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ALL RIGHT. GOOD EVENING. IT IS TUESDAY, JUNE 17TH AT 5:30 P.M.
[B. CALL TO ORDER]
AND I'M CALLING THIS ROUND ROCK INDEPENDENT SCHOOL DISTRICT BOARD OF TRUSTEES PUBLIC HEARING ON THE PROPOSED 2025-2026 BUDGET AND TAX RATE TO ORDER.IF EVERYONE WILL PLEASE STAND FOR THE PLEDGE OF ALLEGIANCE ALLEGIANCE] OKAY. THANK YOU SO MUCH. THE BOARD DOESN'T HAVE ANY PUBLIC COMMENT SIGN UPS AT THIS TIME. BUT WHAT I WANT YOU TO KNOW IS THAT THIS KIND OF MEETING IS A LITTLE BIT DIFFERENT THAN A REGULAR BOARD MEETING, SO YOU HAVE UNTIL THE END OF THE MEETING TO SIGN UP IF YOU HAVE SOMETHING TO SAY.
SO WE WILL PERIODICALLY CHECK IN. SO IF YOU HAVE SOMETHING TO SAY ABOUT THE BUDGET.
OKAY. ALL RIGHT. MOVING ON. PRESIDENT HARRISON?
[E. PUBLIC HEARING: PROPOSED 2025-2026 BUDGET AND TAX RATE]
TO AGENDA ITEM E1. YEAH, GO AHEAD. PRESIDENT HARRISON AND BOARD MEMBERS AND COMMITTEE MEMBERS.IT'S THAT TIME OF YEAR. IT'S TIME FOR US TO DISCUSS OUR NEXT YEAR'S BUDGET.
AND SO DENNIS, RONDA AND EDDIE ARE HERE TO DISCUSS WHAT THEY HAVE PREPARED FOR US TONIGHT.
MADAM CHAIR, VICE CHAIR, SUPERINTENDENT AND BOARD MEMBERS, WE ARE HERE TO DISCUSS AND GET THE APPROVAL OF THE 25/26 BUDGET, FOR THE M&O BUDGET, THE INS BUDGET AND THE FOOD SERVICE BUDGET.
LET'S BEGIN WITH DISCUSSING THE BUDGETARY GOALS AND OBJECTIVES THAT YOU ALL HAVE SEEN.
OUR FOCUS DOES REMAIN ON INSTRUCTION. WE HAVE INCREASED PRE-K THREE AND FOUR.
WE ARE TRYING TO MAINTAIN A COMPETITIVE COMPENSATION.
WE FOCUS ON SCHOOL SAFETY, REDUCE EXPENDITURES.
AND THE LAST ONE BALANCED BUDGET, WE WILL GET TO THAT IN A MOMENT.
SO ON THE M&O SIDE. WHAT WERE THE ASSUMPTIONS THAT WE USED TO BUILD THE BUDGET? I ESTIMATED PROPERTY VALUE THAT WE RECEIVE FROM THE WILLIAMSON COUNTY CAD WAS 2%.
OUR ENROLLMENT PROJECTION IS PROJECTED TO BE FLAT AT THE RATE THAT WE ARE THIS YEAR.
ATTENDANCE RATE IS AT 92%, BLENDED WITH OUR PRE-K RATE AND OUR K-12.
THE BASIC ALLOTMENT INCREASE THAT WAS APPROVED IS AT $6.215.
THE MAXIMUM COMPRESSED RATE IS STILL FLAT, AND THE COMPENSATION INCREASE THAT WE'LL SEE WHEN WE LOOK AT THE NUMBERS IS TEACHERS WITH FIVE YEARS OR MORE WILL RECEIVE $5,000. 3 TO 4 YEARS, $2,500.
AND ALL OTHER STAFF, INCLUDING TEACHERS WITH ZERO AND 1 TO 2 YEARS, WILL GET 1%.
