* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. [A. CALL TO ORDER] [00:00:10] THE GALVESTON WARM BOARD. UH, IT'S, UH, IF I COULD, ANGIE, WOULD YOU DO A ROLL CALL, PLEASE? YES. COMMITTEE CHAIRMAN RICHARD MOORE. HERE. COMMITTEE VICE CHAIR WILLIE GONZALEZ. HERE. COMMITTEE MEMBER . HERE. ALSO IN ATTENDANCE AS CHAIRMAN. DICK PEARSON. VICE CHAIR JEFF PATTERSON. TRUSTEE ERIC STR. ROGER NATHAN. OKAY. SO I'M GONNA, UH, CONFIRM THAT WE HAVE A, THAT WE HAVE A QUORUM. UH, NOW WE HAVE THE INVOCATION. AND I DON'T HAVE A NOTE BEHIND. IT'S OH, OH. THERE IT IS. OVER HERE. HI. GOOD MORNING. GOOD MORNING. EVERYONE OVER THERE. OVER THERE DOING THIS VERY FORMAL MORNING. MORNING ARRANGED. PLEASE JOIN ME IN A MOMENT OF REFLECTION. GRACIOUS CREATOR, WE GATHER TODAY TO STEWARD THE PORT OF GALVESTON. IT'S PEOPLE, IT'S COMMERCE, AND THE COMMUNITIES IT SERVES. GRANT US WISDOM TO MAKE DECISIONS THAT ARE FAIR FORWARD LOOKING AND PROTECTIVE OF BOTH OUR MARITIME HERITAGE AND OUR SHARED ENVIRONMENT. GIVE CLEAR MINDS TO OUR LEADERS COURAGE TO ACT WITH INTEGRITY AND COMPASSION FOR THOSE AFFECTED BY OUR CHOICES. BLESS THE STAFF, THE CREWS, AND ALL WHO WORK AT THE PORT WITH SAFETY AND DILIGENCE. HELP US FOSTER PROSPERITY THAT BENEFITS THE REGION WHILE HONORING THE DIGNITY OF EVERY PERSON WHO DEPENDS ON THIS PORT. MAY OUR DELIBERATIONS BE GUIDED BY PRUDENCE, RESPECT, AND A COMMITMENT TO THE COMMON GOOD ON AMEN. GOOD TO BE HERE. TAKE CARE. BYE. ALRIGHT, ARE THERE ANY, UH, CONFLICTS OF INTEREST TO BE DECLARED BY ANY OF THE MEMBERS? ANYBODY HERE? OKAY. ALRIGHT, THEN, UH, THE NEXT SECTION [B. PRESENTATIONS AND ANNOUNCEMENTS] B PRESENTATION AND ANNOUNCEMENTS. WE HAVE, UH, THE FIRST THING IS, THAT SAYS THE SIGNING OF OFFICIAL TEXAS A M SCHOLARSHIP ENDOWMENT FUND. BUT MY UNDERSTANDING IS, IS THAT, IS THAT WE'RE WAITING, THEY AND M FOLKS AREN'T HERE, SO WE GO AHEAD AND SO WE'LL HAVE CAN DO IT. THERE'S BEEN A CHANGE CHAIRMAN AND NO ONE ELSE IS COMING UP TO SIGN. SO THEY CAN GO AHEAD AND PROCEED WITH THE SIGNING OF THE DOCUMENTS. OKAY. OKAY. AND WE WERE JUST GONNA DO THIS IN HERE, RIGHT? YES. THE REST, THE, I THINK WE'RE ALL WOULD Y ALL LIKE TO BE SURE. SURE. WE SAID, I FEEL LIKE I'M BACK IN THE EIGHTIES. A BIG WERE I JUST NEEDED PREVIOUSLY? NO, THIS WAS, YOU GOTTA GET YOUR HAIR TALLER PLEASE. TALLER, CLOSER TO GOD. YEAH. GOTTA GET THE, YEAH. ONE THAT A WHITE. OH, MY MOTHER WAS AN WHITE. SEE, IT'S ALL YOUR FAULT THAT THERE'S NOTHING LIKE I, IT WAS A GOOD PRODUCT WOULD BE A FOG . I KNOW. SUPER. IT WAS SPRAY ON THE CEMENT TYPE. I LOVE IT. BIG CRUNCHY MEMBER. BE SOY SO CRUNCHY. I CAN'T IMAGINE. AND THEY ALSO, YOU DID TOO. I KNOW. MOM, MOM SMOKED AND GOT READY. MM-HMM . SHE WOULD RIGHT THERE AND JUST BE GETTING READY. AND I JUST WATCHED HER AND SHE'D [00:05:01] BE PUTTING HER MAKEUP ON AND SMOKING AND HAVING HER COFFEE AND SPRAYING ALL THAT STUFF AND HAVING FUN IN THE EIGHTIES. WHAT COLOR YOU DID? THAT WAS, I MEAN, AFTER SHE DID, I DID LIKE, LIKE PURPLE BREAK IN THE, THE CRAZIEST, LIKE AN 85, LIKE RIGHT HERE. THE CRAZIEST THING WE DID WAS SUN. WE DID SEND IN. THAT WASN'T GONNA WORK. IT WORKED PRETTY GOOD ONLINE, BUT UP. YOU ARE SO DARK. IT PROBABLY TURNED 25. OKAY. NOW WE HAVE A, UH, PRESENTATION BY THE GALA. GINA, I'VE GOT SOME GOOD MORNING. AND BEFORE WE GET STARTED, I JUST WANTED TO CONGRATULATE YOU ON YOUR 200 CELEBRATIONS, ALL OF THEM. I TRIED TO MAKE AS MANY AS I COULD, BUT IT WAS ABSOLUTELY JUST SUPERB AND EXCELLENT IN ANY WAY. IN EVERY WAY. SO, CONGRATULATIONS. AS YOU KNOW, OUR CHAMBER WILL BE CELEBRATING OUR HUNDRED AND 81ST ANNIVERSARY ON JANUARY 24TH. IT'S OUR ANNUAL MEETING AND COUNTRY MUSIC FEST. AND WE HAVE A SPECIAL ANNOUNCEMENT. YOU ALREADY KNOW THAT WE'RE GONNA BE HONORING VIC PEARSON AS OUR GALVESTONIAN OF THE YEAR. WE'RE SO EXCITED TO DO THAT. AND ON BEHALF OF OUR BOARD OF DIRECTORS AND ALMOST A THOUSAND MEMBERS, WE'RE EXCITED ABOUT THIS ANNOUNCEMENT AS WELL. I BROUGHT MY FRIEND KELLY THAMAN TO SHARE THE NEWS. KELLY, THANK YOU AND THANKS HERE TOO. HE'S ON OUR BOARD. ROGER, IT IS MY GREAT PLEASURE TO ANNOUNCE THAT YOU WERE CHOSEN BY THE TAMAN FAMILY TO RECEIVE THE EIGHT TRUDY TAMAN MARITIME