Pension Board - Regular Meeting

okay i will wait before you start just uh i just got a text from justin just so you know running late he'll be on in five minutes so he's just well as long as i have a quorum okay i'm happy okay what about andrew have we heard back from him did you call yeah he said he was going to be a few minutes late but he will be joining okay so well let's get going okay and take care of some of the Bookkeeping stuff here. Let me call to order, okay, the South Miami Pension Plan meeting for Friday, September 12th, okay, 2025. It's 10.07 a.m. And let's do a roll call, Sierra, and you can add people as they

Let's see. We have the approval of the minutes. Does anybody have any questions or comments on the minutes of June 13th, 2025?

Make a motion we approve the minutes. Second.

We have a motion and a second. All in favor say aye. Aye. All against? Okay, that's unanimous. Joe, I'm going to beat up on you today.

On the day in case, on the last meeting, before we get into the consultant's report, before we get into the last meeting, okay, let's see. We... Joe and Kay put forth a... that we... that we... sell a million dollars worth of S&P 500, okay, which we did, okay, and we netted 62.97 and 36. And let's see, as of last night, okay, that same index was at 65.88 and 75, which means we had a 290, or it was 291 points we missed on. You do the numbers, okay, and I, let's see, it's about $46,000, okay, that we missed on, Okay, we can't do that, Joe. Okay, when I tell you, okay, we're investing for 400 yea

Okay, but we're supposed to put that in, in stocks anyway. And I believe it was a federated dividend income.

portfolio no no that's not what we we don't trade we don't position stocks like that okay i'm telling you right now it was going somewhere this is this is going to be my 20th year next year okay i've watched everybody try to if you have a board that meets once a week twice a week five times a week You can move things around like that. We meet four times a year, and we're not very nimble. So the bottom line, we need to have as static a portfolio as possible.

Right, but what was I supposed to go into? My recollection, if I push for that trade, I know I was going somewhere. And I think we're, from my recollection, from what I recall, we're supposed to go right back into equities.

Oh, okay. Well, look at the minutes. But I'll take the blame, but I don't think- I'm telling you, but this is a lesson for you. We never sell anything unless it's going into somewhere. The only time we sell anything is because it's going to be reallocated. So where was it reallocated to? That's my question to you now.

It doesn't add up in my mind that we went to cash. We did that for either going back into the real estate that we're getting a call on now, or it was going to go into the slowing down into more of a value play, putting into the...

But we had plenty of cash in the money market to cover the calls that we have. And what we would do or what we should do in the future is... We trade out of whatever we have, okay? And the instruction, okay, that David and I, for one second, this instruction that David and I in the future, okay, was to sell or to trim down the S&P 500, okay, for any real estate calls that we have. But being, okay, as they're unpredictable, okay, we shouldn't be selling, okay, until we need that money, okay?

Yeah, Brad, but I can assure you, I did not make the call of selling a million bucks and put it in cash. It was a million bucks and going to something else. If we need cash... David, help me out here. David.

My recollection is that's when all the tariffs were going down, the market was going all over the place. I thought it was a smart move. But we don't trade the market. If I knew when the markets were going up and down, do you think I would be sitting in this chair? Do you think? that I honestly would be occupying a measly public servant of the city, I would be sitting with David Lee at the market venues.

We're going to make the wrong decisions.

We're going to make the right ones. I mean, I agree. We played the wrong game. We all agree with that. I mean, this is a 400-year plan, I guess. But to say that we could have capitalized on that shit. On a Monday night, I can tell you who wins the Sunday games all day and night. I mean, let's be real. Put it in perspective. Joe, I understand.

We had reasons, as David stated. We had reasons to put some cash aside. The market was doing pretty good. We're on the top of the market. Take a little bit off.

Get more cash today because the market's even frothier. We're never going to be right.

Well, as I said, there was a reason for taking some money off the table. And we all agreed on it.

