All right, it's 4 p.m. This is a special meeting of the budget audit committee on Tuesday, September 10th. I will call in order by visual with roll call, both the council members are here. We can move directly into item number two, which is the presentation from UBS on advisory investment management, would you like to kick us off? Sure. So this is a follow up from last month's budget and audit committee meeting. James originally met with us and I believe the budget not committee had some further questions before we were comfortable moving this to a full council meeting. So James is back here to follow up with the questions, kind of give us an overview again. So we can get everybody up on the same page and follow up with some questions and answers. And if you guys are comfortable, then we can move this forward in the process. If not, we will come up with a list of questions and come back at one more time. Okay. I'm gonna stay with that. That's okay. And some I talked about that this afternoon. Yes, that's fine. Thank you guys for having me again. You know, maybe what I'll do is give a really brief summary of what we had already talked about. And then I think it'd be really helpful just to get some clarity if there's any kind of open questions. You guys have actually talked to us probably a few months ago at this point about using UBS as an investment advisor or portfolio manager to manage the investment portfolio on the behalf of the city. So right now the way the relationship is set up, we don't have any discretion on the portfolio and the finance manager or city manager would be responsible for ultimately making investment decisions for the portfolio. That's something that cities, institutions, municipalities, counties can hand off to a portfolio manager where our fixed income portfolio management team would manage the portfolio on what's called an advisory relationship or a fiduciary relationship where we're managing the investments on your behalf. Obviously you guys would be part of guiding the direction of the portfolio but the day-to-day portfolio management would be part of guiding the direction of the portfolio, but the day-to-day portfolio management would be done by our portfolio management team here at UBS. So it's a common way of having a portfolio manage. Obviously, an investment policy is ultimately what drives the decision-making for the portfolio. It's not like UBS can just kind of willy-nilly decide to invest in what we want. We have strict guidelines based on the investment policy, which would kind of dictate how the portfolio would be managed. It wouldn't be a huge change in kind of what you guys would own. It would still be very high quality, fixed income, safe investments, liquid investments. But ultimately, a lot of the day-to-day of the portfolio management would be able to be kind of handed off from the city's table to our table. We would continue to obviously provide you guys with ongoing reporting, performance metrics, any kind of follow-up. Generally, it would involve about kind of a monthly meeting with the direct city team, and then maybe a quarterly or semi-annual meeting with a larger group like this. And then generally, we would meet one time with kind of a lot the large city council. So, I'll pause there. I know we've kind of talked about this a bit, so I just wanted to give a quick kind of intro. But are there any specific questions that I could either try to add some clarity to right now or potentially maybe come back with specific answers if we need to do that. I have a few. I know you've got a few, so why don't you go and then I just have a couple of. Sure. That's right. All right, cool. Historically, do you have insight into the average time between something maturing and then those funds being redeployed because the city is initiating a new purchase. Because I think in our current environment, the city has to contact you or UBS to execute that trade that you can't, you're not doing that automatically, right? So there's got to be some cycle time. Historically, do you know what that has been? Well, I would say that we really try to stay ahead of maturity. So let's just say, for example, something matures in two days. We would likely be sending an email or giving a call to the city, letting whoever the representative know. Something's maturing. Let's talk about reinvestment options. Now, like any company or institution we work with, people are busy, emails get pushed aside. So, generally I'd say money doesn't sit too idle, but there are times where maybe a dare to goes by and email gets missed, then a follow-up email would come back or we'd have a phone call and then sometimes what we were looking at to invest in two days ago isn't available today. So that may create some more delay. So I mean, historically, we're not talking weeks for months. And I guess my question is more, I understand that those things could happen and that's fairly normal. So no big deal there. But I guess one of the benefits that I think from a more managed portfolio is