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WE'RE READY? YES, I THINK WE'RE READY.[A. CALL TO ORDER]
EVERYONE, AND WELCOME TO THE FINANCE COMMITTEE OF THE PORT OF GALVESTON ON THIS TUESDAY, SEPTEMBER 23RD AT 9:00 AM HERE IN THE PORT OFFICES.EXCUSE ME, ANGIE, ROLL CALL, PLEASE.
COMMITTEE CHAIRWOMAN, TRUSTEE
WE ALSO HAVE AN ATTENDANCE CHAIRMAN VIC PEARSON, VICE CHAIRMAN JEFF PATTERSON.
TRUSTEE MAYOR CRAIG BROWN, TRUSTEE RICHARD MOORE AND OUR NEWEST TRUSTEE ERIC STRING.
UM, WE DO HAVE A QUORUM AND UM, I'D LIKE TO INVITE, UH, PASTOR HEATHER OR CHAPLAIN HEATHER GATES FROM THE GALVESTON POLICE DEPARTMENT HERE TO, UM, GET US STARTED TODAY.
WILL YOU JOIN ME IN PRAYER? AS WE BEGIN THIS MEETING, LET US TAKE A MOMENT TO ACKNOWLEDGE THE IMPORTANCE OF THE WORK BEFORE US.
MAY WE BRING OUR BEST THINKING, OUR FULL ATTENTION AND OUR MUTUAL RESPECT TO THE TABLE.
LET US WORK TOGETHER WITH CLARITY AND PURPOSE FOCUSED ON THE SAFETY OF THOSE WHO WORK ON THE WATER AND ON LAND, THE PROSPERITY OF OUR REGION AND THE LONG-TERM STRENGTH OF OUR PORT.
WE REFLECT ON THE SUMMER SEASON COMING TO A CLOSE AND LOOK FORWARD TO WHAT THE FALL AND HOLIDAY SEASON WILL BRING TODAY.
WE OFFER GRATITUDE FOR THOSE IN THIS ROOM WHO SERVE FAITHFULLY, AND FOR ALL THAT MAKE UP THE WONDERFUL COURT OF GALVESTON.
THANK YOU ALL FOR LETTING ME BE WITH YOU.
ARE THERE ANY DECLARATION OR ANY DECLARATION OF CONFLICTS BY ANY TRUSTEES? OKAY, THANK YOU.
UM, WE HAVE NO PRESENTATIONS AND ANNOUNCEMENTS TODAY.
[C.1. Approval of Minutes of the Finance Committee Meeting Held August 26, 2025. ]
MOVE RIGHT INTO GENERAL BUSINESS APPROVAL OF THE MINUTES.DO I HAVE A MOTION? SO MOVED AND I WILL SECOND THAT.
AND
[C.2. Comments from the Public ]
COMMENTS FROM THE PUBLIC.THE FIRST IS FROM MR. DAN COBB, SIX SEATER LAWN DRIVE AND WITH SOUTH BAY CABLE.
UH, THANK YOU FOR THE PUBLIC FORUM.
UH, MY NAME'S DAN COBB AND I'M WITH SOUTH BAY CABLE, AND WE'RE CUSTOM MANUFACTURERS OF ELECTRICAL CABLES FOR COMMERCIAL AND MILITARY VESSELS AND SUBSEA APPLICATIONS AND OFFSHORE APPLICATIONS AS WELL.
AND I HAD JUST A BRIEF INQUIRY TODAY, AND MY INQUIRY IS IN REFERENCE TO THE DAVEY ACQUISITION OF GULF COPPER.
AND IN THEIR PRESS RELEASE WE NOTICED THAT MENTIONED THAT ONE OF THE ITEMS IN THAT, UH, ACQUISITION IS LAND LEASE NEGOTIATIONS BETWEEN THE BOARD AND NAVY SHIPBUILDING.
AND WE JUST WANTED TO TRY TO SEE IF IT'S POSSIBLE JUST TO GET AN UPDATE ON THE STATUS.
THAT SAID THE WHOLE THING WOULD BE COMPLETED BY THE SUMMER OF 2025, SO I JUST WANTED TO COME DIRECTLY TO THE BOARD AND MAKE AN INQUIRY, SEE IF IT'S POSSIBLE TO GET AN UPDATE.
UM, WE ARE, WE CAN'T DO THAT RIGHT NOW, BUT WE WILL HAVE AN UPDATE LATER IN THIS MEETING.
I ACTUALLY, EXECUTIVE EXECUTIVE I, I, I CAN JUST STATE TO, WE ARE CURRENTLY HAVING NO CONVERSATIONS WITH DAVE ABOUT, ABOUT THE PROPERTY.
THAT'S ABOUT ALL I'M GONNA SAY.
WE PUT ON A FUTURE, UH, PUT IT ON NEXT MONTH'S AGENDA.
YEAH, IT'S GOTTA BE A POSTED AGENDA ITEM FOR YEAH, WE'LL PUT THAT ON NEXT MONTH'S AGENDA.
SORRY THAT YOU'D HAVE TO WAIT ON A REGULAR MEETING, BUT THEN WE WOULD BE ABLE, UH, TO DISCUSS IT.
THANK YOU, MR. THANK YOU VERY MUCH.
AND THE SECOND I'M GOING TO SAY IS CASTON.
GOOD MORNING BOARD AND THANK YOU FOR THE OPPORTUNITY, UH, ALLOWING US TO COME IN HERE FROM THE PUBLIC.
I'M A VETERAN TO SAVE THE VETERAN.
UH, I EMPLOY MAYBE 90% OF DISABLED VETERANS THAT ARE SERVING AFTER THE TIME THEY SERVED IN THE MILITARY.
I'M ALSO A TEXAS PEACE OFFICER.
UM, MY TRANSPORTATION COMPANY IS AUTHORIZED THROUGH GALVESTON WHARF TO WORK IN THE PORT.
UM, A COUPLE OF ISSUES, UH, THAT'S COME TO
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ME THAT I FEEL LIKE I NEED TO COME TALK TO THE BOARD.SOME OF THE LITERATURE THAT'S WRITTEN IN THE MANUALS KIND OF CONFLICTING.
UM, I OPERATE CHARTER BUSES AND I HAVE VEHICLES THAT ARE 15 PASSENGERS AND BELOW BY TEXAS STATE LAW.
ANYTHING UNDER 15 PASSENGERS IS NOT CONSIDERED A CURRENT COMMERCIAL, UH, VEHICLE.
ANYBODY WITH A REGULAR DRIVER'S LICENSE CLASS C CAN OPERATE THOSE VEHICLES.
