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From YouTube: Finance & Budget Committee Meeting 8-29-2023
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A
All
right
I
will
go
ahead
and
call
the
special
finance
and
budget
committee
meeting
to
order.
Do
the.
D
A
E
Any
hi
and
thank
you
again
for
having
this
committee
and
really
diving
into
everything
and
passing
the
getting
the
pension
on
track.
I
have
two
questions.
I
just
would
really
at
some
point,
love
to
know
where
I
can
get
this
addressed
one
is
we
had
that
Surplus
and
I
have
yet
to
see
any
accounting
and
I.
Don't
know
where
to
look
for
that.
E
So
if
you
during
your
meeting,
if
someone
could
explain
how
residents
can
find
out
how
that
50,
plus
million
has
been
reallocated
or
what
it
went
towards
from
the
Surplus,
that
would
be
really
good.
I
also
am
hoping
that
we
will
not
pass
bonds
this
year
being
as
if
we
budget
properly,
we
probably
will
not
need
them
and
I'd
love
it.
E
If
we
could
get
to
a
point
in
this
city,
where
we
do,
what
a
lot
of
other
communities
do-
and
that
is
save,
you
know,
plan
your
projects
well
out
and
then
save
your
money,
get
it
financed
properly
and
and
not
always
be
borrowing
money
and
embarking
on
huge
projects
that
the
taxpayers,
just
don't
have
the
money
for
right
now,
but
I
think
you
guys
are
doing
a
fabulous
job.
So
thank
you.
F
Is
this
so
my
name,
my
name
is
Mike
VTO
live
at
2728
Rees
in
Evanston,
so
I
to
I'm,
just
I'm
kind
of
kind
of
echo
Mary's
comments
and
I
also
agree
with
her.
This
committee
has
been
a
a
lifesaver
in
many
regards,
so
I
appreciate
that,
but
and
you've
made
progress
on
lowering
the
debt
as
I
understand
it.
But
why
turn
around
and
go
back
to
borrowing
more
money,
so
on
item
D3
I?
If
I
understood
it
correctly,
you
want
to
borrow
or-
or
somebody
wants
to
borrow
$13.
F
Million,
as
Mar
said,
come
up
in
many
there's
this
this
excess
money,
this
unassigned
to
three
million,
give
or
take
that
was
out
there
for
previous
years.
That
money
should
be
used.
If
it's
out
there
not
borrow
new
money,
average
person
like
me,
not
a
finance,
wizard
plus
two
things
so
I
I
would
appreciate
not
passing
any
Geo
bonds
this
year
because
they
do
not
appear
to
be
needed.
Thank
you
very.
A
Much
okay,
very
good.
We
will
go
straight
now
into
the
review
of
the
annual,
comprehensive
financial
report
and
I
will
say
the
comments
that
were
both
made.
We
hear
them
we're
going
to
talk
in
more
detail
about
them
because,
specifically
the
U
current
excess
reserves.
A
There
are
some
projections
about
how
we,
at
least
currently
current
projections
got
a
lot
of
work
to
do
because
I
would
say
you
know,
particularly
on
the
expense
side,
but
there
will
be
some
usage
as
currently
projected
of
the
excess
reserves
over
over
the
next
couple
of
years,
so
we'll
go
through
that
and
that
that
should
help
at
least
people
know
where
we
are
today
in
excess,
Reserve
position
how
that
unfolds
over
a
few
years
and
again
there's
a
lot
that
has
to
go
into
what
exactly
those
projections
and
budgets
are
going
to
look
like,
but
that
is
you
know
there
there
just
like
this
year.
A
There
will
be
some
eating
into
the
existing
excess
reserves
on
an
amount
that
we'll
all
manage
to
minimize
and
then
on
the
bond
side.
We'll
talk
about
that
too.
I
think
one
element
you
have
to
think
about
on
bonds
is
that
over
the
last
couple
of
years
we
have
had
$30
million
of
bonds
come
due
approximately
that
number,
since
we
last
did
a
bond
issuance
so
bonds
sort
of
do
two
things.
A
There
are
new
projects,
but
also
there's
an
element
of
Prior
issued
bonds
that
have
matured,
so
the
the
amount
of
asked
for
bonds
is
is
less
than
what
has
matured.
You
know
it
would
just
not
be
feasible
to
pay
off
all
of
our
outstanding
debt
over.
You
know
over
a
short
period
of
time.
If
we
have
maturities,
it's
always
great
if
we
could
issue
less,
but
there
is
a
sort
of
a
constant
inventory
of
of
bonds
that
that
come.
Do
is
one
way
to
think
about
it
and
we'll
talk.
G
A
That
more
we'll
talk
about
that
more
when
we
get
to
that
when
we
get
to
that
section,
okay,
but
so
now
we'll
go
over
the
financial
report,
the
256
page
Financial,
whatever.
A
H
Agenda
good,
a
lot
of
work
in
this
and
the
members
of
the
committee.
We
have
Mara
T
from
SE
our
Auditors,
so
she
would
briefly
go
over
and
kind
of
then
take
any
questions.
Since
the
audit
report
is
now
final,
Martha
take
it
over.
I
Thank
you
KES.
Thank
you.
Council
members.
I
am
here
tonight
with
you
to
present
the
results
of
the
financial
statement:
audit
for
the
fiscal
year
under
December
31st
2022
ases
noted
the
annual
comprehensive
financial
report
and
the
other
reports
that
are
issued
alongside
the
audit
are
final
and
out.
It
is
a
lengthy
report.
I'll
be
very
brief
and
just
summarize
and
highlight
some
of
the
key
points
and
then
open
it
up
to
questions
within
the
annual
comprehensive
financial
report.
I
There
is
an
introductory
section
and
in
the
introductory
section
there
we
do
include
the
certificate
of
achievement
for
excellence
and
financial
reporting
that
was
awarded
to
the
city
for
the
fiscal
year,
2021
annual
comprehensive
financial
report.
This
is
a
great
distinguishment
awarded
to
the
city
by
the
government,
Finance
Officers
Association,
and
that
is
included
within
the
introductory
section
to
show
it
is
awarded
for
excellence
and
financial
reporting.
I
Transparency
of
the
financial
statements
and
the
information
presented
within
the
annual
comprehensive
financial
report
is
deemed
transparent
and
clear
and
understandable
and
meets
the
requirements
of
the
government
Finance
Officers
Association.
Also
within
the
introductory
section.
I
You
will
find
the
management
discussion
in
analysis
and
that
is
prepared
by
the
finance
department.
That
is
a
great
section
of
the
report
to
look
to
to
which
summarizes,
provides
an
executive
summary
of
the
financial
statements
and
provides
some
additional
context
that
isn't
included
in
the
numbers
themselves.
So
it's
gives
a
little
bit
of
comparative
analysis
of
current
year
to
Prior
year,
results
and
give
some
analysis
and
discussion
as
to
the
reason
for
the
changes
and
the
variances.
I
So
that's
a
great
section
to
look
to
it
is
prepared
by
Finance
and
Accounting
and
is
a
great
place
to
take
a
look
to
just
gain
some
context.
That's
page
numbers
mdna
1
through
eight
of
the
financial
statements.
The
independent
Auditors
report
is
found
on
pages
one
through
four
of
the
financial
statements
and
the
first
two
paragraphs
is
where
you
can
find
our
opinion
on
the
audited
financial
statements
and
I
am
pleased
to
be
able
to
present
a
clean
on
modified
opinion
on
the
city's
financial
statements.
I
Standards
I
will
highlight.
There
is
one
paragraph
that
is
related
to
change
in
accounting
principle.
There
was
an
implementation
of
an
accounting
principle
in
which
affected
the
fiscal
year
ended
December,
31st
2022,
and
that
was
the
implementation
of
gby
statement
number
87,
which
changed
how
leases
were
accounted
for,
so
there's
some
additional
calculations
that
were
needed
and
testing
that
was
needed
to
implement
that
gby
pronouncement
and
there's
some
changes
in
the
footnote
disclosures
associated
with
the
implementation
of
that.
I
However,
as
is
noted
in
this
paragraph
there,
our
opinion
was
not
modified
due
to
the
implementation
of
this,
as
we.
I
So
the
decision
to
change
that
that
is
in
line
with
gby,
so
the
government
Accounting
Standards
Board,
determines
the
accounting
proceed,
principles
and
standards,
and
this
was
in
line
with
BBY.
So
with
the
public
ctor
change
in
how
leases
are
calculated
so
gby
and
fby
presentation
is
pretty
much
in
line
in
terms
of
how
leases
are
accounted
for
in
terms
of
the
net
impact.
There
is
a
very
minimal
impact
to
the
the
balances
themselves.
I
The
change
really
is
how
leases
are
presented,
so
the
impact
on
the
city
was
more
related
to
from
a
less
s
standpoint,
so
any
any
agreements
or
contracts
that
the
city
has
where
there's
a
collection
of
rental
income
or
lease
type
income
for
leasing
of
space,
a
right
to
use
City
space.
There
is
a
long-term
asset
associated
with
that
over
the
length
of
the
contract
term
and
that's
offset
by
a
a
liability
which
is
due
to
the
length
of
the
contract,
so
in
a
net
impact
is
really
minor.
I
A
Can
I
just
add
one
thing:
there's
been
a
lot
of
discussion,
especially
on
the
you
know
the
private
side,
but
now
it's
on
the
public
side
that
this
standard
created
a
tremendous
amount
of
work
for
not
a
lot
of
net
change.
It
is
really
just
a
balance
sheet
gross
up
of
assets
and
liabilities
with
very
little
impact
on
underlying
reported
Financial
results,
but
it
does
take
an
enormous
amount
of
work.
A
A
Yeah
yeah,
but
I
would
say
this
change
probably
had
absolutely
no
impact
on,
like
the
general
fund
balances
that
we
talk
about
all
the
time
and
the
really
the
statement
of
operations.
It's
really
just
a
a
balance
sheet
presentation
that
is
a
a
new
asset
and
a
new
liability
pretty
much
so
all
right,
sorry
go
ahead,
go.
I
Ahead
following
the
independent
Auditors
report,
you'll
find
the
on
pages.
Five
through
six
is
the
independent
Auditors
report
on
internal
control
over
financial
reporting
and
compliance
and
other
matters
the
this
is
what
we
call
our
gagas
opinion.
So,
due
to
the
level
of
of
Grant
activity,
the
city
has,
we
are
required
to
issue
an
opinion
in
accordance
with
governmental
auditing
standards
and
if
we
had
any
significant
deficiencies
or
material
weaknesses
to
disclose
that
would
be
included.
I
In
this
section
of
the
report,
however,
I'm
pleased
to
note
there
were
no
material
weaknesses
and
no
significant
deficiencies
that
arose
during
our
audit
testing.
So
there
is
nothing
of
that
nature
to
disclose.
In
this
section.
