[00:00:04] THE MEETING OF BUDGET AND FINANCE COMMISSION OF REDONDO BEACH BUDGET AND FINANCE COMMISSION IS CALLED TO ORDER AT 6:30 P.M. [A. CALL MEETING TO ORDER] IN CITY HALL COUNCIL CHAMBERS, 415 DIAMOND STREET, REDONDO BEACH, CALIFORNIA. IF WE CAN BEGIN WITH A ROLL CALL, PLEASE. COMMISSIONER MARIN? HERE. COMMISSIONER JESTE? HERE. COMMISSIONER SHERBIN? HERE. COMMISSIONER WOODHAM? HERE. CHAIR ALLEN? HERE. WE HAVE COMMISSIONERS SAMPLES AND RAMCHARAN ABSENT TODAY. THANK YOU. PLEASE RISE FOR THE PLEDGE OF ALLEGIANCE TO OUR FLAG. READY? BEGIN. AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL. THANK YOU. NEXT WE HAVE APPROVE ORDER OF THE AGENDA. [D. APPROVE ORDER OF AGENDA] DO WE NEED PUBLIC COMMENTS NOW, OR IS IT AFTER? IT IS AFTER THE PLEASE? SO MOVED. SECOND. YEAH. ALL IN FAVOR? AYE. ALL OPPOSED? NAY. MOTION CARRIED. WE DO NOT TAKE PUBLIC COMMENTS ON THIS, CORRECT? I DON'T KNOW WHY I'M LOOKING AT SOMETHING, IT SAYS PUBLIC COMMENTS. OKAY, WE'LL MOVE ON TO ITEM E. BLUE FOLDER ITEMS. [E. BLUE FOLDER ITEMS - ADDITIONAL BACK UP MATERIALS] THERE ARE AT LEAST TWO BLUE FOLDER ITEMS, I BELIEVE. YES. WE HAVE A TOTAL OF THREE ALTOGETHER. ONE WAS FOR THE MINUTES. ANOTHER ONE WAS FOR. HOLD ON, LET ME BRING IT UP. FOR PUBLIC COMMENT. AND THEN THE THIRD ONE WAS THE Q3 REVENUES. OKAY. SO WE'LL START WITH THE FIRST ONE, THE PUBLIC COMMENT. I KNOW WE CANNOT DISCUSS TODAY, BUT DOES THE COMMITTEE WISH TO PUT IT ON THE AGENDA SO WE CAN DISCUSS NEXT TIME? THERE'S A SUGGESTION FROM THE PUBLIC. WILL YOU BE ABLE TO HAVE THAT ON THE SCREEN, PLEASE? HOLD ON ONE SECOND. AND THEN I'M GOING TO ASK YOU TO HAVE THE OTHER ONE ON A SCREEN AS WELL. OKAY. IF YOU DO PRESENTATION MODE, IT WILL SHOW. YEAH, JUST PRESS PRESENT. YEP. SO, OUR NEIGHBOR HAS SOME GOOD SUGGESTIONS. AND IF WE, I KNOW WE CANNOT DISCUSS RIGHT NOW, BUT IF YOU WOULD LIKE TO DISCUSS, WE CAN. WE'LL SCROLL DOWN A LITTLE BIT MORE. I WANT THEM TO SEE AT THE END. OKAY. WELL, I'M SO SORRY. OH, NO PROBLEM. YES, THANK YOU. SO HE JUST HAS SUGGESTIONS. IF WE WANT TO LOOK INTO THIS, OR ASK STAFF TO MAYBE IMPLEMENT OR USED. IN AUGUST OR IN SEPTEMBER, OUR AUGUST SCHEDULE MIGHT BE A LITTLE TOO BUSY, SO WE'LL DECIDE AT THE END OF THE MEETING, EITHER AUGUST OR SEPTEMBER. SO, IS THAT OKAY? JUST AS A REFERENCE, OUR STAFF IS SCHEDULED TO BRING YOU BACK A SUMMARY OF HOMELESSNESS COSTS AT OUR AUGUST MEETING. SO THAT'S ON THE AGENDA. WE'RE BRINGING THAT BACK FOR YOU. SO WE CAN KIND OF PIGGY BACK. LOOKS LIKE A VERY VALUABLE FORM. YEAH. ALRIGHTY. NICE WORK. THANK YOU FOR PUTTING THIS TOGETHER, SO WE'LL LOOK AT IT NEXT TIME. NEXT ITEM ON THE BLUE FOLDER WAS THE MINUTES. YES. SO GIVE ME A MOMENT. I THOUGHT I HAD THIS. SO SORRY, ERIN, JUST FOR CLARIFICATION. [00:05:01] DO WE TAKE PUBLIC COMMENT ON THE BLUE FOLDER ITEMS OR DO WE TAKE PUBLIC COMMENT ON THE CONSENT CALENDAR? PUBLIC COMMENT IS IN THE PART FOR NON-AGENDA ITEMS. GOT IT. SO FOR BLUE FOLDER, WE JUST WANT THEM TO BASICALLY RECEIVE AND FILE. OKAY. AND THEN MOVE ON TO THE CONSENT CALENDAR? RIGHT, CORRECT. SO FOR THIS ONE. OKAY, SO THIS IS THE ADDENDUM I. SO THE REASON I ASKED FOR THIS TO BE IN THE BLUE FOLDER IS SO THAT EVERYONE CAN SEE IT. AND A LITTLE BIT LATER WHEN WE GET TO MINUTES, WE'LL DISCUSS IT. BUT I WANT TO MAKE SURE WE DON'T RECEIVE AND FILE THIS BECAUSE THIS IS SOMETHING I WANT TO BRING UP DURING MINUTES. WHAT WE CAN DO IS. BECAUSE THAT´S. WHEN YOU DO THE APPROVAL. THIS IS PART OF THE MINUTES. YEAH, YEAH. AND WHEN WE DO THE CONSENT CALENDAR, IF YOU WANT TO MOVE ITEM F.2. TO DISCUSSION BEFORE ACTION OR ITEMS CONTINUED FROM PREVIOUS, I THINK IT'S ITEMS FOR DISCUSSION PRIOR TO ACTION. WE CAN MOVE IT TO THERE AND THEN YOU CAN HAVE A FULL DISCUSSION. PERFECT. AND THEN FOR THE BLUE FOLDER ITEMS, YOU STILL NEED TO RECEIVE AND FILE BECAUSE YOU HAVE TO ACCEPT THE ITEM COMING IN AFTER THE AGENDA IS POSTED. SOUNDS GOOD. THANK YOU. AND THEN THE. OKAY, SO WE'LL DISCUSS THIS AT THE MINUTES. AND THEN THE THIRD ITEM WAS, I ASKED STEPHANIE TO SEND Q3 REVENUE. AND LAST TIME WE WERE DISCUSSING AND WE COULDN'T SEE THE ACTUALS VERSUS WHAT WAS BUDGETED. AND AGAIN, WE CANNOT DISCUSS BECAUSE THIS WAS NOT ON THE AGENDA. BUT FOR US TO LOOK AT THE NUMBERS. ACTUALS RECEIVED. SO, FOR EXAMPLE, I KNOW WE CAN´T DISCUSS, BUT JUST TO GIVE YOU AN IDEA OF WHY I ASKED. THE OTHER ONES. I CAN MAKE IT A LITTLE BIT SMALLER SO WE CAN SEE THE YEAR. SO I THINK WHAT YOU HAD ASKED FOR IS A COMPARISON WITH THE PRIOR YEAR TO SHOW KIND OF AS WE NORMALLY DO, YOU SHOULD RECOGNIZE THIS FORMAT TO SHOW KIND OF THE PERIODICITY, OR THE FLOW OF HOW WE RECEIVE THE REVENUES. SO WE JUST PUT THIS IN THE FORMAT THAT YOU'RE USED TO SEEING IT IN, SO WE COULD SHARE IT WITH YOU. AND AGAIN, WE'RE NOT ALLOWED TO DISCUSS IT, BUT WE WANTED TO PRESENT FOR A RECEIVE AND FILE. YES. AND THEN WE CAN, IF WE HAVE QUESTIONS ON THIS, YOU'RE GOING TO PRESENT AT FOR NEXT TIME AND THEN WE CAN MAYBE ASK QUESTIONS ON THIS THEN? YES, YOU ARE MORE THAN WELCOME TO. Q3 REVENUES, WHICH WILL HAVE BEEN FAR PAST BY THAT POINT. BUT YES, YOU'RE DEFINITELY WELCOME TO. SO Q4 WILL ACTUALLY PROBABLY PRESENT IN SEPTEMBER OR OR EARLY OCTOBER, RIGHT BEFORE WE DO OUR CARRYOVER REPORT. JUST BECAUSE IT´S THE END OF THE YEAR, IT TAKES A LITTLE BIT LONGER FOR US TO GET ALL THE REVENUES IN. YOU'LL GET THE TREASURER'S QUARTERLY REPORT NEXT MONTH. BUT WE LEARNED LAST YEAR WE DON'T. OUR DATA IS NOT REALLY GOOD ENOUGH TO GIVE YOU GOOD REPORTS. SO I THINK WE'LL LOOK AT EITHER SEPTEMBER OR AGAIN, EARLY OCTOBER FOR THE NEXT QUARTERLY REPORT. SO IF YOU LOOK AT THIS AND YOU HAVE COMMENTS ON THE FORMAT OR ADDITIONAL DETAIL THAT YOU'D LIKE TO SEE SPECIFICALLY FOR THE REVENUES, WE WOULD LOVE TO HEAR THAT BEFORE OUR NEXT REPORT SO THAT WE CAN INCORPORATE