2026-09-03 - Audit Committee

00:10Oh, I'm just so used to it now. It feels

00:12like it. That's what they

00:21>> And it started the first year I was

00:23>> All right. Good morning.

00:25Um the time is 10:37.

00:28Today is Thursday, September 3rd, 2026.

00:32I'd like to call the audit committee

00:34meeting order. And with that, we can

00:37have a roll call.

00:40>> Yes. Thank you, Commissioner. And uh we

00:42have all members in attendance with the

00:44exception of Dr. Thomas is joining us

00:46remotely, but we do have a quorum.

00:49>> Thank you, sir. Appreciate it. And um

00:53item

00:54was for many meeting August 6, 2026 that

00:58was sent out. I hope everybody had an

01:01opportunity to review those minutes.

01:04I give you a few minutes to do that.

01:26Can I get a motion to approve the um

01:29August 6, 2026 um minutes?

01:33>> So moved. Second.

01:35>> It's been um

01:38>> by Commissioner

01:40Based

01:42by Dr. Higgins. All in favor? I

01:47>> I and oppose.

01:49>> No, I I am going to just for the future

01:51point this out. I just saw that. I mean,

01:53I'm not a big stickler on this, but my

01:56name on page two is spelled with an

01:58extra e. It's just my y for

02:00>> paragraph. It's second just stood out to

02:04me. Second page bottom. So, you know,

02:07just I'm pointing that out mostly that

02:09uh

02:12>> you know, might get that. Oh, and at the

02:14beginning, too. So whoever's doing them,

02:16it's understandable common facility.

02:19>> We'll get that taken care of. Thank you.

02:22>> So we um

02:25have um

02:27one revive and provision will be

02:32commissioner's name. We'll get that

02:34corrected.

02:36>> Thank you for catch that.

02:37>> Yes.

02:39>> I guess you can always catch man catch.

02:41[laughter]

02:43>> All right. We'll go ahead and u move to

02:46item D and your comprehensive financial

02:49strategy and training.

02:50>> Yes. Thank you, Commissioner Fischer. Um

02:52as requested by the board at the last

02:54meeting, um I was able to convince uh

02:58the finance director David Boyd as well

03:00as assistant finance director Chris

03:02Caldwell to join us.

03:04um they are going to take a little bit

03:07of their time this morning to go over

03:09the example of the FY25 annual

03:12comprehensive financial report which is

03:14a regular occurrence. It's required by

03:17state law and you know certainly

03:19important for us as the audit committee

03:21to understand the best we can what goes

03:24into that report why it is

03:26uh the way it's formatted and some of

03:28the key takeaways in what is otherwise

03:31like a 200page

03:33um for the real uh get to the point

03:38portions of it. Um certainly if you have

03:41any questions as committee members about

03:44not only the makeup of the report but

03:47also just about the report in general,

03:50these two individuals would be the best

03:52ones to to answer those questions. But

03:55respect their time. I told them we'd try

03:56to get them out of here within about 30

03:58minutes to 45 minutes because I know we

04:00have the rest of our agenda as well. But

04:02um with that, I'll turn it over to David

04:04Boyd, our finance director. Yeah, when

04:07uh Gavin called me and told me what

04:09y'all were looking for, I

04:12you know, I realized that this is not,

04:16just to be honest with you, I don't like

04:18the report either. But I'm not as a CPA,

04:22I'm not given the option to like it or

04:25not, but I thought it would be helpful

04:29and I'm sorry I don't have this on, but

04:31there's an extra copy if the person

04:34online would like it.

04:36just to this is just something just a

04:39summary for you to read as to why this

04:43thing is so complicated. Okay. Uh you

04:47know there there's this accounting

04:50organization called the financial

04:52accounting foundation. It was

04:54established in 72. There were others

04:56before it but they weren't meeting

04:58whatever needs. Uh and basically when it

05:02was established it became Gazsby or not

05:05Gazsby it became generally accepted

05:07accounting principles for the nation as

05:09a whole except the federal government

05:11because nobody regulates them.

05:14>> Um that can be given to

05:17>> I can give that to Thomas.

05:18>> Yeah. Thank you. And so one of the

05:21reasons this thing is so long and

05:24detailed is because in 1984 they

05:27realized they needed a separate set of

05:29accounting rules for governments versus

05:32private sector organizations. So they

05:34created what we call gazsby or

05:36governmental accounting standards

05:38boards. And what they're trying to do is

05:40they're trying to make if you look at

05:42the city of Atlanta or you look at

05:44Athens Clark County or Greenwood, South

05:46Carolina, they want them all to run in

05:48the same format.

05:50So, and the reason they want this is

05:52because these are not meant for layman.

05:56They're meant for financial institutions

05:58and rating agencies because they rate

06:00the bonds

06:02>> and they want it in a format for all of

06:04them. Um, most CPAs who are not in

06:07government practice probably couldn't

06:09get through this either. But so they

06:12created Gazsby in 1984, Governmental

06:15Accounting Standards Board. And if you

06:18look on the second page,

06:21um, you'll see that I I wrote in there

06:242002, they came out with this Gazsby

06:27standard 34.

06:29Okay, so Gazsby standard 34 is why this

06:33is in the format that it's in today.

06:36They were thinking about maybe changing

06:37it, you know, recently and they did

06:40change it with 103

06:43uh but it only affects the uh enterprise

06:46proprietary funds. Uh but that is the

06:50reason why these look like they do. And

06:52just to show you down at the bottom, I

06:54wrote on here that since Gazsby has been

06:57founded, you know, in the first 18

06:59years, they created 34 accounting

07:02standards for financial reporting. In

07:05the last 24 years, they've created 69.

07:09So, we're up to 103 and they got two out

07:12there for review. You know, it goes

07:14through the community and people comment

07:17on it. And so, there's 103 active. In

07:20fact, 103 we're implementing this year,

07:22and that has to do with proprietary

07:26um statements in this report.

07:31It didn't do anything worthwhile in my

07:33opinion. It changed some of the fund

07:35balance and or income statement around

07:38and it doesn't really help anything. But

07:40I'm not the person in charge. So,

07:43>> can I ask you a question? Does it make

07:44sense? You said 103 sta standards. When

07:47you say standards, does that just mean

07:48like rules, regulations, guidelines?

07:51>> Yeah, I could have brought the st I

07:52printed out stacks of all the Gazsby

07:54standards so you can read.

07:56>> That's what that means. Yeah. So, there

07:58just means something else to pay

08:00attention to and format and calculate in

08:02a certain way.

08:03>> Like it used to be before Gazsby

08:06um say 45 Gazsby 45 had to do with the

08:11retirement plans and reporting for those

08:13retirement plans. like we have an HR

08:17>> you know that retired employees get and

08:21um there is a liability associated with

08:25all of that. uh Gazsby 45 was the first

08:29standard or statement that said, "Okay,

08:32well, you got to record a net

08:34obligation,

08:35not and that net obligation was

08:37basically did you fund this during the

08:40year according to what your actuary says

08:42you should fund it."

08:44>> And then later on after they changed the

08:46rules for pension reporting, they came

08:48out in like Gazsby 78 and said, "Oh, no,

08:52you got to report the whole liability."

08:55Well, most governments have been in

08:57business for hundreds of years and

08:59they've had these programs and all of a

09:01sudden you got to put a 100300 million

09:04dollar plus liability on your

09:06governmentwide financials. I won't get

09:08into all that detail, but that's what

09:10they do. They come out and they tell you

09:12what you're supposed to be reporting,

09:14what you're supposed to put in this

09:15book.

09:17>> And uh for the first year or so, nobody

09:20really knows what it means. And then

09:23everybody agrees upon what they're

09:24supposed to do.

09:25>> Isn't a version of that what happened to

09:27the postal service and got them in so

09:29much trouble that

09:30>> all of a sudden they had to start

09:31reporting their pension liability and

09:33funding

09:34>> and all of a sudden it look like they

09:35were bankrupt and they're like, "No,

09:36we're not bankrupt. It's just how we're

09:39having to do."

09:40>> Yeah. We've been in business for 200

09:41plus years and all of a sudden we got to

09:43start putting billions in.

09:45>> I mean, if I was in charge, I'd take

09:47that away and say, "No, you can be like

09:49any other government. just pay the

09:50liability during the year, but that's

09:53not the way they did it. So, that's why

09:56your stamps keep going up. Uh, among

09:59other things. Now,

10:02if you want to know what's important in

10:04here,

10:06what I asked the manager if I could do

10:09is

10:11kind of take y'all through an easier

10:12version.

10:15Here you go.

10:15>> Thanks,

10:16>> okay. So when uh manager Bob got here,

10:22he said uh can you provide me a

10:25financial statement every month for the

10:27general fund and and public utilities?

10:31And uh

10:32>> one of these too.

10:34>> Oh, I'm sorry. Is that that's

10:35>> I'll hand that out in a second.

10:38>> Um but he said I'd like it handed out

10:41and I said well we do one every month

10:43but you know nobody's ever been really

10:44been interested in it. So I came up this

10:48is the quarter general fund financial

10:51report

10:53and the commission gets this um but if

10:58you want to know what's important in

10:59this whole thing and I'll get to this

11:01particular document in a minute but on

11:04page four of this document

11:10you know I I have down here you know the

11:13trend and the net change to fund

11:15balances is an indicator of the

11:16financial health of the general fund.

11:18The general fund is what everybody

11:20thinks of when they think of a

11:22government because that's the one funded

11:23by taxes. You know, public utilities,

11:26they charge fees and they get paid and

11:29>> and so forth. But the general fund has

11:32that's where most of your state laws and

11:34everything and most of your financial

11:36reporting is required by here. That's

11:39what they tend to gravitate towards.