We had a million and a half dollars in the bank at that time, okay? We don't need to sell it, okay? When we sell things, okay, we sell things, okay, to move into something else, okay? And we're never going to be 100% right. But the bottom line is, is we can't make moves like that million dollars, okay? I mean, that was totally out of the woodwork, okay? And

I don't 100% agree with you. The other thing, what happened to that investment, the fellow that presented on the real estate play?

Well, that's a good discussion we're going to have in a few minutes with Ron.

But I thought part of the money was for that as well, because we said we're going to put about half a million bucks in there or something from my recollection. So what happened with that? That's another reason. I believe that we'll go through that.

We'll go through that. Okay. And Ron's report. I don't want to go out. I don't want to go out. Okay. What I want to do is move forward. Good morning, Justin.

You know, I guess you're there. I just got a message from Jose, who's in Georgia. Okay. That his Zoom doesn't connect in Georgia. Where in Georgia are you? Okay. Anyway, let's move on then to David's report, I guess. Okay, perfect. Anybody have a problem with that? Okay, let's move on.

It definitely helps, David, when you share it because that way I can follow along easily just looking at what you're accessing. That helps.

Can you go back, if you don't mind to, That one. No, that one. So our percent is 42, our target is 35.

So real estate, we're under, we're supposed to, we want to be at 20, we're at 9.1.

Which I'm assuming we're going to talk about their agreements soon.

Okay. And I'm assuming we already agreed to take it from large.

Yeah. I remember that conversation last quarter.

Fredo, remember that doesn't include committed. We're more committed in case we just haven't had the opportunity to, or they haven't called the money yet. It doesn't reflect that. Okay, go ahead, David.

Good job, Dave. I don't know. I think we're solid. Definitely more than exceeding our assumed rate.

Okay. So we're done, David? Yes, sir. Let me ask you to hang around, okay, for this question on the partnerships, which I'm going to ask Ron to cover first. TA and affiliated housing, okay, if you could stick around for those, and then you can go about your day. Where are you now? I forgot.

Okay. And you got football tickets for Saturday?

There you go. Okay. Thank you, David and Kay. We're happy with you now, and we'll be happy with you in a year. You've been in the business long enough to know what that means. Anyway, so Ron... Yes. Where's Brent? Brent's hiding in the shadows.

Okay. Okay. 4, 12, 12, 13. Okay. Wait a second. What were you in originally? 11? Yeah, 11, 12, 13, and this is 14. Okay.

But anyway, let me stop you there for one second. David, what other investment does TA have?

Oh, okay. Okay. Ron says something, and the light bulb goes off.

Then I'm going to ask Andrew to speak now and tell us what his concerns were Because I have no clue.

Yeah. Hey, good morning, everyone. It's not so much concerns as it was clarifying questions that I was hoping to ask about, you know, after having reviewed the full document. And so I don't know what would be the best way to go about that and procedurally. But would it make sense? to schedule, you know, perhaps I could schedule a meeting with Affiliated to review my questions on the sample deals that were provided and the assumptions that they used in those sample deals.

You see, the proper way to have done that would have been to invite Affiliated here to this meeting where you could do it in front of all of us. Do we want to schedule a special meeting in the next week or two to do that because they're not here now? Because if I would have known that this was what was going on, then I could have said, well, tell Nick or one of his people to be here. But of course, I couldn't get an inkling of where we were. So now we're wasting more time. Okay. I mean, listen, Andrew, I thank you for this. Okay. This is your area of expertise. Okay. This is what you do all da

And when you say a meeting, I have no problem.

It's a special one-hour meeting where Andrew can question Nick as to what he sees in these contracts. Rather than Andrew has a meeting, then after Andrew's meeting, he has to go through Ron to set up a meeting. And then I'm trying to streamline the process. I guess the question is, do you want the whole board? The board's already given approval. I agree. Alfredo, that's a perfect response right there. That's why I don't understand why these things couldn't have been dealt with before this meeting. Andrew is obviously, in this case, a very important cog in the wheel. Bottom line is, let's deal

I'd have to find my notes. It wasn't anything major. Honestly, because i feel like the the board has entrusted me in particular with this deal um and and was really relying on my advice i took particular interest in reviewing through the documents and i just wanted to for my own level of comfort feel like i understood all of the the assumptions and terms that were laid out in the document i read i don't have the notes with me right now but I mean, I think, in my opinion, the idea of a brief special meeting, you know, in the next two weeks, that makes sense to me. I don't want to slow down the

Yeah, I'm actually out of town next Friday, but all of the week of the 22nd, any day I'll make myself available.

