Miami City Council
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📹 Meeting Video
📝 AI Transcript
[00:03] I'm called order of the Gregosh Government in the United States Council for Monday April 4th, 2022.
[00:11] Number two, proclamation declaring April as sexual assault awareness month.
[00:18] Like we have ladies here from the Media Crisis Center.
[00:21] I'm worried if you can speak to us.
[00:28] My name is Gloria work with Community Crisis Center.
[00:31] Obviously we are requesting that mayor, parker, sign of acclamation,
[00:35] comparing April, seconds of assault awareness.
[00:38] No.
[00:42] A three bit.
[00:43] Come out.
[00:44] Motion.
[00:45] Mayor, approve it.
[00:46] Oh.
[00:47] Thank you.
[00:50] Don't hold.
[00:51] Hi.
[00:52] Hey, this.
[00:53] Hi.
[00:54] He's dead.
[00:55] Hi.
[00:56] Parker.
[00:57] Peter.
[01:09] Peter.
[01:10] Peter.
[01:12] One of you.
[01:13] Thank you.
[01:14] Good.
[01:15] You presented to us.
[01:16] Thank you.
[01:17] Thank you.
[01:21] Read him out.
[01:22] Hey.
[01:23] Hey.
[01:24] Not so close.
[01:30] Thank you.
[01:31] Thank you.
[01:32] Thank you.
[01:33] Thank you.
[01:34] Thank you.
[01:54] Three public input.
[01:55] I'm just going to personal premises.
[01:57] We have four consent agenda.
[01:59] Staff recommends we approve out of five and six.
[02:02] So move.
[02:03] Second.
[02:05] Eastern.
[02:06] Hi.
[02:07] Don't go.
[02:08] Hi.
[02:09] Davis.
[02:10] Hi.
[02:11] Sumber.
[02:13] Parker.
[02:15] The second.
[02:24] Precious education Cc 20 22, born 05 to Wei, the city's grootserom transplant that requirement
[02:33] in Amira, CA right in the cityway, and Russell may, on May, 1422.
[02:35] Miss.
[02:36] dial.
[02:37] Were wanting to rearrange ca Will.
[02:39] And in the past 2 days of wage and duty, the fee becomes a buzzer.
[02:52] Let's see what I got, sir.
[02:54] Good.
[02:56] Good to see you.
[02:57] Thank you.
[02:58] Thank you.
[02:59] Hi.
[03:00] Hi.
[03:01] Senator Davis.
[03:02] Hi.
[03:03] Speaker.
[03:04] Hi.
[03:05] Thank you.
[03:06] Thank you.
[03:08] Eight letters of support for the city of Miami for a Department of Commerce of Emergency
[03:12] Solutions and Graph for the Community Crisis Center.
[03:14] Let's get us in.
[03:15] Can we request this every year?
[03:19] It's a letter of support in the city and it's required for emergency solutions, which is a grant
[03:24] program funded undercut.
[03:25] And it's our largest funding source for our shelter.
[03:28] And pretty much it should see by saying that you have agreed that this is an issue in the community
[03:32] and that you're supporting our application of it.
[03:34] We managed the funds or the recipient for the community action, but it pays for
[03:39] utilities, insurance, food for residents, maintenance, supplies, and much of our
[03:46] operational costs.
[03:53] Make a motion.
[03:54] We approve.
[03:55] Second.
[03:57] Is that.
[03:58] Hi.
[03:59] Parker.
[04:00] Sender.
[04:01] Don't go.
[04:02] David.
[04:03] All right.
[04:05] Thank you.
[04:07] Not in public hearing through consideration of changing the work boundaries
[04:10] is up.
[04:11] Out in the ordinance.
[04:12] 2022.
[04:13] That's 0.5.
[04:14] So you have.
[04:20] This is step three of this process.
[04:23] This is a public hearing.
[04:26] Where you need to open this up for anybody in the audience that wants to make any
[04:31] comments regarding the work boundary.
[04:33] All right.
[04:37] We'll open up questions.
[04:38] Anyone that would like to discuss the board boundary changes that are being proposed.
[04:50] If there are none, Mayor, you can close the public meeting and we'll move on to the next
[04:54] agenda item.
[04:55] I'm going to take the committee.
[04:57] So we'll close that item and we'll move on to 10.
[05:01] Ordinance 2022.
[05:02] 25.
[05:03] Amendment.
[05:04] Section 8.
[05:05] Next one.
[05:06] Ward.
[05:07] Boundary.
[05:08] Designations.
[05:09] As prescribed.
[05:10] Chapter 8.
[05:11] So the code of ordinances to the boundaries for change.
[05:14] And more boundaries.
[05:15] And this is the actual ordinance that makes those changes.
[05:20] This was based on our census thing that we talked about a few council meetings.
[05:25] Correct.
[05:26] Correct.
[05:27] It really is not changed in a whole lot.
[05:29] Very minor changes in is between the two western wards.
[05:34] Western or eastern.
[05:40] I think it's eastern.
[05:42] The other option that they had would have.
[05:45] They presented us with would have made some more changes and would have made some changes on the eastern side.
[05:52] But all of these changes are just on the western side.
[05:55] And it gets us to have the most equal.
[06:00] division between the four wards of the proposals that they were able to put together.
[06:16] Make a motion to the brew.
[06:18] Second.
[06:20] Parker.
[06:21] Back.
[06:22] He stepped back.
[06:23] Davis.
[06:24] Denver.
[06:25] Right.
[06:28] Did we do 11 already?
[06:29] Nope.
[06:30] 11.
[06:31] Five city of mind.
[06:32] I'm more grounded math.
[06:33] I'll interrupt that when you get up there.
[06:35] Well, I don't control it, but that was it.
[06:38] And this is the last step.
[06:41] And this entire process.
[06:43] We make that our official map and that will then be sent to the election board.
[06:48] Make a motion.
[06:50] Make that our official map.
[06:51] Second.
[06:53] Parker.
[06:54] Back.
[06:55] Don't pull.
[06:56] Right.
[06:57] Denver.
[06:58] Davis.
[06:59] All right.
[07:04] You getting blocked.
[07:05] Twelve.
[07:06] Performer presentation by Crawford Associates.
[07:08] Mr. Frank Crawford.
[07:09] So may your members of the council.
[07:12] You have before you and each of your respective positions.
[07:15] A copy of the performer.
[07:18] And as you mentioned, we have Frank Crawford for Crawford Associates here to present
[07:23] the performer.
