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MARCH, THURSDAY,[ CITY OF BAYTOWN NOTICE OF MEETING BAYTOWN FINANCE COMMITTEE THURSDAY, MARCH 23, 2026 4:00 P.M. BAYTOWN CONFERENCE ROOM, CITY HALL 2401 MARKET STREET, BAYTOWN, TEXAS 77520 AGENDA CALL TO ORDER AND ANNOUNCEMENT OF QUORUM ]
MARCH THE 23RD.UM, AND IT IS 4:03 PM WE'RE STARTING THE BAYTOWN FINANCE COMMITTEE.
WE'RE AT THE BAYTOWN CONFERENCE ROOM 24 0 1 MARCUS STREET.
AND, UM, CALLS THIS MEETING TO ORDER AN ANNOUNCEMENT OF QUORUM.
AND THE FIRST ITEM IS THE CITIZEN COMMENTS.
UM, DO WE HAVE ANYONE HERE PROVIDING CITIZENS COMMENTS? NO, MA'AM.
[a. Consider the approval of minutes of the Finance Committee Meeting held February 12, 2026.]
ITEM TWO A IS OUR MINUTES.CONSIDER THE APPROVAL OF MINUTES OF THE FINANCE COMMITTEE MEETING HELD FEBRUARY THE 12TH, 2026.
UM, WERE THERE ANY QUESTIONS ON THE MINUTES? CAN THEY APPROVE THE MINUTES? THEY, WELL, I GUESS LAURA, YOU'D BE THE ONLY ONE THAT CAN APPROVE THE MINUTES.
WE WILL BE THE ONLY ONE APPROVING.
THERE'S REALLY NOT A QUORUM FOR THAT.
YEAH, IT'S HAPPENED BEFORE WITH COUNSELS THAT COME IN AND THAT SORT OF STUFF.
I MEAN, AS LONG AS THERE'S NO OBJECTIONS, YOU CAN STILL, WE CAN STILL APPROVE IT.
WELL I HAD TO, I WANNA SAY THAT SOMEBODY APPROVED EVERYTHING Y'ALL, I KNOW I HAD NO QUESTIONS OR COMMENTS.
UM, BUT, YOU KNOW, WE HAD JACOB HERE AS OUR PAST CHAIR, INCLUDING, UM, UH, KEN GRIFFITH.
AND SO I DON'T HAVE ANY OTHER QUESTIONS.
UH, I DON'T THINK THAT THEY WOULD EITHER, 'CAUSE THEY WENT THROUGH PRETTY EARLY, UM, HEARING THE COUNCIL DURING THE FINANCE MEETING.
SO I GUESS IF THERE ARE NO OTHER QUESTIONS, UM, I WILL APPROVE THE MINUTES.
[a. Receive the City of Baytown Annual Comprehensive Financial Report for the fiscal year ending September 30, 2025.]
TO REPORT THREE A, RECEIVE THE CITY OF BAYTOWN ANNUAL COMPREHENSIVE FINAL REPORT, A FINANCIAL REPORT OF THE FISCAL YEAR ENDING SEPTEMBER 30TH, 2025.UM, SO I'M HAPPY TO ANNOUNCE WE'RE PRESENTING THE DRAFT OF THE ANNUAL FINANCIAL REPORT, BUT I DO WANNA MAKE A NOTE THAT THIS DOES NOT INCLUDE THE SINGLE AUDIT, SO WE WOULD HAVE TO BRING THAT BACK TO YOU.
THAT'S SOMETHING WE HAVEN'T DONE IN THE PAST.
UM, THE DEADLINE FOR THE SINGLE AUDIT, WHICH IS COMPLIANCE WITH OUR GRANTS, IS DUE IN JUNE.
SO WE'LL BRING THAT BACK TO YOU BEFORE THE END OF JUNE, UM, SO THAT WE CAN STAY IN COMPLIANCE.
SO WHAT YOU'RE RECEIVING TODAY WOULD BE THE ANNUAL AUDIT FOR THE CITY THAT'S DUE BY THE 27TH OF THIS.
UM, AND WE HAVE STEVEN SMITH HERE FROM WEAVER AND TIDWELL.
