Regular Finance Committee Meeting - Last Monday Mon, Aug 25, 2025 · Finance Committee https://santafeminutes.space/meeting/726 == Executive Summary == The Finance Committee held a meeting where they approved the agenda and recognized Nancy Gomez Ramos for her two years of service and promotion. A significant portion of the meeting was dedicated to discussing the city's investment strategy with Government Portfolio Advisors (GPA). GPA presented their approach to managing the City of Santa Fe's approximately $389 million operating fund, focusing on a balanced portfolio primarily in US Treasuries and agency securities with an average maturity of about two years. They emphasized maximizing returns while adhering to the city's investment policy and state statutes. The committee also addressed specific financial items, including a budget amendment for the Midtown Redevelopment Agency (MRA), a master lease agreement for equipment, and improvements to the budget process. Concerns were raised regarding the MRA's spending, with a committee member advocating for reappropriated funds to be used for essential site maintenance rather than events or art installations. The City Manager committed to this use of funds. The committee approved all three items that were pulled from the consent agenda. Key decisions included approving the agenda, the amended consent agenda, the MRA budget amendment, the master lease agreement, and improvements to the budget process. Action items include GPA reviewing and updating the city's investment policy, working with the finance team on cash flow analysis, and providing ongoing compliance and investment structure reports. The meeting concluded with the announcement that a $25 million bond sale transaction had closed. == Key Decisions == - Approved the meeting agenda with three items (E, K, R) pulled from consent. - Approved the consent agenda as amended. - Approved the Midtown Redevelopment Agency (MRA) budget amendment to reappropriate $78,285 from FY22 to FY23 for policy implementation, art installations, and events, with a commitment from the City Manager to use the funds for maintenance. - Approved a master lease agreement with Document Solutions, Inc. for $861,630.60 over 60 months for equipment. - Approved a resolution adopting improvements to the budget process for the FY2026-2027 annual operating budget. == Motions & Votes == - Motion to approve the agenda — Passed. - Motion to approve the consent agenda as amended — Passed. - Motion to approve Item E (Midtown Redevelopment Agency Budget Amendment) — Passed 4-0. - Motion to approve Item K (Master Lease Agreement with Document Solutions, Inc.) — Passed 4-0. - Motion to approve Item R (Improvements to the Budget Process) — Passed 4-0. == Public Comment == Director Oster highlighted Nancy Gomez Ramos's crucial role in the Cashier's Office and expressed excitement about GPA's expertise in maximizing investment returns. Deian Woodring from GPA emphasized their partnership approach and experience with New Mexico government entities. Councilor Lindell inquired about GPA's fee structure. Councilor Lee Garcia expressed interest in reinvestment strategies, balancing risk and return, and ensuring funds are available when needed. A committee member expressed concern about the "slushy" spending of the Midtown Redevelopment Agency's funds and advocated for reappropriated money to address critical maintenance issues. The ITT Department Director clarified a typo in a memo regarding a lease agreement duration. The Chair welcomed the investment advisor, noting the long-awaited nature of this initiative. == Topics == - Investment Strategy - Midtown Redevelopment - Budget Process Improvements - Equipment Lease Agreement - Bond Sale Transaction - Staff Recognition == Full Transcript == Madame Chair, Councilor Romero, we are live. Thank you. At 3:01 PM, I'm calling to order the Finance Committee for today, August 25th. And if we could get a roll call, please. Thank you, Madam Chair. Councilor Cassid, here. Councilor Lindell. Councilor Faulkner is excused. Councilor Lee Garcia is... He's excused until he gets here. I assume he will be here, but I haven't heard from him. Chair Marroworth. I am here. Madam Chair, you have a quorum. All right, terrific. Do we have changes to tonight's agenda? No changes from staff. Okay. If there are no changes, is there a motion? Second. We have a motion and a second to approve the agenda. All those in favor? Aye. Anybody opposed? That motion passes. We do have, I believe, three items pulled from consent. Item, help me out, E, K, and R. Anything else the committee is interested in? Move to approve as amended. We have a motion and a second to approve the consent agenda as amended. All those in favor? Aye. Anybody opposed? That motion passes as well. We do have a couple of presentations tonight, so I will go over to you, Director Oster, for our staff recognition, which is always fun. Thank you so much, Madam Chair, and members of the committee. The person that we're recognizing tonight is unfortunately not able to be with us, but I will present her certificate tomorrow when she's in the office. Her name is Nancy, and she works in our Cashier's Office. Nancy Gomez Ramos has worked with the