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WILL CALL THE FISCAL COMMITTEE MEETING TO ORDER, STARTING WITH OUR FIRST RESOLUTION. WE HAVE
[1. Resolution approving a Power Purchase Agreement with Enerlogics Network, Inc. for the development of a solar array on the Butterworth Landfill and purchase of electricity for a 25-year period]
RESOLUTION APPROVING A POWER PURCHASE AGREEMENT WITH INTER LOGICS NETWORK, INC. FOR THE DEVELOPMENT OF A SOLAR ARRAY ON THE BUTTERWORTH LANDFILL, AND PURCHASE OF ELECTRICITY FOR A 25 YEAR PERIOD. SO MOVED. SUPPORT. ALL RIGHT. THANK YOU, MR. MATHEWS. COMMISSIONER. SO THIS IS THE NEXT STEP IN WHAT'S BEEN A TEN PLUS YEAR PROCESS TO SEE IF WE CAN GET SOLAR POWER INSTALLED AT THE BUTTERWORTH LANDFILL. SO AT THIS POINT, WE'RE LOOKING AT A POWER PURCHASE AGREEMENT UNDER A POWER PURCHASE AGREEMENT. THE DEVELOPER OWNS AND OPERATES THE FACILITY, AND WE PAY FOR THE POWER THAT'S GENERATED. WE PROVIDED A PREVIOUS RUNDOWN OF WHAT THAT LOOKS LIKE OVER TIME. THE APPROXIMATE DIFFERENCE BETWEEN US PURCHASING POWER THROUGH THIS AGREEMENT VERSUS WHAT WE WOULD BE PAYING PURCHASING POWER THROUGH OUR CURRENT RENEWABLE ENERGY PROGRAM. SUBSCRIPTION WITH CONSUMERS ENERGY IS ABOUT $58,000. OF COURSE, THOSE ARE ESTIMATES AT THIS POINT, BUT WE FEEL LIKE THIS IS AN OPPORTUNITY TO LEVERAGE THAT SITE, GENERATE POWER LOCALLY AND FULFILL ONE OF THE THINGS THAT WE HAVE ON OUR CLIMATE ACTION PLAN. AWESOME. THANK YOU SO MUCH, COLLEAGUES. ANY QUESTIONS? ALL IN FAVOR? AYE. ALL RIGHT. PASSES. NUMBER TWO IS A RESOLUTION AUTHORIZING A[2. Resolution authorizing a Budget Substitution in the Amount of $765,000 for 30% of the Procurement of a Renewable Natural Gas (RNG) Conditioning Skid]
BUDGET SUBSTITUTION IN THE AMOUNT OF $765,000 FOR 30% OF THE PROCUREMENT OF RENEWABLE NATURAL GAS CONDITIONING SKID. SO MOVED SUPPORT. GOOD MORNING. COMMISSIONERS AND COMMITTEE MEMBERS. WHAT WE BRING TO YOU TODAY IS A BUDGET SUBSTITUTION REQUEST FOR 765,000 FROM OUR IIP FUND. THIS IS TO INITIATE THE PROCUREMENT OF THE RNG SKID. SIX MONTHS AGO, WE CAME TO COMMISSION WITH AN AGREEMENT WITH THE CITY OF WYOMING AS A PILOT STUDY TO ACCEPT THEIR SLUDGE. PART OF THAT, YOU KNOW, WE MADE MENTION THAT THERE MAY BE THE NEED FOR ADDITIONAL INFRASTRUCTURE INVESTMENT HERE TODAY TO LET YOU KNOW THAT WE'VE QUADRUPLED OUR GAS PRODUCTION OFF OF THAT THIRD DIGESTER, AND IT IS NOW TIME TO INVEST IN A NEW RNG UPGRADING SKID. THE LEAD TIME ON THIS IS 42 TO 52 WEEKS. AND THAT'S WHY WE'RE COMING TODAY TO ASK FOR THE 765,000 TO GO AHEAD AND GET THIS IN ORDER AND GET IT DELIVERED. OKAY. THANK YOU FOR THAT, COLLEAGUES. ANY QUESTIONS? YOU PROBABLY KNOW THIS. WHAT? WHERE IS THAT MONEY ALLOCATED? WHAT BUDGET