[A. CALL TO ORDER]
[00:00:05]
>> IT'S MAY 13TH, 2024, SPECIAL BOARD MEETING IS NOW CALLED TO ORDER.
A QUORUM IS PRESENT. DR. STENSON,
[B. FIRST ORDER OF BUSINESS]
PLEASE CONFIRM THAT THE MEETING WAS DULY CALLED AND A NOTICE OF THIS MEETING WAS POSTED IN ACCORDANCE WITH TEXAS OPEN MEETINGS ACT.>> YES, MR. DAVIS, WE DID POST AND ADVERTISE THIS MEETING IN ACCORDANCE WITH THE LAW.
>> AT THIS TIME, WE'LL NOW CONVENE IN SESSION AS AUTHORIZED BY TEXAS GOVERNMENT CODE 551,
[C. CLOSED SESSION]
SPECIFICALLY POINT 074 PERSONNEL, POINT 072 REAL PROPERTY, POINT 071 CONSULTATION WITH THE BOARD'S ATTORNEY, AND POINT 076 SECURITY.[D. RECONVENE INTO OPEN SESSION]
WE'LL NOW RECONVENE INTO OPEN SESSION.NO ONE HAS SIGNED UP TO SPEAK DURING THIS PORTION OF THE MEETING, SO WE'LL PROCEED TO THE NEXT ITEM THAT'S ON OUR AGENDA TONIGHT.
FIRST ITEM IS INFORMATION DISCUSSION ITEMS.
[F. INFORMATION AND DISCUSSION ITEMS]
THIS WOULD BE NUMBER F1, TARLETON UNIVERSITY, DISTINGUISHED HIGH SCHOOL PARTNERSHIP PROGRAM MEMORANDUM OF UNDERSTANDING.DR. CLARK, YOU HAVE A QUICK PRESENTATION FOR US?
>> YES, SIR. THANK YOU VERY MUCH.
IN FACT, I WAS JUST TALKING TO A FELLOW OUT THERE THAT'S FROM EAGLE MOUNTAIN THAT WAS TALKING ABOUT THE TARLETON STATE MEMORANDUM.
THIS IS ONE THAT'S BEEN OFFERED TO US SO THAT THE STUDENTS WHO ARE IN THE 50% OF THEIR CLASS ARE AUTOMATICALLY ACCEPTED INTO TARLETON.
THEN WE ALSO HAVE ANOTHER ONE THAT WE WANT TO BRING IS WHERE OUR BECHTEL CLASSES CAN BE OFFERED AS WELL.
I THINK THIS IS A GREAT BENEFIT FOR OUR STUDENTS TO ALSO HAVE THIS PARTNERSHIP WITH TARLETON, AND IT'S GOING TO GROW INTO SOME OTHER ASPECTS AS WELL.
TARLETON IS REALLY BEING VERY AGGRESSIVE AND TRYING TO REACH OUT TO SCHOOL DISTRICTS AND OFFER PACKAGES TO ENCOURAGE STUDENTS INTO THAT DUAL CREDIT COURSE WORK AND WORKING TO TRY TO BRIDGE THAT THAT GAP BETWEEN HIGH SCHOOL AND COLLEGE AND MAKE IT AN EASIER TRANSITION.
LOOKING AT WHAT WE'VE TALKED ABOUT INSTEAD OF K12, IT'S A K14 PROGRAM.
>> THAT'S RIGHT. I THINK TARLETON HAS REALLY EMBRACED THE INTENTION BEHIND HOUSE BILL 8.
>> ANY ADDITIONAL COMMENTS REGARDING THE NEXT ITEM FOR THE DUAL CREDIT? ADDITIONAL COMMENTS FROM THAT ONE? ANY QUESTIONS OR COMMENTS? WE'LL GO TO THE NEXT ITEM, WHICH IS G1,
[G. SEPARATE ACTION ITEMS]
CONSIDER PERSONAL ITEMS TO DISCUSS IN CLOSED SESSION.BEFORE WE CONSIDER THIS PERSONAL ITEMS, I WANT TO ANNOUNCE DR. STENSON HAS ACCEPTED 21 RESIGNATIONS.
DO I HEAR A MOTION FOR THE PERSONNEL ITEMS? IS THERE A MOTION?
>> MR. PRESIDENT, I BELIEVE THAT THE BOARD APPROVE AND ADOPT ALL PERSONAL ITEMS AS RECOMMENDED BY THE SUPERINTENDENT AND DISCUSSED IN CLOSED SESSION.
>> THANK YOU, MISS SANDERS. IS THERE A SECOND?
ALL IN FAVOR OF THE MOTION SIGNIFY BY A RAISED HAND.
MOTION DOES CARRY UNANIMOUSLY.
NEXT ITEM ON OUR AGENDA IS H IS OUR BUDGET WORKSHOP.
[H. BUDGET WORKSHOP]
DOCTOR STENSON, YOU AND KATIE ARE UP.>> I WILL TURN IT DIRECTLY OVER TO KATIE BOWMAN.
>> WE DO HAVE SANDEE STALLINGS HERE FROM BLX.
SHE'S OUR ARBITRAGE CONSULTANT, AND SHE'S GOING TO GO OVER A FEW SLIDES JUST REGARDING SOME OF THE THINGS WE'VE TALKED ABOUT AND RELATED TO SOME INVESTMENTS THAT WE CAN GO THROUGH.
SANDEE, I'LL TURN IT OVER TO YOU.
>> THANK YOU SO MUCH. I CAN HANDLE ALL AT ONE TIME.
I THINK KATIE HAS DONE A GREAT JOB OF EXPLAINING THE CONCEPT OF ARBITRAGE TO YOU, SO I WON'T GO BACK THROUGH ALL OF THAT.
BUT BASICALLY YOU JUST NEED TO BE AWARE THAT THE FEDERAL GOVERNMENT WANTS BACK THE POSITIVE SPREAD THAT YOU'VE EARNED ON YOUR TAX EXEMPT BOND PROCEEDS.
THERE'S TWO RULES THAT WE TAKE CARE OF, AND THAT'S THE ARBITRAGE REBATE COMPLIANCE AS WELL AS YIELD RESTRICTION COMPLIANCE.
WE'VE BEEN WORKING WITH THE DISTRICT FOR MANY MANY YEARS, BUT THESE ARE TWO FACETS OF WHAT WE CURRENTLY DO FOR THE DISTRICT.
TONIGHT, I WANT TO TALK TO A FEW MINUTES ABOUT WHAT WE CALL DEMAND DEPOSIT SLGS.
THEY'RE US TREASURY SECURITIES AND STATE AND LOCAL GOVERNMENT SERIES.
IT'S SHORTENED NICKNAME IS CALLED A SLG.