SO TAKING A LOOK AT THE ACTUAL NUMBERS IN THE BUDGET, IT'S GOING TO BE A LITTLE DIFFERENT THIS YEAR.
WE'RE ACTUALLY GOING TO APPROVE TONIGHT THE COLUMN IN THE MIDDLE.
AS YOU ALL KNOW, WE JUST GOT GUIDANCE LAST THURSDAY ON THE BIGGEST PART OF HB2 ABOUT THE TEACHER RETENTION, TEA JUST RELEASED THAT LAST THURSDAY. AND WE CAN SAY THAT BASED ON THE PROJECTIONS THAT ED AND HIS TEAM PUT TOGETHER, THAT WE FOLLOWED THOSE RULES. BUT TO ADOPT THE BUDGET, YOU HAVE TO ADOPT THE BUDGET IN WHAT'S CALLED FUNCTION CODES.
AND UNTIL WE ARE ABLE TO GET ALL THE DETAILS OF HB2.
WE'RE NOT ABLE TO PUT THOSE INCREASES INTO THOSE FUNCTION CODES.
SO TONIGHT WE ARE ABLE TO DO THE OFFICIAL BUDGET INTO THE FUNCTION CODES WITHOUT HB2.
SO, IN THE MIDDLE COLUMN OUR PROJECTED REVENUES IS THE $343,810 FROM REGULAR TAX RATE. AND THEN THE 8 GOLDEN PENNIES GENERATE
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$43,652,000. PENALTIES AND INTEREST IS $850. INVESTMENT INCOME WE GOT IT $2,500,000. OTHER LOCAL REVENUE IS $10,590,000 AND DIRECT REVENUE $1 MILLION.STATE REVENUE, AS YOU SEE, THE ONE IN THE MIDDLE IS $32 MILLION.
AND THEN IF YOU LOOK TO THE FAR RIGHT, IT WILL GO UP IN HB2 TO $50 MILLION.
SO TOTAL REVENUE THAT WE'RE ADOPTING TONIGHT IS THE $461,031 BUT WHEN WE COME BACK IN AUGUST, BASED ON WHAT WE'VE ESTIMATED IN HB2, THE TOTAL REVENUE WILL BE $478,853.
BUT IF YOU SEE IN THE FAR RIGHT, WE HAVE ESTIMATED THE COST OF SALARIES, THAT'S IN HB2 BEING THE $5000 TO $2500 AND THE 1% FOR ALL OTHERS. THE POSITION DECREASES REMAINS THE SAME AS WE WENT OVER THOSE IN PREVIOUS PRESENTATIONS.
AND ALL THOSE OTHER NUMBERS ARE ALL THE SAME.
AND AS YOU CAN SEE, WE'VE HAVE INCREASED DOLLARS FOR SPED AND DYXLEXIA, ABOUT $3 MILLION.
AND THAT WILL BE RELEVANT LATER THIS EVENING.
SO OUR TOTAL SALARIES AND BENEFITS IS $412,601 TO ADOPT AND TO BE AMENDED AT $429,794.
ALLOCATIONS. THESE NUMBERS ARE ALL PRETTY MUCH THE SAME, EXCEPT THE RECAPTURE NUMBER THAT WITHOUT HB2, WE WOULD HAVE TO PAY ROUGHLY $9,850,000 IN RECAPTURE.
AND WITH HB2, THE RECAPTURE GOES AWAY. SO OUR TOTAL EXPENSES IS $472,369 FOR ADOPTION, AND $479,938 TO BE AMENDED IN AUGUST. NOW BACK TO. THIS ONE.
YOU ALL HAVE ASKED US TO COME TO YOU WITH A BALANCED BUDGET.
WE DO ALL WE CAN TO MEET THE REQUIREMENTS OF THE BOARD, AND AS OF TODAY, THE BUDGET IS NOW BALANCED COME AUGUST. BUT TONIGHT WE WILL BE ADOPTING THE DEFICIT OF THE $11, 338,000. BUT WHEN WE COME BACK IN AUGUST, THE BUDGET WILL HAVE A SMALL SURPLUS OF $97,000.
