Okay, good morning. Like to call the meeting to order. Um, Friday, October 24th, audit committee meeting. Um, pledge of allegiance, please. I pledge allegiance to the flag of the United States of America and to the
republic for which it stands. One nation under God, indivisible, with liberty and justice for all. >> Okay. Roll call. Jack Lesen >> here. >> Dave Sandberg >> present. >> Maryanne Sheileely
>> here. Well, Barbara Puffer via Zoom. >> Yes. >> And myself, Brian Thomas. Okay. We need a nomination for the chair of the audit committee. Do we have a nomination? >> Oh, Brian, before that, we need to um
ask permission from the committee that Barbara can participate. >> Okay. Okay. Um, I'd like to ask at this point uh for the committee uh if you're in approval and acceptance of Barbara joining uh via Zoom. Marian.
>> Yes. >> Yes. >> Jack, >> yes. >> Brian, yes. >> Okay. So, nomination for chair. Do we have a nomination for chair of the audit committee? >> We nominate other people, right? >> Yeah.
>> I nominate you to stay as chair. Okay. >> Okay, Mary. Well, thank you for the nomination. I guess we need a second. >> I'll second it. >> All those in favor signify by saying I. >> All those opposed? Nay. All right. Unanimous. And now we need a nomination
for vice chair. >> Yeah. If you want to do it, >> why not? Why not? >> All right. So, we have a motion uh for Dave Sandberg as vice chair of the audit committee uh from Jack Lesson. Do we have a second? >> I'll second. >> Second by Maryanne. All those in favor
signify by saying I. >> All opposed? Nay. >> Okay. Unanimous. >> There we go. >> All right. Item four, >> needs help. >> Yeah, exactly. Thank you, Jack. I do daily. Um approval of the minutes. Has everybody had a chance to review the
minutes? >> Yes. Um any any discussion any commentary regarding same >> okay there being none I'd like a request a motion for the approval of the minutes
>> motion to approve >> some move. >> Okay then we have a second >> okay second by Jack. >> All those in favor signify by saying I. >> I. I.
>> All oppose? Nay. Okay. Is unanimous on that. Uh public comment. Do we have anybody here today for public comment? We had a gentleman, but I don't think he's looking for us possibly. Um okay. Uh there being uh no com no public
comment, uh we'll move into item seven, presentation of financial or final audit results for fiscal year ending September 30. U by WDE Sanssbury. Wade, welcome. >> Good morning, everybody. Can you hear me? Okay. >> Yes. Yes, sir.
>> Okay. Great. Great. Well, uh, thank you so much for allowing me to be here with you. Um, even if it's virtually, um, I I think I was going to be able to to make it personally, uh, to your previous meeting. Um, but I I unfortunately would not be able to do it today. I've got
another meeting scheduled um, shortly after this one. So, uh, again, just appreciate that. Um, I've got a brief presentation for you all today. Um, hopefully you can see my slides. Um, I'll go through those pretty quickly. If you have any questions throughout the presentation, just feel free to go ahead
and raise your hand. Um, otherwise we'll I'll open up the floor at the end for any other questions. So, we'll just jump right in. Um, just got again a brief presentation. I'm going to give it give you a little bit of information about Mald and Jenkins, about our overall audit
opinions. um and some required communications and then again answer any questions that you all may have. Um first off again um my name is WDE Sansbury. Um I'm the partner in charge of your overall audit. I am very quickly coming up on 30 years um of experience
all with Malden and Jenkins. Um really at the end of the year I will have reached a full 30 years. It's kind of hard to believe that uh it's been that long. Um but again I was the engagement partner. Um Trey Scott was our EQCR, our quality control review partner this
year. Uh just a little bit of name to the face there. Um so Maldon Jenkins, again, you've probably seen this before. We're a large regional um audit firm founded in 1918. So we have well over a 100redyear history of providing services to our clients here in the southeast. We
currently provide services to well over 740 um governmental entities such as the town um including about 175 that annually received the GFOA certificate of excellence. Um also we do provide free CPE that
hopefully that Joe and his staff have been able to uh partake in. Um lastly, I'll just say that the current Gazsby chair um which is the governmental accounting standards board um which oversees all governments in the United
States um that current chair is Joel Black. He was actually a partner um with us at Malden and Jenkins before um moving on to the Gatsby. So Joel and I actually made partner together um way back in 2005. So real real happy about
all that for Joel. All right. So, just real quickly into the statements themselves. Um, we did issue an unmodified audit report um or audit opinion. This is the highest form of assurance that we can provide. Um, this is the type of opinion that you all wish
to receive each and every year. Um, in our opinion, the the financial statements uh are considered to present fairly in all material respects the financial position and results of operations of the town as of and for the year ended September 30th of 2024.
