Good afternoon.
Welcome to the June 22nd Finance Committee meeting.
So I'm calling to order at 4:00.
We are expecting one more additional board
member to join us and maybe a citizen advisor too.
So when they come aboard, we'll just keep moving along.
If we could also I want to mention this meeting is being recorded.
If we could start with introductions, please.
Just your name and whether you represent the administration,
you're a school board member or you're a citizen advisor.
I'll start. Terry Seger.
School Board member.
Cathy Seger.
School Board.
Lindsay Drew.
School Board.
Award Odds.
Tyler Briggs Citizen Advisor.
Like Friends Administration.
Joe McFarland Superintendent
Jeff King.
Citizen Advisor Regis Borrow and Administration.
Because I didn't tell everyone you could.
Yes, Terry, that is okay. Thank you.
And we had Terry we have one citizen
in the audience, this signer.
Okay. Thank you.
Right.
The first order of business is to
approve the minutes from the last meeting
they were attached to
to the agenda.
They're going to have a chance to read them.
Hopefully any comments or corrections or additions?
Deletions.
If not, if I could have a motion
to approve them, please.
Tell me I can second Cathy sticker.
All those in favor.
I any opposed?
No. Okay.
Thank you.
Miniature approved.
Unfinished Business.
The Milton Hershey Trust RFP Update.
Just as a by way of introduction, I just wanted to
know where we had left off
proceeding simultaneously with our continued due diligence
and performance of our current trust manager
and also working to begin
to develop an RFP to possibly procure bids
for the management of our trust going forward.
So at that introduction, Michael, I turn over to you.
Thank you, Jeff.
As you noted,
one of the items that we wanted to look at developing
forward was an RFP for service.
I have attached to the agenda just a rush or
or provided to us by
and really has
six sections of the RFP
dealing with the firm overview.
Getting at the idea of the investment policy,
some understanding of past performance
or how they approach the fund,
what documents
they may report to us, what they may have for us.
And then finally, conflict of interest of
didn't I haven't done anything with the current RFP.
And so one of the first questions I have for the committee is
that something that you would like me
to present based on what's here to pull those out?
Or is that something you want to work through as a committee?
Philip I think this is a good starting point to develop that
as well.
Mike If you could.
Dave If the rest of the committee agrees, if you could just walk us through that,
the basics
of the RFP and maybe share with us any recollections
you have about the content of the last RFP and how this matches up against it?
George Harry
With reference to the last RFP or the RFP,
that would have been done around 2012 that ended up being selection of Fulton.
There's one piece of information that I have not been able to locate.
I found the scoring sheet for the RFP from the advertisment for large
can't locate the actual one that are.
So from a standpoint of working through the sample that we have,
as I noted in the first couple
of questions, really just deal with getting a background of the company.
So here it's asking for
within the past three years, has the company gone through
any restructuring to getting an idea of what company dealing with?
One of the first questions I would have when I go through this course at once,
those that are in the business
already managing deployments or foundations.
And the first one of the questions is what kind of
development do we want to see that they're managing one?
So right now, ours is in value of $43.
We want to put something like $50
million in here to get a comparable to our trust.
I know one of the comparisons that PFM did
when they were kind of benchmarking,
they went up to two trusts that maybe fell up to $100 in value.
So that
was one of the blanks kind of to fill in.
I'd be interested some back on
the next section goes into the investment
policy of how the firm
proposed to to invest the funds.
And this is you know, this is one thing that we're
trying to get a better understanding of right now with our current
fund is the number of managers that are in there and the different things
that are being managed within the financial
portfolio.
So I think any of these questions even currently
for our current advisor
to get some direct answers to some of these questions,
I think would be valuable information
to use.
Some of the other things
look at once again providing some information of how past
portfolios are performed or those that they do manage,
how they performed,
how they view risk of those.
Some of the main points,
if it's investment
firm, will be good for us to propose for
finally reporting and services.
You know, kind of the service structure and the board expect to see
from the proposed investment advisor
once again, trying to make sure that not only are
we getting reports of reports that are easy for us to understand
and make decisions based on the
conflict of interest is really
just an item in there for to ensure that
we're aware of any conflicts of interest.
Some of those may prevent a firm from working.
Finally, fees of oh, how
how are they going to go about charging for what's in there,
not only the fees that are charged upfront.