that cycle time gets reduced because you don't have to wait on us. So I guess to support that premise, I'm more looking for like what the actual time was over the last some look back for it. So we only have maybe one to two maturities a month on average. And so if we go back two years, that's 24-ish at most maturities. Is there a way that you could say like your average cycle time is four days or something or three days? Yeah, I would say it's probably closer to two or three days. You know, but I guess if you multiply two or three days times 24 maturities, you know, that's certainly. But I guess what I'm asking you is when you come to us, can you have the actual data available? We could go back and we could go back and do some analysis on that. Yeah, I mean, because I think that would help which is the idea that if we had a manage for folio, all like I would expect our average cycle time to be zero days. I think we should be able to fish and see. More efficiency. Exactly. But I mean, conceptually, I think it's very clear that this could happen just by the nature of how we've configured it. But it would be more valuable to know over the last two years you've had an average cycle time with X-days, right? That would be my help. So I'm assuming you don't have that off hand on top of your head. I don't have it right now, but I think the other thing maybe I could provide you with would be like an average cash balance Sure, that might be helpful just to see oh, okay, you know at different times we had $300,000 sitting You know kind of essentially idle for three days or four days. So I mean I could give you an idea of Of that because I think both would be helpful the average cash cash balance would be harder to understand from a layman's perspective, I believe, because what will happen is two days, let's say you have even 20 days at $200,000 over the course of a year, your average cash balance, I mean, is going to be like $20,000 or less. And so what's going to happen if you'll say, well, it's only $20,000 or less. Yeah. And so what's gonna happen if you'll say, well, it's only $20,000. But instead of doing that, it would be more insight, I think it provides more insight to say like the time between something maturing and executing and not a new trade. So you have idle cash is on average X days over 25 maturities. That is a lot more grasp days, over 25 surgeries. That is a lot more graspable, I think. So I thought that's where I spoke that. I think I got a good idea of kind of what you're looking for. We could certainly get back some info for you on that. Okay, all my questions are on these lines, by the way. So it's really just an idea of clarification. So I'm thinking about, are there any actual transactions have occurred or that did occur or would have occurred if our relationship was one of a managed portfolio versus what we have now? Is that something that you're aware of? That'd be, just so you're saying, it's something maybe we would have purchased if we were managed versus, you know, if not. Correct. Well, I mean, I think that there's probably two kind of avenues to that. One avenue would be, there's been some investments that we kind of wanted or we suggested to purchase that ultimately, you know, we're sold out or not available anymore. I'd have to get a feel that if our portfolio management team has an investment they would like to do, the reality of going and checking with somebody would be almost impossible. So, there's going to be something that they may like to invest in, and they may have to do it within minutes. So in some ways, that's something that would never quite get to us on a just brokerage relationship. That'd be hard to articulate, but it certainly is the case, right? That having a portfolio manager attentive to your portfolio on a day-to-day basis adds value. That makes sense. I think that would be a good concept to highlight. on a day-to-day basis adds value. That makes sense. I think that would be a good concept to highlight. Because I mean, the end of the road of this is a presentation to the full council where we collectively decided we wanted to move forward. So I would say that's also something that would be beneficial to highlight. Just that concept. And then you mentioned the investment policy. We recently updated our investment policy and I'm assuming that you've seen it but you may not be familiar with the details right now. Is there anything that you're aware of in our current policy that as a result of a managed portfolio would need to be updated because it doesn't cover the necessary guidance that you need. Well, I would probably want to talk about the possibility of opening up some of the kind of investments we could look at to a broader range of investments right now, the portfolio, the policies limited to CDs and treasuries pretty much. I'd say that there'd be no reason we want to open that up to also government agency bonds, potentially even high quality investment grade corporate bonds, high quality municipal bonds. Those would be the things