IS THAT COMING OUT OF? THAT'S UNDER THE INFRASTRUCTURE INVESTMENT PROJECT FUND. SO AS CAPITAL IMPROVEMENT PROJECTS ARE COMPLETED AND IF THERE'S MONEY LEFT OVER, WE CAN TRANSFER IT TO THE IIP FUND, WHICH WILL INVEST INTO FUTURE INFRASTRUCTURE PROJECTS. AND THIS IS SPECIFICALLY IN THE SEWER. YES. SO SO JUST JUST FOR CLARITY OF LANGUAGE, WE HAVE CAPITAL IMPROVEMENT FUND, WHICH IS LIKE GENERAL TAX FUND, TAXPAYER FUNDED PROJECTS. THE SEWER FUND WORKS OFF OF RATEPAYER REVENUE. SO THEY THEY OPERATE AS THEIR OWN ENTERPRISE UTILITY WHERE THOSE RATEPAYER DOLLARS ARE, ARE USED TO FUND OPERATING. AND THEN WE HAVE THE CAPITAL FUNDS ASSOCIATED WITH THE SEWER. SO, YOU KNOW, WHEN AS, AS JAMES WAS SAYING, WHEN, WHEN WE GET DONE WITH THE CAPITAL PROJECT AND THERE'S LEFTOVER MONEY, THAT MONEY GETS PUT INTO AN IIP ACCOUNT. IT'S INFRASTRUCTURE INVESTMENT PROJECT ACCOUNT, BASICALLY IIP. AND THEN WE CAN TAKE THOSE FUNDS. AND WHEN ANOTHER PROJECT, SAY, COSTS MORE MONEY OR WE HAVE A NEW PROJECT COME ALONG, WE JUST TAKE MONEY OUT OF THAT.IT'S KIND OF LIKE A HOLDING ACCOUNT. SO THAT'S I JUST WANTED TO MAKE THAT DISTINCTION THAT IT'S BEING PAID FOR WITH RATEPAYER MONEY, NOT TAX TAXPAYER MONEY. YEAH. THANK YOU.
I THINK THAT'S A GREAT DISTINCTION TO BE MAKING. AND IF IT'S ALL RIGHT, MAY I ASK ANOTHER QUESTION. YOU SAID YOU QUADRUPLED WHICH IS ALWAYS EXCITING. THE GAS PRODUCTION I KNOW THAT WE'RE THEN SELLING THAT ON THE MARKET. CORRECT. CORRECT. BUT I THINK MAYBE JUST
[00:05:01]
JUST LIKE IN THREE SENTENCES, IF YOU COULD EXPLAIN WHY IT'S IMPORTANT THAT WE CONTINUE TO HAVE BIODIGESTERS FOR THE ENTIRE EFFICIENCY OF THE WATER TREATMENT PLANT, THAT MIGHT BE HELPFUL. SURE. SO PART OF THE THE BIO DIGESTION PROCESS, WE ACTUALLY REDUCE THE AMOUNT OF BIOSOLIDS. SO CURRENTLY WE'RE GETTING A 50% 57% REDUCTION. SO THAT KEEPS MORE BIOSOLIDS OUT OF THE LANDFILL. WE PRODUCE A RENEWABLE NATURAL GAS THAT CONSUMERS CAN PURCHASE. PLUS THE THE WRITTEN NUMBERS OR THE ENVIRONMENTAL ATTRIBUTES THAT OTHER PEOPLE CAN PURCHASE TO TO HELP THEIR CARBON FOOTPRINT. EXCELLENT. THANK YOU FOR THAT. ANY OTHER QUESTIONS? ALL RIGHT.THANK YOU VERY MUCH. ALL IN FAVOR. AYE. ALL RIGHT. IT PASSES. RESOLUTION THREE IS
[3. Resolution authorizing a budget substitution of $968,329 from various capital projects to fund the City-County Complex electrical substation replacement]
RESOLUTION AUTHORIZING THE BUDGET SUBSTITUTION OF $968,329 FROM VARIOUS CAPITAL PROJECTS TO FUND THE CITY, COUNTY COMPLEX, ELECTRICAL SUBSTATION, REPLACEMENT. SO MOVED SUPPORT.THANK YOU. GOOD MORNING, COMMISSIONERS AND COMMITTEE. SO THIS IS A ELECTRICAL SUBSTATION PROJECT WE'VE GOT GOING ON FOR 300 MONROE HERE. CITY COUNTY COMPLEX. IT'S A SHARED PROJECT.
