[00:00:06]
[Roll Call]
2026. WE'LL CALL THE MEETING TO ORDER AT 10:28 A.M.MADAM CLERK, COULD YOU PLEASE CALL THE ROLL OR DO I RIGHT, SPEAK TO THE ATTENDEE.
THAT'S GREAT. I'LL CALL ROLL. DIRECTOR MERCURIO.
HERE, DIRECTOR WAESPI HERE. AND WE ALSO HAVE A REMOTE ATTENDEE TODAY.
DIRECTOR ECHOLS. I NEED TO ASK YOU A QUESTION.
AND WELCOME. I'M GLAD YOU'RE HERE WITH US. DIRECTOR ECHOLS.
CAN YOU PLEASE CONFIRM THAT NO OTHER INDIVIDUAL 18 YEARS OR OLDER WILL BE PRESENT IN THE ROOM WITH YOU AT YOUR REMOTE LOCATION? YES, I CAN CONFIRM THAT. EXCELLENT. AND PLEASE REMEMBER TO KEEP YOUR VIDEO ON WHILE THE BOARD IS IN SESSION THE ENTIRE TIME.
THANK YOU AND WE'LL PROCEED. WELL, SHANNON, CAN YOU MARK ME PRESENT, PLEASE? YES. FOR THE RECORD, I AM MARKING DIRECTOR ECHOLS AS PRESENT ATTENDING REMOTELY.
SO WE'LL MOVE TO PUBLIC COMMENTS. ARE THERE ANY COMMENTS FROM MANY MEMBERS OF THE PUBLIC?
[Public Comments on Items Not on the Agenda]
YES. I HAVE 1 HAND RAISED IN THE ZOOM ROOM AND NO ONE IN PERSON.I'LL READ MY SPEECH ABOUT HOW TO DO PUBLIC COMMENT.
MEMBERS OF THE PUBLIC MAY PROVIDE PUBLIC COMMENT, EITHER IN PERSON OR VIA ZOOM.
THOSE ATTENDING IN PERSON SHALL SUBMIT A SPEAKER CARD TO THE CLERK, STAFF OR OTHERWISE INDICATE THEIR DESIRE TO SPEAK ON A NON AGENDA ITEM OR AGENDA ITEM WHEN WE GET THERE. THOSE ATTENDING VIA ZOOM MAY USE THE RAISE HAND FEATURE SPEAKERS WILL BE CALLED WHEN IT IS THEIR TURN TO SPEAK.
EACH SPEAKER WILL BE PROVIDED WITH UP TO 3 MINUTES.
A COUNTDOWN TIMER WILL BE DISPLAYED FOR THE SPEAKER'S CONVENIENCE.
WE'LL GO TO OUR HAND RAISED IN ZOOM. KELLY, YOU HAVE 3 MINUTES.
THANK YOU. THERE IS A COMMITTEE, LITTLE KNOWN COMMITTEE THAT'S CALLED THE ALTAMONT OPEN SPACE COMMITTEE IN IN I THINK IT'S IN DUBLIN OR IT'S THEY MEET IN DUBLIN, BUT THEY'RE THEY A LOT OF THEIR ACTIVITIES ARE IN EAST COUNTY.
AND LIKE A NUMBER OF YEARS AGO, LIKE 10 YEARS AGO THEY FUNDED SEVERAL BIG LAND ACQUISITIONS IN, IN PLEASANTON RIDGE. SO THE PARK DISTRICT GOT MONEY FROM THAT GROUP TO.
THE PARK DISTRICT KNEW ABOUT IT AND TOOK ADVANTAGE OF IT BACK THEN.
AND IN THE LAST YEAR OR 2 A NUMBER LIKE A HALF DOZEN OR SOMETHING SEVERAL PARCELS HAVE BEEN FUNDED BY THE CITY OF LIVERMORE. WHERE TO? WHERE THEY'RE BUYING PARCELS FOR OPEN SPACE.
AND THEY'RE GETTING SOME OF THE MONEY FROM THE THAT ALTAMONT COMMITTEE.