UM, HE HAS A PRESENTATION TO GO OVER THE AUDIT RESULTS.
CAN WE PRACTICE? THIS IS, DO YOU WANNA GO AHEAD? NO, I MEAN, THIS IS OUR FIRST AUDIT.
THIS IS OUR FIRST AUDIT IN BEFORE MARCH IN, OH, BEFORE THE END OF MARCH? MM-HMM.
AND I WAS LIKE, THEY WERE LIKE, HOLD ON MY BIRTH MEETING.
I WAS LIKE, WHY ARE WE
I WAS LIKE, YEAH, NOW WE'RE PRAYING THIS IS A DIFFERENT KIND MEETING.
THIS, THIS IS NEW STATE REQUIREMENT, UM, THAT WE DO ALL OF OUR AUDITS AND, UM, BOTH SINGLE, WELL, THE SINGLE WE HAVE UNTIL JUNE, BUT THE COMPREHENSIVE, THERE WAS A NEW DEADLINE TO HAVE IT IN MARCH.
UM, AND SO THIS WILL BE THE FIRST TIME THAT WE DO IT.
BRAIN FOR, WE'RE TRYING TO FIX IT FOR SO LONG.
THIS IS THE FIRST TIME THAT, UM, THERESA AND HER TEAM HAVE BEEN ABLE TO GET EVERYTHING, UH, ORGANIZED AND CATCHING UP ON THINGS, UM, AND GETTING IT PRESENTED TO COUNCIL BEFORE THE END OF MARCH, WHICH IS A MASSIVE, WHEN I THINK WAS NOT LAST YEAR, BUT THE YEAR BEFORE LAST WAS 18 MONTHS LATE.
UM, YOU THINK ONE WAS OCTOBER, IT WAS ONE CLOSE TO OCTOBER, YES.
SHE'S BEEN, HER AND HER TEAM HAVE BEEN DOING A LOT OF CATCH UP WITH, WITH STUFF.
AND SO, AND THEN HE'S JUST GONNA TAKE CREDIT FOR IT.
SO, DO WE EXPECT ANY CHANGES? I I, I DON'T WANNA JUMP AHEAD, UM, FROM YOUR PRESENTATION, BUT DO WE EXPECT ANY CHANGES? SO PROBABLY VERY SMALL TECHNICAL COSMETIC STUFF.
THE, THE NUMBERS THAT YOU SEE INSIDE HERE.
AND SO WHAT WAS GIVEN ON, UH, MONDAY OR TUESDAY? I THINK THERE MIGHT HAVE BEEN ONE OR TWO SMALL ADJUSTMENTS, LIKE BETWEEN THAT VERSION AND WHAT'S INCLUDED HERE.
THEN WHAT? WE'LL, UH, IT'S BEEN UPDATED IN THIS PRESENTATION, SO THERE WON'T, THERE'S NOT ANY DAYLIGHT BETWEEN, UH, WHAT'S CURRENTLY IN HERE AND IN THE PRESENTATION TODAY.
UM, WE'RE NOT EXPECTING ANY CHANGES TO THE NUMBERS BETWEEN NOW AND, UH, WHEN EVERYTHING IS FINALIZED.
MAYBE A FOOTNOTE MIGHT GET REPHRASED OR SOMETHING LIKE THAT, BUT WE'RE NOT EXPECTING ANYTHING, UH, THIS POINT.
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REVIEWING IT TODAY, AND THEN IT'LL BE ADOPTED LATER OR ACCEPTED LATER DURING THE COUNCIL MEETING.UM, IF IT'S NOT GONNA BE FINALIZED UNTIL AFTER THAT, ARE WE STILL OKAY.
'CAUSE WE'RE NOT GONNA SEE THE FINAL PRODUCT? YEAH.
SO, UH, SENATE BILL JUST SAYS THAT YOU HAVE TO HAVE THE FINAL DRAFT, THE FINAL VERSION IN THE CITY CLERK'S OFFICE BY THE END OF THE MONTH.
SO WE KNOW THAT THE FINAL WILL BE PRESENTED, PROVIDED TO US BY THEN.
