[00:00:05]
HERE, FINANCE COMMITTEE MEMBER,
[A. CALL TO ORDER]
UM, VICE CHAIR WILLIE GONZALEZ HERE, FINANCE COMMITTEE MEMBER SHEILAHERE WE ALSO HAVE AN ATTENDANCE CHAIRMAN, JEFF PATTERSON.
UH, NOW WE'RE GOING TO HAVE THE INVOCATION BY REVEREND WILLIAMS FROM THE WESLEY TABERNACLE UNITED METHODIST CHURCH.
MORNING LESLIE, TO BE HERE AGAIN.
I FEEL LIKE I'M PART OF THE GROUP.
GOD CONTINUES TO POUR HIS BLESSINGS ON THE WAR AND CRUISE SHIPS AND EVERYTHING, SO WE KNOW WE ARE IN THE RIGHT VEIN OF WORSHIP.
AND I JUST WANNA MAKE SURE THAT THAT CONTINUES, BECAUSE I FEEL LIKE YOU'RE BLESSING THE CITY, EVEN THIS COUNTY, EVEN THIS STATE.
AND I THINK THAT THEY NEED TO CONTINUE.
AND THE CAREFUL THING TO DO IS ALWAYS ACKNOWLEDGING INDIRECT YOUR PATH.
SO THAT'S WHAT WE'RE GETTING READY TO DO.
NOW, I WANT TO THANK YOU ALL FOR, UH, THE ONES THAT I SEE, THE NEW FACES, BUT I WANT TO THANK YOU ALL FOR YOUR PRAYERS LAST YEAR.
YOU KNOW, I HAD THE BATTLE WITH PANCREATIC CANCER AND I'M CANCER FREE.
I APPRECIATE YOUR PRESENCE AND I APPRECIATE THE PHONE CALLS.
I APPRECIATE EVERYTHING THAT YOU'VE DONE.
FATHER GOD, IN JESUS' NAME, YOU KNOW US BY NAME.
YOU SAY YOU EVEN KNOW YOUR HAIR ON OUR HEAD.
WE THANK YOU FOR YOUR PRESENCE IN THIS ROOM TODAY.
BUT WE KNOW NOTHING IS DONE WITHOUT YOU ACKNOWLEDGING 'CAUSE YOUR WORDS.
WITHOUT YOU, WE CAN DO NOTHING.
SO WE ASK YOU HUMBLY, FIRST OF ALL, TO LOOK ALL OVER THIS ROOM AT THE MINDS AND THE HEARTS AND THE INTENTIONS OF ALL THOSE THAT ARE HERE.
LORD, IS THERE ANYTHING THAT'S NOT APPRECIATED BY YOU OR APPROVED BY YOUR WILL? WE ASK YOU TO FORGIVE US FOR REPENTANCES IN OUR HEART AND OUR MINDS, AND WE ONLY SUBJECT TO YOUR WILL.
NOW, LORD, WE ASK YOU TO GO FORTH BEFORE US, TOWARD OUR FOOTSTEPS.
GIVE US THE THOUGHTS, PRAYERS, ACKNOWLEDGEMENTS, THAT WE NEED TO CARRY OUT YOUR PURPOSE FOR THIS COMING YEAR.
TO TAKE EVERYTHING THAT GOES IN AND OUT OF THIS SPORT, EVERYTHING THAT GOES IN AND OUT OF THIS ROOM.
LET IT BE WITH YOUR ANOINTING, WITH YOUR LEADING, YOUR MINISTERING ANGELS, COMPARING IT AND PREPARING AND APPLYING EVERYTHING THAT YOU WANT DONE.
NOW, ORDER EVERY MIND AND EVERY HEART TO BE WITHIN YOUR WILL AND NOT OUR OWN SELFISH WAYS.
HELP US, LORD, TO BE OBEDIENT TO YOUR WORD AS WE CARRY OUT THE THINGS THAT WE HAVE ORDERED TO DO EACH AND EVERY DAY TO MAKE THIS A SUCCESSFUL PROJECT.
NOW, WE ASK YOU TO BLESS THE MINDS AND THE HEARTS OF THE PEOPLE THAT ARE HERE.
THINK CLEARLY, CONSIDER THEIR BROTHERS AND SISTERS TO LOVE ONE ANOTHER, TO COME AND REASON TOGETHER AND ALLOW YOU TO BE THE AUTHOR AND FINISH OF THE FAITH THAT THEY HAVE IN WHATEVER YOU ASSIGN THEM TO DO.
AND WE THANK YOU IN ADVANCE, LORD, AND WE LOOK FORWARD TO AGREEING WITH EVERYTHING THAT YOU ASSIGN US TO DO NOW CARRY OUT YOUR WILL AND WE'LL FOREVER GIVE YOU THE PRAISE IN JESUS NAME.
THANK YOU, THANK YOU, THANK YOU MUCH.
ARE THERE ANY, UM, ANYONE AMONG THE TRUSTEES FEEL AS THOUGH THEY HAVE A CONFLICT OF INTEREST ON ANYTHING TODAY? NO, THAT'S GOOD.
SO, UH, THEN WE'RE MOVING ON TO PRESENTATIONS
[B. PRESENTATIONS AND ANNOUNCEMENTS]
AND ANNOUNCEMENTS.BROWN'S NOT GONNA BE ABLE TO MAKE IT TODAY.