SO YOU KNOW, AS THE PARK DISTRICT LOOKS AROUND OVER, OVER IN, OVER THERE IN THEIR AREA I THINK YOU COULD GO BACK THERE AND ASK THEM FOR MORE MONEY AND SEE WHAT HAPPENS IN YOU KNOW, THERE IS A LITTLE BIT OF PAPERWORK, BUT YOU KNOW, THERE'S SOME CHANCE THAT THEY MIGHT HAND OUT SOME MONEY.
THANK YOU. THANK YOU. WE HAVE NO FURTHER PUBLIC COMMENT.
[Action Items]
ALL RIGHT. GOOD MORNING EVERYONE. DEB SPAULDING AGM OF FINANCE AND MANAGEMENT SERVICES.WE'RE GOING TO START TODAY WITH REVIEWING OUR INVESTMENT POLICY UPDATE FOR THE YEAR.
HAPPY TO BE JOINED TODAY BY JUSTIN RESUELLO WHO'S HERE FROM PFM ASSET MANAGEMENT.
AND JUSTIN'S JUST HERE AS A RESOURCE. IN CASE YOU GET INTO SOME COMPLICATED TERRITORY.
SO I'LL START OUT BY RECAPPING WHAT OUR INVESTMENT POLICY IS.
SO THIS DOCUMENT, IT'S REALLY A BEST PRACTICE TO HAVE AN INVESTMENT POLICY.
[00:05:05]
AND IT PROVIDES A STRUCTURE FOR THE DISTRICT TO MANAGE ITS CASH, ITS TREASURY FUNCTION, ITS INVESTMENT MANAGEMENT FUNCTION.AND THE OBJECTIVES OF OUR INVESTMENT POLICY, AS WELL AS ANY INVESTMENT POLICY OF ANY GOVERNMENT AGENCY IN CALIFORNIA, IS 3 THINGS. SAFETY IS THE PRIMARY LIQUIDITY AND YIELD IN THAT ORDER.
SO SAFETY LIKE WE NEVER WANT TO LOSE OUR PRINCIPAL LIQUIDITY.
EVERYTHING WE HOLD NEEDS TO BE EASILY CONVERTIBLE TO CASH WITH MINIMAL IMPACT TO TO THE PRICE.
AND THEN YIELD IS THIRD. SO AS YOU GUYS THINK ABOUT YOUR OWN INVESTMENT PORTFOLIOS, THE FANTASTIC RETURNS MAYBE YOU'VE BEEN GETTING AND YOU LOOK AT OURS AND YOU'LL SEE LIKE, OH, IT'S NOT AS STRONG. IT'S BECAUSE WE HAVE TO MAKE SURE THAT WE HAVE VERY SAFE INVESTMENTS.
SO ONE OF THOSE IS SUSTAINABILITY. SO IN YOUR PACKET IT'S ON PAGE 7 IF YOU WANT TO FLIP TO THAT.
5.4. SO THAT'S ONE OF OUR INVESTMENT POLICY REQUIREMENTS.
AND THEN ALSO PUBLIC TRUST, WHICH IS RIGHT BELOW THAT SECTION 5.5.
SO BEING REALLY TRANSPARENT AND MAKING DECISIONS THAT ARE IN THE BEST INTEREST OF THE PUBLIC. SO WHAT ARE THE FINANCE COMMITTEE'S INVESTMENT DUTIES? SO THE TREASURER FOR THE PARK DISTRICT IS RESPONSIBLE FOR OVERSEEING THE PARK DISTRICT INVESTMENT POLICIES.
YOU DELEGATE THAT RESPONSIBILITY TO THE CFO AND THAT IS SEE SECTION 6 ON PAGE 7.
WE HAVE SEPARATE INVESTMENT POLICIES FOR THE DISTRICT.
SO THIS 1 THAT WE'RE REVIEWING TODAY IS FOR ALL OF OUR KIND OF PARK DISTRICT ASSETS.
