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C
B
Thank
you,
senator
meredith,
no
response,
senator
nemes
president
in
the
room.
Thank
you.
Senator
webb,
no
response,
senator
west,
no
response,
representative
beckler,
president
in
the
room.
Thank
you,
representative.
Bentley,
no
response,
representative
blanton,
no
response,
representative
bridges.
B
J
F
A
A
Representative
meredith,
we
also
are
senator
merritt
from
representative
bentley.
Forgive
me
very
well.
If
you
are
online
the
I
would
ask
everybody
to
keep
your
microphones
on
mutant.
Unless
you
have
a
question
or
a
comment,
we
will
be
monitoring
the
chat
room
there.
First
order
of
business
is
to
approve
the
minutes
from
august
4th.
A
Of
read,
second
by
representative
petrie,
all
those
in
favor
signify
by
saying
I
pose
like
sign
the
eyes.
Have
it
very
well
all
right.
First
up
today,
we've
got
tom
crawford
from
the
office
of
property
valuation
remotely
tom
floor
is
here,
sir.
A
D
You
good
afternoon,
chairman
mr
chairman
mcdaniel,
and
I
hope
you
and
the
other
committee
members
are
doing
well
today,
I'm
here
in
spartanburg
south
carolina
on
my
way
to
hilton
head.
So
anyway,
I
was
asked
to
provide
a
discussion
of
the
state,
real
property
tax
rate
calculation
and
specifically
to
provide
a
detailed
explanation
of
the
calculation
of
the
state
property
tax
rate.
D
The
factors
that
most
influence,
a
change
in
the
state
property
tax
rate,
an
explanation
on
why
the
state
property
tax
rate
remained
the
same
from
2008
through
2020,
a
history
of
the
assessed
valuation
for
the
last
15
years,
and
the
percentage
of
change
in
assessed
evaluation
for
each
of
those
years
and
a
general
history
of
the
state
property
tax
rate.
So
on
the
next
slide,
we'll
start
with
the
statute,
and
you
can
see
it's
krs
132.020.
D
And
in
subsection
1a
you
see
that
the
state
rate
is
set
at
31
and
a
half
cents
per
hundred
dollars
of
evaluation,
and
if
we
could
just
stop
there,
this
would
be
the
best
presentation
ever
because
we'd
be
done,
but
unfortunately
we
have
to
keep
going
to
the
next
part
of
the
statute.
Subsection.
Two!
That's
on
the
next
slide
and
subsection
two
states
that,
notwithstanding
subsection
1a
of
this
section,
the
state
rate
on
real
property
shall
be
reduced
to
compensate
for
any
increase
in
the
aggregate
assessed
value
of
real
property.
D
D
And,
lastly,
the
there's
an
exception
for
property.
That's
been
is
owned
and
financed
by
a
governmental
agency,
that's
subject
to
industrial
revenue,
bond
financing
by
statute,
that
property
is
subject
to
a
special
rate
of
one
and
a
half
cents
per
hundred
dollars
at
the
state
level.
D
So
that's
also
excluded
from
the
overall
state
property
tax
rate
in
subsection
three
that
just
tells
us
that
we
have
to
have
at
least
75
percent
of
the
counties
certified
or
75
of
the
assessed
value
in
before
we
can
calculate
the
state
rate
on
the
next
slide.
D
Subsection
four
talks
about
if
we
get
more
than
four
percent
in
a
year.
If
I
mess
up
and
set
estimate
the
assessed
values
too
low
and
we
actually
get
more
than
a
four
percent
increase,
then
there's
a
mechanism
per
this
statute
that
we
would
make
a
special.
D
D
Five
talks
about
the
excuse
me:
the
unmined
coal
assessments,
those
are
not
included
in
the
state
rate
calculation,
even
though
they
are
assessed
and
taxed
as
real
property.
The
revenues
generated
by
unmined
coal
are
designated
for
the
kentucky
heritage,
lands
conservation
fund
and
also
to
the
office
of
energy
policy.
D
So
that's
why
those
are
not
included
in
the
state
rate.
Calculation
on
the
next
slide,
there's
one
other
statute
that
has
a
minor
impact
on
the
state
rate
and
and
also
local
rates.
This
is
where
we
have
clerical
corrections
for
any
mistakes
that
were
made
or
any
adjustments
that
need
to
be
made
after
the
tax
rolls
have
been
certified
in
each
county.
D
The
in
subsection
two
you'll
see
that
for
any,
when
there's
a
any
a
correction
that
has
been
made,
then
the
tax
rate
may
be
that
may
be
said
in
the
following
year
can
be
adjusted
or
we
can
recover
those
revenues
through
the
tax
rate
saying
process
in
the
following
year
and
we'll
show
you
an
example
of
that,
but
it's
a
very
minor
adjustment.
D
Okay,
enough
of
the
statutes.
Now,
let's
go
to
the
history
of
the
state,
real
property
tax
rate,
and
you
can
remember
in
the
first
statute
the
stats
that
the
tax
rate
was
set
at
31.5
cents.
D
You
can
see
in
1978
the
state
real
property
tax
rate
was
31.5
cents
and
for
a
number
of
years
was
just
a
straight
up
comparison
of
this
year's
assessments
with
last
year's,
and
if
the
assessments
went
up
by
more
than
four
percent,
then
you
adjusted
the
tax
rate
down
to
compensate
for
that
assessment
increase
and
you
can
see
a
very
steady
increase
or
decrease.
Excuse
me
in
the
state
rate,
throughout
the
years
you
see
the
star
on
2002,
that's
when
the
adjustment
for
any
tiff
property
assessments
was
made.
D
We
get
to
exclude
that
from
the
assessment
base
and
then
in
2005
we
got
to
exclude
the
new
property
assessments.
Just
like
local
taxing
districts.
Do
we
now
the
state
gets
the
benefit
of
new
property
as
well,
so
you
can
see
it
still
went
down
for
0.607,
then.
Finally,
in
2008
it
got
set
at
12.2
cents
and
then
it
stayed
at
12.2
cents
all
the
way
through
2020
and
finally,
in
2021
is
now
down
to
11.9
cents.
So
that's
the
history
so,
but
why
did
it
stay
at
12.2
cents
for
all
those
years?
D
Well,
on
the
next
slide,
it'll
be
very,
very
self-evident
as
to
why
the
the
tax
rate
did
not
drop
any
further.
For
a
long
time.
You
can
see
that
real
property
assessments
from
06
to
07
increased
by
7.15
and
we
had
a
corresponding
rate
decrease
again
in
2008,
a
real
property
assessment
increase
of
5.3
percent
and
a
corresponding
decrease
down
to
the
12.2.
D
D
So
a
long
long
series
of
assessment
years
where
we
were
below
the
four
percent
increase
for
real
property
assessments
in
20
and
finally,
a
slow,
a
recovery
2019.
We
had
we're
right
at
the
knocking
right
on
knocking
on
the
door,
we'll
get
four
percent
three
point:
nine
five
percent
for
both
2019
excuse
me
2019
and
2020,
and
then
finally,
in
2021
we
had
assessment
increases
of
greater
than
four
percent.
D
It
actually
was
over
six
percent
for
2021
and
that
everybody,
I
think,
is
probably
aware
of
the
rapidly
appreciating
real
estate
market
that
we're
experiencing
this
time.
So
it's
not
really.
D
Increase
in
overall
assessments
on
the
next
slide,
just
a
little
bonus
information
just
to
further
document
the
struggles
that
real
estate
market
went
through
during
the
great
recession.
You
can
see
back
in
2006
and
2007.
D
We
were
in
excess
of
5
billion
dollars
in
new
property,
but
then
it
started
going
down
in
2008
and
then
it
really
started
going
down
as
the
economy
cratered
to
well
under
a
billion
dollars
for
2011,
2012
2013
and
now
we're
starting
we're
seeing
a
nice
increase
in
new
property
as
well
back
to
a
more
healthy
level.
2020
was
over
four
billion
dollars.
It
did
go
down
this
year
to
about
3.4
billion,
but
the
shortages
of
lumber
or
the
high
price
of
lumber
and
the
shortage
of
materials.
D
H
D
Next
slide
the
factors
that
influence
the
state,
real
property
tax
rate
calculation.
By
far
the
assessment
work
that
is
done
by
each
of
our
property
evaluation
administrators
is
the
are
the
biggest
factor,
is
the
biggest
factor
in
the
state
rate
calculation.
There
are
some
smaller
factors,
as
I
mentioned
before.
D
We
have
the
adjustment
for
new
property,
but
that's
also
assessed
by
pvas,
then
the
amount
of
property,
72
tax,
increment
financing
and
then
the
amount
of
revenues
foregone
due
to
the
corrections
made
by
a
pda
so
but
by
far
pva
properties,
assessments
account
for,
like
97.5
percent
of
the
total
of
the
total
and
you'll,
see
that
on
the
next
slide
for
2021,
we
have
residential
farm
and
commercial
assessments,
totaling
297.5
billion
dollars.
D
We
also
have
oil
and
gas
property
that
is
centrally
assessed
by
a
division
of
our
office,
and
then
we
have
public
service
company,
real
estate
assessments
and
that's
yet
another
division
of
the
office
for
6.8
billion.
So
the
grand
total
estimate
of
real
property
assessments
for
2021
was
305
billion
dollars,
and
then
you
can
also
see
the
net
new
property
of
3
billion,
almost
3.4
billion
dollars,
and
that's
going
to
be
one
of
our
adjustments
that
we'll
go
through
in
just
a
minute
on
the
next
slide.
D
D
The
ashland
plaza
redevelopment
is
also
expected
to
be
coming
on
board
for
this
year
and
then
I
think
in
2023
we're
going
to
have
a
very
large
tif,
the
west
end
tiff
in
louisville.
That
will
be
also
a
factor
to
consider
for
the
state
rate
in
a
couple
of
years.
D
So
next
slide,
please
we
had
our
305
billion
dollar
original
number.
We
then
we
take
off
the
net
new
property,
the
total
tif
adjustments
and
our
estimated
2021
real
property
assessment
about
which
we're
going
to
calculate
the
state
rate
was
297.3
billion
dollars
so
on
the
next
slide
and
keep
that
number
in
mind
by
the
way.
But
on
the
next
slide,
here's
the
actual
steps
that
we
use
to
calculate
the
state
real
estate
rate
and
for
20.
D
We
start
with
2020's
actual
assessment,
make
the
same
adjustments
that
we
did
for
what
you
just
saw
for
2021.
We
take
off
the
new
property,
take
off
tiff
and
you
have
an
adjusted
assessment
base
for
2020
of
279
billion
dollars,
multiply
that
by
last
year's
state
rate
of
12.2
cents,
and
that
gives
you
a
revenue
of
340
million
429
960.
D
D
Million
dollars,
so
we
did
not
exceed
four
percent,
so
that
means
that
step
eight
is
going
to
be
zero.
We
did
not
get
any
excess
revenue.
Remember
we
have
that
provision
in
the
statute
that
we
go
higher
than
what
was
allowable.
We
have
to
make
a
special
adjustment
in
the
rate
calculation,
so
we
don't
over
get
overall
of
more
than
four
percent
over
a
period
of
time,
but
this
time
we
were
below
that
allowable
level,
so
the
excess
revenue
is
zero.
D
So
then
we
take
the
2020
revenue
amount
of
340
million
dollars
times
1.04,
just
given
a
four
percent
increase,
and
that
gives
us
354
million
47
159
and
again.
If
we'd
had
excess
revenues,
we
would
have
taken
that
all
we
would
have
taken
the
amount
of
excess
revenues
and
subtracted
that
off.
But
since
it's
the
same
I
mean,
since
it
was
zero
item,
nine
and
item
ten
are
going
to
be
exactly
the
same.
D
Now
item
11.
We
have
to
adjust
for
the
revenue
that
was
lost
because
of
exonerations
or
corrections
made
by
pvas
during
the
year
and
they
reported
to
us
300,
almost
312
million
dollars
in
exonerations
and
as
that
sounds
like
a
a
large
number,
but
in
the
overall
scheme
of
things
when
you
compare
that
to
the
actual
total
real
estate
assessment,
it's
about
one.
It
is
less
almost
just
a
little
bit
more
than
one-tenth
of
one
percent
of
the
grand
total.
D
So
it's
not
really
a
whole
material
amount,
but
we
do
go
through
the
process
of
making
that
adjustment,
so
312
almost
312
million
times
the
state
rate
of
last
year
of
12.2
comes
up.
We
arrive
at
a
380
572
dollars
that
was
foregone
at
the
state
level
because
of
exonerations
or
corrections
to
the
tax
roll.
So
we
add
that
380
000
to
back
up
to
the
354
million
dollar
number
to
come
up
with
the
allowable
revenue
for
2021
of
354
million
427
0731
now
so
that
allowable
revenue.