I AM NOT AN INVESTMENT ADVISOR, I'M AN ARBITRAGE CONSULTANT, BUT THIS IS AN OPPORTUNITY FOR THE DISTRICT TO LOOK AT AN INVESTMENT STRATEGY THAT HELPS
[00:05:02]
YOU RETAIN THE POSITIVE ARBITRAGE WHERE YOU DON'T HAVE TO PAY IT BACK TO THE FEDERAL GOVERNMENT.I'LL WALK THROUGH JUST A COUPLE OF SLIDES EXPLAINING WHY IT IS THAT YOU WOULD BE ABLE TO KEEP THE INTEREST EARNINGS ON THIS TYPE OF AN INVESTMENT.
BASICALLY, I'VE GIVEN SOME REGULATORY CONTEXT THERE WHERE YOU COULD LOOK ON THE WEBSITE TO CONFIRM WHAT I'M SAYING.
BUT BASICALLY, THESE ARE SLGS OR US TREASURY SECURITIES BACKED BY THE FULL FAITH AND CREDIT OF THE FEDERAL GOVERNMENT.
THERE ARE SPECIAL PURPOSE US TREASURY SECURITIES THAT ARE ONLY TO BE USED BY ISSUERS THAT HAVE TAX EXEMPT PROCEEDS THAT ARE SUBJECT TO REBATE OR YIELD RESTRICTION, EITHER CURRENTLY OR YOU EXPECT THEM TO BE IN THE FUTURE.
ANYONE JUST WALKING ON THE STREET OR A CORPORATION COULD NOT BUY THIS TYPE OF SECURITY, IT'S SPECIFICALLY FOR MUNICIPALITIES.
THERE'S A COUPLE OF WEBSITES YOU HAVE TO GO THROUGH TO BUILD YOUR CREDENTIALS TO OPEN UP AN ACCOUNT TO BE ABLE TO PURCHASE THESE, BUT BASICALLY THEY'RE PURCHASED DIRECTLY FROM THE FEDERAL GOVERNMENT.
IN THE PAST, YOU'VE PROBABLY PURCHASED TIME DEPOSIT SLGS, WHICH ARE SPECIFIC SECURITIES.
SIMILAR, IT'S A SISTER SECURITY TO DEMAND DEPOSIT SLGS, BUT TIME DEPOSIT SLGS ARE LIKE CDS, WHERE THEY'RE FOR A CERTAIN MATURITY AND A CERTAIN INTEREST RATE.
WHEN YOU'VE DONE REFUNDING ESCROWS IN THE PAST, YOU'VE PROBABLY PURCHASED SLGS TO PUT INTO THOSE ADVANCED REFUNDING ESCROWS.
THOSE TYPES OF SECURITIES, TIME DEPOSIT SLGS, ARE STILL SUBJECT TO REBATE AND YIELD RESTRICTION.
I WANT TO CONTRAST THAT TO A DEMAND DEPOSIT SLG, WHICH IS SIMILAR TO A MONEY MARKET ACCOUNT.
IT'S BASICALLY A ONE-DAY SECURITY, IT'S DAILY LIQUIDITY, IT REINVESTS INTEREST DAILY, AS LONG AS YOU'RE NOT WITHDRAWING MORE THAN $10 MILLION, WHICH REQUIRES A THREE-DAY NOTICE.
BUT OTHERWISE, YOU COULD SEND IN YOUR WIRE REQUEST AND GET YOUR MONEY BACK THE NEXT DAY.
IT'S BASICALLY SET AT THE RATE OF A 13-WEEK T BILL, BUT GIVEN IN INCOME TAX HAIR CUT.
IT'S PAYING BASICALLY A TAX EXEMPT EQUIVALENT, AND IT'S EXEMPT FROM REBATE AND YIELD RESTRICTION AND $1,000 MINIMUM, WHICH WOULDN'T APPLY TO YOU GUYS.
BUT BASICALLY, THERE IS NO MINIMUM BASICALLY.
YOU CAN PUT ALL OF YOUR BOND PROCEEDS THAT ARE YIELD RESTRICTED INTO THIS TYPE OF SECURITY.
HERE ARE THE REGULATORY PROVISIONS THAT BASICALLY TALK ABOUT THE IRS WANTS TO SEE ALL THE POSITIVE SPREAD ON YOUR INVESTMENT PROPERTY.
THE REGULATIONS GO ON TO SAY THAT INVESTMENT PROPERTY DOES NOT INCLUDE ANOTHER TAX EXEMPT BOND.
NOT ONLY IS YOUR BOND EXEMPT FROM INTEREST, BUT OTHER ISSUERS' DEBT IS ALSO EXEMPT.
YOU COULD PURCHASE ANOTHER TAX EXEMPT SECURITY AND IT'S NOT SUBJECT TO THESE CALCULATIONS.
THE SECOND PART UNDER THE LAST BULLET POINT THERE, A TAX EXEMPT BOND DOES NOT INCLUDE ANY BOND THE INTEREST ON, WHICH IS EXCLUDABLE FROM GROSS INCOME, AND IT SPECIFICALLY STATES THAT CERTIFICATE OF INDEBTEDNESS ISSUED BY THE US TREASURY PURSUANT TO THE DEMAND DEPOSIT SLGS PROGRAM.
RIGHT THERE, IT SAYS THAT THE DEMAND DEPOSIT SLGS ARE CONSIDERED TAX EXEMPT, AND TAX EXEMPT INCOME AND TAX EXEMPT BONDS ARE NOT INCLUDED INVESTMENT PROPERTY, WHICH DIES TO HAVE TO BE TRACKED FOR ARBITRAGE.
SINCE SLGS ARE NOT SUBJECT TO REBATE OR YIELD RESTRICTION, THERE'S NOTHING WE CAN DO ABOUT AN EXISTING LIABILITY, BUT THIS IS SOMETHING THAT YOU COULD DO TO STOP THE ACCRETION AND THE ADDITIONAL ARBITRAGE THAT YOU MIGHT BE EARNING IN THE FUTURE.
HOWEVER, IT'S NOT A ONE-SIZE-FITS-ALL TYPE OF STRATEGY BECAUSE YOU HAVE TO THINK ABOUT WHAT'S GOING ON IN THE INTEREST RATE OF MARKET, WHAT'S YOUR ARBITRAGE THRESHOLD, AND IT'S REALLY A UNIQUE OPPORTUNITY RIGHT NOW GIVEN HOW FAST RATES HAVE RISEN.
YOU'VE ISSUED BONDS AT VERY LOW COST OF BORROWING, WHICH IS GREAT.
HOWEVER, YOU'RE ABLE TO INVEST THOSE FUNDS NOW AT 5%.
ANYTHING THAT YOU'RE EARNING OVER AND ABOVE YOUR ARBITRAGE YIELD, YOU'RE HAVING TO PAY BACK TO THE FEDERAL GOVERNMENT.