I
Here
and
I
will
jump
to
just
some
highlights
from
the
city's
governmental
and
proprietary
fund
financial
statements,
so
the
governmental
fund
financial
statements,
beginning
on
page
11,
on
11
and
12
you'll,
find
the
balance
sheet
for
the
city's
governmental
funds
presented
for
each
of
the
Cities
major
funds
individually
and
the
total
non-
major
governmental
funds
in
aggregate
there's
a
lot
more
detailed
information
on
the
balances
of
these
funds.
Later
on
in
the
report,
especially
the
non-
major
governmental
funds,
you'll
find
each
individual
funds
balance
sheet
towards
the
back
of
the
report.
I
This
is
in
line
with
our
opinion
unit,
so
we
issue
an
opinion
on
each
individual
major
fund
and
the
non-
major
funds.
In
total,
the
General
funds
fund
balance
for
the
fiscal
year
ended,
December
31st
2022
was
at
61
million
of
that
57.6
million
was
unassigned
and
that
unassigned
fund
balance
of
the
general
fund
covers
roughly
49%
of
the
fiscal
Year's
general
fund
expenditures,
meaning
so
that
un
that
unassigned
fund
balances
the
portion
of
fun
balance.
The
city
has
to
fund
future
fiscal
year
operations.
I
Fund
proprietary
fund
financial
statements
begin
on
page
16.
This
is
where
you'll
find
the
information
on
the
city's
Enterprise
water
fund,
sewer
fund,
Solid,
Waste
fund
motor
vehicle
parking
system
fund
coming
to
a
total
column,
and
that
total
is
what's
presented
in
the
entity-wide
financial
statements.
I
The
you'll
find
on
the
statement
of
net
position
for
the
proprietary
funds,
the
net
position
for
each
of
those
funds
listed
and
the
statement
of
revenues,
expenses
and
changes
in
that
position,
which
is
on
page
18.
You
can
see
that
for
the
total
Enterprise
funds
there
was
an
increase
in
net
position
over
the
prior
fiscal
year
of
8.3
million.
I
Something
that
might
have
come
up
in
your
review
of
the
report
is
the
negative
investment
income
that
is
reported
for
the
water
fund
and
the
sewer
fund,
and
this
is
strictly
due
to
a
presentation
of
the
negative
change
to
the
market
value
of
certain
Investments.
The
city
holds
in
those
funds,
so
the
interest
income
itself
was
actually
over
200%
in
the
water
fund
and
348
in
the
sewer
fund,
which
is
in
line
with
for
the
fiscal
year,
interest
rates
and
earnings.
I
But
due
to
the
unrealized
loss
on
certain
Investments
that
are
held
within
those
funds,
those
are
presented
in
total.
So
that's
what
led
to
the
negative
investment
income?
That's
reported
in
the
financial
statements
so
that
that's
just
due
to
a
netting
of
the
interest
income,
along
with
the
change
in
unrealized
gains
and
losses
for
Investments
that
are
being.
I
Held
and
as
I
noted,
gasby
87
resulted
in
some
minimal
impact
to
the.
I
A
Point
so
does
anybody
have
any
any
questions?
I
have
a
few,
but
if
people
other
people
want
to
go
first,
please
go
ahead.
K
I
Yes,
so
it
was
the
gasby
87
imple
implementation
resulted
in
a
lot
of
additional
testing
and
data
Gathering
with
it
being
the
first
year
of
implementation.
What
was
required
was
to
obtain
a
listing
of
all
of
the
potential
lease
or
lease
type
agreements.
The
city
has
make
sure
that
we
understood
every
single
amendment
to
those
contracts
and
determine
what
the
impact
was
to
the
city
and
then
calculate
the
net
present
value
of
those
individual
contracts
to
come
to.
I
Ultimately,
what
resulted
in
the
presentation
in
the
financial
statements,
so
that
was
a
pretty
significant
undertaking
this
year,
which,
aside
from
the
gby
87
implementation,
the
financial
statements
would
have
been
issued
prior
to
the
June
30th
date.
That
is
that
we
target
it
was
all
related
to
the
gasby
87
implementation
and
data
Gathering
and
calculations
that
led
to
a
later
issuance.
Okay,
thank.
C
I
K
I
That's
in
order
for
the
city
to
be
in
compliance
with
gby
pronouncements,
so
generally
accepted
St
government,
auditing,
Standards
Board,
those
are
issued
annually.
Pronouncements
related
to
proper
financial
statement,
get
presentation
of
financial
statements.
A
You
anybody
else
have
any
questions
I,
just
a
couple
points:
if
there
aren't
any
any
others,
I
I
thought
that
the
letter
in
the
mdna
were
were
very
good.
It
really
highlights
that
we've
had
this
very
unusual
period
period
of
if
you
think
about
2019
everything
was
sort
of
imbalance.
You
know
the
the
fund
balance
was
at
the
Target.
The
the
overall
results
of
the
general
fund
were
were
imbalance,
and
then
we
had
all
this
inflation.
A
All
this
unusual
Revenue
come
through
over
a
couple
year
period,
and
you
can
see
that
sort
of
just
working
its
way
through
the
financials
over
successive
years,
ending
in
the
year
of
really
high
inflation
and
now
we're
I
think
particular.
When
we
get
into
this
budget
cycle,
we
are
searching
for
what
is
our
new
Baseline?
How
do
we
get
back
to
a
baseline
that
is
close
to?
That
is
close
to
balance,
because
we've
had
this
sort
of
impact
of
high
expenses
and
impact
of
unusual
revenues.
A
So
I
thought
that
this
that
that
that
letter
was
good.
One
thing
we
don't
mention
in
the
mdna
is
the
adoption
of
our
new
pension
funding
policy
and
I.
Think
if
we're
especially,
if
we're
trying
to
highlight
that
to
the
rating
agencies,
it's
not
in
there
I,
you
know
it
might
be
because
we
adopted
it
later,
but
that
was
just
one
thought
about.
Should
there
have
been
a
comment
in
the
mdna
relative
to
the
adoption
of
the
new.
A
H
I
would
just
touch
on
the
things.
Yes,
obviously
we
were
done
with
everything
before
the
June
3.
A
H
Except
this
lead
portion
and
the
other
thing
is
communicating
with
the
rating
agencies.
We
always
bring
up
these
things
in
our
call,
as
well
as
they
submit
us
questions
some
of
those
things,
and
then
we
clarify
that
okay,
this
is
what
happened.
You
know,
and
obviously,
pensions
along
with
the
debt
are
some
of
the
big
things
general
fund
fund
balance
is
the
other
one.
They
always
look
at
these
three
or
four
items.
So
we
do
talk
about
those.
A
Okay,
great
I
I
did
you
know
our
page
39
of
the
of
the
PDF
does
mention
that
we
paid
down
geod
debt
of
11.2
million
in
22
I.
Think
we'll
talk
later
about
how
much
debt
we
have
paid
down
this
sort
of
goes
to
the
point
of
when
we
ask
for
new
debt.
Let's
also
keep
in
mind,
we
paid
off
a
lot
of
debt
and
sort
of
what's
the
is.
Is
the
direction
good
in
terms
of
of
Debt
Pay
down?
But
that's
that's.
A
In
the
page
39
of
the
PDF
report,
question
I
had
on
the
balance
sheet
on
page
42,
we
mentioned
loans
to
loans
of
9.8
million
and
due
from
other
governments
of
12
I
just
wanted
to
get
a
little
bit
of
context
for
the
group
about
what
who
owes
us
money
you
what's
the
general
nature
of
that,
do
you
have
any
collectibility
sort
sort
of
thoughts?
I,
don't
think
you
do,
but
just
maybe
for
the
group
you
know
we
have.
H
That
thank
you
chair
and
the
members
again.
Yes,
so
those
are
the
legitimate
and
genuine
receivables.
We
will
get
the
money
back.
The
$1
million
you
see
due
from
other
government,
is
the
money
where
the
sales
tax
income
tax
and
those
money
which
belong
to
either
October
November
of
December
of
the
year
but
comes
after
the
year
end.
Obviously,
sales,
tax
and
home
rule
sales
tax
would
be
the
big
one
which
a
3mon
lag.
H
Income
tax
is
only
one
month,
so
it's
a
small
amount
so
that
11.2
million
is
all
the
money
due
from
the
state
government
yeah.
Now
the
other
loans
are
in
our
department
in
the
funds,
Like
cdbg,
Home,
Affordable,
housing
and
all
those
loans
and
some
of
those
loans.
Loans
are
forgivable,
so
we,
depending
on
certain
conditions
once
they
meet
that
condition.
Every
year
we
forgive
some
some
of
those
our
loans
and
they
have
a
payment
schedule
and
we
get
the
money
back.
Okay,.
A
But
the
amounts
Are
Not
Unusual
in
any
way
and
and
well
record
out,
okay
and
then
I
think
for
the
overall
group,
since
we
have
been
so
focused
on
pensions.
Just
looking
at
the
note,
which
is
a
lot
so
the
you
know,
the
pension
funding
ratio
for
police
ended
up
at
54%.
You
know
down
from
60,
that's
kind
of
we
talked
about
that
and
that
was
to
be
expected.
Given
the
rates
of
return
on
the
assets.
Last
year,
fire
ended
at
47
down
from
58
so
combined
basis.
A
A
I
think
still,
though,
there's
been
a
degree
of
bond
sell
off
this
year,
so
it's
still
going
to
be
it'll,
probably
be
a
couple
of
years
before
we
get
back
to
the
you
know,
68%
for
police
and-
and
you
know,
as
as
we
move
for
both
of
them
towards-
hopefully
you
know
or
towards
100%,
by
by
20
240,
but
there's
still
it'll
take
a
while
to
dig
out
of
the
hole
caused
by
the
market
returns
that
happened
in
U.
A
That
happened
in
in
22
and
just
one
other
point,
and
then
council,
member
kayy
I'll
come
to
you.
One
thing
that
did
stick
out
to
me,
though,
is
that
you
know
fire
has
Consolidated
their
assets.
They
did
that
in
approximately
22
or
so
yeah
into
the
state
plan
and
so
and
which
is
good.
I'll
say
that
you
know
their
their
negative
return
was
about
15%
last
year,
but
police,
which
has
not
Consolidated
their
assets.
Yet
their
return
was
about
uhga
16.8.
A
So
almost
2%,
worse,
it's
not
a
complete
Apples
to
Apples
comparison,
because
I
don't
have
the
number
of
what
the
state
Consolidated
police
fund
recovered.
I
would
assume
it's
something
in
the
area
of
what
the
Consolidated
fire
but
I
think
this
is
another
area
where
there's
been
litigation
and
other
things,
but
we,
you
know
I,
think
there's
benefit
it's
not
up
to
us.
A
It's
up
to
the
pension
board,
but
there's
been
litigation
to
comply
with
state
law,
and
it
would
be
good,
I
think,
the
sooner
the
better
that
the
the
the
police
pension
assets
get
Consolidated
into
the
state
plan,
because
a
two
you
know
a
2%
worse
performance
for
police
than
fire
is
is
significant
on
their
asset
base
of
around
$150
million
or
so
so.
