WEBVTT 1 00:00:04.144 --> 00:00:10.509 DTSD Webinars: Good evening. Welcome to the October 21, st 2024 Finance Committee meeting. 2 00:00:11.612 --> 00:00:15.590 DTSD Webinars: This meeting is being live, streamed and video recorded. 3 00:00:16.236 --> 00:00:25.759 DTSD Webinars: As we go around the room we will take roll call please announce your name and your position. So Mike Rizzo School Board. 4 00:00:27.090 --> 00:00:28.769 DTSD Webinars: Stacey Winslow, Superintendent 5 00:00:28.850 --> 00:00:30.410 DTSD Webinars: Lindsey Drew School Board. 6 00:00:30.460 --> 00:00:32.110 DTSD Webinars: Jennifer Wren School Board. 7 00:00:32.270 --> 00:00:34.390 DTSD Webinars: Stuart Mccarver, School Board, member. 8 00:00:36.770 --> 00:00:43.190 DTSD Webinars: Carol Pitts, interim business manager, Michelle Ag board secretary, Mindy bell assistant business manager. 9 00:00:47.670 --> 00:00:48.640 DTSD Webinars: don't say 10 00:00:49.630 --> 00:00:55.840 DTSD Webinars: for our citizen advisors the microphones are definitely the trickiest part. You hit that. But 11 00:00:56.720 --> 00:01:01.860 DTSD Webinars: and it'll turn red, and once it turns red you just let go, and it'll stay on for you 12 00:01:03.870 --> 00:01:08.190 DTSD Webinars: and on online, we have, Brian, correct. 13 00:01:08.780 --> 00:01:10.869 Brian Ostella: Yep, Brianna Fellas as an advisor. 14 00:01:11.790 --> 00:01:16.174 DTSD Webinars: Thank you, Brian, and I don't see anybody else. Mr. Button emailed. 15 00:01:17.030 --> 00:01:23.860 DTSD Webinars: Mrs. Ag. And I, this afternoon said he'll be joining virtually. But we'll be a little bit late. Excellent! Okay, thank you very much. 16 00:01:32.400 --> 00:01:34.979 DTSD Webinars: So next 17 00:01:35.520 --> 00:01:41.830 DTSD Webinars: piece of business. Could I get an approval, or of this summary minutes 18 00:01:42.100 --> 00:01:42.890 DTSD Webinars: or 19 00:01:44.080 --> 00:01:45.459 DTSD Webinars: 23rd 20. 20 00:01:45.490 --> 00:01:48.999 DTSD Webinars: So moved Lindsey. True. 21 00:01:49.140 --> 00:01:51.690 DTSD Webinars: second, can Stuart refer? 22 00:01:51.960 --> 00:01:53.180 DTSD Webinars: Is there any discovery 23 00:01:54.540 --> 00:01:56.970 DTSD Webinars: calculator? Say, Hi! 24 00:01:59.990 --> 00:02:02.099 DTSD Webinars: Today there's no unfinished business. 25 00:02:02.690 --> 00:02:03.980 DTSD Webinars: We'll find the 4. 26 00:02:04.170 --> 00:02:05.769 DTSD Webinars: Move on to new business. 27 00:02:05.960 --> 00:02:11.400 DTSD Webinars: A new business. Item 5. A. We will have to pull back presentation 28 00:02:11.900 --> 00:02:13.109 DTSD Webinars: from the middle of the things. 29 00:02:20.340 --> 00:02:28.670 DTSD Webinars: Evening. Everyone. I'm Kyle, Ireland. I'm the senior portfolio manager of the Trust, of which dairy township is a income beneficiary 30 00:02:29.524 --> 00:02:36.185 DTSD Webinars: my colleague in crime. Frank Clemente is in traffic, so he may stumble in 31 00:02:37.744 --> 00:02:45.300 DTSD Webinars: on page one, we're looking at the executive summary ending, September 30, th with 56 million. 32 00:02:45.490 --> 00:03:00.630 DTSD Webinars: $29,938. On the upper left of that page we have a growth allocation with a approximately 70% in equity exposure, the remaining 30% in cash, fixed income and alternatives 33 00:03:01.773 --> 00:03:11.489 DTSD Webinars: for the quarter on the bottom right of that page we had just shy of a 5% return for the quarter, which would be your fiscal year q. 1 34 00:03:11.550 --> 00:03:18.079 DTSD Webinars: and year to date. A 14.4% return through the 1st 9 months of September. 35 00:03:18.880 --> 00:03:24.249 DTSD Webinars: estimated income off the portfolio currently has a 2.3% 36 00:03:24.610 --> 00:03:30.470 DTSD Webinars: estimated income equivalent to $1,290,196 37 00:03:31.640 --> 00:03:34.949 DTSD Webinars: on page 2. That's a year by year accounting. 38 00:03:35.780 --> 00:03:51.489 DTSD Webinars: And you can see we entered 2024, with $50,384,627. There has been net withdrawals of 1,550,000 earned income of 873,000, 39 00:03:51.510 --> 00:03:56.410 DTSD Webinars: and a market appreciation of 6,322,000. 