[07:24] One of the things that I've learned about this, which has been extremely helpful.
[07:29] And over my.
[07:31] Now just over the year and so many months.
[07:34] This city manager.
[07:36] How helpful this has been.
[07:37] It's just been tremendous.
[07:38] Not only on somebody who was coming on board.
[07:42] I'm going to do the city.
[07:43] But to get an understanding in a baseline.
[07:45] But then to be able to show performance and evaluate that year over year.
[07:51] Mr. Crawford in his firm has done this for many years with the city of my Emma.
[07:58] They have been our accounting for since 2011.
[08:02] And this particular performer that they do.
[08:05] They do for more than a hundred.
[08:08] Government elites.
[08:10] More than half of those are in the state of Oklahoma.
[08:14] They also do it.
[08:15] I think you said for 11 territories.
[08:17] I've been in the U.S. territory.
[08:19] As common words.
[08:20] Such as Puerto Rico, Palom.
[08:22] Virgin Islands.
[08:24] Federated states of Micronesia.
[08:26] Virgin Islands to name a few.
[08:29] But it's extremely helpful.
[08:31] And I'm excited for what.
[08:33] Mr. Crawford has to share with us today.
[08:36] Certainly, if you have any questions or concerns about anything.
[08:40] Now is a great time to ask why we've got freight here to answer the questions.
[08:46] Thank you.
[08:47] Again, I don't know.
[08:49] I think most of you were here.
[08:50] Not all of you were here about this time last year.
[08:52] When we talk about it for, thank you your first time being on board.
[08:56] The auditor comes to you and basically shows you a 98.
[09:00] paid for a hundred-page document that if you try to read it literally significantly, it's full
[09:06] of rows and columns of numbers that all those, they do a great job showing the city's financial
[09:12] position, they don't do a very good job of explaining what they really mean, and so as an alternative
[09:17] to that audit, once the audit is done, we've prepared this other report called the performer,
[09:22] which basically takes the financial health and performance of the government along with its
[09:29] sustainability and says if I were to assign a score on that from anywhere, from one to ten,
[09:35] with ten being really good and one or zero being really poor, where are we,
[09:41] because that seems to be like an analysis that everybody tends to understand.
[09:46] And so we've developed this model years ago, about 20 years ago, we've been doing it for 20 years,
[09:52] for over a hundred plus governments, and they grow, seem to grow every year. We've been looking at here
[09:57] probably since about 2012, 2011, 2012, so I've got a good 10 years worth of data for the city of
[10:03] Miami. And so basically what I've done is I've put together this little presentation that takes about
[10:09] 17 or so financial ratios that we feel are very important to government entities and then scales them
[10:17] and benchmarks them on a scale of zero to 10, and then plots where you are on that ratio so that I can come to
[10:24] basically answer a question of a citizen where they come to you and say, are we doing on a scale of one to ten?
[10:29] You can answer them with a question with an answer that is understandable. And so that's what the
[10:35] performer is, it's a made up word that we just created when we created the document. We had really designed this for a
[10:41] couple of small towns where we could answer that question from a council member who said, well, how are we doing on a scale of one to ten?
[10:47] And back then, we used to get this and that wasn't a very good methodology. So we finally decided that we would quantify it,
[10:55] make it analytical, and then that's what you've seen now. And it has grown way beyond our original uses. It's actually taught now
[11:04] as the way to analyze a government's health and performance in textbooks in college, which is kind of odd,
[11:11] had no thought of being a textbook in college, maybe on the bad side way. This is important, something so.
[11:21] But I'll flip you to page five, it was just kind of the overall score, and I'll talk about that. And I'm not going to go through all 17
[11:27] different ratios, but I'm going to pick a handful here and there and kind of walk you through the methodology and then see if you have any questions about it.
[11:34] But this is a really easy to read, probably because it doesn't have a lot of numbers and a lot of rows and columns.
[11:41] And there's a couple of different ways to read it. There's usually a score at the bottom that's either in green, red, or yellow ink, green names, it's a good score, yellows, kind of cautionary, and reds, not so good.
[11:53] There's a pie chart or a bar graph on the left that kind of shows the history of things, and then there's a-
[12:00] on the right, although it doesn't have a lot of words to it, so it's pretty simple.
[12:04] So if we were going to look at the overall score, you can kind of see that I've put
[12:08] some comparative numbers in here based on where you were last year, which was a really great
[12:12] score. You scored an overall 8.1. This year, you actually improved the score a little bit,
[12:16] and got to an 8.3. Now, the tad bit of perspective here, there isn't a
[12:22] government that exists that can score a 10 on every ratio. Nor is there a government that exists
[12:28] that can score a zero on every ratio. Although Puerto Rico is testing my zero with the right hand,
[12:34] it says close to a zero, as I was ever seen in the last year. A score of less than a one.
[12:40] The highest score in 20 years, by any government anywhere, is a 9.1.
[12:44] So if you take that into your perspective, your score is 8.3, which is a extremely good score.
[12:52] It also has booked the trend of most Oklahoma governments this year, in that
[12:56] most of the scores for fiscal 21 for governments in similar to you and even the
[13:02] elements in our life. Their scores have gone down a little. fiscal 21 although still a good
[13:08] year wasn't quite as good as fiscal 21, or most governments except in your case, fiscal 21 actually
[13:14] was a little bit better. Now, this is an overall composite score. It measures three
[13:20] different things to get to that score. And the three things I said were the health
[13:24] of the government, the performance of the government for that fiscal year, and the
[13:30] sustainability, or what we call financial capability, can we continue this?
[13:34] The scale of zero to 10, pretty much means zero is a really poor score. 10 is an
[13:40] excellent score. 5 is kind of what I consider to be abstract and you can slot
[13:46] basically where you are by looking at every one of these slides.
[13:50] So if we were to just look to the right and the narratives in the top part, you can see
[13:54] the scores, the 8.1 from last year, the 8.3 this year, and you can see the
[14:00] three areas that make that a financial position is really financial health.
[14:04] It's a snapshot of the financial health or a picture of position of the government as of
[14:08] June 30 2021. That's our last most recent audited fiscal year.
[14:14] There, we scored a 6.3 again on our scale of zero to 10, you know, with that
[14:18] falls. But that's really not the one I wanted to talk about.
[14:22] It's actually approved from the 5.9 position-wise that was there before.
[14:26] So, healthier picture of the government in fiscal 21 than what it was in fiscal 20.