IT. AND I THINK I'M ALREADY GETTING TOO FAR INTO DISCUSSION. ALL RIGHTY. THANK YOU. SO CAN I HAVE A MOTION TO RECEIVE AND FILE BLUE FOLDER ITEMS, PLEASE? YEAH, SO MOVED. ANY SECONDS? ALL IN FAVOR? AYE. ALL OPPOSED? NONE. MOTION CARRIED. THANK YOU. NEXT ITEM. LET ME GO BACK TO MY AGENDA. [F. CONSENT CALENDAR] A CONSENT CALENDAR. SO FOR CONSENT CALENDAR, I'D LIKE TO PULL F.1. TO VOTE ON IT SEPARATELY AND THEN DISCUSS F.2. CAN WE VOTE ON F.1. NOW, OR DO WE NEED PUBLIC COMMENTS FIRST ON F.1.? PUBLIC COMMENTS WOULD BE AFTER WE APPROVE THE CONSENT CALENDAR. OKAY. YEAH. ALSO, DO WE NEED A MOTION TO MOVE F.2. OR CAN THEY JUST MOVE THAT? YEAH, WE JUST NEED A MOTION TO MOVE F.2. [00:10:05] TO ITEMS FOR DISCUSSION PRIOR TO ACTION. WELL, IT'S ON THE CONSENT CALENDAR. IF I WANT TO PULL SOMETHING OUT OF CONSENT CALENDAR TO DISCUSS, WE DON'T NEED A MOTION FOR THAT. SO THE CONSENT CALENDAR IS BASICALLY YOU JUST APPROVING THOSE TWO ITEMS AS IS. BUT IF YOU WANT TO PULL SOMETHING FOR DISCUSSION, YOU WOULD SAY, I WANT TO PULL ITEM F.2. TO ITEMS FOR DISCUSSION PRIOR TO ACTION, BECAUSE YOU STILL NEED TO TAKE ACTION ON IT. AND THEN APPROVE F.1. YES. IN THAT SAME MOTION. RIGHT. OKAY, OKAY. THAT MAKES SENSE. CAN I HAVE A MOTION TO PULL F.2. AND THEN APPROVE F.1., PLEASE? F.1. IS AN AFFIDAVIT OF POSTING FOR REGULAR BUDGET AND FINANCE COMMISSION MEETING. SO MOVED. ANY SECOND? SECOND. ALL IN FAVOR? AYE. AYE. AYE. ALL OPPOSED? NONE, MOTION CARRIED. SO NOW WE'RE ON G. EXCLUDED CONSENT CALENDAR ITEMS, I GUESS THAT WOULD BE. SO THERE ARE THREE ITEMS, THREE MINUTES TO APPROVE. ONE IS FROM THE SPECIAL MEETING. THE OTHER ONE IS FROM MAY 8TH AND THE OTHER ONE IS FROM JUNE. OH, ARE WE DOING PUBLIC COMMENT RIGHT NOW, OR DO WE DISCUSS BEFORE PUBLIC COMMENT? WE DO PUBLIC COMMENT ON NON-AGENDA ITEMS FIRST AND THEN WE COULD GO INTO THE ITEMS FROM CONTINUED OR PREVIOUS AGENDAS. OKAY. ARE THERE ANY PUBLIC PARTICIPATION ON NON AGENDA ITEMS? LET'S SEE. THERE ARE NO PUBLIC COMMENTS AND NO PERSON ON ZOOM. BUT WE DO HAVE TWO SPEAKERS WHO ARE PRESENT HERE. JIM, DID YOU WANT TO GO? OH, JIM, DID YOU WANT TO GO FIRST? OUR TREASURER WILL GO FIRST. MY CARD WAS TO SPEAK ABOUT THE CONSENT CALENDAR ITEM. WE'LL SPEAK TO NON-AGENDA. SO IF HE'S SPEAKING ON CONSENT ITEM, THINKING ABOUT THE NON AGENDA ITEM. YES. THAT'S THE PART OF THE MEETING WHERE WE ARE. YES. AND WE MOVED THAT INTO I? YOU MEAN ONE CONSENT AGENDA ITEM INTO. INTO WHERE? INTO YOUR ITEMS FOR DISCUSSION, FOR PRIOR TO ACTION J. SECTION J. OKAY, SO IN ORDER FOR US TO DISCUSS MINUTES, WE HAVE TO DISCUSS IN J? THAT SHOULD HAVE BEEN DISCUSSED ON THE CONSENT CALENDAR. IT SHOULD HAVE BEEN DISCUSSED AT THAT TIME. RIGHT. WE NEED TO DISCUSS AND IT SHOULD BE DISCUSSED AS PART. THE PULLED IS PART OF THE CONSENT CALENDAR. OKAY. OKAY. WE CAN DO IT THAT WAY OKAY. SO DO YOU. SO WE DISCUSSED. OKAY. SO IS IT OKAY I START DISCUSSING THE CONSENT CALENDAR OR ITEM F.2. [G. EXCLUDED CONSENT CALENDAR ITEMS] YEAH. WE CAN DO SO AT THE LAST MEETING, I MADE A MISTAKE, AND I'M GOING TO READ WHAT I SAID. REGARDING THE MINUTES, I SAID THAT THE TREASURER MENTIONED THAT REVENUES WERE DECLINING, AND BECAUSE OF THAT, HE WAS UNABLE TO INVEST LONGER THAN TWO YEARS. AND THE TREASURER, I WENT BACK AND LOOKED. THE TREASURER DID NOT SAY REVENUES WERE DECLINING. HE DID NOT SAY THE WORD DECLINING ANYWHERE. I WENT THROUGH THE EXCHANGE THAT WE HAD AND THE BLUE FOLDER ITEMS, IF YOU WOULD PLEASE PULL THAT BLUE FOLDER ITEM AGAIN, THE SECOND ONE. SO I WENT AND I TRANSCRIBED MY EXCHANGE WITH THE TREASURER. AND I WANT TO SHOW WHAT HE SAID, BUT NOWHERE HE SAID THERE WAS GOING TO BE A DECLINE IN REVENUE. SO IF YOU PULL DOWN. SO THIS IS THE ENTIRE CONVERSATION, JUST IN CASE SOMEBODY NEEDED A CONTEXT, I JUST WROTE DOWN EVERYTHING. AND THIS IS STRAIGHT FROM THE VIDEO ON A VERY TOP. I HAD THE LINK TO THE VIDEO AND WHERE I BEGAN TO TRANSCRIBE. [00:15:01] IF YOU GO DOWN AND LET ME ALSO FIND MY NOTES. AND JUST TO REMIND EVERYONE, PERFECT. THANK YOU. SO AT THAT VIDEO, 5612, TREASURER SOLOMON SAID THE REASON IS IN PART THAT. SO THE CONVERSATION BEGAN BECAUSE I WAS ASKING WHY WE AREN'T INVESTING FOR LONGER THAN TWO YEARS, SINCE DOING SO COULD ALLOW US TO LOCK IN HIGHER YIELDS AND GENERATE GREATER RETURNS. AND THAT'S HOW THIS CONVERSATION BEGAN. AND HE SAID THE REASON IN PART. SO THE YELLOW HIGHLIGHTED ONES ARE THE ONES THAT PERTAIN TO THE REVENUE. AND WE STAYED SHORT IN CASH FLOW NEED. SO IT'S BEEN THE BUDGET CYCLE AS AN EXAMPLE, CITY MANAGER HAS DESCRIBED IT AS A BRIDGE YEAR FOR US AND WILL BE RELEASING BUDGET NEXT WEEK FOR CHARTER. YOU'LL SEE SOME OF THE REVENUE. I DON'T KNOW IF IT IS FOR CHARTER, BUT THAT'S WHAT THE CAPTION SAID. YOU'LL SEE SOME OF THE REVENUES ARE RELATIVELY. SO HE'S SAYING THE REVENUES ARE RELATIVELY FLAT. HE'S NOT SAYING THEY DECLINED AND THERE IS SOME UNCERTAINTIES. AND HE SAYS HE FELT TO BE IMPRUDENT CONSIDERING TO INVEST LONGER TERM CONSIDERING OUR CASH FLOWS NEED AT THIS TIME. SO TO ME HE SHOWS A CONCERN FOR THE REVENUE. HE'S NOT SAYING THERE'S GOING TO BE A DECLINE. AND THEN HE SAYS IF THE REVENUES THAT WE'RE EXPECTING COME ONLINE, WE SHOULD BE OKAY AND WE'LL BE ABLE TO THEN REINVEST OUT LONGER. BUT THERE IS UNCERTAINTY. AGAIN, HE IS JUST TALKING ABOUT UNCERTAINTY, ECONOMIC UNCERTAINTY AND MACRO BASES AND UNCERTAINTY WITHIN THE CITY ITSELF. SOME OF THE PROJECTS THAT WE HAD HOPED WOULD COME ONLINE FOR REVENUE SOURCES LIKE LEGATO HOTEL, FOR EXAMPLE, HAVE TAKEN A LITTLE BIT LONGER TO COME ONLINE. WE HAD THE MARINE AVENUE HOTELS, WHICH WERE NOT PAYING US OUR TOT FOR A PERIOD OF TIME. SO WHILE WE WERE WAITING FOR FAR, OUR AUTHORITY FUNDED RESERVE TO BE REFRESHED TO THE LEVEL TO WHICH WE WOULD BEGIN RECEIVING TOT. SO HE'S, AGAIN, HE'S NOT SAYING