ALL RIGHT. GOOD MORNING EVERYBODY. IT IS 830. [FISCAL COMMITTEE ITEMS] [00:00:02] WE'LL GO AHEAD AND GET OUR FISCAL COMMITTEE MEETING HERE UNDERWAY. WE'VE GOT JUST NINE ITEMS BEFORE US. JUMPING RIGHT IN HERE. WE'VE GOT. ITEM NUMBER ONE IS A RESOLUTION RECOGNIZING WEST MICHIGAN TRAILS AND GREENWAYS COALITION AS A LOCAL CIVIC ORGANIZATION. IS THERE A MOTION SO MOVED. SUPPORT. ALL RIGHT. MOVED AND SUPPORTED. DO WE HAVE ANYONE HERE IN THE AUDIENCE? IF YOU WANT TO COME UP TO THE PODIUM AND SHARE A FEW THOUGHTS. WELCOME. THANK YOU SO MUCH. IF YOU CAN HIT THE LITTLE BUTTON ON THE RIGHT ON THE MICROPHONE. YEP. I'M JENNIFER ANTELL. I'M THE PROGRAM MANAGER AT WEST MICHIGAN TRAILS. AND THANK YOU FOR CONSIDERING THIS TODAY. WE ARE A NONPROFIT IN THE AREA. WE WORK WITH NON-MOTORIZED TRAILS IN AN 18 COUNTY REGION FOCUSED OF COURSE, SO MANY OF THE TRAILS HERE IN WEST MICHIGAN, WE ARE IN GRAND RAPIDS. WE ARE LOOKING TO GET A LOTTERY LICENSE SO THAT WE CAN ENSURE AND SUPPORT. AND WE ALSO TAKE DONATIONS AND SPONSORSHIPS AS WELL. GREAT, THANKS. JUST CURIOSITY. IF A LOCAL BUSINESS WANTED TO PARTNER WITH THIS PROGRAM, WHERE MIGHT THEY FIND INFORMATION ON THAT? SO ALL THE INFORMATION IS ON THE CITY'S WEBSITE AT WW RAPIDS GOV GROW 1000. COOL. LOVE IT. OR YOU CAN JUST CALL FOR THAT. AWESOME. ALL RIGHT. ANY QUESTIONS OR COMMENTS COLLEAGUES. NO, JUST I'M GRATEFUL THAT THE PROGRAM IS STILL ROLLING. WHAT IS 2020? WE STARTED THIS, I THINK, IN THE SUMMER OF 2020. AND I REMEMBER BEING ON THE SUNDAY AFTERNOON PHONE CALL. AND PEOPLE OFTEN ASK, WHY IS IT GROW 1000? AND IT'S BECAUSE THAT SUMMER, THE COMMUNITY SAID, WE'RE GOING TO TRY TO EMPLOY 1000 YOUTH. THAT DIDN'T HAPPEN, ESPECIALLY WITH THE PANDEMIC AND THINGS BEING SHUT DOWN. BUT WE DID ACHIEVE OUR GOAL OF BEING OVER 1000 LAST YEAR. YEP. AWESOME. THANK YOU. YEAH. THANK YOU COMMISSIONER. ANY OTHER COMMENTS? ALL RIGHT. HEARING NONE. I'LL CALL THE QUESTION. ALL THOSE IN FAVOR SAY AYE. AYE. THOSE OPPOSED. THE MOTION CARRIES. ITEM NUMBER THREE. WE'VE GOT A RESOLUTION ACCEPTING AN $8,000 GRANT ON EXECUTING AN AGREEMENT WITH THE MICHIGAN COLLEGE ACCESS NETWORK FOR SUMMER MELT PROGRAMING. SO MOVE SUPPORT. ALL RIGHT. MOVED AND SUPPORTED. AND I'M HERE ON MISS HARRIS'S BEHALF. SHE'S ON A WELL-DESERVED VACATION. AND THIS IS A GRANT FROM THE MICHIGAN COLLEGE ACCESS NETWORK. THE SUMMER MELT TO SUMMER SUCCESS PROGRAM GRANT. THIS IS RUN THROUGH THE TTC STUDIOS. SO MISS GINA PETERS IS THE COORDINATOR THERE. AND THIS PROVIDES SOME EVENT OPPORTUNITIES THROUGHOUT THE SUMMER FOR YOUNG PERSONS WHO ARE TRANSITIONING INTO COLLEGE AS WELL AS THOSE TO, TO MAKE SURE THAT THEY, THEY GET THERE. THERE'S A LOT