##VIDEO ID:Pr7aDXB_-2o## >> WELCOME TO THE REGULAR BOARD MEETING OF THE BOARD OF ESTIMATE AND TAXATION FOR JANUARY 22nd, 2025.  MY NAME IS STEVERANDT AND I'M THE PRESIDENT OF THE B.E.T. BEFORE WE BEGIN, I WANT TO ADD AN ACKNOWLEDGMENT THAT WE ARE MEETING ON DAKOTA LAND.  I WOULD ASK THE CLERK TO I D CALL THE R. >> COMSSIONER FREY. >> HERE. >> ABENE. >> HERE. >>AYNE. >> PRESENT. >> CHUGHTAI. >> PRESENT. >> VIES IS ABSENT.  PRESIDENT BIDEN CLEAR. >> THERE ARE FIVE MEMBERS PRESENT.  WE WILL NOW PROCEED TO OUR AGENDA.  A COPY OF WHICH WAS POSTED ON THE CITY'S AGENDA SITE, LEGISLATIVE INFORMATION MANAGEMENT SITE AT LIMES.MINNEAPOLIS.MN -- I'LL TRY THAT AGAIN.  AT THE CITY'S LEGISLATIVE INFORMATION MANAGEMENT SYSTEM, WHICH IS AVAILABLE AT LIMS.MINNEAPOLIS MN.GOV.  BOARD MEMBERS, AN AGENDA FOR THE DAY'S MEETING IS BEFORE US.  COULD I PLEASE HAVE A MOTION TO ADOPT THE AGENDA? >> SO MOVED. >> SECOND.  IS THERE ANY DISCUSSION?  SEEING NONE, ALL THOSE IN FAVOR SAY AYE -- [CHORUS OF AYES] THOSE OPPOSED NAY.  THE AYES HA IT.  THE AGENDA IS ADOPTED.  NEXT IS THE ACCEPTANCE OF TWO SETS OF MINUTES FROM THE DECEMBER 11th, 2024, MEETING, AND THE JANUARY 8th, 2025 MEETING. MAY I PLEASE HAVE A MOTION TO ACCEPT THE MINUTES? >> SO MOVED. >> SECOND. >> ALL RIGHT.  WE HAVE A PROPER MOTION BEFORE US.  ANY DISCUSSION?  SEEING NONE, ALL THOSE IN FAV SAY AYE. [CHORUS OF AYES] >> OPPOSED NAY. >> THE AYES HAVE IT AND THE MINUTES ARE ACCEPTED AS PRESENTED.ITEM NO. 4 ON THE AGENDA IS OUR ACCEPTANCE OF PUBLIC COMMENT.  THE CLERK INFORMS ME THAT TODAY NO ONE HAS SIGNED UP TO SPEAK SO WE WILL CONTINUE WITH THE NEXT ITEM ON THE AGENDA.  JUST AS A REMINDER, MEERS OF THE PUBLIC ARE INVITED TO COME BEFORE THE BOARD AND MAY SPEAK FOR ABOUT TWO MINUTES ON ANY ITEM ON THAT DAY'S PARTICULAR AGENDA. AND ITEM NO. 5 IS PASSAGE OF A RESOLUTION REQUESTING THIS BOARD TO CONCUR WITH THE RELOCATION OF CESS -- I BELIEVE THAT SHOULD BE REALLOCATION OF EXCESS PROCEEDS.  I'LL ASK DAVID WHEELER TO BRIEFLY TALK ABOUT THIS ITEM.  WELCOME MR. WHEELER. >> GOOD AFTERNOON, PRESIDENT PRE BRANT, COMMISSIONERS.  I'M DAVID WHEELER.  WE JUST HAVE ONE BUSINESS ITEM TODAY, CONCURRING RESOLUTION TO COUNCIL ACTIONTANE IN DECEMBER.  THIS IS THE PUBLIC WORK'S ANNUAL PROJECT CLOSEOUT AND REALLOCATION OF PROCEEDS RELATED TO CAPITAL PROJECTS AND WITHIN THE ENTERPRISE FUNDS. BEFORE YOU TODAY IS UP ON THE SCREEN, THE SCHEDULE PRESENTED TO COUNC.  THERE'S TWO PROJECTS THIS YEAR THAT WERE CLOSED OUT, TOTAL OF $568,000 IN BOND PROCEEDS WERE REMAINING TO BE REALLOCATED.  THESE ARE BONDS THAT HAVE ALREADY BEEN SOLD.  THE PROJECT DID NOT NEED THE REMAINING FUND EXPENSES SO THEY ARE BEING REALLOCATED TO THE PROJECTS BELOW. I DID WANT TOAKE ONE POINT OF CLARIFICATION.  THE TOP PROJECT, THE 2023 MAJOR BRIDGE REPAIR AND REHAB, THERE'S JUST A SLIGHT DISCREPANCY FROM SOME EARLIER MATERIALS.  