BUT HERE, IF WE COULD KEEP THAT EXCESS SPREAD OVER AND ABOVE YOUR ARBITRAGE YIELD, IT'D BE BETTER TO PUT IT BACK INTO YOUR PROJECTS.
AS YOU CAN SEE HERE, THE DAILY RATE FOR DEMAND DEPOSIT SLGS HAS BEEN IN THE 4.18, 4.15 RANGE NOW FOR SEVERAL MONTHS, IT'S BEEN PRETTY FLAT.
BUT IN THE BOTTOM GRID, IT SHOWS YOU THE TIME DEPOSIT RATES, AND THOSE ARE THE RATES THAT ARE FOR A SPECIFIC MATURITY AND A CERTAIN RATE, AND YOU CAN SEE THAT THOSE ARE OVER 5%.
BUT THOSE ARE SUBJECT TO REBATE AND YIELD RESTRICTION.
YOU CAN SEE THE DIFFERENCE BETWEEN THE TWO RATES.
AS SOON AS SHORT-TERM RATES START TO DECREASE, IF WE THINK THE FED IS GOING TO LOWER RATES, THE RATES ON THE DEMAND DEPOSIT SLGS ARE GOING TO COME DOWN WITH WHATEVER OTHER SHORT-TERM RATES ARE CURRENTLY PAYING.
THEN LASTLY, THE SPECIFIC OPPORTUNITY THAT WE IDENTIFY WAS ON THE SERIES 2021 BOND ISSUE.
THERE ARE UNSPENT BOND PROCEEDS THAT CURRENTLY HAVE AN ARBITRAGE YIELD OF LESS THAN 1%, IT'S LIKE 0.8%.
BECAUSE YOU HAVE THOSE UNEXPENDED BOND PROCEEDS, THE YIELD RESTRICTION RULE KICKS IN AT YEAR 3 AND WE'RE AT YEAR 3.
[00:10:04]
THIS CHART IS JUST SHOWING US THAT THE ADDITIONAL INCOME YOU CAN EARN ESTIMATED OVER THE NEXT YEAR IF RATES STAY WHERE THEY CURRENTLY ARE WOULD BE OVER $488,000.BUT YOU'D HAVE TO PAY 417,000 OF THAT BACK TO THE TREASURY.
HOWEVER, IF YOU LOOK AT THE FAR RIGHT SIDE UNDER SCENARIO 2, YOU'LL EARN LESS TOTAL INCOME, ONLY $408,000, BUT NONE OF IT WOULD HAVE TO GO TO THE TREASURY.
THE NET BENEFIT TO YOU BETWEEN THE TWO RETAINABLE EARNINGS IS OVER $300,000.
AGAIN, THIS IS APPROXIMATION, LOOKING IF RATES STAY BASICALLY WHERE THEY ARE RIGHT NOW AND YOU PUT THE FULL $18 MILLION IN THE DEMAND DEPOSIT SLGS.
AS WE DO OTHER CALCULATIONS FOR OTHER BOND ISSUES, WE'LL BE LOOKING FOR THIS OPPORTUNITY FOR THOSE AS WELL.
BUT IT REALLY DEPENDS ON WHAT THE ARBITRAGE THRESHOLD IS BECAUSE IF THE ARBITRAGE YIELD IS CLOSER TO THE 4.18, IT PROBABLY DOESN'T MAKE A LOT OF SENSE TO ROLL THAT MONEY IN THERE RIGHT NOW.
WE CAN SEE WHAT'S GOING ON WITH THIS PARTICULAR BOND ISSUE AND TRY THIS ONE.
BUT I WANTED TO PRESENT THIS TO YOU BECAUSE IT'S REAL DOLLARS BACK TO THE DISTRICT.
THAT'S $300,000 THAT YOU CAN USE TOWARDS YOUR PROJECTS AS OPPOSED TO PAYING IT OVER TO THE FEDERAL GOVERNMENT.
IT'S RISK FREE, IT'S A US TREASURY SECURITY.
THERE IS SOME ADMINISTRATIVE WITH SETTING UP ANOTHER ACCOUNT WITH THE FEDERAL GOVERNMENT, BUT OTHER THAN THAT, THAT'S REALLY MONEY IN YOUR BANK AS OPPOSED TO THE FEDERAL GOVERNMENT.
I'LL TAKE ANY QUESTIONS. OR KATIE, DO YOU WANT TO ADD ANYTHING?
>> SO YOU SET THAT ACCOUNT UP FOR US?
>> I CAN HELP, BUT IT HAS TO BE SOMEONE FROM THE DISTRICT.
I WON'T HAVE ACCESS, I WON'T BE TOUCHING ANY OF THE MONIES, BUT I CAN HELP WITH THE PAPERWORK AND HELP GET IT SET UP DIRECTLY WITH THE FEDERAL GOVERNMENT.
>> THAT'S WHAT'S GOING TO BE ON THE AGENDA FOR THE MAY AGENDA FOR YOU TO APPROVE OPENING THAT ACCOUNT.
>> THAT 337,000 SAVINGS, IS THAT ONE TIME OR IS THAT EACH YEAR?
>> ASSUMING THE PROCEEDS THERE FOR ONE YEAR, SO LET'S SAY, THE PROCEEDS GET DELAYED TWO YEARS, IT COULD POTENTIALLY BE TWICE THAT, BUT IT REALLY WILL DEPEND ON WHAT HAPPENS WITH INTEREST RATES. [OVERLAPPING].
>> SOME ADDITIONAL IN FUTURE YEARS AS WELL.
I THINK THAT'S IMPORTANT TO NOTE AS WELL.
>> THIS IS ASSUMING THE MONEY IS DRAWN DOWN OVER THE NEXT YEAR.
LET'S SAY THE MONEY IS THERE THE ENTIRE YEAR, THE BENEFIT WOULD BE EVEN HIGHER. I WANT IT TO BE MORE [OVERLAPPING]
>> YOU ASSUMED TO DRAW DOWN FOR THAT 337.
>> IT'S A LEVEL DRAWDOWN 1/12TH OVER THE NEXT YEAR.
>> I COULD EVEN BE HIGHER IF WE DIDN'T.
>> WE FOUND IT. I DON'T THINK ANYBODY IS OPPOSED TO NOT PAYING THE FEDERAL GOVERNMENT.
[LAUGHTER] ANY OTHER FURTHER DISCUSSIONS HERE? QUESTIONS? THANK YOU FOR FINDING OUT.
>> THANK YOU VERY MUCH. NOW WE'LL BE AN ACTION ITEM ON OUR AGENDA. CORRECT, KATIE?
>> APPROVE THIS TO GO FORWARD.