11:41That's where all the services that you

11:43see on a daily basis are funded from.

11:45The police, the fire,

11:48everything you see in your daily life

11:50gets funded out of the general fund for

11:52the most part. The landfill isn't, but

11:54most everything else is. Uh, and so the

11:57trend in that fund balance because every

11:59year during the budget they talk about

12:02the fund balance. Okay. Yes. and Gazsby

12:06has made that as complicated as humanly

12:08possible which we'll get into in a

12:10second. But um so you know the net

12:13change to fund balance in my opinion is

12:16the most important thing you can you can

12:18look at. If you go to page six of this

12:20document,

12:23I actually take like when you look at

12:25the budget, you're looking at the

12:27budget.

12:29The state law says the budget has to

12:31balance. And there's various ways of

12:32doing that, but it's not in a financial

12:35statement format like you see in this

12:37document here. So for the general fund,

12:41you know, I show things like the

12:43operating revenues, expenditures,

12:45operating surplus, deficit or profit

12:48loss, however you want to think about

12:49it. And then we have money coming in

12:51from other funds. You know, most of that

12:54is to pay is to pay for employee

12:58benefits. If we didn't do that, then

13:00we'd have to record pension liabilities

13:03and stuff on all the enterprise funds.

13:05So Gazsby gave us a walk around said if

13:08you pay for it all out of your general

13:09fund then you don't have to do that

13:11except on the governmentwide statements.

13:13>> But so that's why what most of that

13:16money is. It's the transfers out to

13:18other funds

13:20that in my opinion and I'll highlight

13:23that on the handouts I do for the annual

13:26comprehensive thinking 25 is the

13:29transfers out to other funds that I

13:31really anything. Why? because that is

13:35money that's general fund money that is

13:38being taken out of the general fund and

13:39given to other funds. It goes to a

13:42capital fund for the general fund you

13:44for all the buildings and stuff around

13:46the the county.

13:48>> Uh it goes in there to buy certain types

13:50of equipment and other capital projects.

13:53And when I came to this government back

13:57in 2014 and went through the first

13:59budget process, there was all this talk

14:02of use of fund balance. Use a prior year

14:05fund balance.

14:06>> Excuse me a second. I'm sorry to

14:07interrupt you. Why would you not just

14:09classify that as an expenditure

14:12>> because that's not what Gazby tells us

14:13to do.

14:14>> Okay?

14:14>> Because it's not an operating

14:16expenditure. It's a nonoperating

14:18expenditure. Basically, if you want to

14:20think about it in regular uh accounting

14:22reporting,

14:23>> you mean it's capital expenses.

14:26>> It can it could eventually end up like

14:28if you're buying if you transfer to fund

14:31301, which is our capital projects fund,

14:33and they go out and buy a big piece of

14:35equipment,

14:36>> then it would become a capital asset.

14:38>> This just seems like semantics though.

14:40>> It is. It is. But

14:42>> but this is the way this is set up.

14:45>> So, that's what you got to do. Yeah,

14:46this is what I'm showing you how to read

14:48it because I was I was under the

14:50impression that people wanted to be able

14:51to read and go to the most important

14:54things.

14:55>> So, in terms of in terms of when we're

14:58doing the budget,

15:00>> some of the things that we're seeing in

15:02the budget book that were that are that

15:06just look like capital expenses might be

15:09included in this category. Well, if they

15:11say use of uh prior year fund balance

15:15reserve, most of it is going to be for

15:18capital, but some of it is to go to the

15:20oper go to 911 because it's not

15:23>> fully funded on its own. It's a special

15:25reser special revenue fund. So, we do

15:29have to send money to them every year.

15:31And then there's a couple of other

15:32smaller funds that we send some money

15:35to. The bulk of this though is is

15:37capital. Now, one of the reasons that I

15:41like to focus on this line here, some

15:44government, it's not even an issue. When

15:46I came here, went through the first

15:48budget process and then SPLOS 2011 was

15:52in effect, you know, I found out real

15:55quick that in our sales tax program,

15:58Splast and SE and and Tesla,

16:01the the committees that are set up to,

16:05you know, kind of give view guidance and

16:07the commission,

16:09>> they like Yeah.

16:10>> I was told they like the shiny things.

16:13>> Okay. So, a lot of the sales tax revenue

16:17that really is supposed to go for paving

16:20roads, you know, rebuilding bridges,

16:25capital maintenance on buildings, buying

16:29public safety equipment, whatever it may

16:32be. A lot of that gets diverted to other

16:34uses that I mean, they're fine. There's

16:38nothing illegal about it, but it leaves

16:40a gap in the budget of the general fund.

16:43So,

16:43>> give me a second. I'm sorry I keep

16:45interrupting.

16:45>> That's fine.

16:46>> Um,

16:47>> it's like a podcast. [laughter]

16:49>> This is the problem. And by no means am

16:52I trying to be argumentative here, but I

16:54having served on the TE I know others

16:56have served on this too. Having served

16:59on the SPL, having just served on the

17:00T+, see what we're told in those is the

17:04exact opposite of what you just said.

17:06>> Well, wait a second. because I I when I

17:08served on it, I'm just when I served on

17:11it, I'd say I exactly learned that that

17:15when I served in 2005 and 2011, one of

17:18the things that came across that I'm

17:19always like no one listens to me when I

17:22said the special is just for the special

17:24tax and that most communities use this

17:27for what David just mentioned. Um, and

17:31so it wasn't that anyway. So that's

17:34interesting that you say it because I

17:36felt like um it was really clear to me

17:39that we we had to take care of regular

17:42things as well as fancy things.

17:44>> And to be clear, we know after a day

17:50that's what we're that's what winds up

17:52happen. But this especially came up in

17:54this last tea spot.

17:55>> Yeah.

17:56>> Because they're coming in there and

17:57they're saying we need to buy stop

17:58signs. We need to buy this. We need to

18:00buy that. And we're all in there going,

18:04why why

18:05>> why? Yeah,

18:06>> this is supposed to what? This is what's

18:09supposed to be paid out of the general

18:11fund

18:12to do is to for the maintenance stuff. I

18:15mean, if we're having to rely on the T-

18:18splots, the SPL espos for basic

18:20services, that just flies in the face of

18:22what again, we're told it's supposed to

18:25>> the people that are helping us, the

18:28citizens, when we get in there and start

18:30deliberating on what we're going to

18:32>> or is it told by the sort of what's in

18:35the atmosphere of the community that

18:37it's special in there?

18:39>> I mean, and again, it's in the name

18:40itself. I mean a special tax.

18:42>> No, it's a special tax. Special tax.

18:45>> I understand that. But it's a special

18:47tax in the Senate that is supposed to

18:48pay for special things, not necessarily

18:50to pay for the ongoing governmental

18:52issue.

18:53>> Yeah, I think that's I think it's

18:54communication.

18:55>> Well, you could pay for that and that

18:57may be the case and that's a problem.

18:59>> Yeah, that is a problem.

19:01>> You could pay for it out of the general

19:02fund, but your tax rate, your mill rate,

19:05>> of course. Yeah. And look, I'm not

19:07saying we should do that,

19:09but anyway, I just want to make clear

19:11that on two the two that I've served on,

19:14that's what we were told.

19:15>> Yeah. And and I'm not here to debate

19:18what goes on in the committees, but I'm

19:20just saying that I've had experience

19:22with two other well, one other local

19:24government in Georgia. And I mean that

19:27every government has its own process,

19:28right?

19:29>> And uh and it was a city government,

19:31too. They're run a little different than

19:33a countywide government. But

19:37when when you're asking me what's most

19:39important in these financials, this is

19:40the type of stuff I'm talking about

19:42because this affects the bottom line. So

19:45you can see here now I will say that co

19:49I don't know if y'all remember the SNL

19:51old SNL skit that had Garrett Morrison

19:54doing some

19:55>> I don't know if he was Cuban or

19:57Dominican Republic and he said baseball

19:59been very very well co was very very

20:02good to us because for what you would

20:04have thought it would have been a

20:06complete different reaction but the

20:09federal government threw a bunch of

20:10money in and then at the same time The

20:14Supreme Court had finally decided that

20:16after, you know, 15 years the internet

20:19could be taxed and our sales tax, all of

20:22them that for years hadn't gone anywhere

20:25just shot up.

20:26>> All of that occurred at one time and

20:28property values went up because interest

20:30rates went down so low. So, our revenues

20:33were very good. U one of the problems

20:37you may remember we had was we had a lot

20:39of positions that were vacant. So then

20:41we started passing uh pay uh new pay

20:46scales for like public safety, things

20:48like that. We filled up a lot of those

20:50positions and fiscal year 24 was really

20:53the first year we we somewhat

20:55normalized. If I had 23 and 22 on here,

20:58you'd see a big jump in expenditures.

21:00But down at the bottom, you also see

21:02where we had $7.6 million deficit.

21:06And then the next year we had an almost

21:08$3 million deficit. Now to most people

21:10that doesn't mean anything but I'll show

21:12you in a minute why it means something.

21:15And then this year we actually because

21:17expenditures came in. I mean revenues

21:20came in for the first year at about what

21:22we budgeted

21:23during co we could not estimate what

21:26revenues were going to be because they

21:27were going to come in at 107 108 110%.

21:32Could I have a definition of def

21:34deficit? Because this is surplus deficit

21:36and it's not Are you saying it's a

21:39deficit in

21:42how much we have left over in our

21:45savings account?

21:46>> Well, it reduces your fund balance

21:48overall.

21:49>> Right. Right. Right.

