[00:00:06]
[A. CALL TO ORDER]
ANGIE TO CALL THE ROLE.COMMITTEE CHAIRMAN RICHARD MOORE.
COMMITTEE MEMBER SHEILA LID STONE.
WE ALSO HAVE AN ATTENDANCE CHAIRMAN VIC PEARSON, VICE CHAIRMAN, TRUSTEE PATTERSON.
UH, SO IT LOOKS LIKE WE HAVE A QUORUM AND WE'LL MOVE ON.
UH, ARE THERE ANY CONFLICTS OF INTERESTS? UH, ANY TRUSTEES? GOOD.
UH, SO NOW WE'LL HAVE THE INVOCATION, AND TODAY IT'S BY PASTOR ALICIA FEER.
I'M ALICIA FEER FROM MOODY METHODIST CHURCH.
I'M GONNA TAKE A VERY QUICK, UH, MOMENT OF PERSONAL PRIVILEGE TO CONNECT DOTS TO WHAT YOU'RE DOING.
AND THE LAST FEW WEEKS, UM, I'VE CONNECTED WITH SOME INDIVIDUALS, SOME OF OUR RESIDENTS OVER AT HOUSING PLUS, YOU DON'T KNOW, MAYBE METHODIST CHURCH, CENTRAL METHODIST CHURCH, THE PERMANENT ENDOWMENT FUND.
AND LEADERS OF OUR COMMUNITY HAVE PARTNERED TO, UM, OPEN A TRANSITIONAL HOUSING, UH, COMPLEX IF YOU WILL, TO MOVE PEOPLE FROM THE STREETS, UM, GIVE THEM ALL THE SUPPORT THAT THEY NEED SO THAT THEY CAN GET PERMANENT HOUSING, PERMANENT JOBS.
AND THE LAST TWO WEEKS, I'VE SAT DOWN WITH TWO WOMEN WHO GOT JOBS ON THE BOARD.
SO, UM, YOU'RE MAKING A DIFFERENCE.
AND THE LIVES ONE IN PARTICULAR, ERIN GETS TO WORK ON THE WEEKENDS SO SHE CAN GO TO SCHOOL AT GALVESTON COLLEGE.
SHE'S FINISHING UP AN ASSOCIATE'S DEGREE SO THAT SHE CAN TRANSFER TO U OF H AND YET A DEGREE IN SOCIAL WORK.
SO WHEN YOU'RE MAKING THESE BIG DECISIONS, REMEMBER IT AFFECTS AND WE'RE GRATEFUL HOW IT AFFECTS, UM, EVEN THE LEAST OF THAT PEOPLE.
GOD, WE STOP FOR A MOMENT TO INVITE YOU INTO THIS MEETING.
AS CHRISTIANS PREPARE TO CELEBRATE CHRISTMAS AND OUR JEWISH BROTHERS AND SISTERS CELEBRATE HANUKKAH, WE SHARE MORE IN COMMON THAN WE WOULD EVER KNOW.
FOR YOU ARE THE GOD OF UNEXPECTED MIRACLES, BRINGING LIGHT INTO OUR DARK WORLD, BRINGING LIGHT INTO OUR CONFUSION AND OUR FEAR.
SO GOD, WE REMEMBER ALL THOSE THIS MORNING WHO FEEL LIKE THEY'RE SURROUNDED BY DARKNESS, ESPECIALLY THOSE THAT ARE STILL GRIEVING AT BROWN UNIVERSITY AND IN AUSTRALIA AFTER THESE HATE CRIMES.
UH, LORD, WE ASK FOR YOU TO ELIMINATE VIOLENCE WHEN WE DO NOT DISAGREE.
SURELY WE CAN FIND SOMETHING BETTER TO DO THAN, THAN USE VIOLENCE.
BLESS EACH MEMBER OF THIS BOARD AND THEIR FAMILY IS GRANT THEM CLARITY OF THOUGHT AND SPIRIT OF UNITY, AS WELL AS A SHARED VISION FOR THE BETTERMENT OF OUR COMMUNITY.
MADE THEIR DECISIONS BE PRODUCTIVE AND AND WISE, MAINTAINING A COMMITMENT TO INTEGRITY.
AND LORD, WE PRAY FOR ALL THE PEOPLE THAT WORK ON THE COURT AND TRAVEL THROUGH THE COURT, AND WE PRAY FOR THEIR SAFETY.
AND WE'RE SO GRATEFUL FOR THE OPPORTUNITIES THEY HAVE TO WORK AND TO SERVE AND BE PRODUCTIVE AND TO PARTICIPATE IN OUR COMMUNITY.
BECAUSE OF THE WORK OF THIS BOARD, WE ASK A BLESSING OVERALL.
AND WE ASK THIS IN YOUR HOLY NAME.
UM, ARE THERE ANY PRESENTATIONS OR ANNOUNCEMENTS THAT WE HAVE? NO.
[C.1 Approval of the Minutes]
GENERAL BUSINESS APPROVAL OF THE MINUTES IS HAVE, HAVE Y'ALL HAD A CHANCE TO READ ON PARTICULAR USE? YEAH.QUESTION TO APPROVE THE MINUTES.
SO YOU ALL IN FAVOR RAISE YOUR RIGHT HAND.
UH, ARE THERE ANY PUBLIC COMMENTS? NO, SIR.
[D.1 CFO REPORT/CONSENT AGENDА]
GONNA GET INTO BUSINESS ITEMS AND, UH, MARK, I'M GONNA ASK IF YOU'LL DO YOUR THING.DID I GET IN THE WAY? NO, THIS WAY.
I HOPE EVERYONE HAS A VERY GOOD HOLIDAY SEASON, AND I, THEY'RE VERY MERRY CHRISTMAS WITH THEIR FAMILIES.
UM, I'M GOING TO GO THROUGH THIS.
UH, Y'ALL STOP ME IF YOU HAVE QUESTIONS AND OTHERWISE I'M GONNA POINT OUT JUST A FEW THINGS.
[00:05:01]
NET INCOME, UH, WAS 4.4 MILLION OPERATING REVENUES OF ON OPERATING REVENUES OF 9.3 AND 3.3 OF, UH, OPERATING EXPENSES.AND REALLY, I'M GONNA DO SOMETHING A LITTLE DIFFERENT THIS TIME.
I'M GONNA JUMP OVER HERE AND POINT OUT HERE THAT WE'VE HAD $17 MILLION IN CAPITAL EXPENDITURES DURING THE MONTH OF NOVEMBER.
WE WRAPPING UP A LOT OF THINGS ON THE, UH, CT 16 AND WORK ON THE WEST END.
THAT WAS, THAT WAS A ORDINARY, HUGE AMOUNT OF MONEY.
WE OUT THEN LOOKING AT OUR EXPENSES, UH, UM, FINANCIAL REFUSE IN THE MONTH.
OUR NET OPERATING INCOMES FROM OPERATIONS WE'RE NINE AND A HALF PERCENT FOR THE MONTH COMPARED TO NOVEMBER OF LAST YEAR.
WE'RE NINE AND A HALF PERCENT AHEAD ON OUR NET OPERATING INCOME.
WE'RE 39%, THAT'S, EXCUSE ME, THE NINE AND A HALF PERCENT IS WHAT WE, WHERE WE ARE OVER BUDGET FOR THE MONTH OF NOVEMBER.
WE'RE 39% OVER NOVEMBER OF LAST YEAR.
SO WE, WE, HAVING HAD A VERY GOOD NOVEMBER AND WE'RE GONNA SEE SOME OF THAT, THAT SAME TREND WHEN WE LOOK AT THE YEAR TO DATE.