A
At
any
rate,
this
has
to
work
its
way
through
the
courts,
but
certainly
some
police
boards
have
already
Consolidated
fire
across
the
state
was
much
quicker
to
consolidate
and
if
you
just
want
to
look
at
a
big
down
year-
and
it
could
be
because
it's
just
the
the
state
pool
is
a
little
bit
more
conservative.
The
Consolidated
fire
returns
were
about
1.9%,
less
bad
than
than
the
police
and
I
and
I
I.
Think
that's
something
we
want
to
look
at
further
about
how
to
you
know
what
is
benefit
and
what
should
be.
A
How
do
how
do
we
want
to
try
to
talk
more
to
the
the
the
police
pension
board?
A
It
is
an
odd
situation
that
we're
responsible
for
the
funding,
but
not
actually
the
direction
of
the
assets,
but
that
is
that
is
how
the
that
is
how
the
boards
are
set
up,
that
the
city
is
only
two
of
the
five
votes
but
at
any
rate,
I
think
it's
something
we
need
to
discuss
with
the
with
the
police
board
a
bit
more
of
what
is
their
plans
and
what
do
they
see
as
the
ongoing
benefits
of
not
consolidating,
especially
when
it's
been
through
two
layers
of
litigation.
A
At
this
point
and
and
what
would
be
the
timing
of
the
consolidation,
so
that's
that's
sort
of
what
I
had
I
think
ton
of
work
gone
in
here
and
so
council
member
Kelly.
You
had
a
question.
K
I
was
just
going
to
add,
since
we're
on
the
pension
topic
I
think
in
the
past
the
police
had
performed
had
been
per
doing
very
well,
I
think
it's
just
you're,
comparing
it
now
to
the
consolidation.
So
that
is
an
interesting
question.
K
I
also
think
we
have
to
look
at
I
would
ask
that
we
get
a
going
forward,
the
rate
of
assumption
that
we
get
a
projection
on
the
rate
of
assumption,
because
what
we
also
want
to
make
sure
is
well
clearly
if
we
weren't
100%
funding,
that
increase
would
be
even
more
so
at
least
we're
we're
slowing
that
down
stopping
the
bleeding
there,
but
I
think
we
do
need
to
see
get
an
accounting
from
Jason
of
the
6.25
versus
6.5
projecting
forward,
whether
that
will
in
fact
be
decreasing
our
debt,
so
I
I
think
I
think
we.
A
Yes-
and
there
were
years
in
fact,
the
year
before
fire
did
fire
did
better,
so
they
have
been,
they
have
been
years
and
it
does
look
like
I
went
b
six
years.
It
looks
like
in
a
down
year.
Of
course,
the
problem
is
fire,
wasn't
Consolidated
till
22,
so
at
any
rate,
how
do
we?
You
know?
Why
are
we
not
Consolidated,
I,
think
and
and
where's
the
litigation
going,
and
what's
the
timing
and
and
and
all.
K
And
all
that,
but
could
we
ask
maybe
police
pension
board
president
to
come
and
at
to
our
next
meeting
to
answer
questions.
A
A
But
again,
I
think
the
state
set
up
a
group
of
experts
that
presumably
have
access
to
different
asset
classes
than
we
do,
which
should
be
able
to
provide
a
better
long-term
return
at
a
lower
cost.
That
was
one
of
the
you
know.
One
of
the
justifications
be
on
for
the
Consolidated
plans
was
it's
got
to
be
more
efficient
when
you're
managing
billions
of
dollars
of
assets.
G
A
D
That
we
accept
the
annual
report
and
recommend
acceptance
to
the
council.
K
A
Good,
all
right
so
now
moving
on
to
sort
of
a
midyear
Financial
update
on
on
where
we're
currently
seeing
the
the
projections
for
the
general
fund
for
the
for
the.
B
City,
okay,
so
this
is
a
report
that
we
provided
in
August
of
last
year,
and
we
are
here
again
with
this
year's
midyear
summary.
This
screen
just
kind
of
summarizes
where
we
were
at
through
the
end
of
June.
We
do
have
have
another
month
of
actuals,
but
we
figure
June
is
a
good
month
to
look
at
since
it's
the
halfway
point
of
the
fiscal
year
through
June,
we
were
at
52%
of
revenues,
54%
of
expenses
for
a
net
loss
of
2.5
million.
B
B
Expenditures
so
in
terms
of
revenues,
just
focusing
primarily
on
those
I
know.
We
talked
about
those
in
May
and
we're
here
with
a
bit
of
an
update
on
some
of
those
most
of
the
shared
State.
Revenues
are
trending
where
they
were
in
22
and
even
a
little
higher
sales
taxes
and
home
rule
sales.
Taxes
continuing
to
be
impacted
by
inflation.
Continuing
to
do
really
well,
both
are
Up
3
to
4%
over
last
year's
numbers,
so
they're
on
their
way
to
topping
last
year's
record
high,
which
is
great
news.
B
Income
taxes
are
one,
however,
that
are
actually
down
7%.
These
are
set
by
the
state
and
so
we're
we're
a
little
surprised.
They
are
trailing
a
little
bit
below
IML
projections
at
7%
down,
but
the
good
news
is
they're
still
tracking
to
budget
they're,
just
not
tracking
over
over
budget
pprt.
So
we
talked
last
year
a
lot
about
this
one
and
it's
it's
part
of
our
pension
policy,
highlighting
the
volatility
of
this
revenue
and
and
this
some
of
this
actions
taken
by
the
state
in
their
most
recent
budget.
Aml's.
B
Most
recent
projections
have
them
projecting
a
29%
decrease
to
pprt
for
July
23
through
June
24,
and
our
returns
thus
far
down
177%
compared
to
last
year,
still
on
track
to
top
what
our
budgeted
level
was
and
we'll
we'll
highlight
the
our
projections
for
these
revenues
on
the
very
next
slide,
but
they
are
trailing
our
22
actuals.
At
the
same
time,
last.
D
K
So,
okay,
so
I
just
want
to
check
because
I
see
2.8
million
in
the
in
from
the
state
from
the
Illinois
Department
of
Revenue.
It
shows
that
they've
already
issued
2.8
million
to
the
city,
which
we
budgeted
2.85
million
so
we're
almost
at
the
full
amount
that
we
budgeted
so
we're
going
to
exceed.
It's.
K
Payments
for
this
year
for
this
year,
not
the
January
payment,
which
is
I
understand,
is
for
the
previous
year,
but
I
think
we've
received
five
of
the
eight
payments
and
we're
already
at.
K
B
B
Absolutely
and
it's
possible
to
this
doesn't
include
the
605,000
that
goes
to
pensions,
I'm,
sorry,
I,
I,
don't
I,
don't
don't
know
if
that's
included
in
this
number
or
not
I'd
have
to
check
my
the
the
numbers
behind
the
the.
B
Do
know
it's
volatile
and
we
do
know
they're
projecting
a
very
large
decrease,
moving
forward
that
we'll
have
to
keep
an
eye
on
and
and
since
it's
a
key
part
of
our
pension
policy
and
how
much
we're
able
to
pay
at
of
pprt.
B
K
Year
but
I
think
we
need
to
understand
we
way
under
budgeted
for
the
last
several
years
tremendously
I
mean
I
can
give
you
those
amounts.
We
budgeted
in
22
1.2
million,
but
we
came
home
with
5.5
million.
So
let's
be
clear
when
we're
talking
about
a
decrease,
that's
a
decrease
from
5.5
million.
For
this
year
we
budgeted
we
budgeted
2.85,
five
2.8
8
million
and
we're
already
collected
2.8
million,
so
so
be
clear.
There
is
a
decrease.
Originally,
it
was
a
33%
they've,
adjusted
now
to
a
29%
decrease.
B
Absolutely
guess
keep
an
eye
on
how
much
Surplus
we'll
have
that
a
29%
decrease
to
a
major
revenue
is
not
the
kind
of
Trends
you
see
with
most
of
our
revenues.
Sales
taxes
are
up
three
home
rle
sales
taxes
are
up
four.
This
is
I'm,
just
highlighting
the
fact
that
it's
a
very
volatile
Revenue
because
it's
set
by
the
state
and
if
it
goes
up
one
year,
they
tend
to
take
note
of
that
and
then
shift
part
of
that
over
here.
B
So
we
we
probably
will
continue
to
see
that
moving
forward
real
estate
transfer
taxes,
unfortunately
coming
nowhere
close
to
last
year's
record
highs.
We've
seen
the
high
interest
rates
in
the
housing
market
really
impacting
this
Midway
through
the
year
they're
down
29%.
We
do
think
that
the
reparations
fund
will
get
the
$3
million.
B
That
per
the
budget
was
allocated
to
that
fund,
and
so
we,
we
do
think
that'll
happen
and
we
will
probably
get
the
3.75
million
that
we
budgeted,
but
we
would
need
some
major
large
sales
here
towards
the
end
of
the
year
to
exceed
our
budget
of
3.75
million
on
that
one
and
then
several
local
revenues
on
pay
to
Meer
exceed
budget.
These
include
Recreation
program
fees.
We
raised
our
fees
last
year,
we're
continuing
to
see
a
lot
of
participation.
B
Building
permits
is
down
quite
a
bit
compared
to
last
year,
but
it's
still
expected
to
meet
budget.
There
were
a
couple
really
large
permits
issued
towards
the
end
end
of
last
year.
That
really
impacted
that
final
number.
We
haven't
quite
seen
that
there's
a
lot
of
big
projects
in
the
hopper
that
could
come
in,
but
this
is
again
a
pretty
volatile
one
ticket
fins,
GMT
and
ambulance
Revenue
are
all
on
Pace
to
exceed
or
meet
budget
as
well.
B
So
this
is
our
low
projection
that
we're
offering
and
our
high
projection
that
we're
offering
on
revenues
based
on
the
stuff.
I
said
on
the
last
slide
on
the
low
end,
we
think
we'll
exceed
budget
by
$10
million
and
on
the
high
end
in
terms
of
revenues,
we
could
see
13.3
million
in
upside.
So
that's
that's
the
good
news.
We
again
the
inflation
is
continuing
to
carry
these
numbers.
B
B
These
in
terms
of
how
we've
use
the
10
million
in
Revenue.
So
if
you'll
remember
our
budget,
that
we
passed
had
a
budgeted
deficit
of
$10
million,
which
means
basically
with
10
million
an
upside
we're,
a
wash,
which
means
we
start
from
kind
of
a
a
balanced
budget
with
the
upside
in
revenues.
However,
this
year
there's
been
a
few
things
that
have
been
approved
by
city
council
that
have
increased
the
amount
of
expenses
that
we're
expecting.
B
These
include
cover
covering
overages
on
a
handful
of
capital
Improvement
projects,
as
well
as
much
higher
than
budgeted
wage
increases
in
the
police
and
fire
departments
with
police
at
177%
and
fire
at
11%
wage
increases
compared
to
our
budgeted
4
and
a
half%.
We
saw
some
pretty
significant
increases
there,
and
then
we
aren't
in
a
position
yet
with
asme
I.
