[00:00:01]
IS I THINK, UM, WE'LL ADJOURN THIS MEETING AND, UM, LET, UH, RICHARD MOORE TAKE OVER FOR THE FINANCE COMMITTEE MEETING.WE'RE GONNA START THE FINANCE COMMITTEE ONE 15?
[A. CALL TO ORDER]
YES.UM, SO I'M GONNA CALL IT TO ORDER, UH, ANGIE DO A CALL, CHAIRMAN RICHARD MOORE.
HERE WE HAVE VICE CHAIR WILLIE GONZALEZ.
NOT ANY LONGER, RIGHT? OH, YOU'RE NOT ON THE COMMITTEE? NO, NO.
IT'S VICE CHAIR, UH, VIC PEARSON HERE AND COMMITTEE MEMBER HERE.
THEN WE ALSO HAVE AN ATTENDANCE.
WE HAVE ERIC, WE HAVE SCOTT HICKMAN GONZALEZ.
SO WITH ALL THAT, ALL THAT, WE DO HAVE A FORUM.
UM, ARE THERE ANY, UH, CONFLICTS OF INTEREST THAT ANY TRUSTEE MIGHT LIKE TO DIVULGE?
[B. PRESENTATIONS AND ANNOUNCEMENTS]
THERE BEING NONE WILL MOVE ON.UH, ARE THERE ANY PRESENTATIONS OR ANNOUNCEMENTS? UH, WE JUST HAVE THE CO.
AND, UH, SO, UM, I THINK APPROVE MINUTES.
WE HAVE APPROVAL OF MINUTES AND PUBLIC
[C.1 APPROVAL OF THE FINANCE COMMITTEE MEETING MINUTES ]
COMMENT FIRST, DID I SKIP THE WHOLE SECTION? YES.AND THANK Y'ALL FOR BRINGING THE, UH, MY ATTENTION.
SO LET'S, FIRST I'D LIKE TO CALL FOR APPROVAL OF THE FINANCE COMMITTEE MEETING MINUTES OF THE LAST MEETING.
[C.2 PUBLIC COMMENTS ]
AND NOW WE'RE, NOW WE HAVE, UH, PUBLIC COMMENTS AND I HAVE QUITE A FEW.I HAVEN'T BEEN ABLE TO LOOK OVER ALL OF THEM, SO FORGIVE ME IF I STUMBLE ON YOUR NAME.
BUT I DO HAVE, FIRST OF ALL, CHARLOTTE O'ROURKE.
CHARLOTTE, YOU, GOOD MORNING AND CONGRATULATIONS TO OUR FIRST WOMAN, CHAIRMAN OF THE BOARD.
FIRST EVER A GREAT ACHIEVEMENT AND CONGRATULATIONS TO WILLIE AND OUR NEW BOARD MEMBERS.
I'M HERE TODAY TO TALK ABOUT THE SAME THING.
I'VE BEEN COMING UP HERE FOR EIGHT YEARS TO TALK ABOUT NET OPERATING IN COMPANY.
IT'S YOUR KEY PERFORMANCE INDICATOR AND LAST YEAR IT WAS $33.9 MILLION AND YOU HAVE PUT IN A POLICY THAT BASIS PROFIT SHARING TO EMPLOYEES BASED ON THAT OPERATING INCOME.
AND YEAR AFTER YEAR, I'VE COME UP AND ASKED, SUBMITTED, UH, QUESTIONS THROUGH THE AER AND SAID, WHAT DOES IT NOW CONSIST OF? BECAUSE I'VE SEEN CHANGES IN THE AER THAT HAVE NEVER BEEN APPROVED BY THE BOARD, AND I BELIEVE IT'S POLICY.
THERE'S NO GASB DEFINITION OF NET OPERATING INCOME, BUT IT'S BASICALLY YOUR REVENUE MINUS YOUR EXPENSES.
AND I'VE SEEN THE EXPENSES GET SHIFTED AROUND.
PLUS WE'VE HAD GSB 87, WHICH 7 MILLION OF THOSE DOLLARS AREN'T REAL MONEY.
IT'S BASED UPON THE LEASES AND SOMETHING THAT THEY PUT IN.
SO IF SOMEONE, WHETHER IT'S SHEILA OR WILLIE OR ANY BOARD MEMBER CAN EXPLAIN THAT TO ME, WHAT IS OUR NET OPERATING INCOME COMPARED TO WHAT IT WAS IN OUR COMPARISON YEARS? AND I NEED THAT BECAUSE I WANNA KNOW HOW MUCH MORE WE'RE MAKING.
AND I DON'T BELIEVE IT'S 33.9 MILLION IS WHAT WE'RE MAKING SUBTRACTED FROM OUR 2019 YEAR.
I WOULD ALSO LIKE TO JUST BRIEFLY ADDRESS F 11 AND F 17, WHICH IS ON CRUISE.
AND WE KEEP TWISTING OURSELVES IN THE WIND.
AND I THINK IT'S BECAUSE OUR CUSTOMER DOESN'T UNDERSTAND.
WE'RE NOT A NAVIGATION DISTRICT, WE'RE NOT LIKE OTHER BOARDS.
WE HAVE TO ANSWER TO THE CITY.
SO I SAY EVERY BOARD TIME WE CHANGE AND I PRAY AND HOPE FOR BOARD MEMBERS THAT GET US BACK ON TRACK TO BEING PARTNERS WITH THE CITY AND PARTNERS WITH OUR TENANTS.
AND WHEN YOU COME UP WITH EVERYBODY ON P 19 HAS TO SHIFT DOWN, AND YOU HAVEN'T EVEN DISCUSSED IT, IT'S NOT ON YOUR MASTER PLAN.
THE CITY HASN'T SAID WHETHER THEY'RE WILLING TO GIVE YOU
[00:05:01]
500 MILLION IN DEBT, WHICH IS WHAT IT LOOKS LIKE TO ME.THAT'S NOT BEING A GOOD PARTNER.
SO IF YOU COULD STOP TWISTING US IN THE WIND AND MAKING US LOOK BAD IN THE CRUISE COMMUNITY, I WOULD APPRECIATE THAT.
AND IF YOU LOOK AT PROFIT SHARING FOR EMPLOYEES THIS YEAR, YOU HAVE BUDGETED OVER $1.5 MILLION.
LAST YEAR YOU GAVE A 6% COLA AND OUR POOR LITTLE CITY IS DYING AND CAN'T EVEN GIVE A COLA.
IT COULD BE AN ECONOMIC FOR THE CITY OF DALLAS.
THANK YOU VERY MUCH AND I APPRECIATE IT.
NICK FROM KD SEAFOOD JUST CAME UP HERE TO SAY CONGRATULATIONS TO SCOTT HICKMAN.
UM, EVEN THOUGH HE IS NOT A BORN TEXAN, HE'S BEEN HERE FOR 50 YEARS PLUS, SO WE CAN GIVE HIM A PASS ON THAT.
UM, HE ALSO WILL BE A GREAT ASSET.
