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From YouTube: Finance Committee Meeting 02-22-23
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B
A
C
F
C
E
F
F
I'm
sure
you
have
78s
or
nice
okay.
Thank
you.
Next
up,
we
have
public
comment.
That's
for
anybody
from
the
public
who
wishes
to
address
the
finance
committee
on
anything,
that's
on
our
agenda
today.
If
you
want
to
speak,
come
to
the
end
of
the
table,
three
minutes
is
there
anybody
here?
Who
cares
to
speak
that
little
cutie.
H
I
All
right,
okay,
so
this
is
I.
Think
commissioner
white
Bert's
report
is
that
right
is
this
your
report,
because
this
is
only
a
few
cvts,
so
the
CVT
number
means
it's.
A
city
CVT
by
Alpha
means
it's
a
Township,
so
this
is
Highland.
K
is
lion,
LM
is
Milford,
Y
is
Walled,
Lake
I
think
Walled
Lake
Wixom,
so
these
are
no
so
okay,
so
remember.
I
In
our
last
meeting
there
we
had
the
discussion
about
Transit
that
was
billed
last
winter
in
December,
okay,
two
months
ago,
last
winter,
in
December,
if
there
was
a
capture
District
in
place,
they
would
capture
some
of
our
Transit
funds
that
are
not
coming
to
the
county.
Okay.
So
these
are
the
dollars
that
were
captured
by
each
capture
District,
which
are
these
weird
codes
in
the
middle
TBC
that
your
local,
local
Treasurer
would
be
able
to
tell
you
what
that
is.
I
Like
a
d
is
a
DDA,
so
that's
like
a
DDA
in
South,
Lyon,
okay,
right,
b
or
brownfields,
there's
a
Brownfield
project
in
that
Community,
okay,
so
it's
literally
2
000
extra
dollars
is
what
South
Lion
yeah
all
right.
Okay!
So
it's
if
we
wanted
to
go
talk
to
two
thousand
correct.
That's
right!
That's
correct!
I
So
like
Milford,
Village,
okay,
correct
Milford,
Village
got
thirty
two
thousand
dollars
that
if
somebody
wanted
to
go
talk
to
the
Milford
leadership
and
say
hey,
your
DDA
received
thirty
two
thousand
dollars
that
you
weren't
expecting
because
we
increased
the
millage.
What's
your
plan
for
that
thirty,
two
thousand
dollars?
Could
we
request
that
some
of
that
is
used
to
maybe
build
out
Transit
stations
or
do
some
signage
to
transit
or
something
like
that?
Okay,
that's
was
what
the
conversation
was,
which
triggered
the
request
for
some
of
these
okay.
I
Yep,
all
three
of
them
are
Highland.
Oh
they're,
all
three,
all
three
are
Highland
yep,
so
they
have
a
DDA
that
has
a
baseline
in
2001,
one,
that's
2003,
and
then
this
ift
is
a
industrial
facilities
tax.
So
again,
this
is
one
of
the
reasons
that
we
tried
to
summarize
them
for
you,
instead
of
breaking
them
down
to
this
level
of
detail,
because
it
does
get
very
confusing.
Okay,.
I
H
K
H
F
And
I
just
want
to
emphasize
that
the
reason
this
was
a
question
is
because,
as
we're
looking
to
build
more
Transit
infrastructure,
one
of
the
places
to
find
this
money
is
in
the
ddas
and
the
cias
that
are
already
set
up
to
support
these
communities
and
they
are
capturing
these
dollars.
I
know
the
community
I
live
in,
we're
going
to
need
bus
stops
and
we
have
a
CIA.
So
we've
already
started
that
conversation
with
our
local
community.
G
Thank
you,
Miss
Defoe,
because
we're
trying
to
remember
the
other
one
as
well
the
other
name,
if
you
would
just
also
clarify
because
I
appreciate
the
so
if
it's
numbers
by
it
I'm.
Looking
at
the
the
email
that
Michael
sent
last
week,
where
you
know
it
says
the
number
next
to
the
name
of
the
community,
and
so
now
that
I
understand
that
it
looks
like
Southfield
captured
an
amount
and
I
was
asked
by
in
full
disclosure,
Jody
and
I.
G
Just
talked
about
this,
but
I
feel
like
it's
good
for
the
community
that
they
don't
necessarily
know
how
they're
allowed
to
use
it.
So
do
we
have
any
anything
in
that
level.
I
Yeah
I
mean
I,
think
I
think
it's
probably
most
important
to
understand
that
these
dollars
were
captured
by
them,
and
these
are
their
dollars
right.
So
they
have
restrictions
on
how
they
use
this
money
and
whether
it's
a
DDA,
a
Brownfield,
has
different
restrictions.
A
corridor
Improvement
plan.
There's
a
plan
for
each
of
these
types
of
districts.
I
Right
so
you're
going
to
ask
them
to
say:
can
we
do
something
else
right,
like
you're,
trying
to
direct
them,
or
you
know
Lobby
them
to
use
their
money
in
a
specific
way,
but
depending
on
what
it
is
like
up?
For
example,
there's
some
bees
in
there
bras
Brownfield
Redevelopment
those
aren't
going
to
have
the
same
flexibility
that
a
DDA
might
have
right.
A
dda's
job
is
beautification
downtown
Corridor
Improvement
same
thing
like
an
area
that
we're
trying
to
improve
a
Brownfield
is
going
to
be
have
a
different
restriction.
I
L
So,
for
example,
like
I've
started
conversations
with
Birmingham
and
Ferndale
and
they
have
a
DDA
in
our
CIA
b-ra.
Whatever.
E
L
I
think
I
think
Ferndale.
If
I'm
remembering
right
is
getting
37
000
so
for
Nine,
Mile
and
Woodward
to
what
you
just
said.
Jody
ferndale's
DDA
can
use
that
thirty
seven
thousand
dollars
for
whatever
they
want,
but
I've
arranged
or
working
on
a
ranging
meeting
with
Brett
rasigan
from
the
transit
Division
and
Tiffany
Gunter
from
smart
to
say:
hey,
here's,
Oakland,
County,
exec
office
and
smart
being
able
to
work
with
you
on
how
to
plan
to
use
those
dollars
in
a
different
way.