AND WE ARE STILL INVESTIGATING ADDITIONAL REDUCTIONS TO THAT NUMBER TO WHERE IT GROWS.
BUT AS OF RIGHT NOW, IT WILL BE 97. YES, MA'AM? THIS SLIDE IS DIFFERENT. YES. THAN THE ONE THAT'S ATTACHED TO THE AGENDA.
YES, MA'AM. THIS WAS AS OF LIKE 3:30 TODAY. WE'RE CONSTANTLY WORKING, TRYING TO BALANCE THE BUDGET.
AND MOST OF THE IT'S CONSISTENT AS TO PERCENTAGE OF THE BUDGET.
AS YOU CAN SEE, 84% OF OUR BUDGET COMES FROM PROPERTY TAXES.
ABOUT 12% COMES FROM THE STATE. AND IF YOU GO DOWN TO THE BOTTOM, I DID WANT TO HIGHLIGHT THE SHARS, WHICH IS THE FEDERAL RESERVE DISTRIBUTED BY OTHER TEXAS AGENCIES.
RIGHT NOW, WE ARE NOT PROJECTING ANY SHARS REIMBURSEMENT FOR NEXT YEAR.
BUT OUR TOTAL REVENUE, WHICH IS HIGHLIGHTED IN THOSE JUST SUMMARY SLIDES, IS THE $461,031,481.
IF YOU LOOK AT EXPENDITURES, AS YOU CAN SEE, OUR INSTRUCTIONAL ALLOCATION GREW BY ABOUT $13 MILLION, WHICH IS ABOUT 2.8%. SOMETHING TO HIGHLIGHT HERE.
ALSO, THE JUSTICE FOR JUVENILE, WE HAVE AN INCREASE THAT WE HAVE ACCOUNTED FOR IN THE BUDGET FOR OUR JJAEP PROGRAM FROM 625 TO 675. WE HAVE A SLIGHT DECREASE IN THE AMOUNT OF PERCENTAGE AND DOLLARS FOR OUR INSTRUCTIONAL SCHOOL LEADERSHIP.
OUR STUDENT SUPPORT SERVICES HAS A $7 MILLION INCREASE, OR 1.4%.
ADMINISTRATIVE SUPPORT SERVICES, IT REMAINS ABOUT 2.2% VERSUS 2.4%, SO IT WENT DOWN ABOUT $700,000.
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WE ARE STILL OPERATING VERY LEAN. SUPPORT SERVICES, RELATIVELY FLAT.ON THE ENRICHMENT SIDE, THIS IS OUR AFTER SCHOOL PROGRAMS AND TWC.
IT GREW SLIGHTLY. OUR DEBT SERVICE WENT DOWN ABOUT $300,000.
THE $200,000 WAS ADDITIONAL MONEY WE HAD TO ALLOCATE LAST YEAR FOR CTE.
AND WE NO LONGER HAVE TO DO THAT. OUR RECAPTURE IS PROJECTED TO GO DOWN TO THE $9,850,000 FROM THE 19.9 FROM THE PREVIOUS YEAR, AND THE $2.8 MILLION IS THE APPRAISAL FEES FOR OUR CADS.
BY LAW, WE HAVE TO SHOW THESE AMOUNTS THAT ARE PROPOSED IN THE BUDGET.
THE FIRST ONE IS FOR NEWSPAPER ADVERTISEMENTS THAT IS STATUTORY REQUIRED FOR PUBLIC NOTICES, THAT IS, IN THE BUDGET AT $9,150. AND THEN FOR THE ADVOCACY EXPENDITURES, THAT'S NOW AT $12,746. THESE ARE THE REDUCTIONS THAT WE HAVE SHARED IN PREVIOUS MEETINGS. SOME HIGHLIGHTS OF THOSE ARE ABOUT $624,000, JUST REDUCTIONS.