UH, ANY QUESTIONS ON ANYTHING RELATED TO THIS? I WOULD WOULD NOTE THAT PASSENGER REVENUE OVER BUDGET IS, UM, ABOUT 30% OF WHAT WE HAD BUDGETED.
AND IT'S 122% OVER WHAT WE HAD LAST YEAR.
PART OF THAT IS BECAUSE OF THE, UH, CAPEX RECOVERY.
REMEMBER WE START, WE, CAPEX RECOVERY CAME IN, STARTED COMING IN ON CT 16 IN NOVEMBER.
COULD I ASK THE QUESTION? SURE.
UH, SO FOR NOVEMBER, UH, PASSENGER COUNTS WAS WHAT ARE WE EXPECTED IT TO BE? UH, WE'RE NOT STARTING TO SEE A SOFTENING, I GUESS IS WHAT I'M ASKING.
MATTER OF FACT, I'VE TALKED TO SOMEONE WHO WAS TRYING TO BOOK SOMETHING BETWEEN NOVEMBER AND THE END OF THE YEAR.
THEY COULD, WELL, THEY COULD, BUT THEY WERE GONNA PAY, UH, IT WAS GONNA BE OVER $6,000 FOR ONE COUPLE.
AND THEY SAID, NO, NO, THAT'S A LITTLE TOO RICH FOR OUR BLOOD.
AND THEY WANTED TO KNOW IF I COULD DO ANYTHING.
IT'S LIKE, NO,
BUT, UH, NO, THAT'S, UH, THAT'S A FRIEND OF MINE WAS ASKING ME ABOUT THAT.
SO OUR EXPENSES, NOW, THIS IS WHAT'S IMPORTANT ABOUT OUR EXPENSES, OUR TOTAL OPERATING EXPENSES.
UH, THIS INCLUDES DEPRECIATION.
WERE 9% BELOW BUDGET AND, BUT THEY WERE 20% ABOVE LAST YEAR.
WELL, WE HAVE MORE PASSENGERS COMING IN, WE'VE HAD MORE ACTIVITY AND UH, PLUS WE HAVE MORE EMPLOYEES AND VARIOUS OTHER THINGS THAT, THAT AS WE GROW OUR REVENUE, WE HAVE, WE HAVE TO GROW EXPENSES TOO YEAR OVER YEAR.
BUT WE'RE STILL RUNNING OVER 9% BELOW WHAT WE HAD ANTICIPATED IN OUR BUDGET.
ANY QUESTIONS ON THAT? I HAVE A QUESTION.
ON THE, UH, OTHER OPERATING EXPENSE CATEGORY, WHAT, WHAT IS IN THAT NUMBER THAT WOULD, THAT'S DRIVING THAT, UH, 40%.
I'M GONNA TELL YOU WHAT I TO DO.
EVERY TIME I LOOK AT OTHER OPERATING EXPENSE CATEGORY, I HAVE TO FLIP BACK INTO THE DETAIL.
THAT'S, UH, THAT'S JUST OFFICE SUPPLIES, BOARD MEETING SUPPLIES, UH, JUST A LOT OF JUST MISCELLANEOUS STUFF WE HAVE DURING THE COURSE OF THE YEAR.
UH, MARK, IF I COULD STEP THAT'S SURE.
WE USED TO PAY OUR IT FROM THE OTHER ACCOUNT, BUT NOW IT'S COMING OUT OF OTHER OPERATING ACCOUNT.
SO THAT'S A MAJORITY OF THE INCREASE.
UM, IF YOU SEE THE OTHER ONE, THE OTHER OFFICE AND SALES, THAT'S WHERE IT COME OUT PREVIOUS YEARS.
SO THAT ONE'S UN THAT ONE'S UNDER BUDGET AND THE OTHER OPERATING EXPENSES IS OVER BUDGET.
AND THAT'S PRIMARILY, WE SHIFTED ALL THE IT EXPENSES TO THE OTHER OPERATING, UH, PORTION LINE ITEMS.
[00:10:05]
OKAY.YEAR TO DATE, OUR YEAR TO DATE, NET INCOME AS OF NOVEMBER 50.4 MILLION.
OUR OPERATING REVENUE'S 75.7 MILLION EXPENSES OF 35.6 MILLION.
UM, THERE AGAIN, THE REVENUES, WHAT REALLY WAS DRIVING THE REVENUES WAS PASSENGER SERVICE CHARGES AND PARKING ALONG WITH DOCKAGE.
UH, THE HIGHER THAN NORMAL WITH A SLIGHT OFFSET.
UH, WELL ACTUALLY THE OFFSET IS LAY DOCKAGE.
THE REST OF IT IS, IS NOT HUGE AMOUNTS, BUT THE LAY DOCK, LAY DOCKAGE IS WE EXPECTED LAY DOCKAGE TO BE DOWN.
WE, WE WERE STARTING TO SEE SOME, AT LEAST FROM MY PERSPECTIVE OF LOOKING AT THE WINDOW, I'M STARTING TO SEE SOME MORE LAY DOCK SHIPS COMING IN.
GOTTA HAVE, GOTTA HAVE SOME DOCKS, GOTTA HAVE SOME DOCKS AVAILABLE FOR 'EM TO COME IN THOUGH OPERATING THE EXPENSES BEFORE DEPRECIATION WERE A MILLION UNDER BUDGET.
UH, AND IT'S JUST THAT MILLION DOLLARS IS SCATTERED.
UH, NOT GONNA READ THIS ALL OUT.
NON OPERATING INCOME WAS UP, WAS UNDER BUDGET, 13.6 MILLION.
UH, A LARGE, A LARGE LARGE PART OF THAT IS, UM, JUST WHERE WE ARE ON DOING SOME OF THE GRANTS.
UM, AND JUST A TIMING DIFFERENCE ON THE GRANTS AND NON-OPERATING EXPENSES, WERE 6.7 UNDER BUDGET, PRIMARILY DUE TO, UH, WE'RE ACTUALLY COLLECTING PART OF THE MONEY.
WE PART, WE'RE OFFSETTING SOME OF THE DEBT RELATED TO HURRICANE IKE SO THAT WE'VE OFFSET 7.1 MILLION OF THAT DEBT.
NOW THAT DEBT IS IN THE FORM OF WHAT? SO THE OFFSETS, THIS IS IN ON BALANCE SHEET.
WE LOOK, WE'RE REDUCING OUR LIABILITIES, BUT WE HAVE TO RECORD THE INCOME.
WE HAVE TO RECORD THE INCOME BACK WHEN WE MADE THE ADJUSTMENT AND PUT IT ON INTO THE, UH, THE LIABILITY, WE REDUCED OUR INCOME IN THAT YEAR.
AND NOW WE PUT IT BACK IN YOUR HONOR, OPERATING REVENUE.
I NOTICED THE PASSENGER AND PARKING, UH, REVENUES WERE BOTH BUDGETED, BUT THE GROUND TRANSPORTATION WAS UNDER THAT JUST BECAUSE THE INCREASE WE'RE SEEING IS HAPPENING WHERE GROUND TRANSPORTATION IS NOT NEEDED.
WE HAVE THE EXPRESS LOT AND THEN WE ALSO OPEN THE OFF AND AT AT CT 1210 RATHER.
UM, AT THAT END, WE'RE NOT REALLY USING MUCH GROUND TRANSPORTATION AND UM, WE WE'RE HOLDING GROUND TRANSPORTATION DOWN AS MUCH AS WE CAN, INCLUDING AS AN EXPENSE, AS AN SO YOU TALKING ABOUT PEOPLE TAKING PEOPLE FROM THE, LOTS OF THE TERMINALS, CORRECT? RIGHT.
PLUS RIGHT NOW WE'RE NOT, USUALLY BY NOVEMBER AND DECEMBER WE'RE STARTING TO SHIP PEOPLE FROM THE ROYAL TERMINAL.
