All right, good afternoon everybody. Uh, welcome to the Public Utilities Commission meeting for Tuesday, December 23rd, 2025. Uh, we'll get started. Uh, the first item on our agenda is our consent agenda. Take a motion to approve that.
>> I'll make a motion to accept the consent agenda. >> I'll second that. Okay, we have a motion and a second. Um, all in favor say motion and a second. All in favor say I. >> I. >> I. >> Opposed? >> Motion carries. Uh, second item is our
uh employee of the month, Derek Peterson. >> Yes, commissioners. Uh, Derek Peterson is the employee of the month for November of 2025. Uh, Derek works as a plant operator in the electric production department. Uh Derek did an
outstanding job this summer with the many starts and stops of the gas and steam turbines. Uh time is critical when we must have these turbines online for myo. And as the operator, he made sure everything stayed on schedule. He's also very dependable. He's always willing to help when we are short staff, which
makes scheduling a little easier. Um his supervisor believes Derek is worthy of this award for these and other accomplishments over the past year. So congratulations to Derek Peterson. I'll make the motion to recognize Derek Peterson as employee of the month for
November 2025. >> Second. >> All right, we have a motion and a second. Um, any further discussion? If not, all in favor say I. >> I. >> Opposed? Motion carries. Next item is uh Chris Manderfeld's years of service. Um,
I will read that. And uh Chris Manderfeld joined public utilities in August of 1993. >> Um in the position of utility accountant in February of 2019. She began her serving as interm utilities director.
And in May of uh 2019, she became the permanent utilities director and will serve in that position until retirement coming up here December 31st, 2025. Uh thank you very much, Chris. I can say as president of the commission and being on the commission six years, you've made
our job um pretty easy. Um your knowledge and your years of experience and your team you've built and groomed has uh gone a long ways and set us up for the future. So, thank you. >> Thank you. >> Appreciate it. >> Thank you. >> Um I will take a a motion on that. I'll
make a motion to offer the resolution commending Chris Manderfeld, a public utilities director for over 32 years of service with the New Public Utilities. >> Second. I have a motion and second. Um, is there any further discussion? If not, call a roll. >> Commissioner Skillings,
>> I. >> Commissioner Wills, >> yes. >> Commissioner Bugler, >> yes. >> Commissioner Shaughness, >> yes. >> And Commissioner Visser, >> yes. All right. Motion carries. Thank you very much, Chris. We'll miss you a lot. Thank you. >> Um the next item on our is our uh
wellhead protection grants. >> Yes, commissioners. This is a communication item. Uh just to let you know, uh we received um communication from the Minnesota Department of Health that we have received um some grant dollars in the amount of $20,000. Um the water department applied for and was
awarded for this money to complete the goals and measures um that have been listed in the 2017 uh wellhouse uh protection or wellhead protection plan. Um the specific measure measure addresses the need to conduct the assessment and develop strategies to
manage and mitigate risks. Um these grant dollars uh will help pay for the investigation of and the planning of the reconstruction of wells 22 and 23. Um the overall costs associated with this project will exceed the grant money. Uh but it's noteworthy that efforts are
being made to minimize the impacts on rateayers um as well as the environment. So we try to um look for grant funding wherever we can. Um these grants are available on an annual budget. So um our intent is to continue to capitalize on
the grants that are available to us. >> Excellent. I'll take it. I'll make a motion to receive an order filed the communication from the Minnesota Department of Health on receipt of grant dollars in the amount of $20,000.
>> Second. >> We have a motion to second. Is there any further discussion? >> Not. All in favor say I. >> I. >> Opposed? >> Motion carries. Uh now on to old business natural gas agreement with Minnesota Community Energy.
>> Yes, commissioners. You saw this at the last meeting. Um, I gave you anformational summary of what this um is. Um, so I'm just needing approval for this. Um, just to recap, this is uh, uh, gas supply agreement with Minnesota
Community Energy um, to supply natural gas to the utilities at a discounted rate and the discount um is received by the difference between taxexempt bonds and um, regular bonds. So we are
expecting that um the minimum discount that we're asking for is 32 cents per MMBTU. Uh the length of the contract is 30 years, but there is an um a repricing option um every 5 to 7 years. So, um we
expect that we would have a savings over um the 30 years of about one one half million on um the purchase of part of our load. I'd like to offer the resolution authorizing the city manager to sign a
gas supply agreement with Minnesota Community Energy to supply natural gas to the new Alm public utilities at a daily contracted price and discount as per the agreement pending final minor modifications of the gas supply agreement.