21:50>> Retained earnings in a corporation. If

21:53you have a loss, you're going to reduce

21:54your retained earnings balance. If you

21:57have a profit, you're going to have an

21:59increase. But I guess I I'm always

22:01thrown off by this word here in this

22:03context and I in that that there's a

22:05budget and we have the money that or we

22:10you know think we're we're going to have

22:11the money that's coming in. we have this

22:14and then maybe I'm just using my sort of

22:16lay person terms in that and not a

22:19because I am not a corporation but then

22:22we have a a a savings you know the what

22:25the profit what's left over

22:27>> balance

22:28>> the fund balance there in my home

22:33I'm not a corporation I think of that as

22:35the money that I have to pay someone to

22:38fix my roof when I need it and then

22:40that's going to go down a bunch or and

22:42And if it gets really up high, I can

22:44say, "Oh, let me rent a house for the

22:47summer and use that because I have more

22:49h, you know, money than I think." But

22:52but that when we touch that and make it

22:54lower, you're calling that a deficit.

22:57>> Well, that's what it is.

22:59>> In this, that's what it is. But it's not

23:00a deficit in terms of me spending more

23:04money on a daily on a monthly basis and

23:07having to go and use my credit card. So

23:10I'm I'm not spending more than the money

23:12that I have coming in. So I guess

23:15>> you have the cash on hand to pay for it.

23:17>> Yeah. Yeah.

23:18>> But you don't have enough money coming

23:19in during the year to cover this amount.

23:22That's why it's a deficit. And that's

23:24why in the budget process it's called a

23:26use of prior year reserve.

23:29>> Yeah. And that's that's what I'm saying

23:30because I mean even if you're saying I

23:32don't have enough to cover that but

23:33that's assuming I have this whatever

23:36this fund is that it's at a static point

23:40like it's I don't know 30 million. We're

23:42making something up here $30 million.

23:45Well I like you come and tell us every

23:47year we have to have it at 16 or 17% or

23:50something like that and that's $15

23:52million. So why why does it get why does

23:57it get perceived as negative if it goes

23:59from 30 to 25 when we're still I mean

24:04>> you're spending more money than you've

24:05got

24:06>> because the rating agency

24:07>> the rating the rating that's what

24:10because we're not really spending more

24:11money than we have we have the money

24:13>> I understand we have the money but

24:14correct me if I'm wrong so I'll make

24:15sure I understand this you're spending

24:17more money than you're making so what

24:19you're having to do is go into your

24:20savings and draw that down

24:22>> but don't don't get is confused with not

24:25following the budget.

24:26>> No, I understand

24:27>> because you can budget for this.

24:29>> Yeah.

24:29>> Well, and that's what I mean. Like

24:31you're having you're not you're you're

24:33saying, "Oh, you know, that that fund

24:35for my roof is now at 60,000. That's way

24:39more than a roof. So, I'm going to take

24:41some of that and spend it on my um buy a

24:44new car."

24:45>> No, I understand that.

24:46>> But you mean you can budget anything,

24:49>> right? You can budget losing $100

24:51million, but the bottom line is, and

24:53again, correct me if I'm wrong, if I'm

24:55misunderstanding this, you are simply

24:57spending more money as a government and

24:58you're bringing in. So, the reserve that

25:00you got over here for your rainy day

25:02fund is being drawn down.

25:03>> True. But if you're really what I'm

25:05saying is here is like we're I mean,

25:08from my perception, but my place and

25:10this is helping me uh in doing this.

25:12It's, you know, if I have, you know, I

25:16just I really need to have $20 million

25:18for my rainy day fund and now I have 80.

25:20Well, you know, I can spend some of that

25:23money. And that's that's the way it's

25:24been understood. I can spend some of

25:27that money now because I don't have to

25:28have a hundred million. I only really

25:30need 20 million and I have 80 million.

25:32So, yeah, I know I'm spending it this

25:35year and it's not something I can do

25:37every year. What I would say the

25:39difference is is that a lot of

25:40governments

25:42>> when they they will budget a flat line

25:45every year. So they'll say our revenues

25:48minus our expenditures that's a balanced

25:51budget.

25:52>> Yeah.

25:52>> They don't historically budget for a

25:55deficit. Okay.

25:57Uh

26:00so they do sometimes like if you have a

26:03big expenditure you know you're going to

26:05have and you just can't

26:07>> you're just not going to have the

26:08revenues for that

26:10>> u then you can budget a deficit that's

26:12the way I see other governments I've

26:14worked with do it but to budget for a

26:17deficit every year now in the past there

26:20was a before [clears throat] we changed

26:22the way we budgeted for salary because

26:26We budgeted 100% of all positions. Every

26:29year we were going to have uh

26:31>> most every year we were going to have a

26:34surplus, right?

26:35>> Everything.

26:35>> But when we start, but it got so

26:37difficult to do a budget because we'd

26:40have 20% of our positions and I just

26:44raised the question, why are we

26:45budgeting for all these positions if we

26:47know we're not going to pay for

26:48>> them?

26:49>> You know, because then it makes

26:51everything else more. It makes the

26:52capital

26:53>> projects and everything more difficult.

26:55So now we're at the when we do a budget,

26:58it's much closer to actual than it used

27:00to be.

27:01>> It's it's not perfect. I mean, you can't

27:03ever predict everything,

27:05>> but um but all this is to say is this.

27:09This is, you know, when you want to talk

27:11about what's important in this statement

27:15right here

27:16>> and you're not a rating agency or a

27:18financial institution,

27:20this is one of the major things they

27:22look at. Now you were talking about um

27:26the analysis in

27:29fund balance

27:32because

27:33this is what

27:35this is what the auditors hand out every

27:38year when they come in in February and

27:41they present the audit to you. Yeah.

27:43>> Okay. So like

27:46when you look at this you'll see like

27:48for 24 to 25 our total fund balance

27:52actually fell but our unassigned fund

27:56balance which is unrestricted basically

27:58not reserved actually rose because when

28:02you did the 26 budget you budgeted for a

28:06lot less and transfers out to other

28:08funds. that 2% on 25 is transfers out to

28:12other funds.

28:14>> That's why that's very important. And so

28:16the 25% you've got left over is more

28:20than the 22% from the year before even

28:23though you had a lower fund balance.

28:25>> It all it all has to do with how much

28:28money you're bringing in and spending

28:30and also how you're budgeting. So if you

28:32budget for use of fund balance as it's

28:34called, it's going to be in that red

28:37section. That's why to me all of this

28:40what's on this page

28:41>> and what you see here as our you know

28:44this is what the rating agencies and

28:46financial institutions look at

28:47>> and and that's the part that I don't

28:49tell me that again that the the the

28:52rating agencies

28:55are looking at what are what are they

28:57looking at

28:57>> they're looking at the trend basically

28:59>> okay

29:00>> so you can see from 20 to 23

29:03you know our total fund balance went up

29:05and our unassigned because the revenues

29:07were just coming in so great.

29:09>> But you can also see where we were

29:11putting a lot of money in transfers out.

29:14We were budgeting for that

29:16>> because that comes in at 100% of budget

29:18every year

29:19>> because we know what we're sending for

29:20those other funds,

29:22>> but we were sending a much greater

29:24amount to these other funds than we were

29:26in the past. And so if we had continued

29:30doing that with our fund balance now in

29:32a downward trend

29:34>> then it would have had consequences

29:36>> if we went out for a bond issue.

29:38>> Now this 16.67%

29:42that is what you know the governmental

29:45government financial officers

29:47association that's what that's two

29:50months two months of expenditures that

29:52you basically have in reserve

29:54>> in case something hits. So, what could

29:57something be? Well, when I was working

30:00in Florida, when I I'm worked in Florida

30:02about four years, I was working in South

30:05Florida and I just went out and looked

30:07up uh what was that? Homestead, Florida.

30:10When that Hurricane Andrew, it wiped out

30:1345% of their digest.

30:14>> Wow.

30:16>> So, you could have a major earthquake.

30:19You could have an actual hurricane come

30:22through here, you know, tornadoes,

30:25whatever, and it could wipe out a good

30:27portion of your taxable digest. So,

30:31that's why they recommend that is a

30:32minimal. It's not a maximum, it's a

30:35minimum. So, um,

30:39but you know, when you're talking about

30:42like if we look at the 27 budget, and I

30:44just pulled this page out of the the

30:47budget that was just passed.

30:52Yeah.

30:55>> Now, if you were looking at this same

30:59graph with 26 on it, you would see that

31:02the amount of fund balance

31:06>> that's assigned would go up.

31:08>> The red part.

31:09>> Yeah.

31:10because we went up 3.7 million

31:14in uh unassigned fund unassigned uh not

31:20unassigned prior year reserve fund

31:22balance use.

31:23>> We don't have that as a percentage.

31:25>> No, because it's not on there. I just

31:27I'm just showing you that the difference

31:29from year to year. You know, if you had

31:33in your budget document something that

31:35looked kind of like this, page six, just

31:37to back up everything else that's in

31:39there,

31:40>> you would get a clear picture.

31:41>> Yeah.

31:42>> You know, boom, that's what you

31:44budgeted.

31:45>> And David, I think sometime I know what

31:47Car is

31:52thinking

31:56and that's not the case,

31:58>> right? I completely rear that some

32:02people think that we are not managing

32:04our funds properly. We're not doing

32:07these things. So I think I wish we were

32:11really and again from a layman's

32:13perspective

32:13>> right

32:15>> guys not falling

32:16>> right

32:16>> and we're not we're not playing a

32:19deficit for how we can do our we can

32:21still operate

32:22>> right

32:23>> so I think we need to

32:24>> Yeah. Yeah. It's not a deficit where

32:26It's not a deficit where we're taking

32:27all the money and maxing out our credit

32:30cards and getting another credit card

32:31and maxing it out.