ALL THINGS OFF THAT, UH, SPACE BAR, WE GET YOU THERE.
UH, WELL, UH, AS ALSO AS JASON SAID, DEFINITELY APPRECIATE THERESA AND, UH, ALL OF HER TEAM WORKING REALLY HARD TO GET US HERE TODAY.
UH, DEFINITELY APPRECIATE ALL THE HARD WORK.
UM, AND THEN KIND OF GOING INTO THE AUDIT PROCESS.
UH, SO AS FAR AS THE AUDIT THAT WAS PERFORMED, IT WAS PERFORMED IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS AS WELL AS GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS.
UM, THE AUDIT, WE USE A RISK-BASED APPROACH WHERE WE'LL FOCUS ON INTERNAL CONTROLS, UH, AS WELL AS TESTING FOR COMPLIANCE REQUIREMENTS.
SOME OF THOSE INTERNAL CONTROLS INCLUDE OVER THE PAYROLL AND CASH VERSUS PROCESS, AS WELL AS GETTING UNDERSTANDING OF THE DIFFERENT, UH, MAJOR BUSINESS PROCESSES AS FAR AS, UM, FIXED ASSETS, UH, CASH RECEIPTS, UTILITY BILLING, THINGS LIKE THAT.
UH, AND THEN, UH, WE WILL ALSO PERFORM SUBSTANTIVE TESTING OVER AT, UH, ONCE THE YEAR IS DONE.
UH, AND THEN THE ACCOUNT BALANCE HAS BEEN FINALIZED.
WE'LL, WE'LL, UH, PULL SAMPLE SELECTIONS, DO ANALYTICAL PROCEDURES, UH, FLUCTUATION ANALYSIS, UM, TO TEST THE, UH, YEAR END ACCOUNT BALANCES.
UM, AND THEN, UH, AND INCLUDED INSIDE THE REPORT ARE, UH, ARE OPINION ON THE FINANCIAL STATEMENTS AS WELL AS, UH, COMPLIANCE.
AND THEN, SO HERE, GOING INTO THE RES THE RESULTS IN THE, IN THE DRAFT HERE IS, IS IS THAT WE HAVE A UNMODIFIED OR A CLAIM, UH, OPINION THAT THE FINANCIAL STATEMENTS ARE FREE OF MATERIAL MISSTATEMENT, UH, UM, FAIRLY PRESENTED.
UM, AS FAR AS ON THE INTERNAL CONTROL SIDE IS, IS IS THAT THERE WAS, UH, A FINDING IN THE PREVIOUS YEAR'S FINANCIAL STATEMENTS THAT WERE, UM, IT'S GETTING, IT'S GETTING BETTER
UH, AS FAR AS, UH, AFTER STARTING THE AUDIT, WE, WE'LL, WHAT WE MAY HAVE NOTICED, A FEW ACCOUNTS THAT MAY HAVE NEEDED TO HAVE BEEN ADJUSTED, UH, WHILE WE WERE PERFORMING PROCEDURES.
UM, THAT MANAGEMENT HAS SINCE CORRECTED AND UPDATED.
SO, UH, THERE'S NOT ANY, UH, ANYTHING THAT'S BEEN IDENTIFIED THAT HAS NOT BEEN CORRECTED.
UH, AND THEN AS FAR AS ON COMPLIANCE, THERE WAS NO INSTANCES OF NON-COMPLIANCE, UH, MATERIAL TO THE FINANCIAL STATEMENTS.
UH, AND THIS IS GOING OVER, UH, WHAT WE WERE JUST SPEAKING ABOUT.
UM, AND THEN AS WELL AS, UH, THE CITY'S CORRECTIVE ACTION PLAN GOING FORWARD TO SEE IF, UH, BE ABLE TO, UH, REALLY, UH, REMEDY THE FINDING.
AND THEN, DID Y'ALL HAVE ANY QUESTIONS OVER, UH, ANY OF THAT INFORMATION BEFORE GOING OVER TO THE HIGHLIGHTS? NO.