HE'LL BE AT THE NEXT MEETING IN JUNE.
SO WE'RE GONNA MOVE RIGHT ALONG.
[C.1 APPROVAL OF THEMINUTES]
TO THE APPROVAL OF THE MINUTES.ANY, UH, DISCUSSION? THINGS LOOK GOOD.
[C.2 PUBLIC COMMENTS]
A SECTION FOR PUBLIC COMMENTS AND THE ONLY ONE WE HAVE IS TED, MR. LADIES AND GENTLEMEN.UM, I KNOW CHARLOTTE SENT OUT AN EMAIL TO YOU ALL GUYS ABOUT SOME OF THE FINANCIAL SITUATIONS, WHICH I HADN'T REALLY HAD A CHANCE TO DIGEST IT.
UM, I SPOKE WITH THE CHAIRMAN YESTERDAY AND I APPRECIATE THE CHAIRMAN OF THE BOARD RESPONDING TO A COUPLE OF THE QUESTIONS THAT I HAVE.
ONE OF THE THINGS THAT REALLY, UH, YOU KNOW, I'VE BEEN UP SEVERAL TIMES AND TALKED ABOUT HOW IT'S HARD TO GET INFORMATION.
AND NOW WHAT'S HAPPENED IS, IS IT, IT LUMPED EVERYTHING TOGETHER WITH THE CONSENT AGENDA.
AND BEFORE YOU HAD IT WHERE YOU COULD CLICK ON IT A, B, C,
[00:05:01]
D, E, F OR WHATEVER, BUT NOW IT'S 440 SOMETHING PAGES.AND THEN WHEN YOU GO TO LOOK AT IT, IT'S SO BIG THAT IF YOU JUST TOUCH IT, TO OPEN IT TO, TO BE ABLE TO VIEW IT, IT GOES AWAY.
THEN YOU HAVE TO START ALL OVER AGAIN.
SO, I DON'T KNOW, IT'S GOTTEN, IT'S GOTTEN WORSE RATHER THAN GETTING BETTER SINCE WE'VE LOST THE OPPORTUNITY AS THE PUBLIC TO BE ABLE TO VIEW THE DOCUMENTATION THAT YOU HAVE.
SO IT'S NOT, IT'S NOT TRANSPARENT WHAT'S AT ALL, I MEAN, WE HEAR ALL THIS ALL THE TIME ABOUT HOW TRANSPARENT IT IS, BUT YOU NEED TO, IF YOU CAN CORRECT THAT, I THINK THAT, UM, MR. PATTERSON SAID YESTERDAY HE WAS ON THE PHONE TRYING TO DO THE SAME THING.
SO HE KNOWS, HE REALIZES THAT'S AN ISSUE.
AND I HOPE THAT Y'ALL ARE ABLE TO RECTIFY THAT AND FIX IT, NOT ONLY GOING FORWARD, BUT FOR WHAT WE HAVE NOW AND BE ABLE TO KEEP IT WHERE YOU, IT'S EASY TO DIGEST.
UH, THE OTHER THING WAS, IS THAT ON THE CURRENT CAST POSITION, IT'S JUST, YOU KNOW, I JUST, I KNOW THAT IT CAME OUT BEFORE WHEN MR. YARBOROUGH WAS HERE WHERE YOU WOULD HAVE THE APPROVED COMMITTED PROJECTS, YOU KNOW, A SECTION FORM.
AND I THINK ONE OF THE MAIN THINGS IS, IS YOU DON'T HAVE THAT ON YOUR PIE CHART.
IF YOU HAD THAT ON YOUR PIE CHART, LIKE YOU HAVE THE OTHER THINGS AND SHOWED HOW MUCH WAS COMMITTED THAT IT REALLY DOES TAKE AWAY FROM YOUR UNRESTRICTED.
AND THERE WAS A BIG DISCREPANCY IN THERE WHERE IT WENT FROM 25 MILLION DOWN TO 11 MILLION BETWEEN LAST MONTH AND THIS MONTH.
DETERMINE ALSO SAID THAT HE WOULD, Y'ALL WOULD LOOK INTO THAT.
I KNOW SHE SENT A LETTER ABOUT THAT ON HOW THAT'S A LOT OF, THAT'S A BIG DIFFERENCE WITH THE $14 MILLION.
SO BASICALLY THAT'S WHAT I WANTED TO SAY.
AND UM, LAST MONTH I WAS, I WAS ON THE AGENDA TO SPEAK, BUT I HAD TO RUN AND TAKE CARE OF SOME OTHER MATTERS.
BUT HOPEFULLY NEXT MONTH WHEN DR. BROWN WILL, I WAS ONLY HERE TO COMMEND DR. BROWN ON HIS PERFORMANCE AND HOPEFULLY I'LL BE HERE NEXT MONTH TO COMMEND HIM ON HIS PRESENCE AND HIS DEDICATION TO THE PORT, TO THE COMMUNITY.
ALRIGHT, UH, NEXT ITEM IS BUSINESS ITEMS,
[D.1 CFO Report/Consent Agenda]
UH, CFO REPORT.ROBERT MARK, MARK IS COMING ALONG.
HOPEFULLY WE'LL SEE HIM THE FIRST WEEK OF JUNE.
APPARENTLY THAT'S KEEP YOUR KNEES HEALTHY.