40 00:03:58.960 --> 00:03:59.860 DTSD Webinars: That's a 41 00:04:00.180 --> 00:04:15.249 DTSD Webinars: just dating back. It shows really distributions coming out from years 2019, 2020, 2120 22 of roughly in the range of 1.8 million to 2 million dollars or 2.8 million 42 00:04:18.810 --> 00:04:32.099 DTSD Webinars: on on the following page. We're looking at returns in. Bold would be the major asset classes within the portfolio and the corresponding light blue indexes below those 43 00:04:32.290 --> 00:04:41.549 DTSD Webinars: asset classes, as you can see for the quarter fixed income was up 5% beating the respective benchmark of 4.1% 44 00:04:41.800 --> 00:04:44.279 DTSD Webinars: equities up 5.2% 45 00:04:44.360 --> 00:04:50.119 DTSD Webinars: slightly trailing the Equity index, the Msci, all country world index 46 00:04:50.460 --> 00:04:53.299 DTSD Webinars: alternatives were up 2.8%, 47 00:04:53.470 --> 00:05:00.829 DTSD Webinars: and the total portfolios return of 4.9 5% slightly lagging. The growth index 48 00:05:01.510 --> 00:05:02.800 DTSD Webinars: year to date. 49 00:05:03.130 --> 00:05:06.570 DTSD Webinars: Fixed income has contributed 5.4%, 50 00:05:07.030 --> 00:05:15.420 DTSD Webinars: beating its index equities up 18.8 6%, beating its index alternatives up 8.2% 51 00:05:15.440 --> 00:05:20.989 DTSD Webinars: and total managed account up 14.4%, beating its respective indexes 52 00:05:22.320 --> 00:05:40.129 DTSD Webinars: for the history of the Trust, dating back to September of 2012, with Fulton as successor, trustee of the Hershey Trust Company. We have compounded annually at 8.5% well in excess of the indexes. 53 00:05:43.030 --> 00:05:49.659 DTSD Webinars: The next page is looking at on the upper left top, contributors to performance and top detractors. 54 00:05:49.860 --> 00:05:52.439 DTSD Webinars: large gap growth equities. 55 00:05:52.720 --> 00:05:58.840 DTSD Webinars: large gap value in international developed equities were the top 3 contributors to performance 56 00:05:59.520 --> 00:06:08.540 DTSD Webinars: on the bottom. Right there. That's looking at very favorable risk. Return metrics such as a positive, sharp ratio, information, ratio and alpha 57 00:06:10.870 --> 00:06:12.640 DTSD Webinars: any questions for me. 58 00:06:14.650 --> 00:06:34.659 DTSD Webinars: This is Mike Rizzo, so I don't think there's really any questions for you. I think the performance of the the fund is doing very well, but for some of our new citizen advisors. The trust is set up to provide us with funding on an annual basis. Usually we're withdrawing somewhere in the neighborhood of 4% 59 00:06:35.066 --> 00:07:00.360 DTSD Webinars: on that trust. There has been times, especially during Covid, where we were above that amount. And we are now building to that point where we were prior to Covid. So going forward, we're roughly right around 4% as far as a yield on an annual basis. So we do ask every once in a while, in the event that we have additional needs? 60 00:07:00.713 --> 00:07:12.040 DTSD Webinars: If we can go with the recommendation is as far as going higher to maintain the fund balance without taking into a negative impact. And I'm not quite sure from a 61 00:07:12.650 --> 00:07:19.680 DTSD Webinars: from the business office or from Dr. Winslow. If there's any need going forward into 2020, 62 00:07:20.150 --> 00:07:24.269 DTSD Webinars: 6, or I'm sorry. 2025 for additional funding. 63 00:07:24.510 --> 00:07:33.639 DTSD Webinars: As we are sitting here right now, I think our recommendation would be to stay at 4%. But we are in the very, very early phases of starting to look at 64 00:07:33.970 --> 00:07:44.840 DTSD Webinars: budgetary needs for next year, where there has been some consideration. As we look at the elementary project, will there be a point where we might want to take a little extra to offset some of the 65 00:07:44.980 --> 00:07:47.800 DTSD Webinars: debt service or some of the other 66 00:07:50.040 --> 00:08:01.859 DTSD Webinars: just general fund pieces as we work through that process. But I don't think we're there yet to make those kinds of recommendations, and we always want to be fiscally responsible, so that this trust goes well in perpetuity. 