If
you
want
and
because.
A
D
F
I
Then
I
don't
know
one
of
the
other
questions
that
I
received
was
there's
some
cities
or
some
like
cvts,
that
look
like
they're
duplicated,
and
actually
you
need
to
look
to
the
number
because
again,
if
it's
a
number,
it's
a
city,
if
it's
an
alpha,
it's
the
township
or
the
Village.
Okay,
so
like
you'll,
see
Southfield
in
there
Southfield
76
is
the
city
Southfield
S
I
think
it
is
or
T
I
can't.
Remember.
I'm
sorry
is
the
township
of
Southfield
yeah.
E
F
F
H
I
So
far
this
year
we've
been
before
you
so
again,
just
by
ways
of
introduction:
Jody
Weisler,
Defoe,
Chief,
Deputy
Treasurer
I
brought
our
investment
team
with
us.
So
you
don't
have
to
just
hear
from
me
today,
so
this
is
Natalie
Neff
I
think
some
of
you
may
have
seen
her.
In
previous
years,
Natalie
has
been
with
the
county
24
years.
I
I
Is
retiring
at
the
end
of
March,
so
yeah
very
excited
I
bet
all
right,
yeah,
so
I
want
to
just.
We
brought
Natalie
for
a
little
historical
punch,
and
then
this
is
Paul.
Zelaneck
Paul
is
our
new
investment
manager.
We
were
able
to
underfell
and
bring
him
in
to
train
under
Natalie.
We
to
be
completely
honest,
did
not
expect
to
get
somebody
of
Paul's
caliber
into
this
job.
So
we
have
been
very
fortunate
to
have
him
for
six
months.
Paul
spent
how
many
years
at
Wayne
County.
I
I
County
in
the
county,
treasurer's
office,
so
very
familiar
with
all
the
work
that
we
do
across
our
team
and
then
four
years
with
the
city
of
Detroit
after
he
left
the
county.
The
city
of
Detroit
came
to
us
from
the
city
of
Detroit
post
bankruptcy,
so
part
of
the
really
strong
team
that
we
see
in
Detroit
now
so
I
am
actually
going
to.
Let
them
take
control
of
the
investment
discussion
and
then
I'll
jump
in
on
the
dtrf.
So
all.
M
Yep
good
morning,
Commissioners
good
to
meet
you
all
and
good
to
be
sitting
at
the
table
with
you
so
yeah.
If
you
think
about
it,
between
Natalie
and
I,
and
we're
going
to
tag
team,
you
on
this
discussion,
we
got
over
60
years
of
government
Finance
experience
between
us
I
know.
We
don't
look
that
old,
but
I
got
majority
of
it.
Natalie
doesn't
have
it,
but
but
yeah
glad
to
be
here
in
Oakland,
County
and
and
again
glad
to
be
sitting
at
the
table
here
so
yeah.
M
What
we're
here
to
talk
about
is
our
quarterly
investment
report,
which
is
as
of
December,
31st,
2022
and
and
the
way
I
want
to
start.
This
is
I'm
going
to
do
a
kind
of
an
overview
of
the
of
the
numbers
you're
looking
at
and
and
kind
of
our
objectives
with
the
investment
side
of
Treasury
and
then
Natalie
will
will
take
it
and
and
talk
about
details
of
the
report
itself.
So
so
so
what
is
this
report
so
you're
going
to
open
this
report
you're
going
to
see
1.6
billion
dollars
on
this
report?
M
What
are
those
numbers
and
again
this
might
be
a
refresher
for
some
of
you
and
and
maybe
some
of
you
that
are
new
and
will
benefit.
But
what
is
what
are
these
dollars?
So
these
are
the
General
operating
pool
dollars
invested
dollars
that
are
under
the
control
of
Treasury.
So,
on
a
daily
basis,
treasury
cash
team
looks
at
bank
accounts
cash,
inflows
cash
outflows
and
says:
hey
Paul
Natalie
we've
got
Surplus
dollars
today
of
10
million
dollars,
or
we
have
a
deficit
today
of
10
million
dollars.
M
So
Natalie
and
I
will
either
pull
from
the
portfolio
or
add
to
the
portfolio
and
then
based
on
cash
flows.
Looking
out
forward,
can
we
invest
that
money
short?
Can
we
invest
it
long
or
hey?
Do
we
need
to
keep
it
liquid?
So
so
that's
the
1.5
million
dollars
represents
general
fund
dollars.
Special
Revenue
funds,
fiduciary
funds,
Enterprise
funds,
everything
that
is
part
of
the
daily
operations
of
this
County.
L
M
Because
of
my
city
and
please
correct
me
to
its
Commissioners
I,
had
trouble
reversing
that
now
I
got
to
reverse
it
again.
So
one
point,
though
there
are
no
in
in
what
we
call
the
Oak
portfolio.
There
are
no
retirement
pension
dollars
in
this.
That
is
a
separate
portfolio
along
with
roads
operating
dollars.
That's
a
separate
portfolio.
These
are
only
the
dollars
invested
by
treasury.
So
with
that
said
and
Natalie
jump
into,
if
you,
if
you
want
to
you're,
doing
fine
okay,
so
then
so
then
what
is
our
purpose
and
objective?
M
So
our
purpose
and
objective
is
to
take
idle
funds
and
and
invest
them
at
the
best
rate
possible,
but
not
only
that
and
more
importantly
than
that,
we
have
to
assure
that
we
provide
for
safety
of
these
funds
so
that
we
don't
lose
any
any
dollars
and
that
we
have
liquidity
going
forward
to
cover
the
bills
of
of
the
county
at
any
given
time.
M
So
so
two
documents
very
important:
Public
Act
20
and
the
Oakland
County
investment
policy
adopted
by
this
body
in
April
of
2022,
provide
those
guidelines
for
us
to
to
do
that,
and
so
I
just
want
to
one
thing:
I
want
to
to
talk
about
and
you're
going
to
hear
it.
A
lot
from
me
is
our
three
main
objectives
for
this
portfolio
and
again
and
in
order
of
priority
safety
liquidity
return.
So
again,
safety
of
the
funds,
Public
Act,
dictates
what
types
of
funds
we
can
invest
in
first
diversify.