Right now we're at
440 basis points.
4/10 of a percent is what
is what Fulton
charges us currently.
But just as much as is what they're charging us
on that active management or what kind of fees are we incurring best
reoccurring as they make transactions out of some of the best managers.
That can be quite costly, done over a certain.
And we want to get an understanding of how those fees are treated
by the.
Mike as we
discuss this further and and move move forward.
Is this something you would imagine either PFM or play it or both
helping us refine and even participating
in some fashion in the the RFP process itself?
Or what are you thinking along those lines.
At this point?
I am thinking that we need somebody like PFM to continue to help us
through the review process, whether or not that's actually
a favor of
Bryan Singer, who
dealing with has noted that
they would like to go possibly
provide a response to the RFP.
So obviously they're going to do that.
We don't want to necessarily
use them as much as we would.
So I think it's
a conversation they continue to have with PFM,
but if it's not them that identify somebody else
to help us through process.
Mike Did Fulton
provide a list of their individual securities trades
for the calendar year 2019?
No, they have not.
They made a point of saying they did want an unhappy client.
If I had a personal trust and D they wouldn't provide
a list of their security trades for the previous year.
And yet there was $150,000 in trading fees paid.
Personally, they'd have an unhappy client.
I know that
was in the minutes that they had asked for that.
And we did. We asked them for that. Mike.
I'll have to go back and
I, I don't know.
I have to go back and have a discussion with Brian to see what, if any.
So I haven't been provided that information.
I don't believe that Brian has occurred, but I'm not 100% sure of that
answer
to to provide
that information
and in a way that would be useful for us to use.
But I'll follow up with that.
And well, back up.
It was a funny on that answer.
Thanks, Mike. I appreciate it.
Thank you. Mike.
Kathy or Lindsay or
OT or just anybody else have any thoughts
or comments about where we are with the request for proposal?
I guess this is on.
I guess the only comment I would have is on the conflict of interest part
that it's always helpful to be to be as stable as possible
because after all conflicts of interest and they don't want to disclose that
it's it's it's easy to be vague
unless you're specific in terms of of that portion of it.
So that's my only comment.
Otherwise it looks good at this point.
My only comment was how far down the road
do we go in investing time into this RFP
until we're 100% sure
we've ironed out any issues about the ability to do that.
I think this will be a useful tool for us
to use
to evaluate the current, the current relationship.
So I think the RFP development and pulling that out
and making sure that we all have in there
the information we want that will generate the answers that we
get that information, I think that'll be helpful even going through and
and possibly if there's a continued
miscommunication with Fulton or however you want to categorize
what we're dealing with there of that may also it may also help
to say this exactly what we're looking is what we believe
any fund manager should be able to do for us.
So I think I think helpful
process. Okay.
And you had mentioned that
you would think PFM would help you with this.
You also said, do we want the did you say the Finance Committee to actually do it?
Or one of the things that Fulton
would would like to continue the dialog
about what's going on, what our wants and sort of
and more importantly, they want to make sure that that's a face to face meeting.
Obviously, something we've not done with Zoom, but have not been in the same room.
Everybody.
Obviously, it's COVID 19,
those meetings or that face to face.
I think it would be beneficial to have the board members who are represented
representation of the board members that are on the Finance Committee
to be there. And part of that meeting. Well,
to help me communicate the real needs
and wants, I think I've done a good job with that.
But at the end of the day, Kathy, we're still not we're
still not on the same page.
So just one more area to try to make sure
everybody understands what the needs and wants are
and really to continue to push forward to provide for those funds.
Ultimately, if they can't do that, then I think
once again have the RFP and have that discussion.
But I think
making sure we're
communicating as
as well as possible and making sure they understand
whatever is in terms of our wants and our need,
because ultimately,
if we can get that taken care of, it's probably a better
we can accomplish just as much with
continuing to work with them,
satisfy those goals.
But that would be the next step.
I'm sorry.
I was
I was asking about what would be the next step
before we would move down the process.
And then if we were to continue going down into an RFP
and PFM would be assisting us with the costs associated with that.
Yeah.
So that's where I want to continue to develop.
So take the sample RFP
that's provided, develop that into what we will send out,
provide PFM with the request of
needing some additional assistance because I do need that expert opinion.
