* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. OKAY. I GOT, I [00:00:01] KNOW WHAT OTHER PEOPLE DO. [Special City Council on June 25, 2024.] OH, I AGREE. I GOT IT. WELL, THANK YOU ON THE FOUR 30 MEETING. LIKE WE DON'T WANNA DO ALLEGIANCE. I'M VERY, THAT'S WHAT I'M TELLING YOU. YOU KNOW, IT'S HARD FOR ME TO GET FEEDBACK. THAT'S THE ONLY WAY I GET BACK. I LIKE THAT GRAPHIC. THAT'S, THAT'S A SHOCK. GO. OKAY, IT'S NOW FOUR 15. OOPS. EVERYBODY PLEASE TAKE THE SEATS AND RE REMEMBER TO PLEASE TURN OFF OR SILENCE TO YOUR ELECTRONIC DEVICES. THANK YOU VERY MUCH, HONOR. CLERK, WOULD YOU PLEASE READ THE ROLL CALL? MAYOR JALO. PRESENT VICE MAYOR KLU. HERE. COUNCILOR DUNN. PRESENT. COUNCILOR LTZ? STILL HERE. COUNCILOR FURMAN? STILL PRESENT. COUNCILLOR KINSELLA. AKI. COUNCILLOR WILLIAMSON. I'M HERE. . OKAY. OKAY. ITEM THREE. A A B 30 65 PUBLIC HEARING DISCUSSION. POSSIBLE ACTION REGARDING APPROVAL OF A RESOLUTION ADOPTING THE CITY OF SEDONAS BUDGET FOR FISCAL YEAR 2024 DASH 25. AND NOW WE HAVE A PRESENTATION OR JUST RIGHT. OKAY. GO FOR IT. JUST A QUESTION OF THE CITY CLERK TO JOANNE, IF WE NEED TO PUT THIS PRESENTATION UP HERE. OKAY. SORRY. THANK YOU. GOOD EVENING, MAYOR AND COUNSEL. CAN YOU HEAR ME OKAY? UM, A LITTLE BIT, IF YOU COULD SPEAK UP A LITTLE BIT OR PULL THE MIC CLOSER OR, OR SIT CLOSER OR, OKAY. THANK YOU. THANKS FOR THAT FEEDBACK. DOESN'T BITE FEEDBACK. SO WE ARE AT THE FINAL STAGES OF THE FY 25 BUDGET PROCESS. THIS PROCESS, IF YOU REMEMBER, STARTED BACK IN NOVEMBER WITH STAFF TRAINING ON BOTH THE OPERATING AND CIP BUDGET. AND THEN THAT LED INTO OUR, UH, COUNCIL RETREAT. THAT WAS IN DECEMBER. SO WE'RE CURRENTLY RIGHT NOW AT THE STAR THAT IS JUNE 25TH. SO WE JUST ADOPTED THE CFD BUDGET. WANTED TO GIVE COUNCIL AN UPDATE OF A FEW THINGS THAT HAPPENED AFTER TODAY'S BUDGET. SO THE FINAL BUDGET WILL BE POSTED TO THE CITY'S WEBSITE TOMORROW MORNING. TOMORROW I MEET WITH KEEGAN, UH, TO START WORKING ON THE BUDGET AND BRIEF. THAT WILL THEN GO OUT TO ALL SEDONA RESIDENTS. UH, STATE FORMS ARE DUE NEAR THE END OF JULY, AND THEN IN THE JULY 9TH COUNCIL MEETING, THERE WILL BE A CONSENT FORM. UM, THIS WILL BE TO DESIGNATE OUR CITY MANAGERS, OUR CHIEF FISCAL OFFICER. AND THEN LASTLY, WE'LL HAVE THE BUDGET BOOK THAT WILL BE WORKED ON. THAT'S ABOUT A 400 PAGE DOCUMENT THAT GETS SENT TO GFOA. WE DO HAVE A FEW REPORTS THAT ARE DUE TO THE STATE. ONE IS OUR DIFF REPORT AND THEN OUR INDEBTEDNESS REPORT. SO COUPLE THINGS THAT STILL PERTAIN TO THIS BUDGET CYCLE. UM, AND THEN ON TOP OF THAT, WE START BEGIN CALENDAR