Um in the back of the report there are a couple of compliance reports. Um the first of which is the yellowbook report. Um this is our report on internal controls and compliances with laws, regulations, whatnot. Um we did report two findings this year. Um those were
purely accounting related findings. Uh the first one was related to accounts payable as part of our cutoff testing. We we do a lot of testing of subsequent dispersements to determine if any um accounts payable, any dispersements made after year end really should have been
recorded in 2024 or 2025. Um and we found several that should have been included in 2024. Um again, not that that big of a deal, but that's something that we had to again report as a finding. Additionally, um there was
another finding relating to the ARPA funds. Um those funds were received several years ago. Um but the the standards require the town to record obviously the cash position and then a deferred inflow. Um all of those
funds are not earned as revenue until basically they are spent. When all the compliance requirements have been met and you've spent those funds, that's when those funds need to be actually recorded as revenue. um there was a little bit of an issue in how those were recorded and so we we had to make a journal entry there to get those
properly stated as of the end of the year. Now those are two findings like I mentioned there's really nothing significant there to worry about. Um I I think with all of the changes that were that were occurring throughout the year and certainly right before um the
overall audit process took place kind of led to those those issues. Um I I do know that Joe um obviously glad to have I know I'm glad to have him back with the town. Um I think he's doing a really really good job um for the town. Um and
I think had he been there fully the entire time that these these would not have been an issue. Um, additionally on this same slide, uh, for for single audits, the town received a significant amount of both federal and state awards,
almost $34 million worth this year. Um, that required us to perform six separate uh, individual single audits. Um, I believe that was two for federal and four um, for state. Um, and of course that's $34 million of
activity that's typically not a part of the town's overall operations. Um, and so we noted no issues with regards to those single audits and those funds and those the usage and spending of those funds. So, uh, 2024 was a very significant year um of activity. Um,
obviously the majority of those those awards were related to uh dealing with the aftermath of Hurricane Ian. Um, and so again, all in all, I'm certainly very happy with how uh the town's finance department took care of all of the books
and records this year. Um, so I don't want to I don't want you all to think that those two findings are that significant. They're they're really just accounting related things that we have to report because they were of a material nature in the adjustments. But those have been those have been made and
they have been corrected and hopefully we won't see any of those things uh going forward in the p in the future. Then just some overall highle information about the financial results. Um the town's overall net position increased by about 7 million um for the
year ended September 30th, 2024. This change increased the town's total net position to a total of about 75.4 million. Um obviously the the biggest reason for the overall increase was was the receipt of some significant grants.