HE BRINGS OVER 50 YEARS OF EXPERIENCE ON THE WATER AND HE'S BEEN INVOLVED IN FISHERIES MANAGEMENT FOR OVER 20 YEARS.
SO Y'ALL SHOULD BE, UH, LUCKY TO HAVE HIM ON THE BOARD.
ALSO LIKE TO SAY CONGRATULATIONS TO SHEILA AND THANK YOU FOR ALL YOUR HARD WORK MR. PATTERSON.
UM, AND BEING AN OPEN EAR EVERY TIME WE HAD SOMETHING TO SAY IN HERE.
CAN I SAY SOMETHING REAL QUICK? NO.
UH, JOHNNY WILLIAMS. GOOD MORNING.
JOHNNY WILLIAMS WILLIAMS PARTY BOATS, UH, THIRD GENERATION PARTY BOAT OPERATOR HERE IN GALVESTON.
MY GRANDFATHER STARTED BUSINESS IN 1946, AND I'M HERE TO COMMENT ABOUT THE TARIFFS AND I THINK THAT, ARE YOU LEGAL THAT Y'ALL HAVE PUT UPON US? UM, YOU DON'T UNDERSTAND, I GUESS.
UH, WE'RE JUST SMALL BUSINESSES.
UH, WE'RE TRYING TO MAKE A LIVING DOWN THERE OF PIER 19.
WE'VE ALWAYS BEEN GOOD TENANTS DOWN THERE.
UM, PRIOR TO THE REMODEL IT REMODELING OF PIER 19, WE HAD TO FIX OUR OWN BULKHEADS.
UH, WE HAD TO FIX OUR OWN FINGERPRINTS, STUFF LIKE THAT.
UH, IT COST US A LOT OF MONEY TO DO THAT WHEN THEY HAD THE REMODELING GOING ON DOWN THERE.
UM, I'LL PUT IN A BIT BECAUSE THE PORT SAID THEY DIDN'T HAVE THE MONEY TO DO IT.
UM, I PUT IN A BID, UH, MITCHELL INTEREST PUT IN A BID.
GALVESTON PARTY BOOKS PUT IN A BID.
I WAS BORROWED THE MONEY TO FIX THE AREA UP 'CAUSE I CARED ABOUT IT AFTER THEY SAW THAT MY BID WAS SO GOOD.
UM, BUT IT WAS SO MUCH BETTER THAN MITCHELL'S ALL OF A SUDDEN PORT FOUND MONEY, FIX THE PLACE UP, PUT INFERIOR POLLINGS INTO WHAT I HAD BEFORE THAT ROT OUT NOW CREOLE INSTEAD OF, UH, TREATED POLLINGS LIKE I HAD BEFORE.
BUT ANYWAY, I'M HERE TODAY TO TALK ABOUT THE TERRORISTS.
NOT THAT, UM, IF SOMEBODY COMES DOWN LIKE FROM OKLAHOMA TO GO FISHING ON A BOAT, THEY HAVE TO PAY $18 AND 38 CENTS OR SOMETHING LIKE THAT TO PARK IN THE PARKING LOT.
THEY HAVE TO PAY $17 FOR AN OUT STATE FISHING LICENSE.
SO BASICALLY THEY'RE PAYING MORE THAN THE FAIR OF THE BOAT BEFORE THEY EVEN GET ON THE BOAT.
YOU KNOW, I MEAN, WE HAVE TO PAY INSURANCE.
HAVE Y'ALL SEEN THE FUEL COST DEALS AT ALL TOWN HIGH? UM, IT'S CRAZY.
WE SIGNED A CONTRACT IN GOOD FAITH.
WE HAVE CLAUSES WHERE INCREASE OUR RENT EACH YEAR.
I MEAN, WE'VE SIGNED THAT IN GOOD, IN GOOD FAITH.
AND PEOPLE THAT COME DOWN ON OUR BOAT, THEY SPEND A LOT OF MONEY IN THE AREA.
I KNOW Y'ALL CHARGE $15 OR SO, WHATEVER IT IS FOR THE, FOR THE CRUISE SHIPS.
BUT A LOT OF THOSE PEOPLE, THEY JUST COME TO TOWN, DRIVE TO TOWN PARK, GET ON THE CRUISE SHIP.
OTHER THAN THAT, PEOPLE THAT COME DOWN ON MY BOAT, THEY COME DOWN TO GO FISHING AND THEY GO TO RESTAURANTS.
YOU WOULDN'T BELIEVE THE NUMBER OF PEOPLE THAT SAY, HEY, WHERE'S A GOOD RESTAURANT? I TELL 'EM, HEY, KATIE'S RIGHT DOWN THE STREET, COMES RIGHT OFF THE BOAT INTO THE RESTAURANT.
I MEAN, IT, WE'RE GOOD FOR THE ECONOMY.
I MEAN, WE PAY, WE PAY CITY TAXES, UH, EACH YEAR.
UH, YOU KNOW, IT, OUR SEASON RIGHT NOW IS, IS PRETTY LONG FOR RED SNAPPER.
THAT'S OUR MAIN FISH, BUT IT COULD BE AS SHORT AS NINE DAYS.
WE HAD A NINE DAY SEASON ONE YEAR IF THEY,
[00:10:01]
AND I THINK WE'RE GONNA HAVE A REDUCTION IN IN DAYS.THANK YOU SO MUCH FOR YOUR TIME.
GWEN KATIE SEAFOOD, IF YOU LOOK, CONGRATULATIONS ON YOUR POSITION.
I KNOW YOU ONLY HAVE A YEAR LEFT, BUT I HOPE IT'S A YEAR THAT BRINGS THE BOARD AROUND TO A VERY SUCCESSFUL ENDEAVORS.
SCOTT, I KNOW YOU'LL DO A GREAT JOB.
YOU'RE A HARD WORK AT PRIOR SERVICE MARINE AND BE A LONG TIME AND BE ONE OF MY VERY BEST FRIENDS, AND I WISH YOU'D BE A LITTLE MORE OPEN ABOUT WHAT'S GOING ON HERE.
CONGRATULATIONS ON YOUR ONE TO THE BOARD, EVERYBODY THAT, UH, COMES HERE AND WORKS.
I THINK ROGER'S BEEN DOING A GREAT JOB BUILDING THIS BOARD AND MAKING IT SUCCESSFUL.
AND I HOPE YOU GET TO CONTINUE TO DO THAT.
THIS, THIS NEW BOARD, I, I, UH, I THINK WE'LL, WE'LL MOVE THAT BALL IN A REALLY GOOD DIRECTION, UH, SAFELY AND, AND SECURELY KEEP THE CITY OUT OF DEBT.
THAT, THAT IS THE MAJOR THING THAT I WOULD SAY.
AS YOU CONSIDER THESE IMPROVEMENTS, MAKE SURE THE PEOPLE COME IN HERE AND PUT IT ON, PAY FOR IT.
DON'T MAKE THE CITY HOLD THAT LONG.
I AM FRENCHIE WITH THE ISLAND TOUR OF GALVESTON.
