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And today's meeting of the Council Finance Committee, Gentleman, if you would take a look at the minutes from last week. 00:00:00
There's a motion to adopt. We'll entertain that. 00:00:06
Chair. 00:00:13
Share so moved that we accept second all in favor say aye, OK. 00:00:15
Minutes are adopted. 00:00:21
Umm. 00:00:24
Miss Dandridge, at the risk of jinxing it. 00:00:25
This looks like the kind of. 00:00:30
Committee meeting we want to have. There's $25 million coming in. Well, there's $20 already in. 00:00:32
Wow, so this is ohh this is nothing new. This is this is something you know about. This is the. 00:00:40
It in this last legislative session. 00:00:47
The Alabama State Legislature awarded $25 million in various. 00:00:50
Avenues to invest in the building and development of the Stem Hub at the Savings Center and State Stem Hub Saving Center. 00:00:56
Those that $25 million has been received from all the various parties and so therefore we are proposing a budget revision to 00:01:04
recognize the inflow. 00:01:09
Of that 25,000,000 and then to UM increase the project budget for the savings center by that same 25,000,000. 00:01:13
That's item number one of a three-part. 00:01:20
Budget revision. 00:01:23
But I can, I can entertain questions on that. What's, Yeah, what's falls there. Let's let's digest that 25,000,000 first. 00:01:25
Alright, so it's coming in from multiple. 00:01:34
We're two different. So from 8 million was awarded through the University of Alabama. 00:01:38
We have received that from the university and then the other. 00:01:44
17,000,000. 00:01:50
Was. 00:01:52
Sorry, 18,000,000 was awarded through the Department of Education, State Department of Education. 00:01:53
And that was transferred as well. And what do we do with that and how long do we expect to have it? 00:01:59
So this is for both professional services and construction and so I've you know would not anticipate expending any of these 00:02:05
dollars probably until at least mid 2024 and what do we do with it in the interim? 00:02:12
We have solicited bids and assume it's corralled so that we cannot use it for anything other than those purposes, right? 00:02:20
It's in a CD right now. Yes, it's in a CD. The whole 25. 00:02:29
Right. 00:02:35
5.25% OK. 00:02:35
Good. If there and again I would like to just this is not any of my doing, I would like to brag on the staff, the ANS staff for 00:02:38
just one second. The accounting and financial reporting division and especially the treasury section within that literally had 00:02:45
bidding wars going on with banks and we're entertaining, very glad to hear that. So we put out the notice. 00:02:52
Hey, you got 25,000,000. What's your offer? Honestly, we didn't even have to do that. The banks were aware that we were getting 00:02:59
some money. 00:03:02
But we had multiple submissions of you can get this much for a CD for this term and in fact we have yes we had we had three major 00:03:07
players and in fact we would get one bid in and then we would go back to the other two saying we got this one. Would anybody else 00:03:13
like to ohh that just warms my heart puts a. 00:03:19
Bounce in my step and a song in my heart. 00:03:25
That's why we're here. 00:03:29
That takes it. Savannah Hornsby is the Director of Accounting and Financial reporting and then Cory Falls is is the associate 00:03:31
director that heads up the treasury sector. The two of them together do amazing work when it comes to our cash and investment 00:03:37
policy and they have truly taken advantage of these interest rates. 00:03:42
That we've been seeing that have not been and and and both of them are. 00:03:48
Are young enough to not have been around when interest rates were were decent previously and so they they have just kind of taken 00:03:53
their knowledge and grown it as much as they can throughout this time, truly very proud of that whole, that whole sector. 00:04:00
Yeah, German questions, comments. Yeah, please go ahead. 00:04:09
Money just come back to us and with the city when we pull it, yeah, when the CD matures, we will recognize the interest revenue 00:04:13
from it. 00:04:16
We put a year on a while, yeah. So yes, next, I think that it's set to sunset next August. 00:04:21
