Audit Committee - Regular Meeting

Call this meeting to order for those of you that aren't getting paid by the hour because it's exempt status. We will get started with the ad hoc that is called for 6 p.m. today, Wednesday, August 26th. This is the 2025 ad hoc committee for the audit. And this is a beginning of this ad hoc committee. We will not adjourn, but this is a meeting to kind of start getting the low down on where 2025 is and hopefully see that we get closer to it being done in 2026 being started. So in the room, I am Frank Salvatore. I'm the chair. I have Councilman Joseph Britton, Councilwoman Andrea Gartner. I have Councilman Mike Henry, and Michael Coelho is excused. He is on vacation. That is the five-person committee. In the room, in no particular order at all, actually it's by warden, And here, so it's Councilwoman Mia Spain-Raykel, President Peter Bazade from the Mighty Third, Councilman Ben Chianese, and Candace Fay is still here with us. From the Mayor's Office, we have TDOT. O'BRIEN.

SHE'S RIGHT HERE. SHE'S HERE. SHE'S IN THE ROOM.

I THOUGHT I HEARD A DOOR SLAM. OH, SHE WENT TO THE LADIES' ROOM. WE HAVE T. O'BRIEN FROM THE CITY OF DANBURY FINANCE SIDE. WE HAVE THE DAN, CARA, JOANNE, AND ANGELA. NO, ANGELA'S NEXT FOR THE DANBURY PUBLIC SCHOOL FINANCE DEPARTMENT, RIGHT?

YES.

AND THAT'S ANGELA, WHO'S REPRESENTING MIKE. MIKE WEAVER. WHO IS ON VACATION. AS WELL. AND IN THE ROOM, WE ALSO HAVE KATE CANETTA FROM OUR BOARD OF EDUCATION. I DON'T THINK I MISSED ANYBODY. LIKE I SAID, THIS IS THE OPENING SALVO OF THE 2025 AUDIT FROM THE LEGISLATIVE PERSPECTIVE. AND I'D ASK THE MAYOR, AND I THANK THE MAYOR FOR PUTTING THE COMMITTEE TOGETHER SO WE CAN START GETTING A VIEW OF what's going on with the 2025 order and what to expect ahead. With that said, I am going to open it up to the finance team from the city of Danbury.

And...

SO WE HAD SOME ZOOM ISSUES ON OUR END LOGGING IN.

LAUREN, GIVE US A LITTLE COUNT SO WE CAN SEE IF WE GET THE RIGHT SPEAKER. ONE, TWO, THREE. THAT'S GOOD. PERFECT.

Lauren, I just introduced everybody in the room. I'm not going to embarrass them again. But Lauren, thank you from RSM for being here. I'm Frank Salvatore. I'm the chair of the ad hoc committee. And we have called this together to just get an update on where we are with the 2025 audit. And I was going to open it up to finance, but I figured, you know what? Let's let her go first from the RSM perspective and then hear some things from the team here on the ground. So, Lauren, I'll ask you to speak.

Sure. So, obviously, the audit, the 2025 financial statements, and then the related federal and state compliance audits remain in progress. I would say the majority of the requests have been provided. And, you know, a lot of our testing has been completed. There are some open areas that we're working through with the city and DPS. um and then obviously trying to get the engagement through the final reviews and financial reporting and completion procedures so most recently um as of yesterday i think we received the final actuarial reports we were waiting on related to the city um well most dps opeb so we've passed those on to our internal actuaries who do their review um which usually takes a couple weeks they do ask some questions and those get forwarded to your actuaries and then it goes back to ours and then you know they kind of continue their analysis and they provide us with a final memo so that what it was I was So we're working through that. Related to that are some pension and OPEB allocation entries. Again, I think, based on my discussion with finance, they got what they needed from your actuaries to do those, and we should be expecting those later this week. That will give us a little bit more information on that. I think final numbers to at least get the act for draft completed and get reviewing that internally on the city side and our side. Um. We do have quite a bit of work, I think, related to the federal single audit to be completed still. But what I wanted to do was actually share the request list status. So we use what is called a link, and that actually shows you the number of requests that we have had, what has been fulfilled by finance and that we're still processing, things that we've accepted and are good with, or things that have been returned. And I kind of think it gives you a good picture of where we are kind of in the process, obviously. This is, you know, request-based and doesn't really reflect, you know, a review process that's ongoing, but it kind of gives you an idea of what finance and DPS has really provided to us, which is quite a bit of information. So I'm going to try to share my screen really quick so I can show you what I am looking at. I can't. I'm not familiar with doing it with Zoom, so give me one second. Oh, I guess I had to request to be able to share. Let's click allow.