THEY, THEY'RE STAFF TO ONE OF THE LOTS.
AND THEN WE'RE HAVING TO PAY FOR THAT, UH, SHOVEL SERVICE.
BUT OF COURSE THAT'S OFFSET BY THE REVENUE.
WELL, SO WE HAVEN'T HAD TO DO THAT QUITE YET.
WHEN THE THIRD SHIP, WHEN THERE'S THREE SHIPS THAT, UH, AT THE ROYAL TERMINAL, WE HAVE TO MOVE THE EMPLOYEES AND HAVE TO, WE HAVE SHOVEL SERVICES FOR THAT, BUT IT'S MORE THAN OFFSET BY INCREASED, INCREASED PARKING ISN'T JUST MARK ON THESE, ON THESE GRANTS, I GUESS WILL THAT CATCH UP AT THE END OF THE YEAR OR WILL THAT, IS THAT GONNA CONTINUE OVER WHEN WE CLOSE OUT FOR DECEMBER? WE'RE LOOKING AT YOUR CRYSTAL BALL THERE.
I WOULD, I WOULD NOT ANTICIPATE GETTING IT ALL CAUGHT UP.
IT WILL BLEED OVER INTO 2, 2 6.
AND THAT'S JUST, UH, UH, AS FAR AS WHEN WE'RE GETTING THE WORK DONE, WHEN WE'RE GETTING IT BEFORE WE'RE MOVING FORWARD AT A GOOD, VERY GOOD PACE.
BUT WE STILL HAVE THESE PROJECTS THAT, UM, IT TAKES A WHILE.
IT SOMETIMES TAKES WHILE THAT PRIMARILY RELATED TO THE WEST
[00:15:01]
END OR IS IT IT'S WEST END.BECAUSE THOSE, THOSE ARE THE, THOSE ARE BIG DOLLARS.
THAT'S THE BIG, THAT'S THE BIG DOGS.
THE, UH, MID PORT, UH, ROAD PROJECTS, THEY'RE MOVING ALONG WELL AND THAT'S SMALLER DOLLARS AND IT'S, IT'S MOVING THROUGH TECH STOCK MUCH QUICKER.
IS IT POSSIBLE THAT WHEN YOU INVOICE TECH STOCK TO BOOK A RECEIVABLE, WE KNOW WHAT WE DO? YOU KNOW WHAT I MEAN? THAT'S WHY THERE'S YOU DON'T SHOW IT AS REVENUE? NO, WE SHOW IT AS REVENUE, BUT THERE'S, WE DON'T SHOW IT AS CASH.
IS THE LAG IN CASH? IT WOULD BE.
WE SHOW IT AS REVENUE WITH THE OFFSET OF THAT IS A REDUCTION OF THE LIABILITY.
YOU KNOW, WE HAD TO BOOK THE LIABILITY FOR FEMA.
UM, AND SO WE, AND AS WE NOW ARE COLLECTING THAT MONEY, IT'S TAKING THE MONEY, UM, DOESN'T, IS REALLY, IT COMES TO US, BUT WE HAVE TO BACK.
THAT'S RELATED ON LIFE ISSUES.
WE'LL TALK TODAY, UH, THEIR TIME GRANT.
UH, WE'RE GETTING, WE'RE RECORDING THE REVENUE AS WE ARE COMPLETING THE WORK AND SUBMITTING THE TWO TEXT.
UH, BUT THE TEXT, UH, UH, THE SUBMITTAL PROCESS IS, TAKES A BIT.
IT GOES THROUGH IN-HOUSE REVIEW, PRELIMINARY REVIEW, AND THEN IT'S SUBMITTED FOR FINAL REVIEW.
IT JUST, IT JUST IS A PROCESS AND PROCESS JUST TAKES A WHILE.
IT'S A GOOD THING HAVING THE GRANTS.
IT'S A GOOD THING TO HAVING THE MONEY COME IN AND LOWER THE LIABILITY WITH FEMA.
THIS HAS BEEN SOMETHING 12, 15 YEARS SINCE, LIKE, SINCE IT'S A CHAMPAGNE EVENT ACTUALLY.
THAT'S, I WAS HOPING THAT WE WOULD GET EVERYTHING CLEARED OUT ON THAT, UH, BY THE END OF THE YEAR.
I DON'T THINK WE'RE GONNA QUITE MAKE IT, BUT WE'RE GONNA GET AS CLOSE AS WE CAN.
AND JEFF SAYS WE HAVE, WE HAVE AN AGENDA ITEM LATER ON TO DISCUSS MORE DETAIL THAN THAT.
FURTHER, UH, ON THE REVENUES, I'D LIKE TO POINT OUT THAT NET TOTAL INCOME FROM OPERATIONS ARE 2.6 AND ABOVE BUDGET AND 7.4% OVER YEAR TO DATE AT THIS TIME LAST YEAR.
SO WERE TRENDY THE RIGHT PLACE.
AND ERIC, TO ANSWER FURTHER ANSWER YOUR QUESTION, YOU WERE, YOU WERE SAYING BASICALLY THAT GROUND TRANSPORTATION DID NOT INCREASING AT THE SAME RATE AS, AS THE REVENUES.
WELL ALSO IN GROUND TRANSPORTATION, UH, AND REVENUES AND GROUND TRANSPORTATION.
THAT INCLUDES THE, UH, SHUTTLE SERVICES FROM OUR, FROM PRIVATE LOTS.
IT INCLUDES THE UBER, UH, AND, AND OTHER, UH, SERVICES THAT PAY US THE FEE TO DROP PASSENGERS OFF THAT RIVER AS REVENUE.
SO WE HAVE AN EXPENSE AND THE EXPENSE WE INCUR FOR GROUND TRANSPORTATION IS RELATED TO, UH, OUR SHUTTLE SERVICES THAT ARE MOVING PEOPLE FROM OUR LIVES, WHICH I THINK THAT'S EXPENSE THOUGH, WHICH I THINK AS YOU POINTED OUT, THE THE STRATEGY AROUND MOVING THE PARKING TO THE, TO THE NORTH SIDE OF HARBORSIDE AND GETTING PEOPLE TO WHERE THEY PARK AND WALK, THAT THAT'S PAYING OFF AS FAR AS LOWER SHOVEL COSTS.
BECAUSE I'M LOOKING WHO WATCHING, WATCHING JULIO BACK THERE.
WE COULD ALSO BE USING OUR LOTS MORE AND TERMINAL 16 AND NOT UTILIZING PRIVATE LOTS BECAUSE PRIVATE LOTS INCUR THAT ACCESS FEE.
SO WHEN, WHEN YOU SEE LESS EXTERNAL TRANSPORTATION, WHICH THE FEE APPLIES TO THAN THEY'RE USING ON LOTS, THOSE ARE FACTORS INTO THAT.
IT, IT, IT'S ALWAYS DIFFICULT TO TELL IF YOU'RE GONNA HAVE MORE.
THERE'S ACTUALLY A PATTERN WITHIN SHIPS.
SOME SHIPS BRING IN MORE, UH, DRIVE UP MARKET AND SOME MORE FLYING, WHICH THEN YOU HAVE GROUND TRANSPORTATION SHUTTLES COMING INTO TERMINALS.
JULIO, WHAT WAS THE TOTAL LAST YEAR, IF YOU RECALL? WAS 2.5 MILLION OR SOMETHING FOR GROUND TRANSPORTATION? NO, WE WERE, UH, BETWEEN 1.7, 1.8.
SO THAT GIVES YOU AN IDEA OF WHAT THE TOTAL IS.