YOU ALSO RECEIVE QUARTERLY INVESTMENT REPORTS, AND YOU'RE ALWAYS RECOMMENDING YOU'RE REVIEWING THOSE IN DEPTH AND YOU'RE RECOMMENDING THOSE FOR APPROVAL TO THE BOARD. YOU ALSO RECEIVE UPDATES FROM OUR INVESTMENT MANAGER, PFM.
WE HAVE THE ABILITY TO TO ALSO USE AN INVESTMENT ADVISOR TO MANAGE OUR INVESTMENT DUTIES.
SO I'M NOW GOING TO WALK THROUGH THE CHANGES TO OUR INVESTMENT POLICY.
AND THEY'RE ALL IN RED LINE IN YOUR PACKET. SO BEGINNING ON PAGE 8 SECTION 7.3.
SO THIS IS A NEW STATE LAW THAT REQUIRES ALL LOCAL AGENCY OFFICIALS AS WELL AS CERTAIN MANAGEMENT STAFF TO RECEIVE TRAINING ON YOUR FISCAL AND FINANCIAL RESPONSIBILITIES.
SO WE'RE WORKING WITH THE CLERK OF THE BOARD ON WHAT THAT TRAINING IS GOING TO BE.
IT'LL MOST LIKELY BE PROVIDED THROUGH AN ONLINE TRAINING MODULE.
IT'LL BE PROVIDED FOR SOME STAFF AS WELL. YES.
DIRECTOR WAESPI. I JUST WONDER, IS THIS AN UNDERGRADUATE DEGREE SOMEWHERE, OR IS IT A 6 HOUR COURSE? 2 HOUR COURSE OR WHAT? YEAH. WE DON'T HAVE THE EXACT DETAILS YET, BUT I THINK IT'LL BE A COUPLE HOURS, MAYBE AT THE MOST. SO NOT A GRADUATE DEGREE, BUT YES.
ETHICS TRAINING, FISCAL AND FINANCIAL RESPONSIBILITIES, BUDGETING, INVESTMENTS.
SO THERE'LL BE A, I THINK, A TRAINING PUT TOGETHER THAT'LL BE USED KIND OF STATEWIDE FOR ALL PEOPLE WHO ARE AT YOUR LEVEL TRYING TO MANAGE INVESTMENTS OF A, OF A LOCAL GOVERNMENT AGENCY. SO IT WON'T BE LIKE SPECIFIC TO THE PARK DISTRICT.
ALL RIGHT, ALL RIGHT. SECTION. SECTION 9. EXCUSE ME, IS THE LISTING OF ALL OF THE INVESTMENTS THAT THE PARK DISTRICT MAY HOLD SO AUTHORIZED AND SUITABLE INVESTMENTS.
SO WE HAVE SOME CHANGES TO THAT. AGAIN, PER STATE LAW, STATE LAW ALLOWS US TO EXTEND THE DURATION FOR OUR INVESTMENTS IN PRIME COMMERCIAL PAPER FROM 270 DAYS TO 397 DAYS AND UP TO 40% OF THE PORTFOLIO.
SO THAT IS AN EXTENSION OF AN ABILITY THAT WE HAD PREVIOUSLY.
THROUGH. AND AGAIN, THAT'S SOMETHING THAT WE ALREADY HAD IN OUR POLICY THROUGH 2026.
AND IT'S NOW EXTENDING IT THROUGH 2031. YEAH.
CAN WE INTERRUPT YOU THROUGHOUT THE CONVERSATION.
PLEASE. WELL NOT THROUGHOUT. I MEAN, I'LL GIVE HER.