WHEEL OF EXCELLENCE. WHOA. THE CHAMBER ESTABLISHED THIS IN HONOR OF MY FATHER, UM, AND THE FAMILY EVERY YEAR THINKS VERY HARD ON WHO IN GALVESTON HAS HAD THE SAME THOUGHTS AND FEELINGS ABOUT THE CITY AS HE DID LAST YEAR. WE HONORED DONNA LANG AND HER INVESTMENT IN THE FUTURE THROUGH THE STUDENTS AT TEXAS A AND M. AND THIS YEAR, I'M EXCITED FOR YOUR VISION, FOR THE PORT, FOR THE FUTURE, FOR INDUSTRY, FOR TOURISM, FOR GALVESTONIANS, AND I APPRECIATE IT. SO STEP UP HERE. WE HAVE OTHER BOARD MEMBERS, AND I DECIDED THIS AFTER OUR TALK AT THE, THE, UH, EVENT THE OTHER DAY FOR GREAT LAKES. I WAS LIKE, I GOT THE PERFECT, SHE CALLED. I MUST HAVE SAID SOMETHING RIGHT? YOU DID . MM-HMM . THANK YOU. THANK Y'ALL SO MUCH. CONGRATULATIONS, ROGER. EXCITED TO CELEBRATE YOU. OKAY, SO [C.1. Approval of the Minutes ] WE'RE GONNA MOVE ON TO APPROVAL OF THE MINUTES. HAVE Y'ALL, EVERYBODY HAD AN OPPORTUNITY TO, UH, REVIEW THE MINUTES? MOTION TO APPROVE. SECOND. ANY DISCUSSION? ALRIGHT, THANK YOU. AND NOW WE HAVE PUBLIC COMMENTS. ANGIE, DOES ANYBODY SIGNED UP FOR PUBLIC? SO LET ME START OFF WITH, UM, THE, THE MINUTES. DOES EVERYBODY HAD A CHANCE TO GET A COPY OF 'EM? AND YOU'VE REVIEWED THEM AND WE'VE APPROVED THEM. SO NOW [D.1 CFO REPORT/CONSENT AGENDA] WE'RE MO MOVING ON DOWN TO THE BUSINESS ITEMS. UH, CFO REPORT, CONSENT AGENDA, MARK. [00:10:06] OKAY. I KNOW WE HAVE A VERY FULL AGENDA, SO I'LL TRY TO BE QUICK. TODAY FOR THE MONTH OF OCTOBER, WE'RE SEEING THE SAME THINGS WE'VE BEEN SEEING MONTH OVER MONTH. NOW WE'RE STARTING TO ENTER THE BUSIER SEASON OF CREWS. UH, MONTH TO DATE NET INCOME WAS 3.8 MILLION. OPERATING REVENUES 5.9 WITH 3.5 IN OPERATING EXPENSES. WE ADVANCED SLIDE? YES, SIR. SORRY. WE, THERE WE GO NOW. THANK YOU FOR REMINDING ME OF THAT. UM, THE ONLY THING I WANT TO REALLY POINT OUT IS THE NON-OPERATING INCOME. UM, WE'VE HAD 3.4 MILLION AND, UM, THAT'S MAINLY TDOT GRANTS THAT WE'VE DONE WORK ON AND SUBMITTED FOR PAYMENT. AND, AND THEN, AND THEN ON THE OTHER NON-OPERATING EXPENSES, WE HAVE COMPLETED 3.2 MILLION, UH, SUBMITTED AND HAD APPROVED BY, UH, RECEIVED CONFIRMATION FROM TATUM THAT THEY'VE ACCEPTED IT RELATED TO THE IKE ALTERNATE PROJECT. UH, ANYONE HAVE ANY QUESTIONS ON THE SUMMARY THERE? NO. WE'LL MOVE ON THERE. AGAIN, OUR OPERATING INCOME, JUST TO GIVE Y'ALL INFORMATION, UH, LOOK DOWN HERE AT CAPITAL EXPENDITURES. OCTOBER, UM, 2025. THE CAPITAL EXPENDITURES WERE ONLY 1.4 MILLION. THAT'S PARTIALLY BECAUSE WE HAD NOT RECEIVED THE INVOICES IN YET. SO WE'VE, UH, YOU, YOU'RE GOING TO SEE ABOUT 16 MILLION ALONE GOING OUT, UH, RELATED TO CT 16. AS WE START WRAPPING THAT, GETTING TO THE FINAL COMPLETION OF THAT PROJECT, YOU'LL SEE THAT GOING OUT IN NOVEMBER. HERE'S OUR, UM, FINANCIAL REVENUES FOR THE MONTH, OPERATING REVENUES. QUESTIONS THERE. WE'LL GET TO THE MONTHLY EXPENSES. REALLY NOTHING OUTTA THE ORDINARY THERE. UM, SLIGHT VARIATIONS. AND THEN LET'S TALK ABOUT YEAR TO DATE. YEAR TO DATE, NET INCOME WAS $46 MILLION, 66.4 MILLION OPERATING REVENUES. OUR OPERATING REVENUES SO FAR ABOUT 2.6 MILLION OVER LAST YEAR. OUR NET INCOME IS 24.4 MILLION OVER PRIOR YEAR RESULTS AT THIS TIME. UM, EXPENSES WORTH 32.3 AND CASH FLOW INFLOW WAS, UH, 25.5. THINGS I WANT TO POINT OUT ON THIS. THE REVENUES PARKING WAS UP 1.3. DOCKAGE WAS UP HIGHER THAN WHAT WE ANTICIPATED BY, UH, 700 MILLION. AND PASSENGER SERVICE CHARGES WERE UP 1.1. THEY WERE OFFSET BY LAY DOCKAGE BEING DOWN 1.6 MILLION. UH, WE ANTICIPATE LAY DOCKAGE GOING UP AS SOON AS WE GET THE, UH, WEST END DOCKS UP AND RUNNING AGAIN. UH, OPERATING EXPENSES, UM, EVERYTHING'S WITHIN FAIRLY CLOSE TO WHAT WE HAD BUDGETED AND NON-OPERATING INCOME, AGAIN, YEAR TO DATE, IT IS PREDOMINANTLY T GRANTS. AND THEN THE NON-OPERATING EXPENSES, THAT'S WHERE WE'RE REDUCING OUR LIABILITY. UH, RELATED TO IKE, WE, SO FAR WE'VE RECEIVED $7.1 MILLION, UH, OFFSET CONFIRMATION FROM TEEM. UH, SO THAT'S, WE'RE MAKING PROGRESS ON THAT. WE'LL SOON REACH THE MAXIMUM AMOUNT TEEM IS GOING TO ALLOW FOR THAT ALTERNATE PROJECT. AND, AND THAT NUMBER IS, I BELIEVE IT'S ABOUT 8.8. OKAY. I'M GOING, I'M GOING FROM MEMORIES THAT, AND WE'RE STILL GONNA HAVE, UM, ABOUT, UH, 