[Call to Order]
[00:00:06]
THANKS GOOD AFTERNOON. I LIKE TO WELCOME EVERYONE TO THE MARCH 17 OF THE MEETING OF THE FORT PIERCE UTILITIES AUTHORITY. I LIKE TO STAND FOR THE OPENING PRAYER AND PLEDGE
OF ALLEGIANCE. >> JUST A FEW LINES FROM THE 23RD PSALM. THE LORD IS MY SHEPHERD. I SHALL NOT WANT. HE MAKES ME LIE DOWN IN GREEN PASTURES. HE LEADS ME BESIDE QUIET WATERS. HE RESTORES MY SOUL. HE REGARDED -- GUIDES ME IN THE PATH OF RIGHTEOUSNESS FOR HIS NAMESAKE.
AT MY FATHER, WE COME TO YOU AND HUMBLENESS IN GRATITUDE FOR PROVISIONS YOUR COMMUNITY.
LEAD US TO THE QUIET, STILL WATERS TO BE AT PEACE AS THE UNCERTAINTIES WILL FACE TODAY.
THEY ARE PEACE, WHICH SURPASSES ALL UNDERSTANDING, GUIDE OUR HEARTS AND MINDS THROUGH CHRIST OUR LORD. GUIDE US IN THE RIGHT DIRECTION WITH YOUR WINDWISDOM AND DISCERNMENT. PROTECT US FROM AFFLICTIONS TODAY AS WE ASK FOR YOUR PROTECTIONS AND PROVISIONS, HELP US TO BLESS THOSE IN GREAT NEED WITHOUT FEAR IS WE TRUST IN YOU IS OUR GOOD SHEPHERD. IN YOUR PRECIOUS NAME, AMEN.
>> AND PLEDGE OF ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICAN TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL.
>> PLEASE CALL THE ROLL. >> (ROLL CALL).
>> GOOD AFTERNOON. MADAM CHAIR, MEMBERS OF THE BOARD. IT IS MY PLEASURE, ONCE AGAIN TO PRESENT TO YOU THE GOVERNMENT FINANCE OFFICERS ASSOCIATION CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING FOR OUR FISCAL YEAR 2018 COMPREHENSIVE ANNUAL FINANCIAL REPORT. IT WAS SLIGHTLY DELAYED THIS YEAR. TO HAVE IT THE SAME DAY AS OUR REPRESENTATION ISN'T GENERALLY HOW THAT IS PLANNED BUT IT DID WORK OUT THAT WAY. THE GF AWAY RECOGNIZES GOVERNMENTS WHICH HAVE GONE BEYOND THE MINIMUM REQUIREMENTS OF ACCOUNTING PRINCIPLES. THEY BEEN JUDGED BY AN IMPARTIAL PANEL TO HAVE MET THE HIGH STANDARDS OF THE PROGRAM. TO EVIDENCE THE SPIRIT OF TRANSPARENCY AND FULL DISCLOSURE, AND TO CLEARLY COMMUNICATE ITS FINANCIAL RESULTS. I WANT TO OFFER SPECIAL THANKS TO THE FINANCE STAFF AND ALL OF THE STAFF ALL YEAR LONG. EVERYBODY -- THIS IS BUILT FROM THE BOTTOM UP AND WE DO APPRECIATE EVERYBODY'S EFFORTS. WE HAVE RECEIVED THIS AWARD SINCE 1995. 25 YEARS. IF PUA WAS ONE OF ONLY 284 GOVERNMENTS IN THE STATE OF FLORIDA TO RECEIVE THE AWARD. FOR 2017 THEY DID NOT HAVE 2018 STATISTICS ONLINE YET. THAT'S GENERALLY HOW THAT WORKS. BUT AGAIN, CONGRATULATIONS ON ACHIEVING THIS REALLY VERY
HONORABLE AWARD. >> THANK YOU.
[Item A]
>> IS EVERY MOTION TO ACCEPT THE AGENDA.
>> SO MOVED. >> PLEASE CALL THE ROLL. (ROLL
[Item B]
CALL). >> IS EVERY MOTION TO APPROVE
THE MINUTES. >> APPROVED THE MINUTES PLEASE.
>> CALLED ROLE. >> (ROLL CALL).
[Item C]
>> COMMENTS FROM THE PUBLIC? GOOD AFTERNOON. FOR THE RECORD, MY NAME IS REGINALD SESSIONS. CITIZEN, A RESIDENT OF THE CITY OF FORT PIERCE 1304 NORTH 22ND STREET.
[00:05:10]
MY PURPOSE OF BEING HERE THIS EVENING IS TO APPEAL TO YOU FROM INDIVIDUALS THAT I FEEL COULD ULTIMATELY SUFFER THE CONSEQUENCES IF THEY ARE BURDENED WITH A LIGHT SPELL DURING THIS PERIOD OF TIME THAT WE ABOUT TO GO THROUGH IN TERMS OF A CRISIS. AND I WAS VERY GRATEFUL AND HATS OFF TO YOU FROM WHAT I READ TODAY, THAT THERE WAS A DECISION MADE NOT TO HAVE CUTOFFS DURING THIS PERIOD OF TIME. HOWEVER, IT WAS NOT CLEAR TO ME THAT IF AN INDIVIDUAL IS FACED WITH A SITUATION WHERE THERE ARE SOME PREDICTIONS WHERE THIS COULD GO ON FOR MONTHS UP UNTIL JUNE, JULY, OR PERHAPS EVEN AUGUST, FOR THAT MATTER, THAT IF, IN FACT, SOMETHING LIKE THAT HAPPENS, TRUE ENOUGH, HE MADE AN EFFORT NOT TO CUT THEIR LIGHTS OFF, BUT, AS FAR AS THAT BILL ACCUMULATING, FOR A PERIOD OF SEVERAL MONTHS, WILL THOSE INDIVIDUALS BE STUCK WITH TRYING TO PAY THE ACCUMULATED BELL. AND I KNOW THAT IN THE PAST, WHEN IT WAS FOR PURPOSES OF A HURRICANE, YOU TOOK SIMILAR MEASURES AND NOT HAVING CUTOFFS. BUT, THESE INDIVIDUALS WERE, IN FACT, CHARGED WITH PAIN, WHATEVER PERIOD OF TIME THAT MAY HAVE PASSED, EVEN THOUGH THEY WERE GIVEN THE BENEFIT OF NOT HAVING THE LIGHTS CUT OFF. SO, WHILE IT WAS NOT CLEAR TO ME WHAT EXACTLY THE OBJECTIVE WAS OR WHETHER OR NOT YOU WERE GOING TO MAKE SURE THAT THAT INDIVIDUAL IS NOT STUCK WITH THE BURDEN OF DOING SO, IT'S A MAIN CONCERN OF MINE AND I AM HERE TO APPEAL TO YOU TO COME UP WITH A REMEDY. AND WITH THAT BEING SAID, I DO BELIEVE THAT THERE ARE SOME FUNDS FROM THE CITY'S PERSPECTIVE THAT WE COLLECT ABOUT A DOLLAR AMOUNT THAT YOU ALL COLLECT FROM THE UTILITIES AND THERE'S ABOUT $265,000 IN THAT FUND RIGHT NOW WITH ABOUT 165,000 GOING TOWARDS THE SECURITY SYSTEM WITH THE POLICE DEPARTMENT. THAT THAT MAY BE AN OPTION FROM THE CITY STANDPOINT TO CONTRIBUTE TOWARDS THAT. BUT AT ANY RATE, MAKE NO MISTAKE ABOUT IT, TRUE ENOUGH, THE BENEFIT OF NOT HAVING THE LIGHTS CUT OFF BUT WERE SETTING INDIVIDUALS UP TO FAIL IF THERE STUCK WITH A LIGHT BILL THAT THEY CANNOT HANDLE AT THE ENDOF ALL OF THIS. THANK YOU. >> ANY OTHER COMMENTS FROM THE PUBLIC? SIMON, WILL GO TO THE CONSENT AGENDA AND I GUESS WE NEED A MOTION -- MADAM CHAIR?
[Consent Agenda]
WHAT I WOULD LIKE TO DO IS FIRST DELETE ITEM 1 AND THEN BE PREPARED TO MAKE A MOTION TOACCEPT THE CONSENT AGENDA. >> THANK YOU VERY MUCH. OKAY.
>> SECOND. >> WOULD YOU PLEASE CALL THE
>> MADAM CHAIR, DO WE HAVE TO EXCUSE THE ATTORNEY?
>> I DON'T BELIEVE WE HAVE TWO.
>> WE DID EXCUSE HIM. YES. >> MADAM CHAIR, THERE SHOULD BE A REPRESENTATIVE FROM THE LEGAL OFFICE SOMEWHERE.
>> WE TALKED ABOUT THAT. I DID NOT THINK IT WAS NECESSARY FOR AMY TO COME. SHE'S ACTUALLY THERE -- THERE ALTERNATING. SHE'S WORKING FROM HOME WHILE HE'S IN THE OFFICE AND VICE VERSA. SO SHE WASN'T IN THE OFFICE TODAY AND COBY WAS. I TOLD HIM I DID NOT THINK IT WOULD BE A GOOD IDEA FOR HIM TO COME TODAY.
[Item E]
>> NEXT ITEM LETTERS OF APPRECIATION.
