Investment Committee - Regular Meeting

okay we're green this is uh February 18th the Coffee County Tennessee investment committee meeting we have I think a full commiss yeah everybody's here all members are present so the uh does everybody have an agenda in front of them Miss yes did Marana sign we have six members and all of them are here six members okay and does uh everybody read the agenda need a motion to approve the agenda I make a motion that we approve the agenda second second motion by commissioner Smith seconded by commissioner Miller to approve the agenda all in favor by I I okay moving on to public comments anybody want to comment regarding the investment policy okay the minutes from the last meeting we have not had a meeting since uh you know a lot of things has transpired since April the 2nd of 2024 so it's just taking us a while to get every thing in order need to make a motion to amend those meetings from March the 11th okay what are your amendments I wanted to amend the minutes in the prior meeting March 11 2024 to uh provide clarification regarding compliance and proper procedures on December 14 2022 the investment committee voted and approved the multibank securities nonc corpor resolution which acknowledges and confirms the Investments of United States Treasury bills for Coffee County

two authorized signatures for the non non-corporate resolution for Coffee County mayor Jud Ellis methany and Coffee County trustee John H March Sony the uh witness was uh Cofe County Clerk witnessed the uh signature of the agreement the investment policy and the non-corporate resolution was referred to legislative committee January 3rd 2023 and presentation include the opportunity to invest in United States Treasury bills at a rate of 4.75 as opposed to uh the current rate interest rate we were receiving which was 3.5 um what what section of the minutes are you referring to because we don't know what you're talking about let me finish and then then you can ask those questions no you have you have asked to amend the minutes what section of those minutes are you referring to nobody no member in here knows what you're talking about if you you'll hear me out this is this is a chronological history of what happened in 2022 and 2023 this is the non-corporate resolution so you're not amending the minutes for the March 11th 2024 I am amending the minutes what section we have section one two three and further discretion which one are you referring to section one and two were dealt with uh um contract with uh a banking bid section two and section three are the Investments and um those would be the two that that would answer your question but to go back January 3rd the legislative committee met and the uh what year 2023 okay the

members decided with the Coffee County attorney that no approval was necessary for the U option to to um invest in the treasury bills Tennessee code annotated 58301 specifies proper procedure of investing Auto funds there was a question on on proper procedure in investing Auto funds Tennessee code annotated 583 301 authorized investment States and counties are authorized to invest in Ido funds in any of the following those include Bond notes treasur bills United States or other obligations guaranteed to principal and interest by the United States or any of its agencies certificates of deposits and other evidence of deposit at Tennessee Charter State Banks Savings and Loan associations and fairly charge Charter Banks and Savings and Loan associations the um Tennessee code annotated 58301 states that the following Investments shall require approval of the Coffee County legislative board and an investment committee the county legislative board shall approve any Investments which are subject to Tennessee code indicated 58301 which fall under category b35 and six which include repurchase agreements bonds of the state and non-convertible debt Securities so there's a discrep there there's there's it's it's directed that there are things that counties can invest in and things that that the trustee can invest in and there's things that the U county has legislative board has to approve um I request that these facts be accepted and let the minutes reflect the corrections John with all due respect

you're asking to amend the minutes of the March 11th 2024 meeting correct it's correct what section are we amending section two and section three okay so are you saying this did not happen on March the 11th um what I'm saying is that you can't amend the actions of a body you cannot do that if if you want to move forward with the meeting and discuss investment policy that's what we're here for but the minutes are only reflecting what happened in that meeting if if you if you disagree with what did happen I'm not I'm not saying I'm not questioning what did happen all I'm asking for is clarification on on the terminologies and and what was discussed you were in the meeting correct anybody else sitting at this table was in that meeting in that meeting I was came in very very late if you remember and I think all of this was discussed prior to me getting here I think the banking bid was discussed first and then you came in in at this time under two and three okay as far as I can determine all the text of these two pages is exactly what happened in that meeting I'm not I'm not saying that this this did not happen all I'm saying is it needs to be clarified I don't know I just don't know

