* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. [00:00:10] TO THE FINANCE COMMITTEE MEETING, UH, WE START THE MEETING AND CALL THE ORDER AND WE WILL START WITH THE PLEDGE OF ALLEGIANCE. IF YOU PUT THE AMERICAN FLAG UP, PLEASE, MOLLY. THANK YOU. PLEASE RISE. I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS ONE NATION UNDER GOD, INDIVISIBLE WITH LIBERTY AND JUSTICE FOR ALL NEXT ON THE AGENDA IS THE APPROVAL OF THE AGENDA. DO I HEAR A MOTION TO APPROVE THE AGENDA? I MAKE A MOTION THAT WE APPROVE. TODAY'S AGENDA. OH, SHIT HAS BEEN MOVED. AND SECOND INTO APPROVE THE AGENDA. ARE THERE ANY DISCUSSION HEARING NONE. ALL THOSE IN FAVOR SIGNIFY BY SAYING AYE. AYE. AYE. OPPOSED. NONE MET THE MOTION. CARRIES ANY PUBLIC COMMENTS, MOLLY. NOPE. PUBLIC COMMENTS. RIGHT. NEXT ITEM ON THE AGENDA IS APPROVAL OF THE AUGUST 12TH, 2021 COMMITTEE MEETING MINUTES. DO I HEAR A MOTION TO APPROVE? I MAKE A MOTION THAT WE APPROVE THE MINUTES OF ALL WAS THE 12TH. SECOND. THE MOTION TO APPROVE THE MINUTES OF THE AUGUST 12TH COMMITTEE MEETING HAS BEEN MOVED AND SECONDED. IS THERE ANY DISCUSSION HEARING NONE. ALL THOSE IN FAVOR SIGNIFY BY SAYING AYE. AYE. AYE. MOTION CARRIES UNANIMOUSLY. THE NEXT TOPIC. OH, 6.6 FOURTH QUARTER F Y 2021. FINANCIAL STATEMENT. MS. CROSBY. I HAVE THE HONOR AND PLEASURE OF, UH, TURNING THIS ONE OVER TO REGGIE MURPHY. THIS EVENING, REGGIE IS GOING TO GO OVER THE REPORT AND I WILL BE AVAILABLE FOR ANY COMMENTS OR QUESTIONS AFTERWARDS AS WELL. ALL RIGHT, REGGIE YOU'RE MUTED. CAN YOU HEAR ME NOW? OKAY, GREAT. WHAT WE'RE PRESENTING TODAY IS THE FOURTH QUARTER FINANCIAL REPORT FOR FYI 21. IT ADDRESSES OH 6.6 AND 6.1. THE SUPERINTENDENT SHALL NOT SOLDIERS. ALL THE FIGURES PRESENTED ARE PRELIMINARY AND UNAUDITED CHANGES TO THE NUMBERS WILL OCCUR BEFORE THE ANNUAL AUDIT IS COMPLETED. TOTAL GENERAL FUND REVENUES. AT THE TIME OF THE REPORT, WE'RE EXPECTED TO DEAL ONE AND 1.3% OF THE BUDGETED REVENUES. IF OUR 20 REVENUES WERE 100.3% OF LOCAL PROPERTY TAXES ARE PROJECTED TO BE 100, 1.5% OF THE BUDGET COMPARED TO 99.6% OF THE BUDGET AS WELL, 20 TOTAL REVENUES ARE EXPECTED TO EXCEED THE F WHAT 20 AUDITED AMOUNT BY $2.3 MILLION. THIS CAN BE ATTRIBUTED MAINLY TO INCREASES IN ASSESSED PROPERTY VALUES AND SUBSEQUENTLY THE VALUE OF THE MEAL. LIQUID TAXES AND TAX PENALTIES THAT ARE COLLECTED IN JULY AND AUGUST ARE CRUDE TO THE PRIOR FISCAL YEAR IN FYI 20, THAT ACCRUAL WAS 1.5 MILLION FOR FYI 21. AT THE TIME OF THE