Good. We're gonna call the meeting of the Budget Advisory Committee to order Can we have a roll call? Uh, chair Bergerman here, Chair Vice Chair Hall. Hopefully maybe she's trying to find a parking space. Um, this major And the sales here and Miss Howard. It looks like the main part of the agenda today will be Updates from Ron You probably all received an addendum to the agenda. We're going to address that under board comments further down in the main agenda. So I'll turn it over to you, Ron. OK I. I know you all just chomping at the bit over my riveting presentation. I'm sorry that it's like I think I think I took If you look at last year's it just change change the numbers, But you know it. It works and stuff. But Like I said, I'm gonna try to go through the financial update for the previous year fiscal year 23 which we're still not totally completed, yet. It took out the auditors coming next week, And, uh, financial update for this fiscal year through the end of December, and just a little ARPA update for you. That's the American Rescue Plan Act and that money So to get started, I starting out with the General fund. It's at September. 32,023 majority of the revenues are coming in at or over budget, which is good. Total revenue. 3 33.8 million. That's 473,000 or 1% over the budget of 33.4 million This rounding up there. Property tax is the largest revenue source at 40% The total is 12,477,009 27 1.5 million increase in revenues over fiscal year 22. And. You know, there's a lot of revenues within the general fund like 100 and 50 line items, So I just try to go over and pick out some of the larger ones there, But, um Some of the revenues coming out under budget is code enforcement fines , and those can really vary just depends on if somebody gets fined, and I think last year in 22, there was a larger fine this year. There hasn't been so many. So that was under budget. And recreation fees still hasn't really picked up since you know before the pandemic, but it's it has been increasing and an interest earnings total for the general fund was 873,000. And the general fund expenditure is a total expenditure or 33 point. Almost 33.2 million coming in 233,000, or 0.7% over the budget of 33.4 million Personnel cost a 6.89% increase over 22, mostly due to salary increases and overtime related to we had Hurricane idalia, you know, towards the end of a end of August last year, so we had the overtime for that. I think all those expenses came to Uh, rough about $250,000 to 300,000. Operating at a cost of 29.99% over 22, mostly due to the cost of fuel operating supplies, performing art performances. We're having more performances compared to Prepa, Um. Um or during a pandemic where we didn't have any, but, uh, increases in insurance, property insurance, electricity and required gas. B 96 disclosure. I know you probably know what G stands for. I know what it stands for. But what is that our rule making body for us government people. It's a government Accounting Standards board and this was gas B 96 at dealt with. Uh, subscription based IT arrangements and what it required you to do like we have our our all our computer on the cloud system we pay and we just had a new contract with Central Square for five years. It's roughly $250,000 a year We pay five year contract They require you to really to. I guess an easy terms. You have to sort of just paying it weekly. Well, we did pay it monthly. I'm sorry, but We're supposed to cry almost like a financing arrangement, so we have to record it as net proceeds, so the total is like 1.3 million for the five years, so you have to record it as a revenue net proceeds and plus an expenditure , which you'll see. I don't know if you'll see it individually in the IT department, but it's required. We didn't receive any money. But we're re we're required to close that, you know with the and it creates a An asset for a liability, and then we amortize it over the five years similar to the right of use asset. Yeah and last year we had to do leases. So last year, I had to go through all the leases that we had and do the same arrangement with that. So this year we had the IT stuff. So if you see the total revenues like a 33 million we have that includes a 1.3 million on both the revenues and expenses. So if you subtract those out that brings you more really in line to what Actual revenues and expenses were Uh, capital outlay increase of 241% We had the remaining of the mausoleum roof. We had some public safety building improvements. A lot of the flooring in the public safety building. I think that came to think about 100 and $60,000 a SpongeBob improvement, So we think we spent 46,000 update the sponge boat down there at the docks and some city hall improvements between I think the planning department was revised and then across the way the old PD department was revised for some offices over there. Uh, grants and AIDS is down. 91% was down, but it was because last year we had to pay well. We paid the hospital for the portion for the ER that we were we had in reserve for the for their construction of their ER. And last year we also had some transfers. Um To the Fleet Department and the Land Preservation Fund and the Savannah Cove loan and payment. Uh other governmental funds impact fee rates were not increased due to state statutes. Um to increase the impact fee rates. You have to have a study done and validate that, OK, if you wanna increase them, you have to have somebody to say this is why you're doing it to validate those increases so we didn't have one done. Uh, some of the impact fees coming in on budget are slightly under We library, recreation, transportation, water and sewer. Some that came in over a budget where police fire and general government Uh, gas tax came in slightly under budget. Uh by nine. Thou $9900 Penny tax came in over budget by 94,000. And for the CR a. We had property tax receipts of 398,000. That's the city portion, and the county portion was 357,000. And just as a reference of last year's taxable value increase for the CR was 14.6. The Sanitation fund . The new five year agreement contract agreement, which began March 31st 2022, the rates are adjusted annually every March 31st So we've got an adjustment coming up next month. The