B
Think
the
city
council
will
be
continuing
to
weigh
in
there
soon,
but
we'll
definitely
see
a
contract
that
results
in
higher
than
what
we
had
budgeted
with
them
and,
in
speaking
with
city
manager,
Stow
there's
likely
to
follow
a
nonunion
wage
increase
that
could
be
considered
as
well.
Just
given
the
volume
of
wage
increases
that
police
fire
and
Union
and
asks
me
have.
A
Going
back
to
when
the
budget
was
set,
I
think
we
discussed
at
the
time
that
there
there
likely
was
some
upside
in
particularly
the
sales
tax
numbers
that
were
that
were
being
used
and
potentially
some
other
some
other
areas.
But
the
offset
to
that
at
the
time
and
was
brought
up
at
the
time,
was
a
big
potential
uncertainty
relative
to
the
three
major
Union
contracts
that
were
all
up,
so
that
has
somewhat
played
out.
A
You
know
the
way:
I
I
think
that
we'll
get
to
your
new
projection
in
a
minute,
but
we
are
you
know
we
are.
We
are
roughly
within
the
bounds
of
that
original
budget.
Sort
of
knowing
going
in
could
be
some
upside
on
on
revenues
and
likely
would
be
some
downside
relative,
particularly
wage
right
with
respect
to
the
the
contract
renegotiations
or
negotiations,
not
renegotiations.
Okay,
thank
you.
B
Absolutely,
and
so
the
the
6.6
million
here
has
been
approved,
we
know
more
is
coming.
These
are
some
of
the
items
we've
talked
about
with
this
committee
over
the
last
several
months.
Increasing
our
fund
balance
policy,
helping
out
two
funds
that
are
have
a
negative
fund
balance
the
Insurance,
Fund
and
parking
fund,
as
well
as
overages
on
future
CIP
projects.
We're
just
continuing
to
keep
these
in
front
of
you
with
is
items
that
we
have
talked
about
so
now.
B
Looking
at
this
slide,
this
shows
you
the
low
Revenue
projection
and
the
high
Revenue
projection,
including
those
items
that
were
on
the
last
couple
slides.
So
the
middle
column
here
is
the
low
projection
and
I'm.
The
arrow
is
kind
of
indicating
where
we're
projecting
to
finish
the
year
from
a
low
end
on
revenues.
B
We
would
expect
to
finish
with
a
fund
balance
of
about
49
million,
with
a
net
deficit
of
8.7
million
against
our
bud
bued
10
million,
which
to
the
chair's
point,
is
kind
of
like
we
Landing
pretty
close
to
where
we
said
we
were
going
to
land
on
the
high
end.
We
could
see
a
net
deficit
of
just
5.4
million
and
finish
with
a
fund
balance
of
52
million
do
which,
which
both
of
those
are
well
over.
The
fund
balance
policy.
B
A
Numbers
this
goes
to
the
bond
Point
as
well,
and
I.
Think
on
the
incremental
general
fund
items
that
you
have,
that
the
sort
of
the
offset
to
not
issuing
bonds
is,
it's
got
to
come
out
of
the
general
fund
and
we
use
up
the
excess
reserves
faster,
so
but
I
think
the
the
key
is
to
get
to
the
next
couple
of
pages.
Where
again,
these
are
very,
you
know.
A
If
we
look
on
we'll
get
there
yeah
the
the
the
deficits
that
are
shown
for
preliminary
24
and
25
I
would
say
cannot
happen
right.
We
have
to
say
what
what's
the
work.
We
need
to
do
to
make
sure
that
those
don't
happen
to
that.
To
that
degree,
so
I
think
again
we're
getting
to
what's
the
new
Baseline
budget
and
how
do
we
get
to
some
something?
A
K
K
D
Thank
you.
I
just
want
to
confirm
that
the
projections
we're
looking
at
on
this
slide
reflect
100%
funding
of
our
pension
obligations.
B
Yeah,
so
this
is
what
we
that
was
included
in
the
budget
deficit.
You
see
there
for
FY
23.
That's
why
we
had
a
a
budgeted
deficit.
We
approved
using
4
a
half
million
I
think
it
was
from
reserves
to
pay
for
the
100%
this
year
for
this
year
y.
Okay,
thank
you
all
right.
So
this
is
this
is
the
good
news
and
I
mean
it
is
really
great
news.
B
We've
had
a
couple
really
great
years
with
revenues
that
have
been
doing
really
really
well,
but,
as
we've
started
this
year's
budget
process,
we
wanted
to
call
to
your
attention
some
issues
that
are
definitely
major
concerns
going
into
this
budget
process
that
we'll
have
to
sort
through,
as
as
the
chair
identified,
so
revenues
have
likely
peaked.
We've
already
seen
a
couple
of
the
good
ones,
like
the
real
estate
transfer
tax,
start
to
taper
back
down
it's
a
reality.
B
Inflation
is
backed
down
to
I,
think
3%
over
the
last
12
months,
so
we're
not
seeing
those
go
up
much
much
further
contractual
and
non-union
wage
increases.
We've
approved
more
than
10
million
increases
to
salaries
this
year
compared
to
our
23
budget.
Given
the
approved
contracts,
it's
a
huge
number,
it's
it's
it's
something
that
is
definitely
playing
into
the
numbers,
as
we've
started.
B
To
look
at
what
24
looks
like
and
we'll
have
to
figure
out
how
we
can
sustain
that
level
of
increase
moving
forward
since
they're,
contractually
obligated
and
they're.
There
increases
that
we're
obligated
to
pay
for
in
terms
of
the
pension
policy.
I
meant
to
change
this,
but
under
the
new
policy
based
on
the
most
recent
numbers,
we've
received,
5
million
of
additional
contributions
will
come
from
sources
that
were
previously
allocated
to
to
the
general
funds
so
pprt.
B
Under
this
new
policy,
that's
5
million
that
has
now
been
set
aside
for
pension
to
cover
our
pension
policy.
Our
pension
obligations
at
100%,
not
6.6,.
B
K
K
I,
don't
know,
fol
understand
this,
so
I
I
just
want
to
be
clear,
like
we
budgeted
last
year,
1.2
million
right,
but
we
ended
up
with
5.5.
So
this
year
we
budgeted
2.8
and
we're
already
at
2.8.
In
other
words,
we
could
have
budgeted
more
I
mean
it's
fine,
that
we
don't
I.
You
know,
but
I
want
to
be
clear
that
this
suggests
that
we're
going
to
be
coming
in
under
or
with
less
when
in
fact
we're
in
a
we
we're
we
still
under
budgeted
as.
A
We're
more
than
budget
but
less
than
last
year,
I
think
is
the
answer
and
I
talking
with
with
some
other
communities
as
well
pprt
everyone's
frustrated
by
an
inability
to
know
what
the
state
is
going
to
pay.
So
it's
it's
very
volatile
part
of
it
caused
by
the
fact
that
they're
on
a
different
fiscal
year.
So
it's
hard
to
even.
K
Understand
so
it's
it
is
summer,
but
there
are
projections
and
we
haven't
been
following
them.
So,
for
example,
from
20
year
2019
to
year
21
there
was
a
projection
that
it
would
be
about.
I
mean
that
would
triple,
but
we
never
increased
ours.
We
stayed
the
same,
so
you
can
make.
There
are
Ballpark.
The
IML
does
projections
the
state,
the
idor
does
projections,
but
we,
but
we
have
traditionally
it's
been
problematic.
D
D
B
On
the
side
of
caution,
I'm,
sorry
and
under
budget
I'm,
sorry
for
this
year's
budget,
we
will
budget
a
29%
reduction
from
the
actual
amount
that
we
receive.
That's
based
on
IML
guidance,
we'll
we'll
Che
it
up
with
with
what
we've
received
and
that'll
be
our
our
budget
for
next
year
that
we
recommend
for.
A
And
I
think
it
would.
It
would
be
good
to
present
for
this
committee
the
number
you're
proposing
to
go
with
for
pprt,
and
why
so?
We
can
all
understand.
What's
been
the
recent
Trend
right
and
if
you're
going
to,
if
you're
recommending
a
budget
of
four
or
whatever,
why
you
think
that's
the
right
number
and
we
can
have
people,
ask
questions
and
and
see
if
there's
any
other
data
that
anybody
has
that
that
would
indicate
that
a
different
number
should
be
being
used
for.
D
K
It
all
goes
towards
pension.
Our
funding
policy
says
100%
goes
to
pension
and
I
agree,
but
always
our
basis
should
be
based
on
actual
what
we
received.
You
know
like
so,
for
example,
when
there
was
going
to
be
you
know
when
it
was
going
to
double,
and
we
collected
say
it
was
from
20
20
to
21.
If
it
was
going
to
double.
If
the
projections
were
doubling,
then
we
should
have.
K
B
We
we'll
true
up
our
budget
and
I
I.
I.
Definitely
don't
want
to
lose
sight
of
the
major
point
of
the
slide,
two
that
the
whatever
we
get
from
pprt
was
general
fund.
Now
it's
pensions
and
that
creates
a
hole
in
the
general
fund
that
then
has
to
be
filled.
Whatever
the
pprt
amount
is
whether
it's
four
or
five5
million
it's
a
whole
that
the
general
fund
will
have
to
will
have
to
work
through
as
part
of
this
budget
cycle.
B
The
capital
Improvement
plan
we'll
talk
about
that
later
equipment
replacement
plans,
so
this
is
a
big
one.
Arpa
has
helped
subsidize
the
equipment
replacement
plan
for
two
years,
but
arpa
is
unfortunately
running
up
soon.
It's
nearly
all
allocated,
which
means
the
general
fund,
will
have
to
take
this
responsibility
back
over
and
we're
looking
at
a
magnitude
of
about
$2
million.
The
general
fund
has
not
had
to
fund
for
the
last
couple
years
that
it'll
have
to
take
back
on
and
then
in
terms
of
Staffing.
B
We
budgeted
a
4%
vacancy
rate
last
year,
we're
starting
to
fill
a
lot
of
positions
across
the
city,
so
we're
probably
doing
okay
with
about
a
4%
vacancy
rate,
and
it's
something
that
we
can
consider
carrying
into
next
year's
budget.
B
But
we
are
starting
to
fill
some
positions
and
so,
as
part
of
this
budget,
we'll
just
have
to
take
a
look
at
what
the
most
appropriate
number
is
based
on
our
vacancies
and
then,
finally,
in
terms
of
Staffing,
there's
a
number
of
new
positions
under
consideration,
both
that
support
city
council
initiatives,
things
that
the
city
council
has
wanted
to
advance
members
of
the
city
council
and
those
are
under
consideration
by
CMO.
B
So,
ultimately,
this
slide
comes
out
to
about
$20
million
in
additional
general
fund
obligations
that
weren't
included
in
last
year's
budget
between
the
salaries,
the
5
million
in
in
pprt
pension
money
that
was
previously
allocated
towards
the
general
fund
and
is
now
being
shifted
there.
The
equipment,
the
$2
million
of
the
general
fund,
has
to
pick
up
as
well.
