[00:00:12]
COUNTY BOARD OF EDUCATION FINANCE COMMITTEE OF AUGUST 12TH, 2021.
AND I'LL BEGIN AND IS A HYBRID VIDEO CONFERENCING MEETING.
AND THE MEETING WILL BE LIVE STREAM BY THE COUNTY CHANNEL.
ANY REQUEST FOR PUBLIC COMMENTS WILL BE ACCEPTED BETWEEN FOUR AND FOUR 30, BUT NO PUBLIC COMMENTS WERE PROVIDED.
THE FIRST AGENDA ITEM IS THE PLEDGE OF ALLEGIANCE.
IF YOU STAND, I PLEDGE ALLEGIANCE TO THE FLAG OF AMERICA AND TO THE REPUBLIC STANDS ONE NATION UNDER GOD, INDIVISIBLE WITH LIBERTY AND JUSTICE FOR ALL NEXT ITEM ON THE AGENDA IS THE APPROVAL OF THE AGENDA.
MOTION HAS BEEN MOVED AND SECONDED.
UH, THERE IS AN ISSUE ON THE AGENDA THAT AT OUR LAST MEETING, WE SAID THAT WE WERE GOING TO HAVE A DISCUSSION TABLE, A DISCUSSION OF
SO WE'RE GOING TO NEED A POSTPONEMENT UNTIL OUR NEXT MEETING.
SO THAT IS A DIFFERENT CHANGE PROBABLY SHOULD HAVE HAD ON HERE OVERSIGHT.
UM, AFTER WE APPROVE THE AGENDA, I CAN MAKE A MOTION TO POSTPONE THAT INDEFINITELY AND PROVIDE SOME CONTEXT TO THAT.
MA'AM SO YEAH, THE MOTION ON THE FLOOR, ALL THOSE IN FAVOR SIGNIFY BY SAYING AYE.
OPPOSED MOTION PASSES THREE ZERO.
SO I'LL, UM, WE INDEFINITELY POSTPONE THAT ITEM, UH, IN REGARD TO THE POLICY.
I BELIEVE IT WAS WHAT WAS IT? OH, SIX 16, RIGHT.
UM, THAT WAS DISCUSSED IN THE POLICY COMMITTEE AND I PROVIDED THAT IN MY REPORT TO THE FULL BOARD RECENTLY.
UM, SO I DON'T BELIEVE THAT THERE'S ANY, UM, NEED TO DISCUSS THAT ONE ANYMORE.
DO YOU REMEMBER HEARING THAT AT MY REPORT? I DO REMEMBER THAT NOW.
DO YOU HAVE ANYTHING THAT YOU WANTED TO ADD? DID WE NEED TO DO ANYTHING MORE? THANK, THANK YOU, COLONEL DIRE.
UM, I DO REMEMBER THAT RACHEL, YOU PROVIDED, UM, SOME INFORMATION ABOUT THE POLICY COMMITTEE.
UM, BUT I REALLY DON'T REMEMBER WHAT THE DECISION WAS REGARDING.
UM, THE TWO ASPECTS OF ALWAYS 6.16, WHAT, WHAT DOES, WHAT THE POLICY COMMITTEE DECIDED? OKAY.
I APOLOGIZE IF I HAD, I HAD, UM, IN MY REPORT, I THOUGHT WHAT I HAD, UM, CONVEYED WAS THAT AFTER THE DISCUSSION, UM, THE POLICY POLICY COMMITTEE THOUGHT THAT THE POLICY SHOULD STAND.
UM, AND WE CLARIFIED THE INTENT.
SO IF I MISUNDERSTOOD ANYTHING THERE, I MEAN, WE CERTAINLY CAN BRING IT BACK TO THE FINANCE COMMITTEE, BUT IT'S MY UNDERSTANDING THAT AS IT WAS WRITTEN, UM, THE INTENT WAS CLARIFIED ON THAT, RIGHT? SO THE INTENT WAS CLARIFIED, BUT THE REQUEST FROM THE OPS COMMITTEE WAS TO BRING IT TO THE FINANCE COMMITTEE TO DISCUSS THAT INTENT, UM, UNDER THE LIGHT OF SOME NEW INFORMATION, SOME DISCUSSION THAT OCCURRED AT THE OPS COMMITTEE.
THAT WAS, I MEAN, AGAIN, I BELIEVE THE INTENT WAS CLARIFIED, BUT THE OPS COMMITTEE WAS HOPING THAT THAT INTENT WOULD BE DISCUSSED AGAIN.
WELL THEN, UM, SINCE IT WASN'T SECONDED, I'LL WITHDRAW AND WE'LL BRING IT UP AS A FUTURE TOPIC FOR THE NEXT MEETING.
DO I HAVE A MOTION TO APPROVE THE JULY 10TH, 2021 COMMITTEE MEETING MINUTES MOVED BY CAMPBELL SECONDHAND BY DR.
VISHNEFSKI ANY DISCUSSION? UM, I WOULD JUST ASK ROBIN, I SAW SOME SMALL, UM, TYPOS AND THINGS LIKE THAT.
IF YOU COULD JUST LOOK IT OVER, UM,
[00:05:01]
FOR THAT, OTHERWISE THE CONTENT IS FINE.I'LL HAVE FOLKS ALL THOSE IN FAVOR SIGNIFY BY SAYING AYE.
OUR NEXT ITEM IS DEBT SERVICE, BUDGET AMENDMENT.
AND BRIAN, I BELIEVE YOU'RE HERE TO TALK ABOUT THAT.
UM, CAN EVERYONE HEAR ME? YES.
UH, SO, UM, I WAS, I WAS WORKING WITH MS. CROSBY ON, UM, SORT OF BUDGET TO ACTUAL AND, UH, I GUESS ON MAY 18TH, THE BOARD PASSED A, UM, A DEBT SERVICE BUDGET.
AND THAT WAS BEFORE, UH, THINGS WERE FINE TUNED IN PARTICULAR.
UH, THERE ARE TWO, UH, BOND ISSUES THAT HAVE, UH, ONE HAS BEEN ISSUED AND CLOSED AND THE OTHER IS ABOUT TO BE ISSUED.
UM, THAT IS THE, UH, 2021 C BOND, WHICH IS YOUR ANNUAL 8% BORROWING.
AND THEN, UM, TO MAKE YOUR INSTALLMENT PURCHASE PAYMENT AND YOUR, UH, LAST, UM, ACQUISITION PAYMENT, WHICH WAS FOR ACTIVITY BUSES, IT WAS A FINANCING FOR ACTIVITY BUSES.
THERE WILL BE, UH, ANOTHER BOND ISSUE THAT WE'LL SELL ON SEPTEMBER THE END OF SEPTEMBER, BEGINNING OF AUGUST.
UM, AUGUST 1ST, UH, I BELIEVE IS THE SALE DATE.
SO, UM, THERE HAS BEEN AN ADJUSTMENT FOR THE SALE OF THE, IN FINAL SIZING OF THE 2021 C BONDS.
AND THEN IT STILL INCLUDES THE ESTIMATE FOR THE 2021 D BONDS, BUT THE NUMBERS SHOULD NOT CHANGE MATERIALLY, UM, TO WHAT IS BEING SHOWN IN THE AMENDMENT.
CAUSE I BELIEVE THAT, UM, MS. CROSS, WE PUT THE WORD REVISE, RIGHT.
AND SO THE REDEMPTION OF THE PRINCIPAL AND INTEREST IS IN RED IS CHANGES ARE IN RED, IS THAT CORRECT? THAT'S CORRECT.
AND I, I PROVIDED THOSE NUMBERS, UM, TO HER AND, UM, SHE, UM, SHE, SHE TIED OUT AS WELL.
DO YOU THINK FURTHER, YOU'D LIKE TO MENTION JUST THAT THERE'LL BE A SLIGHT CHANGE WITH THE FINAL SIZING OF THE 2021 SEAT, 2021 VAUGHN, BUT I DON'T DEEM IT TO BE MATERIAL.
AND SO, UH, YOU NEED TO HAVE THIS APPROVED BY THE FULL BOARD AT OUR NEXT BOARD MEETING.
I THINK SINCE YOU'VE GONE THROUGH THE PROCESS OF APPROVING A PRELIMINARY BUDGET AND WE, WE NOW HAVE A MORE CONCISE NUMBER, I THINK IT WOULD BE, UM, I THINK IT WOULD BE APPROPRIATE TO HAVE IT RATIFIED.
DO I HEAR A MOTION TO RECOMMEND TO THE FULL BOARD THAT WE APPROVE THE AMENDED FIGURES ON THIS BOND ISSUE? I'LL MAKE A MOTION THAT WE MOVE THAT THE FINANCE COMMITTEE, 21 21, 22 OH 9,274,891.
IT'S BEEN MOVED AND SECONDED THE MOTION.
IS THERE ANY DISCUSSION? I KNOW THIS IS NOT SOMETHING THAT WAS CHANGED, BUT I JUST WANTED TO ASK IF THERE COULD BE CLARIFICATION PROVIDED FOR THE AREAS THAT HAVE THE PERCENT CHANGE, WHERE THEY'RE BOLD AND THEIR TOTALS, UM, HOW THAT NUMBER IS DERIVED.
BRIAN, DID YOU GET THAT? YEAH.
UM, I DO NOT HAVE THAT ANSWER.
UM, THAT WOULD BE MORE OF, UH, OF A MS. CROSBY ACCOUNTING, UM, TYPE ANSWER, BUT, UM, LOOKING AT IT, IT LOOKS LIKE IT'S A PERCENTAGE CHANGE FROM THE, MAYBE THE BUDGET TO THE ACTUAL, UM, THE INCREASED, DECREASED DIVIDED BY, UM, A SPECIFIC AMOUNT.