REPORT, A 1.2 MILLION WAS THE PROJECTED AMOUNT OF THE ACCRUAL. WE HAVE RECEIVED SOME MORE RECENT INFORMATION FROM THE COUNTY AND WE THINK THAT NUMBER MAY BE CLOSER TO $2 MILLION. THE INTEREST ALLOCATION NUMBERS WERE NOT AVAILABLE AT THE TIME OF THE REPORT THAT TYPICALLY SOMEWHERE AROUND $125,000 DUE TO THE DELAYED ISSUANCE OF THE TAX BILLS ARE TAX PENALTY WRITTEN USUALLY WAY DOWN THIS YEAR, STATE REVENUES ARE ESTIMATED TO BE 100.7% OF THE BUDGET, THE LARGEST CONTRIBUTORS TO THE BUDGET, EXCESS OF REIMBURSEMENT FOR LOCAL PROPERTY TAX AND RETIREE INSURANCE, FEDERAL REVENUES ARE PROJECTED TO EXCEED THE BUDGET BY ABOUT 34%. IT'S TOUGH TO BUDGET FOR FEDERAL FUNDING BECAUSE THE TIMING IS EASILY OFTEN ERASED. PROBABLY THE ONE THAT'S OFF MORE THAN ANY, BECAUSE IT IS DEPENDENT ON WHEN THEY RECEIVE IT WHEN THEY APPROVE IT. AND THEN THEY REIMBURSE THE PSALMS, UH, TOTAL SPENDING WILL BE CLOSE TO 99% OF THE BUDGET. AND THEREFORE IT'S FUNNY, THE AUDIT SHOWED THE SPENDING TO BE IN THAT 95.4% OF THE BUDGET SUPPORT PROGRAM [00:05:01] EXPENDITURES ARE REPORTED TO THE 98.5% OF THE BUDGET. AND INTER-GOVERNMENTAL TRANSFERS ARE PROJECTING TO SEE THE BUDGET 1 9 40 2% OR THAT EXCESS IS PROBABLY DUE OR IS DUE TO THE INCREASE IN RIVERVIEW CHARTER SCHOOL PAYMENTS, WHICH ARE GREATER THAN THE BUDGET AMOUNT DUE TO A REVISED PAYMENT COMPUTATION. CHICAGO'S ON INCREASE IN THEIR STUDENT ENROLLMENT CHART, A CIVIL RISES, THE GENERAL FUND ACTIVITIES RESULTING IN A GENERAL FUND BALANCE. EXCUSE ME, COULD YOU SPEAK INTO THE MIC A LITTLE BIT MORE? COULD YOU SPEAK UP, YOU TALKING A LITTLE MORE CHART, A SUMMARIZES THE GENERAL FUND ACTIVITIES RESULTING IN A GENERAL FUND BALANCE THAT WILL BE APPROXIMATELY 18% OF THE F 22 BUDGET EXPENDITURES. THE GENERAL FUND BUDGET IS ANTICIPATED TO INCREASE BY $5.3 MILLION, BRINGING THE TOTAL GENERAL FUND OR FUND BALANCE TO THE TOTAL AMOUNT GREATER THAN $50 MILLION. THE GFL A BEST PRACTICES RECOMMEND THAT WE HAVE A FUND BALANCE THAT COVERS 60 DAYS OF EXPENDITURES. THE 50 PLUS THE 50 MILLION PLUS BALANCE WILL PROVIDE APPROXIMATELY 66 DAYS OF EXPENDITURES. AND THEN YOU HAD THE THREE ATTACHMENTS THAT COVER THE GENERAL FUND REVENUES EXPENDITURES, AND THEN THE SYNOPSIS OF ALL TIMES. OKAY, THANK YOU. UH, SO I WOULD PROPOSE THAT WE DO NOW IS, UH, MOLLY, IF YOU WOULD SHOW, SCHEDULE A YEAH, GO BACK DOWN THAT SCHEDULE RIGHT THERE. NO. ANY COMMITTEE MEMBERS HAVE ANY QUESTIONS ABOUT THE FIGURES IN SCHEDULE A RACHEL DOES. YEAH. UM, I