So
it's
a
pretty
big
undertaking
and
we're
starting
to
see
this
is
the
expenses
catching
up
with
the
revenues
that
we
we
had
talked
about.
A
But
I
say
some
of
the
revenue.
Good
news
will
carry
over
right,
like
like
sales,
I
mean
absent
a
recession.
Right,
okay,
recession
happens
everything
you
know,
but
but
it
it
some
of
the
good
Revenue
news
does
carry
over
to
to
offset.
A
Baseline
with
respect
to
C
certain
revenue
streams
that
have
that
have
benefited
from
the
inflation
definely
there's
a
bit
of
a
natural
offset.
There.
K
And
speaking
of
the
4%
vacancy,
do
we
have
a
projected
Surplus
on
for
Staffing.
B
It's
it's
part
of
this
number
on
this
slide,
so
this
includes
our
projections
related
to
Staffing
I
mean.
Unfortunately,
while
we
budgeted
a
4%
vacancy
rate,
we
also
budgeted
a
4
and
a
half
%
wage
increase,
which
dramatically
was
under
where
we
ended
up
landing
on
that.
So
we're
not
going
to
see
the
savings
from
positions
because
we're
seeing
the
overages
on
the
wage
increase
side.
K
K
J
B
We'll
bring
that
as
part
of
the
budget.
Unfortunately,
it's
not
an
easy
number
to
to
reconcile
really
fast,
because
all
of
our
salaries
are
all
in
the
regular
pay
account,
which
means
you
can't
differentiate
between
the
positions
that
are
vacant
and
the
savings
from
those
versus
we
can.
We
can
see
what
we
can
put
together.
Thank
you
on
it,
but
but
at
the
end
of
the
day,
we're
paying
more
in
salaries
and
wages
than
budgeted
because
of
the
wage
increases
by
a
significant
amount.
We
think
and
that's
what
this
is
in
police
and
fire.
B
B
A
And
Clayton,
if
you
go
back
to
that
prior
slide,
some
of
those
items
are
non
repeat
the
ones
where
you
had
the
unusual
items
where
the
where
the
wage
increases
just
were
the
slide.
You
were
just
on.
A
You
just
went
over
it
again
boom
right.
There
I
mean
the
animal
shelter
project,
that's
non
repeat:
right,
skate
park,
Pro
I!
Guess
we
could
have
other
capital
projects
that
run
over,
but
some
of
what
the
general
fund
has
had
to
absorb
in
the
current
year
might
be
replaced
by
other
overages.
But
these
individual
items
do
not
repeat
right.
So.
A
Good
I
think
you've
had
you
know
you
had
normal
amount
of
unfavorable
news
during
the
year
that
the
budget
had
enough
flexibility
that
we're
kind
of
Landing,
where
we
roughly
thought-
and
some
of
that
always
happens,
and
but
there
is
some
there
is
some
base
cost
in
the
general
fund
this
year.
That
is
non-repeat
could
be
repeated
by
other
things,
similar
things,
but
some
of
those
items
do
not
do
or
do
not
create
a
new
base
level
for
for
the
next.
B
Okay-
sorry
about
that,
so
this
is
Council
Melly
I'm,
sorry
was
there
anything
else
on
general
fund
before
we
kind
of
go
into
the
other
funds?
Okay.
So
this
is
a
summary
of
the
other
31
or
so
City
funds
over
the
next
three
slides,
we've
indicated
in
the
far
right
two
columns.
What
the
required
fund
balance
policy
says
for
that
fund,
as
well
as
the
excess
or
deficit
within
the
fund
compared
to
its
fund
balance.
So
looking
at
this
first
slide,
there's
only
one
of
these
funds
that
has
a
reserve
fund
balance
policy.
B
That's
the
motor
fuel
tax
fund.
It
has
a
Reserve
balance
policy
of
16.66%,
but
this
fund
is
highly
restricted
by
the
state
as
to
how
we
can
and
can't
use
these
any
excess
reserves
within
within
this
fund.
H
About
that
and
I
know,
I
mean
in
the
past
again.
I
would
highlight
the
fact
about
the
mft
restrictions.
We
have
been
working
with
the
idat
auditor
for
last
three
months
and
they
go
into
the
individual
payroll
details
and
individual,
so
yeah,
there's
no
room
that
we
can
just
kind
of
you
know
hide
anything
we
have
to
be
transparent.
H
They
ask
for
check,
register
bank
statement,
General
ledgers,
every
minute
detail
and
we
have
been
working
with
the
ID
Auditors
for
almost
last
two
or
three
months,
so
it
is
restricted
in
terms
of
where
we
can
use
the
fund
and
that's
where
we
have
extra
funds
and
again
Lara
can
touch
on
it
later
on
that
yeah
she
has
the
projects
lined
up
to
be
funded
out
of
the
motor
field
Fund
in
the
next
couple
of
years.
B
Lara
has
given
that
this
money
can
be
used
for
resurfacing
projects
you're
asking
about
year
end
sorry,
it'll,
probably
end
with
close
to
that
amount
of
excess.
K
K
That's
what
I'll
be
really
looking
for
this
year
is
a
much
better,
a
much
closer
projection
than
what
we
have
ever
gotten
in
the
past
with
regard
to
unassigned
funds
and
each
of
these
funds,
including
the
motor
fuel
tax,
so
we're
right
now
at
5
million
in
in
over
over
the
25%
Reserve,
we're
in
5
million
over
that.
Okay.
Thank
you.
So
we
have
TW
in
the
25%.
Reserve
rep
represents
how
much
of
the
motor
field-
sorry,
not
1
million,
so
1
million
okay,
but.
L
D
L
For
100%,
not
it
can
be
used
for
Street
resurfacing
and
other
infrastructure
projects
in
the
right
away,
but
pretty
much
Street
resurfacing
or
lighting
potentially
sidewalks
if
they
are
designed
exactly
according
to
the
Statewide
OT
standards,
OT
reviews
every
drawing
set
that
we
want
to
use
mft
funds
on
to
make
sure
it
complies
with
their
standards.
It
can
also
be
used
for
salt
purchases,
some
very
specific
road
maintenance
purchases.
L
However,
we
are
trying
to
move
more
towards
contracts
and
salt,
because
the
as
we
are
finding
when
we
were
trying
to
do
salaries
out
of
mft
to
offset
some
of
the
general
fund
expenses,
the
accounting
for
that
is
so
onerous
that
it
is
not
worth
it.
So
we
are
moving
things
around
in
2024
to
try
to
make
it
easier.
The
accounting
side,
on
our
end
a
little
bit
easier
and
more
straightforward,
while
spending
down
the
5.2
million
on
some
capital.
B
Also,
pictured
here
are
a
number
of
other
City
funds.
These
don't
have
Reserve
balance
policies
but
they're
for
things
that
the
city
council
has
deemed
important
things
like
the
reparations
fund,
the
sustainability
fund,
The,
Good,
The,
Good
Neighbor
funds.
A
little
got
some
strings
attached
to
it,
but
the
affordable
housing
fund.
These
are
all
funds.
Where
you
can
do
you,
you
can
move
that
money.
It's
not
restricted.
It's
only
in
these
funds,
because
the
city
council
has
directed
staff
to
maintain
these
funds
in
advance
the
goals
and
priorities
within
within
those
areas.
B
You
also
see
the
large
arpa
cash
balance.
So
anytime.
You
look
at
our
investment
reports
that
we
put
out
every
quarter
and
you
see
that
large
cash
balance,
a
big
portion
of
that
is
the
arpa
cash
balance,
that's
on
hand
and
has
been
assigned
to
projects,
but
is
slowly
dwindling
as
we
complete
work
on
those.
B
Projects
there
we
go
Debt
Service
funds,
I
can't
even
come
close
to
reading
this.
It's
in
your
pack
packet
be
page
10
of
the
presentation
in
your
packet.
You
can
see
these
are
The
Debt,
Service
funds.
Chief
among
them,
is
our
main
Debt
Service
fund,
where
we
pay
towards
Debt
Service
principal
and
interest
obligations
on
our
goo
bonds
that
we
issue
you
can
see
our
Tiff
funds
pictured
here
and
the
fund
balances
with
those
I
think.
B
In
most
of
the
instances,
the
current
fund
balance
is
less
than
the
amount
of
outstanding
principle
and
interest
that
we
have
within
those
Within
in
those
Tiff
districts
and
again
these
are
regulated
by
the
state
and
the
state.
B
You
you
can't
move
this
money
out
of
here
and
put
it
in
the
general
fund
to
pay
for
general
fund
operations
unless
there's
some
tie
to
the
Tiff
itself,
so
we
do
already
pay
a
portion
of
our
economic
development,
director,
salary
and
some
of
the
finance
folks
out
of
these
Tiff
funds
we
already
kind
of
take
advantage
of
that
to
its
fullest
potential,
but
not
much
wiggle
room
Beyond,
most
of
it's
for
infrastructure
projects
that
that
come
through
the
CIP.
B
This
is
our
Capital
project
funds,
our
Enterprise
funds
and
our
internal
service
funds.
This
is
slide
11
of
your
attachment.
You
can
see
the
capital
Improvement
fund
and
the
impact
you
have
the
large
cash
balance
of
about
9.5
million
compared
to
the
fund
balance
of
3
million.
Again.
That
difference
is
due
to
the
outstanding
obligations
we
have
to
ID.
Do
they
Bild
very
slow
and
that's
why
we
have
more
cash
on
hand
than
we
do
within
our
fund
balance
in
the
Enterprise
funds?
B
We've
talked
about
parking
and
we've
talked
about
insurance
and
the
fact
that
those
are
below
their
fund
balance
policies.
One
Fund,
that
is
a
bit
over
its
fund
balance.
Reserve
policy
is
the
sewer
fund.
It
has
a
required
fund
balance
there
of
1
Point
something
and
it's
got
an
excess
balance
of
5.2
million.
B
So
it's
probably
one
of
those
funds
that
has
built
up
a
pretty
decent
Surplus
within
it
as
well,
but
you
can
see
solid
waste
and
water
are
both
right
on
what
the
required
fund
balance
policy
says
that
they
they
should
have
in
reserve.
D
L
Announced
that
the
last
time
I
spoke,
yes,
the
sewer
fund
is
available
and
we
do
direct
it
towards
capital
projects.
But
the
other
thing
that
happens
with
the
sewer
fund
is
over
over
time.
We,
as
the
cash
balance,
is
built
up,
we've
actually
reduced.
The
sewer
rates
to
offset
water
rate
increases
to
create
negative
or
neutral
changes
to
the
water
bill.
L
We're
not
going
to
be
able
to
continue
to
do
it
with
the
magnitude
of
water
costs
that
are
starting
to
hit
the
water
fund,
but
for
the
last
several
years
we've
managed
water
rate
increases
by
reducing
how
much
we
collect
for
the
sewer
fund.
K
And
do
you
have
a
projection
again
for
that,
so
we're
at
6.5
exceeding
the
16.6
Reserve?
Do
you
have
any
projections
by
your
end,
where
that
would
might
be
that
6.2.