BUT I DID SEE WHICH COLUMN THAT IT'S BEING DIVIDED BY.
SO IT'S THE 4 MILLION, ONE 13 DIVIDED BY WHAT ARE THE OTHER FIGURES TO COME UP WITH? SIX, A CHANGE OF 6.7, 3%.
THAT'S WHAT IT APPEARS TO ME, BUT I DIDN'T PRODUCE THE DOCUMENT.
[00:10:01]
ASK THAT THE FULL BOARD.IS THERE ANY FURTHER DISCUSSION OR QUESTIONS HEARING NONE.
ALL THOSE IN FAVOR SIGNIFY BY SAYING AYE.
THE NEXT ITEM ON THE AGENDA IS A DISCUSSION OF 8% DEBT IS I RECALL WE WERE TALKING ABOUT THAT OUR LAST MEETING AND THE QUESTION IS, IS WHAT AMOUNT OF DEBT CAPACITY, 8% DEBT CAPACITY SHOULD WE RETAIN AS A TARGET, NOT A POLICY, BUT AS A TARGET FOR, UM, FOR THE FUTURE AS WE GO FORWARD RIGHT NOW, AS OF 2021, WE HAVE A DEBT SERVICE OR 8% DEBT CAPACITY OF $79,796,274.
UH, WHEN I CAME ON THE BOARD, WE HAD A DEBT SERVICE CAPACITY OF ABOUT $20 MILLION.
SO WE HAVE, UH, WE HAVE IMPROVED OUR DEBT SERVICE CAPACITY CONSIDERABLY.
THE QUESTION IS, SHOULD WE HAVE A TARGET FOR HOW MUCH DEBT CAPACITY SHOULD WE TRY TO MAINTAIN IN OUR 8%? NOW WE USE NOT.
I WAS THINKING ABOUT THAT IS I LOOK AT 8% AS BEING OUR SORT OF LIKE OUR LINE OF CREDIT.
A COMPANY WILL HAVE ITS OPERATING CAPITAL.
IT'LL HAVE SOME RESERVE FUNDS AND ALSO HAVE A LINE OF CREDIT FOR EMERGENCIES OR FOR OPPORTUNITIES.
UH, AND THEY'VE ALREADY WORKED IT OUT WITH THE BANK SO THAT THEY CAN GET EXCESS THIS LINE OF CREDIT VERY QUICKLY, BECAUSE OFTENTIMES IN BUSINESSES YOU NEED TO DO THAT.
I BELIEVE THIS 8% BORROWING CAPACITY IS OUR LINE OF CREDIT.
FOR EXAMPLE, IF WE HAD A MAJOR EMERGENCY, IF WE HAD A MAJOR HURRICANE AND WE HAD A MASS DESTRUCTION, WE HAVE OUR OPERATING RESERVES, OUR FUND BALANCE THAT WE CAN IMMEDIATELY RIDE CHECKS.
WE HAVE THE P-CARD THAT WE CAN IMMEDIATELY GIVE TO A VENDOR TO CLEAN UP THE GRI OR WHATEVER.
BUT OTHER THAN THAT, WE DON'T HAVE ANYTHING THAT WE CAN GET QUICKLY WITH THE EXCEPTION OF 8% DEBT CAPACITY THAT WE COULD BORROW VERY RELATIVELY QUICKLY.
AND IF YOU RECALL, WHEN HURRICANE MATTHEW WAS HERE AND THEY HAD THIS MASSIVE TREE BLOW DOWN AND SO ON HILTON HEAD ISLAND, AND WE HAD COMPANIES FROM ALL OVER THE U S COMING IN TO START CLEANING UP DEBRIS, WELL, HE WHO HAS THE MONEY RIGHT AWAY, GOT THE FIRST DEBRIS TAKEN CARE OF.
AND THAT'S WHY IT'S IMPORTANT TO BE ABLE TO SIGN SOME CHECKS QUICKLY.
UH, THEY, THESE COMPANIES THAT COME IN AND CLEAN THINGS UP, DON'T TAKE IOUS AND THEY WON'T WAIT.
AND WE CAN'T WAIT FOR OUR INSURANCE TO COME IN AND DO ITS ASSESSMENT AND CUT US A CHECK.
WE DO HAVE INSURANCE, BUT I WOULD BE SURPRISED GREATLY IF WE COULD GET A FUNDS IN LESS THAN 60 DAYS, FEMA ALSO IS THERE AND YOU CAN GET THAT.
WE GOT THAT THREE YEARS LATER.
SO IT WOULD SEEM TO ME WHAT AMOUNT OF DEBT CAPACITY SHOULD WE HAVE TO BE ABLE TO HANDLE A MAJOR DISASTER.
I'VE BEEN LOOKED, DO A LITTLE RESEARCH ABOUT WHAT OTHER COMPANIES DO OR HAVE IN THEIR LINES OF CREDIT.
AND MOST COMPANIES THAT I WAS ABLE TO FIND, KEEP BETWEEN FIVE AND 10% OF THEIR TOTAL INSURED PROPERTY CAPITAL.
[00:15:02]
IS A BASIC STARTING POINT FOR HOW MUCH THEIR CREDIT LIMIT SHOULD BE.YOUR LINE OF CREDIT SHOULD BE.
NOW, LAST I HEARD AND REGGIE, YOU CAN, CAN, YOU CAN TELL ME ABOUT THIS IS WE'RE INSURED FOR AROUND $750 MILLION.
THAT WAS, YEAH, THAT WAS PROBABLY A COUPLE OF YEARS AGO, PROBABLY $8 MILLION RIGHT NOW.
SO WHEN I ALSO LOOKED AT, I SAID, WELL, WHAT KIND SAY SOMEBODY LIKE WALMART, YOU KNOW, THEY DON'T HAVE THAT MUCH.
THEY PROBABLY HAVE ABOUT 5% BECAUSE THEY'RE SO SCATTERED ACROSS THE NATION AND IT'S NOT GOING TO BE ONE DISASTER.
THAT'S GOING TO TAKE OUT ALL THE WALMARTS.
IT'S GOING TO BE A COUPLE OF WALMARTS IN A, IN A COUPLE AREAS, UH, COMPANIES THAT HAVE VERY LIMITED AMOUNT OF SPACE, THAT'S CHANGED.
LIKE FOR EXAMPLE, THE BOEING PLANT AT EVERETT, I FOUND OUT THAT THEY KEEP AT LEAST 10% OF THEIR, OF THAT PLANT THE VALUE OF THAT PLANT IN A LINE OF CREDIT, IT'S KIND OF DESIGNATED FOR EMERGENCIES.
IF SOMETHING HAPPENED, IF THEY HAD AN EARTHQUAKE, WHICH THEY HAVE IN THE SEATTLE AREA, THEY WOULD NEED ABOUT THAT AMOUNT TO GET IMMEDIATE RESPONSE.
AND OBVIOUSLY THAT BUILDING IS PROBABLY WORTH MORE THAN ALL OF OUR CAPITAL ASSETS TOGETHER.
SO GIVEN THAT AT 79 MILLION, THAT'S ABOUT 10% OF OUR INSURED VALUE.
SO THAT SEEMS TO ME, AND I MAKE DEF FOR DISCUSSION SHOULD BE ABOUT WHAT WE SHOULD TRY TO MAINTAIN AS WE GO FORWARD.
NOW, HAVING SAID THAT YOU COULD, IF YOU LOOK AT THE GROWTH OF DEBT CAPACITY, THAT'S BEEN ANTICIPATED THAT IS GOING TO GROW TO 91 MILLION NEXT YEAR, 94 MILLION THE YEAR AFTER 103 MILLION A YEAR AFTER 107 MILLION.
SO IT'S GOING TO GROW AS WE PAY OFF, ESPECIALLY THE 8% SHORT TERM STUFF THAT WE BORROWED FOR THE PERFORMING ARTS CENTER AND THE GYMNASIUM AND WHALE BRANCH AND FOR MAY RIVER.
AND THE REASON I'M BRING THAT UP THE GROWTH IS BECAUSE I ALSO SEE SOME NEED FOR 8% MONEY IN THE TERM.
AND THAT NEED BASED ON THE NORTH OF THE BROAD FIRST CORRECTION SOUTH OF THE BROAD GROWTH THAT WE ARE ANTICIPATING BASED ON WHAT THE COUNTY PLANNERS BASED ON WHAT THE COUNTY TREASURER HAS TOLD US.
WE MAY NEED TO BORROW SOME LAND, BUY SOME LAND RELATIVELY QUICKLY.
AND THAT'S A, THAT IS A DECENT, UM, VIEW OR A POT OF MONEY.
I THINK TO LOOK AT BUYING SOME PROPERTY IS USING 8% FUNDS TO DO THAT.
WE'RE NOT TALKING $10 MILLION.
WE'RE TALKING PROBABLY IN THE TWO TO $4 MILLION, DEPENDING ON WHERE THE PROPERTY IS.
THAT IS ONE THING THAT I SEE COMING DOWN THE ROAD AS A POSSIBILITY.
THE SECOND THING IS, UH, GIVEN THE GROWTH POTENTIAL, WE MAY NEED TO DO USE SOME 8% MONEY TO DO SOME SITE PREP AND SOME, UH, ENGINEERING WORK AND, UM, PREPARE FOR RAPID CONSTRUCTION AFTER A POTENTIAL.
NEXT REFERENDUM, UH, HAPPENS AS YOU WILL RECALL.
UH, TWO AND A HALF YEARS AGO, UH, THE BOARD WAS GOING TO USE 8% MONEY TO BUILD THE ADDITIONS TO MAY RIVER HIGH SCHOOL AND RIVER RIDGE ACADEMY.