THAT'S ASSOCIATED WITH JUST ENROLLMENT SHIFTING OF STUDENTS.
WE REDUCED TAG TEACHERS FROM 58.5 TO 53 TO SAVE ABOUT $324,000.
WE FROZE SIX POLICE OFFICERS TO SAVE ABOUT $373,000.
THEN WE WENT THROUGH TO LOOK AT HOW WE COULD MAXIMIZE OUR FUNDING FROM ALL SOURCES.
AND WITH THE PASSAGE OF THE BOND. THERE ARE POSITIONS THAT ARE TOTALLY CAPITAL POSITIONS.
SO WE WERE ABLE TO SAVE ABOUT $985,000 WITH THOSE POSITIONS.
WE ALSO WERE ABLE TO SAVE ABOUT $1 MILLION USING OUR TITLE I FUNDS, WAS ABOUT $900,000, USING OUR TITLE I FUNDS MORE EFFECTIVELY. AND WE WERE ALSO ABLE TO CUT MONEY OUT OF OUR GUEST EDUCATORS, AND THAT'LL BE SIGNIFICANT LATER ON THIS EVENING.
AND THEN WE CUT ABOUT $5.1 MILLION OUT OF ALL THE OTHER DEPARTMENTS, ON AVERAGE IS ABOUT 10%.
SO WE REDUCED THE 24/25 BUDGET GOING INTO 25/26 BY $10.4 MILLION.
MOST OF THAT IS IN LIKE THREE NUMBERS. OUR PROPERTY INSURANCE, WITH THE ADDITION OF A.W.
GRIMES AND SPECTRUM AND NORMAL INFLATION, WENT UP ABOUT $438,000.
WE HAD TO ADD $548,000 TO THE CUSTODIAL BUDGET.
AND THEN THE MATERIALS/ADOPTION, WE HAD TO ADD ABOUT $485,000 TO COVER ADOPTIONS AND INSTRUCTIONAL MATERIALS. BUT TOTAL ADDED TO THE BUDGET WAS $1.982 MILLION.
AND THAT IS THE M&O FUND. I'M SORRY. WE CAN CONTINUE THROUGH THE REST OF THE BUDGETS.
OKAY. INTEREST SINKING FUND AS BETTER KNOWN AS THE BOND, BOND DEBT.
AGAIN, THE ASSUMPTIONS. THE PROPERTY VALUE INCREASE IS 2%.
WE ARE MAINTAINING THE FLAT 0.1830 TAX RATE. THE TAX RATE IS SET TO ALSO COVER A $15.5 MILLION DEFEASANCE PAYMENT. THE RATE IS SET TO CONSIDER FUTURE DEBT CAPACITY.
SO HOW DOES THAT LOOK? OUR PROPERTY TAX COLLECTION IS PROJECTED AT $99.6.
OTHER LOCAL REVENUE, WHICH IS INTEREST IS AT $2.5 MILLION AND STATE REVENUE ABOUT $4 MILLION.
TO BRING OUR TOTAL REVENUES AT $106 MILLION. PRINCIPAL PAYMENT FOR NEXT YEAR IS $51 MILLION.
INTEREST PAYMENT OF $38.3, DEFEASANCE PAYMENT, AS I PREVIOUSLY NOTED IN THE ASSUMPTIONS, WAS $15.5.
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WE HAVE A $5,000 ARBITRAGE PAYMENT. SO TOTAL EXPENDITURES IS $105,599.AND THAT WOULD LEAVE US WITH A SURPLUS OF $534.
WHEN YOU PUT THAT INTO THE REQUIRED CODES, AS YOU CAN SEE, OUR TAX REVENUE MAKES UP PRETTY, MUCH MOST OF THE REVENUE THAT WE RECEIVE. AND WITH $4 MILLION COMING FROM THE STATE TO GET THE TOTAL REVENUES OF THE $106,133 AND THE DEBT SERVICE PAYMENT, INCLUDING THE DEFICIENCIES OF $105,599, THAT IS THE BUDGET FOR 25/26.