M
So
some
of
the
things
we
do
for
safety,
diversification
of
the
portfolio,
the
the
investment
policy
puts
limits
on
how
long
we
can
invest
and
how
much
we
can
invest
in
specific
Investments,
prudent
investment
decisions
on
our
part.
We
utilize
a
a
market.
Our
Market
I,
wouldn't
want
to
say
a
list,
a
qualified
list
of
broker
dealers
and
experienced
investment
advisors
that
we
turn
to
to
say.
Hey.
You
know
what
what
you
would
be
investing
in
now,
what
are
the
best
Public
Act
20
type
Investments
we
can
invest
in.
M
We
have
a
custodial
bank
account
for
all
the
funds
and
we
have
a
lot
of
internal
controls
to
treasury
to
to
make
sure
that
I
am
accounting,
that
that
Jody
can
account
for
everything,
Natalie
and
I
do
at
the
end
of
any
given
day.
So
safety
is
number
one.
I
can't
stress
that
much
more,
but
right
along
that
with
that
number
two
priority
is
liquidity.
So
every
day
the
county
has
money
going
out
the
door
every
other
week
we
make
payroll.
M
Every
day
we
pay
our
vendors
retirement
payroll,
which
actually
comes
out
of
general
fund
dollars,
and
we
can,
if
you
want
to
ask
questions
about
that,
because
I
so
most
important
and
this
rates
right
up
there
with
safety
to
me.
Most
importantly,
cash
flows
have
to
be
reviewed,
analyzed
projected
so
that
we
know
how
we
can
invest
and
and
and
the
better
we
work
and
make
our
projections
the
better.
M
We
can
ladder
out
to
portfolio
so
that
we're
taking
advantage
of
the
best
rates
on
the
yield
curve,
which
Natalie
will
talk
about
when
we
get
into
the
report,
so
yeah
liquidity
and
then
and
then
lastly,
yield
so
again.
Public
Act
20
dictates
what
we
can
invest
in.
We
have
a
network,
that's
what
was
the
word.
M
I
was
thinking
of
earlier
network
of
broker
dealers
who
are
gonna,
they're,
salesmen,
they're,
gonna
pitch
us
make
us
offers
on
hey,
I
got
a
A
treasury
here
that
can
yield
five
percent
and
and
another
one
will
come
in
and
say
well,
I
can
do
it
for
5.2
percent.
But
what
makes
our
position
special
is
we
reach
out
to
those
broker?
Dealers
and
we
know,
hey
I,
need
a
treasury,
that's
going
to
mature
in
three
months,
and
I've
got
10
million
dollars.
M
M
M
Than
that,
so
so,
so
that's
kind
of
my
brief
overview.
If
you
have
questions
before
we
move
on
to
kind
of
Natalie's
part,
the
it's
the
only
other
thing
I
have
is
that
so
reporting
is,
is
a
requirement
of
our
our
policy
and
of
Public
Act
20,
and,
and
that's
why
we're
sitting
here
today
at
the
table.
M
The
report
you're
seeing
here
is
also
available
on
our
investor
website,
so
that
the
public
and
anybody
interested
in
doing
business
or
or
borrowing
money
to
the
to
the
county
would
would
see
there
and
be
our
numbers
would
be
visible
and
and
so
what
this
report-
those
three
objectives-
I
just
talked
about
what
this
report
is
really
trying
to
show.
You
is
that
we
are
meeting
those
objectives
and
that
you
know
we're
doing
our
due
diligence
and-
and
we
are
in
in
line
with
our
policy,
so
so
yeah
perfect.
L
Yeah,
just
okay,
this
so
1.58
billion
dollars-
and
you
must
have
mentioned
this-
but
this
is
general
fund,
not
arpa.
It.
M
C
I
L
So
then,
out
of
this
pot
of
money,
I
know
our
like
rainy
day
fund
is
something
like
240
million
dollars,
and
then
we
have
44
million
in
a
strategic
one-time,
invest
you
know
so
that,
like
280
million
ish,
that's
part
of
this
okay
understood.
Thank
you
for
helping
me
understand
and
then
and
you're
probably
going
to
talk
about
this,
because
it's
your
first
graph
but
I
would
love
to
learn
where
that
interest
goes,
that
we
earn.
That
looks
like
a
lot
of
money,
so
it.
I
Posts
back
to
the
funds
so
who's
ever
like
the
it's
allocated
amongst
all
the
funds
and
who's
investing
the
money,
so
arpa
money
actually
I
think
goes
to
general
fund
general
fund
interest
post
to
General.
Just
dtrf
receives
its
own
interest.
Any
other
proprietary
funds
receive
their
own
interest
on
based
on
whatever
their
balance
is.
I
L
E
K
M
Who
I
can't
I
can't
answer
that
question
to
be
truthful,
but
but
I
tell
you
right
now,
most
of
our
portfolio,
our
government-backed
Securities
agencies
and
treasuries.
So
we'll
have
to
follow
that
closely
and
make
decisions.
If
that
does
happen,
because.
M
You
know
it's
funny:
I'm
buying
a
new
house
and-
and
the
mortgage
person
was
just
talking
about
that
and
and
and
and
I
didn't
I
didn't
get
her
opinion
on
whether
or
not
for
sure
that's
going
to
happen.
But.
E
M
Yeah
I
mean
it
could
affect
Public,
Act,
20
and.
I
It
just
could
affect
the
number
of
options
that
we
have
when
we're
looking
to
make
investments.
That's
really
what
it
would
impact
it
would
narrow,
because
we'd
lose
those
as
investment
options.
E
H
B
You,
madam
chair,
so
in
terms
of
security,
I
was
just
curious.
Just
a
general
question:
do
the
insurance
limits
for
these
type
of
Investments?
Do
they
apply
in
the
same
way
that
they
would
on
a
personal
to
any
of
us
individually
or
are
there
different
limits
being
a
County
government?
I
was
just
curious.
You
know
how
that
yeah.
I
That
FDIC
limit
is
250
per
tool:
okay
period,
okay,
so
that's
why
we
have
to
do
our
due
diligence
to
make
sure
we're
investing
in
safe,
Banks,
safe
agencies.