AND, UH, WE STOPPED THAT BASED ON THE FACT THAT WE COULD USE 8% MONEY.
AND I BELIEVE IT WAS NOT MORE THAN A MILLION FOR THE, TO, UH, DO THIS PSYCH WORK AND EVERYTHING, THE ENGINEERING WORK.
SO IT WAS READY TO GO, UH, WHEN THE REFERENDUM PASSED, THAT'S WHY THAT'S HOW WE WERE ABLE TO PASS A REFERENDUM IN NOVEMBER AND BREAK GROUND IN JANUARY.
AND SO THAT WAS A GOOD USE OF 8% MONEY.
AND IT'S SOMETHING THAT WE MAY NEED
[00:20:01]
TO USE IN THE FUTURE.SO THAT'S KIND OF A LONG-WINDED DISCUSSION ON 8% DEBT.
DO I HAVE ANY COMMENTS? I THINK, I THINK 10% AGAIN, BECAUSE IF WE GET HIT BY A MAJOR HURRICANE IN THE BUFORD AREA, IT'S LIKELY TO HANDLE MORE THAN ONE SCHOOL.
WISNIEWSKI WHAT YOU THINK? SO WHAT WAS, UH, THE PROPOSED, UH, WHAT IS THE PRECEDENT AMOUNT AND WHAT WAS THE PROPOSED AMOUNT THAT YOU WERE SAYING? UH, 80 MILLION, 80 MILLION WOULD BE 10 OF 800 MILLION WORTH OF, UH, CAPITAL.
UH, WE HAVEN'T, WE HAVE INSURED.
20 MILLION OF THAT PRESENTLY IS ABOUT WHAT ARE OUR SUMMER PROJECTS ARE CORRECT? CORRECT.
AND, AND THAT'S ANOTHER ISSUE THAT I'M GLAD YOU MENTIONED THAT RIGHT NOW WE PAY $20 MILLION A YEAR.
UM, WE CAN DO THAT MAINLY BECAUSE WE'RE DOING A WHOLE BUNCH OF REFERENDUM WORK AND WE MAY HAVE TO HAVE ANOTHER REFERENDUM BASED ON WHAT THE CITIZENS LED COMMITTEE THAT WENT OUT AND LOOKED AT ALL OF OUR SCHOOLS.
AND THEY CAME UP WITH A $600 MILLION BILL FOR REFERENDUM.
WHEN YOU LOOK AT THAT, THE $20 MILLION, WE WILL TAKE CARE OF A LOT OF THOSE PROJECTS WITH THAT NEXT REFERENDUM.
BUT I ALSO DID SOME RESEARCH ABOUT HOW MUCH YOU SHOULD HAVE IN RESERVE OR IN LINE OF CREDIT FOR MAINTENANCE, OR HOW MUCH SHOULD YOU PLAN TO SPEND ON MAINTENANCE EVERY YEAR.
SO I LEFT IT SOME DIFFERENT COMPANIES SAY, HOW MUCH DO YOU SET ASIDE? KIND OF LIKE YOUR HOUSE.
YOU BUY YOUR HOUSE FOR 300, A THOUSAND DOLLARS, AND YOU HAVE A MORTGAGE OF THE $1,500 A MONTH.
THEY SAY TO, YOU SHOULD PUT ABOUT A HUNDRED DOLLARS ASIDE EVERY MONTH.
SO WHEN THE ROOF NEEDS TO BE REPLACED, YOU GOT THE ROOF.
SO I LOOKED AT WHAT COMPANIES KEEP FOR, UH, MAINTENANCE ON THEIR CAPITAL PROJECTS, AND THAT'S ABOUT THREE TO 5% OF THEIR VALUE.
SO IF YOU LOOK AT THAT, WE SHOULD PROBABLY BE SPENDING ANYWHERE FROM 40, 20 TO $40 MILLION A YEAR ON MAINTENANCE EVERY YEAR AS YOU GO FORWARD AFTER THE REFERENDUM.
AND WE'VE, WE'VE GOT EVERYBODY UP AT A CERTAIN LEVEL OF A MODERN UPGRADES, THEN WE'D PROBABLY HAVE TO HAVE MORE THAN $20 MILLION A YEAR FOR MAINTENANCE TO PRECLUDE US FROM HAVING TO HAVE ANOTHER MASSIVE REFERENDUM.
BECAUSE IF YOU TAKE CARE OF IT LITTLE AT A TIME, THEN YOU WON'T HAVE TO GO TO THE VOTERS AND ASK FOR A BIG CHUNK OF MONEY.
AND IF YOU LOOK AT THIS, WHEN YOU, WHEN YOU PLAN THIS OUT STRATEGICALLY, YOU CAN SEE THAT WE WILL PROBABLY BE ABLE TO DO THAT.
AND NOT REALLY, WE MIGHT EVEN BE ABLE TO REDUCE OUR MILLAGE ON WHAT WE NEED TO KEEP THAT BECAUSE WE'RE GOING TO BE PAYING DOWN MORE 8%, WE'LL HAVE LESS MAINTENANCE THAT WE HAVE TO DO ON OUR NEWLY REMODELED BUILDINGS, BUT YET A LOT OF WHAT WE SPEND IS, IS ON, UH, TECHNOLOGY AND, AND THAT'S GOING TO CONTINUE IF NOT MORE.
SO THAT'S ANOTHER ISSUE THAT I WAS THINKING ABOUT ON 8% ON HOW YOU SHOULD LOOK AT A PERCENT MONEY, NOT ONLY NOW, BUT IN THE FUTURE, YOU MAKE SOME REALLY GOOD POINTS THERE.
AND I THINK THAT'S THE, SOME OF THOSE DATA POINTS ARE ONES THAT WE NEED TO ASK MORE QUESTIONS ON SPECIFICALLY WITH REGARD TO, UM, THE SUMMER PROJECTS ARE THAT THE 20 MILLION THAT WE EXPEND, I KNOW THAT, UM, THE OPERATIONS DEPARTMENT AND PROBABLY, UM, MS. FITTERS COULD SPEAK TO THIS A LITTLE BIT, BUT I KNOW THAT THEY DO A GREAT JOB OF WHITTLING DOWN THOSE PROJECTS TO WHAT'S GOING TO FIT WITHIN THAT $20 MILLION, UM, RESTRICTION, IF YOU WILL.
AND I WONDER OFTEN, UM, WHAT'S FALLING
[00:25:01]
OFF THAT LIST AND I KNOW NOW WE HAVE THE RED LINE LIST WHERE WE CAN LOOK UNDER THAT AND SEE WHAT WAS THE NEXT STEP.SO I THINK LOOKING AT OUR HISTORIC, YOU KNOW, WHAT DID WE NOT GET TO DO? UM, WHAT IS ON, IN OUR TEN-YEAR PLAN, UM, TO BE DONE IN THE NEXT FEW YEARS WOULD GIVE US SOME GOOD DATA POINTS AS WE LOOK TO, UM, EXTEND THIS.
AND THEN ALSO THE TECHNOLOGY COMPONENT OF HOW MUCH OF A SPEND HAS THAT BEEN OVER, PERHAPS THE PAST FIVE YEARS YEARLY, HOW MUCH IS COMING FROM 8% SO THAT WE CAN BUDGET AND PLAN FOR THOSE THINGS? UM, MORE APPROPRIATELY, UM, I DON'T KNOW IF MS. FIDGETS, I SEE HER HAND IS ONE.
UH, THERE ARE SIGNIFICANT NUMBER OF PROJECTS AND DR.
WISNIEWSKI TO YOUR POINT, IF YOU LOOK AT THAT TENURE PLAN, YOU CAN SEE WHERE SOME OF THEM HAVE BEEN FROM YEARS PAST, UM, AND THEY JUST AN EMERGENCY ARISES.
AND THEN ALL OF A SUDDEN, YOU KNOW, IT GETS PUSHED FURTHER DOWN.
NOW WE HAVE A NEW SYSTEM OF DOING IT.
SO WE'VE GOT BELOW THE BLACK LINE BELOW THE RED LINE.
AND SO ON, THEY DISCUSSION ON ALWAYS 6.16 COULD HELP WITH SOME OF THAT, BECAUSE WHAT THAT POLICY SAYS RIGHT NOW IS THAT WE MUST DECREASE OUR BOND ISSUANCE ACCORDINGLY.
IF WE USE ANY OF THE UNUSED 8% FUNDS, IF WE ROLL ANY OF THEM FORWARD, IT'S, IT'S AN AND STATEMENT.
SO THAT'S WHY IT WAS IMPORTANT TO THE OPS COMMITTEE.
THAT FINANCE TAKE A LOOK AT THAT.
UM, THERE ARE SOME FISCAL YEAR, UH, 18 FISCAL YEAR, 19, UM, 8% FUNDS THAT IT'S BEEN CLOSED OUT AND THOSE FUNDS CAN, CAN HELP US WORK ON SOME OF THOSE PROJECTS THAT ARE NEEDED.
SO THAT'S WHY THAT POLICY, I THINK, IS IMPORTANT TO BE DISCUSSED AGAIN.
UM, SECONDLY, DID I HEAR MR. MURPHY? IS HE IN THE ROOM? OKAY.
SO I THINK MR. MURPHY COULD TELL US A LITTLE BIT ABOUT IT, HOW LONG WE HAVE BEEN AT A 20 MILLION, 8% BOND ISSUANCE.
AND, UH, WE ALL KNOW THAT WE HAVE ADDED SCHOOL BUILDINGS AND, UH, WE ALL KNOW THAT OUR SPILL BUILDINGS HAVE GOTTEN OLDER AND ARE DETERIORATING MORE.