that we could talk about potentially adding to add a bit more value to the portfolio, but those would be the things we'd want to discuss kind of as a team to decide what investments would make sense. And we could offer some perspective on all of that. There's not probably a right or a wrong to that, but I think in some ways expanding the permissible investments in the portfolio could make sense. We certainly have other municipalities and counties that have a bit of a broader investment landscape. Okay. Yeah. The way that you're describing that that appears more to be a preference rather than a requirement to change the policy. Like we could, we have the option to go forward with the policy as is if even, okay. So, yeah, yeah. Sure. But we wouldn't have to change it, yeah. No. Okay. And then will you prepare a pro forma of what the fee structure, we would expect to see based on our past history? Like I think it was, what did we say, 15 basis points? Or is it something different? I don't recall. I might have been 20 and it was around 24,000. Right. Yeah, sorry. I could have should have pulled this up. But let me just make sure I'm right here. Yeah. Because I think I know that it's somewhat apples to oranges. The investment fee basis points versus the transaction costs of the trades. But those are not the same things. But because if we move to a managed portfolio, I think we would set aside or eliminate all of those other transaction fees and we would instead incur the investment fee, I think the investment fee is fairly predictable, but I think it would help the presentation to show over X amount of time you've paid X, Y in transaction fees, you will no longer pay those, but you will likely pay in this range of investments based on the volume and these basis points on this deal. And that way, if it's 24,000, which I think that was, that sounds right. It was 24 or yeah, it'll be 24,000, but net net, it's actually some a little bit less, I think, because you offset by the transaction fees that you've all incurred. So I think you would be helpful to present that as well. Yeah. Well, yeah, it'd be 20 basis points is the advisory fee. So based on what the portfolio size is, the fee would be 20 basis points. Up to this point, we've invested in CDs and treasuries and at one point there were some corporates. All of those, like you said, it can be a bit tough to compare because the cost is not really a fee that you guys are paying directly. The fee kind of sits in a bit and asks in terms of the bond market. Now just because I know we had talked about this, I was curious because we were doing a little research to see, you know, I can't really go and say, oh, there was this cost to this trade, you know, minus this cost. But on average, there was a pretty big study by MSRB, which is the municipal securities rules making board. They did almost a nine-month study for a bunch of different fixed income trades and their estimate was kind of the retail cost Which would be kind of brokerage trading cost versus kind of an advisory portfolio management program could be up to 55 basis points 0.55 So yeah, that would be with the mix of investments that run the gamut that's not yeah I mean that's that I mean in certain of those investments would carry a higher bibs than others, right? For sure. So, I mean, it be hard, I think that using kind of an estimate would probably be the only way that we could, because even for CDs, I mean, CDs in some ways, there's no cost to a CD when we purchase it. So we purchase a CD with XYZ bank and the yield is 4%. You guys are getting 4% and there was no underlying fee to that because we got paid by the bank who issued the CD to essentially bring them deposits. So it's really not a cost that you guys would have incurred or in some ways could have saved if that makes sense. Yeah, it's not something that would have been recouped back to you. So from that standpoint, it would come down to the treasuries. And there's probably an estimated cost built into buying treasuries at a retail level. Yeah, I think I'll be 100,000 to 100,000. I think that would be helpful as well. All of those things all point in the same direction. So I'm trying to, I want to help you out in how you would present because it's, it is, it's not like we're looking to incur or to like gain a huge yield. So all of this is at the margin. So I think all of these things combine somewhat tell a story. So that's why I'm okay. I'm trying to help you in your alternate presentation in what you're going to present. Sweet and the hot. Yeah. Yeah. Yeah. Okay. That's all mine. And so if we go before the council, you're I just want to make sure I follow you that That you want it to be ignored, palatable, and so there's some data behind why we're deciding to do this, even though there's a cost involved, which could be around 24,000 a year, but that the cost, the benefit outweighs the cost. Right. And my questions, James, are just around a procedure. So I just want to go back. You would remain or portfolio