##VIDEO ID:SZlrvmOfXwQ## e e e e you know I have a couple printers in home and in a insatiable appetite for paper so I might have two or three here myself yeah I could no excuse me Joe they're the same as what you emailed us yes um I'll give it a few more minutes for folks to take a look I moveed to approve the minutes of stand as they stand excellent do you have a second I'll second second by tag approval by Debbie all in favor of those I all oppose same sign by same sign do you mean people say I for nay uh yes and I could modify that to request of a n no no one in tenance from the public today that's why we do these on Earth first second Monday morning um item number seven items discussion uh Finance director's report good morning everyone I'm Joe ank Finance director so I I have kind of a just a group of things to talk to you about um I provided some printouts but I would I'll guide you through them because I know you've received all of this basically last literally last minute um I sent out a copy um earlier this week a few days ago um of the Town manager's monthly report that I provided to to them I think actually was it maybe just Friday that I sent this out to you but on that there's just a few items that kind of It kind of covers um the few things that we were accomplished during the month but the few things I wanted to highlight was that um I'm currently involved in a a very um Deep dive analysis of the the billing rates for the water um Billing System just making sure that the correct rates are being used and if not what what needs to be corrected and so that's something that's still underway and as soon as that analysis is done I can provide you with the results our software we're very the transition from the transition from one system to the other is accurate can that eventually be incorporated in the new Erp it I yes they also have the ability to do that um unfortunately at the time that the new billing software was sought out um they chose a different one that was last spring but I think in the near future we could always um incorporate that into Tyler as well but for now this would certainly be an improvement to what we have um the the next thing I wanted to talk about was um a revenue replacement grant that we did receive from the state we finally received the agreement and I'm pleased to tell you that there's really um surprisingly no strings attached to it there's no specific reporting that we have to do um it is let's see 7,547 $85 and it'll be an amount that we'll be receiving from the state uh when we do um have Town Council authorize the agreement which should be at the December 16th meeting related the items that are that could be affected by the the hurricane so the items that are that could be affected by the the hurricane so not not every single um item like for example um grants in the general fund was affected by the hurricane um so by narrowing it down then we we have a 2, 387,000 revenue loss and that is the amount that would be covered by the bridge loan it's not the final number yet but it's very close to being final so giv you that information I'd like to jump into the next sheet which is titled um resolution 24- 284 authorizing budget adjustment number three and the revenue replacement Grant so there's a resolution that's been um added to the agenda for the December 16th meeting that approves um the revenue replacement Grant this sheet is what I'm proposing um to the Town Council into you as to what we will do with that money so that the middle column at the top that shows the amount that we'll be receiving and then off to the right the hand in the right hand column is the amount of the bridge loan that we received from the state that we need to repay and that was also based on Lost Revenue estimates so we received um in our bank account 11, 900,000 from the Bri loan for 2023 we used $3,852 of it then just a you follow down the preliminary loss Revenue estimate for 2024 at this th000 interest um well so far year to date that's what we've we've earned into 2025 um so that's how the bridge loan was used if we were then to move into the bridge Loan Fund as a repayment monies from the revenue replacement fund so out of that $7.5 million from the state we'd first of all move the 3.8 million to cover the actual amount we used of the bridge loan for last fiscal year 2023 then we would move into the bridge loan the amount that would be used to fund 2024's lost revenue and then we would move in to the bridge loan the amount that we would use um what well the remainder of the balance which would um cover in part the amount that we'll be using budgeted to use for 2025 so that fully utilizes the money as repayment of the bridge loan and that combined with the interest that's already earned to date would leave us with Revenue use um that come into the town for Capital needs because right now we're prohibited from doing that so we're that's probably the best news about that in addition um they're still working on forgi getting forgiveness from the bridge alone but that would take um State Legislative action and but that is something that they're actively pursuing and so if and that if that comes to fruition then this entire amount would also be available for whatever the the town decides to use it for so that's the proposed use of funding for the revenue replacement fund that we'll be receiving um soon after it's approved um at the December 16th meeting okay so then the next page has to do with um the