OF STATISTICS THAT SAY THERE'S SOME FALL OFF DURING THE SUMMER MONTHS, EVEN FOR THOSE WHO MIGHT BE ENROLLED. SO IT'S REALLY IMPORTANT TO KEEP YOUTH ENGAGED. THOSE WHO MAY NOT BE GOING JUST YET OR MADE THAT DECISION. IT ALSO HELPS TO ENCOURAGE THEM TO GET IN, GET ENROLLED INTO COLLEGE AS WELL. AWESOME. THANKS. ANY QUESTIONS? COMMENTS, COLLEAGUES? ALL RIGHT. ALL THOSE IN FAVOR SAY AYE. AYE. THOSE OPPOSED. THE MOTION CARRIES. THANK YOU, MISS BOHAC. ITEM NUMBER FOUR, WE'VE GOT A RESOLUTION APPROVING A CONTRACT AMENDMENT TO THE EXISTING CONTRACT WITH CITY OF REST TO INCREASE FUNDING IN THE AMOUNT OF 55,000 FOR SUPPORT OF COMMUNITY BASED VIOLENCE REDUCTION IN THE THIRD WARD. SO MOVE SUPPORT. ALL RIGHT. MOVED AND SUPPORTED. GOOD MORNING, COMMISSIONERS. I CAN COVER THIS ONE THIS MORNING. THIS IS PART OF OUR 2022 PARTICIPATORY BUDGETING INITIATIVE. SO THE THIRD WARD RESIDENTS SUPPORTED THE IMPLEMENTATION OF THIS COMMUNITY BASED VIOLENCE REDUCTION INITIATIVE. IT WAS AIMED AT SPECIFIC NEEDS OF THE WARD, AND CITY OF REST WAS AWARDED THE CONTRACT UNDER OUR PARTICIPATORY BUDGETING PROGRAM. GRAHAM AND THE PROJECT EXECUTE THE GREAT CRIMINAL JUSTICE DIVERSION PROGRAM. SO THIS IS AN ADDITIONAL 55,000 OF FUNDS THAT WILL BE ALLOCATED FROM ALREADY APPROPRIATED PARTICIPATORY BUDGETING FUNDS FOR THIS PURPOSE. THE WORK ON THIS PROJECT HAS ALREADY BEGUN, AND IT'S ANTICIPATED TO CONTINUE THROUGH DECEMBER OF 2026. OKAY, THANKS. QUESTIONS OR COMMENTS, COLLEAGUES? ANYTHING? YES. GO AHEAD. THIS IS A GREAT PROGRAM THAT THEY'RE DOING AT CITY OF REST. AND I APPRECIATE PASTOR GATTI FOR WHAT HE'S BEEN DOING IN THE COMMUNITY. JUST WONDERING WHAT WAS THE INITIAL AMOUNT THAT CITY OF REST WAS AWARDED? AND THEN WHERE DID THE EXTRA COME FROM TO INCREASE THEIR FUNDING AMOUNT? I CAN CERTAINLY LOOK THAT UP AND GET BACK TO YOU ON THAT, I DO APOLOGIZE. I WAS HOPING MR. MATTHEWS WOULD BE ABLE TO ADDRESS THAT THIS MORNING. NO WORRIES. OH. THANK YOU. HOW MUCH? 150,000 INITIALLY. [00:05:02] OKAY. SO THIS. OKAY. SO THE THE EXTRA 55 WAS WHERE DID WOULD YOU WOULD YOU MIND COMING UP TO THE MICROPHONE. NO SORRY. THANK YOU I APPRECIATE THE INFORMATION. JUST WANT EVERYONE TO BE ABLE TO HEAR IT. SORRY I TRACKED I TRACKED THAT'S ALL RIGHT. SO THE INITIAL AWARD WAS 150,000 FOR CITY OF REST. AND LIKE SCOTT HAD NOTED, THERE WAS 205,000 APPROPRIATED THROUGH THE PARTICIPATORY BUDGETING PROCESS FOR THAT SPECIFIC CRIME REDUCTION PROJECT IN THE THIRD WARD. SO THE EXTRA 55 IS JUST APPROPRIATING THAT ADDITIONAL 55 TO THAT CONTRACT. SO THAT WAS LEFT OVER OR NO, THE ORIGINAL CONTRACT WAS FOR 150,000. OKAY. SO THEY'RE JUST AMENDING IT TO ADD THE EXTRA 55, RIGHT? I GUESS I