[00:10:03]
NUMBER 1, DO I, YOU KNOW, NOT THAT I AM REALLY THAT WELL VERSED IN THIS, BUT MY IMPRESSION OF COMMERCIAL PAPER WAS IT WAS SHORT TERM INVESTMENTS. AND IS THAT HOW WE DO IT, HOW WE UTILIZE THAT TOOL OR AND THEN SO THEN THE FOLLOW UP TO THAT IS, IS THIS GOING TO MAKE ANY DIFFERENCE TO US GOING ANOTHER 127 DAYS ADDED ON TO THAT.IS IT GOING TO HELP US ANY? I WILL ASK JUSTIN TO WEIGH IN ON THIS AS WELL, AND I'LL JUST GIVE MY MY HIGH LEVEL ANSWER, WHICH IS, SO THIS IS A STATE CODE CHANGE. WHEN THEY'RE LOOKING AT WHAT TO CHANGE TO INVESTMENT, LIKE WHAT SHOULD BE ALLOWABLE FOR ANY STATE INVESTMENTS, THEY'RE SAYING LIKE WHAT IS SAFE BUT WHAT IS STILL GOING TO EARN LIKE SOME ADDITIONAL RETURN? SO EXTENDING THAT FROM 270 TO 397 DAYS, I'M GUESSING THAT'S GOING TO GIVE US SOME ADDITIONAL YIELD, BUT IT'S STILL CONSIDERED TO BE SAFE. JUSTIN, YOU WANT TO ADD TO THAT AS FAR AS, LIKE WHAT OUR CURRENT DURATION IS FOR OUR COMMERCIAL PAPER? I DON'T KNOW THAT OFFHAND, BUT SEE WHAT JUSTIN SAYS.
IT'S GREAT TO BE WITH YOU ALL AGAIN. THANK YOU FOR THE QUESTION. DIRECTOR MERCURIO. SO SB 858 AND SB 595 PERMITTED THIS EXTENSION FROM 270 DAYS TO 397 DAYS. AT THIS POINT IN TIME, WE DON'T EXPECT THAT WE'LL BE, FOR EXAMPLE, LEANING ON COMMERCIAL PAPER FOR THE DISTRICT'S PORTFOLIO.
WITH RESPECT TO, YOU KNOW, I'VE SPOKEN ABOUT THIS IN OUR INVESTMENT REVIEWS, RELATIVE VALUE.
WE'RE NOT SEEING, FOR EXAMPLE, COMMERCIAL PAPER GENERATING AS MUCH LONG TERM INCOME AS, SAY, CORPORATE BONDS, ASSET BACKED SECURITIES, MORTGAGE BACKED SECURITIES.
SO I WOULD SAY WHILE THIS OFFERS MORE FLEXIBILITY FOR THE DISTRICT WITH RESPECT TO STATE CODE WE DON'T ANTICIPATE AT THIS POINT IN TIME, FOR EXAMPLE, BUYING 397 DAY COMMERCIAL PAPER FOR THE DISTRICT.
OKAY, GOOD. THANK YOU. OKAY. I HAVE A QUESTION, TOO.
CAN I GO AHEAD? YES, PLEASE. SORRY. YEAH. SO ON SECTION 9, NUMBER 2 SO WE CAN INVEST IN US SECURITIES THAT RESULT IN 0 INTEREST IF WE HOLD THEM TO MATURITY. SO IN WHAT CIRCUMSTANCES WOULD WE WANT TO INVEST IN SECURITIES WITH 0 INTEREST? THERE ARE SOME INSTANCES WHERE THOSE THAT MIGHT BE PERMISSIBLE.
THANK YOU FOR THE QUESTION. IDEALLY, I WOULD SAY I DON'T KNOW, AT THIS POINT IN TIME, THERE PROBABLY WOULDN'T BE MANY INSTANCES WHERE WE MIGHT PURCHASE THOSE. IF, FOR EXAMPLE, A BOND WAS THAT WAS PRICED AT A DISCOUNT, MAYBE WE MIGHT PURCHASE SOMETHING LIKE THAT IF IT WAS CLOSE TO MATURITY.
BUT I WOULDN'T SAY THAT YOU'RE GOING TO SEE MANY INSTANCES WHERE WE MIGHT BE BUYING, FOR EXAMPLE, WHAT WHAT FOLKS MIGHT COMMONLY KNOW AS 0 COUPON PAPER.
RIGHT. THAT MAKES SENSE. YEAH. AND I'LL ALLOW DEB TO CHIME IN.
