Audit, Finance & Administration Committee Meeting
Hey y’all, quick note from the editor on this one. Financial reports are…confusing to me as a non-financial person, so these notes aren’t the greatest ones I’ve put out. I’m hoping to understand more as I get through more meetings, but just a heads up that the first few financial meetings will be a bit harder for me to make useful notes for. If you’ve got any suggestions on what information is actually useful here, or just any comments in general, just let me know!
- Public comment: none for this meeting
- Bi-State Development Operating & Capital Budget
- Presented by Tammy Fulbright
- This is for the budget 2024-2026.
- There are a bunch of figures and such that I can’t easily share, but this information seems to all be in the meeting packet that they provided.
- Also, I really don’t have a good grasp on a lot of budget things, so sorry in advance if I’m writing a bunch of things that don’t make sense/aren’t relevant!
- Our 5-year average annual growth is 1.11%.
- My favorite part of these budget presentations is that I forget that Bi-State runs the Arch - so you always get a financial statement of people hanging out at the arch.
- If I’m reading this correctly, Metro is burning $77M a year. Yeesh.
- That’s after “depreciation and transfers”, which may make that seem worse? Unclear.
- Now talking about capital funds, which…is very confusing. There’s some pie charts in the packet if you’d like to look at these allocations.
- On to questions: and there are none.
- Motion to approve, but this has to go to the full board for approval.
- Contract: Compensation Study
- Diana Bentz is presenting here.
- This is an annual review of compensation, and a formal review every 3 years.
- They’re proposing some changes to the system because it’s hard to hire people right now, and they want to stay competitive in the market.
- “multiple ranking technology” - lot of buzzwords here, holy wow. “management-driven vs consultant driven”)
- Anyways, this sounds like we’re hiring a company to do this research. ~$200K.
- Moore asks about the frequency of these reports: once a year for the internal, every 3 years they do a formal review, which is what this is.
- Voice vote: it’s passed.
- Internal Audit Follow-Up: Q2 FY2023
- Next up, Crystal Messner is presenting this point and the next two.
- Internal Audit Status Report:
- nothing to note here
- Internal Audit State Safety Oversight Status Report:
- Everything was on schedule.
- Roach chiming in here to say that some of the audits moving around is helping Bi-State target what they want to work on.
- Lots of business-y jargon in this section. Apologies again for not having super useful notes!
- Moore asks if the 12 incidents they found was more than usual: Messner says that she doesn’t think it’s indicative of a larger trend.
- Pension Evaluations Update
- Every year, they get a firm to do an analysis on the pensions. Not too much to note here.
- Treasurer’s Report
- Talking about how much money Bi-State has in different portfolios.
- As mentioned before, these details are in the meeting packet, so be sure to check that out if you want more details.
- Treasury Safekeeping Quarterly Accounts
- Back to financial jargon.
- Financial Statements
- This is going over the numbers we saw a bit earlier in the presentation.
- Procurement Report
- Talking about more financials.
- Unscheduled Business: none
- CEO Report
- Metro had a hiring event on Jan 28th.
- Nothing for the executive discussion.
- And adjourned!