allocation of arpa funds and I just printed out one page of the resolution so that's going also to uh Town Council on December 16th and the heading um is it shows the arpa beginning balance at the top and it's like two tables on the sheet so hopefully you are at that page um so we initially received three and a half million of our to um gather to um gather the information we need to submit for reimbursement and some of that is not reimbursable and so we're we're proposing to use like the 41,000 for title Bas and support report in putting together um the grant proposal for the cdbg drr um critical infrastructure um and then there's also recovery and resilience planning Grant from cdbg and that's 12,000 there they also did some analysis on multif family housing which was um a potential um funding stream also from cdb dgr um and this was just to cover their work in that area but that um unfortunately did not um lead to anything um beyond that and then they also assisted us with hurricane Nicole um $7,695 but of course we did not receive anything from the state or FEMA for that so that would cover that expense then there's um a portion of town hall expense that will not be covered by FEMA um 28 and by this this is the temporary Town Hall so our trailer facilities here um some that will not be um reimbursed by female or insurance so that's the remainder of 28,000 and this has to do with the fy2 24 budget so that's how we um carefully parceled out the amount of um arpa for those things we now have um a $1 million Grant to um improve the boks recreational center campus but it required a Manching Grant of $1 million so early in the the spring last of the the same C charges from the on top of the 275 yes are how many more of these vets are still out there well there potentially I I think hurricane inan was really the the worst situation and there there's things that we submitted to FEMA for reimbursement that they may to um declare ineligible so there may be additional expenses but to the best of our ability we have them covered so far okay there was also a duck bill outfall expense that was not covered by any type of reimbursement of 104,000 but it was an emergency repair that needed to be done um then we also are using some of the arpa funds to pay for the strategic planning um project that'll be begin underway um with the State University and so that will pay for most of it and that'll be spread out over the next two years so the total that was obligated for these projects was 2.6 million that still leaves that 932 th000 remaining so jumping down then to the next box this is the proposed use um palm trees for Time Square there they were um they were uh killed by the latest storm surge in in Time Square from Hurricane Milton and Helen um they need to be replaced unfortunately fima does not cover Landscaping um so that is why we're going to use these funds for that purpose um we're also using 648,000 um is proposed to use for the purchase of a combination jetb truck for storm water drain cleanout um this is so that the town has its own truck that can be used since it's something that we're constantly doing um we had like a over a million dollar contract alone from the last year um for that service from a um service provider so by having our own truck we think that we would be able to save the outside expenditures as well as um have use of it um every single day that we would need it there's also a small project but had no funding for 6 6,400 $64 and then there's also um landscaping that's required apparently by homeand security around the North Tower um apparently it's just to help camouflage camouflage it um that's what their recommendation is so there's a fence that was required to put around it and then they have very specific um specifications for the Landscaping the Heights and the type where's that located the North Tower the North Tower um uh just just past Time Square on the right okay that what's it Lagoon Street okay right on right on okay yeah just passed where the old 7-Eleven was there's two lagoons sorry there's two lagoons on the island what's a yeah it's called lagon Street I a lagoon too 99% sure it's Lagoon okay so that's that's the remaining total of $932,000 I you may not know the answer I'm just curious after they do this canal debris assessment which clearly there's lots of issues in the canals what are they going to do about it there was that funding that we only had to pay 5% to have the canals cleaned I do not know that I'm sorry I think we 5% yeah 5% yeah you have to give me a copy to refresh my memory because I honestly have no recollection of that we're we all want the canals cleaned up I mean there's there's no exens or butts I mean that's going to be one of our priorities going forward next year is that's that's yeah there was the two line items so potentially there we only had to pay 5% of the canal cleanup and then the other one was the Dron right by the Carlos bass I I I still have that document you gave me Jo you keep it up up there because we may lose that money if we wait too long we just lose the money right exactly and 5% is nothing they were looking at dredging that before end and now it's worse now it's way worse okay okay um well the next thing I just wanted to go through with you just as by way of the just giving you just a glimpse of the financial statement was as of September like this is the latest update I just wanted to give you like where we stand with the general fund in terms of comparison