32:32>> We're just

32:34using more of what we had in reserves

32:36and

32:37>> right

32:38>> but again what the

32:40>> what the rating agencies and financial

32:42institutions when you go out and you

32:44want to issue bonds

32:46u especially go bonds but even

32:49>> you know [clears throat]

32:50splass bonds which are double back

32:52because you got splass and

32:55and you do an IGA, so it's bad by taxes.

32:59They're looking at this trend.

33:02>> So out of this whole thing here as a

33:04layman, it's the trend that matters.

33:09>> So speaking of our bond rating, we got

33:11really good fund ratings though.

33:13>> Yes, I want people [clears throat]

33:15understand that is really good.

33:19>> It doesn't matter whatever level of

33:20finance it is, the adults in the room

33:22are always bought.

33:24the bond rating agencies and companies.

33:26That's why everybody's petrified right

33:28now about bonds going up worldwide.

33:31>> Um because in the end of the day,

33:33they're going to say now you borrow too

33:34much money. You're going to have to

33:36spend more money uh to get this money

33:39from the board.

33:40>> Right. Understand?

33:44>> So,

33:44>> so it's the bond rating that keeps our

33:48percentage

33:50the the borrowing percentage lower. We

33:53have a word barred rating and then we're

33:55gonna pay

33:56>> that bond rating goes down. God's sakes,

33:58I'm not an expert in bonds. That bond

34:00rating goes down. It's basically like

34:02your credit score going up.

34:03>> Right.

34:04>> Right.

34:05>> Credit score going down.

34:06>> Your credit score as a as a municipality

34:09going down. So you want to borrow $100

34:11million. You're paying 4%. Your bond

34:13rating goes down. You want to borrow

34:15that 100 million. It's now four and a

34:16half.

34:16>> Right.

34:18>> Now, fortunately, in the general fund,

34:21we don't really have a lot of debt. most

34:22of our debt is through say public

34:26utilities, you know, that kind of stuff.

34:30Uh so we really don't have a lot of

34:32debt. So I just handed out, you know,

34:37from 2025.

34:39>> Which one are we looking at now?

34:41>> Oh, okay.

34:44>> Oh, I'm sorry.

34:44>> Okay.

34:48>> I'm sorry. Before we get away from

34:49bonds, uh just out of curiosity, why did

34:52it go up so much at 22?

34:55>> What?

34:56>> The bonded debt.

34:59>> Oh, the bonded debt.

35:00>> Yes.

35:02>> Oh, probably a lot of that was the

35:04classic.

35:05>> Okay.

35:07>> No, we don't pay the

35:10>> Oh, we don't pay that back.

35:12>> This is in the the big

35:14>> Oh, okay. Okay. Okay. We haven't looked

35:17at the Okay, got it.

35:18>> Yeah, I know I'm jumping on some sort.

35:22>> So, that page six of that quarterly

35:24summary that I handed out,

35:27>> when you're looking at the actual

35:30financial report,

35:32like you start on page 25,

35:35>> wait, of this.

35:37>> Yes.

35:38>> Yeah,

35:38>> but I I printed it out. Yeah, it's

35:41>> right. Well, yeah. I'm just just, you

35:42know, tying the two things together. So

35:45if you look on here, this is for the

35:47governmental funds balance sheet and

35:50income statements. And you'll see that

35:52fund balance, the unassigned fund

35:54balance. And then the assigned amount

35:57that you see on page 25 over under

35:59general.

36:00>> Yeah,

36:00>> that is what was budgeted as use of fund

36:04balance 26. That's how that how that

36:07mechanism works. And then if you look on

36:10the next page, which is 27, this is the

36:13revenues and expenditures. And so when I

36:16broke down on that page six of that

36:19quarterly report,

36:21u and I'm got I got stuff transfers in,

36:24transfers out, all that. That's the way

36:26it's done. So everything up above that

36:29is the, you know, operating revenues and

36:33expenditures and everything below that

36:36is done operating. So, but it all has an

36:39effect because it has an effect on that

36:41net change in fund balance.

36:43>> Yeah.

36:44>> So, there's two things that affect your

36:46fund balance. It's did you have a

36:49surplus or deficit during the year? And

36:51number two, how much

36:54uh prior year fund balance did you use

36:57to balance the budget?

36:59>> So, that's that's the two things.

37:05And then the final page here is just a

37:07repeat of what I've already given you.

37:10So there is a whole lot more that we

37:13could go over because you know we didn't

37:16touch on the governmentwide financials.

37:18But I mean

37:21back to this David let me just say back

37:23to this page six here the operating

37:26revenue and expenditures and the deficit

37:28here. That's because there are these

37:31things that are in the budget that are

37:34budgeted that actually weren't spent.

37:37That's why there is a surplus

37:43back to this thing that you like this

37:45one.

37:46>> Oh yeah. Well,

37:47>> I mean that's what it's in just simple

37:50language. I mean come and line down the

37:52operating surplus deficit.

37:54>> Yeah. Well, actually what you see here

37:56is you see a downward trend in the

37:58operating surplus deficit,

38:00>> right?

38:01>> We're kind of getting back to normal.

38:03>> Okay.

38:04>> But that is but that is the difference

38:06between what we budgeted to spend and

38:08what we're spending

38:10in terms of operating expenses. I mean

38:12we we

38:13>> not entirely because you'd have to have

38:15enough there to cover your transfers out

38:17to other I mean all of this is budgeted,

38:20>> right? But you you should at least have

38:23like if you have

38:25196 million operating revenues.

38:28>> If you look at that in the budget

38:30document, it also includes that

38:31transfers in

38:33>> of 4 million493.

38:35>> And then if you look at expenditures of

38:38187,

38:39that would also include the transfers

38:41out.

38:42>> That's see it's all kind of combined

38:44together. Okay, but in a financial

38:47statement format like you have in this

38:48audited financial here, it's going to be

38:50like this. So when you get to the

38:53bottom, this is what it's going to look

38:55like.

38:58And then you get into fund balance.

39:02I hope that made it a little bit clear

39:04to everybody what's important. Now, if

39:07you're a rating agency or a financial

39:09institution, there's a whole lot more to

39:11this book

39:14than what I've covered today.

39:16>> What is our bond rate?

39:19>> Um, it's like for Moody's it's like

39:23double A1 and for um S&P I think it's

39:27double A or double A plus.

39:29>> Has that changed any in the last

39:31>> uh Moody's has gone up? Maybe S&P went

39:34up too. Um,

39:36>> how does that compare to similar

39:38municipalities

39:40in the state of Georgia?

39:41>> Oh, I'd say we're doing pretty well on

39:42barre.

39:44>> I mean, that's always been my

39:45understanding. I just never heard that

39:48like you just

39:49>> Exactly. But we also don't have a lot of

39:51general obligation debt

39:54>> outside of say a sales tax like splash.

39:58>> Do we do we have um the potential in the

40:01near future for uh throwing bonds uh you

40:05know seriously high bonds like for the

40:07water system or the airport? Do we have

40:10any are we looking at I mean that's

40:12what's most important here is if we're

40:14going to need to grow particularly um

40:18you know regular G bonds what are we

40:21looking at this year

40:22>> well generally if you issue bonds for

40:24like public utilities public utilities

40:27is an enterprise that's a revenue

40:29>> bond

40:30>> so and generally when you look at the

40:34bond covenants they're very tight

40:36because they're not being backed by

40:38taxpayers

40:39It's all it's all based on what the

40:42public utilities brings in in rates.

40:45>> I thought revenue bonds were backed by

40:46the general funds behind it if they fail

40:49if they don't if they're unable to pay.

40:51>> But see, I remember during CO there was

40:53talk at the beginning of CO of reducing

40:56the water and sewer rates.

40:59>> And I was like, uh, no. Because our bond

41:03covenant says that all revenues coming

41:05into that public utility fund

41:08>> are for public utilities

41:10>> and you can't just make changes that you

41:14know meet the moment. You know what I

41:16mean? So those bond holders are

41:18protecting themselves.

41:19>> So the performance of these revenue

41:21bonds say particularly for the water

41:23utility is is that evaluated regularly

41:26the performance of these revenue bonds?

41:28I mean we're

41:29>> the rating agencies usually look every

41:32either annually or bianually and they

41:35update

41:35>> is the water department making enough

41:37money to cover what they are paying for

41:38with these revenue bonds with besides

41:40the interest and the principal. Are they

41:42making more money than the principal and

41:45interest on what they've invested with

41:47the with the revenue bond?

41:49>> Yeah. Well, those revenue bonds are

41:51actually from 2008 and we've refinanced

41:53them twice.

41:55Uh first time we saved 40 million in

41:57interest and second time around it was

42:00which was 2015 I think it was like

42:0410 or 11 million.

42:07>> And um so the payments have actually

42:10gone down over time terms of annual

42:13payments because of refinancing. Uh the

42:16risk of asking a stupid question, I

42:17would assume

42:19bond yields

42:22etc. impact government bonds just like

42:24any other debt.

42:26Is that correct?

42:27>> Yeah. [clears throat] Although if you're

42:29issuing bonds for local government or

42:31state government like for local

42:34governments there's a municipal market

42:37>> index

42:39and it's not like issuing a treasury or

42:42corporate debt because generally a

42:45municipal bond is uh tax exempt on both

42:49federal

42:50>> and if you're living in Georgia and

42:52we're issuing one

42:53>> it's state two.

42:54>> Yeah. State two. so that we get a

42:56cheaper rate because of that,

42:58>> but it's still going up in a in a higher

43:01interest [clears throat] rate

43:01environment. You're still paying more to

43:03borrow money.

43:04>> And that's something we're going to have

43:05to keep in mind because apparently

43:08that's what we're going to have they're

43:10saying now

43:12>> over at least a short time.