Um as I mentioned previously um this slide is just some uh information on the general fund. Um the next two slides are as well. Um you know this being the significant fund for the town you know we want to know
where are the majority of the funds coming from and then on the next slide where do those funds go. This year, the overall largest amount of revenues in the general fund were related to intergovernmental or grant revenues. That's a little bit that's certainly larger than normal years. Typically, it's your property tax revenues that are
the largest. Um, as well as charges for services. Um, but again, that's just kind of the breakdown as it turned out for 2024. And then how did those expenditures where were they spent? The largest of which is very typical to either be public safety for you all um or general
government. and then culture and recreation. So very very reasonable overall expenditures there from the general fund general fund fund balance history over the last couple years. Um that total fund balance has come up. Um do note
that the general fund is a modified acral basis of recording activities and so there was a u about a $5 million overall grant I mean I'm sorry loan that was received during 2024 that went into
fund balance um for the year. So that's a big reason for the overall increase um for the general fund for 2024. Then moving on uh to your enterprise funds, the water and sewer and your storm water fund. This is a comparison between operating revenues and operating
expenses. Um for this slide, you always want to see I always want to see the operating revenues exceeding your operating expenditures. This tells me that you all are charging appropriate rates um to cover the costs of your overall operations. Um so those are all
very good there for 2024. Um this next slide is a comparison of your those revenues um from 24 to 2023. Clearly um both water and storm water were up um obviously with the disruption that Ian
caused um for the majority of 2023 some of those revenues were a lot lower um and they came back up to a little bit more of a normal level in 2024 um versus 2023. Same kind of idea when it comes to the overall expenses. In 23 there were a lot
of overall repair and maintenance kind of related expenses which were again out of the ordinary. Um those came down and so the water and sewer fund um actually had had less operating expenses than they did in 23. Then just some highle town statistics
for 24. Our overall spending per resident came out to about $7,400. Um your general fund fund balance ended the year at about 23.6 million. That's about a 39.4% 4% increase. Again, a large part of that increase, like I mentioned, was was due to a loan that
was received during the year. Um, you all have about 13,000 uh in total debt per resident. Um, your total number of employees as of the end of the year was right at 79. Um, then you've got some overall average employee salary statistics as well as percentage of your
general fund budget spent on salaries and benefits for 24. Now, those are going to look a little different from 2023. Um, obviously your overall budget changed for 24 versus 23. You also had additional employees in 24 versus 23.
So, here's the 23 slide. Again, spending per resident a little bit lower. General fund fund balance was a good strong increase even in 23. Um, your debt per resident right at 11,000. So, it was an increase in 24. um you
only had 72 employees at the end of 23. Um and then there's some overall salary information as well. So that's all all the slides I have. You know, you all do have both the financial statements themselves as well as a document that we call our um auditor's
discussion and analysis or ADNA if you will. Um within the financial statements is the MDNA, the management's discussion and analysis. Um, I always recommend if you don't read the entire set of financial statements that you do read the MDNA. The MDNA is written by uh,
management by Joe and his staff. Um, and it gives a good comparison of 24 to 23 and kind of explains why something might have gone up or down um, for your information. Um but the ADNA the auditor's discussion analysis it's a all-inclusive document that we put
together um at the end of the audit that that talks about all of the required communications that we must go through um that are always in a written format for you all. Um additionally we go into the the findings and recommendations
that we've already talked about. And lastly there are a lot of upcoming Gatsby statements that will be applicable to the town in the future. We list all those out for your for your reading. Um and lastly, we do note that uh that we do provide free um continuing
professional education. Um that CPE really since COVID has been done virtually kind of in this same format so that you don't have to uh no one has to travel incur those costs anymore. Um and we we're seeing a significant amount of
um participation because of that. So we're going to continue to do do so. Um but certainly the finance department, anyone in that department is is more than welcome to um attend those classes. Anyone on this board is more than welcome to attend those classes. Um as
well as the actual town council. Um so with all that, that's that's really all I had. Does anyone have any questions for them? >> No. >> No. Wait. I don't believe we have any questions, sir. Thank you. very very comprehensive, very complete, and on
behalf of the committee and the town, uh we appreciate it very much. >> All right, great. Well, thank you so much. If you all do ever have any questions, feel free to reach out. We're always here to help. Um and hope you all have a great rest of the day and a great weekend. >> You as well, sir. Thank you.