So that's roughly a Megan on 1/4 dollars, 1.3 is our is our estimate right now, now and we can pull, we can pull it without any 00:04:28
penalty of course we will negate the interest. 00:04:33
And we're not budgeting any of that. 00:04:39
Towards. 00:04:42
Savings Center construction. 00:04:42
Because we don't want it spent before we go to maintenance. 00:04:45
We would like to have the. 00:04:48
Those that interest as backstops. 00:04:50
Just. 00:04:53
We all know we don't know the price. 00:04:53
To bid. 00:04:56
Probably small. 00:04:57
But if you went ahead and budgeted that? 00:04:58
I got a feeling it would be spent. 00:05:01
Unfortunately. 00:05:04
You know, I think y'all log it up. 00:05:06
Like it? 00:05:10
All right, so. 00:05:11
Then do you want to move down? So that's. 00:05:14
That's the first part there's. 00:05:17
13.6 in there. 00:05:19
So, so currently the savings center project itself has amassed, you know over the years 13.6 million that includes the. 00:05:22
Property acquisition. So when we bought the Tuscaloosa News building at $8 million, that's in there too. And then the professional 00:05:30
services contracts between Volkert and Davis Architects, that's also in there as well. 00:05:36
OK, so those. 00:05:46
Some little. The 13.6, is that money that's already been spent or money that's still there to be? 00:05:49
There's a certain amount that's still in there to be spent, but there it's fully encumbered. 00:05:56
OK. We've awarded contract the the Davis contract really has has taken up all of the available room in our current budget amounts. 00:06:00
Um, no, Sir, Mr. Crow, to answer your question. But there's more than just like those three main components in there. 00:06:08
There was in the very beginning we had an architectural contract with Ellis. 00:06:14
To do some planning, we had a geotech contract with TTL. 00:06:19
That you know, those are smaller amounts that are in there. Those are the big three, but those are the big three, Yes, Sir. 00:06:24
So that voter contract was 2.71. 00:06:29
Three points. 00:06:32
I thought it was 24. I think and I think the last amendment, it's been increased to about not to exceed 4.22. 00:06:33
OK. 00:06:42
All right. So do we, Are we going to go through all three parts of this year? I'd like to move on. Gentleman, you'll want to move 00:06:45
on to the next one. 00:06:49
OK, so the B section of this is the. 00:06:53
All imaginations to create the funding necessary for the snow hidden park item. I know that that has been presented to Finance 00:06:58
Committee over the past couple of weeks and debated a little bit. So the the pieces of that are. 00:07:04
$500,000 of that savings center amount can be moved to the River District fund. We're not defunding the project, we're just kind 00:07:12
of moving where that money sits. 00:07:16
Interest income that we are projecting for Elevate fund as a whole about $600,000 for the projected 2024 fiscal year. 00:07:21
The change of timing in the budget for University Blvd. corridor improvements about $2,000,000 and then increasing the snow 00:07:31
hitting park project by 3.1 million to be able to award contract. 00:07:37
Mr. Chairman, can I ask. 00:07:44
Sure, Go ahead. 00:07:45
This is based on what we approved in projects last week which was fully funding with all of the additives and. 00:07:47
Addendum with everything right so correct. 00:07:55
If. If. 00:07:58
It comes back to us. 00:07:59
That we're gonna. 00:08:02
Reduce some stuff, right? Like what we talked about when that comes back? 00:08:03
Will. Will that, How will that play out? Will that come? 00:08:07
Is there one place that you'll take those deductions, those deducts from, or how? 00:08:11
We just have to look at that and figure out what's best. 00:08:15
And and I would say yes, that's probably the the direction that would have that we would go with it if we come back with. 00:08:18
Value engineering, I'm assuming is what you're talking about and we decide to decrease the project. We cut a couple of alternates 00:08:25
that we'll probably do that too. 00:08:30
Um. 00:08:35
Normally the way that this would play out is you'll cut the alternate and you'll decrease the contract amount, but the project 00:08:36