UM, SO MR. MURPHY, COULD YOU SHARE A LITTLE BIT, DO YOU KNOW HOW LONG THE BOARD AS, UM, APPROVED AND HOW LONG IT STAYED AT $20 MILLION FOR 8% FUNDS? UH, MS. KENDRICK, I DON'T KNOW WHAT IT BEGAN.
I'VE BEEN HERE 11 YEARS AND IT'S BEEN 20 MEGHAN EVERY YEAR, EXCEPT FOR A COUPLE OF YEARS WHERE I THINK WE WERE REDUCED TO THE MOST PART.
IT'S BEEN 20 MILLION EVERY YEAR.
WHEN YOU THINK ABOUT $20 MILLION OVER 10 OR 11 YEARS, THE REAL VALUE OF $20 MILLION IS PROBABLY SOMEWHERE ABOUT 15, BUT YEAH.
SO OVER TIME YOU'VE LOST THE EFFECT OF WHAT YOU'RE DOING JUST BY HAVING THE CAP AT $20 MILLION.
THAT'S CONSTRUCTING TYPICALLY ESCALATES 3% A YEAR.
UH, JUST THE COST OF CONSTRUCTION.
IN ADDITION TO THOSE THINGS THAT YOU JUST MENTIONED ABOUT THE, THE NEW FACILITIES AND THE AGING OF THEMSELVES.
SO, UH, OVER TIME, THE $20 MILLION EFFECT HAS DIMINISHED.
SO, SO I THINK THAT THE CONSIDERATION OF, UM, INCREASING WHAT WE WOULD BE USING FOR 8% FOR CAPITAL PROJECTS IS A DIFFERENT AS A VERY WORTHY CONVERSATION.
UM, I AM A LITTLE CONFUSED THOUGH THAT IF, IF WE JUMPED TO AN 80 MILLION BOND ISSUANCE TO HAVE AS A RAINY DAY FUND FOR JUST, YOU KNOW, IN CASE THERE'S THAT EMERGENCY AND THERE'S THAT, UM, HURRICANE THAT COMES THROUGH AND DESTROY SEVERAL BUILDINGS AND SAY, WE USE, YOU KNOW, 25, UM, FOUR OR 20, YOU KNOW, RIGHT NOW, 24 CAPITAL EXPENDITURES, WHERE DOES THAT OTHER 60 MILLION SIT, WHAT IS DONE WITH THAT 16 MILLION? SO THAT IF I COULD HAVE A LITTLE EXPLANATION ABOUT THAT, THE OTHER 66, COULD YOU SAY THAT AGAIN? I DIDN'T UNDERSTAND WHERE YOU GOT 60 MILLION.
SO, AND PERHAPS I'M, I'M NOT UNDERSTANDING THIS CORRECTLY, BUT IF, IF WE'RE SUGGESTING DICK, IF I HEARD YOU CORRECTLY, YOU'RE SUGGESTING, AND YOU KNOW, MAYBE GOING TO AN 80 MILLION, UM, 80 MILLION BOND, YOU KNOW, OF HAVING, UH, SOME, SOME READY CREDIT AVAILABILITY.
ARE YOU, ARE YOU ACTUALLY SUGGESTING, ISSUING AN 80 MILLION BONDS SO THAT NO.
SO IT'S JUST TWO, IT STAYS, IT STAYS.
IT'S YOUR LINE OF CREDIT THAT YOU HAVE READILY AVAILABLE?
[00:30:02]
IT'S SITTING THERE, YOU HAVEN'T ASKED FOR IT.AND IF YOU DO NEED IT, WELL, YOU PAY IT BACK LATER.
I WOULDN'T SAY THAT WE SHOULD KEEP 80 MILLION AS A FLOOR THAT CAN'T BE GONE BELOW.
I THINK WE SHOULD HAVE IT AS A GOAL TO KEEP ABOUT 80 MILLION IN BORROWING CAPACITY.
BUT, UH, IF YOU LOOK AT IT, WE COULD BUY RIGHT NOW, WE HAVE 79.
WE HAVE 80 MILLION RIGHT NOW IN THERE BY LET'S SEE IT'S 2000 OR 26.
AND BY 27, WE'RE AT $126 MILLION IF WE DON'T BORROW MORE.
SO DOES THAT CLEAR IT UP A LITTLE BIT? TRICIA.
AND, UH, MR.
THERE WAS SOMETHING TO WHAT REGGIE SAID.
I THINK WE NEED TO ADJUST THAT 20 MILLION TO ACCOUNT FOR INFLATION, ESPECIALLY WITH, WITH INFLATION IN CONSTRUCTION NOW, BUT EVEN IF WE JUST PEG IT TO THE CPR, WE COULD MAKE A CHANGE WHERE, UM, THAT LIMIT, WHENEVER WE'D SET IT AT INCREASES EACH YEAR, RATHER, RATHER, UH, COST TO BUILD THAT IN.
SO WE DON'T FORGET ABOUT GOING BACK TO THE TRISHA'S THING ABOUT THE POLICY.
THERE'S NO NEED TO CHANGE THE POLICY BECAUSE IT'S SAYING LIKE THIS 2018, A SURPLUS IS GOING TO ROLL FORWARD THROUGH THE CURRENT BOND A YEAR, AND WE'RE NOT GOING TO ISSUE BONDS FOR THAT SAME AMOUNT.
IN OTHER WORDS, WE'RE NOT GOING TO BORROW MONEY THAT WE ALREADY HAVE.
WE'RE GOING TO USE THAT MONEY.
THAT'S A GOOD DISCIPLINE TO HAVE, YOU KNOW, YOU DON'T SPEND YOUR FOUND MONEY.
YOU DON'T BORROW MORE MONEY, BUT THAT CHANGED THIS YEAR BECAUSE THERE WON'T BE ANY EXCESS WITH THIS YEAR BECAUSE IT ROLLS DOWN TO THOSE PROJECTS UNDER THE LINE.
UM, SO THAT POLICY IS PROBABLY GOING TO SUNSET, YOU KNOW, IN FOUR YEARS, HOPEFULLY THAT PROVIDES SOME CLARITY, BUT ON 80% THAT, UM, I'M PRETTY SURE THAT IF WE SET IT AT 350 MILLION A YEAR, THAT THE OPERATIONS DEPARTMENT WOULD FIND $350 MILLION THAT WE COULD SPEND IT ON.
UM, SO, YOU KNOW, WE HAVE TO ACT A LITTLE BIT AS, UM, AS A GOVERNOR ON, ON THAT, BECAUSE AS YOU POINTED OUT BEFORE, THERE ARE SOME, SOME PROJECTS ON THERE FROM 2014 OR THE QUESTION THE FLIP SIDE OF THAT QUESTION IS IF THEY, IF THEY'VE GONE THIS LONG, WHERE THEY REALLY NECESSARY TO BEGIN WITH, BUT WE HAVE, WE HAVE TO PROVIDE SOME, UM, GOVERNOR, OR WE WILL SPEND EVERY PENNY, WE CAN GET OUR HANDS ON, UM, BECAUSE THERE'S ALWAYS BETTER THINGS OR NEWER THINGS OR COOLER THINGS YOU CAN DO.
AND OUR TRACK RECORD ON BUYING PROPERTY.
WE HAVE A LOT OF PROPERTY THAT WE CAN'T EVEN USE THE GRANDMA PARCEL OUT, OR THEY CAN'T BUILD, THEY PUT A SCHOOL IN THERE CAUSE THEY CRUISE AND WE CAN'T APPARENTLY SELL IT EITHER.
AND WE HAVE THESE LITTLE DRIPS AND DRABS PROPERTY THAT WE HAVEN'T BEEN REAL GOOD AT.
UM, THAT'S JUST A SNARKY COMMENT, BUT, UM, BUT I DO THINK WE SHOULD WORK IN INFLATION.
YOU KNOW, IF NOTHING ELSE MAYBE SUGGEST TO THE BOARD THAT IF THIS, UH, 20 OR 11 YEARS AGO WE ESTABLISHED 20 MILLION, OKAY.
ADJUSTING, YOU KNOW, FOR WHAT THAT WOULD BE THIS YEAR.
THAT'S, THERE'S NO QUESTION TO THAT.
UM, AND THEN IF WE THINK WE NEED MORE, YOU KNOW, THAT COULD BE, UH, A SECOND, SECOND STEP, BUT I DON'T THINK ANYBODY'S GOING TO ARGUE THAT WE CAN ADJUST.
WE SHOULD ADJUST IT FOR INFLATION BECAUSE AT 4% INFLATION OVER 18 YEARS, IT DOUBLES.
SO, YOU KNOW, WE'RE CLOSING IN, ON, ON THAT MONEY ONLY BEING WORTH ABOUT HALF WHAT IT WAS.
UM, SO I THINK, I THINK WE DEFINITELY SHOULD MAKE THAT, MAKE THAT MOTION TO MODIFY IT ALL OUR INFORMATION.
YEAH, I'M I'M I HESITATE TO EVEN ADD ANYTHING BECAUSE THE
[00:35:01]
FINANCE THING I'M STILL FIGURING IT OUT, BUT IT SEEMS TO ME THAT WE HAVE CREATED THIS GOVERNANCE GOVERNANCE AND IT FROM A NEW PERSON OBSERVATION, IT SEEMS UNNECESSARILY, BLUNT AND INFLEXIBLE.UM, NOW THAT I'VE BEEN ON FINANCE OR OPERATIONS COMMITTEE FOR SIX MONTHS, I UNDERSTAND THE NEED TO NOT SPEND, UH, I'M SURE WE COULD SPEND EVERY DIME THAT WE GOT.