You
know
we
we
do
a
lot
of
due
diligence
to
ensure
that
we
are
with
stable
entities
that
are
not
I
mean,
and
this
was
a
real
struggle,
I
think
coming
into
like
2010,
because
we
had
Banks
local
banks
that
we
were
investing
in
failing
and
you
know,
and
when,
like
new
banks
are
started,
we're
like
we're
only
going
to
the
FDIC
limit.
B
What
happens
like
I
can
tell
you
personally,
you
know,
I
was
advised
against
you
know
and
I
don't
want
to
get
too
into
the
weeds,
but
like
t-bills
and
things
like
that,
with
the
debt
ceiling
being
what
it
is
and
some
uncertainty
you
know,
I
was
advised
hey
look.
This
is
probably
not
the
best
place
to
put
your
money
so
knowing
that
we
don't
necessarily
have
an
FDIC
backing
or
anything
in
terms
of
insurance.
M
E
M
Going
to
be
in
a
in
a
nation
wide
world
of
hurt
here
so
so
right
now
I
mean
the
federal
government
is
our
best
option
as
as
a
a
most
it's
from
the
safety
aspect
of
Investments,
and
we
do
do
our
due
to
our
due
diligence
on
banks.
There
are
certain
rating
agencies
out
there
that
we
can
turn
to
and
and
that
actually
rate
Banks
from
from
a
to
F
of
hey.
This
bank
is
is
doing
great.
M
They
have
this
this
assets
and
again
we
limit
what
we
have
at
those
Banks.
Natalie
does
a
great
job
of
and
I
and
I
will
too
of
of
keeping
the
money
Diversified
and
not
having
too
much
in
any
one
specific
entity.
So
that's
all
we
can
do
yeah
diversification.
M
Know
you
know
Fred,
who
knows
where
they're
going
with
rates,
we
really
got
to
just
run
the
portfolio
what's
best
for
Oakland,
County
and
and
and
all
these
other
things
are
yeah.
Definitely
we
got
to
pay
attention
to
them,
but
I
mean
we.
We've
got
to
keep
it
moving
forward,
John,
so
I.
D
C
M
If
you,
if
you
look
at
the,
if
you
start
looking
at
the
document
and
you
look
at
page
two-
the
The
Benchmark
yield
curly.
It
really
shows
that
you
know
it
just
shows
how
how
it's
almost
a
straight
line
up
with
fed
raising
rates,
and
these
are
the
short-term
30-day
yields.
So
it's
going
to
be
most
affected
by
by
Fred
changes,
and
then
you
see
our
portfolio
is
slowly
turning
and
it's
coming
up,
but
it's
just
it
it's
going
to
take
time.
You
know
it's.
It's
and
and
yeah.
I
D
C
C
C
I
Next,
one
over
on,
let
me
just
pipe
in
just
one
second,
okay,
so
you
might
see
October
is
often
lower
than
September
right.
This
is
a
little
bit
follows
the
tax
cycle
right.
So
when
we
have
more
money,
we
make
more
money
right.
So
that's
just
that
you
can
see
that's
very
stable
throughout
the
years
right.
It
kind
of
Rises
on
the
same
chart,
there's
different
months
throughout
the
year
that
we
have
more
funds
than
other
months.
Sorry
go
ahead
and.
C
The
right
hand,
side
is
the
diversification
of
the
portfolio
and
the
different
Investments
it's
in
directly
below
that
gives
you
an
diversification
by
investment
type,
along
with
the
percentages
that
were
invested
in.
If
you
move
over
into
the
middle.
On
the
left
hand
side,
you
can
see
the
diversification
by
maturity
date
and
that
most
of
our
investments
are
due
to
mature
in
the
one
to
two
year
area
directly
below
that,
as
Paul
went
through,
is
a
yield
comparison
between
the
Oakland
County
investment
pool
and
the
30-day
t-bill.
I
And
historically
the
whole
nine
years
I've
been
here,
we
have
always
been
above
the
30
day.
Tea
Bill,
the
our
portfolio
has
been
until
May
of
2022.
When
the
FED
said
we're
going
to
increase
rates,
we're
going
to
increase
them
again,
we're
going
to
keep
going
yep
one
more
time
and
again
so
that's
I
mean
you
can
just
see.
We
can
only
you.
I
And
we
added
this
these
charts
a
couple
years
ago,
we
actually
had
a
summer
student
who
was
like
this
is
confusing
and
I
was
like.
Well,
how
would
you
make
it
less
confusing
and
she
was
like
church
I
was
like
fan
fantastic,
and
so
she
designed
this
for
us
and
actually
as
a
hope
that
this
makes
it
easier
for
you
to
rather
than
reading
30
pages,
you
can
get
a
quick
glance
from
these
front
charts.
So.
C
C
I
C
I
A
I
C
C
F
G
So
you
said
that
takes
us
through
Page,
seven
on
page
seven
I
see
a
desert
or
so
Banks
listed,
and
you
know
one
of
them.
It
says
a
hundred
or
maybe
I'm
looking
at
the
columns
wrong,
but
I
would
think
we
would
have
more
than
a
hundred
dollars
in
a
in
a
bank.
Sometimes.
I
C
G
And
I'm
sorry,
my
mic
wasn't
near
me:
I
I
had
to
ask
just
because
I
don't
know:
if
I
don't
ask
I,
don't
think
any
of
these
are
necessarily
black
owned,
Banks
or
minority-owned
Banks
could
be
women
owned,
I,
don't
know,
but
there
are
some
in
our
state
and
I'm
just
curious.
You
know
as
long
as
it's
under
that
FDIC
piece.
Perhaps
we
could
welcome
them
into
the
fold
as
well.
We.
D
C
I
I
There
is
a
proposal
to
expand
Public
Act
20,
to
be
able
to
go
out
of
state
and
do
a
little
bit
more
riskier
Investments
to
date.
It
has
not
really
gotten
legs
in
Lansing,
but
we're
keeping
our
eye
on
that
as
well,
but,
right
now
all
of
our
banks
have
to
have
a
brick
and
mortar
in
Michigan
in
order
for
us
to
best
with
them
perfect.
Thank
you.
F
L
Commissioner
Cavell
yeah
on
page
seven:
can
you
help
me
understand
what
the
district
court
int
is?
Is
that
District
Court.