So when the answers come into the RFP to make sure
we're interpreting that information correctly,
so to to ask PFM
to provide a proposal for what that might look like, costs
associated with that, as well as schedule
that face to face with Fulton,
I would propose to have that done
before July, I think, July 27th.
I don't know that we have a Finance Committee meeting,
but I know the audit schedule
after today, so it'd be my intent
to have that sit down for that time.
So hopefully that that we can come out of that with
the greatest understanding we could possibly achieve
that they understand our once it is or able to meet those or not meet those
because we want to be honest with each other.
And if they can't meet those, I think that needs to put the next step
of finding an advisor.
Okay, so
I would if you're going to try to meet
with a representative of Fulton before our next meeting,
if they're available and willing,
I recommend Kip and Lindsey join you, which is the new treasurer and tip
the most.
Kathy, you want to as well, but I could step back from it and
I think we'd be well represented with with Kip.
Kip and Lindsey if they're up for it.
I'm okay with that.
I'm glad to help in any way.
You guys want me to.
Thank you.
And I'll just let them do it.
That sounds wonderful. Okay,
so we're.
We'll leave this then. Is Mike.
You'll try to.
You'll see about Kip's request, maybe follow up on that
and add some specific information that one of our committee members
would like to see.
Let them know.
We'd like to meet with them prior to the 27th and coordinate
with with Kip and Lindsey.
And I would suggest if,
as we continue down this dual track
of possibly issuing an RFP, continuing to to
look at the performance of a vote,
we just to, you know, keep everybody informed
and up to speed as much as we can.
And I also would say
if there's a possibility we're going to go to an RFP
and you think there would be any hint of a conflict with PFM
being involved in helping with that, I would say we should steer away from it.
But, you know, the relationships
there are better than I do in terms of the
official corporate,
you know, connections, if there are any.
So anything else on this?
Okay.
Thank you.
Next item, no business.
Just to update on our 1920
revenue projections.
Mike,
do you want to share with us about our financial circumstances?
I apologize.
I'm switching between screens
and my cameras underneath the screen that I'm having to put everybody else on.
So apologize for having a little bit of everybody.
See the information.
The budget information is on the screen now.
So so our May 26th meeting,
we provided a projection of revenues
that we thought we would end the fiscal year, June 30th.
And during that meeting, we talked a
a lot about some of the unknowns that we had,
a lot of
them being around the earned income tax.
And what would those collections be or
how might they be affected by
by what we've been experiencing with COVID 19,
The the information as we know it
right now
is that it's not affecting us greatly,
as you should
on the previous screen, looking at about 4.9 million to end the year,
that's not much of a difference than when we looked at this in May.
And our budget for that amount was 5 million.
So we're right in that.
My thought or my
my anticipation with COVID 19 and issues with that
specifically around
unemployment numbers and things with business kind of busy,
I was really skeptical if we were going to see
a more dramatic drop than what I had anticipated, but see
during that period of time.
So what I provided, what I went back.
And did you think collection
This is cash collection.
So these are actually the funds collected per month
by that.
As you can see, as
we got into to March, April, May,
there was the reduction or the collections in
April were were about 40% less
than at the same time the year before that was anticipated.
Usually see that bump in April and or May
because that's when people are turning in their tax return.
So if you're someone that's self-employed,
your local tax return and turning that in may
have a larger tax payment than it normally would have through other quarters.
And we see that every once in a while.
So if you remember, the
the state pushed
the filing of that from April 15th, July, should
to push that out.
I was really anticipate hitting a large drop in May.
And as you can see, that did not occur.
We're about 5% down, but that's only about $34,000 in collection.
And then the number for June is
is skewed somewhat because this report was done,
I believe I probably did this on around June 15th or so.
Our due date that I have on their.
So this was only the first couple of weeks of June for collection
and we already received about 185,000.
We have not received our payment this week
to see how close we are to that 193
But as you can see here, basically
we're at 4.7 billion, the earned income tax already
and with about
$150,000 in collection remaining, we get to that.
This is very encouraging news from from my perspective,
a number that I thought would drop
a lot more drastically, especially in the months
affected right away by by the COVID
19 epidemic.
We have been extremely lucky and we've discussed this
a couple of times before with our real estate transfer tax.