That
process
is
exactly
what
we
did.
D
Last
year
we
had
the
2019
numbers.
He
multiplied
that
by
four
percent,
adjusted
it
for
the
exonerations
that
caused
some
loss
of
revenue
and
gave
that
came
up
with
that
number
last
year
to
come
up
with
the
342
million
dollar
number.
That
was
he's
showing
as
the
allowable
revenue
for
2020..
D
So
next
year,
when
we
calculate
the
state
rate,
we'll
use
this
354
million
dollar
number
as
the
allowable
revenue
for
2021
and
compare
to
see
if
we
got
any
if
we've
got
excess
revenue
or
not,
then
so.
The
last
step
is
taking
that
354
million
dollar
number
for
revenue
dividing
by
that
by
the
state
of
the
real
estate
assessment
estimate
of
297,
301,
13746
1476,
and
that
comes
out
to
be
11.92151
cents.
And
we,
I
rounded
that
to
11.9
cents
per
hundred
dollars
for
the
state
rate
for
2021..
A
Very
well,
thank
you
very
much
for
that
presentation
and
for
you're
welcome
for
anybody
who
was
watching
what
tom
speaks
to
is.
The
financial
side
of
running
government
is
complicated
and
there's
a
lot
of
decades
and
generations
of
input
into
our
tax
code
that
mean
that
ultimately,
somebody's
got
to
figure
it
out
and
so
tom.
We
appreciate
your
effort
to
do
that
and
to
explain
it
to
us.
Thank
you
very
much,
representative
tipton
you're
up
first.
E
Thank
you,
mr
chairman,
mr
crawford,
I
appreciate
that
I
know
it's
a
a
complex
matter
to
to
come
to
this
rate,
and
you
explained
it
very
well.
My
questions
are
involved
around
the
estimated
2021
real
property
assessments,
and
I
want
I
really
got
two
questions.
One
about
the
residential
assessment,
one
about
the
farm
assessment
in
kentucky
an
individual
65
years
of
older,
who
has
your
primary
home,
can
claim
a
homestead
exemption.
E
D
E
He's
right,
you're
right,
I,
you
are
correct
that
that
did
increase
recently.
Yes,
sir,
on
on
the
farm
side,
agricultural
land,
I'm
assuming
this
is
net
of
the
agriculture.
This
is
the
agricultural
assessment,
not
the
fair
market
assessment.
E
And
one
final
question:
do
you
do
you
happen
to
know
what
our
collection
percentage
is
that
our
sheriffs
collect
across
the
state
and
send
the
state.
D
F
Thank
you,
mr
chairman,
and
thank
you
for
the
presentation.
My
question
has
to
do
with
the
pva
offices
and
in
general,
the
processes
and
the
struggles
that
our
pva
offices
have
had.
Do
you
feel
like
that?
It
has
any
significant
impact
on
the
revenue
related
to
the
assessments,
and
I
know
there
have
been
technology
issues.
There
have
been
personnel
issues
in
pva
offices
at
the
local
level.
D
Sure
I
would
think
that
eventually,
all
the
new
property-
and
that's
where
the
new
revenues
are
coming
from
quite
frankly
does
get
on
the
tax
roll,
but
it
may
be
a
year
or
two
later
than
it
maybe
should
have
been
added
to
the
tax
roll,
because
pvas
just
don't
have
the
staff
to
get
out
and
inspect
their
counties,
as
is
like
they
won't
let
like
they
want
to
now
and
you're
right
technology
has
helped.
We
have
better
aerial
photography
that
has
helped
us,
but
a
lot
of
the
smaller
counties
they
don't.
D
They
can't
afford
that
and
they
have
to
rely
on
driving
the
roads
and
sometimes
it's
pretty
remote
and
sometimes
a
little
bit
scary
to
go
out
in
these
rural
areas
and
try
to
find
the
the
new
property.
So
I
think
eventually
it
does
get
on
the
tax
roll,
but
there
just
may
be
a
delay
in
getting
some
of
that
new
property
on
the
tax
roll.
L
Thank
you,
mr
chair
and
tom.
I
appreciate
your
testimony
and
you
know
we
worked
hard
on
this
last
interim.
I
was
just
wondering
if
you
could
maybe
explain
a
r
one
of
the
things
we're
working
on
dressing.
I'm
working
on
bill
is
the
dark
store
theory
and
what
commercial
entities
are
doing
to
lower
their
tax
rates
and
how
that'll
affect
us,
and
then,
after
that
I
do
have
one
more
question,
but.
D
Dark
store
theory
is
that
these
big
bucks
retailers
are
petitioning,
pvas
or
or
assessors,
whatever
they're
called
in
each
state
to
value
their
property
as
if
they're
vacant,
and
I
don't
really
understand
it,
but
they've
had
some
success
in
other
count
in
other
states
where
that
has
caused
a
tremendous
loss
in
the
property
tax
base
in
those
areas.
D
To
so
much
to
the
fact
where
states
are
now
enacting
laws
to
to
prohibit
that
type
of
evaluation
from
being
considered-
and
I
believe
that's
what
representative
bridges
is
referring
to
work
he's
working
with
pvas
to
possibly
fashion
some
legislation
to
prevent
that
from
spreading
here
in
kentucky.
Fortunately,
we've
had
some
good
local
boards
and
good
kbta's.
L
Thank
you,
mr
chair.
Just
one
more
question:
the
the
other
is
you.
You
mentioned
the
the
flyovers
and
the
the
aerial
views,
and
everything
like
that.
Would
there
be
a
chance
of.
I
understand
that
the
kentucky
land
department,
you
know,
does
fly
over
themselves
about
once
a
year
or
they
try
to.
Sometimes
it
gets
up
to
about
18
months,
but
the
state
is
paying
for
a
state
flow
over
the
whole
state,
and
I've
talked
some
of
them
in
that
office.
L
To
where
I
know
their
current
flavor
does
not
meet
some
of
the
standards
of
the
bbas,
but
my
understanding
is
with
a
few
clicks
of
a
button
asking
for
a
few
more
layers
and
everything
they
could
just
wondering
if
you
think
that
might
be
able
to
help
out
with
these
smaller
pbas
that
just
simply
can't
afford
those
those
aerial
flowers
on
the
on
the
technology
side-
and
I
know
we,
I
think
the
count.
The
last
I
counted
out
of
120
states.
L
I
think
110
are
doing
flyovers,
maybe
not
every
year
but
every
other
year
or
every
third
year
or
something
but
just
wondering
if
what
you
feel
about,
if
there
there
could
be
a
cost
savings,
if
we
I'm
for
a
smaller
government,
but
I'm
also
for
efficient
government,
yes
and
it
you
know
with
the
state
paying
for
a
flyover
and
then
these
110
counties
paying
for
their
own
flowers.
L
If
you
might
be
willing,
the
revenue
department
be
willing
to
to
to
look
at
that
with
us,
so
that
we
could
get
one.
You
know
what
one
cost
down
and
working
out
equality
between
all
the
bbas
and
working
out,
an
availability
for
the
smaller
ppas.
They
just
don't
have
the
capabilities
of
doing
that.
Just
your
thoughts.
Yes,
sir,.
D
And
we
would
absolutely
love
to
work
with
you
or
anybody
else
to
centralize
the
flyovers.
I
know
that
I'm
not
familiar
with
the
who
you're
talking
about
the
land
agency,
but
I
know
maybe
cot
has
done
that
and
you're
right.
They
had
a
flyover
contract
and
it
doesn't
didn't
really
meet
the
specifications
of
pvas.
D
They
didn't
take
what
we
call
oblique
photographs,
where
you
see
the
sides
of
buildings
and
really
get
an
idea
of
what's
going
on
on
the
property,
but
we
are
in
talks
with
the
cot
personnel
and
I
think
they
have
maybe
they're
in
their
last
year
of
a
contract,
and
then,
when
that
comes
due
next
year,
we
would
like
to
work
with
you
and
whoever
else
to
get
funding
for
aerial
photography.
That
would
be
the
standards
not
only
in
robertson
county,
but
in
jefferson
county.
If
that's
possible.
D
A
All
right
very
well
tom,
once
again,
thank
you
for
being
with
us
today,
and
certainly
if
anybody's
got
any
more
questions,
I'm
sure
you'd
be
happy
to
answer
them
offline
and
enjoy
hilton
head.
A
All
right,
so
next
up
greg
harkinrider
talk
about
august
cfg
estimates.
Are
you
online
greg.
A
M
Thank
you
for
asking
the
office
of
state
budget
director
to
come
and
talk
about
the
consensus
forecasting
process
in
odd-numbered
years.
The
consensus
forecasting
group
is
statutorily
required
to
provide
planning
estimates
in
the
month
of
august
preliminary
estimates
in
the
month
of
october
and
official
estimates,
hopefully
in
the
month
of
december,
for
your
budgeting
process
in
in
next
year.
M
M
Those
will
occur
in
october
and
december,
as
I
said,
and
I
just
wanted
to
remind
everybody-
that
the
august
planning
estimates
that
I'm
going
to
present
today
are
not
an
official
revision
to
the
estimates
that
you
budgeted
to
in.
In
the
2021
session,
the
cfg,
the
current
10-member
board
is
jointly
selected
by
the
office
of
state
budget
director
and
the
in
the
legislative,
research
commission
and
they're
entrusted
with
forecasting
the
general
fund,
the
road
fund
and
the
tobacco
msa
estimates
straight
to
the
deep
end
here.
M
We
this
is
the
spreadsheet
that
the
cfg
looks
at
when
coming
up
with
their
estimates,
I'll
concentrate
on
the
bottom
row
to
avoid
some
of
the
clutter.
The
the
total
general
fund
shows
one
year
of
history
that
was
21
and
we
grew
10.9
percent,
which
we've
already
reported
to
the
committee
on
fantastic
growth
that
year
in
22
and
23
and
24.
M
The
estimates
that
the
cfg
came
up
with
were
0.9
and
22
2.3
percent
and
23
and
3.9
and
24.,
and
for
the
planning
estimates
25
is
2.7
and
and
26
was
2.8.
M
M
We
didn't
underestimate
again,
so
we
spent
a
lot
of
time
on
individual.
We
expect
that
to
grow
0.9
percent,
despite
5.9
growth
in
withholding
the
sales
and
use
tax,
is
expected
to
grow.
Four
point:
eight
percent
off
of
the
the
big
12
percent
we
got
last
year
and
the
combined
business
taxes
are
expected
to
decline.
14.9
percent:
that's
largely
a
function
of
house
bill
278
that
was
passed
in
the
2021
regular
session.
M
M
You
see
a
negative
7.5
percent
expected
growth
in
the
other
category.
You
don't
usually
see
that
in
other
taxes,
because
the
other
taxes
are
doing
really
well
right.
Now,
that's
just
a
reflection
of
what
happened
in
the
2019
session
when
banks
were
moved
away
from
the
bank
franchise
tax
and
moved
into
being
taxed
as
a
regular
corporations,
so
that
cost
us
about
120,
425
million
in
fiscal
22
and
beyond,
and
that's
why
the
the
other
falls
seven
and
a
half
percent.
M
So
how
do
these
estimates
compare
with
historical
periods?
If
you
look
at
the
I'm
using
compound
annual
growth
rates,
that
was
a
fair
statistical
method.
I
could
come
up
with
the
planting.
Estimates
of
the
compound
annual
growth
rate
was
2.5
percent
and
then
the
current
year
in
the
upcoming
by
biennium,
was
2.4
percent.
M
M
So
if
you
take
that
out
the
last
five
years,
minus
21
were
3.0
percent,
which
is
we're
still
estimating
less
revenue
than
that,
but
it
it's
a
little
closer
and
then
the
11-year
compounding
of
growth
rate
is
4.1
percent,
and
if
you
take
out
21
it's
three
and
a
half
percent,
so
we
have
growth,
but
growth
is
in
in
the
act.
In
the
august
estimates
at
least,
growth
is
projected
to
be
a
little
bit
less
than
historical
growth
patterns.
M
We
take
the
control
estimate
from
our
forecasting
firm
ihs
market
and
we
run
them
through
a
state
econometric
model
to
get
things
like
kentucky
personal
income
and
kentucky
wages
and
salaries,
which
are
drivers
for
our
revenue
forecast
and,
typically,
the
pessimistic
and
optimistic
practically
set
a
lower
and
upper
bound
for
the
revenue
estimates
in
terms
of
a
comparison
with
with
officially
enacted
estimates.
The
only
officially
enacted
estimate
we
have
is
22
and
you
guys
pushed
away
from
the
table
in
the
session
11
billion
849.8
million.
M
If
you
took
the
august
planning
estimate
for
the
general
fund,
it's
12
billion,
940.5
million,
which
is
an
implied
revenues
in
excess
of
budgeted
of
1
billion,
90
million
that
compares
to
the
1
billion
123.4
million
that
we
were
over
in
fiscal
21..