FIRST CONGRATULATIONS TO THE NEW MEMBERS AND THE NEW POSITIONS AND THE ONES THAT ARE STILL SERVING.
THANK YOU FOR GIVING ME THE OPPORTUNITY.
I WANNA THANK THE WHARF BOARD AND EVERYONE WHO'S WELCOMED ME WITH OPEN ARMS. AS I AM A NEW BUSINESS OWNER HERE, I'M STILL LEARNING AND FINDING MY FOOTING, BUT I'M GENUINELY EXCITED TO BE HERE.
I BELIEVE IN GALVESTON, THIS WATERFRONT AND THE OPPORTUNITY TO BUILD SUCCESSFUL BUSINESS AND BECOME PART OF THIS COMMUNITY.
I HAVE RECENTLY AGREED TO SIGN A LEASE WITH THE SLIP 13 NORTH AND 13 SOUTH.
BECAUSE 13 NORTH HAS NOT PREVIOUSLY BEEN LEASED, THIS CREATES TWO ACTIVE REVENUE PRODUCING LEASES WHERE OTHERWISE WOULD'VE ONLY BEEN ONE.
I RESPECTFULLY REQUEST PERMISSION TO REMOVE THE DIVIDING FINGER PIER BETWEEN THE SLIPS WHILE CONTINUING TO PAY THE FULL LEASE FOR BOTH AMOUNTS.
I WOULD THEN INSTALL A FLOATING DOCK ON MY OWN EXPENSE, GIVING MY VESSEL THE ROOM IT NEEDS TO OPERATE MORE SAFELY.
THIS IS AN EXAMPLE OF WHAT CAN HAPPEN WHEN THE WARS AND THE LOCAL BUSINESSES WORK TOGETHER.
THE WARS GAIN TWO ACTIVE LEASES.
I INVEST IN THE PROPERTY AND MY BUSINESS MAKING IT SAFER AND MORE FUNCTIONABLE TO GROW.
WHAT HAS ENCOURAGED ME MOST IN THIS IS MEETING THE BOOTS ON THE GROUND BUSINESSES AT PIER 19.
WITHIN THE MOSQUITO FLEET, THESE OWNERS HAVE INVESTED THEIR OWN HARD-EARNED MONEY, TIME, BLOOD, SWEAT, AND TEARS INTO THAT WATERFRONT.
THEY DID NOT BECOME SUCCESSFUL BY WAITING FOR THINGS TO FALL APART OR RELY SOLELY ON THE WHARFS TO IMPROVE THEIR BUSINESS HOMES.
THEY IDENTIFIED PROBLEMS THEY MANAGE RISK, INVEST IN SAFER DECKING, WALKWAYS, WORKING SPACE, OFTEN KNOWING THEY MIGHT NOT BE REIMBURSED.
SIMPLE ADDITIONS OR TENSION TO ADDING TRASH CANS TO THEM WOULD BE A SMALL AND BIG HELP.
I RESPECTFULLY ASK THE BOARD TO CONTINUE TO SUPPORT PIER 19, NOT ONLY BY OBSERVING THE BUSINESSES AND PLANNING FUTURE THINGS WHEN THE BOARDWALK DEVELOPMENT, BY INVESTING DIRECTLY INTO HISTORIC WORKING AREA OF THIS HARBOR, WHETHER THOSE FUNDS ARE GENERATED BY THE MONEY FROM THE LEASES, THE TARIFFS THAT THESE BUSINESSES PAY, OR THROUGH ALLOCATING FROM THE GENERAL FUND, THE REINVESTMENT WOULD GENERALLY DEMONSTRATE A TRUE PARTNERSHIP WITH THE BUSINESSES.
PRESERVING THE WATERFRONT HISTORY DOES NOT HAVE TO MEAN OLD, NEGLECTED OR FALLING APART.
IT SHOULD MEAN PRESERVED SAFE FUNCTIONING, CONTINUE TO SERVE GALVESTON AS AN ACTIVE HISTORY RATHER THAN BECOMING A FORGOTTEN PIECE OF IT.
I'M NOT ASKING FOR A HAND HANDOUT AND NEITHER OF THE OTHER BUSINESSES I WORK ALONGSIDE.
I PERSONALLY ASKING FOR AN OPPORTUNITY TO INVEST, IMPROVE MYSELF, GROW THE SUPPORT AND PERMISSION OF THE WHARF.
WHEN EXISTING BUSINESSES FEEL HEARD AND SUPPORTED, THEY CONTINUE TO INVEST.
THAT ENCOURAGES NEW BUSINESSES TO COME, CREATE JOBS, ATTRACT VISITORS, CONTRIBUTE TO GALVESTON AS A WHOLE.
RIGHT NOW I MIGHT BE ONE SMALL SHRIMP IN THIS VERY BIG HARBOR, BUT WITH HARD WORK COLLABORATION OPPORTUNITY, I WILL WATCH THIS SMALL SHRIMP GROW INTO A STRONG DOLPHIN.
ONE CAPABLE KEEPING UP OF THE OTHER DOLPHINS DOWN THERE AT PIER 19 AND MAYBE EVEN A FEW SHARKS.
I'M READY TO WORK HARD AND HOPEFULLY TO WORK TOGETHER TO PRESERVE 19 WHILE MAKING IT SAFER AND STRONGER.
BEFORE I FINISH, I MUST POINT OUT WITH JUST A TINY BIT OF DISAPPOINTMENT THAT I STILL HAVE NOT SEEN ALL OF YOU ABOARD ONE OF MY TOURS.
I COMPLETELY UNDERSTAND EVERYONE HAS VERY BUSY DURING GRAND OPENING, BUT UNLESS YOU WANT THIS NEW FRENCHIE TO GHOST YOU, I RECOMMEND COME DOWN AND SEE ME.
[00:15:01]
JEFF, DID YOU SPEAK NOW? YEAH, IF I COULD, CAN I I YEAH, YOU COULD.YOU WHAT? COULD I SPEAK NOW OR YES.
I, I THOUGHT HE WANTED TO DO REGULARLY.
YEAH, NO, YOU'RE, YOU GOT ME? YEAH.
YEAH, JUST WANTED TO TAKE A, JUST THREE SHORT THINGS TO KIND OF SHARE WITH YOU GUYS.
UM, WE'VE GOT ON AN AGENDA ITEM ON HERE TO TALK ABOUT BASICALLY DELAYING, FINISHING THE, UH, DISCUSSIONS ON THE CRUISE TERMINAL.
UH, NOT HAVING ANY CONTACT UNTIL WE DID THE MOBILITY STUDY.
AND JUST KIND OF REMIND US THAT WE HAD, YOU KNOW, SEVERAL YEARS AGO WE WERE DOING TERMINAL 16.
THERE WAS A DISCUSSION ABOUT, UH, YOU KNOW, NOT HAVING ANY FURTHER DISCUSSIONS ON THE CREWS UNTIL WE FINISHED TERMINAL 16 AND RAN IT FOR THREE YEARS, OR TWO OR THREE YEARS.