Yeah, we're gonna hit allow. Right in the middle of the screen, it says allow. Here we go.

Okay, let's try this again. All right, good. So here I'm gonna share this screen and I can make this a little bigger too. So I just took snippets of our website, Cerro Link, as of 5 p.m. So here's the city planning list. You can kind of see here, this one is pretty much complete. We do have about five lists that are maintained, and we kind of break it up between the different parts of the process and then between city and DPES, just to keep things a little bit more organized. So this is the planning list, mostly fulfilled. These couple items here that were open were related to those pension and OPEB reports. so i expect this list to be wrapped up very quickly this is the city field work list so this basically encompasses the rest of what's open for us to complete the audit so anything that is outstanding is outstanding and then things that are yellow are fulfilled so we're this finance has provided them and we are working through processing that information I've read his return, meaning we sent something back for a follow-up request. And then green are all the items that we've accepted. So I've hid those so you don't see them here, but you can see it in the little pie chart. So how the pie chart looks is kind of the status of the process. Similarly, here's the DPS list. So again, same colors. And then here are our federal single audit lists. This is broken out by the major programs. And then our state single audit list, much smaller. So that was pretty close. We just have some Medicaid items. But that kind of gives you a picture view of where we are. So a lot of green, which is good. And kind of shows you what's still open. And everybody that's on finance side and DPS side has access to those lists and they provide items to us from there. Exception. So I guess that's kind of like my update. I know I spoke with Dan earlier today, you know, once we got the OPEB stuff and kind of touching base on a few things. I think our ultimate goal is to hopefully have the ACFER and the state single audit finalized by the end of September, within the next month. If the federal single audit, depending on receiving those requested items and we're THE FOLLOW-UPS THAT WE MIGHT HAVE WITH THE VOTES, THAT ONE MIGHT BE A LITTLE BIT PAST THAT, BUT I THINK THAT WE REALLY WANT TO TRY TO GET THE ACT FOR THE STATE SINGLE AUDIT PUT TO BED AND TO APPEASE THE STATE, WHO OBVIOUSLY HAS BEEN FOLLOWING UP TO FIND OUT THE STATUS OF THOSE.

OKAY. THANK YOU VERY MUCH. ALL RIGHT. MAYOR'S OFFICE, YOU GOT ANYTHING YOU WANT TO ADD AS I GO AROUND THROUGH THE DEPARTMENTS?

Yeah, I think Lauren gave a good, brief understanding of delays. I want to just go over timeline if I can. So this audit really kicked off early February. One of our other delays that I don't think was mentioned was the 24 federal single audit did take longer than anticipated. So there are some items that we weren't able to get done as soon as we had hoped early on in the kickoff process. So at this point, I know with the outstanding items, one of our challenges, like Lauren said, OPEB had come in, but I believe there's still some grant data Joanne is working with every day over at DPS. We also have a consultant over there trying to help them as well to try to pull that data out. But those are two of our biggest challenges. Another one was some new requirements in GASB that was mentioned on some historical data that was new for some of the team pulling those. But I know that every day this team is working on it. And in the meantime, they were also starting Munis, which was a new program, uh, for all of us downstairs for purchasing. So, uh, for them to be able to, uh, close up the fiscal year, June 30th, started open a new program and have this almost done within a seven month period. Um, I'm really proud of them for getting through it, getting through audit, audit, audit, audit without a break so far. Um, and they've already started looking at, uh, 2026. I know Mike Weaver couldn't be here, but he is also, um, looking at some of the reports that are taking the longest and trying to have those 2026 reports start being worked on as well so that we can be ready to go if RSM, you know, is ready to roll with us once we're done with this one and turn around to the next one. We're hoping to do that. So I just want to credit these guys for the work they're doing, but also understand and be very upfront and honest to the council. You know, we want this, we wanted it turned around prior to this, We're going to get it turned around as soon as possible.