Max is 3% The board established that when they did the contract, so they couldn't it wouldn't go over that. Um they had a big yard waste project out there that was completed. Uh uh. Finally just this last year, I think $600,000 worth of expenses were just this last year, so a total of 932,000 We had debris removal of 597,000 that's larger than what we usually have. It usually averages about 200,000. Excuse me, Um. They had a big pile of debris over there, and I came to like towards August or something. I think there was afraid there could be a fire or something like that. So we paid like a go almost 300,000 to get the big pile of debris over there removed and stuff. So that was a you know, it was almost $400,000 over the average of our debris removal that we spend out there. We bought a new loader for 100 and 98,000 for the yard waste. The other one stopped working, and they were leasing one. I think paying 5000 a month. So we finally said, Let's let's get a loader. Once we get our FEMA money back, we designated. We put some of that to help pay for the loader because the loader is part of the yard waste which did with which handles debris removal. So once we get that money back, we're gonna apply it back to the sanitation fund. We also bought a street sweeper, and we charged half of it to the sanitation fund, which was 100 and 68,000. Um water and sewer fund. Um both water and sewer revenues were up 535,000, respectively. Um, there. Consumption use increase over the prior year about 3.13. Um there was no rate increase to start the year, but the board approved a rate increase. And just as the last, uh they started December 1st of 23 of 9.9% But all of 23 there was there was no ra increase. And the next rate study is to be in 2025. The marina. Fund revenues came in just slightly under budget, but so do expenses. Um, the Marina fund is still out of the deficit position for I think the second year in a row. Stormwater fund revenues came in at 11,000 over budget. We received from the surety for the previous contractor that left the job we received 1,050,000. Uh, the new contract, which is, I guess beginning to start work. Uh, that money will go towards that new contract for the pay. Get that work done Finally. And the next rate study for storm water will be in, um I think it's gonna be in 2024. And then the golf course fund is continues to keep amazing me and stuff over the last couple of years since after Covid and You know they had revenues of 2,298,000 for 23, an increase of 329,000. Over fiscal year 22, which was a good year. The deficit position on the golf course is eliminated for the first time since we took over the operations of a 96. So it's been a long time, but we're finally out. We're knock on wood. We're falling out of the positives. All these hopefully stay there. Uh, just, um, on the on the Hurricanes. We're still working on Hurricane Ian. I think we're getting close to wrapping that up and getting the money back for that. And in Hurricane Idalia. We've been working on that and we hope to get both of those this fiscal year. The money for that. Just some of the capital projects that have been going on this year. Um That land purchase on Roosevelt Boulevard, Lemmon, Shattuck Street, Sea Breeze Drive Sewer. The pent girls project which is at stormwater Project right over here. Water pipe valve replacement manhole, sewer line rehabilitation. Um another water and sewer thing, convert gas, chlorine to bleach at the treatment plant. The city clerk, new building which they are back working on now. Sales building over there. With their big office. Man go Phase two and clove dredging, Uh, Roadway reconfiguration Tarpon Road, which is all done. Land claw turn base on which they're working on now and then they're gonna start the extend the Pell's Trail and the yard Waste project, which is done now. Um. And some investments. We've been getting roughly about 5% of our investments here this year between the local pool and, uh, Treasury bills, and, um, the federal instruments I try to ladder from 2 to 5 years. And then also monitor the cash flows Wherever that money is in, you know, to make sure we got liquidity to pay the bills out of that individual fund. And then the as far as debt. We had our annual payment. October 1st of 1.5 million The ladder truck. Uh, we paid our 239,000 last April and that last payment on that truck will be this April. Um had a fire. The other fire truck, Uh, had our second payment in May and then we'll make our third payment this month, and then there'll be three more. Three more payments left on that one. And take a drink before. My throat starts to get dry, so. I'm not used to talking so much. OK, General fan. And so if what it ended up and we had, like I said, as we mentioned earlier, we had the revenues of 33.8 million. That was 5.2 million over last year. And, of course, I. I mentioned that that's a sub subscription based, and that's 1.3 is included in that. And expenditures totaled three at 33.1. Over 22. And this sort of break. This is going back to the revenues destroying of the major items were those increases were property taxes, Uh, over the from 23/22 1.5 million. Uh, permits and fees almost 500,000 over the previous year, mostly due to Electric franchise fees and building permit fees. Uh intergovernmental 177 th I'm sorry Charges for service 177,000 more mostly due to EMS school resource resource officer and ticket sales. And then we had the interest earnings, which was up 1.2 million. Um. And then down below highlighted in yellow . That's the actual amount of 1,254,538 of the subscription based I arrangement that we had to post with the proceeds and the expense I mentioned earlier. In the General Fund for the revenues of taxes are the biggest one at 52. Um I always like to show the top 10 revenues . Of course, Property tax is a 1.5 million and all the other ones were positive numbers going down with the utility tax Electric 266,000 in electric franchise fee 344,000. So all the larger ones are coming in more than last year. And plus, If you look at the far right, they're above 100, so that's good. They were over budget. I I try to look at some other ones of interest, a school resource officer. That's that's money from the school