where you're going with this John I'll be honest with you I really don't right now right now we have minutes from that meeting that tells exactly what happened if you dispute what happened let's change the text of what happened that's all minutes do if you want to move forward with new business where we can discuss all the clarifications of an investment policy I agree with you 100% but right now minutes only show what was done if you dispute what happened in that meeting just tell us what you dispute again I'm not I'm not disputing the minutes all I'm asking for is clarification on some of the things that were discussed I I don't think this is the appropriate time to do that let's get forward with with our new business and old business if you dispute what happened in that meeting give us the amendment to the minutes that would uh that would show a dispute in what happened that's all the minutes do well I'm open to discuss it in in new business guys I need a motion to approve the minutes as presented unless there's an amendment that would change what happened if you do not agree with what happened in that meeting I'll make a motion to approve the minutes I second motion by commissioner hollandsworth to approve the minutes motion seconded by commissioner Smith all those in favor by i i i those

opposed I okay we have five eyes and one opposition with uh John Maron opposing okay all right the minutes have been approved now unfinished business reiew and approve an investment policy now now is the time to clarify uh I would like for you if you have you introduced a investment policy in 2017 correct this one is dated 2017 2017 and 2019 and you did one in 2019 was it not a mirror image of this one okay whatever happened to that tell us tell us I want to hear the story because they were not approved by the legislative body correct I don't think it ever went to the floor okay there was a discrepancy in um ICT there was a discrepancy in um under safekeeping and custody that needed to be scratched and it's entirety yes yes and the reason why everybody where he's the second page of this second page second page says safekeeping and custody practices shall be established and followed for protecting the principle and maintaining assets can um there was some discussion about U the restricted funds and

um investment policies should not direct um is there is that in the agenda what we're talking about I don't have a copy we don't it's investment policy okay you might not have got that I didn't page two you have it now you have it yes thank you investment policy does not have the authority second paragraph page okay to direct restricted funds uh for the county only the the uh the tax levy addresses that the investment committee does not have the authority to uh direct the restricted funds so that was that was a u conflict in that policy I think that's a reason that uh I had asked to have that held until that was cleared up uh are you talking about the which one of these tax rates that you've set in front of me I'm talking about tax rate I'm talking about restricted funds um one of the uh members of the committee wanted in writing that the uh restricted funds uh need to U be invested back into the that fund which is don't have a problem with that the problem is is that uh the investment committee can't make that decision that that decision is for the tax levy the full County Commission makes that decision not the investment committee does would you agree that the investment committee is like most committies that only make recommendations to the legislative body well it's it's it's a policy you know if you put that in policy and okay I got commission votes on it then that that's policy I got you and uh again uh that's the responsibility of the County Commission to make that that directive it's not the responsibility of the investment committee investment committee has no

Authority where is that about the property taxes I I don't see it I it's the third page or the restricted third third page oh about the county investment committee that's where we are on page three um I'm not sure where you are it's it's showing one at the bottom but it's the third one stapled I think okay that's what I'm trying to figure out okay Marana did you bring the uh investment policy that was uh drafted with the com controllers input Tennessee com controllers input that's what this is is the third page which is actually numbered one and two third page what on this staple it's only it says one the bottom oh okay okay okay so is that the one that has about the restricted funds yes on page two under safekeeping and custody show me where you are so I get show you where I am this is this the one that's um the draft that the mayor has has provided everyone on page two under the um right here yeah okay and it says page two at the bottom page two now still one page two under safekeeping and custody General Debt Service fund with the exception of the library committed funds judicial drug task force funds and

any of the op water batement funds those three funds that that falls under the tax levy it's um the resolution under Section 7 would you pass that down to Rosanne please thank you P um oh who oh there's two pages that say safekeeping and exactly yeah that's St that's a little confusing so which one are you talking about page two talking about if it had the number two at the bottom that's a paper sir again the uh investment committee has no Authority or direction to determine or specify where these funds go or how they're spent or how they're invested or how um the interest is returned to those funds that is listed under the tax levy is that section seven Roseanne um it yeah I mean is it section seven could you read that to me please re read section seven would you please be it further resolved that interest earned on County Investments shall be receeded in the following manner general fund under general fund it has Library committed funds opioid settlement funds Tennessee abatement Council and P remediation drug control fund Sheriff's seizure funds jur uh Judicial District drug 14th Judicial District drug task force funds the balance of the interest