I'M JUST WAITING FOR THE PRESENTATION TO POP UP BETWEEN PRACTICE YOUR STANDUP COMPANY.
UH, THE DAY WE'LL BE REVIEWING THE, UH, YEAR TO DATE APRIL FINANCIALS AND ALSO THE, THE APRIL FINANCIALS ON ITS OWN.
SO FOR THE MONTH OF APRIL, WE FINISHED WITH THE BOTTOM LINE, THAT INCOME OF 7.5 MILLION, WHICH IS A 3.3 OVER MILLION DOLLARS OVER BUDGET, WHICH IS PRIMARILY DUE TO, UH, GRANT REVENUE.
UH, AND IT'S 6.2 MILLION OVER PRIOR YEAR RESULTS.
UH, LOOKING AT OPERATING REVENUE, YOU FINISHED RIGHT AT $9 MILLION, WHICH IS ABOUT $300,000 OVER BUDGET AND 3.2 MILLION UH, DOLLARS OVER PRIOR YEAR RESULTS.
UH, LOOKING AT MONTH TO DATE, OPERATING EXPENSES WE HAD WE'RE AT RIGHT AT 3.8 MILLION, UH, WHICH WAS ABOUT $95,000 OVER BUDGET AND ABOUT 600,000 OVER, UH, PRIOR YEAR RESULTS.
LOOKING AT THE ENDING CASH FLOW FOR APRIL, UH, RIGHT AT 4.2 MILLION, WHICH IS 2.3 MILLION OVER BUDGET AND $3.2 MILLION OVER PRIOR YEAR RESULTS ALSO.
AND WE WILL LOOK MORE IN DETAIL AT EACH ONE OF THESE ITEMS. UH, THE NEXT FEW SLIDES, THIS IS A FINANCIAL SUMMARY.
MONTH TO DATE, UH, OPERATING INCOME IS $277,000 OVER BUDGET.
OPERATING EXPENSES BEFORE DEPRECIATION, RIGHT AT 96,000 OVER BUDGET FOR THE MONTH.
UH, DEPRECIATION WAS 126,000 OVER BUDGET.
AND AS I MENTIONED EARLIER, UH, NON-OPERATING INCOME WAS 300, WAS $3.2 MILLION OVER BUDGET, AND THAT WAS DUE TO A T STOCK GRANT.
AND OPERATING EXP NON-OPERATING EXPENSES WAS RIGHT ON BUDGET.
[00:10:01]
THE, UH, IF YOU LOOK AT THE BOTTOM, THE CAPITAL EXPENDITURES, WE WERE RIGHT AT 5.9 MILLION FOR THE MONTH OF, UH, APRIL.THE BOTTOM CASH FLOWS WAS 2.2 MILLION OVER BUDGET.
ANY QUESTIONS ON THIS SLIDE? ALL THE LEVERAGE.
FINANCIAL REVENUES MONTH TO DATE, UH, I'LL HIGHLIGHT THE, UH, THE ITEMS THAT NEED TO BE HIGHLIGHTED.
WARPAGE WAS UP $39,000, UH, MAINLY DUE TO WIND.
UH, PASSENGER UH, FEES WERE DOWN A LITTLE BIT.
92,000, UH, PASSENGER COUNT WAS DOWN A LITTLE BIT COMPARED TO BUDGET.
PARKING WAS UP $309,000 OVER BUDGET AND LAY DOCKET WAS UP $53,000, WHICH IS ALSO A REFLECTION OF THE INCOMING WIND THAT WE HAD IN APRIL.
SO TOTAL OPERATING INCOME WAS 9 MILLION ON A 8.7 MILLION.
BUDGET WAS AT ABOUT $300,000 OVER BUDGET.
FINANCIAL, UH, EXPENSES FOR APRIL, I'LL HIGHLIGHT THESE TWO ITEMS. UTILITIES, UH, THERE IS A CREDIT FOR $392,000.
UH, THAT WAS FOR, THAT REFLECTS THE WATER BILL ISSUE THAT WE HAD IN OF LAST YEAR.
UH, THAT'S EQUALS THE, UH, BASICALLY THE, IT'S CORRECTION OF THE WATER BILL FOR YEAR TO DATE AND ALSO FOR LAST YEAR.
SO THAT WAS A BILLING PROBLEM OR YES, SIR.
SOME KIND OF ISSUE ON THE CITY'S.
WE DON'T HAVE MAYOR BROWN TO PICK ON ANYMORE
IT'S, NO, IT'S NOT NEAR AS MUCH FUN TO POINT THOSE THINGS OUT.
AND THE OTHER ITEM I'D LIKE TO POINT OUT IS THE INSURANCE.
UH, WE, WE BACK IN LINE, THAT'S WHY IT'S OVER BUDGET THIS MONTH, BUT YEAR TO DATE NUMBER, IT'S BACK IN LINE WHERE IT SHOULD BE.
MOVING ON TO THE YEAR TO DATE FIGURES, UH, YEAR TO DATE NET INCOME'S AT 26.3 MILLION, WHICH IS AT 5.1 MILLION OVER BUDGET AND 10.7 OVER PRIOR YEAR RESULTS.
YEAR TO DATE OPERATING REVENUE IS AT 40.8 MILLION, WHICH IS 600,000 OVER BUDGET AND 11.2 MILLION OVER PRIOR YEAR.