1.6 MILLION. WE THINK THAT WE'LL STILL OWE THEM. AND WE HAVE, UM, [00:15:01] OVER, I'M NOT EXACTLY SURE ABOUT 1.1 MILLION I THINK IN BARREL PROCEEDS MM-HMM . THAT, UM, UH, WE MAY BE JUST EXCHANGING CHECKS WITH HIM ON THAT. AND THEN, SO THE, THE ULTIMATE LIABILITY AT THIS STAGE IS ABOUT 900,000. AND SO, UM, AND WE ARE ACTUALLY WORKING ON THAT ALSO TO TRY TO FIGURE OUT IF, 'CAUSE WE, THIS PORT HAS SPENT MILLIONS IN ADMINISTRATIVE COSTS AND WE FEEL LIKE, YOU KNOW, MAYBE EMOTIONALLY WE FEEL LIKE THERE'RE OUGHT BE SOME EVENING OUT HERE FOR SEVEN WHEN I CAME HERE WAS SEVEN. SO WE FEEL LIKE THERE MAYBE WE'RE GONNA TALK. AND THEY HAD ALL SAID NO, BUT WE'VE ALREADY PUT THIS THOUGHT OUT THERE THAT MAYBE WE SHOULD AT LEAST ALLOW ANOTHER $900,000 IN IN WHAT THEY'VE NOT WHAT THEY'VE OWOW. SO, YOU KNOW, WE WILL SEE HOW THAT SHAKES OUT. I MEAN, BUT THAT'S, THAT'S, THAT'S THE HOPE AND THAT IS HOPE. ROGER. AND A LOT OF INSTANCES IN MY PAST EXPERIENCE, UM, THEY WOULDN'T ALLOW US TO USE A GRANT FROM THE GOVERNMENT TO OFFSET THAT LIABILITY. IT'S, ARE WE PRETTY SURE THEY'RE GONNA ALLOW US? IT'S NOT A GRANT, IT'S A REIMBURSEMENT. OKAY. IT'S A REIMBURSEMENT FOR OUR COST. SO, I MEAN, WE'VE SPENT THAT MONEY. SO, I MEAN, I DON'T WANT TO GIVE THE, THE ILLUSION THAT WE HAVEN'T SPENT THE MONEY 'CAUSE WE SPENT THE MONEY ON THE DREDGING GOT FROM BARREL. OKAY. AND THAT'S ALL BEEN DONE LAST YEAR. SO YOU'RE NOT TALKING ABOUT CASH, YOU'RE TALKING ABOUT, WELL, I'M TALKING ABOUT THEY STILL, THEY WERE STILL FI AGREEING ON THE FINAL NUMBER OF THE REIMBURSEMENT FOR THE BARREL, UH, DAMAGE. RIGHT. AND SO WHAT WE'RE, WHAT WE'RE LOOKING AT IS, IS THIS IS MONEY REIMBURSED BACK TO US THAT, YOU KNOW, THEN WE CAN USE THAT MONEY TO OFFSET WHAT THE LIABILITY. OKAY. AND I MEAN, IT IS NOT, I MEAN, HERE AGAIN, IT'S NOT, I MEAN, IT'S MONEY WE SPENT, RIGHT? I MEAN GOT IT. IT'S MONEY THAT WE SPENT. OKAY. AND IT'S, AND THEY CAN'T OFFSET IT ON PAPER. THEY, WE LITERALLY HAVE TO CHANGE THESE SWAP CHECKS IN ESSENCE. YES. AND I JUST WANTED TO SAY, IT'S INCREDIBLE THAT IN 2000, ALMOST 26 WE'RE TALKING ABOUT A STORM THAT WAS IN 2008 IN EXPENDITURES. BUT THANK YOU TO THE STAFF OR STAYING THE COURSE AND GETTING US THROUGH THIS. I THINK WE'RE VERY CLOSE TO HAVING A GOOD RESULT. YEAH. SO THANK YOU ALL. YEAH. VERY NOTABLE. OKAY, MARK. OKAY, READY? MOVE AHEAD. MM-HMM . OKAY. FINANCIAL SUMMARY FOR YEAR TO DATE. UH, A COUPLE THINGS I WANT TO POINT OUT HERE. OUR INCOME FOR THE YEAR TO DATE IS RIGHT AT 4.46 MILLION. UM, IN 24 THIS TIME OUR NET INCOME WAS 21.5 MILLION. SO WE WERE HAVING, UM, AND NOW WE HAD BUDGETED 47 MILLION. UM, OUR CASH FLOW FROM OPERATIONS WE'RE RUNNING ABOUT 25 MILLION. BUT THEN AGAIN, LET'S LOOK AND SEE WHAT WE'VE SPENT ON CAPITAL SO FAR. THIS YEAR WE SPENT 141 MILLION ON CAPITAL. AS OF THE END OF OCTOBER, WE HAD BUDGETED 165 MILLION. PART OF THAT DIFFERENCE IS THE, UH, STUFF I'M PAYING FOR, FOR, UH, PIER 16 IN THE MONTH OF NOVEMBER. SO IT'S A SLIGHT TIMING LAG ON WHEN THE CAPITAL EXPENDITURES ARE GOING OUT. WE THINK, IF I REMEMBER FROM RV LAST WEEK OR AROUND AROUND 20 MILLION, STILL OWED, STILL OWED. SO 16 WILL BE THE BULK OF THAT. AND, AND APPEARS WE'LL START RELEASING RETAIN YEAH. HERE OF THE YEAR TO DATE. REVENUES, UH, THERE AGAIN, I'LL BE HAPPY TO DISCUSS ANY OF THESE. NOTICE THAT OUR DOCKAGE IS UP HIGHER THAN WHAT WE HAD ANTICIPATED AND THE LAY DOCKAGE IS DOWN SIGNIFICANTLY. UM, PERCENTAGE WISE, THERE ARE NO QUESTIONS. WE MOVE RIGHT ALONG. REVENUES, ONE OF THE THINGS I WANTED TO POINT OUT ON REVENUES, WHEN I PICKED UP THE PASSENGERS PARKING AND THE GROUND TRANSPORTATION COSTS. ON THE REVENUES WE HAD ABOUT 50 MILLION RELATED TO, UH, RELATED TO CRUISE, CRUISE, CRUISE, PARKING, AND [00:20:01] THEN THE GROUND TRANSPORTATION THAT WAS RELATED TO ALSO TO CRUISE EXPENSES. AND IT FLUCTUATING, OUR TOTAL OPERATING EXPENSES WERE WERE 3% OR 2.8% UNDER WHAT WE HAD BUDGETED FOR OUR TOTAL OPERATING EXPENSES. UM, THE BIG PERCENTAGE WISE, THE BIG ONE WAS UTILITIES. UTILITIES JUST WEREN'T AS HIGH THIS YEAR AS WE HAD ANTICIPATED. AND OUR NON-OPERATING EXPENSES WERE SIGNIFICANTLY LESS THAN WHAT WE'D ANTICIPATED. BUT THE NON-OPERATING