advisor, correct? We're not going to be, because if we switch tactics, we're not going to start working with somebody switch tactics, we're not going to start working with somebody new. It's not a point of getting rid of us. You're not getting rid of me actually. No, I'm still, I'd still be the advisor on the account when when we do this type of strategy, we have a trading team that kind of works for me and my team that they're going to be really the ones kind of day to day doing a lot of the mechanics, but I'm still the point person in the visor. So for all our client relationships that my team works with, I still maintain kind of the relationship and then we have a team of portfolio managers that kind of help me day to day. But in terms of stuff like this and meetings like this, it'll still be me. and I think that's really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really really the procedure again. So we have a new city manager, you know, starting on Tuesday, Monday, rather. Yeah, Tuesday is our council meeting with first council meeting with him. So I don't know. My name Regina is our assistant city manager who imagine is going to be our point person for this. And so is there still going to be that are you going to have a same mature, which they do several times a month, sometimes more than that? You're going to be reaching out to her this kind of the same way or in a different way. And are those, is that directive coming from you or this team trading team on because we ultimately are we still in the are we still no you still you don't need us then after. Yeah, I want to be sure on that is there's still an opportunity for us to say, oh, heck no, no municipal bonds don't, you know, I'm just kidding. So the way it's a great question. So the way it's set up is we have discretion on the portfolio decision. So we can make transactions without having to kind of essentially get approval. So right now the account is what's called nondiscretionary. We can't do anything without your approval. You ultimately make the decisions. There's an investment policy which would dictate what we can do. So for example, if the investment policy says we don't want to buy anything further than five years, and we can't buy anything that's longer than five years. If you say we don't want municipal, we can't buy municipal. I think what would change in terms of kind of our operating procedure would be more like a monthly call with Regina and her team to say, hey, here's what we did this month. You know, here's what's coming up next month. How do things look on your end? Do you need some liquidity? Maybe you do. Maybe you don't. This is what we're thinking about doing. So it'd be almost more of like a monthly. Here's what happened. Talk to me about what you need moving forward. And so we would obviously, you know, go off of what direction you're telling us. So for example, if you said, hey, we have a maturity in six days, we need those funds back. We're not just going to reinvest it. Okay. It would look like that. Yeah, that's exactly because it wouldn't want to be like, okay, we don't talk to you for three or six months and then, yeah, and we might need some liquidity. And then the very last thing is, as Jeff mentioned, we did, that's one of the ones. We did update the investment policy recently earlier this year. And do you have a copy of that? I just want to make sure that you do have a new version. Okay. Yeah, we have the updated policy. And we would do a pretty good review to, and potentially maybe see, is there anything that we should talk about changing or updating? But as of right now, I think the policy, I took a quick look before. I mean, we could move forward without making any changes. So everything looks good as is. It would probably just be moving forward discussions. Does it make sense to potentially add some things to what you can do? But yeah, we have the updated policy. Okay. So I would expect that we would rather than have more of these calls because you will no longer need us. You would work through Virginia and staff. But I would say that part of our ask would be like some kind of more regular report out that doesn't require a conversation. It's just what you call it. Like a quarterly dashboard? Yeah, just reports or artifacts that we could use to show like, this is what's happening. And I'm sure you have these already. Yeah, I mean, obviously monthly statements, you guys get all the time. If we did this advisory relationship, we automatically send out a quarterly performance report. So you'd be able to see how's the portfolio doing. How are you doing in our benchmark? And for clients like this, I mean, like I said, it's usually monthly calls with the direct team and you know if you guys wanted to do a quarterly or semi annual call just like an update that be pretty normal. So that would just depend on what you guys want, you know, we we're happy to do whatever, but we don't need to do more than what you want either. Yeah, I think the quarterly collateral is probably sufficient, but