AND I THINK WE HAD DISCUSSIONS ABOUT THAT.
I THINK CITY COUNCIL TOLD US THAT THE JOINT MEETING SAYS, YOU KNOW, GUYS, DON'T DO THAT.
AND WHY DON'T DO THAT TO YOURSELF.
DON'T SHUT OFF THOSE OPPORTUNITIES YOU HAVE WITH THE CRUISE INDUSTRY.
AND I WOULD SAY THIS IS A SIMILAR SITUATION.
I MEAN, WE, WE CAN WALK AND CHEW DOWN AT THE SAME TIME, AND WE NEED TO, RIGHT? WE CAN.
WE, YOU KNOW, YOU KNOW, THESE, THESE DEALS TAKE YEARS TO NEGOTIATE.
WE'VE STILL GOTTA FIGURE OUT, OR YOU GUYS STILL HAVE TO FIGURE OUT, YOU KNOW, THE CAPITAL COST, THE CAPITAL COST RECOVERY.
THERE'S MULTIPLE MONTHS THAT ARE GONNA BE REQUIRED OF WORK TO, TO GET TO AN OPERATING AGREEMENT WITH ROYAL IANS FOR A NEW TERMINAL.
UH, WE'VE GOT THE MOBILITY STUDY UNDERWAY.
WE WOULD ALMOST BE FINISHED EXCEPT FOR THE, THE WORK ON HARBORSIDE.
SO WE CAN DO THE, YOU GUYS CAN DO THOSE THINGS IN PARALLEL.
GET THE INFORMATION FROM BOTH, AND WHEN YOU GET TO THE RIGHT TIME, MAKE A, MAKE A DECISION.
BUT I WOULD, I WOULD TRY TO ENCOURAGE, I WOULD ENCOURAGE YOU NOT TO DELAY THAT.
UH, DON'T STOP ALL DISCUSSIONS BECAUSE I THINK YOU JUST PUT YOURSELF AT AN ECONOMIC DISADVANTAGE.
AND I THINK IT SENDS A TERRIBLE MESSAGE, UM, TO THE CRUISE INDUSTRY ABOUT GALVESTON'S WILLINGNESS.
AND, AND THERE ARE, AS, AS OTHER SPEAKERS HAVE BROUGHT UP, I MEAN, THERE'S ISSUES WITH, UH, TRAFFIC, THERE'S ISSUES WITH THINGS THAT WE NEED TO LOOK AT.
AND THAT'S WHY WE'RE, WE DID IT.
THAT'S WHY A TRAFFIC STUDY WAS DONE.
THAT'S WHY YOU'RE GONNA DO A MOBILITY STUDY.
UH, SECOND THING IS, YOU KNOW, YOU'VE GOT A REALLY GOOD TEAM THAT'S THE BLESSED WITH THE STAFF.
I MEAN, THEY HAVE DELIVERED TERMINAL 10, TERMINAL 25 TERMINAL 16 WEST END ON TIME, SAFE ON TIME, ON BUDGET WORKS, AND MET THE FINANCIAL TARGETS.
I MEAN, SHOW ME ANY ORGANIZATION THAT HAS THAT KIND OF HORSEPOWER TO BE ABLE TO DELIVER ON THEIR COMMITMENT.
SO WHEN STAFF COME, YOU KNOW, WORKS ON THESE DEALS, UM, BRINGS INFORMATION TO YOU, THEY, YOU KNOW, THEY'VE GOT A PROVEN TRACK RECORD.
SO YOU GOT, I THINK THEY'VE EARNED A LITTLE BIT OF TRUST THERE THAT THESE GUYS KNOW WHAT THEY'RE DOING.
THE DEALS HAVE BEEN GOOD FOR THE PORT.
THEY'VE BEEN REALLY GOOD FOR THE CITY.
UM, AND I THINK THEY'VE TAKEN INTO THE COUNTY, THE COMMUNITY.
AND THE THIRD THING IS YOU'VE GOT A REALLY GOOD MASTER PLAN THAT YOU'VE UPDATED A VISION, YOU KNOW, OBVIOUS SAY VISION VERSUS HALLUCINATION, RIGHT? IT'S, IT'S TRULY SOMETHING THAT, THAT IS VERY POSSIBLE.
IT JUST NEEDS TO BE EXECUTED AT THE APPROPRIATE TIME.
YOU KNOW WHERE YOU'RE GOING, UH, YOU KNOW, ENGAGE WITH YOUR STAKEHOLDERS, YOU KNOW, LET THE STAFF WORK AND THEN DELIVER ON THAT.
SO YOU REALLY HAVE A GOOD VISION, A GOOD PLACE FOR THE FUTURE.
RICHARD, WE HAD SO MANY PEOPLE COME IN.
I DON'T KNOW IF THEY WANT TO SPEAK OR NOT.
DOES ANYBODY ELSE HAVE ANY COMMENTS THEY'D LIKE TO
[D.1 CFO Report/Consent Agenda]
MAKE? OKAY, SO WE WILL, UM, MOVE ON TO, UH, MARK ES.WE HAVE A VERY FULL AGENDA TODAY, SO I'M GOING TO GO THROUGH THE CFO REPORT FAIRLY QUICKLY.
UM, NOT A LOT OF THINGS HAVE CHANGED.
UM, A NEW BOARD MEMBER, IF YOU HAVE QUESTIONS, I'D BE HAPPY TO RESPOND TO 'EM.
AS WITH ANY OTHER QUESTIONS TO THE BOARD, THE MONTH OF AUGUST, OUR NET INCOME WAS 3.6 MILLION.
THAT SHOWED OPERATING INCOME OF 9 MILLION, WHICH IS A SUBSTANTIAL INCREASE OF 2.8.
WE HAD A PRIOR YEAR, SO I HAVEN'T PUT, FORGIVE ME.
UM, AND MOVED PRETTY MUCH ON BUDGET ON OPERATING REVENUES, OPERATING IN EXPENSES, SLIGHTLY UNDER BUDGET.
AND WE'RE ABOUT 700,000 OVER BUDGET FROM THE, UH, PRIOR YEAR.
SO OUR OPERATING EXPENSES ARE, ARE LOOKING GOOD.
AND REMEMBER, OPERATING EXPENSES
[00:20:01]
ARE, WE NEVER KNOW WHEN THEY'RE GONNA, SOME OF THOSE ARE GONNA BE THINGS THAT BREAK AND WE HAVE TO FIX THEM IN THE COURSE OF THE MONTH.UH, ENDING CASH FLOWS FOR THE MONTH.
WE'RE NEAR BUDGET WHERE ABOUT 700,000 OVER PRIOR YEAR.
THE BIGGEST THING IS ON THE NON-OPERATING INCOME IS TIMING OF GRANTS.
WE'VE GOT GRANTS REIMBURSEMENTS TURNED IN.
WE'RE GETTING TO THE POINT WHERE THE CONTRACTORS ARE GETTING THIS STUFF TO US, AND WE'RE GETTING THAT, UH, WE'RE GETTING THAT PROCESSED.