>> A LETTER WAS RECEIVED FROM HALEY SIMS AND JAMES HATFIELD THINKING JENNIFER CRIPPEN KEVIN
[Item G1]
PARRISH FROM ELECTRIC AND GAS SYSTEMS FOR WORKING TOGETHER AND RESOLVING THEIR ELECTRIC>> THANK YOU. FIRST ITEM TODAY IS INFORMATION PRESENTATION ON STATE AND FEDERAL LEGISLATIVE
ISSUES. >> THANK YOU. MADAM CHAIR,
[00:10:34]
MEMBERS OF THE BOARD, I AM HAPPY TO PRESENT YOU THE LEGISLATIVE UPDATES THAT WERE BROUGHT UP DURING OUR LEGISLATIVE RALLIES THAT WE HAD A BEEN TALLAHASSEE AND WASHINGTON DC IN THE MONTH OF FEBRUARY. SOME OF THESE HAVE CHANGED BASED ON THE TIMINGTHAT WE WERE UP THERE. >> SO ON THE STATESIDE, THERE IS A LIST OF BILLS IN FRONT OF YOU. I'LL GO OVER A LITTLE BIT WITH EACH ONE OF THEM. THE FIRST ONE IS HOUSE BILL 653. THIS BILL LIMITS THE ABILITY OF ELECTRIC UTILITIES TO TRANSFER FUNDS FROM THE GENERAL FUND OF ANY CITY THAT RECEIVES A BENEFIT FROM HAVING A MUNICIPAL ELECTRICITY. IN FORT PIERCE CASE IS ROUGHLY $3.6 MILLION OUT OF THE ELECTRIC -- OUT OF YOUR $6 MILLION IT COMES OUT ELECTRIC. WE STRONGLY OPPOSE THIS BECAUSE WE BELIEVE THAT THERE IS A TRUE BENEFIT FROM HAVING AN ELECTRIC UTILITY TO THE CITIES THAT WE REPRESENT.
THE SECOND ONE IS HOUSE BILL 773. MEDICALLY ESSENTIAL CUSTOMERS. THIS BILL HAS BEEN OUT THERE FOR A WHILE. IT INCREASES THE AMOUNT OF RESTRICTIONS OR REQUIREMENTS THAT UTILITIES HAVE TO HAVE IN ORDER TO MAKE SURE THAT THERE -- OUR MEDICAL CUSTOMERS HAVE THE PROPER INFORMATION AND THAT THERE INFORMED AS FAR AS WHAT NEEDS TO BE WHAT THEIR REQUIREMENTS ARE AND WHAT OUR REQUIREMENTS ARE FOR THEIR SERVICE.
>> THE THIRD ONE IS SENATE BILL 412 WHICH HAD A HOUSE BUILT COMPANION. IT'S BASICALLY TO GET A THINK ALIGNMENT LICENSE PLATE. THIS HAS BEEN UNDER DOCUMENT FOR ABOUT THREE YEARS.
AS YOU KNOW THE STATE OF FLORIDA, WE HAVE A FEW SPECIALTY PLATES OUT THERE. IT TOOK A WHILE TO REVISE SOME OF THE RULES OF WHAT IS REQUIRED FOR THIS. I'M HAPPY TO ANNOUNCE THAT THIS PAST LAST WEEK. THE NEXT STEP IS TO COME UP WITH A DESIGN AND PRESALE 3000 PLATES AND AS SOON AS THAT HAPPENS, WE WILL SEE THEM IN THE COMMUNITY. FROM WHAT I UNDERSTAND WITHIN THE NEXT SIX MONTHS OR SO WE WILL SEE THOSE IF WE CAN GET THE DESIGN APPROVED AND A PRESALES MOVING FORWARD. THE NEXT ONE IS HOUSE BILL 207. THIS IS THE BILL THAT THE MAYOR MENTIONED PREVIOUSLY. WITH THIS IT SAYS IF YOU ACQUIRE ANOTHER SYSTEM THAT TELLS YOU HOW YOU CAN PAY FOR THOSE EXPENSES THAT YOU DID WHEN YOU ACQUIRED THE SYSTEM.
FOR INSTANCE, WHEN VERO BEACH WAS ACQUIRED BY FP NL THE ORIGINAL THING WAS THAT FPL WAS GOING TO BE FORCED TO SPREAD THIS ACROSS THEIR ENTIRE CUSTOMER BASE. THAT CHANGED WHEN THEY WENT TO THE PFC WHERE THE RESIDENTS OF VERO BEACH ARE PAYING MORE THAN WHAT THEY ANTICIPATED BECAUSE THEY HAD TO EAT SOME OF THAT ADDITIONAL COST THAT FPL HAD TO PAY WHEN THEY ACQUIRED THAT SYSTEM. THE FIFTH BILL HERE IS HOUSE BILL 43. THIS IS EXPANDING THE AMOUNT OF ELECTRIC VEHICLE CHARGING STATIONS THROUGHOUT THE STATE AND THIS IS IN A LOT OF HURRICANE EVACUATION ROUTES. THERE IS A GRANT AVAILABLE THAT I BELIEVE IS DUE IN MAY, WHICH WE ARE GOING TO START LOOKING AT APPLYING FOR TO ADVANCE OUR ELECTRIC VEHICLE INFRASTRUCTURE WITHIN THE CITY CONSIDERING WE ALSO HAVE THE TURNPIKE AND 95 RIGHT HERE AT OUR DOORSTEPS.
THE LAST ONE HOUSE BILL 441 LIMIT CHANGES. THIS INCREASES THE AMOUNT OF LIMITS THAT WE CAN USE AND HOW WE GO ABOUT USING IT WHEN WE DO CONTRACTS WITH ENGINEERING FIRMS. UNFORTUNATELY, HE WAS READY TO GO THAT IT WENT TO THE ENGINEERS. YOU NEVER KNOW WHAT'S CAN HAPPEN WHEN THEY GET THEIR HANDS ON THINGS. AND THAT IS IT ON THE STATE LEVEL.
WE WILL MOVE OVER TO THE FEDERAL LEVER. THE FIRST ONE IS A CONTINUING SAGA FOR US, WHICH IS FEMA REIMBURSEMENT AFTER EVENTS. I THOUGHT THIS WAS AN INTERESTING CHART THAT WAS PRESENTED BY FEMA AND WE PRESENTED THIS TO OUR DELEGATES WHEN WE WERE UP THERE. INTO HURRICANES ÃIN TWO HURRICANES IN HURRICANE IRMA AND MICHAEL, THE FLORIDA MUNICIPALITIES ASKED FOR ABOUT HUNDRED 50 MILLION IN REIMBURSEMENT. TO DATE THEY'VE RECEIVED LESS THAN $10 MILLION AND SOME SHOW LESS THAN $5 MILLION. I HAD BARBARA GIVE ME NUMBERS BECAUSE I KNEW YOU WOULD ASK THIS. IN THE THREE HURRICANES THAT WE HAVE HAD AT FPUA WE HAD A LITTLE OVER $2 MILLION OF REIMBURSEMENT EXPENSES THAT WE SUBMITTED FROM FEMA. TODAY WE HAD HUNDRED $30,000 PAID TO US. ONE OF THE THINGS IN THERE LISTENING TO WHAT WERE DOING
[00:15:14]
AND HEARING ABOUT OUR ISSUES THAT WERE HAVING, IS IT PUSHING FOR HAZARD MITIGATION BEFORE STORMS. THEY'RE LOOKING AT A GRANT APPLICATION PROCESS SIMILAR TO WHAT WE HAVE WITH THE STATE THROUGH OUR ELC IS TO MITIGATE BEFORE THE STORM STARTS RAISE THEM UP AS THE LEVEL RISES. HARDEN YOUR INFRASTRUCTURE YOUR POLE REPLACEMENT PROGRAM. SOME OF THOSE THINGS ARE ASKING FOR. IF YOU'RE LOOKING AT PUTTING IN AN EEOC FOR IN CONJUNCTION WITH THE CITY, AS SOMETHING THAT MAY BE A REIMBURSABLE EXPENSE. THIS IS WHERE THE FEDERAL GOVERNMENT IS GOING AND I KNOW THE STATE GOVERNMENT IS WORKING TOWARD THAT.THE NEXT ITEM WE TALKED A LITTLE BIT ABOUT IS THE FCC, WHICH IS NOT OUR FRIEND EVEN THOUGH THEY WILL TELL US THAT THEY ARE OUR FRIENDS. THEY WANT TO OPENABLE WE CALL A SIX GIGAHERTZ SPECTRUM. THIS HAS ALWAYS BEEN DEDICATED TO MUNICIPALITIES AND FIRST RESPONDERS. IT KEEPS A LOT OF PEOPLE OFF OF IT TO ELIMINATE FEEDBACK AND NOISE THAT COMES ON THE SYSTEM. IT HELPS US DURING PUBLIC SAFETY. ONE OF THE THINGS THAT WE ARE LOOKING AT BUT WE WANT TO MAKE SURE THAT EVERYONE IS KNOWN THAT THIS IS OUT THERE AND THAT THIS IS COMING AS WELL, TOO. IT'S NOT THE FIRST TIME THAT THE FCC HAS DONE THIS AS WELL, TOO.
>> OF COURSE THE POLE ATTACHMENTS IN 5G. IT HAS NOT CHANGED A WHOLE LOT IN THE LAST YEAR. THE FCC IS STILL TRYING TO TELL US HOW MUCH WE CAN CHARGE FOR OUR POLLS AND LIMIT WHAT TYPE OF RESTRICTIONS WE CAN PUT AGAINST THE TELECOMMUNICATION COMPANIES.