>> MISSY AND I HAVE A MONTHLY TASBO LUNCH AND LEARN, AND ACTUALLY, YOU HAVE SOME BUDGET ONLINE, THINGS THAT HAVE BEEN REALLY HELPFUL THE LAST FEW MONTHS.
I WANTED TO GIVE YOU JUST A COUPLE OF POINTS FROM TWO WEEKS AGO THAT WE GOT FROM TASBO.
THE SENATE INTERIM CHARGES HAVE BEEN PROVIDED.
THERE'S 57 CHARGES FOR 13 SENATE COMMITTEES TO STUDY IN PREPARATION FOR THE 89TH LEGISLATURE COMING UP IN THE SPRING.
THIS WAS A PRESS RELEASE THEY GAVE US FROM THE LIEUTENANT GOVERNOR.
THE PRIORITIES OF THE CONSERVATIVE MAJORITY OF TEXANS WILL BE ACCOMPLISHED, INCLUDING SCHOOL CHOICE, CONTINUED PROPERTY TAX RELIEF, AND STRENGTHENING THE POWER GROWTH.
THOSE WERE THREE OF HIS PRIORITIES THAT HE HAS PUT OUT IN A PRESS RELEASE.
SOME OF THE COMMITTEES THEY GAVE US SOME INFORMATION ON, THE EDUCATION COMMITTEE WILL BE LOOKING AT READING AND MATH READINESS, TESTING REFORM.
I KNOW DR. STENSON HAS HAD SOME ADDITIONAL INFORMATION FROM THE COMMISSIONER ON SOME OF THESE THINGS.
THEY'RE GOING TO BE CHARGED WITH LOOKING TO SEE HOW DISTRICTS SPENT THEIR COVID-19 MONEY.
THEN MONITORING, MAKING SURE THAT THE LEGISLATION THAT WAS PASSED IN THE LAST SESSION ACTUALLY HAS BEEN IMPLEMENTED.
THEY'LL BE LOOKING AT HB 3, WHICH IS THE PUBLIC SAFETY PIECE AND HOW THAT'S BEEN IMPLEMENTED.
THEY'RE GOING TO BE LOOKING AT THE SCHOOL LIBRARY PROCUREMENT AND CONTENT POLICIES.
I BELIEVE THERE WAS ONE BILL THAT WAS OVERTURNED BY THE CIRCUIT THAT DIDN'T HAPPEN.
THEN THEY'RE LOOKING AT HIGH QUALITY INSTRUCTIONAL MATERIALS AND OPEN EDUCATIONAL RESOURCES FOR PUBLIC SCHOOLS.
THE STATE AFFAIRS COMMITTEE, THIS IS SOMETHING I THINK I MENTIONED TO YOU GUYS EARLIER, MAINTAINING ELECTION SECURITY, THEY'RE GOING TO BE LOOKING AT ALL FACETS OF THAT.
MAKING RECOMMENDATIONS TO STRENGTHEN LAWS AND PUT A STOP TO ILLEGAL ELECTIONEERING.
I THINK THEY WERE ALLUDING TO SOME OF THE SCHOOL DISTRICTS THAT HAVE HAD SOME ISSUES IN THE LAST YEAR.
THEN SOCIAL MEDIA AND PROTECTING CHILDREN, THEY'RE GOING TO REALLY BE FOCUSING ON THE USE AND TRANSFER OF ELECTRONIC DEVICES.
HOW WE ISSUE THOSE OUT, I'M SURE MR. LAMPSON HAS BEEN INVOLVED IN THAT.
[00:15:03]
FINANCE COMMITTEE.SADLY, THE FOCUS IS GOING TO BE CONTINUING TO CUT PROPERTY TAXES AND MONITORING PROPERTY TAX RELIEF WITH THE HOMESTEAD EXEMPTION, LOOKING TO SEE IF THEY NEED TO INCREASE IT.
CERTAINLY, WE WOULD LOVE THEM TO BE LOOKING AT OUR EDUCATION FUNDING AS WELL.
THEN THE LOCAL GOVERNMENT COMMITTEE IS ALSO GOING TO BE TASKED WITH LOOKING AT ADDITIONAL PROPERTY TAX RELIEF AND REFORM, AND THEN THEY'RE WANTING TO TIGHTEN CONTROLS OVER VOTER DEBT AUTHORIZATION.
THEY'RE TALKING A LITTLE BIT ABOUT EVEN MAKING IT STRICTER WHEN DISTRICTS ACTUALLY PUBLICIZE FACTUAL INFORMATION, TRYING TO MAKE IT HARDER TO GET INFORMATION OUT ABOUT BOND ELECTIONS.
WHAT WE'VE BEEN TOLD, AND DR. STENSON MAY HAVE OTHER INFORMATION FROM HER CONTACTS THAT, WE'VE BEEN TOLD THAT THE 4.5 BILLION FOR SCHOOL FINANCE IN THE CURRENT BUDGET WILL NOT BE EARMARKED FOR EDUCATION FUNDING IN THE NEXT SESSION.
NOW, I DON'T KNOW IF YOU'VE HEARD SOMETHING DIFFERENT THAN THAT, BUT THAT'S WHAT WE WERE TOLD LAST WEEK.
>> NO, THAT IS THE MOST UP TO DATE INFORMATION I HAVE AS WELL, AND I THINK THAT WE'RE ON THE FAR END OF THAT CONVERSATION IN TERMS OF WHAT WAS ON THE TABLE IN THE LAST SESSION.
I THINK THIS NEXT SESSION WE'RE HEARING THAT THE TABLE IS WIPED CLEAN, THEY'RE STARTING FROM SCRATCH.
>> YES, MA'AM. THAT'S WHAT WE WERE TOLD AS WELL.
THEY WILL NO LONGER BE EARMARKED FOR EDUCATION FUNDS, WE'LL JUST BE PART OF THE POT TO BE DISTRIBUTED OUT.
BASIC ALLOTMENT DISCUSSION. ONE OF THE QUOTES, AND I DON'T HAVE THE EXACT ONE IN FRONT OF ME, I PROBABLY PREFER NOT TO SAY IN PUBLIC, BUT ONE OF OUR STATE LEADERS IS NOT REAL HAPPY WITH THE BASIC ALLOTMENT DISCUSSION.
ONE OF THE FOCUSES HERE, IS THAT, THE STATE PREFERS TO PUT MONEY IN SPECIAL PROJECTS.
DR. GLENN WILL BRIEFLY GO OVER SOME OF THE FUNDING PIECES WE'VE HAD.
BUT THE PROBLEM WHEN THEY GIVE OUT SPECIAL GRANT FUNDING FOR PARTICULAR THINGS, IT'S NOT RECURRING.