WAS SAYING SEEING WAS THE 55 ALREADY AWARDED SOMEWHERE ELSE, OR WAS THAT JUST EXTRA? THAT WAS EXTRA. OKAY. OKAY. THANK YOU. AND I BELIEVE I SAW ON THE THE AGENDA. CORRECT ME IF I'M WRONG. SOME OF THAT CAME FROM THE THIRD WARD EQUITY FUND. NO. NO. NO. OKAY. THIS WAS ALL FROM THE PARTICIPATORY BUDGETING PROCESS. YEAH. SORRY, I DIDN'T MEAN TO. NO. IT'S OKAY. THANKS FOR THE CLARITY ON THAT. YEAH. OKAY. ANY OTHER QUESTIONS? COMMENTS? ALL RIGHT. HEARING NONE. ALL THOSE IN FAVOR SAY AYE. AYE. THOSE OPPOSED? IT CARRIES. ITEM NUMBER FIVE. WE'VE GOT A RESOLUTION APPROVING ONE CHANGE ORDER TO THE CONTRACT BETWEEN HIGH STREET IT SOLUTIONS LLC AND THE CITY OF GRAND RAPIDS, IN AN AMOUNT NOT TO EXCEED $577,000. SO MOVE. SUPPORT. ALL RIGHT. MOVED AND SUPPORTED. AND I CAN ADDRESS THIS ONE AS WELL. AS YOU AS YOU SAID, THIS IS A CHANGE ORDER. WE HAD PLANNED TO GO LIVE ON OUR NEW ERP SYSTEM ON APRIL 1ST. UNFORTUNATELY, AS WE WERE APPROACHING THAT GO LIVE DATE, WE HAD TO MAKE A GO NO GO DECISION ON THAT DATE, AND IT WAS BECOMING CLEAR THAT THE RISK WAS JUST TOO GREAT TO PROCEED ON APRIL 1ST. SPECIFICALLY, THE AREAS OF CONCERN INCLUDED PAYROLL AND OUR GRANTS AND CAPITAL PROJECTS MODULE. SO TOGETHER WITH HIGH STREET, WE AGREED THAT THAT MAY 1ST WAS A BETTER AND THE MOST FEASIBLE OPTION REALLY FOR BOTH SIDES. YOU KNOW, IN ADDITION, IN ORDER TO ENSURE THE SUCCESSFUL TRANSITION ON THE PAYROLL SIDE, HIGH STREET AGREED TO EXTEND POST GO LIVE SUPPORT FOR PAYROLL FROM 2 TO 3 PAYROLL CYCLES. SO THAT WAS A CONCESSION ON THEIR PART. SO BASICALLY THIS CHANGE ORDER ADDRESSES THREE THINGS OVERALL. FIRST, IT CHANGES THE GO LIVE DATE TO MAY 1ST FOR BOTH THE HR AND FINANCE MODULES. IT INCREASES THE POST GO LIVE SUPPORT FOR PAYROLL ADMINISTRATION. AND AND THEN THIRD, IT ALSO ADDRESSES SOME CHANGE IN SCOPE AND NEW GO LIVE DATE FOR THE BUDGET MODULE. SO OF THE TOTAL 577,233 OF THAT IS GOING TO BE PAID FROM EXISTING APPROPRIATION IN OUR FMS FUND. AND THEN THE REMAINDER. WE DO HAVE SUFFICIENT BUDGET IN FISCAL SERVICES CONTRACTUAL SERVICES FOR THE REMAINING 344. OKAY. THANKS. I APPRECIATE YOU MENTIONING THAT BECAUSE I KNOW EVERY TIME WE SEE A BIG NUMBER LIKE THAT, PEOPLE WONDER WHERE THE MONEY'S COMING FROM. BUT TO REITERATE, THIS IS MONEY THAT'S ALREADY BUDGETED. IT DOES NOT REQUIRE ANY SORT OF BUDGET AMENDMENT. AND YEAH, AS I'VE SAID MANY TIMES, THIS PROJECT IS SUPER IMPORTANT TO SEE THROUGH AND MAKE SURE IT HAPPENS SUCCESSFULLY AND EFFICIENTLY. SO LOOKING FORWARD TO WITHIN A COUPLE OF WEEKS ACTUALLY HAVING IT BE LIVE SO VERY QUICKLY. APPRECIATE THE INFORMATION THERE. ANY OTHER COMMENTS OR QUESTIONS ON THIS ONE, COLLEAGUES? COMMISSIONER, JUST