RESULTS, AGAIN, THE OPERATING EXPENSES RIGHT AT 14.4 MILLION, WHICH IS 1.9 UNDER BUDGET, UH, IN ONE AND A HALF MILLION OVER BUDGET OVER PRIOR YEAR.
RESULTS ENDING CASH FLOWS RIGHT AT 15.7 MILLION.
AND THIS IS CASH FLOWS FROM OPERATIONS.
UH, WERE 4.1 MILLION OVER BUDGET IN 5.4 MILLION OVER PRIOR YEAR RESULTS.
AND LOOKING AT THE FINANCIAL SUMMARY, YEAR TO DATE, OPERATING AID INCOME FOR $605,000 OVER BUDGET.
UH, OPERATING EXPENSES BEFORE DEPRECIATION WERE 1.9 MILLION UNDER BUDGET AND DEPRECIATION IS, UH, 551,000 OVER BUDGET.
YOU LOOK AT NON-OPERATING INCOME, WE'RE 2.4 MILLION OVER BUDGET THAT REFLECTS THIS MONTH'S, UH, T DOT GRANT.
WE RECEIVED, UH, PAYMENT FOR AND NON-OPERATING EXPENSES WERE $805,000 BELOW BUDGET AND YEAR TO DATE WE SPENT 19.1 MILLION ON CAPITAL EXPENDITURES, FINANCIAL REVENUES.
I'LL POINT OUT THE HIGHLIGHTS, UH, WORK PAGE.
UH, WE ARE $320,000 DOWN, UH, BUT WE ARE EATING INTO THAT THIS APRIL AND AS WE CONTINUE TO GET MORE WIND SHIPS, UH, THAT I'LL CONTINUE TO GO DOWN.
WE WERE 382,000 OVER BUDGET FOR THE YEAR.
AS WITH PARKING, WE WERE $495,000 OVER BUDGET FOR THE YEAR.
AND LAY DOCKAGE IS A REFLECTION OF THE WIND PICKUP.
WE PICKED UP 54 80 4,000 FOR THE MONTH.
UH, BUT WE'RE ALSO STILL STILL DOWN 84,000 FOR THE YEAR.
BUT WE DID HAVE A SMALL PICKUP FOR THE, THE YEAR I SPOKE THERE A SECOND AGO.
AND SECURITY COST RECOVERY FEES WERE 177,000 DOWN.
UH, THAT'S ALSO A REFLECTION OF CATCHING UP WITH WIND AND ALSO, UH, THIS CRUISE SHIPS BEING DOWN OVER THE PASSENGER SERVICE FEES BEING DOWN A LITTLE BIT.
YEAR TO DATE REVENUES, THIS IS JUST A PIE CHART FORMAT, UH, RIGHT AT FOUR POINT 49.9 FOR THE YEAR MILLION FOR THE YEAR.
UH, COMBINED PARKING AND PASSENGER FEES REFLECT 63% OF THIS CHART.
UH, IF WE REMOVE OUT THE NON-OPERATING INCOME, UH, PASSENGER AND PARKING REFLECTS 76% OF ALL OPERATIONAL REVENUE.
TALKING ABOUT THE PASSENGER FEE.
IT IT'S CERTAINLY A DOWN, IT'S REALLY DOWN VERSUS WHAT WE BUDGETED.
NOT DOWN YEAR, OVER YEAR, DOWN WHAT WE, WE BUDGETED FOR VERSUS BUDGET.
SO SHIPS ARE STILL SOLD, WE'RE NOT SEEING ANY CORONAVIRUS AND OTHER THINGS.
CORRECT, BUT THAT'S NOT, WE'RE NOT REALLY SEEING ANY IMPACTS ON THE CAPACITY OF SHIPS.
CORRECT? WE WERE, YES, WE WERE VERY AGGRESSIVE, UH, WITH THE PASSENGER.
SOME OF THAT'S BASED ON HISTORY THAT WE HAVE FOR SHIPS, BUT WE HAD A FEW SHIPS THIS YEAR THAT WE HADN'T HAD PRIOR YEARS THAT WE HAD NO HISTORY ON WHAT THEY WERE.
SO WE HAD TO TAKE A LEAP OF FAITH ON SOME OF THOSE AND
[00:15:01]
WE WERE AGGRESSIVE ON THOSE EXPENSES.YEAR TO DATE, UH, EMPLOYEE EXPENSES, UH, STILL DOWN A MILLION DOLLARS FOR THE YEAR.
UH, BY THE END OF THE YEAR WE EXPECT THAT TO COME BACK IN LINE, UH, CLOSER TO THE BUDGET, WHETHER CONTRACT SHUTTLE SERVICES ARE A HUNDRED THIRTY, THREE HUNDRED EIGHTY $3,000 DOWN, AND THAT'S MAINLY DUE TO THE SHUTTLE SERVICES, UTILITIES 367,000 DOWN.
BUT THAT'S A REFLECTION OF THE CREDIT THAT WE RECEIVED THIS MONTH.
AND APPRECIATION, AS I MENTIONED EARLIER, UP IN OTHER OFFICE SALES AND EXPENSE, UH, $315,000 DOWN, THAT IS A, UH, REFLECTION OF RENTAL RENTAL EXPENSE THAT WE PAY.
UH, AT THE END OF LAST YEAR, THERE WAS A CORRECTION THAT WE HAD TO MAKE AND THAT WAS DONE AFTER WE ALREADY DID THE BUDGET, THE BUDGET'S DONE IN EARLY, UH, NOVEMBER.