earn shall be accured to the general Debt Service fund unless otherwise specified by law is that what you wanted me to read I think so they the same thing I don't see differ those directives I think we need to leave to the County Commission I don't I don't think the investment committee has any authority to to uh direct those funds yeah based on what based on the tax levy that the full commission votes on what does the tax levy have to do with investment of those funds well the I think I think you're your misunderstanding obviously um explain it the restricted funds require that the interest be allocated to those funds as far as the investing I don't have a problem investing those funds or or um utilizing those funds for Investments for the county the problem I have is that the tax levy specifies where the interest goes on those restricted funds and where does it go back into those funds each one yes sir okay and that's what it says that's what section seven says so what would that needs to be left out of the policy investment policy that has been been left out is that what you're saying it needs to be removed from the policy going forward

any written policy going forward the the the investment committee cannot specify how funds are reinvested in restricted accounts how the interest is is reinvested in in restricted okay so you're saying there's language in here that directs the interest somewhere else in a tax levy no not in a tax levy all it's saying is the interest these have to be in separate funds that's what the state com controller said I had to specify that in section s which is the same thing it says in is there a state statute right that's all that's all we're saying all I'm saying is that the investment policy doesn't need to be doesn't need to have an open opportunity to be in conflict of the tax levy it's not it's not rocket science but that isn't tax dollars that's not property tax that's irrelevant that's got nothing to do with that yes it is relevant it's not property tax it's not sales tax the interest is that what your say the interest is not a tax right it's revenue generated from the tax all I'm saying is that word under safekeeping and custody doesn't need to be involved or doesn't need to be in the investment policy the tax levy already addresses that

well it plainly says unless otherwise specified by law it's already addressed in the tax levy so it said that pretty much takes care of it right unless otherwise unless otherwise specified by law interests gathered from the County's investment shall be deposited in the general Debt Service fund so you're saying that the that the interest generated from those Investments cannot be put in the G is that what you're saying no absolutely not you absolutely not don't make this more difficult than than than it is I mean it's it's and it's then why does this language why does this language trouble you I don't think and again I don't think that that the investment policy should should be in conflict or have any opportunity to be in conflict with the tax levy and that's that's the only point that I'm arguing do y'all understand what he's saying no because that's what I was told to do by the state com Troll's office seven and I also have to add the Coffee County Schools cafeteria funds because those are also a separate fund to add it to this year when we go through all this so I mean the two mirror each other I don't see what the problem is and it's not property tax doesn't have anything to do with the tax L well it says there's five of us that don't understand where you're going with this well I'm sorry that you don't understand it I mean it's it's to me

it's clear that it's already addressed in the TX ta Levy how the interest should be dist distributed um I I I don't see the issue so why all we're doing is substantiating what it says in the tax levy with that paragraph so you do you substantiate every policy with that is that your procedure to substantiate every policy I think there's a lot of redundant language in Coffee County and TCA and policy and procedures and redundancy does not mean inefficiency or uh conflict I don't say the conflict you know I'm I apologize we're giving you every opportunity in the world to explain it I'm just saying the tax levy already specifies it it it's not how does it relate to policy I got a question yes sir maybe if I'm not thinking wrong it's just amplifying what you can't do basically it's just a verification the way I look at it is that not right is there just for Grins and Giggles here moving through this policy was there other areas that you had in trouble with yes there are other areas that need to be addressed yeah let's move forward on something that maybe five of us can okay

grasp let's do this take a piece of paper and pencil it's got pencil you got paper let's make two columns let's make a column on the left if you'll write down 42652 on which side either side what's the number John do you have this printed off what you're wanting us to write why are you doing this hold on just a minute this is not kindergarten it's not grade school if you've got numbers and facts show us the facts so we can get through this meeting please write down 42652 the next line 478,000 923 he's got it print 923 next line is 44857 Oh we're putting down the line thought we were doing side by side down the line please right second one again yeah 478 923 448 579 298 660 298 298 660 972 030