ONE QUESTION. SURE. I KNOW HIGH STREET, OF COURSE, IS JUST ONE IMPORTANT COMPONENT OF THE OVERALL ORACLE FINANCIAL SYSTEM MANAGEMENT PROJECT. BUT DO WE HAVE A NUMBER OF? THE TOTAL COST IN TOTALITY FOR THE ENTIRE PROJECT? YEAH, I DO ACTUALLY. SO IN TOTAL, WE ARE WE'RE BASICALLY APPROACHING, YOU KNOW, WE'RE IN THE 12 TO $13 MILLION RANGE AT THIS POINT FOR THE ENTIRE PROJECT. SO AGAIN, A VERY LARGE TO COMMISSIONER'S POINT, VERY IMPORTANT AND CRITICAL PROJECT. SO OF THAT, APPROXIMATELY 12.5 MILLION, ABOUT SEVEN AND A HALF AT THIS POINT IS TO HIGH STREET. ORACLE, WE'RE LOOKING AT ABOUT 1.3 MILLION ADP, 15,000 SIM PRO 116,000. AND THEN YOU MAY RECALL RECENTLY WE HAD TO DO AN EXTENSION WITH CGI, OUR CURRENT PROVIDER. AND THAT WAS APPROXIMATELY 1.6 MILLION. SO THAT'S THAT'S THE GENERAL OVERALL BREAKDOWN OF THE PROJECT. I APPRECIATE THE TRANSPARENCY. YOU'RE WELCOME. YEAH. GOOD QUESTION. THANKS FOR THAT. OKAY. ALL RIGHT. HEARING NO OTHER QUESTIONS, I WILL CALL THE QUESTION. ALL THOSE IN FAVOR SAY AYE. AYE. THOSE OPPOSED THE MOTION CARRIES. [00:10:05] THAT WILL BRING US TO ITEM NUMBER SIX. WE'VE GOT OUR SALARY ORDINANCE AMENDING SECTION 3.2 OF ORDINANCE 2022 DASH 40. THIS IS A NEW CLASSIFICATION FOR BENEFITS ANALYST ROLE. SO MOVED. SUPPORT. ALL RIGHT. MOVED AND SUPPORTED. GOOD MORNING. WELCOME. GOOD MORNING. THANK YOU. MY NAME IS MIKE OSBORNE. I'M THE EMPLOYEE BENEFITS MANAGER FOR THE CITY OF GRAND RAPIDS. AND THIS MORNING WE'RE ASKING FOR CITY COMMISSION APPROVAL TO CREATE A NEW BENEFITS ANALYST POSITION. THIS WAS APPROVED BY THE CIVIL SERVICE BOARD DURING THEIR MARCH MEETING. AND THE PURPOSE OF THIS POSITION IS JUST TO STREAMLINE AIR SERVICE DELIVERY IN A MORE EFFICIENT AND EFFECTIVE WAY. OKAY, THANKS. ANY QUESTIONS COLLEAGUES? ALL RIGHT. I'M JUST CURIOUS, WAS THERE ANY SPECIFIC FEEDBACK GIVEN BY CIVIL SERVICE OR WAS IT A PRETTY UNANIMOUS. YEAH, YEAH DEFINITELY UNANIMOUS. AND THEY DEFINITELY SEE THE THE NEED FOR THIS POSITION. OKAY. AWESOME. THANKS. ALL RIGHT. WELL, HEARING NOTHING ELSE, I WILL CALL THE QUESTION. ALL THOSE IN FAVOR SAY AYE. AYE. THOSE OPPOSED, IT CARRIES. THANKS. ITEM NUMBER SEVEN. WE'VE GOT OUR BID LIST RESOLUTION FOR APRIL 15TH, 2025. SO MOVED. SUPPORT. ALL RIGHT. MOVED AND SUPPORTED. GOOD MORNING AGAIN, COMMISSIONERS. WE HAVE 16 ITEMS ON OUR BID LIST TODAY, AND MOST OF WHICH ARE JUST A STANDARD ROUTINE OPERATIONAL NATURE, BUT HAPPY TO ADDRESS ANY QUESTIONS THERE MIGHT BE. I'LL JUST POINT OUT, IF SOMEONE WANTS TO READ THROUGH ALL THOSE. THAT BEGINS ON PAGE 17 OF OUR AGENDA PACKET. SO QUESTIONS OR COMMENTS COLLEAGUES. ALL RIGHTY. ALL THOSE IN FAVOR SAY AYE. AYE. THOSE OPPOSED? THAT CARRIES. TWO