>> Thank you. >> Okay. Do we do we need a motion to approve? >> Yes. >> Okay. >> So, I'd like a motion to approve uh the presentation of the Final audit results for fiscal year ending September 30, 2024.
>> I have a second. >> A second motion. >> A second by Dave. Any other discussion? All those in favor signify by saying I. >> I. >> All those opposed. Same sign.
Okay. Uh, next item on the agenda is a recommendation to accept audit results for fiscal year. Well, did we we just did that? >> Yes. >> Okay. Pardon me. Uh, item number three under uh section seven, review an
approved RFP for selection of auditors for fiscal year ending September 30th, 2025. Uh, and I believe you all have that packet uh in front of you. Uh after uh review of the RFP, uh does do any of the members on the committee have any
comments? Barbara, >> I'm good. Thank you. >> Okay. Thank you, >> Jack. Any questions about the RFP? >> No. >> Maryann, I have none myself. Uh Joe, do we need to kind of walk through what's contemplated here?
>> Um sure. I mean, this this is um a document that's probably this might be I know for sure it's the second time it's come to you, possibly the third time, but um it it's already was sent out to you um previously for review and your comments and we incorporated them into
it. And basically um what it would be would be um let me see if I can get to that spot. It it's your your comments. I'm looking at the wrong document. No wonder I'm not recognizing him. Apologize. Okay. So,
the proposal it it's really the scope that you would need to um focus on because that that is what outlines the responsibilities of the auditor. Um, and I believe I'm sorry I I should have
marked the document, but um, as far as I understood it, I think you were satisfied with what it was >> at the time that was originally provided to you? Um >> this is >> and do we know Joe has the town
identified uh candidates uh to share the RFP or is this going to be it'll be placed in an open uh disclosure environment and then people can respond? >> I it it's the latter. It's it will be provided on um well first of all it
always is posted on our town website but we have um a public place where we like um submit our bids to I don't recall the name of it but it is something that um is accessible for for government entities and those who are wishing to
participate um in providing services and so that's where it would be posted. We don't have necessarily a list um that we would specifically send them out to. >> Okay. >> Um so it really would depend on on them checking that website to see that um
there is this opportunity available to them. So and most of what's in here I just found the scope of work. It's on page 25. But most of what's in it's it's a large document, but most of what's included in here are all the legal
requirements um that go along with the contract. Um, so that's the bulk of it, but um, basically we're talking about the financial statement audit and this would be for um, another three-year period so that they would you wouldn't
have to necessarily change auditors um, after 3 years um, I mean every year and it includes the single audit that would need to be done or multiple single audits depending on the amount of
federal and date awards that the town receives. Um, let's see. It requires that they submit a cost proposal, but cost is not um the deciding factor in a request for proposals. It's just one one of them.
Um, and basically it's their qualifications that would become the deciding factor. Let's see. And yeah, I'm not really seeing anything that's unusual um for this that needs to be pointed
out. It's really a basic audit. Um and we're just looking for competent auditors to to do that for us. >> So Joe, the the process is just what because I thought we had done this last year. we were going to, but they had
there was still one um more um renewal option for their contract >> and so the decision was made to just renew it one additional year. >> Um but now what'll happen is this will go out I I believe it's within 30 days.
I mean, this may need to go first of all back to the attorney just to make sure that um there's not additional contractual language that needs to be included, you know, since the last time it was looked at. That that would be a minimum amount of time on her end. And
then it would be issued and then I believe there's it's about 30 days till we get the responses back. When we get the responses back, then we'll have another meeting. I mean you you as the audit committee would be the ones who
would select um who was chosen >> and again it'll be for a threeear this this round will be for a three-year re >> yes period. >> Yep. >> Okay. >> Any other questions? >> Okay.
Do we have a u a motion for the uh approval of the RFP document uh for the selection of a auditor going forward? Um do I have a motion to move forward with the RFP process?
