[00:00:06]
WELCOME, EVERYBODY, TO OUR SECOND BUDGET MEETING FOR THE 2027 SCHOOL YEAR. I'D LIKE TO.
I GUESS WE'LL BEGIN BY TURNING IT OVER, SIR, TO MR. SEBASTIAN TO START. I'LL START. WE JUST WE DID TAKE THE COMMENTS FROM LAST WORK SESSION AND HAVE MADE SOME REVISIONS TO THE PROPOSED BUDGET. MR. SEBASTIAN WILL BE GLAD TO GO OVER THOSE AGAIN WITH YOU TONIGHT. SO, MR. SEBASTIAN. YES. ALL RIGHT. I HANDED YOU A STACK OF PAPERS. I HAD THEM IN ORDER AS FAR AS JUST FROM THE TOP TO BOTTOM ON THE REVISIONS THAT WERE MADE ON THE SUMMARY PAGE UNDER SECTION 72510. DUE TO BUDGET CONSTRAINTS, THERE WAS ORIGINALLY A REQUEST TO CHANGE ONE OF MY DEPARTMENT EMPLOYEES FROM A GRADE SEVEN TO GRADE TEN DUE TO BUDGET. I EXCLUDED THAT, SO NOW IT SAYS DOES NOT INCLUDE NEW ITEMS. SO UNDER 72510. THAT'S ONE OF THE EDITS. THE SECOND STACK OF PAPERS THAT HAS THE ENTIRE BUDGET IN IT CONSOLIDATED. THERE'S A COUPLE EDITS ON HERE. THE MOST NOTICEABLE ONE IS ON THE VERY LAST PAGE UNDER THE PROJECTED INCOME AND LOSS SECTION. AT THE REQUEST OF THE BOARD FOR THE HIGH PERFORMING. A BONUS ADJUSTMENT THAT WE'RE SUPPOSED TO GET BY JUNE 30TH, INSTEAD OF INCLUDING THAT IN THE PROJECTED INCOME. I WENT AHEAD AND BACKED THAT OUT, AS THE BOARD WANTS THAT TO BE PAID OUT IN THE FORM OF A BONUS. SO THE PROJECTED INCOME IS NOW 4.3 MILLION. IT WAS ABOUT 5.3, I BELIEVE, IN THE OLD VERSION. WHICH OF COURSE ADJUSTED THE SUMMARY PAGE. IT'S THE ONE WITH THE REALLY SMALL TEXT. IT ADJUSTED THAT ALSO AS FAR AS THE FUND BALANCE CALCULATIONS AT THE BOTTOM. YEAH YEAH, YEAH. SO I HAVEN'T SEEN ANYTHING. SO YES, YOU SHOULD HAVE. YOU SHOULD HAVE HAD ALL OF IT. THERE'S ONE CALLED THE SUMMARY, THE ONE THAT IT'S REALLY SMALL TEXT.
I'LL GET IT TO YOU. YEAH. AND THEN THE REMAINING PAGES, ONE OF THEM IS THE FUND BALANCE TO RESTRICT THAT GOT CHANGED. WE JUST FLIP FLOPPED SOME NUMBERS. THE SPECIAL EDUCATION CONTRACTED SERVICES WENT FROM 2.5 MILLION TO 2 MILLION. AND THEN THE TRANSPORTATION EQUIPMENT WENT FROM 1.5 MILLION TO 2 MILLION. THIS IS BECAUSE OF THE PRESENTATION THAT WE'RE GOING TO PRESENT TO THE STATE. FOR BUDGET WISE, I WANTED TO MAKE SURE THAT WE MET THE MAINTENANCE OF EFFORT REQUIREMENTS UNDER THE SPECIAL EDUCATION SECTION SO THAT. SO IN THE SPECIAL EDUCATION, 72220 SECTION, I PROVIDED THAT ALSO. THE CONTRACTS WITH PRIVATE AGENCIES WENT FROM WHAT WE ORIGINALLY HAD AS 2 MILLION TO 2.5 MILLION. AND THEN JUST TWO PAGES BEHIND THAT, YOU RECEIVE THE TRANSPORTATION SECTION 72710. IT LOOKS LIKE THE LITTLE EXCEL SPREADSHEET. ALSO, YOU KNOW, OKAY, I'LL GET THAT TO YOU. AND THEN UNDER THE TRANSPORTATION SECTION, I FLOPPED IT AROUND. ALSO, THE TRANSPORTATION EQUIPMENT WE DID HAVE 797, 294. I REDUCED THAT BY 500 000. AND SO THE NET EFFECT OF THAT THERE'S IS A ZERO. IT DIDN'T CHANGE ANYTHING. I'LL BRING THIS TO YOU, MR. PADILLA.