[00:20:01]
A PIE CHART OF OUR YEAR TO DATE.REVENUES JUST, UM, YOU NOTICE THAT, UM, YOU CAN KIND OF SEE WHAT'S, HOW, HOW THAT'S GOING.
AND THEN OUR FINANCIAL EXPENSES YEAR TO DATE, OUR FINANCIAL YEAR TO DATE FINANCIAL EXPENSES WE'RE THREE AND A HALF PERCENT BELOW BUDGET YEAR TO DATE OVERALL.
AND WE'RE 9.2% OVER WHAT WE HAD LAST YEAR.
KEEP IN MIND THAT, UH, OUR REVENUES ARE ALSO THERE.
AGAIN, IF ANYONE HAS ANY QUESTIONS, WE'D BE HAPPY TO DELVE INTO IT.
OTHERWISE, ONE JESSICA, I'D LIKE TO LOCK INTO MY MIND, UH, THE DIFFERENCE BETWEEN DOCKAGE AND THE WARPAGE.
DOCKAGE IS WHEN THEY PARK THE SHIP BESIDE THE DOCK, OKAY.
ORAGE IS WHEN THEY TAKE CARGO OFF OR BRINGS, PUT CARGO ON WHEN IT CROSSES THE DOCK.
BUT IF THESE AREN'T THIS, THIS FIGURE DOESN'T INCLUDE THE PATH.
THE CRUISE PASSENGERS, WE HAVE THAT IN SEPARATE, SEPARATE LINE.
BUT IT'S, I MEAN, I'M JUST SAYING IT, IT TECHNICALLY IT'S CONSIDERED AS MORTGAGE.
MOVING ON TO THE YEAR TO DATE EXPENSES IN, UH,
WE'RE IN THE PROCESS OF CAPITALIZING CT 16 AND THE PARKING GARAGE RIGHT NOW.
UH, THAT WILL BE CAPITALIZED PRIOR TO YEAR END.
AND WE'LL SEE WE GOT BIG ASSET OUT THERE, 160 AROUND ROUGHLY 160 MILLION ASSET.
SO ROUGHLY HOW MUCH IS THAT GONNA ADD TO DEPRECIATION? UH, ABOUT 30 YEARS.
I'M TALKING ABOUT, I I HAVEN'T, I DON'T REMEMBER THAT OFF THE TOP OF MY HEAD.
IT IS ROUGHLY WHAT? IT'S FIVE SIX.
SOME OF IT MAY BE LESS THAN, YOU KNOW, UH, FURNITURE FIXTURES, WHICH TYPICALLY IS A FIVE YEAR LIFE.
IS THE PARKING GARAGE A DIFFERENT SCHEDULE THAN THE BUILDING OR? YES.
WE WILL BE AMAZON, THE DEPRECIATING, THE PARKING GARAGE SEPARATELY FROM THE BUILDING SEPARATELY.
AND WE WILL, THE WATERFRONT DOCK WILL BE BEING DEPRECIATED SEPARATELY THAN THE, UH, BUILDING ITSELF.
ALL THREE HAVE IN DIFFERENT THREE COMPONENTS.
UH, AND THEN CERTAIN COMPONENTS INSIDE OF EACH OF THOSE WILL HAVE DIFFERENT ONES.
SO IT IS, UH, WHEN I, WHEN I 60 DIVIDED BY 30, THAT'S JUST, THAT'S JUST BACK THE ENVELOPE.
LET'S LOOK AT THE PRODUCT LINE SUMMARY REAL QUICK.
I WANT TO POINT OUT SOMETHING HERE.
'CAUSE THIS TAKES INTO CONSIDERATION ON THE, UH, CRUISE.
IT TAKES INTO CONSIDERATION DOCKET RELATED CREWS, ALL CRUISE RELATED REVENUES AND EXPENSES.
AND BEFORE WE DO THE ALLOCATIONS AND BEFORE DEPRECIATION, UH, TOTAL CRUISE WAS $50.3 MILLION OF REVENUE.
THAT'S CRUISE PARKING AND GROUND TRANSPORTATION.
LAY IS DOWN TO 3 MILLION THIS YEAR.
AND THEN REAL ESTATE, REAL ESTATE DOES NOT INCLUDE ROYAL CARIBBEAN.
NOW AFTER WE ALLOCATE, AFTER ALLOCATIONS, THAT'S ALLOCATIONS OF THE VARIOUS OTHER EXPENSES THAT WE HAVE.
UH, THE POLICE, CNM, UH, THAT, UH, THE EIGHTH FLOOR, PRETTY MUCH.
[00:25:01]
WE HAVE TO ALLOCATE THAT WE CAN'T DIRECT COST OUT AT THIS POINT.AND YOU'LL NOTICE DEPRECIATION.
CRUISE IS GETTING THE BULK OF THE DEPRECIATION RIGHT NOW.
THAT'S BECAUSE THAT'S WHERE WE'VE BEEN SPENDING THE MONEY AND THE FUTURE IN 2026, AT SOME POINT WE WILL HAVE THE CARGO AREA WILL HAVE A GREAT INCREASE IN DEPRECIATION.
CRUISE AFTER THAT IS MAKE, PUT THIS A CRUISE.
PARKING AND GROUND TRANSPORTATION.
UH, CARGO IS NETTING AT 1.2 AFTER ALLOCATIONS AND DEPRECIATION LATE 1.7.
AND THEN OTHER, UH, RENTS AND WHATNOT IS JUST UNDER A MILLION DOLLARS.
TO GIVE YOU AN IDEA OF WHERE THINGS ARE AT THIS, THIS, AT THIS POINT.
ANYBODY HAVE ANY QUESTIONS ON THAT? OKAY.
TRAVEL TRAINING AND DEVELOPMENT ARE 183 MILLION, EXCUSE ME, I WISH IT WAS MILLION.
UH, PEOPLE HAVE BEEN BUSY THIS YEAR, THEY HAVEN'T OUT.
AND, UH, WE SEEM TO ALWAYS BE OVER IN THIS CATEGORY.
I'VE BEEN HERE 15 YEARS, IT SEEMS LIKE EVERY YEAR OVER THIS CATEGORY.
I'LL CUT IT IN HALF AND WE'LL STILL BE OVER IN THE BUDGET IT SEEMS. OUR CASH POSITION, 72.2 MILLION IN THE BANK, UH, AS OF NOVEMBER 30TH, 21.5, UNRESTRICTED 40 MILLION LEGALLY RESTRICTED, AND THEN ABOUT 10 MILLION INTERNALLY RESTRICTED.
AND YOU, YOU'RE PROJECTING THAT TO GO DOWN TO WHAT, BY THE END OF THE YEAR? WELL, WE DID SOME REVISION.
UH, WE'RE, WE'RE GONNA, WE'RE GONNA GET TO THAT IN JUST A FEW MINUTES.
WE'RE GONNA TALK ABOUT THAT IN THE CAPITAL BUDGET BECAUSE OBVIOUSLY, YOU KNOW, WE HAD A LOT OF EXPENSES.
I MEAN, CAPITAL PROJECT THAT ARE GONNA GO NEXT YEAR.
SO THE BALANCES WOULD BE DIFFERENT YEAR END.
WE HAD THROUGH THIS YESTERDAY, CHECKS TO LOCAL VENDORS WE'RE, UM, ABOUT A MILLION THIS MONTH.
NINE LOCAL VENDORS, 19 MILLION AND, UH, NON-OPERATING MILLION 2.9.
OUR OVER 90 DAYS AS OF NOVEMBER 30TH WAS 129 MILLION.
IT'S ACTUALLY GONE DOWN TO 91 MILLION.
EXCUSE ME, I'M, I'M GETTING CASING IN THIS MORNING.