city for two years, starting as a Project Specialist in the Cashier's Office before recently being promoted to Financial Analyst. And from her supervisor, Kim, Kim says, "Nancy is an exceptional employee who consistently demonstrates reliability and a strong work ethic. She readily takes on any tasks assigned to her and approaches each new challenge with a willingness to learn and grow. Her contributions have made her a valuable asset to the Treasury team." And from Nancy, Nancy says, "My time here has been both fun and rewarding, and I am grateful for the encouragement and support I've received from everyone in my division. In my role, I enjoy finding ways to support our team. Outside of work, I love spending time outdoors, whether it's exploring new places or simply enjoying nature close to home." As I said, Nancy works in our Cashier's Office, which is one of the most difficult and one of the most important jobs in the Finance Department. She is kind of like the front door of City Hall. The Cashier's Office is where a lot of people go for directions, information. She's very good at directing traffic, helping people get their business done, and she really knows a lot about all the different things that go on here at City Hall. She's also very good at providing professional, courteous customer service. And sometimes our customers are not always very nice to us, but Nancy does a great job of keeping her cool and providing great customer service regardless of what's coming from the other side of the window. I just really wanted to recognize Nancy, and I'm sorry that she wasn't here tonight to be able to join us, but I totally understand, and I will be presenting her certificate to her tomorrow when she's in the office. So, happy to honor Nancy this evening and look forward to introducing her to the committee another time. Great. Please send her all our best and congratulations from the committee. Thank you. Okay, we're going to move on. We have a second presentation, City of Santa Fe Introductions and Investment Strategy. And Director Oster, were you going to introduce this speaker or do you? So we have Deian Woodring, President and Senior Advisor with Government Portfolio Advisors. This is our new investment on-contract strategy person. This is a really actually exciting moment to have you on board and working for us. So I don't know, Director Oster, if you wanted to provide any more background, that'd be great. That was a great introduction, Chair, and I'll just say that we are very lucky to have Deian and her team, and Samantha from her team here tonight as well, to help us manage the city's funds to maximize the return on our investment. And she will go into detail about how we're going to do that. But I'm very excited to be moving into an era where we're able to more actively manage our investments to maximize that return and really, really thrilled to have Deian and her team assist. Great. Yeah, it's great to have real professionals working with us on this. So I would just ask, there's something weird about that mic. Make sure you're really close to it, and because if people on Zoom, I can hear you from where you are standing, but anybody who's watching now or later can't. So just make sure... Is that good? Yeah, I think it's working. Thank you. Thank you, Chair, and members of the Finance Committee. It's great to be in front of you today. I'm so excited for our firm to be working with the City of Santa Fe. I wanted to briefly give you a little background on our firm first. So, Government Portfolio Advisors, we're out of Portland, Oregon, but I almost feel like Santa Fe is my second home. We work with many entities within New Mexico: State Treasurer's Office, NMFA, City of Rio Rancho, City of Albuquerque, City up in Los Alamos, and are very active in working in local government communities throughout the country. We serve in nine different states. We have over $28 billion in assets under management. And the key for the City of Santa Fe is all of our work is done in partnership with you. We aren't taking this money and saying, "See you later." We're taking this money, identifying the purposes and the goals of the city, and then building an investment structure that will best facilitate the needs here at the city. So the whole goal is really looking, understanding your needs, and we had a meeting two weeks ago when I was on site, and we kind of talked about some of those needs to make sure that the portfolio gets optimized in the marketplace. Emily, can you move to the slide? That's a little bit on our background. Nine states, and I've been personally working in New Mexico for over 30 years, and I've specialized only in working with local governments and working on the empowerment of investment programs for local governments. So what are we going to do for the... one more slide. What are we going to do for the city? We're going to start with you as the Finance Committee and the City Council, and you are the stewards of the government entity here. And so we're going to be focusing on policy and investment structure and make sure that any questions are asked. And then it goes to your excellent finance team, and we focus with them on cash flow analysis, investments that