>> THE LAST ITEM, THIS IS SOMETHING WE HAD TALKED ABOUT IS TAXES AND FINANCING. WE WERE ABLE TO KEEP TAX EXEMPT FINANCING IN 2019 AND IT'S STILL IN THERE IN 2020.
HOWEVER THE ONE THING WE ARE PUSHING FOR IS ADVANCED REFUNDED. THEY SEEM TO HAVE TAKEN THAT OUT OF THE BILL LAST YEAR AND WERE TRYING TO GET THEM TO PUT SOME TYPE OF SPENDING PACKAGE IN THERE. IF YOU WANT TO REFINANCE YOUR MORTGAGE TO GET A LOWER RATE, THAT'S WHAT THIS ADVANCED REFUND AGAINST. IT'S A GOOD THING FOR MUNICIPALITIES. FOR TAX EXEMPT FINANCING. WITH THAT I WOULD ANSWER ANY QUESTIONS THAT I CAN COME UP WITH ARE YOU GUYS CAN COME UP WITH FROM THE STATE OR THE FEDERAL LEVEL.
>> MADAM CHAIR. >> CAN WE TURN BACK TO A STATE
LEVEL. >> UH-UH (AFFIRMATIVE). OKAY.
ON SB 412, I'M CONCERNED -- DO WE HAVE A PLAN IF THE PAST -- YOU SAID PASS, RIGHT.
>> IT PAST LAST WEEK, YES. >> AND GENERATE FUNDS, WHAT WE NORMALLY WOULD HAVE OUTLINED FOR THE FUNDS THEY GENERATE.
>> THE FUNDS WILL GO TO THE FOLLOWING -- THE FALLEN ALIGNMENT FUND. IF THE LINEMAN DIES ON THE JOB THERE'S A FUND FOR HIS FAMILY TO BENEFIT THEM. AND THIS IS JUST A SPECIALTY PLATE. OF COURSE OF THOSE SALES WILL GO TO THAT BOND. THAT'S THE ANTICIPATION FOR
THIS. >> OKAY. LET'S GO TO FEDERAL
LEVEL. >> OKAY. WE BEEN HARSH PLAYING WITH FEDERAL GOVERNMENT BUT WE DON'T HAVE ANY PROBLEMS IN GETTING OUR RATE PAYOUT LOCALLY. THEY COME ON IN AND BRING THE MONEY. WHY WE CAN'T SELL AN INVOICE BACK TO THEM, A LETTER SAYING YOU ARE PAST DUE FOR TWO YEARS AND AND A HALF TO FEMA?
>> WE HAVE PUSHED AND PUSHED AND PUSHED TRYING TO GET FEMA TO WORK WITH US. WE THINK WE GET TO THE BOTTOM LINE AND THAT THEY CHANGE THE RULES OR THEY CHANGE THE PERSONNEL. THAT WAS ONE OF THE MAIN THEMES WE PUSH WHEN WE MET WITH OUR SENATORS AS WELL IS THAT WE GET READY TO -- THEY GET READY TO CUT THE CHECK AND THEN THEY HAVE A TURNOVER IN PERSONNEL SO IT'S LIKE YOU HAVE TO START OVER BECAUSE THESE PEOPLE DIDN'T KNOW THE PROCESS. ALSO, THERE'S ANOTHER AREA TOMORROW THAT WE CAN BE CONCERNED ABOUT AS WELL. FEMA WILL CUT CHECKS.
THEY CUT THEM TO THE STATE DEPARTMENT OF EMERGENCY MANAGEMENT AND THEN THE DEPARTMENT GOES THROUGH THEIR AUDIT PROCESS BEFORE THEY FINALLY GO AHEAD AND CUT THE CHECKS BACK TO THE MUNICIPALITY. SO TO ANSWER YOUR QUESTION, IF YOU HAD A BIG PAIR OF SCISSORS WE WOULD CUT THROUGH THE RED TAPE AND MAKE IT EASIER FOR EVERYBODY.
>> THANK YOU. >> THANK YOU. ANYONE ELSE?
[Item G2]
>> THE NEXT ITEM IS AN UPDATE ON THE PCA, BARBARA MIKA WILL MAKE THE PRESENTATION.
>> THANK YOU. GOOD AFTERNOON, BOARD MEMBERS AND CHAIR. I'M HERE TODAY TO PROVIDE YOU
[00:20:04]
INFORMATION ABOUT THE FEBRUARY POWER CONSTANTLY UPDATED PROJECTIONS THROUGH FEBRUARY 2021. OUR COST ADJUSTMENT OR PC AS A MECHANISM BY WORKERS, UTILITIES, THEY RECOVER POWER COSTS THAT ARE IN EXCESS OF THE $79 AND 52 SENT BASE POWER COST WHICH IS INCLUDED IN OUR BASE RATE. THE COST OF PURCHASE POWER FROM FM PA FOR THE MONTH OF FEBRUARY WAS BUILT TO FPUA AT A RATE OF $71.17 FOR 1000 KILOWATT HOURS. THIS WAS A DECREASE OF SEVEN DOLLARS AS UP COMPARED TO THE JANUARY 1. IN FEBRUARY FPUA EXPERIENCED IN UNDER RECOVERY OF COSTS OF $242,412. HUMILITY OF FULL RECOVERY IS SEPTEMBER 29, 2020, WAS 4.6 MILLION. IN THIS CHART, THE BARS DEPICT THE BALANCE OF THE PCA OVER RECOVERY AND THE DARK BLUE LINE DOWN HERE REPRESENTS THE PCA. THE PCA, WHICH WAS LOWERED BY ONE DOLLAR AND FEBRUARY 1 IS CURRENTLY SET AT $-11 PER KILOWATT HOUR. THE BLUE BARS REPRESENT ACTUAL AMOUNTS THAT WERE RECOVERED WHILE THE ORANGE BAR DEPICTS THE OLDER RECOVERY THAT WE WOULD EXPECT WITH THE PROJECTIONS. THESE PROJECTIONS HAVE BEEN PREPARED BY RALPH TELLIS FINANCIAL CONSULTANTS WHICH WERE BASED ON PROJECTIONS THAT WERE CREATED BY THE FLORIDA MUNICIPAL POWER AGENCY.>> SINCE JANUARY'S FORECAST THE ESTIMATE OF THE COST OF PURCHASE POWER FOR THE UPCOMING 12 MONTHS HAS INCREASED BY .8 PERCENT. THIS GRAPH TAKES A LOOK AT THE PCA TRENDING THROUGH SEPTEMBER 2021. WHILE THIS IS A LONG-RANGE LOOK, 18 MONTHS NOW, WE CAN SEE THAT IN THE SHORTER TERM, THROUGH THE SPRING AND SUMMER MONTHS, THE PCA OVER COLLECTION EXPECTED TO MOVE INTO THAT TARGETED RANGE BETWEEN THE 1 MILLION AND THE 4 MILLION. THE AMOUNT FOR OVER COLLECTING. THE MOST RECENT THREE MONTHS DECEMBER THROUGH FEBRUARY, WE'VE EXPERIENCED UNDER RECOVERY FROM CUSTOMERS ALMOST $650,000. THE TREND THAT IS PROJECTED HERE WITH NO CHANGE TO THE PCA WOULD MOSEY OVER RECOVERY OF COSTS INTO THE TARGETED RANGE IN THE NEXT FEW MONTHS. IT'S A RECOMMENDATION OF STAFF THAT THE PCA REMAIN UNCHANGED AT THIS TIME. STAFF WILL CONTINUE TO EVALUATE, UPDATE PROJECTIONS AND REPORT TO THE BOARD. THIS ITEM IS FOR INFORMATION ONLY. IF YOU HAVE ANY QUESTIONS HE.
>>. >> ANYONE HAVE ANY QUESTIONS?