>> Motion to move forward with the RFP is presented. >> Motion by Dave. Do we have a second? >> Second by Maryanne. Do we have any further discussion? All those in favor signify by saying I. >> I. >> I.
>> All oppose? Nay. >> Okay. >> We'll move to the finance director's report. Please, Joe. Okay. Well, this is embarrassing. Somehow my own copy of the report is >> I've got an extra copy here.
>> I knew I would mess something up. Thank you very much, Brian. You're welcome. >> Okay. Um, so what I just wanted to do for this meeting, the my first meeting that I'm back, is just kind of walk you through what's happened since the last meeting.
Um, that was in March um or I'm sorry, April, but these are the activity and within at the April meeting, we had reported on activities through March. So this would be a report just a brief summary since March. So um between April
and June, the town lost the finance director, the accounting manager, the budget manager, the accounts receivable specialist, the utility billing specialist, and accounts payable specialist. So it was just nearly the entire department was gone within just a
couple of months. And the grants coordinator who was still um on staff was on leave um and was temporary. and so that she was not able to perform her duties because she was on leave. And we did have a newly hired senior accountant
who then had reduced his hours to part-time and eventually resigned. So because of that entire scenario, um a consulting firm, Goldman and Wolf were engaged to fulfill the functions of the fake and finance director, accounting manager, budget manager, and accounts
payable positions. Um, you know, obviously it was a very challenging time for them to walk into that situation. Um, considering that they did an excellent job of stepping in and continuing the financial operations of the town um, as well as responding to
audit requests because that was a point in time at which the audit was beginning. The staff previously had prepared everything as best as they could before they departed. But then you know there is that period of time in which the auditors are requesting all of
the documentation that they need to do their audit. Um and there may have been some remaining schedules to be um prepared that they prepared as well. Um, Donna Estus was hired May 20th as an accounts receivable specialist and then
she quickly assumed higher level responsibilities um in terms of accounting um and introduced improvements to Pecard administration. So she became a valuable asset um from the very beginning. Lisa Hollywood was hired to serve as halftime receptionist
and halftime utility billing specialist to try to fill the void that was left when the utility billing specialist left. Um, and she's been doing an excellent job with that. Cassandra Penner was hired July 8th as the budget manager. So, she basically only had a
few weeks to come up to speed um and help prepare the budget and did an excellent job in doing that um and working with me as well and preparing the presentations for the budget. Um and then I returned to the town um July 23rd, starting out working in the
evenings and weekends for the first couple of weeks and then began full-time weekdays as of August 1st. Um the grants coordinator, Fa Leur, um returned from her leave and and is now working part-time. Um and that has been um a
wonderful thing to have happened since we had become or fallen behind in the submissions for the reimbursement requests for everything that we could be reimbured for both from FEMA and from grants.