we'll take a little bit. Yeah. Well, and it's also what our community was asking for. They know that there's a lot of money sitting in reserves and they want to know how we're investing it. And before we ever ask them for more money at some point in the game, they have asked for those reports. So I think orderly performance report is ideal. Yeah, so if you say those four, those items for that we talked about, and then we come to a future council meeting, I think we're good to go. Okay. I had changed for over the time. Sorry, I didn't even get a call. Oh, no. Now, I was just gonna say, like in a lot of ways, you know, if we're kind of gonna be fiduciaries for this money, we're fully aware that ultimately, you guys are fiduciaries for this money as well. So it's really a partnership because it's not like this is a high net worth family where they're kind of deciding what to do with the family's money. You guys are fiduciaries for this money just like we're fiduciaries for this money. So excellent. Any questions? Public comment? So make sure that I have with the path forward. James and I are going to work together if he's going to create the presentation and we're going to bring it to the October council meeting. I will likely not be here on the October 1st council meeting. So October 17 council meeting. Thank you. Thanks. James, can you please work your calendar for October 17th? So actually October 17th. So actually October 17th is not going to work for me. Okay. 15. 15. Sorry. I'm the 15. Oh, 15? Yes. And it could be remote too. So yeah. It's a new jersey. I hope it's new. I can make a trip. How's the weather? Sometimes you have to clarify. You never know. Yes. Regina, can we just go offline and I think I look good, but I want to confirm with. So it's October 15th. Correct. We'll put you at the top of that. Yeah, I'll be back to you. Thank you. If you do, if you are able, we'll make sure you're at the beginning of the meeting so you don't have to. Okay. You don't have to. Thank you, guys. I appreciate it. Thank you guys. Okay. Bye. Yeah. Okay. Thanks. Thank you. Okay. So I remember three then. Are we going to have any discussion about the library refresh? I was just going to share an update since we met with the working group. Okay. So on September 4th staff met with the working group and the library committee foundation. We discussed the library for both that was presented to the Budget Not a Committee on August 12th. We went through, we did check out some items. We also received certification from the Library Foundation on what the grant funds can be spent on. From initial looks, it looks about $73,000 of that grant funding is available to us to use to buy furnishings. It is very specific and what they can buy. We're hoping that because they have the front of money set aside that they can also potentially find other ways to help support with their own personal funding. So we're waiting to hear back from the library foundation on what they're able to do. During that meeting we discovered that if we tried to do it, the city would need to have at least $370,000 available to participate. We mentioned some fundraising. Can you close it? This is for Phase 1. This is for Phase 1. 370,000 added city money. It would be city money. Can you clarify why that's a thing? Why that's a thing? Yeah, why would, why is there a requirement that there's 300,000? Is that because of the given scope? Oh, and that is just the scope of the work of what's in there. So we're in ND3. So we, we're just going to scope that you would, you could reduce the income. Oh, sorry, let me get that. and hammer out ideally what we can do in that first step. So there's an actual presentation that can be brought that is a presentation of the library, the staff, and also the foundation feel comfortable with. And then we'd present an honest proposal on what we need to move forward with, what we can do, and then present the phases. And it'll also assist the library foundation in identifying what they're able to support as long. And so I guess one of the questions that I had regarding that and so if seven out of the 493, 73 is foundation, the city might not have 375, but we might have 200,000, can the recipe fundraise through community efforts? That would be the other thing right to still complete everything in phase one. If this scope remains the same, but that there is a community fundraising effort. Yes, for the balance. And with that, the foundations that they would assist, the support that they would not take the lead. Right, right. So they were also willing to support fundraising. They would also like to look at the phase one to see if we're not able to cover what they can from their own funding, but we would identify. They're non-living plus funding. Exactly, with our own foundation funding. So it's not all 375 city, right? Could be more foundation funding. So there's it's not all 375 city right could be more foundation funding could be some we just need to get a free. So the seventh or 73 the English and is that