>> THANK YOU, >> THE NEXT ITEM IS THE
[Item G3]
FINANCIALS FOR SEPTEMBER 2019. NINA WILL MAKE THE INFORMATION PRESENTATION AND THEN SHE WILL FOLLOW-UP WITH THE PRESENTATION THANK YOU, IT IS MY PLEASURE TO PRESENT TO YOU THE FINANCIAL RESULTS OF FORT PIERCE UTILITIES AUTHORITY FOR THE FISCAL YEAR ENDED OF FORT PIERCE UTILITIES AUTHORITY FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019. THIS PRESENTATION IS INTENDED TO COVER THESE THREE DOCUMENTS THAT I HAVE BEFORE ME. THIS, BEING OR COMPREHENSIVE FINANCIAL REPORT. THIS BEING OUR QUARTERLY FINANCIAL OPERATING RESULTS.THAT KIND OF HAS A COMBINATION OF ACTUALS ALONG WITH BUDGET INFORMATION THAT'S CONTAINED IN THE FINAL BUDGET AMENDMENT THAT'S GONNA BE A RESOLUTION. AS CAN BE THE LAST ITEM WE ADDRESS. WE ARE ALL TALKING ABOUT WHAT HAPPENED LAST FISCAL YEAR. WELL, OUR OPERATING INCOME WAS DOWN. UP $3 MILLION. AND THE REASON FOR THAT, -- WHEN YOU'RE COMPARING TO 2018, IT'S PRIMARILY DO TO INCREASES IN GENERAL ADMINISTRATIVE, DEPRECIATION, AND FIELD OPERATIONS. BUT, THOSE INCREASED EXPENSES WERE ALL SET IN PART BY INCREASES IN RESIDENTIAL AND GENERAL SERVICE SALES. THAT DOES NOT TELL YOU VERY MUCH. LET ME DIG A LITTLE
[00:25:03]
DEEPER. INCREASES IN THE GENERAL ADMINISTRATIVE COSTS INCLUDE INCREASES IN SALARIES AND WAGES, RETIREMENT, AND INVENTORY WRITE-DOWNS. ANOTHER ITEM THAT IMPACTED US AS WE ADOPTED AS BE 89 ON OCTOBER 1 IN 2018. AND THEN -- WHAT THAT MEANS IS WE WOULD DISCONTINUE THE PRACTICE OF CAPITALIZING OR ADDING INTEREST COSTS INCURRED DURING CONSTRUCTION TO THE COST OF ASSETS BEING CONSTRUCTED. THAT WAS TO THE TUNE OF A COUPLE HUNDRED THOUSAND DOLLARS A YEAR. SO IT WAS A CREDIT TO EXPENSE. WHILE A CREDIT TO EXPENSES NOT THERE THIS YEAR AND WILL NOT BE IN FUTURE YEARS. SO ECONOMICALLY, WE ARE NO DIFFERENT THAN WE WERE BEFORE (LAUGHING) BUT, IN ANY EVENT, WE HAD AN INCREASE IN INVESTMENT AND OTHER INCOME.INCREASED $390,000. WE HAD AN INCREASE IN TCC CONTRACT REVENUE WHICH IS INCLUDED IN THAT NUMBER. OF ABOUT $457,000. AN INCREASE IN INTEREST INCOME ABOUT HUNDRED $76,000. BUT, IT WAS ALSO LESS SOME FUNDS WE RECEIVED RELATED TO ST. CROIX MUTUAL AID IN THE PREVIOUS YEARS. SO IT'S JUST MONEY THAT DIDN'T GET THIS YEAR THAT WE HAD IN 2018.
THE INCREASING CAPITAL CONTRIBUTIONS, YOU KNOW, WE CAN TAKE CREDIT FOR THAT BECAUSE THE LOCAL REAL ESTATE MARKET IMPROVED. IT HAD NOTHING TO DO WITH ANYTHING WE DID. BUT, WE ARE PLEASED TO ACCOMMODATE THOSE DEVELOPERS WHO WERE INTERESTED IN INVESTING IN OUR COMMUNITY. THE CAPITAL CONTRIBUTIONS INCREASED $736,000 AND OUR CAPACITY REDUCTIONS WERE DOWN $473,000. AND THAT'S WHAT MAKES UP THAT ONE POINT IN DOLLARS.. WE DID HAVE STORM EXPENSES, WHICH IS THE COST OF EMERGENCY PROTECTIVE MEASURES FOR HURRICANE DORIAN IN THE AMOUNT OF $245,000. SO, OUR INCREASE FOR THE YEAR WAS $276,000.
THAT WAS DOWN. $1,871,000 FROM THE $2,147,000 REPORTED IN 2018.
A TEN YEAR LOOK AT OUR REVENUES, IT SHOWS A LITTLE BIT OF IT LITTLE BIT OF A PECULIARITY IN THIS PARTICULAR CHART. AS YOU CAN SEE, IN THE EARLY YEARS, WE HAD DECREASES IN ELECTRIC REVENUES. THE REVENUES BEING THE RED BARS AND THE CONSUMPTION BEING THE BLACK
LINE. PART OF THE GRAPH. >> AND WHAT YOU'RE SEEING THERE IS THAT OVER FOUR YEARS, EARLY IN THIS ANALYSIS, WE LOWERED OUR RATES NINE MEGAWATT HOURS.
FOUR DOLLARS IN 2011, FOUR DOLLARS IN 2013 AND ANOTHER DOLLAR 2014, NINE DOLLARS OVER FOUR YEARS. AND THEN YOU CAN SEE WHERE -- IT'S BEEN VERY CONSISTENT. THE REVENUE IS BEEN CONSISTENT ALONG WITH THE REVENUE. I'M GOING TO DO THE BEST I CAN TO TRY TO EXPLAIN.
WHY CONSUMPTION IS UP AND REVENUE IS DOWN BECAUSE -- I'M GONNA DO WHAT I CAN TO EXPLAIN THAT. (LAUGHING) THE ELECTRIC OPERATING REVENUE LESS THE POWER COST WAS DOWN THREE PERCENT FROM 2018. BUT THE CONSUMPTION WAS UP 3.9 PERCENT. BECAUSE OF THIS INVERSE RELATIONSHIP, THERE'S A COUPLE OF DIFFERENT REASONS. THE AMOUNT OF THE UNBILLED REVENUE RECORDED ON SEPTEMBER 30, 2019, LET ME TALK ABOUT UNBILLED REVENUE, IF I CAN. AT THE END OF ANY GIVEN MONTH, THERE ARE SERVICES OUR CUSTOMERS HAVE RECEIVED, BUT THEY HAVE NOT RECEIVED A BILL FOR IT YET, AND WE DO AN ESTIMATE OF THE AMOUNT THAT WAS USED IN SEPTEMBER THAT'S GOING TO BE BILLED IN OCTOBER AND NOVEMBER. IT ISN'T A FUN CALCULATION, THANK YOU VERY MUCH. BUT THE DIFFERENCE WAS $1.3 MILLION LESS THAN THE AMOUNT RECORDED IN THE YEAR BEFORE. IT WAS A DECREASE TO REVENUE THIS YEAR AND IT WAS AN INCREASE TO REVENUE LAST YEAR.
SO THAT WAS A $1.3 MILLION SWING. ANOTHER REASON IS THE ELECTRIC PURCHASES FOR RESALE,
[00:30:13]
AS GOOD AS OUR RATES HAVE BEEN THIS YEAR, THEY WERE ACTUALLY UP $500,000. MORE THAN THE PRIOR YEAR. SO, THIS CHART TAKES OUR OPERATING REVENUES AND SUBTRACT THE POWER COST, WHICH IS A DIRECT CHARGE TO THE CUSTOMER, WE TAKE THAT OUT. SO BECAUSE IT WAS A LITTLE BIT MORE IN 19, THAT IS ALSO PART OF THE REASON WHY THERE WAS A DIFFERENCE. THE REST OF THE REVENUES WERE UP $2.3 MILLION SO EVERYTHING IS GOOD. BUT IT JUST LOOKS FUNKY ON DISCHARGE.AND UNLIKE US ANYTHING MORE ABOUT IT. (LAUGHING) WATER. IN 2019, THE WATER OPERATING REVENUES WERE UP TO 7.9 PERCENT. IN THE CONSUMPTION WAS UP 5.5 PERCENT FROM 2018 THIS IS -- THIS IS GOOD NEWS. NOW, THIS IS JUDGMENT WE'VE BEEN ADDING CUSTOMERS AND AND IT'S A WONDERFUL THING. THE ONLY THING I WANT TO POINT OUT THAT IS IN THIS EXTRA BUMP WAS A RESULT OF THOSE WHERE THE DEVELOPERS REDUCE THEIR CAPACITY AND CARRIED OFF THE
REVENUE CHARGES. >> BUT THE WATER SYSTEM AS -- DID VERY WELL LAST YEAR. SO DID -- SO DID THE ELECTRIC SYSTEM.
>> THE WASTEWATER OPERATING REVENUES, ALTHOUGH BIT MORE FLAT. THE WASTEWATER OPERATING REVENUES WERE ACTUALLY DOWN 8/10 OF A PERCENT FROM 2018, BUT THE UNITS BILLED WERE UP 3.3 PERCENT. SO, AS THE CAPACITY REDUCTIONS, WE HAD FEWER AND FEWER OVER TIME, AS THOSE FALL OFF, THE REVENUES ARE GOING TO KIND OF OVAL OFFICE THEY DID THIS YEAR. ON THE NATURAL GAS SIDE, THE OPERATING REVENUES, LESS THE GAS COST, WAS UP 7.1 PERCENT FOR 2019. ANOTHER GREAT YEAR. CONSUMPTION WAS UP 8.3 PERCENT. VERY VERY GOOD. THIS IS SUCH A PECULIAR CHARGE OVER THIS 10 YEAR PERIOD, THERE HAS BEEN A 69 PERCENT INCREASE IN CONSUMPTION IN DAY 31 PERCENT INCREASE IN REVENUE SINCE 2010. AND THAT IS PRIMARILY A RESULT OF THE CONTRACT CUSTOMERS THAT WERE FIRST BILLED IN AND THAT IS PRIMARILY A RESULT OF THE CONTRACT CUSTOMERS THAT WERE FIRST BILLED IN AUGUST 2012. SO THAT WAS A BEAR -- VERY BENEFICIAL ARRANGEMENT BOTH FOR OUR CUSTOMERS AS WELL AS FOR FPUA.
