[00:00:02]
>> DURING THE PUBLIC COMMENT PORTION OF FIVE MINUTES TO SPEAK VIRTUALLY OR IN
[1. Roll Call - Announcement of a Quorum]
PERSON.THE BOARD MEETING IS BEING BROADCAST OVER THE INTERNET AND AUDIO RECORDING AND TRANSCRIPT THIS MEETING ARE BEING MADE WILL BE AVAILABLE TO THE PUBLIC AND LATER DATE
[2. Certification of Notice Posted for the Meeting]
ON THE BOARD'S WEBSITE.WILL YOU PLEASE CONFIRM THIS MEETING IS POSTED IN ACCORDANCE WITH THE LAW?
YES, THE NOTES FOR THIS MEETING HAS BEEN POSTED IN ACCORDANCE BY WITH THE LAW.
>> BEFORE YOU GET STARTED, ONE OF THE THINGS THAT I WANT TO MAKE SOMEWHAT OPENING COMMENT Â" Â" OUR PREVIOUS COMMITTEE MEETING WAS ONE THAT I THINK WAS SO DESCRIPTIVE OF WHY WE ARE HAVING THE FINANCE MEETING TO SUPPORT THEIR HABIT.
AND THEIR HABIT IS ONE TO DELIVER CHANGE LIVES.
AND I BROUGHT IT UP THIS MORNING ABOUT ROTARY.
AND ROTARY CLUB NATIONAL Â" Â" INTERNATIONAL MOTTO IS SERVED TO CHANGE LIVES.
SO, HOW MUCH IS THAT NOT EXACTLY WHAT WE ARE HERE TO DO AND IN THIS MEETING, WE ARE HERE TO FINANCE THE CHANGING OF LIVES.
I THINK IT'S APPROPRIATE THE WE NEVER LOSE SIGHT OF ME GET INTO THE FINANCE MEETING TO ABOUT BASICALLY EVERY FUNCTION IN THE FINANCIAL WORLD.
ABOUT THE PREVIOUS PEOPLE REPRESENTED IN THE PROGRAM IN THE LIVES THAT WE WILL BE CHANGING.
ONE OF THE THINGS THAT I HAVE HAD THE PRIVILEGE OF BEING A NEW BOARD MEMBER AND TRUSTEE, IS THAT I AM GETTING A LOOK AT Â" Â" AS I'VE ALWAYS SAID, GREAT JOB THAT YOU OF ALL DONE.
AND THE HEAVY LIFTING OF MAKING THIS TRANSITION FROM SEVEN DIFFERENT CAMPUSES TO ONE COLLEGE.
WHICH I THINK IS ONE OF THE MOST VALUABLE DECISIONS THAT HAS BEEN MADE IN DALLAS COUNTY IN THE HISTORY.
BECAUSE IT'S GOING TO CHANGE LIVES IN A MUCH BETTER WAY.
HOW DOES THAT RELATE TO THE FINANCE COMMITTEE? WELL, WHEN I LISTEN TO THE CHANCELLOR TALK ABOUT THE DUPLICATION OF FUNCTIONS AND REDUCTIONS OF POSITIONS AND HEAR THAT WE WILL LIMITED THIS AND A LIMITED THAT.
MOST PEOPLE COME TO A QUICK CONCLUSION THAT WE MUST BE SAVING A LOT OF MONEY.
WELL, WHEN YOU GET INTO THE BASIC FINANCE SIDE OF IT, WHEN WE MADE THE CHANGES OR THE CHANGES YOU ALL MADE, AND MY OPINION, WHAT YOU REALLY DID IS DON'T NECESSARILY MAKE THIS CHANGES NOR WILL THEY INCUR OR CREATE MAJOR SAVINGS ACROSS THE BOARD.
IN FACT A TRANSITION YEAR COULD EVEN BE EXPENSIVE.
BECAUSE YOU HAVE A LOT OF DUPLICATION OF EFFORT OF CATCHING UP.
SO, TO ME, AS WE LOOK AT THE BUDGETS THIS YEAR, WE'VE GOT TO LOOK AT WHAT OUR GOAL WAS TO PROVIDE A HIGHER QUALITY, BETTER QUALITY WERE WORKFORCE, EVERY SUITS OUR PRODUCTIVITY YEAR FOCUSED ON THE BUDGET.
SO, IF ANYBODY'S EXPECTING SAVINGS ALL OF THIS FIRST USE, IS NOT REALISTIC.
YOU JUST CANNOT EXPECT THE AND MY FEW YEARS OF EXPERIENCE TOLD ME THAT IN MANY ACTIVITIES.
SO, I SAY THIS IS OPENING COMMENTS BECAUSE I KNOW AS WE GO THROUGH THIS, A LOT OF US WILL BE LOOKING FOR US, A LOT OF US ARE SAVING.
WE'RE NOT GOING TO BE THERE DOING A LOT OF BETTER JOB PROVIDE A BETTER PRODUCT.
WE ARE HERE TO SERVE THE WITH THE OPENING COMMENTS ON DON, I'M GOING TO YOU WILL HAVE 30 MINUTES.
[00:05:01]
>> AND WHEN IT IS SOMETHING THAT IS NEVER DONE BEFORE NEXT WITH ONE WORD AND THEN WHEN I TURN IT OVER.
[4. Committee Presentations]
>> GOOD AFTERNOON PICK WE HAVE FIVE ITEMS ON THE FINANCE COMMITTEE AGENDA TODAY.
WE HAVE THE BUDGET, WE HAVE THE INVESTMENT POLICY, BROKER DEALER LIST, TAX NOTED AND RC HS BUDGET.
THE RC H BUDGET, WE CAN TAKE CARE OF THAT ONE RIGHT NOW.
IT IS JUST AN ADDITION OF STATE APPROPRIATIONS IN THE REALLOCATION OF THOSE DOLLARS PARTICIPATE UNDER HEADCOUNT.
OUR COMMANDER-IN-CHIEF OVER HERE WILL TAKE CARE OF THE TAX NOTE THING, BUT WE WILL HEAR ENOUGH ABOUT THAT.
WE'VE GOT SOME QUESTIONS DURING THIS REVIEW PROCESS ABOUT HOW WE DEVELOP OUR BUDGET.
AND SO, I JUST WANT TO PROVIDE A HIGH-LEVEL OVERVIEW FOR EVERYBODY ABOUT WHAT ACTIVITIES TAKE PLACE LEADING UP TO ALL TH DOCUMENTS THAT YOU'VE RECEIVED FOR THE BUDGET.
WE SENT OUT A MEMO EARLY ON IN THE YEAR AND JUST GIVING SOME GUIDELINES FOR WHAT WE THINK IT'S GOING TO LOOK LIKE.
WHAT TYPES OF REDUCTIONS ARE BIG CHANGES THAT IT IS WE WERE GOING TO ANTICIPATE.
HOW WE NEED TO CATEGORIZE CERTAIN EXPENSES.
WE ALSO PROVIDE A CALENDAR, YOU KNOW, WHICH WILL BASICALLY SAY SAY HEY, WE'RE GONNA MEET WITH YOU ON X DATE.
THIS YEAR, WE DID KIND OF A MINI TOWN HALL IF YOU WILL WITH THE PROPOSED WORKGROUPS.
AND WE ADDRESSED SOME CONCERNS WITH THE BUDGET AND HOW BECAUSE BECAUSE SOME OF THESE WERE NEW LEADERS AND NEW TO THE PROCESS WITH US AND THE COLLEGE PROCESS WAS DIFFERENT.
THEN WE SCHEDULED TIMES TO MEET WITH EACH INDIVIDUAL WORK GROUP.
AND THAT IS OVER THE COURSE OF SEVERAL WEEKS THAT WE DO THAT.
WE HAVE INITIAL MEETINGS, A BUDGET EVENT, THAT SUBSEQUENT MEETINGS AND THEN THEY COME BACK TO THE TABLE WITH ME TO MEET WITH THE PROPOSAL.
THE PROPOSAL INCLUDES A EXCEL WORKSHEET WITH NUMEROUS PAGES IN THAT WORKSHEET OF WHICH THEY DEVELOPED ALL THE DIFFEREN LINE ITEMS THAT ARE INCLUDED.
THEIR SALARY, ONE-TIME EXPENSES.
TRAVEL, WE ASKED THEM TO PLANT ALL THESE ITEMS OUT.
THESE ARE THE THINGS THAT WE RECEIVED IN THE PILE TO GIVE YOU WHAT YOU SEE IN THE BUDGET BOOK.
THERE ARE SOME LINE ITEMS IN THERE THAT I DO UNDERSTAND HAVE CAUSED SOME CONCERN FOR WHAT'S LISTED IN THE BUDGET BOOK.
BUT AGAIN, I DO WANT TO COMMEND ALL OF OUR COLLEAGUES IN THERE, BECAUSE WE TASKED THEM WITH REALLY HOLDING THEIR FEET TO THE FIRE AND DOING THE PLANNING.
SO, THEREFORE, THAT'S WHAT WE USED IN ORDER TO COMPILE THAT.
WE ARE TAKING A LOOK FOR NEXT YEAR AT WHAT LIMITS THE DOLLAR THRESHOLDS.
WE WANT TO USE WHAT WE INCLUDE IN THE BUDGET BOOK AS FAR AS LINE ITEM DETAIL.
ANAND, THIS BUDGET BOOK AS WE SENT OUT A MEMO TO EVERYONE BEFORE IS THIS IS NOT THEIR AUTHORIZATION TO STAND.