UH, AND THEN, SO THIS IS A COMPARISON YEAR OVER YEAR BETWEEN, UM, WHAT'S CONSIDERED GOVERNMENTAL AND BUSINESS TYPE BUSINESS ACT BUSINESS TYPE ACTIVITIES ESSENTIALLY IS YOUR WATER AND SEWER FUND, UH, DRAINAGE, UH, THINGS, THINGS LIKE THAT, UH, SEPARATE FROM MORE OF THIS GENERAL GOVERNMENTAL SERVICES.
UM, AND THEN, SO LET'S SEE, UH, AS FAR AS YEAR OVER YEAR, YOU'LL SEE FOR YOUR CURRENT AND OTHER, UH, ASSETS, THAT THERE WAS ABOUT $103 MILLION INCREASE YEAR OVER YEAR.
THAT WAS LARGELY DUE TO THE CERTIFICATES OF OBLIGATIONS THAT WERE ISSUED, UH, DURING THIS CLEAR 25.
UH, AND THEN FOR THE FIXED ASSETS, UH, $18 MILLION INCREASE IN THE CITY'S INVESTMENTS AND, UH, UH, INTO CAPITAL ASSETS DURING THE YEAR, UH, LONG-TERM LIABILITIES, YOU'LL SEE THAT THAT, UH, INCREASE SIGNIFICANTLY RELATED TO THE CERTIFICATES THAT WE WERE MENTIONING ABOUT A $65 MILLION INCREASE THERE.
UH, AND THEN FOR THE YEAR, UH, AND I'M LOOKING MOSTLY AT THAT 25 TO 24 COLUMN ON THE FAR RIGHT, UH, AND THEN, SO WE ENDED THE YEAR $636 MILLION IN, UH, ENDING THAT POSITION BETWEEN GOVERNMENTAL AND, UH, BUSINESS TYPE.
I WAS GONNA SHOW A BREAKDOWN IN THE NEXT SLIDE AS FAR AS OVER THE LAST TWO YEARS AS FAR AS, UH, THE GENERAL OBLIGATION THAT BETWEEN GOVERNMENTAL AND BUSINESS TYPE, UH, YOU'LL SEE YEAR OVER YEAR, UH, FROM 24 TO 25, UH, THAT THERE WAS ABOUT A $2.5 MILLION INCREASE.
UH, AND THAT WAS LARGELY DUE TO, UH, THE NET DIFFERENCE OF THE DEBT SERVICE PAYMENTS THAT WERE MADE DURING THE YEAR, AS WELL AS THE NEW CERTIFICATES,
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UH, RELATED TO GOVERNMENTAL ACTIVITIES THAT WERE ISSUED.UH, SAME ON THE BUSINESS TYPE ACTIVITIES.
THERE WAS ABOUT, UH, $59.3 MILLION INCREASE HERE EVERY YEAR.
AND YOU'LL SEE THAT THAT WAS, THE CERTIFICATES THAT WERE ISSUED WERE MUCH MORE LARGELY, UH, FOCUSED ON BUSINESS TYPE ACTIVITIES.
SO THAT'S WHY YOU SEE THAT NUMBER INCREASING, UH, A LOT MORE ON, ON THAT SIDE.
I KNOW THIS IS LOOKING, UM, OVER THE LAST THREE YEARS FOR THE GENERAL FUND AS FAR AS REVENUES AND EXPENSES, UH, AS WELL AS FOR FUND BALANCE.
SO YOU'LL, YOU'LL SEE, UM, YEAR OVER YEAR THAT THERE WAS A $5 MILLION INCREASE IN, IN REVENUES.
SO FROM ONE 34 MILLION TO 140 MILLION, UM, CURRENT YEAR EXPENSES INCREASED BY ABOUT 6 MILLION A HUNDRED, 1 35 0.9 MILLION THERE.
UH, AND THEN YEAR OVER YEAR ABOUT A $7.2 MILLION INCREASE IN TOTAL FUND BALANCE.
AND C AS FAR AS FOR UNASSIGNED, UH, FUND BALANCE HAS A PERCENTAGE OF EXPENSES, ABOUT SEVEN 27% OF THE, UH, ANNUAL EXPENSES, UH, IN THE COMPARISON TO FUND BALANCE THERE, OR, UH, UNASSIGNED FUND BALANCE.