3,835 1832 again 3 million 835 832 and on the other other side of the column or other side of the page 2019 2020 2021 2022 2023 and 2024 those are the investment results can can I make a copy of that sure from 2019 through 2024 Seas under a web page or under duties of elected officials if you look under trustee it's going to tell you the trustee has three responsibilities it's one to uh collect property taxes two to receipt the monies and three to invest idle funds for the max maximum amount um the investment policy that that uh you have drafted does not specify or indicate that there's a designated investment officer and for continuity for um the ability to continue Investments there needs to be a designated um investment officer in this policy um bref for county has that um they they have a designated investment officer of the county which is a trustee who's granted the authority to make investment decisions within the

parameters of Tennesse code anit to 58301 no other investments will be considered that are not described in Tennessee code anotated 58301 so this is this is a history of your Investments um if if you're looking at investment policy you should consider uh a designated investment officer for obvious reasons that would not be you that would be me okay yeah yeah so that needs to be added to this policy doesn't TCA already say that you are TCA says that um 58301 says it Counties have the authority to invest in bonds notes and treasury bills um other Investments needed need to be approved by the full County Commission but TCA TCA code does not um uh I have not found where TCA code specifies an investment officer so I just says the county the county so it doesn't name any committee no person no nothing Well it it says it so your recommendation is have an investment officer to circumvent the legislative body no no no not at all okay not at all he's just but TTA says the legislative body makes that decision legislative body makes that decision on investments that's correct now the problem with that that's that would create a hardship um in making Investments if you don't have a designated officer I mean

if if if a committee has to meet every time an investment is to be made just imagine all the problems you could you could see with that or you could experience with that I think it's clear in in Tennesse code annotated 58301 what the county can invest in and I think it's it's it's clear to add the verbiage of of uh designating an officer and have that officer follow Tennessee code annotated 58301 regarding Investments John I got a question for you yeah Jimmy if you're the you're the designated officer the trustee what what would this committee what would be the function of it for you just to report back to you and tell them what you have done the Investments that you made absolutely okay absolutely it's a good question Jimmy and we would take no action as the full commission we would uh what do you mean you would take no action I don't would you would you would approve the the um uh the history of the investment be a three-step process then uh an investment officer would report the investment committee they would vote to accept or reject your Investments well the Investments are stated by Tennessee code annotated 58301 so the Investments are going to be um treasur bills certificates of deposits if if there was a need to invest in um I'm pretty conservative I don't see it but I'm not going to say it's not going to happen if there's there's a an opportunity to invest in commercial paper or um State bonds then it would be my responsibility to go before the

investment committee then go before the County Commission or investment committee legislative committee then the full commission to get that investment approved or may or maybe to seek a recommendation from this committee for your Investments to present to the commission sure but I don't in in this market that we're we're experiencing now and in the last five years I don't I don't see that happening in event that I see that would be an opportunity I would come before this committee then I expect this committee to pass it on to legislative then from legislative to the full commission I got a the part it seems like we're leaving out is not where to put the money you also need to know how much maran's got to know how she's going to get the bills paid well I'm glad you brought that up because um one of the things I was going to ask is it um if there was some way um we could get an estimate from the uh budget and finance office I think we'd have to I think if if uh if if we had if we could get an estim prior to that month prior to the next month on what the budget office is going to spend um that would give us an idea of how much money we need to to uh to hold to hold if you will for that and an example is is uh we had a significant increase in payroll ending Janu January 28 2025 and um you know that was one thing that um can I have that number she again just a minute