SO THE EDITS ONCE AGAIN HAD A NET EFFECT OF ZERO. THERE WAS NO ACTUAL CHANGES IN EXPENSES. IT WAS JUST A LINE ITEM PRESENTATIONS MAINLY WITH THE 72220. I WANTED TO MAKE SURE THAT OUR BUDGET WAS PRESENTED AND IT MET THE MAINTENANCE OF EFFORT. WHEN YOU COMPARED IT TO THE CURRENT YEAR. CAN I ASK A QUESTION REAL QUICK? OF COURSE. OKAY. NOW I JUST HAD
[00:05:14]
I HAVE AN EMPLOYEE REACH OUT TO ME AND I DON'T THINK THAT WE'RE GOING TO BE ABLE TO CHANGE THE BUDGET THIS YEAR. AND MAYBE, YOU KNOW, ONE OF THE EDUCATORS HERE CAN HELP ME, MISS ELEANOR, BUT SHE, SHE JUST WANTED US TO LOOK AT. WITH E PAY. RIGHT. SHE IS AN INCLUSION E AND WHICH WORKS WITH SPECIAL EDUCATION. AND TWO YEARS AGO WE RAISED CDC E PAY, BUT WE DIDN'T RAISE INCLUSION E PAY. AND SO I'M JUST BRINGING THAT UP. IF WE COULD MAKE A NOTE WHEN YOU'RE HERE NEXT YEAR, IF WE CAN LOOK AT BRINGING THE INCLUSION E PAY AND LIKE I SAID, DIRECTORS HERE, NEW DIRECTOR WILL HAVE TO DEAL WITH THIS. BUT JUST TO, TO ARE THEY SIMILAR POSITIONS AND, AND DO THEY HAVE THE SAME. BECAUSE THAT'S WHAT IT WAS EXPLAINED TO ME. SO I'D HAVE TO ASK, YOU KNOW, MISS LYNN, IF OUR DIRECTOR, IF YOU THINK THAT IF THEY'RE SIMILAR ENOUGH TO WARRANT THAT. WHEN WE LOOKED AT THAT, WE'VE HAD THOSE DISCUSSIONS AND, YOU KNOW, EVERYBODY'S GOT RAISES ALL ALONG THE WAY. BUT AT THE TIME, THERE WAS A NEED FOR WE HAD THE CDC, WE WERE HAVING A HARDER TIME ATTRACTING PEOPLE TO WORK IN THOSE ROOMS. THAT'S WHY THE DECISION WAS MADE AND IN THE FUTURE. BUT TO RECLASSIFY THEM EQUAL, I DON'T I DON'T TWO YEARS AGO, I DID NOT FEEL LIKE THEY WERE EXACTLY EQUAL. THEY'RE VERY IMPORTANT. BUT WHAT WE HAVE DONE FOR THE PAST FIVE YEARS IS EVERYBODY'S GOT RAISES. BUT WE DID RECLASSIFY THAT DUE TO WE HAD A SHORTAGE OF CDC. YEP. OKAY. AND I AGREE, BUT WHENEVER, YOU KNOW, WE EVALUATE EVERY, EVERY POSITION, YOU HAVE TO EVALUATE EVERY YEAR. OKAY. YES. THANK YOU SIR, I'VE GOT ANOTHER DOWN. THAT'S MY ONLY QUESTION. JUST TO JUST EVALUATE. SO YES. TO SPECIFICALLY TALK ABOUT THE BONUSES THAT JUST SO YOU COULD MAKE IT CLEAR FOR ME, BECAUSE I KNOW WE KIND OF TALKED ABOUT A COUPLE DIFFERENT THINGS. SO YOU BACK THE MONEY. CAN YOU EXPLAIN WHAT YOU DID WITH THAT? AND THEN KIND OF THE TIME FRAME. SO THE ORIGINAL RECOMMENDATION THAT I HAD WAS IN UNDER THE PROJECTED INCOME FOR 2026, I HAD ORIGINALLY HAD THAT ROLLING INTO FUND BALANCE, BUT AT THE REQUEST OF THE BOARD, SINCE WE DO WANT TO PAY THAT OUT AS A BONUS, I JUST BACKED IT OUT OF THE PROJECTED INCOME. SO SO IT'S BACKED OUT OF THAT CALCULATION. OKAY. ESSENTIALLY SAYING WE'RE EXPECTING TO PAY THAT IN THE CURRENT YEAR IF IT COMES IN IN TIME. OKAY. YEAH. AND IF YOU DON'T HAVE THIS INFORMATION, IT'S OKAY. WAS WE ABLE TO FIGURE OUT THE AMOUNT THAT THEY MIGHT GET? OH YES. I DID A ROUGH CALCULATION. IT'S ABOUT $300. OKAY. SO BASED ON THE SAME CRITERIA, SO FULL TIMES 300 PART TIME, PROBABLY.151 50 OKAY. IT'S SOMETHING. YEAH. THANK YOU SIR. JUST TO BE CLEAR. AND WHEN WILL THAT I MEAN, JUNE 30TH IS WHEN THE PROJECTED TIME. THAT'S THE THE FISCAL CONSULTANT. ALL THEY COULD TELL ME WAS IT'S EXPECTED TO BE PAID OUT TO THE COUNTY BY JUNE 30TH. THAT'S THAT'S THEY DIDN'T GIVE ME A SPECIFIC DATE. SO THEY JUST SAID BY JUNE 30TH. SO IF IT DOESN'T COME IN BY JUNE 30TH, IT WILL AUTOMATICALLY ROLL INTO FUND BALANCE. AND THEN I'LL JUST EARMARK IT FROM THERE, THAT DOLLAR AMOUNT. AND THEN WE'LL JUST PAY IT OUT IN FISCAL YEAR 27. YES, SIR. ANY OTHER QUESTIONS OR ITEMS YOU WANT TO TALK ABOUT? I MEAN YEAH, INSURANCE. OKAY. SO I WOULD RECOMMEND THAT WE ADD TO LINE 35110 ASSIGNED FUND BALANCE $6.795 MILLION TO COVER THE PROJECTED SHORTFALL OF THE INSURANCE PLAN, EVEN INCLUDING THAT INCLUDES THE 2.373 THAT WE'VE ALREADY INCLUDED IN THE BUDGET. I THINK THAT WOULD BALANCE THAT, GIVEN THE DATA THAT WE HAVE, MAYBE MONEY WOULD COME IN THROUGH THE YEAR, MAYBE EXPENSES WOULD BE LESS AND WOULDN'T HAVE TO SPEND THAT WHOLE AMOUNT. BUT IT SEEMS LIKE THAT'S THE MOST TRANSPARENT WAY TO DO THIS. OKAY, SORRY. I WAS WAITING TO SEE IF ANYBODY ELSE HAD A COMMENT. YEAH, I'VE HAD THIS DISCUSSION WITH ED. HE SAID HE WANTED TO HAVE THE DISCUSSION WITH THE ENTIRE BOARD. SO IN ESSENCE, CAN YOU EXPLAIN WHAT THAT WOULD DO? WHAT WOULD THAT DO? YEAH. MY RECOMMENDATION WOULD BE TO, TO NOT EARMARK IT, BUT THE PLAN TO USE IT THAT WAY IN CASE WE HAVE ANY OTHER LARGE EXPENSE THROUGHOUT THE YEAR, WE DON'T WANT TO GO AHEAD AND TIE UP SIX, 7 MILLION ON THE FRONT END, BUT WE CAN GO AHEAD AND SAY OUR PLAN IS DURING THE YEAR AS WE ASSESS OUR REVENUES VERSUS OUR EXPENSES, THAT WE WILL USE OUR