[14:32] The performance is the one that's really the kicker. For two years in a row, you've
[14:36] actually scored a 10 on the 5 ratios that make up fiscal performance.
[14:40] Scoring a 10 on any one of these segments is usually pretty difficult.
[14:46] Sporing a 10 to 2 years in a row is darn near impossible.
[14:50] You've had two extremely good performance years.
[14:54] The June 30-20 year was a good year. June 30-21 was a good year.
[14:58] It's the exit.
[15:00] In fact, opposite of what I predicted, when COVID hit in March of 20, I basically said everything is going to take from this point forward, and we're going to have multiple years of other things.
[15:11] I couldn't have been more wrong, which ought to give you a lot of confidence that you have me as your account.
[15:16] I'm not an economist.
[15:20] I've just figured that there'd be less money flushed into the economy. People would hold on to their money, and then there were not buying yours, many things, not paying sales tax.
[15:30] I couldn't have been more wrong. Everybody stayed home. They bought clothes, they ordered online. We got use tax revenues in addition to the sales tax revenues.
[15:38] And that has continued to this day.
[15:40] So the performance has been really good for both sales tax and utility revenues, which are our two big streams. We'll talk about more in a year and a minute.
[15:50] The third component, which says financial capability is really financial sustainability.
[15:54] Here what I'm looking for is how much of your revenue stream do you control, how much debt load do you have, what's our debt for a capita?
[16:02] Do we have the ability to go to the debt market, and if you more debt if we need it to, what's our sales tax rate?
[16:08] Do we have any room there to raise if we so desire the sales tax rate?
[16:13] And again, we score really well there.
[16:15] I think part one, from our 7.9 year before, there I'm really looking for anything above the 5th.
[16:21] So a great overall year, and as you can look to the left on the bar graph, and you see those scores over the last 10 to 11 years,
[16:30] you can kind of see outside of one year in 2017, where we had a couple of anomalies.
[16:36] I think that's the year where we issued the stadium debt, where we borrowed money to, in our own name,
[16:42] but then gave it to the college for their stadium, so we had the debt, but not the asset, that kind of messed up the scores for that 50 year.
[16:49] If you throw that year out, we have hovered in the high 7s and lower 8s over the entire time.
[16:55] That's really good. What that means to me is you have a well-run, well managed city from the financial perspective.
[17:05] Otherwise, you would see these scores, stairs down, or get into areas where they're below a 5 in certain categories, and we're not there.
[17:15] So that's kind of the overall presentation, and then I'm going to point you to a handful of tables where you can kind of see how some of the scores come about.
[17:24] Maybe the first one I want to talk about is one that's not so good, which is on, I believe, page 8.
[17:31] And this is what we call, as I'm sorry, all. Let's hope to be moving this along.
[17:38] That's the slide we were just talking about for those on line, where we can see the 10 years of data, 10 years of data, and our comparative scores over all from last year.
[17:48] The next few slides I'm going to look at are just a couple and off that up there.
[17:52] This is the level of unrestricted net position. That position is really your net worth.
[17:57] When we look at everything that the city...
[18:00] the trust's own minus everything that they owe, what's left of that's typical called net
[18:08] position. And then of that net position, we looked down to the bottom number to say,
[18:12] well, what is unrestricted net position? What could we use like as a rainy day fund, or what
[18:19] could we use as a cushion to absorb one time emergency, one time cost, or things of that nature?
[18:27] And we measure it against our revenue stream. And so we divide the city into two different categories.
[18:34] The city has the city side of activities, which are called governmental activities. That's pretty much what
[18:39] you think of as the city streets fire of police, offset by sales tax revenues in the general revenues that come in.
[18:46] And then we have what we call BTA, or business type activities, and think of those commonly as the utilities.
[18:53] And then we merge the two of those together to produce our total.
[18:56] So at the end of fiscal 21, we had a unrestricted net position of about 2.8 million to the possible.
[19:05] That's equivalent to about 6.7% of our annual revenue stream. That's not really great, but there's some reasons for that.
[19:14] If you see the gold number and you see how below the line it is on the slide, that's basically because that's the city side of the equation,
[19:23] where we have to absorb a lot of liabilities that technically aren't really ours.
[19:29] In other words, the underfunded state firefighters pension system has a really large unfunded pension deficit,
[19:38] but rather than it being on the states, but it audited numbers because we're a member of the pension system,
[19:44] every government gets allocated a share of the negative. And you have about a 4.6, 4.7 million dollar share of the states
[19:52] unfunded pension liability that's kind of dragging that number down.
[19:56] It's kind of odd, but that's the way the accounting rules are written, that you have to absorb the states' liability
[20:02] because you're a participant in the planning. There are a couple of other liabilities. Our own pension system
[20:07] has about a 3.3 million dollar unfunded deficit. Again, the pension system don't really concern themselves a whole lot.
[20:15] As long as you make your required contributions into the pension system,
[20:19] they will fund themselves over perhaps a career life of an employee. So 20 to 25 years,
[20:28] these plans fund themselves, even though they're unfunded right now, but you have to continue making the contributions
[20:34] every year, the year of fire to make them. And then those will ultimately go away. Right now, we've absorbed
[20:40] a believe in the beginning of 2015. That was the year, the rule changed, we had to absorb the states' share
[20:47] of the police and fire pension. It's not really the police pension, that's why underfunded, it's the fire.
[20:53] And then of course ours is a little underfunded too. One other element to this negative, we have
[21:00] what we call an unfunded liability related to retiree healthcare, medical restrictions, dental
[21:06] for retirees, it's at about a $2.5 million liability, and has no asset there, they'll
[21:12] set it either.
[21:13] So, if you were to take those three things out, that old blind that you see would now be
[21:18] above zero, and you would probably score somewhere in the six or seven or any join that slide.
[21:23] But I can't take that out, it's there, it's in your books, it's in your audit, and that's
[21:27] what the accounting rule is playing for.
[21:29] But it's kind of why when you look at your net position, overall, or your overall health
[21:34] score, it's why it's not in the eights, or the sevens, it's instead of a 6.3 hits
[21:40] because we have to absorb a lot of the state's liability, and unfunded pension liabilities
[21:46] that are now reflected in these financial statements.
[21:49] The next slide I'll talk about is something that's a little bit narrower, this is what we call
[21:56] kind of looking at the unassigned fund balance of the general fund, fund balance is a fancy
[22:02] word for unspent revenue.