UM, RIGHT NOW I PUT SOMETHING TOGETHER.
WE KNOW THAT THE PORT IS ABOUT TO EXPLODE WITH THE GREAT THINGS THAT YOU GUYS HAVE PUT FORWARD, UH, FOR GALVESTON DOWN HERE FOR EVERYONE.
UM, THE PROBLEM THAT SOME OF US SMALL BUSINESSES ARE HAVING IS, UM, SOME OF US HAVE HOTEL RUNS.
UH, WE PICK UP AT DIFFERENT HOTELS TO KIND OF EASE SOME OF THE PRESSURE OFF OF THE PORT WITH THE TRAFFIC AND EVERYTHING.
YOU GET TO THE PORT, THE PORT CHARGES $35 TO COME IN.
I CHARGE $10 PER PERSON TO GET IN.
I CAN'T SUPPORT MY VETERANS WHO I'M WORKING WITH BECAUSE I HAVE A, A NON-COMMERCIAL VEHICLE THAT'S COMING IN THE PORT THAT YOU GUYS ARE CHARGING ME $35 FOR, WHICH IS ACCORDING TO THE CITY OF HOUSTON.
THEY HAVE IT UNDER LIMOUSINE, WHICH IS DIFFERENT CLA UH, UH, CLASSIFIED IT.
BUT IN YOUR MANUAL, UM, THERE'S A SPECIFIC WORD THAT SAYS SEDAN FOR 15 PASSENGERS AND LESS.
AND BECAUSE YOU PUT THE SEDAN, YOU KIND OF PUT MY, UM, TRANSPORTATION FOR THE HOTELS TO KIND OF EASE THE PRESSURE OFF.
UM, I'M UNABLE TO, TO MAKE A LIVING.
AND I DON'T KNOW IF THE BOARD NOTICES, THERE'S $2 BILLION COMPANIES THAT ARE WORKING IN THE PORT.
UBER AND LYFT PAY NOTHING TO COME INTO THE PORT.
THEY PULL RIGHT IN THE FRONT OF THE TERMINAL TO PICK UP AND DROP OFF PASSENGERS.
AND WE KNOW THAT BECAUSE OF THE PORT'S EXPLOSION, THE MORE THE BIGGER BOATS, THE SHIPS THAT YOU GUYS ARE, ARE PROVIDING DOWN HERE FOR THE PEOPLE OF GALVESTON AND TEXAS, THAT US SMALL BUSINESSES ARE HAVING TROUBLE TRYING TO SERVICE THE PEOPLE DOWN HERE.
BECAUSE WHENEVER YOU OPEN UP YOUR NEW TERMINAL, I MAY HAVE FIVE PASSENGERS IN CARNIVAL.
I MAY HAVE FIVE PASSENGERS IN ROYAL CARIBBEAN THAT COST ME $70 TO DROP OFF 10 PASSENGERS, WHICH IS, I'M UNABLE TO, UH, TO, TO MOVE FURTHER.
AND THEN I HAVE CLIENTS TO COME AND SAY, WELL, UBER ONLY CHARGED $9 TO BE ABLE TO DROP OFF RIGHT IN FRONT OF THE TERMINAL.
ADDITIONALLY, AS A POLICE OFFICER, SOMEONE WHO DOES PAY THE PORT ENTRY FEES AS A COMMERCIAL PROVIDER, WE DO NOT RECEIVE ANYTHING ADDITIONALLY FOR PAYING.
THE TRAFFIC MAKES US WAY TO THE SAME LINE AS EVERYONE ELSE WHEN WE'RE TRYING TO GET TO OUR COMMERCIAL GATE.
WE DON'T HAVE ANY FASTER OR QUICKER ACCESS TO MOVE THESE VEHICLES OUT THERE, THE WAY THAT TRANSPORTATION IS SET UP.
AND IT'S, IT'S, IT'S, IT'S, IT'S AFFECTING US.
THIS IS MY FIRST BOARD MEETING.
I DON'T KNOW WHAT YOUR PROTOCOL, IF THERE'S SOMEONE TO TALK TO.
UM, I'VE BEEN TO EVERY OTHER PORT THAT'S HERE.
THERE'S A COUPLE THINGS WE COULD PROBABLY DO BETTER AND PROBABLY RUN.
I'M GONNA ASK MR. REESE TO HAVE A STAFF PERSON, UH, REACH OUT TO YOU TO SEE IF THERE'S ANY, UH, WAY TO MAKE THIS BETTER.
[D.1. CFO REPORT/CONSENT AGENDA ]
WE ARE GOING TO HEAR FROM MR. ESON.AND TRY TO KEEP IT MOVING ALONG.
CC CFO'S REPORT MARKETS YOUR SHOW SUPPORT.
AM I UP THERE YET? HERE WE GO.
UH, SO FOR THE MONTH OF AUGUST, UM, OUR MONTHLY DATE INCOME WAS 6 MILLION.
OUR OPERATING REVENUES WERE 6.2 MILLION THIS MONTH.
AND, UH, MONTH TO DATE, EXCUSE ME, NET INCOME WAS 6 MILLION.
MONTH TO DATE, OPERATING REVENUES WERE 6.2.
AND, UH, WE HAD APPROXIMATELY 1.5 MILLION IN CASH FLOWS FROM OPERATIONS.
REALLY THE BIGGEST SINGLE ITEM THAT WE HAVE, THE REVENUES WERE RUNNING UNDER BUDGET.
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THE OPERATING EXPENSES WERE RUNNING, ALSO RUNNING UNDER BUDGET, SLIGHTLY AND NON-OPERATING INCOME.UH, IT WAS ACTUALLY OVER BUDGET, UH, DUE TO, DUE TO THE TIMING OF US RECEIVING GRANTS, UH, SOME GRANT MONIES.
MOVING RIGHT ALONG, UNLESS SHALL HAVE QUESTIONS, WANT TO POINT OUT.
GOING DOWN TO, UH, ABOUT FOUR OR FIVE LINES DOWN, NET OPERATING INCOME AFTER DEPRECIATION FOR THE MONTH WAS NINE OR 1.9 MILLION.
YOU CAN SEE THAT WE'RE JUST UNDER 8% HIGHER THAN WE WERE THIS TIME LAST YEAR.
OUR, UH, CAPITAL EXPENDITURES, UH, FOR THE MONTH WE'RE 23 MILLION.
I MEAN, WE'RE, WE'RE, WE'RE BURNING THROUGH THE, UH, A LOT OF THAT DEBT, MONEY AND OTHER FUNDS.