PLANNING FOR THE FY 26 BUDGET PROCESS. . ALL RIGHT. UH, JUST WANNA THANK THE CHAMBER OF COMMERCE AS WELL AS A FEW STAFF. LAUREN BROWN AND CARRIE MEYER FOR THEIR INPUT IN THE REVENUE PROJECTIONS. UH, SPECIAL THANKS TO ALL THE COMMUNITY THAT TOOK THE TIME TO PARTICIPATE IN THE BUDGET SURVEY AND AS WELL AS OUR CITIZENS BUDGET WORK GROUP. THAT'S BEEN AN ONGOING TRADITION FOR THE CITY. UM, I ALSO WANTED TO THANK, UM, JUST A THANKS TO ALL THE STAFF THAT TOOK THE TIME OUT OF THEIR BUSY SCHEDULE. OUR, OUR PD, OUR PUBLIC WORKS, UH, TO PARTICIPATE IN THIS. I WANTED TO THANK ANDY DICKEY FOR HIS GUIDANCE DURING THE INTERIM PROCESS OF CITY MANAGER TRANSITION AND, AND HIS SUPPORT TO ME AND OUR TEAM, UH, WITH THE BUDGET. DEFINITELY WANT TO THANK ANNETTE FOR HER, UH, HER IMMEDIATE DIRECTION AND HER EXPERIENCE. WE HAVE, UH, JEAN MCGANN WHO'S ON THE LINE WITH ABDO, WHO'S HELPED SUPPORTED US AS WELL AS RENEE STANLEY, WHO'S OUR ACCOUNTING MANAGER, WHO'S BEEN A GREAT SUPPORT TO THE TEAM, UH, AND AS WELL AS OUR CITY CLERK WHO'S HELPED US WITH AGENDA BILLS AND, AND NUMEROUS ITEMS. ALRIGHT, SO NOT TOO MUCH HAS CHANGED SINCE THE TENTATIVE BUDGET ADOPTION. UM, THE ONLY THING ACTUALLY THAT HAS CHANGED IS THE REDUCTION IN THE DEBT SERVICE PAYMENT FOR THE FY 24 SERIES BONDS THAT IF YOU RECOLLECT, IS TO PAY FOR THE PARKING GARAGE [00:05:01] AND THE UP AND, EXCUSE ME, THE FOREST ROAD PROJECT. SO THAT PLACEHOLDER WE PUT IN WAS 900,000. ONCE WE GOT A, A SPECIFIC AMOUNT OF WHAT THE ACTUAL DEBT SERVICE WOULD BE, WE UPDATED THE DEBT SERVICE PAYMENT. SO THIS IS A REDUCTION OF A HUNDRED THOUSAND. SO THE FY 25 FINAL BUDGET WILL BE 106,000,050 6,000. UM, IT'S ROUNDED HERE, BUT THERE'S A MORE PRECISE NUMBER. SO THE Y 25 BUDGET IS BALANCED JUST TO WALK YOU THROUGH OUR ESTIMATED JULY 1ST, UH, FUND BALANCES AS OF JULY 1ST, 2024 IS 116.4 MILLION. THE CITY'S FORECASTING ESTIMATED REVENUES OF 69.9 MILLION. WHEN WE TAKE OUT ALL OF OUR OPERATING RESERVES, THAT LEAVES US TOTAL RESOURCES AVAILABLE OF 111.7 MILLION. SO WITH THE BUDGETED EXPENDITURES THAT'S BEING BROUGHT TO COUNCIL TODAY OF, OF 106.1 MILLION, THAT LEAVES EX SOURCE EXCESS RESOURCES AVAILABLE 5.6 MILLION. SO WHAT THAT MEANS IS THE CITY COULD BUDGET UP TO EXPENDITURES OF AN ADDITIONAL 5.6 MILLION AND WE WOULD STILL BE WITHIN THE STATE POLICY, UH, OF THE STATE STATUTE FOR OUR BUDGET LIMITATION. OKAY, UH, BECAUSE FY 24 WAS PROJECTING A SLIGHT RECESSION WITH REVENUES, UM, WE, WE MADE SOME MODIFICATIONS WITH OUR CITY SALES TAX AND BED TAXES. RIGHT NOW, I CAN TELL YOU OUR FY 24 ESTIMATES ARE