THERE IS A DECLINE. THE DATE OF THAT UNCERTAINTY. CAN YOU SCROLL DOWN A LITTLE BIT MORE? SO WHILE REVENUES ARE EITHER FUTURE PREDICTIVE, UNCERTAIN OR CURRENTLY UNCERTAIN. WE HAVEN'T BEEN GOING OUT LONGER. SO IN THAT EVENT THAT WE HAD AN ACCESS TO THOSE FUNDS IN A SHORT PERIOD OF TIME, HE DOES NOT USE THE WORD DECLINE FOR THE REVENUES. SO HERE'S WHEN WHEN I'M LIKE, OH, WE'RE IN A LITTLE BIT OF TROUBLE. AND HE SAYS SOME OF THE FUTURE REVENUES HAVEN'T COME ON AS QUICKLY AS WE HAD HOPED THEY WOULD. AGAIN, HE'S NOT SAYING THEY'VE DECLINED, BUT THEY HAVE NOT COME UP AS QUICKLY. IF YOU CAN GO DOWN A LITTLE BIT MORE, ERIN. WITH REGARD TO MACROECONOMIC TRENDS, WE'RE LOOKING THIS YEAR AT SEEING TOURISM BE DOWN. SO WE'RE WONDERING WHETHER OR NOT THE 25-26 FISCAL YEAR WE MIGHT HAVE SOME OF THE MONEY TRAILING IN. BUT THEN FOR THOSE DELAYS IN 26-27, THEY MAY NOT BE AVAILABLE TO US OR IT MIGHT BE REDUCED. WELL, AGAIN, HE'S NOT SAYING THEY HAVE DECLINED. HE'S SAYING IT MIGHT BE REDUCED. SO WE DON'T WANT TO GO OUT FOR FIVE YEARS. AND I HAD THE TIMESTAMP THERE ALSO. SO WE DON'T WANT TO GO OUT FOR FIVE YEARS WHEN WE MIGHT SEE A NEED FOR THAT IN 18 MONTHS TO TWO YEARS, WITH REGARD TO PROPERTY TAXES. YOU HAVE LOTS OF FOLKS THAT ARE GOING TO BE IN PALISADES, ALTADENA, AND WE GET OUR PROPERTY TAXES AS PART OF A POOL, THE L.A. COUNTY POOL. SO THOSE FUNDS COULD BE REDUCED. AGAIN, HE'S NOT SAYING THEY´RE DECLINES. HE'S SAYING COULD BE REDUCED. WE WON'T SEE THAT. THAT'LL BE ON TRAILING BASIS, PERHAPS IN 12 TO 18 MONTHS, WHERE WE'LL SEE THE IMPACT ON THAT. SO WE'RE STAYING A LITTLE BIT SHORTER TO BE IN POSITION TO BE ABLE TO ADDRESS THAT POTENTIAL SHORTFALL. SO HE'S TALKING ABOUT POTENTIAL SHORTFALL. NOT THEY HAVE DECLINED. I THINK THAT WAS THE END OF MY HIGHLIGHTS. SO I WANTED TO CLEAR IT UP SINCE IT WAS A PUBLIC MEETING WHERE I SAID THAT THE [00:20:04] TREASURER SAID REVENUES HAVE DECLINED, HE DID NOT USE THE WORD DECLINED, AND I WANTED TO CLEAR IT UP AND TELL YOU VERBATIM WHAT WAS SAID. NOW, BEFORE WE APPROVE THAT, THIS IS WHEN THE PUBLIC COMMENTS? YES. OKAY. SO. ALL RIGHT. THANK YOU. ON THE COMMISSION HAVE ANY COMMENTS? IF NOT, THEN WE'LL WELCOME THE PUBLIC COMMENTS. WE GOT THE PROCESS DONE. THANK YOU, CHAIR ALLEN, MEMBERS OF THE COMMISSION AND CITY STAFF. EUGENE SOLOMON, REDONDO BEACH CITY TREASURER. THANK YOU FOR THE OPPORTUNITY TO SPEAK ON THIS ISSUE. AND THE ONLY ISSUE WITH REGARD TO THIS TONIGHT, AS THE CHAIR EXPRESSED, WAS THE LANGUAGE, THE ATTRIBUTION WITHIN THE MINUTES, THE DRAFT MINUTES THAT I HAD STATED THAT OUR PRESENT OR PAST REVENUES HAD BEEN DECLINING, WHICH I HAD SOUGHT TO HAVE CORRECTED. AND THAT IS MY ONLY REASON FOR APPEARING FOR YOU HERE TODAY. I APPRECIATE THE CHAIR COMING FORWARD WITH THESE TRANSCRIPTS TO DEMONSTRATE THAT LANGUAGE WAS NOT USED, AND ASKED THAT THE MINUTES BE CORRECTED IN THE WAY IN WHICH THE TRANSCRIPT READS, RATHER THAN THE ATTRIBUTION THAT I STATED THEY WERE DECLINING AT THE TIME. THANK YOU. THANK YOU. FOR THE MINUTES, THE PART THAT I SAID, I THINK I DID SAY THAT. I DIDN'T GO BACK AND LOOK, BUT I'M SURE I SAID THAT. WELL, THAT I BELIEVE THAT PROBABLY WILL STAY IN MINUTES BECAUSE I SAID IT. OR DO YOU TAKE OUT BECAUSE I SAID SOMETHING THAT WAS NOT CORRECT? I DON'T THINK WE COULD TAKE IT OUT, PER SE, BUT SINCE WE HAVE IT HERE, WHERE I WANT TO SAY AMENDING THAT TO ADD THIS, I GUESS YOU COULD ALSO MAKE A MOTION TO AMEND THE. WELL, YEAH. TO THE MINUTES THAT THERE WAS AN IMPROPER OR MISCOMMUNICATION. YEAH, I CAN TALK WITH THE CITY CLERK'S OFFICE HOW WE COULD CORRECT THIS SITUATION BECAUSE THEY ALSO ARE RESPONSIBLE FOR DOING THE MINUTES. SO THEY WOULD TELL US BEST HOW TO AMEND OR FIX THIS. THE MINUTES IS THE ONLY, LIKE FOR EXAMPLE THE MAYOR. HE ONLY READS THE MINUTES. PEOPLE DON'T GO AND WATCH THE VIDEOS. SO IT IS IMPORTANT THAT THE MINUTES ARE ACCURATE. AND NOW FOR THE MINUTES THAT WAS SUMMARIZING THAT MEETING. I DON'T THINK IT SAID ANYTHING ABOUT DECLINE IN REVENUE THAT TREASURER. I THINK A LOT OF TIMES. I LOOKED AND I DIDN'T SEE IT. YEAH, FOR MINUTES THEY OFTEN SAY BECAUSE THEY'RE SUMMARIZING THEY OFTEN SAY IT WAS DISCUSSED OR THEY CONTINUED THIS CONVERSATION. I WOULD HAVE TO GO BACK AND DOUBLE CHECK TO SEE OKAY. SO IT WAS JUST MINE. JUST A LITTLE CLARIFICATION IF I CAN. NOW THAT MEETING TOOK PLACE, THE MINUTES ADDRESS THAT MEETING AND MEMORIALIZE THAT MEETING. NOW, IF SOMETHING HAPPENED DURING THAT MEETING THAT WAS INCORRECT LATER DETERMINED TO BE INCORRECT. WOULDN'T THAT JUST BE A SUBJECT MATTER FOR THE CURRENT MEETING THAT YOU ARE ACTUALLY SAYING THAT. THE TRANSPOSITION OF THE MEETING ITSELF. I THINK MAYBE THE ISSUE HERE WAS THAT THE INITIAL MINUTES DID NOT REFLECT THAT STATEMENT, AND CHAIR ALLEN REQUESTED THAT WE REVISE THE MINUTES, AMEND THEM SPECIFICALLY TO REFLECT THAT EUGENE SAID THAT, CITY TREASURER SOLOMON SAID STEPHANIE, IF YOU WOULD PLEASE, THIS IS OUR MEETING. HOLD ON ONE MOMENT. THAT IS OKAY. MEAN TO SAY WHEN I WAS SAYING THAT I DID NOT MEAN FOR SOME, YOU KNOW. I REALLY WAS NOT. SO I APOLOGIZE FOR WHATEVER THAT STATEMENT WAS. I WAS JUST SAYING THAT THE AMENDED MINUTES WE BROUGHT BACK TODAY, I BELIEVE, DID REFLECT THAT CORRECTION. SO THAT'S THE ONLY THING I WAS SAYING. [00:25:08] SO THOSE ARE THE THE MINUTES FROM MAY 8TH? YEAH. MAY 8TH MINUTES. AND THERE'S A PART BECAUSE I LOOK SPECIFICALLY FOR IT. AND SO WHEN I WAS SAYING IT DIDN'T HAVE THE TREASURER´S PART WHERE WE WERE DISCUSSING THE DECLINE OF REVENUES. I WAS KIND OF SUMMARIZING ALL OF THIS THAT WE WERE DISCUSSING, NOT SPECIFICALLY THAT HE WAS SAYING THERE WAS A DECLINE. JUST THE OVERALL THEME OF THE REVENUES. THEY DIDN'T LOOK GOOD. THEY WEREN'T ON PAR OF WHAT WE WERE EXPECTING. AND THAT'S WHAT I HAD MEANT TO CONVEY BECAUSE THAT WAS