THE AMOUNT YOU SEE UP ON THE SCREEN, TOTAL OF $144,881 IS THE FINAL AMOUNT.  THERE WAS A SCHEDULE PRESENTED EARLIER THAT HAD A SLIGHTLY HIGHER AUNT OF $101.  THE ISSUE TRE WAS WHEN DOCUMENTS WERE DRAFTED AND SUBMITTED, THERE WAS A FINAL EXPENSE PAID OUT OF THE BOND PROCEEDS OF $101, SO THAT FINAL NOTE YOU SEE LISTED HERE OF $881 IS THE AMOUNT TO BE REALLOCATED TO THE PROJECT BELOW. WITH THAT, I CAN STAND FORNY QUESTIONS OR LEAVE YOU, TOO. >> THANK YOU FOR YOUR PRESENTATION.  DO MY COLLEAGUES HAVE ANY QUESTIONS?  I HAVE ONE QUESTION.  WHEN I LOOKED AT THE LEGISLATIVE HISTORY THAT'S LINKED ON THE AGENDA, THERE WAS A TIE BACK TO A LARGER COUNCIL ACON.  I'M ASSUMING THESE TWO ARE ONLY COMING BEFORE US TODAY, BECAUSE THEY INVOLVE BONDS A THAT'S OUR PORTFOLIO AND THE OTHER IS INVOLVED, NONBOND? >> I BELIEVE THAT'S CORRECT.  WITHOUT LOOKING INTO THE HISTORY.  THE PROJECT CLOSEOUTS INCLUDE PROJECT APPROPRIATIONS AND THEN BOND PROCEEDS AND THERE WAS NONE THIS YEAR, BUT ALSO ANY BOND AUTHORIZATION REMAINING FOR PROJECTS. SO THE ANNUAL PROBABLY CLOSEOUT IS PART OF THE SCHEDULE.  THESE WERE THE ONLY TWO THAT NEEDED TO COME BEFORE THE B.E.T. RELATED TO BONDING. >> OKAY.  SO THIS IS A RESOLUTION.  IS THERE A MOTION TO ADOPT? >> SO MOVED. >> MAYOR FREY.  SECOND FROM COUNCIL PRESIDENT PAYNE. WE HAVE A PROPER MOTION BEFORE US.  DID YOU WANTO SAY SOMETHING MR. MAYOR? >> YEAH, THANK YOU MR. PRESIDENT.  OBVIOUSLY, I'M VERY SUPPORTIVE OF THE RESOLUTION ITSELF.  AND SO I WILL BE VOTING IN FAVOR, BUT IN ADDITION TO THAT, I WANTED TO HIGHLIGHT THE FACT THAT THE CITY'S CREDIT RATING JUST WENT UP YET AGAIN.  WE GOT ANOTHER TRIPLE A CREDIT RATING, BUMPING US ON THE MOODY'S SCALE AND SO THIS BRINGS US TO A DESIGNATION TH REALLY NOT MANY CITIES IN THE ENTIRE COUNTRY HAVE, WHICH IS WE HAVE A TRIPLE A BOND RATING FROM MOODIES, FROM S&P GLOBAL AND FROM FITCH RATINGS. AND THAT'S A RARE ACHIEVEMENT.  THERE'S ONLY 40 CITIES IN THE ENTIRE COUNTRY THAT HAVE THIS DESIGNATION. AND THERE'SNLY ONE OTHER CITY IN THE STATE OF MINNESOTA WHICH I BELIEVE IS BLOOMINGTON.  A SO I JUST WANTED TO THANK ALL THE GREAT WORK OF OUR FINANCE TEAM AND OUR EXTENDED TEAM THAT OPERATES HERE.  THIS ALLOW US TO INVEST FURTHER IN PROJECTS THAT HELP PEOPLE IN OUR CITY. AND IT'S A REALLY BIG DEAL AND WE'RE PROUD. >> THAT IS VERY GOOD NEWS AND I WOULD ADD MY CONGRATULATIONS TO THOSE, THE MAYOR, CONGRATULATE HIM, HIS ADMINISTRATION, AND IN PARTICULAR THE FINANCE DEPARTMENT FOR THEIR GOOD WORK IN THIS AREA. AND THEIR PRUDENT WORK IN USHERING US THROUGH A DIFFICULT PERIOD FINANCIALLY BECAUSE OF THE PANDEMIC. SO THAT'S GREAT. SO I THINK THE MOTION HAS BEEN MADE AND SECONDED.  WITH THAT I'LL ASK THE CRK TO CALL THE ROLL ON THE RESOLUTION. >> COMMISSIONER FREY. >> AYE. >> ABENE. >> AYE. >> PAYNE. >> AYE. >> CHUGHTAI. >> AYE. >> VP IS ABSENT.  