EXPENSES, THAT GOES BACK TO THE NON, TO THE, UH, GRANTS AND, AND THE, AND THE SPEED WORK STUFFING THE GRANTS COMPARED TO WHAT WE HAD BUDGETED. YEAR TO DATE EXPENSES, AS WE SEE EVERY MONTH, EMPLOYEE EXPENSES AND DEPRECIATION ARE OUR TWO LARGEST, UH, EXPENSES. UM, IF YOU HAVE ANY QUESTIONS, I'LL BE HAPPY TO ADDRESS THOSE OF THE OTHERS. OKAY. NOW WE'LL GO TO THE PRODUCT LINE SUMMARY. ONE OF THE THINGS I WANTED TO POINT OUT ARE NOT NET OPERATING INCOME BEFORE ALLOCATIONS AND DEPRECIATION RELATED TO CREWS PARKING AND GROUND TRANSPORTATION. THOSE THREE COLUMNS, UH, WERE 43.2. AND NOT NET OPERATING INCOME AFTER ALLOCATIONS, BUT BEFORE DEPRECIATION. THE, UH, CRUISE PARKING AND GROUND TRANSPORTATION WERE 27.3 MILLION. THE THEY ARE CREWS AND PARKING ARE BEARING A LARGE PORTION OF OUR OVERHEADS. THAT'S, THAT'S THE POINT WE'RE MAKING HERE. LET ME, LET ME, UH, JUST UNDERSTAND THE, ALL OF THE, UH, PARKING LOT CAPITAL AND ALL OF THE CAPITAL IN THE GARAGE, ET CETERA, IS BORN BY PARKING. IS THAT CORRECT? YEAH. IT WILL FALL INTO THE DEPRECIATION. YEAH. OKAY. AND WHAT YOU'LL SEE, UM, AS WE WRAP UP AND GET THE FINAL THINGS DONE, UM, EITHER LATE NOVEMBER OR LATE DECEMBER, DEPENDING UPON HOW THE INVOICES COME IN, BUT PRIOR TO THE END OF THE YEAR, WE WILL CAPITALIZE CT, CT 16 COMPLEX. BUT EXPLAIN WHY YOU CALL IT A COMPLEX. WELL, I'M JUST GOING COMPLEX 'CAUSE IT'S, BUT THERE'LL BE A CAPITALIZATION FOR THE, FOR THE GARAGE. GARAGE AND, AND ONE FOR THE TERMINAL. RIGHT. AND, AND THE GARAGE WILL BE ASSOCIATED WITH PARKING AND THE TERMINAL WILL BE ASSOCIATED WITH CREW. CORRECT. THERE'LL BE SEVERAL THINGS BROKEN DOWN IN THERE. JUST WE HAVE DOCK WORK THAT WAS GOING ON IN THERE. AND THEN WE HAVE THE TERMINAL ITSELF, AND THEN WE HAVE THE GARAGE ITSELF. OKAY. SO IT'S NOT JUST ONE CATEGORY OF DEPRECIATION, IT'S COMPLICATED, IT'S GONE. THAT'S ALL YOU NEED TO DO. OKAY. YEAR TO DATE, TRAVEL AND TRAINING, WE'RE WELL UNDER BUDGET. UH, I ANTICIPATE TRAVEL AND TRAINING TO INCREASE NEXT YEAR AS WE DON'T HAVE AS MANY CAPITAL PROJECTS UNDERWAY. AND SOME DEFERRED TRAINING WILL OCCUR NEXT YEAR. UM, OUR CASH POSITION, TOTAL CASH ON HAND IS 87 85 0.7 MILLION. UNRESTRICTED CASH IS AT 20 POINT IS 21 MILLION. LEGALLY RESTRICTED IS AT 55 AND A HALF MILLION. AND THEN INTERNALLY RESTRICTED IS 9.1. REMEMBER, IT LEGALLY RESTRICTED INCLUDES BOND PROCEEDS REMAINING TO BE SPENT. THE, UH, THE MONEY WE SET ASIDE TO PAY THE ANNUAL BOND PREMIUMS. AND THEN THERE'S ABOUT 17 MILLION IN THERE. THAT IS THE BOND RESERVE FUND. AND THAT WILL BE THERE UNTIL THE, UNTIL THE FINAL BOND. THE BONDS OUTSTANDING WILL PAY OFF CHECKS TO LOCAL VENDORS, ABOUT 1.9 MILLION. IT'S ABOUT 45% OF OUR ORDINARY OPERATING PAYMENTS ACCOUNTS OVER EIGHT, UH, 90 DAYS. WELL, WE'VE COLLECTED SOME SINCE THIS WAS PRINTED, WE'VE HAD 89,000. IT WAS OVER 90 DAYS. WE'RE [00:25:01] NOW DOWN TO, UH, FROM CARGO AND RENTS. WE'RE DOWN NOW DOWN NOW TO 20,500. AND THAT 91 MILLION IS, UH, OVER 90 DAYS. 91,000. 91,000 SAYING THOUSANDS OF MILLION GETTING IT BACKWARDS ANYWAY, THE 91,000 IS, IS DOWN TO, TO THE NUMBER, TO THE 20,000. ALRIGHT. AND HERE'S THE, UH, CASH SLIDE. UH, THERE AGAIN, THE GREEN IS IN THE INTERNALLY RESTRICTED THE, UH, PURPLE, UM, INTEREST IN SINKING FUNDS. THE KIND OF REDDISH PINK IS, UH, THAT'S A LEGALLY RESTRICTED DEBT SERVICE. RESERVE FUNDS. AND THEN, UM, THE, THE BLUE IS WHAT WE HAVE LEFT IN THE BANK. WE HAVE $33 MILLION LEFT THE BANK AT THIS POINT. AND THE BOND ISSUES FROM, UH, MAKING, JUST MAKING FUNNY NOISES. SOMEONE'S CALLING THE MEETING'S JUST BREAKING OUT. YEAH, THERE'S, THERE'S, OKAY. OKAY. I'VE LOST MY SCREEN MARK UP HERE. SO IT COULD BE, IT'S NOT JUST TWO. I BE, I STILL GET A PHONE CALL FROM THE POLICEMAN. HE DIDN'T WANT SOME MONEY FOR A BALL OR SOMETHING. YOUR AUTO INSURANCE SYSTEM BUREAU WARRANTY CAR EXPIRING. YOU STILL GET, YOU STILL GET, IT'S SOMETHING CALLED CLOUD BEAR. YEAH, YEAH. IT DISRUPTS, UH, MOBILE INTERNET SERVICE. I DON'T KNOW WHAT WELL, AND PROBABLY JUST ABOUT EVERY SEGMENT OF THE INTERNET CLOUD CLOUD FAIR IS INVOLVED IN I DIDN'T KNOW WHO THEY WERE. OKAY, GO BACK UP. THERE WE GO. WE DO NEED BOTH OF YOU. THAT'S HOW THEY MAKE WE'RE