We talked last week, Dan, Joanne, Mike, and myself and Melissa, and we really tried to identify how we could condense the timeframe and make sure that we all get it on the same page about when things will be ready for us and therefore to make sure we have our people scheduled at those times. Obviously with the MUNIS implementation and I think we started during budget season, there was a lot of competing priorities. So yeah, I mean, it was a heavy lift for finance and DPA I MEAN, COULDN'T DO IT WITHOUT ANGELA, JOANNE, DAN'S HELP AND, YOU KNOW, AGAIN, YEAR-ROUND AUDITING AT THIS POINT. SO HOPEFULLY WE'RE GETTING YOU GUYS BACK ON TRACK AND WE CAN CONDENSE THAT TIME FRAME A LOT AND, YOU KNOW, GIVE EVERYBODY A BREAK WHEN 2026 IS ISSUED. OKAY.

DAN AND TEAM, GOT ANYTHING YOU WANT TO ADD?

I CAN'T THINK OF ANYTHING ELSE TO ADD. So we're meeting weekly with RSM, formally, and then informally, almost on a daily basis. So we're almost there on the 25, and like we said, we started on 26, and have some plans to shorten that time period also.

And Angela, do you have anything from the DPS side?

No, we're just trying to get everything done. AS WE CAN MOVING FORWARD, YOU KNOW, ASKING PEOPLE TO TAKE THEM IN. NO ONE ELSE IS ALWAYS HERE TO HELP US.

I JUST WANT TO POINT OUT, TOO, THAT THEIR EFS REPORT IS TO THE STATE SEPTEMBER 1ST, SO THEY'RE REALLY EVEN MORE CRUNCHED THAN WE GOT THE MUNIS IMPLEMENTATION AND THEY'VE GOT THE EFS REPORT. OKAY.

SO I'LL START OFF THE QUESTIONS, AND I'M ACTUALLY PLEASED TO SEE HOW MUCH GREEN WAS ON THOSE GRAPHS. AND I GUESS YOU SAID YELLOW IS ACCEPTED, SO THAT INFORMATION WAS PROVIDED, AND NOW THEY HAVE TO EITHER ACCEPT OR...

SO WE SAY FULFILLED, AND THEN WHEN THEY ACCEPT IT, IT GOES TO GREEN.

OKAY. SO FULFILLED IS YELLOW, SO ACCEPTED IS GREEN. THE GRAY WAS A LITTLE BIT BIGGER ON THE DPS SIDE, THE FEDERAL SIDE, AND THE STATE SIDE. IS THERE A RELATION TO HOW BIG THE GREY AREA IS AND HOW MUCH TIME IS NEEDED? DO YOU HAVE THE STAFFING TO DO THIS?

SO ON THE DPS FIELD WORK SIDE, COMPARED TO THE CITY, LET'S SAY IF THE CITY HAD 300 ITEMS TO FULFILL, DPS HAS MAYBE A TOTAL OF 50. So when there's five outstanding, it's a much bigger gray area. That doesn't sound right. But a much bigger gray colored area. So right now, I think they're down to maybe five or six items. And two of those items not being fulfilled is partially on me because I haven't loaded up files from their AP team that will fulfill, I think, one or two of those items. So percentage-wise, they're on a smaller pot. So it looks a lot. DIFFERENT ON A PIE CHART WHEN THEY'RE 5 OUT OF 50 IS 10%.

I'M NOT GOING TO PRETEND TO BE A CPA AND UNDERSTAND THE FEDERAL SINGLE AUDIT.

IS IT A STATE SINGLE AUDIT? IS IT STATE?

SO THOSE TWO, THE FEDERAL WE JUST HEARD HELD UP THE START OF THIS ONE. DID WE LEARN ANYTHING FROM THE 2024 FEDERAL THAT HAS BEEN APPLIED TO THE 2025, BECAUSE, YOU KNOW, AGAIN, I KNOW IF YOU GUYS CAN GET THIS DONE AND THEN GET 2026 DONE, AND IMAGINE BEING ON TIME FOR 2027.