AND SO THIS CORRECTION THAT WE MADE, SO IT'S IN A FLOW TO DO THE REST OF THE YEAR, YEAR DATE EXPENSES, UH, EMPLOYEE EXPENSES STILL AT 27%.
AND THAT'S NORMALLY ABOUT WHERE WE RUN, UH, YEAR OVER YEAR LAST YEAR.
UH, I'LL BE FINISHED AROUND THERE ALSO BY THE END OF THE YEAR.
ALSO, LOOKING AT THE PRODUCT LINE SUMMARY, I WILL HIGHLIGHT THAT IF YOU LOOK AT NET OPERATING INCOME BEFORE THE ALLOCATIONS IN THE DEPRECIATION, WHICH IS THE FIRST BOLDED LINE, UH, YOU CAN SEE THAT CRUZ IS AT 20.6 MILLION AND THAT PARKING IS AT 9.6 MILLION.
SO EVEN THOUGH THEY TAKE ON THE MAJORITY OF THE, THE ALLOCATIONS, THEY STILL HAVE VERY STRONG, UH, OF THE BOTTOM AFTER WE, WE PUSH THE ALLOCATIONS TO THEM.
IF YOU DON'T MIND, WOULD YOU GO BACK TO, UH, YEAR TO DATE EXPENSES? MM-HMM
I I WANTED TO ASK YOU ABOUT INSURANCE.
UH, THAT INSURANCE THAT'S, THAT'S LISTED DISCREETLY THERE TO 2.1 MILLION, DOES THAT INCLUDE HEALTH INSURANCE OR DO YOU INCLUDE HEALTH INSURANCE? HEALTH INSURANCE WOULD BE INCLUDED.
UH, EMPLOYEE EXPENSES, ANY SIR.
ANY, UH, QUESTIONS ABOUT THE PRODUCT LINE SUMMARY? AND AT THE MOMENT, UH, CRUZ IS, UH, COLLECTING 50% OF THE ALLOCATIONS AND PARKING COLLECTS 29% OR THE, OR THE MAJORITY OF THOSE ARE ALLOCATIONS.
YEAR TO DATE, UH, TRAVEL TRAINING AND DEVELOPMENT YEAR TO DATE, WE HAVE SPENT $134,000, WHICH IS STILL $78,000 UNDER BUDGET.
UH, TOTAL CASH POSITION FOR THE MONTH, UH, YEAR TO DATE, WE HAVE 79 MILLION.
TOTAL CASH UNRESTRICTED IS 33.7 MILLION, LEGALLY RESTRICTED AT 29.9 AND INTERNALLY RESTRICTED AT 15.4.
UH, THE CHECK REGISTER, UH, 14% OF ALL ORDINARY OPERATING PAYMENTS IS ARE THE LOCAL VENDORS.
UH, AS YOU CAN SEE THAT THE OTHER PORTIONS ARE 7.5.
THE NON-LOCAL AND NON-OPERATING VENDORS ARE 1.5 MILLION FOR THE MONTH, FOR THE YEAR OR FOR THE MONTH ON THIS ONE IN ACCOUNTS, UH, OVER 90 DAYS.
WE HAVE 121,000 AT THE END OF APRIL AND WE HAVE COLLECTED AROUND $40,000 ON THAT SINCE THEN.
AND HERE'S THE, HERE'S THE AR AGING PAGE.
CURRENT CASH POSITION INTERNALLY TOTAL, UH, TOTAL INTERNALLY RESTRICTED FUNDS WE'RE AT RIGHT, 15.4 MILLION.
AND THAT INCLUDES LIKE THE, UH, THE PILOT PAYMENTS, THE CARNIVAL MARKETING IS SET UP, AND ALSO WHAT WE, UH, RESTRICT INTERNALLY FOR OUR OPERATION PROJECTS, LEGAL RESTRICTED SYNCING FUNDS, 8.3 MILLION AND THAT'LL CONTINUE TO BUILD UNTIL AUGUST, UNTIL WE MAKE A PAYMENT.
AND THEN WE HAVE RESTRICTED DEBT SERVICE FUNDS, AND THAT'S 17.6 AND THAT GENERALLY GONNA STAY THE SAME FOR THE AMOUNT THE YEAR.
THAT DOES NOT CHANGE, THAT'S READY IN THE BANK.
AND THE BOND PROCEEDS AVAILABLE RIGHT NOW ARE AT THREE POINT, BASICALLY RIGHT AT FOUR POINT MILLION DOLLARS.
AND SO UNRESTRICTED CASH THIS MONTH IS 33.7 MILLION.
AND SO THAT BRINGS UP THE BOTTOM LINE TO BASICALLY 79 MILLION IN TOTAL CASH IN THE BANK FOR US.
AND TO POINT OUT THE, THE LITTLE BOX AT THE BOTTOM, I'M NOT SURE IF Y'ALL CAN SEE IT ON THE SCREEN, IT'S, IT'S VERY SMALL FOR ME.
SO IN OPERATIONS, WE HAVE A COMMITTED BALANCE OF $11.8 MILLION AND WE'RE, WE'RE RESTRICTING ALL OF IT AT 11.8 MILLION.
SO WE HAVE NO REMAINING COMMITTED BALANCE.