NOT CONVEYED IN THE MINUTES. HOPEFULLY I DIDN'T PASS THIS SECTION YET. YOU COULD DO A CONTROL SEARCH FOR THE WORD DECLINE. I LOOKED FOR IT AND I DIDN'T SEE COMMISSIONER REGARDING PLANS WITH POTENTIAL MISMATCH BETWEEN DECLINING SHORT TERM RATES THAT WERE PUSHED DOWN. IF IT'S THERE, IT SHOULD BE RIGHT ON THIS PAGE, WHICH WAS DOWN IN COMMON WHERE IS IT? THE LAST ONE. OKAY, THAT WAS IT. HERE? OKAY, SO INSTEAD OF DECLINING REVENUES, IT SHOULD BE A DIFFERENT WORDING BECAUSE HE WAS. SO THAT'S THE WORDING THAT NEEDS TO BE FIXED. I'M GLAD WE LOOKED. SO WE NEED TO AMEND THE REVISED MINUTES FOR MAY 8TH. YEAH. SO, I MEAN THE WORDS THAT THEY CAN USE THEY'RE HIGHLIGHTED ON THE ADDENDUM THAT I PUT TOGETHER THAT, YOU KNOW, IT MIGHT BE REDUCED OR PROVIDE FOR, COULD BE REDUCED. I THINK POTENTIAL SHORTFALL. THAT'S ON PAGE FOUR OF THE ADDENDUM. OKAY. I THINK WE CAN ALSO CHECK WITH THE CITY CLERK TO SEE WHAT THE PROPER PROTOCOL IS. BUT I THINK IT WOULD BE TO ADD LIKE YOUR BLUE FOLDER ITEMS AS A MAYBE ATTACHMENT, BUT I'LL HAVE TO CHECK TO SEE WHAT THE APPROPRIATE. COULD BE REDUCED AND POTENTIAL SHORTFALL. MY OTHER THOUGHT ON THIS IS THAT THIS IS STILL A DRAFT. SO WE COULD ASK THE CITY CLERK'S OFFICE TO STILL REVISE THIS ONE AND BRING IT BACK, OR HAVE IT APPROVED AS REVISED. OKAY. SO I STILL HAVE TO TALK WITH HER, SO I'LL RUN IT PAST AND ASK HER WHAT WE SHOULD DO NEXT. OKAY, WELL, I SAID DECLINE IN THE PREVIOUS MEETING. I'M OWNING IT, AND I'M SHOWING EXACTLY WHAT HE SAID. SO ANYTHING ELSE FROM THE COMMITTEE? WOULD YOU LIKE TO MAKE A MOTION TO FIX AND APPROVE? OR. MAYBE WE NEED TO PUT IT ON HOLD FOR YOU TO INVESTIGATE THE BEST WAY TO APPROACH THE SITUATION. CORRECT. GOTCHA. OKAY, SO WE CAN HOLD OFF MAY 8TH TO A DIFFERENT DATE. WHAT ABOUT THE OTHER TWO ITEMS? MINUTE?. ONE FROM SPECIAL MEETING AND ONE FROM JUNE 12TH. AND I KNOW THERE WAS A PROBLEM WITH THE LINK. I DON'T KNOW IF YOU GOT A CHANCE TO SEE THE MINUTES. IF NOT, WE CAN TABLE IT FOR THE NEXT TIME. IT IS UP TO THE COMMISSION. WELL, NO ONE'S MAKING A MOTION, SO I'M GOING TO SAY LET'S THEN TABLE IT FOR THE NEXT TIME. YEAH. BRING THEM ALL BACK. BRING THEM ALL BACK. OKAY. ALL IN FAVOR? AYE. AYE. SO BRING ALL THE MINUTES BACK? OKAY. I DON'T THINK ANYONE HAD A CHANCE. BECAUSE THE LINK INITIALLY WASN'T WORKING, I DON'T THINK ANYONE HAD A CHANCE TO LOOK AT IT. BUT I DIDN'T HAVE THE CONTEXT OF WHAT WE WERE GOING TO BE DISCUSSING IN REGARDS TO IT, SO. OKAY. IF WE COULD TALK ABOUT THAT ON THE NEXT MEETING, THAT'D BE GREAT. OKAY, SORRY. WHO WAS THE FIRST AND SECOND FOR THE MOTION? MOTION OH, ACTUALLY, THERE WAS NO MOTION. THERE WAS NONE. CAN WE DO A QUICK ONE, PLEASE? CAN WE HAVE A MOTION TO BRING IT BACK NEXT TIME, PLEASE? [00:30:01] ALL OF THE MINUTES. SO MOVED. OKAY. SECOND. ALL IN FAVOR? AYE. AYE. AYE. ALL OPPOSED? THANK YOU. MOTION CARRIED. ALL RIGHT, LET ME GO BACK AND FIND MY AGENDA. SO WE ARE ON PUBLIC PARTICIPATION. IS THERE ANY OTHER PUBLIC [H. PUBLIC PARTICIPATION ON NON-AGENDA ITEMS] PARTICIPATION? WELL, ONE SECOND. WE ARE ON ITEM I. ITEM H. NO ECOMMENTS AND NO ZOOM. SORRY, NO COMMENTS ON ZOOM. NO ECOMMENTS, BUT WE DO HAVE. IN PERSON? BUT THIS IS FOR ITEM H, CORRECT? YEAH. THIS IS FOR ITEM H. SO NO PUBLIC COMMENTS ON NON-AGENDA ITEMS. SO YOU CAN MOVE TO ITEM. OH, DID YOU HAVE? YEAH IT HAS H. SO DID YOU WANT TO WAIT FOR THE SECTION H? SORRY. GOOD EVENING. YOU KNOW, IT'S ALWAYS A WONDER TO ME HOW IMPORTANT THE BUDGET AND FINANCE IS TO THE CITY. AND THIS ROOM IS EMPTY. I DON'T UNDERSTAND THAT. BUT ANYWAY, I'M HOPING SINCE I SENT THE BLUE FOLDER ITEMS THE TEMPLATE FOR ANALYZING HOMELESS AND FINANCIAL DATA. BECAUSE I WANT TO BE HELPFUL. I'M NOT TRYING TO, YOU KNOW, MAKE TROUBLE OR ANYTHING LIKE THAT. I REALIZED, I THINK THAT THIS IS A VERY IMPORTANT THING TO UNDERSTAND. AND I TRIED TO USE A REPORT FORMAT CUSTOMARY IN FINANCIAL ANALYSIS CALLED SOURCES AND USES OF FUNDS. AND THE REASON I DID THAT IS BECAUSE THERE ARE, OF COURSE, MULTIPLE USES, BUT THERE ARE ALSO MULTIPLE SOURCES, AND MATCHING THEM UP CAN BE IMPORTANT TO UNDERSTANDING THE FINANCIAL CONDITION OF THE PROGRAM. OKAY. SO NOW. COULD WE SEE IT PROJECTED ON THE SCREEN AS YOU'RE TALKING ABOUT IT? BECAUSE I WANT TO TALK ABOUT HOW TO GET THE DATA. AND I ALSO INCLUDED IN THE BLUE FOLDER A PROCEDURE FOR THE CITY TO USE A FACILITY IN THE FINANCIAL SYSTEM THAT THEY USE MUNIS. I BELIEVE WE USE MUNIS IN ORDER TO EXTRACT DATA FROM THE MUNIS DATABASE INTO AN EXCEL SPREADSHEET. AND THERE IS A SPECIFIC PROCEDURE THAT MUNIS AND EXCEL HAVE ACCOMMODATED. NOW, I'M NO EXPERT, AND I DON'T SAY IT'S PLUG AND PLAY. I'M JUST SUGGESTING THAT THE FINANCE DEPARTMENT AND THE IT DEPARTMENT AND THE MUNIS VENDOR WORK TOGETHER. THEY MIGHT CREATE A PROCEDURE FOR EXTRACTING THE DATA. AND IT MAY ALSO REDUCE THE AMOUNT OF MANPOWER THAT THE FINANCE DEPARTMENT HAS TO. PERSON POWER, EXCUSE ME. HAS TO EXPEND. THE CITY'S BUDGET DOCUMENT ISN'T VERY USEFUL FOR THESE KINDS OF ANALYSIS, EVEN THOUGH THERE IS VERBIAGE ABOUT PROJECTS AND RESPONSIBILITIES IN THE BUDGET DOCUMENT. BUT THESE ARE WITHOUT COSTS ASSIGNED TO THEM. THE DECISION PACKAGES, AS FAR AS I CAN SEE, CONTAIN BROAD TOTAL NET COST OF EACH PROJECT. BUT THERE'S NO COST BENEFIT DATA TO EVALUATE THEM THAT I COULD FIND. ANALYSIS BY PROJECT AND PROGRAM IS USEFUL IN DECISION MAKING AND POLICYMAKING BECAUSE WITHOUT VISIBILITY OF THE FINANCIAL DIMENSION OF THESE ACTIVITIES, THE CITY RUNS SEVERAL RISKS. ONE, THE INABILITY TO ASSESS A PROGRAM'S COST BENEFIT PERFORMANCE. TWO, RUNAWAY ABSORPTION OF RESOURCES. AND THREE, QUESTIONABLE SUSTAINABILITY. OTHER CITIES HAVE EXPERIENCED ONE OR MORE OF THESE PROBLEMS, ESPECIALLY WITH REGARD TO HOMELESS ACTIVITIES. AND REDONDO IS NOT IMMUNE. YOU CAN SEE FROM THE SPREADSHEET TEMPLATE