I'LL I'LL JUST ADD A LITTLE BIT. I REMEMBER WHEN THIS WAS FIRST ADDED TO OUR STATE CODE AND INVESTMENT POLICY, BECAUSE IT USED TO BE WRITTEN THAT YOU COULD NOT DO THIS. AND THEN IN 20, I THINK DURING COVID WE HAD SUCH A LOW INTEREST RATE ENVIRONMENT, IT BECAME CLEAR THAT, LIKE, THESE WERE GOING TO BE SECURITIES THAT GOVERNMENTS MAY HAVE TO PURCHASE.
AND SO THEY HAD TO CHANGE THE CODE TO ALLOW IT.
RIGHT. WELL, IT MAKES SENSE IF YOU PURCHASE THEM AT A AT A DISCOUNT AND YOU WOULDN'T BUY THEM WHEN THEY WERE FIRST ISSUED AT 0%, I ASSUME. BUT IF YOU PURCHASE THEM AT A DISCOUNT AND THEN HOLD THEM TO MATURITY, YOU COULD STILL GET A RETURN.
SO THAT THAT MAKES SENSE. OKAY. BUT THE CIRCUMSTANCES WOULD BE LIKELY.
YEAH, UNDESIRABLE FOR SURE. ALL RIGHT. MOVING ON THEN, TO THE 3RD CHANGE TO SECTION 9 IS CLARIFYING THAT MORTGAGE PASS THROUGH INVESTMENTS ARE ALLOWED. THIS ACTUALLY WASN'T A CHANGE IN STATE CODE, BUT JUST WE HADN'T REALLY CLEARLY INDICATED THAT IN OUR POLICY.
THEN MOVING ON TO SECTION 17, WHICH IS, WHERE SECTION 17 ON PAGE 2. PAGE 15, I BELIEVE, OF YOUR PACKET CLARIFYING THE DEADLINE FOR SUBMISSION OF QUARTERLY REPORTING.
AND I'LL JUST POINT OUT THAT THIS IS SOMETHING THAT WE WE HAVE SOME REALLY TIGHT DEADLINES IN OUR FINANCE COMMITTEE PACKET PREPARATION AND OUR BOARD COMMITTEE PACKET OR OUR BOARD PACKET PREPARATION. SO WE REALLY NEED TO DO OUR BEST TO MEET THESE.
[00:15:05]
WHAT THAT MEANS IS THAT IT'S GOING TO COME TO FINANCE COMMITTEE, AND THEN IT'S GOING TO GO ON THE NEXT BOARD MEETING.SO THAT, LIKE I'VE HEARD BOARD MEMBERS MENTION THAT THEY WOULD PREFER TO HAVE MORE TIME TO REVIEW THE FINANCE COMMITTEE MINUTES, BUT THAT'S NOT GOING TO BE POSSIBLE. SO JUST JUST A HEADS UP THAT THAT'S US TRYING TO MEET THE STATE REQUIREMENT TO GET THAT TO THE BOARD WITHIN 45 DAYS.
AND THEN SECTION 18 IS CLARIFICATION THAT OUR AUDITORS NOTICED AS THEY WERE REVIEWING OUR INVESTMENT POLICY LAST YEAR. THAT WE REALLY HADN'T CALLED OUT CLEARLY WHAT THE WHAT THE RULE WAS FOR OUR INTERNAL CONTROLS WHEN WE HAVE AN EXTERNAL INVESTMENT ADVISER.
SO THIS SECTION ATTEMPTS TO CLARIFY WHAT THE REQUIREMENTS WILL BE FOR US TO REVIEW OUR INVESTMENT ADVISERS, INTERNAL CONTROLS AND HOW WE MIGHT DO THAT. I ALSO WANTED TO TALK A BIT ABOUT ESG INVESTING.
SO THAT'S ENVIRONMENTAL, SOCIAL AND GOVERNMENT INVESTMENT MONITORING.
SO THAT'S SOMETHING THAT'S PARTICULAR TO THE DISTRICT THAT WE HAVE IT IN OUR INVESTMENT POLICY.