Hold on one second. Let me get my calendar up here. Week of the 22nd. Okay. I'm free that week, okay? I'd rather have it in the afternoon if possible, 3 or 4 o'clock, okay?

folks. How about the 22nd? I can do that. Four o'clock?

Randy, can you be there at four o'clock on the 22nd? Randy? Okay, forget it.

I was muted. I say, hold on. Let me check.

Okay. Okay. Alfredo. Okay. So we're all good. Yeah.

You want to have somebody cover it just in case? Okay. I mean, I don't. I mean, these are legal. This is a legal and a business. Well, I mean, you guys might benefit also from being on the call because of Andrew's knowledge. Sure. Okay. Okay. Okay, so the 22nd, we're in business there, 4 o'clock. I can go to Pilates. That's my life. One second, let me just put this down real quick. Okay, 22nd.

Yes, that's my secret to longevity right now. And now you have it, and I hope to see you there, Joe.

Would it make sense, Ron, if I sent affiliated list of questions ahead of time?

Yeah. Okay. Yeah, I'll do that. I'll put that together over the weekend.

Okay, great. Thank you. Ron, so there's nothing else on affiliated then until we get to this meeting?

No, affiliated cannot hold an apartment in California In case, okay, we have somebody, this is a business, okay, we're one partner out of a number of partners. And the same way I wouldn't want Hollywood, who's an investor in this, okay, to turn to affiliate and say, hey, we have four people that might want to rent there. Can you hold four apartments? No, this is a business, okay? It'd have to be rented, okay? And, you know, in the most, you know, in the most efficient and business-like manner, okay? OK, so, you know, I mean, you know, it would be stupid for affiliated to take to if somebody ca

And I'm guessing Jose will be back from, what's the city? One second, I will take one second. Hopefully, he will be back from Huthbert, Georgia, okay, for that meeting. So make sure, okay, he's invited. Okay. So that's affiliated, okay. David, I don't see anything else on here, okay, that we would need you for, but you're always welcome to stay. Okay. Uh, but with that, and Kevin asked Ron to go into the, uh, and well, this is going to be Ron and Alfredo and, uh, uh, on the, uh, drop language.

So, you know, bye. Bye. Thank you all. Come on, Justin way.

Yeah. Okay. I have gone through this. Okay. Several times. Okay. And it is impossible, impossible. It's not a question of, you know, I mean, it, When I say impossible, unless we hired a person to watch a single account, it is impossible for us to administer that section of the ordinance. There's no way we can predict in any fashion what the rate of return in any given year going forward is going to be if there was once again. That would be Alfredo's doing, okay? And he says he can't do it. But the bottom line is we can't predict that. We can't predict what the cost, if we could just predict wh

Yes. Alfredo, where the hell are you? We can watch you chew. I know you don't want us to watch you chew. Do you understand what Ron just said? Good. Just spit it out.

I not only understand what he said, I know exactly what he said. We're in negotiations with Randy, which is literally on my right corner right there, so he knows what he said. It's being proposed by the city. It's going to be already in the police union agreements. Those are already in there. There's one union agreement left, which is Randy. Randy, you know that we're going to propose it. There's no reason to have a real negotiation.

It's a mistake. It never should have been written in the first place. Randy, do you understand that? I mean, I predicted exactly what would happen, okay, with this. And, yes, because of the cost of living, okay, and the fact, okay, that they're earning a rate of return on this money, we can't predict what it will be. It's impossible. the cash flow that's supposed to be paid out, okay, is the cash flow of the corpus, okay, plus a rate of return if there is one up to a certain point, okay? And then, okay, it has to have the COLAs in it, you know, that are adjusted annually. So it's impossible to

Correct. We have not modified the ordinance. We're waiting to finish up the negotiation with Randy's group so it can all be done.