DIDN'T NECESSARILY HAVE A QUESTION ABOUT SCHEDULE A, BUT IT WAS KIND OF IN REGARDS TO THE NARRATIVE ABOUT RIVERVIEW CHARTER SCHOOL. I WANTED TO INQUIRE ABOUT THAT AND HOW, UM, I KNOW YOU SAID IT WAS, IT HAD SOMETHING TO DO WITH THE CHANGE IN THE COMPUTATION OR IN THE METHOD OR THE CALCULATIONS THAT WE USE, UM, FOR THEIR FUNDS. I WANTED TO ASK ABOUT, UM, HOW WE COLLECT THE REVENUES TO GO TOWARDS RIVER VIEWS CHARTER SCHOOL. IT'S MY UNDERSTANDING THAT FEDERAL AND STATE ARE ON A REIMBURSEMENT, I GUESS, SUSPEND, AND THEN THEY REIMBURSE US FOR THE CHARTER SCHOOL. IS THAT CORRECT? I CAN TAKE THAT ONE. UM, WE ARE, DO NOT. UH, OKAY. LET'S SEE. UM, WHEN WE ARE RECEIVING, WHEN WE RECEIVE REVENUE FROM THE STATE DEPARTMENT, THE NUMBER OF STUDENTS AT RIVERVIEW ARE INCLUDED IN OUR ENROLLMENT NUMBERS. SO IN ESSENCE, WE ARE FUNDED FOR THOSE STUDENTS THROUGH OUR GENERAL FUND DOLLARS STATE DOLLARS. UM, FOR EXAMPLE, EFA DOLLARS WOULD INCLUDE, OR THEY'RE BASED ON A STUDENT COUNT NUMBER. SO THOSE STUDENTS WOULD BE INCLUDED THERE. UM, THERE IS A STATE, UH, LAW, WHICH DICTATES THE FUNDING FORMULA FOR CHARTER SCHOOLS AND IT BASICALLY TAKE THE CALCULATION OF ALL REVENUES. SO YOU WOULD TAKE, SAY $256 MILLION DIVIDED BY THE TOTAL NUMBER OF WEIGHTED PUPIL UNITS FOR THE SCHOOL DISTRICT AND RIVERVIEW STUDENTS, AND MULTIPLY THAT BY THE NUMBER OF STUDENTS AT RIVERVIEW. SO THEY WOULD RECEIVE AN ALLOCATION, UM, BASED ON THAT FORMULA. SO WE RECEIVE MONEY SPECIFICALLY FOR RIVERVIEW, BUT IT IS THEIR MONEY FLOWS THROUGH US. UM, AND, AND IS PAID TO RIVERVIEW BASED ON THAT FORMULA EACH YEAR EACH WE PAID MONTHLY ACTUALLY TO THEM, IS THAT THE SAME KIND OF FOR THE FEDERAL? IT IS NOT, UH, WE FOR SPECIAL REVENUE FUNDS, UH, EACH FUND IS RESTRICTED IN A CERTAIN WAY AND CALCULATED AND ALLOCATED TO THE SCHOOL DISTRICT IN A CERTAIN WAY. AND WE USE THE FORMULA THAT IS USED TO CALCULATE OUR ALLOCATION AS THE SAME AS THE ALLOCATION THAT WE WILL CALCULATE TO, TO PAY COMPENSATE THEM. UM, SO WE HAVE A SPECIAL REVENUE, UM, DOCUMENT AND EVERY CATEGORY OF FUNDING THAT THEY'RE ELIGIBLE FOR AND, UH, THE METHOD IN WHICH WE HAVE THE CALCULATION METHOD AND THE CRITERIA THAT THE DATA THAT WE'RE USING AND, UH, THE DOLLAR AMOUNT THAT THEY ARE ELIGIBLE FOR. SO IT'S, UM, IT'S [00:10:01] D IT'S DIFFERENT BECAUSE EVERY POT OF MONEY OF REVENUE, SPECIAL REVENUE FUNDS IS ALLOCATED IN A DIFFERENT MANNER, A DIFFERENT POPULATION. SO IT, SO THAT, UM, ESSENTIALLY THE RIVERVIEW CHARTER