YOU'RE, YOU'RE THINKING BIG THIS MORNING.
BUT WE'RE RUNNING, IT'S, IT'S, WE'RE DOWN TO 91,000, UH, OVER NINE.
AT THIS POINT IN TIME, I HAVE A QUESTION ON THE NON-OPERATING VENDORS.
MONTH TO DATE, YOU HAVE TWO POINT PAGE 13.
WELL, I HAVE THIS, WOULD IT BE IN INTEREST ON DEBT CHECK? IS THAT WHAT IT IS? INTEREST ON DEBT.
I BELIEVE IT'S THE, THAT'S IN THE FINANCIAL DEBT STATEMENT.
THAT'S IN THE, IS IN THE BANK RECONCILIATION.
YOU CAN, YOU CAN HOLLER ME LATER ON IT.
YEAH, I CAN, I'LL SHOW, LET ME DO THIS AND I WILL GO, THERE'S A DETAILS, THERE'S A SCHEDULE THAT SHOWS YOU WHAT, ALRIGHT, THAT MAKES, MAKES THAT UP.
I JUST DON'T RECALL EXACTLY WHICH TAB I'LL WRITE.
[00:30:01]
I'LL, I'LL, I'LL HAVE IT FOR YOU.OKAY, ADRIAN, WE'VE DISCUSSED MOVING ON THE CURRENT CASH POSITION.
WE'VE TALKED ABOUT THE CURRENT CASH POSITION.
UM, WE, THIS TABLE DOWN HERE, WE'RE SHOWING PROOF, COMMIT BALANCE OF 25 MILLION BETWEEN OUR INTERNAL RESTRICTED AND REMAINING COMMITTED BALANCE.
UH, WE HAVE AN EXCESS OF 25 MILLION.
SO WE'RE, WE'RE, WE'RE SHOWING THAT WE HAVE THE CASH ON HAND TO COVER ALL THAT.
STILL THERE AGAIN, YOU CAN SEE WHAT MAKES UP, UH, THE VARIOUS PIECES.
WE'RE STILL EARNING ABOUT 50,000 ABOVE INTEREST.
STAFFING LEVELS, EMPLOYEE STAFFING LEVELS.
AS OF THE 12 FIVE PAY DATE, WE HAD 141 PA EMPLOYEES.
WE HAD BUDGETED TO HAVE 144 IN 2024.
UH, SO WE'VE GOT 17 AT 17 BEFORE WE SELL.
YOU, YOU GUYS HAVE BEEN PRETTY SUCCESSFUL IN BEING ABLE TO HIRE HERE RECENTLY.
LOOKS LIKE IT'S, WELL, WE GOTTA KEEP, YOU GOTTA KEEP 'EM.
IT'S TWO DIFFERENT THINGS, RIGHT? WE GET 'EM HIRING.
MAYBE JUST FROM JEFFREY BACK THERE, YOU'VE, YOU'VE BEEN PRETTY SUCCESSFUL IN CNM FILLING SOME ROLES IN CNM HERE RECENTLY.
WE'VE ALSO HAD SOME RESIGNATIONS AT THE END OF THE YEAR AND SO IT'S KIND OF A SWAP REVOLVED INDOOR, BUT, BUT I THINK OVERALL WE'RE GOOD HEALTH.
HAVE YOU BEEFED UP IN CERTAIN POSITIONS OR CERTAIN SKILLS? UM, WE, WE ARE BEEFING UP CERTAIN AREAS, OTHER AREAS WE, YOU KNOW, WHERE THERE'S RESIGNATIONS, WE'VE GOTTA KIND OF CONTINUE TO BEEF UP, YOU KNOW, I MEAN, SO YEAH.
SPECIFICALLY I WOULD SAY, UM, LIKE FOR EXAMPLE, WE'RE STARTING, YOU KNOW, THE, THE LANDSCAPING CREW, BUT AS, AS I KNOW SOME OF THE RESIGNATIONS ARE IN KIND OF THE GENERAL SKILLS AREA.
SO NOW WE'VE GOTTA GO BACK AND FILL SOME OF THOSE, THOSE AREAS AND, AND SO IT'S GONNA BE A LITTLE BIT OF A, UM, UH, YOU KNOW, NOT JUST, JUST JUST A STRATEGY ON ON WHICH, WHICH SKILLS AND, AND WE, WE, WHENEVER WE DO THAT, WE DEFINITELY KEEP IN MIND THE WORK ORDER RATIOS AND, AND WHATNOT AND WORKLOAD.
UM, WE'VE GOT SOME RETIREMENTS COMING UP TOO.
YEAH, THAT'S WHAT RETIREMENT GET AHEAD OF THOSE.
UM, 2.7 MILLION CONTRIBUTED YEAR TO DATE.
WHAT MORE THAN BREAK? 3 MILLION, UH, IN CONTRIBUTIONS TO THE CITY.
UM, THIS YEAR I'M WAITING FOR BIG, UH, IT'LL BE OVER THREE.
AND THEN THE DOCKAGE DISCOUNTS.
WE GAVE DOCKAGE DISCOUNTS TO SO MUCH WHAT WE GIVE EVERY QUESTIONS ON THE, UH, CFO.
THIS WILL BE ITEM 1, 7 7 ITEM.
ALRIGHT, ANYBODY HAVE ANY QUESTIONS? YOU GONNA TALK ABOUT THE CASH FLOW? WE'RE THERE, WE'RE THERE? OH, WELL I NEED A, I NEED A, I NEED A RECOMMENDATION FOR WAIT.
IT, ONE OF THEM, UH, SEVEN IS NOT, EXCUSE ME, EIGHT IS THE TRIBAL AND IT'S, IT'S, UH, WE DON'T HAVE ANYTHING YET.
[00:35:01]
OVER TO THE TASK PLAN.CAPITAL SCHEDULING AS OF NOVEMBER 30TH.
WELL, BEFORE YOU GET LOOKING AT THAT, WHAT I WANT TO DO YESTERDAY WE SAT DOWN AND SAID, OKAY, WHAT ARE WE REALLY GONNA SPEND? WE GOT TWO WEEKS, LESS THAN A YEAR.
WHAT ARE WE REALLY GONNA SPEND THROUGH NOW THROUGH THE END OF THE YEAR? SO WE UPDATED THIS SHEET AND UM, I JUST MEMORIZED THE WELL MAIN THING.
THIS IS SOME OF THE EXPENSES WE SAID THAT WERE GONNA BE AND SOME OF THE COST IN 2025 INTO 2026.
I MEAN, THERE'S SOME THINGS WE JUST, THERE'S NO WAY WE'RE GONNA SPEND THE MONEY IN THE NEXT TWO WEEKS, OBVIOUSLY.
SO, AND THIS IS MY FAULT, MY FAULT.
I, I WANTED TO GO BACK AND MAKE SURE THAT WE REALISTIC RIGHT, WHAT WE PRESENTED TODAY, WE OBVIOUSLY LAST MEETING OF THE YEAR, SO WE, WE'LL JUST PHYSICALLY REPLACE THE ONE IN OUR BOOKS WITH THIS ONE, RIGHT? OH YES YOU CAN.
THIS ONE, THIS ONE IS, UH, MORE OF OUR ESTIMATES AS OF YESTERDAY AFTERNOON.
SO, AND THESE WILL BE POSTED ON BRIEFLY.
LET'S, LET'S SAY THAT, UM, NONE OF THE ACTUAL PROJECTS CHANGED.
I MEAN THE DOLLAR AMOUNTS AND, AND ALL OF THOSE THINGS.
IT'S JUST THE TIMING OF THE THING.