board for the officers that work the schools. Um Tree bank was brought in more money I'd say performing our ticket sales are up again. Recreation fees are up, but they're still under budget. And there's the interest earnings. That increase of 1.2 million and then the code enforcement fines, which is which is down from the previous year. Uh, general phone expenditures. Um, personnel. A cost are up 6.89% mostly due to salary benefit increases. Add some additional expenses from Hurricane Idalia. Operating due to fuel insurance, property insurance utility cost and a gas B 87, which was the leases and gas B 96, which is at subscription based IT thing I mentioned Capital Outlay, You know that we had the cemetery Mausoleum roof, the public safety building flooring. Like I mentioned these things already. It must have been another slide. I'm repeating myself again. I liked it so much. It is thought I say again. Uh, grants and AIDS . The ER hospital, OK, Yeah, I said those before. Uh, expenditures in the General fund personnel is always it's the biggest expense is at 67. Um in the General fund. We have the fund balance accounts and we have the restricted and then we have the unassigned So I try to show here is a different restricted monies. What the balance was last year in 22 and the balance in 23, and then the change. Um Cemetery, Perpetual care 785,000. Compensated Absence is 1.3 Tree Bank 418,000 . This is the balances at the end of 23. Um. Encumbrance is 673,000 Insurance Reserve 202. Lease is 152,000 donations 319,000 prepaid items 10,000. Right away 100 and 48,000 sidewalks 40,000 restricted reserve using in 20 in the 24 budget. When we did the budget we had to. We used some money to help balance the 24 budget, and that's so that's what those are restricted money, So we're we're required to restrict them in the previous year since we were using them and then the next year's budget. Um Public Safety Reserve 435,000 maintenance reserve, Other 852,000 and then a disaster. Reserve 50,000. We've had out there forever. It seems like and then the perpetual exclusive easement of 720,000, which we've had since for the from the South tower out there by the Fire station 70. That money has been mentioned designated use towards when we finally do the new fire station 70. Uh, unassigned fund balance is still hanging around 8.6 million And down below. I mentioned that's 15,000 under last year. Unassigned fund balances at 27% of expenditures. You know, the policy says to be a 20% which the 20% means it should be. You know, the minimum of 20% is 6.3 million. So we're 2.3 million over that, Um. I guess the only thing I think I'm I did a presentation a couple of years. Geologists say we keep we still keep unassigned at like 8.88 0.78 0.6 million In our expenditures or increasing. I can't remember if you remember. But I did a thing sort of rejecting. You know if we still keep an 8.68 0.7 million eventually, in the 234 years, we might be bumping up to that where we're at 20. With that. So at some time, it'd be nice to you know, we start. Maybe try to increase that so we keep above that minimum. And what's the process for that? Well it'd be. What you have to do is just reserve off the money, and I know once I think, uh Primus, Uh, Chairman Claire made a recommendation once when they had the property tax increase, you know, should we take 500,000 and say, Can we put this here But I think there was some other project that came up and we put that money there so In the decision is made by That's part of the budget process. Yeah. You know, there there is, You know, a little bit excess money here, but Like a public safety 435,000 . You know if I didn't put that there, we could use that money. But we have some items that we wanted to use that money for once some money for part of the high a new high water vehicle. Um We also had, um. We try to start as a couple years ago when remained lump sum payment for the pension contribution for police and fire. I never know if the actuary is going to come back and say you need to put in more money, So that's why I always like to have that. The 852,000 is, uh, designated by management. Uh but there was part of it is some items that were cut out of the budget last year that people said they still wanted to put, you know, get those items and we say, you know part of that money for that, but so, but there is still could be some more money in there for reserves and maintenance. As they come up. I never know when the Tom comes up, and our public works guide says that you know what air conditioner just broke over here. I need 50,000 bucks. So that's why I try to use that for Should we going into budget season and you start preparing for that, like this board, make the motion that we do put aside extra funds so you can bake that in well, I think it's a It's a concern. Like I say we did. They did their presentation a couple of years ago, and I think my projection was by 2029 that we might be hitting that now. I'm thinking it might be 2027. You know the way the expenditures are going, but I mean, I think it would be a good idea. You know, I I'd hate to wait until the end and all of a sudden we're hitting 20% minimum and Right. I'm finding that's with a you know the other funds that require a minimum fund balance or the water and sewer Fund, the Sanitation Fund and the Storm Water Fund. So it seems like the way the expenses are creeping up. Now it just we're getting closer to that fund. Balance Minimum. What's I don't wanna say Keep my keep me up at night or something like that. But you start to worry about it, and especially, you know, they have all these projects going and then a lot of these products are all coming in over over the cost, Whether they'd say Well, we got to find more money for these projects. So you're trying to juggle the money between work and you find the money for these projects. Do you have a slide that shows expenses year over year by chance just so we could The number For a motion. You mean like General fund? Yeah, well, you because you said that it's 20% of expenses is the 20% of the expenses as a fund balance. Minimum Yeah, of General Fund General Fund. OK So do you have that year over year by chance, like, maybe if the last few years No, I