I WOULD BE CURIOUS TO KNOW HOW OTHER SCHOOL DISTRICTS THAT DON'T HAVE LIKE A SALES TAX, OTHER SCHOOL DISTRICTS LIKE OURS, HOW THEY HANDLE THEIR 8%.
UM, JUST BECAUSE THIS CAP, I DON'T KNOW IF THAT'S UNIQUE TO US OR NOT, OR IF SOME DISTRICT, YOU KNOW, IT'D BE INTERESTING TO ME FIND OUT HOW OTHER DISTRICTS HANDLED IT.
BECAUSE WHAT I SEE ALSO IS PROBLEMATIC IS ALMOST EVERY OPERATIONS COMMITTEE MEETING.
AND SOMETIMES WE HAVE SEVERAL A MONTH, SOMETHING COMES UP WHERE IT'S, IT'S NOT AN EMERGENCY AND IT'S NOT SORT OF A THING YOU CAN PLAN WELL IN ADVANCE FOR.
AND IT'S AN ACUTE, IT'S SOMETHING LIKE, HEY, IF WE NEED THIS MONEY SOMETIME IN THE NEXT SIX MONTHS TO TAKE ADVANTAGE OF THIS PROGRAM.
AND THE EXAMPLE LIKE JUST RECENTLY WAS, UH, THERE'S AN OPPORTUNITY TO, FOR US TO HAVE 17 FREE SCHOOL BUSES, IF WE CAN BUILD A PROPANE STATION AND HELP SOMEWHERE OUT THE ABROAD, BUT WE NEED LIKE $200,000.
WELL, SO THEN WE SPENT 20 MINUTES TRYING TO FIGURE OUT, COULD WE TAKE IT FROM 8%, 2018? COULD WE TAKE IT FROM 8%, 20, 23 AND PUT IT SOMEWHERE BETWEEN THE RED AND THE BLACK LINE.
AND IT JUST SEEMS LIKE WE'RE TRYING TO COME UP WITH ALL THESE WORKAROUNDS.
WHEN WE HAVE THE MONEY, WE HAVE THE CAPACITY IN THE LINE OF CREDIT.
IT'S NOT AN EMERGENCY, BUT WE HAVE GIVEN UP ALL OF OUR FLEXIBILITY AND MADE THIS KIND OF CONVOLUTED PROCESS.
BUT, UM, LIKE I SAID, I DON'T KNOW WHAT EVERYONE ELSE IS DOING.
CAN YOU SPEAK A LITTLE LOUDER CHECK WITH GREENVILLE GREENVILLE AND SEE WHAT WOULD THEY FINE? HAVE SOMEBODY FROM THE FINANCE DEPARTMENT, GIVE THEM DO A LITTLE CHECK.
I ACTUALLY, I ACTUALLY REPRESENT GREENVILLE COUNTY SCHOOL DISTRICT AND I WAS ACTUALLY ON ITERATION NUMBER 10 TODAY.
SO, UM, UH, THEY'RE IN THE MIX OF THEIR PROGRAM.
UH, SO THEY THEY'RE, THEY'RE A SCHOOL DISTRICTS, A LITTLE DIFFERENT, UM, EVERY SCHOOL DISTRICT IS DIFFERENT.
THEY OPERATE, UM, WHERE THEY ISSUE, UH, ONE BOND PER YEAR AND THEN PAY IT OFF.
UM, DURING THE INSTALLMENT PURCHASE REVENUE BOND ERROR, THEY ISSUED ABOUT A BILLION DOLLARS IN INSTALLING PURCHASE REVENUE, BONDS.
THEY WERE ABLE TO GET A LOT OF CONSTRUCTION DONE.
AND SO NOW THEY'RE IN THIS MODE WHERE THEY USE THEIR 8% DEBT LIMIT TO, UH, BOTH MAKE PAYMENTS ON THE INSTALLED PURCHASE REVENUE, BONDS.
AND THEN THEY BRING IN, UM, AN AMOUNT OF MONEY PER YEAR TO FUND, UM, YOU KNOW, SCHOOLS AND SO FORTH OVER.
UM, KNOW IF THEY'RE GOING TO BUILD A NEW HIGH SCHOOL, IT MIGHT TAKE THEM SAY THREE YEARS WORTH OF DEBT ISSUANCES TO PAY THE SCHOOL OFF.
AND SO THEY, THEY CONSTANTLY GO BACK AND FORTH ON HOW MUCH 8% DEBT LIMIT THEY'RE GOING TO ISSUE PER YEAR.
THEY LIVE WITHIN A DEDICATED MILL RATE, BUT FROM TIME TO TIME WHEN THEY, UM, WHEN THEY UPDATE THEIR PROGRAM, UM, FOR THE, YOU KNOW, THE CURRENT NEEDS AND WHAT SCHOOL NEEDS TO BE MOVED UP AND DONE MORE QUICKLY, YOU KNOW, THOSE TYPES OF SITUATIONS, UM, THEY DO ADJUST THEIR MILL RATE.
IT SEEMS ABOUT EVERY FIVE WHEN I WAS LOOKING AT IT TODAY, IT SEEMS I SHOULD JUST GO AHEAD AND SAY, 10 YEARS AGO, THEY RAISED IT FIVE MILLS, AND THEN FIVE YEARS AGO THEY RAISED IT FOUR AND A HALF MILS.
THEY SORT OF LIVE THROUGH THEIR 8% WHILE THEY'RE PAYING OFF THEIR INSTALLMENT PURCHASE REVENUE, BONDS.
UM, IF IT'S OKAY WITH YOU COLONEL GARNER, I'D LIKE TO KIND OF TOUCH ON A FEW POINTS THAT CAN JUST LISTEN TO THE CONVERSATION I THINK MIGHT BE HELPFUL.
UM, FIRST IS SORT OF COMPARTMENTALIZING THE, UM, UM, POLICY, I THINK IT'S O E SIX 17, THE MAINTAIN A 10% OF INSURED VALUE CAPACITY AND 8% FUNDS.
UM, SO, SO I THINK THAT'S A, A GREAT, UM, IT'S, IT'S A, IT'S A GREAT POLICY.
UM, I THINK IT'S ONE THAT, YOU KNOW, WILL NEED TO BE FLEXIBLE POTENTIALLY OVER A LONG PERIOD OF TIME.
UM, YOUR 8% VALUATION OR YOUR 8% IS BASED UPON YOUR ASSESSED VALUATION, AND THAT DOESN'T NECESSARILY THAT CALCULATION GROW AT THE RATE OF INFLATION.
SO YOU'VE GOT YOUR INSURANCE THAT MIGHT GROW AT THE RATE OF INFLATION, AND THEN THE AAV THAT WON'T, I DON'T SEE IT BEING A PROBLEM IN THE NEAR TERM.
I'M JUST THROWING THAT OUT THERE AS, YOU KNOW, UNITED NEED TO BE A LITTLE BIT FLEXIBLE ON THAT PERCENTAGE.
IF THERE'S SOMETHING THAT CAN'T BE PREDICTED WERE TO OCCUR, IF THERE WAS A NATURAL DISASTER AND YOU KNOW, THIS POLICY WOULD BE DIFFERENT FOR, UM, SAY A CONEY COUNTY
[00:40:01]
THAT'S FAR, YOU KNOW, TOP LEFT CORNER OF THE STATE VERSUS W WHICH I DO THEIR WORK, UH, VERSUS BUFORD COUNTY, BECAUSE WE ARE A COASTAL COMMUNITY.UH, THE WAY IT WOULD WORK IS IF YOU WANTED TO, TO ACCESS THE MONEY THROUGH A BOND, WE WOULD HAVE TO GO TO THE BOARD.
WE DID PASS A RESOLUTION AND THEN GO THROUGH THE PROCESS TO HAVE A COMPETITIVE SALE, BUT YOU COULD ALSO ACCESS THE FUNDS THROUGH A BOND ANTICIPATION NOTE.
UM, STILL WOULD BE FULL FAITH IN CREDIT, BUT IT COULD BE DONE ON A NEGOTIATED BASIS OR QUICKLY.
SO, UM, BOTH WOULD REQUIRE ONE READING OF A RESOLUTION BY THE BOARD.
AND THEN, UM, US IN CONJUNCTION WITH YOUR BOND COUNSEL WOULD, YOU KNOW, GO TO THE CAPITAL MARKETS AND GET YOU THOSE FUNDS.
AND AS LONG AS THAT 8% CAPACITY IS AVAILABLE TO YOU, UM, YOU KNOW, YOU CAN, YOU CAN ACCESS IT AND USE THOSE FUNDS.
UM, I NEVER REALLY HAD THOUGHT THROUGH THIS PIECE.
UM, BUT I, UM, IT WAS PARTICULARLY, UM, UM, INTERESTED IN THE CONCEPT OF VAL WHO GETS THERE FIRST IS GOING TO PAY A CHEAPER RATE THAN THAT WHO GETS THEIR TENT.
SO, UM, THE IDEA THAT, YOU KNOW, IT'S SORT OF PRE-PLANNED, I THINK IS, UM, IS, IS A VERY POSITIVE, UM, UH, PIECE TO THIS.
THE OTHER THING, UM, OUTSIDE OF, OF THIS ITEM, THAT'S REALLY MORE INTO THIS 8% ITEM.
UM, THAT'S GOING TO COME UP FOR DISCUSSION, UH, WHEN I COME BACK ON AUGUST 27TH AND I AM AVAILABLE ON AUGUST 26TH AS WELL, BEFORE WE GO TO THE FULL BOARD IS THE 8% AMOUNT THAT YOU BORROW PER YEAR.
UM, I JUST IN THE MODEL THAT I'M WORKING WITH, UH, INCREASED IT TO 25 BILLION AND, UM, I'M WORKING ON THE PAYBACK OF IS, IS IT ONE YEAR, OR IS IT FIVE YEARS? UH, HISTORICALLY, YOU KNOW, THE ITEMS THAT ARE BEING FUNDED THROUGH 8%.