C
I
L
I
C
The
next
report
is
the
retirement
portfolio.
The
retirement
portfolio
is
composed
primarily
of
the
employees,
retirement
system,
ERS
funds
and
the
voluntary
benefit.
Oh
voluntary
employee
benefits,
Association
or
Viba
funds,
which
is
retiree
Health
Care.
This
first
page
is
a
breakdown
of
the
investments
in
the
retirement
for
Leo,
which
has
a
diversified
mix
of
equity,
fixed
and
alternative
estimate.
Investments.
G
Charles
yeah
I
know
it's
enthralling,
isn't
it
to
look
through?
All
of
this,
I
am
on
Page,
two
under
retirement,
and
so
I
was
thinking.
Is
this
the
same
pot
of
money
that
is
like
we
all
who
are
W-2s
here
you
get
that
statement
with.
You
know
the
various
line
items
of
the
various
accounts
and
what
have
you
for
your
personal?
Yes,.
G
C
I
G
Yes,
okay
and
then,
in
terms
of
a
pie,
how
much
of
our
pie
is
pensions
in
terms
of.
C
G
E
L
Know
so
one
and
I
think
we've
heard
this
before
from
chair
Markham,
but
just
to
hear
it
from
the
horse's
mouth
or
whatever
our
pension
fund
is
how
much
funded
right.
You
know
Illinois
has
like
a
40
funded
pension.
We
have
a
what
percentage
Yeah
well
over
100
yeah.
L
K
L
I
C
E
F
Yeah
and
and
I
can
say
that
we
have
had
a
very
intentional
effort
to
look
at
our
investments
in
the
retirement
funds
with
an
eye
toward
ESG.
We
have
investment
managers
that
manage
our
funds
for
us
and
they
come
in
and
report
to
us
every
month
and
we've
had,
for
probably
I'd
say
a
year
and
a
half
this
back
and
forth
that
this
is
what
we
want,
bring
us
funds
that
are
that
way
and
they
have
started
to
make
some
adjustments
in
our
portfolio.
F
It
was
things
like
you
know:
we
don't
want
any
Russian
oil,
we
don't
want
any.
You
know
that
sort
of
thing
and
we
don't
have
any
Russian
oil.
But
yes,
there's
a
very
intentional
effort
to
move
in
that
direction.
Okay,
cool
and
so
treasure
Wittenberg
is,
is
very
supportive,
very
supportive
and
leading
in
that
direction.
So.
C
C
So
they
tend
to
have
most
of
our
funds
in
the
local
government
investment
pool.
They
are
treated
as
an
external
participant
of
the
pool
we're
made
to
sign
off
on
the
that
they
could
join
the
investment
pool
that
they
had
everything
in
line
to
do
that,
and
they
decided
to
place
most
of
their
funds.
A
good
portion
of
their
funds
with
us.
C
C
F
Sorry,
commissioner,
Cabell.
C
I
like
to
think
of
them
as
almost
a
quasi
agency,
because
we
do
do
their
accounting
for
them,
we
do
pay
their
bills
for
them
when
they
send
it
over
to
our
office.
We
do
track
all
of
their
Investments
and
make
investment
decisions
on
their
behalf,
okay,
but
they
are
basically
a
separate
entity.
Almost.
F
F
What
you
have
six
years.
F
I
Report
so
the
Delinquent
Tax
revolving
fund,
you
hear
us
I'll
talk
about
it.
Often
it's
created
under
the
general
property
tax
act.
Its
purpose
is
to
cash
flow,
our
local
units
of
government.
So
basically,
each
year
you
get
a
summer
and
winter
bill
from
your
community.
I
So
that's
what
the
delinquent
text
revolving
phone
was
created
to
do
and
I
think
we've
talked
about
this
a
few
times.
Our
annual
delinquencies
have
been
pretty
steady
in
the
60
to
66
million
dollar
range
over
the
last
five
years.
Our
team
does
track
and
Trend
to
see
what
our
delinquencies
are
going
to
be.
I
We
are
currently
as
of
last
week.
We
track
it
on
the
15th
of
every
month,
we're
on
track
to
be
17
million
dollars.
Lower
that
may
not
hold,
but
you
know
we'll
see.
I
mean
I
expect
us
to
fall
somewhere
in
the
55
to
65
million
dollar
range
of
delinquencies.
That's
turned
over
to
us,
so
basically,
that's
people
who
are
unable
to
pay
their
property
taxes
in
Oakland,
County
55
to
65
million
dollars.
I
Last
year
we
were
62
the
few
years
prior
to
that
we
were
in
the
66
million
dollar
line,
we've
been
as
high
as
150
long
before
my
time,
155
million,
where
our
delinquencies
in
2009
yeah.
Okay.
So
you
know,
sometimes
we
get
questions
as
to
you
know.
Why
do
we
have
the
dtrf
net
position
and
Equity
set
at
200
million
dollars?
I
That's
why
right
I
mean
as
quickly
as
that
155
grew
in
four
years
doubled
right,
so
you
know
2000,
you
know
we
don't
need
to
go
into
the
history,
but
regardless
this
can
change
quickly
right.
The
economy,
changes,
unemployer
leaves
and
all
of
a
sudden,
a
lot
of
people
can't
pay
their
property
taxes.
The
Delinquent
Tax
revolving
fund
is
there
to
keep
our
cities
Villages
and
townships
operating
in
school
districts.
Oh
and
I'm.
I
Sorry
all
of
our
taxing
authorities-
yes
I
always
just
say
cvts,
but
it's
all
of
our
taxing
authorities,
the
zoo,
the
art
Authority.
Everybody
gets
paid
out
through
the
Delinquent
Tax
revolving
fund,
any
taxing
Authority,
that's
billed
and
not
paid.
They
get
paid
through
this
okay
and
then
we
call
it
a
settlement
process
that
we
go
through
every
year
from
March.
I
It
takes
us
until
about
May,
takes
two
or
three
months
to
kind
of
balance
that
and
come
to
an
agreement
on
what
is
allowed
to
be
turned
over,
because
there's
a
few
things
that
cannot
be
turned
over
delinquent,
and
so
that
is
basically
what
rolls
up
to
this
quarterly
report
that
you
have
in
front
of
you
that
you
know
there's
assets
of
the
fund,
there's
obviously
cash
in
the
fund.
