0:00 Good morning. It's 1004 and I like to call to order the finance committee meeting for the City of Jackson City Council July 15th 1004. Thank you Okay, this morning's meeting is gonna be a little different from probably what you're expecting Thank you for being here today. We're not operating with a deficit I budget on paper does show that we are not receiving as much revenue as we expected and and our expenditures are not above what we have received and we do not foresee them being where it creates a deficit for the city in real value. What is suggested today for the City of Jackson is that we continue to do the things that we've been doing working closely with our Peter Tiveson and with Julian and continue to do things differently. I talked to the state auditor's office and the suggestions that were made are to not approve any overtime other than essential overtime such as the police fire department or other central employees take out all other professional categories for every department other than what has been used and what we really expect or have to

1:22 use in the next two months and two weeks. Whole capital outlays until our next budget year, other than what we've already purchased. Limit or freeze operating expenses, not affecting payroll. Freeze travel, no new equipment. And take out, and I've been informed that we cannot really take these numbers out without changing our budget until it's approved. So do a test per CFO, take out 25, 26, only all categories that have a zero in them. If they have not been used at this point, we're going to assume that they won't be used unless it's something that you know you're going to get a bill.

2:07 Eliminate the other professional down to what has actually been spent through the day. Continue to reduce cellular phones. And they set to improve our accounting, and we may already do this. I'm not sure. Make sure that we have a deadline each month, maybe the 15th of the month, to reconcile all bank statements. So everything will be in real time. Make sure we enter and post all data as it comes in in real time. Have everything for the month posted by the 15th. I know we don't get our tax payments from the county to the 20th.

2:44 It'll always be a lag on that, but it'll be real time other than that one month. It has been suggested that we look back at three years numbers before we make any changes, or do our budget for 2627. And that way, we'll have a real idea of what the real trends are for the city, and we can do a more conservative, exact, realistic budget. Although it may show that money on paper is not in, that we have money on paper, the departments, we ask the departments not to spend based on paper money, to spend based on what is in the bank.

3:20 We don't have it, so don't spend it. Don't go crazy these last two months and spend money that you know we don't have. Let's be good stewards of employees and citizens and continue to work together and increase revenue and decrease expenses and enjoy the city. And so we will not look at numbers today. We are asked that our CFO go in and make those changes and tell us what it looks like and see how close we are to the actual number and there is no penalty because we are not operating with a deficit.

3:53 So we will do what is required by law but we do not have a deficit in terms of expenditures. Yes. It's fine Madam Chair. Yes please. Peter Davidson CIO. Thank you for this direction that the CFO, myself and the administration will incorporate and report back to the continue as they report back. I think we've been talking between the council and the administration seriously about the budget for several months. I also appreciate both your chairmanship and leadership, as well as the comments of the council members, as we start anticipating how to best craft the 2027 budget, I think all of us are much better educated than where we were last year at this time.

4:48 And I think the continued collaboration between the CFO and myself, and the council will get us where we need to be. So I just wanted to say thank you for this, and thank you for the continuing interaction with us. If no other questions, then this meeting is adjourned until we can get the numbers back for my CFO. Thank you. I got questions. I got comments. Can I make a comment? Go ahead. Okay. Well, I got a number of points, but I'd like to know an update on the status of money on deposit with JP Morgan, our new banker, and where that stands as to our balance and how much interest for earning, best estimate can be made by earning per month.

5:46 Jillian Caldwell, CFO. We currently have, I would say 90% of our funds at Chase, our new bank. We left a little bit of money over in our old accounts so that any outstanding checks can be cleared through that account with our old bank Cadence Huntington. And I will need to prepare your report on our interest that we currently received on these new accounts. Can you give me a dollar, a back of the envelope dollar amount at Chase. As far as how much we're holding? Right, yeah.

6:33 It's approximately 90 million. Okay, thank you. One of the things that I would like to make an important issue in this discussion to try to come up with the money is that I would like to see all the contracts that were put in place by the previous administration redone or some reason why they shouldn't be redone from the beginning because we've got contracts where you don't make the kind of money we're supposed to be making based on what we were told when the council voted on them. And I think that's a potential source of significant monies for the city and the fact is the previous administration has been prosecuted in court for shady dealings.

7:28 Thank you for your comments. What's that? Thank you for your comments. We heard you said it. I'm not through yet. I'm not through yet. I'm not through yet. So I think it's important that we review all the contracts that have been put in place by the city and making sure that we're actually getting the payments we're supposed to be beginning from the contractors in a timely manner and let's look, review them from the standpoint of possibly redoing the contracts. But first I want to make sure they're actually paying us the money.

8:00 I was alarmed when I saw in an earlier meeting a month or two ago where the parking meter contract could have been put in place with great promises of money to the city had generated no funds to the city. a lot of money that's at stake there because there are a lot of contracts made over the past eight years. That's one of the things as a potential source for funding for the city. The other thing is we need the current status on where we stand, money spent with now we're going to have at the end of July, we'll have two months left to go, what we spent on payroll for the different apartments versus what was budgeted for the different apartments.

8:50 So if that... Mr. Foote, I'm going to let you go ahead and talk, but we're going to limit our conversation and she's going to look at all those categories and give you the numbers before the end of the month. So today we're not going to talk numbers and legal is going to look into the contracts for you, okay? Okay, please do. I appreciate it. Thank you. The meeting is adjourned. Thank you.