IT PUTS THE DISTRICTS, JUST LIKE WITH OUR SECURITY MONEY IN A REALLY DIFFICULT POSITION AS WE TRY TO FUND THINGS THAT THEY WANT US TO FOCUS ON, ONE OF THE NEWER SAFETY GRANTS WILL ACTUALLY HELP US PAY FOR POSSIBLY SOME OF OUR SROS, BUT IT'S NOT CONTINUING FUNDING.
IT MAKES IT VERY DIFFICULT TO DO BUDGET PLANNING LONG-TERM.
ONE OF THOSE FOCUS WAS THAT, THE DISTRICT NEEDS WHAT WE NEED VERSUS WHAT THE STATE'S PRIORITIES ARE GOING TO BE A CHALLENGE.
THE EMERGING NARRATIVE THAT SHE SAID, AMANDA BRONSON FROM TASBO, THAT THERE'S BEEN FUNDING LEFT ON THE TABLE.
I WANTED TO GIVE YOU GUYS JUST A FEW LITTLE TALKING POINTS ON THIS.
WE MAY NEED TO WRITE THAT OUT FOR YOU AT A LATER TIME.
EXCUSE ME, I'M TALKING TOO MUCH THIS EVENING.
I HAVE TO GIVE MY MICROPHONE OFF TO SOMEONE ELSE.
THE FIRST ONE IS THE TEACHER INCENTIVE ALLOTMENT.
DR. CLARK, CAN YOU JUST BRIEFLY EXPLAIN TO US.
WE KNOW THAT OUR DISTRICT HAS FOCUSED ON INSTEAD OF DOING THE FULL TEACHER INCENTIVE ALLOTMENT GRANT, WE HAVE GONE WITH THE STATE BOARD, AND ONE OF THE COMPLAINTS FROM THE STATE, IS THAT, DISTRICTS AREN'T TAKING ADVANTAGE OF THIS PROGRAM.
>> TRUE. FOR THOUGH, I KNOW THAT ONE PERSON ON THE BOARD WOULD REMEMBER THE DAYS OF THE CAREER LADDER.
PAINFUL, BUT THE TIA REQUIRES A STUDENT GROWTH MEASURE AS WELL AS TEACHER OBSERVATIONS.
BUT ALL THE DATA HAS TO BE SENT INTO TEXAS TECH AND VALIDATED, AND STATISTICALLY ANALYZED FOR VALIDITY AND RELIABILITY.
IF THE APPRAISERS ARE OFF STATISTICALLY, THEN YOU HAVE TO RETRAIN ALL OF THE APPRAISERS, AND THEY HAVE TO BE CALIBRATED SO THAT THERE'S NOT A STATISTICALLY SIGNIFICANT DIFFERENCE WITH YOUR APPRAISALS.
IT TAKES STAFF TO MANAGE THAT OVER TIME.
IT'S A GOOD NARRATIVE FOR SOMEONE THAT'S TRYING TO PUSH NO BASIC ALLOTMENT INCREASE TO SAY THAT THERE'S MONEY THERE, BUT IT TAKES MONEY TO ACCESS THAT MONEY.
THEN IT CREATES WHAT I CALL MORALE ISSUES IN FOR THOSE OF US WHO PAINFULLY REMEMBER CAREER LADDER.
>> I PAINFULLY REMEMBER CAREER LADDER.
I DO EVERYTHING SHE SAID, AND SO SHE JUST EXPLAINED WHY THE MAJORITY OF DISTRICTS ARE NOT USING IT.
ADDITIONALLY, LIKE DR. CLARK SAID, IT WOULD TAKE AN ENTIRE NEWLY HIRED DEPARTMENT TO ADMINISTER THE TIA.
[00:20:07]
FOR ALL THOSE REASONS, DISTRICTS TEND TO SHY AWAY FROM IT, AND IN FACT, RATHER, OUR ENTIRE REGION IN OUR AREA HAS DECIDED TO GO WITH THE NATIONAL CERTIFICATION PROCESS, WHICH MAKES A LOT MORE SENSE.>> SECOND PIECE UP HERE, ADDITIONAL DAYS SCHOOL YEAR.
THAT PARTICULAR PROGRAM, WHILE IT DOES PROVIDE SOME ADDITIONAL FUNDING FOR 30 ADDITIONAL DAYS IN THE SCHOOL YEAR, YOU HAVE TO GO ALL THE WAY TO 180 DAYS OF SCHOOL, WHICH WOULD LOSE SOME OF OUR PROFESSIONAL DEVELOPMENT DAYS.
THEN IT ONLY PAYS HALF FUNDING.
IT'S GOT AN ENORMOUS COST TO THE DISTRICT IN ORDER TO ACTUALLY GET, YES, THERE'S FUNDING AT THE STATE LEVEL, BUT IT COSTS THE DISTRICT MONEY TO GAIN THOSE DAYS.
THEY'RE COMPLAINING ABOUT UNSPENT GRANT DOLLARS, AND I'LL LET DR. GLENN EXPLAIN THAT ON THE NEXT SLIDE.
IMA IS OUR INSTRUCTIONAL MATERIALS ALLOTMENT.
I CAN GUARANTEE YOU THAT NO ONE IN THE STATE HAS ENOUGH MONEY TO COVER THE NEXT ADOPTION.
WE ACTUALLY HAVE HAD TO CUT BACK ON SOME OF THE RESOURCES JUST TO MAKE THE DOLLAR STRETCH.
DR. GLENN, IF YOU'LL TALK ABOUT OUR SAFETY GRANTS, PLEASE?
>> THESE GRANTS THAT YOU SEE LISTED, THERE ARE FOUR THAT THE DISTRICT IS PARTICIPATING IN THE '22/'24 SPAT GRANT, SILENT PANIC ALERT THAT HAS BEEN FULLY EXPENDED FOR OUR DISTRICT.
THE NEXT TWO GRANTS HAVE BEEN APPORTIONED BY THE STATE TO TAKE CARE OF CHAPTER 61, SOME OF THE MINIMUM REQUIREMENTS.
THEN SAFE CYCLE 2, IS THE FINAL GRANT AND IT HAS A LITTLE BIT MORE FLEXIBILITY.
AS KATIE MENTIONED EARLIER, THAT IS THE ONE THAT CAN HELP WITH THE SROS.
EACH ONE OF THE GRANTS HAS SPECIFIC GUIDELINES, AND WE ARE WORKING WITH DR. SHOWELL AND JOHN HUGHES DEPARTMENTS TO FULLY EXPEND ALL OF THEM.
>> IF YOU'LL NOTICE THE ONE THAT ACTUALLY CAN HELP US WITH SROS IS $600,000, AND OUR SRO ADDITIONAL COST IS OVER 2.5 MILLION.
>> THE 6.6, WE RECEIVED THAT GRANT.
>> YES, WE RECEIVED THE GRANT.