AND MANY OTHER ENTITIES DO NOT. SO THIS IS IN SECTION 10 ON PAGE 12.
SO BASICALLY WE ADDED THIS TO OUR INVESTMENT POLICY IN 2020.
AND IT TALKS ABOUT THAT. WE WILL USE ESG SCREENING IN OUR INVESTMENT IN OUR INVESTMENT MANAGEMENT.
AND THE INTENT IS NOT JUST TO PROTECT OUR INVESTMENT PORTFOLIO, BECAUSE IT'S BEEN SHOWN THAT ENTITIES WITH A HIGHER ES, A BETTER ESG SCORE TEND TO BE BETTER INVESTMENTS.
BUT LIKE BY SAYING THAT THIS IS IMPORTANT TO US, WE'RE TRYING TO ENCOURAGE COMPANIES TO PAY ATTENTION TO THAT ESG BOTTOM LINE AND TO MAKE CHANGES IN THEIR OPERATIONS AND IN THEIR MANAGEMENT TO IMPROVE THOSE ESG SCORES.
SO OUR ESG SCORE HAS SLOWLY, OVER TIME, BEEN IMPROVING, WHICH IS GREAT.
AND WE CURRENTLY HAVE A LOW RISK RATING. WHICH IS WHICH IS THE BEST RATING YOU CAN YOU CAN HAVE.
THAT CONCLUDES THE PRESENTATION. ALL RIGHT. ARE THERE ANY QUESTIONS OR COMMENTS FROM BOARD MEMBERS? NONE. ANY QUESTIONS FROM THE PUBLIC? HEARING NONE.
WOW. WE HAVE THE CHARGE TO MOVE APPROVAL OF THIS RECOMMEND TO THE BOARD.
FULL BOARD FOR APPROVAL. WOULD ANYONE LIKE TO MAKE A MOTION TO THAT EFFECT? I'M GOING TO HAVE TO DEMAND. [LAUGHTER] I'LL MAKE THE MOTION MOVED BY DIRECTOR ECHOLS AND SECONDED BY.
I STAND READY TO SECOND. ALL RIGHT. THANK YOU.
DO A ROLL CALL. VOTE. RIGHT. YES. BECAUSE WE HAVE SOMEBODY REMOTELY.
SO MR. MERCURIO SECONDED. AND, MADAM CLERK, WOULD YOU CALL A ROLL? YES. HAPPY TO DIRECTOR MERCURIO. AYE. DIRECTOR ECHOLS.
AYE. AND DIRECTOR WAESPI. YES. THANK YOU. MOTION PASSES UNANIMOUSLY.
THANK YOU ALL VERY MUCH FOR YOUR PRESENTATIONS. JUSTIN, ARE YOU HANGING AROUND FOR THE NEXT 1? OH, IF YOU WANT. YEAH.
[Informational Items]
WE'LL MOVE NOW TO THE FINANCE COMMITTEE'S 2026 WORK PLAN AND REVIEW OF THE 2025 ACCOMPLISHMENTS.AND ALSO LOOKING BACK AT WHAT WAS ACCOMPLISHED IN 2025.
SO, AS YOU KNOW, THE BEST LAID PLANS OF MICE AND MEN.
SO THIS IS OUR PLAN. IT'S NOT DEFINITIVELY WHAT WE'RE GOING TO DO.
OH, BY THE WAY, THIS THE WORK PLAN ITSELF IS ON PAGE 32 OF YOUR PACKET.
SO IT'S A PLAN. IT'S WHAT WE WANT TO ACCOMPLISH.
THINGS MAY CHANGE. AS WE GO THROUGH THE YEAR, DIFFERENT THINGS MAY BE ADDED TO THE AGENDA, OR WE MAY HAVE TO MOVE THEM. BUT THIS IS WHAT WE'RE CURRENTLY PLANNING. SO FIRST I'LL LOOK BACK AT WHAT WAS ACCOMPLISHED IN 2025.