THE FY 24 APPROVED BUDGET FUNDED A PORTION OF THE PROJECT, WITH THE PLAN TO BE THE REMAINING CITY'S OBLIGATION TO BE FUNDED IN FY 25. DURING THAT TIME, FACILITIES MANAGEMENT AND FISCAL SERVICES WERE LOOKING AT THE POSSIBILITY OF BOND FUNDING. THE ADDITIONAL AMOUNT.
ULTIMATELY, THAT DIDN'T DIDN'T HAPPEN. AND SO WE'RE WE'RE FACING A SHORTFALL HERE. WE'RE REQUESTING WE FOUND TWO PROJECTS WITH REMAINING BALANCES, CLOSED PROJECTS THAT WE'RE REQUESTING THE TRANSFER FROM, AND THEN ALSO A DEFERRED PROJECT FOR HVAC HERE AT CITY COUNTY. SO AWESOME. THANK YOU SO MUCH. WHERE IS THIS PARTICULAR SUBSTATION LOCATED? IT'S LOCATED DOWNSTAIRS ON THE MONROE LEVEL. SO THIS EQUIPMENT FEEDS ALL OF THE ELECTRICITY TO THE CITY HALL BUILDING, THE KENT COUNTY ADMINISTRATIVE BUILDING, AND THE CALDER PLAZA.
ALL RIGHT. THANK YOU. COLLEAGUES. ANY QUESTIONS? ALL RIGHT. THIS ISN'T THE ONE THAT CAUSED US ALL TO HAVE NO POWER. IT'S THE ONE WE'RE WORKING THROUGH RIGHT NOW. SO THIS PROJECT IS NEARING COMPLETION. WE'RE EXPECTED TO FINISH UP HERE IN FY 26 STILL WITHIN THE NEXT COUPLE MONTHS. THAT'S WHY WE HAD THE THE SHUTDOWN. SO WE TRANSFERRED EVERYTHING OVER TO TEMP POWER SINCE OCTOBER. SO THIS EQUIPMENT COULD BE REPLACED. AND NOW WE'RE WE'RE PHASING BACK IN AND TRANSFERRING BACK ONTO PERMANENT POWER. SINCE THE SUBSTATION EQUIPMENT IS NOW INSTALLED. SO WE'RE FINISHING IT UP. EXCELLENT. ALL RIGHT.