COMING IN AT ABOUT 32 MILLION CITY, CITY SALES TAXES AND OUR BED TAXES ABOUT 9.5 MILLION. SO WHEN YOU COMPARE THESE ESTIMATES TO THE FY 24 BUDGET, UM, IT DOESN'T LOOK LIKE NECESSARILY AS BIG OF AN INCREASE. BUT BECAUSE FY 24 WAS A LITTLE BIT OF A RECESSIONARY PROJECTION, THAT'S WHY THERE'S A 9% INCREASE IN CITY SALES TAX AND A 15% IN BED TAXES. UM, SO THIS IS BROKEN OUT INTO OUR ONGOING REVENUES AND OUR ONE-TIME REVENUES SUBTOTAL OF ALL REVENUES FOR FY 25 IS 69,892,000. AND WITH BONDS ISSUED AGAIN, THAT AMOUNT IS 16,000,345. THAT LEAVES GRAND TOTAL OF FUNDING SOURCES OF 86,237,000 FOR FY 25. SO THE REVENUE CHANGES THAT BROUGHT US FROM 66.6 MILLION TO 69.8, UH, THE LARGEST INCREASE IS GONNA BE OUR CITY SALES TAX AND BED TAX INCREASE. I DID WANNA HIGHLIGHT HERE THAT WE DO PROJECT, UH, BECAUSE OF THE 1.3 BILLION STATE BUDGET DEFICIT THAT THE STATE IS PROJECTING, WE DID PROJECT THAT INTO THE REVENUE ESTIMATES. SO THE STATE SHARED INCOME TAX, THE URBAN REVENUE SHARING IS DECREASING IN OUR PROJECTIONS BY 672,000. OKAY, SO THIS IS, UH, EXPENDITURES BY TYPE. SO THIS IS BROKEN OUT INTO ONGOING AND ONE TIME I DO HAVE, THE REASON I HAVE SOME PAPERS IS I JUST WANNA HIGHLIGHT A FEW THINGS. UM, SO WITH OUR PERSONNEL BUDGET THAT'S GOING UP 11% OR, OR 2.1 MILLION, OUR OPERATIONS BUDGET IS GOING UP 15% OR 2.5 MILLION IN OUR ONE TIME. SO THE BIG JUMP IN OUR PERSONNEL THAT INCREASE, THAT'S 211%, THAT IS THE P-S-P-R-S ONE TIME CONTRIBUTION. SO IF WE JUMP DOWN WITH OUR DEBT SERVICES AND CONTINGENCY CONTINGENCIES, THE SUBTOTAL OPERATING BUDGET IS INCREASING 11% OR 5.7 MILLION. AND I DID NOTE HERE THAT IF WE REDUCE THAT 4.1 MILLION, THAT'S AN INCREASE IN THE, IN THE BUDGET OF 1.6 MILLION OR 3.1% VERSUS 11% IN OPERATING EXPENDITURES. THE BIGGEST EXPENSE JUMP WAS REALLY IN OUR CAPITAL IMPROVEMENTS PROJECT. THAT'S A 43% JUMP AT 14.5 MILLION, WHICH WILL HIGHLIGHT SOME OF WHAT THOSE PROJECTS ARE THAT LED TO THAT INCREASE. SO AGAIN, OUR FY 25 BASE IS GOING FROM 85.8 MILLION AS AN FY 24 BUDGET INTO FY TWENTY FIVE, A HUNDRED SIX 0.1 MILLION, LOOKING AT SALARY AND BENEFIT CHANGES. SO WE STARTED FY 24 AT 20000000.293 FY 25 IS 25.29. SOME OF THE BIG ITEMS HERE ARE THE DECISION PACKAGES AT FIVE POINT MILLION 4.1 OF WHICH IS UH, Y 23 SURPLUS ALLOCATION TOWARDS, UH, THE P-S-P-R-S UN FINDED LIABILITY. DID WANT TO NOTE THAT IF WE REMOVE THAT AMOUNT, THE CHANGE WITH DECISION, THE ADDITION OF DECISION PACKAGES IS 898,000 AND YOU'LL SEE THAT IN THE NEXT SLIDE. SO THIS IS THE CITY'S DECISION PACKAGES INCLUDING THE RELEVANT FTES WE HAVE. JUST