represented because I know that they were going to receive this grant funding in tranches. Yes does the 73 represent what they've currently had or is that represent what they will ultimately receive overall based on the project the 73 is what the grant will allow them to spend the funding on. Oh, even if it was all in. Correct. They cannot pay for any painting any structural repairs. It needs to be actually added to the library can use or programmatic items. Would that be them with funding remaining then? So they have received two out of five tranches already. It's 250 total right? So five tranches of 50,000 each. The first is almost zero and they have received the second tranche. You have to get to a certain level in order to get the next tranche. So I mean, so after this, I'll send down if we do this. Can't be used. With any building maintenance. No, I get that. But does that mean that they will have funding available for eligible uses for meaning? In the future. In the future. In the future, absolutely. They would still have a whole net. And they can even work on extending the amount of time they have to spend it, but it is very specific as to what they're able to purchase. So they identified from that full proposal of the 1.4, 73,000 dollars of that is what they can honestly pay for. Oh, I know the one out of the one. Yes, out of the supervisor major job radius. Okay. So we'll be working on a meeting again with the full group to come up with proposal and then we'll come back to the full budget and audit committee before it goes to committee. So the 73 is based on the one the nearly 1.4 million estimate is the 375 based on that to or just on the base one only on phase one only on these ones. Wait, one was about 450,000 on support 95. It believes. Okay. They were like 43 or something. Yeah. Okay. Any other questions? I mean, yeah, that's kind of, they're proposing a one-point-four-million-dollar upgrade and they're funding. Yeah, we can. Yeah, we can. We can county is. So I'm curious what the foundation is actually proposing. So we'll go back. Yeah, because the 72,000 represents just north of 5% of the total. It's a little off-sided. So they actually weren't part of that decision. They were part of that. Okay. And they are restricted. Even the start. And they are restricted. In the trust part, they are restricted. Okay. Any other questions? We're going to talk about it's night two. They have a board meeting tonight. Okay. Oh, sorry. And I did mention that we are also removing the community room because that was a separate. They keep it's included in the architect's plan, but the library would be able to foundation or not be able to support any upgrades to that. Well, we're not are we removing the community room in the scope of the work or baseline there fun. Just for baseline and their room. All right, well, I wait with beta breath. I bet.'s it. No, I think that's it. Okay, so that concludes item number three we'll go into item number four, apply for MPA risk safety grant program. So MPA is our risk pool for liability insurance and they have sent out an email last. Letting us know that there is a safety grant program in the amount of $14,500 to help us reduce our liability with electronic files and moving files from paper to electronic. And so we're hoping that the council will authorize us to apply for this grant. Get the free money. Yes. And come on with our electronic project. The desk of formality, but the the MPA needs a resolution from City Council. Is that an annual opportunity? Looks to me like a semi-annual. Oh, okay. I know my people opportunity to get more. Excellent. That's the numerator, go for it. That's a yes. Okay, number six. The next one is five. Five, yes. Oh, I'm sorry, Miss Fodd. Yeah, five. I just have booked MDAs for the police department. What's an MDA? Mobile. MBC. Oh, MBC. Oh, it says those big thick brick. It's the big cupboards. Submit. And the sonic cupboards. Do we have them already? We have an older version. So end of life. End of life. So contract and the early city of Concord for IT and for disfests services. Part of that includes all of the infrastructure. How much other? How much other? 61 61 119 30 for Hito. That would replace them in all of our control places. This is a negotiated contract price that Concord already has in the vendor. So we're basically standing back in on there on Concord. It is about every five years it's been, it was 2018 in the last ones were approved. So the state will look probably closer to the situation here. There's not a whole lot of option here that we can do. Yeah, I think it's the kind of like one of the things.'re buying buyers. Yes, but you don't like to do that. You got to do it. All right. We did discuss this during the budgeting process and agreed that we would not budget it because we knew it was a one time expense. And when we write the staff report will be doing a budget amendment request for us. or does not. Sure. I do think for these types of things that are just like we know, there's a way that we can