WE HELD ALL OF OUR FINANCE COMMITTEE MEETINGS, WHICH WAS 11.
[00:20:04]
QUARTERLY INVESTMENTS, QUARTERLY FINANCIAL STATEMENTS. AND THEN WE HAVE ALL THOSE ANNUAL TASKS THAT YOU GUYS PARTAKE IN THE BUDGETING OUR ANNUAL FINANCIALS, THE AQUIFER REPORT ANNUAL REVIEW OF MEASURE WW AND MEASURE AA AND OUR [INAUDIBLE] FUND WHAT ELSE? MANY ANNUAL REPORTS THAT WE'RE THAT ARE IN THE WORK PLAN FOR THE YEAR AHEAD, AND THAT WE DID LAST YEAR.WE CREATED A NEW COMMUNITY FACILITIES DISTRICT FOR OUR BURRELL PARK.
WE CONDUCTED AN RFP AND SELECTED WHAT'S GOING TO BE OUR NEW ENTERPRISE RESOURCE PLANNING, OR ERP SYSTEM, WHICH IS WORKDAY. AND WE ALSO SELECTED AN IMPLEMENTATION PARTNER, STRADA, TO HELP US IMPLEMENT THAT NEW ERP.
AND THEN WE HAVE THESE SPECIAL PROJECTS. WE'VE ALREADY UNDERTAKEN AN RFP, SO WE'LL BE AWARDING A CONTRACT FOR WHAT'S CALLED MERCHANT SERVICES, WHICH IS BASICALLY THE PROCESSING OF CREDIT CARDS.
AND THERE'S NO FEES CHARGED BY THOSE MERCHANTS.
SO WE'VE DONE AN RFP TO TRY AND GET THE THE BEST VALUE FOR THAT, FOR THAT PROCESSING.
AND THAT'S KIND OF LIKE IN TANGENT WITH OUR ERP IMPLEMENTATION AS WELL AS THE RESERVATION SYSTEM, WE ARE PLANNING TO BRING A RECOMMENDATION TO ESTABLISH A DEFERRED COMPENSATION COMMITTEE CHARTER AND A BUDGET REQUEST FOR THE DC COMMITTEE AS WELL.
OUR PLAN IS TO GO LIVE IN JANUARY 2027, JANUARY 1ST, 2027.
SO WE'LL BE LETTING YOU KNOW HOW THAT'S GOING.
HOPEFULLY THERE WON'T BE ANY, BUT IF THERE ARE, IF THERE IS SOMETHING THAT REQUIRES US TO DO EMERGENCY DEBRIS REMOVAL, WE'LL THEN HAVE SOMEBODY ON HAND WHO WHO'LL BE ABLE TO, LIKE, STEP UP AND DO THAT WORK FOR US, AND THEY'LL KNOW WHAT OUR REQUIRED DOCUMENTATION IS SO THAT WE CAN THEN GET REIMBURSED FROM FEMA.
KATIE AND HER TEAM HAVE BEEN WORKING ON A MEASURE WW PROGRESS REPORT.
I'VE SEEN A SNEAK PREVIEW. IT'S LOOKING GREAT. SO THAT'S GOING TO BE COMING TO THE FINANCE COMMITTEE TO LOOK AT. AND I THINK IT'LL BE REALLY HELPFUL IN ANSWERING THOSE QUESTIONS THAT CAME UP DURING OUR BUDGET REVIEW PROCESS OF LIKE, WHAT WERE THE PROMISES MADE? HOW HAVE WE DONE ON ACCOMPLISHING THOSE THOSE PROMISES AN RFP, AN AWARD OF A CONTRACT FOR FINANCIAL ADVISORY AND DEBT ISSUANCE? AND THAT TIES INTO OUR LAST AGENDA ITEM, WHICH IS WE EXPECT TO NEED TO ISSUE MEASURE WW BONDS AT THE END OF 2026.
SO GETTING A NEW FIRM ON BOARD TO ASSIST US WITH THAT DEBT ISSUANCE.
SO THAT CONCLUDES THIS REPORT. IT'S AN INFORMATIONAL ITEM AND NO ACTION IS REQUIRED.