67 00:08:03.340 --> 00:08:15.647 DTSD Webinars: And and again, as Mike was really just looking to make sure that, as Dr. Windsor said, we're we're maintaining health of the fund, so that the fund continues to to provide the school with additional 68 00:08:16.100 --> 00:08:28.219 DTSD Webinars: monies to be able to when we get into bad years, or, you know, a surprise. Spend right? So if we can build and continue to build and we will, we will continue to build the fund 69 00:08:28.530 --> 00:08:38.080 DTSD Webinars: based on our current capital market assumptions, we would expect a growth allocation like this to earn on average 6% over the next 10 years per annum. So 70 00:08:38.110 --> 00:08:47.199 DTSD Webinars: with a 4% distribution rate. That's a safe distribution rate where you'd be able to grow the corpus of the the Trust and provide additional income in the future 71 00:08:49.190 --> 00:08:50.070 DTSD Webinars: and 72 00:08:50.550 --> 00:08:53.000 DTSD Webinars: given the change being expected. 73 00:08:53.140 --> 00:08:55.060 DTSD Webinars: environment for the next 74 00:08:55.170 --> 00:08:56.819 DTSD Webinars: a couple of years. How does that 75 00:08:56.990 --> 00:08:57.940 DTSD Webinars: impact 76 00:08:58.150 --> 00:09:00.310 DTSD Webinars: the way you're thinking about? 77 00:09:01.010 --> 00:09:17.350 DTSD Webinars: Yeah. So we've been in the process really of extending duration of the expectation that the Fed Funds rate will end up somewhere around 3% from its north of 5%. Now. So that's been incorporated within the fixed income component of the allocation. 78 00:09:18.710 --> 00:09:19.389 DTSD Webinars: you bet. 79 00:09:22.360 --> 00:09:24.300 DTSD Webinars: Are there any other questions? 80 00:09:26.540 --> 00:09:27.480 DTSD Webinars: Okay. 81 00:09:27.950 --> 00:09:31.470 DTSD Webinars: thank you very much for the you have a great evening 82 00:09:34.060 --> 00:09:40.500 DTSD Webinars: next on the agenda we have the finance report. Miss Piss. Do you have that information? 83 00:09:41.740 --> 00:09:44.839 DTSD Webinars: I have a couple of things. Can we put them up. 84 00:09:44.980 --> 00:09:46.460 DTSD Webinars: Okay, terrific. 85 00:09:48.360 --> 00:09:51.177 DTSD Webinars: So last month I had given you 86 00:09:51.890 --> 00:10:16.480 DTSD Webinars: expenditure and revenue reports that were printed straight out of the system which still does not have the budget numbers uploaded yet, just because we have not had time to work that out. But what I did this month, and I, and you know, given any guidance that you have for me was I made a little bit more of a summary report that did include the budget numbers in them. 87 00:10:16.827 --> 00:10:30.029 DTSD Webinars: So this is based on a set of financials that I used at a previous district. I think it's at the correct level. It's not too detailed, but I don't think it's also too high of a level. 88 00:10:30.230 --> 00:10:31.430 DTSD Webinars: And 89 00:10:32.600 --> 00:10:35.620 DTSD Webinars: which document would it be? It would be. 90 00:10:36.090 --> 00:10:57.003 DTSD Webinars: There's a financial statement of board checks and a bills should be the financial statement. Okay, thank you. Yep, yep, there it is. So that's page one. So at the top. It's summarized by the sources, and I do want to point out something in preparation for this meeting. I discovered that the state sources 91 00:10:58.249 --> 00:11:10.779 DTSD Webinars: special education comes in in the odd number of months, and it accidentally got double posted there, so that would be 247. It should be less, so that 776 should be. 92 00:11:10.780 --> 00:11:28.190 DTSD Webinars: or almost 777 should be, 247,000 less. So really, the September State sources should be closer to 530. And what we'll do next month because I really want to have everything in the correct period where things were recognized. 