Well, I've just got this one right here. Which shows? Um you know that in 22. It was 20. The expenses was 29,000,001 75 and. And then the 23. It's 3 33,000,001 62, but it also includes that one point 3,000,001 million. So which one which 1 million, say that again. The 1 million for the software thing that was like one. So a subscription based IT arrangement, I would just say. Looking at 30 million that we'd wanna take a percent of Maybe even more though, OK? So last year, it was 29 this year. It's 33. But we're taking off that 1.5. Did I hear you at one point 3,000,003 million, So that puts us around 31.5 or so and that's. You know, it might be something as we get in the budget season to say, Hey, we need them. You know, we're getting down there. We're at 27% We You know, we used to be up 30% What ones were over 30% We're we're creeping down close to that 20. How do we go about getting the 20% raised in the policy? Is it in the charter or the pool? Just a policy. It's a fun balanced policy. You know between the General fund 20% water, sewer storm water sanitation at 25. I would. I would almost say its General fund should be 25. Thank you. I mean, it's a suggestion. We can make that recommendation. 20% is a good percentage. Some cities are are gov. Our government Officers association recommends two months worth which is about 17. Some cities do 17% some to 20. You know you can if you if you wanna do 25% we could. It's gonna I've always been a proponent of Or in the reserve. But I guess it's a minimum. What is the policy say when you reach the minimum, though? If you when you reach the minimum, If you go below it, you have two fiscal years to recoup it back up. So you can go below it, But you have to re you have to put it back. You gotta get it back to the minimum. As a priority over other expenses. Effectively right? You've got to have a plan to probably budget then you know, OK, we want if say, we're Say we're 500,000 below it, and we probably have to budget something the next year to make. OK we've got a set of reserve aside because we need to bring that fund balance back up to the minimum. And expenses increase your minimum might be even a little bit more than when it occurred. And we're at 27. Now if we set the minimum for 25, I guess. It. It doesn't say anything in the policy as far as like. An ideal Number. I know there's a minimum, but does say, try to keep it at X. The minimum is it just says, uh, the minimum shall be 25% 20% in the General fund 20% of expenditures. So we would we would. This committee can make a motion to change that policy. If To make a recommendation. We wanna do that? I would make a motion now that we Recommend the policy be changed to 25% minimum for the General fund. Do we have a second? One second Yeah. Roll call Michelle Sour. Yes. The sales yes. The all Yes. True version? Yes. OK? Because I remember a couple years ago we made the recommendation that they do the 500,000 and put that aside and it was decided to spend the money elsewhere. And I think that When you see that trend, it's just time to say Hey, OK, if you're not gonna go kind of listen, let's do something else. Um, because then if they do it again this year, then we'll just inch a little closer and it'll make everybody less comfortable. I'm just thinking you mentioned a range like you said. If you had some wording in there, it said, OK, ideally, it's 25% But if it gets down to 20, you know, I'm just I'm just trying to think of something else there. But even with our recommendation, it still has to go to the board for them to approve. Correct, right, OK? What? What would that look like? What What would your suggestion be based on what it was in prior years if there was language to say. Try to keep it at this level, but the minimum is Well, we've never had it like that. In previous years. It's just been. You know, the minimum fund balance is 20% If you go below it, you have two fiscal years to get it back up to keep it like that. The 20% to keep the language like that. Where it's just a minimum. No I was just thinking out loud. I know you mentioned that too, And just to say, you know. You know if you did go below it for an emergency like there's a hurricane, you know, knock on wood. There's no hurricane, but from what I've heard from other cities, you know they've They've wiped out all their fund balance . And so there might be a situation where it's all gone. And then you've just gotta gotta wait for your probably your FEMA reimbursements to come back and stuff. From the looks of the, uh One takes a while. For FEMA. You haven't got all the money. Yeah your It takes a while. Dude they seem to be I. I don't know if there's more urgency now. I don't know what Hurricane Ian, which was a year and a half ago. I don't know if they were busy down in Fort Myers, and you know it was hard because we kept going. What's taking so long? This one. Now we seem to be there. They they, They're more on top of it with IDE and stuff. Um uh, General Fund. Expenditures I did this one ago. 67. I just went back to the slide. Didn't I get Sorry. I don't wanna look familiar. Um a little water and sewer fund for 23. Uh charges for services. The main revenues, water and sewer up. 633,000 interest earnings up 714,000. There was no rate change last year, but water consumption and use increased 3.13. Uh, water revenues. Of course. 97% that's mostly water sewer reclaimed. Um the main the main, uh, revenues of water of the water sewer fund is water sales went through up 251,000 over the last year and. Sewer sales up 284,000 affluent 30 13,000 for a total of 556,000. Uh, the expenditures of the water and sewer fund. Um Uh, personnel up 385,000 operating services up 1,081,000. Debt service roughly stays the same every year for the water plant bond and then transfers for a total expenditure increase of 1.4 million. And I just mentioned down below. You don't see capital there because at the end of the year I've got a capitalize those expenses and they come out of the expense and then they go to the asset. Um, a little bit of sanitation fun. Um charges for services. That's the revenues up 1.2 million in interest up 129,000 for a total of increase in sanitation of 1.3 million. Most of the increase is due to the new contract, which started in March of 22 April to March. 