OKAY? THIS IS JUST A SYNOPSIS OF AN INCOME STATEMENT SHOWING, UM, MONTH, JUST JUST FOR THE MONTH TO DATE COMPARED TO BUDGET AND ACTUALS.
THERE AGAIN, YOU SEE IT'S 3.5 MILLION.
WE HAVE NET OPERATING INCOME AFTER DEPRECIATION OF 3.9.
DEPRECIATION IS UP AS WE FINISH THESE PROJECTS AND WE DEPRECIATED THEM.
WHAT WE DID, WE BROKE SOME OF THESE LARGER PROJECTS DOWN.
INSTEAD OF ONE PROJECT FOR DEPRECIATION OVER THE LIFE OF SAY, A TERMINAL, WE BROKE SOME OF THE, SOME OF THE MAJOR COMPONENTS OUT THAT WE KNOW ARE NOT GONNA LAST AT THE LENGTH OF THE BUILDING.
THIS IS MORE REALISTIC AS FAR AS WHEN WE'RE GONNA HAVE TO REPLACE, SAY FOR EXAMPLE, THE HVAC SYSTEM.
WE'LL HAVE TO START REPLACING THINGS.
ALRIGHT? REVENUES, PASSENGERS AND PASSENGER PARKING ARE, UH, STILL ARE PICKED.
BIG TWO DRIVERS, UM, COMPARED TO ALL THE REST.
AND, UM, RIDGE IS DOWN SLIGHTLY.
SECURITY COST RECOVERY IS BASED UPON THE NUMBER OF SHIPS THAT COME IN.
UM, LAY DOCKAGE IS UP SLIGHTLY, SO YOU CAN SEE THERE'S NOTHING REALLY WHAT DRIVES IT IS THE, UM, CRUISE RELATED, WHICH INCLUDES PASSENGERS, PASSENGER PARKINGS, AND GROUND TRANSPORTATION.
UM, COULD YOU TELL ME WHERE, UH, I ASSUME IT'S IN THAT CATEGORY THAT YOU JUST MENTIONED? CAPITAL COST RECOVERIES COMING IN.
CAPITAL COST RECOVERY IS PART OF OUR PASSENGER REVENUE.
I, SO IT'S IN THE, IT'S IN THE, IT IS PART OF OUR REVENUE.
CAN, CAN THAT BE ISOLATED? IT COULD, BUT IT'S GOING TO GET COMPLICATED.
WELL, WE CAN, WE, WE WILL, WE'LL, WE'LL WORK ON THAT AND SEE IF WE CAN HAVE IT FOR NEXT MONTH.
IF NOT, WELL, I DON'T, YEAH, I DON'T, I'M NOT SAYING WE NEED TO DO IT FOR YOUR, FOR THIS PARTICULAR PLAN.
I, I THINK JUST AS A MATTER OF INTEREST, WE CAN, WE CAN DELVE INTO IT AND, AND BREAK IT OUT.
IT'S JUST, UH, WE'RE NOT, WE'RE GONNA HAVE TO GO BACK IN AND, AND BUILD THE REPORT OKAY.
TO BUILD IT WHERE WE CAN JUST PULL THAT.
FINANCIAL EXPENSES MONTH TODAY.
HERE ARE THE VARIOUS EXPENSES, THE TWO MAJOR EXPENSES, EMPLOYEE EXPENSES AND DEPRECIATION.
WE BUDGET STRAIGHT LINE ACROSS THE COURSE OF THE YEAR.
WE DON'T KNOW WHEN THINGS ARE GONNA BREAK AND WE'RE GONNA HAVE TO REPAIR.
SO IT COULD FLUCTUATE MONTH TO MONTH, UH, FROM THE BUDGET.
MOVING YEAR TO DATE, YEAR TO DATE, NET INCOME, 40.2 MILLION.
THAT'S 3.8 MILLION OVER PRIOR YEAR RESULT.
UM, THE BIG DRIVERS PARKING IS OVER BUDGET.
PASSENG SERVICE CHARGES ARE OVER BUDGET ON REVENUES.
UM, OPERATING EXPENSES BEFORE DEPRECIATION, ONE UNDER BUDGET, $2.1 MILLION.
UM, WE'RE UNDER BUDGET PREDOMINANTLY.
UPON THE TIMING OF WHEN WE ARE GOING TO RECEIVE, UH, GRANT MONEY THAT WE
[00:25:01]
THERE'S $2.1 MILLION WE HAVEN'T RECEIVED YET THAT WE HAD ANTICIPATED RECEIVING BY THIS TIME.THERE AGAIN, IT TAKES A WHILE.
THERE'S NO RHYME OR REASON HOW LONG IT TAKES THEM TO PROCESS ONCE WE SUBMIT, UH, FOR GRANT REVENUE.
MOVING ON TO THE FINANCIAL MOVE TOO FAST, HERE'S THE, UH, FINANCIAL, ONE MORE.
THIS GIVES YOU A P AND L STATEMENT.
BASICALLY THAT SHOWS YEAR TO DATE COMPARED TO THE BUDGET, COMPARED TO PRIOR YEAR.
AND NOTICE THAT OUR CAPITAL EXPENDITURES HAVE GONE DOWN SUBSTANTIAL FROM, UH, IN 2025.
WE WE'RE STILL VERY ACTIVE IN GETTING CT 16 READY.
WE'VE HAD OTHER PROJECTS THAT HAVE CROPPED UP THAT WE'RE SPENDING MONEY ON.
UH, SO THE CAPITAL PROJECTS WHERE, UH, 39 MILLION SO FAR.
QUESTIONS, WE'LL MOVE OVER TO THE REVENUES HERE.
AGAIN, IT'S THE SAME ITEMS THAT ARE, UH, REALLY DRIVING THE BULK OF REVENUE.
IT'S PASSENGERS PARKING AND, UH, GROUND TRANSPORTATION.
UH, THAT'S THE BULK OF OUR REVENUES.
THEN YOU'VE GOT DOCKAGE, THE LAY DOCKAGE DOWN SLIGHTLY.
AND THEN SECURITY COST RECOVERY.
THERE AGAIN, IS BASED UPON, UH, OVERALL DOCKAGE, UH, COST.
THE REVENUES, THAT'S JUST A, UH, A CHART SHOWING WHERE THE REVENUES ARE.
SO VISUALLY YOU CAN SEE WHERE OUR YEAR TO DATE REVENUES WHERE COMING FROM.
FINANCIAL EXPENSES YEAR TO DATE, UM, WITH THE EXCEPTION OF INSURANCE AND DEPRECIATION, ALL OF OUR YEAR TO DATE EXPENSES ARE UNDER, ARE RUNNING UNDER BUDGET OVERALL.
OUR, UH, TOTAL OPERATING EXPENSES OF TWO AND A HALF PERCENT UNDER BUDGET.
THAT'S TAKEN IN CONSIDERATION.
ALMOST 11% INCREASE IN INSURANCE, UH, UH, COMPARED TO BUDGET.
AND, UH, THERE AGAIN, THE DEPRECIATION.