>> THAT WAS THE REVENUE SIDE. NOW WE ARE TALKING ABOUT EXPENSES. AND AS YOU CAN SEE, AGAIN, THE -- THE EXPENSES ARE FAIRLY CONSISTENT YEAR-OVER-YEAR. BUT IN 2019, THE OWEN M EXPENSES WERE 2.6 PERCENT BELOW PROJECTED, BUT THEY WERE 4.5 PERCENT ABOVE 2018 ACTUAL RESULTS. NOW, THE REASON THEY WERE BELOW THE BUDGET, IS BECAUSE THE COST THE POWER PURCHASE FROM FMP I WAS $5.1 MILLION BELOW PROJECTED. THAT'S ABOUT 11 PERCENT. WE ALWAYS PLEDGE A VERY HIGH NUMBER IN THE BUDGET FOR PURCHASES FOR RESALE. I FELL OUT TO BE OVER $5 MILLION OVER. BUT -- AS I MENTIONED EARLIER, THE COST TO PURCHASE POWER WAS $520,000 MORE IN 1910 AND 18, WHICH IS ABOUT 1.3 PERCENT. BUT, THE GOOD NEWS IS IS THAT THERE WAS A ONE PERCENT INCREASE IN MEGAWATTS PURCHASED. IT'S NOT THAT THE RATES WE ARE PAYING TO FM PA, THEY MAY BE A TINY BIT HIGHER, BUT WE ACTUALLY BOUGHT SOLD MORE POWER. SO THIS IS A GOOD THING. IN TERMS OF OUR OPERATING INCOME AND DEBT
[00:35:04]
SERVICES, YOU CAN SEE THE OPERATING INCOME TOOK A LITTLE BIT OF A NOSEDIVE WE TALKED ABOUT WHY THAT WAS ALREADY. BUT, THIS CHARGE IS DESIGNED TO DEMONSTRATE OUR ABILITY TO PAY OUR DEBT. THE DEBT SERVICE COVERAGE RATIO WAS TWO WAS 2.85 AND THAT'S MORE THAN DOUBLE THE REQUIRED 1.25 AS REQUIRED BY THE COVENANTS. I WILL ALSO MAKE MENTION OF THE -- THE CASH RATIO THAT WE DO HAVE TO CALCULATE TWICE A YEAR. THE RATIO IS 142, WHICH IS WELL ABOVE THE 45 DAYS. I DON'T GENERALLY LIKE TO QUOTE THAT NUMBER, BUT IT IS THE PUBLISHED -- IT IS A PUBLISHED NUMBER. THAT WOULD MEAN THAT IT COST US ABOUT $215,000 A DAY TO OPERATE. BUT, THAT DOES NOT TAKE INTO CONSIDERATION THE CITY DISTRIBUTION, THE PRINCIPAL AND INTEREST THAT WE PAY ON OUR DAD AND OUR CAPITAL COSTS. THOSE ARE SOME PRETTY BIG NUMBERS. IN REAL DAYS, THAT'S ABOUT 105 DAYS. LAST YEAR WE SPENT ABOUT $290,000 THE DAY AND LAST BUT NOT LEAST THIS PIECE OF THE CASH. I LOOK BACK IN ONE OF MY DATABASES AND REALIZED THAT THIS IS NOT THE MOST UNRESTRICTED CASH WE'VE EVER HAD. WE'VE HAD MORE RESTRICTIVE CASH. MARCH 31, 2014. IT WAS RIGHT BEFORE HE PAID THE CITY DISTRIBUTION.BUT IT WAS AFTER WE PAID THE DEBT PAYMENT OR AT LEAST THE HAVE THE INTEREST. AND AT THAT TIME THE BALANCE WAS $37 MILLION. I DIDN'T REMEMBER THAT. SO, INCLUDED IN NODE AND, PAGE 49 OF THE NOTES TO THE FINANCIAL STATEMENTS IS THE CALCULATION OF THE DISTRIBUTION TO THE GENERAL FUND TO THE CITY OF FORT PIERCE AS YOU CAN SEE ON THE SCREEN. WE EXPECT TO PAY ABOUT $6.3 MILLION TO THE CITY LATER ON THIS YEAR. WE DO HAVE JIM HARTLEY OUR EXTERNAL AUDITOR IN THE AUDIENCE. IF YOU HAVE ANY QUESTIONS FOR HIM OR HAVE ANY QUESTIONS FOR ME, I DO NEED TO REQUEST AT THIS TIME YOUR APPROVAL OF THE FISCAL YEAR 2019 FINANCIAL REPORT.
>> YES, SIR. I HAVE SOME QUESTIONS.
>> YES, SIR. LET ME BREAK IT DOWN WITH MY UNDERSTANDING WITH MEMBERS OF THE BOARD. LET'S GO BACK TO YOUR OPERATING LOSSES. DO YOU TAKE THE UNCOLLECTIBLE FUNDS IN THAT CATEGORY? ARE
YOU DOWN. >> WE DO HAVE A BAD DEAD RESERVE WE DO HAVE AN AMOUNT THAT WAS UNCOLLECTIBLE. IF YOU WANT TO THINK ABOUT THE QUICKEST WAY TO FIND IT BECAUSE I CAN TELL YOU PRETTY QUICK. THE BAD DEBT, THE UTILITY BAD DEBT EXPENSE -- (LAUGHING) -- IT WAS A MERE $41,000 THIS YEAR. THAT WAS WAY, WAY DOWN.
WE HAVE IMPROVED OUR LEADING PROCEDURES FOR INACTIVE ACCOUNT CHARGES AND WE ARE -- WE HAVE A GOOD DEPOSIT POLICY. SO THINGS DON'T GET TO -- PEOPLE DON'T GET TOO FAR BEHIND IN THEIR BILLS. IN 2017 THE VERY SAME NUMBER WAS $262,000.
>> WEBPAGE ARE YOU LOOKING ON? >> I AM LOOKING -- I'M LOOKING AT THE FINAL BUDGET. THIS CAN HAVE ALL OF HER EXPENSES WERE 17, 18, THE AMENDED BUDGET FOR
[00:40:03]
19 AND THE FINAL BUDGET FOR 19 WHICH ARE ACTUALS. YEAH, THIS IS ONE OF MY FAVORITESCHEDULES. >> I HAVE A FEW MORE QUESTIONS.
INCOMPARABLE YEAR-TO-YEAR. WE DO GREATER WITH PERSON LEAVING IN RETIREMENT OR LESS AS WE MOVE IN DIFFERENT YEARS. OR ABOUT THE SAME.
>> THE REQUIRED CONTRIBUTION FOR NEXT YEAR, THE 2021 YEAR ACTUALLY WENT DOWN OVER ONE PERCENT. SO, IN TERMS OF THE CURRENT CONTRIBUTIONS, THEIR DECREASING PERCENTAGEWISE.
>> THEIR DECREASING. >> THEIR DECREASING. BUT, WERE PAYING IT ON HIGHER SALARIES TO START WITH AND THE OTHER SAYING THAT I WISH I COULD DO IT SHOULD GOOD JOB OF EXPLAINING TO YOU, BUT, WE HAVE A GAS BE 68 ADJUSTMENT THAT WE HAVE TO MAKE THE ACTUARY PREPARES THE INFORMATION FOR US. AND WE ACCRUE AN ADDITIONAL LIABILITY OVER AND ABOVE WHAT WE ARE REQUIRED TO PAY IN IN CASH.
THAT ADJUSTMENT, THIS YEAR, WAS 2.1 OR $2.2 MILLION. IT WAS A NON-CASH ITEM. BUT, THE -- THE LIABILITY, AND THE DEFERRED INFLOWS IN THE DEFERRED OUTFLOWS, THOSE ARE ALL ITEMS THAT SIT ON OUR STATEMENT OF NET POSITION OTHERWISE KNOWN AS A BALANCE SHEET. THOSE NUMBERS HAVE BEEN ADJUSTED UPWARDS OVER TIME AND SO, WE CONTINUE TO BOOK THAT ADJUSTMENT EACH YEAR.
WE ARE HOPING THAT THE ACTUARY WILL BE ABLE TO PROVIDE US AN ESTIMATE EARLIER IN THE YEAR THAN FEBRUARY 28 OR WHATEVER WAS THIS YEAR. IT WAS LATE WHEN WE FINALLY RECEIVED THE REPORT THAT GAVE US THE NUMBERS TO BOOK THE ENTRY FOR ALL OF LAST YEAR. WERE HELPING ORGANIZE BETTER ESTIMATES. BUT, I'M NOT AN ACTUARY SO I'M NOT SURE I CAN EVEN TELL YOU WHETHER IT'S GOING TO INCREASE OR DECREASE OVER TIME.
>> WHAT IS -- YOU HAVE -- HAVE AN OPERATION AMOUNT. AND DOWN THE LINE -- HOW FAR DOWN THE LINE BEFORE YOU TAKE IT OUT. WHEN I TAKE IT OUT AS YOU GO. HUNDRED THOUSAND DOLLARS IN JANUARY ARE TO BE TAKEN OUT IN JANUARY.
>> WE PAY INTO THE SYSTEM EVERY TWO WEEKS.
>> EVERY TWO WEEKS. EVERY TIME WE ISSUE PAYCHEX, WE PAY INTO THE SYSTEM, BOTH THE EMPLOYER AS WELL AS THE EMPLOYEE SHARE. SO WE CONTINUE TO PAY AND ALL THROUGHOUT ALL YOUR.
>> AND YOU NEVER PAY OVER? AND LIKE THAT?
>> NO, BECAUSE THEY TELL US HOW MUCH TO PUT IN. WHAT I CAN'T DO A GOD JOB OF EXPLAINING TO YOU IS TO WHY WE HAVE THESE ADDITIONAL ADJUSTMENTS BASED ON THE SAME ACTUARY, DIFFERENT PERSPECTIVE. AND IT SOMEHOW CAUSES US TO SHOW THAT IS EXPECTED THAT WERE GOING TO BE PAYING OUT MORE. IT IS ALL DEPENDENT UPON HOW LONG OUR EMPLOYEES LIVE. BECAUSE MOST OF THE BENEFITS ARE FOR LIFE. MOST OF THEM.