K
It'll
be
I,
just
think,
it'll
be
much
more
transparent
and
helpful
for
everybody
when
we're
trying
to
figure
out
the
budget
for
24
to
have
those
numbers,
as
well
as
when
issuing
considering
issuing.
B
Bonds
within
the
budget,
that
is
a
page
in
the
budget
that
we'll
make
sure
we
we
include
with
those
as
part
of
the
budget
process
as
we
take
in
next
year's
requests.
We
review
where
we're
at
year
to
date.
This
is
where
we're
at
year
to
date'
got
six
more
months.
We
project
that
out
as
part
of
budget
and
make
sure
that's
a
page
in
the
budget,
so
you
can
see
where
we
project
to
finish
the
year
end.
L
We
entered
into
quite
a
lot
of
debt
to
pay
off
the
long
range
sewer
program
that
occurred
between
1990
and
2008,
and
most
of
that
was
through
low
interest
loans
with
the
Illinois
Environmental
Protection
Agency,
so
twice
a
year,
debt
Services
due
and
we
are
paying
off
those
loans,
but
part
of
the
reasons
why
we
built
up
a
fund
and
we're
gradually
reducing
the
sewer
rate
is
because,
as
more
loans
roll
off,
then
we
have
less
obligations
on
the
sewer
fund
and
I.
L
I
would
just
finish
by
saying
the
sewer
fund
can
pay
for
sewer
assets,
so
it's
not
like
I
can
take
that
money
and
then
use
it
to
resurface
a
street
or
build
a
park.
However,
we
do
try
to
leverage
it
recently
when
we
had
a
change
order
for
the
animal
shelter
aot,
there
was
a
substantial
C
cost
that
was
due
to
storm
water
detention,
which
is
a
sewer
asset.
So
that
type
of
thing
we
can
then
Leverage
the
sewer
fund
to
help
offset
some
of
those
costs
to
the
general.
B
Fund
that
generally
ends
the
slides
that
I
had
for
this
presentation,
so
we're
in
a
in
a
good
spot.
Now
we
know.
A
B
A
Okay,
but
I
think
you
know
this
is
the
summary
page
236
of
the
packet
that
shows
it's
actually
the
low
estimate
on
Revenue,
so
a
deficit
of
of
87,
88
I
think
the
high
estimate
was
closer
to
five
and
a
half,
so
maybe
it's
a
little
a
little
bit
better,
but
then
a
preliminary
View
and
again
this
can't
be
where
we
land
a
preliminary
view.
A
The
24
would
be
in
the
area
of
a
of
a
current
year
deficit
of
around
164,
going
to
20,
so
I
think
that's
where
our
hard
work
is
going
to
be
first
of
all,
I
think
it's
great.
We
didn't
have
this
visibility,
I,
don't
think
before
of
a
really
discussed
and
thought
out
projection
for
the
current
year
and
what
we
think
going
into
budget
is
going
to
happen
for
24
and
25.
So
the
good
news
is
we
have
this
visibility
and
I
think
we
have
a
lot
more
analytics
behind.
A
What's
actually
going
on
and
understanding
on
these
individual
line
items
of
revenues
and
expenses.
That
being
said
it,
it
would
be
I
think
difficult
for
us
to
you
know,
go
into
24
thinking.
We
had
a
deficit
of
of
16
so,
whether
it
be
you
know
what
we'll
get
into
the
details
of
of
what
are
the
assumptions
relative
to
property
or
other
taxes
and
and
sales
taxes,
and
whatever
that,
whatever
those
might
be.
A
I
K
K
B
K
D
L
It
is
above
and
beyond
the
16.6,
so
the
water
fund
is
a
pretty
substantial
business
Enterprise
for
the
city
of
Evon.
We
are
essentially
running
a
very
large
manufacturing
process
that
has
to
completely
pay
for
itself,
and
so,
as
we
have
worked
on
rates
both
for
our
wholesale
customers
and
our
retail
customers.
L
Here
in
town,
we've
worked
with
financial
consultants
at
different
times
to
make
sure
that
we
always
are
following
the
best
national
practices
for
how
we
set
water
fund
and
the
last
consultant
we
hired
did
recommend
because
of
the
volume
of
commitments
that
the
water
fund
has,
that
we
always
maintain
something
more
akin
to
a
$5
million
balance,
rather
than
a
just
the
16
6%.
K
But
but
I
mean
that's
not
we're
budgeting
for
Reserve
I
mean
our
taxpayers.
We
vote
on
a
reserve
on
16.6.
We
can't
just
sneak
in
I
mean
we
can't
just
increase
that
without
transparency,
I
mean
it
sounds
like
what
we're
doing
is
just
creating
buffer
5.8
million.
To
say
that
we
that
we're
intentionally
creating
excess
reserves
to
5.8
million.
Then
we
just
need
to
say
we're
increasing
it
from
16.6
to
20%
I
mean
we
can't
if.
L
K
L
That's
actually
something
that
we
discussed
in
making
sure
that
we're
making
it
clear
in
our
fund
policy
this
year
at
the
time
that
that
decision
was
made.
It
was
fully
reported
to
the
city
council
as
a
result
of
of
having
the
cost
of
service
study
at
that
time
and
somehow
The
Narrative
for
the
fund
policy
wasn't
updated,
and
so
it's
something
we
discussed
making
sure
that
we
do.
H
And
again,
I
mean
l
can
throw
the
numbers.
I
mean,
there's
almost
what
100
millions
of
CIP
projects
in
the
pipeline,
because
the
other
day,
when
look
and
say
that
when
we
directors
visited-
and
we
heard
from
the
water
superintendent,
that
okay
I
would
need
this,
which
would
like
a
50
years
life-
and
we
are
out
of
that-
might
few
Millions
here.
H
So
they
have
a
lot
of
requirement
and
considering
that
hundreds
of
millions
of
dollars
like
we
invested
in
sewer
in
last
20
years,
over
$200
million,
you
know
same
way,
I
think
we
might
see
a
big
CIP
infrastructure.
You
know
investment
in
the
next
5
to
10
years
and
that
would
be
yeah
that
could
go
up
from
50
800
million
yeah
darl
can
speak
to
more
Lara,
had
some
ideas,
and
so,
if
you
consider
$5
million
fund
balance,
that
is
one
of
the
thing
that
I
think.
K
Right,
but
that
has
to
be
budgeted
and
so
you're
saying
we
that's
not
that
5
million
is
excess,
that's
above
and
beyond
the
16.6,
don't
call
it
the
reserve
fund.
We
have
I
mean
if
I'm
looking
at
these
right.
This
is
the
amount
that
is
like,
for
example,
for
the
water
fund.
The
fund
balance
would
be
6.7,
it's
budgeted
at
16.6
we
have,
above
and
beyond
that,
a
five
5
million.
If
we
want
to
increase
the
16.6,
then
we
need
to
not.
K
We
need
to
just
simply
do
that
and
I
I
think
I've
made
my
point:
I
don't
want
to
perseverate,
but
I
mean
we
can't
just
you
know,
increase
the
amount
above
and
beyond
the
reserve,
because
something
might
come
up
that
we're
not
as
a
council
democratically
deciding
how
we
want
to
spend
the
money.
So
I
just
think
we
have
to
be
clear
on
this.
We
don't
just
create
reserves
beyond
our
reserves
because
something
might
come
up.
Otherwise,
it's
not
transparent
to
the
residents.
What
we're
budgeting
at
year
end
for
the
subsequent
year.
H
Okay
and
I
think
the
D
I
think
in
the
next
finance
and
budget
committee.
The
Water
Supreme
will
go
into
the
details
about
the
potential
requirement
and,
yes,
we
can
have
the
direction
from
this
committee
as
well
as
the
council,
whether
we
want
to
increase
the
fund
balance
or
set
aside
at
this
level,
because
some
of
the
things
with
the
like
some
of
the
old
infrastructure
yeah,
even
he
said
I,
don't
know,
but
it
if
it
breaks.
You
know
and
again,
yeah
I,
don't
want
to
speak
on
his
behalf.
But.
K
But
then
we
budget
appropriately,
if
we
think
we
need
to
budget
just
like
maintenance,
we
should
have
whatever
necessary
line
items,
and
we
budget
in
you
know
at
the
Year's
End
for
that
we
don't
just
put
away-
or
you
know,
in
addition
to
our
Reserve
funds,
a
bunch
more
money,
because
maybe
something
will
come
up,
because
that
also
lends
itself
to
a
lack
of
budgetary
discipline.
So
it's
really
important
that
we
decide.
Okay,
you
know
annually
or
you
know
routinely.
We
see
these
sort
of
expenses
are
coming
up.
K
We
need
to
budget,
for
we
need
to
assign
the
money
not
just
have
Surplus
excess
above
and
beyond
our
reserves
that
who,
who
knows?
What
might
you
know,
I
mean
this?
Isn't
this
isn't
really
fair
to
our
taxpayers,
because
then
they
aren't
participating
transparently
in
our
budget
process
and
understanding
what
we're
budgeting.
B
I
just
wanted
to
clarify
too
I
think
that
there
might
be
a
slight
misunderstanding,
but
the
fund
balance
in
in
the
water
fund
is
6.7
million
of
that
6.7
million.
5.8
million
of
that
is
the
Reserve
balance,
which
means
we're
only
over
our
Reserve
by
by
94
99
$1,000,
so
we're
not
sitting
with
5
million
above
and
beyond
the
policy
within
that
6.7
million.
Five
of
that
is
the
reserve,
with
1
million.
K
So
all
that,
like
the
5
million
and
the
sewer
fund,
I
mean
I,
think
we
need
a
running
a
projection
of
that
at
year,
end
where
that
will
be,
and
if
we
need
to
adjust.
You
know
if
it's
running,
if
we're
keeping
an
extra
million,
because
we
think
we
should
then
we
should
just
adjust
the
reserve
fund
and.
A
And
maybe
a
a
related
Point,
you
talked
about
a
potential
use
in
the
general
fund
to
fix
the
longstanding
issue
in
the
Insurance
Fund.
It
would
be.
It
would
be
great
if
you
could
find
a
way
that
are
there
miscellaneous
excess
fund
balances
in
some
of
these
miscellaneous
non-general
fund
accounts
that
will
would
make
it
possible
to
not
have
the
general
fund
have
to
find
$3
million
to
fix
the
Insurance
Fund.
G
A
Way,
but
you
know
it
would,
it
would
be,
it
would
be
helpful.
Not
to
have
you
know.
Is
there
a
way
that
the
general
fund
just
doesn't
have
to
take
that
out
of
its
reserves
to
fix
the
Insurance
Fund,
which
is
not
going
to
get
fixed
any
other
way
parking?
You
said:
maybe
would
that
can
be
fixed
long
term
by
less
of
a
transfer,
but
insurance
needs
to
be
fixed?
Is
there
a
way
to
help
with
some
of
these
other
less
restricted.
H
It
could
come
from
funds
the
only
one,
the
other
fund,
which
come
to
my
mind,
which
we
separated
5
years
back
from
general
fund,
is
the
Human
Service
fund
yeah.