um we we we we try to maintain enough to to cover the monthly expenses and and we've been fortunate enough that uh we do have a little bit of a a cushion if you will but we never we never know um we project but we never know exactly how much money the budget office is going to ask for each month so I wish we had a little bit better handle on that well can I add you get a report you have a monthly report with all the getting uh fund balance the receipts that come in and the dispersement and you should have it back to the beginning of time you should be able to look at that yeah and I also provide that to the commission with your monthly report and now I do all the funds that's on your du very good and that's that's after the fact so that it you should be able to look at that and you know do some kind of um estimate and and we do and we do I don't see what the problem is again it's it's a matter of communication but that's I mean I if you look at that report that's on the monthly report it's got two years right and you can go back and do three or four but you know with the payroll increasing substantially because we've got everybody uh we had huge raises the last couple years we've hired more people no I mean that's that's not it that's that's well I'm not going to do extra work when you already have the documentation in your office thank you Mariana thank you I have Dennis are you the chairman I am I have a question sure are we what are we what are we discussing now are we trying to we trying to get we're trying to get a policy in place all right in our last audit exit a recommendation

from the Tennessee comp Controllers Office that that we adopt an investment policy because we do not have one TCH you thank you I got a question sure and having had the job marana's got I I had both jobs so I didn't have a problem but I see John's point if Brianna knows something he doesn't know that may be coming up we don't want him to tie up all the money so at some point maran's going to have to say there's something coming up may you may not know about I think I would think yeah that makes sense and I don't know of any instance where she did not do that I think we just have to depend on some kind of communication that we would like to invest as much as we can but we can't put so much in there that we can't pay bill video did you not write those down do what did you not write those down absolutely not okay we have printers I wrote them down here Jim wrote them down do you not have the copy I asked if I could print I'm not sure where it's at I'm going to print it on I thought I gave it to you I thought you were going to go make a copy and yeah I did probably all right here's what here's what I want to everybody to know if this is this is the this is the problem of having people scribble stuff

down reciting to them all right I w't be sure that do you not have your copy so I'm guessing if Jimmy did this right I'm sure the interest the interest yields for 2019 was 426,000 is that correct by memory all right now for 2020 was it 478 correct and so I mean we're looking this way so 446 and [Music] 21 let's let's do it this way I want people to understand what the trustee has presented to us let's go back just one year in 2023 there was $972,000 yield on interest Investments that's total correct that's correct all right 2024 that jumped to 3,800 3 5,832 that's correct okay to your credit I want to give you the opportunity to tell us how this $3 million increase was accomplished I can do it's almost 4 million you might as well round up well 972 3,800 there's three million difference you could get the money in 23 uh to earn a whole lot more and if you put it in long enough term it shows up in 204 that's the reason that you need an investment someone someone those results are those results are the reason you need a designated

investment advisor on that I still don't know what happened to that sheet of paper but well tell explain to us how how this this increased if you look at um 2022 what's the figures on 2022 298 298 298 two 2 298,000 so what happened what was what was what happened in 2022 Co okay before that again Tennessee code annotated 58301 specifies that Investments should not be any longer than a period of 24 months we have a 24 month window to make our investments and make get the biggest bang out of them in 24 months now the full commission the investment committee and the full commission can say we can extend those terms to um 36 months if you will I'm not a I don't I don't favor that I I think that we need to stay within the window of 24 months so looking at that we have to take advantage of what's Happening in the market whether it be a six-month period a 12-month period or a 24mon period I'm not tying money up for 36 months not not not not the County's money I'm not going to tie up for 36 months the market fluctuates too much too many things can happen on a national level so I I think that again if we go back to Tennessee code anit 58301 follow that road mapap follow that template we're going to be just fine and and I think you can look at the history and you can see and you've got an explanation of when we had opportunities and you've got an explanation of of what happened and uh you can see how the market fluctuated during those times and and what opportunities we had and what opportunities were taken