HERE'S A COMPARISON AS FAR AS, UH, THE FINAL BUDGET TO ACTUAL RESULTS FOR THE GENERAL FUND, YOU CAN SEE THAT, UH, WHAT WAS BUDGETED ON THE REVENUE SIDE ABOUT A HUNDRED, 1 29 0.7 MILLION WAS, UH, FOR THE REVENUE BUDGETED COMPARED TO 140 MILLION ACTUAL, UH, FOR EXPENSES, 141 MILLION, 1 41 0.7 MILLION OF BUDGETED EXPENSES COMPARED TO 1 35 0.9 OF ACTUAL.
UH, AND THEN AS FAR AS WHAT WAS BUDGETED FOR THE TRANSFERS, THOSE, THOSE, UH, EVERYTHING THAT WAS BUDGETED FOR TAKING PLACE.
SO THERE WASN'T, UH, ANY DIFFERENCES THERE TO SHOW AS FAR AS, UH, A $16 MILLION DIFFERENCE BETWEEN THE BUDGETED, UH, RESULTS TO THE ENDING YEAH.
SO WE SAVED MONEY AND GOT MORE MONEY AND THAN WE EXPECTED.
UH, AND THAT'S PRETTY MUCH IT IN A NUTSHELL.
UH, IS THERE'S ANYTHING ELSE AS FAR AS, UH, EITHER AT THE BEGINNING OR OVER THE HIGHLIGHTS THAT I COULD COVER OR ANY OTHER QUESTIONS THAT Y'ALL MIGHT HAVE? CAN YOU GO BACK TO THE DEPOSITION? YEAH.
SO YEAH, TOTAL ASSETS, 1.1 BILLION, RIGHT? MM-HMM
THAT'S EVERYTHING THAT THE CITY HAS CONTROL OF.
I POINT THAT OUT JUST 'CAUSE WE OFTEN SAY JUST GENERAL FUND IS THE NUMBER THAT WE FOCUS ON FOR THE CITY OF 140 MILLION, BUT TOTAL ASSETS ARE 1.1 BILLION.
UM, IT'S A VERY LARGE ORGANIZATION, RIGHT? AND SO THERE'S A LOT OF MONEY AT PLAY AND IT'S JUST CONTEXT REALLY IS ALL, I'M TRYING TO, TO PULL IT OUT AND, BUT TO YOUR POINT, IT IS SPENDABLE AND NON SPENDABLE STUFF, BUT IT'S STILL A VERY BIG ORGANIZATION, RIGHT? SO YEAH, YOU, YOU SEE OF THAT 1.1 BILLION OF ASSETS.
SO YOUR ASSETS ARE MADE UP OF, UH, WHAT YOU OWN AND WHAT, WHAT PRETTY MUCH YOUR LIABILITIES.
AND SO OF, OF THAT 1.1 BILLION THERE, UH, 6, 630 6 MILLION OF IT IS, UH, STUFF THAT YOU'VE ESSENTIALLY, IF IT'S LIKE FIXED ASSETS OR IF IT'S RESTRICTED FOR OTHER PURPOSES, THAT'S WHERE YOU SEE IN THAT NET POSITION, TOTAL NUMBER DOWN THERE.
AND THEN THE OFFSET IS, IS ESSENTIALLY, UH, YOUR BONDS AND OTHER LONG-TERM LIABILITIES SUCH AS THE NET PENSION LIABILITY, UH, AS WELL AS THE OTHER, UH, OTHER POST EMPLOYMENT BENEFITS FOR RELATED TO HE HEALTHCARE AND THINGS LIKE THAT.
CAN YOU GO TO UNASSIGNED? YES.
UH, UNASSIGNED AS FAR AS THIS HERE? YES.
THERE'S ACTUALLY A, UH, DETAILED SCHEDULE IN HERE OF JUST THE GENERAL FUND.
UH, I CAN GIVE YOU THE PAGE NUMBER IF, UH, IT WON'T, IT WON'T TELL YOU THE, DEPENDING ON WHAT INFORMATION YOU'RE WANTING TO LOOK AT.