WE, UH, GETTING CLOSE TO HAVING SOME PROJECTS FINISHED UP, QUESTIONS.
WE'LL MOVE ON TO THE FINANCIAL REVENUES.
HERE'S THE, UH, LIST OF FINANCIAL REVENUES, UH, SWITCHING STORAGE.
THE RAIL IS ONE OF THE BIGGEST PERCENTAGE, WHAT DROPS ALONG WITH OUR, UM, LAY DOCKAGE.
WE KNOW THE STORY ON LAY DOCKAGE.
WE'RE NOT HAVING, UH, WE'VE GOT SOME PEERS OUT OF SERVICE RIGHT NOW, UH, JUST DON'T HAVE, JUST DON'T HAVE THE SPACE RIGHT NOW TO BRING IN, UH, SOME OF THE LAY THAT WE HAD ANTICIPATED.
SO WHEN THE LAY'S RUNNING, ONCE WE GET THE BULKHEADS COMPLETED, UH, LAY, I'M SURE WE'LL PICK RIGHT BACK UP THE HIGHLIGHTS THERE.
YEAR TO DATE, NET INCOME IS 36.5 MILLION.
OPERATING REVENUES OF 50 FROM OPERATING REVENUES OF 54.8 EXPENSES OF 25.8.
AND THAT'S BEFORE DEPRECIATION.
AND, UH, 16.4 MILLION ENDING CASH FLOW FROM OPERATIONS.
MAJOR ITEMS, REVENUES WERE PRIMARILY ON BUDGET.
UH, THE BIG ITEMS AGAIN ARE LAY DOCKAGE, AND, UH, THAT'S, THAT'S, AND THEN, UH, OUR OPERATING EXPENSES ARE CONSISTENTLY RUNNING UNDER BUDGET.
IT'S UP A MILLION UNDER BUDGET.
OUR NON-OPERATING INCOME ARE 4 MILLION UNDER BUDGET.
THAT'S, UH, THE TIMING OF, UH, VARIOUS GRANTS OF THE RE OF, OF RECORDING OF WHEN WE'RE GETTING GRANTS, SECURITY GRANTS,
IT'S NOT JUST ONE GRANT, IT'S A COMBINATION OF QUITE A FEW GRANTS WHERE, UH, IT'S JUST, IT'S TIMING ON THAT.
I, I KNOW THE GRANTS OR THE GRANTS ARE AFFECTED IN THE CASH FLOW.
IF, IF YOU TAKE OUT THE, THE GRANT ISSUE, ARE WE, THE PROJECTIONS WE HAD FOR CASH FLOW, ARE WE PRETTY MUCH ON THAT AS FAR FROM THE OPERATING TO THE NEXT PAGE? AND I'LL SHOW OPERATING INCOME.
AFTER, AFTER HE ANSWERED, OH, OKAY.
OPERATING INCOME AFTER DEPRECIATION, WE'RE RUNNING 20, WE'RE RUNNING 20 MILLION, 20.5 MILLION.
WE'RE RUNNING ABOUT HALF A MILLION BELOW LAST YEAR.
BUT THAT TAKE INTO CONSIDERATION, WE HAVE TWO DOCKS OUT OF SERVICE.
UH, I CONSIDER THAT PRETTY GOOD, BUT WE'RE ALSO RUNNING ABOUT 2 MILLION OVER WHAT WE HAD BUDGETED FOR NET INCOME FROM OPERATION AFTER DEPRECIATION.
THEN YOU GET INTO OUR NON-OPERATING INCOME, NON-OPERATING EXPENSES.
UH, OUR CAPITAL EXPENDITURES ARE 126 MILLION SO FAR.
OUR CASH FLOW, WHEN YOU LOOK AT THE CASH FLOW, WE HAVE A COUPLE OF THINGS GOING ON.
WE HAVE, WE HAVE THE UH, UH, BULKHEAD THAT WE'RE, THAT IS, UH, THE FEMA ALTERNATE PROJECT.
THEN WE ALSO, WHICH, UM, WILL SHOW UP IN REVENUES.
[00:15:01]
WE, THAT'S JUST GONNA OFFSET A LIABILITY.AND THEN WE ALSO HAVE TECH STOCK THAT IS, UH, UTILIZING CASH THAT WE ARE GOING TO GET REIMBURSED FOR.
IT'S, IT'S JUST A SLOW PROCESS OF GETTING THE MONEY.
WHAT I'M, WE'RE, UH, WE'RE GETTING THE WORK DONE TIMELY IS JUST TAKES A LITTLE WHILE.
I WENT THROUGH THE TIMELINE FROM THE TIME WE GET AN INVOICE TO THE TIME WE ACTUALLY GET MONIES FROM
SO THAT, AND WE BUDGETED ON A 30 DAY LAG.
SO, UH, NOW IT'S, THEY'RE TIGHTENING IT UP AS THEY GO THROUGH 'CAUSE THEY HAVE NEW PROCESSES TEXT US DOING, THEY'RE DOING, THEY'RE DOING A VERY GOOD JOB BECAUSE THIS GOES THROUGH THE MARINE DIVISION AND IT JUST TAKES A LITTLE BIT.
WE, WE, THEY BUILDING THE PROCESS AS WE GO THROUGH.
SO, UH, I'M NOT SURE IF THAT ANSWERS YOUR QUESTION.
SO IT'S, IT'S A TIMING ISSUE, BUT IT WILL CATCH UP EVENTUALLY.
IT'LL CATCH UP AT SOME POINT, BUT IT'S NOT AN, IT'S NOT AN OPERATING INCOME PROBLEM, IT'S THE NON, IT'S OPERATING, IT'S NON OPERATING INCOME.
IT COULD BE THE NON OPERATING INCOME, BUT IF OUR OPERATING REVENUE IS 800,000 OVER BUDGET AND OUR OPERATING EXPENSES ARE A MILLION UNDER, WOULDN'T THAT INCOME BE 1,000,008 OVER? WELL THEN WE HAD, THAT'S NOT, WHEN YOU'RE LOOKING AT THE OPERATING INCOME, YOU'RE LOOKING AT THE OPERATING INCOME, UH, BEFORE WHICH, WHICH SHEET ARE YOU LOOKING AT? YOU LOOKING AT? I'M LOOKING AT THE CHART BEFORE.
NOTICE THAT NET OPERATING INCOME DOWN HERE BEFORE YEAH, THAT'S BEFORE DEPRECIATION.
THAT'S WHAT THE DIFFERENCE IS.
WELL, I WAS JUST LOOKING UP AT THE TOP.