Um, and TDC funding is one of the main sources of operational funding for the town. And so that was important to resume those reimbursement requests. And now we have a new senior accountant who will be starting November 10th. Um, and
then in the meantime, we've lost our contracts procurement specialist. So that and that was like the last remaining person in the finance department. Um, and now that function is temporarily transitioned back to the town clerk's office. um where they had
um previously handled that function and they will be um have taken over that responsibility until the vacancy is filled. So there's been you know a massive turnover in the finance um department. And so I just wanted to list some of the consequences which are
probably obvious um of those staffing challenges. Um, as a result of that, it was not possible to complete the audit by the June 30th statutory deadline, but it was instead completed August 31st. And there were communications um with
the Florida Attorney General Office regarding that. Um, the auditor general's office um, and I apologize for I'm not mentioning their accurate department names. Although the budget was completed by the
statutory deadline, it was not possible to have the budget documents available as far in advance as they normally would have been. So, I know that was a challenge for everyone involved. And um but we we did our utmost to um to provide whatever we did have and make
that available and to keep everyone updated as we went. And although the status of the emergency fund was determined in time for the very final budget hearing, it was not possible due to all the staffing challenges to provide that status as
soon as it normally would have been provided. Um so that was an issue as well. Um we are several months behind in completing reconciliations and adjusting journal entries that are necessary to
enable production of t timely financial statements. So that that is a challenge but we're working to get caught up on those and it's but it will take um a few months to do so. We are also several months behind in compiling expense reimbursements to
submit to FEMA and our granting agencies. Um, and I'll just pause there to say that Tidal Basin has been working um, feverishly with us in trying to kind of spoon feed us in terms of priorities what we should be submitting that for
which we receive the most and the most quickly. I'm sorry, the most reimbursement and the most quickly. So that also will be um, enhancing our cash flow by focusing on the most fruitful submissions. And so they've been very
instrumental in helping us sort through that and prioritize those submissions so that we can get caught up but do so um in a way that we most positively impact our cash flow. Um and then we also had a
utility rate study that began last spring. it was delayed as a result of all the staffing turnover. But now that um positions are being filled again and there's more um ability to provide the information to them um that rate study is moving forward and the ultimate
outcome of that rate study will be um a set of a recommendation of a set of new utility rates for both storm water and water. um going forward um with four five-year plan that would incorporate um any capital improvements and increases
um in or changes of any sort in operational expenses and Joe sorry do you want to wait till the end for questions or >> no if you have one >> yeah more related to staffing are you back up to full staff at this point or
what what is your so you've made some hires are you back to full strength strength or where are you at? >> Well, we still have two positions that are um being filled by the consulting firm. >> Okay. >> And so that would be the
controller/accounting manager position. I mean, it's it's filled right now with a very capable person. Um but it's as a consultant, not an employee. So, we're still looking to fill that position. And then we have um accounts payable position that's also filled by the
consulting firm. So, we're looking to fill that position. Um the grants coordinator position, she's back part-time, but we really need someone full-time. So, we're looking for that um position as well. So, there's there's people in place. Um they're just
temporary. Um you know, which just continues to make it more challenging because there's still going to be more transitions to manage through. >> But at least you've got all positions are filled with somebody at this point. Yes, they are between full-time staff or consultants. >> How did everybody leave at the same
time? It must have been crazy. >> Uh I Well, I can't speak for them. Um I know we were all overwhelmed. Um it was very very difficult to keep up and I mean it really hasn't changed. I mean I didn't come back because I I mean I
certainly wasn't offered any more money. It's not because things are better. I just wanted to come back. Um so and and continue helping. Um, and I'm I'm happy to be back. Um, I did leave thinking, oh, maybe someone if I pass the baton to
someone else, um, who could do maybe be able to keep up better with it. Um, that may help the town, but I I guess that was the wrong decision on my part. So, I'm glad to be back and I apologize for any disruption that my lady created. Um,
because we certainly didn't intend that to happen. Um but and I'm thankful for those who have filled the void while I was away and who filled the gap when all the other staff members left. Um and you know that was my final comment is I wanted to emphasize what an
extraordinary job they are all doing um considering what they had to deal with. Um >> I I wanted to then I guess just a few highlight a few other things. So, um, our utility billing supervisor, Roxan
Frank, was able to still accomplish an incredible feat by almost single-handedly, um, managing the conversion of the utility billing system software from the old antiquated AVR, I think it was DOS base system to the new
Cusi U4 billing system. Um, so that that went very well. I mean it there was obviously it was challenging and she was able to work through those challenges. Um we still have some reporting issues in the sense that we need to find um suitable reports that would best meet
Lee County's needs in terms of providing them with the information they look for from us. But um we're working on that and you know it's a very robust reporting system. It's just a matter of figuring out which are the best ones. um to provide them and so
they're working with us and they've been very patient as we do so. Um then there the accounting system itself that conversion we were I mean the decision was made to go with Tyler ERP Pro and we started to make some progress on that
before I left. Um but that was all put on hold because of all the turnover and the transition and now there's an opportunity to possibly upgrade. I mean, it still be with Tyler, but they have a version of software that is more robust and may be even better suited for our
needs. So, if we can figure out how to how to adjust our expenditures in other areas so that it's not going to be a net increase in cost, we would consider um switching to the upgraded version. And so, we're in the process of evaluating
that. Um but either way, we should be resuming implementation of either the original planned ERP Pro or an upgrade version um very soon and we hope to be have something in place by the um end of this fiscal year.