AND THE REASON THAT YOU'RE ABOUT TO INCREASE YOUR 8% CAPACITY IS BECAUSE IN PARTICULAR, THE MAY RIVER, UM, HIGH SCHOOL PROJECT IS GOING TO PAY OFF HERE, UM, IS, IS, YOU KNOW, WHAT IS THE APPROPRIATE TERM FOR THE ASSETS WE'RE FINANCING.
IF WE'RE FINANCING BUSES, THEY WOULD HAVE A DIFFERENT, USEFUL LIFE THAN IF WE'RE FINANCING PAINT, OR IF WE'RE FINANCING A COMPUTER, IF WE'RE FINANCING A CHAIR, YOU KNOW, WHATEVER IT MAY BE OR A ROOF.
AND SO, UM, WE HAVE THIS, THIS, THIS CONSTANT, UM, BALANCE BETWEEN YOUR NEEDS AND YOUR TAXATION AND, AND THEN YOU GET INTO, WELL, WHAT IS THE APPROPRIATE MILLAGE AMOUNT ON THE TAXATION SIDE TO COVER ENOUGH OF OUR NEEDS? AND I AGREE, I'VE NEVER HAD A SCHOOL DISTRICT THAT EVER MET ALL ITS NEEDS AND THEY JUST WALKED IN ONE DAY AND SAID, HEY, BRIAN, YEAH, UM, WE'RE GOOD.
THE NEEDS WILL ALWAYS BE THERE.
AND AT 36.3 MILS, YOU'RE TRYING TO COVER, YOU KNOW, AS MANY NEEDS AS, AS, AS ARISE THROUGH YOUR 8% AND THEN DOWN THE ROAD, I ASSUME THERE COULD POTENTIALLY BE ON THE REFERENDUM PROGRAM SIDE, ANOTHER REFERENDUM, AND I'M GOING TO STILL COLONEL GUYERS, UM, WORDS THAT I HEARD HIM SAY, WOULDN'T IT BE NICE TO BE ABLE TO DO A FUTURE REFERENDUM WITHOUT A TAX INCREASE? WELL, TO DO THAT, IT REQUIRES A LOT OF PLANNING AHEAD OF TIME, WHICH WE'RE CURRENTLY TRYING TO POSITION THE SCHOOL DISTRICT TO BE ABLE TO HAVE FLEXIBILITY AND OPPORTUNITIES IN THAT, IN THAT ARENA.
SO, UM, PART OF THE, THE NEED SIDE, AND IS IT 20 MILLION, OR IS IT 25 MILLION PART OF THE DISCUSSION OR THAT EAT THAT EQUATION THAT BRINGS SOME SORT OF A NATURAL BALANCE.
HERE IS THE TERM IN WHICH YOU'RE PAYING BACK THE 8%.
SO IF, IF YOU WERE GREENVILLE, RIGHT, YOU WOULD BORROW THAT 8%, YOUR 20, 20 TO 25 MILLION, BUT YOU WOULD PAY IT BACK IN SIX MONTHS, AND THEN YOU WOULD REPEAT THE PROCESS HERE.
WE ARE BORROWING FUNDS, AND I CURRENTLY HAVE THEM AT A THREE YEAR REPAY BACK.
AND HISTORICALLY, UM, IN, IN, IN, YOU KNOW, MANY DISCUSSIONS PRIOR TO TODAY, I'VE SAID, YOU KNOW, THERE'S BEEN, UH, IT'S BEEN, YOU KNOW, SAID TO ME, HEY, BERNIE, WHEN WOULD WE REDUCE OUR MILLAGE AMOUNT? AND, AND I WOULD SAY, WELL, IF IT WAS FOR ME, I WOULD SAY, WHEN WE COULD AFFORD TO PAY BACK THIS BOND IN A ONE-YEAR PERIOD, THAT WOULD BE LIKE THE IDEAL SITUATION FOR THE FINANCIAL ADVISOR.
UM, WE'RE NOT IN THAT POSITION RIGHT NOW, IF YOU SAID, HEY, NEXT YEAR, BRIAN BUDGET FOR A $25 MILLION BOND OFFERING AND PAY IT BACK AT ONE YEAR, YOU KNOW, MOST OF YOU AREN'T GOING TO GET REELECTED BECAUSE YOU'RE, YOU'RE GOING TO THROTTLE THAT MILLARY SO, SO WE'RE, WE'RE STILL IN THIS, IN THIS DISCUSSION OF THESE BALANCES THAT KIND OF NATURALLY GIVE YOU BOUNDARIES.
AND, UM, UM, I WOULD LIKE TO SEE THE 8% PROGRAM, YOU KNOW, BE A ONE-YEAR.
[00:45:01]
THAT IN THE NEAR TERM, IF YOU WANT TO DO A BOND REFERENDUM IN THE FUTURE, WITHOUT A TAX INCREASE, WE'RE PROBABLY GOING TO HAVE TO HAVE MORE OF A FOUR YEAR PAYBACK TO BE ABLE TO AFFORD A MEANINGFUL AMOUNT OF MONEY TO TAKE CARE OF, TAKE CARE OF A MEANINGFUL AMOUNT OF NEEDS.UM, WHEN THAT, THAT, THAT VOTER QUESTION GOES WITHOUT A TAX INCREASE, BUT THAT'S THE BEAUTY OF THE 8% PROGRAM IT'S GOT THE PLASTICITY.
WE CAN SHORTEN IT TO A SHORTER TERM IN YEARS IN WHICH WE HAVE SOME CAPACITY, BUT WE HAVE TO PROJECT OUT THAT WE MAY NOT HAVE THAT CAPACITY IN THE FUTURE, UM, BECAUSE WE HAVE OTHER NEEDS THAT ARE GOING TO ARISE AND THEIR REFEREE REFERENDUM PROGRAM NEEDS TO BE COMPLIMENTED.
SO I THINK THERE'LL BE SOME ADDITIONAL CLARITY ON ALL THESE NATURAL BALANCES THAT OCCUR THROUGH THIS CONCEPT OF NEEDS AND TAXATION.
AND, YOU KNOW, IS THERE GOING TO BE A POINT IN TIME WHEN, YOU KNOW, YOUR, YOUR NEEDS DIMINISHED TO WHERE YOU CAN LOWER THAT BILL RATE? UM, THAT'S THE BEAUTY OF THE PROFORMA AND, UM, YOU KNOW, I'M, I'M PREPARED TO PRESENT WHAT I HAVE TO DATE, AND I THINK IT WILL SPUR ADDITIONAL CONVERSATION ABOUT, YOU KNOW, POSITIONING THE DISTRICT FOR, UM, FOR THE FUTURE, BUT IN THE MODEL THAT I HAVE RIGHT NOW.
AND OF COURSE, IT'S ALWAYS SUBJECT TO BOARD ADJUSTMENT.
UM, I HAVE ALREADY INCREASED IT TO 25 MILLION A YEAR.
YOU STILL HAVE PLENTY OF DEBT LIMIT, UM, CAPACITY AVAILABLE.
AND YOU CAN COVER THIS POLICY OF, YOU KNOW, THE WHOLE BACK OF THE 80 MILLION, AND YOU STILL HAVE SOME ADDITIONAL, UM, CAPACITY IF YOU EVER WERE IN THE NEED, UM, TO, TO, TO USE IT.
SO, UM, AGAIN, THAT'S A LOT TO ABSORB.
THERE IS THERE'S A LOT OF FACTORS AND VARIABLES, BUT THAT, THAT BUILDING PROGRAM, THE FUNDING PROGRAM THAT I PRODUCED, THOSE, YOU KNOW, SIX TO EIGHT PAGES ARE KIND OF THE BIBLE OF A LOT OF THESE DECISIONS.
AND, UM, I JUST, I JUST DON'T WANT TO SEE THE DISTRICT, UM, FALL BEHIND WITH DEFERRED MAINTENANCE.
AND, YOU KNOW, I THINK THERE SHOULD BE SOME, SOME CONVERSATION ON THE NEEDS SIDE, WHICH IS NOT WHAT I DEAL WITH.
I DON'T DEAL WITH THE NEEDS SIDE.
I DO MORE OF THE TAXATION SIDE AND THE FUNDING SIDE, BUT, UM, I THINK IN SOME OF THE CONVERSATIONS THAT I, I HAD, UH, BEFORE THE BOARD MEETING, THERE, THERE SEEM TO BE SOME, UM, SOME FOCUS ON IDENTIFYING, YOU KNOW, JUST HOW MUCH THE 8% PROGRAM SHOULD FUND PER YEAR AND ENSURING THAT WHATEVER IT ENDS UP BEING, YOU DON'T END UP WITH A DEFERRED MAINTENANCE ISSUE.
AND, UM, I AGREE WITH, WITH REGGIE THAT AS FAR AS I CAN REMEMBER, IT'S ALWAYS BEEN 20 BILLION.
THERE ARE VERY FEW YEARS IN WHICH IT WASN'T 20 MILLION.
IT MIGHT'VE CHANGED A SMALL AMOUNT HERE OR THERE FOR A PROJECT THAT CAME ON OR FELL OFF, BUT IT CERTAINLY HAS BEEN $20 MILLION FOR AN EXTENDED PERIOD OF TIME.
THERE'S ANOTHER VARIABLE AND THAT'S THE ASSESSED VALUE OF OWNER OCCUPIED HOUSES AND THIS COUNTY, AND THAT AFFECTS THE VALUE OF THE MILL.
AND ANECDOTALLY WE'RE HEARING, YOU KNOW, ASSESS VALUE.