Because right now somebody else comes along, okay? We have to do it because that's the ordinance. But now that we've seen how it works, we can guarantee there's going to be a mistake there. And the bottom line is, in the case of Manny Mongola, he got every penny he deserved and then some. And then we came back and said, hey, you got a little more than you... then you're allowed to get, and now we have to claw back the money. This is going to happen again, Randy. I'd appreciate it if it was done immediately. If it's already in the police union and agreed to, Randy, if you guys waive it, it can

Well, let's, let's get more specific then in case. So Rand, Randy, you can understand this. Okay. In other words, we can't put this into an account in just Roberta's name. If they need to open an account as Henry and Roberta or Henry's account, okay, with her as the power of attorney on it, having the power of attorney to sign on it, okay? But that's, I mean, and right now, our major concern is getting the lump sum, okay, to Henry, okay? So... I mean, I'm trying to think of every question that might, in other words, it would be great, okay, now that we know that the power is sufficient, what I

I'm just going to add to that. I think the easiest is going to be a joint account on any given bank. It's going to facilitate everything nice and easy as per Ron, you know, And the other thing, just to let you know, at a bank, once you create a joint account to receive those funds, you can also at the bank create a transfer on death, which means that ultimate, whoever the beneficiaries are, and I'm assuming this is an older couple, You can do a transfer of debt, and that way the beneficiaries will receive that money in case anything happens to the two owners of the joint account.

Okay, but that's not our concern. Our concern is getting her the money today, how she sets up the account. I don't want to give her a legal opinion of any kind because that always comes back to bite us. The only thing I want to make sure is, is that when she sends us the request for payment, okay, which, which, you know, Sierra will now, will accept, will accept this so you can, I mean, and Sierra or Ron, in case you'll be sending her an email immediately saying, we accept this power of attorney, okay, and we want to move on, please call us, okay, for you know, with any questions or, and then

I mean, I know you don't want to go out on a limb on there, but

No, I'm not going out on a limb. I don't want to.

You might want to say it has to go into a joint account. I mean, not where you give me legal advice, but to let her know what to do, because then you're going to put the...

I want, okay, John, I'm going to go with that. Okay, I'm going to say, Ron, okay, then you send, you write the email. Can we do this in the next 24 or 48 hours at the maximum? Okay, get her a letter out. Okay. So we accept, you know, happily, use the word happily. Happily, we accept the money.

Right. We don't want to get rid of the money.

All I want to add to that, Ron, is just somehow give them a clear path to, hey, a joint account is probably the best. Okay. Not us being on a limb. That's my suggestion. Because all you're going to do is you're going to throw legal jargon back to this folks that were trying to, you know, get this thing resolved. And then they're going to be having to go find legal counsel and figure out how, what, or whatever. This is pretty straightforward. Get a joint account. That's how we'll get it to you. And then she has the ability to do whatever she wants with the money.

I personally would not like to say it's a joint account. I personally would like to say it's an account with his name on it.

Yes, exactly. As I said, it has to be clear by, you know, the process has to be clear. But ultimately, if you can make it where they understand that, you know, that's probably the easiest path with us being on the hook for it. All I'm saying is it just creates, it reduces ambiguity and makes it clear.

Joe, I don't know her banking affairs, okay, or her family's banking affairs, okay, and I don't want to be involved in that decision, okay? The bottom line is I want to make sure she knows that the account, because there's probably a dozen or two dozen ways, okay, to have his name on the account, and it's what's best for him. I don't want to make a banking decision for him that is going to come back and say, oh, well, I opened that account, and now there's this problem, okay? And they told me I had to open a joint account, and I don't know what those issues are. I want to make sure, okay, that

Okay, that's my opinion. I don't think we need to vote on anything here, okay? I think, you know, we now have that, okay? In fact, if you could get that email, okay, to Sierra, then in 24 hours, okay, and Sierra, within 24 hours, if their phone call could go up to Roberta, and then followed by an email, and I'm sure Randy is probably on the phone with her right now, okay, and

Why would you think I'm on the phone with her right now, Brett?