We are
we've budgeted about $800,000 for that
elective up through currently through June eight,
a little over $1,000,000
now because it's real estate transfer tax and this is the tax,
half a percent of that we get in the real estate transaction.
This isn't something that we can always count on to be there
year after year after year because it is truly dependent
on our on real estate that bought and sold the township.
So we've we have reduced that number in next year's
budget fairly drastically, $150,000.
I'm comfortable that that's a very attainable point for us.
BE especially since we're not seeing necessarily once again,
a great reduction in real estate transactions based on COVID.
There was obviously a moratorium on any of those things for a month or two
because of the restrictions of COVID 19. But
the information that I'm seeing
and anecdotally hearing from
real estate agents is that the real estate market is
it's buyers are ready, people are out there ready to purchase
home fact noting anything or a little bit
of a lack of inventory to be sold.
But I'm fairly confident that that number
of number for next year's budgeted hopefully has passed.
Hopefully that
the only other one I want to draw your attention
to is amusement tax.
You see, we've reduced
just a little bit by about $30,000 the projection from May to June,
and that really is having to do with accounting.
That else, we have not collected any money
from user tax
since the last time it was collected was in March.
No tax was collected April or May.
And the pretty day anything it looks like or Hershey
Park will be opening up on a limited basis, July.
But of
course we don't expect any further collections.
June, and that's what takes us up through that.
So I think if I have any
silver lining in these numbers,
it's that we do get to, you know, we've absorbed
some of that financial downturn
through COVID 19 in this fiscal year.
And so hopefully by next fiscal year to get back to normal,
obviously collections in July and August will be lower than normal.
But if we can look forward to having Bears games and having
a little bit more
robust as things open up,
we can stay hopeful that we can come close
to achieving that tax number.
So I believe those were the only material changes
that were really made from the time we last saw
the revenue figures.
The state figures are exactly the same
as well as the federal.
So still good news.
We anticipate the supply of about
$64.5 million in revenue coming in.
Our projections once again for May, but
fairly comfortable with how they're going to hold true
our expenses for June $33 million.
So in that we've developed a 2021 budget that currently
has about $1.8 million in losses, at least be comfortable somewhat.
That will be during a positive year, about $1.3 million over this year.
So that if you look at both of those years
in totality of the hope is that
it will come out somewhat even over a
if you look at the budgets over that two year,
any questions with the revenue.
Should
this is Kip.
I just have a comment from last Wednesday evening's
Dauphin County Tax Collection Committee meeting.
I regarding the REIT and at that meeting
the executive committee in conjunction with Keystone, which is our tax collector
there, their crude preliminary estimate
is for a 15 to 20% reduction in the EBITDA
for the year, with the second quarter being the most concerning.
They they said that they really won't be able to fine tune
that much until after the reports come out in July.
So I think it's it's encouraging
that our shortfall doesn't seem to be that great. But
but at 10% shortfall
might be not enough to budget based on Keystone and
and the executive committee's crude and preliminary
estimates.
Yeah I have to admit
this data for me was was was was a large surprise
that it
had not had I expected to see that
10 to 50% reduction
in collections in April and May.
So it is it is odd
struggling that those aren't seeming to match up
from that.
So Mike, your
your summary is you feel comfortable with the
the 1.3
I guess we could call it a surplus for this year, one point
a projected deficit for next that we'll be able to work that out
satisfactorily.
Do I do as long as once again, you know,
some of these wild cards that,
you know, for that fact, earned income
budgeted for a 10% reduction, and hopefully that's enough to get closer
to the 20%.
And depending on what happens with amusement tax,
that deficit could grow next year.
However,
we always have the ability to adjust expenses
and see things
are not continued to be on par
that we would have to step in just on the expenditure side.
Yeah, I guess that was the one question I was going to ask.
You know, what
what's in your mind's eye regarding
information and data that would cause you to want to break the glass
on the fire alarm and then how much how much leeway do we have
or do we have adequate leeway to make adjustments on the fly,
given all the fixed costs that we have?
Correct.
The the ability to to really change the expenses
are somewhat, somewhat minimal things.
We would look at it first.
And once again, it's
always looked through the educational glass.
So we don't want to necessarily
make the decision of as a great effect, but we will always start with equipment.
Those large ticket purchases having already made them,
and adjustments can be made
in educational realm without a
that's it's going to be a challenge.