THAT'S THE ONLY, OTHER THAN TIMING, THE ONLY THING THAT'S CHANGED, WE, ON THE VERY LAST PAGE, WE'VE ADDED, UH, PW TWO AT THE, AT THE VERY END, UH, SCP WAY FINDING.
THAT'S THE ONLY THING THAT'S BEEN ADDED.
EVERYTHING ELSE ALL WE'VE DONE IS SHIFT DOLLARS FROM 25 INTO 26.
MANY OF THOSE DOLLARS WERE DEAD.
FOR EXAMPLE, STARTING WITH PAGE ONE, UH, WE LOOKED TO SEE WHAT WE WERE GONNA SPEND BASICALLY ON CT 16.
AND WE SAID, OH, WE'RE NOT GONNA SPEND, UH, AS MUCH, WE CAN'T GET THE MONEY OUT THE DOOR 'CAUSE WE HADN'T GOT THE INVOICES AND HAVEN'T, HAVEN'T GOT EVERYTHING PROCESSED.
SO IT'S GONNA BLEED OVER INTO 2026.
SO WE SHIFTED 12 MILLION INTO 2026 FOR CT 16 IN THE PARKING, CORRECT? YES.
THEN ON PAGE TWO, WE, THAT'S ALL DEBT, CORRECT? YEAH, CT 16 IS ALL DEBT.
ALL WE, WE SHIFTED ABOUT $15 MILLION IN DEBT.
IT WAS 13 MILLION IN DEBT, I BELIEVE AND ABOUT 4 0 4 AND A HALF MILLION IN PORT FUNDING INTO 2026.
AND, UH, WAY OFF, ROBERT, CORRECT? NO, THAT'S CORRECT.
THEN ON PAGE TWO, UH, SOME OF THE, WE HAVE SOME JUBILEE RENOVATIONS THAT WE STILL HAVE.
THAT'S, UM, THE LAST OF THE RETAINAGE THAT WE HAVE HAD ON ONE VENDOR THAT, UH, THEY HAVE DONE THE CORRECTIVE WORK.
WE JUST HAVE NOT RECEIVED THE INVOICE FOR THE REMAINDER OF THE RETAINAGE.
UH, AND WE MOVED THE, UH, THE CT 25 PASSENGER BOARDING BRIDGE, UH, RENOVATIONS.
UH, THAT'S NOT GONNA BE PAID UNTIL FIRST QUARTER OF 26.
NOW THOSE ARE PAID OUT OF, UH, OUR MOTION.
AND MOVING OVER TO PAGE THREE, UH, THE PROJECT CARGO YARD DEMO, THAT'S A DM DEMO.
THERE'S STILL ABOUT 700,000 THAT WE HAVEN'T SPENT.
UH, THAT'S PENDING, UH, THE COMPLETION OF PREDOMINANTLY CRUSHING THE REMAINING MATERIAL OUT THERE TO A USABLE SIZE FOR US.
[00:40:01]
PART OF THE AGREEMENT.AND UH, THAT'S GOING MUCH SLOWER THAN WE HAD ANTICIPATED.
YOU MIGHT SEE THE BIG, THIS HUGE PILE, I DUNNO MM-HMM
AND THEN FINALLY WE GO OVER TO THE LAST ITEM, UH, ON PAGE FOUR AND YOU'LL SEE WHAT'S BEEN, WHAT'S IN 2026, BOTH GRANT AND, UH, COURT MANCHIN.
WE FIND YOU JUST, OKAY, SO YOU WERE ASKING ABOUT CASH FLOW.
IF YOU LOOK AT YOUR CASH FLOW THAT WE HAVE, UH, PROJECTIONS, WHICH IS HAVE TAB CONSENT AGENDA TAB FIVE, MR. CHAIRMAN, MARK, ON PAGE THREE IN 2026, IT LOOKS LIKE WE'RE GONNA SPEND OUT FOUR TIMES ON HERE.
38 SLIP BILL, ABOUT 11,000,003 OUT OF PORT FUNDS.
AND THEN ON HERE, 39 40, THE TECH STOCK PROJECT, WE SPEND ABOUT A MILLION AND A HALF OF PORT FUNDS AND ABOUT SEVEN AND A HALF OF TEXTILE.
THIS IS ALL ON PAGE THREE OR THIRD PAGE.
THAT'S, YOU KNOW, ABOUT 13 MILLION AND ABOUT SEVEN AND A HALF TEXTILE.
SO ANOTHER 20, 20 AND A HALF MILLION IN ON THOSE TWO PROJECTS COMING UP.
AND THAT SHOULD WRAP THEM UP JUST ABOUT RIGHT.
AND OBVIOUSLY WE HAVE, UM, ON TODAY WE'RE HAVING DISCUSSION ABOUT, UM, THE THEME OF PAYMENTS.
ON THE, UH, BULKHEAD WE DO HAVE SOME MONEY GOING INTO 2020.
I, I WAS LOOKING FOR, I HAVE LOOKING BECAUSE THE, UH, WHAT HAS BEEN STOOD IS GROUND, RIGHT? AND I KEEP TRYING TO LOOK AT THAT AS WHAT'S LEFT IN 25.
SO KIND OF TO, TO VIC'S POINT, THAT'S LIKE 2026.
WE'RE RIGHT NOW ABOUT 19.3 MILLION AND OUT OF OPERATIONS AS FAR AS THE CAPITAL.
WOULD THOSE BEEN THE TWO MAIN PROJECTS? WOULD THOSE BEING THE TWO BIG CHUNKS? AND WE HAVE, YOU KNOW, WE HAVE OPERATING, UH, RESERVES TOO.
RESERVES, SO I MEAN, SO THAT CARRIES FORWARD AND CASH FLOW, NOT JUST OUT OF OPERATIONS.
YOU SAID WHAT WE HAVE BEEN PROJECTING, GOING TO THE BOTTOM LINE ON THAT, WE HAVE BEEN OBJECTING THAT IN 25 WE WERE GONNA SPEND 8.2 MILLION AND FOUR FUNDS BY THE END OF THE YEAR.
NOW WE'RE SAYING WE MAY SPEND 4.6 MILLION BY THE END OF THE YEAR.
AND WHERE WE HAVE 19 MILLION IN 2026, PRIOR TO MOVING THIS, WE WERE SAYING THAT WE WERE GONNA SPEND ABOUT 17 MILLION.
SO WHEN YOU LOOK AT THE CASH FLOW ON PAGE FIVE, WE HAVE BEEN PROJECTING CASH FLOWS FROM, UH, LOOK DOWN THE VERY, IT'S UH, THE ONE, THERE'S ONLY ONE PAGE ON THE CASH FILE DOWN THE LOWER RIGHT HAND CORNER.
YOU'LL SEE OUR CASH POSITIONS IN THE LAST COLUMN, LEGALLY RESTRICTED SEATING FUNDS, 7.3 THAT WON'T CHANGE LEGALLY RESTRICTED DEBT SERVICE RESERVE FUNDS.
THAT WILL NOT CHANGE BOND PROCEEDS.
WE'RE GONNA SAY THE BOND PROCEEDS ARE GONNA GO UP.
UM, 'CAUSE WE'RE NOT GONNA SPEND ALL OF THAT.
IT'S GONNA BE SPENT AT 26 AND THAT'S ROUGHLY, THAT'S GONNA INCREASE ROUGHLY 12 MILLION, UH, ABOUT 12 MILLION JUST ON BOND PROCEEDS.
[00:45:01]
THEN GO DOWN HERE TO UNRESTRICTED FUNDS.THAT'S GOING TO, THAT'S GOING TO INCREASE.
THAT WAS WHAT, 4 MILLION? 4 MILLION? ABOUT 4 MILLION FOR THE END OF THE YEAR THAT WE'RE, WE'RE JUST, IT'S, IT'S GONNA BE THERE AT THE END OF THE YEAR.