ANY OTHER QUESTIONS? ALL RIGHT. ALL IN FAVOR? AYE. PASSES. NUMBER FOUR IS GOING TO BE A
[4. Resolution accepting the grant award of $10,000 from NextCycle Michigan through the Michigan Department of Environment, Great Lakes and Energy (EGLE)]
PRESENTATION. IT IS A RESOLUTION ACCEPTING A GRANT. THAT QUICK AWARD OF 10,000 FROM NEXT CYCLE MICHIGAN THROUGH THE MICHIGAN DEPARTMENT OF ENVIRONMENT GREAT LAKES AND ENERGY, OTHERWISE KNOWN AS EGLE. GOOD MORNING, COMMISSIONERS MOTION. I'LL MOVE SUPPORT.THANK YOU. GETTING AHEAD OF MYSELF. GOOD MORNING, COMMISSIONERS AND COMMITTEE. SO AS MENTIONED THIS ACTUALLY COVERS TWO ITEMS ON YOUR AGENDA TODAY SO THAT IT COVERS THE ACCEPTANCE OF THE GRANT. BUT THEN THERE'S ALSO AN ITEM ON THE BID LIST THAT WILL TALK BRIEFLY ABOUT AS WE GO THROUGH VERY BRIEF PRESENTATION. SO THE FOOD SCRAP COLLECTION PILOT, WHEN WE TALK ABOUT TRASH IN GENERAL, DEPENDING ON WHERE TRASH IS COMING FROM, IT COULD BE 35 TO 60% OF TRASH IS FOOD WASTE. AND SO WE HAVE DIVERSION GOALS, MEANING WE WANT TO DIVERT THAT TRASH FROM GOING EITHER TO THE INCINERATOR OR TO THE LANDFILL. AND THAT'S WHY WE STARTED THIS PROGRAM REALLY QUICK HERE. SO IT DOES IDENTIFY A FEW ITEMS IN THE CAP. IT'S ALIGNS WITH THE CITY'S STRATEGIC PLAN PRIORITIES FOR HEALTH AND ENVIRONMENT. IT IS ONE OF THE CITY COMMISSION TOP 20 PRIORITIES. AND IT'S IT IS SUPPORTED BY THE URBAN AGRICULTURE COMMITTEE. SO WHAT WE'RE HOPING TO DO HERE IS PROVIDE ACCESS TO DIVERTING FOOD WASTE TO THE GENERAL PUBLIC, THEN EXPANDING THAT PROCESS IN OUR YARD WASTE COLLECTION, PUTTING THE TWO TOGETHER, CREATING WHAT WOULD BE A VERY USABLE COMPOST FOR THE COMMUNITY TO USE. GOING BACKWARDS IN TIME. THERE WAS A STAFF INNOVATION CHALLENGE IN 2023 THAT KICKED THIS PROJECT OFF IN 2024. A COUPLE OF FOLKS FROM NOT ONLY PUBLIC WORKS, BUT OTHER DEPARTMENTS JOINED AND PUT TOGETHER A NEXT CYCLE MICHIGAN IDEA STARTUP PROGRAM, WHICH THEN LAUNCHED IN 2025, THE FOOD WASTE COLLECTION. AND WE DID THAT IN SIX CITY FACILITIES. WITH THAT, WE'VE BEEN ABLE TO COLLECT ABOUT 200 POUNDS A WEEK, MEANING WE'RE
[00:10:05]
DIVERTING THAT MATERIAL FROM GOING TO THE INCINERATOR. AND WE'VE COLLECTED AT THIS POINT, WE'RE WELL OVER 5,000 POUNDS THAT WE'VE COLLECTED. NEXT STEPS FOR CITY FACILITIES IS EXPAND FROM 6 TO 10, WITH THE GOAL OF COLLECTING 500 POUNDS OF MATERIAL PER WEEK AND DIVERTING THAT FROM THE INCINERATOR PROCESS. RIGHT NOW WE'VE ENGAGED WITH OUR STAFF.WE'VE TALKED ABOUT WHAT IT WOULD LOOK LIKE TO HAVE COLLECTION SITES OUT IN THE COMMUNITY, HOW WE WOULD HAUL THAT MATERIAL, AND THEN THE PROCESSING ON THE BACK END AT OUR COMPOST FACILITY. WHAT WE HOPE