PRESIDENT BRANDT. >> AYE. >> THERE ARE FIVE AYES.  WE NOW ARE AT A DISCUION OF THE BOARD'S SALARY. I BRING THIS BEFORE THE BOARD, BECAUSE BEFORE ANYBODY, BUT THE MAYOR WAS ON THE BOARD, THE BOARD APPROVED A CHANGE IN COMPENSATION FOR THE BOARD OF ESTIMATE AND TAXATION, SWITCHING THE BOARD TO DIRECTLY ELECTED MEMBERS FROM A $35 PER MEETING STIPEND TO A $400 A MONTH PAYMENT.  AND THAT PAYMENT WAS INDEXED TO INFLATION AND HAS GONE UP, I COULDN'T TELL YOU WHAT IT IS RIGHT NOW, BECAUSE IT GOES DIRECTLY INTO AN ACCOUNT AND I DON'T SEE IT. BUT I JUST WENT IN -- IN ADOPTING THAT CHANGE, THE BOARD AT THE TIME DIRECTED THAT THE POLICY, THE CHANGE IN POLICY, CHANGE IN COMPENSATION BE REVIEWED BY THE BOARD EVERY FOUR YEARS AND PRESUMABLY, THE THINKING WAS WE WOULD BEN A NEW TERM, NOT KNOWING THAT WE HAD A TWO-YEAR TERM IN THERE. SO I JUST BRING IT BEFORE THE BOARD.  I HAVE NO DISSATISFACTION WITH THE CURRENT POLICY, BUT I WANTED TO GIVE PEOPLE A CHANCE TO OFFER THEIR THOUGHTS. OKAY.  SEEING NO DISCUSSION, WE'LL RECEIVE AND FILE THAT ITEM I GUESS, WOULD BE THE APPROPRIATE ACTION.  AND OUR NEXT AGENDA ITEM WILL BE DISCUSSION ABOUT A STAFF WORK PLAN.  AND I WANTED TO BRING BEFORE THE BOARD, BECAUSE THERE WAS APPETITE FOR IT, THE IDEA THAT WE WOULD COOPERATIVELY DEVELOP A WORK PLAN FOR OUR STAFFER. THE ARE A NUMBER OF DUTIES THAT ARE SPELLED OUT IN THE RCA AND I THINK THOSE ARE PRETTY MUCH SET IN STONE, BUT I'M OPEN TO PEOPLE'S INPUT.  I ALSO HAVE STARTED KEEPING LIST OF RESEARCH PROJECTS THAT I WOULD LIKE TO SEE THE NEW STAFFER ENGAGE IN.  BECAUSE WE ENVISION PART OF THIS JOB BEING THE UNDERTAKING OF RESEARCH ON BEHALF OF THE BOARD INVOLVING CITY FINANCE AND I WANTED TO ASK IF ANYBODY ELSE HAS A LIST THAT THEY HAVE BROUGHT FORWARD OR HAVE THOUGHT ABOUT.  I CAN ANTICIPATE THAT COMMISSIONER PREE-STINSON MAY HAVE SOME SUGGESTIONS AND I WASN' ANTICIPATING THAT WE CONCLUDE THIS DISCUSSION TODAY.  I JUST WANTED TO GET IT STARTED. IS THERE ANYTHING ANYBODY ELSE WOULD LIKE TO SAY? OKAY.  WELL, I WILL ENUMERATE THE DUTIES THAT ARE IN THE JAQ FOR THIS POSITION FOR THE NEXT MEETING SO YOU HAVE THOSE, AND I WILL FORWARD THE ITEMS OF RESEARCH THAT COME TO MY MIND, AND THEN WE CAN PROCEED, I GUESS. ALL RIGHT. SO THAT WOULD ALSO I BELIEVE BE A RECEIVE AND FILE. NEXT, WE HAVE AN ITEM INVOLVING A BOND TRANSMITTAL MEMO WHICH REQUESTS THE BOA TO APPROVE THE ISSUANCE OF TAX-EXEMPT G.O. BONDS AT A FUTURE MEETING.  THIS IS A ROUTINE ACTION BY THE BOARD FOR THE FOLLOWING PROJECTS FROM THE CITY COUNCIL.  AND THE LIST OF PROJECTS IS INCORPORATED IN OUR AGENDA.  DO MY COLLEAGUES HAVE ANY QUESTNS OR COMMENTS, OR DOES THE STAFF NEED TO ADDRESS THIS?  OKAY.  I HAVE ON QUESTION.  IN READING THROUGH THE COUNCIL ACTIONS THAT ASK THE BOARD TO ADD THIS TO OUR FUTURE ISSUANCE LIST, I SAW$9.4 MILLIO, WHICH IS NORMAL.  $102 MILLION FOR NONUTILITY BONDS.  