budget would remain. 00:08:40
Unless directed otherwise by by council, we would leave that 3.1 million in the project, possibly for overruns contingency until 00:08:44
addition and we'll do project closeout and that would just flow back into contingency of the fund. 00:08:52
And then you could decide where the money would go for us if it needed, if there's money left over, right, and should be. 00:09:00
We have. 00:09:06
I believe so too. 00:09:08
OK. 00:09:10
Sorry, Mr. Chairman. No, please go ahead. Just Wilson, any questions? So on Mr. Anderson as we move down through that middle 00:09:11
section there. 00:09:16
We are. 00:09:25
I'm sorry, this is the counting so. 00:09:27
In the center column under Proposed revision. 00:09:30
We've got 500,000 in parenthesis. That's us taking 500,000. 00:09:33
Previously. 00:09:39
Does expected for? 00:09:42
Central River District Park, right? 00:09:45
No. So that $500,000 was originally to the savings center out of Elevate, OK. 00:09:48
There is capacity in the River District fund to be able to absorb that 500,000 as it sits right now, it's just been kind of 00:09:54
sitting in a contingency amount. 00:09:58
So. 00:10:03
The River District find can be used to pay for the saving center, but it cannot be used to pay for snow hidden Park and so we can 00:10:04
move the funding amount this 500,000. 00:10:10
Out of the Savings Center Elevate and into the Saving Center River District Fund. 00:10:16
It's just a matter of where the budget sits, OK? 00:10:21
So the next line, the interest income check in. 00:10:24
600,000 in parenthesis. 00:10:28
That's removing 600,000 from where no Sir that's. So that's actually adding to a revenue line. So that's us now recognizing that. 00:10:32
600,000. 00:10:41
Of expected. 00:10:43
24 Income, right, Yes, Sir, correct. 00:10:44
And I realize that there's parentheses around it, and that's an accounting thing because. 00:10:49
Revenues are all an increase in revenues, as always in in parens. 00:10:52
I know that it's confusing that way but if you look on the left hand side of that little table where it says decrease, increase, 00:10:58
decrease, increase. 00:11:01
You'll see what we're actually doing to the line item. So we're increasing the interest income by 600,000. 00:11:05
Where do we show that is coming from? Because my understanding was that 600,000. 00:11:14
Had not shown in the 24 budget, right, Right. So you know when. 00:11:19
When we earn interest income, we have not budgeted for it in the past. 00:11:24
Um. 00:11:29
In the past, in the recent past, because in the recent past there was no interest income that we were really earning. 00:11:30
Only within the last few months have there really been, has really been an environment where we can recognize a lot of interest 00:11:36
income coming in and so to be as conservative as possible, who knows what the market is going to create in the next few months. 00:11:42
We have not budgeted interest income. 00:11:49
Except minutely in certain areas. And this is 1 area because I do know that we need to have funding capacity for the snow hidden 00:11:53
park. 00:11:57
And again, trying to be as conservative as possible and what we do think we could bring in that 600,000 is what again that 00:12:02
treasury division within our accounting financial reporting group. 00:12:06
They've said that they feel comfortable being able to project. 00:12:12
I actually think it might. If rates stay the way they're doing, it might be more. 00:12:16
I think, I think 4 1/4 is what I believe, Mr. Chief. 00:12:21
Told us. 00:12:24
Kennel was what? 00:12:26
They did the math on so we should be more there, but my my question was simply an. 00:12:27
So where do you? 00:12:32
When you're When we're moving it over to help cover the overage and snow, Hinton Park. 00:12:33
Do we have to show it coming out of someplace? No, we never, we never created it to begin with, OK. And so we're just increasing 00:12:40
our revenue that was never that we didn't budget for. 00:12:44
We hope it will come in, we still hope it will come in, but so we're just creating a budget for it now because we know that we 00:12:49
need capacity in the project. 00:12:54
OK. The next line, I think I understand that's pushing out expenses not expected to occur. 00:12:59