STUDENTS AND THE WAY THAT WE REIMBURSE OR NOT REIMBURSEMENT, BUT THEY ARE, THEIR STUDENTS ARE PAID FOR IS DIFFERENT FROM OUR STANDARD STUDENTS. AND THAT'S KIND OF WHAT CAUSED, UM, PERHAPS A DISCREPANCY HERE AT WALDEN WITH THAT CALCULATION CHANGE. CORRECT. WELL, THEIR CHANGES ARE, ARE, UM, IT COULD HAVE BEEN A COUPLE OF THINGS. A FEW YEARS AGO, THERE WAS AN INCREASE IN ENROLLMENT THAT WE HAD NOT BUDGETED. UM, IT WAS, UH, UH, AN INCREASE OF, UH, THEY WENT FROM 19 TO 20 STUDENTS PER CLASS PERIOD. AND THAT, UH, PROPOSAL WAS BROUGHT BEFORE THE FOUR IN, UM, IN A DOCUMENT, A MULTI PAGE DOCUMENT AND WAS NEVER REALLY DISCUSSED OPENLY, UH, WITH THE BOARD IN THEIR ANNUAL RENEWAL. AND SO THEY INCREASED ENROLLMENT AND THE BUDGET WHEN WE WENT TO ALLOCATE FUNDS, THE FOLLOWING SCHOOL YEAR NOTICED AN INCREASE IN ENROLLMENT, BUT HAD NOT BUDGETED FOR THAT. SO THIS WAS ABOUT TWO OR THREE YEARS AGO, TWO YEARS AGO, I BELIEVE. SO THEN, UM, THAT BUDGET, THEN WE HAD THE PANDEMIC YEAR, THE BUDGET HELD FLAT ONCE AGAIN, UH, SO THAT, UH, AND SO THIS YEAR WE HAD TO INCREASE THIS COMING YEAR. WE HAD TO INCREASE THEIR BUDGET. SO, UM, THAT ATTRIBUTED TO ONE OF THE ITEMS. THE OTHER THING IS A FLUCTUATION IN REVENUES WHEN THIS REVENUE NUMBER JUMPS UP, UM, WHEN IT INCREASES LARGER THAN OUR PROJECTION, THAT WOULD ALSO CAUSE AN INCREASE IN THE ALLOCATION THAT WAS GIVEN TO CHARTER SCHOOL. SO IF WE HADN'T EXPECTED AN INCREASE, UH, SAY A $2 MILLION EXCESS IN TAX REVENUE THEN, AND THAT'S WHAT WE HAD BUDGETED FOR, FOR ALLOCATION TO RIVERVIEW, THEN THAT WOULD CHANGE, UH, AND, AND CAUSED US TO GO OVER BUDGET. SO IT'S A COMBINATION OF THINGS. THANK YOU. UM, AND TO TAKE A PAGE KIND OF FROM MR. STRIVEN JURORS BOOK, I'M JUST TRYING TO SEE IF I CAN UNDERSTAND HOW THAT'S WORKING. CAUSE I KNOW THAT THE, THE INSTANCE THAT YOU MENTIONED TWO YEARS AGO WITH THERE WAS SOMETHING THAT KIND OF SLIPPED THROUGH AND I WANT TO MAKE SURE THAT WE'RE LEARNING OUR LESSONS ON THOSE THINGS. UM, AND YEAH. OH, DEFINITELY. I LOOKED VERY CLOSELY AT THE ANNUAL REPORTS AND I MADE EVERYONE AWARE THAT, UH, ATTORNEY GENERAL COUNSEL FOR OUR, FOR THE SCHOOL DISTRICT, AS WELL AS MEMBERS OF SENIOR STAFF, THAT THAT IS A CRITICAL PIECE OF INFORMATION. WE NEED TO BE CAREFULLY REVIEWING THOSE ANNUAL REPORTS. AND IF THERE'S ANY INDICATION THAT ENROLLMENT IS INCREASING, WE NEED TO KNOW ABOUT IT AND BE ABLE TO BUDGET FOR THAT. SO THANK YOU VERY MUCH FOR ANSWERING MR. CAMPBELL, YOU HAD YOUR HAND