>> Second. Okay, we have a motion and a second. Um, is there any further discussion? If not, all in favor say I. >> I. >> Oh, it's a resolution. Sorry. Um, we'll need to uh call the role. >> Commissioner Skelings, >> yes. >> Commissioner Williams, >> yes. >> Commissioner Bugler, >> yes.
>> Commissioner Shaughness, >> yes. >> President Bisser, >> yes. >> All right. Motion carries. On to new business is the uh approval of the 2026 budget. >> Uh, yes. Um, you all received the budget in October. Uh we had a budget meeting
uh prior to the November 25th uh meeting. There were no changes um suggested at that meeting. So this budget that you're um approving is the same as the one you received in October. Um it's looking at uh operating revenue
of just over 51 million, operating expenses at about 51 million. So we have net operating income of about 272,000 with uh with income uh before nonoperating
transfers we end up with an income net income of $2.7 million. uh projected energy ending unrestricted cash is 24,517579 and um we have target reserves of 72 uh%.
>> I will offer the resolution to adopt the 2026 budget for the new on public utilities. >> Second. >> All right, we have a motion and a second. Is there any further discussion? If not, we'll call the role. >> Uh Commissioner Skiillings. Yes. >> Commissioner Williams. >> Yes. >> Commissioner Bucler. >> Yes.
>> Commissioner Shaughness. >> Yes. >> President Berk. >> Yes. >> Uh next up is the uh personnel policy. >> All right. Thank you, Commissioner Shauna Boom, Human Resources Director. Um so there are several updates to our personnel policies. Most of the changes are required due to the new state
legislation taking effect in 2026. Um first was uh rest and meal breaks. There were changes to uh the Minnesota rest and um meal break laws. Our policy updates reflect those legislative requirements and bring us into compliance. Um the majority of the
changes um are because of the new Minnesota paid leave law which goes into effect on January 1st. Um the PUC will be using an approved private equivalent plan rather than the state plan. This allows us to offer the same required benefit at a lower cost. So the state
plan rate is88% and our approved private plan rate is.78%. Resulting in savings for both the CU PUC and the city. And then there were just a few um minor changes to the earned sick and safe time. Um overall these just
ensure that we remain compliant. Um the city council has also approved these changes. I'll make a motion to approve the rei revisions to the city/PUC personnel policy manual which would be effect which would be effect on January 1st,
2026. >> I'll second. >> All right, we have a motion and a second. Um is there any further discussion? If not, um all in favor say I. >> I opposed. >> Motion carries. Uh next up is a firewall renewal. >> Yes, this is a receive and order file um
item. This item uh was in the 2026 budget in the amount of 19,000. Uh the purchase is under budget in the amount of $10,655. Um the subs subscription to total security suite is set to expire on um
the 14th of January. And this new renewal will cover um the suite from 115 of 26 to 71 of 28 uh which is when the current hardware is set to go end of life. I'll entertain a motion on
>> I'll make the motion to receive an order filed the quote from Syntax Inc. for the renewal of the total security suite for our WatchGuard firewall cluster in the amount of $10,65520. >> Second. All right, we have a motion and a second. Um, is there any further
discussion? If not, all in favor say I. I. >> I. >> Opposed? Motion carries. Next up is a uh rack station purchase. >> Yes, commissioners. This is similar to the previous item. Um, however, this purchase was included included in the
2025 budget in the amount of $10,700. Um it is under budget and um it is for to replace our current Synology uh rack station which has reached the end of its life. Um and this is used as
a backup storage. Make a motion to receive an order filed the quote from TSG Server and Storage Incorporated for the purchase of a Synology rack station in the amount of $10,55. >> Second.