to the budget and so we have we're ahead by $528,000 in total in revenue and then we saved $2.5 million of expenses which leaves about 3, 69,000 so it's as we've getting closer with AC crewing our expenses and moving expenses into the correct periods we are getting this this amount has been growing rather than decreasing which is what I was concerned that might happen so we we so far we put $2 million into the emergency fund um but this would allow us um to have more valuable to do that or other things and then I gave you um a sheet for 2025 so this is our first month in October um it's it's really because it's the first month of the fiscal year and so many things have to do with timing and there's nothing accured yet we don't we don't do any acrs until the year end um we're behind in Revenue about 25,000 um and but we're ahead in expenditures by 343,000 and I see I have a formula error at the bottom of that column that's supposed to add those two not not subtracted so that that would end up being about a $320,000 favorable variance should be plus 323 right yes I'm sorry I I was this was the last thing I did last night so but everything was a blur okay so that's all I have for you um for my report if you have any question questions I'd be happy to answer them start be estimates will start being put together as far as um the amount um the amount what needs to be done how much it'll cost um because that's not in this current this is from before this this BOS is just the campus so it's really the fields it's um like pickle ball courts it's it's what was originally applied for a few years ago before hurricane and so they gave us an extension but we didn't want to lose that money and it's something that could be done and so that's what's they're moving forward with that for yeah because I mean you're probably losing money by it being closed up here right you're not picking in any numbers or anything right so is the plan at least for the indoor portion is that going to be completely rebuilt I haven't been in there since I voted stripped I honestly I those types of things I'm not really privy to as far as the details what um that would be sorry oh no like there's been no communication from the town on it so I'm just wondering like I said that was our gym and it's closed exactly it's the Outdoor Equipment oh yeah yeah you go see where M go you over here is that like a little outdoor workout station or yeah something right oh and something maybe I should explain I just assumed you knew but I forget that you don't necessarily deal with this all the time so with the arpa funding we had our our deadline is we have to have signed contracts to have everything in place um by December 31 so of this year and then they have to be fully expended within two more years and so these were the projects that were that were things that we could have sign sign contracts for and be finished within that time limit any other questions on the finance director's report have a motion for its approval motion to approve all right motion by Dave do have a second second second by Barbara all those in favor signify signify by saying I I all those opposed signify by saying no all right motion passes uh item eight is a member item reports I don't believe we have any for today other than what we've discussed anybody actually I have a question was from one of our earlier meetings we had been so busy with all this other stuff since we there get leveled out um I think it was Brian who brought it up a year or two ago about risks and how we acrw for risks how we forecast for risks I mean now that we're showing you know that we have hurricanes all the time uh water main break you know there's I mean there's all these risks out there and there's also the leans and you know the different uh most of my ideas in order to um prepare the emergency Financial the emergency financial plan and there we do have that that's part of what I presented I think a few months back to you and to the Town Council to to approve so I I think and I it's possible that we're one of the first towns in the state that has that only because when you do a search you cannot find it anywhere else um and it's something that was newly required by state legislature just as past year that every town have it so I think we were one of the first and we provided it to um that that e program which is the emergency department um Emergency Management Department of the State of Florida is um um spearheading where they're trying to get all the to all the towns municipalities counties to be um proactively preparing for emergencies with their financial planning with their policies um so that if you if you are if you the more things you have in place that they're asking of us to do the higher we score on that assessment and then the higher your score the more funding you receive in advance to um for like from FEMA through the Department of Emergency Management rather than having to wait to be reimbursed in the future so be because by seeing that you have the proper policies and procedures and planning in place I think it's more like it establishes the trust that they can trust entrust you with managing those funds appropriately so we scored almost as high as you can score on that so that was just and that was a brand new program so I think that also was good um as far as other types of risk um we believe with uh we're part of that Florida um League of cities and and their um Insurance um group so I know they're also