IT SAYS YEAR TO DATE, NET INCOME IS UNDER BUDGET, 1,000,008.
AND IT JUST HAPPENS THAT WE'RE 800,000 OVER BUDGET IN REVENUE AND A MILLION UNDER BUDGET AND EXPENSES.
AND THEN OUR DEPRECIATION IS RUNNING, ACTUALLY IT'S RUNNING ABOUT 300,000 UNDER BUDGET.
AND THEN DEPRECIATION IS ABOUT 300,000.
IT JUST LOOKS WEIRD THE WAY IT'S PRESENTED.
IT'S, IT'S, WHAT WE'RE TRYING TO DO IS SHOW YOU WHERE WE WORK.
'CAUSE DEPRECIATION'S REALLY A NON-CASH ITEM AND WE WERE TRYING TO SHOW THAT THAT'S, THAT'S WHAT WE'VE BEEN DOING IN THE PAST.
JUST THE NUMBERS JUST, THEY EQUAL 1.8 BETTER.
SO IT'S JUST THE TIMING OF OF, OF THE WAY IT WAS PRESENTED.
HERE'S OUR, WE JUST TALKED ABOUT THIS AND OUR CAPITAL EXPENDITURE.
YEAR TO DATE, WE HAVE INVESTED BACK INTO THE BOARD $126.7 MILLION.
UH, THIS YEAR WE'RE SEEING, WE'RE SEEING AS THE, UH, CRUISE TERM TERMINAL 16 IS NEARING COMPLETION, BOTH ON THE DOCK SIDE, THE GARAGE, AND IN THE BUILDING ITSELF.
THE, UH, JEFF AND HIS GROUP ARE MAKING GREAT PROGRESS WITH THAT.
HERE'S THE FINANCIAL REVENUES.
THE TWO BIG, THE TWO BIGGEST ITEMS, SWITCHING AND RAIL, WELL, BASICALLY RAIL IS DOWN 320,000 FROM THE BUDGET.
UH, WE HAD ANTICIPATED HAVING MORE, UH, REVENUE FROM WIND BLADES GOING OUT BY RAIL AND WE'RE HAVING, AND THEN, UH, LAY DOCKAGE IS DOWN 1.2 MILLION FROM BUDGET AND THAT WHACK OF DOCK SPACE.
I HAVE A QUESTION REGARDING LAY LATE, UH, BIRTH UNDERSTANDING THAT THE WEST END IS OUT OF SERVICE RIGHT NOW.
ARE, ARE WE TRACKING, UM, WHAT PORTION OF THAT LAY RIDGE IS SPECIFIC TO INSPECTIONS LIKE COC COAST GUARD INSPECTIONS? SO
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I WOULD SAY PROBABLY ABOUT 30, 40%.WE HAVE IN COURT A REPORT STATING THERE'S, YOU KNOW, INSPECTIONS, REPAIRS, STORE DELIVERIES OR WHATNOT.
AS I UNDERSTAND IT, INDUSTRY IS PUSHING TO EX EXTEND THAT COC PERIOD SO THAT THEY DON'T HAVE TO COME IN AS OFTEN FOR THOSE INSPECTIONS.
IS THAT GONNA BE BUILT INTO FUTURE BUDGETS AS FAR AS IT COULD.
IF THAT PASSES? IT COULD, BUT THAT'S ONLY SPECIFIC TO CERTAIN VESSELS.
UM, NOT NECESSARILY SOME OF THE VESSELS WOULD GET HERE AS WELL.
IT'D BE HARD TO SEE TO MAKE THAT IN 'CAUSE WE DON'T HAVE, UH, A GOOD UNDERSTANDING OF WE WHERE EACH VESSEL IS AT THEIR INSPECTION STAGE.
SO IF THAT PASSES, I COULD SEE THAT PROBABLY 15, 20%.
AND WE'RE GONNA COC CERTIFICATE OF COMPLIANCE CERTIFICATE COMPLIANCE.
AND HERE'S PIE CHART OF THE YEAR TO DATE EVIDENCE.
OUR FINANCIAL EXPENSES, OUR FINANCIAL EXPENSES OVERALL ARE 3.7% BELOW UNDER BUDGET.
UH, THE BIGGEST TWO ITEMS THAT ARE PERCENTAGE OF WHY THE UNDER BUDGET ARE INSURANCES, THAT'S THE GENERAL LIABILITY INSURANCES ONE THAT WAS, UH, A BIT UNDER AND, UH, BUT IT WAS OVER THE PRIOR YEAR.
AND THEN EMPLOYEE EXPENSES WE'RE STILL UNDER BUDGET FOR EMPLOYEE EXPENSES FOR THE YEAR, BUT THEY HAVE INCREASED FROM THE PRIOR YEAR.
IT'S A COMBINATION OF, UH, INCREASED HEAD COUNT AND JUST NORMAL INCREASES IN PAY AND, AND, UH, PROMOTIONS QUESTION THAT LITTLE TOO FAST.
OKAY, YEAR DID THAT ONE YEAR TO DATE EXPENSES.
JUST LET Y'ALL SEE GRAPHICALLY WHAT PERCENTAGE IS WHAT.
OUR TWO BIGGEST EXPENSES, QUITE HONESTLY ARE EMPLOYEE EXPENSES AND DEPRECIATION AND DEPRECIATION WILL SOON OVERTAKE EMPLOYEE EXPENSES AS WE COMPLETE SOME OF THESE CAPITAL PROJECTS.
IT'LL GO UP TO, IT'LL BE OVER 30%.
IT MAY VERY WELL BE, THERE WAS A TIME NOT TOO IN THE TOO DISTANT PAST WHERE WE HAD NO, VIRTUALLY NO IMPROVEMENTS THAT WEREN'T FULLY DEPRECIATED.
SO THAT'S BECAUSE WE'RE MAKING IMPROVEMENTS.
THE DEPRECIATION'S BEEN GROWING AT A BIT SINCE HURRICANE IKE AND WE STARTED DOING, HAVING TO CAPITALIZE SOME OF THAT WHEN THE LAST FIVE YEARS.
WE, WE'VE HAD SOME VERY LARGE CAPITAL IMPROVEMENTS WHERE DE WHERE YOU PAY FOR DEPRECIATION IS WHEN YOU MAKE YOUR, UH, DEBT PAYMENTS.
A LARGE PART OF THE IMPROVEMENTS.
AND BY THE TIME OF THE UTILITY INDUSTRY, WE, WE WOULD SCHEDULE OUR DEPRECIATION, UH, OUR DEBT STRUCTURE TO MATCH THE DEPRECIATION.