TO DO IS ENGAGE WITH THE COMMUNITY. SO WE HAVE THREE SESSIONS NEXT WEEK, AND I'LL COVER THAT HERE IN THE NEXT SLIDE. BUT WE WANT TO REGISTER 500 RESIDENTS ON THE FRONT END TO GET STARTED, WITH THE GOAL OF COLLECTING THAT MATERIAL, PROCESSING IT, AND THEN RETURNING IT BACK TO THEM FOR EITHER NEIGHBORHOOD GARDENS OR THEIR OWN BACKYARD GARDENS. SO THOSE THREE SESSIONS ARE NEXT WEEK TUESDAY, WEDNESDAY AND THURSDAY, ONE IN EACH WARD. AND THEN THE HOPE IS THAT WE WILL IDENTIFY, FOR STARTERS, SIX LOCATIONS, TWO IN EACH WARD FOR COLLECTION. THE PICTURE THAT YOU HERE SEE THAT YOU SEE HERE WITH THE COMPOST COLLECTION BIN. THAT'S AN ITEM THAT WE'LL BE BRINGING FORWARD HERE IN THE NEAR FUTURE. SO FOR PURCHASE OF ADDITIONAL BINS. BUT WHAT THOSE ARE YOU HAVE TO HAVE YOU HAVE TO REGISTER THEN YOU GET ACCESS TO THAT BIN. THE IDEA WITH REGISTERING IS THAT WE KEEP THE MATERIAL CLEAN. WE DON'T HAVE A LOT OF CONTAMINATION. AND THEN THE COMPOSTING UNIT THAT IS ON THE BID LIST TODAY, THE IN-VESSEL COMPOSTING, WE DID PUT OUT AN RFP. AND THIS IS A SIMILAR UNIT TO WHAT IS CURRENTLY BEING USED AT KIDS FOOD BASKET. SO IF YOU'VE BEEN OVER THERE, THE DIFFERENCE IS OUR UNIT IS GOING TO BE AN ENCLOSED UNIT AND MUCH LONGER BOTH. SO THE REFUSE THIS WILL BE I'M SORRY. THIS WILL BE FUNDED THROUGH THE REFUSE MILLAGE. SO THE REFUSE BUDGET AND THEN HOUSED AT THE COMPOST SITE OUT ON BUTTERWORTH. SO WHAT HAPPENS HERE REAL QUICKLY? FOOD WASTE WILL BE COLLECTED IN THE HOME THEN DROPPED OFF IN THE BIN. WE HAVE A ROUTE THAT WILL COLLECT THE FOOD WASTE AND ON THE BACK END WE'LL TAKE WOOD WASTE, WOOD CHIPS, LEAVES. WE'LL COMBINE THE TWO, RUN IT THROUGH THE COMPOSTER, CREATE THIS COMPOST MATERIAL WE'VE BEEN ABLE TO ENGAGE WITH, WITH FOLKS AROUND THE COUNTRY THAT ARE ALREADY USING THIS PARTICULAR SYSTEM AND WITH GREAT SUCCESS. SO WITH THAT, I'LL TAKE ANY QUESTIONS THAT YOU MIGHT HAVE. THANK YOU, MR. GORE. THIS IS EXCITING BECAUSE I, I GARDEN AND SO I GET ON THAT LIST IF POSSIBLE. EXCELLENT. I THINK IT'S IT'S REALLY IMPORTANT I SEE THAT YOU HAVE THE ENGAGEMENT PIECES HERE. AND THOSE WERE KIND OF THE FIRST THINGS THAT CAME TO MIND IS HOW WE REALLY ENGAGE IN ALL OF THE COMMUNITY, BECAUSE I KNOW A CERTAIN SECTOR OF THE COMMUNITY WILL PROBABLY JUMP ON TOP OF THIS. SO IT'S GOING TO BE REAL IMPORTANT TO SEE HOW WE ARE ENGAGING ALL OF OUR COMMUNITY, ESPECIALLY THOSE WHO DON'T EVEN RECYCLE. RIGHT. AND REALLY TRYING TO EDUCATE OUR WHOLE COMMUNITY BECAUSE THIS COULD BE REALLY, REALLY BENEFICIAL FOR THOSE THAT WE WE WORK WITH AND SERVING THE COMMUNITY. COLLEAGUES, ANY OTHER QUESTIONS? YES. THANK YOU I AGREE, I'M ALSO A GARDENER.