ITEMS LEFT HERE. WE'VE GOT NUMBER EIGHT, OUR COMPTROLLER'S WARRANT REPORT FOR THE PERIOD OF MARCH 11TH, 2025 THROUGH MARCH 24TH, 2025. AND THAT'S THE AMOUNT OF $33,543,231.30. AND OUR MONTHLY TRAVEL REPORT. GOOD MORNING, COMMISSIONERS. I'D LIKE TO JUST FIRST START OUT AND RECOGNIZE WE HAVE DESIREE KIRKLAND HERE WITH US THIS MORNING. DESIREE IS OUR NEW DEPUTY CITY CONTROLLER. SHE'S JOINING US FROM THE CITY OF LANSING, WHERE SHE LED FINANCE AND ACCOUNTING OPERATIONS AND THE ANNUAL AUDIT FOR THE CITY OF LANSING FOR MANY YEARS. AND VERY EXCITED TO HAVE HER ON BOARD HERE AT THE CITY OF GRAND RAPIDS TO BRING THAT EXPERIENCE AND LEADERSHIP HERE. SO JUST WANTED TO GIVE HER A, YOU KNOW, FORMAL WELCOME. AND SHE'D LOVE TO, YOU KNOW, MEET EVERYONE UP HERE IF YOU HAVE A CHANCE TO SAY HELLO TODAY. AWESOME. JUST JUMPING INTO THE REPORT NOW FOR THE WARRANT REPORT. CASH PAYMENTS WERE RELEASED TOTALING $33.5 MILLION. THAT AMOUNT INCLUDES APPROXIMATELY $5.5 MILLION FOR EMPLOYEE PAYROLL EXPENSE AND $1,013,000 APPROXIMATELY FOR INCOME TAX WARRANTS. DURING THAT PERIOD, IN TERMS OF QUANTITY, 8072 INCOME TAX REFUNDS WERE ISSUED AND 1319 CHECKS AND ELECTRONIC PAYMENTS WERE ISSUED AND AS STATED IN THE MEMO, COMMISSIONERS, THESE FUNDS WERE ISSUED NOT BY ANYONE IN THE CITY CONTROLLER'S OFFICE AND WERE NOT ISSUED IN ACCORDANCE WITH THE TERMS AND THE CITY CHARTER. THE SECOND REPORT I HAVE FOR YOU HERE THIS MORNING IS OUR FISCAL YEAR TO DATE TRAVEL REPORT THAT DETAILS TRAVEL SPEND BY EACH CITY DEPARTMENT. SCROLLING DOWN HERE REAL QUICK, THAT REPORT IS SHOWING THAT WE'VE SPENT APPROXIMATELY $1.1 MILLION OF A TOTAL APPROXIMATELY $3.4 MILLION BUDGET, OR 32% OF THAT SO FAR THROUGH THE FISCAL YEAR. AND THAT CONCLUDES THE REPORTS THAT I HAD THIS MORNING. OKAY. THANKS. ANY QUESTIONS OR COMMENTS, COLLEAGUES? JUST YOU SAID WE SPENT 32%. YOU SAID SO ARE WE ON TRACK WITH THAT BUDGET OR. THAT WOULD INDICATE THAT WE'RE SIGNIFICANTLY UNDERSPENT AND THE AMOUNT THAT WAS BUDGETED FOR THOSE PARTICULAR ITEMS. OKAY. ALL RIGHT. GREAT. WELL, THANK YOU FOR THAT. WE WILL RECEIVE AND FILE THAT REPORT AND THAT WILL BRING US TO OUR LAST ITEM. WE'VE GOT OUR TREASURER'S REPORT FOR A PERIOD OF MARCH 8TH, 2025 THROUGH APRIL 2ND OF 2025. GOOD MORNING, COMMISSIONERS. GOOD MORNING. WELCOME BACK. THANK YOU. IT'S GREAT TO BE BACK. IT REALLY IS. LOOKING AT THE REPORT FOR TODAY ONE THING I WILL SAY IS THAT WE ARE STILL WORKING THROUGH A LOT OF THINGS IN OUR ECONOMY, AS YOU SEE IN THE NIGHTLY NEWS AND YOUR REPORTS, YOU SEE, AND THINGS THAT GET SENT TO YOU, THERE'S STILL A LOT OF TURMOIL IN THE MARKET. THERE'S STILL A LOT OF TURMOIL IN THE ECONOMY. TAKING A KIND OF A