IT'S UNRESTRICTED, WHICH WE HAVEN'T BEEN IN THAT POSITION IN A LONG TIME.
LIKE YEAH, BECAUSE WE'VE BEEN SPENDING A LOT OF CAPITAL.
SO I GUESS IF I READ THAT RIGHT, IT JUST SAYS THAT WE, I DON'T KNOW IF YOU GUYS, NORMALLY YOU GUYS PUT WHAT, FOUR TO SIX MONTHS OR SO, SOME BASIS OF HOW MUCH YOU ARE RESTRICTING.
BASICALLY NOW WE'RE KIND OF GETTING TO THE END OF OUR LARGE CAPITAL EXPENDITURES AND NOW, NOW ALL OF THEM, ALL
THAT, THAT ONE ONLY REFLECTS THE OPERATIONS, UH, OPERATIONAL IS COMMITTED PROJECTS THAT WE HAVE RIGHT NOW.
SO THERE'S NO UN YEAH, THERE'S NOTHING.
SO WHATEVER'S SHOWN THERE IS RESTRICTED, THERE'S, THERE'S NO OTHER MONEY IN OUR RESERVES NEEDED TO COVER.
THE CRUISE CAPITAL P, WHICH IS YES, SIR.
[00:20:01]
WE BLEW THROUGH A LITTLE BIT OF DEBT.BUT IF WE, WELL, WE GOT A LOT, WE GOT A LOT DONE.
IT'S GOOD TO BE KIND OF GETTING TOWARDS THE END OF THAT CASH FLOW AND IN THE BEGINNING OF NEXT, IN THE BEGINNING OF THE NEXT.
SO NOW WE'RE, NOW, YOU KNOW, NOW WE'RE READY TO GO.
WHAT'S, WHAT'S NEXT? I GUESS THE OTHER THING JUST FOR EVERYBODY, AND I POINTED OUT BEFORE THE HIT THE IN TAB FOUR UNDER THE CONSENT AGENDA, I GUESS THE NEXT TO LAST PAGE, KIND OF THE JIM YARBOROUGH, UH, SLIDE THERE, BUT IT BASICALLY HAS THE SPREADSHEET THAT SHOWS, UH, THOSE NUMBERS THAT ARE REFLECTED AS FAR AS THE OPERATIONS ALSO SHOWS THE PROJECTS OF DEBT AND GRANTS.
IT'S A REALLY GOOD ONE PAGER TO KIND OF SEE WHERE WE ARE ON A CASH COMMITMENT YES.
PROJECT FROM COMMITMENT STANDPOINT.
AND I THINK THERE WAS AN ERROR IN THE, THERE WAS A, THERE WAS AN ERROR LAST MONTH ON THE COMMITTED BALANCE, UH, THE REMAINING COMMITTED BALANCE.
UM, IT PICKED UP A GRANT NUMBER.
IT PICKED UP THE GRANT NUMBER AND ALSO THE, THE TOTAL FOR THAT PROJECT.
AND SO IT WAS OVERSTATED BY AROUND $10 MILLION.
UH, BUT IT'S CORRECT, IT WAS CORRECTED.
IT WAS ALREADY HAD BEEN CORRECTED.
APRIL, UH, NOT CORRECTED IT, UH, REFLECTED THE RIGHT NUMBER.
IT SHOULD HAVE BEEN IN THE MARCH.
ALSO DIDN'T CHANGE OUR CASH POSITION.
YEAH, NO IT DOESN'T, IT DOES NOT CHANGE.
DIDN'T CHANGE ANY OF THE YEAH, THE NUMBERS.
UH, THE LAST PAYROLL, THE, THE FIRST PAYROLL IN MAY, WE FINISHED AT 139 EMPLOYEES ON A BUDGET OF 144.
UH, AND IF YOU LOOK AT THE VERY BOTTOM LINE, WE HAD 134 EMPLOYEES, UH, AT THE END OF LAST YEAR.
SO WE'RE FIVE WILL WORK FROM WHERE WE ENDED THIS TIME LAST YEAR.
UH, BUT STILL FIVE BEHIND COMPARED TO BUDGET PAYMENTS TO THE CITY.
YEAR TO DATE WE'RE RIGHT AT $1.4 MILLION.
WE ADDED ADDITIONAL THREE POINT 327,000 THIS MONTH.
UH, GOING FORWARD, UH, JUST A REMINDER, THE BUDGET IS RIGHT AT $3.5 MILLION FOR THE YEAR AND LAST YEAR THE, UH, THE PAYMENTS TO THE CITY WERE ABOUT 3.1 MILLION.
I'LL JUST NOTE THAT THE ANNUALIZED APRIL IS 3 MILLION 7 9 5 93.
I ALREADY, HE SENT IT TO A FORMER MAYOR JUST FOR LET'S DOCKAGE DISCOUNTS.
UH, IT'S REFLECTED RIGHT HERE AND WE PUT THE SLIDE ON.
THERE WILL BE A, A FINAL ACCOUNTING, ALL THIS WHEN PROBABLY SOME RIGHT IN THE JULY BOARD MEETING OR THE AUGUST BOARD MEETING.
ONCE WE, WE RUN THROUGH THE LAST, UH, BIT OF MONEY THROUGH THE GMP AND EVERYTHING'S CLOSED OUT AND ALL THE RETAINAGE IS PAYING.