THAT'S INTERESTING. I AM WONDERING WHAT THIS IS A A LOADED QUESTION. WHAT HAPPENS IF WE GET MORE THAN 500 PEOPLE? SO THAT'S ONE QUESTION. AND THE OTHER QUESTION, MAYBE I MISSED IT, BUT HOW MANY OF THESE BINS ARE WE ARE POTENTIALLY ORDERING? SO FOR STARTERS WE WILL HAVE SIX OF THEM, TWO IN EACH WARD. IF THAT'S ON THE LIST. THE BID LIST, IT IS NOT. THE COMPOSTER IS ON THE BID LIST. THE COMPOSTER JUST. THAT'S CORRECT. ONE FOR NOW. WE SO THE NEXT CYCLE MICHIGAN GRANT. IF YOU ACCEPT THAT GRANT TODAY THAT WILL HELP IN PURCHASING THOSE BINS IN THE FUTURE. GOT IT. THANK YOU. AND THE OTHER QUESTION IF WE GET MORE THAN 500, THAT'S THE GOAL. ULTIMATELY, WE HOPE TO HAVE THE MAJORITY OF THE COMMUNITY PARTICIPATING. WE KNOW WE WANT TO TAKE IT IN PHASES. AND SO PHASE ONE IS 500. WE KNOW WE CAN HANDLE THAT QUANTITY. FROM THERE, WE WOULD HAVE TO LOOK AT ADDITIONAL UNITS NOT ONLY OUT IN THE COMMUNITY, BUT POTENTIALLY ADDITIONAL COMPOSTING UNITS. AND ONE MORE QUESTION. YOU SAID. SO THEY HAVE ON THE DIAGRAM YOU HAVE. SO THEY WOULD HAVE COLLECTION WOULD PICK IT UP AND THEN IT WOULD GO TO THE, THE CHIPPER AND THEN ETCETERA, ETCETERA.
ARE THEY THEN DELIVERING THE COMPOST OR PEOPLE HAVE TO GO PICK IT UP. IT'S BOTH. SO OUR PLAN IS TO DELIVER TO NEIGHBORHOOD GARDENS. WE'VE ALREADY HAD SOME OF THOSE CONVERSATIONS AND WE'RE READY TO DO THAT. AND THEN WE CURRENTLY ALLOW RESIDENTS TO
[00:15:02]
COME TO THE COMPOST FACILITY AND COLLECT UP TO A YARD OF MATERIAL ON AN ANNUAL BASIS. WE HOPE TO INCREASE THAT AMOUNT GOING FORWARD. NICE. THANK YOU. ANY OTHER QUESTIONS? ALL RIGHT.ALL IN FAVOR? AYE. PASSES. THANK YOU, MR. COURTNEY. NEXT WE HAVE THE BID LIST RESOLUTION
[5. Bid List Resolution for February 24, 2026]
FOR FEBRUARY 24TH. MISS CLAIRE, I. OH, SORRY. YEAH, I'LL MAKE A MOTION SUPPORT. OKAY. WE JUST HAVE NINE ITEMS THIS MORNING, INCLUDING KAYENTA SERVICES, WHICH IS OUR BILLING SOFTWARE OUT AT THE UTILITIES. WE HAVE A MOWING CONTRACT. AND THEN WE JUST TALKED ABOUT THE THE WASTE ENERGY. SO. YEAH. OR SORRY. COMPOSTING. I'M THINKING RNG. ALL RIGHT. ANY QUESTIONS.COMMENTS. ALL RIGHT. ALL IN FAVOR. AYE. ALL RIGHT IT PASSES. NEXT WE MOVE TO THE
[6. Comptroller's Warrant Report for the period of January 27, 2026 through February 9, 2026 in the amount of $34,929,461.06]