>> Okay, we have a motion and a second. Um, is there any further discussion? If not, all in favor say I. >> I. Opposed? Motion carries. Uh, next we have uh rebates as credits for bills. >> Yes. Um, I'll present this. Um Derek was unable to make it. Um this is on our eco
the SIP rebates. Um currently on some of the items uh we are offering bill credits. Uh um it's basically on the furnace and air conditioning um check and clean. Uh and that is going uh very
well. Um, so, um, Derek is looking to potentially move, um, this program a little further out and capture some of the other rebates and apply those as bill credits. Um, so you have two choices. You can either approve um,
proceeding with this or deny proceeding. Um, what he's looking to do and and the agenda item uh, looks at the types of bill credits that we would be looking at. Um, it would be for appliances
and it would um, excuse me here. It would be for appliances, residential lighting, uh, furnace purchases, central air cooling purchases, water heater, the Wi-Fi thermostats, and then any cold um,
climate air source heat pumps. And so you can see there there's a different um, amounts. It can range anywhere from, you know, $25 or $15 to um it could be as high as um $2,200
if you have multiple um items as a as a rebate. We have we are suggesting that we limit the rebates on the utility bill to $1,000. So, anything over $1,000 would
be paid by check. Um, only because you could get into a situation where you would potentially have utility bills that would have a credit on it for several months and we want to to avoid that. Um, I think finance uh department
is thinks that they can handle um a smaller or shorter number of months with a credit. Um, this was talked to the finance department. Nicole is here if um if you have any questions too. But um
it's it's not a huge savings um dollar-wise, but I think it's a huge savings process-wise for our employees. We're not we won't necessarily um reduce staff, but it will u make it a much cleaner uh process to to go through
>> more checks and balances. >> Yes. >> What what's at the $1,000 limit? I mean, versus a 500 or something smaller. Is it just Most of them fall under a thousand? >> Most of them do. Yeah, >> because I think even 500 you're probably going to get a credit and a half. Yeah. >> Yeah.
>> Yeah. The $1,000 ones are Well, the the the largest one is that heat source pump. Uh that probably, you know, um obviously if it gets up to $1,000, you know, but it could go as high as 2,200 that we probably would not. But even if
even if they were to do, for example, a furnishing furnace and air conditioning unit, that probably would fall uh the rebate probably would fall under $1,000. So that would that would qualify. >> More with new homes that would go higher when they have everything that they put in at once and get the rebate.
>> Do they have the option today? Is that So you have some that do and some that don't. >> No, right now we're only doing like the furnace cleanings and things. Those go as credits on your bills. Right now everything else is just a check. So we end up setting up vendors for everybody that gets a rebate. um and cutting checks which are getting more and more
costly of course to cut checks. So this would >> and then if they don't get cashed you have them sitting out there you know for >> and you're doing unclaimed property and yeah it's >> they still have to do all the to qualify to send >> they would still have to submit all the paperwork and everything yet but then
instead of putting them into our accounts payable system it would go on to the utility bill. So, it would be it's moving the work from one person to the other. Um, and it's probably taking less time to do the new way than it was to do the whole accounts payable process. >> Yeah. >> Is there any instances where builders
get have multiple? I mean, where somebody's building several homes, would they get all these credits and then sell the home? >> I'm not sure how they do that. When a developer builds a whole, >> I would assume it would be by by owner
of the address. So, until they sell it. >> I mean, if they own the property at that time, they would be eligible for the rebates. >> Um, >> cuz if they sell it right away, then is the homeowner now getting all the >> No, the homeowner would not. Okay. >> Nope. That wouldn't transfer. It would
still go to the And in that particular case, it probably would not go on a utility bill. It probably would go a check. >> Yep. >> It's probably >> We don't see a whole lot of those. Um mostly it's it's um residential people that are
>> filling. Yeah. >> And then one thing I I do want to mention um this does not apply to commercial or industrial you know because those typically are much larger. So um any industrial rebates will still be paid for by check.
I'll make the motion to approve proceeding with utility eco cip rebates under $1,000 as a utility bill credit. >> Second. >> Right. We have a motion and a second. Is there any further discussion?
If not, all in favor say I. >> I. I. >> I. >> Opposed? Motion carries. All right. Uh, replacement steam meters is next. You want me to do it? I thought you were >> I could do it. Yeah. Um yes. Um so this
is a receive an order filed also. Um and uh we have uh capital dollars in there 25,000 in the 2025 budget. Um what we want to do is because the steam system or the steam revenue is such a short
period of time. Um, if we find out that we have an issue with the steam meter, by the time we identify the issue and we go out and we find the parts, we probably have missed two or two or three months worth of revenue. Um, so we're looking to build up our uh inventory to
have these parts on hand so if we find an issue, we can just go ahead and um repair um the meter. We're also looking at going, you know, trying to go to more stainless steel type um items as well. So, um there is it is under budget and
um the total planned capital purchase was $25,000. >> No, that makes a lot of sense that it is a short season and if you miss out you're >> Yeah. It basically goes from November to to March. >> Yeah. >> So, >> very short window. Okay. Thank you.