AND THEN $58 MILLION THAT IS EARMARKED, IF YOU LOOK AT THE DETAILS, FOR SANITARY, SEWER, SOLID WASTE AND RECYCLING, STORM WATER AND WATER, BUT THE INTRO TO THAT PARTICULAR LIST SAYS THAT IS FOR CERTAIN PURPOSES OTHER THAN THE PURCHASE OF PUBLIC UTILITIES.  AND I WONDER-FED THERE'S A DISTINCTION THERE I'M NOT GRASPING THAT EITHER OF YOU COULD ADDRESS. >> PRESIDENT BRANDT AND COMMISSIONERS, I BELIEVE THAT PREFERENCE IS STANDARD AND MAYBE ATTORNEYS CAN DO A BETTER JOB EXPLAINING THIS.  I THINK THAT'S IN REFERENCE TO ELECTRIC UTILITIES. SO THAT THEY'RE EXCLUDED. >> SO IT'S SAYING THAT WE'RE NOT USING ANY MONEY TO BUY ELECTRICITY, GAS, WHATEVER.  OKAY. >> YES. >> ALL RIGHT.  THAT'S MY UNDERSTANDING. >> SO IT'S BOILER PLAIT IS THE ANSWER I THINK.  I'LL ASK THE CLERK TO RECEIVE AND FILE.  IF NOBODY HAS QUESTIONS, AND THEN WE COME TO UPDATES. AND I WOULD LIK TO UPDATE THE BOARD ON THE HIRING PROCESS FOR THE SENIOR ADVISOR WHO WE AUTHORIZED IN DECEMBER.  I HAD A CONVERSATION YESTERDAY WITH RICH PAROKA, THE HEAD OF STAFFING AND RECRUITMENT AND HE PUT UP A POSTING FOR THE JOB, WHICH IS TAKEN FROM THE JAQ YESTERDAY.  HE ANTICIPATED TAKING THAT DOWN FEBRUARY 4th.  I ASKED HIM TO KEEP IT OPEN UNTIL FILLED, BUT ADDING LANGUAGE THAT AT HIS SUGGESTION, THAT SAYS PEOPLE WHO APPLY BY FEBRUARY 4th WILL GET FIRST PRIORITY. HE ANTICIPATES TWO ROUNDS OF INTERVIEWS.  ONE, APPROXIMATELY THE 24th/28th OF FEBRUARY AND ANOTHER, MARCH 3rd THROUGH 6th.  AND HE WOULD LIKE TO HAVE TWO DIFFERENT INTVIEW PANELS FOR THAT PROCESS, BECAUSE APPARENTLY THE PREFERENCE OF HR IS THAT THE SAME PEOPLE DON'T PARTICIPATE IN BOTH PROCESSES.  SO THEY DON'T INFLUENCE THE OTHERS. SO I HAVE SUGGESTED TO HIM, AND THIS IS OBVIOUSLY HE WILL BE REACHING OUT TO YOU TO SEE IF THEY'RE ABLE TO SERVE, THAT THE PEOPLE WHO SERVE ON THE INITIAL INTERVIEW PANEL BE COMMISSIONER PREE-STINSON, JULIA WISEMAN OF THE PARK BOARD, DEVIN SMITHHO HAS BEEN OUR HR CONTACT ON THIS, AND MR. HOPPI BECAUSE OF HIS FAMILIARITY WITH THE JOB.  NOW I'VE BEEN SINCE INFORMED THAT MS. WISEMAN WILL BE OUT OF TOWN ON VACATION DURING THAT TIME PERIOD SO MAY NOT BE ABLE TO, SO MAYBE WE'LL DO SOME SWITCHING THERE AND ON THE SECOND PANEL, I SUGGESTED THAT IT BE MYSELF, MR. PEROKA, MS. DYE, AND COUNCIL MEMBER CHUGHTAI. SO THAT WE HAVE ANOTHER BOARD MEMBER ON. SO ARE THERE ANY QUESTIONS?  OKAY. ALL RIGHT.  I WAS ABOUT AN HOUR OUT FROM THE MEETING WHEN MS. WISEMAN E-MAILED ME AND SAID DID YOU KNOW THAT THIS POSITION IS POSTED AS TEMPORARY WITHOUT BENEFITS?  AND I IMMEDIATELY THREW UP THE WARNING FLAGS AND GOT A HOLD OF RICH AND HE SAID THAT WAS A MISTAKE, SO IF ANYBODY ASKS YOU ABOUT IT, IT'S BEEN CORRECTED, AND WE'REOING AHEAD AS THE BOARD ENVISIONED THIS IN DECEMBER. SO DO MY COLLEAGUES HAVE ANY UPDATES BEFORE WE EN  OKAY. WE'VE COMPLETED ALL BUSINESS TO COME BEFORE US AND WITHOUT OBJECTION, WE STAND ADJOURNED.