[22:04] So, every year is the general fund, which is the main fund of the city collects revenue, it may not
[22:10] spend all of that revenue, so it sits in a reserve called fund balance, and we go to that
[22:15] fund balance account, and we look at what is this number that we have not pledged to do something
[22:23] in other words, if I had to write a text from our percent that wasn't budgeted, that wasn't originally
[22:28] thought of, how much money is there in the general fund, could I do that to it?
[22:32] And again, this is without factoring in your real, rainy day fund that has about $5 million in it that we've already
[22:39] got sucked away.
[22:40] This is just of the general fund's unspent fund balance.
[22:44] And you have about 1.4 million, which is about 16% of your annual revenue stream.
[22:49] That's an improvement from where it was, the year of 4, which was only 9%.
[22:54] Meaning that we have the ability to absorb some additional costs in the general fund that we've
[22:59] given to, without ever having to go to a rainy day fund.
[23:03] So, there is 4 or 6.4 on that slide.
[23:07] I'm going to skip a couple of slides and talk about cash flow, which would be just through the
[23:15] slide in 14.
[23:19] You can see some of the slides that we talked about, pension-wise, why we score in the negatives a little bit
[23:24] because we don't fund those pension systems.
[23:27] But when we get to cash flow, you have a lot of cash.
[23:31] The current ratio and the quick ratio, which are on the next slide, basically measure the
[23:37] government's ability to pay its current bills.
[23:40] On the current ratio, I'm kind of looking to see that we've got enough cash and investments
[23:45] and account for receivable that will come in to pay our current liabilities.
[23:49] And I'm looking for a ratio that since then, they were at a two to one.
[23:52] We've got $2 of current assets for every $1 or the current liabilities.
[23:57] As you can see on this slide.
[24:00] We've got $4.15 to every $1.5 liability and therefore we score 10 on that score.
[24:08] Very fluid, very liquid with your cash flow.
[24:12] The quick ratio of the next page does the same thing only as a little working.
[24:16] Thank you very much.
[24:17] That's okay.
[24:18] No please.
[24:19] I think we need to take a quick pause.
[24:21] Yes?
[24:22] That's not even taken a phone call.
[24:23] My mom's in the hospital and my stuff that's called.
[24:26] You need to take that.
[24:27] Take the short quick.
[24:28] We can entertain yourselves for a moment.
[24:30] We all have any questions for the break.
[24:36] We're continuing the presentation.
[24:38] And again, we're going through the seven or eight slides right now to talk about the health
[24:48] of the future of the international position.
[24:50] One of the things that we'll get to here in a moment is a little summary of
[24:54] where you can actually see the scores from the last five years for that particular
[25:00] section where we can see how we came to the 6.3 at the end of the fiscal
[25:06] and where it was in the four previous years behind that.
[25:13] But cash flow wise.
[25:15] We have, as I had said earlier, we have plenty of liquid cash plus receivables
[25:21] to overcome our current liabilities.
[25:23] Again, I look for $2 to a dollar.
[25:25] You've got $4.15 to a dollar.
[25:27] So basically double.
[25:29] And then on the next slide, the quick ratio.
[25:33] Basically, drop receivables out.
[25:35] And says, okay, I was just looking at cash and investors.
[25:39] If I needed to pay a $1 dollar, I'll give you a amount of how many dollars of cash
[25:43] and investments do I have.
[25:45] Here, I'm looking for $1 to $1.00 to $1.00 to $2.00 to $2.00 to $8.00 to $8.00.
[25:51] So again, a very good score, which is reported in the bottom of my corner.
[25:57] So with that, and we get to the summary of those questions.
[26:06] The picture of financial health of the city.
[26:10] And if not, I can pause or I can continue the role of the player we want to do.
[26:19] Any questions?
[26:24] Yeah.
[26:30] Yeah.
[26:37] You want to tell a funny story about how this whole thing got created?
[26:41] Yes.
[26:43] So about a little over 20 years ago, I was in the town of Chicago,
[26:47] and I was there auditor.
[26:49] And I remember always going down after I do the audit.
[26:52] I spent about 20 minutes in front of the council explaining about the audit and the audit process.
[26:57] And I forgot in that.
[27:00] Shukota was the town of a gentleman who had been on the council for about 40 years, and he always asked me the same question every council meeting.
[27:08] I didn't remember he was on the council until I would see him that that evening.
[27:12] And then I would start to panic because I wasn't sure how I was going to answer it.
[27:16] So I would go through this 20 minute speed all about the audit and then he would say,
[27:21] I don't understand anything you just said.
[27:23] However, every year I ask you the same question, I'm going to ask again on a scale of one to ten.
[27:29] And I immediately said, see if I can remember what he said, what did I tell him he was the year before,
[27:37] because then I'll tell him the same score and then that way you want to have more questions.
[27:41] So I said, well, you're about a seven.
[27:44] And he flipped his page and he said, well, according to my notes from last year, he said,
[27:49] it wasn't me.
[27:50] So now can you explain to me why the score went down.
[27:52] And of course, I had nothing, no analytical work in front of me.
[27:57] I just started rattling off well.
[27:59] And you spent more money than you brought in.
[28:01] I declined to reserve.
[28:03] Your sales debt revenue dropped.
[28:05] I just had to make something up.
[28:06] And after I left that meeting, I decided that I can't do this anymore.
[28:10] I can't just wing it like this.
[28:12] There's got to be a way to make this work analytic course because that's in theory how this thing was born.
[28:18] I tried this way.
[28:19] To create a title for it that wasn't a word.
[28:22] I wanted something that represented a financial barometer.
[28:25] But then I wanted to sound really cool.
[28:28] So I think you should have been a performing meter.
[28:30] Yeah.
[28:31] Although that's what it gets referred to a lot as a lot of people call it the perfoam meter.
[28:35] Perfoam meter.
[28:36] That there a perfoam meter.
[28:38] And a lot of people don't really care about their score as long as they score higher than the neighboring town.
[28:43] So I just put volume in.
[28:47] And so it is evolved over the years to,
[28:50] to basically be something that I was trying to use to communicate to one person.
[28:55] Into this thing that got picked up and taught nationally and textbook.
[29:00] So it's now kind of become a defective way to measure the government's financial health.
[29:06] It's not where I thought it would go.
[29:09] It's certainly gone well beyond what I wanted to do.
[29:15] Yeah.
[29:18] Really good?
[29:19] Yep.
[29:20] All right.
[29:23] So again at the end of every of the,
[29:26] the three sections you see the summary slide there.