I MENTIONED EARLIER THAT WE HAD SOME AREAS OF DEPRECIATION THAT WERE, WERE DEPRECIATION THE FASTER THAN WHAT WE ORIGINALLY HAD AND PARTICIPATED IN THE BUS.
AND HERE THE YEAR DATE, NOTICE THAT DEPRECIATION IS, WE'RE UP TO 12.6 MILLION IN DEPRECIATION YEAR DATE.
AND, UM, YOU CAN SEE WHERE THE REST HAVE A PAUSE OUT PRODUCT LINE SUMMARY.
WE, WE CREATED A PRODUCT LINE SUMMARY TO GET AN IDEA OF WHAT THE CONTRIBUTION MARGIN IS FOR THE VARIOUS, UH, LINES OF BUSINESS.
IF YOU LOOK AT NET, NET OPERATING INCOME BEFORE ALLOCATIONS AND DEPRECIATION, UH, BEFORE THAT GIVES US OUR NET OPERATING CONTRIBUTION.
CRUISE IS THREE, IS 36 MILLION.
PARKING'S, 18 MILLION GRAND, TRANSPORTATION'S 1.5.
LAY COMBINED ARE, UH, STILL UNDER 6 MILLION.
WE ARE, WE ARE ANTICIPATING THAT GOING UP.
NOW THAT WE'VE GOT A LOT OF THE WORK DONE ON THE WEST END.
[00:30:01]
THE ALLOCATION OF OVERHEADS, THE 15 SECTION, 16 MILLION, THAT'S INDIRECT.THAT'S, WE'RE STEADILY TRYING TO WIN THAT.
UM, BUT THOSE COSTS ARE BEING ALLOCATED BASED UPON REVENUE FOR EACH OF THE, UH, PRODUCT LINES.
THE EXPENSES FROM OPERATIONS THAT ARE ALSO BEING ALLOCATED BASED UPON, UH, REVENUES, UH, FROM EACH PRODUCT LINE DEPRECIATION THAT HAS, THERE'S A CERTAIN AMOUNT OF DEPRECIATION THAT IS DIRECT AND SOME THAT IS ALLOCATED.
AND YOU'LL NOTICE THAT, UH, RIGHT NOW CRUISE HAS THE LARGEST AMOUNT OF DEPRECIATION.
IT'S 'CAUSE WE BUILT THE BUILDINGS, WE BUILT THE, WE RENOVATED THE CRUISE TERMINALS AND OVERALL WE'RE DEPRECIATING $8.8 MILLION, UM, ON THE, UH, FOR THE FIRST EIGHT, UH, EIGHT MONTHS OF THE YEAR FOR THE CRUISE TERMINALS THAT TRAVEL TRAINING AND DEVELOPMENT.
UH, FOR THE BENEFIT OF OUR NEW BOARD MEMBER BEHIND THE, BEHIND THE, UH, CFO REPORT, THERE ARE EIGHT TABS, NINE TABS.
THIS IS THE SUMMARY OF TAB ONE, UH, EXPENDITURES FOR TRAVEL TRAINING AND DEVELOPMENT WITH 244,000.
OUR CASH POSITION 65.8 MILLION.
I'D LIKE TO POINT OUT THE BOARD.
THE BOARD JUST APPROVED DOING AN INTERNAL RESTRICTED AMOUNT TO SET ASIDE MONEY FOR FUTURE CAPITAL PROJECTS THAT WILL SHOW UP WITH SEPTEMBER FINANCIAL STATEMENTS.
THESE ARE THE AUGUST FINANCIAL STATEMENTS.
SO STARTING IN SEPTEMBER, WE'LL START PULLING THAT MONEY OUT AND PUTTING IT INTO OUR INTERNAL RESTRICTED AMOUNTS TILL WE GET UP TO THAT, UH, ROUGHLY 20 MILLION RESERVE.
I DON'T KNOW IF I HEARD YOU RIGHT, BUT YOU SAID THE PURPOSE OF SET, SITTING IT ASIDE WAS WHAT? YOU SAID CAPITAL, BUT YOU SAID CAPITAL EXPENDITURES, BUT THAT'S NOT, WHAT'S IT? CAPITAL EXP YEAH.
UH, THAT, THAT'S ANOTHER ITEM WE'VE TALKING ABOUT.
WE HAVE ONE OF THIS MONTH, THIS MONTH.
WE'LL START PULLING THAT ASIDE AND, AND SHOWING IT UP HERE.
IT'S STILL PART OF OUR UNRESTRICTED FUND, BUT, YOU KNOW, WE'LL SHOW THE LINE ITEM AS WE, AS WE MAKE CONTRIBUTIONS EVERY MONTH.
AND AS WE COME UP WITH CAPITAL PROJECTS, I USE THE WRONG TERM AS WE COME UP ON CAPITAL PROJECTS, WE MAY ALLOCATE SPECIFIC, UH, SPECIFIC UNRESTRICTED FUNDS FOR THAT CAPITAL PROJECT LIKE WE'VE BEEN DOING.
NO, WE GOT UNFINISHED PROJECTS.
UM, I KNOW YOU CAN'T ANSWER THIS SPECIFICALLY, BUT ABOUT HOW LONG WERE WE HOPING TO TAKE TO GET THAT TO 29, 24 MONTHS.
24 MONTHS? WHAT WE SET UP? YEAH, BUT SEE THAT THAT'S 24 MONTHS AS IT SITS TODAY.
IF BY CHANCE WE ISSUE MORE DEBT, UH, IF WE DO, THEN IT'S GONNA BE 24 MONTHS FOR THE CURRENT AMOUNT FOR THE CURRENT DEBT AND OUR OPERATING EXPENSES, UH, TO, UH, THREE MONTHS OF OPERATING EXPENSES.
AND THEN WE WILL LAYER ON TOP OF THAT 24 MONTHS TO FUND THE, ANY ADDITIONAL DEBT THAT WE TAKE ON.
AND THEN OUR OPERATING EXPENSES AS WE PASS THE BUDGET, WE'LL BE REVIEWING, UH, WHEN WE PASS THE BUDGET, IF THE BUDGET OPERATING EXPENSES GO UP, WE'LL RAISE THE AMOUNT OF THE OPERATING EXPENSES.
BUT THE OPERATING EXPENSES, WE'RE STILL GONNA TRY TO GET THE FULLY FUNDED WITHIN 24 MONTHS OF, UH, SEPTEMBER VOTES.
LOCAL VENDORS, 29% OF OUR ORDINARY OPERATING PAYMENTS, NON-LOCAL VENDORS.
[00:35:02]
UM, OR 24, 2 0.4 MILLION AND NON-OPERATING VENDORS, 1.5 MILLION COUNTS OVER 90 DAYS.WE TALKED ABOUT, UH, FOR BENEFIT OF A NEW BOARD MEMBER THAT'S ON TAB FOUR VENDOR REGISTER, UH, MONTH TO DATE, THAT'S ON TAB SEVEN.
AND ACCOUNTS OVER 90 DAYS IS TAB SIX.