31st of 22. So you had a half year of the new rate, but 2022 at a half year, but 23 had a full year of the new The new garbage rate increase, which is about 25% So that's why you're seeing such a big increase in the sanitation fund was due to the new contract, and I think the average about an increase over the different types of rates, whether it was a dumpsters, roll offs and residential it was about 5% increase so you'll see like one point 2,000,001 0.3 throughout here as far as revenues. Expense This is a revenue just breaking out solid waste alone up a 988,000 recycling 72,000. Yard ways, tipping fees, 100 and 48,000 increase over the previous year. Expenses of the sanitation fund, um, up one point almost 1.5 million. The bulk of that is the operating service is 1.3 million, and that's where we pay the contractor. That's waste management that's picking up all the garbage and recycling and that's where you know the increase Those fees by 25% was there. I just mentioned down below that we had a big project that finished up the yard Waste project 932,000. The Hardaway's loader, 100 and 98,000 hurricane and reimbursement to go towards that. I think I mentioned that we had the street sweeper also Um. And these were the expenses paid to the contractor. Your waste management. Solid waste. We paid them $5 million. It was Uh, 852,000 over the previous year, and for recycling almost 65,000 over the previous year. And then yard ways. Tipping fees was 400,000 over the previous year, and that's like I say, the big pile of stuff that was over there that we had to get rid of, Uh, and that total increase for those expenses is 1.3 million. Just to get into some other phones just to try to show you all the funds that are out there and what I'm just showing here. The different funds the balance last year, the balance at the end of this year and the change The hospital lease fund We've got in yellow there. We got 3,058,000 in there. The ARPA money 11,700,000. Local Gen gas tax about 78,000. School crossing guard 10,000. Handicap fund, 17,000 almost 18,000. Uh, police Impact fund 552,000. The fire Impact fund 22,000. Uh, the You know, Loan payment was paid off for that We had a loan 500,000 when they built station 71. 500,000 towards that, but we borrowed money to pay that. So it was an inner fund loan. So that was paid off this last year. Library Impact fund has 480,000 And that's planned for their They've got A In fact, they just got the grant 500,000 for the library to make improvements. The grants 500,000 cities matching 500,000. So there's about 1000 I I'm sorry. A million dollars of improvements that are going towards the library. She got some I. I saw the layout. Some nice little rooms where they're gonna do different rooms for different sort of things inside the library. Uh, recreation impact about 100 and 19,000, General government impact 100 and 33,000 transportation impact to 160,000. The federal sharing funds. Same thing with the balance last year, the balance this year 139,000 public art fund, 100 and 47,000. Land preservation fund 15,000. 100 and 80,000 of that was used last year to purchase the I think it was called the South Florida property. It's called Henry Henry Ross property. It it costs like I think, 720,000. But Will use the land Preservation Fund. 180,000 We use 400,000 from ARPA and about 100 and 50,000 from the stormwater fund to purchase this land for stormwater purposes. Um let's see Recycling . Grant Grant. Uh, we've got 100 and 52,000 in there And then the CRAS got about 1,153,000 in there. Some of that money that 1,153,000 that reserve. They still have 200,000 that they reserve aside for parking. And 100,000 for a jitney garage. Ah, the police education fund, 19,000 almost 20,000 confiscated truck Police confiscated Trust. Um 35,000. Employee benefit costs deferral and they almost 100 and 22,000. The capital Project Fund, 543,000 the sidewalk improvement fund, 1.7 million. The local option Sales tax fund. 7 million. Um as I mentioned down below of that 7 million, we do have 4.8 million of us cumbered. And then there's project that haven't been started yet that it really take up most of the balance there of that 7 million. Don't worry. I'm getting through all the funds. I know we got a lot of funds here, but I'm just trying to get through them all and sewer impact funds got 1,483,000 Water impact fund 2,253,000. The sanitation fund. 1,428,000 it It's down about 500,000 for where I like to be, um, as far as the minimum fund balance. Uh, like I say most of that was due to in August. We had to pay that. I think it was over 300,000 for the debris removal from the pile. And then the 198,000. I'm waiting on from the put the revenue in from the hurricane and to cover the loaders. So once we get those we should be We get back to get our get it back up to about $2 Million. That's where we like to be with the sanitation fund. Um the marina fund balance of 36,000. Storm Water Fund one point 1,479,000 and a good portion of that is going to be used for those pent grows project over there. And the golf course fund for the first time is at 377 376,000 to the positive and it looks like they're on their way for another good year this year so far. On that golf course. When are you looking at reinstating the fund transfer since they're in the positive, I. I don't think so. I'm just so happy to have that thing out of the negative. I just, you know. Yeah I just I. I know they wanna do some things they're doing, um, some tea box repairs this year, a little over 200,000. And there was something else they were doing like 50 thou? Oh, designed for, um A new clubhouse. They wanted to start getting some ideas for a new clubhouse, so that might be in the future. But Yeah. I don't know if I wanna hit him up with that transfer again for a little while. Yeah, Yeah, yeah. I sort of promised him. I wouldn't. Well, we know how promises go. I don't know. And that's the debt of the city and in the highlighted in the far right is like the water plant bond current the principal balance at the end of last year 27.6 million The fire ladder truck. Uh, 232,000. The last payment is gonna be in April, so that'll be paid off. Uh the fire