[29:28] This is the picture of health where we talked about the bottom line.
[29:31] Health position over the years this year being 2021.
[29:36] And now we'll move into the financial performance rating which talk about the performance for the year.
[29:43] And again, you can see the five different area of performance.
[29:46] And then each slide we'll follow after that.
[29:50] I won't go through many of these because you score perfect skin on every one of them.
[29:55] So as you clip through the five performance rating.
[30:00] And again, these performance ratios are from July 1 of 20, or June 20, which was your last full complete bottom gear.
[30:08] It's basically looking at a number of things. First of all, did our net position go up this year.
[30:13] Or did it stay about the same, or did we recall?
[30:16] In other words, if you bring in more money than you spend most of the time, your net position goes up.
[30:22] If you spend more money than you bring in, it goes down.
[30:25] And if you spend about the same and tends to stay right in the middle.
[30:28] Notice over the last three to four by years, ours has kind of been trending upwards.
[30:33] And we're now at about this year, we have a 7.5 million increase in net position.
[30:40] So literally the government was worth more.
[30:44] 7.5 million more at the end of the year, as opposed to what it was at the beginning of the year.
[30:49] That's about a 21.8% increase.
[30:51] The biggest increase in a number of years.
[30:55] And if you take out the one and only in 2017, it's been our biggest change percentage rise.
[31:03] And again, always better to increase that as opposed to decrease it.
[31:08] So our financial overall change in net position increase.
[31:12] Our inter-period equity basically just measures who's paying for today's cost of services.
[31:17] So for every dollar, the citizens are paying in right now in a fee or a tax.
[31:23] We're providing for every one dollar we pay out and expense.
[31:28] We're getting a dollar 22, basically from the citizens.
[31:31] That's what allows us to store money into a rainy day fund.
[31:35] It allows us to produce excess cash flow.
[31:38] And ultimately those things will then be spent on some future asset.
[31:42] If you ever get to the point like in 2017 where you're for every one dollar that you collect in taxes and fee,
[31:50] you only provide 78 cents of services.
[31:53] That means you're basically passing on future costs to a future generation.
[31:58] And so we don't want to do that.
[32:00] And again, 2017 was the anomaly year where we had some really unique transactions that cause our scores to kind of fluctuate.
[32:07] But outside of that, we've historically pretty much always been over that 100% limit.
[32:12] So that's why we score a 10 on inter-period equity.
[32:17] Our BTA self-deficiency just measures whether our utility system can pay for itself.
[32:22] And it's cost of operation.
[32:24] In addition to providing some kind of benefit to the city and the form of subsidy.
[32:30] So basically here what we're looking for is that we can produce at least 100% of our own costs with our own revenue.
[32:38] And then even more than 100% were subsidizing the city general fund.
[32:43] And for this year we're at 1.37 which means that for every one dollar we incurred costs related to operating the utility system.
[32:51] We're able to collect a dollar 37 back from the customer.
[32:55] And again, that only pays also pays for utilities but also provides.
[33:00] us some cushion and provide a subsidy to the city's general fund that then uses that money to pay for police funds from some other general government operations.
[33:10] So again, we're a good ratio there.
[33:15] DET service coverage noticed that outside of one year, which was last year, we've had a really good score.
[33:22] And above a 1.5 is extremely good.
[33:25] So even last year, which was a year that we issued some refunding OWRB debt to pay off some older OWRB debt.
[33:33] That kind of messed up our equation.
[33:35] Most of the time that we're in the five to four range.
[33:38] What that means is the creditors should be banged down your door, wanting to let you borrow money from no trouble.
[33:46] Anything that I wanted to have is a really good score.
[33:51] And we're at 4.21 to 1 right now.
[33:55] So that's obviously very good score also.
[33:58] Last performance, rating and sales tax growth, or sales tax freebies depending on what's happened.
[34:05] Again, I anticipated two years of declines and sales tax and this is sales and use tax together.
[34:12] But I was completely wrong.
[34:15] Cova to actually cost people to stay local and buy local and buy online.
[34:20] So our sales and use taxes have kind of exploded over the last couple of years, especially in 2021,
[34:27] or sales taxes up 16.4% for the 12 months that made up our year.
[34:33] So sales tax is probably the rise blood of the city side.
[34:39] Whereas utility fees are the life blood of the utility side.
[34:43] And then here in a little bit we'll kind of look at how those work together to fund the city as a whole.
[34:49] There's the summary of those five.
[34:52] And as you can see, we've had two really strong performance years with 10s.
[34:57] But even the two years that were before that were really strong also.
[35:00] That's kind of why your financial conditions for financial position score is improved over the last four or five years.
[35:06] Because we've had really strong performance years in those four.
[35:12] The last segment deals with what we call financial capability, the more common word now is financial sustainability that we see a lot of people refer to.
[35:22] This really measures the stuff that's under our control that we can sustain this operation.
[35:28] We've heard a lot of probably talk about here, maybe on the side of the left, in details, revenue dispersion.
[35:34] This tries to measure if I looked at the revenues of the city as a pie, how much of a pie do we control?
[35:43] We have direct control over it.
[35:45] And we basically don't want to give up a lot of control because if we were to try to separate through an economic crisis, sales tax would drop.
[35:54] What can we cover that sales tax with?
[35:56] What are we going to do that continue to pay?
[35:58] Please.
[36:00] higher in streets. Notice you score really well here on revenue dispersion because we do control a significant amount of our revenue stream, which is utility.
[36:09] That's our blue slice of the pie. So we're at about 69% where we control the bulk almost over 2-3rds of that slice of the pie, and that sales tax is only about 21 or 22% of that pie.
[36:26] That's actually really good because sales tax is not within your contract control. You can't change the rate of sales tax without going to a vote of the people.
[36:34] You also can't control where people shop and buy their goods.
[36:38] And so even though you may see a lot of communities promoting tourism and trying to promote a lot of sales tax coming in, it's really not that big a slice of the pie.
[36:49] When you put it into perspective of your pie, your pie is pretty much dominated by the utility fees.
[36:56] And that's actually good because, obviously, in a 10% decline in sales tax, half in overnight.
[37:02] Because of an ice storm, because of something that occurs.
[37:06] And so you've got to be able to float that and the way you would float is that you still control nearly 70% of your revenue stream under your direct supervision.
[37:18] So think of, think of this as a cake and that your utility system is the cake and the sales tax is the ice.
[37:25] It's always great to have extra icing on the cake and at the end of the day, it's still a cake even without the ice.