43:15>> I'll go back to my question though. Is

43:17is there any um things upcoming in the

43:20next year or the next five years in the

43:21capital investment plan per se water and

43:24utilities which is our probably our

43:25highest one that we'll be using most uh

43:28bonds

43:29>> don't forget the judicial center

43:31>> and the judicial right so

43:32>> but that's G

43:33>> do we have um is this something that

43:36we're going to be working on this year

43:38for for seeking new bond financing for

43:41any major is there anything in the term

43:45>> well I know the judicial [clears throat]

43:46center is currently under discussion.

43:48>> Right.

43:49>> And I know the public utilities

43:52has I think provided mayor commission

43:54plans for the

43:56>> quarry.

43:57>> So that quarry was purchased several

43:59years ago for the purpose of when

44:01they're completed there I think 2030.

44:04>> Uh [clears throat] they're going to fill

44:06that up with water

44:08and that should according to the

44:10previous director it give us like a

44:13year. We didn't get any rain. That alone

44:15will give us a year's worth of water

44:19>> for the judicial center. We're getting

44:21the big presentation on that next uh

44:23Tuesday

44:24>> at the work session. So I think that's

44:26supposed to cover how they're going to

44:28finance it.

44:29>> Yeah. And that's the first thing on that

44:30meeting.

44:31>> Yeah.

44:32>> So you should call me.

44:34>> Yeah. Right. Get the popcorn out.

44:36>> Yeah.

44:38>> Nothing for the water nothing for sewer

44:40and water the water system besides the

44:43quarry is there. there's nothing else

44:44going on.

44:45>> Not my knowledge that significant this

44:48upcoming year for bonds anyway. Like I

44:50mean there's certainly going to be your

44:52$10 million sewer projects and things

44:54like that, but

44:57>> part of part of the bonds that we

44:58currently have for utilities were the

45:01reclamation facilities and water

45:04treatment which were done within the

45:06last I think all three of them were done

45:08years ago. Yeah.

45:10Um, so I don't know of any of those

45:13particular plants that would be a

45:17significant improvement to

45:20>> require a bond.

45:22>> Yeah.

45:23>> And those bonds mature in 2038. So

45:26there's only 11 or 12 years left on

45:29them. So for our our debt that we have

45:31for the for the um for our government um

45:35is that the the most debt that we have

45:37is what other do we have outstanding in

45:39debt? It [clears throat] seems to me

45:41that we don't have a whole lot of

45:42>> we don't have a whole lot of direct debt

45:44for the general fund. Now

45:47[clears throat] when the splashed when

45:48you do a referendum for splast or t-lost

45:52in the referendum if you want to issue

45:54debt you have to include that in there

45:56too. The reason for that is generally

46:00this is why those sales tax programs

46:02it's called double back debt because

46:05first of all the sales tax any proceeds

46:08we get in sales tax has to first go to

46:11establish a debt service fund for the

46:12next payment

46:14>> and then if for whatever reason sales

46:17tax just fell off cliff there's an IGA

46:19the general

46:21>> fund basically that says we'll use the

46:24taxing powers to pay it off.

46:26>> So those are considered very safe bonds.

46:29>> What about the classic center ones?

46:31They're

46:32>> sign an IGA within.

46:33>> Right. So if if all the plans don't

46:36work, it comes back to the general fund.

46:41>> Well, the portion they can't pay.

46:42>> Right. Right. So which is, you know, why

46:44it's important that we continue allowing

46:48>> there's some visibility there on that.

46:49Yeah. Yeah. Yeah.

46:50>> I mean, yeah. Because in that case,

46:51we're the secondary basically backup on

46:54that. Didn't we retire a lot of bond

46:57debt when PET came in and completed

47:01their purchase? I can't remember how

47:03long ago that's been.

47:04>> I think those were revenue bonds that

47:06the hospital authority was paying.

47:09>> We weren't paying them directly.

47:11>> Okay.

47:12>> But we were on the hook for them with an

47:15IG.

47:16>> So when Pedmont took over the property,

47:19one of the things they did was they just

47:22took on the debt themselves. So we don't

47:24have that anymore.

47:26>> And and the airport they retired their

47:28debt too ago, right? They just had their

47:31their tea hanger debt that was also

47:33revenue bonds.

47:34>> Is that fully paid off?

47:39>> I think they have just a little bit of

47:40debt left. It's

47:42>> nothing significant,

47:43>> but that's covered in here.

47:45>> That's covered in the notes.

47:47>> Okay. [laughter]

47:49>> Which we didn't talk about. There's a

47:50whole section on uh debt and u

47:55>> where's that section on debt?

47:58But I think too to your point uh that is

48:01>> page 58

48:02>> ultimately when it comes to general

48:05obligation bonds

48:07David or Christian correct me if I'm

48:08wrong but we are capped eventually at a

48:13percentage of our

48:14>> Oh but we can never reach that

48:16>> correct yeah

48:16>> 10% of the digest we can never reach

48:19that we wouldn't have enough money.

48:20>> No but yeah I mean there would be a in

48:23theory there would be a limit on that.

48:25Okay.

48:25>> But

48:26>> yeah.

48:28>> Now, if you issue straight up general

48:29obligation bonds

48:32>> like

48:34um let's say splash, but let's just say

48:37for the general fund we want to go out

48:39and issue $100 million

48:41>> and you had to go to referendum.

48:43>> You could say in there, you know, uh

48:46this is going to be backed by the

48:48taxpaying authority of the government.

48:50We're asking your permission to issue

48:52the this voters

48:54>> to issue this debt.

48:56>> And as I understand from bond council,

48:59you could then implement a debt service

49:01mill.

49:03But if you do it,

49:04>> I'm sorry, a separate mill rate.

49:06>> There's a lot of there's there's

49:08examples in the state of Georgia like

49:09Cod County, Quinnette County, others

49:12like that. Uh they'll go out and they'll

49:15issue debt and have a separate military

49:17for that.

49:17>> I'm sure the citizens would love that.

49:19This

49:21No one wants to pay any property taxes

49:23or

49:25[laughter]

49:25>> taxes or taxes. Um David, this is this

49:29is Rushton put this together.

49:31>> No, we put it together and they gave an

49:33opinion on it.

49:34>> Okay. they gave it. So you guys

49:38like so there's the independent

49:40auditor's report is here at the

49:42beginning here but all the stuff where

49:45it gets to anything with numbers on it

49:49is you all I guess it's from page 16 on

49:52that's on so you put this all together

49:55based on all the things you have in all

49:58the computers that you have keeping

49:59track of all the money in in and out and

50:02then they're looking at it.

50:05>> Yeah. Because we actually give these

50:07financial statements to them.

50:08>> Uhhuh.

50:09>> Now, they come in initially and they do

50:11an assessment of risk.

50:13>> Uhhuh.

50:14>> Because ever since Enron and all those

50:16big frauds we had in the early 2000s,

50:18that assessment of risk is,

50:21>> you know, their starting point

50:23>> and then and then they like when we

50:25complete sections of this,

50:28>> that's that's what they their opinions

50:31on.

50:32>> I'm trying

50:34it there are things that sometimes I

50:37hear like okay well there was money

50:39there but it's still there in this is

50:41that all you know there was money

50:44allocated in certain year has it been

50:47spent yet no it hasn't been spent yet

50:50it's still there from three years ago

50:52>> well that's generally like a special

50:54revenue account and those those

50:57financial statements are in here too

51:01a lot of

51:03A lot of those special revenue accounts,

51:06um,

51:08I got to go back.

51:11A lot of those special revenue accounts,

51:14you would have to go back to page

51:19like

51:20well, first page is numbered is 89, but

51:23the explanation for those

51:25>> is page ahead of it that's not numbered.

51:29So if you go back to page 89,

51:32>> you just flip the page forward, you'll

51:35see non-governmental, non- major

51:37governmental funds. Now major

51:39governmental funds are shown.

51:41>> Wait, is that 89 87 page 8967

51:45889?

51:46Yep.

51:52>> 88 supplemented combining.

51:55>> But there's there's this right there.

51:57You got it in your hand.

51:58>> Yeah. Yeah.

51:59>> Okay. So, these are all the non- major

52:01government. They they they even make us

52:04classify funds whether they're major or

52:06non- major. And that's where they get

52:07shown in the financials.

52:09>> And so, here you got hotel, motel, all

52:12the way down to tax allocation

52:14districts.

52:15>> Those are non- major governmental funds.

52:18>> This is where you're going to find,

52:21you know, all the breakout of what's

52:25>> in these funds. how much cash, how much

52:28the expenditures were,

52:31>> um,

52:33and so forth. And they have the same

52:35thing for, uh, proprietary,

52:38uh, funds, too, you know, like public

52:41utilities, enterprise funds.

52:46We've even got a section in here on non-

52:48major component units. So like downtown

52:51development authority is a component

52:53unit.

52:55>> A board of health alternative dispute

52:57resolution.

52:59Uh the classic center is a proprietary

53:01component unit.

53:03All of those are broken down in detail

53:05on the back. But on the front you don't

53:08see the detail for anything that's non-

53:10major.

53:14>> Okay. So this is from a year ago.

53:17>> Yeah. We don't have the 26 in place yet.

53:20>> But actually looking at this the if we

53:23look at page 100 just to help me

53:24understand these columns because these

53:27are

53:29um

53:31you have

53:33this is the affordable housing special

53:35revenue fund and this was at the end of

53:38it was here right end of June last year.

53:42>> So you have final budget actual

53:45variance. So

53:49this is

53:52I look at the bottom.

53:55How do they end up being the same thing?

53:57Because it's

53:59negative function.