And. 00:13:06
Until 20/26/26 is that's the plan? Yes, Sir. 00:13:07
OK. Gentlemen, any other questions on what is effectively Part 2 of this? 00:13:12
Revision. 00:13:18
OK. 00:13:20
Part three OK And then Part 3 is. 00:13:21
Uh, within Elevate also there were some improvements to. 00:13:25
City Hall facility for the Savings Center, and those came in. 00:13:31
Approximately 28,000 over budget and so we are pulling 28,000 from contingency to create or to to level up that work. 00:13:35
I don't want any questions. 00:13:44
So these offices, while they're four, the savings center. 00:13:47
Foundation. 00:13:51
They're a part of the physical facility of. 00:13:53
City Hall. 00:13:55
Once those, once they move to the new facility. 00:13:56
The. 00:14:01
Late 25 or early 26? 00:14:01
Then at that point as part of our facilities master plan, they will. 00:14:04
Reuse. 00:14:08
Redirect. 00:14:09
But it's it's been a big part of our foundation fundraiser. 00:14:11
The work that's been done by the safe. 00:14:17
Gentlemen, any questions, comments? 00:14:21
I think that wraps up the three portions of that. 00:14:24
Provision. Is there a motion? 00:14:30
So moved second. 00:14:32
All in favor, say aye aye item is approved. 00:14:33
Number 2/20/18 Drinking Water SRF Budget Revision #9. 00:14:37
Yes, Sir, this item will. 00:14:42
Be project closeout for the Lake Tuscaloosa Aerator valve. There was approximately $95,000 in savings in that project. 00:14:45
The last remaining priority project under the 2018 SRF is the Ed Love Raw water upgrade. And so we were taking it. 00:14:55
Out of the project closeout amount and then we're putting it into the Ed Love raw water project to. 00:15:04
Add to that project capacity. 00:15:11
Alright, gentlemen, any questions, comments. 00:15:14
Through motion. 00:15:18
Someone second All in favor? Say aye. 00:15:19
Item is approved. Is there any other business to be brought before Finance Committee today? 00:15:23
Now is there a motion to adjourn? 00:15:27
2nd. 00:15:30
All in favor, Say aye. 00:15:30
Finances. 00:15:33
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And today's meeting of the Council Finance Committee, Gentleman, if you would take a look at the minutes from last week. 00:00:00
There's a motion to adopt. We'll entertain that. 00:00:06
Chair. 00:00:13
Share so moved that we accept second all in favor say aye, OK. 00:00:15
Minutes are adopted. 00:00:21
Umm. 00:00:24
Miss Dandridge, at the risk of jinxing it. 00:00:25
This looks like the kind of. 00:00:30
Committee meeting we want to have. There's $25 million coming in. Well, there's $20 already in. 00:00:32
Wow, so this is ohh this is nothing new. This is this is something you know about. This is the. 00:00:40
It in this last legislative session. 00:00:47
The Alabama State Legislature awarded $25 million in various. 00:00:50
Avenues to invest in the building and development of the Stem Hub at the Savings Center and State Stem Hub Saving Center. 00:00:56
Those that $25 million has been received from all the various parties and so therefore we are proposing a budget revision to 00:01:04
recognize the inflow. 00:01:09
Of that 25,000,000 and then to UM increase the project budget for the savings center by that same 25,000,000. 00:01:13
That's item number one of a three-part. 00:01:20
Budget revision. 00:01:23
But I can, I can entertain questions on that. What's, Yeah, what's falls there. Let's let's digest that 25,000,000 first. 00:01:25
Alright, so it's coming in from multiple. 00:01:34
We're two different. So from 8 million was awarded through the University of Alabama. 00:01:38
We have received that from the university and then the other. 00:01:44
17,000,000. 00:01:50
Was. 00:01:52
Sorry, 18,000,000 was awarded through the Department of Education, State Department of Education. 00:01:53
And that was transferred as well. And what do we do with that and how long do we expect to have it? 00:01:59
So this is for both professional services and construction and so I've you know would not anticipate expending any of these 00:02:05
dollars probably until at least mid 2024 and what do we do with it in the interim? 00:02:12