THEY STILL HAVE TO GO THROUGH ALL THE PROPER PROCESSES TO DO THE ACTUAL STAND.
THIS AT LEAST IS OUR EFFORT AT TRANSPARENCY TO THE U.S.
BOARD TO TELL YOU WHAT WE ARE PLANNING TO DO.
>> AND THERE IS PROBABLY 150 BUDGET MANAGERS YOU'LL MEET WITH DURING THE YEAR FROM ALL ACROSS THE COLLEGES ON ALL BUDGETS OF THE COLLEGE.
AND IT GETS THEM INVOLVED IN THE PROCESS.
IT IS GETTING THE CHANCE TO SAY SOMETHING.
SO, LET'S START WITH THE PRESENTATION PLEASE.
NEXT SLIDE? LET'S JUST DO AN OVERVIEW ON WHAT OUR REVENUE GUIDELINES ARE.
SO, OUR THREE SOURCES OF AVENUE, STATE APPROPRIATIONS TUITION AND TAXES.
OUR STATE APPROPRIATIONS ARE ALLOWABLE USES FOR STATE APPROPRIATIONS AND TUITION ARE THE SAME.
INSTRUCTIONAL COSTS, ACADEMIC SUPPORT, AND STUDENT SERVICES.
OUR TAXES THEN, TO SUPPLEMENT WHAT STATE APPROPRIATIONS INTUITIONS DO NOT COVER.
SO, THAT WOULD BE HER INSTITUTIONAL SUPPORT, WHICH ALL OF OUR SINFUL SERVICES SUCH AS IT POLICE, FINANCING HR.
ALSO OUR PHYSICAL PLAN FOR THE OPERATION OF OUR PHYSICAL PLANT AS WELL AS ANY IMPROVEMENTS THAT WE DO.
TAXES ALSO SUPPORT ALL WAIVERS IN THE SCHOLARSHIPS THAT WE DO FOR OUR STUDENTS.
AND ALSO SUPPORTS OUR STUDENT NEEDS AN EMERGENCY AID SUCH AS HOUSING, UTILITIES, AND SELECT THE ACTIVITIES THAT WE ARE DOING WITH FOOD PANTRY.
AS A BUCKET, WE'RE LOOKING AT STATE APPROPRIATIONS AND WE RENTED THESE NUMBERS HERE 260 2020.
THE STATE APPROPRIATIONS IS ROUGHLY 20 PERCENT OF OUR TOTAL REVENUE STRAIN.
AND BECAUSE OF THE POT OR THE SIZE OF OUR INSTRUCTION, INSTRUCTION TAKES PLACE ENTIRE 20 PERCENT.
NEXT SLIDE? TO WHICH WE HAVE A SIMILAR EFFECT WITH TUITION.
AGAIN, THE SIZE OF THE POT OF INSTRUCTION PRESENTS WE SAW SOME LEFT OVER, IT OVERFLOWS INTO TUITION.
THE TUITION HERE ON THE 20 PERCENT HERE AND INSTRUCTION TAKES UP 20 PERCENT OF THAT.
OUR CURRENTLY, I DON'T KNOW IF YOU ALL LOOKED AT THE BUDGET BEFORE WE HAD THE
[00:10:04]
TUITION LISTED BY ALL OF OUR 50 COLLEGE DISTRICTS.RIGHT NOW DALLAS COLLEGE IS THE FIFTH LOWEST IN THE STATE OF OUR 50 COLLEGE DISTRICTS.
IT'S THE LOWEST AT 57 AND WE ARE AT 79.
>> INCLUDING THE LEARNING MATERIAL.
>> THE HIGHEST IS RANGER AND $170.
WHAT DOES THIS LOOK LIKE FOR TAXES.
ALL THE OVERFLOW THAT WE HAVE IS THE INSTRUCTION GOING OVER NINE PERCENT INTO OUR TAX SPACE.
SO, REMEMBER THE SMALLER STATE APPROPRIATIONS GETS, THE SMALLER THE DECREASED LEVEL WE HAVE OF TUITION.
THE MORE INSTRUCTION COSTS THAT SPILLS OVER INTO THE TAXES.
AS A WHOLE PIECE UNDER THE RESOURCE ALLOCATION, WE HAVE INSTRUCTION MAKING UP 42 PERCENT OF OUR TOTAL BUDGET.
>> AND WE TOOK THAT AWAY WITH THESE NUMBERS.
DOCTOR MAYO DID SOME WORK WITH HIM LATELY.
IN THE ACTUAL PERCENTAGES ARE LITTLE BIT DIFFERENT.
WHAT WE'RE TRYING TO DO IS GIVE THE BOARD SOMETHING TO REMEMBER WITH THE 60 2020.
IT WAS ACTUALLY EASIER TO REMEMBER.
WHAT'S IMPORTANT TO REMEMBER ESPECIALLY IN THE TAXES, STATE APPROPRIATIONS ARE REGULATED OF WHERE THE MONEY CAN BE SPENT ON.
TUITION TO A CERTAIN DEGREE, BUT TAXES ARE THE GIVING US THE FLEXIBILITY OF RETURNING VALUE BACK TO OUR TAXPAYERS.
AND THAT IS WHERE WE REALLY HAVE DONE AN EXCELLENT JOB AND LOOK FORWARD TO SEEING THE HAPPENING OF THE FUTURE YEARS.
WHEN LOOK AT THE TAX SLIDE, BE SURE TO LOOK AT WHAT WE HAVE TO DO TO SUPPORT THE OPERATIONS BECAUSE TUITION AND STATE APPROPRIATIONS DOESN'T COVER THAT.
>> THIS JUST DEPICTS A LITTLE BIT OF WHAT HAPPENED WITH THE TAB OVER THE COURSE OF TIME.
OUR CERTIFIED NUMBER THIS YEAR BASICALLY REFLECTED ABOUT SEVEN PERCENT INCREASE IN THE TAB FOR DELL'S HOMEOWNERS.
ONLY 2.5 INCREASE IN THE REVENUE CHANGE.
>> AT THE BOTTOM OF HAND, OUR CHART HERE, WE SOMEONE FROM 2017 TO 2018 IS OUR LARGEST JUMP AS FAR AS THE TAB.
WE THEN SAW LEVELING APPROACHES BECOME INTO THE LAST TWO YEARS.
ALTHOUGH WE ARE LEVELING AND REALIZE THAT IT'S ON INCREASE, BUT IT IS STILL UNDER PROPORTION.
TRAIN OF THE TV AND ACTUALLY ONLY LOOK AT THIS NUMBER, WE DO SOMETHING HERE WITH THE TAB.
WE HAVE A GROSS TUITION NUMBER AND THEN THAT NUMBER.
TAB WORKS THE SAME WAY AND I REFER TO IT AS ADJUSTED TAB.
AND SO OUR NET TAB WAS 9.6 AND THAT'S WHY THE TIME THEY DISPUTED PROPERTY AND SO LONG INTO THOSE TOTALS.
>> NEXT SLIDE? SO, THE NEXT COUPLE OF SLIDES WE'RE GONNA WALK THROUGH OTHER FINANCIALS THAT ARE SHOWN IN YOUR BUDGET BOOK POSED BUDGETS FOR 2015.
WE WALKED TO THE REVENUE AND EXPENSES HERE.
>> LET'S TALK ABOUT AND WE WILL TALK ABOUT HERE.
THE ONE THING STATE APPROPRIATIONS THAT YOU HAVE TO REALIZE IS AT THE LAST MINUTE, DURING THE LEGISLATIVE SESSION, WE WERE LOOKING FOR THE POTENTIAL GLOBAL HARMLESS Â" Â" THAT THE STATE WOULD FUND ENROLLMENT DECLINES DUE TO COVID.
REMEMBER, THAT IS ONE TIME MONEY.
WHILE WE ARE ABLE TO FUND THAT NOW, IT WON'T BE FUNDED IN THE FUTURE.
AND THE STATE COULD HAVE JUST AS THEY HAD THE MONEY.
THEY COULD'VE FUNDED THAT, BUT ELECTED NOT TO.
>> IT'S ACTUALLY WORSE THAN THAT BECAUSE THE BY ANNUAL FUNDING.
IT MEANS THAT SHOULD WE SEE IN ENROLLMENT INCREASE, WE WILL NEVER GET FUNDED FOR THAT BY THE STATE.
IT'S GONE FOREVER BECAUSE THEY USED FOR FUNDING AND NOT STATE FUNDING FOR THAT.
SO, WHEN THE NEXT BUDGET IS CREATED, IT WILL BE BASED ON BUDGET MINUS THE FUNDING FROM THAT.
KIND OF WHAT I TALKED ABOUT FOR YOUR SPIRIT BY THE STATE BUDGET WILL EVENTUALLY HIT ZERO BECAUSE THEY KEEP RATCHETED DOWN AND NEVER DO ANYTHING TO RATCHETED BACK UP.
DROPPING THAT WOMEN HISTORICALLY PERCENTAGE BASIS.
>> THAT'S WHY IT'S IMPORTANT AND WE SAID A FEW HOURS AGO THE WEEK REPLACEMENTS FOR THE ACTIVITIES PARTNERSHIP IS THAT WE CONTINUE TO FUND IT.
SOURCE ONE OF US THAT'S DEPENDABLE.
[00:15:04]
NOT FUNNY, BUT IT WAS HIS FIRST BOARD MEETING.
GUNTHER AND WERE HAVING FOR SIMULATING WELDING SIMULATORS BE INVOLVED.
AND BROKEN HE SAID WOULD BE BY THIS? BECAUSE WE NEED TO BECAUSE STUDENTS.