away from us well it went nearly 10 years flat before okay once again to your credit this is your chance to explain it what is the explanation what did what did you do to gain $3 million in interest on investments I didn't hear the explanation for how that happened did you just put it in the right places is that I mean there's got to be a simple answer to that as much as let him answer please he's our truste I think I just did my job good boy so now you said you don't put anything anywhere Beyond 24 or 36 24 months 24 months you can you said we could go 36 but you don't recommend I don't see it at this point yeah yeah uh there there's a very controversial decision you made I know it's uncomfortable uh to talk about but there was an investment made a year ago in March where money was removed from County financial institutions and went with some investment firm out of state or something do you want to you want to talk to us about that if I go back to the original um motion to amend am minutes in um December 14th of 20122 I went to the investment committee and presented the um opportunity to invest in in treasury bills with multibank Securities um at that point it it passed the investment

committee we moved it to the legislative committee to get their blessing on it uh the legislative committee approved that that um um proposal we invested those monies in treasury bills at six months um I'm not sure that it was a controversial thing I mean it again it was was looking at what opportunities were there and what opportunities that we U executed I'm not sure that it was controversial some people might think it was controversal but uh you know again it it's part of the oath that I take I have a respons responsibility to invest Auto funds at the maximum amount and that's exactly what I did so I don't I don't see that as being controversial all right so when when you're recounting what transpired there you actually did go to an investment committee yes for their approval yeah okay so we're already we're already approving Investments is that what you're saying it's it's in the minutes okay yeah it's in the minutes of the investment committee it's in the minutes of the the legislative committee did you want to read those I have so let me ask you this are those those Investments the ones that I just referred to that wound up that was a very contentious meeting in March right I thought it was so and it all was based upon the fact that financial institutions in Coffee County Manchester T had a problem with what happened to Investments and uh well unfortunately the county does a lot of business

outside of Coffee County um it's not something I would have rather that the money stay in Coffee County uh and that that's not all the dollars that we we have I didn't take all the money out of coffee County right okay I took a a um probably 50 60% um put a dollar figure on that for us that's about 25 million okay okay and where is that money today uh that money is in um it's in your local banks today it's all of its back there's nothing every bit of its back okay mhm yeah and what what financial institutions are we using now well we use uh um first Bank mhm First Vision Bank Coffee County Bank um People's Bank H let's see smart Bank um we've sent bids to Smart bank and and unfortunately some of those bids were out bided by other Banks um Traders Bank and um uh Tri County um Community Bank have I left any off that's all I'm thinking of did you mention Old National I don't know Old National we had um with Old National we had a clearing account with Old National and and um we changed that to meet um with the clearing account there was a hardship with the schools so we we changed that we we we changed that account to uh one of another clearing

account so that they didn't have the hardship of having to go to the bank and physically going to the bank and making that that transaction John when you when you had the money out of the county was it a considerable bit more if it had been local treasury bills went to like 5.6 5.3 5.6 so again that was an opportunity that you know that they're backed by the United States government uh both the the investment committee the legislative committee approve that it was an opportunity to it it was an opportunity to gain more interest it was an opportunity for me to to do my job and and that's exactly what I did when that was at 56 what was what was at local you remember what it local was like three and a half we started when we started this it was uh in December of 2012 two we were looking at uh 4.75 versus 3.50 again I'm all for keeping the money at home but we I still have a responsibility to try to get the most interest that I can and I think that uh most directors most officials um I think that there's uh and that was at 60% of this 25 million you think yeah well 25 million was 60% of what our our total was okay you know if if if you want to talk about you know why do we do business outside the county are heating an air system was that local was that a local company that did our heating therea yeah they work local companies work on it every week just about okay I understand that was a company out of Knoxville that did the train Corporation is who we made to deal with because of the the equipment purchase nobody manufactures

air conditioners in C County roof was it a local yeah if you want to get down into the woods of it I mean do we everything we do do we do local do we do any business with any outside vendors I do I have to well there's there's a whole slew of um of um patrol cars out there are they are they all were they all bought local what they bought from Al White or stemach naav or state contracts and everything else State contracts okay yeah State contract I'm pretty sure all right well from a standpoint you know that's an expense what we did in in in this office is is we brought money into the county we earned the most interest that we could for the county so to your credit is there anything in this investment policy before us that would prevent you from duplicating the numbers that were produced last year I don't well if if if all the Investments had to be and I'm talking every investment that we make if it has to be blessed by the committee um when they're already blessed by Tennessee code annotated five um 5-8 d301 um that's going to be a hardship because again it's it's a timing thing and the other thing is is uh um two signatures came up in the in the prior meeting uh March 11th of 2024 the um Chief Deputy trustee to my Recollections has always signed off on any CDs we've invested with local banks so if if I have to find somebody from