M
In
the
interest
of
time,
I'm
gonna
jump
ahead
to
the
road
fund
in
in
the
road
fund.
We
we
also
concentrated
a
bit
on
the
bottom
line.
Last
year
was
a
good
year,
10.1
percent,
that's
the
last
historical
year
we
have
and
then
in
22
we're
still
expecting
pretty
good
growth
3.9.
M
M
M
that
may
be
a
head
scratcher
to
some
of
you,
because
fuels
haven't
been
growing
at
that
rate.
M
5.7
is
actually
good
growth
in
fuels,
especially
you
know,
since
the
rate
is
going
to
be
the
same,
that
that
that's
solely
a
function
of
consumption
and
it
seemed
high
to
me
when
I
first
looked
at
it,
but
20
20
and
21
are
still
affected
by
the
reduced
driving
from
the
pandemic.
So
the
last
clean
year
of
fuels,
data
we
have
is
fiscal
19,
and
that
was
773.2
million
and
we're
projecting
790.7,
which
is
a
compound
annual
growth
rate
of
0.7
percent.
M
So
really
you
could
look
at
the
5.7
as
as
0.7
compound
growth
since
19,
and
that's
a
little
bit
more
in
line
with
what
you
would
expect
in
the
motor
fuels
tax
on
usage.
We
we
do
expect
growth
off
of
that
record
year.
Last
year,
the
620.9
million
last
year
we're
still
expecting
growth
off
that
we've
had
growth
year
to
date,
we're
expecting
growth,
647.2
million
in
the
motor
vehicle
usage
account,
which
would
be
4.2
growth.
M
M
Comparing
that
to
historical
periods,
the
the
comparison
is
a
little
bit
more
favorable
than
the
general
fund.
The
compound
annual
growth
rate
from
22
to
26,
which
is
the
full
planning
period
of
estimates,
is
1.6.
M
If
you
look
at
the
six
years
prior
to
the
to
the
planning
estimates,
the
compound
annual
growth
rate
is
only
zero.
Is
it's
only
1.2
percent?
M
I
think
we
peaked
in
fiscal
14
on
the
on
the
fuels
tax,
so
you're
getting
some
growth
in
the
early
part
of
the
decade,
which
makes
the
compounding
your
growth
rate
2.8
for
the
rogue
fund.
M
In
terms
of
comparison
to
to
enacted
estimates,
the
there
were
no
legislative
actions
in
the
road
fund,
so
the
the
enacted
estimate
with
1
billion
609.2
million.
M
If
the
august
planning
estimate
was
accepted,
which
it
was
the
number
there
is
1,
705.6
million,
which
is
an
implied
revenues
in
excess
of
enacted
of
96.4
million
dollars.
M
M
The
estimate
for
that
year
was
106.3,
so
we
exceeded
the
estimate
by
20
million
dollars.
There
was
just
a
confluence
of
three
factors
that
led
to
the
the
number
being
higher
than
than
the
than
the
estimate.
We're
also
expected
to
be
higher
than
the
estimate
in
fiscal
22..
M
The
official
estimate
is
103.0,
the
cfg
predicted
109.8,
so
we're
looking
at
a
6.8
percent
revenues
in
excess
of
official
for
22,
and
you
can
see
the
amounts
declining
through
the
rest
of
the
next
biennium
and
the
planning
period
due
to
just
normal
volume,
adjustments,
npm
adjustments
and
the
other
adjustments
in
the
msa
that
tend
to
make
payments
go
down.
It
is
noteworthy
that
we
are
getting
payments
past
25.
I
know
when
I
first
started
doing
the
msa
estimates.
All
the
spreadsheets
went
out
to
2025..
M
M
But
anyway,
you
also
wanted
a
a
quick,
a
quick
review
of
where
we
stand
year
to
date
on
receipts,
and
so
I'm
going
to
talk
about
august
in
in
a
year-to-date
general
fund
grew
12
and
a
half
percent
in
august,
which
is
10.4
percent
year-to-date
growth
growth
has
been
concentrated
on
our
big
three
taxes:
the
the
individual
income
tax
rose,
10.3
percent
in
august
and
is
up
5.9
year-to-date,
which
is
coincidentally,
the
annual
the
the
growth
we've
seen
in
withholding
year-to-date.
M
The
sales
and
use
tax
grew
11.7
percent
and
is
up
9.4
percent
year-to-date.
If
you
look
broader
than
sales
and
use
and
look
at
sales
and
gross
receipts,
which
includes
the
sin.
Taxes
like
alcohol,
tobacco
and
paramutual,
as
long
as
well
as
the
insurance
and
telecom
taxes
that
those
set
of
accounts
grew
12.6
percent,
so
we're
really
the
consumption
taxes
are
really
building
up
steam
and
carrying
the
general
fund
a
little
bit.
M
You
know
we
expect
700
and
some
odd
million
dollars
in
those
taxes
and
we've
only
collected
67.9
million
year-to-date,
which
is
about
nine
percent
of
our
annual
haul.
It's
still
good
to
be
up
by
a
wide
margin
and
we're
waiting
for
september
receipts
to
come
in
to
close
out
the
quarter
to
see
how
we're
doing
in
the
first
quarter
in
general.
M
That's
that's
the
going
to
be
the
main
thing
that
separates
the
august
estimates
from
the
the
preliminary
estimates
we
do
in
october,
we're
going
to
have
a
full
quarter
of
data
on
revenues
and
that
that,
hopefully,
will
will
allow
us
to
hone
in
on
the
estimates
for
the
current
year
in
the
upcoming
biennium,
a
little
bit
more
than
than
we
had
in
in
august.
M
Just
a
reminder:
in
cisco
21,
the
growth
rates
did
accelerate.
As
the
year
went.
We
started
off
at
5.8,
but
then
dipped
to
5.3
and
then
grew
6.7
and
finished
year
at
24.8
percent
growth,
so
growth
accelerated
as
as
the
year
went
along
and
finally,
mr
chairman,
I
I
wanted
to
just
mention
the
the
kentucky
road
fund.
The
august
receipts
were
up
5.3
percent
and
are
up
2.8
percent
year-to-date
motor
fuels
rose
3.3,
that's
the
largest
tax
in
the
road
fund
and
are
up
4.4
year-to-date.
M
In
august
the
usage
grew
5.8
percent
and
year-to-date
they're
up
3.4
percent
and
again
that's
over
80
percent
of
the
of
the
of
the
road
fund
and
as
a
reminder,
the
pattern
from
last
year
is
1.9
in
the
first
quarter
and
then
soft
growth
in
the
middle
0.7
and
negative
0.4
in
the
third
quarter.
And
then
we
are
coming
off
the
cobot
quarter
in
the
fourth
quarter
and
we
grew
43.9
percent.
M
Before
I
yield
the
remainder
of
my
time.
I
just
want
to
say
on
the
october
estimates
the
the
only
two
changes
we're
going
to
have
essentially
are
a
quarter
of
receipts
and
then
an
updated
economic
forecast
that
will
run
through
our
kentucky
econometric
model.
In
august
we
use
the
july
national
forecast
from
ihs
market
and
in
the
month
of
october,
we'll
be
using
the
september
run.
M
The
meeting
is
october
14th
at
nine
o'clock
and
we
look
forward
to
updating
those
estimates
at
that
time,
but
with
that,
mr
chairman
I'll
yield
back
to
you.
A
A
We
still
have
the
state
of
the
nation's
fourth
worst
funded
pension
system,
so
this
would
be
kind
of
like
if
your
family
got
a
ten
thousand
dollar
bonus
at
the
end
of
a
year,
but
you
had
two
hundred
thousand
dollars
in
credit
card
bills
sitting
there
it's
nice
to
get
the
ten
thousand
dollars,
but
you
still
have
a
lot
of
debt
that
you
have
to
handle.
So
while
this
is
nice,
it's
good
to
see
and
growth
can
fix
a
lot
of
ills.
A
K
K
We
have
had
to
shuffle
the
deck
a
little
bit
today,
as
we
have
some
meetings
that
have
popped
up
in
the
interim,
but
we
do
have
a
great
team
for
you
today
to
try
to
answer
any
questions
you
might
have
and
give
a
brief
update
as
succinctly
as
we
possibly
can.
I
know
you
guys
are
very
busy
and
gals
and
we're
very
honored
to
be
here
today.
K
Our
executives
today
are
currently
in
a
meeting
with
our
financial
advisors
and
potential
partner,
and
so
when
we're
not
in
those
meetings,
we
are
supportive
of
those
meetings
and
we
kind
of
act
as
a
glorified,
quick,
recall
team,
and
so,
if
some
of
our
folks
have
to
pop
out
or
in
please
just
excuse
them,
they'll
be
right
back
after
they
answer
any
types
of
questions
or
things
of
that
nature.
So
thank
you
so
much
for
that.
K
K
We
did
provide
the
a
recent
update
that
we
gave
to
the
commonwealth
seat
capital,
which
bullet
points
some
fairly
high
level,
but
significant
momentum
that
we
have
created
over
the
last
year
and
a
half,
certainly
from
the
time
that
we
were
in
front
of
you
last,
mr
chairman,
things
are
looking
much
better
and
so
we're
proud
to
be
here
to
discuss
that
with
you
today.
K
We
don't
have
a
presentation
today,
because
it's
difficult
really
in
this
time
of
financing
that
we're
in
that
we
started
early
this
year-
we're
kind
of
hindered
by
sec
regulations
as
well
as
some
mutual
confidentiality
agreements.
So
we
can't
really
discuss
a
lot
of
the
details
of
our
financing,
but
we
can
try
to
provide
you
some
insight
on
on.
What's
going
on
with
with
our
our
company,
we
are
very
encouraged
right
now.
We
are
cautiously
confident.
K
As
you
know,
chairman
and
members
of
the
committee.
We've
had
a
a
roller
coaster
ride
over
the
last
couple
of
years,
and
so
we
are
really
feeling
pretty
good
right
now
and
we
think
that
we
can
get
this
project
complete
and
over
the
finish
line.
As
soon
as
we
can,
we
do
have
a
short
video,
the
the
folks
at
the
lrc
emailed
me
earlier
and
said
they
were
having
some
difficulty
with
that
video
we're
going
to
play.
K
We
would
like
to
play
that
if
we
get
access
to
it,
but
if
not
for
time
chairman.
Obviously
this
is
your
meeting
and
we're
glad
to
be
here
with
you,
so
we're
glad
to
to
do
an
audible.
That's
what
you
want
us
to
do.
So
I
think
what
we
might
ought
to
do
is
go
around
the
room
here
briefly.
We
have
four
folks
with
me
today.
This
is
our
manufacturing
team.
They
do
everything.
K
They
are
absolutely
world
class
they're
from
all
over
the
country
and
they've
all
moved
here
to
ashland
kentucky
their
families
and
all
are
here
going
to
schools
in
our
schools
and-
and
they
have
been
tremendous,
just
they're,
just
tremendous
team.
I
think
you'll
be
very
impressed
by
them.
Why
don't?
We
start
with
you?
Greg,
go
to
shane
head
over
to
chris
and
then
maybe
to
bernardo,
to
round
up
and
then
maybe
play
the
video
and
move
from
there.
B
B
I
come
to
unity
with
over
30
years
of
aluminum
industry
experience.
The
thing
that
really
attracted
me
to
this
project
was
really
the
once
in
a
career
opportunity
to
build
the
first
new
aluminum
rolling
mill
in
the
united
states
in
over
50
years.
In
fact,
most
of
our
competitors,
mills
are
over
70
years
old
and
it's
it's
high
time.
There's
a
new,
state-of-the-art
aluminum,
rolling
mill
built
in
the
u.s,
there's
a
tremendous
demand
for
it,
and
I'm
very
glad
that
we're
doing
this
in
ashland
kentucky
shane.
B
Thank
you
greg
good
afternoon,
mr
chairman
members
of
the
committee.
My
name
is
shane
schuler.
I
am
the
general
manager
of
finishing
of
the
unity
aluminum
mill.
I
too,
like
greg,
come
to
unity
with
30
years
of
experience
in
the
aluminum
rolling
bill,
experience
my
family
and
I
relocated
to
the
ashland
area.
B
We
actually
live
in
catlisburg
kentucky
and
have
really
enjoyed
our
experience
here
and
getting
not
getting
an
opportunity
to
build,
build
a
mill
from
the
ground
up,
as
greg
said
once
in
a
lifetime
and
couldn't
pass
up
the
opportunity
so
enjoyed
my
kentucky
experience
and
look
forward
to
sharing
with
you
what
we've
got
going
on.
Chris.
I
Hi
everybody,
my
name
is
chris
dersha,
I'm
the
director
of
quality
for
unity.
Aluminum
I've
been
with
the
project
just
over
three
years.
I
moved
here
from
iowa.