UH, WHAT'S THAT OPERATING? WHAT'S THAT? ARE YOU LOOKING AT THE DAYS OF OPERATING OR YEAH, I'M LOOKING AT YES.
AND, AND LOOKING AT THE STANDARD, TRYING TO FIND SOME KIND OF RELATABLE PIECE FOR, FOR STAFF AND FOR COUNSEL WHERE IT'S A, IT MEANS SOMETHING A POSITIVE.
SO A LOT OF TIMES YOU'LL SEE THAT, UH, DIFFERENT CITIES WILL ADOPT DIFFERENT POLICIES
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RELATED TO WHAT THEY EXPECT TO SEE IN THEIR GENERAL FUND UNASSIGNED FUND BALANCE.SOMETIMES YOU'LL SEE THAT THEY'LL ASSIGN A NUMBER OF DAYS, SOMETIMES THEY WANT A PERCENTAGE IN THERE.
IF THEY WANT 20% OF UNASSIGNED OR IF THEY WANT ASSIGN A A A NUMBER OF DAYS, THEY MIGHT SAY, WE WANT TO GET ANYWHERE BETWEEN 90 TO 120 DAYS.
THIS IS FIVE 103, SOMEWHERE AROUND THERE, SOMEWHERE 36 OR THE, THE 36, 36 0.2 TOTAL IS 37.
THE TOTAL FUND BALANCE, THE 37.7 IS CLOSEST TO THE 1 0 3, 1 0 5.
AND RESETTING IS, IS THE POINT.
ANY QUESTIONS? JUST WANTED TO MEAN SOMETHING.
THERE'S A LOT TO THIS, THIS, UH, REPORT HERE.
AND THE 1 0 3 IS A LITTLE HIGHER THAN WHAT I THINK AS, AS A COUNCIL WE WERE STRIVING FOR.
UM, BUT THAT'S STILL A GOOD THING BECAUSE WE'VE MADE A LOT OF SAVINGS THROUGHOUT THE YEAR AND, UM, WE STILL HAVE A FEW MONTHS LEFT, RIGHT.
SO WE'LL SEE HOW MUCH THAT DROPS DOWN.
UM, MOVING FORWARD, UM, WHAT WILL BE THE EXPECTATION IN TERMS OF GETTING US A FINAL? BECAUSE I KNOW WITH THE NEW STATE REGULATIONS, UM, STAFF WORKED REALLY HARD, SO THANK YOU STAFF, EVERYONE, UM, WHO WORKED REALLY HARD IN GETTING ALL OF THE MATERIALS TO, TO Y'ALL.
UM, I THINK IT WAS WHAT, OCTOBER THERE, DECEMBER, SEPTEMBER.
UM, THAT SHE GOT ALL OF THE DOCUMENTS AND EVERYTHING ELSE THAT YOU NEEDED FOR THE AUDIT.
AND SO DO YOU FORESEE ANY SETBACKS IN THE FUTURE? IS THAT ENOUGH TIME FOR YOU TO BE ABLE TO PRESENT A FINAL DRAFT, UM, TO US INSTEAD OF JUST A DRAFT? OH, UH, SO YEAH.
WE'LL, OR A FINAL COPY, EXCUSE ME, FINAL COPY, RIGHT.
SO THE, THE DRAFT HAS GONE THROUGH, UH, ALL THE REVIEW, WE'RE JUST FINISHING UP THE, THE LAST BITS AND PIECES, BUT IT SHOULD BE READY IN THE NEXT FEW DAYS.
UH, DEF DEFINITELY IN TIME FOR THE END OF THE WEEK, DEADLINE TO SUBMIT TO THE, THE CLERK'S OFFICE, SO.
AND I THINK STAYING IN LINE WITH WHAT WE HAVE LIKED TO SEE IN THE PAST, HAVING BOTH THE COMPREHENSIVE AND THE SINGLE AUDIT TOGETHER.
THAT WOULD BE GOOD TO SEE YOU MOVING FORWARD.
I DON'T HAVE ANY OTHER QUESTIONS.
CAN WE DO THAT? BEEN DOING IT? I MEAN, WE HAVE IN THE PAST WE HAVE RIGHT, RIGHT.