WHEN WE PUBLISHED THE BOOK WAS 191,000.
UM, AND IT'S VENDORS THAT, THAT I'M NOT WORRIED ABOUT COLLECTING FROM.
IT'S JUST, IT TAKES A WHILE TO GET THEM TO PAY.
UM, THAT'S OUR TOTAL AGING IS 7 MILLION.
I WANTED TO 0.1 THING OUT HERE.
YOU'LL NOTICE THAT ZERO TO 30 DAY, UH, COUNTS RECEIVABLE, THAT'S, WE HAVE, IT'S A LITTLE HIGH THIS YEAR, THIS, THIS MONTH.
AND PART OF THAT'S JUST THE SCHEDULES THAT EVERYONE WAS ON.
SOME OF THE, UH, AR GOT PUT, GOT, AND PART OF THE, UH, COUNCILORS GOT PUSHED INTO SEPTEMBER AS FAR AS COLLECTIONS.
SO, UH, THAT'S JUST THE TIMING.
60, UH, IT'S RIGHT AT 66 MILLION.
OUR INTERNALLY RESTRICTED FUNDS, THERE WILL BE A NEW LINE ADDED TO HERE ON THE INTERNAL RESTRICTED FUNDS FOR THAT RESERVE FUND.
UM, THE LEGAL RESTRICT, UH, RESTRICTED SINKING FUNDS.
THAT'S WHAT WE'RE REQUIRED TO HAVE IN THE BANK.
YOU NOTICE IT WENT DOWN JUST 'CAUSE WE MADE IT, UH, DEBT PAYMENT AND LEGALLY RESTRICTED DEBT RESERVE FUNDS.
THAT'S THE MONEY WE HAVE TO KEEP ON BALANCE.
THAT'S EQUAL TO ONE YEAR OF DEBT SERVICE.
AND, UH, BOND PROCEEDS, WE STILL HAVE 1.7 MILLION AS THE END OF AUGUST FROM THE LAST ROUND OF BOND PROCEEDS.
BUT REMEMBER THE INTERNALLY THE UNRESTRICTED IS LEGALLY UNRESTRICTED.
IT DOES NOT INCLUDE THE, UH, WELL IT DOES, THE UNRESTRICTED DOES IS, IS WITHOUT THE, UM, INTERNALLY LEGALLY RESTRICTED.
SO WE'RE GONNA BE SHIFTING MONEY INTO THAT FROM THAT, THIS CATEGORY TO THE TOP CATEGORY, THE BLUE CATEGORY, WE DON'T HOLD THE TRUSTEE HOLDS THAT MONEY.
BLUE CATEGORY IS HELD BY BANK OF NEW YORK MELLON.
THE LAST CATEGORY WHERE WE'RE SET ASIDE DEBT SERVICE FUNDS FOR PAYMENT EVERY SIX MONTHS.
AND THAT IS, UH, WE HAVE THE NEXT, LAST CATEGORY IS WHERE WE'RE, THAT THAT'S BOND PROCEEDS.
WE HAVE, WE STILL HAVE AVAILABLE.
AND THEN THE PURPLE IS WHERE WE'LL PUT MONEY ASIDE EVERY MONTH TO MAKE OUR INTEREST AND PRINCIPAL PAYMENTS.
MARK, THOSE PAYMENTS ARE DUE IN FEBRUARY AND AUGUST, CORRECT? FEBRUARY AND AUGUST.
I BELIEVE AUGUST 1ST IS INTEREST IN PRINCIPLE, AND FEBRUARY IS JUST INTERESTING STAFFING LEVELS.
AS OF THE, UM, THE END OF AUGUST, WE HAD 139 EMPLOYEES.
WE HAD BUDGETED 154 WITH 1615 EMPLOYEES UNDER THE BUDGET.
SO, UH, COMPARED TO PRIOR YEAR, AT THIS TIME WE'RE UP FOUR EMPLOYEES.
COULD YOU TALK ABOUT THE, UH, EMPLOYEE PERCENTAGE THAT WENT UP IN YOUR, THE FIRST PART OF YOUR PRESENTATION? IT WAS AN INCREASE IN EMPLOYEE COST.
[00:40:01]
THE INCREASE IN EMPLOYEE COST IS A COMBINATION OF, OF SEVERAL THINGS.LET ME, LET ME, LET ME DO THIS.
SO IF YOU'LL GO TO TAB TWO AND FLIP OVER TO, YOU SEE SOME BLUE SHEETS, SOME SHEETS WITH BLUE LINES ON IT.
THIS FIRST SHEET YOU YOU'RE LOOKING THROUGH GIVES YOU EXPLANATION, BUT YOU SEE SALARIES AND RELATED EXPENSES.
THERE, YOU'LL SEE ALL, EVERYTHING THAT MAKES UP THAT IT'S GONNA HAVE SALARIES OVER TIME.
INSURANCE, UH, THE PENSION COST, LIKE I SAID, HEALTH, THE INSURANCE FOR HEALTH AND WELFARE.
AND IT ALSO INCLUDES EMPLOYEE TRAINING AND DEVELOPMENT AND EMPLOYEE TRAVEL AND SO ON AND SO FORTH.
SO THAT'S WHAT YOU'RE, THAT'S WHAT YOU'RE SEEING WHEN YOU SEE THAT.
DOES THAT THAT IT REALLY HELP CLARIFY? YEAH, IT DOES.
THEN PAYMENTS TO THE CITY OF GALVESTON.
UH, MARY, 2.2 MILLION HERE TODAY.
AND THEN THE DOCKET, LONG TERM DOCKET FEES IS ONE VESSEL THIS MONTH.
AND THEN FOR US, AN IMPORTANT FOR US IN FINANCE.
AND TO GET THE BUDGET APPROVED TIMELY, WE NEED TO TALK ABOUT WHEN WE CAN HAVE A FINANCE COMMITTEE MEETING TO, WITH THE TOPIC, THE 2027 BUDGET.
UH, THE, THE NUMBER OF DAYS AVAILABLE IS SHRINKING BECAUSE EVERYONE'S SCHEDULE IS FILLING UP.
CURRENTLY, WE'RE, WE'RE NOT GONNA BE ABLE, WE WERE HOPING TO BRING THE BUDGET TO THE BOARD AT THE END OF OCTOBER.
WE'RE GOING TO HAVE TO BRING THE FINAL BUDGET TO THE BOARD IN AT THE NOVEMBER BOARD MEETING.
JUST DUE TO THE FACT THAT WE'RE NOT GONNA BE ABLE TO MEET WITH THE FINANCE COMMITTEE BEFORE THEN THE DATE, UH, PEOPLE, PEOPLE'S CALENDARS FILLED UP.
SO I'M ASKING THE BOARD TO PICK ONE OF THE THREE DATES.
OCTOBER 22ND, OCTOBER 23RD, OR OCTOBER 26TH.
WE CAN LOCK ONE OF THOSE THREE DAYS DOWN.
THEN WE'LL BE READY TO BRING A, THAT'LL GIVE US A CHANCE.