I've
got
two
high
school
students.
I
live
in
ashland
and
both
of
my
kids
go
to
russell
independent
schools,
so
we
have
really
made
ashland
our
home.
We
we
love
it
here.
Just
like
greg
and
shane
have
already
said.
I
I
came
here
really
to
do
something
new
and
different,
and
you
know
right,
write
the
wrongs
of
manufacturing
in
an
aluminum
mill.
I
So
from
a
quality
perspective,
I've
never
had
an
opportunity
to
start
from
the
ground
up
and
it
has
been
so
exciting
so
far
and
I'm
happy
to
be
here.
So
thank
you
for
the
opportunity
bernardo.
H
My
name
is
bernard
good
afternoon
everybody.
I
am
in
charge
of
the
raw
materials
apartment
here
at
at
unity
aluminum.
I
have
been
in
the
non-first
metallurgical
industry
for
28
years
and
moved
my
family
from
san
francisco
to
beautiful
flatwoods
kentucky,
and
we
have
been
residents
here
for
the
past
two
and
a
half
years.
H
My
daughter
just
recently
graduated
from
brussels
high
school
and
I
still
have
a
high
schooler
there
and,
as
I
said
happy
with
with
this
of
being
part
of
this
beautiful,
ambitious
project
in
in
kentucky.
Thank
you.
K
Mr
chairman,
that's
a
couple
of
our
folks
here
as
as
part
of
our
team,
just
a
tremendous
group
of
people
bernardo.
I
meant
to
warn
everybody
that
he
has
a
very
thick
flatwoods
kentucky
accent,
so
he's
he's
wonderful,
we've
got
a
great
team.
We
did
put
together
this
a
brief
video
and
the
reason
we
did
this
was
when
we
re-entered
the
financial
markets
after
coba
had
kind
of
calmed
down
a
little
bit
towards
the
last
of
towards
the
end
of
last
year.
K
What
we
found
was
that
when
we
were
meeting
with
potential
financiers
from
new
york
or
san
francisco
or
austin
texas
or
wherever
they
may
be,
we
really
had
a
hard
time
explaining
where
we
were
from
appalachia
how
this
project
truly
impacted.
Our
community
and
the
people
around
us,
which
is
so
important
right
now
in
our
world,
and
it
should
be
important,
the
corporate
responsibility
and
and
sustainability
and
impact,
and
so
we
put
together
this
little
script.
I
wrote
the
script
and
we
had
a
gentleman.
K
I
do
a
voiceover
on
it.
It's
a
little
scratchy
over
a
zoom,
the
the
audio's
good,
but
I
think
you
guys
will
like
it.
We've
had
a
lot
of
good
feedback
and
it's
been
very
helpful
to
us
in
our
financing.
So
chris
you
do.
You
have
permission
to
on
this.
This.
K
N
This
is
appalachia
a
land
of
natural
beauty
and
national
resources,
these
mountains,
fueled
the
industrial
revolution
and
provided
the
high
quality
coal
needed
to
unleash
the
production
of
american
steel.
Here,
men
and
women
of
strong
shoulders
and
strong
character
met
every
challenge
to
build
prosperity
for
america,
even
as
that
bounty
passed
them
by
sixty
years
ago.
President
lyndon
johnson
sat
on
a
porch
in
martin
county
kentucky
and
declared
war
on
poverty,
but
the
coal
mines
and
steel
mills
are
now
closed
and
good
jobs
are
scarce,
but
folks,
here
have
always
stood
together.
N
N
The
unity
aluminum
rolling
mill
will
also
be
the
greenest
lowest
carbon
footprint
mill
in
north
america
and
will
meet
the
surging
demand
for
low
cost,
high
quality
aluminum
needed
by
the
global
automotive
industry
for
lower
weight
and
more
efficient
vehicles.
No
other
private
project
in
the
us
will
have
the
economic
impact
that
unity,
aluminum
mill
will
have.
Economic
impact
studies
predict
tens
of
thousands
of
jobs
for
our
talented
workforce
and
billions
of
dollars
in
investment
join
us
as
we
lead
the
sustainable
manufacturing
revolution
from
the
heart
of
appalachia.
N
A
K
Chairman,
thank
you.
I
I
just
wanted
to
let
you
know
thank
you
for
letting
us
be
here
today
we're
glad
to
try
to
answer
as
many
or
as
few
questions
as
you
may
have,
and
we
are
we're
ready
to
go
when
you
are.
H
Thank
you
chairman,
mr
haney,
a
couple
of
reflections
and
a
question
for
a
member
of
your
team
just
to
state.
I
want
to
make
sure
you
knew,
I
perfectly
understood
every
single
one
of
your
clients
and
employees
when
they
spoke,
whatever
their
accent
was
and,
and
I'm
one
of
the
gals
here
today
who
wants
to
make
this
key
question
of
you
and
then
of
your
team.
H
The
financing
that
you
are
doing
when
you
say
that
you
can't
really
report
today
is
their
russian
oligarchical
funding
still
involved
in
this
finance
structure
that
you're
putting
together
and
for
the
second
member
of
your
team
naming
some
of
the
writing.
The
wrongs
and
aluminum
mill
production.
I'd
love
to
hear
what
the
key
writing
that
is
taking
place
from
her.
Thank
you.
So
much.
K
Representative
can.
K
Okay,
thank
you,
sir
great
question.
First
of
all,
because
we
signed
a
mutual
confidentiality
agreement
with
rusal,
we
don't
want
to
get
into
a
lot
of
details
about
about
the
russian
oligarch
stuff.
However,
rusal
did
did
publicly
comment
that
they
will
not
be
a
part
of
our
financing
moving
forward,
and
so
we
will
confirm
that
report
and
let
you
know
that
it
is
true
and
we
believe
it
has
been
a
a
very
positive
thing
for
us,
as
we've
moved
forward
with
this
new
financing.
K
I
Thank
you
for
the
question
I
would
say
in
my
24
years
of
manufacturing
and
I've
worked
in
three
major
aluminum
competitors
of
unity.
Aluminums.
I
I
We
knew
that
one
of
our
potential
customers
required
or
desired
an
offline
inspection
of
the
material
and
where
we
came
from
that
did
not
exist
easily,
and
so
we
designed
it
in
it
was
as
simple
as
having
a
conversation
with
the
customers
up
front
to
find
out
their
desires
and
then
designing
what
they
would
like
into
the
mill
and
to
me
that
has
been
one
of
the
most
rewarding
pieces
of
coming
to
work
for
a
greenfield
mill,
a
brand
new
mill
with
with
no
strings
attached.
It's
been
really
refreshing.
I
A
Thank
you
representative,
because
I've
got
a
couple
of
questions
here.
How
many
employees
do
you
have
in
kentucky.
K
I
think
we're
right
around
20
chairman,
but
I
can
get
that
exact
answer.
Kirk
carson
had
a
had
a
family
issue
and
was
not
able
to
be
here,
but
he
could
answer
that
directly.
But
I
can
get
you
that
information,
but
I
believe
it's
right
at
20.
A
So
20.,
okay,
you
had
a
letter
on
january,
the
15th
of
2021
from
unity
aluminum,
where
you
got
the
terms
extended
yet
again
into
q1
of
2022,
saying
that
you
anticipated.
Let's
see,
I've
lost
my
place
here.
Permanent
project
financing
complete
by
third
quarter
of
2021.
A
being
is
we
are
a
week
away
from
the
end
of
the
third
quarter?
Has
that
happened.
K
No
sir,
it
has
not
happened
that
you're
exactly
right,
that
is
part
of
that
was
a
goal
of
ours.
Obviously,
one
of
the
things
that
we
had
changed
chairman
since
last
time
we
had
been
in
front
of
you
and
under
new
leadership,
is
that,
rather
than
bringing
incremental
financing,
we
are
bringing
all
the
ingredients
together
at
once,
and
so
when
there's
a
few
ingredients
left
out
there,
we
need
to
wait
until
this.
A
K
I'm
not
sure
well,
patient
capital
would
be
somebody
who
would
invest
and
be
patient
before
they
needed
a
return.
This
is
a
little
different
because
it's
it's
such
a
big
project.
We
just
the
the
incremental
financing
stuff
that
we
did
previously
chairman
when
we
had
two
or
three
fundraising
arounds.
It
didn't
get
us
where
we
wanted
to
go,
and
so
we've
we've
represented
this
and
repositioned
this
to
the
financial
markets,
and
we
have
had
quite
a
bit
of
momentum,
but
no,
we
have
not.
K
A
At
the
same
period
that
brady's
incentives
were
approved,
if
I'm
not
mistaken,.
A
Okay
in
your
letter
asking
for
your
extension,
you
know
that
you've
raised
165
million
dollars.
Let's
just
cut
to
the
chase,
the
biggest
question
that
everybody
on
this
committee
has:
why
don't
you
repay
your
15
million
dollars
to
the
state
and
not
have
to
have
us,
continue
to
ask
these
questions.
K
That's
a
good
question,
mr
chairman.
That
is
not
a
question
I
can
answer
at
this
time.
That's
first
of
all,
not
up
to
me
and
second
of
all,
that
is
during
this
financing
period,
something
we
have
to
keep
confidential.
K
That's
a
board
of
director
question,
and
certainly
we
love
to
have
the
state
of
kentucky's
support
in
this,
and
investors
have
have
made
it
very
clear
that
they
also
want
to
have
kentucky
support
that
may
change
as
we
move
forward
with
full
financing
and
we
get
a
majority
of
the
of
the
money
in
that
could
change.
But
that's
that's
yet
to
be
seen.
A
Well,
I'll
tell
you,
you
know
we're
gonna
have
a
few
more
questions
here,
but
I,
I
believe,
one
of
the
worst
financial
votes
I've
ever
taken
was
this
one.
I
feel
like
two
administrations
now
and
multiple
general
assemblies
have
been
played
for
fools
and
written
down
the
road,
and
I
think
that
the
patience
is
largely
worn.
Thin
next
question:
do
you
guys
still
own?
The
golf
course
that
you
purchased
in
2019.
K
No
sir,
we
didn't
purchase
golf
course
in
2019.
What
happened
was
there
was
a
a
dispute
over
some
land.
The
leadership
at
that
time
did
want
to
to
purchase
the
land,
but
we
didn't.
We
never
closed
on
that
property
so
that
that's
we've
never
actually
owned.
It.
A
A
Got
you
what
what
what
properties
do
you
guys
own
outside
of
the
actual
mill
property.
K
A
A
Any
other
questions
from
this
committee
at
this
time.
Well,
guys,
listen.
I've
said
this
half
a
dozen
times.
We
all
want
to
see
a
successful
mill
operation
in
ashland
kentucky,
but
the
fact
is
this
has
been
one
successive
list
of
reasons
we
couldn't
answer
questions
and
excuses
through
multiple
gubernatorial
administrations,
general
assembly,
etc.
A
I
will
be
very
direct
to
you
and
to
the
public.
I
will
be
filing
a
bill
this
year.
That
demands
your
repayment
of
these
incentives
and
I
hope
that
I
can
enjoy
the
support
of
those
members
on
the
committee
representative,
nemes.
J
Thank
you,
mr
chairman,
appreciate
the
presentation.
I
appreciate
your
questions.
I
know
we
mentioned
terry
gillis
having
an
involvement
in
the
in
the
company.
Are
there
any
other
bevin
administration
officials
that
have
any
role
in
the
company,
including
investors
as
investors
or
officers
or
employees.
K
Representative
hi,
this
is
nate
haney.
Obviously
I
was
a
part
of
the
bible
administration
prior
prior
to
any
of
this
stuff
coming
up
through.
But,
yes,
I
was
a
part
of
the
bevin
administration
for
the
first
year
of
his
administration,
and
but
I
was
not
no
longer
there
prior
to
prior
to
unity
or
brady
at
the
time
being
on
to
mine.
K
I
have
no
idea
if
there
are
any
additional
people
who
are
investors,
we
have
a
lot
of
investors
who
who
came
in
also
on
a
net
net
capital
portal.
So
we
have
a
lot
of
investors,
I'm
not
sure
if
any
of
them
are
former
previous,
but
no
I
I
would
be
the
only
other
one.
That's
that
had
any
involvement
at
all
the
bevan
administration.
J
And
that
you
and
I
know
each
other
very
well-
and
I
trust
you
I'd
like
to
ask
that
same
question
of
everyone
else
in
the
room
and
then
a
standing
question
if
we
could,
if
we
could
get
that
responded
to
on
behalf
of
the
company
officially,
but
is
there
anybody
else
in
the
room
that
can
answer
that
question
and
then
I
guess
should
shall
we
should
I
submit
that
question
to
ceo
gil
or
or
is
this
enough
to
to
request
that
information
from
the
company
to
get
it
from
someone
who
knows
and
get
it
official.