[00:10:05]
UNASSIGNED FUND BALANCE TO BRIDGE THAT GAP. THAT WAY, WE DON'T GO AHEAD AND EARMARK, BECAUSE IF WE EARMARK IT AND WE'RE NOT GOING TO USE IT FOR, WE WOULD BE AMAZING, BUT WE'D HAVE TO GO THROUGH AND DO BUDGET AMENDMENTS TO MOVE THAT MONEY AROUND. AGAIN. IT'S EASIER, THOUGH, IF WE JUST. AND THEN, OF COURSE, IF WE HAVE A LARGE EXPENSE, IT'S ALREADY TIED UP SIX 7 MILLION RIGHT OFF THE BAT. I THINK THE BEST COURSE OF ACTION FOR THIS THAT I WOULD RECOMMEND IS WE CAN SAY THAT THAT'S OUR PLAN MOVING FORWARD, IS FOR THE FISCAL YEAR 27 FOR ANY SHORTFALL THAT WE HAVE IN FUND 264, WE PLAN ON USING UNASSIGNED FUND BALANCE TO SUPPLEMENT THAT. IF THAT'S WHAT THE BOARD WISHES TO DO WITH THE UNASSIGNED FUND BALANCE. CAN I GET OTHER BOARD MEMBERS OPINIONS ON THAT? I BASICALLY THINK THAT WE'RE GOING TO SPEND IT, I THINK ONE WAY OR THE OTHER, WE'RE SPENDING IT. I DON'T KNOW, I DON'T SEE A TREND LINE THAT WOULD SHOW US THAT WE'RE NOT, AND I DON'T THINK ANY PROJECTIONS THAT WE HAVE WOULD BE WOULD SHOW SOMETHING THAT IT'S GOING TO FLAT LINE OR ANYTHING LIKE THAT. SO I GUESS THE DISSENT THAT IF SOMETHING ELSE HAPPENS WOULD BE CATASTROPHIC, I THINK BECAUSE WE NEED TO KEEP SOME AMOUNT OF THE MONEY. I MEAN, I AGREE WITH MR. MAC. I THINK IT'S AN EXPENSE THAT'S WE'RE PROBABLY GOING TO HAVE TO INCUR NOW WHETHER OR NOT I GUESS THAT GIVES YOU THE FLEXIBILITY, BUT IT'S ALMOST LIKE WE NEED TO KEEP THAT IN MIND THAT WE HAVE A PROJECTED ONE WAY OR THE OTHER. WE'RE EITHER GOING TO PROJECT IT TO USE IT OR WE'RE GOING TO WE'RE GOING TO I THINK WE'RE GOING TO SPEND IT. SO I THINK EARMARKING IT WAS PROBABLY THE RIGHT WAY TO GO. BUT OKAY, I DON'T KNOW. THAT'S WHERE I'M I HAVE A QUESTION. WHAT IS THE FUND BALANCE OF THAT INSURANCE ACCOUNT TODAY? OR CAN YOU GIVE THAT UNTIL. YEAH, I CAN GIVE THAT TO YOU. LET ME PULL IT UP. BUT I THINK IT WAS THE NET POSITION WAS AROUND SIX AND 6.5 MILLION CURRENTLY, WHICH IS ESSENTIALLY YOUR FUND BALANCE AS OF TODAY. THAT YES, YES, SIR. MOVE WOULD BE FRONT LOADING THAT ACCOUNT TO START THE YEAR. YES. ALL I WANT TO DO IS JUST BE COMPLETELY HONEST AND OPEN WITH EVERYONE TEACHERS, THE PUBLIC, THE TAXPAYERS ABOUT HERE'S WHAT WE THINK WE'RE GOING TO SPEND, HERE'S HOW WE'RE GOING TO COVER IT. AND IF WE DON'T SPEND THAT MUCH, I'LL BE HAPPY TO WRITE PERSONALLY THE BUDGET AMENDMENT TO NOT SPEND THAT MONEY IF WE DON'T NEED TO. BUT I JUST THINK WE NEED TO ACCOUNT FOR IT BECAUSE IT'S PLAGUED US. I'VE BEEN ON THIS BOARD A SHORT PERIOD OF TIME, AND WE KEEP TALKING ABOUT HOW IT'S IT'S RUNNING SHORT OF MONEY. YEAH, WE PLUG IT, BUT WE DIDN'T. I WOULD SAY RIGHT NOW IS THE TIME TO PUT A PLAN IN PLACE OF HOW WE'RE GOING TO DEAL WITH IT. AND IF WE DON'T USE IT, IT'S NO HARM, NO FOUL. IF WE DON'T USE IT, I'M I. ONCE IT IS EARMARKED IN THE BUDGET TO A SELF-INSURED FUND, BECAUSE I KNOW THERE'S SOME DIFFERENT RULES, CAN IT THEN BE MOVED OUT IF YOU DIDN'T SPEND IT? AND I AGREE, YOU'RE PROBABLY GONNA SPEND IT. BUT CAN YOU PUT IT IN A BUDGET AND THEN TAKE IT OUT OF A SELF-INSURED INSURANCE FUND? SO THE RESTRICTION WOULD HAPPEN IN THE GENERAL PURPOSE SCHOOL FUND, SO WE COULD REALLOCATE THE PURPOSE OF THE RESTRICTION OF THE FUNDS THROUGHOUT THE YEAR.WE WILL HAVE GREATER FLEXIBILITY, THOUGH, IF WE JUST SAY OUR INTENTION IS TO KEEP THIS FUND SUPPLEMENTED, BUT WE DON'T NECESSARILY HAVE TO MOVE THE MONEY ALL AT ONCE. AND I'M GOING TO REVISIT THIS BECAUSE I WAS TIRED THE OTHER NIGHT AND I DIDN'T FULLY UNDERSTAND WHAT YOU SAID. OUR FUND BALANCE IS IN AN INTEREST BEARING ACCOUNT. WE JUST DON'T GET THE INTEREST RIGHT. THE TRUSTEE OFFICE DOES. WE DO GET A PORTION OF THE INTEREST. I DO. THIS WAS A QUESTION THAT WAS BROUGHT UP MONTHS