[37:32] So the more sales tax you bring in, it's actually great to us.
[37:37] However, it isn't our lifeblood in this community, it's much less than our lifeblood or utility side-downings.
[37:45] In most Oklahoma governments, that's not standard.
[37:49] I would say that it's probably, in many cases, 55, 45 sales tax dominated as opposed to utility-downings.
[38:00] So you're not only the opposite, you're the opposite, turned even further.
[38:05] And again, if sales tax was, the dominant slice of this pie, the score would be bad.
[38:10] Because now, you don't control the majority of the stream of your revenue here at the mercy of where people buy their goods and whether or not they're going to approve any kind of sales tax increase or sales tax change.
[38:24] So this is actually a good score. Probably one of the better score of revenue dispersion wise as I see.
[38:30] Next slide.
[38:33] Let's get service load here. I'm just trying to mention, oh, sorry, I'm going to ask you a question.
[38:36] On the dispersion is there a preferred mix or a third mix depending on the city and their makeup.
[38:45] Yeah, I would say, from the performance score, there's probably a preferred mix, where it looks more like the pie you guys have.
[38:55] In other words, that we're dominating this with service teams.
[39:00] If people were to not buy you or a tornado came and wiped out your Walmart, what happens to this red slice of pie?
[39:09] It goes away or it reduces significantly.
[39:12] Well, that wouldn't be catastrophic to you because you still generate 70% of your ribbons, not from that.
[39:19] If this red slice was 70% of your pie and Walmart went out of business, or it was destroyed by a tornado, you'd be in a world of hurt
[39:27] because then you would not be able to adjust the utility side to cover the slice that you'd have to cover.
[39:32] So as far as the models concerned, the more direct control reduces you have, the better.
[39:38] But as far as a industry standard, it probably does depend on where you're at.
[39:44] I mean, there are cities like Guthrie that depend on tourism and that have a kind of a tourism lock, where the pie looks very different for them.
[39:54] But again, as far as financial health and performance is concerned, I would like to have the ability to control the majority of our revenue streams and not be reliant on someone else.
[40:11] The debt service load here just kind of measuring your budget, saying, how much of your non-apital related budget is tied up and paying off debt.
[40:20] And you don't want to really high percentage. You don't have a high percentage at all. You only have about 10% of your non-capital budget is used for debt service.
[40:29] That means 90% is not used for debt service and is used for operation.
[40:34] And again, that's where you very well on your under debt service load. So that means you could actually absorb more debt and still score very well.
[40:42] The last three slides kind of deal with the same issue, which is you have an avenue open to you that you have not pursued in over 10 years, and that's what the call general obligation bonds.
[40:55] In other words, if you wanted to go to a vote of the people to try to issue a general obligation bond and let's say, do 10 million dollars of street repair, that's open to you right now because you have no to go debt.
[41:08] All the citizens would have to do would be to approve it and then by approving it, they actually open up access to a stream of revenues that you don't have access to right now called property tax.
[41:18] All the property taxes that you pay right now in the city, do not go to the city. They go to the county and they go to the schools. That's it. We don't let it down and we're not allowed to let it down in an Oklahoma for municipal operations.
[41:31] The only way we're allowed to let it out property tax has a city would be that the voters approved GO bonds and now we get the levy just enough of a property tax to pay off that debt over a 10 or 15 or 20 years period.
[41:46] So right now we don't have access to that stream of revenue and if you were to go that route and want to do a general obligation bond, you just have to convince the citizens to vote for it and then it funds itself via a small property tax.
[42:00] And that's why you score so well on capability is that you've never, in the last 10, 11 years,
[42:07] you've never had any geobondet outstanding, so it's wide open to you.
[42:10] So you have lots of capability to still provide more city services or other city services
[42:15] by the issues of that debt.
[42:17] Now, don't borrow that debt for operations, borrow that for tax.
[42:21] You certainly never want to borrow debt, borrow long-term debt and use it to pay current.
[42:26] You don't want to borrow money, so you can really invest it in capital and get something back
[42:33] for your dollar.
[42:34] So right now, we have no general obligation bond debt, which means we have our entire legal
[42:39] debt limit.
[42:40] Let's open what means that the Levy, no property tax and the problem at the last time
[42:45] we Levy property tax was in 2012 when the last year of on, I think, paid off that we had
[42:53] and so that gives us to the summary score.
[42:56] Oh, sorry, one last slide.
[42:57] Sales tax rate.
[42:58] That's another part of your capability.
[43:00] Here, you're right about satisfactory, maybe a little bit less.
[43:03] I know we have a 3.65.
[43:05] Since sales tax, most communities start really not being terribly enthusiastic about any
[43:15] sales tax rates at the above or four.
[43:17] In fact, to get to four sometimes kind of hard.
[43:20] That's why you see a lot of three, seven, five, three, eight, five,
[43:23] three, nine.
[43:24] Once you get above a four, there's just a mental issue that a lot of citizens have about
[43:30] sales tax.
[43:31] So, you have a little bit of room on my scale to go up sales tax rate-wise, but it's very difficult
[43:39] once you get up above, four percent.
[43:42] So, your sales tax rates, average, satisfactory, as far as Oklahoma, I've got several that have
[43:48] two-cent sales taxes, which are very small communities.
[43:51] And I've got several that have five since sales tax.
[43:54] And then they work.
[43:57] So that's kind of why you're kind of right in the middle.
[43:59] That needs our capability.
[44:02] School of don't really change very often unless we do something crazy.
[44:05] Like, we borrow a lot of money.
[44:07] We use up some board to see a debt limit.
[44:09] We let it be a property tax.
[44:11] We lose control of our revenue streams.
[44:14] And that doesn't happen very often.
[44:15] That's why you don't see much fluctuation between those scores over a long period of time.
[44:21] So, that gets us kind of back to the main slide, which is the overall score, which was
[44:32] the 8.3, again, a little bit of a group of from the 8.1.
[44:36] And I'll stop there and then let you ask questions or anything in the comments.
[44:42] Does this make more sense than the 100-page product document?
[44:47] I don't know if you read that.
[44:49] If you ever separate from a song, you just want to get one take home.
[44:54] This one's not so much.
[44:55] That's more like coffee game or three.
[44:57] But hopefully it's it is.
[45:00] and we kind of give you a little bit of perspective.
[45:03] So with that, open it up.
[45:11] And then we want to jump that first, but I will.