QUOTE OR AXIOM FROM COMMISSIONER KNIGHT. IT'S DAY 85. IT'S DAY 85. IT TAKES TIME FOR THESE THINGS TO BE PUT IN PLACE. [00:15:01] IT TAKES TIME FOR BUSINESSES TO RESHORE INTO THE COUNTRY TO BEGIN BUILDING MANUFACTURING OR SERVICES. THERE'S SO MANY UPS AND DOWNS RIGHT NOW. WE CAN LOOK AT THE NEWS IN EVERY WHICH WAY AND DIRECTION THAT IT MAKES YOUR HEAD SPIN. IT'S JUST DIZZY. AND REALLY, MY INTENTION IS TO NOT GO DEEP INTO THAT. MY INTENTION IS TO SAY WE ARE STABLE. WE HAVE A GREAT INVESTMENT PROGRAM. IT'S EARNING FIXED INCOME INTEREST. IT IS IN HIGH QUALITY INVESTMENTS IN US TREASURIES, US AGENCIES, MUNICIPAL BONDS AND COMMERCIAL PAPER. IT'S DESIGNED TO BE ABLE TO WEATHER FINANCIAL STORMS. THAT IS WHAT THAT PROGRAM IS DESIGNED TO DO. WE EARN INTEREST FOR ALL OF THE DIFFERENT DEPARTMENTS. IF YOU, AS I WAS EXPLAINING TO ONE COMMISSIONER, THINK OF THE TREASURER'S OFFICE AS A BANK. EACH DEPARTMENT HAS A BANK ACCOUNT, AND EACH DEPARTMENT WITH A FUND BALANCE IS OUR CUSTOMER. WE TAKE THEIR FUND BALANCE AND WE INVEST THAT TERM INTEREST FOR THOSE DEPARTMENTS ON THOSE EXCESS FUNDS. THAT ALLOWS THEM TO HAVE MORE MONEY TO DO THE WORK THAT THEY NEED TO DO. AND THAT'S IMPORTANT FOR US. THAT'S THE IMPORTANT ASPECT OF WHAT WE DO. WHAT LEVI BOLT, OUR INVESTMENT OFFICER, DOES WHEN WE LOOK AT THE POOLED CASH THAT THE CITY HAS AND WE'RE MAKING THOSE INVESTMENTS, AND WE'RE ACTUALLY LOOKING AT WHAT THE FINANCIAL FUTURE LOOKS LIKE TO MAKE SURE THAT WE HAVE THE LIQUID FUNDS AVAILABLE TO DO OUR OPERATIONS, BUT ALSO PLAN FOR THE FUTURE AND HAVE SOME REVERSE RESERVE FUNDS OUT THERE LONGER TO MATCH DEBT SERVICE PAYMENTS AND PAYROLL AND SIGNIFICANT THINGS THAT ARE COMING DOWN THE PIPELINE. IT'S IT'S HARD NOT TO GET CAUGHT UP IN THE NEWS. IT'S HARD NOT TO GET CAUGHT UP IN THE RHETORIC THAT'S GOING ON FROM FROM ALL SIDES. IT'S NOT JUST ONE SIDE. IT'S ALL SIDES. IT'S TOO EASY TO DO THAT IN SOCIAL MEDIA. IT'S TOO EASY TO DO THAT IN A MANY, MANY DIFFERENT FORMS OF COMMUNICATION. ONE OF THE THINGS THAT I LIKE TO BRING FORWARD, THOUGH, IS HOW DO WE WEATHER THESE TURBULENT TIMES? WE HAVE TO BE VERY MINDFUL OF THE FISCAL RESPONSIBILITY THAT THE CITY HAS. WHAT OUR CHARTER ENTAILS. OUR ESSENTIAL SERVICES. WE REALLY HAVE TO CHALLENGE OURSELVES TO BE BETTER, TO REALLY BE BETTER, TO BE THE BEST AT FINANCIAL MANAGEMENT. AND WITH THAT, YOU KNOW, WE TALK ABOUT THE LARGE PROJECTS THAT WE HAVE GOING ON. OR HAVE GONE ON. AND MY QUESTION ALWAYS COMES THAT WE, WE START WITH A NUMBER, AND THAT NUMBER ALWAYS SEEMS TO GROW. AND I KNOW YOU'VE EXPERIENCED THAT IN YOUR TIME ON THIS, ON THIS, WITH THIS BODY, ON THIS DAIS, AS YOU SEE THINGS HAPPEN IN STAGES WHERE