Um we are of course cons continuing to work on submitting documentation for FEMA and FDM um that are required for reimbursement for emergency expenditures. Um it's it's quite an arduous process. I mean this is still
going on from after hurricane Ian um because of all the expenditures that there were and all of the documentation that is required um and the limited staff. So we can only focus on one project at a time um or a small group of them at a time because of the amount
involved. And this is this also it's not just our submitting the information, but it's it's having um on-site visits and evaluations by FEMA staff coming to take tours of the the projects, you know, the
damage um cataloging it. So, there's quite a bit of time that's involved um on both FEMA's end and our end. Um and it's actually an incredible amount of time that they invest into this. Um but it it is also the reason why this is
just continuing to take so long because it it takes a long time to get through all those processes. Um let's see. And then I think I already mentioned the expense reimbursement request for granting agencies like um TDC, the tourism development council. Um
the Florida Department of Environmental Protection, which has provided major grants for beach reourishment for our Lee County partners as well. Um there's quite a few expenditures that are now ready to be submitted and our grants coordinator um is working on that. For
example, just beach nourishment alone, there's $8 and a half million dollars that we spent that um is right that came out of our bank account that we are now ready to have reversed to us. Of course, all the routine operations are continuing
as well. And because we have new people in place, they're not only learning how to do it, they're also because of their previous experience that they bring, they're helping us um like improve upon processes as well. So that's been one of
the benefits of having new people is they bring new ideas and new ideas for improvement. Um and then I think you all are aware that town council adopted a millage rate of 1.02 1.0294 0294 which was an increase over the
original.99. Um and this increase will generate an additional $177,000 of adorum revenue. Um and then the last thing I wanted to mention which is pro maybe the most
significant is that we do or at the time I prepared this analysis I don't think it's changed significantly um because there's not been that much activity since then but there was a $9 million e deficit within the emergency
fund and I've tried to include in the report a brief summary of what composed that deficit so or how that happened. We have a total of almost $43.5 million of emergency expenditures between Hurricane
Ian, Hurricane Helen, Hurricane Milton, Hurricane Adalia. Um, all of that combined that actually went out the door was $43.5 million. We did receive um almost $11 million of insurance proceeds. Um, and most of that came up
front um after each of the storms. So that was helpful for cash flow. Um and we did receive so far 18 almost $18.5 million of FEMA and FDM reimbursements. Um we did utilize some of the American
Rescue Plan Act monies um to help cover the cost of things that we weren't going to be reimbured for by FEMA. And that was about $440,000 worth. And then we transferred savings um from FY23 and FY24
into the emergency fund um $2 million from each of those years for a total of $4 million. And then we also as part of our um general fund budget, we added money into the general into the
emergency fund from the general fund each year. Um, in 2024 we added $225,000 and then in 2025 we added $435,000. So, and then we also received um
donations totaling almost $35,000. So, the net results of all those expenditures and those incoming revenues was a $9 million deficit. We still are um expecting to receive um 12.2 2
million from FEMA and FDM. And once that occurs, um, we'll be left with the balance. At this point, it looks like about $3.2 million, but this may still take, um, a year or more to receive that
$12 million. So, that that is um kind of a synopsis of where we are with the emergency fund. Um, and I don't have anything else to report on, but I'd be happy to answer questions. >> Yeah. Anybody have any questions? Joe, Barbara,
>> Marian, Dave. >> So, the e Joe, the emergency fund, if I remember, you were trying to get to 4 million. Was that kind of the target to have as a backup just to cover immediate needs? Was that is that correct? >> It was. I mean I well I I'll be careful
how I answer this because I I I don't know for sure what we calculated back a year ago but 4 million I think is the minimum but I believe it was it was higher than that probably like 5 million but I I'd have to go back and it's
almost irrelevant in the sense that I I think we have to go back now given this experience >> and now that this is a $9 million deficit after experiencing all of this I really think we need to consider um bringing it up at maybe that high um
because I but you know it's we are so limited in our sources of funding um we just have to be careful at what we set the goals at to make sure they're realistic but obviously the four million wasn't enough.