WE HAD PLANNED ON SPENDING IN 25.
IT'S NOT GONNA BE SPENT ON 25 ON CAPITAL PROJECTS.
SO YOU, IT'S NOT INCLUDED WHAT WE JUST WENT OVER ON THE CAPITAL PROCESS.
THIS CASH FLOW HAS NOT BEEN NOT INCLUDED IN THE TAX FLOW CHANGES.
SO THE CASH FLOW IS BASED UPON THE, UH, THE, UH, MASTER CAPITAL PLAN PROJECT THAT'S INCLUDED IN YOUR BOOK.
AND NOW WE'RE DOWN TO TWO CHECKPOINTS.
SO WE'RE NOT GONNA GET DOWN TO 1.4 MILLION IN LEGALLY RESTRICTED BOND PROCEEDS.
NO, WELL IT'LL BE ABOUT 13, 14, MOVE THAT 13 MILLION IN THE 26.
SO WE'LL EARN SOME MORE INTEREST.
SO THAT'S, THIS IS JUST AN UPDATE FOR Y'ALL.
WE DID, WE DID THIS RATHER, WE DID IT QUICKLY JUST BASED UPON, SO THIS, THIS MAY BE OFF A LITTLE BIT WHAT WE GAVE YOU, BUT IT'LL BE A LITTLE BIT, WE LOOKED AT WHAT INVOICES WERE COMING IN, WHAT INVOICES THAT WE CAN FIND, MAKE SURE WHAT INVOICES WE HAD IN HOUSE AND NOW IT'S JUST A MATTER OF GETTING THEM PAID IN THE, UH, IN THE NEXT TWO CHECK QUESTIONS ON ONE.
ANY, ANYBODY HAVE ANY QUESTIONS ON THOSE ITEMS? IF NOT, I'LL MAKE A MOTION TO APPROVE THE REPORT WITH, UM, IF WE COULD ALSO BY PUT THIS OUT FOR A PUBLIC VIEW AND WHAT WAS HANDED TO US TODAY.
ALL IN FAVOR? RAISE YOUR RIGHT HAND.
[D.2 DISCUSS AND CONSIDER THE GALVESTON WHARVES BICENTENNIAL SUMMARY REPORT AS OF DECEMBER 9, 2025, AND DISCUSS AND CONSIDER THE DISTRIBUTION OF THE REMAINING AVAILABLE BALANCЕ]
THE GALA, THE BICENTENNIAL, WE'VE BEEN TELLING Y'ALL, WE'RE GONNA TELL YOU HOW MUCH GIVE YOU INFORMATION ON THE DETAILS OF THE VICE CENTENNIAL IF Y'ALL WILL TURN OVER TO TAB TWO UNDER BUSINESS ITEMS PAGE TWO.IT'S GONNA CHANGE LITTLE, WE'RE STILL SELLING BOOKS.
WE'RE STILL LEARNING INTEREST.
PROVIDE CONTRIBUTORS, COMM, MEMBER OF ITEMS, SPONSORSHIPS AND TABLE SALES FOR THE GALA.
ALL IN, WE, UH, AND INTEREST PROCEEDS AS OF, UH, NOVEMBER WE HAD A BUDGET OF, WE HAD AVAILABLE $982,917 AND 70 CENTS.
ONE OF THE FEW TIMES YOU CAN HEAR ME TALK ABOUT PAYMENTS.
OUR EXPENSES, I'VE GIVEN YOU A LIST OF EXPENSES BY EVENT.
THOSE EVENTS WE SPENT $628,019 AND 71 CENTS.
TEXAS A AND M, WE CONTRIBUTED, UH, TOTAL WAS, IT WAS 317,000 AND WENT TO TEXAS A AND M FOR TOTAL EXPENSES TO DATE TOTAL EXPENDITURES, $945,019 71 CENTS, LEAVING US A BALANCE TO DO SOMETHING WITH, UH, AS ANOTHER CONTRIBUTION TO ANOTHER EDUCATIONAL FACILITY OF $37,897 AND 99 CENTS.
THAT'S GONNA GO UP SOME BECAUSE WE'RE GONNA HAVE ADDITIONAL INTEREST THAT WE'RE EARNING ON IT AND WE STILL HAVE BOOK SALES GOING ON.
[00:50:01]
NEGOTIATING RIGHT NOW A, UH, BULK SALE OF, OF THE BALANCE OF THE BOOKS.THERE'S BEEN A COUPLE OF RETAIL OPERATIONS HERE IN TOWN THAT WE'D LIKE TO BRING THE INVENTORY AND SO WE'LL REPORT THAT, THAT WHEN THAT FINALIZES.
SO WE REALLY WANT TO, YOU KNOW, GET RID OF EVERYTHING, GET IT, GET IT DOWN TO, TO THE BOTTOM LINE.
AND SO, YOU KNOW, HERE AGAIN, WE GOT A LOT OF BOOKS, WHICH WAS FANTASTIC BOOK BY THE WAY.
YEAH, WE WE'RE, THERE'S A COUPLE RETAILERS THAT ARE INTERESTED IN SAYING, WE'LL WE'LL TAKE 50 OF THOSE BOOKS OR 75 BOOKS OF THOSE OFF YOUR HANDS AND NEGOTIATE THE PRICE.
HOW MANY BOOKS DO WE HAVE? YOU KNOW, I THINK WE HAVE ABOUT 700 LOOKS LEFT.
DO WE HAVE 700? LOOKS LEFT? TWO, OH, I THINK I THINK IT'S AROUND 600.
NO, WE HAVE OTHER BOOKS BESIDES WHAT WE HAVE.
I DUNNO, I JUST KNOW THE ONES THAT WE HAVE BASED UPON WHAT EMAIL KATHY SAID.
YEAH, I KNOW MY, I THINK MY OFFICE HAS 150 BOOKS.
THAT WE, YOU KNOW, WE GIVE OUT TO VARIOUS PEOPLE THAT COME IN TO MEETINGS AND THINGS LIKE THAT, BUT THOSE AREN'T FOR SALE.
THOSE ARE JUST, JUST RIGHT GIVING, YEAH, COMPLIMENTARY.
IF YOU, YOU KNOW, ANYBODY WANTS A, LIKE GIMME HANDS.
NOW WHAT WAS ALSO ASKED WAS WHO ALL CONTRIBUTED? SO BEHIND THIS WE HAVE A LIST OF COMP OF CONTRIBUTORS, PEOPLE WHO BOUGHT TABLES AND WE'RE SHOWING THE INTEREST TO COME UP TO THE $982,917 AND 70 CENTS.
THEN HOW MUCH, WHERE WERE THE MAJOR EXPENDITURES ON EVERY ONE OF THESE EVENTS? WE HAVE TWO PAGES THERE THAT SHOW YOU WHERE THE MAJOR EXPENDITURES WENT, UH, WHAT WE SPENT IT ON AND UH, YOU KNOW, WE, WE TRACKED IT DOWN AND UH, KEPT THINGS IN LINE WITH WHAT WE, WHAT WAS COLLECTED AND WHAT, WHAT WE'VE ACTUALLY SPENT.
NOW WE'RE DOWN TO BASICALLY AROUND $40,000 LEFT.
IS THERE A SPECIAL REASON UNDER SCHOLARSHIP THAT'S IN THE ROOM? THE HEADERS, THE HEADERS BLUE, BUT THAT ONE ON THE LAST PAGE.
HEY, BUT IT'S, I'M COLOR BLIND
IF ANYTHING BECAUSE OF ALL THESE AGGIES WE HAVE ON THE PORCH, SOMEBODY FIGURED IT OUT.