you're currently doing, reporting tools, and compliance to policy. So the importance of any investment program is the investment policy, and that's where we're going to start, and we'll be back to you once we get that updated and reviewed. And then the GPA team comes in. We're here to facilitate your program by identifying parameters around the investment goals and then reporting back to you on where those are. So you'll be seeing a compliance report from us. You'll be seeing an investment structure, and then that will just help you bring that confidence to how we're investing and why you're investing. The value that we're going to really bring that I'm most excited in working with our clients, next slide please, is the investment program itself. So many entities don't start with where should our money be invested, where are the risks in the market, and what is going to be the best position for our own entity. So that's where we start. We start with what's the purpose of the money. You currently have about $389 million in your operating fund, and there's some other funds, but we're going to be focusing on the operating fund first. And we're going to look at a really balanced portfolio to ensure that your portfolio will have investment maturities that have a little bit longer maturities that will anchor down that portfolio for the long run. So you're all in fixed income securities. You're mainly in US Treasuries and agency securities. So it's a very clean portfolio. We'll establish benchmarks and targets. So when we come and present our portfolio structure, we'll have alignment to those benchmarks, and you'll know what we're talking about and why we're looking at those benchmarks. And then we're very focused on strategic asset allocations. So again, you can't, you can't go, statute restrains you from going very far from Treasuries and agencies. And so we really focus on the average maturity of the portfolio. Now, the next couple slides are about the market. So I'm sure you're all hearing about the Federal Reserve. The Federal Reserve bringing interest rates down. So this is just a brief chart to describe and say interest rates are always moving on us. We are exposed to wherever interest rates are the day we purchase bonds or wherever your money is. And so the point of this slide is to really illustrate that our goal is to create a portfolio structure that will ride through all different interest rate environments. The timing of your portfolio structure is really great. We've just come out of this really low, low rate environment, and we're up on a very high rate environment compared to where we have been historically. We've been a little bit higher than we are today. We peaked out at about 5%. Today we're just under 4% in the 2-year note. Still very high compared to where we have been historically. So, we're going to build an investment portfolio that has an average maturity of about two years with a component of your portfolio, and then the rest will remain in liquidity that you need for ongoing operations. And that's really going to be a more balanced portfolio for you over the long run. And that's our goal is that we capture returns, not maximizing to be the best, is capturing returns that the city should be achieving within the market parameters that you're investing in. And that's the goal. The next slide kind of tells you the growth of a dollar and why we invest a little bit longer. So we will be investing in maturities between one day and five years. Its average maturity will be about two years. And this is just illustrating that the reason we do this is over the long run, you consistently have these dollars, and over the long run, you'll achieve a higher income return over keeping your money in cash. So that's the goal. Next slide. So how we do this is, I'm not going to get too technical today, but how we do this is we drive average maturity. We drive types of assets that you can buy, and then where you're going to invest on the yield curve. So that's our job is to make recommendations to the city based off of how much investing we're doing and where at the time we're going to invest, we believe is the best optimal point for you. So those are the tools that we'll be using within the market structure. And then today, you are basically in cash. We basically are all in money market funds that front. So this is an illustration of another portfolio that we started with a couple years ago, and we start with all cash, and then we start to build that blue line, which is called a core investment portfolio. When we put those two, the core and the liquidity together, we have about a one-year average maturity, but we're locking down and making a nice, beautiful core that's ongoing and stable. That money does flow back. It matures and gets reinvested, or it can go to liquidity, and it creates just a really good dynamic and healthy investment program for the city. Next slide. From us, you'll be receiving reports that are very... We just started. You guys just had a $25 million bond issuance, the GOs. So we are taking that $25 million and investing that to match the expected cash flow liabilities of that portfolio. So with us, you will see a report on bond proceeds as well as your