K
Representative,
I
can,
I
can
try
to
find
out
the
answer
for
you,
but
I
I
will
have
to
talk
to
with
mr
gill,
as
well
as
the
kirk
carson,
our
senior
vice
president
of
hr.
But
yes,
sure
that
is
my
understanding
and
I'd
be
glad
you
don't
have
to
submit
questions
you
can.
If
you
want
to
you,
have
my
cell
phone
number
and
email,
but
if,
if
not
that's
that's
fine
too,
I
can
try
to
get
the
answer
to
it.
For
you.
F
Thank
you,
mr
chairman
and
mr
trainee.
Please
forgive
me
if
I'm
not
really
up
to
speed
on
where
this
project
is
at
this
point,
but
as
far
as
any
physical
activity
on
the
site,
where
is
it
at
this
point?
Where
are
you
all?
Are
you
in
a
lease
building?
Are
you
at
a
building
on
site
where,
where
exactly
is
the
project
itself
right
now,.
K
Senator
that's
a
good
question.
No,
we
are
currently
in
a
building
that
we
leased
released
this
from
from
almost
day
one
I
believe,
june,
of
of
17
or
18..
I
can't
recall
exactly,
but
we
are
currently
in
the
lease
building.
We
own
land
at
east
park,
industrial
center
that
was
owned
by
the
northeast
industrial
board
and
that
lands
about
240
acres.
There
are
three
buildings
on
that
land
that
we
have
we
purchased
during
that
time
as
well.
K
One
of
them
is
a
spec
building,
it's
100
000
square
feet,
it
has
a
gravel
floor
and
it
was
built
in
2003
on
that
abandoned
coal,
mine
and
then
one
building
is
used
to
be
the
ht
hackney
distribution
center.
It's
about
65,
000
square
feet,
building
and
then
there's
another
building
that
used
to
be
a
pressure,
tech
building
which
is
used
for
maintenance
and
things
of
that
nature.
K
So
we
purchased
all
of
that
contiguous
land,
it
splits,
boyd
and
greenup
county,
and
we
have
had
all
of
our
design
engineering
construction
plans
for
that
property.
There
is
additional
property
around
that
quite
a
bit
of
it.
If,
if
we
need
to
expand
or
or
buy
or
build
additional
facilities,
etc,
we
have
done
some
construction
on
the
building.
Excuse
me
not
construction,
but
groundwork
on
the
building.
K
K
I
don't
recall
what
the
grant
was,
but
we,
our
construction
team,
was
the
ones
who
handled
that
and
we
finished
it
about
a
month
ahead
of
schedule
and
on
budget,
and
it's
been
very
good
project
for
that
property,
no
matter
who
ends
up
being
there.
We
think
it's
going
to
be
us,
we're
pretty
confident
and
feeling
very
optimistic
and
hopeful
right
now
and
do
we
actually
have
a.
E
Tipton,
thank
you,
mr
chairman
nate.
I
appreciate
you
and
your
team
being
here
today
and,
as
you
know,
every
I
think
everyone
in
this
room
wants
this
project
to
succeed.
We
know
how
vitally
important,
how
much
of
a
lifeline
this
could
be
for
the
appalachian
region.
E
B
Sure
we
are
targeting
customer
quantity
trial
coils
to
be
shipped
in
the
second
half
of
2025.
K
So
representative,
we
can,
we
can
produce
some
test
quality
coils
during
that
time.
If
we
finish
our
financing
now,
it's
a
it's
about
a
30.
It's
between
a
30
and
36
month,
total
construction
period,
where
we'll
have
approximately
1200
1500
construction
workers
full-time
on
our
facility,
and
then
we
will
start
production
a
little
prior
to
that.
But
but
that'll
be
the
that's
sort
of
the
timeline.
E
Have
a
quick
follow-up?
Certainly
I
understand
that
when
brady
was
originally
started,
there
was
a
some
partnership,
some
collaboration
with
ashland
community
college
to
for
the
purpose
of
training
students
with
degrees
credentials
that
align
with
the
necessary
skills
that
would
be
necessary
in
the
aluminum
plant.
Obviously,
there's
probably
students
who
have
already
graduated
from
that
program.
E
Do
you
know
what
has
happened
with
that
collaboration?
How
many
students
there
are
who
have
graduated
and
we're
anticipating
jobs
now
and
how
and
what
might
be
done
to
accommodate
those
individuals.
K
Yeah
representative,
I
can
speak
to
that
just
a
little
bit.
Kirk
carson
would
be
a
perfect
person
to
answer
that
question.
He
had
an
issue
today
that
he
could
not
attend,
but
I
can
get
you
a
more
thorough,
detailed
response
to
that.
K
We
have
had
a
graduating
class
there
that
we
we
went
by
and
supported,
and
almost
every
single
one
of
those
got
tremendous
jobs,
whether
it
be
a
toyota,
whether
it
be
a
rolling
mill
up
in
west
virginia,
whether
it
be
at
violia
out
here
at
the
river
port.
They
are
incred.
It's
it's
a
well-rounded
education
track.
We
still
have
that
same
partnership
with
the
college.
K
It
is
a
wonderful
partnership,
they
have
done
a
tremendous
job
out
there
and
and
our
team
is
always
always
available
to
try
to
help
with
with
the
students
there,
and
so
it's
a
great
program.
We
have
a
great
partnership
with
larry
ferguson,
the
president
there
at
actc
and
and
the
team
there.
Ac
teaching
is
also
representative
right
across
the
street,
from
where
our
our
mill
will
be
located
and
our
equipment
supplier
sms,
which
is
one
of
the
greatest
global
equipment
suppliers.
K
They
have
actually
talked
about
potentially
coming
in
to
collaborate
and
bringing
their
north
american
aluminum
headquarters
there
as
well,
and
so
we're
trying
to
really
create
a
great
corridor
for
this.
This
industrial
center.
A
A
K
As
far
as
ownership,
no
sir
rusal
is
a
a
great
aluminum
company
that
supplies
the
world's
lowest
carbon
aluminum
slab
and-
and
so
we
do
have
to
have
that
for
input.
So
we
do
have.
We
will
have
a
supply
agreement
with
rusoff,
but
no
there.
M
K
No
ownership,
there
will
be
no,
no
other
collaboration
with
the
russian
government
or
anyone
from
that
country.
K
Bernardi
you
want
to
touch
on
that
as
what
you
can
touch
on
on
it.
I'm
not
sure
your
honor,
your
honor
I'll
turn
that
over
yeah
the.
H
Only
obligation
that
we're
going
to
be
having
is
the
mr
chairman,
with
brucell,
is
just
the
what
has
been
defined
in
the
commercial
agreement
with
them.
They're
going
to
be
supplying.
H
Finite
volume
of
60
000
metric
tons
of
rolling
slab
per
year,
starting
the
first
first
year
of
of
production,
but
other
than
the
very
common
commercial
terms
that
have
been
signed
between
unity
and
aluminum
and
russell
america,
which
is
a
separate
entity,
an
american
office
of
resell.
There
is
no
obligation
with
anything
related
to
the
russian
government
or
any
kind
of
russian
organization.
J
Thank
you,
mr
chairman.
I
did
want
to
say
a
few
things
real
quickly,
and
that
is
reiterate
that
everyone
in
here
I
think
everyone
in
kentucky
wants
this
project
to
be
successful.
We
have
a
bunch
of
legitimate
concerns.
The
chairman
has
expressed
those,
I
think
everyone,
and
I
think
everyone
in
here
is
agreeing
with
him.
I
certainly
am
most
of
those
have
to
do
with
previous
administrators
or
managers
in
the
in
the
company.
Although
it
seems
like
the
kinds
of
can't
answer,
questions
and
lack
of
information
persists.
We
need
that
to
change.
J
I
know
terry
gill,
the
new
ceo,
I
did
not
know
as
a
ceo.
Perhaps
I
should
have,
I
think,
he's
extremely
capable.
I
hope
that
you
guys
can
turn
this
around.
I
know
you,
you
said
earlier
nathan
that
investors
want
to
know
that
kentucky's
on
board,
but
we're
on
board
to
the
extent
that
we
start
getting
information
and
we
start
hitting
benchmarks,
I'm.
J
Hopefully,
I'm
hopeful
that
we
can
build
a
relationship
of
trust
again,
I
want
to
get
that
the
taxpayers
money
back,
but
there
are
a
lot
of
red
flags
that
continue
to
today,
even
though
the
people
sitting
at
that
table
that
I
know-
and
mr
gill
are
highly
capable
we're
we're
going
to
need
to
continue
to
dig
in
here,
I'm
hoping
we
meet.
J
We
meet
the
benchmarks,
I
believe
it
seems
like
you
got
a
good
team
around
you,
but
I
hope
you
understand
the
the
significant
concerns
that
we
have
if
you're
in
the
position
of
the
kentucky
taxpayer,
I
think
the
chairman
said
it
perfectly.
We
feel
like
we've
been
played
or
been
had.
I
don't
know
how
he
put
it
and
let's
we've
got
to
change
that
relationship
and
the
first
step
forward
is
that
you
guys
need
to
start
providing.
J
F
Thank
you,
mr
chairman,
and
just
real
quickly.
Should
the
financing
fall
apart
prior
to
march
of
next
year
is:
does
the
company
have
a
date
certain
to
walk
away
from
this
project?
Are
there
contingency
plans?
K
Senator
we,
our
our
team
here
is
focused,
has
changed
our
focus
really
to
be
very
direct
on
on
on
getting
the
financing
for
the
mill
we
have.
We
had
been
a
little
bit
all
over
the
place
in
the
past,
and
new
leadership
has
changed
some
of
that,
and
we
really
are
on
a
straight
path
towards
that
for
success.
K
We,
our
team
here,
certainly
is
not
knowledgeable
on
what
happens.
If
we
don't
receive
the
financing,
we're
focused
on
receiving
the
financing,
but
there
are,
there
are
I'm
sure,
contingencies
and
things
that
that
we
would
go
through
in
a
normal
course
of
business.
I
can
tell
you
as
far
as
I'm
concerned
every
minute
I've
spent
and
every
minute
of
these
people
that
are
with
me
have
spent
on
this
project
is
worth
it
and
will
be
worth
it.
The
people
of
east
kentucky
are
worth
it.
K
The
people
of
kentucky
are
worth
it
and
there's
nothing
more
proud
that
I
have
ever
been
a
part
of
than
to
try
to
get
this
project
done.
It
has
not
been
easy,
there
are
no
guarantees
and
many
of
the
folks
in
this
room.
K
I
know
almost
all
of
you
have
started
or
or
have
been
a
part
of
business,
and
you
know
how
difficult
it
is,
and
this
one's
been
particularly
difficult
and
I
understand
very
much
so
it's
empathized
with
representative
nemas
and
chair
mcdaniel
and
the
folks
on
the
committee
with
some
of
the
concerns
that
you
have,
and
I
I
plan
and
I
pledge
that
I'll-
take
the
lead
on
trying
to
rebuild
trust
with
the
legislature.
K
F
You
know
from
our
perspective:
it's
got
to
be
gut
wrenching
from
for
the
people
at
that
part
of
our
state.
They,
the
football,
is
there
and
then
the
football's
pulled
away
and
then
it's
there
and
then
it's
pulled
away,
and
you
know
it's
it's
the
future
of
the
following
generations
that
are
at
stake
and-
and
I
agree
everyone
certainly
wants
this
to
succeed,
but
you
know
it
has
been
frustrating
and
watching
this
from
a
distance.
H
Hi,
I
just
wanted
to
speak
as
both
a
legislator
who
voted
to
provide
this
funding
for
brady,
but
also
as
an
eastern
kentuckian,
that
we
have
a
history
of
having
outsiders
come
in
and
say,
they're
going
to
save
us,
and
I
appreciate
that
you've
moved
to
the
community.
H
I
hope
that
helps
you
to
understand
how
much
this
means
to
us
and
how
very
happy
we
were
to
hear
that
there
was
going
to
be
this
investment
in
these
jobs
in
eastern
kentucky
and
that
we're
still
hoping
and
relying
on
you
to
come
through
on
some
of
these
promises
and
that
they
are
very
personal
to
people
in
eastern
kentucky
who
often
feel
that
we
don't
get
the
attention
that
we
need
to
survive,
especially
as
the
downturn
in
the
coal
industry
has
taken
so
many
more
of
us
and
caused
us
to
have
to
move
away
in
our
population
to
decline
so
mightily.
H
So
I'm
I'm
happy
to
hear
the
project
is
still
at
least
trying
to
get
off
the
ground
and
just
wanted
to
appeal
to
you
as
an
eastern
kentuckian,
but
also
as
someone
who
voted
for
this
funding
that
we
desperately
need.
It
and
hope
that
it's
coming
together.
K
Representative,
thank
you
for
those
encouraging
comments.
I'm
a
graduate
of
pennsville
high
school.