helping us with that I am not directly involved in that our um accounting manager mostly deals with the insurance but they they have come out and assessed things for us um but really it really comes down our greatest risk because it's every year is is the Hurricanes um and we do have good insurance for everything else um beyond that I'm sure there's much more we can do but that's that's where we're at we do have a Safety Committee also established just to help um make sure that we're doing what we can to ensure um employee and citizen safety is that come on campus that's right I mean that's a lot more than when we asked the question two years ago was City's program has been out on premises uh Post in and they've done like building evaluation assessments uh in liary evaluation assessments because in the past we didn't have the proper we weren't properly insured for a lot of this stuff right we didn't have enough coverage and we could have gotten more we just chose not to pursue that for whatever reason in the prior Administration no no criticism it was just something that you know it's as you say it's an ongoing exposure and the biggest one we have so being current on that is is critical to us for reimbursement or proper reimbursement and I guess another aspect is just um legally Our Town attorney is very proactive in terms of getting contractual language in place and including in our contracts that would protect us um I think that's one of the reasons why it's taking a little bit longer to get our contract um ironed out with this for software because she's requiring some things in there that typically they wouldn't have to agree to that's why we got camed on better as the contract wasn't written properly yeah that was one of the biggest issues I'm not sure this is a member report but just I thought it was good information if you don't mind me sharing Joe I'd ask Joe about what what kind of monies or how much monies have the town been reimbursed by both uh FEMA and uh Flor Department of Emergency Management and it looks like today we've gotten a little over 18.3 million we've got an additional 2.7 million as a receivable and then an additional amount from 101 of 23 to 930 of 24 so we don't know exactly what that number is yet but not yet we soon we'll know that figure that'll be an additional amount and it's really it's all related to expenses that need to be reimb or that were reimbursed or need to be reimburse so it's not really extra money it's expenses that we've already incurred sure sure I guess the reason I'd asked just try to get a sense for you know how much damage did we get reimbursed on it looks like today from a cash standpoint a little over $21 million so again I know as you after we put it's expense reimbursement but without that I say we we'd be a lot of trouble you know I've had the privilege of being on the audit committee for four or five years now and uh this is the best financial presentation going forward Joe since you've been here that we've ever been given and in my opinion is the town finances are better now than they have been since I've been on the committee and that was going back maybe three years post or pre prean right so um just I guess hats off to to the town and staff from a financial persp perspective uh reporting wise especially of keeping us up up to date and letting us know exactly what's going on yeah we survived two how many hurricanes and we still haven't raised taxes either right yeah so it says a lot definitely um all right any other member items or reports okay um item nine is uh next meeting which I guess is is to be determined well it is and I mean technically the audit committee is scheduled in advance to meet every month as far as a regular meeting slot on the town calendar I think it's the second Monday of every month and so you know you don't if you would like to um deviate from that because of just getting a quorum just like we've been doing we can continue to try to do that um I know the town clerk has asked me today um if you could at least decide um looking way out into the future for the meeting that's currently scheduled for Monday October 13th at 9:00 to either move that to Tuesday October 7th or Thursday October 16th and again this is just for purposes of the Town calendar so that we could at least have a slot in place 25 it is okay the 7eventh would be too early for you though you would be able to be prepared that would make that's Year too yes so the alternative date is the 16th the 16th is that agreeable okay and you know we can judge when we get closer um if any we're all able to attend um but the next meeting then would be a month from now if if you would like to meet again but it's totally up to you I'm H I'd be preparing all this information whether we meet met or not so it's not putting any additional pressure on me to meet so please don't take that as a consideration in your decision but so if we follow the calendar uh that second week would be Monday January 13th I think so yes is there any opposition to that date that everybody knows of at this point okay so there's a slight chance I'll be out of town but I won't be able to attend if I'm out of town okay and as long as we have a physical Quorum that's the most important thing okay last item on the agenda would would be adjournment you have a motion for adjournment okay actually I can typically help with that but I didn't do my job today a second second okay meeting the Jour thank you all V do I have a all those