NO, WE, UH, WE HAD MADE THE CHOICE OR THE FORK IN THE ROAD MAYBE A MONTH OR SO AGO WHEN WE WERE SEEING THAT WE WANTED TO MAKE SURE WE WERE, UH, IN LINE TO BE ABLE TO MEET THE MARCH DEADLINE, UH, SINCE THERE WAS, UH, SOME ROOM FOR THE SINGLE LOT OF DEADLINE.
SO THAT'S GONNA TAKE OUR TURNING FROM THIS, WE GOING IN THE NEXT FEW WEEKS OR OUR FOCUS WILL TURN BACK OVER TO, TO FINISHING OUT THE SINGLE AUDIT.
[b. Receive the City of Baytown Debt Policy.]
SO WE WILL MOVE FORWARD TO ITEM THREE B AND IT'S TO RECEIVE THE CITY OF BAYTOWN DEBT POLICY.SO, UM, YOU SHOULD HAVE THE NEWEST VERSION OF THE POLICY IN YOUR, UM, HANDOUT.
AND I WAS GOING TO PROVIDE A RED LINE VERSION, BUT IT WOULD'VE JUST BEEN ALL RED BECAUSE I CHANGED QUITE A BIT OF THE VERBIAGE, EVEN THOUGH THE PRINCIPAL CONCEPTS OF WHAT WE'RE DOING DID NOT CHANGE, EXCEPT FOR, UM, LET ME GO TO THE PAGE THAT WE DISCUSSED, UH, BALLOON PAYMENTS ON PAGE PAPER.
DID YOU WANT SARAH TO READ THIS FOR US OUT LOUD? YEAH, OUR FIRST MEETING SO THAT WE CAN GO THROUGH IT.
SO WHAT, SO WHAT I DID GO FOR IT.
SO WHAT I DID IS PASS BECAUSE IT WOULD BE, UH, IT WOULD'VE BEEN TOO MUCH RED LINE.
WHAT I PROVIDED THEN IS THE OLD POLICY.
YOU SHOULD SEE THAT COPY UNDER THE AUDIT.
I WANT TO SAY THE AUDIT CODE THERE.
I PROVIDED THE OLD COPY AND THE NEW COPY TO ALLOW FOR YOU AND COUNCIL MEMBER FRANCO TO REVIEW THEM BOTH TO SEE IF YOU HAVE ANY QUESTIONS.
AND THEN WE CAN TALK ABOUT IT AGAIN AT THE APRIL MEETING INSTEAD OF YOU HAVING TO GO THROUGH ALL OF THAT
BUT FOR THE MOST PART, THE ONLY THING THAT WE TALKED ABOUT CHANGING WAS ADDING THE BALLOON PAYMENT.
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IF IT WAS BENEFICIAL TO THE CITY, THE CAPITALIZED INTEREST, IF IT'S BENEFICIAL.AND THEN WE ADDED, UM, SOME GLOSSARY TERMS, UM, MORE THAN WHAT WE HAD.
WE ONLY HAD TWO IN THE ORIGINAL POLICY, SO WE ADDED A FEW MORE TO HELP EXPLAIN SOME OF THE TERMINOLOGY IN THERE.
AND THEN I JUST FIGURED WE CAN REVISIT IT AT THE NEXT MEETING.
THAT WAY IT'LL GIVE THEM TIME TO IT AND I'LL MAKE SURE WHEN HE COMES TO THE COUNCIL MEETING TO GIVE HIM THAT COPY.
YOU SURE YOU DON'T WANNA READ IT OUT LOUD? NO, I WAS, I MEAN, WE'RE HERE FOR YOU.
LIKE MY FIRST DAY OF CLASS, I HAVE MY HOMEWORK.
YOU, WHEN YOU READ IT OUT LOUD, IT'S WHEN IT, YEAH.
I PROMISE TO READ IT OUT LOUD AT SOME POINT.
NO, MY DAD WOULD'VE HAD ME WRITE IT OUT THREE TIMES.
UM, SO WITH THAT, WE HAVE COVERED ALL OF OUR AGENDA ITEMS AND THIS MEETING IS ADJOURNED AT 4 24.