SO WE DID A LOT OF 30 YEAR DEBT.
WELL, I DON'T THINK WE'D HAVE ANY 30 YEAR DEBT HERE.
SO OUR ASSETS WILL OUTLIVE OUR DEBT.
PRODUCT LINE SUMMARY HERE, WE HAVE IT BROKEN DOWN BY PRODUCT LINE.
IF Y'ALL WILL LOOK AT THE FIRST HIGHLIGHTED LINE.
NET OPERATING INCOME BEFORE ALLOCATIONS AND DEPRECIATIONS.
THAT'S THE CONTRIBUTION MARGIN THAT WE'RE MAKING OFF OF EACH LINE OF BUSINESS.
BELOW THAT ARE THE, ALL THE FIRST ROUND ALLOCATIONS, EXCLUDING DEPRECIATION, AND THEN DOWN AT THE BOTTOM, NET OPERATING INCOME AFTER ALLOCATIONS AND DEPRECIATION.
THAT IS THE, UH, THE NET INCOME CONTRIBUTION.
TRAVEL TRAINING AND DEVELOPMENT, WE'VE SPENT, UH, QUARTER A MILLION IN OUR END.
WE'LL SEE SOME OF THAT GO DOWN BETWEEN NOW AND THE END OF THE YEAR, BUT THAT'S AN AREA THAT WE'RE GONNA HAVE TO REALLY FOCUS ON THIS YEAR IN THE BUDGET TO TRY TO GET THAT MORE
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IN LINE WITH WHAT WE'RE ACTUALLY SPENDING.YOU KIND OF, KIND OF HAD A PARADIGM SHIFT IN HOW YOU DO SOME OF THAT RIGHT AFTER COVID.
UM, AND THEN DURING THE FALL, LIKE WE, WE HAVE, WE HAVE BREAK BULK COMING UP.
WE HAVE A COUPLE OF THINGS COMING UP HERE IN THE FALL, BUT BRICK BULKS IN HOUSTON, SO THAT DOESN'T TAKE A LOT OF TRAVEL.
A LOT OF THE TRAINING NOW IS ONLINE, SO IT'S NOT AS MUCH TRAVEL.
UH, THE, OUR CASH POSITION, WE CAN TALK ABOUT THIS MORE IN A FEW MINUTES.
WE'VE GOT APPROXIMATELY 90 MILLION CASH AVAILABLE.
THE 17,000 OF THAT IS IN UNRESTRICTED MILLION
LEGALLY RESTRICTED IS 63.4 MILLION IN THAT LEGALLY RESTRICTED, REMEMBER THAT'S DEBT PROCEEDS THAT WE'RE USING TO PAY FOR 16 DEBT SERVICE, ANNUAL DEBT SERVICE, UH, CONTRIBUTIONS.
AND THEN WE HAVE THE DEBT RESERVE FUNDS AND THEN INTERNALLY RESTRICTED.
THOSE ARE FUNDS THAT ARE INTERNALLY RESTRICTED BY THE PORT, NOT, THEY'RE NOT LEGALLY REQUIRED TO BE LEGALLY RESTRICTED.
WE JUST DO IT AS A MATTER OF PRACTICE.
OUR CHECK VENDOR REGISTER 29, UH, 2.9 MILLION CHECKS TO LOCAL VENDORS ARE 11% OF, OF ORDINARY OPERATING PAYMENTS.
WERE 23.7 AND NON-OPERATING VENDORS ARE 1.8 ACCOUNTS OVER 90 DAYS.
IT SHOWS HERE 2008, AS OF THIS MORNING IT'S DOWN TO 132,000 WHERE WE'RE MANAGING TO GET, WE'RE STAYING AFTER PEOPLE TO GET THOSE PAST BALANCES CLEANED UP ALL, ALL THE TIME.
AND THAT'S JUST TO GIVE YOU A SNAPSHOT AS OF 8 31 OF, UH, HOW OUR AGING LOOKS.
AND WHAT I FOCUS ON IS THE PERCENTAGE AND THE, AND YOU CAN SEE ALL, BUT ABOUT 6% OF IT IS UNDER 60 DAYS.
SO I'VE MENTIONED SOME THINGS THERE ALREADY.
UM, I'D BE GLAD TO EXPAND UPON ANY PART OF THIS.
Y'ALL WOULD LIKE, SINCE WE'RE HERE AND IT'S, I THINK THIS IS THE THIRD TIME IT'S POPPED UP, WOULD YOU GO OVER THE YARBOROUGH BOX AND KIND OF GO THROUGH YOUR CALCULATIONS? THE TOTAL APPROVED COMMITTEE BALANCE IS 26.6 MIL OF WHICH 7.3 IS AN INTERNALLY RESTRICTED.
THAT LEAVES A BALANCE OF 19, UH, REMAINING COMMITTED BALANCE OF 19.3.
RICHARD, I THINK WE'RE MAKING PROGRESS IN GETTING THE UNRESTRICTED, WHICH IS 17 MILLION TO COVER THE REMAINING COMMITTED BALANCE THAT'S NOT RESTRICTED OF THE 19TH.
WELL THAT GAP IS, IS GETTING CLOSER BY ONGOING MONTHLY CATCH.
AND, AND BASICALLY THIS, WHAT WHAT YOU'RE TALKING ABOUT IS HARD DOLLARS AND THIS, THIS IS, WE'VE SAID WE'RE GONNA SPEND THIS OTHER 19.
SO, UH, BUT THE GAP WAS A LOT LARGER EIGHT MONTHS AGO THAN IT'S TODAY.
AND, AND THE 17 YOU HE'S REFERRING TO IS, THAT'S ACTUAL MONEY IN THE BANK, RIGHT? OR IN, IN, IN, UH, CASH EQUIVALENTS.
SO WE HAVE, WE HAVE MONIES FLOWING IN ALL THE TIME.
THE TAX, YOU KNOW, THE FLOW FROM OP, UM, ON THE GRANTS.
WE HAVE THE OUTFLOW ACCOUNTED FOR AND, AND THE ACTUAL CASH IN THE BANK, BUT WE'LL ALSO HAVE THE INFLOW COMING IN SHORT.
SO THAT I UNDERSTAND THE 54 MILLION TOTAL, TAKE THE SEVEN INTERNALLY RESTRICTED OUT THE REMAINDER OF THE 26 APPROVED AND THE 19 REMAINING COMMITTED, UM, COULD BE COVERED BY RESTRICTED NO, UH, NO SIR.