This
is
our
own
fund,
but
I
guess
we
are
projecting
deficit
for
that
fund,
even
at
the
end
of
2024
with
the
programs.
You
know
kind
of
right
now,
based
on
the
conversation
with
the
Department
other
than
that
all
this
yeah
I
mean
obviously
Clayton
went
through
all
the
Tiff
funds.
Special
Revenue
funds,
Enterprise
fund
pension
forms
all
those
forms.
A
Know,
I
I
think
bottom
line
good
start
here:
good
visibility.
We
can't
end
up
with
a
24
deficit
of
16
and
20
and
25,
and
so
that's
our
work
right.
How
do
we,
how
do
we
fine-tune
the
revenue
numbers
right
as
much
as
possible,
taking
best
current
view
on
pprt
best
current
view
on
sales
tax?
All
these
other
elements
to
really
understand
what
is
as
we
as
we
work
on
the
24
forecast.
How
do
we
get
to
a
final
number
that
makes
sense?
A
You
know
some
use
of
excess
reserves,
given
our
starting
point
is
probably
reasonable,
but
we
cannot
see
all
of
these
excess
reserves
get
depleted
over
the
next
two
years.
That's
too
much
of
a
use
of
the
sort
of
windfall
in
Revenue
that
happened
over
the
last
couple
of
years
and
I
think
that
would
be.
You
know
that
that
that
would
not
be
responsible,
but
I.
Imagine
there's
also
some
upside
in
revenues.
So
how
do
we?
A
How
do
we
get
to
something
that
that
is
more
makes
more
sense
and
also
I
think
we
need
to
recognize.
There's
been
minimal
changes
to
the
base
property
tax
in
several
years.
There
could
be
other
things
not
saying
we're
going
to
raise
property
taxes,
but
we
C
we're
living
in
a
high
inflation
rate,
environment
right
and
so
all
of
our
expenses
are
subject
to
inflation.
For
us
to
take
any
of
our
revenue
streams
and
say
we're
not
going
to
change
them.
A
They're
getting
smaller
every
year,
then
we're
creating
the
structural
deficit
so
understand
a
desire
to
keep
water
rates.
The
same
understand
a
desire
to
keep
property
taxes
as
low
as
they
could
be,
but
when
every
other
expense
is
going
up,
we
need
to
understand
what
are
the
causes
of
the
structural
deficit,
but.
K
A
Goes
both
ways
exactly
so
what
what
is
the
source
of
any
structural
deficit?
And
how
do
we
eliminate
it?
And
how
do
we
make
the
tougher
choices
because
we're
getting
to
the
tough
choices
right
of
what's
expenses
that
we
can't
do
that
we've
been
able
to
do
maybe
because
of
of
excess
revenues?
How
do
we
minimize
and
not
end
up
with
again
this?
It's
what
it
should
be?
First
cut:
-6,
-20?
Okay:
how
do
we
make
that
less,
because
we
can't
get
to
a
depleted
Reserve
balance
by
25?
A
D
D
Hold
on
one
second:
next
on
on
the
agenda
was
the
Waterfront.
L
Discussion
so
there
have,
because
of
some
of
the
issues
with
how
the
audit
was
prepared,
as
we
were,
trying
to
fine-tune
the
numbers
for
the
general
fund
or
the
the
water
fund
it
was.
We
were
struggling
with.
We
maintain
a
rate
model
that
we
look
at
in
order
to
determine
our
best
rate
that
we
want
to
charge
either
our
wholesale
or
retail
customers
short
story
is
we
have
to
pull
that
off
this
meeting
and
bring
it
next
meeting
because
of
some
challenges
we
were
having
pulling
the
information
out
of
the
Actuarial
report.
L
So
I
will
go
on
on
with
General
obligation,
Bond,
but
essentially
I
didn't
actually
prepare
a
presentation.
There
is
information
in
the
packet
that
basically
indicates
that
every
year
we
approve
a
bond
resolution
early
in
the
year
that
allows
us
to
spend
against
a
future
Bond
resolution.
L
There
are
many
reasons
why
we
do
this,
not
the
least
of
which
is
it
better
allows
our
finance
group
to
time
the
bond
market,
and
it
also
coincides
kind
of
with
the
date
we've
always
sold
bonds,
and
so
in
the
recent
years
of
lower
Bond
rates,
interest
rates,
we've
been
refinancing
bonds,
but
we
have
to
wait
until
a
certain
date
is
hit.
That
Co,
you
know,
coincides
with
the
date
that
the
bond
was
originally
sold,
and
so
we
have
a
pattern
of
selling
bonds
mid
year,
and
for
this
reason
we
approve
a
bond
resolution.
L
Now
there
has
been
some
volatility
in
the
bond
market.
This
particular
group
has
been
looking
at
how
to
time
the
bond
markets
and
we
delayed
selling
the
2022
go
bonds
and
the
2023
Geo
bonds
would
typically
be
sold
right
about
now
in
order
to
meet
it.
The
net
impact
of
this
is,
we
have
developed
a
pretty
substantial
cost
commitment
for
contracts
that
are
under
contract,
that
money
is
rolling
out
the
door.
There's
approximately
$15
million
right
now
of
construction
commitments
in
the
capital
fund.
L
We
currently
have
less
than
$3
million
to
pay
those
construction
commitments.
As
of
June
30th
I
can
tell
you
the
last
two
Council
meetings,
the
second
council
meeting
in
July
and
the
council
meeting
last
night
by
themselves
were
$2
million
in
costs
or
payments
that
are
coming
out
of
the
capital
Improvement
fund.
So
we
are
at
the
point
where
we
respectfully
request
consideration
of
selling
bonds.
L
However,
I
will
state
that
typically,
what
happens
in
a
budget
year
is
we
put
up
12
a
half
million
dollars
in
projected
geob
bonds
when
the
budget
is
adopted,
but
we
target
selling
$10
million
or
less
of
General
obligation
bonds
again
to
kind
of
keep
some
balance
with
the
debt
that
is
rolling
off
and
the
debt
we
are
bringing
on
so
of
the
last
two
years.
L
Have
that's
what
I
could
do
for
memory,
but
I'm
happy
to
answer
any
questions
we're.
Basically,
we
were
just
requesting
guidance
on
how
to
move
forward
with
the
Geo
Bond
sale,
whether
we
sell
$19
million
worth
of
bonds,
whether
we
offset
some
of
that
from
general
fund
reserves,
whether
we
delay
selling
them
further,
although
that
is
starting
to
put
us
into
a
little
bit
of
a
bind.
J
I
guess
just
philosophically
this
whole
idea
of
you
know:
10
roll
on
10
roll
off
I,
I
I
wouldn't
have
liked
that
in
the
past,
but
at
least
those
that
was
rolling
on
and
off
with
interest
rates
that
were
generally
in
the
same
area.
Now
we're
not
in
that
environment
at
all.
So
to
me,
just
kind
kind
of
issuing
bonds
to
you
know.
You
know
when
I
pay
down
$20,000
of
my
mortgage
I,
so
certainly
don't
just
go
out
and
and
finance
20.
J
You
know
$20,000
more
just
because
you
know
in
the
last
so
in
2020,
in
April
we
learned
that
there
was
38
million
of
of
surplus.
In
2021
we
learned
there
was
30
million
in
2022
there
was
55
million
and
we
were
told
all
those
things
in
about
the
April
May
vicinity.
So
to
ask
us
to
make
decisions
when
we
don't
really
have
an
understanding
of
surpluses.
J
I
I,
don't
think
is,
is
good
practice
frankly
and
I
strongly
would
encourage
us
to
look
at
using
reserves
for
this
rather
than
going
out
and
issuing
bonds
I.
Just
don't
think
we
need
to
also
we
went
through
the
exercise
of
putting
into
place
a
line
of
credit.
So
if
we
do
find
ourselves
in
a
shortterm,
you
know
pinch
or
we
need
those
funds.
We
can
always
draw
on
those
lines
and
then
we
can,
you
know,
go
ahead
and
get
a
better
idea.
J
A
This
so
if
I
could
say
that
the
implication
of
not
doing
that
is
we
need
to
fund
these
projects
through
the
general
fund
right
or
through
existing
revenues.
Right,
yes,
and-
and
so
you
know
it-
it
there's
a
certain
Capital
base
within
the
city
and
and
we
have
to
keep
it-
we
have
to
keep
it
updated
and
I
think
if,
if
the
general
direction
is
we're
driving
debt
down,
but
that's
that's
good,
but
to
take
all
of
these
expenses
and
in
effect,
push
them
through
existing
Revenue
sources.
A
We
already
have
a
projection
here
that
we're
trying
to
manage
that
we
would
be,
you
know,
depleting
the
excess
reserves
by
25,
so
I
think
it
it
we've
delayed
2
years.
It
seems
reasonable
that
they.
J
Would
historically
not
done
a
very
good
job
of
we?
We
have
very
much
under
estimated
our
revenues
and
overestimated
our
expenses.
So
I,
you
know
I,
I,
I,
think
those
25
numbers
are
probably
pessimistic.
So
and
and
again
we
do
have
the
access
to
Short
short
term
lines
of
credit
David.
Where
we
could.
You
know,
look
at
where
we
really
are
and-
and
you
know,
I-
don't
think
we're
going
to
be
hurt
by
by
doing.
H
F
H
H
J
H
And
again,
yes,
I
mean
we
wanted
discussion
as
L
of
St
that
and
we
see
that
that
okay
Council
has
approved
projects.
Last
year
this
year
we
kind
of
somehow
yeah
moved
money.
You
see
already
like
6.6
million,
and
the
other
thing
is
not
only
the
project
itself.
Most
of
the
projects,
the
side
effect
of
the
inflation
is
that
run
into
overages.
H
Of
them
are
substantial
overages,
so
we
have
already
transferred
6.6
million.
The
council
has
approved
this
year
and
I'm
ready.
Yes,
I
mean
that
is
this
is
the
purpose?
That's
why?
Yes,
I
mean
Lara
and
I
talked
about
it
and
said:
let's
see,
what's
the
committee's
direction
in
terms
of
timing
of
the
Buy
isue
yeah,
and
if
they
say
yes,
what
kind
of
amount
yeah
10,
1520
million.
J
And
and
I
also
think
we
should
David
get
that
subcommittee,
the
capital
Improvement
subcommittee
up
and
running
because
it
seems
to
me
like
we
need
to
have
more
understanding
and
Clarity
around
why
we
keep
having
these
overages
and
where
we
can't
cut
costs.
Sure.
D
Jonathan,
thank
you.
I'm,
not
philosophically
opposed
to
selling
more
bonds.
I
think
we're
going
to
have
to
like
that
was
the
Assumption
for
the
last
two
years.
When
we,
you
know,
we
authorized
the
eventual
sale
of
bonds
and
started
funding
projects
under
the
assumption
that
we
would
eventually
sell
some
bonds
to
pay
for
any
number
of
projects,
so
we're
going
to
have
to
at
some
point
when
is
the
right
time
and
at
what
amount?