HE SAID NO, BUY THREE GET ONE DONATED.
I DON'T KNOW IF YOU REMEMBER THAT OR NOT, BUT IT STRUCK ME AND THAT'S PART OF WHAT YOU WERE TALKING ABOUT.
[LAUGHTER] >> WE HAVE EXPANDED OUR WHOLE IDEA AND THAT'S WHAT WE'RE GOING TO DO SHIP STUDENT SERVICES.
I CALLED OTHER PEOPLE'S MONEY.
YOU HEARD ME TALK ABOUT THIS BEFORE.
WE DON'T HAVE TO BE THE SOLE SOURCE.
THERE ARE LOTS OF PEOPLE OUT THERE THAT WANT TO HELP.
>> I THINK WE'VE PRETTY MUCH TALKED ABOUT THE REVENUE.
IS THERE ANOTHER QUESTION? AGAIN, THE $6.9 MILLION INCREASE, WE HAVE THE VARIOUS CATEGORIES AND THE REASONS FOR THOSE CHANGES.
WE ALSO HAVE DISPOSABLE NOTES LISTED IN THE BUDGET BOOK ALSO IN THEIR THESE EXACT SAME POINTS.
IS THAT WHAT THE COLLEGE HIGH SCHOOL AND Â" Â".
>> ROUGHLY I WOULD SAY PROBABLY ABOUT HALF OF IT WOULD BE CULTURALLY SCHOOL.
WAIVERS, WE DO BEST HIS FIRST RESPONDERS, MISSION.
>> ONCE WE GET PAST COVID AND HOPEFULLY THE ECONOMY REALLY GETS GOING WELL.
ARE WE AS A BOARD NEED TO LOOK FOR SOME MODELS FOR INCREMENTAL INCREASES IN OUR TAX RATE.
BECAUSE OF WHAT IS HAPPENING AND CONTINUES TO HAPPEN AT THE STATE LEVEL.
YOU ACTUALLY ARE LEADING INTO WHERE I WAS GOING TO GO.
THAT'S WHAT THEY HAVE CONTROL OVER.
WE Â" Â" AND YOU'RE GONNA SEE AS WE TALKED ABOUT IT, WE'RE GOING TO SEE A SMALL DECREASE M AND O TAX RATE.
IT'S ABOUT 1,000,000 AND A HALF DOLLARS.
THE STATE IS DEFINITELY GOING TO LOSE THE MONEY.
WE WANT TO PROVIDE THE STUDENT SERVICES THAT WE JUST HEARD EARLIER, WHICH I SAY IS THE IMPORTANT STUFF, WE HAVE TO MAKE SURE THAT W ARE FUNDING THOSE, WHETHER THEY BE WITH PARTNERSHIP OR THAT WE'VE GOT TO FIND TO THE STAFF TO BILLABLE PROBLEMS AND THOSE COME FROM OUR DOLLARS TO PAY TO BE ABLE TO DO THOSE.
>> I WOULD SAY THE ONE THING FROM TRUSTEE Â" Â" I WOULD SAY IT WAS 2012 THE LAST TIME THAT THE BOARD TESTED 13 OR 12?
>> IS UNDER CURRENT LAW, THE BOARD'S ABILITY HAS BEEN DIMINISHED DRAMATICALLY IN THAT.
SO, WE WOULD HAVE TO GO BACK OUT WHILE THERE'S SOME MILLION DOLLAR LOSS TO THE BUDGET.
OBVIOUSLY IT WOULD COST US $1 MILLION TO GET THE MILLION DOLLARS BACK.
SO, OUR TAX INCREASE WILL NEED TO GO UP CONSIDERABLY TO MAKE AN ELECTION WORTHWHILE.
SO, WHAT WE WILL PROBABLY HAVE TO DO IS ASK FOR A CONSIDERABLE AMOUNT WHEN WE GO BACK OUT.
OPTION IS AS POINTED OUT, WE ARE AMONG THE LOWEST TUITION.
EVERYBODY HAS PUSH THAT ONTO STUDENTS.
AS A COST INCREASE, BECAUSE MOST OF THEM DON'T HAVE LOCAL TAX SPACE THAT WE DO TO KEEP IT SO SMALL.
AND YET THE TYPES OF DOLLARS THAT WE DO, I THINK THE BOARD IS GOOD HAVE TO CHOOSE ONE OR THE OTHER.
SO, IN THE STATE HAS BECOME SO UNRELIABLE, WE JUST CANNOT GO TO THEM THING OF ALL.
>> WE NEED TO BEGIN TO HAVE THOSE DISCUSSIONS Â" Â" TO USE??
>> AND INCREASED TUITION FOR ANY ACADEMIC YEAR, WE HAVE TO DO FOR THE STATE REGISTRATION FOR THAT YEAR.
WHICH WE START SHORTLY AFTER SPRING BREAK.
YOU BASICALLY HAVE FEBRUARY MARCH IS A DROPDEAD RATE OF WHEN YOU HAVE TO DO TUITION
[00:20:07]
INCREASE.IF IT'S TO THE EFFECT THAT THE WHOLE FISCAL YEAR.
NOW, YOU CAN DO ONE IN Â" Â" THAT DOESN'T START UNTIL SPRING.
DONE THAT BEFORE WERE YOU GOING TO AFFECT IN THE SPRING.
TRULY A BOARD OPTION OR HOW WE WANT TO DO.
THE COUNSELOR LOVED STARTING AT THE BEGINNING OF THE FISCAL YEAR, BUT WE DON'T WANT THE PLACE.
WE ARE OPEN TO HOW WE WANT TO DO THAT, BUT THE DISCUSSIONS ARE TYPICALLY THAT YOU'VE GOT TO START THEM OUT.
>> BASICALLY, TRUSTEE BOYD AND HIS POSITION AS CHAIR OF THE FINANCE COMMITTEE THINK THE LEADERSHIP ON THAT?
>> WELL, >> NEXT SLIDE PLEASE?
>> WERE TO STAMP BUDGET ON PAGE 15.
THE CHANGES THAT WE HAVE IN THE VARIANCES ON OUR EXPENSES OUR SALARIES WAGES AND BENEFITS.
WE RECATEGORIZED SOME EMPLOYEES BY FUND.
THIS CORRELATES TO THE CHANGE THAT WE WILL SEE AN AUXILIARY FUND.
WERE YOU WILL SEE THE COMMON AND HOW WE REEVALUATE THE PROBLEMATIC USE AND REALLOCATED THOSE BUDGETS.
THE AUXILIARY FUND IS NOT SELF-SUPPORTING.
AUXILIARY FUND IS BASICALLY STUDENT SERVICE ACTIVITIES WHICH WOULD ENCOMPASS CLUBS, IT WOULD ENCOMPASS THE HEALTH CENTER, ATHLETICS, BUT IN THE PAST, IT WAS ORIGINALLY DESIGNED TO BE FUNDED WITH FEES.
SO THEREFORE THE FUNDING MECHANISM IS MERELY JUST AN ACCOUNTING TRANSFERRED MONEY FROM AN OPERATING BUDGET OVER TO AUXILIARY.
THAT SAME SUGGESTS NOT REALLY SERVING THE PURPOSE AT THIS TIME.
SO, FOR THIS YEAR WE DECIDED THAT WE WOULDN'T DO THAT.
SO THAT'S WHERE YOU WILL SEE A CHANGE IN MAINLY IN SALARIES AND THEN ALSO WITH THE AUXILIARY FUND.
THEN THE SALARY LINE ALSO INCLUDES THE PROPOSED COMPENSATION ADJUSTMENT OF ROUGHLY AN AVERAGE OF THREE PERCENT.
>> I WANT TO MAKE MENTION HERE, ONE OF THE THINGS THAT WE'VE BEEN TALKING ABOUT AND LEADERSHIP GROUP IS I THINK RC HRO HAVE MENTIONED TO THE BOARD BEFORE WE'RE GOING TO GO NEXT YEAR AND WE'VE ALREADY GOT MONEY SET ASIDE AND WE'RE LOOKING TO DONATE TO HELP HAVE SOMEBODY COME IN WITH COMPENSATION ANALYSIS.
IN THE UNCOVERS ALL EMPLOYEES AND WHATEVER ELSE PHYSICIANS THEY ARE DOING.
YOU CANNOT GET IT ALL DONE AT ONCE.
QUITE FRANKLY, AS A CFO FOR A NUMBER OF YEARS, YOU NEVER GET TO WHERE YOU WANT TO GO IN YOUR WANT.
IT'S THE PHASED-IN PLAN COULD WE'VE GOT TO START IT NOW SO THAT WE LOOK AT WHERE WE REALLY ARE SUPPOSED TO BE.
SO, THAT WILL BE ONE OF OUR PRIME AREAS OF WHAT WE WANT TO DO FOR NEXT YEAR.
>> YES, ALONG THAT LINE, COMING UP IN THINKING ABOUT, COUPLED WITH THE NEED FOR SOME AREAS DIFFERENTIAL SALARY.
INCREASES BASED ON DEMAND AND MARKETPLACE.
MAY BE WELCOME HEALTHCARE RIGHT NOW IS A PRIME EXAMPLE.
WORKS WILDLY DIFFERENT FROM THE TYPICAL PAY STRUCTURES ARE THAT ARE THERE, BECAUSE OF WHAT'S HAPPENING IN THE MARKETPLACE.
>> THE SALARIES PERCENT ACROSS THE BOARD, WELCOME SALARIES WAGES AND BENEFITS ARE GOING FOUR PERCENT.