[00:30:01]
THE, THE 7 MILLION IS PART OF THE 9 MILLION THAT'S TOTALLY IN INTERNALLY RESTRICTED.THERE'S ANOTHER 2 MILLION IN THAT.
IT'S, SO ERIC, WHAT WE HAVE TO DO IS GENERATE CASH FLOW EITHER THROUGH ONGOING OPERATIONS ARE THROUGH THE RECEIPT OF GRANTS FOR WORK WE'VE ALREADY DONE TO MAKE UP THE DIFFERENCE BETWEEN OTHERS RESTRICTED OF 17 AND THE 19 THAT WE'VE COMMITTED.
FOR THE MOST, NONE OF THE LEGALLY RESTRICTED 63 CAN BE USED.
OR IT'S BEING USED ALREADY FOR SOMETHING ELSE BASICALLY.
EVERYTHING IN THIS BLOCK DEALS WITH OUR CASH FLOW.
THIS IS, THIS IS JUST THE MONEY THAT WE'RE GENERATING AND PUTTING INTO PROJECTS PROJECT.
WE MADE A LOT OF PROGRESS IN THIS PIE CHART SO THAT WE COULD TRY TO UNDERSTAND IT BECAUSE IT WAS PART OF IT.
YEAH, WE WE'VE COMMITTED THE PROJECTS, BUT THEY WEREN'T, THEY, WHAT MARK DOES IS PUT ASIDE A CERTAIN AMOUNT OF MONEY IF YOU'VE GOT LIKE THREE TO SIX MONTHS OF THE CAPITAL EXPENDITURES IN THE, IN THE RESTRICTED.
BUT THERE WAS ALSO THEN THE REMAINDER OF THAT.
AND SO THIS JUST MAKES IT VISIBLE ABOUT WHAT, WHAT THAT ADDITIONAL PIECE IS THAT WE BASICALLY ARE COVERING OUT OF BASICALLY COVERING OUTTA CASH FLOW FROM OPERATIONS.
WE KEEP AROUND $10 MILLION IN THERE THEREABOUT.
IT'D BE GOING DOWN THAT CHART AND THE PURPLE, THE LEGALLY RESTRICTED, UH, SEEKING FUND.
THAT'S MONEY THAT WE'RE SETTING ASIDE EACH MONTH TO PAY OUR DEBT SERVICE.
IT'S SLOW RIGHT NOW BECAUSE WE PAID DEBT SERVICE AUGUST 1ST.
RIGHT NOW WE'RE PAYING 19 MILLION A YEAR.
DEBT SERVICE SHOULD DROP DOWN TO ABOUT 17 AFTER THE FIRST QUARTER NEXT YEAR WHEN WE PASSED THE 23 DEBT.
I THINK IT'S, WE'RE TRYING TO GET THIS INFORMATION OUT BECAUSE IF SOMEBODY SEES THE PORT'S GOT 90 MILLION AND SOMEBODY'S TRYING TO BALANCE A BUDGET, WE'RE COMMITTED.
BASICALLY THIS SHOWS FOR CASH FLOW OVER COMMITT.
BUT, BUT WE, WE HAVE FAITH THAT WE'RE GONNA GENERATE THE 19 MILLION OVER, OVER TIME.
BEFORE, BEFORE IT'S DUE BASICALLY.
WHAT, WHAT'S, IS THERE A GENERAL TIMELINE OR, OR I'M SURE THERE'S VARIATIONS DEPENDING ON WHERE THE MONEY IS ALLOCATED TO, BUT RIGHT.
IS THERE A GENERAL TIMELINE OF WHERE WHEN THESE COMMITMENTS ARE, ARE DUE? OH YEAH.
WE HAVE A SCHEDULE THERE, BUT THAT IT'S CASH FLOW SCHEDULE CASH, CASH FLOW SCHEDULE THAT WE'LL GET.
WE CAN FLIP OVER TO HERE IN JUST A MOMENT.
BUT CONTINUE DOWN AS THE, THE LEGALLY RESTRICTED DEBT SERVE RESERVES.
THOSE MONIES ARE CITY IN BANK OF NEW YORK MELLON.
AND THEY ARE UNTOUCHABLE, UNLESS THE BOARD IS, THE BOARD IS UNABLE TO PAY DEBT SERVICE OR WE PAID THE DEBT OFF.
ACTUALLY WE USE IT TO MAKE THE LAST DEBT PAYMENT.
AND THE, THE, THE 23 SERIES GOES AWAY IN 26 AND THEN THE 24 A AND ONE AND B, THE 21 SERIES GOES AWAY IN 26 AND THE 21 RIGHT RESERVE, WHAT'S LEFT IN THE PURPLE IS THE EXISTING DEBT WILL HAVE LEFT.
AND, AND THAT'S MONEY THAT'S SITTING UP THERE.
WE EARN AN INTEREST ON IT, BUT IT'S SITTING IN AT THE BANKS, UH, THAT ARE, THAT ARE SERVICING THE DEBT.
THE WAY OUR DEBT IS STRUCTURED, WE HAVE THREE SERIES OUTSTANDING.
THE LAST PAYMENT THAT WILL BE ZERO, ZEROED OUT FEBRUARY 1ST, 2023 AND 2024.
HAD INTEREST PAYMENTS ON FEBRUARY 1ST AND SIX MONTHS OF INTEREST.
AND THEN AUGUST 1ST WE PAY, UH, ONE 12.
WE PAY AN ANNUAL PRINCIPAL PAYMENT PLUS SIX MONTHS OF INTEREST.
ANY OTHER QUESTIONS ON THIS? NOT WE'LL MOVE ON.
STAFFING LEVELS CURRENTLY STAFFING LEVELS WERE, UH, NINE UNDER WHAT WE HAD, UH, BUDGETED.
AND SOME OF THOSE POSITIONS WERE THE CONSTRUCTION MAINTENANCE POSITIONS.
WERE TRYING TO FILL THE CREWS POSITIONS WE ARE TRYING TO FILL AND ANTICIPATION OF THE NEW TERMINAL OPENING.
AND WE FILL SOME AND THEN WE LOSE SOME,
[00:35:02]
UH, THEN GROUND TRANSPORTATION, UH, WE'RE HAVING TO GET GEAR UP FOR THE, THE 16TH AND THEN SECURITY.UM, WE'RE AT 50 AS OF AS OF THE LAST PAY DATE OF 8 30 24.
WE HAD 119 EMPLOYEE AND WITH A BUDGETED NUMBER OF EMPLOYEES OF HUNDRED 44, WE'RE BEGINNING TO SET UP FOR 16.
AS FAR AS THE CREWS PEOPLE, WE'VE GOT TWO PEOPLE.