54:00>> Oh, you're looking on 99. Okay.

54:02>> No, I'm looking on 100 on my I'm looking

54:05at this.

54:07>> Okay.

54:09>> So, um

54:12actual versus the variance current.

54:15Well, that's because it's a governmental

54:17fund.

54:18>> And so when you establish when you adopt

54:20a budget,

54:23>> you're you're adopting a budget on

54:26proprietary funds too, but it's not

54:28required by state law.

54:30So when we show these schedules in the

54:34financial statements, we have to show

54:37the variance

54:39>> from budget, actual to budget.

54:44And like on the general fund that's you

54:46know

54:48on expenditures on by department

54:51>> that we have uh we're very picky about

54:55making sure no bud no department or

54:57component our

54:59uh constitutional office goes over

55:01budget. They can be over by a few

55:03dollars, but state has very strict

55:06rules. And then I have to write a letter

55:08to the state explaining what we're doing

55:10about it, even though I have no control,

55:13but um but we usually don't have a

55:16variance on that.

55:17>> Okay. So, this is really basic.

55:20>> Yeah, I know. But David, he said, you

55:22know, like need to learn even more.

55:24[laughter] Um, but David, so like are

55:26you the person who said like is so we

55:30get money to the office? You you guys

55:34are in the budget budget. Are you the

55:37like who's looking at it to make sure

55:40that he hasn't spent too much money?

55:43>> Well, first of all, when you go in

55:45Munice financial system,

55:48>> most of the time it's line item by line

55:50item. Mhm.

55:52>> And so if you're entering a requisition

55:54in to get paid

55:55>> and you're already over budget or or

55:58your expenditure is more than the budget

56:00stops you dead and then you have to get

56:03a budget transfer from something that

56:05has a too much money in a line item up

56:08to that.

56:11So the system, the financial system that

56:13we use whenever we make a purchase, for

56:16example, in our department, if I were to

56:18purchase $1,000 in office supplies, but

56:20my budget for the year is only 500.

56:22>> Soon as I try to input that receipt, it

56:25gets flagged in the system and basically

56:28there's the accounting side in David's

56:30office that starts giving me a call and

56:32says, "Hey, you better figure this out.

56:34>> What are you doing?" Yeah, [laughter]

56:35>> but you've already spent it on your uh

56:37your your credit card. So,

56:39>> that's correct. But at the same time,

56:42there's limits to those credit card

56:43purchases and that's why we have those

56:45limits in the purchasing so that it

56:47doesn't end up being well, Gavin just

56:48spent a million dollars and now we got

56:50to figure out how to

56:51>> how to pay

56:52>> how to pay for it. You know, we're

56:53talking about 2500 bucks at the most on

56:56credit card.

56:58I hear that agenda study department ask

57:02for more money because they over

57:07like animal services for instance if

57:09there are they spend more on the medical

57:12the vet side of it they may have to come

57:14back and

57:14>> which isn't isn't because he just wanted

57:17fancier pencils or something. because

57:19there's more animals in there that have

57:20to.

57:21>> But once it reaches that threshold of

57:23thous tens of thousands of dollars,

57:25that's nothing that

57:27>> can be approved on the credit card and

57:29then we just say, "Well, let's try and

57:31fix it after the fact." That's something

57:32that has to be

57:33>> approved ahead of time before we even

57:36make the purchase,

57:36>> right?

57:37>> So that we don't get ourselves in a hole

57:39and say, "Well, we already made it. Now

57:41we got to pay for it." Um, it's

57:43different than office supplies.

57:47>> So sure. So,

57:48>> I just want to thank you very much for

57:50doing this for us. I, you know, we could

57:52probably spend a whole week there.

57:54>> Yeah.

57:55>> If you want to spend more time, UG has

57:57an accounting school.

57:59>> You know, I tried to take a course over

58:01there and they wouldn't let me in. So,

58:03don't Yeah. I was taking the the public

58:06policy class. Can I cross over to the

58:08accounting school? They're they're

58:09really big snobs over there. They will

58:12not let you in. It's a very very good

58:14>> your own

58:17I needed two more courses to sit for a

58:19CPA exam and I I didn't really want to

58:23be a CPA but I to be able to if I wanted

58:26to two things I was interested in the

58:28the forensic accounting class and the um

58:31what was the other one there was another

58:33there were two points that I need

58:35>> oh that's a forensic accounting

58:36>> that's an interesting interesting

58:37>> that is not normal account

58:39>> it's it's really

58:40>> I mean it's good I've had one I just

58:42want to do it for an intellectual

58:44exercise, you know, because

58:46>> but but do the commissioners get uh you

58:48know, I know that you get um a briefing

58:51sometime in the year.

58:53>> It just sparks something in my mind.

58:55They one day we're gonna bring you in

58:57talk to my colleagues.

58:59>> I I think it's a good thing so they can

59:01read this is this is this document even

59:04though it's very complicated and maybe

59:06duplicated a lot of different things,

59:07but there's a lot of great information

59:09in here for people who are looking for

59:11information. If you learn how to read it

59:12and you know it, it saves. I mean,

59:14there's a this is not a cheap document

59:17to produce either.

59:18>> I would not doubt what a lot of the big

59:20financial institutions and um

59:24rating agencies,

59:25>> they can scan that in and have an AI

59:27program. Just like Adobe AI, if I get a

59:3060page document from the u from the

59:35actuary, I don't want to read that

59:37first. I want to summarize, then I can

59:39read it and understand. Yeah. So,

59:41>> but you know that the thing with the

59:43commissioners on this, but I'd also say

59:48I'd also say commissioners need a and

59:50myself included and I look at it pretty

59:52closely and I could still look at it

59:53more, but even understanding the budget

59:56the budget the parts of the budget from

59:58that like in a deep dive

1:00:01>> like a a forced retreat on the budget.

1:00:04>> Yeah.

1:00:04>> Okay. I mean, I'm I'm into big big

1:00:08>> Well, the thing I had to learn when I

1:00:10switched over from private sector to

1:00:12local government because the first year

1:00:14I did a budget, I took everybody in the

1:00:17city and I just took everybody's budget.

1:00:19I'm like, I told you we didn't have this

1:00:21money. [laughter] So, I went through and

1:00:24exed it all out and I gave it to the

1:00:25manager. I'm like, there's a million

1:00:27dollars in here. I just can't

1:00:29>> I can't take I don't know what to do

1:00:30with it. He's like, you got it down to a

1:00:32million? Well, then the city council

1:00:35found out that I had done that and they

1:00:37got really upset with me. I didn't know

1:00:39that's not I thought as a finance

1:00:41director that's what I was supposed to

1:00:42do. Doesn't work the same way as prime.

1:00:45>> So that's why I don't really do much

1:00:48with the budget.

1:00:49>> Well, I would

1:00:52I will be a champion for you to do that

1:00:55with my with our colleague sometime in

1:00:57the future for sure. [laughter]

1:00:58But but you have to understand too that

1:01:01you get elected and we have 10 districts

1:01:06and there's only 11 or 12,000 in each

1:01:08district. There's a lot of special

1:01:10interest.

1:01:11>> I hear when I watch all I hear

1:01:13>> those special interest coming in. I'm

1:01:15saying they're bad special interests.

1:01:17I'm just saying they're asking for stuff

1:01:19and you're talking about that stuff. And

1:01:21so then when you do the budget that's

1:01:23why we've had these commission defined

1:01:25options for the past four. When I first

1:01:27got here, it was the easiest budget I've

1:01:28ever been through. Bam. That thing went

1:01:31through and I'm like, "Oh man,

1:01:32[clears throat]

1:01:33>> but um but so we realize that y'all go

1:01:37through a lot. We don't

1:01:38>> because I just say no, but I wouldn't

1:01:40get elected either. [laughter]

1:01:43>> We used to publish a shortened version

1:01:45of the comprehensive

1:01:48>> budget. There's probably one right on

1:01:51the wall out there.

1:01:52>> It's on the website.

1:01:54>> Yeah, we got one. Yeah, very good.

1:01:57>> Okay. Well, David, Chris, thank you for

1:01:58taking the time. Sorry.

1:02:02>> Yes. Thank you. It's

1:02:04>> I mean, we could spend a week.

1:02:06>> Yes.

1:02:07>> Don't offer it.

1:02:08>> I don't know that I would.

1:02:10>> This group might say yes.

1:02:11>> Yeah. [laughter]

1:02:12>> Thank y'all. All right. Thank you'all.

1:02:18>> I just made one comment.

1:02:20>> All right.

1:02:22>> I know. It's just amazing to me and I

1:02:25know there's a lot of nuance there, but

1:02:27it's amazing to me that you go from a

1:02:28population in 2015, let's say you

1:02:34>> 147 124,000 people in this county and

1:02:37we're at 129 to 24. So you go up

1:02:42>> more than that

1:02:43>> 5,000

1:02:45>> 35,000. Well, that yeah,

1:02:47>> but then revenues go from 152 million

1:02:553007 [clears throat]

1:02:57in that period of time.

1:02:59>> Where's that?

1:03:00>> Oh, that's I don't know what's going on.

1:03:03>> But I I would I would say go now go back

1:03:06in there again and look at the increase

1:03:08in wages.

1:03:10>> Oh, I know. I mean how much where it's

1:03:11going because it's not you know and then

1:03:13we just I mean

1:03:15>> well increase in wages increases in

1:03:17property value and then

1:03:19>> that property values yeah is not just

1:03:22how home value that's you know the

1:03:24highrises you see

1:03:26>> well he's not complaining about the he's

1:03:28complaining about the fact that we

1:03:29spending all that money too so you know

1:03:31in terms well you are just I mean you in

1:03:34terms of the increase of 5,000

1:03:37>> and yet we're spending that round

1:03:38>> I'm not complaining about anything

1:03:40porn something.