AGO, AND I GUESS YEARS AGO, THERE MIGHT HAVE BEEN SOME TYPE OF AGREEMENT BETWEEN THE COUNTY AND THE SCHOOLS. I DON'T HAVE ALL THE DETAILS, BUT AS FAR AS THE FULL INTEREST, I DON'T BELIEVE WE RECEIVED THE FULL INTEREST AS FAR AS THE THE FUNDS THAT ARE SITTING IN THE COUNTY TRUSTEE'S OFFICE, I WOULD BE CURIOUS WHAT OUR FULL INTEREST ON OUR FUND BALANCE IS, AND IF THAT WOULD FLUSH THIS ACCOUNT. WE CAN WE CAN DEFINITELY ASK THAT QUESTION AND TRY TO FIND OUT WHAT THAT WOULD LOOK LIKE. THANK YOU. OF COURSE. MISS KIM, DO YOU HAVE AN OPINION ON THIS OR. I'M SORRY, I DON'T MEAN TO PUT YOU ON THE SPOT, BUT I'M TRYING TO GET EVERYBODY'S INPUT BECAUSE WE'RE GOING TO GIVE INSTRUCTIONS TO BRING THIS BACK FOR FOR VOTE. AND I'M GOING TO TELL MR. ED WHETHER HE'S GOING TO BRING THIS BUDGET AND SOMEONE REQUESTS AN AMENDMENT OR, YOU KNOW, IF HE BRINGS TWO COPIES. I'M JUST TRYING TO MAKE THIS AS SEAMLESS AS POSSIBLE. YEAH. SO IF. IF THE BOARD DECIDES THAT WE DO WANT TO EARMARK THIS OFF THE FRONT END, SAY WE'RE GOING TO COVER THE COST FOR FISCAL YEAR 27, IF THERE IS NO CHANGES IN OUR EXPENSES AND OUR REVENUE
[00:15:06]
DOESN'T NECESSARILY GROW AT THE SCALE THAT WE NEED IT TO, THEN IN FISCAL YEAR 28, WE'RE BACK AT THE SAME THING IS WE WE ARE TRYING TO COVER A RECURRING EXPENSE WITH NON-RECURRING REVENUE FUND BALANCE IS A NON-RECURRING REVENUE. SO IN 28, THE DECISION THEN NEEDS TO BE MADE. HOW DO WE SUPPLEMENT THAT AT THAT POINT IN TIME? TO ME, IT WOULD LOOK LIKE A REDUCTION IN OVERALL EXPENSES OR SOMETHING, SOMETHING MAYBE MORE DRASTIC THAN IF, YOU KNOW, WE WE DECIDE ON SOMETHING DIFFERENT TODAY. IT'S HARD TO CONTINUE TO SAY THAT WE WILL CONTINUE TO COVER THIS GAP USING FUND BALANCE, BECAUSE THE EXPENSE IN OUR SELF-INSURANCE FUND IS MORE OF A RECURRING EXPENSE, AND JUST USING FUND BALANCE TO BRIDGE THE GAP IS IT DOESN'T TIE WITH RECURRING EXPENSES. SO WE'VE BEEN DOING WE'VE BEEN DOING THAT FOR THE LAST THREE YEARS, RIGHT? WE'RE COVERING IT THROUGH THE FUND BALANCE IS HOW WE'VE GOTTEN THERE SO FAR. SO WE'VE USED, I BELIEVE WE'VE BEEN DOING 2 TO $3 MILLION A YEAR. IF I'M NOT MISTAKEN. I'D HAVE TO GO BACK AND LOOK AT OUR OUR STATEMENTS. SO I THINK FOR US, FOR A BOARD, WE NEED TO DECIDE THAT THIS IS HOW WE'RE GOING TO DO IT FOR THIS YEAR. BUT I THINK THE CHALLENGE FOR US IS TO GO BACK AND LOOK AT THESE ALTERNATIVES FROM THE LAST MEETING, TALKING ABOUT GETTING A PROPOSAL FROM GALLAGHER ON ON THE DIFFERENT TIERED TYPES, I STILL THINK I JUST DON'T WANT TO CORRECT. MISS FARROW, YOU HAD MENTIONED IN THAT THAT THE STATE PLAN WAS MORE EXPENSIVE IN THE PROPOSAL THAT SHE HAD, THOUGH IT ACTUALLY MATCHES THE NUMBER WE HAVE HERE, THE 22, WHICH WOULD INCREASE ABOUT 3 MILLION. THE MOST EXPENSIVE PLAN THAT WAS PRESENTED TO US FROM THE STATE WAS ABOUT 27 MILLION, 5 MILLION COMING FROM THE EMPLOYEES, WITH 22 MILLION COMING FROM THE EMPLOYER, WHICH WOULD BE US. SO THIS BUDGET WE HAVE RIGHT NOW IN FRONT OF US WOULD REFLECT MORE OR LESS THAT SCENARIO. SO SOMETHING THAT WOULD I WOULD I WOULD ENCOURAGE US TO DO IS TO IS TO RUN A PARALLEL PATH, IF POSSIBLE, WITH BOTH GALLAGHER AND THE STATE TO PUT THEM SIDE BY SIDE. AS WE GET FURTHER, IT'S GOING TO TAKE US THAT LONG.IT'S GOING TO TAKE US TO 28. I THINK WE GOT TO BE PREPARED EITHER WAY TO MAKE THOSE DECISIONS, BUT I DON'T WANT TO NECESSARILY, IF WE GOT TO THE END OF THE LINE AND DIDN'T HAVE AN ALTERNATIVE, IF WHAT GALLAGHER WAS PUTTING TOGETHER DIDN'T HELP US OR DIDN'T SOLVE THE PROBLEM IN 28, I JUST WANT TO I GUESS I WORK IN A WORLD OF CONTINGENCY, SO HAVING A BACKUP PLAN WOULD BE TO ME WOULD BE A BENEFICIAL IF IT'S, YOU KNOW, WILL THE BOARD TO DO THAT. BUT I THINK I THINK IT WOULD BE HELPFUL FOR US TO KIND OF HAVE A PARALLEL PATH WITH TWO CHOICES, EDUCATE OUR EMPLOYEES ACCORDINGLY, AND THEN LET THEM MAKE A DECISION IF THAT'S SOMETHING THEY WANT TO DO. AND THEN IF NOT, WE'RE GOING TO GO WITH THE TIERED APPROACH THAT GALLAGHER PRESENTS. AND WE HAVE AT LEAST THEN WE HAVE BUY IN FROM THE FROM THE BODY, AND WE'LL JUST HAVE TO MAKE ADJUSTMENTS TO OUR BUDGET. YEAH, YEAH. THE, THE EDUCATION AND INFORMING THE EMPLOYEES