UP. DID YOU HAVE A QUESTION? YES, I, I WAS GOING TO ASK, UH, MS. CROSBY HAVE, DO WE KNOW WHAT THE DELINQUENT TAXES, HOW MUCH RIGHT NOW AT THIS POINT? UM, WHAT WAS, WHAT WAS THE QUESTION AGAIN? DELINQUENT TAXES. THESE ARE DEFINITELY THE TAXES WE PUT IN $152 MILLION NUMBER IN THE UNAUDITED COLUMN HERE, AD VALOREM TAXES, INCLUDING DELINQUENT THAT IS CURRENT AUTO AND DELINQUENT TAXES. SO WE ACCOUNTED FOR SOME OF THOSE TAXES HERE. I BELIEVE WE RECEIVE ABOUT $4 MILLION A YEAR OR SO, IS THAT, YEAH, WE DID SHOW A DECREASE IN THOSE TAXES THIS YEAR BECAUSE THERE WAS, UM, THE TAX BILL DELAY CAUSED A, A SHORTER SPAN OF TIME. UM, AND SO, UH, THERE WERE FEWER DELINQUENT TAXES, UH, ON THE ROLES THIS YEAR, AS WELL AS PENALTIES. OKAY, THANK YOU. OKAY. UH, CAN WE GO TO THEN ANY QUESTIONS ON, I HAVE ONE COMMENT OR QUESTION ON SCHEDULE, UH, A, IS THERE ANY OTHER QUESTIONS ON SCHEDULE A OKAY. A REGGIE ON A SCHEDULE, A THE OTHER, THE, ON A LOCAL COLUMN, OTHER UNAUDITED, UH, ACTUAL, [00:15:02] UH, 957,984, WHICH WAS APPROXIMATELY A 160,005 16, UH, LESS THAN WE ANTICIPATED. CAN YOU GIVE ME WHAT THE OTHER, WHAT IS IN THAT OTHER COLUMN? HOLD ON. UH, I THINK I CAN HELP WITH THAT ONE. UM, RENTALS IS ONE CATEGORY OF THE OTHER, SO RENTALS, UM, THE P-CARD REVENUES AND RECEIPT OF LEGAL SETTLEMENTS ARE THREE OF, UM, UH, THOSE CATEGORIES INSIDE OF THE OTHER, UM, RENTALS WERE DOWN DUE TO OUR, UM, THE SELL OF BOROUGHS AVENUE. SO THAT'S ONE REASON FOR THE REDUCTION THERE. UH, AND OUR P-CARD REVENUES WERE DOWN, UM, SLIGHTLY FROM THE PREVIOUS YEAR AS WELL. YEAH. UM, WE, WE DID HAVE ILLEGAL SETTLEMENT OF 29,000 OR ALMOST 30,000 ESCAPE SCANNER LAWSUIT, SCANA LAWSUIT, MS. SCANNELL SETS, UM, DUE TO THE NUCLEAR POWER PLANT. IS THAT CORRECT? YES, SIR. YOU KNOW, IN THE FUTURE IT WOULD BE VERY HELPFUL WHEN YOU HAVE OTHER, AND YOU MENTIONED ANOTHER OTHER PLACES, IF YOU WOULD JUST FOOTNOTE OTHER IS JUST SO WE COULD, YOU KNOW, OTHER OTHER MAKES ME UNCOMFORTABLE A LITTLE BIT. SO IF WE COULD DO THAT IN A FUTURE, IT WOULD BE APPRECIATED. ANY OTHER QUESTIONS ON SCHEDULE A MOLLY? COULD YOU SHOW, SCHEDULE B PLEASE? ANY QUESTIONS ON SCHEDULE B? I HAVE, I HAVE ONE AS SCHEDULE B PAYMENTS TO OTHER GOVERNMENTAL UNITS, THE TOTAL OF 627,577. COULD YOU PLEASE EXPLAIN WHAT THAT IS PLEASE? THAT'S IN THE EXPENDITURES COLUMN, THE MAJORITY OF THAT IS THE CHARTER SCHOOL PAYMENT PAYMENTS TO OTHER GOVERNMENTAL UNITS WOULD BE TO, UM, EITHER TO, UM, GROUP HOMES OR, UH, FACILITIES