There's
money!
That's
due
to
us
from
local
governments.
We
send
a
monthly
month-end
report
to
them.
I
You
owe
us-
or
we
owe
you
it
happens
every
month-
there's
also
adjustments
that
happen
to
people's
property
taxes.
It
can
be
that
they
got
a
value
change
approved
by
a
board
of
review,
or
maybe
their
principal
residence
exemption
was
instated
or
there's
a
variety
of
things
that
can
that
can
happen
that
adjust
people's
tax
bill.
All
of
those
adjustments
also
roll
up
into
what
we
call
our
month-end
report
that
can
create
a
due
to
a
local
municipality
or
a
due
from
the
local
municipality
back
to
us.
I
Okay,
there's,
obviously
delinquent
property
taxes
that
are
still
owed
special
assessments,
interest
receivables
on
our
liability
side.
We
have
costs,
there's
vouchers
due
to
the
governments,
you
know,
accounts
payable
and
then
the
I
think.
The
important
part
of
this
report,
though,
is
the
net
position
at
the
bottom,
that
little
kind
of
four
or
five
item
in
the
bottom,
so
211
million,
is
what
the
net
position
currently
is
of
the
dtrf.
We
have
set
the
county
as
a
policy
of
that
maintaining
a
200
million
dollar
position.
I
Okay,
so
we're
a
little
over,
which
is
is
good.
That
money
could
be
used
for
something
I.
Think
the
capital
Improvement
plan
has
their
eyes
on
it.
To
be
honest
with
you,
but
there's
also
some
some.
You
know
Debt
Service
that
we
pay
from
this,
so
we
pay
the
purchase
of
the
executive
office
building
when
we
bought
the
building.
20
years
ago
we
paid
The
Debt
Service
on
that
we
pay
the
renovations
Debt
Service,
the
Rochester
Court.
We
paid
that
service
on
that,
as
well
as
a
work
release
facility.
I
So
the
dtrf
under
statute
can
also
be
used
to
pay
debt
service
on
Capital
Improvement
projects
and
then
there's
I
think
one
of
the
interesting
things
that
some
people
don't
realize
is
the
the
dtrf
obviously
has
to
collect
the
taxes,
but
also
there's
interest,
that's
charged
so
there's
interest,
that's
received
into
the
dtrf
and
then
other
fees
there's
a
four
percent
admin
fee
as
part
of
the
Delinquent
Tax
process
charged
it
you
turn
over
to
us
in
March,
there's
a
four
percent
fee.
I
A
I
Realize,
and
so
that's
what
that
collection
Fee
number
is
that
almost
six
million
dollars
that
will
eventually
roll
into
the
county,
treasurer's
general
fund
and
the
County's
general
fund,
but
our
budget
specifically
to
help
fund
our
office
so
that
that's
a
that's
it.
That's
all.
I
have.
I
It's
just
thank
you,
it
is,
it
is,
and
they
don't
ever
happen.
That's
right.
They
don't
ever
have
to
worry
that
in
Oakland
County
they
won't
be
paid.
We
also
can
borrow.
We
can
borrow
Delinquent,
Tax
anticipation,
notes
if
we
ever
were
to
fall
short
in
this
fund
and
and
honestly
a
lot
of
County
treasures,
that's
what
they
do
they
just
they
borrow.
I
You
know.
Let's
say
that
there
are
many
counties
in
this
state
that
their
annual
delinquencies
are
in
the
one
to
three
million
dollar
range.
Okay,
so
they
can
go
to
a
local
branch
or
have
a
relationship
with
a
local
branch
with
a
line
of
credit,
and
they
say
I
need
to
draw
my
three
million
dollars.
So
I
can
pay
out
my
10,
you
know
townships
in
my
small
County
and
then
they
pay
it
back
to
the
bank.
We
don't
have
to
borrow,
because
we
have
the
equity
in
this
fund.
L
L
Rahman,
so
this,
if
I'm
reading
this
right,
the
the
revenue
was
for
the
year
of
2023
was
10.5
million
dollars
from
various
sources,
like
you
had
mentioned,
like
the
different
ways
that
money
comes
into
this
added
up
to
about
10.5
million
dollars
am
I.
Reading
that
right,
what.
J
I
The
one
that
says,
2023.
I,
think
that
is
the
budget.
Okay,
that's
the
budget!
So
that's
the
anticipated
budget
for
this
fiscal
year
so
from
September
to
or
October
to
September
yep,
so
that
that
left
column
of
amended
budget
percent
of
Revenue
allotment.
That's
the
budget,
okay,
okay,
the
right
side
is
the
actuals
here
today.
L
L
I
E
I
Or
was
received,
income
received
yep,
okay,
okay,
but
again-
and
this
is
cyclical
too
right-
because
delinquent
Tech
cycle
comes
over
in
March,
we
put
a
lot
of
money
into
the
communities,
March
April
May,
and
then
we
start
billing
right.
So
our
first
bill
goes
out
in
June.
We
see
an
enormous
amount
of
these
fives
right,
come
back
after
that,
first
notice
we
actually
collect
about
I
think
72
percent
of
our
delinquent
taxes
in
that
first
year,.
E
B
I
Looks
like
especially
things
I
mean
it's
actually
very
interesting.
I
mean
we
I
often
say
delinquent.
Taxes
are
a
lagging
indicator.
Okay,
so
we
might
be
having
a
very
different
conversation,
two
or
three
years
from
now
sure
right,
I,
think
there's
been
a
few
reports
in
the
last
month
about
car
repossessions
are
going
up
credit.
I
Are
going
up,
those
aren't
good
signs
right.
Those
are
not
good
signs
of
people's
personal
household
budget.
Okay
right,
but
delinquent
taxes
aren't
due
every
month
sure
right
and
tax
foreclosure
isn't
on
the
the
Forefront
of
the
Mind
in
a
every
month.
Right,
it's
only
once
a
year
so
because
of
that
it
might
be.
You
know
we
might
not
see
it
until
the
2025
or
26
taxes
that
we
start
seeing
that
number
drastically
going
up
right.
I
I
It
doesn't
I,
don't
you
know
it's
hard
to
watch
sure
you
know
every
every
basis,
but
you
know
I
I,
just
I
hope
we
don't
have
any.