set aside funds each year to kind of build up. I think we should probably do that for some of these things. Rather than not budget for it and then do a budget of money going on. Yeah. Budget it for like a capital project. Yeah, like this, like vehicles, all those things that we know essentially have an end of life that we have to do I don't think vehicles end of life is five years no but it's something okay that's not we'll be working on the sustainability committee okay yes all right next one okay any other questions, comments? Item number five, no? That sounds like big. That's a yes. That actually shot one with a lot of them. Oh good. There's a lot of stuff. Like our police department. Okay. Item number six, contract extension for MTC. So MTC is much more than consulting. It is the, it is where I came from. I'm from here now, John. Anyhow, it is, it's a contract extension for LC, who is doing the HR consulting and just recently we brought in a management analyst for about 10 hours a week to help with the contract management here. And so it will be extending that contract out until the end of this fiscal year. What's the, what's the? $80,000 is the annual cost estimated? $80,000 annually. Mm-hmm. So I mean, what's the value of the extension? That's it. The $80,000 is what the extension is for. I'm sorry. Well, because the last contract, the last contract was for $30,000. And that I believe got you through on July or August. I have to ask if that was approved by the council. The first 30,000 that was within the same managers authority. So there's a little overlap. You're asking for an extension. That's why we're going for this contract. So this is a 10 month. Yes, about 10 months. 10 month, 80,000. All right. Two people. I'm a list is about 10 hours a week. 10 hours a week and I'll say is a little bit more than that. But HR. I mean, it's basically, it's less than FTE, so it's fine. The FELB wasn't approved by the CalPS. The contract was within the city manager's authority? Yes. So not approved by the CalPS. That's why we're going into this one. I think it was at some point, I want to go back and remain as I think it was. Well, we I'm going to go back and remember. I think it was. Well, we definitely discussed it in button audit. We were all good with it because I think we need the services. And so it was part of the staff's day was a lot. Our policies were so dated. And I forget how many of them were in that had to be dozens. Because the alternative is filling with FCE. This is significantly cheaper than that. It's about half price. Yeah. And some of that is one time, right? Updated and. But the analysts and that I also think, because I know that's a positionally talked about maybe events. We have to be a good test at 10 hours a week to see if that was part of our work chart. Yeah. OK. I think specifically the verbal associated with this contract, like a summary of all the facts and what they, what their term is and what they do. And that's what we're working for yes that's part of this that's I think the question is is it in the contract? No the the answer is no that we're just hiring these people for specific projects and that is one of the specific projects to be determined. Okay. Okay. So you might use the analyst for different things, contract analysis. Well, not just it. Yeah, it's the analyst plus it's LC. Right. So it's an HR analyst and it's management analyst. Yeah. So I mean, I think we definitely need the role. You either hire it or you contract it. And right now contracting it is significantly cheaper. The grade. So. contracting it is significantly cheaper. I agree. So I know she's done a terrific job. All right. Okay. Any other questions, comments? Right? Wonderful. That concludes item number six, item number seven. Update on City Hall Refresh project. So we have had some contractors in here, measuring and looking at things. We do not have any quotes back for our flooring yet but for the repainting of the third floor we had three contractors in here. One contractor has not responded back with a quote. One contractor has called back and said he's too busy, he's not going to quote it after all. And then the third contractor has issued us a quote for $15,000. So we are reaching out to a fourth contractor and trying to get three full quotes in hand before we proceed. Okay. So maybe the next meeting by the next meeting. Okay. Is that like just for the walls? I think it's just from the other side. Yeah, that's just for the walls? I think it's just for the yeah that's just painting the interior of the third floor. Well the side of floor. We haven't been discussing that one yet. The second floor was down not too long. So it's like what was painted? Yeah. I think that she could get it yourself. So imagine you're a trash. You might want to wait and look to the contractor. You really like to do interior jobs and the way everything. And we just might. So yeah, or maybe we can negotiate something that you don't start to winter and get a reduced rate of time. You advertise