TO WALK THROUGH REAL QUICKLY, OUR HUMAN [00:10:01] RESOURCE HR SPECIALIST COMMUNICATIONS, TOURISM ECONOMIC INITIATIVES, ONE, UM, THE APPROVAL OF ONE TOURISM COORDINATOR, UH, PUBLIC WORKS. WE HAVE A PROGRAM MANAGER FOR PARKING AND TRAILS CUSTODIAL MAINTENANCE WORKER, FACILITY FACILITIES MAINTENANCE WORKER POLICE MADE THE REQUEST, UM, TO CHANGE THEIR EVIDENCE TECHNICIAN FROM PART-TIME TO FULL-TIME. OUR VICTIM SERVICE SPECIALIST BACKGROUND INVESTIGATOR AND THEN THE REALLOCATION OF FOUR PART-TIME CSAS TO TWO FULL-TIME CSOS. I DO INCLUDE IN HERE THE NEW COURT CLERK POSITION FOR POST ADJUDICATED CASES. AND AS WELL YOU SEE HERE THE P-S-P-R-S ONE-TIME CONTRIBUTION OF 4.1 MILLION. SO IF WE TAKE THAT OUT, THE TOTAL AMOUNT OF, UM, SALARY AND BENEFIT CHANGES IS 898,000, EXCUSE ME, 935,000. OKAY. SO LOOKING AT THE OPERATION CHANGES, WE WERE JUST LOOKING AT PERSONNEL. AS FOR OPERATIONS, IT'S INCREASING FROM 21.1 MILLION TO 23.7. SOME OF THE BIG ITEMS HERE, WE HAVE DECISION PACKAGES. IN THE NEXT SLIDE, WE'LL GO THROUGH WHAT THOSE ARE. AT 359,000 AN INCREASE FOR THE IN-HOUSE TOURISM BUREAU OF 248,000, UH, INCREASED COST FOR THE VERDE SHUTTLE AT 450,000, INCREASED COST PER STREET MAINTENANCE AND STREET REHAB AT 385,000. I DID, I LIST HERE WE HAVE, UH, ABOUT 390,000 IN FY 24 1 TIME BUDGET ITEMS THAT ARE BEING CARRIED OVER TO FY 25 AND THEN 133,000 IN MISCELLANEOUS INCREASES. SO LOOKING AT DECISION PACKAGES THAT IMPACT OPERATIONS, UH, JUST POINTING OUT JUST TWO OF THE BIGGER ONES HERE IS, UM, THE COMMUNICATIONS, TOURISM AND ECONOMIC IN INITIATIVES. WE HAVE THE DESTINATION MARKETING PACKAGE AT 200,000 AND WE HAVE, UM, PARKS AND REC HAS THE SKATE PARK LIGHTING AND POSSE GROUND. THAT'S 68,500 AND A FEW OTHER ITEMS. THE SNOWPLOW SUPERVISOR TRUCK AND THE, UH, WASTEWATER WIFI IN TOTAL REQUEST IS 359,100. OKAY, SO TALKING A LITTLE BIT ABOUT CIP CHANGES. SO OUR CIP BUDGET INCREASED FROM 34 MILLION TO 48 MILLION. THIS IS LOOKING AT THE CATEGORIES OF THE CIP BUDGET. OUR LARGEST HERE IS THE SEDONA IN MOTION, WHICH HAD AN INCREASE OF 11.8 MILLION AND THEN WASTEWATER AT 3.1 MILLION. AND JUST TO REMIND COUNSEL, THE WASTEWATER INCREASE IS FOR THE UV WORK THAT THEY'RE DOING AT THE WASTEWATER FACILITY. OKAY. FOR OUR DEBT SERVICE CHANGES, WE DO HAVE THE RETIREMENT AND THE ELIMINATION OF OUR 1998 BOND PAYMENT AT 4.3 MILLION. THIS WAS TIMED IN ALIGNMENT WITH OUR 2021 BOND PAYMENT. SO WE DO HAVE THOSE AMOUNTS GOING UP OF OUR INTEREST AND PRINCIPLE. AND LASTLY, I DID PUT IN HERE OUR SERIES 2024 INTEREST PAYMENT. SO OUR FY 25 BUDGET FOR DEBT