MOVING ON TO THE FOOD SERVICE FUND BUDGET. THE ASSUMPTIONS.
OUR CONTRACT HAS BEEN APPROVED, SUBMITTED AND APPROVED BY THE TEXAS DEPARTMENT OF AGRICULTURE.
WE ARE NOT PROPOSING ANY PRICE INCREASE. OUR NATIONAL LUNCH PROGRAM WILL HAVE HIGHER REIMBURSEMENT RATES THIS YEAR, AND OUR FUND BALANCE AS OF NOW IS $3.3 MILLION.
LAST YEAR IT WAS AT $7.5, WHICH WAS HIGHER THAN WHAT'S ALLOWED.
SO WE HAD TO INSTITUTE A SPEND DOWN PLAN, AND THAT'S WHY IT IS NOW DOWN TO THE $3.3 MILLION.
OUR LOCAL REVENUE IS PROJECTED TO GO DOWN. THAT IS THE FOOD SALES, DOWN TO $9.9.
THE FEDERAL REVENUE IS THE COMMODITIES REIMBURSEMENT THAT WE GET FROM USDA, OF THE $10 MILLION.
SO OUR TOTAL REVENUES IS ABOUT $20.1 MILLION.
THAT'S AT $16.8 MILLION. THE MAINTENANCE SERVICES ON EQUIPMENT AND OUR SECURITY MONITORING SERVICES OF $2.3 MILLION BRINGS OUR TOTAL EXPENDITURES TO $19.3 MILLION, WHICH WOULD LEAVE A SURPLUS IN THE FOOD SERVICE BUDGET OF ABOUT $902,000.
THESE ARE THE REQUIRED CODES THAT WE HAVE TO SUBMIT THE BUDGET IN.
AS YOU CAN SEE, SALES, AS I PREVIOUSLY STATED, IS DOWN ABOUT $1 MILLION.
OUR COMMODITY, DUE TO THE HIGHER REIMBURSEMENT RATE, IS UP ABOUT $2.5 MILLION.
AND OUR EXPENSES REMAIN CONSISTENT. AND SO THAT'S THE $19.267 COMPARED TO THE TOTAL REVENUE OF THE $20.168, WHICH GIVES US THE SURPLUS. LOOKING AT FOOD PRICES AROUND OUR AREAS, ROUND ROCK ISD STILL REMAINS VERY COMPETITIVE AS TO WHAT WE CHARGE FOR LUNCH AND BREAKFAST, AS ACCORDING TO THE CHART.
MADAM CHAIR, BOARD MEMBERS AND SUPERINTENDENT.
THAT IS, THE THREE BUDGETS THAT I PRESENT TO YOU FOR ADOPTION FOR THE 25/26 SCHOOL YEAR.
I'M READY FOR QUESTIONS. THANK YOU SO MUCH, MR. COVINGTON. COLLEAGUES, DOES ANYONE HAVE ANY QUESTIONS? DO YOU HAVE YOUR LIGHT TRUSTEE ZÁRATE? OH, I THOUGHT I SAW YOU.
QUESTIONS? OKAY. TRUSTEE WEIR. AND ACTUALLY, I BELIEVE MY QUESTION IS GOING TO BE FOR HR, AND I DO APOLOGIZE BECAUSE I KNOW THERE WAS REVIEWS FOR THE TRUSTEES AND I WAS NOT ABLE TO ATTEND YESTERDAY.
CONTRACTS START IN JULY. WE'RE GOING TO UPDATE THE BUDGET IN AUGUST WITH THE RAISES.
SO WHAT DOES THAT MEAN FOR OUR EMPLOYEES IN THAT GAP? IT'S A GREAT QUESTION. THANK YOU FOR THAT. SO WE HAVE ALREADY THE BOARD THANK THANKFULLY APPROVED.