YEAH, SOUNDS WONDERFUL. WE DID NOT HAVE MUCH TIME TO PIVOT OFF OF ANYTHING FROM ALMOST ANY OF THESE AUDITS. THAT IS THE TRUTH, RIGHT? SO AS WE GET THE FINDINGS AND THE FEEDBACK AND THE REST OF IT, OF COURSE, THOSE ARE IMMEDIATE CONTROL implementations that we can get but because we're in a little bit of a lag it's of course not catching up yet with the start of the next year or halfway through so we're also looking forward to being able to do that for the end of the 26 audit and then the 27 one kind of being our our fresh I don't know, say our fresh start, but yeah. And Munis is allowing a bunch of more controls that we really couldn't put in place on a control perspective with the other system. So there's a lot more changes that will be in that 27.

27 will be much smoother. Yeah.

It seems like a long way off, right? Because the 27 is not going to get unfiled. Now, OPEB, as Stan wants to speak on it, I think OPEB will continue to be an issue. There's a lot to go through between both sides. You know, citywide, we've got at least about 2,500 people. So unlike the defined benefit pension plans, which have a decreasing active POPULATION. THE OPEB IS, RIGHT, IT'S GOING TO ALWAYS BE THERE. IT'S THERE FOR THE TRB POPULATION. IT'S FOR EVERYBODY. SO ALL OF THAT HAS TO BE TESTED AND LOOKED AT. SO WHAT WE DO, WE'RE TRYING TO FIND WAYS WHERE WE CAN work sooner with the actuaries so that they can get the data crunched and back to us sooner.

That's one area I think we've learned quite a bit. I think it was a matter of changing consultants with DPS. The main problem there was we had a number of retirees that dramatically decreased percentage-wise. So when you see the OPEB report, you'll see I think it was about a $12 million decrease on the liability, which is a good thing. BUT OBVIOUSLY THE ACTUARY STOPPED AND SAID, WELL, THAT'S A LARGE DECREASE. ARE YOU SURE THAT'S ACCURATE? SO IT TOOK QUITE A WHILE TO CONFIRM THAT, YES, THAT DECREASE WAS ACCURATE. WE BELIEVE THAT THE ORIGINAL NUMBER FROM THE PRIOR CONSULTANT WAS INCORRECT.

INTERESTING. GENTLEMEN. COUNCILWOMAN.

THANK YOU. Mr. Chair, I just want to know two more additional people entered. Oh, yes.

Yep.

Okay. I don't really have any questions. It's from being on the observation side, the last few years, this seems really well organized and being executed in a timely way. So is there any, any potential bumps in the road of the audit not being fulfilled?

I don't think there are on the ACFA in the state. That's what the state focuses on, the federal single audit. As you mentioned, the gray area is a little bit larger on that. That's the only concern that I have.

Okay.

Thank you. No other questions? I don't mean to toss up.

That's it. And then I just want to add, too, on the federal single audit, we're coming to the TAIL END OF THE ARPA PROGRAMS AND THE REST OF IT. SO THIS TEAM, CARA, THANK YOU, THE SCHOOLS, BECAUSE WE HAVE SEEN THE VOLUME AND THE REPORTING AND THE GRANT COMPLIANCE AND THE REST OF IT WAS, YOU KNOW, I CAME IN KIND OF IN THE MIDDLE OF IT. SO THAT SEEMED NORMAL TO ME. BUT WHEN I START TO LOOK AT SOME OF THOSE REPORTS COMPARED TO A COUPLE YEARS AGO, WE HAD THE DCA PROJECT, WHICH WAS BY FAR, I THINK, THE CAREER ACADEMY WAS THE LARGEST CONSTRUCTION PROJECT I THINK I'VE SEEN IN MY TENURE HERE AS FAR AS IN RECENT YEARS, RIGHT? BESIDES THE WATER PROJECT, WHICH WAS GOING ON AT THE SAME, ALMOST THE SAME TIME, THE WATER TREATMENT PLANT. SO THERE'S BEEN A LOT TO ACCOUNT FOR. THERE WAS ALSO A MULTIPLE WHAT'S CALLED GASB pronouncement implementations, I would say three of the largest over maybe even the last decade, 15 years, for certain, from what I can see of the history. So, you know, and the team is stepping up to get it all done. But I, you know, I think it is, it is worth pointing that out. And I think that's why other large cities are, are struggling as well in the state and stuff. If I may.

So as the ARPA funding sort of gets spent and everything gets reported, you're saying that would alleviate some of the...