So we are mostly salaries and benefits
are what we pay
and salaries are set by contract forward.
However, I think part of the Terry is just making
sure that it's always on our radar.
Something I'm proposing
that starting in August I'll provide these
kind of more detailed updates from a revenue perspective.
Either we just
from a detailed perspective,
but we can continue to look at this together
and go through those and that information and have these kinds of discussions.
If we think that Pearson's going
are turning down or are they moving upward,
I think a large portion of that will be
kind of the chicken and the egg.
It'll take some it will be dependent on how
but just Derry Township.
But every school gets back.
School helps promote, I think, making sure people can get back to work
and hopefully having less of a effect on the economy to move forward.
But I think we're going to see that information
together as we go through that.
And as a shared earned income tax was one of the items
that I set out there that, well, this will be a good indicator of
we should see a real large drop
because unemployment is high.
So it does have me scratching my head.
That doesn't appear to be happening to us.
Sure. Which is great.
I think we'll.
Continue with. Information.
We're just going to have to keep
watching this closely because I think
I know just because, you know, we own a business in Hershey.
We were shut down for three months, but there was PPE, money
and things that we could hire back
all of our employees and we to continue to pay our artwork,
earned income tax and all all the regular taxes.
My and we're back we're now back open
at 65% compared to what we were before.
And I anticipate a staying at 65% for a long time.
My fear is if there's another peak, what happens then?
So it's really the unknown, right?
So we we look at what we have now
and we move forward, but we still have to be cautious
because of just this is unchartered territory.
We just don't know what's coming and we don't know how long it's going to last.
That's right to that.
And as we're looking at, obviously, revenue is something that
we don't really have a lot of control over because of all of these variables.
But when we're looking on the expense side and perhaps in your updates
at the Finance Committee meeting, you know, heading into the fall,
we can just keep our finger on the pulse of health care costs.
I know that
that is a variable that can swing very hard in a certain direction,
you know, given a couple of unexpected things since that is self-funded.
So if we can just make sure that we're staying aware of it
from a Finance Committee perspective so that we can anticipate
in case there would be any unexpected hit to our budget
from that area of the expenses.
We'll do.
Thank you.
Just a quick, quick question, Mike,
Can you can you just talk for a few sentence about the contingency fund?
And if that's healthy enough to know if there is a scenario,
is that something that
the government can dip into a little bit?
Absolute.
And one of the ways that we're fortunate,
we have our contingency fund, as you would call it, our fund balance
currently in the general fund is just over $8 million.
So down next year,
those funds can be used for the most part.
Now some of the are some of that
and we spend on certain things like health care of.
But we do have that fund balance in place.
Ultimately, if there were issues, the revenue was not coming through,
really felt that any decisions from amount of material
aspect would cause issues with education.
Ultimately, we can help that fund balance and that's what it's there for.
There for times of uncertainty, of
obviously it's
hopefully a once in a lifetime type of thing
that that ultimately that's what we are.
That's good news.
Thank you. Question is that 8 million today?
So then the 1.3 surplus from this year increases that or.
That is correct. Yeah.
Normally we would take that 1.3
million and move that to our capital fund.
We're not recommending to do that this year because of the loss from before,
so that they would net each other out. Yes.
So from that standpoint, we could actually start next year,
a little over $9 million on the
Kathy.
What you noted earlier, the 65% capacity,
is that because of guidelines or the choice of your business?
Sorry.
Yeah, it's because of new
CDC guidelines.
So longer appointment times. Yeah.
And the ability to do less things at certain times.
Right.
So capacity basically has to has to be.
We can slow down capacity. Yes.
So that you do adequate social distancing and adequate
time for extra cleaning and
issues. Right.
Okay.
All right.
Well,
if there's anything else to share, my dear readers,
if not to any board members or citizen advisors
have any other questions.
Okay.
Thank you, Mike.
Thanks for keeping on top of everything.
Sure.
There is just one more item to go before we move on to the goal
in there.
I just want to make sure we're
we are proposing or approving to extend
or to waive the penalty period for our real estate tax.
I do want to
bring to the attention I, I don't think this will affect us,
but there is currently
in the House House Bill 2460
and not only does it
does it provide for the extension of the
or elimination of the penalty period, but it also provides
for an extension of that period of.