truck from 2021 517,000. That would be a payment in May then two more after that. And then the truck at the bottom. We were supposed to get this apron and the first payment would be in April. But. Well, that says year 2223 done. I'm sorry. That's a long time away, isn't it? No. I didn't notice that that truck is not gonna be. I guess All these trucks are getting delivered. Now they're saying when you order a fire truck, it takes four years to get them one years ago. It used to be one year Then it was two years this year. You know this one. We're not going to get it in April. Her, saying it could be only one year from now. Febru February of 25. But we got a principle and interest payment on it. And so I'm saying we shouldn't have to make that. And so I've gotten with legal counsel on that. And she's drafting a letter to say, Hey, I in part, part of the agreement says even if PNC the bank wants interested in the lead in the agreement, it says that the supplier 10, 8 and Pierce are responsible for any interest payments. So we're so the interest payment is due in April. We don't plan on paying on so Yeah. You expect that to kind of get resolved? It sounds like pardon me. You expect that to kind of get resolved with with the plan? With the fire truck there. Yeah the attorney said, Well, as we get close to April, she's gonna get her letter drafted and send it to P and C and just say that, you know we don't We're not responsible for this. We shouldn't make any payments. We need to extend the performance Bond. There's a performance bond, but it's only two years ago through it is April, so we wanna extend it to next February for the performance bond. And then I mentioned, you know, we gotta use an older truck still there. They're They're high maintenance, Can you? She says Well, I'll throw that in there too, and see what they say. Because you know the fire trucks are about 20 25,000 years of maintenance on them. The older ones. Um in fund loans. They're basically no no more in our funds loans. That's a loan from one fund to the other. The last one is the sanitation of CR on 100,000 that will pay this year. And we want at that time we won't have any more inter fund loans. Ah, under 24 financials through December. I tried to briefly try to go in and put something together here. Uh, revenues in the General fund are up one point 4,356,000 over last year at December. Um the main reasons for that is, of course, property taxes. Uh, we were 1,154,000 over last year. At this time. Mi Ra is still at 5.37. The tax will value increase was 11.65% last year in the prior year was 13.96. I'm not. We're not sure what to expect this year, but I guess we'll find out but I'm not sure if we're gonna be in the double digits anymore, but we'll see. As as far as taxable value increase. A projected revenue increase over last year. 1,422,000. Other revenues. Uh, pluses and up and down are the electric electric utility tax plus 75,000. Building permits are down to 13,000. But that can vary too. Sometimes you just get one big project and it'll bring it up over a project. Tree bank receipts are plus 84,000 revenue sharing sales tax, plus 30,000 electric franchise fees, plus 14,000. Uh, performing our ticket sales are down at 20,000. Uh, interest earnings are plus 60,000. And as I say, we're three months into the year, so we're pretty early still. Uh, expenses of the General fund through December. We're a plus 881,000 of expenses in the General fund. And here's the expenses through December. 31st comparing to last year. Um, personnels up about 505,000 7.69% mostly due to salary increases, retirement contributions and health insurance. So Operating up 15.58% due to electric property, tax insurance, repairs and maintenance and operating supplies and capital outlay increase. 30% mostly due to the we bought the high water vehicle , which is a total cost of 247,000. They found out when we had a hurricane Idalia. We didn't have vehicles that could get Especially to the fire that was out there so We bought a high water vehicle. We have it Now. We split the cost between the General Fund and the Penny fund. Um. Um a little bit of water and sewer revenues are so far 1 4,174,300 more than last year. Oh I'm sorry. That's total revenues. Water sales are 100 and 53,000 more than last year at December, 31st Sewer sales 88,000 and flew on 21,000. And as I mentioned that there was a 9.9% increase, it started December 1st. That 9.9% should bring in, you know about 11.8 million additional revenues to the water and sewer fund. Ah expenditures of the General of sorry. The water and sewer fund, um up 4.23% mostly due to salary increases Operating up 20% you know, mostly due to electricity costs, required supplies and the water plant operations. Uh, capital outlay increase of 14.5% mostly due to capital expenditures, multiple capital expenditures in the in 24. Uh, sanitation fund revenues of. 1,697,000 We're down about 60,000. But when I looked at our last cycle of 20 December cycle, 27 has a lot of roll off charges. They didn't they got posted in the next month. So that's why the revenues were down. Uh, the same goes with expenses. But along with expenses last year, we had a lot of more expenses at that time due to the yard Waste project we had going on. Uh, Storm Motor Fund. The revenues are up about 47,000. We have 5% rate increase. Storm Water expenses are down 30,000 from last year, I think mostly due to the last year we had a little bit of the pent gross expenditures, but this year we, uh, 2023, we had, uh, none. And we had a little bit, but none this year. Golf course or revenues are up 37,000 over the previous year. Expenses are up. 90 9700 Excuse me 9700 over the previous year at December, 31st Uh, getting in the V investments? Um just a little history. I always like to look at it in December of 2018. We were earning 3% next year. It was 2% December 2020. We're only earning 0.20. Of 21.45. December 22 5.06 and this last, uh, December we averaged. 