You
know
bigger
bankruptcies
out
of
any
of
our
local
employers
right.
So
we
really
want
that
stability
that
okay,
it's
good.
M
For
everything
and
I
can
add,
from
my
perspective,
from
the
city
of
Detroit's
perspective,
we
saw
similar
Trends
there
for
the
four
years
we
saw
decreasing
delinquencies,
which
was
which
was
awesome.
So
we
took
credit
for
it,
of
course,
but
really
what
is
to
drill
down
on?
Why
that
is
it's
it's
difficult,
but
there's
obviously
I,
don't
know
more
money
circulating
out
there
in
in
the.
A
I
That's
huge
that
if
somebody's
behind
up
to
twenty
five
thousand
dollars
on
their
taxes
or
mortgage
they'll
come
in
and
catch
you
up
as
a
grant,
yeah
they're
free,
you
know
it's
not
it's
not
a
lien,
it's
not
anything!
So
you
know
I
mean
that
that's
helping
a
lot
of
people
get
by
for
a
few
years,
Jack.
E
H
I
L
L
F
Okay
and
commissioner
Rahman
had
a
question
yeah.
B
Just
a
quick
I
want
to
make
sure
I
understand.
This
is
a
pretty
basic
question,
so
the
way
I
understand
it
is
that
the
debt
or
delinquency
would
be
about
60,
some
million
dollars
on
a
given
year
right,
so
we're
digging
ourselves
a
hole
at
60,
some
million
we're
filling
it
back
with
funding
that
we're
getting
from
like
I,
just
want
to
understand
how
that's
working,
because
it's
a
debt
right,
so
we're
digging
a
hole.
B
It
becomes
a
liability
yep,
but
then
how
are
we
feeling?
Where
is
the
money
coming
from
in
order
to
pay
back
the
city
when
they
pay
understood,
but
when
that
hole
is
60,
some
million
dollars
it
just
kind
of
we
live
with
that
whole
until
the
money
comes
back
in
from
the
paying
individuals
exactly,
but
so
that
that
fund
I
guess?
Where
did
that
money?
The
211
million
dollars
that
we're
looking
at
is
what's
used
to
pay
back
the
cities
that
are
delinquent
to
make
them
par.
That's
correct,
correct
correct!
So
where
did
that
money?
I
Yeah
I
mean
I
will
say:
I
was
not
here
when
the
Delinquent
Tax
revolving
fund
was
created.
I
know,
people
think
you've
been
here
a
very
very
long
time.
I
haven't
been
here
that
long,
but
it's
grown
over
time.
Right
I
mean
it's
grown
from
part
of
the
reason,
because
there
was
a
commitment
to
let
it
grow
right
so
that
it
was
here
and
always
available
in
every
local.
Taxing
Authority
knew
it
would
be
available,
but
it
grew
because
of
that
155
million
dollars.
That
was
delinquent.
I
You
know
10
years
ago
right
and
the
interest
that
was
received
and
on
that
and
then
leaving
it
in
this
fund
got.
B
M
M
It
that's
correct:
it's
a
fun
balance.
If
we're
talking
from
an
accounting,
it's
accumulated
fund
balance
got
it
so,
at
the
end
of
the
year,
the
the
excess
revenues
over
expenses
rolls
into
fund
balance,
and
that's
where
that
right,
perfect
and.
I
There
is
a
general
fund,
I,
don't
know
if
subsidy
is
the
right
word,
but
the
dtrf
does.
On
top
of
the
funds
moving
to
the
treasures
part
of
the
general
fund,
there
is
a
just
standard,
general
fund
subsidy,
that's
been
anywhere
from
three
million
dollars
to
20
million
dollars
and
that's
coming
into
that
comes
into
the
company,
comes
out
of
the
dtrf
and
goes
into
the
County's
general
fund
to
maintain
that
200
million
dollars
got.
E
I
I
B
I
F
E
F
A
A
They
have
their
own
kind
of
system
that
they
do
in
in
very
different
funding
mechanism,
and
it
just
made
sense
that
both
WRC
and
the
ibw
agreed
that
as
we
move
forward,
it's
a
lot
easier
because
there's
so
many
times
like
well,
hang
on
a
minute.
That's,
except
for
WRC,
so
you'll
see
that
we
have
two
separate
contracts
today,
but
first
on
the
agenda.
Is
that
what
we
call
the
non-wrc
represented
by
IDW,
so
I'm
gonna
I'm,
not
gonna,
go
over
this
line
by
line
I'm
just
going
to
go
over
the
highlights.
A
They
have
a
three-year
contract.
They
have
a
three
for
the
first
year
three
for
the
second
year
and
a
two
percent
for
their
third
year.
They
also
have
economy
also
for
non-represented.
Should
we
do
anything
higher?
They
would
also
get
that
as
well
and
then
their
wages,
their
three
percent,
would
be
retro
back
to
their
10-1
effective
date
for
their
you
for
their
particular
for
those
particular
employees.
A
couple
other
additions.
We
have
increased
a
dollar
per
hour
for
their
mobile
custodial
worker.
A
You
know
to
try
to
match
as
much
as
you
can
of
that
500
and
the
1500
that
we've
raised
too
there
is
a
we've
shifted,
a
little
bit
to
try
to
encourage
more
CDL
holders
a
500
bonus
for
those
who
want
to
get
a
CDL
we
have
addressed
like
we
did
with
the
other
unions,
increase
the
death
leave
five
days
for
a
death
of
a
spouse,
partner,
parent
guardian
or
child
they've,
also
agreed
to
the
health
care
benefits
of
increase
of
the
bi-weekly
contribution
to
10
to
10
and
fiscal
year.
A
A
You
know
that
they
can
use
that
or
take
the
time
and
a
half
that
allows
them
to
have
a
little
extra
bank
if
they
would
like
to
do
that,
and
just
so
you
know
for
the
comp
time
purposes,
it
has
to
be
used
up
in
the
current
fiscal
year,
so
you
can
accrue
or
carry
that
over
and
then
we
also
updated
some
of
the
uniform
allowance
and
then
in
particular,
really
focused
on
in
some
of
those
areas,
increasing
their
shoe
allowance
to
make
sure
that
we
have
people
wearing
appropriate
shoes,
so
they
don't
slip
and
fall
and
that
they're
safe
with
with
what
they
do
for
for
our
job
for
their
jobs
here.