SAFE CYCLE 1, YOU HAVE TO VERIFY THAT YOU ARE USING THAT ONLY FOR THE ITEMS INDICATED AS MINIMUM REQUIREMENTS IN CHAPTER 61.
DO YOU WANT ME TO TALK ABOUT THAT IN OPEN SESSION? BECAUSE IT IS SAFETY RELATED ON HOW WE ARE SPENDING IT?
>> I THINK YOU CAN GIVE TWO OR THREE EXAMPLES.
>> OKAY. SOME EXAMPLES COULD BE EXTERIOR FENCING.
IT COULD BE BULLET RESISTANT FILM FOR GROUND LEVEL WINDOWS, THOSE THINGS.
>> CAN WE HAVE A TIME LINE THAT HAS TO BE SPENT IN A TWO YEAR TIMELINE?
>> YOU'LL ALSO RECALL WE DID AN INFORMATION ITEM IN THE LAST BOARD MEETING FOR THE BIDIRECTIONAL AMPLIFIERS AND THE EMERGENCY RESPONDER RADIOS.
THAT'S GOING TO BE ACTION COMING TO YOU IN THIS MONTH'S MEETING AS WELL, BEING FUNDED BY THAT GRANT.
[BACKGROUND] THAT'S A GRANT ONLY FOR SCHOOL YEAR 24/25?
>> IT IS A GRANT TO BE EXPENDED BY 25, YES.
>> TO BE EXPENDED BY THE END OF 25.
>> WE CAN EXPEND THEM CONCURRENTLY, WHICH IS WHAT OUR PLANS ARE.
>> IS THERE ANYTHING IN THE PIPELINE OF ANOTHER GRANT LIKE THAT COMING DOWN TO HELP US WITH SRO'S OR HAS THERE BEEN NO [OVERLAPPING]
>> SO WE'RE NOT HEARING ANY INSIDE BASEBALL ON ANY OF THIS STUFF?
>> NO. NOT UNLESS SOMETHING HAPPENS IN THE NEXT SESSION.
>> A LOT OF THESE SLIDES ARE SIMILAR TO WHAT YOU SAW AT OUR LAST MEETING, SO I'LL GO THROUGH THEM QUITE QUICKLY.
I'D JUST LIKE TO MAKE SURE WE GO OVER THOSE IN CASE ANYONE HAS ANY QUESTIONS.
OUR TAX VALUES, TAX RATES, THIS IS WHAT WE HAD THIS YEAR.
WE HAD A 4% GROWTH BECAUSE OF THE $100,000 HOMESTEAD EXEMPTION.
OUR ACTUAL GROWTH WAS WELL OVER 10%, OUR TAX RATE FOR M&O WAS 0.7892.
FOR 24/25, WE DID GET AN APRIL ESTIMATE AND GOING BACK SEVERAL YEARS TO LOOK AT THE DIFFERENCE BETWEEN WHERE WE WERE IN APRIL VERSUS WHERE WE ARE IN JUNE OF THE NEXT YEAR, IT WAS ABOUT A 3.5% DROP.
THE APRIL IS AROUND 11.5%, SO I'VE DROPPED OUR ESTIMATED TAX INCREASE PERCENTAGE TO 8%.
BUT HERE'S WHAT'S INTERESTING.
I'LL LOVE FOR YOU ALL TO LOOK AT THIS.
THE CHANGE, THIS IS EXACTLY WHAT I GAVE YOU LAST MONTH.
IF YOU REMEMBER, THE STATE REDUCES THE OVERALL TAX RATE BASED ON TAX VALUE GROWTH, BUT THERE'S A FLOOR BECAUSE THEY WANT EVERY DISTRICT TO BE WITHIN 10% OF EACH OTHER.
WE HIT THE FLOOR LAST YEAR AND THE FLOOR HAS ONLY CHANGED 0.0023,
[00:25:01]
SO WE ARE STILL AT THE FLOOR.NOW, THAT CAN STILL CHANGE BEFORE WE ADOPT THE TAX RATE IN AUGUST, BUT I WANT YOU TO SEE THAT LAST TIME WE WERE AT 4% AND THIS WAS OUR TAX RATE, WE'RE AT 4% AGAIN AND THAT'S STILL OUR TAX RATE.
A LOT OF DISTRICTS HAVE HIT THE FLOOR, WHICH IS WHAT'S CAUSING SOME CONSTERNATION, I THINK, AS VALUES CONTINUE TO GROW BECAUSE THEY'RE NOT SEEING THE BIG REDUCTIONS THAT THEY'RE HOPING FOR.
>> KATIE, CAN YOU GO BACK TO THAT SLIDE REAL QUICK?
>> JUST TO REITERATE, YOU MEAN TO TELL ME THAT WE'RE AT THE FLOOR, AND SINCE 2019, WE'VE WENT FROM 1.04 RATE ALL THE WAY DOWN TO 0.7892?
>> I JUST WANT TO MAKE SURE I CAN READ THAT SLIDE CORRECTLY.
>> CORRECT. IF YOU REMEMBER HOW THIS WORKS, THERE'S A STATE LEVEL THAT THE CONTROLLER PROJECTS THAT VALUES ARE GOING TO GO UP.
THEN IF IT'S OVER 2.5%, THEN THEY DROP THE FLOOR.
THEN THE PERSONAL DISTRICTS CAN DROP AS WELL, BUT THERE'S ALWAYS A RANGE.
THE RANGE RIGHT NOW AND I KNOW THIS IS CONFUSING, BUT THIS IS PRIOR TO OUR GOLDEN PENNIES, OUR TAX RATE FLOOR IS 0.7869, BUT WITHOUT THE 12 ACTUALLY WITHOUT THE 17 PENNIES, WE GET COPPER AND GOLD.
WHEN YOU TAKE THE 0.6169 AND ADD OUR GOLD AND COPPER PENNIES, THAT'S WHERE YOU GET THE 0.7869.
YES, SIR. LAST TIME WE WERE AT THE FLOOR AND EVEN WITH AN 8% GROWTH, WE'RE STILL AT THE FLOOR.
HOWEVER, GOOD NEWS, AND I ALWAYS LIKE TO HAVE THIS SLIDE, OUR RATE HAS DROPPED 25.31 CENTS SINCE 2019, WHICH IS GOOD NEWS.
THIS IS THE SAME CHART FROM LAST TIME, JUST REMINDING YOU, WE ARE LOOKING AT OUR DEMOGRAPHERS ESTIMATES AND I HAVE REDUCED OUR ENROLLMENT PROJECTIONS BY 121 STUDENTS.
THIS SLIDE HAS NOT CHANGED EITHER FROM LAST TIME, SO WE'RE STILL PROJECTING 94.15 FOR THE END OF THIS YEAR BECAUSE WE DON'T HAVE THE SIX WEEKS IN, BUT WE HAVE SEEN IMPROVEMENT OVER THE LAST FEW SIX WEEKS.