>> Make a motion to receive an order filed the estimate from Flow Measurement Group for steam meter replacement parts in the amount of $24,840. I'll second that. >> Okay, we have a motion and a second. Um, is there any further discussion? If not, all in favor say I. I.
>> I. >> Opposed? Motion carries. >> Uh, next up is some lab equipment. >> Yeah, this um item also is a receive an order filed. Um, the item is in the 2025 budget and it is under budget for this
particular item. Um, this is for the replacement of a 2012 um lab instruments. Um the average useful life of these instruments is 7 to 10 years. So um it is due for replacement. It's the old instrument has become less
reliable and less consistent and it's um it must perform consistently and extremely reliable manner for the water department to achieve you know optimal water treatment and water quality. So it is a it is an important piece of equipment.
Okay, I'll entertain a motion on on that. >> I'll make a motion to receive an order filed the purchase of DR 3900. This is a good one here. >> Spectro toflo meter. whatever that is.
>> Photo meter >> from Hatch Company in the amount of $6,3568. >> I'll second them in a second. Um, is there any further discussion? >> Uh, if not, all in favor say I. >> I. >> I. >> Opposed? Um, motion carries. Next up is
a repair of elevator. So uh honorable commission uh we have a elevator in our water treatment plant and it has um started having some mechanical failures and this the the parts that that are failing on it now
are are pretty much the heart of the machine. We've been doing routine maintenance on this machine every year. Yearly inspections as required. Uh but now it's kind of re reached its end of its useful life and needs to have an update, have its heart replaced. So um
it's in the not something that we had planned on doing. Uh we weren't expecting this cost, but we do have some funds available. Um I did put the the budget uh count numbers uh in the memo there that uh can cover the cost of
this. Um it's expected to be about uh $27,000 to do this repair. Uh but they will re be replacing the the pump, the motor uh and pretty much all the hydraulic system on that. Um this also
led us to discover that uh there's a even more significant cost uh of a repair that'll have to be done in the next 5 years. Uh, and that I did finally receive an estimate on that the other day and it's close to $100,000 for that
repair. Um, and we will put that in the 2027 budget. So, >> okay. >> Is this MEI elevator then that they're >> Yes. Okay. It's one of their own. Yeah. >> Yep.
Make a motion to approve and authorize city manager to sign quote for the repair of the elevator and the water treatment plant per quote received from MEI in the amount of $27,17160. >> I'll second. >> All right, we have a motion and a second. Um, is there any further
discussion? If not, all in favor say I. >> I. I. >> Opposed? >> Motion carries. Next up, we're going to talk about some wells. Uh, let's start with number 15. So, uh, all of our wells, um, we should be doing routine maintenance on them,
rehabilitation work on them. Um, and we should be doing that about every 5 to 10 years based on, uh, the performance of the well. Uh, we have seen some significant uh, production loss in the wells that we're discussing tonight. And, uh, they are all in need of, uh,
some rehabilitation work. um some of them because they have not been looked at since approximately 1994. So, um we're not sure what we'll discover when we do start pulling them apart, but uh we do have some budgeted
amounts in our our 2026 budget for these. uh it's before you tonight so that we can move forward um on this almost immediately here after the first of the year so that uh we can avoid any
potential flooding issues that we might run into when we're working out there in the well field. Um we would ask that the work be completed before March 15th uh so that uh we can avoid those um
potential flooding issues. So, >> have most of them been not looked at since 93 or is just a few? >> They've been looking at uh multiple years and and over the past few years I think they've started getting uh aggressive here under the under the
engineers supervision the last couple years. Um but these these three that are kind of in the same area by themselves uh really haven't been looked at since 9394. The rest of them I think there's been
you know some some type of work done to them um and some investigation to them but uh these three have been >> as a footnote we kind of started with prior prioritizing the bigger producing wells first and these were some of the
smaller wells. So we concentrate on where we got the most water to start with. >> Yeah. Looks like there's some benefit if it pays off if you've we've lost that much. >> Well, I think yeah, it's important also to um get this done right away because we do have well 22 and 23 that's going
to be going down in the August of next year. And so to get these wells up and running and get um good water out of them um will help to meet the needs uh when 22 and 23 are down also. >> Oh, that makes sense. Will these be done
by the time they start work on >> Yeah. >> the other two? >> Yeah, the intent is to have them done by um the end of March. >> No, that makes sense to me. All right. I'll entertain a motion on the rehab 15. I'll make the motion to authorize the city manager to accept the quote from
Schaefer Well Company to perform rehabil rehabilitation, rejuvenation maintenance on well 15 in the amount of $50,838.79. >> I'll second that. >> All right, we have a motion and a second. Um, is there any further discussion? If not, all in favor say I.