IMPORTANT. OKAY. HERE'S STAFFING LEVELS. I WANT TO POINT OUT THIS ON THE STAFFING LEVELS, THAT AS OF THE 11 7 20 25 PAY DATE, WE HAD 139 EMPLOYEES. WE HAD BUDGETED 144 A YEAR AGO. AT THIS TIME WE HAD A HUNDRED AND, UH, 21 EMPLOYEES. SO YEAR OVER YEAR WE'VE INCREASED EMPLOYEES BY 18, BUT WE'RE STILL HAVEN'T GOT ALL THE WAY UP TO WHAT WE HAD BUDGET, THE MAYOR'S SLIDE. AH, OKAY. WE'RE AT, AT THE END OF OCTOBER, WE'RE AT 2.5 MILLION, 2,568,509 TO THE CITY. BASED UPON THAT, IN ENTERING THE BUSY SEASON, WE WILL EXCEED $3 MILLION TO THE CITY THIS YEAR. SO THE SCHOOL BOARD STILL GETS 40,006 HUNDREDS. THE HECK OUTTA A PILOT, DOESN'T IT? A PILOT, IT BEATS THE HECK OUTTA THE, OH MY GOSH. GS D NEEDS TO COME. HERE'S THE DOCKET. WE HAVE TWO DOCKET DISCOUNTS. MR. CHAIRMAN, GO AHEAD. WHAT THE BUDGET FOR? WE'RE ABOUT 3.2 MAYBE. SOMETHING LIKE THAT. I THINK WE SEE THAT BASED ON THIS LITTLE YEAH, THERE'S BUT BASED ON THIS AND BASED ON THE PARKING GARAGE. SHOULD HAVE A LITTLE EXTRA. YEAH. [00:30:03] OKAY. SORRY. SORRY, MR. CHAIR. THAT WAS DOCKET DISCOUNT. UM, AND THEN FINALLY THE BUDGET TIMELINE. THIS WILL BE THE LAST TIME. I HOPE Y'ALL SEE THAT. SO NEXT YEAR, THAT'S ON THE AGENDA LATER IN THIS MEETING. ANY, ANY QUESTIONS? NO. AND ROBERT WILL BE PRESENTING THE BUDGET, UH, AND ANSWERING ANY QUESTIONS. THE THE ONE, THE ONE ITEM WE TALKED ABOUT AND UM, THAT WE NEEDED TO ELIMINATE HAS BEEN ELIMINATED. UH, THE DUPLICATE DUPLICATE. IT WAS DUPLICATE AND, UH, WE, WE REDUCED ABOUT 32,000. WE GOTTA DO THE MASTER PLAN. STILL. I MISSED THE MASTER PLAN. SO IF Y'ALL WILL GO TO TAB NINE, LET'S LOOK AT THE MASTER PLAN BECAUSE I DO WANT TO, I DO WANT TO TALK A LITTLE BIT ABOUT THE MASTER PLAN. THE MASTER PLAN IS STILL BASED UPON OUR CURRENT MASTER PLAN. WE HAVE NOT UPDATED IT. ONCE WE GET, UH, A BOARD APPROVAL OF A NEW MASTER PLAN, WE'LL GO IN AND UPDATE THIS. NOW, WHAT WE HAVE DONE ON THIS ONE, WE HAVE, AS WE WENT THROUGH THE BUDGETING PROCESS, WE LOOKED TO SEE WHEN WE'RE ACTUALLY GONNA SPEND CERTAIN MONIES. SO, UH, THIS IS BEHIND TAB NUMBER NINE ON UNDER THE CONSENT AGENDA. SO WHEN YOU GO TO PAGE TWO, YOU'LL SEE CERTAIN THINGS THAT WERE IN 25, PART OF IT GOT MOVED TO 26 AND 27 TO BETTER REFLECT WHEN WE ACTUALLY WILL BE SPENDING THE MONEY. WE'RE NOT DISCOUNTING THE PROJECTS, WE'RE JUST SAYING REALISTICALLY, THIS IS WHEN WE'RE GONNA SPEND THE MONEY. DO CAN YOU POINT OUT THE PROJECTS THAT, THAT, THAT WERE AFFECT IT? THESE IN THE TAN OVER HERE. THE TAN YEAH, YOU HIGHLIGHTED THERE IN TAN. THOSE ARE CHANGES. THOSE THOSE ARE THE CHANGES THAT WE DID. GREEN'S ACTIVE PROJECTS. YES. OKAY. AND HELD THROUGH, THROUGH BOTH ALL PAGES. THERE'S TWO. THE, UH, SECOND AND THIRD PAGE REFLECTS SOME TIMING CHANGES AND THEY'LL BE IN THE BUDGET THIS WAY WHEN WE OH, THEY ALREADY ARE WHEN WE APPROVE IT LATER. OH, YES. AND, AND WHAT WE HAVE IN THE CAPITAL PLAN WE HAVE, BUT WE'RE NOT GOING TO APPROVE TODAY. IT THIS, IT'S REFLECTIVE OF THIS. GOT IT. WE, WE'VE GOT 'EM IN SYNC. SO MARK, WE'RE SHOW, SO BASICALLY WE'RE SHOWING NOW ABOUT OVER $17 MILLION OF CAPITAL EXPENDITURES FOR 2026 BASED ON THIS PLAN. THAT'S CORRECT. WHAT DID WE SPEND, I'M TRYING TO REMEMBER WHAT WE SPENT OUT OF OP I MEAN THAT'S OPERATIONS. I'M SORRY. I'M TRYING TO REMEMBER WHAT WE SPENT OUT OF OPERATIONS IN CAPITAL IN 2025. I KNOW IT WAS A BIG NUMBER. LOOKS LIKE 2025. WE SPENT, UH, 22 MILLION OUT OF, UH, FUNDING OPERATING FUNDS. IT'S ALREADY PAID. ALREADY PAID ANOTHER 8 MILLION. THAT'S WHAT WE HAVE. THAT'S WHAT WE HAVE REMAINING TO SPEND. AND THEN WE SPENT 92 MILLION IN DEBT FUNDING AND 23 MILLION IN, UH, GRANT AND OTHER FUNDING FOR 2025. THE WALKWAY. WE'RE GONNA MOVE THAT TO PORTION. THAT FINAL PORTION GOES TO 27. IS THAT RIGHT? THAT'S WHAT WE BELIEVE WILL ACTUALLY, REALISTICALLY HOW IT'S GOING TO HAPPEN. IT'S GOING, IT'S GONE OUT TRYING TO, [00:35:01] BY THE TIME WE GET A CONTRACT LEFT AND THEN GET THE CONSTRUCTION DONE, UM, IT'LL BE EARLY 2027. YOU GOT SOME SPENDING IN 2026. RIGHT. GRANT SPENDING. AND THEN WE'VE GOTTA MAKE UP THE BALLOTS RIGHT FOR THIS OPERATIONS. SO WE'LL SPLIT OVER 26 77. AND THAT'S FORECASTING THAT WALKWAY WILL BE 4.8, IS THAT