this committee to go to the bank with me me every time we invest in a CD that's going to be a hardship the uh um Chief Deputy trustee to my recollection has always signed off on any CDs that we've invested it it's not all one signature there's checks and balances and and um there's internal controls that have to be followed so that's to have to designate someone from this committee to sign off on every investment would be a terrible hard ship I don't know how you you'd expect me to do my job we have time for comment sure make it short because you passed up the public comment period Please John um this last year budget year that we just finished what was that 4.3 3 million that you brought in off the Investments what was that Jimmy do you have that 3.8 3.8 3.8 and then the year before it was 900 and something, 972 as someone that follows this budget in the county as an elected official I can't even begin to say how much that 3.8 million meant to this County what a difference it made and and getting some things caught up for our County I think that um there's a big thing out here on the table and it is a job was well done a job was well done um and people we have people invest all different ways but if you know what you're doing and you watch the market

this is the results you get we all know that uh personally we know it um I just think I'm listening to a lot of negativity and and and trying to push a lot of push back and I've received it as an elected official in my tenure here and an elected official is here to do a job and it's not to be changed or tweaked by County government it's state um when we get off track and as you know this County from the old days that Dennis was here with I was told when I was elected and came in I was told by our our current Seas representative that I needed to run my office as a department not as official office all I knew and all I've done since is follow every regulation every statute so that my back's covered and when certainly when this official goes into not doing it exactly the way the statutes are for him then he puts himself out for a lot of liability and the county should never ask of that um there is a separation of the officials and County government because of the state regulations and sometimes if you're getting confused as a commissioner or what have you please grab County government manual and get in there and read some because I assure you no one in the official offices are doing anything but those guidelines um and

again $3.8 million went a long way when you did the budget last year it was a net gain of three million it was a net gain of three Milli gain of three million meant a lot to this County when I watch us fight over $5,000 when when like when I'm fixing I have to go through that and I'm going to remember everything that's being said here today when I go to budget committee I appreciate everybody's effort and I don't want us losing the focus Mr chairman it's March 2024 I wrote an investment policy um after the meeting that we had and and what I'd like to ask um I know we're already into an hour what I'd like to ask is that you um look at that review that with the other committee members and and maybe we can get together and and uh further discuss this and make a decision on it in the next meeting I mean we've been a year the last time this was addressed was almost a year ago and so I wrote that in March of of 2024 and and uh all I'm saying is we haven't had a meeting in a year so it's time that we do something the only and the reason we're here to adopt an investment is because of the state of Tennessee the state of Tennessee com Controllers Office has made a recommendation it was very close to being a finding uh I would I did not get that I did not receive a finding on that's because it didn't wasn't in your audit it was in my office the exit audit for the mayor's office and I didn't see that yeah you

won't anyway that's confidential anyway um could you make copies of that investment policy circulated to the other members and and uh um maybe between now and next week is or or is that would that be enough time for everybody to review yeah would you let me ask you this is this one is two pages and I think the one we're looking at three I think the yeah no you got two so this is a simpler one correct and and I think a policy is probably a living um piece of work it's something that uh based on markting conditions and changes I think probably it would would serve best to be changed at different times to reflect what's happening uh I think you can take the time to go through and read this I don't I don't think it's going to take a long time to do that but I think if we can just uh digest everything today and and maybe look at it uh this week and meet um Tuesday next Tuesday at 8:30 would that I can't you can't do that okay is there Monday could you do Monday we're all here Monday anyway could you do Monday rosan okay what time is that 8 aegs at nine: we could do it before or after is 30 minutes enough probably Monday is that what you're looking at yeah you know that is uh the what date is that that's the 24th 24th okay I don't think there's anything uh I would like I would like to discuss the