We have solicited bids and assume it's corralled so that we cannot use it for anything other than those purposes, right? 00:02:20
It's in a CD right now. Yes, it's in a CD. The whole 25. 00:02:29
Right. 00:02:35
5.25% OK. 00:02:35
Good. If there and again I would like to just this is not any of my doing, I would like to brag on the staff, the ANS staff for 00:02:38
just one second. The accounting and financial reporting division and especially the treasury section within that literally had 00:02:45
bidding wars going on with banks and we're entertaining, very glad to hear that. So we put out the notice. 00:02:52
Hey, you got 25,000,000. What's your offer? Honestly, we didn't even have to do that. The banks were aware that we were getting 00:02:59
some money. 00:03:02
But we had multiple submissions of you can get this much for a CD for this term and in fact we have yes we had we had three major 00:03:07
players and in fact we would get one bid in and then we would go back to the other two saying we got this one. Would anybody else 00:03:13
like to ohh that just warms my heart puts a. 00:03:19
Bounce in my step and a song in my heart. 00:03:25
That's why we're here. 00:03:29
That takes it. Savannah Hornsby is the Director of Accounting and Financial reporting and then Cory Falls is is the associate 00:03:31
director that heads up the treasury sector. The two of them together do amazing work when it comes to our cash and investment 00:03:37
policy and they have truly taken advantage of these interest rates. 00:03:42
That we've been seeing that have not been and and and both of them are. 00:03:48
Are young enough to not have been around when interest rates were were decent previously and so they they have just kind of taken 00:03:53
their knowledge and grown it as much as they can throughout this time, truly very proud of that whole, that whole sector. 00:04:00
Yeah, German questions, comments. Yeah, please go ahead. 00:04:09
Money just come back to us and with the city when we pull it, yeah, when the CD matures, we will recognize the interest revenue 00:04:13
from it. 00:04:16
We put a year on a while, yeah. So yes, next, I think that it's set to sunset next August. 00:04:21
So that's roughly a Megan on 1/4 dollars, 1.3 is our is our estimate right now, now and we can pull, we can pull it without any 00:04:28
penalty of course we will negate the interest. 00:04:33
And we're not budgeting any of that. 00:04:39
Towards. 00:04:42
Savings Center construction. 00:04:42
Because we don't want it spent before we go to maintenance. 00:04:45
We would like to have the. 00:04:48
Those that interest as backstops. 00:04:50
Just. 00:04:53
We all know we don't know the price. 00:04:53
To bid. 00:04:56
Probably small. 00:04:57
But if you went ahead and budgeted that? 00:04:58
I got a feeling it would be spent. 00:05:01
Unfortunately. 00:05:04
You know, I think y'all log it up. 00:05:06
Like it? 00:05:10
All right, so. 00:05:11
Then do you want to move down? So that's. 00:05:14
That's the first part there's. 00:05:17
13.6 in there. 00:05:19
So, so currently the savings center project itself has amassed, you know over the years 13.6 million that includes the. 00:05:22
Property acquisition. So when we bought the Tuscaloosa News building at $8 million, that's in there too. And then the professional 00:05:30
services contracts between Volkert and Davis Architects, that's also in there as well. 00:05:36
OK, so those. 00:05:46
Some little. The 13.6, is that money that's already been spent or money that's still there to be? 00:05:49
There's a certain amount that's still in there to be spent, but there it's fully encumbered. 00:05:56
OK. We've awarded contract the the Davis contract really has has taken up all of the available room in our current budget amounts. 00:06:00
Um, no, Sir, Mr. Crow, to answer your question. But there's more than just like those three main components in there. 00:06:08
There was in the very beginning we had an architectural contract with Ellis. 00:06:14
To do some planning, we had a geotech contract with TTL. 00:06:19
That you know, those are smaller amounts that are in there. Those are the big three, but those are the big three, Yes, Sir. 00:06:24
So that voter contract was 2.71. 00:06:29
Three points. 00:06:32