>> Yeah. Okay. Thank you. >> Anyone else? All right. Uh, you have a motion. >> Can I say something? >> Yes, please. >> Thank you. Um, Joe, as usual, you're so thorough. We're so happy to have you back and thank you. A little
housekeeping. Since I'm on the Zoom side, it's very hard to hear if you don't speak directly into the microphone. And sometimes when you turn your head, the microphone ends up over your shoulder. So, I I just point that out because if I can't hear it, I'm
sure, okay, our our large audience of the public loves to watch us. I'm sure were the best show on TV, they wouldn't be able to hear either. >> Thank you. >> Just just Okay, >> good good point, Barbara. Yes, because we all know this is at a minimum
riveting. So, uh, okay. Any other questions of of of the uh regarding the finance committee report? Okay. Okay. Do I have a motion for the approval of the finance director's
report uh dated October 24th, 2025? >> I motion. >> Have a motion by Jack. >> We have a second by Barbara. >> Second. >> Thank you, Barbara. >> All those in favor signify by saying I. >> I. >> All oppose? Nay. >> Okay, it passes unanimously.
>> Um, member items and reports. Does anybody have anything for for the good of the court? No. Uh, it looks like the next item on the agenda is in regards to the next meeting which is scheduled for Monday, November 10th. Um, does anybody have a
conflict with that date? >> Oh, okay. Unfortunately, I have a conflict with that date. Um, what what's our options, Joe? >> Well, the other possibility would be to maybe wait till this December meeting. Um, probably by then
we would have the RFPs returned, the proposals for you to um, maybe review. I I can't commit to that, but that's a possibility. Okay. >> And that maybe that might be a better time to have a reason to meet. >> Is that acceptable to everyone? >> Yeah, that's fine with me.
>> Now, I know in the past many times uh, we've been u requested to have a particular date. Are we okay to set our own date? Well, I mean, as long as it follows with Oh, I see. I don't have that December day. Um,
>> I'm sorry. Know that it's it's on the town calendar. I don't know if I can find that. >> Let's see. >> Sorry about that for a conflict on my schedule. >> Yeah. >> The second Monday. >> It It should be. >> So, is that the 8th? >> December 8th.
>> That's That sounds right. I mean, so maybe you can um approve that subject to correction if that's wrong. >> Okay. On behalf of the committee, does Monday, December 8th at 9:00 a.m. work for everyone? >> Yes. >> Works for me. >> I won't be here.
>> Okay. So, we won't have Jack. >> Um well, I'll have to reach out to um Debbie to see if she'll be available to make sure you have a quorum, but um that could be the tenative date. >> All right. All right. So, if everyone could maybe uh notate Monday, December
8th, 9:00 a.m. as the tenative date, and we will final uh finalize that upon uh word from Joe in regards to um one of our other committee members being able to attend. Okay. Well, that being said, do I have a
motion uh for adjournment and a second? >> Motion by Maryanne, second by Barbara. Thank you, Barbara. Meeting is adjourned. >> Thank you. >> Hi, everyone. >> Hi. >> Thank you, Barbara.
>> Oh my god. Everybody has nobody.