06,620 --> 00:25:09,380
It's been hit by covid cases.

380
00:25:10,580 --> 00:25:13,940
So, yeah, we got we got a number of we got a number of staff that are

381
00:25:14,940 --> 00:25:16,580
that are positive.

382
00:25:16,580 --> 00:25:20,500
And then we have other staff that were close to the staff that tested positive

383
00:25:21,060 --> 00:25:23,020
that are the waiting results.

384
00:25:23,020 --> 00:25:27,460
I am not aware of the details, but has the quarantine recommendation changed

385
00:25:28,340 --> 00:25:30,740
for vaccinated individuals?

386
00:25:31,060 --> 00:25:32,980
It's just it's less.

387
00:25:32,980 --> 00:25:34,100
There's fewer days.

388
00:25:34,100 --> 00:25:35,460
Five days.

389
00:25:35,460 --> 00:25:37,460
Yeah, it's five days as opposed to 10 days.

390
00:25:38,060 --> 00:25:39,740
In the beginning, it was 14 days.

391
00:25:39,740 --> 00:25:42,820
Now it's 10, 10, and then it went to 10 and then five.

392
00:25:42,860 --> 00:25:43,900
Hold on for a second.

393
00:25:53,900 --> 00:25:56,140
Hello. Yeah.

394
00:25:56,140 --> 00:25:57,140
OK.

395
00:26:00,580 --> 00:26:02,580
OK. OK.

396
00:26:08,980 --> 00:26:10,980
So that's where we are.

397
00:26:10,980 --> 00:26:15,900
OK. Well, Erica, do you have any questions about?

398
00:26:17,500 --> 00:26:18,420
Oh, nothing for me.

399
00:26:18,420 --> 00:26:20,300
No, I'm I'm actually of all of this.

400
00:26:20,300 --> 00:26:23,580
I'm sort of glad to see that there might be some softening in the insurance

401
00:26:23,940 --> 00:26:26,620
market, because that's actually one part of the budget that I've always been

402
00:26:26,620 --> 00:26:28,340
a little, you know, concerned about.

403
00:26:28,340 --> 00:26:31,940
Nothing that, you know, not a result of anything that has done or could do.

404
00:26:31,940 --> 00:26:33,420
But it's out there.

405
00:26:33,420 --> 00:26:37,740
So I'm glad to see that maybe, you know, not as much of not too bad anyway

406
00:26:37,740 --> 00:26:40,780
going forward. Otherwise, I have no concerns, no questions.

407
00:26:40,780 --> 00:26:42,140
I think I'm up to speed.

408
00:26:42,140 --> 00:26:45,940
Well, maybe the market softening and then maybe the insurance companies

409
00:26:45,940 --> 00:26:47,740
have a little better internal return

410
00:26:48,780 --> 00:26:51,060
because of their portfolios.

411
00:26:51,900 --> 00:26:53,540
That can be a driver, too.

412
00:26:53,540 --> 00:26:55,900
Mm hmm. So let's see.

413
00:26:56,620 --> 00:26:58,500
Anyway, thank you for this, John.

414
00:26:58,500 --> 00:27:00,500
I know it's a lot for you.

415
00:27:00,500 --> 00:27:03,780
And these are hard circumstances for everyone.

416
00:27:03,780 --> 00:27:06,900
So if you speak to anyone on staff,

417
00:27:06,900 --> 00:27:11,820
please convey my concerns and my wishes for a healthy and happy.

418
00:27:14,380 --> 00:27:16,060
All right. Sounds good.

419
00:27:16,060 --> 00:27:17,740
We'll speak next week.

420
00:27:17,740 --> 00:27:21,460
Anyway, Erica, it's our sense that we'll recommend this budget.

421
00:27:23,460 --> 00:27:25,100
So we agree on that.

422
00:27:25,100 --> 00:27:28,940
And Erica, we agree that this concludes.

423
00:27:30,020 --> 00:27:32,220
Yes. Thank you, John.

424
00:27:32,900 --> 00:27:33,820
Thank you.

425
00:27:35,380 --> 00:27:37,780
So that's this has been a meeting of the Rosalina

426
00:27:37,780 --> 00:27:43,860
D'Aldo committee, viewing the proposed budget for the year 2022, 2023.

427
00:27:44,220 --> 00:27:48,300
But we expect to recommend this at our upcoming board meeting next week.

428
00:27:49,300 --> 00:27:54,300
I hope all viewers are well and see and enjoy the happy video. Bye bye.