93 00:11:28.190 --> 00:11:44.700 DTSD Webinars: We'll restate the September report and send. Send that back out, or we'll have that included in next month's meeting, because in the future, going forward. I would like to have everything recorded in the period where it goes so that we can compare compare year to year. 94 00:11:46.250 --> 00:12:05.320 DTSD Webinars: so that's what's going on there for the local sources. You see there, there's 20 million dollars that's primarily in the real estate taxes that we collect. The end of the discount period is at the end of August, and a lot of that stuff comes to us just with a little bit of delay also included in there. 95 00:12:05.410 --> 00:12:29.100 DTSD Webinars: Our occupational tax of approximately 468,000. Our earned income tax of approximately 395,000, and the amusement tax of approximately 193,000. We also have in the other $484,000, and the majority of that 483 is a distribution from the trust fund. 96 00:12:29.110 --> 00:12:33.530 DTSD Webinars: So, looking at the expenditures on this page. 97 00:12:33.580 --> 00:12:59.509 DTSD Webinars: I have it listed by major account. And that's basically by what we spent the the money on. So of the total 6.2 million dollars. You see that there, between salaries and benefits, there's about 3.1 million dollars, which is pretty normal, in fact, even maybe a little bit low, but it would kind of depend on the ratio of the other expenditures to it. And then, if we could go down to this next page. 98 00:12:59.560 --> 00:13:24.155 DTSD Webinars: that's also the expenditures just listed by major function or the program. So we can see, obviously, the regular education is the largest portion of that which is not surprising. So what we would like to do is to continue to refine and improve the monthly financial statements. So this is step one and we will just continue to work toward 99 00:13:24.540 --> 00:13:30.540 DTSD Webinars: providing more information. One of the things I'd also like to have is information about the balance sheet. 100 00:13:30.860 --> 00:13:56.310 DTSD Webinars: so we'll just keep working and refining as we go along. And I didn't have an item. But it's something that we'll be working on. It should be on for next month is we do have the act, one index of the 4%. And we're going to have our budgetary timeline. So we'll be presenting that timeline next month at next month's finance committee meeting, and I think that's all I have, unless anybody has any question 101 00:14:00.320 --> 00:14:01.450 DTSD Webinars: as I. 102 00:14:02.180 --> 00:14:03.589 DTSD Webinars: Is there any approval? 103 00:14:03.650 --> 00:14:15.200 DTSD Webinars: No, the only time we really do any accruals in school district is at year end. So during the year. It's pretty much cash. 104 00:14:17.700 --> 00:14:19.171 DTSD Webinars: This is. Lindsey Drew. 105 00:14:19.650 --> 00:14:20.680 DTSD Webinars: thank you, and 106 00:14:20.720 --> 00:14:27.783 DTSD Webinars: welcome officially. No, thanks. Well, not. As for the agenda this evening we look forward to to working with you. 107 00:14:28.310 --> 00:14:34.580 DTSD Webinars: and just a couple of comments about looking ahead for finance statements. I know that 108 00:14:35.020 --> 00:14:43.400 DTSD Webinars: typically the local sources in the revenues tend to be the the ones that fluctuate the most, or that we would have the most 109 00:14:43.980 --> 00:14:47.770 DTSD Webinars: maybe desire on a monthly basis to take a look at with a 110 00:14:47.810 --> 00:14:58.749 DTSD Webinars: prior year comparison because of those occupational taxes and the ones that fluctuate like amusement tax. Those types of things. We'd also been tracking the 111 00:14:59.070 --> 00:15:02.730 DTSD Webinars: delinquency rate on occupational as keystone. 