THAT I INCLUDED THAT THE HOMELESS PROGRAM USES RESOURCES FROM AT LEAST FOUR DIFFERENT DEPARTMENTS. MOST OF THE RESOURCES ARE PART TIME OR SPLIT USE, LIKE THE PARTICIPATION OF POLICE, FIRE, PUBLIC WORKS. THE HOMELESS PROGRAM IS FUNDED FROM SEVERAL DIFFERENT SOURCES, AND THE BUDGET DOCUMENT DOESN'T BREAK THESE OUT BY PROGRAM OR PROJECT. IN PUTTING TOGETHER THE SPREADSHEET TEMPLATE THAT'S IN YOUR BLUE FOLDER, I USED A 2022 DOCUMENT YOU RAN OUT OF TIME. 24 SECONDS. ANYWAY. YEAH. I USED. YES, THANK YOU. I USE THE 2022 OH I'M SORRY, SORRY. NO, NO, YOU HAVE TIME. I USED THE 2022 DOCUMENT THAT SPELLS OUT WHAT RESOURCES THE HOMELESS PROGRAM NEEDS. [00:35:04] AND THAT'S HOW I CAME UP WITH THE ITEMS ON THE LEFT SIDE OF MY LITTLE SPREADSHEET. OKAY, THANK YOU. THANK YOU, THANK YOU. SORRY ABOUT THAT. READY? ARE YOU HAVING A ROUGH DAY TODAY? YOU ARE GREAT, ERIN. YOU'RE DOING GREAT. SORRY. GOOD EVENING, MEMBERS OF THE COMMISSION. AGAIN, EUGENE SOLOMON, REDONDO BEACH CITY TREASURER. A LITTLE SOMETHING DIFFERENT FOR US TONIGHT. FROM ME. AS ALL OF YOU, I THINK, KNOW. I WAS SITTING WHERE YOU WERE, AND I REALLY VALUE THE WORK THAT THE COMMISSION DO HERE IN THE CITY. AND THERE'S BEEN A LOT OF CONSOLIDATION LATELY AND CHANGES WITHIN THE COMMISSION STRUCTURE. AND I WANT TO REMIND EVERYBODY OF WHAT GREAT THINGS WE CAN ACCOMPLISH AS A BUDGET AND FINANCE COMMISSION AND OUR PARTICIPATION HERE WITH THE CITY STAFF, MYSELF AND YOU ALL. REMEMBERING WHEN I FIRST GOT ON IN 2017 AND TALKING ABOUT OUR CONTRACTING AND CHARTER AMENDMENT 19 OR CHARTER 19 ENDED UP GETTING CHANGED BY A CHARTER AMENDMENT TO DRAMATICALLY IMPROVE OUR CONTRACTING WITHIN THE CITY. TALKING ABOUT CREATING AND AT THE TIME WAS CONTROVERSIAL, THE SUBCOMMITTEE TO DISCUSS OUR CALPERS DEBT, AND THEN EVENTUALLY BEING ABLE TO REFINANCE OUR CALPERS DEBT DOWN FROM 7% DOWN TO 2.8%. A REALLY GREAT ACCOMPLISHMENT. BEING ABLE TO DIG INTO SOME OF THE THINGS THAT YOU'RE DIGGING INTO NOW WITH REGARD TO BUDGETS AND ALL OF THOSE THINGS. MY PREDECESSOR OFTEN WAS A BIT COMBATIVE WITH THE COMMISSION, AND I HAD MADE A PROMISE TO MYSELF NOT TO DO THAT, AND I HOPE THAT I'VE LIVED UP TO THAT PROMISE SO FAR. I WISH TO CONTINUE TO DO THAT, TO IMPROVE THE TRANSPARENCY AND TO AVOID ANY NOTION OF COMBATIVENESS BETWEEN US OR AMONG US. BUT THERE WILL BE TIMES WHERE WE DISAGREE, AND THERE WILL BE TIMES WHERE YOU ALL MAKE SUGGESTIONS AND I MAKE DECISIONS, AND THAT YOU MAY DISAGREE WITH THOSE DECISIONS, BUT I HOPE WE DO THAT IN A CONGENIAL WAY AND UNDERSTANDING EACH OTHER'S POSITIONS WHEN WE DO THAT. AND GOING FORWARD, COMMITTING TO OR CONTINUING TO COMMIT TO HAVING THOSE CONVERSATIONS IN AN OPEN, TRANSPARENT AND FLUID WAY THAT IS NOT COMBATIVE. SO WHEN WE COMPARE OTHER CITIES, WHEN WE COMPARE OTHER ITEMS WITHIN THE CITY ITSELF, WITHIN REDONDO BEACH, WHETHER WE'RE TALKING ABOUT HOMELESSNESS, WHETHER WE'RE TALKING ABOUT OUR BUDGET, WHETHER WE'RE TALKING ABOUT CALPERS OR WHATEVER IT IS, TO CONTINUE TO ACT IN A MANNER IN WHICH WE RESPECT EACH OTHER, AND THAT THOSE CONVERSATIONS THAT WE'RE HAVING ARE DONE IN A PRODUCTIVE WAY. AND I COMMIT TO DOING THAT, AND I HOPE ALL OF YOU WILL COMMIT TO DOING THAT AS WELL, BECAUSE I THINK YOU HAVE GOOD IDEAS. AND WE'VE ALREADY ADOPTED SOME OF THE IDEAS. CHAIR ALLEN HAD THE IDEA OF JOINING THE JPA FOR CAMP, AND WE DID THAT, AND IT'S BEEN A GREAT RESOURCE FOR US. SO CONTINUE MAKING SUGGESTIONS, BUT WITH THE UNDERSTANDING THAT WE AS A STAFF, ME AS THE TREASURER, WE'RE GOING TO TAKE THOSE SUGGESTIONS. WE'RE GOING TO CONSIDER THEM, BUT WE WILL MAKE THE DECISIONS BUT CONTINUE TO MAKE THOSE. AND I KNOW THAT MANY OF THOSE SUGGESTIONS WILL BE IMPLEMENTED, AND YOU'LL CONTRIBUTE GREATLY TO THE CITY AND IMPROVING OUR PROCESSES AND OUR TRANSPARENCY AND EVERYTHING ABOUT IT. SO THANK YOU FOR YOUR VOLUNTEERISM. YOU DON'T GET PAID TO BE HERE AND THANK YOU FOR CONTINUING TO SERVE. WAIT A MINUTE, WE DON'T GET PAID? I DIDN'T. DID YOU? DID I MISS SOMETHING? THANK YOU. SIR, ONE COMMENT. WHAT YOU SAY. WE TOTALLY AGREE WITH IT. THE ONLY THING I WOULD LIKE TO SUGGEST IS IF WE MAKE A SUGGESTION YOU DISAGREE WITH IT, OR YOU DO DECIDE NOT TO IMPLEMENT IT, AT LEAST TELL US YOU KNOW, WHY OUR SUGGESTION IS NOT EFFECTIVE ENOUGH OR NOT GOOD ENOUGH OR NOT PRACTICAL ENOUGH. SO AT LEAST WE KNOW WE ARE, YOU KNOW, JUST NOT MAKING ANY SENSE. OR IF WE'RE TOO FAR LEFT OR RIGHT AND IT'S JUST IMPRACTICAL. I THINK IT'S FAIR TO ASK FOR AN EXPLANATION AS TO HOW THE DECISION WAS MADE, AND I COMMIT TO THAT. THAT'S ALL I HAVE TO SAY. I DO WANT TO SAY, IS THAT WHEN I ASK QUESTIONS, IT'S MORE ABOUT ME TO LEARN SO THAT I CAN KNOW WHERE I CAN HELP. OTHERWISE, I DON'T KNOW. SO ON MAY 28TH, WHEN I SAW THAT, AND YOU SAID THAT YOU DON'T FEEL COMFORTABLE. I APOLOGIZE. WE CAN'T GET INTO A DISCUSSION. BUT. I WILL BE BACK NEXT MONTH. WHEN I SEE A YELLOW FLAG. THAT'S WHY I WAS ASKING THEM THOSE QUESTIONS. I WASN'T ASKING THOSE QUESTIONS BECAUSE I WANTED TO POKE. I THINK THIS WILL BE A GREAT DISCUSSION FOR US TO HAVE IN AUGUST. BUT WE ASK QUESTIONS BECAUSE WE HAVE TO KNOW IN ORDER TO SUGGEST SOMETHING. UNDERSTOOD. THAT'S WHY WE ASK QUESTIONS. LET'S TALK ABOUT IT IN AUGUST. OKAY THANK YOU. THANK YOU. ANY ONLINE? NO ONLINE, YOU SAID, CORRECT? NO OTHER ONLINE OR ZOOM COMMENTS AT THIS TIME. [00:40:06] ALRIGHTY. ITEM I. ITEMS CONTINUED FROM PREVIOUS AGENDA. [I. ITEMS CONTINUED FROM PREVIOUS AGENDAS] SO ITEM I.1. AND I.2. THEY´RE FOR THE NEXT MEETING. WE JUST HELD IT ON THE AGENDA SO WE DON'T FORGET. SO CAN WE JUST TABLE IT TO THE NEXT MEETING, OR IS THERE ANYTHING YOU WOULD LIKE TO DISCUSS? SO THIS IS THE ITEM THAT JESSE FROM CIP WAS GOING TO COME AND PRESENT. CAN I MAKE ONE COMMENT, PLEASE? I ACTUALLY DID INCLUDE HERE TO SHARE WITH THE