DEBT SERVICE FUND. YOU'VE SEEN THIS.
I ALWAYS LIKE TO SAY THIS IN PUBLIC THAT THROUGH REFUNDINGS AND PREPAYMENTS AND WE WILL BE PROPOSING A PREPAYMENT AGAIN THIS YEAR, THE DISTRICT HAS SAVED $38.5 MILLION IN INTEREST.
THAT'S REALLY A COMPLIMENT TO YOU.
ASSUMPTIONS, WE ARE NOW TAX GROWTH PROJECTIONS AT 8%.
CERTAINLY OUR DEMOGRAPHERS INFORMATION WE'RE USING, NO CHANGE IN THE PROJECTED TAX RATE FOR INS.
WE ARE ASSUMING A SLIGHT INTEREST REDUCTION FOR 24/25 BASED ON WHAT MAY HAPPEN WITH INTEREST RATES.
WE ARE ESTIMATING BOND PREPAYMENTS AND WE'RE STILL WAITING TO SEE WHAT THE STATE FUNDING HOLD HARMLESS FOR THE OVER 65 COMPRESSION IS GOING TO BE.
I HAVE MINIMIZED RIGHT NOW WHAT OUR NUMBERS ARE FROM THE STATE THAT MAY GO UP BEFORE WE ADOPT OUR TAX RATE.
I'M STILL WAITING TO MAKE SURE THAT THOSE ARE SET.
TEA IS JUST STILL BEEN NOW WORKING ON THOSE.
>> HOW MUCH DO YOU ESTIMATE PREPAYING?
BUT IF THE TEA NUMBERS I HAVE RIGHT NOW ARE CORRECT, IT COULD GO UP TO 7.5-8 MILLION. I'M SORRY, GO AHEAD.
>> WHICH ISSUANCE ARE YOU TRYING TO PAY OFF EARLIER?
>> IT WILL PROBABLY BE THE 19. THAT'S THE ONE THAT WE HAVE PLENTY OF CALLABLE BONDS IN.
>> A SLIDE FROM OUR FINANCIAL ADVISOR.
JUST LETTING YOU SEE HOW WE HAVE THE BREAKDOWN.
YOU'VE STRUCTURED YOUR BONDS REALLY WELL TO GIVE US CAPACITY.
OF COURSE, AS WE TALK ABOUT FUTURE BONDS, YOU CAN SEE WHERE YOU HAVE CAPACITY THERE.
RIGHT NOW, WITH UPDATED 8% TAX GROWTH, AND IF YOU'LL NOTICE RIGHT HERE, I'M ONLY USING 4 MILLION, THIS COULD GO UP TO 7, 7.5 POSSIBLY.
WE'LL KNOW THAT BEFORE WE ADOPT THE TAX RATE IN AUGUST.
THE BOND PREPAYMENT RIGHT NOW IS AT FOUR.
I DID RUN THROUGH AND WHILE I WAS AT MEDIATION TODAY, I DID OUR TRUTH IN TAXATION, AND JUST TO MAKE SURE THAT CURRENT NUMBERS ARE ACTUALLY BELOW THE EFFECTIVE TAX RATE.
THAT'S GOOD NEWS. I KNOW THAT WAS A BIG PIECE THAT PEOPLE WERE LOOKING AT LAST YEAR, SO I THINK WE WILL BE BELOW OUR EFFECTIVE TAX RATE ON OUR OVERALL TAX RATE.
THIS IS SIMILAR TO LAST MONTH.
I THINK DOCTOR GLENN JUST WENT IN AND UPDATED.
THE REASON THAT THE PAYROLL WAS LOWER AT THE LAST MEETING IS BECAUSE WITH COMBO SCHOOLS, WE'VE ACTUALLY REDUCED STAFF, BUT WE WENT AHEAD AND MADE JUST A SLIGHT ADJUSTMENT THERE FOR ANY INCREASES THAT THE BOARD MAY INCLUDE.
[00:30:04]
>> GENERAL FUND. THIS IS A REMINDER I GAVE YOU THIS LAST MONTH REMINDING YOU WHAT YOU APPROVED IN JANUARY FOR ONE TIME PROJECTS.
WE HAD FINE ARTS, ATHLETICS, PLAYGROUNDS, FURNITURE, AND THEN WE HAD SOME OTHER PROJECTS.
CAFETERIA FURNITURE IS BEING FUNDED 90% BY CHILD NUTRITION, WHICH IS GOOD NEWS.
AT THE LAST MEETING, THIS IS WHAT YOU APPROVED.
WE HAD PLUMBING REPAIRS, ASPHALT REPAIRS, FURNITURE, OTHER REPAIRS, COMMUNICATIONS, AND THEN WE'RE STILL WORKING ON THE HALTOM HIGH SCHOOL KITCHEN PLUMBING.
WE DO NOT HAVE A NUMBER FOR THAT AT THIS TIME.
THIS WILL BE FUNDED OR IS BEING FUNDED FROM UNALLOCATED 23-24 BUDGET DOLLARS, AND IT IS INCLUDED IN THE PROJECTIONS THAT WE'RE LOOKING AT.
IF ASSUMPTIONS, REALLY THE ONLY CHANGE IN THE ASSUMPTIONS IS WE ARE NOW AT AN 8% VALUE GROWTH, WHICH HAS NO IMPACT ON OUR OVERALL REVENUE.
THIS IS WHERE WE SIT TODAY PRIOR TO ANY COMPENSATION CHANGES.
REVENUE, WE DID ADD IN A MILLION DOLLARS FROM THE FUTURE NEEDS FUND.
EXPENDITURES. WE HAVE SPECIAL EDUCATION TEACHERS, DIAGNOSTICIANS, TWO CTE TEACHERS THAT WE MENTIONED LAST MONTH.
I DID GET AN UPDATED SUMMARY OF FINANCE CALCULATION THAT COST US A FEW HUNDRED THOUSAND DOLLARS.
EVERY TIME THEY UPDATE THEM WITH NEW INFORMATION FROM TEA, SOMETIMES WE GET A LITTLE BIT OF A NEGATIVE HIT.
THEN THE LAST ONE ON HERE THAT'S BRAND NEW FROM FRIDAY, WE GOT OUR IDEA, WHICH IS OUR SPECIAL EDUCATION FEDERAL FUNDING, AND THOSE DOLLARS ARE DOWN.
WE'VE HAD TO MAKE AN ADJUSTMENT IN OUR NUMBERS FOR EXPENSES THAT WILL NOT BE COVERED UNDER THOSE FEDERAL DOLLARS NEXT YEAR.
PERSONNEL AND VACANCIES, AND UNDER SPENT BUDGETS ARE USUALLY ONE TO 2%.
YOU MIGHT SAY RIGHT NOW WE'RE AT A BALANCED BUDGET.