core and liquidity, and we'll be reporting on everything for you, which will really give you a nice package to be able to present to the Finance Committee and to the council on an ongoing basis. Just to touch on, because we will be back with the investment policy, but I wanted to touch on the allowable securities that the city can do currently under policy: US Treasuries, agencies, New Mexico municipal bonds, and money market instruments. So it's very limited. We can, and we definitely work within that. Our specialty really is just doing all Treasuries and agency portfolios. We have certain states that we can buy corporate bonds, but you can't. So what we're going to be using is the average maturity to balance the portfolio. Your maximum maturity constraint today in policy is five years. So we're proposing to move forward pretty quickly and get you started, getting you invested in front of this potential rate decline that the Fed is proposing. Lastly, I just wanted to touch on, we will build these constraints of how much of the portfolio should be invested. We're very disciplined in that way. So the team here, the finance team, will be on the same page when we say we're looking to move another $10 million into investments that's aligned to our strategy, which we haven't finished yet. We wanted to introduce ourselves to you first. The proposal from our RFP was to invest $75 million, and I'd like to move forward with that pretty quickly. That's a small percentage of your overall portfolio. The investment goal initially will be to have half of your operating funds invested, but right now we're just looking at $75 million. And then we'll build out more discipline as we create the policy and strategy going forward. This last sheet is just to show you that it's not complicated what we're going to be building. I should say it's really complicated, should I? It's really complicated, really hard. But we try to keep it really tight and really translatable in how we're investing. So, we're going to build a portfolio of $75 million that's laddered in different positions: US Treasuries and agencies. You're not going to have a bunch of small little $100,000, $200,000. We want to make an impact on what we're investing in. Then when a security matures, we reinvest it. It will all be in high-quality US Treasuries and agency securities. And then we will run the tracking and the accounting systems and support the finance team on those. All of our accounting system is matched into your custodial statement. And then also, we create a very good line on where I'm the advisor. Your custodial account is separate from your advisor, and then all the money is transferred within your finance team. We are just executing on your behalf within the market. So that was a lot. I'll kind of stand for any questions. I have the transition plan here for you. **Speaker:** Great. Thank you and welcome. Again, this has been a long time coming, so really glad to have you on board and ready to get to work on, as you said in the beginning, maximizing the return of the funds we have because we do have a lot of need in the community, and we want to make sure our money is really working for us. So that's great. Really excited about this. Questions from the committee? Councilor Lindell. **Councilor Lindell:** Thank you, Chair. Thank you for being here. So what's our fee structure with you? **Speaker:** We are charging you, if we go up to $200 million, four basis points. **Councilor Lindell:** Four basis points annually? **Speaker:** Annually, four basis points on the total balances invested. Correct. **Councilor Lindell:** So if we're at $75 million, how much money is it? **Speaker:** Oh, it's $30,000-$35,000. $30,000-$35,000 a year if it's $75 million. **Speaker:** Yeah, and that's a really great question because there are fees embedded in everything, and you don't see the fees. We, having an advisor, everything's transparent. You're going to see every bond that we trade and where that's coming from. We're cutting out fees for you. The money markets that you currently have, you're paying 12. The state LG pay, you're paying five. So our fees are slightly under that, and we're going to have a customized portfolio that's just for you that you own those securities directly. **Councilor Lindell:** Thank you very much. **Speaker:** Other questions from the committee? Councilor Lee Garcia. **Councilor Lee Garcia:** Thank you, Madam Chair. Thank you for the presentation. It's always interesting to see how we take money and make money, so to speak. But in regards to reinvesting, so I mean, obviously, a lot are funding. What money do we utilize to reinvest? I mean, where does it come from? I guess that would be maybe the director. **Speaker:** Thank you for the question, Madam Chair and Councilor Lee Garcia. I think the bond proceeds are a great example. As Ms. Woodring mentioned, we just sold our bonds. We closed that transaction last week, and we received the $25 million in proceeds. We have a strategy that's been prepared by the Public Works Department, a cash flow projection where they've told us that they expect to need $9 million in the first year and then $8 million and $8 million. So we don't need to keep the entire $25 million in liquid cash right now. We only need the $9 million that they need immediately to get POs in place. The rest of that money can be invested. **Councilor Lee Garcia:** Okay. And so what, I mean, obviously for four points and fees, what's the risk, I guess you can say, because you're investing? Or what's the, where's the return, and where is that balance going to be of risk and return? **Speaker:** Yes. So what you currently, and I have to go back to what you currently own, because you own money market funds with Treasuries and agencies in it that are all under 30 days. So we will be investing in US Treasuries and agencies that mature between zero and five years. The goal with that, so if we think about what's happening today, the short money, the three-month money, is what the Federal Reserve trades against. So you're going to hear about Fed, the chairman dropping interest rates, right? As soon as that starts dropping, it's going to be like a sled. That short money is just going to go right down. What we're going to do is balance that portfolio. And I feel like it's a safer, less risk portfolio when you have a portion of your portfolio invested and anchored down by us buying two-year paper and three-year paper near 4% to hold that yield in. So if those rates come back down over time, we're trying to make an additional yield. And to me, it's safer as far as a risk profile that you have your portfolio. It's all about diversification, right? Having your money not all in one basket. And I think to the point, this is all, when we talk about your operating funds, it includes capital projects. It includes everything that's within your budget. So this isn't money that, this is budgeted money that you have to, you're maintaining. It's just how should that be placed because you don't need it all tomorrow. **Councilor Lee Garcia:** Correct. And again, I think the biggest thing for me is that when you do need to go get that money, it's there. Yeah. I mean, because you know, if we're going to go to bond, and we're actually going out to borrow money, we're investing money that we borrowed. And we've got to pay it back. We do have a loan payment on that. And you know, again, do we have an internal person that also that would be managing this? Who is that? **Speaker:** Madam Chair, members of the committee, Councilor Lee Garcia. So, Alexis Loero, our Assistant Finance Director, has a background in investment management and actually worked on Wall Street. So she's been spearheading this effort. We did previously have a CFA on staff. A lot of folks might remember Bradley. She worked at the city for about 10 years. And prior to his transition over to NMFA, Bradley did this in-house. And what we found, to Councilor Lindell's question about the fees, what we found was that we could obtain the services that we need through GPA at a much lower cost than we would for a full-time employee. And also, the workload associated with this particular function, based on what we're able to invest in, really isn't enough for a full-time position. And Brad did a lot of other things. I mean, he was very busy while he was here. So I don't want to suggest that, you know, he was underutilized in any way, but this particular portion of his job was not 100% of his time. So when Brad left, we identified that position as being challenging to fill because this is a specialized technical skill set. And folks like, you know, Deian and Brad are not just, you know, all over the place. It would be difficult to hire an internal person. So at that point, we proposed amending our ordinance to allow for a contract person to take on this role for the city. So we went through that process of amending the ordinance, and we appreciate everyone's support. We were able to get that amendment approved, and then we were able to go out to RFP, and through the RFP process, GPA was selected. **Councilor Lee Garcia:** Thank you. Again, I just, you know, would like to know more, obviously. We are stewards of our taxpayers' base, and if, you know, I think it's very important. Many times we get calls from constituents, it's like, well, why do you have to go to bond to do this? Why don't you have the money? I mean, we pay taxes, and so we've got to be the best stewards for that money as possible. I'll be looking forward to tracking and seeing how this is working. And, you know, again, if we invest wisely, it goes in the positive. If we don't, we know what happens. We go the other way. The risk factor is always an important one for me to know what we're getting into. Thank you. Can you speak briefly? A lot of the investment strategy and things we can and can't invest in are state-regulated, state-determined. So, in terms of this risk factor question, there's a lot of guardrails on managing the risk. Can you just speak to that? **Speaker:** 610 is a statute that guides the allowable investments that you can do. It allows you to invest out as far as 10 years, and we're not going to make that recommendation for the city. We're going to recommend to keep you at five years. There are ways that we can bring that risk in without maximizing the 610. 