>> SOMEONE ASKED THIS QUESTION BUT I WANT TO COME BACK TO ANOTHER REQUEST. THE CITY CONTRIBUTION. HOW DID YOU GET TO BE DIFFERENT AND IF YOU -- THE REASON I'M ASKING THAT, AT THE END OF THE YEAR YOU STILL GIVE THE CITY THE 6 MILLION?
THEY'RE NOT RELATED AT ALL. THERE ARE THREE EMPLOYEE GROUPS IN THE RETIREMENT SYSTEM. IT IS NOT JUST FP WAY. IT'S ALSO THE CITY AND THE POLICE. SO THERE'S THREE SEPARATE GROUPS.
AND THE INFORMATION IS ACCOUNTED FOR SEPARATELY. AND OVER THE YEARS, THE
[00:45:02]
CONTRIBUTIONS FOR EACH OF THOSE HAVE CHANGED. FOR EXAMPLE, THE -- THE CITY, BILLY PUTS IN 5.61 PERCENT. -- EXCUSE ME THE CITY EMPLOYEES PUT IN 5.16 PERCENT. FP WAY EMPLOYEES PUT IN SIX POINTTHE -- THE CITY, BILLY PUTS IN 5.61 PERCENT. -- EXCUSE ME THE CITY EMPLOYEES PUT IN 5.16 PERCENT. FP WAY EMPLOYEES PUT IN 6.61 PERCENT. AND THAT'S JUST SOMETHING THAT HAPPENED YEARS AGO. AND I GUESS THEY NEVER CAUGHT UP, IF YOU WILL. SO THEY'RE OUT OF SYNC. BUT A BELIEVE BOTH THE POLICE AS WELL AS THE GENERAL EMPLOYEES ARE PAYING THE 5.16 PERCENT. AND SO THERE'S DIFFERENT -- BECAUSE THERE'S DIFFERENT -- PEOPLE ARE GETTING PAID DIFFERENT AMOUNTS OF MONEY. IT'S ALL BASED ON THE PEOPLE. EVERY YEAR WE HAVE TO GIVE THEM CENSUS DATA ON EVERY EMPLOYEE, BUT YOU'RE MAKING, WHAT THEIR BIRTHDATE IS, SO ONAND SO FORTH. >> SO AN EMPLOYEE LEAVES FPUA, THEIR RETIREMENT CALCULATION IS BASED ON THE LAST FIVE YEARS OR HOW DO YOU CALCULATE.
>> IF THEY BEEN THERE FIVE YEARS, IF THEY'VE BEEN WITH US FOR FIVE YEARS, IT IS CALCULATED ON THE TOP FIVE OF THE LAST 10. THAT IS CORRECT TIMES THE NUMBER OF YEARS OF SERVICE TIMES THREE PERCENT. AND THAT'S IF THEY TAKE THE STRAIGHT LIFE OPTION. THERE'S ACTUALLY FIVE OTHER OPTIONS WHERE THEY CAN TAKE -- THEY CAN LEAVE SOME OF THE MONEY TO THEIR SPOUSE. THEIR SPOUSE WOULD GET SOME UPON HER PASSING. OR 10 YEAR CERTAIN OF THEIR LIVING INTO AN ESTATE. FOR YOU CAN LEAVE EVERYTHING TO YOUR SPOUSE OR YOU CAN LEAVE I WANT TO SAY HALF OF IT, BUT IT'S LIKE TWO THIRDS. AND THERE'S OTHER OPTIONS. BUT THE PRIMARY BASIS, YES, IS THE TOP FIVE OF THE LAST 10, WHICH IS GENERALLY THE LAST FIVE. BUT
NOT ALWAYS THE BACK. >> ALL RIGHT. ANY OTHER
QUESTIONS? >> I HAD A QUESTION ON THE RETIREMENT. SO YOU'RE LOOKING AT ON PAGE 5, RIGHT, OF THAT DOCUMENT THAT IS.
>> FIVE IN THE BUDGET AMENDMENT.
>> YES. SO THE RETIREMENT IS UP THERE. AND YOU SAID IT WAS HIGHER THIS YEAR? IS THAT WHAT
YOU SAID MORE EXPENSIVE. >> ABSOLUTELY. YOU CAN SEE -- IT WAS $4.9 MILLION FOR THE RETIREMENT, BUT OF THAT 2.1 WAS AN ACCOUNTING ENTRY. IT WAS IN
CASH THAT WENT OUT THE DOOR. >> BOOKING LIABILITY.
>> YES. INCREASING THE LIABILITY.
>> SO, DO YOU BUDGET FOR WHEN SOMEONE LEAVES AND YOU HAVE A LARGE PAYOUT UPON RETIREMENT.
>> THAT DOESN'T GENERALLY HAPPEN BECAUSE IT'S ALREADY FIGURED IN. THAT'S STANDARD.
THAT WOULD BE EXPECTED. >> IS THE ACTUARY FIGURING THAT
>> IS IN YOUR LIABILITY NUMBER. >> YES. BUT THERE ARE SO MANY MOVING PARTS TO THE PENSION (LAUGHING) BECAUSE IT'S BASED ON WHAT KIND OF EARNINGS THAT THE PENSION PLAN ITSELF EARNS AND THEN.
>> RIGHT. >> A LOT OF IT IS ABOUT THE
STOCK MARKET, TO. >> ABSOLUTELY. SO MANY WORKING
PARTS. >> RIGHT. OKAY. THANK YOU.
ANYTHING ELSE? >> SO I BELIEVE HIM ASKING FOR
[Item G4]
BOARD APPROVAL OF THE 2019 COMPREHENSIVE ANNUAL FINANCIAL REPORT, WHICH IS THIS DOCUMENT.>> MOVE APPROVAL. >> A SECOND.
>> PLEASE CALL THE ROLL. >> (ROLL CALL).
>> NOW, MOVING ON TO THE FINAL FINAL BUDGET AMENDMENT. THIS IS NORMAL REPORT VERY LARGE
[Item I1]
AMOUNTS IN OUR REVENUE AND EXPENSES FOR BASICALLY, PURCHASE POWER, GAS IS MUCH MORE CONSERVATIVE AND IT'S A SMALLER NUMBER. BUT WHAT YOUR PRETTY MUCH ALWAYS GOING TO SEE IS A FINAL THAT'S GOING TO BE A LOT OF -- A LOT LESS THAN WHAT THE IMAGINE BUS IT WAS. BOTH[00:50:04]
ON THE REVENUE AND EXPENSE SIDE. AT LEAST THERE LAST, AND THAT'S A GOOD THING. EXCEPT WE DON'T LIKE TO SEE LESS REVENUES. THE ONLY REASON THERE'S LESS REVENUES IS BECAUSE THERE'S LESS EXPENSE AT LEAST ON THE PCA SIDE ANYWAY. THIS IS BASICALLY A HOUSEKEEPING ITEM. BUT, I DO HAVE TO REQUEST THAT THE BOARD ADOPT RESOLUTION NUMBER UA 2020ÃFOUR. CAN YOU READ THE. >> BEFORE SHE READ, SYSTEM WANT TO GO TO THE CITY FOR THEM TO PROVE?
>> BOTH GO TO THE CITY COMMISSION.
>> OKAY. >> THIS IS RESOLUTION NUMBER UA 2020-04 AMENDING THE BUDGET OF THE CITY OF FORT PIERCE FLORIDA SO THIS YEAR BEGINNING OCTOBER 1, 2018 AND ENDING SEPTEMBER 13, 2019.
>> MADAM CHAIRMAN I MAKE A MOTION THAT THE RESOLUTION NUMBER 2020 Ã04 BE APPROVED IS
>> PLEASE CALL THE ROLL. >> (ROLL CALL).
>> THE NEXT ITEM ARE TWO BANKING RESOLUTIONS THAT REQUIRE APPROVAL AND WE WILL
[Item I2]
CONTINUE TO MAKE THE PRESENTATION ON THOSE.>> SO THE GOOD NEWS IS IS THAT AFTER ALL THE DUST HAS SETTLED WITH REGARD TO THE TRANSFERS THAT HAVE BEEN MEAN AMONGST ALL OF OUR DIFFERENT ACCOUNTS, WE'VE OPENED A COUPLE OF NEW ACCOUNTS. WE'VE ADDED SOME MONEY TO HIRE EARNING ACCOUNTS. WE DID HAVE TWO RESOLUTIONS, TWO DIFFERENT BANKS THAT WERE GOING TO NEED TO APPROVE SEPARATELY. AND THIS IS ALSO, BASICALLY A HOUSEKEEPING ITEM. THAT IS THE FINAL PAPERWORK NEEDED TO PROVIDE THE UPDATES FOR THE AUTHORIZED SIGNERS ON FPUA'S BANK ACCOUNT TO GET ME OFTEN. AND GET BARBARA ON.
>> COULD BE -- I BROUGHT THIS UP BEFORE. ON SIMILAR PROJECTS, I'M GONNA SAY THE SAME THING NOW, WILL WE DO A RESOLUTION LIKE THIS, THE COURT WE PUT THE AMOUNT?
>> SO WILL KNOW HOW MUCH MONEY IS IN THE BANK HE.