>> I. >> I. Opposed? >> Motion carries. Uh, next up is well 24. Well, 24 is on the same pad as 15. Um, so that that is in the same situation where it is um hasn't been looked at
since 9394. So, >> so same same thing. Okay. I'll I'll make a motion to authorize the city manager to accept the quote from Schaefer Well Company to perform rehabilitation and rejuvenation maintenance on well 24 in the amount of
$44,957.50. Second. >> All right. Motion in a second. Is there any further discussion? If not, all in favor say I. I. >> Opposed? Motion carries. Uh looks like we're on to well 25 now. >> Well, 25 is again on the same pad as uh
15 and 24. Same situation. Hasn't been looked at since 9394. >> Okay. I'll make the motion to authorize the city manager to accept the quote from Schaefer Well Company to perform rehabilitation and rejuvenation
maintenance on well 25 in the amount of $50,122.79. >> Second. All right, we have a motion and a second. Is there any further discussion? If not, all in favor say I. >> I. >> Opposed? Uh motion carries. And then
lastly, we've got ll 26 is the last one in list. >> Lel 26 is uh away from these other three. U last looked at in 2023. Uh but we have seen a significant drop in production on that one. Um we had an
emergency repair of a well uh 21 here over in September. um and that we're concerned that maybe the piping is the same uh piping that was installed in 2021 which was uh um the failure of that whale that well
there were holes that were in the side of the the pump pipe. So, uh, we want to look at that again, see if it's a if it's possibly the pipe that's the problem or it could be, uh, iron bacteria that could be in that well as So, we're going to to take a look at
that and see if we can, um, get that well producing again. Okay. Um, I'll make the motion to authorize the city manager to accept the quote from Schaefer Well Company to perform rehabilitation and rejuvenation
maintenance on well 26 in the amount of $47,438.71. >> Second. >> All right, we have a motion and a second. Is there any further discussion? If not, all in favor say I. >> I. I. >> Opposed? Motion carries. Uh the next item is the power plant to center street
tie. >> Yeah. Good evening. Um city engineering is looking at rebuilding first street north right in front of the PUC and the power plant in front of EMPI there in 2028. That is where all our critical
infrastructure is especially for electric going from the power plant to the center street substation. This would also include the controls for running the jets and stuff. So the idea here is a lot of this infrastructure was put in in late 80s early 90s. This is the one
chance where tops coming off. We're looking just to assess everything, see if we need to rebuild some manholes, need to redo some duck work. Do we have adequate uh feeder ties for the electrical and adequate conduit and
communication cabling going back and forth to look into the future? You know, this has worked great for 40 years. Well, now it's time to look for the next 40 years. So, and the project's in 28. This gives us time to do some modeling
and order something. And some of the things have crazy long lead time. So if we have to order hardware, we've got time. >> And that's what most of this is just modeling and review at this point. >> Yeah. This is just the assessment. This is no hardware. This is just looking at everything, making sure we're doing our
planning phase on it. >> That makes sense. >> So it's just beneficial while the while they're redoing the road to get in there. then we don't have to patch the road, you know, not cutting up a new road. Just taking the opportunity when it's being presented to us.
>> Sure. But if you had to fix it, then you got to again, right? Or >> so we would fix it in in the project. >> Okay. >> When it's tore apart, we'd try to coordinate, put the duck work in. And as a footnote, I know the steam department is getting some quotes for looking at the steam pipe and stuff like that,
which will come to you at a later time. Okay. So the design of this road would be by city engineering and so they want to have you know we want to do our due diligence prior to them starting design. >> Sure. >> For that project. So
>> that's why it's so much earlier than when than the actual project. >> That makes sense. >> Okay. I'll make a motion to authorize the city manager to accept the proposal from Power System Engineering Incorporated
for the evaluation of the power plant to the Center Street Substation TAI in the amount of $15,000. >> Second. >> Right, we have a motion and a second. Um, is there any further discussion? If not, all in favor say I.