WHERE STUDENTS SPECIAL EDUCATION STUDENTS ARE PLACED IN OTHER FACILITIES, UH, AS WELL AS THE DEPARTMENT OF JUVENILE JUSTICE AND THE CHARTER SCHOOL PAYMENTS ARE PAID IN THAT CATEGORY AS WELL. SO FOR THE MOST PART, THAT OVERAGE IS DUE TO THE CHARTER SCHOOL. ALL RIGHT. THANK YOU. AND A FUN BALANCE. YEAH. WELL, I WANTED TO MAKE A COMMENT ON THE FUND BALANCE. UH, BASICALLY WHAT IT TELLS ME IS OF COURSE OUR FUND BALANCE GROWS, UH, THIS YEAR BECAUSE OF ASSESSED VALUE OF PROPERTY HAS GONE UP AND, UM, AND OUR EXPENDITURES WERE LOWER BECAUSE OF THE COVID IMPACT. SO THAT'S, I WAS LOOKING AT THE REASON FOR THE $6 MILLION PLUS INCREASE IN X AND FUND BALANCE. AND I SAW THAT, UH, 3000 OF THAT WAS DUE TO EXPENSE EXPENDITURE SAVINGS AND THE BALANCE, THE REST OF THAT WAS TO INCREASE REVENUE AS A RESULT OF, UH, INCREASED, UH, TAX ASSESSMENT VALUE VALUE OF THE MILL. UM, WHEN YOU BRIEF THE 66% BEING MORE THAN THE 60% THAT THE STANDARD, UH, GOVERNMENTAL ACCOUNTING AGENCY RECOMMENDS A 60 DAY SUPPLY, THAT'S GOOD FOR GOVERNMENTAL AGENCIES THAT HAVE A MUCH MORE CONSISTENT REVENUE STREAM. AND I, I DON'T WANT THE PUBLIC TO THINK, OKAY, WOW, WE HAVE NOW GOT TOO MUCH FUND BALANCE WHEN WE DON'T, IF YOU CONSIDER THE FACT THAT WE HAVE [00:20:01] A VERY LIMITED REVENUE STREAM FROM THE END OF JUNE UNTIL THE MIDDLE OF DECEMBER, WHEN TAX REVENUE COMES IN FROM THE TAX BILLS THAT GO OUT IN OCTOBER. SO I'M NOT SURE, I THINK WE'VE HAD A GOAL THAT WE PUT DOWN FOR FUND BALANCE THAT IS MORE THAN THE 60 DAY SUPPLY. AND THAT'S WHY TO ME, I DON'T THINK THAT WE SHOULD SAY, OKAY, WE CAN NOW LOWER OUR TAX RATE BECAUSE WE'RE COLLECTING TOO MUCH MONEY. WE NEED TO REBUILD THAT FUND BALANCE SO THAT WE DON'T HAVE TO BORROW $17 MILLION THAT WE'RE GOING TO HAVE TO BORROW THIS YEAR TO GET US THROUGH THE, UH, THE BUDGET CYCLE, UH, UNTIL THE PROPERTY TAXES STARTED COMING IN IN DECEMBER. SO I JUST WANT TO, FOR THE PUBLIC TO UNDERSTAND THAT IT'S A GOOD THING THAT WE'RE SPENDING LESS AND WE'RE GAINING MORE AND SOMEDAY, HOPEFULLY WE CAN COME TO A POINT WHERE WE HAVE SUFFICIENT FUND BALANCE THAT WE DON'T HAVE TO BORROW ANY MONEY TO GET US THROUGH THE REST OF THE FISCAL YEAR. SO THAT'S JUST A LITTLE EDITORIAL COMMENT, UH, BASED ON WHAT WE SAW IN THE, UH, NARRATIVE, IF THERE ARE ANY OTHER QUESTIONS ON SCHEDULE B. OKAY. COULD YOU SHOW, SCHEDULE C MOLLY? ARE THERE ANY QUESTIONS ON SCHEDULE C? I WOULD LIKE, AGAIN, THE OTHER REVENUE THAT TOTALED 500, 5,902,867, I ASSUME THAT IS