UH, AND THAT'S, THIS IS A GOOD OVERVIEW.
UH, WOULD YOU MIND TAKING JUST A SECOND AND TALKING ABOUT THE ACCOUNTING PRINCIPLES THAT YOU USE THROUGH ALL OF THIS.
QUESTIONS LIKE, UH, WERE THESE FUNDS, DID Y'ALL TREAT 'EM, MY SHARP QUESTION IS, DID Y'ALL TREAT THIS LIKE AN AGENCY FUND? I'M NOT, I'M NOT GONNA STATE WHAT I TREATED 'EM LIKE AN AGENCY FUND.
I'M GONNA TELL YOU HOW IT DID.
MONEY CAME IN AND WE ACCEPTED THE MONEY.
IT ALL GOT DEPOSITED INTO THE GENERAL ACCOUNT, THEN IT GOT TRANSFERRED INTO A SEPARATE BANK ACCOUNT.
THAT'S KIND, THAT'S HOW WE'RE SET UP.
WE, WE DON'T HAVE, WE DON'T DEPOSIT INTO ALL THESE OTHER ACCOUNTS, BUT WE WOULD HAD THE MONEY COME IN AND WE WOULD TRANSFER IT OVER TO THAT.
SO WE EARNED THE INTEREST IN THE INTEREST THAT IT WAS EARNED IN THAT MONEY STAYED IN THAT, THAT SPECIFIC BANK ACCOUNT.
THEN AS WE PAID BILLS, WE PAY BILLS.
WE DON'T HAVE CHECKS ON ALL, WE DON'T MAKE PAYMENTS OUT OF ALL OUR VARIOUS ACCOUNTS.
WE MAKE PAYMENTS OUT OF OUR GENERAL ACCOUNT.
WE WOULD MAKE PAYMENTS ON OF OUR GENERAL ACCOUNT, DETERMINE HOW MUCH OF THAT IS RELATED TO THESE, TO THESE EVENTS AND THEN WE WOULD TRANSFER THE MONEY BACK INTO THE GENERAL ACCOUNT.
SO SUFFICE TO SAY, IN ALL OF THE REPORTING THAT WE DO FOR ALL OF THE PORT'S BUSINESS, NORMALLY THESE FUNDS DON'T SHOW UP.
SO THAT SHOWS UP ON THE BALANCE SHEET.
IT DOES SHOWS UP ON THE BALANCE SHEET AS A BANK.
MR. CHAIRMAN, THAT WOULD BEEN AN ITEM OF DISCUSSION UNDER EXECUTIVE SESSION.
AND IS THERE ANY OTHER QUESTIONS?
[00:55:03]
THANK YOU FOR THE REPORT.DO, IS THERE A DEADLINE OF ANY SORT IN, IN GIFTING THE ADDITIONAL 38 $40,000? GOOD QUESTION.
I'D LIKE TO DO WITH THEM BEFORE IN THE YEAR, BUT THERE'S NOT A DEADLINE.
LEMME SPEAK TO THAT BECAUSE I, UM, I THINK THIS IS A CONVERSATION WE'RE GONNA HAVE LATER TO TALK ABOUT WHERE WE WANT EXPEND THE REST OF IT.
YOU KNOW, I MEAN IN MY HAD CONVERSATIONS WITH CAL COLLEGE AND UH, YOU KNOW, THEY OBVIOUSLY ARE HAPPY TO TAKE IT INTO THEIR FOUNDATION FUNDS.
THE TI MEAN, I LIKE TO HAVE THE BOARD UNDERSTAND EXACTLY WHERE ALL THE MONEY WENT AND THEN YOU KNOW WHAT WE WANT TO DO WITH THE BALANCE OF IT.
SO THERE, JUST TO CLARIFY, IT ISN'T, ISN'T A DEADLINE SHIFTED? NO.
WE JUST, WE WANT TO CLOSE IT DOWN.
AND IT WORKED AND IT WAS A GREAT EVENT AND, AND NOW IT'S OVER AND, BUT IT'S NOT NECESSARILY, IT'S NOT NECESSARY TO HAVE IT ON A FISCAL, FISCAL YEAR CYCLE.
IF WE WAIT UNTIL CLOSING DOWN SOMETIME IN JANUARY, THAT'S NOT THE END OF THE YEAR, NOT THE END OF THE WORLD
WE'LL JUST SET IN THAT SAME ACCOUNT UNTIL EVERYTHING IS SETTLED.
IT'S AN INTEREST BEARING ACCOUNT AND JUST OKAY, GOOD, GOOD SUMMARY.
SO TECHNICALLY YOU'LL HAVE A CASH BALANCE AND A LIABILITY ON THE BALANCE SHEET FOR ALL THESE FUNDS.
ALRIGHT, ARE THERE ANY OTHER QUESTIONS ON THIS? OKAY, IF NOT, ARE THERE ANY COMMENTS? WE'RE GETTING DOWN TO THE END HERE.
ANY, ANY COMMENTS FROM THE BOARD OF TRUSTEES? IMPRESSIONS OF THANKS, GRATITUDES, ET CETERA? DO Y'ALL WANNA SAY THEM UNTIL LATER? THAT'S, I I JUST WANT, I DO WANT TO COME IN ON UH, MARK AND HIS TEAM ON ATTENTION TO DETAIL ON THIS MONEY.
'CAUSE WE PAID A LOT OF ATTENTION AND WE SPENT A LOT OF TIME, HE SPENT A LOT OF TIME MAKING SURE THAT THIS WAS ALL A VERY CLEAN TRANSACTION AND IT ENDED UP BEING THAT.
WE WOULD LIKE TO HAVE A MOTION FOR THIS TO BE RECOMMENDED TO THE COURT, UM, AND A FINANCE.
I'M GONNA, I'M GONNA SECOND IT, BUT I WANT TO HAVE A LITTLE DISCUSSION.
UH, SO WE ARE GOING TO ACCEPT THIS REPORT.
WELL YOU'RE ACCEPTING THE FINANCIAL REPORTS, RIGHT? WE YEAH, WE ALREADY DID.
YEAH, BUT ANGIE IS TELLING ME, WELL YOU DON'T HAVE TO, BUT I MEAN JUST TO ACCEPT IT BECAUSE IT IS GOING TO THE BOARD.
SO YOU NEED TO MAKE RECOMMENDATION.
THERE'S NOT AN AGENDA AND ACCEPT THAT THERE ISN'T, THEN WE DON'T, I REMOVE WITHDRAWAL THE MOTION.
SO IS THAT OKAY WITH YOU? THAT'S WHAT LET'S JUST ABSOLUTELY BE SURE I LOOK AT THE AGENDA, SEE WHAT IT SAYS.
IT TALKS ABOUT CONSIDER THE DISTRIBUTION OF THE REMAIN FUND.
THAT'S NOT REALLY ABOUT THE REPORT.
NO, THAT'S, THAT'S THE AGENDA ITEM THAT WOULD BE ON BOARD.
DISCUSS AND CONSIDER THE GAL CENTAL SUMMARY REPORT AS WE HAVE A DISCUSSION NOW.
I MEAN IF WE, IS THAT ON THE REGULAR AGENDA ALSO? IT'S YES, IT IS ALSO SAME TOPIC.
JUST SAY, YEAH, LET'S DO, SO IF THERE'S NOTHING ELSE, ANY COMMENTS FROM THE BOARD AND THE DATE OF OUR
[F. SET DATE OF NEXT MEETING, TIME, AND LOCATION]
NEXT MEETING? JANUARY 27TH, 26TH.IF THAT'S IT, I'LL ADJOURN THIS SESSION OF THE FINANCE COMMITTEE.
UH, DO YOU HAVE ANYTHING ELSE? 9, 9 50.