This is not become
has not been passed and not become a law at this point.
I just want to bring it to the committee's attention.
If you get any information.
Now, I appreciate what the state is doing and trying
to make these arrangements for individuals,
but based on their requirement of when we have to have our budget
in having something like this, that's still being a question.
It's kind of tough to deal with.
So all the information I have a
we have a business managers meeting every Wednesday
and learn some more about this. The
the proposed language in the current bill was that
we would have to provide an extension of the discount period.
So taking it from August 31st, December 30th.
My understanding is what would what is currently
at the front of the legislator would be approved provides the choice
district to make that opportunity.
It's not a requirement, the ability to do that, if you wish.
Extending the discount periods, not something we contemplated,
not something the township and or
the county did.
And no part of what we're doing here
was not only to help taxpayers but also to follow suit.
So the tax collected all in the state way,
Derry Township for resident of
that's not part of what we're approving.
We're only approving the waiver of the penalty period.
You're not contemplating that extension of discount
and just wanted to provide that background for you that
they may or may not finally pass this bill.
But what is being it to me through pass
vote that at the end of the day, the final language
will give the school a choice what to do, how to require.
Are we a second class school district?
Oh, would have to look that up.
I just know within the second the.
Okay.
I'm just curious
because I see that it says school district is in the second, third or fourth class.
I thought we were third class.
Well, while you're looking that up, my
I was wondering
also, there's been talk at the federal level
of additional economic stimulus activities.
I don't know whether anything will materialize or not,
but is there any discussion among your colleagues
or at the state level about additional
stimulus dollars for school districts?
But dollars that have already that have already been approved
or there's possible funds coming down?
What was your question about the one,
the stimulus dollars that have
already been part of the CARES Act, if there's any.
Now new ones beyond that?
So, no, we have not discussed other than
just people sharing their feelings, but we have not received any.
Okay. All right.
The last thing that I do have, Terry, as well, is one thing
that we wanted to make sure from
the board.
Part of approving the budget at tonight's meeting
will also be approving to
to extend the or to waive or to waive the penalty.
And I have attached to the agenda
the communication that
would be sending out putting on our social media pages, if that's in public.
Mike, I had a comment about that in reading the the copy of it and looking at
what the township had put out as well, instead of saying Derry Township School
District or Derry Township School District has followed suit with that.
Could we say to help homeowners?
To help homeowners?
Derry Township School District has joined
Dauphin County and the township of Derry and waiving penalties.
Sure,
in my view, said
waive the penalty period.
We're not waiving it, we're just extending it right.
We are waiving it because once
after December 31st, it no longer is our tax.
It gets turned over to
the county for delinquent collections.
Okay.
And the penalty does get applied through there.
Correct.
But we're just waiving it up through December 31st.
Got it. Okay.
Thank you.
So simultaneously, the passage of the budget tonight
that that waivers embedded implicitly
being approved, explicitly being approved.
It's actually on the the resolution that the board will be approving.
It lists on there the waiver of that period time,
noting that it is only for taxes issued July 1st.
So it does not include interim taxes.
Anybody that has an interim tax bill is they they get that
those come out again September.
They would they would still have a penalty period attached.
This is only for those taxes
issued on July 1st.
Okay.
Any other comments or questions?
Okay.
Well, we could roll right into the this is my
last meeting is as chairperson of the committee and treasurer
Lindsay will be taking over from here on.
So we did talk a little bit
together about goals for 2021.
Mike.
I think the first one is what you just said,
just keeping a close eye on
revenue and expenses and
making it a, you know,
an up close and personal experience at every every board
meeting, every finance committee meeting as we go forward.
So, you know, we're poised
to take action if we need to.
I'll just go through a laundry list that that
I came up with talking
to Lindsay.
And I came up with together. And then,
you know, just
open it up for comments in terms of
priorities or,
you know, things maybe not to include,
but this was the list
still plan on doing the vendor fair.
Mike, I think you were talking about maybe
doing that in the fall.
Yeah. Looking at that maybe late October.
But and then having a corollary piece of that that would live
on, you know, on the website for the future
moving forward with the continued
monitoring of the current trust
boundaries, performance and, and
simultaneously, you know, working on
an RFP to possibly procure a new a new manager,
the school lunch program,
the Granada facility
and the bus storage facility
where things that Lindsay and I talked about.