UH, BUT RIGHT NOW, UH, THE BOARD HAS APPROVED 159.3 MILLION AND COMMITTED PRO AND COMMITTED TO THIS, UH, SEAT THE TERMINAL AND THE GARAGE.
AND WE HAVE SPENT 157.4 MILLION YEAR TO DATE OUT ON THIS PROJECT.
AND THE REMAINING SPEND, WE FIGURE IT'S GONNA BE AROUND 1.1 MILLION, THAT WOULD BRING THE TOTAL PROJECT TO ABOUT 158.5 MILLION AND THAT'LL LEAVE US A SURPLUS AROUND 742, WHICH IS, IS A PROJECTION.
SO THAT IS, I WOULD JUST HAVE TO SAY GUYS, THAT IS VERY, VERY IMPRESSIVE.
LET GET SOME SOUND DUN AND STUFF IN THERE BECAUSE YOU CAN LOOK AT, GO PICK YOUR, YOUR FAVORITE SCHOOL PROJECT, CITY PROJECT COUNTY PROJECT, NATIONAL PROJECT SCHOOL, DISTRICT SCHOOL.
I WOULDN'T EXTREMELY, BUT IT'S, UH, BEING ABLE TO COMMIT TO A NUMBER AND THEN DELIVER AT OR BELOW THAT NUMBER AND DELIVER IT ON TIME AND DELIVER ON THE QUALITY THAT YOU GUYS HAVE.
I GUESS JEFFREY, YOU GUYS HAVE, AND YOUR STAFF AND YOUR TEAMS HAVE DONE AN OUTSTANDING JOB.
THE OTHER THING IS THE, UH, THE CONTRACTOR, I MEAN THAT, THAT CONTRACTOR IS REALLY GOOD AND PART OF THAT IS, PART OF THAT IS SELECTING THE RIGHT CONTRACTOR, HAVING THE RIGHT, I MEAN IT IS A TEAM EFFORT, RIGHT? YOU DON'T GET THERE, BUT IT, YOU KNOW, IF WE WERE SITTING THERE AND IT WAS 10 MILLION OVER BUDGET, WE'D BE YELLING AT YOU.
SO YOU GOTTA TAKE THE CREDIT FOR, FOR THAT CHAIRMAN, I'D JUST LIKE TO NOTE THAT THAT UNDER BUDGET NUMBER INCLUDES A TARIFF THAT WE DIDN'T ANTICIPATE THAT THERE MIGHT BE COMING BACK.
THAT WAS THEN THAT WAS QUESTION.
SO THE TARIFF WOULD, WOULD, I ASSUME WE WILL GET THE TARIFF BACK.
SO THAT'S OVER AND ABOVE THIS, CORRECT? YEAH, I THINK WE TALKED ABOUT THAT ON THE BOARD DIRECTOR REPORT TODAY.
THE REALITY IS IS, YOU KNOW, THEY'RE TRYING TO FIGURE OUT, THEY'RE TRYING TO FIGURE OUT HOW TO SUM IT DOWN, BUT UH, IF YOU GET ANYTHING BACK, IT'S FOUND MONEY.
IT'S, SO THE BOTTOM LINE IS IS WE'VE GOT, UM, ABOUT THREE QUARTERS OF A MILLION DOLLARS THAT REALLY STILL NEEDS TO GO INTO THESE PROJECTS, INTO THESE PROJECTS BECAUSE THESE ARE, THESE ARE, UH, RESTRICTION FUNDS AND SO THEY CAN'T BE JUST USED.
WE'RE GONNA, WE WILL BE, UH, AND WE ALREADY HAVE A LITTLE BIT, WE'VE, UH, REACHED OUT TO BOND COUNCIL, UM, TO UNDERSTAND WHAT WE MIGHT BE ABLE TO DO WITH THAT IN
[00:25:01]
TERMS OF IS IT STRICTLY THOSE, IS IT STRICTLY 16 OR IS IT STRICTLY WATERFRONT? AND THAT'S WHAT WE'RE TRYING TO GET SOME MORE CLARIFICATION ON BECAUSE WE COULD USE THAT ALONG THE WATERFRONT AND MAYBE SOME OTHER PROJECTS TOO.SO THAT'S, AND WE, WE'VE TALKED ABOUT THAT BEFORE.
WE WERE THERE RECENTLY FOR THE, UM, MARITIME DAY AND WE TALKED ABOUT THE NEED FOR SOME KIND OF SOUND DAMPENING THAT BECAUSE I IMAGINE WE'RE GONNA BE USING THAT PLACE QUITE A BIT AND SO I THINK IT'D BE WELL SPENT OR LOOKED AT TO, TO PUT SOMETHING IN THERE IF THERE'S MONEY LEFT OVER FLORIDA.
AND, AND, AND THE OTHER THING TOO IS THOSE WALLS ARE PRETTY BARE.
I MEAN YEAH, IT MIGHT BE WE DO SOMETHING WITH THE WALLS DOWN THERE.
MAKE A LITTLE BIT MORE, UH, UH, MORE CRUISE READY.
GET, YEAH, BECAUSE I MEAN, TO A LARGE EXTENT YOU CAN KILL TWO BIRDS WITH ONE STONE AND THEY, THEY MAY DO BOTH.
THEY MAKE ART THAT ACTS SOUND, SOUND ABSORBING ART, SOUND ABSORBING ART, FUNCTIONAL ART.