WHAT EXPLAINED THAT ADDITIONAL ONE PERCENT?
>> THE MOVEMENT FROM AUXILIARY FUND.
THE SUM OF EMPLOYEES THAT WOULD PAY FOR THE EXHILARATION.
MOVE THEM INTO THE UNRESTRICTED BUDGET.
BECAUSE BEFORE REFLECTED HERE.
REFLECTED ON A SEPARATE BUDGET.
IN JUST A BETTER ACCOUNTING MECHANICAL REDO.
>> WE HOPE HE MAKES IT SIMPLE.
>> ARE YOU ALL ANTICIPATING THE PURCHASE OF SERVICES THAT WENT FROM 47 MILLION TWO THIS IS YOUR PROPOSING 42 MILLION AND SOME ODD.
>> IN THE PURCHASE SERVICES AS WELL AS WHAT SUPPLIES THE EQUIPMENT, IT LITERALLY IS IN A, WHAT WE HAVE LINE ITEMS THAT MOVE WITHIN THE ENTIRE BUCKET.
FOR INSTANCE, WHEN WE TALK ABOUT THE CHANGE THAT WE HAD HEARING FACILITIES FROM OUTSOURCING SERVICES, LANDSCAPING IS ONE OF THOSE BIG ITEMS THAT HAS NOW BEEN BROUGHT IN-HOUSE AS A CENTRAL SERVICE AND DEPUTY CHIEF OF FACILITIES CAN SPEAK SOME OF THOSE CHANGES.
WE OUTSOURCE THAT BEFORE AND NOW THAT'S ALL BEEN BROUGHT IN-HOUSE.
LANDSCAPING, VEHICLE MAINTENANCE.
>> THOSE ARE TO THE BIG ONES THAT WE ARE WORKING ON WITH THE REORGANIZATION TO HAVE SOME EFFICIENCIES OF WHAT WE'RE DOING.
THERE ARE OTHERS, BUT THOSE ARE JUST SOMEONE FROM OUR OWN AREAS THAT WE CAN SPEAK
[00:25:01]
TO.WILL THE SAME BE TRUE OF MORAL SERVICES?
>> THE SAME POSSIBLY PETRI FOR JANITORIAL SERVICES.
THOSE WHO KEEP THE BUILDINGS CLEAN.
ALL THAT IS OUTSOURCED CURRENTLY CORRECT?
>> WE ARE STILL OUTSOURCING, BUT YOU ARE RENEGOTIATING A CONTRACT THIS COMING YEAR.
>> THAT'S NOT AN AREA THAT POSSIBLY WE WOULD BRING IN HOUSE AGAIN?
>> WE DO NOT NECESSARILY SEE COST SAVINGS AND CUSTODIAL CLICK WE DO IT IN THE OTHER AREAS.
SO THAT IS POTENTIALLY STILL A SUBCONTRACTING AREA.
I JUST SAY IN A, WE MIGHT GO THROUGH WITH THIS AND FIND OUT THAT WE WANT TO DO IT IN-HOUSE.
WE ARE MOVING ENOUGH STUFF IN HOUSE RIGHT NOW THAT I THINK.
BUT NOT FOR WE CAN SHOW THEM JUST NEED TO GO AHEAD AND MOVE WITH WHAT WE HAVE AND WE CONTINUE TO RUN OUR LIVES ON THAT STUFF AND SEE WHAT WE CAN DO AND SEE IF IT'S BETTER WITH IN-HOUSE OR OUT OF HOUSE.
>> THERE ARE JUST SOME AREAS BECAUSE OF THE SHORTAGE OF TECHNICAL PEOPLE OUT THERE.
ELECTRICIANS, COMMERCE, OTHER THINGS I THINK Â" Â" OURSELVES AND [INDISCERNIBLE] .
>> WOMAN LOOK AT THE CURRENT YEAR AND WE ARE TALKING ABOUT OUR EXPENSE SAVINGS, WE'RE JUST TALKING ABOUT FACILITIES, I THINK I ASKED SCOTT, ARE YOU HERE? LET'S TALK TO US ABOUT FACILITIES AND SOME OF THE CHANGES THAT HAVE BEEN THERE AND THAT WILL PROVIDE A BETTER CLEAR PICTURE OF WHAT WE DID.
>> OF TRUSTEE PUTS OPENING COMMENTS, LET'S PUT TOGETHER A FEW THINGS FOR YOU TO KIND OF NOTE RELEVANT TO THE CURRENT DISCUSSION.
A FEW THINGS THAT WE'VE DONE, WE ARE INTERESTED IN ENERGY MANAGEMENT AND ENERGY SAVINGS.
ONE OF THE THINGS THAT WE CONSTANTLY LOOK AT IS CONVERTING OUR CURRENT CFL'S AND PICTURES TO LED.
DONE A LOT OF THE IN-HOUSE IN THE PAST.
MOST OF THE WERE SOME OF THE BE CONTRACTED OUT.
OVER THE LAST FOUR, WE DID ABOUT 1500 FIXTURES OVER COUPLE OF DIFFERENT CAMPUSES NAMELY.
RICHLAND AND SO, THAT SO NOT ONLY THE CONVERSION IDEAL SAVINGS THERE IN ENERGY, BUT ALSO DOING THE WORK OURSELVES.
AS I MENTIONED ABOUT THAT, WE DID CANCEL A LONG-STANDING CONTRACT THAT HAD TO DO A LOT WITH DOWNTOWN.
NAMELY DO BUDGET CENTRAL AND CENTRAL WEST.
WE'RE NOW DOING THAT OURSELVES.
VARIOUS CONSTRUCTION PROJECTS THAT ARE Â" Â" THAT WE NORMALLY WOULD'VE CONTRACTED WE ARE ALSO DOING IN-HOUSE.
I ESTIMATED ROUGHLY ABOUT $50,000 PER CAMPUS.
I'M VERY PROUD TO SAY THAT WE NOT HAVE DOUBTS COLLEGE AS A FLEET MANAGEMENT SERVICE.
IT NEVER REALLY EXISTED AS A WHOLE, BUT IT EXISTS NOW.
AND I'M ALSO DON'T HAVE IT STAFFED YET.
I JUST HAD PEOPLE CAN STEP UP INTO THESE WALLS.
ALL WE'RE TRANSITIONING, >> HOW MANY EMPLOYEES DO YOU ANTICIPATE THE MAINTENANCE OF Â" Â" RIGHT, IT'LL BE A SUPERVISOR AND THREE TECHNICIANS.
>> SO, EVEN BEFORE THE ACTUAL STICK PLACE, I WOULD ESTIMATE CONSERVATIVELY UPWARDS OF 70 OR 80,000 IN SAVINGS THAT IN-HOUSE THAT WOULD'VE BEEN CONTRACTED OUT BEFORE.
FINALLY, THE MOST IMPACTFUL I THINK WE NEED TO CONTRACT THE FACILITY AND IMPROVEMENT PLAN.
PROJECTS FOR CONSTRUCTION PROCESS PROJECTS.
WE USED TO CONTRACT OUR CONSTRUCTION MANAGEMENT.
NOW THIS HAS BEEN IN PLACE FOR MONTHS.
WE HAVE CONSTRUCTION MANAGERS AT EACH CAMPUS.
PREVIOUSLY WHEN WE HAD TO AT THE SERVICE CENTER.
NOW, THE LEMMA CAMPUS WHERE THE PROPHETS ARE HAPPENING OF NON-CONTRACTED OUT WITH THE EXCEPTION OF MAYBE ONE OR TWO PROJECTS.
REDUCE BEFORE YOUR 50 PROJECTS.
NOW, ALL THE CONSTRUCTION MANAGEMENT IS HAPPENING IN HOUSE, NEXT TO THE TUNE OF ABOUT 3.5 OR 3.6 MILLION.
AND TO THE POINT OF NINA, TRUSTEE BOYD TALKING ABOUT THE COURT" SAVINGS, WE PARTED WITH THAT MONEY TO AN ADDITIONAL FIP PROJECT THAT THEY'RE NOT PREVIOUSLY ON THE ORIGINAL LIST.
IN OTHER WORDS, EXTRA STUFF DONE.
[00:30:01]
>> SO, THESE ARE CONSTRUCTION MANAGERS ARE TO TAKE CARE OF THE FACILITIES MAINTENANCE OF PROJECTS THAT WE HAVE AND NECESSARILY THE BOND OF PROJECTS AND BUILDING PROJECTS?
THEY DO OVERSEE OR KIND OF THE LIAISON FOR THE CAMPUS LIAISON BACK TO BE FM LEADERSHIP.
THEY DO LOOK AT THE BOND BUILDINGS AND THAT CAPACITY.
THEY ALSO DO ALL OF THE SORT OF FACILITY PROVEMENT PLAN DEFERRED MAINTENANCE PROJECTS IF YOU WILL.
>> CHRISTOPHER PROGRAM MANAGER THAT RUNS THE CAMPAIGN.
AS YOU KNOW, WE DO A LOT OF FACILITY IMPROVEMENT PLAN PROJECTS NOW THAT THEY DO HELP BASICALLY BE THE PROGRAM MANAGERS IF YOU WILL OVER THOSE PROJECTS.
SO THAT WE CAN RUN THEM AND HOUSE.
THERE ARE Â" Â" THERE IS A LEVEL OF DOLLAR WORK IT'S TOO POINT TWO WORK IS PROBABLY BETTER FOR US TO CONTRACT SOME OF THESE THINGS THAN IT IS TO TRY TO DO THEM OURSELVES.