Lindsay if I missed anything you want to throw out there
and if anybody else has any comments or suggestions.
Okay.
So the two you mentioned
that aren't on here right now
would be rollovers are vendor fair and bus storage.
Is that correct?
You listed five
school lunch.
Uh, we would add that to that.
They're going out to building. Out a building.
Wasn't on Kathy before.
I don't know if we need to talk about bus storage next year.
Right. John Mike,
is that September
pushing off more than 12 months?
There has been no further communication
at this point.
I would imagine nothing will happen
until we all get school up and running. So.
Oh so it could it it.
It could.
But I know the focus is going to be
just on how school runs, at least for the first part of the year.
One of the reasons that Terry and I had brought that up is just because
as we're looking out into the future, 12 months and beyond, obviously, you know,
General Services are reviewing the elementary study tonight.
We have continued conversation on on Granada.
And so that transportation project seems like a relevant thing
to keep at the forefront as we're looking at capital expenditures
and planning purposes so that as we go through,
you know, the discussion process at each step, we're not inadvertently
leaving out anticipating
the budget implications for something like that
or if there's a way to,
you know, look at different alternatives that that will be
would have just depending on what all the different costs come in at.
I'm just wondering
if that did not have it be measurable, you know, to get it to completion.
But just to keep it on the radar at any given time.
I know there's always so many different projects
that are going on that we're like, is this in general services or finance
that we would know exactly where that live?
Well, I was just wondering if that is.
Yeah, it's not a measurable goal.
It's just more about to keep it on the forefront, but it's part of a
like big things in the future type of like things
that the Finance Committee should be
should have on their radar and what is Granada then?
What did you say Granada was
finishing.
The completion of the building.
And what to do next. Window.
Yeah.
And so perhaps I don't know if the committee, you know,
if we want it to be as specific as each individual project or,
you know, kind of make a running list of, you know, overarching budget
affecting capital projects
that will come before us.
Yeah, large capital,
future projects,
because I see the Finance Committee is a bit different
than some of the other committees as far as school setting
because we do have so many things that are ongoing
and are somewhat fluid over the course of the year.
So if we're looking at really just, you know, keeping
tabs on the trust process,
you know, the lunch, those types of projects,
the capital projects and then the the budget,
especially given the current
times that we're in and
tracking of current status of expenditures.
Well, if General Services is talking about the elementary school tonight
after that, would that then come to us to be added as a consideration?
Because it seems to be part of this
idea?
Joe Or maybe you could lend comment to that.
But my understanding was that that project itself
as a project and the direction of it will go just to the full board.
But I think that once we start looking at the financing implications of it
and the way that we would handle from that service
and bond issuance and all of that, we'll bring it back.
So it's in my mind, it'll go to general services, to the full
board and then to finance
as we create a path forward.
Um, I would agree with that
if that's what we were thinking of the full board after the general services
before that provide the direction
specifically from a budget
perspective of, you know, we're
interested in using tax or not.
And then once the board make that decision
and come back to the Finance Committee,
drill down and figure out whatever that whatever the board's decided.
Yeah, well then I like these six
I don't know goals are
kind of our to do list.
Only one
power train.
Where's that?
Should that be here somewhere or
is that just.
That's kind of at the full board and
within the contract. So.
All right.
So we're talking about
the bus storage, the vendor Fair
Trust, our
school lunch Granada facility
and just close up
monitoring of revenue and expenses.
And as Lindsey said, some of them fall under the capital
spending heading, I guess you could say.
And I just want to say that certainly
if we're dealing with COVID 19 in the fall and that's a priority,
if we if there's no update on the bus storage,
there's no update on the bus storage, like it's not like it has to come.
We meet every month. Right?
And there's just maybe nothing will come of it until February.
And so it's just there.
But we have other things to prioritize, but it still lives somewhere.
So I like. I like your idea. Lindsay.
Maybe even from a public school perspective.
Sorry. You
know, that's okay.
You go first.
Um, maybe from a published goal perspective, instead of, you know,
saying all of these individual things, because I think that that seems cumbersome
and can get lost quickly would be to really hone in on the,
you know, the development process,
asset management, because
things like the like Renato
or the trust would fall underneath that And then
planning for capital projects.