A
So
that's
a
overall
summary
of
what
you
can
see
here.
We
had
a
lot
of
cleanup.
This
is.
We
spent
a
lot
of
time
with
the
ibw
and
the
business
agent
to
really
clean
up
some
things
that
have
been
maybe
a
little
less
understandable
throughout
the
year.
So
there's
a
lot
of
bullet
points
here
that
I
won't
go
into,
but
just
a
lot
of
clarifications.
H
Thank
you,
madam
chair,
so
I
did
not
get
any
phone
calls
from
any
of
these
divisions.
So
is
everyone
in
general
happy
with
this
agreement
I
think
they
voted
on
it.
So
yeah
it's
been
ratified
all
right,
but
there
was
no
one
a
lot
of
things
that
weren't
included
everyone's
pretty
happy,
I.
Think
so.
Okay,.
E
H
F
B
You
so
I'm
all
for
you
know
making
sure
that
everybody's
is
made
whole
and
we
approve
all
of
this.
My
question
is:
is
this
the
beginning
of
a
trend
that
we're
going
to
see
moving
forward,
or
is
this
the
end
of
a
trend
and
are
we
just
cleaning
up
what's
left
just
because
I'm
coming
brand
new
to
this
I
want
to
understand
kind
of
where
we're
heading
yeah
in
contemplation
of
these
two
that
we're
looking
at
today
sure.
A
For
those
of
you,
who've
been
here
a
while
I've,
been
here
monthly,
have
been
doing
Union
negotiations
pretty
consistently
for
the
last
year
and
a
half.
So
this
is
actually
our
last
group
and
then
it
will.
We
were
able
to
stagger
a
little
bit,
so
we
have
at
this
point
I
think
we
have
I,
think
seven
or
eight
unions
with
multiple
supplements,
so
you'll
see
us
kind
of
from
time
to
time
coming,
but
we
have
stagger
them
so
I
think
the
next
big
one
is
the
UAW
in
24
24..
L
A
I'm
sorry
yep
it's
it
will
go
from
to
10
30
50.,
currently
5,
20,
40
I
think
it's
generic
and
then
non-generic
generic.
E
L
A
And
it'll
go
to
what'd,
you
say:
10
30
50.,
we're
not
you!
When
you
go
into
the
30
and
50
they're,
typically
name
brands,
and
then
the
50
could
be
a
different
formulary
like
a
formal
area.
Thanks.
E
E
H
F
F
A
F
A
I'm
not
sure
I,
don't
usually
ask
for
that
information,
so
I
can
look
into
that.
Okay,
yeah
thanks.
F
We
do
want
to
be
a
little
bit
cautious
about
inserting
ourselves
into
something:
that's
not
our
purview.
So
it's
okay
to
ask
the
questions,
but
we
need
to
be
mindful
that
this
takes
place
without
us.
You
know
until
it
gets
to
us.
Okay,
anybody
else
have
any
questions
or
comments
on
the
Water
Resources
commissioner
situation.
Okay,
then,
let's
go
ahead
and
prompt
the
vote.
F
Next
up,
we
have
our
second
public
comment.
Is
there
anyone
here
that
would
like
to
come
before
the
board?
G
It's
just
hard
to
even
make
any
ends
meet
with
what
we're
offering
right
now
and
so
I
just
feel
like
it's.
You
know
people
coming
to
these
desks
to
talk
to
our
staff.
They
should
be
able
to
feel
comfortable
with
what
their
teeth
look
like
and
not
have
to
nickel
a
dime
and
figure
out
what
they
can
afford
and
what
they
can't
and
then
are
we
actively
making
sure
people
know
that
that
prescription
card
is
necessary,
I
want
to
get
a
flu
shot
and
they're
like
you,
don't
qualify
and
I'm
like
wait.
G
I
have
insurance
and
I
walked
out
a
little
PO'd
and
got
home,
and
then
I
was
going
through.
My
wallet
and
I
noticed
I
had
a
little
prescription
card,
but
it
wasn't
helpful
in
the
time
in
that
moment
and
I
just
want
to
make
sure.
And
yes
I
am
saying
it
because
I
know
who's
in
the
room
so
that
it
does
not
get
lost
in
the
shuffle.
But
that's
got
to
I
just
need
to
make
sure
that
other
people
are.
G
It's
not
totally
clear
and
I
know
if
I'm
having
an
issue
as
a
board
member
other
people
could
be
too,
and
you.
L
E
F
E
M
Call
it
a
I.
G
Forget
the
word
for
it
in
Internet
Intranet,
where
that
kind
of
information
can
be
easily
disseminated,
because
that
workday
thing
I,
don't
like
it
I,
don't
use
it.
It
doesn't
help
me,
though,
if
it's
but
I'm
sure
it's
great,
but
it's
cumbersome,
I.
A
G
Too
and
social
media
is
so
much
easier,
low-hanging
fruit,
so
okay,
maybe.
F
Could
we
consider
having
a
presentation
in
a
month
or
so
about
our
benefits
and
what
they
are
and
how
we
get
to
them?
The
other
one
I
would
like
some.
Some
information
on
or
I
don't
find
it
easy
to
use,
which
is
the
the
prescription
drug
thing
that
comes
through
Naco.
N
E
N
J
L
Program
I
asked
well
what
about
like
employee,
Fitness
or
wellness,
and
that
sort
of
thing
is
there.
Something
taken
into
account
turns
out,
like
employees
have
like
a
benefit
where
you
get
like
a
subsidized
or
free
membership
to
something,
and
you
can
go
to
like
a
high
school
and
Waterford
for
the
gym.
So.
E
L
H
H
I
think
there
were
years
ago,
I
just
think
that
now
we
have
a
new
bunch
of
people,
you
know
and
I,
don't
remember
them
all
now,
but
we
used
to
get
stuff.
You
know
things
that
listed
out.
You
know,
Weight
Watchers
was
I,
think
I
don't
know
if
it
still
is
wait
what
yeah
there's
a
lot
that
we
don't
know
about,
but
yeah
so.