ESSER AND FEDERAL. UM, ALL RIGHT. I DON'T KNOW. WHAT IS THAT $5 MILLION? UM, WAS THAT NUMBER 5 MILLION 9 0 2? IS THAT YOU MENTIONED? YES. OKAY. ALL RIGHT. SO THE TOP CATEGORY, UM, THAT IS ALL LOCAL FUNDS IN EVERY, UH, EVERY CATEGORY. SO UNDER, UM, SO THOSE ARE FOR VARIOUS SOURCES OF FUNDS, SAY FOR SPECIAL PROJECTS, SPECIAL REVENUE PROJECTS, THOSE WOULD BE LOCAL GRANTS. UM, FOR OUR SCHOOLS CAPITAL PROJECTS, IT WOULD BE, IT MAY BE INTEREST INCOME ON, EXCUSE ME, INTEREST IS RIGHT ABOVE. I'M SORRY. UM, OTHER LOCAL, UM, I HAVE TO BREAK OUT THAT ONE. I CAN'T RECALL ALL OF THEM, BUT, UM, THERE'S VARIOUS, UM, EACH, EACH FUND HAS VARIOUS OTHER LOCAL FUNDS, SO WE CAN CERTAINLY BREAK OUT AND PROVIDE YOU ALL WITH A LISTING OF WHICH, WHICH, UH, CATEGORIES THAT RELATE TO THOSE AMOUNTS. ASTOR FUNDS ARE ACTUALLY IN THE FEDERAL PROGRAMS. AND SO THEY'RE IN THE SPECIAL REVENUE PROJECTS, FUNDS OF $10 MILLION. OKAY. AND, UM, UH, SO THAT IS THE CATEGORY THAT WILL, THAT IS RELATING TO THOSE FUNDS AND THEN THE OTHER OBJECTS AND EXPENDITURES, UH, 434, AGAIN, ANOTHER OTHER, WHAT ARE THE OTHER OBJECTS? ARE THERE OBJECTS OR BOND FEES AND THE CAPITAL PROJECTS FUND? UM, SO THOSE WOULD BE BOND, UH, EXPENSES SUCH AS THE BOND COUNSEL FEES, THE FINANCIAL ADVISOR FEES, UM, THE MOODY'S RATING AGENCY, PS, UH, IN THE DEBT SERVICE FUND. UM, THEY WOULD BE OTHER BOND RELATED EXPENSES, SO WE CAN CERTAINLY PROVIDE SOME DETAILS ABOUT THOSE AS WELL. ANY OTHER QUESTIONS ON SCHEDULE C ANY OTHER QUESTIONS ON THE DOCUMENT AS A WHOLE? DO I HEAR A MOTION TO RECOMMEND TO THE FULL BOARD APPROVAL OF YES, YES. I'LL BE BACK. OKAY. DO I HEAR A MOTION TO RECOMMEND TO THE FULL BOARD THAT [00:25:01] WE APPROVE THE FOURTH QUARTER FYI, 2021 FINANCIAL STATE FINANCIAL REPORT. SECOND, WE MOVED AND SECONDED TO RECOMMEND TO THE FULL BOARD THAT THE FULL BOARD APPROVED THE FOURTH QUARTER 2021 FINANCIAL REPORT. ARE THERE ANY DISCUSSION? I'LL WAIT TILL IT GETS TYPED UP FOURTH QUARTER FYI 20 21, 20 20, 20 21. THERE YOU GO. OKAY. IT'S ALL RIGHT. WE'RE READY TO GO. ALL RIGHT. UH, ALL THOSE IN FAVOR SIGNIFY BY SAYING AYE. AYE. AYE. ANY OPPOSED MOTION CARRIES UNANIMOUSLY. NEXT ACTION. NEXT TO OBJECT ON THE AGENDA IS FUTURE TOPICS. ANYBODY HAVE FUTURE TOPICS WE SHOULD DISCUSS? UM, I DON'T KNOW IF IT'S A FUTURE TOPIC OR NOT. I WAS GONNA ASK TANYA, UM, I KNOW THAT YOU'RE BRINGING, UM, AS OUR UPDATES TO THE FINANCE COMMITTEE AND THEN THOSE ARE GOING TO THE FULL BOARD. I WASN'T SURE WHEN