COMMISSION, IF YOU'RE INTERESTED, THE CIP TEMPLATE THAT COMMISSIONER JESTE HAD PUT TOGETHER. SO THIS IS ON HERE BECAUSE THE COMMISSION HAD ASKED TO US TO SHARE IT AND LOOK AT IT. IF YOU'RE INTERESTED IN LOOKING AT IT, WE CAN PULL IT UP AND DISCUSS YOUR THOUGHTS ON IT. YES, PLEASE. WOULD YOU PLEASE. JESSE REYES FROM THE PUBLIC WORKS DEPARTMENT IS PLANNING TO COME. I THINK YOU SAID TENTATIVELY AUGUST. IT MAY BE SEPTEMBER. TO ACTUALLY PRESENT NUMBERS ON THIS. BUT, COMMISSIONER JESTE, I THINK YOU DID A GOOD JOB PUTTING THIS TOGETHER IF YOU'D LIKE TO. SO IT'S UP TO THE COMMISSION. BUT THAT'S WHY WE INCLUDED IT WITH THIS. I JUST WOULD LIKE TO ADD I HAVE ONE MORE COMMENT, IF POSSIBLE, IF YOU CAN ADD ONE MORE COLUMN TO SHOW NUMBER OF BIDS RECEIVED, BECAUSE THAT'S ONE THING THAT I REALIZED WILL MAKE A BIG DIFFERENCE IF ONLY ONE CONTRACTOR BIDS. THEN OBVIOUSLY WE NEED TO DIG INTO WHAT THEY'RE CHARGING. SO THAT'S ONE THING I WOULD LIKE TO SUGGEST. I'LL PASS ALONG THAT NOTE. AND I HAVE SHARED THIS TEMPLATE WITH MR. REYES. I THINK HE WILL LIKELY ADD SOME DETAIL TO THIS, BUT I THINK IT'S A GOOD, HELPFUL GUIDE FOR US TO UNDERSTAND WHAT THE COMMISSION IS LOOKING FOR. AND I'LL TAKE THE NUMBER OF BIDS. I THINK THAT'S A GOOD POINT. JUST ONE NUMBER, WE DON'T WANT TO KNOW WHAT THE NAMES OF THE BIDDERS ARE AND ALL THAT. YES. HOW MANY BIDS FOR THIS JOB? YEAH, THAT'S A GREAT POINT. THANK YOU. DO WE NEED A MOTION TO TABLE IT FOR NEXT TIME? THAT'D BE GREAT. CAN I HAVE A MOTION TO TABLE IT FOR NEXT TIME, PLEASE? SO MOVED. SECOND. ALL IN FAVOR? AYE. ALL OPPOSED? NONE, MOTION CARRIED. WE ARE ON J. ITEMS FOR DISCUSSION PRIOR TO ACTION. I DON'T THINK WE HAVE ANY ITEMS TO DISCUSS. ITEM K. COMMISSION MEMBER ITEMS AND FUTURE COMMISSION AGENDA TOPICS. [K. COMMISSION MEMBER ITEMS AND FUTURE COMMISSION AGENDA TOPICS] SO NEXT TIME ON THE AGENDA. HOPEFULLY WE'LL HAVE JESSE. AND THEN WILL WE HAVE HOMELESSNESS FROM FINANCE DEPARTMENT? YES WE WILL. SO FOR OUR AUGUST MEETING, WE WILL DEFINITELY HAVE THE HOMELESSNESS NUMBERS. I'LL CHECK IN WITH THE PUBLIC WORKS TEAM TO SEE THEIR TIMELINE, THEY SAID AUGUST OR SEPTEMBER. PRIOR TO THAT, I WOULD LIKE US TO HAVE A SPECIAL MEETING FOR OUR ANNUAL FINANCIAL REPORT. AS SOON AS WE HAVE THAT, I WOULD LIKE TO CALL A SPECIAL MEETING TO HAVE YOU REVIEW IT AS SOON AS POSSIBLE. I DID SHARE SOME DATES THAT ARE AVAILABLE. WE'RE CURRENTLY HOLDING ALL OF THOSE. AND I APPRECIATE THE COMMISSION'S RESPONSIVENESS FOR THOSE. SO IF ANYONE HAS A PREFERENCE, YOU CAN JUST EMAIL ME. BUT AGAIN, WE EXPECT TO HAVE OUR FINAL DOCUMENT IN THE NEXT WEEK OR SO. ONCE WE GET THAT, IF IT'S, YOU KNOW, SUFFICIENTLY PRIOR TO THE AUGUST DATE, I'LL SEND OUT AN EMAIL AND SEE IF I CAN CONFIRM YOUR ATTENDANCE FOR A SPECIAL MEETING. IS THERE A REASON WE NEED TO HAVE IT PRESENTED TO US AS A LIKE, WE CAN'T WAIT TWO MORE WEEKS? THE REASON I WOULD LIKE TO DO THAT IS BECAUSE I WOULD LIKE TO FINALIZE IT AND SUBMIT IT AND SUBMIT IT EVERYWHERE, AS WE ARE LATE IN GETTING IT COMPLETE, IT'S IMPORTANT FOR US TO SHARE. SO I WOULD IDEALLY, AGAIN, IF IT'S GOING TO BE A DIFFERENCE OF A FEW DAYS, I'M NOT GOING TO MAKE THE COMMISSION SHOW UP FOR ANOTHER MEETING. BUT IF IT'S SUFFICIENTLY IN ADVANCE, YOU KNOW, I'LL SEND OUT A REQUEST AND YOU'RE FREE TO LET ME KNOW YOUR AVAILABILITY. DOES IT MAKE SENSE TO DISCUSS THAT AVAILABILITY NOW THAT WE'RE ALL HERE? OR IS IT BETTER TO DO? YEAH, SURE. YEAH. SO I HAD SENT OUT SOME DATES. I THINK THE MAJORITY. YES. I AM NOT GOING TO BE HERE THAT WEEK. I'M NOT AT ALL. SO THE WEEK OF THE 28TH IS WHAT YOU'RE SAYING? YES. AND I'M SORRY YOU DIDN'T GET THE DATES. I SHOULD HAVE SAID. NO, I HAVE THEM. I JUST DON'T REMEMBER THEM OFF THE TOP OF MY HEAD. I SEE, I SEE, OKAY. I DON'T EITHER, SO I WILL PULL THEM UP. BUT I'M AVAILABLE THAT WEEK. I DON'T KNOW ABOUT ANYONE ELSE. [00:45:04] YEAH. DATES. SO FOR QUORUM, WE WOULD NEED ONE ADDITIONAL PERSON, BUT I CAN. I CAN MAKE IT. ARE YOU CONFIRMED OR. I HAVE NOT PREVIOUSLY, SO I CAN. WHICH DAY, JUST ANY OF THE. WHICH DAYS OF THAT WEEK? I APOLOGIZE BECAUSE I JUST DON'T HAVE THE. NO, NO. AND I APOLOGIZE TOO. I SHOULD HAVE HAD THESE. YOU SENT THEM TO ME. I JUST DON'T. UP FOR US. AND I UNFORTUNATELY SENT SO MANY EMAILS TO THIS COMMISSION ON MONDAY. GOTCHA. I CAN ALWAYS EMAIL WHEN I GET HOME. I THINK. HOLD ON, LET ME PULL UP. I'LL BE AVAILABLE ON 28TH. I THINK I MENTIONED TO YOU 29TH AND 30TH, I THINK. OKAY, SO JULY 24TH, 29, 30TH AND 31ST. THANK YOU. JULY 24TH. THE 30TH OR 31ST WOULD BE BETTER. IT'LL BE 29TH. AND THEN 30TH. 31ST. I MIGHT BE ABLE TO. I MIGHT BE ABLE TO DO 30TH, 31ST, BUT I AM NOT GOING TO. I COULD DO 30TH AND 31ST. YOU COULD DO 30TH AND 31ST? AND I'M SORRY, CHAIR ALLEN I MISSED WHAT DATES. I MIGHT BE ABLE TO. THE 30TH AND THE 31ST. YEAH. OKAY. AND HOLD ON GIVE ME. YEAH, AND I BELIEVE. WEDNESDAY, I WOULD PREFER WEDNESDAY. THE 30TH. 30TH IF THAT'S. YEAH. EVERYONE ELSE IS OKAY. AND I BELIEVE, COMMISSIONER SHERBIN, YOU PREFERRED THE 24TH IF I'M REMEMBERING CORRECTLY? I PREFERRED THOSE, BUT I WOULD ALSO BE ABLE TO ATTEND THEM IF THERE WAS EITHER THE 30TH OR THE 31ST. OKAY. AND I THINK COMMISSIONER WOODHAM, YOU WERE UNAVAILABLE THE 30TH AND THE 31ST. IS THAT CORRECT? RIGHT, RIGHT. WHICHEVER WE HAVE. THAT WOULD GET US TO QUORUM. SO AND AGAIN, IF IT'S, YOU KNOW, CLOSE ENOUGH TO YOUR AUGUST DATE, I WILL NOT FORCE YOU TO SUFFER THROUGH ANOTHER MEETING, OR I WILL NOT ADD TO YOUR ENJOYMENT EXACTLY. SO TWO WEEKS. I'D LOVE TO SEND IT ALL OUT. AND AGAIN, I REALLY APPRECIATE YOUR PATIENCE AND FLEXIBILITY. SO IT LOOKS LIKE THE 30TH AND THE 31ST ARE THE BEST DATES FOR AVAILABILITY. I WILL NOTE THAT, AND I WILL SEND A CONFIRMATION ONCE WE KNOW OF THE DATE. SO THE NEXT MEETING IS AUGUST 14TH. YEAH, THAT'S EXACTLY TWO