112 00:15:02.790 --> 00:15:07.160 DTSD Webinars: It's kind of getting into the groove a year in on collections for that 113 00:15:07.430 --> 00:15:09.480 DTSD Webinars: on the expense side. 114 00:15:10.265 --> 00:15:20.660 DTSD Webinars: Probably the the biggest part is under like support services and those types of things to see the expenses in in those, because those seem to change the most year over year. 115 00:15:22.440 --> 00:15:26.219 DTSD Webinars: or like food services, that type of thing. 116 00:15:27.900 --> 00:15:29.039 DTSD Webinars: But other than that. 117 00:15:30.190 --> 00:15:32.590 DTSD Webinars: that would really probably be my only 118 00:15:33.770 --> 00:15:34.929 DTSD Webinars: comments on. 119 00:15:35.400 --> 00:15:53.860 DTSD Webinars: And I would say, I think probably it just had to do with. You know, personnel changes and the way the software is just limited that once we roll over the fiscal year, there is no way to put it back to the period where it actually came in. 120 00:15:54.040 --> 00:16:09.509 DTSD Webinars: So I know as we're working through the audit, and and Mrs. Bell is working on the cash reconciliations. There are some things that may have come in both expenditures and revenues during some of the months that just 121 00:16:10.160 --> 00:16:12.909 DTSD Webinars: unless we do some manual 122 00:16:13.740 --> 00:16:32.989 DTSD Webinars: allocations, we won't be able to run something straight out of the the software. So I I do think it's important, and I agree with you. Watching trends is a really important thing. Maybe once we get our feet on the ground a little bit more with some routines and and get some things under the belt, maybe maybe 123 00:16:33.730 --> 00:16:41.929 DTSD Webinars: in the spring next year we might be able to break those down and show a little bit better comparison. But our goal is for this year is to have. 124 00:16:42.710 --> 00:17:06.880 DTSD Webinars: There'll be a few things, but to get the majority of everything in the month where it and those accruals, too, that you mentioned a lot of those end up going in what's called Period 13. But I think, just watching the cash from month the prior year to the current year, and and it also is really helpful in identifying. It probably may have been a lot easier to see that there was a double posting 125 00:17:07.030 --> 00:17:16.680 DTSD Webinars: on the special ed subsidies. So it's really helpful for seeing trends in a lot of different ways. Great thanks. And I know at this point in the fiscal year. 126 00:17:17.099 --> 00:17:18.190 DTSD Webinars: it's really. 127 00:17:18.420 --> 00:17:36.729 DTSD Webinars: you know, to look at it as an important but you know percent to budget. And that type of thing because of the the timing. Like, we're really rich, right? Right? Because of the timing. And all the tax money is coming in. I think a couple of things that I usually try to focus on is and keep a finger on the pulse of is 128 00:17:36.730 --> 00:17:48.730 DTSD Webinars: things like the healthcare expense to make sure that we're trending that way. You know where our salary dollars are. Do we have a lot more substitute use? You know, versus what was planned. 129 00:17:49.087 --> 00:18:03.040 DTSD Webinars: But the the healthcare is probably the biggest part, especially with some of the insurance premiums we've seen, not just in the healthcare space. But our workers comp those types of things just so that we can kind of anticipate a bit. If. 130 00:18:03.080 --> 00:18:07.949 DTSD Webinars: as we head into the next budget planning season on. You know what that may look like. 131 00:18:08.359 --> 00:18:14.620 DTSD Webinars: And if we would be needing to utilize, you know any of the reserve balances to offset larger expenditures. 132 00:18:18.180 --> 00:18:21.730 DTSD Webinars: May I, just for the benefit of our citizen advisors. 133 00:18:22.320 --> 00:18:25.659 DTSD Webinars: our our new citizen advisors? I just want to share that 134 00:18:25.870 --> 00:18:30.640 DTSD Webinars: we are in a deep transition period in our business office, and 135 00:18:30.680 --> 00:18:31.820 DTSD Webinars: we had 136 00:18:32.040 --> 00:18:34.150 DTSD Webinars: a lot of staff turnover. 