1:03:41>> No, right. It's something. And so all of

1:03:43those those expenses um I mean because

1:03:47that's the thing that you know people

1:03:49people think we're spending it on all

1:03:51the money on I don't know like one

1:03:54bathroom or something like that and

1:03:56really what it's going to is

1:03:59benefits and and salaries and such.

1:04:02We're just losing We're just losing two.

1:04:04We're losing another attorney

1:04:08who is going over to UG. This first one

1:04:11went over. Same kind of position

1:04:15$30,000 increase.

1:04:18>> Well, get this. The police department

1:04:20offic

1:04:2270 grand

1:04:23>> at UG.

1:04:24>> Yeah.

1:04:25>> Where it's what year 50?

1:04:26>> 58.

1:04:27>> Yeah. So, you know. Yeah. A and that's

1:04:30after we've increased the salaries a

1:04:32bunch and the benefits that go with you

1:04:35know all those

1:04:36>> and what usually and I know we got to go

1:04:38on but what usually is the worst thing

1:04:40about those situations is who you wind

1:04:42up getting in whatever scenario is you

1:04:46get someone gone

1:04:48who will take the 58 or whatever it is

1:04:51>> you them

1:04:52>> you trade them and get them ready and

1:04:55then they leave.

1:04:58>> Yeah. Now we have two excellent

1:04:59attorneys. I'm sure the same thing.

1:05:02>> Yeah.

1:05:03>> Okay.

1:05:04>> Okay.

1:05:04>> All right. Real quickly, I'm going to

1:05:06just I'm going to breeze sort of through

1:05:08the FY 26 and 27 work plan status. Um

1:05:12happy to say that on Tuesday night, both

1:05:14the emergency management and elections

1:05:17audits were accepted unanimously by the

1:05:19commission. So, I appreciate that. Those

1:05:21are now in play and we will revisit

1:05:24those a year from now um for a followup.

1:05:28With regard to FY27, we are in the

1:05:31process of wrapping up the clerk of

1:05:33commissions audit. Uh we have an exit

1:05:35conference scheduled uh with the clerk

1:05:39>> next week. So more than likely though,

1:05:42we'll still have the 30-day review

1:05:43period for comments, things like that.

1:05:45So you will not see that until your

1:05:48November

1:05:49>> meeting, but we'll certainly get a

1:05:50version to you in the coming weeks. Um

1:05:54municipal court is underway. We have had

1:05:57an entrance conference with uh Judge

1:06:00Thompson and our plan has been initiated

1:06:04and so we will be initiating fieldwork

1:06:08um for that audit in the coming weeks as

1:06:11well.

1:06:12And

1:06:14I've just seen the documents um that

1:06:16Katie prepared, but we are uh ramping up

1:06:19for a transit followup one year since we

1:06:22did that. and uh the director uh Victor

1:06:26Pope has been uh made aware of that as

1:06:28well. So, we're in communication with

1:06:29him as well. So, we have those three

1:06:31things currently going on in the office

1:06:34in addition to what will soon be the

1:06:37FY28

1:06:39>> uh topics for consideration. We will be

1:06:42sending out notices to the mayor and

1:06:44commissioning to gather their topics.

1:06:46I've already been in communication with

1:06:47the manager's office on any topics and

1:06:50then obviously when we start to gather

1:06:51some of that information, we'll start to

1:06:53present it to you all and get your

1:06:54feedback on topics so that we can sort

1:06:58of finalize that work plan early part of

1:07:01next calendar year. Um, and that'll be

1:07:04for the next fiscal year. But we are

1:07:07working on all of those things at the

1:07:08moment.

1:07:09>> And that sort of wraps up my review of

1:07:12that. I know we have about 15 minutes,

1:07:15but um

1:07:17we have on here the charter review. I

1:07:19did provide a copy of our audit

1:07:21committee charter um in case anyone does

1:07:24have questions. I know Miss Higgins uh

1:07:26wanted to take a quick look at that. Um

1:07:29but we're here to answer any questions

1:07:30you might have or just recap what

1:07:32exactly that document is.

1:07:35So the this charter where is it where is

1:07:38it seated in the is it in have we

1:07:42incorporated into the regular charter of

1:07:44the

1:07:44>> No it cannot be because the charter has

1:07:47to be amended by the legislature of the

1:07:49Georgia of the state assembly. So the

1:07:51only way that that document gets

1:07:53incorporated into the actual government

1:07:54charter is if the state allows it to be

1:07:58um the it is also not incorporated by

1:08:01ordinance because this committee

1:08:04exists only at the direction of the

1:08:07mayor and so this is a mayorappointed

1:08:09body and the committee itself hasn't

1:08:11always existed in the history of our

1:08:13government. Quite honestly, I don't

1:08:15think that's the case. But if our new

1:08:18mayor on January 1st decid or sorry, not

1:08:20January 1st, but if our new mayor

1:08:22decided there's no longer going to be an

1:08:24audit committee, that would be as simple

1:08:26as that. Um, so it it is not

1:08:30codified by ordinance or for the simple

1:08:33reason that it exists at the mayor's

1:08:36discretion, which is by charter.

1:08:39And so there's no way to I know you just

1:08:42said this so I'm asking you to repeat

1:08:43something but just there's no way to

1:08:45make this

1:08:49official without getting it in front of

1:08:51the state assembly did you say I mean so

1:08:53>> my understanding and again that's

1:08:56something that uh our attorneys have

1:08:58looked at previously um is you have two

1:09:02conflicting

1:09:03>> uh issues right now

1:09:06>> in theory

1:09:08Could this document or the audit

1:09:10committee in general be codified by

1:09:13local ordinance? The answer to a degree

1:09:15is yes.

1:09:16>> It would not be part of the actual

1:09:18charter because again that needs to be

1:09:20>> right

1:09:21>> by the state. The issue though with even

1:09:24the Marin Commission taking up an

1:09:27ordinance amendment to acknowledge the

1:09:29audit committee

1:09:30>> is the fact that the mayor by charter

1:09:34holds the power to create certain

1:09:37committees. And so my understanding is

1:09:40basically there is an infliction of

1:09:44>> or infringement

1:09:46>> potentially on the mayor's power um by

1:09:49doing so. Now I think Certainly take

1:09:52that.

1:09:53>> But you know, the mayor does want to

1:09:54have c a certain amount of flexibility

1:09:57in creating and and um and disbanding

1:10:00certain committees as they function.

1:10:02Sometimes

1:10:04>> one exception that we thought of just a

1:10:06little bit about audit. It's it's an

1:10:08important function. Of course, it's an

1:10:10integral function. and um the the

1:10:13original audit committee um as mentioned

1:10:16in the history here was is primarily um

1:10:19to do the work plan for the internal

1:10:21auditor. Yes.

1:10:22>> And so my recommendation is to think

1:10:24about um the audit committee maybe even

1:10:28to be renamed or redesated as um is it

1:10:33internal a committee for the management

1:10:36of the internal audit work plan or

1:10:38something shorter than that. That makes

1:10:39sense because it it does allow some kind

1:10:42of confusion in the sense that we um you

1:10:44know us being a big little

1:10:47>> city or a little big city that we're

1:10:49always kind of in the middle in a lot of

1:10:50things and we're very unique in a lot of

1:10:52ways we do things. But the the the

1:10:55standard of practice, the best practices

1:10:58we'd say on audit committees and what

1:10:59they are and how they function is pretty

1:11:02much documented in the the finance

1:11:04officers associations and all these you

1:11:06know the consultants who say this is

1:11:08what it is. This is our best

1:11:09recommendations on how they should

1:11:11function. This is how they best function

1:11:12to serve the governments that they're

1:11:14doing.

1:11:15some of that we're doing and I think um

1:11:17you know I'm so you know personally very

1:11:19pleased and happy to participate in it

1:11:21because I think it's just been I think

1:11:22we've made so much progress

1:11:24>> um in this particular aspect of our

1:11:26government management but it's just

1:11:28something to look at to either um you

1:11:30know have the the charter the audit

1:11:33committee charter um be be really named

1:11:36and as the function that it's doing

1:11:38>> as like an advisor

1:11:40>> as an advisor commit

1:11:43committee. rather than audit committee

1:11:44because audit committee has very

1:11:45specific

1:11:47connotations of what they do. And one of

1:11:49the things that audit committees do in

1:11:51general in best practices is they're

1:11:53deeply involved in some of the things

1:11:54that we talked about today in terms of

1:11:57managing the some of the financial

1:11:59pieces and some of the internal control

1:12:00pieces. So the internal control pieces

1:12:02is the manager's job and the finance one

1:12:05is the finance officer's job and they

1:12:06are deep normally deeply involved in

1:12:08selection of external auditors. they you

1:12:12know I mean I could

1:12:14spout off probably three or four

1:12:15different things that we have talked

1:12:17about before that audit committees do

1:12:18that we don't do

1:12:20>> uh run whistleblower programs etc stuff

1:12:22like that um so just to to make things

1:12:25clear and I know that I think there's

1:12:27going to be an effort in the next couple

1:12:28years to really bring the charter up to

1:12:31date all the things that the audit you

1:12:33know that the charter

1:12:34>> either we're doing what we're doing what

1:12:36it says in the charter and the

1:12:37ordinances or we're not

1:12:38>> as a government we can

1:12:40a review

1:12:43of our trial which needs to happen my

1:12:45opinion

1:12:46>> and then whatever we do and put it in

1:12:48has to go up

1:12:50>> legislators rubber standard

1:12:52>> and I think that should be probably a

1:12:53comprehensive effort rather than a

1:12:55oneoff with something like this you know

1:12:58that makes a lot more sense

1:12:59>> if I had to guess and I'll probably put

1:13:02that together

1:13:05citizen

1:13:07advisory along with some commissioners

1:13:10on that field.