THE NEXT ONE WAS GOING TO BE. AND THE MAIN REASON I'M ASKING IS BECAUSE OF MOST RECENT ACTION FOR THE, NOT TO EXCEED $2 MILLION FOR THE, UM, DUAL MODALITY. ALL RIGHT. SO, UM, WHEN LOOKING AT THE CALENDAR, UH I'M I DO NOT BELIEVE THAT WE'RE GOING TO HAVE BE ABLE TO BRING THE SRO UPDATE TO THE COMMITTEE AND THEN THE BOARD AS WELL. AND THE TIMING DIDN'T WORK OUT QUITE RIGHT. UH, FOR EXAMPLE, AUGUST 31ST, UM, ON A, UH, TUESDAY DOCUMENTS ARE THEN DUE TO THE BOARD, THE, FOR THE FINANCE COMMITTEE, THE FOLLOWING MONDAY. SO THAT GAVE US THREE CALENDAR DAYS TO REALLY PREPARE. AND THEN THERE'S A HOLIDAY. IT WAS A HOLIDAY IN THERE. SO UNFORTUNATELY THE TIMING DOES NOT GIVE US MUCH. IT DOESN'T GIVE US MUCH TIME TO BE ABLE TO PROVIDE THE UPDATE TO THE COMMITTEE. SO, UM, I WOULD REQUEST THAT WE JUST BE ABLE TO GIVE THAT TO THE FULL BOARD. IT DOES GIVE US A FULL WEEK EXTRA. UM, AND THAT WOULD BE MY REQUEST ON THAT. SO, UM, THAT'S, THAT'S FINE WITH ME. I JUST WANTED TO KNOW WHEN, WHEN WE WERE GOING TO TAKE A PEEK AT IT, SO IT DOESN'T HAVE TO GO ON A FUTURE TOPIC FOR US. IT WILL BE ON THE NEXT BOARD MEETING FOR SURE. UH, WE'RE PLANNING ON SEPTEMBER, I BELIEVE IT'S 21ST. THANK YOU, MR. CAMPBELL, DO YOU HAVE ANY OTHER TOPICS? NOPE, I DON'T. I, I DO HAVE A COUPLE TOPICS THAT I LIKE TO PROPOSE THAT WE TALK ABOUT. NUMBER ONE, I'D LIKE TO HAVE AN UPDATE ON THE NO RATE IS GOING TO BE, UH, SET OUT ON THE TAX BILLS COMING OUT. I THINK THAT HAS TO BE VOTED ON BY THE COUNTY COUNCIL STATUS. SO WHAT IT'S GOING TO BE AS WE GO FORWARD FOR THE NEXT BUDGET YEAR FRANKLIN. AND THE OTHER ISSUE IS I'D LIKE TO HAVE AN UPDATE ON FISCAL AUTONOMY AND WHAT, WHAT HAS BEEN DONE SINCE WE MADE THE MOTION, UH, IN THE FULL BOARD TO EXPLORE OFFICIAL FISCAL AUTONOMY FROM THE COUNTY COUNCIL. I'D LIKE TO GET AN UPDATE, ANY OTHER REQUESTS FOR FUTURE TOPICS? UH, TANYA, DO YOU HAVE ANYTHING THAT YOU NEED TO BRING TO US? YES, SIR. I DO HAVE ONE ITEM. UH, I BELIEVE I GENERALLY SOLE SOURCE AND EMERGENCY PROCUREMENT. WE GENERALLY, AND WE REQUIRED TO BRING BEFORE THE BOARD. UM, EACH, UH, I THINK TWICE A YEAR, I GENERALLY DO THAT WITH THE MINORITY WOMEN BUSINESS ENTERPRISE REPORT THAT I FAILED TO DO IT ACCIDENTALLY, UM, THIS PAST TIME. SO I'D LIKE TO BRING THAT ONE BEFORE THE BOARD. ANY OBJECTION? NO. OKAY, GOOD. ANY OTHER TOPICS, NEW HEARING? NONE. DO I HEAR A MOTION TO ADJOURN? A NEW RECORD? THANK YOU VERY MUCH. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.