>> BUT IT'S ALWAYS CHANGING. WE ARE ALWAYS EARNING INTEREST SO IT'S ALWAYS GOING TO BE INCREASING. BUT, THE -- I CAN TELL YOU FOR WHAT YOU SEE BEFORE YOU ON THE SCREEN, REPRESENTS FAIRLY CLOSE TO HOW MUCH IS IN EACH OF THEM. AND THE QUATERLY FINANCIAL
OPERATING RESULTS, >> YOU LOOKING IN THE LAST ONE
OF THE FIRST ONE. >> THE BLUE AND.
>> THE ONE WITH QUARTERLY FINANCIAL OPERATING RESULTS ON PAGE 3.
>> THAT ALSO SHOWS YOU HOW MUCH THE BALANCES WERE AS OF THE END OF THIS PARTICULAR QUARTER AND ANYTIME WE DO QUARTERLIES, THAT INFORMATION IS PRESENTED. HIS HOW MUCH IS IN EACH.
>> WEBPAGES THAT. >> THIS IS PAGE 3 QUICKSAND
WOULD ALWAYS BE PAGE 3. >> OKAY.
>> UNLESS THEY CHANGE IT UP, WHICH THEY MIGHT. BUT YOU CAN SEE SEACOAST HAS ABOUT $38 MILLION. THE BULK OF THE MONEY IS IN THAT INSURED CASH SUITE. THE -- IN TD BANK, WHICH IS THE OTHER RESOLUTION THAT WE ARE AUTHORIZING TODAY, WE JUST OPENED A CERTIFICATE OF DEPOSIT FOR THE AMOUNT OF $1 MILLION. BUT I COULD ALWAYS CHANGE. THESE RESOLUTIONS, BASICALLY AUTHORIZE THE -- IT SAYS THAT THE BOARD IS AUTHORIZING FPUA TO INVEST IN THOSE TWO INSTITUTIONS AND THESE ARE WHO THE AUTHORIZED SIGNERS ARE.
>> BUT FOR AUDIT PURPOSES, MADAM CHAIR, IS THE WORM GOING FOR AUDIT PURPOSES I WOULD JUST BE NAMED, SO THAT -- AND AUDITOR WOULD KNOW WE'VE GOT A MILLION BUCKS. AND IT'S IN
BANK NUMBER 29. >> WE -- AUDITORS GET A
[00:55:15]
CONFIRMATION OF ALL THE BANKS AND THE EXACT AMOUNTS. AND THEY DO THEIR FINANCIAL. AND THEY DO THE AUDIT. THEY CONFIRM EVERY ONE OF THOSE AMOUNTS. TO THE PENNY.>> THAT WOULD BE CORRECT BECAUSE IF YOU -- WE APPROVAL MILLION DOLLARS AND BY THE TIME THE AUDIT COMES BACK -- THERE LOOKING AS AN AUDIT AS OF SEPTEMBER 30. THEY DON'T OWN IT FOR EVERY QUARTER. THEY AUDIT FOR ONCE A YEAR. SO THEY BOUNCE THAT NUMBER EVERY YEAR.
THEY HAVE TO. >> A BIG ONE. AND ARE NOT EASY TO GET FROM THE BANKS. THE BANKS ARE NOT COOPERATIVE.
>> ARE NOT TERRIBLY ACCURATE. >> OTHER THAN THAT THERE'S NO
PROBLEM. >> OTHER THAN THAT GREAT.
>> THAT'S WHERE THE AUDITOR DOES A LOT OF WORK.
>> AND TAKES LONGER THAN IT HAS TO. X WERE HERE IN THE AUDIENCE WE APPRECIATE THEM.
THANK YOU. >> IS IT ONE AT A TIME.
>> I THINK ONE AT A TIME. >> ONE AT A TIME.
>> I MAKE A MOTION TO APPROVE THE ADOPTED RESOLUTION NUMBER 2020 Ã04.
>> THIS IS RESOLUTION NUMBER UA 20 -- UA 2020-02.
>> OKAY. 02. >> IS THERE A SECOND?
>> AGAIN? PLEASE CALL THE ROLL.
>> MR. BEIT YES, MA'AM. >> (ROLL CALL).
>> ONE MORE RESOLUTION. >> THIS IS RESOLUTION NUMBER UA 2020-03 CORPORATE AUTHORIZATION RESOLUTION.
>> PLEASE CALL THE ROLL. >> MR. BAD.
>> (ROLL CALL). >> DOES THIS REQUIRE
SIGNATURES. >> YES. WILL HAVE TO.
[Item J]
>> THANK YOU, MADAM CHAIR. JUST A COUPLE OF ITEMS I WANT TO TALK ABOUT A FEW THINGS RELATED TO THE CORONAVIRUS. FPUA ISSUED A PRESS RELEASE ANNOUNCING THAT THE CUSTOMER LOBBY WOULD CLOSE EFFECTIVE TOMORROW, WEDNESDAY, MARCH 18. FOR A PERIOD OF AT LEAST TWO WEEKS AT WHICH TIME WE WILL EVALUATE FURTHER CLOSINGS. THE PRESS RELEASE HIGHLIGHTED ADDITIONAL WAYS OUR CUSTOMERS CAN CONNECT WITH OUR CUSTOMER SERVICE DURING THE CLOSURE.
THE DRIVE-THROUGH WILL REMAIN OPEN. AS MENTIONED EARLIER, FPUA WILL SUSPEND SERVICE DISCONNECTIONS DURING THIS PERIOD. THE COMMUNITY CENTER HAS ALSO BEEN CLOSED EFFECTIVE TODAY. MOST OF OUR VOLUNTEERS ARE IN THE HIGH-RISK GROUP AND WE DO NOT WANT TO PUT THEM IN HARM'S WAY. RACHEL AND HER STAFF ARE PUTTING TOGETHER CHILDREN'S EDUCATIONAL INFORMATION ON THE WEBSITE AND FACEBOOK PAGE SO THAT THEY KEEP THE KIDS BUSY AND NOT DRIVE THEIR PARENTS CRAZY IN THE HOME. GREAT IDEA.
>> WE ARE CURRENTLY IMPLEMENTING OUR PANDEMIC PLAN INCLUDING OPTIONS FOR TELECOMMUTING WERE TO TAKE A CLOSER LOOK AT THAT LATER ON IN THE WEEK. AND AS THESE EVENTS AND UPDATES CONTINUE TO UNFOLD I'LL KEEP THE BOARD UP-TO-DATE. MOST OF OUR UPCOMING EVENTS HAVE BEEN POSTPONED OR CANCELED AS WE TRY TO LIMIT GATHERINGS TO NO MORE THAN 6 TO 10 PEOPLE.
ALL OUT-OF-STATE TRAVEL IS BEEN SUSPENDED AND WERE TRYING TO LIMIT IN-STATE TRAVEL AS WELL. MOST OF THE MEETINGS THAT HAVE BEEN SCHEDULED HAVE BEEN POSTPONED OR CANCELED. IT SHOULD NOT BE TOO HARD. AND WERE MAKING SPECIAL EMPHASIS ON HIGH HYGIENE AND SANITIZATION
IN THE BUILDINGS. >> ONE OTHER -- TO OTHER SHORT ITEMS. WE'VE RECEIVED THE DRAFT REPORT FROM RALPH TELLIS ON THE JOINT FP WAY STUDY AND RELOCATION. IT'S RECOMMENDING AN 8 MILLION GALLON PER DAY PLAN EXPANDABLE TO 10 MILLION GALLONS PER DAY. THE COST ESTIMATE FOR THE NORTH LOCATION, WHICH IS NEAR THE AIRPORT IS 141 MILLION. AT THE SELF LOCATION WHICH THE TREASURE COAST CENTER IS ABOUT 120 MILLION. WE ARE STILL REVIEWING THE REPORT. WE WILL PROVIDE YOU WITH A PRESENTATION ON THIS SUBJECT IN THE NEAR FUTURE.
>> IN THE LAST ITEM IS I WAS GOING TO GIVE AN UPDATE TO THE CITY COMMISSION AT THE CONFERENCE AGENDA MEETING BUT THAT'S BEEN CANCELED. SO WE WILL CATCH UP TO THAT AS SOON AS POSSIBLE. AND THAT'S ALL I HAVE THIS AFTERNOON.