WE HAVEN'T WORKED ALL THAT OUT, BUT ALSO IT WILL LEAD TO THE FACILITIES OR THE VEHICLES REAL QUICK.
WE NOW HAVE SOMEBODY WHO'S GOING TO BE LOOKING AT HER VEHICLE BEFORE PEOPLE TAKE THEM OUT ON THE ROAD.
THAT'S VERY CLOSE TO MY HEART WITH ATHLETICS FOR A NUMBER OF YEARS.
AND HAVING US BUSES BEING DRIVEN ALL OVER THE STATE OF TEXAS.
IT'S VERY IMPORTANT TO ME THAT WHOEVER IS ON THE ROAD IS SAFE.
AND THAT IS NOT SOMETHING THAT WE CAN DO TO WATCH IT THAT WE REALLY DIDN'T HAVE BEFORE.
IN LOOKING AT Â" Â" LOOKING AT ACCOMPLISHING CONSTRUCTION AND SUCH, HOW ABOUT JUST AS WE ARE WORKING WITH APPRENTICESHIPS.
WITH OUR STUDENTS, ARE INCORPORATING THAT IN.
I HAVE WORKED WITH SEVERAL ACADEMIC SIDE.
IF I MAY FOR THE VEHICLES, GET BACK TO THAT, BUT THE VEHICLES AND LOOKING AT HER VEHICLE SERVICE CENTER IF YOU WILL.
AT EASTFIELD, IN A VERY STRATEGIC LOCATION, THAT'S NEXT TO THE AUTOMOTIVE ACADEMIC BUILDING.
TO HAVE THAT PARTNERSHIP WITH THEM.
OUR STUDENTS CAN WORK WERE THERE, WE CAN ALSO USE SOME OF THEIR EQUIPMENT AND TOOK CARE OF THE WHOLE THING.
>> EVEN FURTHER, I'VE BEEN WORKING WITH THE ACADEMIC SIDE INTO JUST AS WE ARE WORKING ON GOING TO TOO MUCH.
FACILITIES MANAGER CERTIFICATION FOR STUDENTS.
SO, THEY WERE SHIPPED TO ME AND SAID HEY, CAN SOME OF YOUR TRADESPEOPLE TAKE CARE THIS? SOME OF THE CURRICULUM THAT WE PUT TOGETHER.
FOR VIABILITY THAT SOMEBODY COULD GRADUATE WORK FOR US.
SO, I THINK I PUT THREE OR FOUR OUR PEOPLE AND AT THAT ACADEMIC CURRICULUM TO HELP THEM GET FURTHER.
AND I WAS TALKING WITH GLORIA SMITH THE OTHER DAY ABOUT INTERNS WORKING WITH US.
AND I THINK EVEN BOTH AND PAID AND UNPAID.
AND I THINK THAT IS SOMETHING THAT'S BEEN MISSING IN THE PAST THAT WE'RE DOING NOW.
>> WE NEED TO SPREAD OUR EDUCATION AND IF IT'S SOMETHING ACTUALLY ASKED US IF YOU CAN SEE REASON FOR TO HAPPEN AND YOU UNDERSTAND WHAT YOUR JOB IS STARTING OUT INSTEAD OF HAVING ALL THIS BOOK LEARNING AND MAKE SURE ALL THE PARTS AND PIECES Â" Â" IF YOU'VE DONE THE JOB AS YOU COME FORWARD, YOU KNOW THE JOB AND YOU GET THERE.
>> I AM EXCITED ABOUT IT AND I COULD USE THE HELP.
SO HELP WITH OUR EFFORT HELP THEM ALONG THE WAY, IT'S A GREAT WAY TO LEARN.
>> A COUPLE OF COMMENTS ALSO IS THAT I'VE MADE MY VISITS Â" Â" AND TO ALL THE CAMPUSES THE EXCEPTIONS OF MOUNTAIN VIEW.
I AM APPALLED AT THE AMOUNT OF DEFERRED MAINTENANCE WE ARE NOW EXPERIENCING.
SO, WHEN I SAY YOU GO OUT BY A COMMERCIAL PROPERTY, YOU BUY THINGS, YOU THINK YOU'RE BUYING WHAT YOU'RE BUYING INTO THE OPEN UP A WALL OR YOU OPEN UP THIS.
AS I MADE TOURS AND MENTOR PLACES, WITH PORTABLE AIR CONDITIONERS.
SITTING AROUND AND TRYING TO KEEP THE PEOPLE COOL.
BECAUSE SOMEBODY DIDN'T MAINTAIN THE CHILLER.
THEY DIDN'T MAINTAIN THE HVAC AND ALL.
NOW WE ARE HAVING TO PAY FOR THAT.
WHAT WE'VE EXPERIENCED IN SAVINGS THAT WE COULD'VE EMPLOYED ON SOMETHING ELSE, WHERE BASICALLY CATCHING UP THE DEFERRED MAINTENANCE.
THEY'VE DONE A FANTASTIC FEEDBACK IS WHAT A RELIEF IT IS.
SCOTT AND HIS TEAM OF PEOPLE WHO ARE NOW RUNNING THINGS TO SATISFACTORY LEVEL.
ANOTHER AREA OF AN EXAMPLE AND I KNOW IT'S NOT LOOKED UPON BY THE POLICE
[00:35:02]
DEPARTMENT.AS I SAID EARLIER THIS MORNING, OUR POLICE DEPARTMENT IS NOT INVOLVED IN HIGH-SPEED CHASES.
WE ARE NOT RUNNING OVER CURBS AND WE ARE NOT RUNNING OVER ALL KINDS OF OBSTACLES AND LIKE A NORMAL CITY POLICEMAN.
THE CITY ROTATES THOSE CARS, THEIR VEHICLES EVERY FEW YEARS.
I MEAN THEY ARE STILL Â" IS TO LOOK AT THEM, EVERYTHING THEY'RE PRETTY GOOD.
THE A LOT OF MILES, BUT THEY'RE NOT SAFE ROLE IN LIFE.
WITH OUR MAINTENANCE PEOPLE AND OUR BODY SHOPS AND OUR SKILLS LIKE YOU SAID, COULD TAKE IN THE CITIES AWAY WORKING IN HIS OFFICE.
AND WE'RE TALKING ABOUT CARS THAT ARE ONE OR TWO YEARS OLD.
IT DOESN'T SOUND LIKE A LOT OF SAVINGS, BUT WHEN YOU LOOK AT HOW MANY OFFICERS THAT WE HAVE A FULLY STAFFED AND MCCARTHY NEED, WE ROTATING AROUND IN OUR CAMPUS, THAT'S AN ALTERNATIVE THAT WE SHOULD LOOK AT.
MAYBE WE SHOULD DO IT, BUT IT'S AN ALTERNATIVE THAT WE SHOULD LOOK AT.
AND IF WE DON'T ASK FOR THOSE VEHICLES, PEERS CAN GO TO AUCTION AND SELL THEM FOR JUNK.
AND WE DID THAT AND AND SO, IN A, THIS JUST ANOTHER EXAMPLE OF HOW I THINK WE NEED TO START LOOKING AT SOURCING ALTERNATIVE THINGS FOR THE WAY THAT WE FEEL FOR OUR NEEDS.
>> I THINK IN THE AREA VEHICLES, THERE'S A LOT OF OPPORTUNITY FOR EXAMPLE, WE PRODUCED FOR FIVE VEHICLE SINCE WE'VE CONSOLIDATED BECAUSE NOW YOU HAVE THE SHARING TAKING PLACE.
TO BE NEEDS VEHICLE, THE GONNA CONTACT US MORGAN UPON THE VEHICLE MAY NOT BE OF USE ON ANOTHER CAMPUS.
YOU KNOW, A PIECE OF LAWN EQUIPMENT, BREAKS, GIVE THEM A NEW ONE.
TAKE THE OLD ONE AND FIX IT AND THAT IT'S READY TO GO SOMEWHERE ELSE.
DOESN'T HAVE TO GO BACK TO THE SAME PLACE SO THERE'S A LOT OF SHARING GOING ON RIGHT NOW IN THE WAY OF VEHICLES AND CONSTRUCTION MANAGEMENT.
THAT JUST REALLY NEVER REALLY HAD TAKEN PLACE BEFORE.
SO, THERE'S A LOT OF PLACES AND I THINK WE'VE ONLY JUST BEGUN AS A MATTER FACT, AND FACILITIES, WE ARE NOT COMPLETELY TRANSFORMED INTO EVERY DEPARTMENT QUITE YET.
WE ARE ALREADY DOING STUFF LIKE THIS.
SO VERY PROUD OF WHAT THEY'RE DOING.
>> THANKS FOR KEEPING US ON TRACK.
AND I APPRECIATE THE OPPORTUNITY.
OKAY ON OTHER CATEGORIES WE HAVE AS PUBLIC EXPENSES FOR FY 21.
WE WANT AHEAD AND DID SOME PREPAYMENTS FOR OUR SERIES 2018 AND 2019 GEO REFUNDING.
NOT ONLY DO WE HAVE THE SAVINGS, BUT THE TAXPAYER SAVINGS, BECAUSE WE DID, THAT WAS ABOUT $2.8 MILLION.
OF COURSE, WE TRAVEL SAVINGS BECAUSE OF THE PANDEMIC.
BUT ALSO ADVERTISEMENTS AS APPLIED.