My
family
grew
up
in
east
kentucky
this
project
I
mean
so
much
to
me,
I'm
on
the
sword
board
and
I'm
the
chair
of
the
finance
of
store
board.
I
take
this
project
very
very
personally.
I
can
tell
you
I
have
a
trucking
company.
I've
got
multiple
companies
that
I
could
be
spending
my
time
on,
but
I
am
one
thousand
percent
committed
here.
K
We
have
had
difficult
times,
but
we
wanted
to
make
sure
when
chairman
mcdaniel
asked
us
to
come,
that
we
showed
up
and
we
wanted
to
make
sure
that
we
were
able
to
provide
as
much
information
as
we
could,
with
the
exception
of
of
what
our
attorneys
have
told
us,
we're
not
allowed
to
say
because
of
sec
rules
and
regulations
or
because
we
signed
a
confidentiality
agreement
which,
unfortunately,
unfortunately,
is
part
of
business
these
days,
and
so
I
want
you
to
know
representative.
I
appreciate
it.
K
A
O
Word
goes
to
co-chair
petrie.
Thank
you,
mr
chairman.
Thank
you
all
for
presenting
today
coming
in
attempting
to
answer
some
questions.
I
hope
you
get
back
to
us
with
information
that's
been
requested,
but
I
want
to
make
sure
that
the
house
side
of
a
r
has
not
been
silent
on
the
issue.
Today.
O
I've
spoken
with
chairman
mcdaniel
about
this.
He
and
I
view
this
issue
very
similarly
almost
identically
and
as
one
of
those
people
who
came
in
in
2017
session
and
voted
for
this.
It's
one
of
those
votes
that
still
hangs
around
in
the
back
of
my
mind,
but
I'm
not
going
to
go
rehash
that,
but
I
will
re.
I
will
hash
this
since
arriving
and
since
coming
onto
anr,
I
have
continued
to
talk
about
roi
return
on
investment,
hard
and
soft
talked
about
it
in
a
budget
review
sub
this
morning
relative
to
education.
O
O
Like
representative
hatton
and
like
everybody
else
here
want
the
project
to
work,
but
at
some
point
in
time
you
end
up
with
a
negative
roi
and
someone
has
to
cut
losses.
I
hope
we're
not
at
that
point,
but
that's
my
analysis,
that's
my
method
of
thinking.
I
want
to
make
sure
you're
aware
of
it.
We
have
reached
a
critical
time
for
decision.
Thank
you,
mr
chairman.
A
Thank
you,
representative,
petry,
with
that
time
comes
to
conclusion
here,
those
from
unity.
Thank
you
for
joining
us
today.
I'm
sure
that
we
will
be
speaking
more
in
the
future
all
right.
Next
up,
we
have
kentucky
state
university.
G
A
Greg
gets
going
here.
I
do
just
want
to
make
one
quick
comment.
We
threw
a
slip
up
that
I
will
take
the
blame
for
entirely.
They
were
not
on
the
agenda
until
very,
very
late
as
like
today,
that
is
no
one's
fault
but
mine.
I
appreciate
them
being
with
us
and
responding
in
a
timely
manner
like
this.
Mercifully
they
were
supposed
to
be
on
the
other
week.
When
we
got
pulled
into
special
sessions,
they
had
a
slideshow
so
both
to
the
membership
and
to
k-state.
A
I
apologize
for
the
late
notice,
but
to
you
greg
thank
you
for
making
it
work.
G
G
G
Let's,
as
some
of
you
all
know,
this
is
my
second
tenure
as
a
cfo
for
kentucky
state
university.
I
was
also
there
from
2015
through
2017
under
presidents.
Raymond
burst
and
aaron
thompson
did
not
expect
to
be
back,
but
I
am
back
in
to
give
you
some
background.
In
july
of
this
year,
university
staff
alerted
the
board
of
regents
regarding
financial
concerns
at
the
university
and
a
concern
about
15
million
dollars
and
essentially,
a
shortfall
of
15
million
dollars
and
I'll
get
more
into
what
that's
comprised
of
here.
G
In
a
in
a
couple
of
minutes,
the
board
informed
the
council
on
post-secondary
education
and
the
governor's
office,
the
the
board's
review
of
that
issue
and
discussions
led
to
a
leadership
transition
on
july
of
20
of
july
20th.
G
At
that
point,
president,
clara
ross
stamps
was
named
acting
president
and
I
was
named
chief
financial
officer
and
vice
president,
our
focus
for
it's
been.
It's
been
a
busy
two
months
I'll
I'll
tell
you.
Our
focus
has
been
on
getting
the
campus
ready
and
getting
our
students
back
on
campus
face-to-face.
For
the
first
time
since
covid,
we
worked
on
rebuilding
trust
and
having
a
lot
of
conversations
around
campus
and
and
our
commitment
has
been
to
transparency
and
we've
been
as
transparent
as
we
can
be.
With
our
board.
G
G
We,
we
have
had
some
employee
separations
as
the
year
began
and
as
we
are
restructuring
the
campus
initially
that
totaled
about
seven
hundred
thousand
dollars
in
in
staff
savings
and
we've
since
then
added
a
a
little
bit
to
that,
we
have
suspended
purchasing
hiring.
We
have
a
hiring,
freeze
and
travel
restrictions.
G
Obviously
there
are
some
things
we
have
to
do
to
to
run
a
campus,
and
our
commitment
has
been
that
our
students
not
suffer
through
this,
so
our
purchases
have
been
focused
on
our
students
and
things
our
students
have
to
do.
We
are
finding
that
there
was
misalignment
of
personnel,
and
so
some
areas
were
critically
understaffed.
G
I
officially
became
cfo
july
26th.
Dr
thompson
was
kind
enough
to
let
me
go
ahead
and
spend
most
of
the
week
of
july
20th
on
campus.
For
those
of
you
that
don't
know.
For
the
last
two
years
I
was
employed
as
a
senior
fellow
with
council
on
post-secondary
education
and
prior
to
that
was
was
with
ksu
as
an
assistant
president
brown,
and
when
we,
when
I
got
there
on
the
the
week
of
the
20th,
we
had
about
2.8
million
dollars
of
of
cash
and
accessible
state
appropriation.
G
To
give
you
some
context,
the
state
appropriation
for
the
first
quarter
for
or
the
state
of
the
allotment
for
the
first
quarter
for
kentucky
state
is
around
8.5
8.6
million.
G
When
I
got
there
in
the
20th,
there
was
about
2.8
million
left
and
essentially
no
other
cash
that
was
accessible
and
we'll
talk
in
a
minute
about
about
how
we
got
there.
The
we
had
payroll
coming
due
a
week
later,
approximately
2.3
2.5
million
we
owed
4
may
into
vendors
about
1.7.
1.8
million
of
that
was
over
four
months
old.
So
we
had
a
pretty
significant
situation
in
that
first
third
week
in
july,
we
worked
with
the
council
and
with
the
state
budget
office
to
advance
our
fourth
quarter
allotment,
which
is
about
5.4
million.
G
We've
been
focused
on
the
things
that
had
to
be
done
to
get
the
semester
started,
to
serve
our
students
to
get
faculty
in
classrooms
and
to
stabilize
the
cash
position
of
the
university
where
it
wasn't
a
constant
scramble
each
week
to
try
to
identify
funds
for
the
next
payroll,
and
we
are
past
that
right
now
to
be
honest,
we
will
be
there
again
and-
and
we
will
be
there
in
the
spring,
because
what
we
did
right
now
to
get
through
was
advancing
money
from
the
fourth
quarter
and,
and
that
is
only
a
temporary
solution,
kind
of
how
we
got
here.
G
Well
again,
the
the
we
had
about
2.8
million
in
cash.
As
I
mentioned,
we
also
had
a
number
of
issues
that
cause
a
a
serious
financial
situation
in
this
year,
and
these
are
essentially
commitments
and
expenses
that
have
accumulated
over
the
last
three
or
four
years
that
weren't
paid
and
therefore
have
rolled
into
this
current
fiscal
year
back
in
2019
in
the
spring.
Well,
let
me
back
up
a
little
bit.
G
The
the
finance
administration
cabinet
manages
construction
projects
for
kentucky
state
university,
we're
not
large
enough
to
have
engineers
and
architects
and
and
project
managers
in
place.
So
we
rely
on
finance
administration,
division
of
engineering
construction
administration
to
to
handle
our
projects
and
that's
regardless
of
fund
source,
whether
it's
university
funds,
whether
it
be
a
general
fund,
supported
bond
agency
bond
or
federal
funds,
and
when
the
projects
are
funded
with
federal
funds,
we
terribly
have
an
arrangement
where
the
state
will
pay
those
bills
and
forward
us
the
invoices,
their
legitimate
claims
against
the
project.
G
G
There
is
a
an
asset
preservation
fee
that
had
been
approved
by
the
council
on
post-secondary
education
charged
every
student,
it's
about
300
about
300
a
year
and
those
proceeds
can
only
be
used
to
support
asset
preservation.
Projects
on
the
campus
and
and
those
projects
would
have
to
be
approved
by
the
council
they're
large
enough.
They
would
come
to
capital
projects
and
bond
oversight
that
money
has
to
be
reserved
in
a
separate
account,
can't
be
spent
for
anything
else
and
over
the
19
through
21.
G
Those
funds
were
not
reserved
and
just
were
in
the
general
university
budget,
so
those
funds
will
have
to
be
replenished
and
and
put
back
in
a
fund
for
their
appropriate
purpose,
also
beginning
in
19
that
the
university
began
a
process
where
they
were
utilizing
a
revenue.
Anticipation.
Note
and
that's
that's
a
common
funding
source.
I
when
I
was
finance
director
of
a
school
district
years
ago.
G
They
were
a
tax
revenue,
anticipation,
note
and
it's
a
working
capital
loan,
where
you,
you
borrow
against
your
your
revenues
that
you
expect
to
receive
later
in
the
year
and
those
notes
are
typically
closed
within
that
fiscal
year.
The
idea
is
you're
short
on
money
in
july
you
don't,
if
you're
a
school
district,
you
get
your
tax
revenues
in
november.
G
If
your
university,
you
get
your
tuition
revenue
in
september,
so
you
have
a
short
term
borrowing
until
you
until
your
revenues
come
in
the
university's
been
carrying
about
a
five
million
dollar
note
now
for
a
couple
years
and
it's
not
been
being
cleared
by
june
30.,
and
so
that
note
carried
forward
into
the
current
fiscal
year
and
essentially
the
payment.
On
that
note
and
a
couple
of
debt
service
invoices
took
most
of
the
general
fund
allotment
for
the
first
quarter.
G
So
if
you
add
all
that
together
we're
at
about
a
little
under
16
million
dollars
of
prior
year
expenses
that
have
flowed
into
this
fiscal
year
for
a
number
of
reasons
and
a
very
low
cash
level.
To
give
you
some
context,
when
I
left
a
cfo
in
2017
university
had
about
22
million
dollars
in
cash
and
in
reserves.
A
I
am
indeed,
sir
okay
very
well
and
here's
why
I
say
this.
I
want
to
give
him
a
couple
of
minutes
to
be
able
to
comment
on
the
executive
order.
I
need
to
leave
time
for
the
committee
to
answer
and
I'm
under
a
deadline
to
have
us
out
of
here
in
the
next
about
18
minutes.
So
if
you
could
maybe
give
us
a
couple
more
minutes
here,
let
me
go
to
dr
thompson,
so
I
can
go
to
committee
for
some
questions.
Okay,.
G
A
G
These
slides
are
about
two
weeks
old
and
at
that
point
we
had
focused
on
kind
of
stabilizing
the
university,
and
now
we
have
moved
to
projecting
the
remainder
of
this
fiscal
year
and
looking
at
the
structural
imbalance,
that's
built
in
the
university
budget
right
now
and
when
I
had
originally
put
these
together,
we
had
hoped
we'd
be
able
to
manage
the
budget,
so
the
current
year
operations
didn't
add
to
the
shortfall
that
was
optimistic
and
I'm
going
to
be
very
honest
with
you.
We're
going
to
have
a
shortfall
in
this
current
year
as
well.
G
G
You
want
me
to
go
ahead
and
move
through
these
yeah
I'll
go.
Let
me
do
a
couple
things.
The
the
question
we
get
often
is:
how
did
we
get
here
and
from
my
review
and
we're
not
complete
with
this
and
we're
also
reviewing
this
with
cpe?
G
G
G
Our
retention
rate
last
year
was
78
this
year,
70
percent,
when
I
left
it
was
in
the
50s.
So
there's
been
some
significant
2290
students
when
I
left
the
first
time
in
17
it
was
it
was
moving
up,
but
it
was
about
18
or
1900.
So
we've
had
some
significant
successes,
but
the
money
was
not
there
to
do
the
initiatives
to
to
do
these
these
projects
and
even
had
we
done
those
initiatives.