137 00:18:34.230 --> 00:18:36.979 DTSD Webinars: and we had a need to 138 00:18:37.200 --> 00:18:39.270 DTSD Webinars: change business managers. 139 00:18:39.280 --> 00:18:44.179 DTSD Webinars: and Mrs. Pitts and Mrs. Bell have been working very, very, very hard 140 00:18:44.300 --> 00:18:52.689 DTSD Webinars: to clean up processes, to create efficiencies and to get us back on our feet. But we're not quite there yet. 141 00:18:52.750 --> 00:18:55.709 DTSD Webinars: and so when she was talking about 142 00:18:56.210 --> 00:19:07.989 DTSD Webinars: things that weren't in the month they belong, we know that's not normal practice, and not something that we look to continue to do that. She and Mrs. Bell are working very hard 143 00:19:08.040 --> 00:19:10.260 DTSD Webinars: to to get things back in order. 144 00:19:10.280 --> 00:19:11.770 DTSD Webinars: so I just wanted to 145 00:19:12.070 --> 00:19:17.649 DTSD Webinars: put that on public record that we we know, and and we 146 00:19:17.660 --> 00:19:30.659 DTSD Webinars: very grateful. And Mrs. Bell will she or mrs. Pitts introduced herself as the interim business manager, but this evening her contract will be approved, and she will start as our business manager on November first, st 147 00:19:31.350 --> 00:19:33.289 DTSD Webinars: and we're very, very happy. 148 00:19:33.720 --> 00:19:41.258 DTSD Webinars: And I did tell Mr. Selmer today that I'm very happy that he's still speaking to me since I took one of his best consultants. 149 00:19:41.910 --> 00:19:42.720 DTSD Webinars: So 150 00:19:43.100 --> 00:19:44.030 DTSD Webinars: thank you. 151 00:19:46.730 --> 00:19:54.970 DTSD Webinars: I also think it's important just to add to that conversation that we have full confidence in the integrity of the numbers and the audit, and 152 00:19:55.590 --> 00:20:07.229 DTSD Webinars: the the checks and balances that are in place for day-to-day financials and during this time of transition Mrs. Bell has been wonderful in helping to keep things 153 00:20:07.777 --> 00:20:12.260 DTSD Webinars: afloat and on top of everything. So while there is some 154 00:20:12.760 --> 00:20:15.110 DTSD Webinars: data transition and 155 00:20:15.210 --> 00:20:19.830 DTSD Webinars: tightening up, reporting and making sure everything is allocated correctly. 156 00:20:20.820 --> 00:20:26.660 DTSD Webinars: we don't have any concerns about a look back, or the integrity of any of our prior year. 157 00:20:27.110 --> 00:20:39.369 DTSD Webinars: I should have mentioned this, too, if I may. We did speak to the auditors today. About when we want them to come out. And we have decided on the week of November 11th 158 00:20:39.863 --> 00:20:49.796 DTSD Webinars: and we talked about a timeline and based on our discussion from Friday. What we'd like to see is that they will have the 159 00:20:50.370 --> 00:20:54.289 DTSD Webinars: the fund level statements done for us 160 00:20:54.430 --> 00:21:20.809 DTSD Webinars: by the end of December. I will have to ask Department of Ed for an extension for the annual financial report, which I will do, but they pretty similar to the timeline we were talking about hoping to have those Government wide statements by January or February. Just so. You have an idea of the the timeframe. I feel pretty confident that we'll be able to meet that unless they run into something that I it is just would be totally unforeseen. 161 00:21:30.530 --> 00:21:31.310 DTSD Webinars: Alright. 162 00:21:32.420 --> 00:21:43.600 DTSD Webinars: thank you, Miss Pitts. Anything else from paid bills or board checks that anyone has any discussion or any other additional information you'd like for the financial statements. 163 00:21:47.540 --> 00:21:53.290 DTSD Webinars: Okay, 5. C contracts anything to point out there. 164 00:21:53.560 --> 00:21:54.639 DTSD Webinars: Miss Pitts. 