MONTHS AHEAD OF TIME THAT I WAS GOING TO BRING THAT UP. ALSO THAT IF THE BOARD NEEDS TO START THIS DISCUSSION AS EARLY AS POSSIBLE TO SEE WHAT DIFFERENT POSSIBILITIES, DIFFERENT OPTIONS THAT WE HAVE, THAT THAT WAY OUR EMPLOYEES HAVE PLENTY OF TIME TO GET THE INFORMATION, DIGEST IT, AND HOPEFULLY GIVE US THEIR OPINIONS AS FAR AS HOW THEY FEEL ABOUT, YOU KNOW, THE DIFFERENT OPTIONS WE ARE TO BRING THEM. WE'RE STILL. I'M SORRY, MR. SEBASTIAN, I DIDN'T MEAN TO INTERRUPT. I WAS JUST GOING TO SAY WE'RE STILL IN CONTRACT WITH GALLAGHER. SO EVEN IF WE LOOK AT TWO PATHS TO HAVE AN ALTERNATE, WHICH IS FINE, I THINK THAT'S WISE TO DO. OUR PATH TO THE STATE IS STILL THROUGH THEM. AS LONG AS WE'RE IN CONTRACT, CONTACT CONN UNDER CONTRACT WITH THEM. IT'S BEEN A LONG DAY. I DON'T REMEMBER HOW LONG WE'RE UNDER CONTRACT WITH THEM FOR, BUT I THINK IT'S A COUPLE MORE YEARS. AND ALSO THE TEACHER VOTE TO, YOU KNOW, WE HAVE TO GET TEACHER VOTE. I MIGHT MAKE A SUGGESTION THAT LET'S JUST LIMIT OUR DISCUSSION TONIGHT TO HOW DO WE HANDLE THIS YEAR AND NOT THROW THE BOOGEYMAN OF NEXT YEAR AND HOW WE'RE GOING TO DEAL WITH THIS? CLEARLY, THAT'S GOT TO BE DEALT WITH. I DON'T THINK ANY OF US WANT TO BE BACK HERE TRYING TO PLUG A MULTI-MILLION DOLLAR HOLE AGAIN. SO YEAH, SOMETHING'S GOING TO HAPPEN OVER THE COMING YEAR. BUT HERE WE ARE. WE'VE GOT TO PUT THIS BUDGET OUT. AND I'M JUST SAYING THE MOST TRANSPARENT AND TRUTHFUL WAY IS TO GO AHEAD AND BUDGET THE EXPENSES THAT WE THINK WE'RE GOING TO PAY. AND THAT'S THAT'S ALL I'M SAYING. IT MAY BE INCONVENIENT FOR YOU, EDITOR, THAT WE HAVE TO COME BACK AND DO A BUDGET AMENDMENT, BUT I THINK IT'S WORTH IT TO MAINTAIN CREDIBILITY WITH THE PUBLIC THAT WE ARE FULLY FUNDING WHAT WE'RE PLANNING TO SPEND. AND IF WE SAY THAT, THOUGH WE ARE DOING THAT, WE'RE COMMITTING TO THAT. BUT AGAIN, THIS MONEY, 46 MILLION IS AN INTEREST BEARING ACCOUNT. EVEN IF WE AREN'T GETTING IT, THE COUNTY IS, WHICH MEANS THEY HAVE MORE MONEY TO INVEST IN OUR SCHOOL SYSTEM. SO IF WE IMMEDIATELY MOVE THAT MONEY, IT COMES OUT OF THIS INTEREST BEARING ACCOUNT ON $46 MILLION, AND THERE'S GOING TO BE LESS INTEREST BUILT ON THAT MONEY. SO IS THAT TRUE? THAT'S WHY I WAS ASKING, IS THAT TRUE? JUST
[00:20:06]
BECAUSE WE BUDGET THAT THE MONEY IS GOING TO BE SPENT, DOES THAT MEAN WE AUTOMATICALLY MOVE IT OUT OF THE TRUSTEES INTEREST BEARING ACCOUNT, OR DOES IT CONTINUE TO SIT INTO THE INTEREST BEARING ACCOUNT SITS WITH THE TRUSTEE. SO THE WAY WE OPERATE WITH OUR EXPENSES IS SAY WE'RE WE GENERATE PAYROLL FOR THE 15TH. WHEN WE GET TO THE POINT WHERE WE'RE ABOUT TO PAY IT, WE NOTIFY THE TRUSTEE THAT WE'RE READY FOR A WIRE TRANSFER, AND THEN THEY GIVE US A WIRE TRANSFER THAT DAY INTO OUR BANK ACCOUNT WITH WILSON BANK AND TRUST. AND THAT'S WHERE WE DO ALL OUR PAYMENTS, OUR BANK ACCOUNTS THAT WE HOLD WITH WILSON BANK AND TRUST. THEY ACT LIKE SWEEP ACCOUNTS. SO THEY THE TRUSTEE HOLDS ALL THE MONEY THERE. AND ONCE WE'RE READY TO SPEND IT, THEY DO WIRE TRANSFER TO US AND THEN IT SWEEPS OUT OF THERE WHEN ALL THE PAYMENTS GO OUT. SAME WITH THE BILLS, UTILITIES, ALL OF THAT. THAT'S HOW IT OPERATES. AND I'M, I LIKE THE FLEXIBILITY OF KEEPING THE MONEY IN OUR IN OUR OWN ACCOUNT AND NOT COMMITTING IT. BECAUSE EVEN IF WE COMMIT THAT MUCH, WE MIGHT STILL HAVE TO COME BACK AND COMMIT MORE AGAIN. SO WE'RE DOING THE SAME THING THAT WE'VE BEEN DOING. SO I, AND I UNDERSTAND MR. MAC'S POSITION AS WELL. I JUST, I LIKE THE FLEXIBILITY OF KEEPING OUR ACCOUNT. AND I THINK THAT WE ARE BEING TRUSTED AND TRANSPARENT AND SAYING, LISTEN, THIS IS WHAT THE BILL IS AND WE'RE GOING TO BE ABLE TO PAY IT. WE WE ARE GOING TO TAKE CARE OF THAT. LIKE WE'VE BEEN BEEN DOING THE LAST, LAST THREE YEARS. OF COURSE, IT'S NOT OPTIMAL, BUT LIKE I SAID, I LIKE THE FLEXIBILITY. AND IF IT IF WE DO HAVE A NEED TO MOVE MONEY, WE MOVE THAT MONEY. IF WE HAVE TO MOVE A LITTLE BIT MORE, WE MOVE THAT MONEY WHERE IF WE MOVE IT ALL NOW, RIGHT. AND THEN A HUGE CHUNK, WHICH KIND OF TAKES WHATEVER SMALL FLEXIBILITY WE MIGHT HAVE, OR MAYBE IT'S CHAOTIC OR NOT, WE DON'T KNOW. BUT I STILL LIKE HAVING THAT FLEXIBILITY. IF