Good morning, everyone.

It's uh 10 30 a.m.

Welcome to the Evansville Local Public Improvement Bond Bank.

This is our uh Thursday, June 24th meeting.

Uh and we are in session.

Uh Robert, I'd like to confirm that this meeting was posted within compliance of open door laws.

Yes, sir.

It was uh published on Granicus, and we have uh paper of notices on the first and third floor bulletin boards.

Great.

And uh confirmation of quorum.

We have three members present.

We are expecting one more, uh body of five, so we do have quorums.

Yes.

Everyone was provided a copy of our minutes of our previous meeting dated March eighteenth, 2026.

Does anyone have any uh questions, comments, concerns, or corrections for those hearing none, I would accept a motion to approve said minutes.

Motion to approve.

And do we have a second?

Second.

And with a motion and a second, all in favor, aye.

Aye.

Thank you.

Turn this over to Robert.

Robert, thank you.

Um don't really have any remarks.

I appreciate everyone coming in again.

Uh also uh to do this and uh especially to Ashley and Alison for for coming in.

So that's all I have.

Great.

Uh in your uh email prior to this meeting, you were provided uh financial reports.

Um turn this over to Robert and Cody to answer any questions and walk us through this.

Okay, um good morning.

Good to see everybody again.

I really don't have a whole lot for you this time.

Um if you look at your cash and investments, we're down a little over two million dollars.

And it really is uh we dispersed a million nine during this year to the um dispatch.

Emergency dispatch for for for equipment and paid um e-rep.

And that's pretty much net of our investment income so far this year.

Um as far as our uh bands.

I build Evansville Police Department just over six hundred and ten thousand dollars this week for their June payment on their vehicles and other than that it's been very steady.

Um Robert's been investing in short-term CDs to keep cash available for anything we need to have.

Umcoming on any kinds of loans we want to make pay out.

Um it's been very steady.

DMD.

They approached the board.

DMD approached the board last year about some projects that they have on the drawing board.

So we're trying to keep that cash available to move forward with those projects.

Any questions for me?

I I have no questions.

If no one else does, I would accept a motion to accept these financial reports as presented.

So moved.

Second.

Aye.

Aye.

And those are accepted.

Do we have an audit report from Harding Shamanski and Company.

And Ashley, do you want to walk us through said report?

Thank you.

It's good to see everybody again as well.

Um I think all of you know me, Ashley Schultz, vice president with Harding and Schmansky, and I was vice president on this engagement.

I'd also like to introduce Alison Patrick Howski.

Um she's been with Harding and Schmanski 14 years in the audit department with myself, and she was going to observe today.

First and foremost, always want to thank Robert and Cody for their time and assistance for the audit and all the staff in the city controller's office.

It's definitely a team effort in our requests and our confirmation.

So we appreciate that.

And also wanted to thank the board for the opportunity for Harding to do the audit.

We very much appreciate it.

I believe you have the audited financial statements of the bond bank sitting in front of you.

I did want to just briefly go over any highlights or changes.

On page two of the auditors' report, the second paragraph, probably the most important part, is that we issued a clean or unqualified opinion on the financial statements.

So thank you for that.

Moving to page five, the statement of financial position also balance sheet.

Just hitting a few changes year over year on the audited statements, which I'm sure you all are aware of.

The cash dipped a little bit, but that is just a simply a function of purchasing additional CDs throughout 2025, but being offset by a small ban issuance in 2025 of 1.8 million, but also receiving ban proceeds or payments of 4.6 million.

Increase as I mentioned of the CD balance due to additional purchases of CDs in 2025 of 3.5 million, just simply due to the maturity and turnover of the 3 million in the prior year, and then the new purchases.

Also on the balance sheet, you'll see the loans receivable from qualified entities.

Those are the bans.

We break them out between the current and long-term portions depending on the maturity date.

Interest receivable is related to the CDs, and that were that had matured in December 2025.

Any questions on the balance sheet?

Moving on to the statement of activities.

Statement of cash flows really tells the story in the investing section that you see there.

You'll see the purchase of the new CDs, proceeds from the maturities of old or older CDs, and then the uh maturities of the bans and then the new issuances of the bans.

So that section right there really tells the story of the cash activity.

From there, I'm gonna skip you all to page 11.

Um this shows the breakdown and disclosures of the bomb banks cash and CDs between the money market funds and cash equivalents.

Um there was a small change in the presentation of interest rates year over year.

Then I'm going to take you to page 13 through 15 really, but starting on page 13.

This discloses all the bond anticipation notes, bans from 24 and the presentation for 25.

And then they are tick marked and disclosed as such to comment on the activity.

And then that was related to the police department that was issued there.

And then two bans were paid off, tick marks A or disclosure A and disclosure B were paid off in 2025.

From there, I'll take you to page 17.

Robert already alluded to it in today's meeting, but there was a subsequent event we noted in March 2026 where the bond bank issued a bond anticipation note to central dispatch of approximately 1.9 million dollars.

Any questions on the audited financial statements?

Okay, I'll move on to two letters that we have.

The first one I'll start with is the audit committee letter, and that has the bold face headers on there.

I just wanted to mention to the board audit committee that there was no adoption of new accounting policies, no significant or usual transactions identified, no disagreements with management, no consultations, and no significant significant difficulties in dealing with management.

On page four, you'll see one journal entry proposed by us during the audit, and that was just to correct the outstanding balance of one of the bond anticipation notes being improperly applied to interest instead of principal.

This second and last letter is our letter of recommendations to management, and this just highlights what I just mentioned that small adjusting journal entry where we identified one check received for approximately 14,000 dollars that was improperly coded to interest income rather than reducing the principal balance.

Would the term incorrect be more appropriate there?

Improper has a connotation of intention, maybe just a question.

Even though it is improperly done.

We can change that.

Okay, perfect, thank you.

No problem.

Well, that concludes my presentation unless anybody else has any further comments or questions.

Does anyone have any questions, comments, concerns for Ashley or the Harding Shamanskian company?

Team.

I'd like to thank uh Cody for your fine work on this and assisting uh the auditors and Robert, of course, for running a tight ship.

So thank you.

All the credit goes to Cody.

He's done a fantastic job getting this all put together.

So I do believe we need action to accept this document.

Is that correct?

Would someone like to make a motion to um accept the audit report from Harding Shamansky and Company?

So moved.

Second.

We have a motion and a second.

Any discussion?

All in favor of accepting this as presented.

Say aye.

Aye.

Any opposed?

There we go, we are good.

All right.

Next up, we have a voucher register as for all public bodies.

If you remember, the copies of the invoices that are being paid and approved at this meeting are there for you.

We do need your signature on that document if you agree that these are the invoices that were provided in your email and that are present now.

Um updated member list.

Was that just changing my email address?

Okay, perfect.

So does anyone have any questions on either of those?

Great.

Robert, miscellaneous announcements?

Um I don't think we have any business to conduct two weeks from today, or two weeks from yesterday.

So if it's okay with the board, we'd like to cancel that June meeting.

Okay.

We'll send out a reminder.

I'll ask Pam to send out a reminder.

Thank you.

Does anyone uh staff have anything to discuss?

Members of the public slash auditing team.

Uh all right, it sounds like we're adjourned.

Everyone have a great afternoon.