[45:14] But so you talked earlier about our PI, right?
[45:18] And then we also mentioned something
[45:20] about doing general obligation bonds.
[45:22] So would we want to lower some of our blue by adding some general obligation bonds?
[45:30] Because tell me if I'm thinking wrong, but if we lowered the blue area,
[45:35] we lowered the blue area, and then we did a general obligation bond
[45:40] to make up for that for a separate time.
[45:43] And then at some point out the future when that's paid off,
[45:46] then our citizens are paying less.
[45:50] Well, what would happen?
[45:51] Does that make sense?
[45:52] Yeah, I think I'm following.
[45:54] Let me see if I can, well, paraphrase this.
[45:57] Let me see if I can make sense.
[45:59] If you were to issue geodes, you would now that be allowed to levied
[46:04] their tax.
[46:05] So all of a sudden this red chair is going to grow a little bit.
[46:09] Now, it wasn't really in your control because the voters voted for that.
[46:14] That property tax anyway.
[46:16] But it's not going to shrink the service chart as that much,
[46:19] because that's still going to be here.
[46:21] You're just going to have a bigger PI with more revenue,
[46:24] where the red square or the red slice may go up a little bit.
[46:27] Now, what it does allow the property, you know,
[46:30] if you think about who uses the streets, you know,
[46:33] if you're going to do a G.O. line for streets or for parks or for anything else.
[46:38] That's usually designed to benefit the citizens that live in this community.
[46:42] That's why they allow you to levied a property tax to all the citizens
[46:45] of the community in order to pay for it.
[46:47] Some people will dedicate a sales tax to that rather than a property tax,
[46:51] thinking that a lot of the sales taxes would be paid by outside
[46:55] visitors that are coming into town.
[46:57] But it may not generate as much money as you need to satisfy the debt.
[47:01] So it's really kind of a give or take in.
[47:04] I don't think the issuance of G.O. debt would really affect that slide too much,
[47:08] because even though this slice might grow a little bit,
[47:11] I think we have high grows in proportions.
[47:14] So I don't think that's going to really change.
[47:16] What would change is we would get over here.
[47:19] Now, all of a sudden, we would have outstanding G.O. debt,
[47:22] meaning that okay, we've got bonded debt or capital.
[47:26] So I would be able to take the population and divide it into the outstanding debt
[47:30] to get a number.
[47:31] We would have used up some of our limit, which were usually assessed
[47:34] our limit is 10% of the value of assessed property in the city.
[47:39] So we would calculate what that number is and that's usually our limit on G.O. debt.
[47:44] And then of course we would be living a property tax.
[47:47] Rather than scoring tens on those scores,
[47:49] you would score something less than it in,
[47:51] but it would kind of depend on how much debt you issued,
[47:54] how much property tax you're living, how quickly you're paying off the debt.
[47:57] But what it would do is...
[48:00] gives the city something a value.
[48:03] So in some cases, having a ten is necessarily the greatest thing.
[48:07] Right?
[48:08] Yeah, you know, don't confuse the score with a quality of life.
[48:12] Short score.
[48:13] You know, this is strictly how well or how not well is the city,
[48:19] city financially performed.
[48:21] Or how well the city or government is being good stewards of the funds.
[48:27] Correct.
[48:28] Correct.
[48:28] It doesn't weigh anything about whether I'm happy about this.
[48:32] Right.
[48:32] I wish I could figure out a way to measure quality of life.
[48:37] But if you want to score 10s across the board on this,
[48:41] don't spend any money at all.
[48:43] And I assure you, cash flow will be great.
[48:48] Everything will look good as far as the natural performance.
[48:51] No one's going to want to live here because you don't provide any services.
[48:54] You're not doing anything.
[48:56] And so you can trip this if you wanted to.
[48:59] But you can't trip it so far.
[49:01] In other words, you can't really do it over a long period of time
[49:04] to where it doesn't reflect this.
[49:06] So yeah, don't confuse quality of life.
[49:09] I mean, I could make financial health look a lot better.
[49:11] But then your streets aren't very good.
[49:14] Parts aren't really nice.
[49:15] Quality of life's not very good.
[49:17] So a lot of times, I have a government,
[49:20] one of the South Pacific governments, by the way.
[49:23] The scores in the low to mid-eighths every year.
[49:27] But if you go out there, you can see why.
[49:30] The first rule of thumb is you can always tell when you see a drunk driver on the road
[49:35] because they're the only person that's driving straight.
[49:37] In other words, the potables are so bad that most people are leaving in an out of them.
[49:42] It's picks up the drunk ones.
[49:44] So that's how you get pulled over in the southernmost places.
[49:48] The drunk ones.
[49:49] So the drunk ones, right?
[49:51] So back to the property tax thing.
[49:54] You said currently all of our property tax were paying for our homes
[49:57] goes to the county and to the city.
[50:00] So we issue schools.
[50:01] I'm sorry.
[50:02] That's what I meant to say.
[50:03] So if we issued a general obligation bond, would that change
[50:06] the amount of property tax I'm paying currently?
[50:08] Yes.
[50:08] Okay.
[50:09] So you would add a percentage levy on top of which already being levy for the counties
[50:15] and the school's operations.
[50:16] So it would raise the overall tax.
[50:19] So in 2012, was that $17?
[50:22] Yes.
[50:23] That was $18 per capita.
[50:25] That was the debt outstanding.
[50:27] And then we levy the $17 or $18 to pay it off.
[50:32] And then so it was gone.
[50:33] It was the last year, probably a 10, 15, 10 year to go debt that was there.
[50:39] So what might have been ideal was maybe in 2013 to come to the citizens with a
[50:46] GO issue and say, hey, we're going to borrow $10 million to do this project
[50:51] with and it will change your levy at all.
[50:54] Because they're already accustomed to having a levy on it.
[50:58] And that might have been an easy.