CORRECT? NO. WELL, THAT'S WHAT IT'S FORECASTING, BUT WE KNOW IT'S GOING TO BE MORE THAN THAT. YEAH, THE BIDS WERE 12 AND YEAH, WE THINK WE'RE, IT IS GONNA BE LESS THAN THAT. SO UNTIL WE GET A A, A FIRM NUMBER AND WE MOVE FORWARD WITH IT, IT'S, THAT'S PLACEHOLDER. UM, ANY ADDITIONAL QUESTIONS ON THAT? THAT PROJECT IS STILL IN THE PROCESS OF VALUE ENGINEERING, IS THAT CORRECT? I BELIEVE SO, YES. JEFF, WHERE ARE WE ON THE ? OH YEAH, I UPDATE IN THE PORT CHARGER REPORT, BUT RIGHT NOW WE ARE, UM, THE ARCHITECTS HAVE A LITTLE BIT MORE WORK TO DO COMING IN NOVEMBER. SO WE WERE SUPPOSED TO HAVE IT BID OUT AND RECEIVED BEFORE CHRISTMAS, BUT THEN IT SHIFTED SLIGHTLY. SO RATHER THAN BID IT OUT BEFORE CHRISTMAS AND RECEIVE AFTER CHRISTMAS, WE DECIDED TO BID OUT BEGINNING OF THE YEAR AND RECEIVE IN JANUARY. WHAT DOES IT LOOK LIKE? IT'S COMING IN AS FAR AS THE, THE COST. THE COST. I MEAN, RIGHT NOW I'M THINKING IT'S, IT'S SOMEWHERE AROUND 9 MILLION. THAT'S MY, MY, THAT'S DEDICATED GUESS BASED UPON THE, WHAT, WHAT MODIFICATIONS WE MADE IN THE SCOPE. BUT, BUT I'M HOPEFUL FOR MORE AND I THINK THERE IS AN OPPORTUNITY FOR MORE AS LONG AS THE MARKET'S THEREFORE, WHICH IS WHY WE DIDN'T WANT TO PUSH IT IN A, WE WANT TO INVITE AS MUCH COMPETITION AS POSSIBLE. SO YEAH, FOR THE HOLIDAYS COMPETITION IS HER FRIEND. OKAY. OTHER QUESTIONS? GOT THE UH, AND SO FORTH. YOU WANNA MOVE ON TO ALL, DO WE WANNA APPROVE THIS AGENDA? OKAY, SO I'LL ENTERTAIN A MOTION FOR APPROVAL. MS. . SO MOVED. I'LL SECOND. OKAY, LILY, ANY DISCUSSION? SO LET'S HAVE, HAVE A VOTE FOR APPROVAL THOSE FAR. RAISE YOUR RIGHT HAND TEST HANDS. IT'S A TEST THAT'S EARLY. YOU'RE THE RIGHT. SO NOW WE HAVE APPROVAL. [D.2 Discuss and Consider 2026 Operating, Renewal & Replacement and Capital Improvements Budgets] GO AHEAD AND GET GOING ON THE BUDGET. YES. AND ON ON THE BUDGET. IF, UH, YOU WANT TO COME UP HERE, THE, THE ONLY THING TO CHANGE, WE, WE REMOVED THAT ONE LINE AND UH, OTHERWISE THERE WERE NO CHANGES FROM THE COMMITTEE MEETING. UH, Y'ALL HAVE ANY QUESTIONS? WE'LL BE HAPPY TO ENTERTAIN YOU. UH, ANYBODY THINK OF ANYTHING THEY WANT TO HAVE THEM ELABORATE ON? NO. ROBERT, DO YOU HAVE ANYTHING YOU WANNA ADD? NO, THAT WAS THE ONLY CHANGE WE MADE, WHICH REDUCE THE BUDGET BY 32,000 R, WHICH INCREASED THE CASH BY 32,000. PUT BUDGET. I'LL SECOND. OKAY. AND THEN, UH, ALL IN FAVOR? WELL, I'M IMEX EXPERT, SO . ALRIGHT, SO THANK YOU SO MUCH. UH, WE'VE GOTTEN THROUGH ITEM D TWO. OKAY. ARE YOU GOING TO DO THE INCENTIVE? NO, THAT'S UH, BRENDA. HI. GOOD MORNING. ANSWER QUESTIONS IF YOU MARK YOU'LL ANSWER ALL THE QUESTIONS. YEAH, WE'LL GO AHEAD THEN. [D.3 Discuss and Consider Approval of the 2026 Incentive/ Employee retainage plan for senior management and personnel.] ALRIGHT, WE'RE HERE TO PRESENT THE 2026 INCENTIVE EMPLOYEE RETAINAGE PLAN FOR SENIOR MANAGEMENT PERSONNEL. THE PLAINTIFF IS SAME PLAN THE BOARD APPROVED LAST YEAR. THERE ARE NO CHANGES TO THE STRUCTURE METHODS TO THE PLAN. THE PLAN IS DESIGNED TO SUPPORT THE COURT'S ABILITY TO ATTRACT, RETAIN, AND MAKE, MOTIVATE OUR WORKFORCE BY TRYING TIME GETS TO PAY DIRECTLY [00:40:01] TO THE COURT'S. BOTTOM LINE SUCCESS. THE PLAN REMAINS SIMPLE. 2.5% OF OPERATING INCOME IS ALLOCATED TO ELIGIBLE PERSONNEL. 0.5% OF OPERATING INCOME IS ALLOCATED TO ELIGIBLE SENIOR MANAGEMENT, EXCLUDING THE COURT DIRECTOR. OUR PAYOUTS ARE DEPENDENT ON BEING ACTIVELY EMPLOYED AT THE TIME OF DISBURSEMENT AND INCENTIVES ARE PAID ONLY AFTER THE AUDIT IS COMPLETED AND ACCEPTED. AS ALWAYS, THE COURT DIRECTOR RETAINS DISCRETION TO ADJUST OR SUSPEND PAYOUTS IN THE EVENT OF UNEX UNEXPECTED ECONOMIC CIRCUMSTANCES. AND THAT THE, UH, THAT'S UNDER YOU CAN FIND THE DETAIL UNDER DISNEY'S AND ITEMS THREE. UH, THREE. AND THIS IS SOMETHING WE HAVE TO BRING FORWARD PRIOR TO THE END OF THE YEAR FOR US TO HAVE THIS RETENTION PLAN. IT REQUIRES US TO HAVE IT APPROVED PRIOR TO THE BEGINNING OF THE 2026 YEAR, THE PERIOD THAT IT COVERS. LET THIS PRETTY MUCH MIRRORS THERE'S NO CHANGE. YES. OKAY. NO CHANGE. I'LL MAKE A MOTION TO APPROVE THE INCENTIVE PLAN. I'LL SECOND MOTIONS, UH, BEEN MADE AND SECONDED. UH, I I DO HAVE JUST ONE QUESTION I WANT TO MAKE