The
the
shortfall
is
larger
than
it
would
have
been.
So
a
lot
of
other
things
were
done.
G
What
are
we
doing
to
kind
of
work
on
this
we're
working
very
closely
with
cpe?
In
fact,
they
verify
everything.
I
say
to
our
board
of
regents.
I
think
that's
important,
because
I
don't
believe
our
board
feels
like
they've
gotten
accurate
information
over
the
past
years
and
and
we're
now
providing
a
new
set
of
reports
for
them.
We'll
go
through
cash
position.
Every
meeting
aging
schedule,
payables
we'll
go
through
our
student
accounts
receivable.
G
It's
a
public-private
partnership.
It
was
approved
in
the
april
meeting
of
capital
projects
and
bond
oversight.
The
developer
is
crm
and
it
is
true.
This
project
is
structured,
almost
identically
to
the
building
on
sauro
boulevard
and
the
build
the
mayo
underwood
building
in
downtown
frankfurt
construction
is
underway.
It's
on
track
to
be
completed.
In
january,
2023
financing
was
sold
on
july
27th,
all
in
interest
costs
of
about
3.11.
G
The
sale
was
not
rated
by
moody's,
partly
because
they
did
not
feel
the
state
intercept
provision
applied
to
a
p3
project.
So
the
university
executed,
a
memorandum
of
agreement,
finance
administration
cabinet
to
try
to
replicate
that
intercept
provision
and
that
allowed
the
sale
to
proceed.
Our
first
lease
payment
will
be
due
in
march
of
24.
G
it's
about
3.7,
3.8
million.
Our
projected
semester
rates
are
approximately
six
hundred
dollars
per
bed.
That's
in
the
ballpark,
with
the
new
residence
halls,
the
university
of
kentucky,
and
I
think
at
university
of
louisville,
it's
high
for
us,
I'm
gonna,
be
perfectly
honest.
That's
a
high
housing
rate
for
us
and
we'll
we'll
work
to
work
with
our
students
to
make
that
work.
G
A
Very
well,
dr
thompson,
would
you
like
to
comment
on
the
executive
order?
Briefly,
sir,.
P
Yes,
sir,
mr
chair,
good
to
see
you
and
the
committee
happy
to
be
here
I'll
make
a
long
story
short
because
the
executive
order
gives
us
some
substantial
powers
that
in
the
past,
cpe
hasn't
had
I'm
sorry.
I
couldn't
be
there
with
you,
but
I
was
on
another
meeting,
so
I'm
on
my
ipad.
So
if
you
can't
see
me
well
I'll
apologize
for
that
too
or
if
you're
looking
at
my
nose
I'll
apologize
for
that,
but
basically
what
the
executive
order
did
was
it
didn't
supersede
the
board.
P
P
P
Is
putting
out
we're
looking
at
it
in
great
detail,
not
that
we
don't
trust
greg.
We
obviously
do
the
reason
why
we
send
them
over,
but
we
want
to
make
sure
that
what
we're
getting
is
what
we're
getting
I've,
also
now
interviewed
most
of
the
campus
looking
at
trying
to
understand
the
dynamics
of
a
culture.
P
What
we
know
is
that
we're
going
to
have
to
really
embed
a
way
of
thinking
about
increasing
the
sustainability
of
the
campus
through
a
variety
of
things:
better,
cultural
menu,
better
organizational
stability,
so
we're
kind
of
conducting
the
lead
on
finding
a
new
president
looking
at
the
way
that
is
organized
now.
P
As
far
as
the
academic
structure,
administrative
structure
and
other
structures
we're
going
to
be
proposing
also
to
the
general
assembly
and
to
the
board
of
regents
at
ksu,
a
new
way
of
thinking
about
how
they
can
become
centers
of
excellence
in
certain
areas
to
foster
what
I
consider
to
be
some
of
the
things
that
they
have
opportunity
in
the
past.
To
do
and
haven't
done
some
of
the
things
you
heard
me
talk
about
in
2016,
I
know.
P
But
what
we're
doing
in
great
detail
now
is
making
sure
that
the
campus
is
organizationally
stable.
The
finances
get
back
to
square
one
where
we
will
report
to
you
the
correct
numbers
I
as
greg
can
tell
you
I'm
going
to
be
as
transparent
as
I
possibly
can
with
everybody
about
this,
especially
you.
M
P
But
I
have
travis
powell
who's,
our
general
counsel
and
vice
president,
and
has
taken
a
lead
with
me
in
working
here
and
we'll
be
hiring
a
few
consultants
to
help
us
to
build
out
some
of
the
academic
structures
that
we
feel
that
should
be
in
place
for
a
21st
century
hbcu
and
all
practicality,
21st
century
camps,
and
so
once
again,
there's
a
lot
to
this.
I
know
there's
a
lot
of
questions
you
have.
I
won't
spend
a
long
time
on
this
I'll.
P
Just
if
you
have
particular
questions,
I'm
happy
to
answer
them
all
with
greg,
but
just
know
that
cpe
with
the
executive
order
has
been
given
some
powers.
We
don't
have
normally
to
make
sure
that
we
do
not
repeat
any
of
these
things
that
need
not
to
be
repeatable.
A
Very
well
all
right,
senator
thomas
had
asked
to
have
a
comment
or
question
first.
So
go
ahead,
sir.
C
Thank
you,
chairman
daniel,
and
I
really
appreciate
you.
Let
me
ask
questions,
even
though
I'm
not
a
member
of
a
r,
but
but
I
have
a
huge
constituency
that
is
very
interested
in
kentucky
state
university,
and
so
I
I
I
have
two
two-pointed
questions
for
you
greg
aaron.
I
have
one
pointed
question
for
you,
then
I
have
a
comment.
C
First
of
all
greg-
and
this
is
this-
is
what
some
people
want
to
know-
is
kentucky
university
going
to
be
able
to
pay
its
bills
for
the
remainder
of
this
school
year,
or
are
you
going
to
need
emergency
funding
from
the
state?
That's
number
one
and
then
number
two
are
all
the
students
on
university
now
are
paying
students,
so
we
don't
have
students
that
are
not
just
there
with
promissory
notes,
but
are
they
able
to
pay
their
bills
that
are
enrolled
in
the
campus
right
now?
G
Yes,
senator
those
are
both
very
good
questions.
The
we
have
been
doing
cash
flow
projections.
That
was
one
of
the
first
things
we
started
off
with.
We
are
able
now
we're
confident
to
make
it
through
january.
We
believe
we
can
make
it
through
april,
but
at
this
point,
even
with
accessing
the
revenue
anticipation
note,
we
would
not
have
enough
cash
without
assistance
operate
past
april.
G
G
Part
of
the
reason
our
enrollment
declined
just
a
bit
this
year,
as
we
began
enforcing
that
this
fall.
G
To
be
honest
by
the
time
president
stamps
was
named,
and
I
got
there,
it
was
a
little
too
late
to
really
enforce
that.
The
way
we
would
like
to
we
are
currently
working
with
students,
and
we
actually
are
starting
that
next
week
to
work
on
next
semester
to
make
sure
that
students
have
sufficient
warning
and
sufficient
time
to
clear
their
balances
before
they
register.
G
For
classes
in
the
spring-
and
we
have
put
the
word
out-
that
you
will
not
be
staying
in
the
residence
halls
over
the
the
winter
break
unless
you've
cleared
what
you
owe
the
university
or
we
have
a
path
for
you
now.
The
promissory
notes
that
they're,
if
they're,
making
payments-
and
we
have
payment
plans
we'll
we'll
work
through
that
with
students,
because,
as
you
know,
a
lot
of
our
students
are
are
low
income
and
have
a
lot
of
challenges,
and
we
want
to
do
everything
we
can
to
support
them
and
work
with
them.
C
And
then
aaron,
I
mean
dr
thompson
one
question
to
you
and
then
a
comment
had:
has
a
schedule
been
set
for
the
of
selection
or
elec
or
selection
of
a
new
president?
I
mean
have
they?
In
other
words,
have
they
started
sending
out
a
an
announcement?
Has
there
a
deadline
for
when
announcements
close,
you
know
when
we
will
have
semi-finalists
and
then
finals
and
the
selection
of
a
president
has
a
schedule
been
set
out
to
select
a
new
president
and
then
my
comment?
C
We've
got
to
have
stu,
we
are
kentucky
state
university
and
our
student
body
has
to
be
reflective
of
this
state
because
the
money
we
pay
to
have
kentucky
university
in
existence
is
kentucky
money.
So
if
you
can
answer
my
first
question,
please
and
then,
if
you
want
to
comment
on
my
on
my
comment,
you
feel
free
to
do
so.
P
Well,
thank
you
senator
thomas
good,
to
see
you
a
couple
of
things.
First
of
all,
under
the
executive
order,
we
have
to
provide
a
management
and
improvement
plan
to
come
back
to
the
governor
and
to
actually
be
presented
to
you
all
before
we
ask
you
for
anything,
and
so
we'll
do
that
and
a
part
of
that
will
be
to
ask
for
you
know
some
strategic
investment
in
the
programs.
P
I
wanted
to
say
that,
first
of
all,
secondarily,
yes,
we
will
send
out
a
schedule
soon,
but
we
are
in
the
process
now
selecting
a
search
farm,
that's
led
by
travis.
We
we
are
putting
together
a
search
committee.
This
search
committee
is
going
to
be
led
by
cpe
to
be
honest
with
you,
we
feel
like
we
want
to
make
sure
it's
fair.
We
we
will
meet
with
the
board
in
a
special
call
meeting.
P
P
My
goal,
senator
thomas,
is
to
have
us
a
set
of
viable
candidates
once
again,
we'll
present
it
to
the
board.
They
still
have
a
judiciary
power,
but
we
will
be
there
with
them
and
we'll
present
to
them
final
candidates,
hopefully
sometimes
at
least
by
the
first
of
april,
whereby
we
can
have
somebody
on
board
as
soon
as
we
possibly
can
now
on
the
kentucky
students.
You
already
know
my
answer
to
this.
P
When
I
was
there
as
an
impress
dad,
I
we
increased
our
kentucky
student
population
because
I
felt
there
was
a
need
to
do
that.
We
even
built
pipelines
from
eastern
kentucky
to
make
some
of
that
happen.
We've
got
to
do
that.
Again
I
mean,
if
we
don't
do
that,
I
think
we're
failing
kentucky.
Now
that
doesn't
mean
we
don't
use
out-of-state
students
or
I'm
going
to
bring
in
out-of-state
students
to
help
us
to
fill
out
those
things
that
we
need
best
we're
not.
P
A
Thank
you,
okay,
so
in
the
interest
of
time
and
knowing
we've
got
representative
tipton
to
get
to
as
well,
mine
will
be
more
a
form
of
a
statement
than
a
question
guys
but
understand
this.
So
the
paper
from
this
past
weekend
continue
to
unfold
more
and
more
things
and
both
to
you,
dr
thompson
and
the
greg.
I
understand
these
are
pre-administration
things
but
you're
here
as
the
representative,
so
you're,
the
ones
that
get
to
hear
it.
A
I'm
not
going
to
ask
about
regent
felder,
who
was
subsequently
just
dismissed
from
ksu,
but
I
will
say
that
I
have
concerns
about
that.
I
have
concerns
about
the
things
I've
read
about
the
lack
of
transparency
regarding
the
faculty
senate
meeting
and
the
things
that
were
and
weren't
allowed
to
be
said
from
there.
A
A
We
still
can't
put
k-state
in
the
outcomes-based
funding
because
of
the
results
that
would
impact
on
their
budget
because
they're
they're
not
producing
enough,
and
so,
as
I
look
at
this
and
look
roughly
and
crudely
at
the
the
cost
per
degree
in
fiscal
year
17,
we
spent
26.7
million
dollars
of
appropriation
for
401
degrees
at
a
cost
of
66
000
apiece
fiscal
year
19
we
were
at
205
degrees,
25.2
million
for
a
cost
of
123
thousand
dollars
per
diploma.
A
Send
them
the
university
of
kentucky,
send
them
university
of
louisville,
but
there
are
larger
cultural
implications
at
play
as
well,
but
the
lowest
common
denominator
is
the
customer,
the
student
and
are
they
being
served.
If
I
was
a
parent
sitting
here
listening
to,
we
think
we
can
make
it
through
january.
We
think
we
can
make
it
through
april.
I
can
tell
you
where
my
kid
would
not
be
in
january,
and
so
we
have
an
obligation,
and
once
again
I
say
these
things
not
casting
stones
at
you.
A
I
wish
we
could
have
the
previous
administration
here
and
I
will
say
I
am
bothered
that
the
cfo
who
didn't
present
some
very
basic
facts
is
now
the
cfo
at
tennessee
state
university.
So
good
luck,
tennessee
I'd
suggest
recruiting
out
of
nashville
dr
thompson
that
might
work.