THERE IS OPPOSING VIEWS ON HOW WE SHOULD DO THAT, I WOULD SAY THAT WE YOU PROPOSE YOUR BUDGET AND THEN WE VOTE ON IT ON DURING THE BUDGET. IF SOMEONE WANTS TO MAKE AN AMENDMENT TO MOVE THAT MONEY, THEN WE ALL JUST VOTE, BECAUSE I DON'T THINK THAT THERE'S A CONSENSUS ON WHAT YOU KNOW, WHAT WE WHAT WE WANT TO DO. WELL, THIS BUDGET IS WHAT WE SAY WE'RE GOING TO DO TO THE PUBLIC. THAT'S HOW WE'RE GOING TO SPEND THE MONEY THAT YOU'VE ENTRUSTED TO US. AND RIGHT NOW, WE DON'T SHOW ANY SOLUTION FOR FUNDING THAT EXPENSE OF THE INSURANCE PLAN. THAT'S THE PROBLEM WE'VE HAD ALL YEAR. WHEN IT BRINGS THESE THINGS IS THAT WE DON'T. OUR BUDGET DOCUMENT, WHICH TELLS THE PUBLIC HOW WE'RE GOING TO FUND THE THINGS THAT WE'RE COMMITTING TO PAY FOR AND IN THIS CASE, MEDICAL INSURANCE FOR OUR EMPLOYEES. WE DON'T SPECIFICALLY SHOW HOW WE'RE GOING TO PAY FOR IT. WE KNOW IT'S GOING TO COST MORE THAN WE THINK BY 6 TO $7 MILLION, BUT WE ARE NOT WILLING TO MAKE THE COMMITMENT BY SAYING THAT'S GOING TO BE PART OF THIS ASSIGNED FUND BALANCE. IT'S RESERVED FOR THAT WHICH CAN BE CHANGED. IT STAYS WITH THE TRUSTEE UNTIL WE GET READY TO SPEND IT. NOTHING GETS MOVED AND WE CAN USE IT FOR WHATEVER WE NEED TO USE IT FOR. IT DOESN'T MEAN THAT IT CAN NEVER BE SPENT, IT JUST MEANS THAT IT IS ALLOCATED FOR THAT EXPENSE.CORRECT? THAT. I MEAN, IS THAT RIGHT? YEAH. YOU WOULD EARMARK IT SPECIFICALLY FOR THAT PURPOSE. SO I FEEL STRONGLY ENOUGH ABOUT THIS. I WANT TO GO HOME. WE ALL WANT TO GO HOME AND GET OUT OF HERE. BUT I JUST WANT YOU TO KNOW I'LL BRING THIS UP FOR A VOTE. WHENEVER IT IS. WE MEET AGAIN MONDAY OR WHENEVER. AND I'LL I'M GOING TO PUT EVERYBODY ON RECORD ONE WAY OR THE OTHER ABOUT THIS. SO JUST BE READY FOR THAT. I'M NOT BEING MEAN. I JUST THINK FEEL PRETTY STRONGLY ABOUT THIS BEING THE TRANSPARENT, TRUTHFUL WAY TO ACCOUNT FOR THIS MONEY.
BUT MR. SEBASTIAN, IN TERMS OF THE TOTAL BUDGET, $236 MILLION BUDGET, RIGHT. WE HAVE EARMARKED FUNDS OF 10.29229, RIGHT? YES. THAT'S CORRECT. THAT'S EARMARKED. SO TECHNICALLY IT'S A $246 MILLION BUDGET. AM I WRONG ON THAT? NO, I WOULD DEFINITELY LOOK AT IT THAT WAY. OKAY. I THINK WHAT WE HAVE EARMARKED WE'RE PROBABLY GOING TO SPEND. YEAH, WE'LL PROBABLY SPEND. SO AND I THINK ALL THAT MR. MAC IS SAYING IS THAT IN REALITY, WE'RE GOING TO ADD ANOTHER 7 MILLION TO THAT BECAUSE WE'RE GOING TO BE WE'RE WITH ALL THE PROJECTIONS WE HAVE AND ALL THE DATA WE HAVE, AND THE WAY THAT THE TREND LINE IS GOING FOR EXPENDITURES AGAINST THAT HEALTH FUND, I THINK THAT'S WHERE IT'S GOING TO TELL US THAT THAT'S PART OF THE SMART THING TO DO NOW, WHETHER OR NOT WE EARMARK IT OR NOT. I GUESS IT'S A QUESTION. I THINK AT A MINIMUM, HAVING THIS UPDATED ON YOUR YOUR 10.29, AND MAYBE IT'S A LINE BENEATH THAT WITH A STAR BY IT THAT SAYS THE BOARD BELIEVES AT THIS POINT THAT IT WOULD BE SOMEWHERE NEAR $7 MILLION THAT WE HAVE IN ADDITIONAL FUNDS, THAT THE ONLY PLACE THAT'S GOING TO COME OUT OF IS OUR IS OUT OF THE FUND BALANCE. WE JUST DON'T KNOW IF WE WANT TO EARMARK IT OR NOT, I THINK IS WHAT WE'RE HEARING, RIGHT? IF WE WE KNOW WE'RE GOING TO POSSIBLY SPEND IT, BUT WE DON'T NECESSARILY WANT TO EARMARK IT. BUT I GUESS IF WE'RE GOING TO SPEND IT, WHAT'S
[00:25:02]
THE DIFFERENCE? I GUESS THAT'S WHERE I KIND OF LAND. I THINK IF WE'RE GOING TO SPEND, WE'RE GOING TO SPEND IT. WE MAY AS WELL JUST EARMARK IT, THROW IT ON THE TABLE. AND AND THEN THAT GOES AGAINST OUR, OUR, YOU KNOW, OUR SAFETY NET, RIGHT? I MEAN, DEFINITELY, YEAH. I MEAN, IT WAS JUST INITIALLY TIE UP THEN I GUESS IT WOULD BE THE 10.2 PLUS IF 6 OR 7 MILLION. SO IT WOULD BE 16 TO 17 MILLION UP FRONT. AND THEN IF YOU LOOK AT OUR CURRENTLY UNASSIGNED FUND BALANCE OF 32 MILLION, AND IF YOU BACK OUT THE 3% BY STATE STATUTE WITH THE 7 MILLION, IT WOULD LEAVE US CLOSER TO A 25 MILLION UNASSIGNED FUND BALANCE, IN ESSENCE, EXCUSE ME, 32 MINUS SEVEN, 25, 25 MINUS AN ADDITIONAL SEVEN FOR THE 3 MILLION STATE STATUTE LEAVES IS ABOUT 18 MILLION UNASSIGNED, WHICH IS REFLECTS REALITY. AND THAT'S NOT THAT'S NOT GOOD. AND SO THAT SHOULD DRIVE US OVER THE NEXT YEAR TO 18 MONTHS TO GET THIS PROBLEM