165 00:21:55.630 --> 00:21:56.970 DTSD Webinars: Nothing from me. 166 00:21:57.514 --> 00:22:10.279 DTSD Webinars: I've been reviewing the contracts for right now. These are all ones that would have gone in your board brief this past time for future agenda items they'll be on for approval on November 4.th 167 00:22:10.530 --> 00:22:14.990 DTSD Webinars: They're all very basic. But is there anything that anybody had 168 00:22:15.150 --> 00:22:17.100 DTSD Webinars: questions about that I can answer. 169 00:22:22.930 --> 00:22:25.364 DTSD Webinars: My only question would be our 170 00:22:25.910 --> 00:22:27.260 DTSD Webinars: kind of running 171 00:22:27.610 --> 00:22:33.960 DTSD Webinars: spreadsheet of the the contracts that we had been using previously. Do you? Will that be continuing to? 172 00:22:35.030 --> 00:22:37.150 DTSD Webinars: I don't have access to that. 173 00:22:38.080 --> 00:22:52.719 DTSD Webinars: Mrs. Ag. Did you have access to that one? She can give me access, and then I can start plugging them in. Thank you for reminding me of that. I forgot. It's helpful, just as, especially on renewals, to be able to to review a quick comparison. 174 00:22:55.050 --> 00:23:02.369 DTSD Webinars: And I do believe that's only Miss Mike Rizzo. I believe that's only available to the Board members. Correct. That's only board members. Yeah, just clarification for the 175 00:23:02.900 --> 00:23:05.379 DTSD Webinars: or the citizen advisors. 176 00:23:05.750 --> 00:23:07.560 DTSD Webinars: And really, what it is is. 177 00:23:07.930 --> 00:23:20.059 DTSD Webinars: we get a lot of the information on contracts, and we see the contracts in the in the full contract with the information. But we're not always 100 familiar with what those contracts are. So it's it's just a 178 00:23:20.080 --> 00:23:31.419 DTSD Webinars: spreadsheet, as you see up there that just names, if it's in the renewal, if it's new, so that we can pay attention to to some of the items that are new, especially that are coming across the board. So 179 00:23:35.270 --> 00:23:42.929 DTSD Webinars: alright. So we're at. Item 6 public comment is there anyone in the audience. 180 00:23:43.010 --> 00:23:44.709 DTSD Webinars: I didn't see anybody 181 00:23:45.332 --> 00:23:47.097 DTSD Webinars: that would like to make 182 00:23:48.040 --> 00:23:49.569 DTSD Webinars: public comment right now. 183 00:23:53.710 --> 00:23:54.490 DTSD Webinars: Okay. 184 00:23:54.660 --> 00:23:56.430 DTSD Webinars: it will take that as a No. 185 00:23:56.967 --> 00:24:00.069 DTSD Webinars: So we are on agenda. Item 186 00:24:01.520 --> 00:24:05.670 DTSD Webinars: 7 for adjournment. Can I get a motion for adjournment? 187 00:24:06.650 --> 00:24:09.609 DTSD Webinars: So moved Lindsey Drew second. Jennifer Renz. 188 00:24:09.650 --> 00:24:11.049 DTSD Webinars: Is there any discussion? 189 00:24:11.730 --> 00:24:16.819 DTSD Webinars: I would just want to add first, st welcome to our citizen advisors who are just joining us. 190 00:24:17.020 --> 00:24:36.469 DTSD Webinars: This is one of the committees that I think I think citizen advisors across all of our committees are really important, but especially on the Finance Committee, because we meet monthly all of the major decisions from a financial perspective that come before the Board come to Finance Committee and usually General Services Committee first.st 191 00:24:36.864 --> 00:24:42.749 DTSD Webinars: So we have a lot more of the detailed level conversation. And as we're approaching some of these bigger projects 192 00:24:42.930 --> 00:24:52.450 DTSD Webinars: and are talking about what our debt service capacity needs are going to be shifts in funding that type of thing that that happens kind of here. 193 00:24:52.580 --> 00:24:58.300 DTSD Webinars: but to that also I know as School board directors. Sometimes it takes us a long time to have gotten 194 00:24:58.380 --> 00:25:07.000 DTSD Webinars: up to speed in what's what and especially as we move into a new budget season. So if you ever have any questions, 195 00:25:07.390 --> 00:25:10.649 DTSD Webinars: I can probably find some of the meetings, where maybe we 196 00:25:11.030 --> 00:25:18.260 DTSD Webinars: went through some of that a little bit more, but would also be happy to to connect and give an overview 197 00:25:18.300 --> 00:25:24.500 DTSD Webinars: or answer any other questions you may have of what we look for for some of our discussions, so that you fill your 198 00:25:25.470 --> 00:25:28.220 DTSD Webinars: ready to kind of be at the table and and contribute. 