I thought it was 24. I think and I think the last amendment, it's been increased to about not to exceed 4.22. 00:06:33
OK. 00:06:42
All right. So do we, Are we going to go through all three parts of this year? I'd like to move on. Gentleman, you'll want to move 00:06:45
on to the next one. 00:06:49
OK, so the B section of this is the. 00:06:53
All imaginations to create the funding necessary for the snow hidden park item. I know that that has been presented to Finance 00:06:58
Committee over the past couple of weeks and debated a little bit. So the the pieces of that are. 00:07:04
$500,000 of that savings center amount can be moved to the River District fund. We're not defunding the project, we're just kind 00:07:12
of moving where that money sits. 00:07:16
Interest income that we are projecting for Elevate fund as a whole about $600,000 for the projected 2024 fiscal year. 00:07:21
The change of timing in the budget for University Blvd. corridor improvements about $2,000,000 and then increasing the snow 00:07:31
hitting park project by 3.1 million to be able to award contract. 00:07:37
Mr. Chairman, can I ask. 00:07:44
Sure, Go ahead. 00:07:45
This is based on what we approved in projects last week which was fully funding with all of the additives and. 00:07:47
Addendum with everything right so correct. 00:07:55
If. If. 00:07:58
It comes back to us. 00:07:59
That we're gonna. 00:08:02
Reduce some stuff, right? Like what we talked about when that comes back? 00:08:03
Will. Will that, How will that play out? Will that come? 00:08:07
Is there one place that you'll take those deductions, those deducts from, or how? 00:08:11
We just have to look at that and figure out what's best. 00:08:15
And and I would say yes, that's probably the the direction that would have that we would go with it if we come back with. 00:08:18
Value engineering, I'm assuming is what you're talking about and we decide to decrease the project. We cut a couple of alternates 00:08:25
that we'll probably do that too. 00:08:30
Um. 00:08:35
Normally the way that this would play out is you'll cut the alternate and you'll decrease the contract amount, but the project 00:08:36
budget would remain. 00:08:40
Unless directed otherwise by by council, we would leave that 3.1 million in the project, possibly for overruns contingency until 00:08:44
addition and we'll do project closeout and that would just flow back into contingency of the fund. 00:08:52
And then you could decide where the money would go for us if it needed, if there's money left over, right, and should be. 00:09:00
We have. 00:09:06
I believe so too. 00:09:08
OK. 00:09:10
Sorry, Mr. Chairman. No, please go ahead. Just Wilson, any questions? So on Mr. Anderson as we move down through that middle 00:09:11
section there. 00:09:16
We are. 00:09:25
I'm sorry, this is the counting so. 00:09:27
In the center column under Proposed revision. 00:09:30
We've got 500,000 in parenthesis. That's us taking 500,000. 00:09:33
Previously. 00:09:39
Does expected for? 00:09:42
Central River District Park, right? 00:09:45
No. So that $500,000 was originally to the savings center out of Elevate, OK. 00:09:48
There is capacity in the River District fund to be able to absorb that 500,000 as it sits right now, it's just been kind of 00:09:54
sitting in a contingency amount. 00:09:58
So. 00:10:03
The River District find can be used to pay for the saving center, but it cannot be used to pay for snow hidden Park and so we can 00:10:04
move the funding amount this 500,000. 00:10:10
Out of the Savings Center Elevate and into the Saving Center River District Fund. 00:10:16
It's just a matter of where the budget sits, OK? 00:10:21
So the next line, the interest income check in. 00:10:24
600,000 in parenthesis. 00:10:28
That's removing 600,000 from where no Sir that's. So that's actually adding to a revenue line. So that's us now recognizing that. 00:10:32
600,000. 00:10:41
Of expected. 00:10:43
24 Income, right, Yes, Sir, correct. 00:10:44
And I realize that there's parentheses around it, and that's an accounting thing because. 00:10:49
Revenues are all an increase in revenues, as always in in parens. 00:10:52
I know that it's confusing that way but if you look on the left hand side of that little table where it says decrease, increase, 00:10:58
decrease, increase. 00:11:01