RESOLVED. BUT AT LEAST LET'S TELL THE TRUTH ABOUT WHAT WE'RE GOING TO BE SPENDING OR WHAT WE THINK WE'RE GOING TO BE SPENDING. I MEAN, MY RECOMMENDATION IS THE THE BOARD CAN, YOU KNOW, DO A BUDGET AMENDMENT AND DECIDE WE WANT TO MOVE THAT AT ANY TIME DURING THE YEAR. MY THING IS JUST MAKING SURE THAT THERE'S A HEALTHY FUND BALANCE THERE IN CASE WE HAVE OTHER NEEDS, BECAUSE WE CAN MOVE 2 MILLION IN SEPTEMBER, AUGUST, ANOTHER 2 MILLION TOWARDS DECEMBER, AND ANOTHER 2 MILLION SOMETIME IN FEBRUARY. JUST STAGGER IT AND JUST MOVE IT. BUT THE BOARD CAN SAY THAT'S THE INTENT. I MEAN, THE BOARD CAN SAY TONIGHT THAT THAT'S THE INTENT, THAT ANY SHORTFALLS WE'RE GOING TO COVER WITH FUND BALANCE. BUT THAT JUST GIVES US THE FLEXIBILITY OF BEING ABLE TO DO THAT. YOU KNOW, STAGGERING IT NOT JUST ALL AT ONCE. QUESTION FOR YOU, SIR. DIDN'T DIDN'T WE EARMARK DO WE EARMARK FUNDS LAST TIME LAST YEAR FOR THIS. YES, IT WAS 2 OR 3 MILLION. I'D HAVE TO GO BACK AND DOUBLE CHECK. YES. YEAH. SO WE EARMARK. WHAT THEN? WHAT IF WE EARMARK THAT LAST YEAR? WHY? WHY WOULDN'T YOU EARMARK ANY THIS YEAR? BECAUSE WE INCREASED OUR CONTRIBUTION PER EMPLOYEE BY 1000. SO THAT INCREASED OUR EXPENSES BY 2.4 MILLION. SO IT WAS KIND OF OFFSETTING WHAT WE EARMARKED VERSUS WHAT WE PUT IN ACTUAL IN A RECURRING EXPENSE LINE. NO, I THINK WE ALL KNOW THAT'S NOT ENOUGH BASED ON THE TREND LINE THAT WE'RE SEEING. SO I THINK THAT'S THE POINT WE'RE TRYING TO GET AT. YOU KNOW, YEAH, WE KNOW THAT THAT'S ALL WE COULD DO AT THIS POINT ON THAT BALANCE TO GET OTHER THINGS BALANCED. SO I GET IT. BUT I JUST THINK IN THE SHORTFALL IS DEFINITELY GOING TO HAVE TO COME FROM THE FUND BALANCE. YEAH. NO I MEAN THAT'S YEAH. I MEAN I KNOW THAT'S WHERE IT'S GOING TO HAVE TO COME FROM THROUGHOUT THE YEAR. YES. I UNDERSTAND THE DESIRE TO HAVE IT IN WRITING. I WAS JUST CURIOUS, MR. MAC, IF WE PUT IT LIKE ON THE SUMMARY PAGE LIKE THIS, LIKE OUR INTENTION, WOULD THAT BE SUFFICIENT? BECAUSE WE'RE, WE'RE NOT BEING DISHONEST. WE'RE TALKING VERY OPENLY ABOUT IT AND WE DO BUDGET AMENDMENTS. SO WE ARE HONEST ABOUT WHAT WE SPEND. BUT TO HAVE IT IN WRITING WHEN THE BUDGET IS PASSED, LIKE ON THE SUMMARY SHEET, WOULD THAT BE SUFFICIENT? IF IT CAN FIND A WAY TO PUT IT IN? I THINK YOU CAN ON THE ON THE BUDGET SHEET THAT WE WERE TALKING ABOUT, THE LAST WHERE YOU ROLL UP THE BUDGET AND SOMEHOW PUT TOGETHER A PLANNED BUDGET LINE OR SOMETHING LIKE THAT, THAT ISN'T ACTUALLY SET ASIDE, THAT'S FINE, AS LONG AS IT'S ACCOUNTED FOR. THAT'S ALL. ALL I'M LOOKING FOR.I JUST WANT ON THE SO THE BUDGET ONE, DO YOU JUST WANT LIKE A, A LINE THAT STATES THAT MAKE, MAKE ANOTHER ACCOUNT NUMBER OR WHATEVER YOU HAVE TO DO TO GET ANOTHER LINE IN THERE OR TEXT LINE OR SOMETHING THAT SAYS IT'S ANTICIPATED THAT $6.75 MILLION WILL BE NEEDED TO FUND THE SHORTFALL. AND THEN EMPLOYEE INSURANCE COMPANY. YEAH, I THINK THAT'S THAT MAY BE A GOOD COMPROMISE. I MEAN, IT'S FOR THE COMMUNITY TO SEE IF THEY LOOK AT IT. THAT'S ALL I'M THAT'S ALL I'M LOOKING FOR. YES. OKAY. YEAH. YEAH. THAT THAT NOTE I CAN ADD TO THE END.
AND THAT WAY IT'S NOT NO UPFRONT, YOU KNOW, EARMARKED. BUT THAT'S, THAT'S THE FULL INTENT OF THAT SATISFIES ME. CAN YOU PUT IT THERE AND THEN PUT IT IN THE SUMMARY TO LIKE MISS FARROW. YEAH. OKAY. YOU WANT IT IN THE SUMMARY. JUST JUST A LINE AND THEN YES, IN THERE SO PEOPLE CAN LOOK AT BOTH DOCUMENTS. OKAY. THAT'S SQUARED AWAY. SO BEFORE WE I'M SORRY, MISS KIM, I DON'T WANT TO HAVE A CIRCULAR CONVERSATION, BUT I JUST WANT TO MAKE SURE I UNDERSTAND THIS ENTIRE CONVERSATION. SO, MR. SEBASTIAN, IN THE BEGINNING, DID YOU GIVE US A RECOMMENDATION REGARDING THESE FUNDS? WAS YOUR RECOMMENDATION TO KEEP THE MONEY IN THE FUND BALANCE AND THEN JUST PAY AS WE NEED? YES. SO MY MY RECOMMENDATION WAS TO LEAVE IT ALL IN UNASSIGNED AND JUST USE IT THROUGHOUT THE YEAR. AS FAR AS EARMARKING IT, I DIDN'T WANT TO I DON'T THINK IT WOULD BE RESPONSIBLE TO GO AHEAD AND EARMARK LIKE $17 MILLION RIGHT OFF THE BAT AND GO AHEAD AND REDUCE OUR UNASSIGNED FUND BALANCE BY THAT MUCH IN ONE YEAR, BECAUSE THERE'S A RISK ASSOCIATED IF SOMETHING CATASTROPHIC HAPPENS.