5% Uh, try . To I keep investments under five years and latter the investments out. Uh, rates are they they talk the Federal Reserve talks about they talk. I think, everybody. I never know what you know. First It was gonna be six rate cuts this year. Now they're talking three. They're supposed to be one in March. They don't think they're gonna do one in March. Now maybe the earliest. I don't know if they'll do it in May, maybe June, so I don't know. You know, You just have to just keep watching them and stuff. So But what I've been trying to do You know if I know the rates are gonna go down if there is a good investment, that's long term that I can lock in, say it's 5% knowing that, OK, the rates might. If they're a year from now, they might be a 4% You know, trying to lock in anything I find at the higher rate If it's for two or three years if I find something I'm thinking you're already seeing the rates going down for future longer term investments. That like because when I look at it, CDs, you know, six months, eight months out. I'm I'm seeing them trending down already because they're baking in the future rate cut. Yeah, and I can't do that the banks when we do it with the qualified public depository C DS, which are guaranteed by the state. They don't like to go out too far. You know, a year 18 months as far as they'll go out, you know, I wish they could go would go longer, but So I really don't have any CDs right now. I I know even this last week Treasury bills all sudden went up because the CP I came in and all of a sudden it went. They went up 20 basis points. It's almost going to buy one, but I just sort of holding out. Is that mostly what you're doing, Uh, the Treasury bills or treasury bills and federal instrument by federal Home Loan bank. Fannie Mae is what we're authorized to invest in. And right now they vary between You know, 4.7, But I mean how how long if it's one year two year three or four year five year But then I also see the call features. I like some of them are called every three months, six months. If I can get one. It's like 12 months. 18 months. One year I go, OK, if I can lock something I don't have to worry about it so But it but sometimes a longer calls. They're not gonna pay quite as much interest. It might be a 4.75% for a two year if it's non callable for the two year. Um just the, um the, uh, percentage of the portfolio 12% in the checking account, which I You know, I. I don't know if it was years ago when the rates were going up. Chase Bank never paid us interest. And I think maybe the people were starting to take out their money. So lo and behold, Chase came back and said, We're going to start paying you some interest, so I don't feel so bad keeping money in the checking account. They're paying 3.72% right now. You know it's liquid. So, I. I don't feel it because usually if I kept Over 2,000,003 million. I got to get it out there. I think I used to drive Michelle and that's when she was here around here getting down the two, but yeah, so the Chase Bank is paying 3.72. And then I got 12% in Treasuries. I I'm at the max and federal instruments of 50% And then I got 20% in the local pool . Which the local state pool is good. They're paying like 5.3. You know on its liquid daily, But my fear is if your rates start to go down, I wanna start to reduce that. And if I can walk in anything longer term before that starts for the rates in the in the pool go down. I know you can't read this, but you It's all the investment. You know, Part of this is what I do The reporting that it goes to the other it it goes to the board and everybody else where I'm required for the investment policy to Send out this report with the investment plus this one that shows the transactions for the previous, uh, three months. That's why I won't go through all these and stuff. Yeah we got this. That's what we zoom in on our That's all we purchased, bought transferred during the three months and so Usually if something matures even like Yeah, we had something matured yesterday. I really didn't have anything but I we sent it right away up to the state pool so I could get the interest rate. So it start sitting in a Bank of America account because A little bit about Arpa. As you probably know. We received 12.8 million It's for any government service, but exception. You can't make contributions to the pensions. And you can't use it to offset say you wanna You did, um, wanted to do a tax decrease. You can't do that. The money has to be obligated by December 31st 2024. So we got 10 months, but everybody knows that you know, with the projects that we have to The project has to go before the board and get a purchase order. Um before them how much of the 12.8 million do we have? To take care of by the end of the year. Well it's got I mean, as far as obligated we're almost obligated on Let me see. This is a list of them right here that we got 13 million The citywide marketing that's all been paid the 48,000 for the mental health that's been paid. The public safety building roof. Is the they're working on it. Now the public safety building AC is going to the board next week. Fire station. 70 design is ongoing. Now they're doing the design work. I think we paid about half of that. Also the cops and killed in this building design that's been approved. So that's they're working on that now, too. The hospital fire panel. We have not paid anything yet, but I have a meeting with them about every two months. We do a zoom call and they talked to them. They said they've got a contractor. And the contractor knows they have to have it done by June this June of 2024. The agreement says. What the hospital if it's not done by July, 31st. You don't get any more money, so they know they've got to get this fire panel done. If they want the 1.5 million The chamber money of 50,000 that's already been paid. Uh um Cyber security. They're working on that and the water and sewer. The land purchase South Florida That was a 400,000 that's been paid. Now the Craig Park seawall Phase one that was just recently moved by the board. We had a I had a timeline project of these projects going from from now to 24 to 26, you know, but this was one of those projects where we weren't sure. I know Bob was thinking he's pretty confident he could get the purchase order this year and get it done. But I just So we could sleep better. I think, Mark and I thought this is you know where where we swapped the money so that 1,569,000 Went to a couple projects that are started now. The Lemon