SERVICE IS 8 MILLION. HOLD ON ONE SECOND. CAN I ASK THE AUDIENCE TO BY YOUR FILE IN TO PLEASE NOT TO CONVERSE BACK AND FORTH? IT IS DISTRACTING TO US AND, UH, OUR FINANCE STAFF WHO ARE REPORTING JUST, AND PLEASE TURN OFF YOUR CELL PHONES AND ELECTRONIC DEVICES. ALRIGHT, THANK YOU VERY MUCH. I'M SORRY. CONTINUE. SO FOR CONTINGENCY, WE DO HAVE A BIG REDUCTION IN OUR CONTINGENCY BUDGET. THE MAJORITY OF THAT IS DUE TO THE ELIMINATION OF THE TOURISM, UH, INITIATIVE CONTINGENCY NOW THAT WE HAVE THE TOURISM DEPARTMENT AND THEN AS WELL AS THE ELIMINATION OF ARPA FUNDING, WHICH IS THE COVID RELIEF FUNDING. SO OUR FY 25 BUDGET FOR CONTINGENCIES IS 957,000. AND THEN THIS IS JUST A LOOK AT CONTINGENCIES BY FUND. SO WE HAVE 300,000 IN OUR GENERAL FUND, 57 IN OUR 57,000 IN OUR HOUSING FUND. UH, 500,000 IN UNKNOWN GRANTS AND DONATIONS IN OUR GRANTS AND DONATIONS FUND. AND THEN A HUNDRED THOUSAND IN OUR WASTEWATER ENTERPRISE FUND. WE ALSO, EXCUSE ME, WE ALSO BUDGET FOR TRANSFERS BETWEEN FUNDS. SO I DID WANNA LET COUNCIL KNOW FOR FY 24, EXCUSE ME, MAYOR, I'M SORRY. I'M HEARING PEOPLE TALKING IN THE AUDIENCE. UH, IF YOU COULD PLEASE NOT TALK, I'M HAVING TROUBLE LISTENING, PLEASE. THANK YOU. I'M SORRY. MAY. OKAY. THANK YOU. COUNCILOR WILLIAMSON. OKAY, CONTINUE. SO WE, WE BUDGET FOR INTERFUND TRANSFERS BETWEEN FUNDS BECAUSE THE MAJORITY OF SALES TAX AND BED TAX COMES INTO THE GENERAL FUND. THE GENERAL FUND THEN DOES OPERATIONALLY FUND OTHER FUNDS. [00:15:01] SO THIS YEAR WE HAVE 18.5 MILLION LEAVING THE GENERAL FUND. UH, OF THAT 1.9 IS TO THE STREET FUNDS. MAJORITY OF THAT IS BECAUSE THE GAS TAX COLLECTED FROM THE STATE DOESN'T MEET THE REQUIREMENTS FOR THE FUND TO, TO OPERATE AT CAPACITY. UM, THE TWO OTHER LARGER TRANSFERS IS 12.3 MILLION FROM THE GENERAL FUND OF THIS CAPITAL IMPROVEMENTS FUND, AS WELL AS A $3 MILLION SUBSIDY TO THE WASTEWATER FUND. SO IN TOTAL TRANSFERS IS 33.6 MILLION FOR FY 25. AND I WAS JUST NOTING THAT FOR FY 24 TRANSFERS WERE 35 MILLION. THIS IS OUR, OUR, A PICTURE OF OUR CAPITAL IMPROVEMENTS BY CATEGORY. SO THIS SHOWS WHAT IS A CARRYOVER AS WELL AS NEW APPROPRIATION. SO THE CARRYOVER OF CAPITAL IMPROVEMENT PROJECTS IS 36.9 MILLION. AND THE NEW APPROPRIATION FOR FY 25 IS 11.3, WHICH GETS US TO OUR 48.3 MILLION IN FY 25 CIP BUDGET. IN TERMS OF OUR FUNDING SOURCES, WE DO HAVE UNRESTRICTED FUNDING SOURCES, WHICH, UM, 7.4 MILLION WILL COME FROM OUR CAPITAL RESERVES. THE REMAINING IS, UH, RESTRICTED. SO WE HAVE 16.9 FROM DEBT FINANCING, 9.6 MILLION FROM OUR TRANSPORTATION SALES TAX, 6.2 MILLION FROM