PANDEMIC RELATED, BUT ALSO JUST RENEGOTIATED SOME OF THOSE ITEMS. OUR OPERATIONAL SELLERS, $11 MILLION IN SAVINGS THAT WE HAVE HERE, I WANT TO IS A CAUTIONARY STATEMENT THAT THIS IS NOT ANTICIPATED TO BE PERMANENT.
AGAIN, WE'RE NOT DONE WITH THE TRANSITION SO, WE DON'T WANT TO ANTICIPATE THAT THIS IS GOING TO BE WHAT WE ARE GONNA SEE GOING FORWARD.
WE HAVE A HIRING LAB ALSO WITH THIS.
AND IT ALSO DECREASED ENROLLMENT PRINTERS AND IMPACT ON IN THE COST AS WELL SINCE IT INTO AS MUCH IN FACULTY.
>> RELEASE SAVINGS AND OPERATIONAL SELLERS THIS COMING YEAR?
>> YOU REINVESTING IT CORRECT? GIVE REINVESTMENT SLIDE?
>> AND THAT DOESN'T NECESSARILY MEAN THAT THAT'S CAN BE AVAILABLE EVERY YEAR.
ALL RIGHT, BECAUSE Â" Â" THANK YOU.
>> PART OF THE REINVESTMENT THAT WE HAD ANTICIPATED THAT WE DIFFER THIS YEAR AS WELL AS WHAT WE ANTICIPATED NEXT YEAR BUDGET FY 22 BUDGET.
SCHOLARSHIPS ARE ALWAYS PRIORITY FOR US.
STUDENT SUCCESS IS GIVEN THEIR STORY ABOUT HOW THEY ARE DOING REINVESTMENT AND RESTRUCTURING THEIR STUDENT CULTURES COUNSELING, ATHLETIC PROGRAMS, TO MAKE SURE THAT WE HAVE THE ATHLETICS AVAILABLE THROUGHOUT ALL OF OUR CAMPUSES.
WORKFORCE ADVANCEMENT, MORE OUTREACH TO MAKE SURE THE STUDENTS GET TRAINING AND THEN PLACED INTO JOBS.
IT WILL LOAD AND SCHEDULE MANAGEMENT SYSTEM THAT'S GOING IN.
OUR DI HAS COME IN AND THEN ALSO IS THE PANDEMIC INSURANCE, BUSINESS CONTINUITY AND CRITICAL RESPONSE AREA.
THE ERP, WE HAVE ALL HAD UPDATES ABOUT THAT AND THEN AS WELL AS OUR DATA CENTER WITHIN ITS LOCATION NOW UNTIL A NEW FACILITY.
>> THIS IS NOT AN ALL-INCLUSIVE LIST.
THIS IS JUST AN EXAMPLE OF SOME THE THINGS THAT WE'RE DOING.
>> THAT'S WHAT WE HAVE ON BUDGET.
BEFORE MOVING TO THE NEXT SLIDE AND TALK ABOUT OTHER CHANGES? WE HAVE ANY QUESTIONS THAT WE WANT TO ADDRESS ABOUT THE BUDGET BOOK?
[LAUGHTER] >> ABOUT TO GO FASTER.
[00:40:01]
>> WE KNOW THAT ONE WOULD NOT REPORT JOHN.
>> I DON'T HAVE A GAVEL SO I CANNOT DO ANYTHING ANYWAY.
>> SENT THE DOCTOR TO SEE IF HE DID NOT HAVE A QUESTION.
SO, IN TERMS OF THE BUDGET, THIS IS THE BUDGET, RIGHT? THIS IS ONE SUPPOSED TO ASK MY QUESTION.
>> IN TERMS OF EQUITY AND INCLUSION, BLASTERS WITH SEVEN $57 TO HELP A SMALL BUSINESS DEVELOPMENT.
I DON'T THINK ALL THE ALL THAT DISPOSABLE WAS USED FOR THE PURPOSE.
HOWEVER THE AMOUNT STICKS IN MY MIND.
DIVERSITY EQUITY AND INCLUSION, WHAT DOES THAT BUDGET TEST IS WHAT IS THAT NUMBER FOR THAT DEPARTMENT PROGRAM HIRING URINE PERIMETER.
>> I BELIEVE IT'S 1.5 MILLION.
>> AND THAT'S INCLUSIVE OF ALL STAFF?
>> YES ALL OPERATING EXPENSES, PROFESSIONAL DEVELOPMENT, SO, I BELIEVE THERE ARE COUPLE OF CONSULTANTS THAT ARE TO BE INCLUDED IN THERE AND THEN THAT ALSO INCLUDES THE OFFICE SUSTAINABILITY.
THAT'S INCLUDED IN THE UMBRELLA.
>> OKAY, SO, I DON'T KNOW IF I MISSED A BEAT SUMMER.
BUT, IN TERMS OF THE PEI, THE BOARD'S PEI COMMITTEE, WE ARE GOING TO BE PLANING SOME THINGS THAT THE BOARD AGREES, THEN WE WANT TO IMPLEMENT COULD POSSIBLY TAKE MONEY.
SO, SINCE THE BOARD HAS THE PEI COMMITTEE THIS IS A PROCEDURAL THING, I'M NOT SURE, THAT'S WHY I'M ASKING.
WE BE ASKED WE WANT ANY TEXAS WHAT TYPE OF FUNDING WANT FOR SOME OF THE DIFFERENT INITIATIVES THAT ARE GONNA COME HUNDRED WORDS PEI COMMITTEE COMMITTEE A.
>> IS THE CONVERSATION THAT WE WILL HAVE ONLY DO THE BUDGET PUBLIC IN THE DISCUSSIONS.
THAT WOULD INCLUDE EVERYONE IN ANY OF THE SUBMISSIONS THAT WE RECEIVE.
>> THERE IS A PROCESS THAT SHOWS THERE IS A PROCESS AGAIN, AS WE SAID, YOU KNOW, ME DO A SPRING REVISION, THERE'S A PROCESS THAT FOR ANYTHING THAT WASN'T INCLUDED, WE CAN THEN BET THAT AT THAT TIME AND IT WOULD BE AN INDIVIDUAL ITEM THAT WOULD COMMIT TO THE BOARD FOR APPROVAL IF IT WERE OVER THE CHANCELLOR THRESHOLD FOR PERIPHERAL.
>> MOVING FORWARD, SINCE THIS IS A NEW AREA.
MOVING FORWARD, EVEN BEFORE BUDGET BUILDING BY THAT, I MEAN BEFORE THE JUNE BUDGET MEETINGS, IF YOU COULD LET THOSE CHAIR BUDGET Â" DISH I MEAN COMMITTEES, NOT THAT THIS IS THE TIME FOR THEM TO SPEAK UP AND SAY OKAY, THIS IS WHAT WE ANTICIPATE, THAT WILL AFFECT FUNDING, WITH THIS COMMITTEE.
I'M ASKING THAT THAT BE DONE SO THAT WHOEVER IS IN THIS COMMITTEE FOR EXAMPLE DOES NOT MISS THAT BE GOING FORWARD.
TWO, IF WE IN THE COURSE OF PLANNING PEI INITIATIVE, WE FIND THAT THERE IS NO FUNDING WHAT DO WE DO TO GET FUNDING?
>> WHOSE CALLS IT? ASK TO BE MADE TO MY OFFICE.
I BELIEVE THE DEPARTMENT LEAD WOULD MAKE THAT REQUEST MY OFFICE AND THEN I WOULD INCLUDE IN THE BUDGET REVISION AS WE GO FORWARD.
IF WE DETERMINE THAT IT'S WITHIN THE CHANCELLOR'S CFOS SIGN IN AUTHORITY AND I HAVE SOME EXCESS FUNDS THAT WE CAN GO AHEAD AND FUND IT, IF IT'S OVER THERE OVERSIGHT AUTHORITY, WE WOULD BRING IT BACK TO THE BOARD AS AN INDIVIDUAL FOR THE BOARD TO PROVE IT AS A WHOLE.
>> IN TERMS OF HUMAN RESOURCES, MUCH MONEY IS BEING PUT INTO STAFF DEVELOPMENT?
>> I DON'T HAVE THAT NUMBER AS A WHOLE.
I WOULD HAVE TO GET BACK TO YOU ON THAT.
>> BECAUSE THROUGH THE YEAR, I HAVE MADE THAT I'VE REALLY EMPHASIZED THAT AND THE BOARD MEMBERS HAVE NOT CONTRADICTED WHEN I MADE THE STATEMENTS THAT THIS TRANSITION IS REALLY TAKING HOLD AND WE ARE REALLY GOING TO BE ABLE TO TRANSFORM LIVES AND COMMUNITIES IN HIGHER EDUCATION FOR TRANSFORMATION ETC. ETC.
SKIN TAKE STAFF RECEIVING A LOT OF DEVELOPMENT TO MAKE THE SHIP SHIFT FROM WHERE WE USED TO BE TO WHERE WE WANT TO BE.
I THINK SOME OF MY COLLEAGUES EVEN IN THIS ROOM CAN SPEAK TO THE FACT THAT DURING OUR BUDGET PLANNING CONVERSATIONS, THAT WAS ONE OF THE POINTS THAT WE PUSHED WITH EVERYONE TO MAKE SURE THAT THEY ALLOW FOR ADEQUATE PROFESSIONAL DEVELOPMENT DOLLARS IN THEIR BUDGETS FOR NOT ONLY FOR THE ADMINISTRATIVE, BUT FOR THE STAFF AS WELL.