THE FIRST ASSESS VALUE ON A HOME IS WHEN IT'S SOLD.
SO LET'S SAY THAT I HAD A HOME THAT I BOUGHT FOR $200,000 AND I WAS ASSESSED AT $200,000 AND I GOT A REASSESSMENT AND MAYBE IT WENT UP TO 220,000.
THE LAST REASSESSMENT, IT DID GO UP SLIGHTLY, BUT NOW THAT $200,000 HOME IS PROBABLY SELLING FOR 350,000.
SO THE VALUE OF THE MILL AND WHAT WE'RE LOOKING AT FROM WHAT WE'VE GOT FROM, UH, UM, MRS. WALLS, MARIA WALLS FOR THE TREASURER, THAT VALUE OF THE ASSESSED ASSESSED VALUE OF THE COUNTY IS GOING UP CONSIDERABLY.
SO THAT MEANS THE VALUE OF THE MILL GOES UP CONSIDERABLY.
THAT'S ALWAYS WHAT HAPPENS IN INFLATION IS THE TAX RATE STAYS THE SAME, BUT YOU'RE IN A HIGHER TAX BRACKET.
AND, UM, SO I DON'T, I DON'T SEE A REAL PROBLEM IN KEEPING AT 36.3.
I THINK THAT WE'RE GOING TO BE JUST FINE AND NOT HAVE TO RAISE MILLAGE UNLESS, UNLESS THE COUNTY DECIDES TO DO THAT.
REMEMBER YOU DON'T HAVE FISCAL AUTONOMY AND THAT THAT'S, THAT'S GOING TO BE AN ISSUE.
WISNIEWSKI BRIAN, I'M NOT SURE IF YOU, UM, CAN CORRECT ME ON THIS OR NOT, BUT, AND TO DICK'S POINT RIGHT NOW ABOUT THE REASSESSMENT,
[00:50:01]
IT'S MY UNDERSTANDING THAT THERE'S ALSO AN ACT.I THINK IT'S ACT 4 0 2 THAT CAPS THE, UM, DURING THE REASSESSMENT.
I THINK IT'S 15% OF WHATEVER THE INCREASE WAS.
SO, UM, OUT THERE THAT ARE LISTENING, YOU KNOW? YEAH.
THERE MIGHT BE BIG INCREASES RIGHT NOW.
UM, BUT IT IS, THERE IS A CAP ON THAT BY LAW.
SO I JUST WANTED TO PUT THAT OUT THERE.
SO IN THERE KIND OF TWO CHANGES YOU SEE, AND NOT A REASSESSMENT YEARS, YOU KIND OF HAVE WHAT'S CALLED POINT OF SALE.
SO WHEN THERE'S A POINT OF SALE, THEN IT WILL ADJUST ON THE TAX ROLL.
AND THEN YOU HAVE THE SITUATION WHERE, UM, YOU KNOW, SOMEBODY REASSESS IN THEIR PROPERTY MAY HAVE INCREASED 20% OR 25%.
UM, AND ESPECIALLY NOW WITH INFLATION, BUT YOU'RE GOING TO HAVE A, AN ARTIFICIAL CAP OF 15% PUT ON THAT, UNLESS THERE BECOMES A POINT OF SALE.
IT'S, IT'S REALLY MAGIC BECAUSE NOT ONLY THAT, BUT YOU DON'T GET, YOU DON'T GET A NOTE FROM THE TREASURER'S OFFICE SAYING, HEY, YOU KNOW, YOU TURNED 65, YOU CAN APPLY FOR HOMESTEADERS.
THEY DON'T TELL YOU THAT TOOK ME.
UH, I LAUNCHED ABOUT THREE YEARS BEFORE I FIGURED THAT OUT AND WENT IN AND GOT IT.
BUT THAT'S WHAT MAKES THE VALUE OF THE MILL SO HARD TO DETERMINE BECAUSE YOU'VE GOT SALE POINT OF SALE CHANGES AND YOU GOT SOMEBODY I'M S I'M 65 AND I GET A, I GET A CUT ON MY ASSESSED VALUE.
THAT'S WHAT WE'VE GOT TO LIVE WITH, I GUESS.
ANY OTHER QUESTIONS FOR BRIAN OR ANY OTHER QUESTIONS ON THIS TOPIC? UM, I JUST WAS GOING TO ASK BRIAN, YOU'RE COMING ON THE 27TH TO THE FULL BOARD, CORRECT? THAT'S CORRECT.
AND I'LL BE AVAILABLE LIMITED PERIODS OF TIME ON THE 26TH, AND THEN I'M AVAILABLE ZOOM THE WHOLE MONTH.
BUT I THINK THAT THE COMMENTS THAT YOU JUST MADE ABOUT THE TERM OF THE, OF THE BONDS, UM, IS, IS REALLY IMPORTANT FOR THE FULL BOARD TO DISCUSS.
UM, I WORK IN THE SCHOOL BOND SPACE, UM, AND I SEE SCHOOL DISTRICTS ACROSS THE COUNTRY WHO HAVE THESE PROGRAMS AND THOSE THAT ARE SUCCESSFUL IN PASSING REFERENDA AND HA NOT HAVING DEFERRED MAINTENANCE ISSUES ARE THOSE THAT ARE ABLE TO ROLL OFF DEBT, UM, IN A QUICKER AMOUNT OF TIME AND ASSUME NEW DEBT AND JUST CONTINUE PLUGGING AWAY AT THAT LIST THAT IS ALWAYS GROWING.
SO, UM, I THINK THAT'S GOING TO BE A REALLY IMPORTANT DISCUSSION FOR THE FULL BOARD.
AND, AND, AND I JUST WANT TO REITERATE ONE, ONE COMMENT THAT I MADE BEFORE, AND IT'S KIND OF THE CENTRAL THEME AND IT'S, WE WE'VE, WE'VE ESTABLISHED THIS TAX RATE OF 36.3 MILS AND BETWEEN THE 8% PROGRAM AND THE REFERENDUM PROGRAM, WE'RE TRYING TO FUND AS MANY NEEDS AS POSSIBLE AND THE BOARD AND THE ADMINISTRATION DETERMINED THOSE NEEDS, I GET THOSE NEEDS.
AND I, I PUT TOGETHER, YOU KNOW, THESE, THESE FUNDING PROGRAMS AND TRY TO FIND THE OPTIMAL BALANCE BETWEEN ALL OF THESE FACTORS AND THE ONE PIECE, UM, I'VE I HAVE, I SPENT ABOUT, SORRY TO SAY, I'VE SPENT ABOUT EIGHT HOURS AT THIS KIND OF A FUN, UM, SET OF ITERATIONS, BUT I ACTUALLY SPENT, I WORKED ON A, WHAT IF, BUT WHAT IF YOU DID ANOTHER REFERENDUM WITHOUT A TAX INCREASE FOR, I JUST ARTIFICIAL USE 300 MILLION IN 20, 24 AND SAID, OKAY, HOW CAN I FIT THIS IN AND THE REFERENDUM PROGRAM, WHAT HAPPENS? AND CAN I KEEP 25 MILLION AT 36.3? UM, YOU KNOW, WHAT IS THE TERM OF THE REFERENDUM? HOW IS IT STRUCTURED AND WHAT I'M RUNNING INTO IN DOING, UM, THAT, WHAT IF SCENARIO IS THAT THIS NEXT BOND WE ISSUED THE BALANCE OF THE REFERENDUM.
AND SO I'M HAVING TO NOW GO BACK AND I'M GOING TO DO ANOTHER ITERATION AFTER THE AUGUST 27TH MEETING TO RE RE UM, OR FINE TUNE THE AMORTIZATION OF THIS FINAL ALLOTMENT OF THE LAST REFERENDUM TO MAKE SURE I DON'T HAVE ANY HICCUPS IN THE MILL RATE DOWN THE ROAD.
AND I DON'T KNOW, CAUSE IT'S SO FAR OUT WHETHER OR NOT THE BOARD WOULD VOTE TO DO ANOTHER BOND REFERENDUM AND FOR HOW MUCH, BUT I WANT TO AT LEAST PLAN FOR, YOU KNOW, SOME PLACEHOLDER AMOUNT.
SO I DON'T PIGEONHOLE YOU BY A DECISION, UM, THAT'S MADE TODAY.
OH, I WAS JUST SAYING, THANK YOU FOR RUNNING THOSE DIFFERENT SCENARIOS, BECAUSE THAT'S THE KIND OF PROACTIVE AND FORWARD THINKING KIND OF THINGS THAT WE NEED TO BE DOING AND TALKING ABOUT.
I WANT, I WANNA STAY ON THAT AS WELL.
[00:55:01]
COUNCIL IS SUPPOSED TO DO FOR US.AND I'M SO GLAD THAT YOU I'M SO GLAD THAT YOU'RE BACK IS BOND COUNSEL, FINANCIAL ADVISOR.
I WAS HAVING A DISCUSSION WITH ONE OF THE BOARD MEMBERS AND, UM, GOING THROUGH SOME, SOME OF THE ITEMS AND IRONICALLY, YOU KNOW, MY FIRST CHILD WAS BORN IN OH THREE.
MY SECOND WAS BORN IN OH SIX AND, UH, I HAVE ONE SENIOR, ONE FRESH, SO THEY'RE GETTING READY TO, ONE'S GETTING READY TO LEAVE THE COOP HERE.
AND, UH, I STARTED DOING WORK IN BUFORD SOMETIME IN OH 2 0 3 OR OH FOUR.
SO MY, MY, MY, MY PATH AND MY CHILDREN AND PATH OF MANAGING DIFFERENT SCHOOL DISTRICTS, UM, DEBT PROGRAMS, SORT OF, YOU KNOW, THEY HAVE A LOT OF PARALLELS TO THEM.