Because I know you. And I know if there's exciting information for her, okay, that you would want to pass on.

Brett, after two years, there needs to be some exciting information.

Okay, but that's not, don't get me started on there, okay? We don't want to be here for an extra hour, okay? Because I can lecture you for an hour, okay, at least. What went wrong with this? We don't want to get in that now. What we want to do, we want to get Henry his goddamn money.

Listen, Brad, I have talked to you far too much. My wife is angry. And I don't want to have another hour conversation with you.

You can assure her we're not having an affair, okay?

You already got me in trouble one time. I'm not going for that again. But, yeah, that's good news. I'm happy to hear that Henry's going to be able to get those monies.

And this is public information now. If you want to give her a heads-up call and say, hey, make sure, okay, that somebody gets to her in the next 24 hours.

Yeah, I would rather Sierra do that. Just contact her, and I'm quite sure that they have those accounts, and we can just get this over with. You know, it's just been going on too long.

I mean, Sierra will tell you, okay, the most I've gone, okay, and signing off on one of these is about 12 hours, okay?

Yeah. As soon as I get the proper paperwork, I'm signing off on it, okay? Yeah. Okay.

So after we resolve this, Brad, you have no excuse to talk to me now, huh? Oh, no, you call me. You guys can just, you guys can speak about football. There we go. Now that's my area, man. University of Fort Miami.

Okay, let's move on to Sheila Scanlon then.

August 14th. Okay, so that's a month ago. We need to make sure somebody is calling this lady every two weeks. and asking her to get her act together. The worst thing that could happen at this point is this lady passes and then we're in total flux. The problem with Sheila is that we're advised by her sister that she's not of good mental health. I'm guessing it's something like an Alzheimer's or something like that. I don't know exactly. But the bottom line is that We don't have an address on Sheila. We don't have a proper – I mean, she's moved three times, and we haven't had a proper change of

That concludes our report. Thank you. Okay. You sure? Okay. I just want to make sure. Brent, did you have anything to follow up with?

Okay. So next we have Foster and Foster. One second. My daughter's going to have to wait. I don't.

Yeah, well, we still have issues and things we have to deal with and she's probably very unhappy in what I just did. Go, let's see, the state annual model. Oh, wait a second. We got money. Did everybody receive the ordinance that was passed in June? did everybody receive a copy of that do we know sierra was it sent out to everybody it was yes okay it was yeah i received it okay the ordinance okay the ordinance okay that was you're going to be my replacement andrew uh right okay but anyway uh They passed an ordinance, okay, and the gist of the ordinance were that the state required, the 185 pla

Okay. But the $103,000 is what we will receive each year from that pension. Okay. And now they're free to do with the rest of the money what they want to do or what they're required to do by state law and city ordinance. This is a big relief.

Right. Okay. So that's on regarding state monies. That's regarding the ordinance. Okay. Please familiarize yourself with these, with these issues. Okay. These, these questions will come up in the future. Okay. And you know, and if you haven't, if it's, if you've read it, okay. at least you have the ability to come back and say, well, I know it's in there. I just need to reread it. Okay. And that's important. Okay. So that's the stuff. There's an NCPERS meeting in October. Joe, where are you, Joe? You're up there on the court. Everything shifts every time somebody leaves. But you had a question

Yeah, I'd like to go to that. I think it would be helpful.

My suggestion to you would be to go to the general meeting. There's a bunch of breakouts over those two or three days. And when you go to an education class, they're going to lecture you. I know you don't like to be lectured. Nobody does. I know you, but you go into these meetings, you got to make sure you're there for the breakfasts and lunches. Okay. Because you go in and get you walk in, you sit down at the table. I mean, when I went a couple of years ago, I sat with people from CalSTRS with New York pension plans. Okay. These are the trillion-dollar plans, and you're sitting at the same ta

I mean, might as well go for the whole experience.