OUR WASTEWATER REVENUES FUND. UM, IT'S 4.6 OUT OF DEVELOPMENT IMPACT FEES AND, AND ANOTHER 2.7 OUT OF GRANTS AND DONATIONS. SO AGAIN, THAT TOTAL IS 48.3 MILLION. SO WE DO WANNA SHOW AS FAR AS COUNCIL PRIORITIES, THAT THESE ARE THE DOLLAR AMOUNTS THAT ARE BROKEN OUT, UH, BY PRIORITY, EITHER AS A RESOURCE OR A COST EXPENDITURE OR AS A STAFF RESOURCE TIME EXPENDITURE. AND EACH ONE OF THESE, OF THESE PRIOR PRIORITIES DOES, UM, HAVE SOMETHING BUDGETED IN FY 25. AND THERE'S TWO SLIDES BECAUSE IT WAS SO LONG. UM, THIS IS AN ADDITION OF WHAT THE COUNCIL PRIORITIES LOOK LIKE FOR FY 25. OKAY. SO JUST TO REVIEW OUR GENERAL FUND SURPLUS. SO THE CITY HAD A SURPLUS OF 10.8 MILLION OF WHICH WAS REMAINING TO BE ALLOCATED IN THE COUNCIL WORK SESSIONS WAS 5.8 MILLION. AND JUST TO REVIEW WITH COUNSEL WHAT THOSE DECISIONS WERE. 2.6 MILLION WAS, UH, FUND TO FULLY FUND THE P-S-P-R-S LIABILITY. 1 MILLION WAS USED FOR UPTOWN PARKING SYSTEM. THERE WAS A $400,000 LOAN MADE TO THE HOUSING FUND AND THEN THE REMAINDER OF 300,000 WAS APPLIED TO CAPITAL RESERVES. RIGHT NOW, THE CURRENT ESTIMATE FOR THE 2024 UM, SURPLUS IS 11.1 MILLION, OF WHICH 9.5 MILLION IS CURRENTLY ALLOCATED TO CAPITAL RESERVES. THIS IS THE LAST SLIDE I HAVE. UM, FOR FY 24, THAT LEAVES US WITH AN ESTIMATED 1.6 MILLION IN ESTIMATED SURPLUS. THAT AMOUNT WILL BE ALLOCATED IN THE FY 26 BUDGET PROCESS. AND FOR F FY 25, WE HAVE AN ESTIMATED 2.2 MILLION THAT WILL BE ALLOCATED IN THE FY 27 BUDGET PROCESS. SO IN TOTAL, THE ESTIMATED RE REMAINING GENERAL FUND SURPLUS BALANCES IS 3.8 MILLION. AND WITH THAT, UH, I'LL TO ANY QUESTIONS FROM COUNSEL? OKAY, THANK YOU. SO COUNSEL, DO YOU HAVE ANY QUESTIONS? FINANCE STAFF? OKAY. UH, MADAM CLERK, DO WE HAVE ANY, UH, QUICK CARDS? NO, MA'AM. WE HAVE NO CARDS. OKAY. WE'LL BRING IT BACK. WE DO NEED TO OPEN THE PUBLIC HEARING. RIGHT. WE'LL OPEN THE HEARING, NO CARDS AND WE'LL CLOSE THE HEARING. OKAY. THANK YOU. UH, ANY COMMENTS FROM THE COUNCIL? HEARING NONE. DO I HAVE A MOTION? I'LL MAKE THE MOTION. OKAY. I MOVE TO APPROVE RESOLUTION NUMBER 2024 DASH 1515, ADOPTING THE BUDGET FOR FISCAL YEAR 20 24 25 IN THE AMOUNT OF $106,055,786, INCLUDING THE BUDGET ATTACHMENTS. SECOND. OKAY, WE SECOND BY COUNCIL FUL FIRM IN FULL FIRM. YOU, YOU DID THAT TO ME AGAIN. START MAYOR . COME ON. THEY LOOK ALIKE. OKAY. UH, ALL IN FAVOR SAY AYE. AYE. ANY OPPOSED? HEARING NONE. WERE UNANIMOUS. OKAY. OKAY. THIS MEETING IS ADJOURNED. WILL BE FOLLOWED IMMEDIATELY AFTER WITH THE REGULAR, UH, COUNCIL MEETING. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.