I think it's going to. I mean, we've got a, it was nice to get the extra money, but this team has been, you know, with the compliance work for that extra money alone, we probably could have used an extra one to two. I'M HEAD COUNT JUST IN THE PAST 12 MONTHS TO ACCOUNT FOR THAT. BUT THE TEAM IS LAYERING IT ONTO THEIR REGULAR TASKS. SO IT'S BEEN A FAIR.

NOT TO SAY WE WON'T STILL GO FOR FEDERAL GRANTS. NO. IT WAS TIME TO GO FOR MORE FEDERAL.

Speak my language, but I think we would just do it differently Taylor Obtains all that funding Thank you chair, and I know if this is to Lauren or to Dean This is audit projected any surplus coming out of it.

Do they know that far down the road?

There's there's a surplus again Off the top of my head. I don't have it I

HE JUST ASKED IF THERE'S GOING TO BE A SURPLUS AT THIS POINT.

They just don't hear the word surplus.

It's just very faint.

Very faint.

I was hearing it great before, and now I can't hear it.

Where's the microphones for us? She may be hearing out of the camera. No, I don't know if it's for Zoom. It should be out of the camera.

Good. Whoever's talking right now, I hear you great.

Can you ask her if she has the surplus number? Do you have the surplus number is what they're asking now. OH, SHE DIDN'T WANT TO HEAR THAT. OKAY. GUYS, CAN YOU HEAR THEM A LITTLE BETTER NOW?

Yes, much better. Okay, thank you.

I honestly would be completely guessing it.

I don't feel like I would be completely guessing, but I feel like I am. Yeah. I don't have it in front of me. It's too early. It's unaudited. You think there's going to be one, but you can't quantify it right now?

Yeah, I won't even say. I think there's one. There definitely is a surplus.

Yeah.

Consistent to what we've seen in the last.

Not as large. No, I don't think it's not as large. That's what I remember my reaction. Last time I looked at the numbers, so forgive me, was when we submitted the trial balances way in the beginning of the work of this audit, and we haven't hit that number. THAT FULL-ON REPORTING STAGE OF IT. WE'RE GOING TO GO INTO THAT NOW, AND THAT'S WHEN I'LL SEE THAT NUMBER, LIKE, EVERY COUPLE HOURS. SO WE CAN FOLLOW UP. OH, YEAH. I MEAN, YOU'LL HAVE IT INFORMED.

AUDITED NUMBER.

CAN I JUMP ON THAT ONE? HOW ABOUT FOR THE SCHOOL SIDE?

IT'S MOSTLY FOR THE SCHOOL SIDE.

MOSTLY FOR THE SCHOOL SIDE.

I THOUGHT THE CITY HAD IT. HOW MUCH, NEWTAN?

I WAS THINKING ANOTHER SEVEN FOR THE SCHOOL.

I WAS THINKING FIVE. SO I'M IN THE FIVE TO EIGHT IN MY MIND, BUT I DON'T KNOW THAT.

YEAH, AND IT'S NOT AUDITED, AND WE DON'T HAVE THE FINAL EXPENSES EITHER, SO IT WOULD BE VERY INAPPROPRIATE TO GIVE THEM A SURPLUS AT THIS TIME. NO, THAT'S FINE.

WE'RE NOT GOING TO HOLD YOU TO A NUMBER. LET US FOLLOW UP WITH YOU. THIS IS ONLY THE FIRST OF 20 MEETINGS. DON'T WORRY. Council.

Thank you, Mr. Chairman. My question is more of a technical clarifying question, just because I'm also new to the committee, not new to the process. But just when you were showing the charts, Lauren, I know it was the smallest sliver in them, the red line about the return documents. I'm just curious, what is an example of a situation where something gets submitted, but then vetted, then returned? What does that look like?

Do you want me to take it, Lauren, or? Yeah. So I feel like most of the returns we see, if I said like 90% of them, are because they want to follow up with either additional samples or they have a clarifying question about what's in there. then maybe a small amount of it is like an expansion of the um of the request itself so there might be you know we booked a journal entry let's say it changed what's called the threshold numbers and so they they've got to test a few more samples or you know something like like that nature and so then another um wave will be layered INTO THAT REQUEST ON THERE.