1:13:11>> You might be interested that Augusta is

1:13:13Augusta

1:13:15>> Augusta has just put a charter review

1:13:18together like two years ago and so it be

1:13:20interesting to see their experience in

1:13:22doing that if they're making progress on

1:13:23how well that's been done. So designing

1:13:25designing what you want to do to see how

1:13:27well he did that the mayor I never lost

1:13:30the race

1:13:32>> new mayor's coming in he was a one term

1:13:34guy so literally they put that and I

1:13:36know him so I I'll

1:13:39make a phone call yeah I think it's

1:13:40something down the road that we do I

1:13:43mean charter really been looked at since

1:13:44it's been

1:13:45>> and what I would Yeah. And I think too

1:13:47one thing that will make that might

1:13:49coincide with the timing of that is the

1:13:52fact that starting in 29 you'll have an

1:13:54overview commission

1:13:56>> that is selected again by the superior

1:13:58court

1:13:59>> to look at unification across the board.

1:14:02Um

1:14:02>> but they can they can push that ahead.

1:14:04They don't have to wait for the 10-year

1:14:06interim.

1:14:07>> You know the last group commission

1:14:08recommended in five years since they

1:14:10were not as effective as they could be

1:14:11because it was during co Yeah. um and

1:14:14never really got to the meat of you know

1:14:16basically got to review what's been

1:14:17reviewed before, you know, that was

1:14:19basically the

1:14:20>> the the um summation of that that

1:14:24overview commission. So

1:14:25>> that's also something that they they can

1:14:27read and that'll be right up your alley.

1:14:30Other things be fun.

1:14:31>> Yeah.

1:14:32>> But no, we are designated as the

1:14:33official liaison, right? Um for that uh

1:14:36committee, but that'll be something that

1:14:38Yeah. might coincide with the overall

1:14:40charter review. But yeah, I mean I think

1:14:42to your point uh Miss Higgins is that

1:14:45yes

1:14:46there are differences in our current

1:14:50audit committee uh structure from that

1:14:53of best practices you know and that is

1:14:56not necessarily by accident. Some of

1:14:58that is by design

1:15:00>> um because of the fact that

1:15:03>> you know there are differences even in

1:15:05audit committees between the corporate

1:15:06world versus the government world. Um

1:15:09and

1:15:10what I would say is certainly this body

1:15:13and I feel comfortable that and I think

1:15:15you all would agree that following the

1:15:17charter that is in place right now in

1:15:18front of you

1:15:20>> that is what we are doing. I think your

1:15:23role and our role is is specified and I

1:15:26think we've been adhering to that uh

1:15:29accordingly. I don't disagree that, you

1:15:31know, in the future should a mayor

1:15:33decide to keep the same structure, could

1:15:36a different name be employed?

1:15:38>> Yeah, I mean, I think you're right. You

1:15:39know, an advisory committee uh

1:15:43uh may be appropriate. Um, but yeah, I

1:15:47mean I think to some of those uh

1:15:51separation of of duties, if you will, as

1:15:53you were indicating, between the finance

1:15:55department and what we currently do,

1:15:58>> perhaps there's room in the future for

1:15:59some of those things to mesh a little

1:16:01bit more. I don't think there's anything

1:16:02wrong with that, but there are some

1:16:04divides obviously. You know, the the

1:16:06audits themselves that we just went over

1:16:08>> have to be done

1:16:10>> independently of myself and our

1:16:12department. Um, you know, and

1:16:16I would also say too that,

1:16:19you know, some of those same duties that

1:16:24are described in typical audit

1:16:26committees are also given by ordinance

1:16:28to myself.

1:16:30>> And that again would also be one of

1:16:32those conflicts that would arise as

1:16:34well. is does that does any change in

1:16:37the responsibility of an audit committee

1:16:39years from now, for example, infringe

1:16:41upon the charter again with my position

1:16:46being embedded in the charter and the

1:16:48responsibilities that I have as auditor

1:16:51versus distributing those

1:16:53>> to other you know entities. So those are

1:16:56just all the complex nuances of of local

1:16:59government uh audits. Uh but

1:17:03nonetheless, I think it's good to review

1:17:04this and thank you for that.

1:17:05>> One thing I'm just looking at this this

1:17:08um document itself. I don't know where

1:17:10this

1:17:11>> if this document is available for

1:17:14anywhere. It's not on the

1:17:16>> No, I believe it's on our web page.

1:17:17>> It is on there where

1:17:19>> under the audits and uh

1:17:20>> Okay. go to it's our home page and it's

1:17:24under

1:17:25>> but anyway the the title of this is

1:17:27Athens Clark County audit committee

1:17:29charter audit committee charter and then

1:17:32when I just looked it down I mean I

1:17:33noticed one thing was that the mayor it

1:17:35doesn't say under the mayor one of the

1:17:37responsibilities is to appoint the

1:17:40>> the audit committee but I'm also looking

1:17:42at this again now with this title and

1:17:45I'm going

1:17:47some of this is just about off of the

1:17:50audit process and not right. So the I

1:17:52mean when I look at section four as this

1:17:54composition

1:17:56>> it's not the composition of the

1:17:57committee. It goes into the whole

1:18:00different thing in the audit process.

1:18:01And so I don't really know why in terms

1:18:04of this being a document about the audit

1:18:06committee

1:18:08>> why that is I mean that that might be in

1:18:12a sense like supplementary material for

1:18:14the audit committee members to know but

1:18:16it is not about the audit committee per

1:18:19se. Um and so it seems to be it seems to

1:18:22merge kind of things like the audit

1:18:24process and and some of the composition

1:18:26in here. I mean in terms of how to run

1:18:29this committee. Um it seems like a lot

1:18:32of the stuff that's on page six and

1:18:33seven and then on

1:18:37a really should be like a supplement

1:18:41supplementary material to help the

1:18:43committee members understand what

1:18:45they're doing. So that's just me looking

1:18:47at it organizationally. the document.

1:18:50>> Yeah, we it will be appointed. I'll be

1:18:52coming off the committee. So, we'll be

1:18:53appointed

1:18:55>> another commissioner.

1:19:00>> Someone is reliable and

1:19:03you

1:19:05>> Okay.

1:19:07>> You probably [laughter]

1:19:13ringing endorsement here, is it? By

1:19:15default.

1:19:20>> [laughter]

1:19:21>> Yeah, now I am. Right.

1:19:23>> Well, chair, there really the only with

1:19:25four minutes left business that I have

1:19:26to attend to uh yet today on the agenda,

1:19:28there's not much of an update, but I did

1:19:31want to guess to get to the next

1:19:33scheduled meeting of October. I do think

1:19:35that's something that given that that

1:19:37week in particular, the mayor and

1:19:39commissioner retreat is earlier that

1:19:41same week. And I just realized, yeah,

1:19:43>> soon as our mayor,

1:19:45>> our mayor and commission retreat is

1:19:47over, I'm head Robbins.

1:19:49>> Sure.

1:19:50>> Hub city with all mayor from around the

1:19:52state. So, I won't be here anyway. So,

1:19:54>> yeah. And I don't know if my schedule

1:19:55will even allow me to be here that day.

1:19:57Um that said on the on the October 1st,

1:20:00my suggestion would be to cancel the

1:20:01October 1st meeting and just meet again

1:20:03in November because

1:20:05>> you will have in November a a uh review

1:20:08of the clerk of commission audit by

1:20:11then. You won't have it for the October

1:20:12meeting. Um we will have a status update

1:20:15at least on the transit followup and

1:20:18we'll have a status update on the

1:20:19progress with magistrate court. You may

1:20:23even have a very rough version of some

1:20:26of the topics for consideration for the

1:20:29next fiscal year's audit, but none of

1:20:31that will be ready by October 1st. So,

1:20:33quite honestly, it would be the quickest

1:20:35meeting we've ever had in October 1st if

1:20:36we have

1:20:38>> Well, I make a motion to um cancel that

1:20:41meeting. I I second that and reschedu

1:20:44and then the next meeting with

1:20:47>> November 5th.

1:20:48>> November 5th.

1:20:49>> Yes. Okay. So,

1:20:50>> and just it sounds like there's going to

1:20:51be a lot of um to review. So,

1:20:54>> yes,

1:20:55>> we will try to get everything out to you

1:20:57in advance via email um you know two to

1:21:00three weeks ahead of the meeting. We

1:21:01don't want to you know give you four

1:21:02days to look at it but yes, there will

1:21:04be some material to look at for November

1:21:07and hopefully you'll have the time now

1:21:08with this meeting uh being cancelled uh

1:21:11to do that for November.

1:21:13>> Great.

1:21:15>> We just need a vote on that. We've got a

1:21:17second. You got a motion by uh

1:21:19Commissioner Mario, second by um Dr.

1:21:22Higgins. All in favor?

1:21:24>> I in oppose.

1:21:26>> All right.

1:21:27>> Thank you.

1:21:28>> Thank you,

1:21:29>> Thomas.

1:21:30>> All right. And then just a motion to

1:21:32adjurnn.

1:21:33>> Motion to adjurnn.

1:21:34>> So move.

1:21:35>> Second.

1:21:36>> All right. We have a motion to adjourn.

1:21:38[clears throat]

1:21:38Y'all have a great day and

1:21:41another meeting.

1:21:43>> Okay.

1:21:44>> All right. Thank you. I'll I'll take

1:21:45that as unanimous vote. All right.

1:21:48>> Thank you, Dr. Thomas.

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