uh the two signature thing I mean of this six people of this body this committee six of us are elected officials okay I mean I'm sorry five of us five of us are elected so uh the signature two sign I don't think you'd have any trouble finding any one of us uh to to to obtain this second signature in this one investment policy my experience has been in the past anytime I've uh especially on the checking accounts we've had changes in U elected officials and it's a minimum of of two days to to uh get signatures together I I don't know that I have that much time and marann might not like it but why wouldn't she be the SEC second what would be wrong with the uh I would I had asked to be the and what what's wrong with the deputy trustee Chief deput what's wrong with somebody outside of your office it still falls under internal controls but you supervise her you direct her work well well I I feel like this this committee will probably taken a vote on that one probably I just see I think I think we need to take a I think we need to take a little pressure off you spread it around a little bit and uh that would help what was your to what I don't understand that I hear that a lot did we set a meeting I

think we did did we say Monday at 8:30 correct that's what I got think we 30 minutes do it or you think we need an hour we do it at 8 give us an hour I'm hoping think 8 or 8:30 we could do eight that wouldn't bother me a bit but if we've got a fall we've got a meeting at 9: so we need to be free by 8 by 9: surely would take we done an hour surely um we would y'all rather do a evening meeting afternoon I'll throw that out morning well if I'm going to be here Monday morning for another meeting at 9ine I'd just soon do it Monday morning before that meeting if that would work for everyone else but you have a meeting at 9: yeah I do too you do too what is it a 9:00 oh I'm no longer on a okay we'll just be me so Mr chairman will you distribute the March 20243 March 2024 I could do that so what are we doing now Chairman's going to distribute March 2024 investment policy 8 or 8:30 8:30 okay we'll be finished by 8:30 8:30 okay yeah I want a copy of each so I can think make copies right now for a week uh is there any more new business so y'all got anything else you want to add I do I have uh four projects coming up and they're all over 500,000 so I'm going to have to have

separate retains accounts opened for those and uh the first one here you go it's like the train project we had you have to take the 5% when they send their invoice in has to go in a separate interest bearing account so that is the first one it was awarded to Rogers Group so the uh account has to be labeled that way sorry guys and then when I when we get the bids opened and uh the contractor approved then I'll know about the other three what project we have the animal shelter yes we have the construction of the health department and then we have the um water Wastewater Authority that one is this ARP money no okay so it just it's the same thing we did with train when we write the check to Rogers Group we will take the 5% and that needs to go in this separate account and it will be interest bearing when the uh Project's done and signed off on we will write a check and give the money to Rogers Group what is that Wastewater thing that's TC we have three that are TC that'll we approved back in 2022 the way Water Authority is doing um field lines and we did the control panel and it's got uh our money our personal money and the other is T part of that I remember yeah you were it's that one we talked about by the name was chairman and we had the list Margaret and we all went through it and decided what

projects we're going to do with the you know the oh money we received so that is federal money we don't okay what they did was when they first gave everybody this 10.9 million y they said you know they had restrictions however they changed the guidelines and said that if you want to do Revenue recognition because you know obviously because of Co everybody was struggling with funds interest rates were down um you could classify that money up to 10 million as just Revenue you can do whatever you want to yeah I remember that yeah and what is the Wastewater part I don't that's what I'm trying to remember there parv it is designated as arpa but does not have any restrictions as far as Federal it's like they gave us the money we did the Motorola project I I understand all that just T the money we're talking about for Wastewater I'm not really remember okay I'll have to I'll get you the schedule yeah did you mean to specify an amount on this account that you want opened excuse um did you mean to specify an amount that you want to open this account oh whatever the minimum is I don't know okay if you can just specify it send it to me I can do that we won't know until we get our bids right I mean right I don't have the uh uh I mean we haven't been invoiced for this because we need to do the the site okay I was just looking for an amount to open the account well I'd say just just look at it and just send it to me be fine you can email

me Dennis do you want to copy this I see see J on emails pH motion to J motion second but we're not going to leave until we get your copies yeah what are all those in favor I thank you all for being here