>> I. I. >> Um, opposed? Motion carries. Uh, next up we have a Metro Tech locator. >> Yeah, the commissioners as part of the WSB project in assessing our GIS, we
asked them to look at the right technology to be incorporated into EZRI, which is our GIS provider. The idea here is um rather than having a basically two-step process for locating and GPSing
everything because currently everybody goes out locates and they'll come back with the GPS locator and take their shots. Now they can all do that with one trip with the Metro Tech. It's built right into it. So you can locate, drop your point, just keep going. So there
should be a significant time savings and this will allow us to keep working towards updating our GIS and get everything in the system be good. And this is all the parts that they need, cases, everything ready to go to
work. All right. I'll make the motion to authorize the city manager to accept the quote from Utility Logic for two Vivex Metro Tech locators in the amount of $26,95.
>> I'll second that. >> All right, we have a motion and a second. Is there any further discussion? If not, all in favor say I. I. >> I. Opposed. >> Motion carries. Um, next up is our report of claims. I'll make the motion to accept the list
of claims paid in the amount of $4,169,42954. >> Second. >> All right, we have a motion and a second. Um, is there any further discussion? If not, all in favor say I. >> I. >> Opposed? Motion carries. Um, next up for
the next item, the agenda addendum is I need a motion to suspend the rules for action on the addendum. So, I need a motion for some from somebody. If not, can I make the motion or >> he just needs a motion to suspend the rules so we can go ahead with the addendum? I
>> make that motion to suspend the rules. Okay, have a motion to second. Is that all we need? Do we need an all in favor? I did. Well, I found this, right? That's what we need. >> You have it. >> This one. >> Oh, yeah.
>> Oh, I got to go back. I don't. All right. The uh next item on the addendum agenda is the utilities director offer of employment. >> All right. Thank you, Commissioner Shauna Boomgard, human resources director. So, we before I move into the agenda item, I just want to take a
moment to acknowledge Chris. I'm going to try to get through this. So, um so today is her final PUC meeting after 32 years of service. Um it feels important to pause and recognize what that truly means. Um I have had the privilege of working with Chris for the past 10 and a
half years and even more closely since she stepped into the utilities director role in 2019. Chris has been steady, thoughtful, and a dedicated leader. She brings an incredible depth of knowledge, but just as important, she leads with integrity, fairness, and she has a
genuine care for both her staff and the community. I've learned a great deal from her over the years, both professionally and personally. And I'm very grateful for the trust and partnership we've shared. Um, this agenda item represents a transition, but it also reflects the strong foundation
Chris has built because of her leadership. The utility is a very strong position moving forward. So, Chris, thank you for your years of service, your mentorship, and your friendship. Um, you'll be greatly missed and we wish you nothing but the best for your well- earned retirement. So, thank you.
Okay. So, with that said, I am very excited also to share that Brett Fleck has accepted the offer to be become our next utilities director. Um, Brett is originally from New. He graduated from Minnesota State University, Mano with a
degree in economics and later earned a master of science in agricultural and resource economics. Brett began his career as a finance manager with Dish Network, then worked for the Arizona Municipal Water Users Association as a water policy adviser. He currently
serves as the water resources manager for the city of Poria, Arizona, which has a population of approximately 192,000. We are very excited to have Brett join the public utilities commission, and he is equally excited to return to his hometown. Brett's start
date will be March 16th. So, at this time, I'm just requesting the commission's approval to appoint Brett Fleck as our next utilities of director um effective March 16th. >> I'll make the motion to approve the appointment of Brett Fleck as in the
position of utilities to director effective March 16th, 2026. >> Second. >> All right, we have a motion and a second. Is there any further discussion? If not, all in favor say I. >> I >> opposed. And the motion carries. Um and
that would be about it. Do we have any additional comments from our commissioner? Otherwise, we'll commissioners otherwise we'll adjourn. >> All right. Meeting is adjourned. Thank you everybody. >> Thank you.