You'll see what we're actually doing to the line item. So we're increasing the interest income by 600,000. 00:11:05
Where do we show that is coming from? Because my understanding was that 600,000. 00:11:14
Had not shown in the 24 budget, right, Right. So you know when. 00:11:19
When we earn interest income, we have not budgeted for it in the past. 00:11:24
Um. 00:11:29
In the past, in the recent past, because in the recent past there was no interest income that we were really earning. 00:11:30
Only within the last few months have there really been, has really been an environment where we can recognize a lot of interest 00:11:36
income coming in and so to be as conservative as possible, who knows what the market is going to create in the next few months. 00:11:42
We have not budgeted interest income. 00:11:49
Except minutely in certain areas. And this is 1 area because I do know that we need to have funding capacity for the snow hidden 00:11:53
park. 00:11:57
And again, trying to be as conservative as possible and what we do think we could bring in that 600,000 is what again that 00:12:02
treasury division within our accounting financial reporting group. 00:12:06
They've said that they feel comfortable being able to project. 00:12:12
I actually think it might. If rates stay the way they're doing, it might be more. 00:12:16
I think, I think 4 1/4 is what I believe, Mr. Chief. 00:12:21
Told us. 00:12:24
Kennel was what? 00:12:26
They did the math on so we should be more there, but my my question was simply an. 00:12:27
So where do you? 00:12:32
When you're When we're moving it over to help cover the overage and snow, Hinton Park. 00:12:33
Do we have to show it coming out of someplace? No, we never, we never created it to begin with, OK. And so we're just increasing 00:12:40
our revenue that was never that we didn't budget for. 00:12:44
We hope it will come in, we still hope it will come in, but so we're just creating a budget for it now because we know that we 00:12:49
need capacity in the project. 00:12:54
OK. The next line, I think I understand that's pushing out expenses not expected to occur. 00:12:59
And. 00:13:06
Until 20/26/26 is that's the plan? Yes, Sir. 00:13:07
OK. Gentlemen, any other questions on what is effectively Part 2 of this? 00:13:12
Revision. 00:13:18
OK. 00:13:20
Part three OK And then Part 3 is. 00:13:21
Uh, within Elevate also there were some improvements to. 00:13:25
City Hall facility for the Savings Center, and those came in. 00:13:31
Approximately 28,000 over budget and so we are pulling 28,000 from contingency to create or to to level up that work. 00:13:35
I don't want any questions. 00:13:44
So these offices, while they're four, the savings center. 00:13:47
Foundation. 00:13:51
They're a part of the physical facility of. 00:13:53
City Hall. 00:13:55
Once those, once they move to the new facility. 00:13:56
The. 00:14:01
Late 25 or early 26? 00:14:01
Then at that point as part of our facilities master plan, they will. 00:14:04
Reuse. 00:14:08
Redirect. 00:14:09
But it's it's been a big part of our foundation fundraiser. 00:14:11
The work that's been done by the safe. 00:14:17
Gentlemen, any questions, comments? 00:14:21
I think that wraps up the three portions of that. 00:14:24
Provision. Is there a motion? 00:14:30
So moved second. 00:14:32
All in favor, say aye aye item is approved. 00:14:33
Number 2/20/18 Drinking Water SRF Budget Revision #9. 00:14:37
Yes, Sir, this item will. 00:14:42
Be project closeout for the Lake Tuscaloosa Aerator valve. There was approximately $95,000 in savings in that project. 00:14:45
The last remaining priority project under the 2018 SRF is the Ed Love Raw water upgrade. And so we were taking it. 00:14:55
Out of the project closeout amount and then we're putting it into the Ed Love raw water project to. 00:15:04
Add to that project capacity. 00:15:11
Alright, gentlemen, any questions, comments. 00:15:14
Through motion. 00:15:18
Someone second All in favor? Say aye. 00:15:19
Item is approved. Is there any other business to be brought before Finance Committee today? 00:15:23
Now is there a motion to adjourn? 00:15:27
2nd. 00:15:30
All in favor, Say aye. 00:15:30
Finances. 00:15:33
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