WE AREN'T GOOD PROJECTIONS OF WHAT THAT FINAL PROJECT COST IS GOING TO BE. AND I THINK MANY OF US KNOW THAT AS WE'RE DOING THIS, IF WE'RE IF WE'RE BUILDING A HOUSE AND THE CONTRACTOR TELLS US IT'S GOING TO BE $200,000 TO BUILD THAT HOME. WE WOULD HAVE SOME HEARTBURN IF ALL OF A SUDDEN IT'S 250,000. THAT'S WHAT HAPPENS WITH SOME OF THESE LARGE PROJECTS. AND SO WE REALLY HAVE TO BE CAREFUL THAT WE KNOW THE FULL COST GOING IN, AND WE HOLD THE LINE THAT SOME OF THIS STUFF HAS GOT TO BE SOME ACCOUNTABILITY AND TRANSPARENCY AS TO WHY THESE COSTS CONTINUE TO INCREASE. THOSE ARE THINGS THAT WE REALLY HAVE TO BE MINDFUL OF BECAUSE WE JUST ARE BONDING FOR THE AMPHITHEATER, SCRIBNER SOCCER STADIUM, MORE THINGS THAT ARE COMING DOWN THE PIPELINE THAT YOU'RE GOING TO BE ASKED TO BOND FOR. AND I REALLY WANT TO MAKE SURE THAT WE'RE MINDFUL OF WHERE DOES THIS FIT IN OUR WHOLE PLAN. IF SOMETHING IS IF WE DO HIT TURBULENT TIMES THE MARKETS RIGHT NOW, THE INTEREST RATE PROJECTIONS, THE MARKET PARTICIPANTS ARE GOING ABOUT SAYING THERE SHOULD BE 3 OR 4 INTEREST RATE CUTS, BUT THAT'S NOT WHAT THE FED IS PROJECTING RIGHT NOW. THE FED IS PROJECTING. WE NEED TO SEE THE DATA BEFORE WE START MOVING OUR RATES. AND SO WE'VE GOT THAT THAT WORKING AGAINST US RIGHT NOW IN IN RATES. SO WE'RE SEEING OUR LONG TERM INTEREST RATES HAVE BEEN SPIKING UP. THAT'S GOING TO BE MORE EXPENSIVE FOR US TO BOND. AND SO THAT MIGHT THAT'S ANOTHER THING THAT WE HAVE TO GO BACK AND RELOOK AT THE FINANCIALS OF THESE DIFFERENT PROJECTS TO SEE WHETHER OR NOT WE'RE GOING TO BE UPSIDE DOWN IN ANY WAY, OR THERE'S GOING TO OR PUTS MORE PRESSURE ON THE LONG TERM FINANCING, BECAUSE WE'RE FINANCING THESE PROJECTS FOR 30 YEARS AT A HIGHER COST. SO WE NEED TO LOOK AT WHEN ARE WHEN WOULD WE BE AVAILABLE TO REFUND THOSE BONDS? BECAUSE A LOT OF TIMES WE'LL DO THOSE LIKE TEN YEARS IN TO GET A LOWER INTEREST RATE. AND SOME OF THAT HAS TO BE BUILT INTO THE PROJECTIONS. BUT IT, IT REALLY IS IMPORTANT FOR US TO SAY, WITH THE CITY'S INVESTMENT PORTFOLIO IN OUR DEPARTMENT, WHAT WE DO IS STABLE. WE HAVE THOSE FUNDS INVESTED IN VERY SAFE, SECURE INSTRUMENTS THAT ARE EARNING A GOOD INTEREST RATE. [00:20:05] WE HAVE $684 MILLION IN FUNDS RIGHT NOW. THE PURCHASE YIELD IS 3.3%. WE WE STATE THAT IT'S THE PURCHASE YIELD BECAUSE THAT YIELD WILL MOVE AS THE MARKET MOVES. WE'RE ACTUALLY EARNING MORE THAN THAT. BUT THAT'S NOT SOMETHING THAT WOULD TAKE YOU SO FAR INTO THE WEEDS WITH HOW HOW INVESTMENTS WORK. I DON'T WANT TO DO THAT. IT'S EASIER TO JUST STATE THE PURCHASE YIELD, BUT WE ARE EARNING A SIGNIFICANT AMOUNT OF MONEY IN INTEREST RIGHT NOW, AND IT'S VALUABLE. IT'S REALLY VALUABLE