[00:30:03]
WE'VE PULLED A HUGE AMOUNT OUT OF THAT FUND BALANCE THAT'S ALREADY BEEN RESTRICTED. YES.CORRECT. BUT BUT IF WE'RE GOING TO GO AHEAD AND PUT IN HERE THAT THE INTENT IS TO SUPPLEMENT THE SHORTFALLS IN OUR SELF-INSURANCE FUND WITH THE UNASSIGNED FUND BALANCE THROUGHOUT THE YEAR, THAT WOULD BE PERFECT. THAT WOULD BE OKAY. AND, AND BASICALLY THAT'S PRETTY MUCH WHAT WE HAVE BEEN DOING. THAT'S CORRECT. YES. OKAY. JUST WANTED TO MAKE SURE BECAUSE THERE WAS A LOT OF CONVERSATION BACK AND FORTH. THANK YOU, MR. SEBASTIAN. OF COURSE. OKAY. WELL, OKAY. GO AHEAD. ALL RIGHT. I UNDERSTAND WHAT YOU WANT TO DO, AND I GET IT. BUT WHEN I LOOKED AT YOUR MONTHLY INSURANCE THING THAT YOU GIVE US JANUARY, WE TOOK IN MORE THAN WE SPENT. FEBRUARY. WE TOOK IN MORE. MARCH WASN'T AS GOOD. AND APRIL WE WERE CLOSE. IF WE ADD MORE MONEY LIKE YOU, WE HAVE BUDGETED POSSIBLY. I KNOW WE'RE NOT GOING TO MAKE UP $6.5 MILLION. I GET THAT, BUT WE'RE NARROWING OUR EXPENDITURES AND REVENUES DEPENDING ON WHAT HAPPENS. OBVIOUSLY, WE DON'T KNOW WHAT'S GOING TO HAPPEN MONTH BY MONTH HEALTH WISE. SO I AGREE WITH YOU. I THINK WE SHOULD JUST USE IT WHEN WE NEED IT. I DO HAVE A QUESTION. DO YOU KNOW RIGHT OFFHAND HOW MUCH SALARY IS MONTHLY? CURRENTLY? AS FAR AS WHEN WE RUN OUR PAYROLL, IT'S ABOUT 6 TO 7 MILLION, 6 TO 7 MILLION PER PAYROLL. SO TIMES TWO, 12 TO 1428. SO $14 MILLION A MONTH FOR SALARIES. YES. AND THAT'S OKAY. I LIVE IN A WORLD WHERE WE SIGNED A PROMISSORY NOTE TO GET PAID. SO I DON'T THINK WE WANT TO CARRY OUR FUND BALANCE. I MEAN, HOPEFULLY THAT NEVER HAPPENS AGAIN. BUT I DON'T THINK WE WANT TO DO THAT.
IF IF YOU KNOW, IF THERE'S ALWAYS A CHANCE, YOU NEVER KNOW WHAT'S GOING TO HAPPEN. JUST LIKE I DON'T KNOW WHAT INSURANCE CLAIMS ARE COMING IN, I DON'T KNOW WHAT'S GOING TO HAPPEN. AND I DON'T WANT EMPLOYEES TO HAVE TO SIGN A PROMISSORY NOTE IN ORDER TO GET A PAYCHECK. THAT'S THE IMPORTANCE OF THE UNASSIGNED PORTION OF THE FUND BALANCE. SO JUST YOU'RE GOING TO COME AND PUT THAT NOTE IN THE SUMMARY. WE'RE NOT GOING TO MOVE ANY MONEY, BUT WE'RE GOING TO PUT THE NOTE THERE. SO IT'S ANNOTATED THAT THAT THAT'S THAT'S OKAY. SO WE'RE GOING TO DO THAT. SO NO MONEY'S MOVING. WE'RE GOOD. OKAY. ANY OTHER QUESTIONS. ALL RIGHT. SO JUST SO EVERYBODY KNOWS WE ARE GOING TO HAVE OUR WE'RE GOING TO VOTE.
WE'RE GOING TO HAVE OUR BUDGET FINAL BUDGET MEETING TO VOTE ON MONDAY AT 530 HERE. THERE WILL BE PUBLIC COMMENT BECAUSE WE ARE TAKING A VOTE ON THE ON THE BUDGET. AND THEN IMMEDIATELY AFTER THAT, WE ARE MOVING OUR VOTE FOR THE DIRECTOR SEARCH TO THE SAME DAY. SO THERE'LL BE A PUBLIC NOTICE COMING OUT. SO IF I GUESS THAT'S IT. IF ANYONE HAS ANYTHING ELSE, WE HAVE GRADUATION TOMORROW NIGHT, AND WEST WILSON MIDDLE SCHOOL BASEBALL WON THE STATE TITLE TODAY. SO WE CELEBRATE THAT AND JUST SUPPORT ALL OUR SPORTS TEAMS. WE HAVE SOME OTHER SCHOOLS A LOT DOING IN STATE. I CAN'T LIST THEM ALL RIGHT NOW. BEEN A LONG DAY. YEAH. I JUST WANT TO THANK MISS OWENS. YES, FOR ALL OF HER HELP THROUGH THIS PROCESS AND HER STAFF.
THANK YOU VERY MUCH. YES. AND MR. SEBASTIAN AND MR. SEBASTIAN, THANK YOU VERY MUCH. AND MISS SHERRY AND MISS PAM AND MISS BRITTANY. ABSOLUTELY. AND EVERYBODY. SO. YES. OKAY. IF THAT'S IT, WE ARE. WE'RE DONE. LET'S GET OUT HERE. I THINK WE OUGHT
* This transcript was compiled from uncorrected Closed Captioning.