SO IT'S NOT LIKE A FLAW IN THE DOCUMENT ITSELF OR SOMETHING OR A NUMBER WAS INCORRECT.

NO, IT DOESN'T NECESSARILY MEAN ANYTHING. AND TO BE HONEST, I USED TO HATE THOSE LITTLE, THE RED, BECAUSE IT JUST LOOKS LIKE A DEMERIT. AND I USED TO PURPOSELY, I USED TO DROP DOWN ON THEM AND CHANGE THEM TO OUTSTANDING FROM RETURN BECAUSE IT MEANS THE SAME THING TO US. IT'S JUST A HARSH COLOR FOR WHAT IT IS. IT'S REALLY STILL AN OUTSTANDING ITEM THAT HAS FOLLOW-UPS ON IT. I DON'T LIKE THE GRAY AREA THING. WE HAVE TO CHANGE THE GRAY COLOR BECAUSE IT SEEMS WEIRD TO SAY GRAY AREA IN SPEAKING ABOUT ACCOUNTING ITEMS.

GASB, GOVERNMENT ACCOUNTING STANDARDS BOARD, AND THAT THEY MAKE GAP? OR IS THAT THE OLD TERM?

THEY'RE THE SAME OUT OF NORWALK WITH THEM. SO IT'S GASBEE, FASBEE. AND SO THE BASE OF THE ACCOUNTING PRONOUNCEMENTS IS GAP. AND THEN THE FASBEE'S AND THE GASBEE'S COME OUT AS AN INTERPRETATION OF BASIC GAP AND THEN GET INTO A DEEPER DIVE OF THOSE SUBJECTS.

I JUST DID THAT BECAUSE WE DO THE ACRONYMS WITH THESE GUYS THAT ARE AMAZING.

BUT IT'S RIGHT HERE IN CONNECTICUT. YEAH, IT IS. I KNEW IT WAS OUT OF NORWALK.

YOU GOT ANOTHER ONE? I'M GOOD, SIR. YOU'RE GOOD? OKAY. I'D LIKE TO GO AROUND THE ROOM TO THE COUNCIL PEOPLE. PRESIDENT BEZADE? I HAVE A QUESTION. I HAVE A QUESTION. COUNCIL MEMBER. I WASN'T EVEN GOING TO ASK. YOU'RE WALKING INTO THAT ONE.

GO AHEAD. THANK YOU, AGAIN, THROUGH THE CHAIR. A FEW QUESTIONS. YOU MENTIONED ABOUT THE, DO YOU HAVE AN IDEA WHEN THE DRAFT FINANCIALS WILL BE AVAILABLE FOR REVIEW?

So I think there's going to be contingent on getting these pension and OPEB allocation entries, which I am hoping, you know, or it's going to be relatively soon since the city got the information, I think just late last night or maybe early this morning that they needed to do that. I think a lot of the draft had already been completed. So it's going to be just layering those in and then ideally getting that off to the city to do their first pass of the review. So within the next week or two, I would say hopefully to give them a draft to look at.

SO AGAIN, A FOLLOW-UP. SO WOULD THAT DRAFT BE AVAILABLE TO THE COUNCIL OR THE REVIEW AS WELL? SO WE'RE NOT BLINDSIDING GETTING IT ALL AT THE END?

IT'S NOT GOING TO BE A BLINDSIDED THING, BUT IT'S WHEN WE'RE GOING IN ON THAT FIRST PASS, WE'RE CONFIRMING NUMBERS. SO AS LONG AS WE WOULD HAVE AN UNDERSTANDING THAT'S NOT SET IN STONE, BECAUSE WE MAY FIND LIKE A REPORTING CLASSIFICATION item we may find something was mapped because really what this stage is going to be is taking the numbers and mapping them to those financial statements and then detailing out the footnote disclosures so it's literally like a full if I said three day process for me to go page by page when I first get that and we will then mark up I had to give an estimate maybe one third of those pages will get MARKED UP FOR RSM WITH EITHER A WORDSMITHING CHANGE OR A QUESTION ON JUST VARIOUS THINGS. BUT WE HAVE HAD A PRELIMINARY ON THE FUND STATEMENTS. I forget, Lauren, the timeframe. I feel like it was July, early July. Melissa sent that to me. So I have already done a pre-tie out of what's called the equity accounting. What are the balances per fund and per category? What we hadn't layered in is all the governmental consolidation of that. And the whole back of the book with all of the schedules, I feel like A third to a half of the book is those back schedules. I feel like another third is the pension disclosure. And then you've got the front of the book for the rest of the stuff.