Go for the whole experience. Stay. It's at the Omni, okay? But you need to go. You need to go to those breakfasts and lunches, okay? Hopefully, you'll meet somebody that will take you to dinner, but you can still get your daily stipend, okay? Make a profit of a hundred bucks or something. But anyway, but I mean, that would be my suggestion. You make the final decision.

Oh, no, no. I mean, a hundred percent. And especially now that you are second that, that, that my, my request. Yes.

I mean, I think you'll be bored in those classes.

Well, you're talking about the classes. Well, isn't that all part of a big package?

Well, yeah, there's several packages that compound, okay? You go to those classes, they're $900 for one group of classes, $900 for another group of classes. Then if you want, the ultimate thing would be to get certified by NC person, okay, which in my mind, okay, is if you're a police officer or a general employee, You know, it's one thing. Okay, you're a business person. A lot of this stuff is common sense. To me, it would be more important, okay, to go to the three, was it three days? Okay, of just the general business. Because if not, you're going to be there for almost five days, I think,

My thoughts were, if I'm already involved with the City of South Miami Pension and continue to stay on to give service back, that going to these events, you always learn something new and then going through the through that fiduciary program, it's good for me to better understand what I'm doing. And also I figured it's also good for my business personally. So I figured it's a win-win to get better educated on the whole.

You want to go to both of them and Kate will pay for it. Okay. I don't care. Make the decision and Kate get with Sierra or who's handling that in your office, Sierra.

Janice. Okay. Get with Janice. Okay. Tell her exactly what you want to do. Okay. And I'll sign off on the checks.

If I do, it would just be for the conference, not for the education. I don't know. I've got some things going on around here around that time. It might become an issue. I've got to really discuss that with my wife. This is family issues.

Okay. Yeah. Sierra, the other daughter. I think, if anything, I'll gain something from it, and I think it's worth my investment and worth the pension's investment.

Well, your investment is the time, okay? You know, the money, listen, the city pays for this, okay?

I know. That's what I'm saying. I think it's a win-win. Alfredo pays for this. Unless Alfredo opposes, but I think it's better. The more I know, the better, I think.

If it was my money, I'd offer you a one-day stipend not to go. There, you see Alfredo?

Yeah, thank you, Brad. I appreciate that. And Joe, it would be great for you to go. Honestly, the more knowledge you have, the better it is as more becomes so.

Yeah, I mean, you know, I've been living in this city for almost 30 years now. I figured I'm not going anywhere.

And Andrew and Justin, if you want to do this, okay, it's in Fort Lauderdale. So you'd be fairly close to home if you want. Once again, My suggestion, if you want to go up for the conference, okay, and get those interactions, okay, that to me, that would be step one is that first, okay, the other education is secondary to me. But that, you know, Randy, to you, I was going to get to you, Randy, just calm down, okay? Randy, okay, the city will give you those days off, won't they, Alfredo? It's paid time off. Yeah, of course we would. Of course, it would be great. Just so you know, that's there f

Are you sure the city would pay for those days?

They're required to pay for that. Randy, I will go down fighting.

Why didn't you become city manager, man? That's not what Free Kamali told me.

And as soon as your other members of the union find out you're getting paid time off for this, they're going to question why they're not on the board.

Okay. Those are the benefits of being on the board, I guess. Yes.

And Alfredo, I would strongly suggest you go to one of these, and this is the closest, and we'll pay for you to stay up at the Omni. Okay, you can bring it.

Well, I'm not caught up on all the... Yeah, you get free margaritas, too.

The city does not pick that up. The city does not pick up the margarita. Let me make that real clear.

Yeah, because you're on pay. No, they'll pay Randy to drink the McKay because Randy is on paid time off.

I'm actually thinking about going with Joan. You're talking about margaritas and stuff? And you can bring your wife. And she can go shopping while you're in the... She's going to limit the margaritas. I don't want to bring the wife.

a copy of this recording okay and then you're gonna be dead you're gonna be dead okay we're gonna be looking for a new member okay so anybody okay please get in touch with uh janice

This is at the end of October, so it's about six weeks away. So you want to get in as soon as possible. Is there a date that the prices go up? Do we know, Sierra, real quick?