WEEKS LATER. YEAH. ANY OTHER ITEMS WE NEED TO PUT ON A CALENDAR? I KNOW YOU HAD SOMETHING THAT YOU WANTED TO PUT ON THE CALENDAR. ABOUT DEFERRED COMPENSATION OR CALPERS? WHEN DO WE WANT TO PUT THAT ON THE CALENDAR? AND I KNOW YOU'RE GOING TO LEAVE SOON TOO. SO SEPTEMBER IS YOUR LAST MEETING. WANT TO MAKE SURE WE PUT THAT BEFORE YOU LEAVE? WELL, IT MAY NOT BE MY LAST MEETING. SEPTEMBER? YEAH. DOES YOUR TERM END? I'VE APPLIED FOR ANOTHER FOUR YEAR TERM. OH, I THOUGHT IT WAS YOUR SECOND TERM. NO. OH, OKAY. NEVER MIND. I HAD A TWO YEAR AND THEN A FOUR YEAR. AND ACCORDING TO THE REGS, I CAN DO TWO. ANOTHER TWO YEARS. SO I'M ELIGIBLE FOR ANOTHER FOUR YEAR TERM. OKAY. OKAY. THAT'D BE GREAT. IT HAS TO BE APPROVED YET. SO I'VE ASKED FOR IT. HAVEN'T GOTTEN A RESPONSE. WE'LL VOTE YOU IN. YEAH. NO, THE ISSUE ON RETIREMENT ISSUES. STEPHANIE IS WORKING ON THAT. WHAT WE WANT TO DO IS GO BACK AT LEAST FIVE YEARS AND PULL OUT THE THE EXPENSE THAT WE PAY FOR RETIREMENT. SO THE NORMAL PAYMENT TO CALPERS, THE PAYMENT FOR UAL AND WHAT WE HAVE NOW, THE DEBT SERVICE ON THE BOND ISSUE. SO ALL THREE OF THOSE THINGS COMPARED TO THE TOTAL BUDGET GIVES US AN IDEA OF WHETHER RETIREMENT BENEFITS ARE INCREASING AS A PERCENT OF THE BUDGET OR DECREASING. SO THE SUGGESTION WAS JUST TO GO BACK AND GET THOSE. AND I THINK THE COMMENT FROM STEPHANIE WAS, WE CAN EASILY DO IT FOR FIVE YEARS. WE CAN DECIDE WHETHER WE WANT TO GO FURTHER BACK. AS YOU KNOW, MANY MUNICIPALITIES NOW ARE NOT BEING ABLE TO DO STREETS, PARKS AND OTHER AMENITIES BECAUSE OF THE INCREASING BURDEN OF RETIREMENT. SO I DON'T KNOW. I HAVE NO IDEA WHETHER WE'RE THERE OR NOT, BUT IT'S SOMETHING THAT WE NEED TO KEEP AN EYE ON JUST AS WE WANT TO KEEP AN EYE ON THE HOMELESS ISSUE. THAT'S AN IMPORTANT ISSUE GOING FORWARD, SO. [00:50:03] WOULD YOU LIKE TO BRING IT AND DISCUSS AS AN AGENDA ITEM? WELL, I THINK WE NEED TO HAVE THE INPUT FIRST. SO I DON'T KNOW WHERE STEPHANIE STANDS ON THAT DATA. ONCE WE GET THAT DATA THEN IT CAN BECOME A DISCUSSION ITEM. BUT I. OKAY. AND THEN DID YOU GUYS WANT TO DISCUSS YOUR ARTICLES THAT YOU SENT? IF WE HAVE TIME. YEAH. I MEAN THIS IS THE SHORTEST MEETING. YEAH. I COULD GIVE MY THREE MINUTES WORTH. WOULD YOU BE ABLE TO PULL UP? THIS MIGHT TAKE A FEW MINUTES. I HAVE IT SAVED IN A DIFFERENT FOLDER. ERIN, IF YOU SWITCH IT OVER TO ME, I CAN PULL IT UP. OH, PERFECT. OKAY. OH. THERE IT GOES. I BELIEVE, AND I HOPE YOU HAVE READ THIS STORY. IT'S A FASCINATING STORY. AND I LIVED IN FORT WAYNE FOR SIX YEARS BEFORE I MOVED BACK TO REDONDO BEACH. AND I ALSO HAVE GONE THROUGH LOTS AND LOTS OF TRAINING OF THE TQM OR THE LEAN AND SIX SIGMA AND THE DOCTOR DEMING PHILOSOPHY AND METHODOLOGY FOR PROCESS IMPROVEMENT. AND I'VE DONE THIS FOR ABOUT 30 YEARS IN THREE DIFFERENT COMPANIES. AND I CAN SAY, BASED ON MY FIRSTHAND EXPERIENCE, THAT IT WORKS MAGIC AND IT'S NOT ROCKET SCIENCE. IT´S COMMON SENSE. AND WHEN YOU GET THE WHOLE TEAM TO BUY INTO CHANGE, IT PRODUCES DRAMATIC RESULTS. AND I CAN GIVE YOU MORE SPECIFIC DETAILS IF YOU'RE INTERESTED. BUT RIGHT NOW, SUFFICE IT TO SAY THAT THE ONE PARAGRAPH IN THE ARTICLE, THE PAGE ONE, IT SAYS. NONE OF THE PREVIOUS QUALITY METHODOLOGIES HAVE INFILTRATED PUBLIC AGENCIES IN ANY DEGREE. AND THAT IS REALLY TRUE EVEN FOR A PRIVATE SECTOR, BECAUSE IT'S ALWAYS THE WHY ROCK THE BOAT IS NOT INVENTED HERE SYNDROME. AND PEOPLE, ONCE THEY GET COMFORTABLE IN THEIR POSITIONS, THEY REALLY DON'T WANT TO CHANGE ANYTHING BECAUSE FEAR OF THE UNKNOWN. SO THERE ARE SEVERAL FACTORS. AND THE DEMING PHILOSOPHY REALLY GOES DOWN TO ONE SIMPLE PRINCIPLE. YOU TALK TO THE PEOPLE WHO OWN THAT PROCESS OR WHO ARE EXPOSED, DEVOTING ALL THEIR TIME TO IT. THEY ARE THE ONES WHO WILL BE THE BEST PEOPLE TO TELL YOU HOW IT CAN BE STREAMLINED, HOW IT CAN BE SIMPLIFIED, HOW IT CAN BE IMPROVED, AND HOW YOU CAN TAKE SOME STEPS OUT OF THE PROCESS. SO YOU BRING THEM ALONG WITH YOU AS A PART OF THE TEAM, AND YOU HAVE TO INITIALLY GO THROUGH SOME TRAINING. THIS ARTICLE GOES INTO A LOT OF DETAILS ABOUT THE TQM AND ALL THE QUALITY IMPROVEMENT TRAINING PROGRAMS, AND GREEN BELT AND BLACK BELT. I DID ALL THIS WITHOUT THIS BACKGROUND, EVEN THOUGH I HAD THE TRAINING IN IT. I DIDN'T IMPOSE THE TRAINING ON THE STAFF. I JUST SAT DOWN WITH THEM. GOT THEM TO FIRST CHANGE THEIR MINDSET BECAUSE INITIALLY I HAD PEOPLE SO DETERMINED TO KEEP THINGS GOING THE WAY THEY WERE THAT I HAD A LOT OF PUSHBACK. AND SINCE I WAS THE HEAD OF THE DEPARTMENT, THEY DIDN'T HAVE A CHOICE. THEY HAD TO AGREE. TWO YEARS LATER, THEY WERE THE ONES WHO CAME BACK AND SAID, WOW, I'M SO GLAD YOU DID IT, BECAUSE IT HAS SIMPLIFIED EVERYTHING AND IT HAS MADE A HUGE DIFFERENCE IN THE PROFITABILITY AND THE CUSTOMER SERVICE QUALITY. TREMENDOUS DIFFERENCE. AND IN THE END, I'VE NOTICED THIS WITH OUR OWN CITY ADMINISTRATION. FOR OVER A YEAR I'VE BEEN ASKING FOR DATA. AND THE KEY IS GETTING DATA AND THEN ANALYZING IT. THOSE ARE THE TWO THINGS THAT WE NEED TO DO. THEN ONLY WE CAN FIGURE OUT WHERE THE PROBLEM IS, WHERE THE BOTTLENECK IS AND WHERE THERE IS WASTE OR DUPLICATION REDUNDANCY. THOSE ARE THE THINGS WE CAN DISCOVER ONLY WHEN YOU GET THE DATA AND YOU DO THE ANALYSIS. [00:55:05] WITHOUT THAT, REALLY YOU CANNOT DECIDE WHICH WAY TO GO. OTHERWISE, IF YOU DON'T DO THAT, THEN YOU HAVE THE OTHER OPTION. YOU GET SOME TECHNOCRAT WITH A CHAINSAW AND HE WILL START CUTTING AND SLASHING DEPARTMENT, OR CHOPPING HEADS OFF AND DECLARING A VICTORY. THAT'S WHAT IS HAPPENING AT THE FEDERAL LEVEL. THAT'S NOT THE RIGHT APPROACH. SO THIS WORKS. BELIEVE ME, IT WORKS. BUT IN ORDER FOR IT TO WORK, WE'RE ONLY CONSULTANTS, ADVISERS. WE DON'T HAVE ANY POWER, AUTHORITY TO FORCE SOME CHANGE, THAT HAS TO COME FROM THE TOP. AND FORT WAYNE SUCCEEDED BECAUSE OF THE