you know some work. I know several contractors. We're not advertising it because we're trying to see what the dollar amount was to see we're spending with our purchasing. We're just giving estimates. Yes, that's okay. Because then once we've advertised it, if we go out for an RFP, then we have to worry about some other issues. So right now we're following what we're staying within our purchasing guidelines. Okay. Alrighty. thank you Regina. Any other comments, questions? Okay. And then future topics. Could we have anything other than what we're excited for the next meeting. Okay. What's your next? I was asked and then I was very come to the sustainability. And maybe there he's our engineer. Yes, engineer. Does that have to be something? The. Well, there's cost. Yeah, what's the topic? But what is the topic? Oh, the topic is again, understanding the maintenance of the capital assets and the replacement of capital assets going forward. I think there's probably something that Regina would have seen in manager could do. I don't think you need Larry for that because the potter potter practice of policy is pretty basic. Well okay we're talking about roads. What's it going to cost? We're next five to ten years. So day ten year road. So he has a presentation. He sent it then. Oh, you want me to give you the date and the link to the video. I think it was in June. The first meeting in June. Was it that reason? This is a brand new street ones. Okay. Does anyone saw her? This was a three, ten year capital improvement project analysis. I'm sure it was a maybe because it was right. I'm getting closer to it. And then all of the things that are covered in that. The other one and then she can forward that to you. So whenever it's covered in that is good, but it's in just things that aren't covered in that. And I think we have a little discussion about that with the area would probably make sense, because sometimes you get into discussions like that and it leads into areas that you do haven't addressed. I'm thinking in particular about store water drain systems. So, water drain systems? Yeah. Okay, I'll look that up and Regina I'll get you that information. Okay. Once we've had a chance, we had a chance, would you would we might have some questions we want to do that? Of course you really is. We should have some budget to have him how many talk if us get up the street. So put him on like it comes like an additional retainer to do some of these projects. So it might need me covered under that. Was that 3,100 additional amount? There, did we extend his contract? Yeah, it was, it was, I think it was more for the single advisory stuff. For public work. Yeah, but. One thing I'm thinking about in particular is this strain, this cream pier beef behind the butter. Yeah, it cardinave cream or something back here where they've got orange fence off because it's been scoured out. It's a theme up pending. It's a theme up pending, but there's more details to the theme up ending than just FEMA. We're waiting for the Pima check. Okay's talked about that several meetings. Yeah, he has talked about that probably at least half a dozen times this year at meetings. And we've authorized what's it as an amount of money? Yes, a small amount of 50,000. And do the work necessary to update the plan for senior one. The first commitment from us, some kind of a commitment. Yeah. He's talked about it a few several times this year. But yeah, work with, what I would recommend is work with Regina to arrange time with Larry. You could probably address any questions that you have. OK. We can have authorization and funding for Larry for some concentration. Yeah, I think it'd be helpful for him rather than a free for all. It'd be helpful if you have discrete topics so that you can be prepared and that it doesn't go sideways. That's really what I would recommend. And that is prepared, yeah. Well, then some elements in free form so that we can find as one we didn't have question. I believe in dialogues. Yeah, but I mean like we can't ask Larry to kind of and say I want to talk with you for eight hours on whatever random topic. You'll usually get a block of time with a set of topics. There could be ten central topics related to those and then he may have to come back. But I think that having some parameters is helpful. And that otherwise it would feel open ended. Okay, well I think maybe we have one. One hour we have an open discussion. We set a set of questions that come out of that discussion. Then he can go and do with. Hold with his kind of shelf or prepare a little something that puts it together. And then we can have a follow up for. Yeah, that's a good way to. Okay, but we don't need any city council authorization to do that. You can probably authorize that. Okay. Okay. Okay. We don't have to really wait for the city's amateur to do. She's our acting. Okay. Any other ideas for future agenda items for topics for budget not it? All right. Okay. Meeting here. Next meeting. 448. This is a meeting we are calling the order a meeting of