Shattock Project and the Re SP Project, which has been approved in the starting Um So that 1,569,000. It's like a switch with a penny fund because those other two projects were coming out of Penny. This was AR so we're just We just moved those two projects. Uh, Craig Park Sea Wall designed 228,000 that is ongoing with the engineering work. Uh the pent Grove Storm water that's been approved. They've already they've started work over here. Uh, the 1.8 million land purchase That money is already out the door we paid for that. Uh that lemon Shattuck Street. That's the one where we move money from that 1,000,568 9000. More there. And MK so spring up projects ongoing. Bayo Septic, the sewer. That one's going out for bid, too, So I know water and sewer knows they need to get that bid out. Get it in. We need to get this all approved before next December. And the 94,000 for south spring tidal flooding is already been completed. Um highlighted in yellow down there at the end of December. 31st we've spent, you know, almost 3.3 million of the 12.8 million We? We've been getting interest earnings. So if you see like, OK , Ron is 13 million. We only got 12.8. But we've I think last year we got about 300,000 of interest earning this year. I'm thinking we might be, you know, get that or a little bit more because it rates are up a little bit. You mean interest from the money that you didn't spend yet in the right This harp money right now is sitting in the bank. So I'm I'm trying to get as much interest as possible and ladder it out. And when you look my cash flows Uh, when we need it, um, and per the ARPA agreement, you can use it for anything You want to so but really, it seems like we're just wrapping it back into some of these projects to help out And the last slide. Budget stuff, not just just going there to You know, we're gonna get the budget packages out in in March. The departments have until the end of March to complete their budgets. In April Finance compiles a budget request a project the payroll and balance of funds. Uh get the budget to the city manager May 1st may 6th through 10th City manager meets with the departments and Now. These are tentative dates, You know, May 14th. I think it's probably a Thursday. I just said we would meet with the budget and go over with it all. I'm not sure if that's still a good date or not, and then Oh, I'm sorry May 14th would be getting the budget to you May 16th would be the first meeting. That's probably a Thursday to get the budget to you. I mean to go over the budget. Um Maybe the we the meeting Starting May 23rd going through June 13th. Those are Thursdays. You know whether those are still firm dates, but that's About what we've done in the previous years. And what's that? I'm done. Any other questions for Ron. Thank you. Great. All right, or any public comments. Staff comments. All right board comments that brings us to the addendum to the agenda. It's spring time. That's when we usually elect officers to this board before the budget season starts, but we have a couple of complicating factors here. We already are short people. There's two of us whose terms are technically up next month. Does that mean? I'm one and you're one for reappointment. But that has to go through the board. Correct. So I guess we need to find out if you're you're interested in remaining on the board. Yes Yeah, yeah, I'm eligible. Just send me an email. Um cause They like to look at that. And presented with the mum. OK? I will do that. Uh, just send you an email stating that, uh, you'd like to be reappointed. And I'll do the same. And you know anybody that's interested. So that a T this point we have to since The two of us who were going off are interested in staying. We'll go ahead and try to elect officers. Does anyone else interested in serving as chair other than myself? No, no, no. Yeah. One during budget season I'm gonna be out for two weeks. You are OK? Thank you. No I'm good. I'm thank you guys have done a great job. I'm looking at the calendar. I'm gonna miss I'll be good for the main meetings. But the next two I will. Same here. I'll be out. But I don't think it really budget season doesn't start until like May when they like the May meeting. Technically Um, the end, probably towards the end. Yeah And that'd be a question. I just don't know if you wanna what? In February here, if you want to march meeting unless something comes up, or you just want to wait until May or I don't have a problem with March meeting if there's something to discuss, um I like the date you have in me because the first two weeks in May I'll be out of the country so I wouldn't be able to attend the meeting in any way the first two weeks of May so If you if there's things to be discussed in March, I'm fine with that. I'll be out May 23rd in the following Thursday. I'll be out of the country so you'll be too. I'll be missing two of the meetings and those of the meetings with the departments, right? Yes. Um yes, we record them for you, right? Well I Yeah , I would be here for the overview. The first one you do so and I can send in comments if I have any. OK, So are we saying that I should remain as chair? Yes, we are. Yes about vice chair. Are you interested in remaining in that position? Yes I'm interested. Congratulations Thank you. I guess we have to get elected by the board or something, or I'll send you the email. All all I can but not elected. Apologies. Yeah. Adding a term Yeah, and since and since we have a War of this meeting. Assuming we're reappointed. We've already been elected as the officer. The next item on the agenda was the next meeting. Ron, did you, Uh, do you think we need a march meeting? I really don't know what more I might have for you. Besides what? We just went over here and OK, um. April I probably will have the audit done, but just, you know, going over that, but I'd rather do that before we get into the budget season. So I would say do April, then with the audit shoot for the April for now and stuff, because the odd of the year in a it will be done and final final number out of the way before we get into budget, then That date is April 18th OK? Okay? Any future agenda items other than we just talked about the audit. See you. Not all adjourned at 259.