[Items L & M]
>> I HAVE A DEEP CONCERN IN WHAT HAPPENED. I JUST HAPPENED TO BE AT THE NORTH END. THE
[01:00:07]
GENTLEMAN WILL COME ALONG ABOUT 2223 AND SAID HEY MR. CHARLIE. I SEE ELDERLY CLOSING. I WONDERED WHAT HE WAS TALKING ABOUT. WILL BE THE PROTOCOL TO COME TO THE BOARD FIRST THAT THEY MAY CHECK THE WEBSITE. SO THE GENTLEMAN PROBABLY HIS 22,>> ADMIN WAS THERE A REASON NOT -- WE COULD'VE APPROVED JUST WHAT THEY'RE GOING TO DO
ANYWAY. >> WILL I THOUGHT THAT WE HAD DISCUSSED THIS INTERNALLY LAST WEEK AND WE WERE KIND OF WAITING TO SEE EXACTLY WHAT THE SCHOOL BOARD WAS GOING TO DO. WE THOUGHT THAT THAT WAS A CRITICAL DYNAMIC HERE BECAUSE WE KNEW THAT THE SCHOOLS WERE CLOSED THIS WEEK FOR SPRING BREAK AND THEY CLOSED 40 ADDITIONAL WEEK. WE THOUGHT THAT MIGHT HAVE AN IMPACT AND WE ALSO FELT THAT THERE WAS A BETTER CHANCE OF TRANSMITTING WE ALSO GOT SOME INFORMATION FROM THE COUNTY ABOUT THE FACT THAT THEY WERE TRYING TO LIMIT, YOU KNOW, PUBLIC ACCESS TO OUR EMPLOYEES AND TO THEIR EMPLOYEES AS WELL WE DECIDED TO GO AHEAD. I APOLOGIZE FOR NOT BRINGING IT TO THE BOARD BUT I WANTED TO GET THE INFORMATION OUT AS QUICKLY AS POSSIBLE SO THE PEOPLE WOULD BE AWARE AND GIVE A LITTLE BIT OF TIME BEFORE WE CHANGE THE LOBBY. LIKE I SAID, THE DRIVE-THROUGH WILL BE OPEN AND ONE OF THE NICE FEATURES HERE IS THAT OUR STAFF WILL BE THERE SO HAVE ADDITIONAL PEOPLE TO HANDLE THE PHONE CALLS OR INQUIRIES. AND THE -- THE PRESS RELEASE, WENT TO GREAT DETAIL ABOUT THE ADDITIONAL WAYS THAT OUR CUSTOMERS CAN PAY THEIR BILL OR
CONTACT US. >> MADAM CHAIR, GO BACK TO THE DIRECTOR AGAIN. ONE OF THE CONCERNS I HAVE IS THAT ONE OF THE SPEAKERS THAT SPOKE TODAY, I HAD THE SAME CONCERN AT ANOTHER ANGLE. I JUST THINK THAT WE NEED TO -- DON'T GO BY THE NATIONAL MOVEMENT. LET'S TREAT OUR LOCAL A LITTLE DIFFERENT. YOU KNOW THE AVERAGE PERSON PROBABLY MAKES 15,000 OR LESS TO TRY TO TAKE YOUR HOUSEHOLD MATTERS. AND WE SHOULD BE, AS A BOARD, TRYING TO LOOK AT WHETHER OR NOT WE CAN TAKE SOME OF THE MONEY THAT WE GOT SOMEWHERE AND MAYBE SAY IF THEY'VE BEEN WITH UTILITY FOR FIVE YEARS, THEY GET A PERCENTAGE OR SOMETHING TO HELP OUT. THAT WOULD BE THE HARDSHIPS. THE OTHER PROBLEM I'M CONCERNED ABOUT IS THAT WE'RE SO EASY -- EAGER TO CREATE A NEW SUFFERING FOR PURSES LIKE OUR RATEPAYERS BECAUSE WHAT WOULD HAPPEN, AS LONG AS YOU STRETCH A TIME DELAY FOR SOMEONE TO PAY THE BILL, I GOT ENOUGH SENSE TO KNOW THIS THEY'RE GOING TO SPEND THE MONEY BECAUSE THEY THINK THEY NEED TO FREE UP SOMEWHERE. SO MY THING WOULD BE LET'S PUT SOME KIND OF POWER PROGRAM TOGETHER FOR CREDIT LINE FOR THEM TO PAY SOMETHING.
LET'S SAY THEY OWE $500 THE PERSON PAY HUNDRED AND THE BE ABLE TO KEEP HIS LIGHTS ON.
WOULD HAVE TO PAY THAT? WE ARE TO BE WORKING A PROGRAM OUT THAT WILL PAY THAT OTHER 400.
>> WE CAN CERTAINLY LOOK AT SOME OPTIONS THEY ARE ONE OF THE DIFFICULTIES WE HAD IS PUBLIC SERVICE COMMISSION RULES AND REGULATIONS THAT WE CAN'T VIOLATE IN TERMS OF TREATING
CUSTOMERS DIFFERENTLY. >> BUT SOME OF THE THINGS THAT MAY FALL I JUST READ THE RESTAURANT WEST OF TOWN IS GOING -- THEIR LANDER PEOPLE OFF. AND THAT'S NO MONEY COMING IN AT ALL. GOLDEN CORRAL.
>> WE GOT 30 PEOPLE WORK OUT THERE THAT ARE RATEPAYERS AND CUSTOMERS WE'VE GOT 30
HEADACHES. >> UNDERSTAND THE PROBLEM.
WE'LL TAKE A LOOK AT IT. RIGHT OFF THE TOP AMANDA PROMISE.
>> AND THE OTHER QUESTION I HAVE IS ALLEGHENY. WE PUT 6,600,000 IN THE SMART PROGRAM.
HOW MUCH DID ALLEGHENY GIVE? >> I BELIEVE IT WAS TO --
400,000. >> 400,000 THEY CONTRIBUTED AND I THINK THE CITY OF FORT PIERCE THROUGH IN 200,000 OR TO $200,000.
>> OKAY. >> IN THE COUNTY THROUGH AND
$50,000. THAT MONEY. >> THERE ARE EQUAL PARTNERS.
>> WILL THAT'S THE WAY WE SET IT UP. WE THOUGHT THAT AS PART OF FPUA'S PROGRAM TO HELP BUILD THE CITY AND HELP THE AREA OF LINKIN PARK, WE ACTUALLY THREW IN A LOT BUT ALLEGHENY WAS VERY -- THEY DID WELL GIVING US $400,000.
>> OKAY. ANY OTHER COMMENTS FROM BOARD MEMBERS.
[01:05:04]
>> I JUST WANT TO SAY THAT SO MUCH WE DON'T KNOW IS CAN HAPPEN AS A RESULT OF OR GOING THROUGH RIGHT NOW. AND SO I THINK TO BE MINDFUL OF OUR CUSTOMERS IS A GREAT THING.
AND I THINK THIS WHOLE COUNTRY IS GOING TO BE MINDFUL OF BUSINESSES AS WELL AS WORKING PEOPLE WARNOCK AND HAVE ENOUGH MONEY. I THINK IN A WAY WERE GOING TO BE IN THE SAME BOAT.
BUT I THINK WE HAD A PRESS CONFERENCE TODAY OUT OF THE COUNTY AND WE TALKED ABOUT WHAT WAS -- WHAT THE CITY WAS DOING AND WANTED TO LET THIS BOARD KNOW THAT WHILE POLICE SERVICES AND WASTE AND RECYCLING SERVICES ARE GOING TO REMAIN THE SAME FOR RIGHT NOW, OUR CITY HALL WILL REMAIN OPEN STARTING TOMORROW BUT LIMITED ACCESS LIMITED ACCESS TOMORROW.
SO THE PUBLIC WILL NOT BE ABLE TO BE END UNLESS THE BE MONITORED IN ONE AT A TIME.
THEY'RE GOING TO SET UP A SYSTEM FOR THAT. SO ALSO ALL BOARDING COMMITTEE MEETINGS ARE BEING CANCELED ALL RECREATION CANCELED. ALL LARGE-SCALE EVENTS ARE BEING CANCELED AND THAT LARGE-SCALE IS TWIDDLING DOWN TO NOW IT'S 10. RIGHT? AND SUNRISE THEATER IS CLOSED.
THE CITY PARKS WILL BE OPEN INDIAN HILLS GOLF COURSE WILL BE OPEN FORT PIERCE CITY MARINA WILL CONTINUE TO BE OPEN BUT WILL NOT ACCEPT NEW RESERVATIONS. THE GIFT SHOP IS CLOSED. I ALSO COVERED WHAT FPUA WAS DOING IN TERMS OF THE LOBBY AND NO SERVICE DISCONNECTIONS THE END THE CITY WILL BE ISSUING ALERTS DAILY AND THIS WILL BE CHANGING DAILY. I DON'T THINK ANY OF US KNOWS WHAT'S CAN HAPPEN IN THE FUTURE. SO SO FAR, THE BEACHES WILL REMAIN OPEN. THAT WAS ANNOUNCED TODAY BY THE COUNTY AND THE GOVERNOR HAS NOT SAID ANYTHING ABOUT THE BEACHES YET.
>> THAT'S FUNNY. HOW THE BEACHES GOT AN EXEMPT.
>> HE'S LIVING IT UP TO MUNICIPALITIES.
>> WILL ALSO, THEY SAY THIS VIRUS DOESN'T LIKE HEAT AND IT DOESN'T LIKE SON.
>> I THINK THE BEACH. >> I'D RATHER GO TO THE BEACH
TO BE SAFE. >> I THINK THE BEACH IS ONE OF THE BEST PLACES TO BE ACCESS. AND OUR BEACHES ARE NOT CROWDED.
>> IS NOT LIKE MIAMI. >> IT'S NOT LIKE MIAMI AND FORT
LAUDERDALE. >> BUT THINGS ARE HAPPENING IN CHANGING BY THE HOUR. I DON'T THINK ANYBODY KNOWS WHAT'S CAN HAPPEN. EVERYBODY NEEDS TO PAY ATTENTION AND TAKE IT SERIOUSLY.
>> BUT ONE THING YOU DIDN'T TELL THEM THAT IS THE BARS WILL BE CLOSE TO.
>> I DID NOT TELL THEM BECAUSE THE GOVERNOR ANNOUNCED THAT THIS AFTERNOON THE BARS AND
NIGHTCLUBS AS A 5 O'CLOCK. >> BUT RESTAURANTS THAT SERVE
LIQUOR ARE OPEN TILL NINE. >> 50 PERCENT CAPACITY YES.
THAT WAS ANNOUNCED BY THE GOVERNOR. ANYTHING ELSE? YES, I'D LIKE TO WISH EVERYONE A HAPPY ST. PATRICK'S
* This transcript was compiled from uncorrected Closed Captioning.