YOU CAN'T PROVIDE RETROACTIVE PAY INCREASES FOR EMPLOYEES WHO ARE UNDER CONTRACT.
THAT'S NOT LEGAL. SO THAT'S WHY WE HAD TO APPROVE OUR COMPENSATION PLAN AHEAD OF THE AMENDED BUDGET.
AND SO WE'RE CONFIDENT. WELL, IT'S PASSED, RIGHT.
SO I MEAN, AS CONFIDENT AS WE CAN BE. SO WE ARE CONFIDENT WITH THAT.
SO COMPENSATION PLAN IS PASSED AND APPROVED AS OF JUNE THE 3RD.
ALL OF OUR PAY INCREASES HAVE BEEN PUT INTO THE SYSTEM.
MY TEAM HAS WORKED VERY HARD TO GET THOSE IN, AND SO EMPLOYEES SHOULD EXPERIENCE, SEE THOSE PAY INCREASES EFFECTIVE IN JULY IF THEY START IN JULY. TEACHERS WOULD SEE THAT IN THEIR SEPTEMBER CHECK.
THANK YOU. BECAUSE IT JUST LOOKED ODD ON THAT.
SO I APPRECIATE THAT. TRUSTEE LANDRUM SO TWO QUICK QUESTIONS. THIS IS THE FIRST TIME SINCE BEING ON THE BOARD THAT WE HAVE ADOPTED A BUDGET, KNOWING THAT IT'S NOT REALLY OUR BUDGET. I UNDERSTAND THE LOGISTICS BEHIND IT, BUT CAN YOU TALK ABOUT THAT A LITTLE BIT FURTHER IN DEPTH AND THE LEGALITY BEHIND
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IT, AND LIKE, I'M SURE IT'S PERFECTLY LEGAL, BUT WE'VE JUST NEVER DONE THIS.SO CAN YOU TALK ABOUT? IT REALLY BOILS DOWN TO LIKE I WAS SAYING ABOUT YOU HAVE TO ADOPT THE BUDGET WITHIN THOSE FUNCTION CODES THAT I WENT OVER. AND UNTIL WE GET ALL THE GUIDANCE THAT WE NEED TO INSTITUTE HB2 TEA HAS ADVISED ALL DISTRICTS TO ADOPT THE BUDGET WITHOUT HB2. SO YOU CAN GET AN OFFICIAL BUDGET THAT'S REQUIRED BY LAW BY JUNE 30TH.
WE'RE HOPING IN AUGUST WE'LL BE ABLE TO HAVE ALL THOSE CODES CORRECT, BECAUSE, YOU KNOW, THERE'S A LOT OF DISTRICTS, THEIR BUDGET STARTS IN SEPTEMBER, SO I'M SURE THEY'RE TRYING VERY HARD TO GET THIS DONE FOR THOSE DISTRICTS WHOSE BUDGET STARTS SEPTEMBER 1ST.
TO GIVE THEM TIME TO GET THE BUDGET OFFICIALLY ADOPTED WITHOUT HAVING TO GO BACK AND AMEND IT.
BUT FOR THOSE THAT STARTED JULY 1ST, THE TEA GUIDANCE WAS TO ADOPT THE BUDGET WITHOUT HB2 OR SB4.
OKAY, THAT HELPS A WHOLE LOT KNOWING THAT IT'S UNDER TEA GUIDANCE TO ADOPT THIS AS WELL.
I'LL ALSO, CAN I ADD ONE MORE THING? WE ARE LEGALLY REQUIRED TO POST OUR BUDGET BY FUNCTION TEN DAYS PRIOR TO THE ADOPTION OF THE BUDGET, AND HB2 WAS NOT SIGNED INTO LAW PRIOR TO JUNE 6TH, WHICH WAS THE DATE WE HAD TO POST IT ON OUR WEBSITE.