ASK WE'VE ESSENTIALLY DECENTRALIZE THAT TO THE VARIOUS AREAS THAT WE HAVE
[00:45:03]
HEARD IT TALKED ABOUT EARLIER IN THE PRESENTATION TODAY IS ONE OF THE ITEMS AS BUDGETED IN THE STUDENT SUCCESS CENTER, AND THE FACULTY IN THE ACADEMIC SIDE.THERE ARE STILL ASPECTS IN THE HR THAT ARE MORE AROUND THE COMPLIANCE AREAS THIS TIME.
SO, IT IS SPREAD AND DECENTRALIZED.
OBVIOUSLY, WHAT WE NEED THE FACILITY SIDE IS DIFFERENT FROM WHAT WE NEED IN THE FACULTY AND PROFESSIONAL DEVELOPMENT THERE.
THERE'S HAVE BEEN REALLY TRYING TO GET CLOSER TO THE OPERATIONAL AREA FOR ADDITIONAL DOLLARS ACROSS THE ENTIRE ORGANIZATION.
>> CAN WE GET AN AMOUNT BY OPERATIONAL AREA IS BEING DESIGNATED FOR STAFF TRAINING AND DEVELOPMENT? OPERATIONAL THERE AND THEN THE TOTAL AMOUNT COMPARED TO THE PREVIOUS TWO OR THREE YEARS STAFF DEVELOPMENT MONIES?
>> I'M PRETTY SURE WE BREAK THAT OUT AS LINE ITEMS THROUGHOUT THE BUDGET.
EVEN THOUGH IT'S ACROSS THE BUDGET LINES IN DIFFERENT AREAS, PS.
THE TOTAL COMING YEAR AND TOTAL FOR PASSPORT SAY THREE YEARS.
WE JUST NEED TO MAKE SURE THAT IT'S HAPPENING.
IT IS CERTAINLY THE AMOUNT THAT WE ARE INVESTING.
BUT IT IS ALSO HOW WE ARE GOING ABOUT IT AND HOW WE ARE ALIGNING THAT WITH WHAT THAT NEEDS ARE THAT ARE OUT THERE.
REALLY BEING MORE FOCUSED AND LESS OF A SHOTGUN OF APPROACH AND LESS THAN ONE-SIZE-FITS-ALL.
>> PARTICIPANT: AND WE WILL DO THREE YEARS, AS YOU WELL KNOW, WITH COVID, THERE'S A HERE IN THE COURT THAT DOES NOT LOOK RIGHT.
IT WILL GET -- WE WILL AN ASTERISK NEXT OF IT WITH A NOTE.
> ORGANIZATIONALLY TO MAKE SURE THAT ALL OF THESE OPERATIONAL UNITS ARE -- DEVELOPMENT AND TRAINING PLANS AND THAT THEY ARE BEING EXECUTED VERSUS JUST THEY HAVE A POCKET OF MONEY AND IS THERE.
THEY MIGHT WANT TO -- THE BULK OF IT IS THERE, ET CETERA.
WHO WILL OVERSEE THAT? AND MAKE SURE IT HAPPENING?
>> PARTICIPANT: YEAH, WE WILL GET TO THAT LEAD AN THAT.
IT IS DIFFERENT WHETHER IT WOULD BE OUT OF THE STUDENT SUCCESS SIDE, OUT OF THE WORKFORCE.
SO WE WILL GET TO INFORMATION.
>> DIANA FLORES: NOBODY IS REALLY OVERSEEING THAT IT IS REALLY TAKING PLACE.
HENCE THE DIFFERENT OPERATIONAL UNITS.
>> PARTICIPANT: DO YOU HAVE A QUESTION? > FOLLOW-UP QUESTION ON THE BUDGET.
I WANTED TO OFFER A COUPLE OF OBSERVATIONS.
FIRST OF ALL, I EXPRESSED APPRECIATION FOR THE RESPONSIVENESS THAT THE OFFER TO MAY ENTER TO OTHERS.
ANSWERING QUESTIONS ON THE BOOK.
ONE THING I REALLY APPRECIATE -- REALLY JUDGE COMPARISONS.
LAST YEAR HAS BEEN A WEIRD ONE.
MORE OF THAT THAT WE COULD SEE SO THAT WE COULD UNDERSTAND TRENDS AND SO FORTH AND THAT REVENUES AND EXPENSES ARE EXTREMELY VALUABLE.
SECONDLY, THE CONTRACTS, WE APPROVED A TON OF SOFTWARE CONTRACTS.
E INVESTMENT THAT WE MADE IN THE ERP, THE FACT THAT WE GOT A LOT OF LEGACY.
SEPARATE CAMPUSES AND PERHAPS NOT ALWAYS A TOTALLY RELATED AND STRATEGIC MANNER.
YOU ARE TAKING THROUGH THE PROCESS AND A COMPREHENSIVE REVIEW OF OUR SOFTWARE.
THAT IS A BIG ELEMENT OF OUR BUDGET.
THE THIRD THING IS, YOU KNOW, WE MAKE STRIDES TO GO PAPERLESS.
WE ARE LIKE AT THE END POINT OF WE ARE SEEING IT EVERYWHERE.
SO ANYTHING THAT WE CAN DO TO CONTINUE TO ADVANCE THAT COULD USE THE TECHNOLOGY TO SAVE MONEY AND MAKE IT PROFICIENT.
THERE'S HUNDREDS OF HOURS THAT YOU GUYS PUT IN AND STUFF THAT GETS LOST, BECAUSE WE ARE NOT MAKING USE OF THE TECHNOLOGY THAT WE PURCHASED.
AND THE LAST THING I OBSERVE ABOUT THIS BUDGET AND I HOPE WE COME BACK AND REVISIT THIS IS THE CHANCELLOR'S AUTHORITY AND WHAT LEVEL WEEK SET THE CHANCELLOR'S AUTHORITY.
I THINK THAT VISIBILITY IN ANY CONTRACT THAT THIS DISTRICT ENTERS INTO.
[00:50:02]
JUST STRIKES ME THAT THERE'S A WHOLE LOT OF STUFF IN THIS BUDGET BOOK THAT, YOU KNOW, IS RELATIVELY MINOR AND INSIGNIFICANT AND IT CREATES THE STUFF THAT COULD BE MOVED.STUFF THAT CAN BE MOVED TO ELECTRONIC DASHBOARDS FOR TRUSTEES THAT ARE LINKED INTO OUR ARB FOR ANYONE WHO HAS THE INTEREST OF THE FIND THAT STUFF.
A LOT OF THIS IS A STRATEGIC DOCUMENT.
SO THE MORE THAT WE VIEW IT AS SUCH AND I THINK WE WILL BE BETTER OFF.
AND I ALSO THINK WE SHOULD TAKE A LOOK AT, GIVEN THAT WE ARE HALF MILLION DOLLAR A YEAR OPERATING ORGANIZATION.
I THINK THE CHANCELLOR'S AUTHORITY IS SET.
AND WE HAVE TO TAKE A LOOK AT THE ISSUE.
A LOT OF THOSE ARE THE SAME THAT I HAVE.
IT IS ALMOST LIKE WHAT WE HAD EARLIER DISCUSSION ABOUT CHANGING ONE WORD AND PUTTING IN ANOTHER RED AND IT DOES NOT REALLY -- IT IS NOT MATERIAL.
SOUTH THERE'S SOMETIMES STUFF IN THIS BUDGET BOOK THAT IF YOU GET RID OF THE IMMATERIAL STUFF, THE SIZE OF IT, THAT IT GIVES US CHANCE TO FOCUS ON THE ONES THAT MATTER, THE ONES THAT WE REALLY SHOULD BE CONCERNED ABOUT.
WE GOT $1,800 LINED UP BREAK THAT TECHNIQUE THAT IS A RIDICULOUS DOCUMENT TO BRING TO THE TRUSTEE.
THE DATA CAN BE FOR ANYBODY WHO WANTS IT AND HAS A QUESTION ABOUT IT.
MY OTHER COMMENT IS EXACTLY WHAT HE SAID ABOUT IN MY HEALTHCARE DAYS WE HAD SO MUCH DUPLICATE PURCHASES AND LICENSES THAT WE COULD USE AND UNIFIED WAY THAT YOU BOUGHT INDIVIDUALLY.
THERE'S SO MUCH MONEY TO BE SAVED THERE.
SO I HOPE WE HAVE SOMEBODY WHO IS APPOINTED TO OUR N I.T.
DIRECTOR WHO WILL CERTAINLY BE THE ONE TO PUT SOMEBODY ON THAT AND TRY TO TERMINATE AS MANY OF THE LICENSES THAT MOVE INTO UNIVERSAL LESSONS FOR THE COLLEGE ITSELF.
SO -- BUT OTHER THAN THAT, THIS HAS REALLY BEEN AN EXPERIENCE IN THAT WEEKLY MEETINGS THAT I HAVE BEEN HAVING LEADING UP TO THI POINT.
A FACILITY, WITH EACH OF THE CAMPUSES AND HEARING THOSE PEOPLE SPEAK AND TALK HAS REALLY BEEN HELPFUL TO MAKE THIS MEANINGFUL AND SO I THANK YOU ALL, TOO, FOR THE EFFORT.
I KNOW THERE'S A LOT, A LOT OF EFFORT AND PEOPLE BEHIND YOU GUYS THAT WE OWE A LOT OF THANKS AND GRATITUDE TO.
WE WOULD NOT PUNISH THEM TO BRING THEM TO TH MEETINGS.
BUT ANYWAY, WE THANK YOU ALL FOR THAT AND I DON'T HAVE -- GO ONTO THE NEXT ITEM.