WE MOVED OVER FROM THE, FROM 25 AND 28 TO WHO WILL NOW TAKE OUR OPERATIONS OF 26 OF 16.
AND THEN WE'LL BE HIRING BACK FILLING THOSE TWO PEOPLE AT 25 AND 28.
AND THEN WE'VE ALREADY STARTED, UM, HAVE BEEN FOR A COUPLE OF MONTHS, UM, ON THE SAFETY AND SECURITY OF POLICE OFFICERS BEING THEM TRAINED.
'CAUSE WE'LL NEED MORE, UH, OBVIOUSLY MORE POLICE OFFICERS FOR CT 16.
SEEMS LIKE ROGER, WE WE'RE KIND OF HOLDING OUR OWN ON THE POLICE OFFICER SIDE.
THAT CONTINUES TO BE A CHALLENGE COME.
I MEAN, YOU KNOW, WE LOSE ONE GAME ONE, IT'S UH, IT'S, WE'RE MAINTAINING IT RIGHT NOW BECAUSE WE'RE REALLY LOOKING FOR, YOU KNOW, TRAIN TRAINS PEOPLE AND IT'S SECURITY IS BIG.
BASICALLY THE LARGEST GROUP OF EMPLOYEES HERE? YES.
IS THERE ANY, UH, DIFFERENCE IN SECURITY ROGER ON 16 COMPARED TO THESE OTHER NOT REALLY APPROACH.
MAYBE WE, WE TURN THE TERMINAL OVER TO, UM, MSC AND THEY OPERATE ON CREW DATES.
THEN WE HAVE, WE HAVE OFFICERS ON THE OUTSIDE AND YOU KNOW, I WAS OVER THERE THIS WEEKEND AND YOU KNOW, I NOTICED THAT, UH, THAT SOME OFFICERS, YOU KNOW, ACTUALLY ON OUR SIDE TRYING TO MOVE THE TRAFFIC THROUGH.
SOMETIMES I WONDER IF IT DOESN'T SLOW THINGS DOWN SOMETIMES, YOU KNOW, UM, BECAUSE YOU SEE TRAFFIC BACKING UP WHEN YOU'RE UM, WHEN THE OFFICERS ARE STANDING OUT THERE AND ARE HOLDING TRAFFIC COMING OUT OF TERMINALS.
I MEAN HOLDING TRAFFIC, GOING IN THE TERMINALS OF PEOPLE COMING OUT AND THEN BOXING.
I NOTICED WHEN I WAS UP HERE THE OTHER WEEKEND, BACK BACKED UP DOWN TO HERE AND THEN AS SOON AS YOU LET THING, YOU KNOW, CLEARS OUT.
SO IT'S A, IT'S IT'S HURRY UP AND WEIGHT KIND OF SCENARIO.
WE'VE GOT TRAFFIC LIGHTS MOVING TO THE MAYOR'S SLIDE.
SO FAR TODAY, AS OF END OF AUGUST, WE'VE CONTRIBUTED, UH, 2,000,150 1005 72 TO THE CITY OF GALVESTON.
I JUST ALWAYS LIKE TO DO, SO I WAIT FOR YOUR CAP.
THAT, THAT'S ANOTHER 8 43 FOR THE, THIS THIS, THIS CALENDAR YEAR'S GOING BE 3,000,035.
YEAH, BUT WHAT NUMBER DID HE HAVE? YOU JUST BE CONSERVATIVE.
MY, MY FAVORITE SAYING IS UNDER PROMISE AND OVER DELIVER
AND THIS IS WHAT WE PROGRAMMED IN THE BUDGET.
I THINK IT'S GONNA BE BETTER NOW THIS COMING YEAR.
UH, OCTOBER 1ST, I THINK WE PROGRAM 3.234.
I FACTORED, I I SAW THAT ON YOUR, IN YOUR BUDGET.
I FACTORED ABOUT A HALF A MILLION OFF OF THE NEW PATH.
SO IT'S PROBABLY GONNA BE NORTH OF THREE AND A HALF.
HERE'S THE LIST OF SHIPS THAT WE GAVE DISCOUNTS TO, UM, SHIPS THAT WERE HERE 31 DAYS.
ANY QUESTIONS? NOW? I HAVE A QUESTION FOR THE BOARD.
WE'RE WORKING ON THE BUDGET RIGHT NOW TO STAY ON TRACK.
TO PRESENT THE BUDGET AT THE NOVEMBER 18TH BOARD MEETING.
WE NEED TO HAVE A FINANCE COMMITTEE MEETING THE WEEK OF OF
[00:40:01]
NOVEMBER 3RD.MY SUGGESTION IS THURSDAY, NOVEMBER 6TH IF THAT WORKS FOR THE BOARD.
THAT'S A SPECIAL BUDGET MEETING.
THAT WOULD BE A SPECIAL BUDGET MEETING.
YOU SAID THAT'S A THURSDAY? YES.
WHAT DID Y'ALL, Y'ALL'S CHOICE.
HOW MUCH TIME DO WILL WE NEED?
IT NORMALLY TAKE THREE, FOUR HOURS FOR ME.
WHAT'S WRONG WITH THIS IS OUR, WE KNOW WHAT DAY WE HAVE.
BE READY ANGIE IS OUR NOVEMBER, WHAT'S THE DATE OF OUR NOVEMBER BOARD MEETING? NOVEMBER 18TH AND TENTATIVELY RIGHT NOW.
UM, WE'RE COMING TO THE BOARD TO SEE IF WE COULD DO THE BOARD RETREAT NOVEMBER THE FOURTH.
SO THAT NOVEMBER MEETING WOULD BE THE THIRD TUESDAY BECAUSE OF THANKSGIVING? YES SIR.
NOVEMBER 6, 9, 2 12 FOR THE SPECIAL, UH, FINANCE OR BUDGET MEETING.
THAT'S EVERYTHING I HAVE FOR YOU.
UM, ANY QUESTIONS FOR MR. MEIN? THANK YOU MARK.
WILLIE, WOULD YOU LIKE TO OFFER MOTION TO APPROVE? MOTION TO APPROVE MARK'S REPORT? OKAY.
AND ANY QUESTIONS FROM OTHER MEMBERS OF THE BOARD? OKAY.
SO WHAT YOU'RE DOING FOR, YOU'RE MAKING UH, A MAKING RECOMMENDATION TO BOARD WHAT WE JUST PASSED BOARD WE FULL PARTICIPATION OF AND THERE'S ONE MORE ITEM.