D
That's
something
where
we
need
to
take
the
expert
advice
of
our
financial
professionals,
including
those
on
the
staff,
as
well
as
on
this
committee,
and
so
you
I
want
to
hear
that
advice.
I
want
to
have
that
discussion,
but
at
some
point
we're
going
to
have
to
sell
bonds.
When
is
the
right
time,
that's
where
I'm
going
to
need
some
more
input.
J
All
at
some
point
we
probably
will
but
I
do
think
that
the
line
buas
us
some
level
of
flexibility.
So
we
really
have
a
good
understanding.
So
we're
not
issuing
debt
for
the
sake
of
issuing
debt,
and
you
know
I
I,
guess
I,
don't
understand.
What's
going
to
change
between
now
and
2025,
when
we
have
struggled
to
I
mean
we've
had
these
enormous
surpluses.
A
What
I
think
there
were
a
lot
of
unusual
items
that
happened
over
the
last
couple
of
years
due
to
the
pandemic
due
to
the
arpa
funds,
due
to
the
loads
of
open
positions
that
created
enormous
volatility
online
items
in
the
p&l
that
made
it
hard
to
forecast,
but
also
at
the
end
of
it,
I
think
we
we
can
all
be.
A
A
Good
that
it
didn't
go
the
other
way,
but
how
do
we?
How
do
how
do
we
get
to
this
steady
state,
and
it
is
a
normal
course
to
have
some
level
of
renewal
of
of
debt
that
is
maturing
when
we
also
have
new
projects.
So
what
is
the
what's
the
right
amount
to
get
our
our
tow
back
in
the
bond
market
after
we
haven't
been
there
for
three
years
now,.
J
F
H
J
H
H
The
bond,
let
me
give
you
the
example.
That's
why
I'm
getting
to
the
example
like
Vehicles,
some
of
the
vehicles
which
we
could
buy,
because
we
call
a
loss
of
Revenue,
which
is
like
a
lot
more
unrestricted
category
in
the
arpa.
So
we
bought
the
vehicles,
we
transferred
the
arpa
funds
to
buy
the
vehicles.
Typically,
where
does
the
fund
come
from
general
fund?
We
transfer
from
general
fund
to
the
equipment
replacement
fund.
J
J
K
Do
have
reserves
and
we
have
to
consider
we
have
excess
and
we
have
reserves
and
I
just
like
to
know
and
maybe
also
city
manager,
sto.
You
could
answer
for
I'm
just
looking
at
the
last
three
years.
We
did
not
know
during
budget
season,
we
were,
you
know
we
had
well
over
25
million.
In
the
case
of
last
year
we
ended
up
with
57
million,
but
we
were
told
we
had
14.1
million
when
we
were
debating
and
and
deliberating
over
how
to
allocate
funds
so
I
would
and
and
I
know,
from
being.
K
You
know
from
working
with
a
lot
of
other
cities
on
National
League
of
cities.
It's
not
really
normal
to
not
know
that
you
have
like
57
million
in
EX
access
funds
and
unassigned
funds,
as
is
stated
in
our
audit,
so
city
manager.
Sto.
Do
you
think
this
year
we
will
have
a
closer?
Will
we
be
able
to
have
a
more
realistic
and
closer
estimate
as
to
where
and
not
have
to
find
out
the
subsequent
year
in
April
or
May
or
now
in
the
case
of
almost
September,
where
we're
at.
G
Sure,
good
evening
committee
members,
Luke
sto
city
manager,
Clayton
and
I
have
had
many
conversations
about
that
exact
thing.
He's
worked
really
hard
over
the
last
several
months
to
make
sure
that
we're
better
we're
fine-tuned
on
that.
He
has
some
tools
that
he
used
at
shamberg.
That
he's
introduced
here
to
make
sure
we
do
a
better
job.
I
just
want
to
be
clear
that
at
one
point
we
thought
it
was
be
14
million
and
it
mean
26
million,
but
the
50
million
that
you're
referencing.
That's
our
general
cash
balance.
G
K
H
K
K
We
have
now
even
I
can
even
I've
even
brought
numbers
forward
with
the
pprt
I
had
numbers
that
from
the
state
that
that
were
millions
of
dollars
more
than
what
you
were
presenting
to
council
so
I'm,
just
asking
and
thank
you
Council
city
manager,
Stow.
If
we
can,
please
have
reassurance
that
this
year
we
will
have
a
more
realistic
idea
as
to
what
we
have
in
unassigned
funds.
H
K
I
understand
that
I
understand,
but
that
number
needs
to
be.
We
need
to
have
that
number
presented
to
us
when
we're
at
Council
during
budget
season.
We
need
to
know
those
numbers
and
not
wait.
We
shouldn't
be
finding
out
in
April,
May,
June
or
July.
What
that
number
is.
We
should
have
a
better
idea,
and
not
just
the
general
fund
that
14.1
I
believe
was
general
fund
and
again
there's
10
funds
that
keep
reserved
balances
some
as
we're
seeing
now
with
excess,
some
a
million
excess
already
above
and
Beyond
The
Reserve.
K
D
And
I'd
like
to
bring
the
discussion
around
to
that
point,
which
is
what
our
agenda
item
is,
is
providing
some
guidance
to
staff
on
our
bond
issue.
J
Jonathan
can
I
mention
one
one
other
thing
one
one
of
and,
and
you
make
a
lot
of
great
points
you
know
at
some
point
we
will
have
to
issue
thatt.
One
of
the
things
I
really
like
about
using
a
line,
though,
is
I
think
that
we
can
probably
agree
that
chairman
pal
is
closer
to
the
end
of
raising
rates
than
he
is
towards
the
beginning,
so
I
mean
I,
guess
we're
expecting
sort
of
rates
on
the
on
the
longer
end
to
start
to
tail
down,
but
with
a
floating
rate
line.
J
L
I'll
just
add
one
other
item
of
Interest,
which
is
that
this
time
of
year
is
when
we
see
a
lot
of
invoices
come
in
for
construction
work
that
was
completed
over
the
summer,
so
I
would
anticipate
in
September,
October
and
November
to
see2.
To3
million
additional
payments
come
out
of
the
the
capital
Improvement
fund
as
a
matter
of
course,
as
construction
projects
are
completed
for
the
construction
season,.
A
So
so
attach
maybe
what
we
need-
and
this
was
meant
to
be
a
discussion
we
we
need
to
know
and
we
meet
again
in
two
weeks
if
we
don't
issue
bonds,
what's
that
mean
to
the
general
fund?
What's
that
mean
to
the
cash
balances?
How
much
do
you
think
that
you
will
be
into
the
line
of
credit?
If
we
do
not
issue,
bonds
and
and
I
would
I
would
say
you
know
it
doesn't
have
to
be
all
or
nothing
and
again
we
have
retired.
A
Is
it
25
or
30
million
of
debt
over
the
same
period
that
we
have
not
issued
any
bonds
so
to
to
issue
10
to
issue
10
15
is
a
lot
less
than
what
rolled
off
and
was
paid
out
of
cash.
So,
but
let's
understand,
if
we
don't
do
anything,
what's
the
implication
to
our
financials,
how
much
will
we
be
into
the
credit
facility.
H
So
in
the
short
term,
you
won't
see
any
problem.
Why?
Because
we
have
a
general
fund,
cash
I
can
draw
on
line
of
credit,
so
there
won't
be
like
in
next
three
months,
6
months
but
as
Lara
say,
more
bills
would
come
through
the
new
projects
which
are
already
approved
by
the
council.
So
come
next
spring
and
say
we
are,
in
the
same
rate,
environment,
March,
April,.
A
J
A
We
earn,
we
earn
five
right,
we
earn
five
on
cash,
so
it
is
you
we
do.
We
are
earning
significant
amounts
on
excess
cash
now,
so
it
it.
Let's
understand
what
what
what
it
means,
but
also
the
bond
markets
are
open.
Now,
Bond
markets
aren't
always
open.
You
know
we,
we
don't
want
to
get
into
March
and
whatever,
and
we
have
another
financing
crisis
and
we
can't
go
to
the
market.
So
again
it
doesn't
have
to
be
all
or
nothing.
We've
retired,
almost
30,
25
or
30
I
mean.
J
H
H
H
H
So
and
I
got
a
few
issues:
the
fin
fa,
our
financial
advisor
shared
with
us,
where
they
issued
the
bonds
sphere,
financial
and
yeah
it's
right
around.
Even
in
some
cases
it
was
a
shorter
term.
The
rate
was
even
lower
than
this
one.
A
And
I'm
not
suggesting
we
issue
bonds,
because
we
have
an
Arbitrage
with
our
cash
account.
I'm,
not
saying
that
at
all.
But
but
if
to
the
degree
we
do
have
excess
cash
there
significant
interest
income
and
and
the
uni
Market
curve,
and
and
what
we
mean
the
rates
have
gone
up
I.
If
this
your
two
week
sold
rates,
did
move
along.
K
But
I
also
think
you're
borrowing,
I
I
think
we
should
also
be
very
happy
that
this
staff
and
that
Council
last
year
we
did
reduce
our
debt
by
over
$1
million
and
the
city
desperately
needs
to
reduce
its
debt
between
what
we
owe
in
our
Public
Safety
pensions
and
our
go
Bond
debt,
so
I
think
that's
the
good
news
and
I'd
really
like
to
see
us
do
everything
we
can
to
continue
in
that
direction.
So
I
think
that's.
K
A
Okay,
all
right,
so
that
was
our
discussion.
I,
don't
know
if
we
came
to
any
conclusions,
but
you
know
there
can
be
a
middle
ground
here
right
between
debt
payoff
and
when
do
we
want
to
reenter
the
market
and
and
how?
How
do
we
want
to
treat
the
line
of
credit,
and
when
do
we
want
to
it's
reasonable
to
you
know
access
it
very
reasonable,
but.
H
Ide
yeah,
we
would
like
thumb
recommendation
at
some
point.
Yes,
I
can
wait
next
meeting
next
month.
You
know
we
can
talk
about
it,
so
at
least
I
can
plan
accordingly.
That
okay
I
have
to
now
say
general
fund
Reserve
is
going
to
fund
the
CIP
projects
for
the
next
three
months.
Six
months,
so
I
can
kind
of
manage
the
cash
flow.
D
A
H
Because,
yes,
you
can
challenge
my
recomend
if
I
say:
okay,
let's
issue
$10
million
bonds
minimum
and
you
might
say:
okay,
we
have
the
general
fund
reserves
line
of
credit,
all
those
things.
So
that's
why
we
put
all
the
information
in
front
of
you.
What
we
have
available,
you
know,
in
terms
of
general
fund
reserves,
the
line
of
credit.
What
is
the
rate
market
for
the
bond?
What
we
are
earning
on
our
own
cash?
All
those
things
are,
you
know
we
wanted
to
put
every
information.
K
Decision
and
anything
else,
who's
on
our
CIP
I
know
we
have
a
CIP
committee
subcommittee,
Bobby.