610 allows you to buy some other security types that we will bring forward when we're looking at the investment policy and determine if they're right for you or not. The key with your policy is your policy is your policy. That's where we will control the risk for the city. And then that will all be within 610. So we'll bring 610 with the policy and where we deviate within that. **Speaker:** Okay. Thank you. I think it's just important to know that, you know, you're not making decisions about what funds or what types of risk overall we can make. I mean, there's a lot, you have a lot of parameters around. **Speaker:** And we will be making those decisions together within the framework of the policy, the strategy, and then to the point of the investment officer internally, we are your non-discretionary manager, so we come for approval based off our strategy that we're presenting here to the Finance Committee as well as the finance team. **Councilor Lee Garcia:** Just to follow up, thank you, Madam Chair. I just, so just to say, for example, we just had the scenario of we just did a $25 million bond. We're only going to use $9 million. We're going to reinvest the rest of it until we need it. So what happens in the scenario when you need to get some back out? Are there penalties, or what type of penalties would you have? So we're going to go out and buy securities that are laddered, not in that $9 million. We looked at the scale and we decided to add more maturities within that structure. So exactly that, Counselor, we had ongoing cash flows coming off in case that was needed. The other option is we sell the securities. When you sell them, it will depend on where you bought them, whether there's a gain or loss. So if interest rates are down, right now we're looking at buying them around a 3.70 rate environment. So if interest rates go down to 3%, you need to sell, you're going to have a gain. If interest rates are up, there would be a slight loss. Yeah, again, I think it's something that internally we also need to make sure we're managing this properly because of the fact that you got to get your money out. Well, it's going to cost you. And again, let's just be very careful on how that happens. Not opposed to investing, but we're doing it right. Hopefully, it is positive in the long run. Yeah, thank you. I look forward to working with you guys and bringing all this forward and vetting your questions because it's your portfolio, and we will make sure that we're hearing your goals and how that's structured. Thank you. Other questions from the committee? Thank you for being here tonight. Really, really happy to have you on board. Look forward to working with you. Okay, we're going to go to the consent agenda now. And the first item we're going to take is item E, request for approval of a budget amendment resolution in the total amount of $78,285 to reappropriate the Midtown Redevelopment Agency's unused one-time funding balance for the FY25 budget to FY26 to support the implementation of policies, create art installations, and host events at Midtown. Looks like we have our esteemed city manager at the podium, and Councilor Lindell, I believe you pulled this item. Chair: Thank you, Chair. Welcome, Mr. Scott. Couple of questions. Why didn't this money get spent in the year it was appropriated? I'm sorry, Counselor. Why did it or didn't? Did not. Did not. There, I'm not sure exactly what the money was initially appropriated for. Therein lies part of the question. I can tell you how it got spent, the part that got spent. I can tell you how that got spent, but my understanding was it was a transfer into the MRA budget, and that was originally intended for the same purposes that are defined in the title of the agenda item. And part of it was the concept of events at the location and some of the capital work that needed to be done in order to pull that off. We didn't do those events last year. So some of the concept here was the remaining money would move over and be used for that. We've talked about this Quadstock event that there was discussion of having that in October, but we have now said that's not going to happen, that won't work, so we'll move it. Was that? Pardon me? What event? The Quadstock. They were calling it the idea of a concert and other entertainment activities on one big day. Yeah, I'm learning about this myself, and that the idea of doing that in October just wasn't working. But when that money first got transferred, I'm told that those were the kinds of purposes that they had, that they wanted to create a place that would draw people to Midtown and put eyes on the project. But the money itself actually got spent for a number of other purposes that were all, I think, very viable and logical, but they didn't have a budget to do some of those. For instance, we've spent money on Jack Kelly, who I think most of you have met, is the consultant that we've been using to do a lot of the work on getting proposals to the city and actually even overseeing infrastructure planning. We spent $71,000 of the $250,000 to pay his fee as a temporary employee consultant. There was $14,000 spent with Davenport Construction. I'm not sure exactly what that was spent on. I think Alisa may know. That's the same company we're going to use for the demo work. So legitimate purposes. We've