OH, THE MASTER PLAN? NO, NO, WE PURCHASING CASH.
AND YOU'LL FIND THE PAPERWORK ON THAT UNDER THE BUSINESS ITEM.
THAT'S A FINANCE COMMITTEE AND FULL BOARD.
[D.2. Consider and Approve Proposed Purchasing Policy of the Board of Trustees of the Galveston Wharves. ]
YES.ITEM D TWO, CONSIDER AND APPROVE THE PROPOSED PURCHASING POLICY OF THE BOARD OF TRUSTEES AND ANNOUNCED MORE.
IF YOU'LL FLIP OVER TO THAT UNDER THE CONSENT, UNDER THE, UH, BUSINESS ITEM TAB TWO.
UH, GO BACK ABOUT THREE PAGES.
IT'S LISTED AS PAGE TWO AND YOU'LL SEE SOME VERBIAGE IN RED.
WE WERE REQUESTED TO PUT SOMETHING IN THERE TO MAKE SURE THAT THE CHAIR OF THE FINANCE OR THEIR DESIGNEE WAS, UH, INCLUDED IN THE REQUEST FOR QUALIFICATIONS FOR THE EXTERNAL AUDITOR.
AND THAT'S, THAT'S THE ONLY THING WE CHANGED IN THIS.
WE DID VALIDATE THAT THE, UH, THAT THE CODES THAT THIS POLICY APPLIED TO, UH, IN THE BEGINNING STILL APPLY.
THEY DIDN'T CHANGE THE CODES THIS YEAR.
SO IF THAT MEET Y'ALL'S, UM, THAT VERBIAGE MEET Y'ALL'S, UM, DESIRE, WE MAKE A MOTION TO APPROVE, MAKE A MOTION TO APPROVE THE PURCHASING POLICY OF THE GALVESTON WORKFORCE.
UM, AND I'LL SECOND THAT DISCUSSION.
THERE'S SOMETHING THAT I JUST WANT NOTE YOU WANT TAKE ACTION ON.
NOW UNDER SECTION THREE OF THE POLICY, THE COURT DIRECTION IS DELEGATING AUTHORITY 50,000 AND AT THE TIME THAT WAS TIED TO
[00:45:01]
THE STATUTES ON COMPETITIVE BIDDING, THE LAST LEGISLATION, THEY THAT TO HUNDRED THOUSAND DOLLARS.WELL, I MEAN YOU CAN, IT'S, IT'S DON CALL, BUT I JUST MAKE AWARE OF THAT, JUST FOR YOUR KNOWLEDGE.
THAT CITY, I THINK IT'S IN OUR CHARTER 15, THE CITY MANAGER.
AND WE HAD IT, WE TRIED TO FLOAT THAT TO THE 50,000 VOTERS AND THEY WOULD NOT APPROVE IT.
SO WHAT'S THE MORE APPEAL ON THAT? I THINK FIFTY'S A PRETTY GOOD CHUNK OF CASH.
I'D SAY LEAVE IT AND THEN IF IT PRESENTS A PROBLEM DOWN THE ROAD, WE COULD READJUSTS IT.
[E. COMMENTS FROM THE BOARD OF TRUSTEES ]
ARE THERE ANY OTHER COMMENTS FROM ANY, UM, WE NEED TO GO THROUGH THE MASTER PLAN CAPITAL STRUCTURE WORKSHEETS IN THIS MEETING.WELL, WHAT WE CAN, WE CAN SAY THERE'S NO CHANGES.
THAT'S UNDER WHAT TAB? NINE, NINE.
WE CAN LOOK AT IT NOW AND FAR AS UNDERSTANDING.
HAVE YOU ALL HAD A CHANCE TO LOOK AT THAT? YES.
THERE'S REALLY NOT MUCH RICHARD QUESTIONS.
I JUST WONDERED IF ERIC MIGHT WANT TO GO THROUGH IT.
AT SOME POINT IN TIME, WE, WE BUILT THIS BASICALLY TO KEEP TRACK OF CASH FLOW.
AND I THINK I'M CORRECT, MARK, THESE, THESE FEED THE CASH FLOW REPORT FEEDS THIS CORRECT TO SOME TIME.
MIGHT NOT SUGGEST A ORIENTATION FOR THE NEWEST TRUSTEE ON HOW WE'VE BUILT THE MASTER PLAN AND HOW IT OPERATES.
AND THEN ANY OF THE FINANCIAL REPORTS, MARK COULD YOU REACH OUT TO.
THERE'S REASONS AND LONG DISCUSSIONS BEHIND EACH OF THOSE COLORS, BUT IT, BUT IT IS KIND OF, IT HAS EVOLVED I THINK OVER TIME.
AND I THINK NOW IT'S REALLY WITH THAT AND THE, THE CASH FLOW DOCUMENT AND WAS IT TAB FIVE? THOSE ARE REALLY HELPFUL AS FAR AS REALLY UNDERSTANDING THE CASH FLOW AND WHERE WE ARE, WHICH AS WE KNOW RIGHT NOW IS VERY IMPORTANT BECAUSE WE'RE USING THAT CASH FLOW TO PAY FOR OUR IMPROVEMENTS.
REALLY IMPORTANT BALANCING THOSE TWO.
ACTUALLY MY POWERPOINT COVERS ON THE CONSENT AGENDA.
I GO THROUGH TAB ONE THROUGH, UH, SIX A SEVEN.
THAT'S, THAT'S WHAT THAT DOES.
ANYTIME YOU HAVE, IF YOU LOOK AT THIS AND HAVE QUESTIONS ON IT, I'M MORE THAN HAPPY TO DELVE INTO IT AND GO INTO IT DEEPER.
IT'S REALLY A WORKING DOCUMENT AND THIS, THIS, THIS MUCH MAJOR UPDATES WHEN WE ADOPT THE NEW, UH, MASTER PLAN.
DO UPDATE A LOT OF THINGS ON IT.
ANY OTHER QUESTIONS OR COMMENTS? HEARING NONE.
WE'RE GOING TO ADJOURN THIS MEETING.
THANK YOU ALL FOR SITTING INSIDE OF ONE HOUR FOR THE FIRST TIME.
AND THEN THE NEXT MEETING, FORGOT 18TH, DID YOU? THE LAST 28TH.
I THINK IT'S ON THE OCTOBER 28TH.
[F. SET DATE OF NEXT MEETING, TIME, AND LOCATION]
MEETING WILL BE OCTOBER 28TH, BEGINNING AT 9:00 AM FINANCE AND THEN SHORTLY THEREAFTER, UH, THE REGULAR BOARD MEETING.