MAYOR. HE WAS THE CEO OF THE WHOLE CITY'S ADMINISTRATION, AND HE FORCED SOME CHANGES. SOME PEOPLE WERE RELUCTANT, BUT THOSE WHO GOT TRAINED, THEY BOUGHT INTO IT. SO IT HAS TO START WITH THE MAYOR, THE CITY COUNCIL, AND THEN THE HEADS OF THE DEPARTMENT, LIKE THE DIRECTOR OF FINANCE, THE CITY MANAGER, THE HEAD OF POLICE, THE HEAD OF FIRE WORKS. SO ALL THESE THINGS WILL HAPPEN ONLY IF THERE IS UNWAVERING COMMITMENT FROM THE TOP. WE CAN ONLY SUGGEST THINGS. WE CAN HELP YOU, BUT THAT WON'T BE ANYTHING IF THERE IS NO INTEREST IN FOLLOWING UP. SO PLEASE READ THE STORY. SHARE IT WITH OTHER PEOPLE. THERE ARE RESOURCES. YOU HAVE AMAZING THINGS IN THE TECHNOLOGY, THE AI TOOLS. I'VE BEEN USING THE CHATGPT AND I'M JUST FLABBERGASTED AT HOW IT DOES SO MANY THINGS SO QUICKLY, SOMETHING. FIRST TIME WHEN I TRIED THIS PROCESS IMPROVEMENT TECHNIQUE, IT TOOK ME THREE WEEKS TO GET THE DATA AND DO THE ANALYSIS. I HAD TO DO IT MANUALLY. NOW I THINK YOU CAN GET IT IN THREE MINUTES. THAT'S THE DIFFERENCE. SO YOU GOT THE TOOLS, YOU GOT THE TECHNOLOGY. WHAT YOU NEED IS A CHANGE OF MINDSET AND COMMITMENT AND DETERMINATION TO IMPROVE. I BET YOU ANYTHING THE BUDGET DEFICIT YOU HAVE, IT WILL BE MORE THAN OFFSET BY THE SAVINGS THAT YOU ARE GOING TO FIND IN THIS. THAT'S MY THREE MINUTE PITCH. THANK YOU. DID YOU WANT TO DISCUSS, COMMISSIONER WOODHAM? DID YOU WANT TO DISCUSS THE ARTICLE THAT YOU HAD SENT OR TELL US WHAT IT WAS? SURE. THERE WAS AN ARTICLE THAT APPEARED IN THE WALL STREET JOURNAL. I THINK IT ALSO WAS ON NBC NEWS. AND THAT WAS FORWARDED TO THE FINANCE OFFICE. AND JUST A COUPLE OF COMMENTS ON THAT. THE ARTICLE IS FOCUSED ON RETIREES FORMING AN AD HOC ASSOCIATION OR GROUP TO SORT OF SHADOW CALPERS AND RAISE QUESTIONS. I THINK THAT'S A GOOD IDEA. WE'VE SEEN THAT CALPERS IS CERTAINLY WILLING TO SIT DOWN AND DISCUSS WHAT THEY'RE DOING. THEY'RE NOT AS FREE WITH THEIR TIME AND ABILITY TO DO THAT AS I'VE SEEN IN OTHER PLACES. BUT THEY'RE WILLING TO DO THAT. THE POINT OF THE ARTICLE WAS 2 OR 3 POINTS TO BE MADE. ONE WAS THAT THERE WILL BE A GROUP THAT WILL FOLLOW CALPERS AND PROVIDE INFORMATION ON THAT. THEY MAKE SOME COMMENTS IN THE ARTICLE. THE AUTHOR MAKES SOME COMMENTS. TO A CERTAIN EXTENT DISPARAGING CALPERS FROM THE STANDPOINT OF FEES. THEY CLAIM THE FEES ARE TOO HIGH. THEY ALSO MAKE SOME NEGATIVE COMMENTS ON THE PRIVATE EQUITY PORTFOLIO. AND WHEN YOU LOOK AT THAT, THEIR PRIVATE EQUITY PORTFOLIO FOR THE LAST 20 YEARS HAS RETURNED 12% COMPARED TO 7.7% FOR PUBLIC EQUITY. THAT'S 430 BASIS POINTS HIGHER FOR PRIVATE EQUITY. I WOULD LIKE TO SEE LOWER FEES. EVERYONE WOULD LIKE TO SEE LOWER FEES, BUT IF I GET 430 BASIS POINTS HIGHER AFTER FEES, THEN I CAN JUSTIFY THAT. I CAN SAY THAT'S FINE. AND THEN THAT'S WHAT THEY'VE DONE. SO I THINK TO A CERTAIN EXTENT, THE ARTICLES COMMENTS WERE MISPLACED. THEY ALSO MADE SOME. WE HEARD COMMENTS FROM FOLKS ON COMMISSION BEFORE, THAT OVERALL FEES FOR CALPERS ARE [01:00:09] TOO HIGH. AND IF YOU LOOK AT THE LAST DATA I LOOKED AT WAS A COUPLE OF YEARS OLD, BUT THEIR TOTAL FEES FOR MANAGEMENT SERVICES WERE 31 BASIS POINTS, 0.31% FOR THE TOTAL PORTFOLIO. THAT IS, FOR AN INSTITUTIONAL PORTFOLIO DOING BOTH ACTIVE AND PASSIVE AND HAVING A FAIRLY LARGE ALLOCATION TO PRIVATE EQUITY. THAT'S NOT HIGH. THAT'S NOT HIGH AT ALL. THE TYPICAL ACTIVE MANAGER CHARGES SOMEWHERE BETWEEN 50 AND 100 BASIS POINTS. INDEXING CAN BE DONE FOR AS LOW AS AS 4 OR 5 BASIS POINTS. SO IF YOU'VE GOT A MIXTURE OF ACTIVE AND PASSIVE, YOU'RE GOING TO END UP WITH SOMEWHERE BETWEEN 25 AND 50 BASIS POINTS. ONE OF THE THINGS WE DON'T KNOW, AND THIS IS, I CAN CRITICIZE CALPERS A LITTLE FOR THEIR REPORTING. WE DON'T KNOW FOR SURE THAT THE PRIVATE EQUITY FEES THAT ARE SHOWN INCLUDE THE CARRIED INTEREST. THE TYPICAL PRIVATE EQUITY FUND HAS A FEE STRUCTURE OF LET'S SAY, 2 AND 20. I MEAN, YOU CHARGE 2% PER YEAR ON ASSETS INVESTED AND THEN 20% OF THE PROFITS MADE. SO 2 AND 20. IT'S EASY TO RUN THE 2% IN BECAUSE THAT'S A CHARGE ON AN ANNUAL BASIS. THE 20% INTEREST, OR 20% OF PROFITS IS SOMETHING THAT CONTINUES DOWN THE LINE. AND YOU'VE GOT TO MAKE SURE THAT THAT 20% IS INCLUDED AS AN EXPENSE. IT'S NOT CLEAR THAT THAT'S DONE. I'M ASSUMING THAT CALPERS WOULDN'T MAKE A DUMB MISTAKE, LIKE NOT INCLUDING THE 20%, BUT THAT'S ONE OF THE QUESTIONS WE CAN ASK THEM. BUT ASSUMING THAT THAT DATA IS CORRECT, THEN THE 31 BASIS POINTS IS A VERY REASONABLE FEE. THEY'RE, AFTER FEE RETURNS FOR PRIVATE EQUITY ARE REALLY GREAT. IF IT WEREN'T FOR THE VOLATILITY, WE'D HAVE EVERY DOLLAR INCLUDED IN A PORTFOLIO LIKE THAT. SO SOME PARTS OF THE ARTICLE WERE A LITTLE OVER THE TOP, BUT THE IDEA OF THE RETIREES SHADOWING CALPERS AND CHECKING THEIR RETURNS AND DATA IS FINE. I THINK IT'S A GOOD IDEA. SO IT'S SOMETHING THAT, IT SHOULD HELP US TO EVALUATE CALPERS ON AN ONGOING BASIS TO GET THAT KIND OF INFORMATION. SO I THINK IT'S A GOOD IDEA. I THINK IT'D BE GOOD TOO, TO BETTER UNDERSTAND THAT 12% RETURN. WHAT'S ACTUALLY BEEN RETURNED WHEN THE LP KIND OF MATURED VERSUS WHAT'S BEEN MARKED AND ON PAPER, YOU KNOW, BECAUSE, AGAIN, NOT IN PRIVATE EQUITY, IT'S PRETTY ILLIQUID. AND THERE'S TIMES WHEN, YOU KNOW, YOU CAN CASH, YOU KNOW, WHEN IT CASHES OUT OR THE PARTNERSHIP MATURES. BUT SOME OF IT ALSO JUST MAY BE ON PAPER IN TERMS OF THAT RETURN. SO THAT'S THE QUESTION IS, YOU KNOW, WHAT IS THE ACTUAL RETURN OR WHAT HAVE WE SEEN FROM A CASH FLOW BASIS, IF THAT MAKES SENSE. YEAH. THANK YOU, COMMISSIONER WOODHAM. ANYONE ELSE NEEDS TO DISCUSS ANYTHING ELSE? IF NOT, THEN WE CAN ADJOURN THE MEETING. ALL THOSE IN FAVOR TO ADJOURN THE MEETING? AYE. AYE. AYE. ALL OPPOSED? NONE, MOTION CARRIED. MEETING IS ADJOURNED AT 7:33 P.M.. THANK YOU. * This transcript was compiled from uncorrected Closed Captioning.