used part of it on creative. There were $20,000 for Creative Santa Fe, $10,000 for ND5 to do the application for the master plan, the Redevelopment Agency master plan, another $20,000 for Opticose Design, and I'm not sure precisely what that was spent on, but there were just a number of it became the operating budget for MRA. That $250,000 basically became the operating budget for anything beyond personnel. Okay. It just seems very slushy to me, and... We're going to need a lot more than this. Well, I get it, but I'm not sure right now why we need, with all the needs that we have over there for, I mean, capital improvements, the planning, the this, the that. I'm not exactly sure why we're needing to create art installations now and host events. We've done so much of that that I think we need to start digging into the meat and potatoes of this project. And I'm not really comfortable to say, "Yeah, let's continue having events." And we've done a ton of them. I am very comfortable telling you that this $78,000 will be long gone before the spring when the thought is that there would be another event. We'll have to come get money to do that. This right now, for instance, we have a proposal for $129,000 to take over the site maintenance out there. We've got weeds and trees and all sorts of cleanup that needs to be done. We've got, as you know, a pothole going to Daniel Hernandez's office space that I bang through every day as I drive out there. I mean, there are all sorts of site improvements that need to be fixed up. When we bring people out there to look at the site, there's things that just don't look like we're serious. I don't... That's $129,000. This is only $78,000. No, I get it, Mr. Scott. I just I'd like to see that this $78,000 goes to doing those kinds of... I can get... Maintenance that has been sitting for years. I'm not interested in having more the city fund more parties and more data collection out there. We've done it. I'm willing to make that commitment. That's all I need to know. Yep. Other questions from the committee? If not, is there a motion? Move to approve. Second. We have a motion, a second to approve this item. Can we get a roll call? Yes, Madam Chair. I'm sorry, I misplaced my pen. Sorry about that. The motion was made by Councilor Casset, second by Councilor Lindell. My apologies. Councilor Casset. Yes. Councilor Lindell. Yes. Councilor Lee Garcia. Yes. Chair Maroworth. Yes. Motion passes. Thank you. Thank you. Okay, we're on to item K. Request for approval of Exhibit A to Master Lease Agreement with Document Solutions, Inc. to lease equipment in the total amount of $861,630.60 through June 30th, 2026. We have Eric Condileria, our ITT Department Director with us. And again, over to you, Councilor Lindell. Yeah, my question on this is it's a pretty big contract that only goes for one year. Can you speak to that? Madam Chair, Councilor Lindell, thanks for that question. Yes, it turns out that there's an actual typo in the memo that was sent. That should actually be for 60 months. So $800,000 over 60 months. I guess that answers that, doesn't it? Move to approve. Good catch. Second. We have a motion and a second to approve this item. Can we get a roll call, please? Sure. Councilor Casset. Yes. Councilor Lindell. Yes. Councilor Lee Garcia. Yes. Chair Marworth. Yes. Motion passes. That's what happens when you've done this 12 years. I know. I know. Good for you. All right. I think we have one other item. One more item, Chair, if I could interrupt. It was pulled by me, and I rescind the pull. Okay. Item S. Did anybody else want to talk to item S? As we did. All right. Well, let's just go to item S. Consideration of resolution. I don't know if we can do it that way. Okay. Go. So, yeah. Consideration of Resolution Number 2025. It's sponsored by myself and Councilor Jamie Casset. I thought there were others on. Oh, nope. Whoops. Sorry. We're on Item R. Consideration of Resolution Number 2025. Councilor Mei, Councilor Casset, Councilor Falner, and Mayor Ellen Weber, a resolution adopting improvements to the budget process for the fiscal year 2026-2027 annual operating budget. And we do have Director Oster, and we also have the city manager in the audience if anybody needs to talk about that. But I think we did have a presentation on this, and I think the committee should be pretty familiar with the process that's being laid out. This resolution just puts it into place so that we can begin implementing. Questions from the committee. Is there a motion? Move to approve. We have a motion and a second to approve this item. If we could get a roll call, please. Thank you, Madam Chair. Councilor Casset. Yes. Councilor Lindell. Yes. Councilor Lee Garcia. Yes. Chair Marworth. Yes. Motion passes. Okay, that is the end of our consent agenda. We do not have any discussion agenda items, but we do have matters from staff. Madam Chair, I'm happy to report that we did close on our bond sale transaction last week on Thursday, and as we discussed during the investment presentation, the money is in the bank. We have our $25 million. Terrific. Matters from the committee, matters from the chair. Our next meeting is Monday, September 8th. Thanks, everybody. We are adjourned.