SURE I UNDERSTAND. SO THE, THE AMOUNT OF MONEY THAT WILL BE USED IS THERE, REGARDLESS OF FINANCIAL PERFORMANCE. IS THAT A FAIR STATEMENT? THE WAY IT'S STRUCTURED RIGHT NOW, IT'S, UH, BASED UPON THE OP NET OPERATING INCOME AFTER DEPRECIATION. BUT IT DOESN'T. BUT LET ME, LET ME JUST EMPHASIZE THAT IT DOESN'T MATTER WHETHER THAT'S 10 MILLION LOWER THAN IT WAS THAT YEAR OR 10 MILLION MORE, OR 10 MILLION MORE. IS THAT CORRECT? THAT'S CORRECT. OKAY. ALRIGHT. SO ALL IN FAVOR AND I'M STILL UP HERE FOR THE NEXT TWO ITEMS. OKAY, . WELL GOOD. WELL THEN MOVE ON. ALRIGHT [D.4 Discuss and Consider Renewal of Medical Benefit Plans for Port Employees for Plan Year 2026] THEN THE NEXT ONE IS OUR MEDICAL BENEFITS. FOR 2026, THERE WAS NO CHANGES. OUR PLAN IS RUNNING VERY WELL. UM, WE ARE, OUR INSURANCE IS SET TO RENEW ON THE 31ST OF DECEMBER. WE WENT WITH OUR BROKERAGE. THEY WENT BACK TO BLUE CROSS, BLUE BLUE SHIELD, WHICH THEY CAME BACK AS THE MOST COMPETITIVE COMPARISON. UH, WE RECEIVED A RATE PASS ON ALL OF OUR BENEFITS SO THERE'S NO MONEY INCREASING. THEY WILL REMAIN THE SAME ALONG WITH THE PLAN ITSELF. NOW, IF YOU HAPPEN TO SEE SOME SLIGHT CHANGES TO THE AMOUNT, IT WILL BE BECAUSE OF THE NUMBER OF EMPLOYEES AND THEN THE EMPLOYEES, WHETHER THEY CHOSE TO DO SINGLE EMPLOYEE OR UH, FAMILY, FAMILY COVERAGE OR, OR EMPLOYEE PLUS SPOUSE. SO IF THAT MIX, THAT MIX CAN CHANGE. BUT THE, THE RATE PER, UH, THE RATES PER PERSON ALL REMAIN THE SAME, WHICH IS PHENOMENAL IN THIS MARKET. IT IS REALLY IT IS. AND YOU, AND THAT'S, THERE IS A TERM THAT WAS USED IN THERE. IS THAT, IS THAT CALLED? WHAT IS IT CALLED WHEN THEY DON'T RAISE THE RATES? A RATE PASS. A RATE PASS. NOW IF I READ ONE OF THE SLIDES AND I CAN'T FIND IT RIGHT NOW, BUT HAVE WE HAD A RATE PASS FOR FOUR YEARS IN A ROW? TWO YEARS? TWO TWO YEARS. WE RECEIVED ONE LAST YEAR AND THIS YEAR. OKAY. OKAY. THANKS. YOU JUST JINXED US. NO, WELL THAT, THAT'LL BE NEXT YEAR. THAT AFTER THIS COMING YEAR. SO WHAT'S, WHAT'S REALLY HELPING US ON THE RATE PATH IS WE'RE HAVING, WE'RE NOT HAVING SUBSTANTIAL CLAIMS. OUR CLAIM RATIO HAS BEEN RUNNING OH, 60 OR LESS, 60% OR LESS. AND SO THAT'S ENABLING US TO GET RATE PASSES. I LIKE RATE ROLLBACK . YEAH. RATE ROLLBACK WOULD BE NICE. YEAH, THAT, I HAVEN'T HEARD ANYBODY GETTING ROLLBACKS THIS YEAR, BUT IT'S UH, I'VE HEARD SOME PRETTY, HE HEALTHY INCREASES. I BROTHER. YEAH, I THINK ONE OF THE, UH, SOMEONE I, I'M NOT GONNA SAY WHO BECAUSE I, I'M NOT SURE, BUT I'VE HEARD ONE OF THE ENTITIES IN GALVESTON COUNTY HAD A 14% INCREASE. IT'S PRETTY BAD. ALRIGHT, SO ON THE UH, MEDICAL BENEFIT PLAN, I'D ENTERTAIN A MOTION FOR APPROVAL. SO MOVE APPROVAL. SECOND. SECOND. ALL. OKAY. ALL IN FAVOR? ALRIGHT. GOOD JOB. LOOK AT US. GO MOVING RIGHT AHEAD. [D.5 Discuss and Consider Approval of a Recommendation by the Committee to the Board of Trustees for the 2025 Employee Incentive Payment Based on Prior Approved Compensation and Benefits Policy] IN THE LAST ONE, UM, THE APPROVAL OF THE 2025 [00:45:01] EMPLOYEE INCENTIVE PAYOUTS, UH, BASED ON THAT INCENTIVE AND RETAINAGE PLAN THAT WE WERE APPROVED LAST YEAR IN NOVEMBER, UM, IT'S NOT TO EXCEED 3% OF THE FINAL AUDITED OPERATING INCOME. AND WE'RE ASKING FOR A PARTIAL PAYOUT OF 65%. SO THE EMPLOYEES CAN HAVE A GOOD LITTLE CHRISTMAS THIS YEAR TO BE PAID OUT BEFORE, UH, DECEMBER 12TH. BEFORE NOW LET ME, LET ME, THAT COVERS THE INCENTIVE PLAN FOR 25. IS THAT CORRECT? OKAY. SO INSTEAD OF WAITING UNTIL THE PLANS AUDIT, I MEAN THE FINANCES ARE AUDITED. WE'RE ADVOCATING DOING THE 65% YES. TO GIVE THE THE EMPLOYEE YEAH. 10 OF THE MONTHS ARE ALREADY KNOWN, RIGHT? YEAH, WE'VE DONE, WE'VE DONE, WE DID IT LAST YEAR. WE'VE BEEN DOING FIVE YEARS YEARS NOW. SO HAPPILY MOVEMENT APPROVAL A SECOND THAT. SO ANY OTHER QUESTIONS? YES, YES. MERRY CHRISTMAS. OKAY. EQUALLY, IS THAT REALLY HAPPY? SO LET'S GO AHEAD AND VOTE THERE. YOU'RE THANK YOU EMPLOYEES. WE THANK YOU. THANK YOU. OVER FOR THE BOARD. OKAY, SO [E. COMMENTS FROM THE BOARD OF TRUSTEES] THAT'S, THAT'S ABOUT IT. I GUESS LET ME, LET ME ASK, UH, MARK, YEAH, ONE OF THE THINGS I'D LIKE TO SEE AND WOULD YOU PUT THIS ON THE EXHIBIT FOR THE I'D LIKE, WOULD YOU