JUST AGAIN, THAT'S UH, SAY A LOT OF FOLKS ARE ENVIOUS OF BEING ABLE TO DELIVER A PROJECT THAT COMPLICATED ON A VERY TIGHT TIMELINE.
UM, THREE QUARTERS OF A MILLION DOLLARS UNDER BUDGET.
YOU KNOW, I DO, I I ALSO WANT TO SAY, YOU KNOW, WE'VE EARNED OVER A MILLION AND A HALF DOLLARS IN INTEREST.
RIGHT? SO THAT'S IN THOSE NUMBERS IT HELPS.
SO THE NEXT ITEM IS THE CONSENT AGENDA.
UM, AND WE CAN BRING UP THE, UH, THE CAPITAL SHEETS ALSO.
WELL THERE WAS, THERE WAS SOME QUESTION I THINK WHEN YOU COMBINED ALL THIS BECAUSE OF, UH, THE CITY WAS ASKING US TO KIND OF YEAH, THE SMALLER FILES.
WHEN WHEN WE UPLOADED THIS STUFF SPAC IN BETWEEN, PART OF THE REASON COMMENT MADE, ONE OF THE REASON THIS IS ALL ONE ITEM NOW IS WE'RE JUST TRYING TO SLIM IT DOWN SIZE WISE.
IT'S JUST REALLY WHEN YOU GET IT THAT AND JUST BECAUSE NOW I LOOK AT IT ONLINE AND, AND TRYING TO OPEN THAT FILE AND LOOK AT IT, IT'S REALLY MOVE AROUND IN IT, IT'S ALMOST IMPOSSIBLE.
SO, I DON'T KNOW, KIND, IT'S KIND OF A TRADE OFF.
BUT IT WAS NICE WHEN YOU HAD A, THE INDIVIDUAL, YOU KNOW, A, B, C, D, E WAS REALLY OKAY, YOU CAN GO BACK AND DO IT.
IT JUST TAKES UP A LOT OF THE SPACE OUTSIDE ON THAT.
I'M SORRY, I, I PERSONALLY I'D GO BACK TO THAT 'CAUSE OTHERWISE THIS IS KIND OF, I DON'T WANNA SAY USELESS, BUT IT'S REALLY HARD TO WORK IN BECAUSE IT'S JUST SUCH A BIG FILE.
SO I'D RECOMMEND IF WE CAN GO BACK TO THE DIFFERENT A, B, C, D, IT IS MUCH EASIER TO GO BACK, LIKE, LOOK AT STUFF.
FOR WHAT IT'S WORTH, IT'S ROOM.
AND WE'RE, WE'RE ABOUT TO BRING UP THE, UH, THE CAPITAL PLAN HERE IN JUST A SECOND.
I THINK THAT'S WHAT TAB NINE? UH, YES.
WHILE THEY'RE WORKING ON THAT, I WILL SAY ON THE CAPITAL PLAN, THE ONLY CHANGES THIS MONTH WAS JUST DOLLARS SPENT, UH, ON THE PROJECTS.
IF THERE WAS ANY, UH, CAPITAL SPENT ON THESE PROJECTS.
THAT WAS THE ONLY, UH, UPDATES THAT WE NOT HAD ANYTHING AND NOTHING WAS REMOVED OR ANYTHING LIKE THAT.
IT WAS A LITTLE BUSY WITH ALL THE COLORS THAT WERE SHOWN ON THERE.
SO WE JUST DIDN'T SAW THE GREEN JUST FOR THE, DIDN'T HAVE ANY CHANGES.
ARE THERE ANY OTHER QUESTIONS ABOUT THE FINANCIALS FOR THE MONTH OR NO, IT'S GOOD.
OKAY, SO WE'RE GONNA, UH, LET ME ASK, UH, WE HAVE THE CFO'S REPORT AND THE, AND THE CONSENT AGENDA.
CAN WE GET A MOTION TO APPROVE OR TO RECOMMEND APPROVAL OF THOSE? UH, AND SO LET'S, UH, VOTE ON THAT ALL FOR IT.
SO THEY'RE APPROVED AND WE'RE INTO
[E. COMMENTS FROM THE BOARD OF TRUSTEES]
COMMENTS FOR TRUST FROM BOARD OF TRUSTEES, WHICH WE CAN DO NOW OR DO LATER.I WOULD BE HAPPY TO TURN IT OVER TO
[00:30:01]
THE CHAIRMAN OF THE WARS BOARD FOR THE NEXT MEETING WITH THE CHALLENGE TO GET THROUGH THAT MEETING AS, AS WE GOT THROUGH THIS RELATIVELY TODD.BUT I DON'T, I ALWAYS HATE TO, I DON'T UNDERESTIMATE THE ABILITY OF THIS BOARD TO, UH, TALK SO
DO WE WANT TO TAKE A BREAK? I, I, YEAH, LET'S ADJOURN THE, LET'S ADJOURN THE FINANCE COMMITTEE MEETING.
ALRIGHT, SO I'M, I'M GONNA MOVE ADJOURNMENT AND, UH, WE ARE ADJOURNED.
NINE 30 AND THEN, SO LET'S TAKE ABOUT A FIVE MINUTE BREAK AND THEN WE'LL GET BACK UP AT THE, I GUESS WE CAN'T START UNTIL NINE 30.