Either way, I don't care. I don't care about that as much as I do getting you guys to these meetings. I've been to them regularly. And it's, you know, I mean, it's rather than going to Denver or San Francisco, which I know would be, you know, so hard on you. This is Fort Lauderdale. It's in our backyard.

Yeah. That's another thing I liked about that. It's easy.

Okay. And then there's, yeah. Well, there's the fiduciary program from the 25th and on the 25th and 26th. Okay. And then the 26th and 29th, those are the dates that, uh, You know, for what I'm, you know, I would suggest that's the most important because it will give you financial actuarial legislative. And, you know, and listening to the problems in other states, okay, and talking to these other people, you know, is, you know, just having breakfast with them. And, you know, that to me was more exciting. Okay. Okay. And everybody knows my opinion on FPPTA. I know Ron will say he's the lawyer fo

Ron, I got to get off at 12. I just want to give you a little heads up.

Anyway, new business. Okay, you got to go. This is the 2026 meeting. Okay, I did make a modification. Did they get the modified one, Sierra? Okay. They were going to put us on the Friday before Labor Day. Okay. I moved it to the Friday after Labor Day. Anybody have any problems with that? These are the proposed dates for meetings for next year, which if you open your package, you would see.

Okay. Let's see. And then there's the 2025-26 budget. Okay, does anybody have any questions about what they saw there? Keep in mind, okay, that we're in a unique position from, I guess, just about every other pension that I've talked to or know, okay, in as much as we get our expenses paid back. They call them reasonable expenses, but if they're an expense, the only reason we paid them in case is because they're reasonable, okay? So if any, I mean, and we've tried to put in a buffer there. We don't want, I don't want to underestimate, I'd rather overestimate and not use the money. Do you hear

Make a motion that we adopt the budget. But this is the budget for fiscal year 2026.

Okay, so I have a motion and a second. Okay, any discussion? No discussion. Okay. All in favor, say aye. All against nay. There's none. So that's unanimous. Okay. I don't need to, on the meeting days, we don't need a motion on that, do we? Okay. On, let's see, on the litigation, on the George Green and PRC, I think the attorney's dragging his feet, but we're going to, I'm going to motivate him in the next couple of weeks to get on this. Okay. I spoke to his brother, okay, who he hates.

That's not. That's Craig Shapiro. And once again, these are small. These are small. You know, you know, you know, it's lucky that these aren't major issues. OK, because, you know, we need to deal with that question. Consent agenda. We had warrant 52 and 53. Okay, I'll take a motion. Does anybody have any questions? And when you're reading these warrants, please take the time to look at the foster and foster... invoice, okay, the second one, because that will show you all the different items, okay, that Foster & Foster is handling or had a discussion on. If you see something there and you want

All right. Okay. You need to go through those. Okay. Cause once again, that, you know, that tells you what we're doing, that, you know, we, you know, we, we, we assume that everything is going on. Okay. But I caught the Scanlon issue. Okay. By looking, by looking at the, at an invoice, okay. From Foster and Foster. And that's when I brought it back up. I know the, the importance of, of, of getting these things done. Okay. And, uh, So we have a motion for the approval of the consent agenda. Is that what you made, Alfredo? We have a second? Yes, make a motion. We have a motion and a second. Any

All against, nay. there you'll see in your your thing okay drop statements okay uh those are going to change as sierra explained to me going forward in order to save money okay and they're they're what they're at the at the at the beginning of each year okay they can project out once they have the cola and and what our our return was on our pension they can project out over the next year what people are going to be paid, and they're going to go ahead and project that. It's, you know, it's, I guess it's acceptable if anybody, does anybody have any questions on that? No, no questions. Okay, then

Wait a second. This meeting is so short. Thank God. Football, baseball, anybody? No, everybody wants to go back to their day with that. I will ask all in favor say aye. All against Nate. Nobody's complaining. Y'all have a good day. You too. Bye, everybody.