MIND DO PUTTING TOGETHER A BASIC ACCOUNTING PRESENTATION OF THE REVENUES AND THE EXPENSES FOR THE CELEBRATION WE JUST HAD. WE'RE WORKING ON THAT. MATTER OF FACT, WE'RE WAITING ON A COUPLE OF INVOICES AND THEN WE'RE GONNA BE ABLE TO GIVE YOU A FINAL, THE FINAL PIECE ON THAT. RIGHT. DO YOU THINK THAT, AND RIGHT NOW YOU THINK THAT COULD BE AT THE DECEMBER MEETING? WE SURE. WE WERE HOPING TO HAVE NOVEMBER MEETING. WE HAVE THIS MEETING FINE. DECEMBER MEETING IS FINE. YEAH. WE'RE, WE'RE FAIRLY CLOSE NOW. GOOD. BUT I DON'T WANT PUT A NUMBER OUT THERE TO RAISE EXPECTATIONS. I'M FINE. BUT, UH, IT'S, IT'S, IT'S MORE THAN WHAT WE HAD. THERE'S STILL SOME MONEY THAT IN EXCESS OF WHAT WE, THE SCHOLARSHIP? WELL IF YOU'D INCLUDE AT LEAST FOR THE BOARD MEMBERS, THE INDIVIDUAL SURE. CONTRIBUTIONS AND THOSE KINDS OF THINGS. WHO MADE THE CONTRIBUTIONS OR THE EXPENSES YOU WENT, YOU WANT, YOU WANT, UH, LIKE THE ACCOUNT, YOU WANT LINE ITEM DETAIL OR SUMMARY LEVEL, UH, ON THE EXPENSES. I MIGHT, BECAUSE I, 'CAUSE WE CAN GIVE YOU TO YOU BY, BY EVENT REAL EASY OR WE, OR YOU CAN HAVE PAGES AND PAGES THAT SHOW ALL THE, WE CAN DO IT BY EVENT. THAT'S FINE. I THINK WE NEED THE DETAIL. YEAH, I THINK A HUNDRED PERCENT OF THE DETAIL WE HAVE, I JUST WANT TO BE HUNDRED PERCENT OF THE DETAIL. NOT A PROBLEM. OKAY. ALRIGHT. AND UH, LIKE I SAID, WE'VE JUST BEEN, WE WERE HOPING TO BRING THIS MONTH I WOULD THINK THAT YOU YEAH. WOULDN'T, WOULDN'T BE TOTALLY FINISHED. THAT'S WHAT YOU WANT. THAT'S, WE WOULD LIKE TO BRING IT FORWARD. AND WE'RE ALSO WORKING ON THE SAME THING FOR THE CP 16. OH YEAH. YOU THINK, YOU THINK YOU CAN DO THAT FOR DECEMBER? WE BELIEVE WE CAN HAVE, WE MAY NOT HAVE THE FINAL FINAL, BUT WE'LL BE ABLE TO IDENTIFY WHAT IS REMAINING BECAUSE WE'LL HAVE CBP AND A FEW OTHER THINGS. RIGHT. BUT ARE MAYBE NOT CBP THIS TIME. BUT, UH, THERE'S, THERE'LL BE A FEW THINGS OUTSTANDING, BUT THEY'LL BE NOMINAL COMPARISON TO THE TOTAL PROBLEM. THE OTHER THING, RICHARD, I WOULD LIKE TO, YOU KNOW, SINCE WE'RE TALKING ABOUT NEXT MEETING IS WE'D LIKE TO ALSO TALK ABOUT, UM, THE BALANCE OF THE PROCEEDS FROM THE 200TH ANNIVERSARY AND WHERE THAT MIGHT GO. OKAY. BECAUSE WE RIGHT NOW, UM, THE WAY THAT THE DOCUMENTS WE SIGNED TODAY, UH, WE'LL BE PAYING THEM 312,000 AND THE PLAN IS TO GIVE, UH, FOUR STUDENTS $3,000 A YEAR AND, UH, THAT'S $1,500 PER SEMESTER. AND THEN THEY'LL GET THAT THROUGH THE WHOLE FOUR YEARS AS LONG AS THEY STAY IN THE MARITIME INDUSTRY. RIGHT. THEY'LL GET THAT THROUGH THE WHOLE FOUR YEARS. AND SO THEN WHAT, WE'LL, WHAT WE'RE GU WHAT A AND M IS GUARANTEEING US IS A 4% YIELD ON THE MONEY. SO, UH, YOU KNOW, THERE'S GONNA BE SOME MONEY BACK. AND I'D LIKE TO SEE IF WE, I MEAN, HAVE SOMETHING, IF YOU THINK ABOUT BETWEEN NOW AND THEN, BUT, YOU KNOW, ONE OF THE THOUGHTS I HAD IS TO TRY TO GET IT TO, UH, GALSTON COLLEGE. WHAT DO YOU, JUST BALLPARK, WHAT DO YOU THINK THE AMOUNT'S GONNA BE? UM, I, YOU KNOW, I THINK WE SHOULD BE SOMEWHERE AROUND, UH, 30, 25 TO 30. OKAY. ALRIGHT. THAT'D BE LEFT AS SOON AS MARK, YOU KNOW, WE'VE BEEN WAITING ON THOSE INVOICES. AS SOON AS WE GET THOSE FILING INVOICES IN, WE'LL KNOW WHAT THE FINAL NUMBER IS AND THEN WE'LL KNOW EXACTLY [00:50:01] AND WE'LL GIVE IT TO YOU. THE, I WANT IT TO BE TOTALLY TRANSPARENT HANDY. YEP. AND YEAH, THAT MAY NOT BE THE TIME WE CAN DISCUSS LATER, BUT I DID DISCUSS WITH A CHAIR OF THE COLLEGE THAT WHEN THEY SIGNED UP FOR WELDING CLASSES AND STUFF, JUST THE BASIC LIKE LEATHER BOOTS, LEATHER GLOVES, THE, THE HANDS-ON STUFF THAT THEY NEED MONEY IMMEDIATELY FOR. SO THAT WOULD BE A GOOD, OKAY. ALRIGHT. UH, SO WE HAVE UM, ANY TRUSTEES WANT TO, UH, MAKE, MAKE A REPORT ON EXPRESSIONS OF THINGS, ETC. THANK YOU FOR THE WORK ON THE BUDGET. YEAH, THANKS FOR ALL THE HELP THERE. AND THE PRESENTATION AND THE [F. SET DATE OF NEXT MEETING, TIME, AND LOCATION] DATE OF NEXT MEETING IS GOING TO BE DECEMBER 16TH. 16TH, OKAY. DECEMBER 16TH. ONE OTHER POINT WE HOPE TO HAVE THE UH, DRAFT OF THE NEW CAPITAL PLAN FOR THE UPDATED MASTERMIND. NEXT MEETING. FOR THE NEXT MEETING. ALRIGHT. ALRIGHT. AND I WOULD SAY WE ADJOURNED. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.