TO THESE PROJECTS. AND AS WE BOND, WE TAKE DRAWDOWN SCHEDULES FROM THE PROJECTS AND WE INVEST THAT SO THAT IT'S AVAILABLE WHEN THE PROJECTS NEED IT. SO IF YOU THINK ABOUT A $100 MILLION SOCCER STADIUM OVER TWO YEARS TIME, WE MIGHT BE ABLE TO GET ANOTHER 2 TO $3 MILLION WORTH OF INTEREST. THAT COULD THEN BE GO TO HELP THAT PROJECT PAY OFF DEBT, PAY OFF, OR BE USED IN THE PROJECT FINANCING. SO THAT'S THE VALUABLE WORK THAT THAT MR. BOLT AND I ASPIRE TO DO IS TO MAKE SURE THAT WE CAN HAVE THAT IMPACT. AND IT'S REALLY BEHIND THE SCENES THAT THAT'S THE IMPORTANCE OF OUR WORK. YEAH, THANKS FOR THAT. I APPRECIATE THE POINT YOU MADE, TOO, OF YOU KNOW, I THINK UNFORTUNATELY, OVER THE PAST SEVERAL YEARS, PEOPLE HAVE COME TO EXPECT COST INCREASES IN OUR PERSONAL LIVES AND CONSTRUCTION AND THINGS LIKE THAT. BUT IT IS IMPORTANT TO NOT LET THAT BECOME, YOU KNOW, AN EXCUSE AND CONTINUE TO ASK QUESTIONS WHEN WE SEE INCREASES TO MAKE SURE THAT WE'RE NOT JUST ACCEPTING THEM AT FACE VALUE IN EVERY SITUATION. SO VERY WISE, WISE WORDS IN THAT REGARD, I THINK. ANY OTHER QUESTIONS OR COMMENTS OR FOLLOW UPS ON THAT? I APPRECIATE THAT DESCRIPTION THAT YOU GAVE HELPING KIND OF HELPING PEOPLE REALLY UNDERSTAND WHERE WE ARE AND WHAT THINGS LOOK LIKE, ALTHOUGH WE STILL DON'T KNOW WHAT THINGS LOOK LIKE. AND, AND, AND PUTTING THAT IN PERSPECTIVE, WHEN WE'RE THINKING ABOUT ALL OF THESE PROJECTS, RIGHT, THAT ARE COMING BEFORE US, AND THEN HOW DO WE MAKE DECISION ON IF WE'RE GOING TO VOTE ON THEM POSITIVELY OR NEGATIVELY, WHATEVER THAT MIGHT BE? FOR THE TIME. AND THE UNFORTUNATE PIECE IS, YOU KNOW, WE JUST DON'T KNOW DAY TO DAY. I MEAN, IT'S HARD TO PREDICT A YEAR NOW, RIGHT? IF WE CAN JUST GET THROUGH THE WEEK, WE'RE DOING REAL GOOD. WE CAN, YOU KNOW, REST ON FRIDAY, MAYBE. SO I DEFINITELY WOULD LIKE TO CONTINUE TO STAY ON TOP OF THAT AND WHAT THAT LOOKS LIKE, ESPECIALLY WITH OUR INVESTMENTS IN HELPING THE, OUR COMMUNITY AND CONSTITUENTS UNDERSTAND HOW THAT'S IMPACTING US AS A CITY, BECAUSE I THINK EVEN THOUGH WE'RE TRYING TO LOOK AT THE POSITIVE, WE ALSO GOT TO LOOK AT WHAT THAT OTHER SIDE IS, RIGHT? AND REALLY THINK ABOUT, OKAY, IF THIS DOES HAPPEN, HOW ARE WE GOING TO MOVE TO MAKE SURE THAT WE'RE PROTECTING OUR COMMUNITY MEMBERS AND OUR ASSETS THE BEST THAT WE CAN? SO THANK YOU. YES, MA'AM. THE REST IS ON. THE REST IS ON SUNDAY. RIGHT? THAT'S RIGHT. ALRIGHTY. COOL. WELL, HEARING NO OTHER QUESTIONS OR FOLLOW UPS ON THAT, WE'LL GO AHEAD AND ADJOURN THIS MEETING AT 855 IN THE MORNING, AND THEN WE WILL SEE MANY OF YOU BACK IN HERE AT 915 FOR A COMMUNITY DEVELOPMENT. * This transcript was compiled from uncorrected Closed Captioning.