GREAT. ANY QUESTIONS OR COMMENTS ON THIS WORK PLAN? ANYBODY HAVE ANY ADDITIONS THEY'D LIKE TO SEE? ELIZABETH. NO ADDITIONS, BUT I. YES. I JUST WANTED TO SAY THANK YOU FOR THE REPORT, AND I'M REALLY HAPPY TO SEE THERE ARE A FEW ON THERE THAT I WAS PARTICULARLY HAPPY TO SEE.
ONE WAS THE THE WORK AROUND DISASTER RESPONSE AND ALSO THE WW FUND.
SO AND I'M ALSO VERY INTERESTED IN HEARING HOW THE ERP IS GOING.
SO EXCITED TO HEAR ABOUT ALL OF THOSE IN ADDITION TO THE OTHER ITEMS YOU HAVE ON THE 2026 WORK PLAN.
GREAT. THANK YOU. THANK YOU. WELL, I TOO AM EXCITED BY THIS WORK PLAN.
AND I THINK IT MEANS A LOT TO A LOT OF PEOPLE, AND I THINK WE'LL HAVE A GOOD PLAN, AND I THINK IT'LL WORK OUT AS LONG AS WE GET A CHARTER. ALSO TELL ME TRUTHFULLY, WHEN KIM GIVES HER REPORT ON THE APPROVAL OF DISPOSABLE CAPITAL CAPITAL ASSETS FOR LAST YEAR, I LOVE THAT SIMPLY BECAUSE, WELL, SIMPLY BECAUSE, YOU KNOW, YESTERDAY WE WERE TOLD THINGS LIKE, AND I KIND OF KNOW THESE THINGS A LITTLE BIT IF WE'RE GOING TO DISPOSE OF LOTS AND LOTS OF INTERESTING FORD PICKUP TRUCKS, WHICH ARE A PREMIUM AND THERE ARE ONLY FIVE YEARS OLD IN SOME CASES, OR IN MY PARTICULAR CASE, A SANITATION TRUCK THAT I KNOW I PAID 250 GRAND FOR.
THAT CAN GET A LOT OF MONEY. CAN SHE REPORT ON WHAT WHAT WE MADE AT AUCTION.
[00:25:01]
IT'S MY UNDERSTANDING THAT WE DO IT IN-HOUSE, BUT WE PAY AN AUCTIONEER TO GO AUCTION IT OFF.WILL WE GET THAT? THAT IS IN THE REPORT. YES.
SO IT ALWAYS LISTS OFF ALL OF THE FIXED ASSETS THAT WE'RE REMOVING FROM OUR BOOKS, WHAT THEIR ORIGINAL VALUE WAS, WHAT THE VALUE WAS WHEN THEY WERE DISPOSED, AND THEN HOW MUCH WE RECEIVED AT AUCTION FOR THEM.
THANK YOU FOR THE REPORT. REMEMBER THAT NOW. I LOOK FORWARD TO IT THEN.
ALL RIGHT. GREAT. IF THERE'S NOTHING FURTHER FROM THE BOARD OR STAFF, ANYBODY? KELLY, HAVE A COMMENT OR KELLY STILL HERE OR ANY MEMBERS OF THE PUBLIC? NO PUBLIC COMMENT. BOY OH, BOY. WELL, THANK YOU VERY MUCH.
[Announcements]
JUSTIN, THANKS FOR COMING. ALWAYS APPRECIATE YOUR INSIGHT. AND I ALWAYS LOVED HEARING YOU TALK ABOUT THE PARKS. AND WHEN YOU WERE TALKING ABOUT GOING TO REINHARDT REDWOOD.GO THERE. IT'S THE MUSHROOMS THIS YEAR ARE CRAZY.
SO THAT'S REALLY, REALLY GOOD PLACE TO GO. ANYWAY, IF THERE'S NOTHING ELSE, WE ARE ADJOURNED.
THANK YOU.
* This transcript was compiled from uncorrected Closed Captioning.