AND, UH, SO THIS IS ONE I, I DEEPLY KNOW, AND I'VE BEEN INVOLVED WITH FOR A LONG TIME, AND I'M VERY PASSIONATE ABOUT, I'M VERY PASSIONATE ABOUT THE AREA AS WELL, AND I'M SO GLAD TO BE BACK AND I'M HERE TO HELP.
THE NEXT ITEM ON OUR AGENDA IS A 6.2 MINORITY WOMEN OWNED BUSINESS ENTERPRISE REPORT.
CAN YOU HEAR ME OKAY? YES, MA'AM PERFECT.
SO THIS IS THE MINORITY AND WOMEN BUSINESS ENTERPRISE SEMI-ANNUAL PROGRESS REPORT.
THIS IS FOR THE PERIOD OF JANUARY 1ST, 2021 THROUGH JUNE 30TH, 2021.
UH, THIS IS IN ACCORDANCE WITH OH 6.2.
UM, WE DID UPDATE WITH THE SUPERINTENDENT'S INTERPRETATION SINCE THE LAST SEMI-ANNUAL REPORT.
SO THAT'S A LITTLE BIT DIFFERENT THERE, BUT NOT MUCH ELSE HAS CHANGED FOR THE COVER SHEET.
UM, MOVING ON TO PAGE TWO, LET'S START THE SUMMARY.
UM, SECTION ONE IS FUNDS EXPENDED, AND THIS WAS THE CONTROLLABLE BUDGET.
IT'S A SIX MONTH FIGURE, WHICH IS $78,290,571.
THE GOAL ESTABLISHED FOR THE MINORITY WOMEN BUSINESS ENTERPRISE UTILIZATION REPORT.
UM, DURING FYI 2020 WAS 15, WELL, 20% AND OF THAT 78 MILLION WOULD HAVE BEEN 15 MILLION, $658,114 AND 10 CENTS.
UM, THE TOTAL DOLLARS EXTENDED OR AWARDED TO CERTIFIED MINORITY WOMEN BUSINESS ENTERPRISE WAS $958,257 87 CENTS, WHICH WAS 1.2, 2% OF THE CONTROLLABLE BUDGET.
THE TOTAL DOLLARS EXPENDED TO NON-CERTIFIED WAS 3 MILLION, $877,084 AND 91 CENTS, WHICH WAS 4.9, 5% OF THE CONTROLLABLE BUDGET.
SO THE TOTAL EXTENDED DOLLARS TO ALL MINORITY WOMEN BUSINESS ENTERPRISE WAS 4 MILLION, $835,342 AND 78 CENTS, WHICH WAS ABOUT 6.1, 8% OF THE CONTROLLABLE BUDGET OUT OF ALL THE SOLICITATIONS THAT WE DID.
UM, WE DID 13 FOR GOODS AND SERVICES AND ONE FOR CONSTRUCTION.
UM, NONE OF THOSE, UM, RECEIVED ANY BIDS FROM CERTIFIED MINORITY WOMEN BUSINESS ENTERPRISE, AND THEN REWARDED BECAUSE WE DID NOT RECEIVE ANY THAT WERE CERTIFIED.
TWO HAVE NOT BEEN AWARDED YET WHILE THEY MAY HAVE BEEN AWARDED NOW, BUT NOT WHEN THE PORT WAS CREATED AND EIGHT WAS AWARDED AND THE CONSTRUCTION AND RENOVATION WAS AWARDED DURING THAT PERIOD.
SO ACTUAL DOLLARS PAID TO CERTIFIED MINORITY WOMEN BUSINESS ENTERPRISE BROKEN UP BETWEEN MINORITY AND WOMEN OWNED.
THE MAJORITY WAS MINORITY AT $927,995 AND 5 CENTS AND $30,262 AND 82 CENTS TO WOMEN.
AND AGAIN, THIS IS JUST CERTIFIED AND THAT WAS SPLIT BETWEEN SIX DIFFERENT CERTIFIED VENDORS, FIVE OF THOSE BEING MINORITY CERTIFIED.
AND ONE OF THOSE BEING ONE WOMAN CERTIFIED SECTION FOUR IS JUST A SUMMARY OF THE TYPES OF PURCHASES THAT WE'VE DONE THROUGH MINORITY WOMEN, BUSINESS ENTERPRISES, AND THE GOAL.
THE HISTORICAL GOAL WAS THE GRAPH BELOW THAT SHOWING, UM, ALL THE HISTORICAL FIGURES OF OUR GOAL BASED WHERE OUR ACTUAL, UM, FOR THE PAST FIVE, SIX YEARS AND THE NEXT GRAPH AFTER THAT SHOWS THE DISTINCTION OF PERCENTAGE BASED ON NON-CERTIFIED MINORITY WOMEN BUSINESS TYPE AND THE PERCENT OF CERTIFIED MINORITY WOMEN BUSINESS TYPE AND IN OUR CONSCIOUS EFFORT TO ACQUIRE MORE MINORITY AND WOMEN BUSINESS OWNED OR WOMEN OWNED BUSINESSES.
UM, WE HAVE PUT IN PLACE THAT WE PLACED ON THE WEBSITE WORKING WITH BEAVER COUNTY SCHOOL DISTRICT, THE VENDOR HANDBOOK, WE PLACE ADS IN THE LOCAL NEWSPAPER, AND WE ALSO DO RADIO ADS.
SEMI-ANNUALLY UM, TYPICALLY FEBRUARY AND AUGUST WITH INFORMATION
[01:00:01]
OF PROPOSED FUTURE PROJECTS.UH, WE HELD A, UH, MINORITY VENDOR FAIR IN 20TH, 21, AND WE HAVE OUTREACH BY CDRE HEARING, UM, OUR PROJECT MANAGEMENT CONTRACTOR, UM, BY POSTING OPPORTUNITIES TO THE WEBSITE AS WELL.
DO YOU HAVE ANY QUESTIONS? DO I HEAR A MOTION TO ACCEPT 6.246 MONTH PERIOD? SHOULD I HEAR A SECOND? AND IT LOOKS LIKE WE HAVE A HAND.
MR. SMITH, CAN YOU TELL ME THE PROCESS OF BRINGING THESE FORWARD THE VENDORS OR THE REPORTS OR THE VENDORS? SO WITH THE VENDORS WE REACH OUT, WE ADVERTISE ON SOUTH CAROLINA BUSINESS OPPORTUNITIES, WHICH IS MANDATED BY THE PROCUREMENT CODE, BUT STATE AND LOCAL PROCUREMENT CODE.
THEN WE HOLD VENDOR FAIRS TWICE A YEAR.
UM, WE EMAILED THAT INFORMATION OUT TO THE CHAMBER OF COMMERCE AND THE BLACK CHAMBER OF COMMERCE AND, UM, A FEW OTHER CONTACTS THAT CDR HEARING HAS HELPED US WITH.
UM, ALSO WITH THE MINORITY VENDORS THAT HARRY HAS WORKED WITH, THEY'VE BOUGHT A COUPLE ONBOARD THEMSELVES.
AND WE ALSO PUT IN OUR SOLICITATIONS THAT, UM, IT IS HIGHLY RECOMMENDED THAT OUR, UM, CONSTRUCTION, WHETHER IT BE ARCHITECT OR ANY KIND OF CONTRACTOR OR ANY OF OUR LARGE CONTRACTORS WORK WITH SUBCONTRACTORS, WHICH IS A VERY LARGE MAKEUP OF OUR MINORITY AND WOMEN BUSINESS ENTERPRISE REPORTING IS SUBCONTRACTORS THROUGH OUR LARGE CONTRACTORS.
AND WHEN YOU PUT THE, YOU PUT AN RFP FOR THIS OUT, CORRECT FOR, FOR OUR PROJECTS DURING THE YEAR.
BUT IS JUST A SNAPSHOT OF OUR SIX MONTHS OF EVERYBODY THAT WE'VE DONE BUSINESS WITH, UM, THROUGH ALL OF OUR PROJECTS AND PURCHASES.
ANY OTHER QUESTIONS HEARING NONE SEEING NO HANDS I'LL CALL THE QUESTION.
ALL THOSE IN FAVOR SIGNIFY BY SAYING, AYE.
NEXT TOPIC IS FUTURE TOPICS, FUTURE TOPICS.
I HAVE ONE, UM, THAT I WANTED TO EXPLORE, UM, AND DOING SOME RESEARCH.
I FOUND THAT, UH, THE LAST STUDY THAT WAS DONE IN REGARD TO BEAVER COUNTY AND THE IMPACT THAT ACT 3 88 HAS HAD ON BEAVER COUNTY SCHOOL DISTRICT, I BELIEVE IT WAS CONDUCTED IN 2013.
UM, IT WAS, I BELIEVE PAID FOR BY THE SOUTH CAROLINA REALTORS ASSOCIATION AND IN COOPERATION WITH THE LOCAL REALTORS ASSOCIATION.
I DON'T KNOW IF WE WANT TO PERHAPS REVIEW THAT AND SEE IF WE SHOULD APPROACH THEM TO GET AN UPDATED, UM, REPORT DONE, OR PERHAPS DO OUR OWN DIGGING INTO SOME OF THOSE FINDINGS.
BECAUSE A LOT OF THE THINGS THAT ARE IN THAT REPORT ARE, UM, INTERESTING.
AND I CAN SEND YOU THE IT'S ON, UM, IT'S ARCHIVED ONLINE, BUT I CAN SEND A LINK TO THE 20 13 1 IF YOU'D LIKE GREAT.
ANY OTHER TOPICS HEARING NONE? DO I HEAR A MOTION TO ADJOURN.