COMPTROLLER'S REPORT FOR THE PERIOD OF JANUARY 27TH, 2026 THROUGH FEBRUARY 9TH, 2026, IN THE AMOUNT OF $34,929,461.06. MR. FRANCE. GOOD MORNING, COMMISSIONERS. FOR THE PERIOD REFERENCE CASH PAYMENTS WERE RELEASED, TOTALING APPROXIMATELY $34.9 MILLION.THAT AMOUNT INCLUDES JUST OVER $6 MILLION FOR EMPLOYEE PAYROLL RELATED PAYMENTS AND JUST OVER $313,000 FOR INCOME TAX WARRANTS. IN TERMS OF QUANTITY, 270 INCOME TAX REFUNDS WERE ISSUED AND 1280 CHECKS AND ELECTRONIC PAYMENTS WERE ISSUED. THESE FUNDS WERE ISSUED FOR PAYMENT NOT BY INDIVIDUALS IN THE CITY COMPTROLLER'S OFFICE, AND NOT IN ACCORDANCE WITH THE TERMS OF THE CITY CHARTER. THE DETAILS AND TABLES ON THE FOLLOWING PAGES CONTAIN ALL THE INFORMATION OF THE ITEMIZED CHECKS AND PAYMENTS THAT WERE ISSUED. AND THAT CONCLUDES THE REPORT THAT I HAD FOR YOU THIS MORNING. THANK YOU. COLLEAGUES. ANY QUESTIONS? ALL RIGHT. NEXT
[7. Treasurer's Report for the Period of January 28, 2026, through February 10, 2026]
WE WILL MOVE TO OUR TREASURER'S REPORT FOR THE PERIOD OF JANUARY 28TH, 2026 THROUGH FEBRUARY 10TH, 2026. MR. LEVINSKI, GOOD MORNING, COMMISSIONERS. WE'RE GOING TO GO SHORT AND SWEET THIS MORNING. JUST A COUPLE ITEMS I WANT TO POINT OUT ON THE TREASURER'S REPORT. OVERALL, OUR ECONOMIC ENVIRONMENT IS BEST DESCRIBED AS STABLE BUT SENSITIVE TO INCOMING DATA AND MONETARY POLICY DIRECTION. AGAIN, THEY'RE STAYING FOCUSED ON BEING VERY DATA DRIVEN. WITH THE REPORT THAT CAME OUT ON FEBRUARY 11TH FOR LABOR REPORT, IT FURTHER INDICATED THAT OUR EXPECTATIONS FOR NEAR-TERM INTEREST RATES HAVE DIMINISHED.THEY'RE GOING TO STAY. WE'RE PRETTY MUCH PLANNING TO SEE THEM STAY STABLE. NO CHANGES.
THAT DOESN'T NEGATE THE FACT THAT THEY MIGHT DECREASE INTEREST RATES. AND IN LATER MONTHS DURING THE YEAR, HOWEVER, THERE IS A DISTINCT DIVISION IN THE FED. PEOPLE ARE ALSO TALKING ABOUT RAISING INTEREST RATES. SO AS THIS INFLATION IS STICKY AND WE'RE NOT SEEING IT DROP BACK DOWN TO THE 2% INFLATION AND ALSO TRYING TO MANAGE FULL EMPLOYMENT. WE HAVE SOME DISSENTERS ON ON THAT BOARD. AND DEPENDING ON WHAT THE DATA SHOWS UP WE MAY EVEN SEE A RATE INCREASE. SO KIND OF LIKE IT'S THIS REALLY IT'S REALLY PRETTY MUCH A QUAGMIRE RIGHT NOW UNTIL ALL THE DATA COMES OUT AND WE SEE THE DIRECTION WE'RE REALLY HEADED IN. BUT WE'VE GOT PEOPLE THAT ARE ARE VOICING THEIR CONCERN THAT THEY'RE THINKING THAT RATES MIGHT GO UP, FOLLOWED BY MAYBE DECREASES. AGAIN, LIKE I SAID, IT'S IT'S LIKE TRYING TO TAKE DIRECTIONS, YOU KNOW, WAIT, I WANT TO TURN LEFT AT THIS INTERSECTION. NOT RIGHT. AND YOU ARE FIGHTING WITH SOMEBODY AS TO WHICH IS THE RIGHT COURSE. AND THEN BEST THING IS DON'T TURN EITHER WAY AND JUST CONTINUE ON THE STRAIGHT PATH. ALL RIGHT. TWO MORE YEARS.
THANK YOU. WELL, AND I DID WANT TO ADD ONE MORE THING. WE ARE AT $715 MILLION AND WE ARE AT A 3.24% INTEREST RATE. GREAT. THANK YOU VERY MUCH. THAT CONCLUDES OUR MEETING FOR TODAY AT
* This transcript was compiled from uncorrected Closed Captioning.