[5. Overview of Regular Agenda Items]
WE GOT THE NEXT TWO ITEMS.>> PARTICIPANT: NEXT SLIDE, PLEASE.
S ARE GOING TO LOOK AT WHAT BE THE INVESTMENT STRATEGY.
OUR STRATEGIES CONSISTENT WITH OUR FY 20 APPROACH.
WE MADE A COUPLE OF MINOR CHANGES TO SUPPOR THERE.
AND THEN ALSO, I'M JUST SHOWING A SLIDE HERE SO THAT THE BOARD CAN SEE THE CURRENT APPLICATION OF OUR INVESTMENT POOL.
WE JUST BASICALLY INVEST ACCORDING TO WHAT THE FACTORS ARE, YOU KNOW, THE ISSUE ITSELF, WHAT OUR LIQUIDITY NEEDS ARE AND WHAT THAT RATES ARE BY CATEGORY.
FINAL THINK WE'RE GOING TO LOOK AT IS OUR POKER DEALE THIS.
WE DO HAVE TWO VETERAN OWNED GROUPS ON SHOOK UP AT ONE OF THEM WOULD BE NEW WITH US THIS YEAR.
AND DID WE HAVE ONE AFRICAN-AMERICAN OWNED.
I WANT TO COMMENT THOUGH, THAT WE DID PUT IN HERE, THE NUMBER TRADES AND HOW MANY TRADES WE DO WITH EACH ONE.
BUT IT IS NOT NECESSARILY PROPORTIONATE TO THE FOLLOWING THAT WE DO WITH EACH ONE OF THESE BROKER-DEALERS BECAUSE FOR INSTANCE, WE DID NOT TRADE WITH WELLS FARGO.
BUT THE AVERAGE RATE WAS 305 MILLER PARK WERE AS THERE LARGER TRADE WITH $10 MILLION.
IT JUST DEPENDS ON WHAT THE OFFER IS AT THE TIME.
>> PARTICIPANT: HOW ARE THESE SELECTED? IS IT THEIR DESIRE?
SO THEY RECEIVE A QUESTIONNAIRE.
THEY HAVE TO DEAL WITH THE DISCLOSURE.
AND THEN IT DEPENDS WHATEVER THEIR CURRENT RATING IS GET THEIR CURRENT STANDING.
>> PARTICIPANT: DO WE HAVE HISPANIC COMPANY BUT.
>> PARTICIPANT: WE WILL LOOK, AND WE WILL CONTINUE TO LOOK.
AND PART OF IT IS QUITE FRANKLY THERE ARE THOSE OUT THERE, HISPANIC FIRMS WHEN
[00:55:06]
THEY FIND OUT WHAT WE ARE LIMITED TO INVESTING AT, THEY DON'T HAVE ANY RECENT TO INVEST.IT IS TYPICALLY THE LARGER PEOPLE WHO CAN AFFORD THE DESK TO DO THE TRADES THAT WE DO.
AND IT IS REAL DIFFICULT BECAUSE WE ARE NOT IN EQUITY.
WE ARE IN COMMERCIAL PAPER, AND MANY TIMES, WE JUST USE OUR OWN INVESTMENT POOLS.
BUT IT IS DIFFICULT TO FIND AND WE ARE CONSTANT LOOKING TO -- IT IS USUALLY A LARGER FIRM, AS YOU WILL SEE ON HERE.
AND OTHER GROUPS THAT WE HAVE NOT BEEN ABLE TO GET THEY COULD YET.
WE WOULD LIKE IT TO BE LOCAL, TOO, OR AT LEAST HAVE A LOCAL OFFICE BECAUSE THE SAME POINT, IF THEY ARE WORKING WITH US, THEY OUGHT TO BE TAXPAYERS OF THIS AREA.
SO, YOU KNOW, THAT IS NOT A REQUIREMENT.
>> PARTICIPANT: YES, IN LOCAL OFFICES.
BUT THEY ARE ALL THROUGHOUT THE UNITED STATES, YOU KNOW? WELLS FARGO IS ALL THROUGHOUT THE UNITED STATES.
BUT THE INTERESTING WAS THE BOARD PUSHING US TO FIND SOME OF THE OTHERS THAT WE ACTIVELY TRIED TO GO OUT AND FIND A DIVERSE SUPPLIER.
I WILL BE PUTTING THIS ON MARISOL.
I HOPE YOU ARE LISTENING AS TO HELP US WITH WHAT WE CAN DO ABOUT FINDING SOME
ADDITIONAL -- >> PARTICIPANT: YEAH.
BUT WHEN YOU GET INTO THIS AREA, WE RUN INTO A COUPLE OF ISSUES.
THE BIG -- WELLS FARGO AND SO FOURTH, THEY CAN EASILY DIVIDE FUNCTIONS.
YOUR SMALLER ONCE HAVE TO DECIDE DO THEY WANT TO BE UNDERWRITERS? OR -- BECAUSE THEY CAN'T DO BOTH OR THE BIG ONES CAN'T DO BOTH BECAUSE OF THEIR STRUCTURE AND THE WAY THEY ARE SET UP.
IT DOES LIMIT DECIDING WHERE THE BIGGEST OPPORTUNITY IS.
> PRETTY -- IN OUR NETWORK OF FINANCIAL ADVISORS, OUR BOND COUNSELOR AND SO FORTH.
>> PARTICIPANT: THEY ARE MORE LIKELY TO WIN THERE BECAUSE THE UNDERWRITING BOARDS ARE BETTER.
>> PARTICIPANT: AND WE ASK THAT LARGER FIRMS T PARTNER WITH THE SMALLER ONES.
>> BOARD MEMBER: I DON'T KNOW.
WE HAVE ANY QUESTIONS? DO THE TRUSTEES HAVE FURTHER QUESTIONS OR COMMENTS? IF NOT, WE WILL ADJOURN.
>> PARTICIPANT: ONE -- THE -- JUST SO YOU ARE AWARE, THERE'S AN AGENDA.
IT HAS TO BE TAKEN IN THE ORDER THAT IT IS PRESENTED.
I THINK IT IS ITEM NINE OR AGENDA ITEM NINE.
IT HAS TO BE TAKEN IN THE ORDER.
IF WE TALKED ABOUT IT BEFORE, WE ARE DOING LESS.
BUT WE ARE GOING TO HOPE TO ISSUE $50 M PROCEED ON WITH THE PROJECTS THAT WE HAVE GOING ON.
AND THEN WE WILL MAKE A MOTION TO SET THE DATE AND PROPOSE A TAX RATE.
WE HAD TO REDO THEM IN THE TAX OFFICE, BUT WE GREETED THE NUMBERS.
WHICH IS UNDER THE 10.4, WHICH WE HAVE HAD NOW FOR 8, NINE YEARS.
>> CLIFF BOYD: YOU ARE BRINGING US A COURT OF THE M&M TAX RATE? I NEVER THOUGHT I WOULD SEE THE DAY.
THIS IS AUSTIN GETTING INVOLVED IN LOCAL GOVERNMENT BECAUSE THEY HAVE DECIDED WHAT THESE CAPS OUGHT TO BE WENT BEFORE WE DON'T WANT TO SEE THEM BECAUSE IN BOTH AN AUTOMATIC ELECTION AND THE BOARD, WHICH WAS TALKED ABOUT EARLIER, IT IS A MILLION AND A HALF DOLLARS THAT WE HAVE HERE, AND MIGHT BE LOST REVENUE.
BUT WE SPENT A MILLION AND A HALF DOLLARS TRYING TO HOLD AN ELECTION TO DO IT.
[01:00:04]
IT IS NOT WITH IT.>> PARTICIPANT: IT TOOK AWAY CHOICE.
WE WILL AT SOME POINT TO ADDRESS THE RISING COST AS WE GROW.
SO THERE WILL NEED TO BE A REVENUE.
SO THE ONLY CHOICE LEFT IS NO INCREASED TUITION IF WE CAN'T GO HERE.
SO THIS ENFORCES MORE ON THE BACK OF STUDENTS, UNFORTUNATELY, BY THE STATE CAPPING OUR ABILITY TO DO THIS, UNLESS WE RAISE ENOUGH.
AND THE REVENUE IS WORTHWHILE.
SO WHILE I APPRECIATE THE SENTIMENT, I THINK TO APPLICATIONS OF -- APPLICATIONS OF IT ARE NOT THAT POSITIVE.
PARTICULARLY FACING THE FEDERAL FUNDER CLIFF THAT WE ARE GOING TO HIT.
SPENT THAT AND -- SPEND THAT AND TOOK AWAY STATE MONEY AND PUT THAT IN IN ITS PLACE.
SO IT HAS PUT US IN A BOX THAT IN SOME POINT WE ARE GOING TO HAVE TO ADDRESS.
>> PARTICIPANT: CONTINUED GROWTH, YOU WILL SEE A LOT OF THAT.
WE HAVE HAD 18 TO DOLLARS IN REVENUE ROSE EIGHT YEAR.
>> JL SONNY WILLIAMS: I THOUGHT WE WERE NOT SUBJECT TO THE CAP.
>> IF IT IS THREE AND A HALF%, WE ARE AT 8%.
>> PARTICIPANT: AND WAS ALLUDED TO EARLIER.
THERE WAS NOTHING THAT WENT ON.
NOW A SIMILAR MOVE WOULD REQUIRE VOTER ELECTION AUTOMATICALLY.
> IT, YOU BETTER HAVE YOUR MONEY'S WEST.
RIGHT? BUT -- HUH? YOU ARE DONE.
* This transcript was compiled from uncorrected Closed Captioning.