[51:00] easier sell per capita now that you've been a decade without you know it's kind of like
[51:04] up it's a marketing if you've got to convince the citizens that this project is
[51:09] something and then therefore they'll vote for it and understand that they're
[51:13] taxing themselves by proving that they'll come for you we do have someone that's
[51:21] trying to keep us from spending any money well that's okay if you don't spend
[51:26] money those of course we'll go up but we don't always listen to it well that's
[51:29] okay it's true or her overall I just want to make sure I leave you the right
[51:34] impression from a financial management perspective this is a very well
[51:41] managed now I don't know anything about the politics I don't know anything about
[51:45] local personalities but from the outside looking in financial performance this is
[51:50] very consistent and tracks very well and the numbers don't lie I mean they're
[51:56] easy to interrupt you just found out which ones to look for or they're you
[52:00] think our overall score grading that we have on years is one of the better in this
[52:05] thing it is this year yeah as I said the highest score I've ever seen in 20 years is a
[52:10] 9.1 it's happened once and it was a community in Georgia so this year I've
[52:19] might have had one other government I think that's in the lower eights most of them
[52:25] have been in the sevens or even a few in the sixes so and one in the five you've got five so
[52:31] so most of the time they're usually below eight but above the five somewhere in that
[52:37] perspective but you're one of the appliers and you're one of the ones that but the
[52:43] trend this year of having their score 21 being higher as opposed to lower than their
[52:47] score in fiscal 20 so I fully anticipated your score to drop after I've seen several
[52:53] other governments so I was kind of a little bit we heard you and what rebels yeah I had to go back
[52:59] and recalculate again so I had to go back and recalculate again so I had to go back and recalculate
[53:04] black yeah yeah we should come up with a fine as a sign but you're going to point into the wall
[53:11] I think we need to tell you that's what our chilly kick off black on the wall
[53:15] to my office
[53:17] sorry I don't know if I took it far too much this time but I just sorry thank you for your time
[53:24] thank you I appreciate hope it's to make sense and I hope it's something that I
[53:30] actually have this in my next to my chair and I look at quite off the actual
[53:35] point of last year so that's what I like to hear very helpful I appreciate thank you
[53:40] and if you have any other questions as the year progresses don't hesitate and this is
[53:44] a kind of tool that we can come back to and even we'll tell you if we find ourselves
[53:49] evaluating any major financial decisions we can actually talk to Frank and in the happy
[53:57] time it's clear how with this but each of the decisions in the impact
[54:00] are performed in a positive or negative way.
[54:03] The number of governments will call, for example, in that
[54:06] same respect and say, we've got a lot of cash on hand,
[54:12] but we want to big project, we want to do
[54:14] that would it be more beneficial for us to borrow the money
[54:16] in a low interest rate, or would it be more beneficial
[54:19] to use the existing cash on hand?
[54:21] All basically get the numbers from them and I'll run
[54:24] through a pro-formic calculation where I can tell them,
[54:27] here's what borrowing would do yours for,
[54:29] and here's what using existing cash would do.
[54:32] Sometimes you have so much existing cash
[54:34] that it might be better to use that,
[54:36] and yet still score a 10 on your cash flows.
[54:38] Where other times it might be better
[54:40] in a low-debt environment to borrow the money
[54:42] that a low interest rate leave your cash intact,
[54:45] and then pay off over time.
[54:47] So just a bit and so a lot of governments
[54:49] do try to use this to manage, and especially when it comes
[54:53] to large financial decisions to see how it impacts our school.
[54:57] So that's obviously something we can do to.
[55:04] Appreciate it.
[55:05] Thank you, thank you for your time.
[55:08] 13, Jordan's 2022, that's zero six adopting a adjustment
[55:13] for electric sales for buying an accration,
[55:15] have a temporary adjustment, or when it's torn,
[55:17] a hearing, temporary production cost, bill recovery,
[55:22] and providing the effective date.
[55:24] Good job, bless.
[55:27] So this is the same item that we discussed
[55:29] in that situation.
[55:31] Right.
[55:32] Thank you.
[55:33] So we approved with the modifications.
[55:35] With the modifications recommended in the M.S.U.A.
[55:41] Second, that.
[55:42] He's sent that.
[55:44] Davis, Denver.
[55:46] Hi.
[55:47] Don't go.
[55:48] Hi.
[55:48] Parker.
[55:49] Hi.
[55:50] 14.
[55:51] The business of Aida is a business of supposing of this agenda.
[55:57] 15, staff report.
[56:10] 16, mayor, and council, community, and announcements.
[56:25] I know Todd, probably going to finish this for him.
[56:28] I know that Kevin Orn, who's got an award.
[56:32] Is there anyone to discuss that a little bit?
[56:34] I'm telling you, I know, award for leadership in some other ways.
[56:36] Lots of people that want to.
[56:38] This is a state bill.
[56:39] Right.
[56:40] So he's going to run by the state.
[56:42] That's the award.
[56:45] Anybody else got any of them?
[56:46] I don't know, ma'am.
[56:47] Maybe if you were.
[56:48] So thank you.
[56:49] That was a little more.
[56:51] That was a speech, huh?
[56:52] Well, that was a speech, huh?
[56:53] Pretty big deal, though, to get to my recognized by the state.
[56:56] So I wanted to make sure we'd be recognized, Kevin, for that.
[57:00] I'd like to just shout out to our new communications person for giving such an extensive,
[57:05] extensive, outlier what that meant, and you've talked about how this place is ran
[57:11] and it will run far into the future.
[57:14] That's something not everybody really cares about, because nobody cares about what happens
[57:18] after you flush the toilet, but it is important because when you flush it and then go down,
[57:24] then everybody's mad, right?
[57:27] The story she painted, the picture she painted was fantastic, so a good job, Melinda.
[57:31] But that wouldn't tell him.
[57:37] That was Todd.
[57:37] That was a good story.
[57:39] So sorry, let's get one I said there, and good job.
[57:42] But it's still a good story.
[57:45] It's still a good story.
[57:49] Yes, it does an amazing tour in there.
[57:51] It's impressive.
[57:52] Yes.
[57:53] I don't want to make some of that.
[57:55] Make some of that.
[57:56] My phone.
[57:57] I don't track my earlier statement.
[58:00] But we do it.
[58:01] And then I re-enter a separate statement.
[58:03] Good job.
[58:05] Give me the other.
[58:06] Careful.
[58:07] Can we set enough?
[58:09] Some teams and managers can be engaged.
[58:12] I was going to mention Kevin Horn and his award, but we already covered that.
[58:16] So I think we're good, and it wasn't impressive, and we're very proud of Kevin and the hard work that he puts in.
[58:22] He very much deserved that.
[58:24] And Tyler, a great job.
[58:27] You know, leadership skills and not only Kevin Horn, but Todd, who also, Brian was committing
[58:35] also another one of your directors, both in a great job.
[58:39] proud of their recognition.
[58:41] Good job.
[58:43] All righty, Dean.
[58:45] We're going to drown the soul move.
[58:46] Second time.
[58:47] Go.
[58:48] I'm excited.