Nonetheless,
we,
if
you
you're,
going
to
come
to
us
for
an
for
supplementary
finance
requests.
That's.
A
I
want
an
operational
request
as
well,
and
if
that
means
suspending,
you
know,
hiring
statutes
tenure
statutes.
I
don't
care
what
it
is.
The
whole
team's
got
to
be
on
board
because
these
kids
aren't
being
served
properly.
You've
done
it
once
before,
you
you
know,
and
president
burst
and
and
and
dr
thompson
to
the
extent
you
were
there
and
unfortunately
I
think
if
you
had
a
been
there
the
last
four
years,
we
would
not
be
having
this
conversation,
but
that's.
A
We
cannot
go
backwards,
but
everybody's
got
to
get
on
board
and
if
we
need
to
suspend
tenure,
you
know
like
I
say
we
need
to
suspend
employment
statutes.
A
E
Thank
you,
mr
chairman,
I'll,
try
and
be
brief.
Chairman
mcdaniel,
I
think,
laid
it
out
very
well
the
situation
that
we're
in
we've
got
an
institution
that
it's
called
is
with
financial
difficulties.
We
understand
the
significance
of
the
hbcu
status
of
the
university.
It's
also
a
land-grant
university,
which
is
very
significant
to
our
commonwealth,
greg
you
and
I
have
had
multiple
conversations.
E
G
We're
a
couple
of
different
things
going
on
there.
The
we're
currently
have
not
begun
the
fiscal
year,
21
audit
we
are
working
with
crow
and
horwith
who've
done
the
audit
for
the
last
couple
years.
Part
of
it
is,
we
had
the
cfo,
the
and
the
controller
and
the
budget
manager
all
leave
between
may
and
july
of
this
year.
G
So
we
have
a
team
to
put
back
in
place,
and
our
auditor
has
asked
that
we
have
our
team
in
place
before
we
begin
the
audit,
because
there
are
a
lot
of
things
that
we
need
to
do
to
close
the
books
on
last
year
before
it
makes
sense
for
them
to
come
in
and
they
we
have.
Actually,
my
new
controller
started
tuesday
of
this
week.
G
My
new
budget
director
started
about
a
month
ago,
so
we
have
some
learning
and
some
catching
up
to
do,
and
I
have
been
there
before,
but
there's
only
so
much
you
can
do
and
we
are
working
as
hard
as
we
can
to
get
that
ready.
Our
current
plan
is
to
be
able
to
pull
financial
statements
for
last
year
by
november.
That's
when
mr
ross,
the
controller
needs.
G
Preliminary
numbers
for
the
state's
financial
statement
we've
been
in
contact
with
mr
ross
and
that
we
would
then
begin
our
audit
in
december
with
a
goal
of
finishing
it
in
march.
The
the
council,
as
you
know,
and
and
ms
krauss
is,
is
really
amazing.
To
be
perfectly
honest,
she's
been
incredibly
helpful.
She
has
a
wealth
of
experience
in
a
lot
of
these
areas,
she's
working
with
our
internal
auditor,
to
like
we
said
before,
verify
everything
I
say
basically
and
also
to
review.
What's
happened
over
the
last
two
or
three
years.
G
We
also
are
responding
to
requests
from
the
state
auditor's
office
and
we've
been
working
and
providing
them
any
information
that
they've
asked
for
they're
reviewing
transactions
from
fiscal
year,
20
and
21,
and
we're
in
communication
with
them
as
well,
so
that
that's
the
timeline
as
we
see
it
right
now,
representative,
tipton
and
we'll.
If
we,
if
we
slide
in
that
in
any
way
for
a
reason,
we'll
make
sure
and
let
you
know,
but
I'm
I'm
optimistic-
that
we
can
hit
those
targets
because
we
we
need
to
get.
D
E
G
The
the
cost
numbers
catch
me
a
little
bit
because
I
want
to
get
it
right.
The
we
currently
have
about
180
students
living
in
the
capital
plaza
hotel
and
in
the
best
western
they
were
gracious
enough
to
work
with
us.
We
actually
had
to
turn
students
away
this
year.
That's
the
first
time
in
a
long
time
that
we've
not
been
able
to
accommodate
students,
but
we
we
could
not,
with
other
commitments,
that
the
hotels
had.
G
We
could
not
rent
enough
rooms
for
for
the
period
that
we
have
to
have
them
to
make
that
work,
the
I'm
the
cost
is
approximately
60.
I
want
to
do
a
range
because
I
can't
run
off
top
of
my
head
we're
about
six
to
eight
hundred
thousand
a
year
with
the
current
number
of
students
we
had.
G
G
We
I
I
think
at
this
year,
if
we
had
not
had
to
turn
people
away,
we
probably
would
have
had
another
100-150
students,
so
the
the
right
now
the
the
residence
hall
is
desperately
needed,
because
it's
not
a
good
environment
to
send.
None
of
us
would
really
want
our
kids
to
go
to
college
and
be
living
in
a
a
hotel
and
having
to
ride
a
shuttle
to
campus,
and
those
kind
of
things
are
not
ideal
for
our
students
or
for
their
families.
G
So
that
is
something
that
we
hope
will
quickly
be
alleviated.
It
will
also
give
us
some
necessary
ability
to
renovate
our
existing
residence
halls
and
try
to
begin
structuring
our
budget
in
such
a
way
that
we're
using
part
of
our
housing
revenues
to
replenish
our
stock,
which
is
that
should
work.
A
So
greg
I'm
going
to
ask
you
to
stop
there
only
because
in
the
interests
of
time-
and
you
know,
I'm
going
to
somewhat
put
my
co-chair
on
the
spot
and
because
we've
got
representative
beckler
and
then
I
was
going
to
go
to
him
for
comment
that
if
there's
other
things
that
people
really
feel
like
need
to
be
flushed
out
in
one
of
these
meetings,
I'm
sure
we
can
get
you
back
in
the
near
future
to
do
that.
So
representative
beckler
you're
up
next.
F
Thank
you,
mr
chairman.
I
I'm
astounded
at
what
appears
to
me
to
be
the
total
lack
of
oversight
that
took
place
to
get
in
the
current
financial
situation
you're
in
I'm
pleased
to
hear
that
nothing
nefarious
has
been
found
so
far
very
pleased
about
that.
But
I
want
to
know
what
took
so
long
to
realize
there
was
the
shortfall
and
the
magnitude
of
it
and
specifically,
what
is
being
done
to
see
that
something
like
this
never
happens
again.
G
The
those
are
very
good
questions
representative
beckler,
the
I
you
know,
I've
I've
not
been
able
to
review
all
the
minutes
and
all
the
materials
that
were
presented
to
the
board
over
the
last
few
years.
G
But
what
I
have
seen
is
not
reflective
of
the
financial
position
of
the
university
we're
we're
getting
ready
to
produce,
hopefully
within
the
next
week
or
so,
what
we
see
the
the
budget
to
actual
for
each
of
those
years
and
and
we'll
be
able
to
compare
that
to
what
the
board
received
and
the
board
is
dependent
to
a
large
degree
on
what
they,
the
information
they
received
from
the
staff,
the
university
and
the
president,
and
I
don't
believe
that
our
board
is
confident
that
they
received
the
information
that
they
needed
to
evaluate
the
financial
position,
the
university
or
to
make
decisions
related
to
the
university.
G
What
we're
doing
to
to
deal
with
that
going
forward.
The
the
first
step
has
been
this
partnership
with
cpe
and
the
fact
that
anything
that
I
say
to
the
board
is
verified
by
an
external
third
party
and
we
have
given
they
have
access
to
bank
statements.
They
have
access
to
any
of
the
records
invoices,
anything
that
we
have
we've
made
them
available
and
we'll
continue
to
make
those
available.
G
The
the
the
issue
that
we
have
to
resolve,
and-
and
this
is
something
that
you
know
dr
thompson
may
be-
asking
you
for
help
on-
is
what
a
you
know:
additional
authority
that
the
council
may
need
to
go
in
and
examine
records
and
review
information
to
make
sure
they
can
validate
what
they're
being
told
by
the
leadership
of
any
university
and-
and
I
think-
and
we
have
to
determine
at
kentucky
state
university
how
we
continue
this
verification,
where
the
board
is
certain
that
the
information
they're
receiving
is
accurate.
A
Well,
gentlemen,
thank
you
both
very
much
for
your
time
today.
We
do
appreciate
you
to
the
members
of
this
committee.
If
you
feel
so
compelled,
I'm
certainly
happy
to
have
these
guys
back
in
november.
Maybe
the
coach
here
in
october
as
necessary.
So
thank
you
guys
very
much
for
your
time
today.
I
do
appreciate
it
before
a
couple.
Last
final
words:
here
there
is
some
correspondence
in
the
electronic
packets
that
were
distributed
from
jenny
bannister.
So
take
a
look
at
those.
There
are
reports
that
we've
received
since
august
of
2021.
O
O
We
all
understand
that
there's
serious
issues
on
both
of
those
fronts-
and
I
just
want
to
update
the
committee
about
two
things
that
have
been
requested
which
have
not
been
forthcoming
on
wednesday
june,
the
2nd
at
9
00
a.m.
Representative
fisher
chaired
the
meeting
of
the
interim
budget
review
subcommittee
on
justice
and
judiciary,
in
which
there
appeared
two
members,
the
commissioner
of
kentucky
state
police
and
lieutenant
colonel
nall,
and
we
talked
about
recruitment
and
retention
issues.
O
I
specifically
asked
if
we
could
receive
from
them
from
the
agency
a
plan
of
how
to
deal
with
those
recruitment
retention
issues,
specifically
regarding
pay
scale
and
other
issues.
Everyone
agreed
on
the
record
to
provide
that
to
me
by
september
the
first
on
wednesday
july,
the
7th
at
9
00
a.m.
Representative
dawson
chaired
the
meeting
of
the
interim
budget
review
subcommittee
on
general
government
finance
personnel
in
public
retirement,
at
which
there
appeared
secretary,
weather's
personnel
cabinet
and
commissioner
of
human
resource
administration
personnel
cabinet
mary
bailey.
O
During
that
committee,
there
was
discussion
about
pay
scale,
adjustments
and
whether
one
or
two
percent
broad-based
raise
was
appropriate.
I
think
it
was
generally
considered
inappropriate.
It
would
not
address
the
underlying
substantive
issues
regarding
pay
scales
for
state
government.
Employees
won't
get
into
the
details
of
it.
O
However,
during
the
meeting
I
asked
on
the
record,
if
we
could
have
a
plan
presented
to
me
if
they
could
get
a
plan
to
me
about
how
to
make
adjustments
to
address
the
underlying
issues
that
was
to
be
provided
to
me
by
september,
one
and
and
with
the
ksp
we've
actually
sent
some
staff
members
over
to
assist
and
interact
with
the
personnel
cabinet.
O
I
spoke
with
the
secretary
and
the
commissioner
out
in
the
hallway
after
that
meeting
and
made
sure
I
made
myself
available
as
well
as
any
other
resources
that
they
might
want
made
sure
everybody
was
clearing
both
agencies,
that
we
needed
that
report
by
september
1
those
reports,
recommendations-
and
this
is
why
january
starts
our
budget
cycle
and
there's
a
lot
that
goes
on.
You
don't
want
to
be
tackling
new
issues
and
important
issues
and
deep
issues
during
a
budget
session
december.
O
We
all
have
a
lot
of
meetings
scheduled
that
are
already
scheduled
in
advance,
plus
you've
got
holidays
that
you
run
through,
that's
not
only
for
ourselves,
but
all
the
staff
members
that
assist
us
and
we
need
in
order
to
have
that
assistance
you
go
back
into
november.
We've
got
another
holiday
season.
O
We
also
have
some
other
events
that
are
scheduled
for
them,
so
that
would
essentially
give
us
if
september
1,
those
reports
are
developed
and
provided
to
us.
It
gives
us
september
and
at
least
october,
to
work
back
and
forth
with
the
agencies
and
make
sure
we
understand
the
issues,
understand
their
recommendations
and
can
take
appropriate
measures.
Come
january
now,
to
my
chagrin,
I
must
inform
everybody
in
this
committee
and
to
the
public
that
I
have
received
neither
of
those
reports.
O
I
do
not
know
whether
the
report,
if
a
recommendation
and
report
has
been
generated
by
either
agency
or
whether
either
one
is
just
undergoing
an
administration
review.
I
don't
know
the
status
because
I've
not
been
informed.
However,
public
record
I'll
say
these
have
been
requested
september
1
was
a
date
there's
a
reason
for
that
date.
Everyone
agreed
to
it.
There
were
important
issues.
I
have
not
received
those
reports
yet,
nor
have
I
received
a
status
update,
so
I
want
to
get
that
information
back
out
to
the
committee
out
to
the
members
now
to
the
public.