So those three large areas
yeah like make those are three bullet points and then we can as a committee
have a running list of what's happening inside of each of those and, and trust
the, the progress of the conversation so that we can plan out in advance
looking at the calendar for next year, Finance Committee meetings
where we want to make sure we have regularly scheduled intervals
so that we don't lose sight of anything in the process.
Yeah.
So just for okay, so budget development,
asset management, capital expenditures and just for the sake of the discussion,
school lunch, for example, would be under what, capital expenditures?
Because we might have to buy some stuff,
the Granada.
And I think budget planning,
because that will have something to do with the budget you know, from.
Right. Okay.
Um, Kip, what were you saying?
Well,
there's there are certain things which by their nature
belong primarily in the Finance Committee, and those should be goals.
And I think you've mentioned them very well
in terms of the budget, the asset management
and certain capital projects.
However, I think there's another group
which should never go off the radar, which we should always be
paying attention to, and that would be the bust or bridge the Granada building.
Things aren't going to go away.
I mean, that might not be something that we want to put as a goal
for this year, but we should always be paying attention to these
so that we don't we don't miss something like, like,
like a piece of property or something comes up that, oh, this, you know,
something this is the opportunity for our bus storage.
Even though we're planning, we don't want to pass on this
because we've got our head turn the other way.
So I think just because something is not a goal, it should be
something that is on our like you said on our radar, we should always be
having one eye out on those on those enumerated items.
I agree, Chip.
And I was even thinking, too, from a tracking perspective,
because there's so many things that come up,
you know, overall is if we take these buckets
and build out the list underneath of what,
you know, what is on the horizon right now so that
we can always quickly reference back, because I know often things have come up
and we talked about it
perhaps earlier in the year and then said, well, where are we on that?
When was the last conversation?
If we can keep track and kind of have a running log
of where we are and what the next anticipated
conversation or action point will be, I think it would help
those of us, especially that are board members on this committee
in reporting back to the school board and as updates come up to
to keep everyone on the same page.
So it's somewhat
to make a living fluid goal sheet based on, you know, what's at the forefront
without losing sight of everything else.
Sounds good.
It's a great idea.
Like any other
thoughts you have.
I know we talked earlier, but I don't know if we captured everything you and
I talked about.
I think about
stuff.
That kind of lost to make.
All sorts of
stuff.
I appreciate it because we helpful.
Yeah.
I'm not really.
For you.
Mike. I'm sorry.
I'm having a hard time hearing you.
Keep cutting out.
Yeah.
Differently
from those that I've done in.
My try to shut your video off.
Sometimes that helps give you more bandwidth
while Mike's trying to figure that out, It's.
It's 5:00.
So General Services is going to be starting.
How do I how do I get into that if I'm not a panelist?
I have sent an email out.
It's on the district website.
You know, I forgot to read the server that, well, I did.
I want to try today. It's it it's an automatic register.
Go straight in.
So it sends you right into the zoom meeting as a wait.
So you don't like how that's what it did to me.
I logged in to Zoom and it was like
the meeting hasn't started yet, and Mike ordered me to wait for the meeting.
Oh, okay.
I thought I had to, like, register and then get a link.
All right, I'll take off right there.
But you won't be able to jump in.
Really good.
You won't get in until I end this meeting and start the next one.
Okay. Oh, so you're the link for that, then?
We're okay. Yeah, you're good. I might.
I just wanted to confirm that you when you mentioned
that you thought it was a good idea, you're talking about having that kind
of living document log, or was it something else?
Oh, no, it was that.
I think that's a great idea.
Okay, That's ideas.
I've already we'll get working on that.
And as we make the transition from Sherry and I to Mike and then to get
input from everyone on the committee to see
if we've missed anything or if you want to add anything to that.
And hopefully everyone's maybe comfortable with Google Docs and Google Drive
type of thing that we can all be able to access and and manage it that way.
Okay. Thank you
so we have
somebody from the public who's here.
Does does Trish want to say anything, Jody?
No, actually, she left. Oh, okay. All right.
Nobody else from the public.
No, there isn't, but.
Okay, then. Thank you, everyone.
I good.
I want to thank you all the motion to end the meeting.
Moved.
Back and.
All those in favor. I know. Okay. Thank you.