199 00:25:28.890 --> 00:25:57.460 DTSD Webinars: Yeah, and this is Mike Rizzo. So this is probably one of the shortest finance meetings that I've been. I've attended. We usually go right up to the water and then start talking about if we can take 15 min out of our board executive session. So and it is really timing of the year. We'll start. Budgets will start to to ramp up audits will start to ramp up, coming into the elementary finance. Conversations. So we continue to move with that project as well. So 200 00:25:57.766 --> 00:26:05.119 DTSD Webinars: you'll see these be a little bit more full as we go forward. But right now it's just that time of year where 201 00:26:05.620 --> 00:26:21.619 DTSD Webinars: a bit of a law so and if you've not listened to finance committees before, because, you know. I can't imagine why anyone wouldn't want to just listen to finance committees in their spare time. But in recent months we have had Raymond James, who handles all of our 202 00:26:21.620 --> 00:26:42.010 DTSD Webinars: debt and bond issuance here, and has walked through our millage increase needs that would need to be anticipated for some of the debt service, and what some of those scenarios look like, so that we're in the schematic design phase of our elementary school project right now, as that comes back and numbers start to hone in a bit 203 00:26:42.340 --> 00:26:44.540 DTSD Webinars: that'll get there. So if you ever want to go back. 204 00:26:44.570 --> 00:26:47.800 DTSD Webinars: those are available on the website and an agenda manager. 205 00:26:49.600 --> 00:27:08.928 DTSD Webinars: Okay? And I believe that was part of the September 23rd conversation, am I correct? So it feels like it was 6 years ago. But yeah, I guess it was last month. So the minutes that we just approved so September 23rd is is when Raymond James was in and we had a discussion and really talking about 206 00:27:09.530 --> 00:27:32.230 DTSD Webinars: should we pull out another bond going forward at this time? Because the interest rates are so are so good. Problem is, we haven't spent the bond that we currently have so well, right. We had issued a 15 million dollars bond last year to take advantage of the ability we have as a school district, in an arbitrage environment to retain the interest earnings on the bond finances 207 00:27:32.230 --> 00:27:47.419 DTSD Webinars: on the on the bond funding. So we did that because of the rate environment, it could have been to our advantage to do another one this year. But because we don't know what the timeline is going to look like you have to use those funds within 3 years. 208 00:27:47.970 --> 00:27:56.940 DTSD Webinars: and while that bond was issued to be able to fund other capital projects around the district as needed. We didn't know that we would really be 209 00:27:57.220 --> 00:28:05.820 DTSD Webinars: anticipating 15 million dollars, you know, on anything else. So they recommended that we just kind of hold until we have better numbers. 210 00:28:07.340 --> 00:28:08.240 DTSD Webinars: Okay. 211 00:28:08.996 --> 00:28:12.819 DTSD Webinars: with that, said any further discussion. 212 00:28:14.310 --> 00:28:17.760 DTSD Webinars: if not all in favor, say, aye, aye. 213 00:28:18.160 --> 00:28:19.760 DTSD Webinars: opposed. Nay. 214 00:28:20.200 --> 00:28:25.119 DTSD Webinars: okay, meeting is adjourned at 5, 28 pm. 215 00:28:25.130 --> 00:28:33.530 DTSD Webinars: On October 21st in our next meeting is November 25, th 2024 at 5 Pm. 216 00:28:33.790 --> 00:28:34.859 DTSD Webinars: Thank you. Everyone 217 00:28:35.000 --> 00:28:35.580 DTSD Webinars: have a good night.