IF WE NEED TO MAKE CHANGES, WE CAN MAKE THE CHANGES AND THEN BRING THE FULL BUDGET TO THE BOARD.
LET ME ASK ANGIE, IF YOU DON'T MIND, ANGIE, WOULD YOU QUERY THE YES.
COMMITTEE AND, UH, AS, AS WELL AS THE OTHER MEMBERS? I WILL FOR THESE, DO IT THROUGH EMAIL AND WE CAN GET, GET IT BACK TO YOU BECAUSE WE WE'RE, WE'RE RUNNING OUT OF DAYS AND UH, WE KNOW WE'RE GONNA BE IN DECEMBER JUST FROM THE STANDPOINT OF HAVING DATES THAT WE CAN ALL PUT TOGETHER.
'CAUSE NORMALLY, UH, WHAT'S HAPPENED IN THE PAST, IT'S A FINANCE COMMITTEE TO GO OVER THE BUDGET.
BUT MOST OF THE ENTIRE BOARD SHOWS UP AND WE HAVE, WE HAVE, UH, SEVERAL HOURS OF DISCUSSION ON BUDGET, BOTH CAPITAL AND OPERATING.
WHAT WERE THE DATES AGAIN? MARK? OCTOBER 22ND.
SO ANY QUESTIONS SO FAR? IF NOT, LET'S FLIP OVER TO TAB NINE.
BEST, MR. CHAIRMAN, I THINK WE THAT UNDER TAB EIGHT, WHICH IS SUB PART H, IT ALSO INCLUDES INTERNATIONAL
[00:45:01]
TRAVEL.THERE'S A FLORIDA CARIBBEAN AND UNDER THE BOARD POLICY THAT COMES FROM BOARD APPROVAL.
AND SO TYPICALLY THE FINANCE COMMITTEE WILL CONSIDER WHETHER RECOMMEND PEOPLE YOU WANNA DO IT.
ON THE, UH, TRAVEL TO POTENTIAL TRAVEL TO SAME.
SAN JUAN, SAN JUAN, SAN JUAN, PUERTO RICO.
UM, BELIEVE I'D LIKE TO MAKE A MOTION TO APPROVE.
OH, I CAN'T, I'LL MOVE APPROVAL.
WHAT JUST IS SAN JUAN CONSIDERED INTERNATIONAL? UNDER OUR POLICY? YES.
OUTSIDE THE CONTINENTAL UNITED STATES.
UH, ANYBODY LIKE TO MAKE A MAKE DID SOMEBODY MAKE A MOTION? I DID.
AND I ALSO JUST MENTION THAT, UH, ANY ONE OF THESE, THESE, UH, MEETINGS, BOARD MEMBERS GO AND UNDERSTAND WHAT THESE ORGANIZATIONS ARE CERTAINLY OPEN TO THAT WE HAVE, WE HAVE MONEY BUDGET FOR TRAVEL.
DO WE HAVE ANY PROBLEM? DO WE HAVE THE, UH, MASTER PLAN BUDGET BEFORE WE PULL IT UP? YEP.
WE BRING THIS UP EVERY MONTH TO GO OVER ANY CHANGES IN OUR MASTER PLAN, CAPITAL BUDGET, HIGHLIGHT THE CHANGES.
SO THIS MONTH WE REALLY DON'T HAVE ANY CHANGES FROM LAST MONTH, UH, NEXT MONTH WITH THE BUDGET.
WELL, WHEN WE BRING THE BUDGET FORWARD, WE'LL HAVE SOME UPDATES, BUT AT THIS POINT WE'RE, WE'RE, WE'RE WORKING THROUGH THE BUDGET TO GET TO THOSE CHANGES.
SO WHAT'S THE GREEN MARK? OH WAIT, THERE WAS ONE.
I THINK THOSE ARE JUST UPDATING.
THAT'S JUST UPDATE, THAT'S JUST UPDATING THE UH, THE ACTUAL CASH PAY AND WHAT'S LEFT TO BE SPENT.
ON THE PAGE I'M LOOKING AT, ON MY, IT'S KIND OF, I CAN'T, CAN'T REALLY SEE THE CONTRAST ON THE FRAME.
ANY OTHER SUBSEQUENT CHANGES ON THE OTHER PAGES? LET'S, THERE'S UH, SAME THING THERE.
I DUNNO IF IT WOULD BE HELPFUL TO THE OTHER FOLKS ON THE BOARD BUT WOULD NOT BE ABLE TO HAVE A COPY OF THIS SORTED IDEA.
AS IN EVERYTHING WE'RE PLANNING TO DO IN 26.
EVERYTHING WE'RE PLANNING TO DO IN 27.
AS I, AS I SPENT TIME WITH THIS, IT'S LIKE I GO OH, WE'RE OKAY.
I JUST NEED SOMETHING DIFFERENT THAN THAT.
YEAH, I WAS JUST, YEAH, JUST, UH, YOU MEAN JUST HAVING, SO FOR INSTANCE, JUST HAVING THE ITEMS FOR 2027 AND THEN JUST HAVING THE ITEMS FOR 2028.
'CAUSE THIS WORKING, THEY USED TO AND SO WE TOLD PER YEAR.
JUST WHAT, WHAT'S ON THE, IN THE PLAN? 27.
ROBERT ROBERT'S THE KEY OF THE SHEET.
WHAT'S, THAT'S THE CONTROLLER OF THIS SHEET.
WELL, YOU KNOW, IT IS SMALL'S ESPECIALLY WE GO OUT 20 YEARS.
UH, ANY OTHER QUESTIONS YOU CAN PROVE ONE THROUGH SEVEN AND NINE RECOMMENDATION?
[00:50:01]
WE'RE DONE.NEED A RECOMMENDATION MOTION FOR THE, UH, CONSENT.
NEED A MOTION? UM, I'LL MAKE A MOTION GO FURTHER.
SO, AND, AND THAT WILL BE UH, FOR THE PURPOSE OF RECOMMENDING IT TO THE BOARD.
ARE THERE ANY COMMENTS FROM FINANCE COMMITTEE MEMBERS OR Y'ALL WANT TO WAIT UNTIL THE END OF THE SEE IF WE HAVE ANYTHING TO SAY AT THE END OF THE REGULAR MEETING? OKAY.
[F. SET DATE OF NEXT MEETING, TIME, AND LOCATION]
SO THEN I WOULD SAY THE NEXT MEETING TIME AND LOCATION WILL BE UH, IT'S OCTOBER 27TH.STARTS AT NINE MR. CHAIRMAN? UH, YES.
I WILL BE PRESENT AT THE FINANCE COMMITTEE MEETING ON THE 27TH.
BUT I'LL HAVE TO LEAVE AS SOON AS THE FINANCE COMMITTEES OVER FOR A PRIOR OKAY.
BUT I'LL BE ABLE TO BE HERE FOR THE FINANCE.
THANK YOU FOR TAKING CARE OF US ON THE FINANCE.
I WOULD LIKE TO SAY THIS IS, UH, FINANCE COMMITTEE'S ADJOURNED.