Oh, yeah. Yeah.

IF YOU COULD GIVE US, IF WE GET THAT FIRST DRAFT, AND I COULD GET THAT FIRST WAVE OF UPDATES TURNED THROUGH, AND THEN THEY TURN US BACK TO THE NEXT DRAFT, BECAUSE WE'LL GO THROUGH LIKE FOUR TO FIVE ITERATIONS OF THIS, PERHAPS, THREE.

ONLY THE COMMITTEE HAS GOTTEN THAT DRAFT. WE'VE NEVER EXTENDED THAT TO THEM.

I DON'T EVEN THINK WE'VE GIVEN YOU A DRAFT.

AND ACTUALLY, THE DRAFT HAS BEEN LIKE YOU SHOWED US IN ONE OF THE SUBSEQUENT MEETINGS SOME INFORMATION, BUT WE'VE NEVER GOTTEN A DRAFT. BUT HE WAS ON THE COMMITTEE AT THE TIME, YEAH.

THROUGH THE CHAIR, I ASSUME YOU'RE GOING TO BE CONTINUING THIS MEETING. OH, ABSOLUTELY. AND THE NEXT MEETING RECEIVING ALL THE DOCUMENTATION THAT WE ARE PREPARED TO GIVE.

YEAH, ABSOLUTELY. AS A MATTER OF FACT, THE MOTION IS READY TO GO. AGAIN, THROUGH THE CHAIR, IF I MAY.

SO I DON'T MIND DOING THAT. I JUST THINK WE'RE GOING TO BE FIELDING MORE QUESTIONS THAT IS NECESSARY UNTIL WE GET THROUGH IT ON OUR OWN. IT'S GOT TO BE AT LEAST 225 PAGES. AND AGAIN, THROUGH THE CHAIR,

Regarding any, is there any major footnotes that we're going to be seeing in these financials? And in the past, regarding contingencies, because I know we have a big lawsuit pending, is that going to be in these financial statements?

That is in, and contingencies would be a note in the long-term liabilities.

It will be addressed.

Yes, it's disclosed within the book. Okay. I just want to bring that out.

So, in the last question, THAT'S FOUR.

WE'VE ALL BEEN DOING TWO. I'M JUST KEEPING IT FAIR TO EVERYBODY.

I CAN'T ASK ANY MORE QUESTIONS? I ASKED ONE. I'LL GIVE IT TO HIM.

SEE, HE GAVE IT TO YOU. GO FOR IT. I'LL HAVE CANDICE.

NO, WAIT. SHE GIVES YOU TWO, AND THEN THIS ONE GIVES YOU TWO NOW.

GO AHEAD.

LAST ONE. AGAIN, THROUGH THE CHAIR, I JUST WANT TO GET IT OUT IN THE OPEN. I don't have to keep asking. So I know we've been promised these financials in August. We were promised them in July, and it keeps getting pushed back and back. Through your opinion, again, through the chair, what do you see are major delays of getting you the information? Was it on the city side or was it on the Board of Education side? Where did you feel was the major delay occurring? I wouldn't put it really on any.

your third party that you engage to kind of do that work. But I think a lot of that is getting them the information as well. So I couldn't say it was more than one than the other.

Okay, thank you.

All right. Obviously, this is the first of probably a couple of meetings. So we're gonna obviously make a motion to continue this. SO THAT WE CAN REVIEW WHAT THEY HAD SAID IN THE MANAGEMENT LETTER. AND WITH THAT, I'M GOING TO ENTERTAIN A MOTION IF THERE'S NO MORE QUESTIONS FROM THE TABLE.

YEAH, SO MOTION TO CONTINUE THE AD HOC. COMMITTEE SUBJECT TO THE CALL OF THE CHAIR.

WE NEED A SECOND FIRST. SECOND. MOTION MADE AND SECONDED. ANY REMARKS? IF THERE ARE NONE, ALL IN FAVOR SAY AYE. OPPOSED? VOTES SO ORDERED. Thank you very much everybody.

Thanks Lauren.