OKAY, SO THAT LEADS ME TO ANOTHER QUESTION. WILL WE HAVE TO POST AGAIN IN THE PAPER WHEN WE REVISE THE BUDGET? I MEAN, I KNOW IT'S A BUDGET AMENDMENT TECHNICALLY, BUT IT'S OKAY.
AND IT MAKES ME FEEL BETTER KNOWING THAT IT'S UNDER TEA ADVISEMENT TO DO THAT. YES. BECAUSE IT FEELS SOMEWHAT DISINGENUOUS THAT WE'RE PASSING A BUDGET KNOWING THAT IT'S NOT REALLY OUR BUDGET, BUT WE ARE NOT TRYING TO PULL ONE OVER ON THE COMMUNITY.
AND I THINK YOU SEE THAT AROUND THE AROUND THE STATE WHERE DISTRICTS THAT ARE JULY 1ST, DISTRICTS ARE ADOPTING BUDGET BASED ON CURRENT LAW AT THE TIME WITHOUT HB2. AND THEN THE ONLY REASON WE WOULD HAVE TO REPOST IN THE PAPER IS IF OUR TAX RATE WERE TO COME IN HIGHER THAN WHAT WE'VE ALREADY POSTED IT FOR.
THAT'S WHEN HOUSE BILL THREE, I THINK WAS ADOPTED.
THAT'S WHEN THEY INCREASED THE BASIC ALLOWANCE BY $1000. AND I THINK THAT'S THE OTHER TIME THAT MANY SCHOOL DISTRICTS HAVE TO KIND OF FIGURE OUT WHAT TO DO, BUT THEY KIND OF EXPECTED IT, RIGHT. SO FOR US, IT'S MORE LIKE, AND FOR SCHOOL DISTRICTS, THIS IS A TECHNICALITY LIKE RHONDA AND DENNIS WERE SAYING.
AND THE TEA RELEASES THEM. TRUSTEE WEIR MAY REMEMBER WE PASSED THE 2019 BUDGET AT ABOUT 01:30 IN THE MORNING THAT YEAR [LAUGHTER] BECAUSE WE WERE WAITING FOR LAST MINUTE STUFF. OKAY. MY LAST QUESTION IS ON SLIDE 21.
CAN YOU TALK ABOUT THAT SIGNIFICANT DROP? THE DROP WAS DUE TO IN 24/ 25, THE BOND SALES THAT WE HAD THE PLEASURE. I'M SORRY. ARBITRAGE. WE HAD TO PAY.
IF YOU DON'T UNDERSTAND, ARBITRAGE IS THAT WHEN YOU GAIN MORE MONEY OF INTEREST THAN YOU'RE ALLOWED TO KEEP BECAUSE YOU DID NOT SPEND THE BOND MONEY IN TIME. AND SO THE LAW DOESN'T ALLOW YOU TO SELL THE BONDS AND THEN JUST PUT IT IN THE BANK AND DON'T USE IT.
THAT WAS RELATED TO OUR 2018 BONDS. AND IF YOU REMEMBER, WE HAD A PANDEMIC DURING THAT TIME AFTER WE SOLD AND SUPPLY CHAIN GOT REALLY TOUGH AND PRICES WENT UP AND THERE WAS A LOT OF SLOWDOWNS IN THE MARKET AS FAR AS CONSTRUCTION AND PROJECTS MOVING FORWARD.
TRUSTEES, ANY MORE COMMENTS? QUESTIONS. REMEMBER THIS IS A HEARING.
SO BEFORE ADJOURNMENT I JUST WANT TO KNOW DO WE HAVE ANY MORE PUBLIC COMMENTS.
OKAY. WITH THAT IN MIND THIS PUBLIC HEARING IS ADJOURNED.
IT IS 5:54 P.M. AND WE WILL RECONVENE AFTER A SHORT BREAK AT 6:10 P.M.
* This transcript was compiled from uncorrected Closed Captioning.