WITH WHAT I'M PROJECTING TO HAVE LEFT OVER THIS YEAR, WE'RE RIGHT AT ABOUT 29.5% OF FUND BALANCE.
SO I WILL GET SOME NUMBERS TO YOU THIS WEEK GIVING YOU UPDATES ON DIFFERENT SCENARIOS AND WHAT THAT WILL LOOK LIKE FOR YOUR FUND BALANCE PERCENTAGES.
>> KATIE, EVEN THOUGH YOUR CURRENT PROJECTION TODAY IS A 2.578 DEFICIT OF FUND BALANCE, WE KNOW THAT WE PUT 2-4 MILLION BACK INTO THE BUDGET EACH YEAR FROM VACANCIES.
>> THIS ALSO DOESN'T INCLUDE ANY PAY RAISES. [OVERLAPPING].
>> THIS IS JUST THE FLAT BUDGET WHERE WE ARE TODAY.
>> THAT'S CORRECT. WE'LL GO OVER THIS EMPLOYEE INSURANCE.
JUST REMINDING YOU, I BELIEVE WE'VE TALKED ABOUT THIS BEFORE THAT WE HAVE OUR CLERICAL LEVELS 1 THROUGH 3 AND MANUAL TRADES LEVEL 1 AND 2, THAT WE DID HAVE TO INCREASE THIS PAST YEAR.
OUR CONTRIBUTION FOR THEIR INSURANCE TO STAY COMPLIANT WITH AFFORDABLE CARE.
CONTRIBUTIONS CURRENTLY ARE 260 FOR ALL EMPLOYEES EXCEPT THOSE IN THOSE PARTICULAR PAY GRADES WHO ARE AT 304.
WE WILL BE HAVING TO INCREASE THAT AGAIN THIS YEAR BECAUSE OF INCREASES IN THE RATES.
WE'RE GOING TO BE RECOMMENDING WE GO TO 350.
THERE ARE CURRENTLY 211 EMPLOYEES THAT ELECT COVERAGE THAT ARE FROM THESE PAY GRADES.
WE HAVE INCLUDED IN OUR BUDGET $116,000 TO COVER THE ADDITIONAL COST OF THESE PARTICULAR INDIVIDUALS.
THIS IS WHAT PREMIUMS LOOK LIKE FOR THOSE THAT ARE HAVING THE $260 CONTRIBUTION.
OVER 9% REALLY ALL THE WAY DOWN EXCEPT FOR THE HMO SCOTT AND WHITE.
AS YOU CAN SEE ON THESE DOCUMENTS HERE, AND I THINK HOPEFULLY, DO YOU ALL HAVE YOUR NOTEBOOKS? ALL OF THIS INFORMATION IS IN YOUR NOTEBOOK AS WELL.
MOST OF OUR EMPLOYEES ARE IN THE EMPLOYEE ONLY UNDER ACTIVECARE AND THE ACTIVECARE HD.
THEN FOR THE 350, YOU CAN SEE THAT IT LOOKS VERY DIFFERENT.
OBVIOUSLY, THEY'RE NOT GETTING AS BIG OF A CHANGE BECAUSE WE'VE GOT A HIGHER CONTRIBUTION.
YOU MAY BE ASKING BECAUSE I DID, WHY DID WE GO IN THE HOLE? BASICALLY, WE ADDED TWO DOLLARS MORE.
IT'S BECAUSE WE HAVE BEEN BASING IT ON OUR ACTUAL EMPLOYEES, THE CALCULATION FOR WHAT THAT CONTRIBUTION NEEDS TO BE.
BUT IF WE HIRE ANYONE IN LOWER TO THE BOTTOM OF THE PAY GRADE, WE WANTED TO BE ABLE TO COVER THAT AS WELL, SO WE DIDN'T HAVE TO MAKE ANOTHER CHANGE LATER ON.
THIS IS JUST A FEW OTHER THINGS.
I WON'T SPEND MUCH TIME ON IT.
THERE HAVE BEEN SOME INCREASES IN THE ACTIVE CARE HIGH DEDUCTIBLE PLAN.
[00:35:05]
THE INDIVIDUAL MAXIM OUT OF POCKET IS GOING FROM 7,500-8,050.YOU CAN SEE THE IN-NETWORK DEDUCTIBLE HAS INCREASED, AND WE HAVE A FEW OTHER INCREASES THERE ON THE HIGH DEDUCTIBLE PLAN.
THESE ARE THE SAME SLIDES WE SAW LAST MONTH.
IF YOU WANT TO TAKE A LOOK, I KNOW AT THE DIFFERENT AREAS, THIS IS SORTED BASED ON YOUR ZERO.
YOU CAN SEE WHERE BIRDVILLE FALLS IN THOSE NUMBERS, AND YOU DO HAVE THESE IN YOUR NOTEBOOK.
THEN ON THE LAST SLIDE, WE WOULD LIKE TO BRING THE RETENTION STIPEND PAID WITH LEFTOVER ESSER FUNDS.
WE BELIEVE WE CAN MANAGE A THOUSAND DOLLARS FOR ALL EMPLOYEES EXCEPT HALF TIME EMPLOYEES WHO WOULD BE 500.
WE'D LIKE TO BRING THAT RESOLUTION TO YOU.
THEN JUST AS A REMINDER, 2.2 MILLION FOR A 1% OVERALL RAISE FOR ALL EMPLOYEES.
>> QUESTIONS FOR KATIE. YOU'VE ASKED FOR SOME INFORMATION TO GIVE US SOME RANGES ON MOST SALARY ADJUSTMENTS.
I'LL GET THAT TO US SOMETIME SHORTLY.
ANY OTHER QUESTIONS OR COMMENTS? I'LL GO AROUND THE ROOM, KELVIN.
BRENDA, CHRIS, RALPH? NOT AT THIS TIME. SO FAR SO GOOD.
>> ANY OTHER ITEMS WE NEED TO DISCUSS DR. STENSON UNDER OUR BUDGET WORKSHOP?
>> NO, SIR. I WANT TO THANK THE STAFF.
IT'S A LOT OF WORK, AND I APPRECIATE ALL OF THE INFORMATION THEY BROUGHT TO THE BOARD TONIGHT.
OUR NEXT REGULAR BOARD MEETING WILL BE HELD THURSDAY,
[I. FUTURE BOARD MEETINGS]
MAY 23RD IN ADMINISTRATION BUILDING BOARD ROOM.OPEN SESSION BEGINS AT 7:00 PM.
AS I SEE NO FURTHER BIDS BEFORE SO I HEAR A MOTION TO ADJOURN THIS MEETING.
MR. DREES AND SECOND BY MR. KUNKEL.
>> BY CHRIS.
* This transcript was compiled from uncorrected Closed Captioning.