I want to welcome our standing room only crowd.

If you're going to speak, please come forward and sign.

And I'll just let you know that since we have a quorum and uh so today we have the bond bank is going to be uh open.

So we the uh Indiana open door law will be met and we'll get started.

Um the first order of business is the approval of our minutes from the August 6 18th 2025 meeting, which was canceled, but the board uh the September and October meetings are canceled.

Yeah, yes, it was September and October, so we want to approve those minutes, and so I will call for so moved, Mr.

Chairman.

And do I hear a second?

Second has been approved.

All in favor say aye.

Aye.

Minutes for August 18th, 2025 has been approved.

Uh the second item for approval is resolution number four.

It's uh a general obligation bond resolution for the city projects.

And Karen is gonna run through it.

Thanks, Chair.

Um, so today we have uh resolution number four.

Um, as chair said, this is seeking approval um to issue up to 21 million dollars of uh general obligation bonds, and those will fund three different sets of um qualified entity bonds.

So that's going to include a new firehouse at station 34, 33 um on the west side, and then we'll also allow the public safety communications district to um issue up to 8.5 million dollars for a new tornado sirens and other um communication infrastructure and software equipment, and then lastly, we'll allow the Metropolitan Thoroughfare District to issue up to four million dollars uh for the per uh purpose of purchasing eight to ten new snow trucks and other specialized uh DPW equipment.

Um the bonds will um have a not to exceed interest rate of six and a half percent and then also a term not to exceed 20 years, and we hope to price the bonds um this month yet.

So take any questions.

Okay, um so we need an approval of this yep, we'll need uh a motion to approve uh resolution four.

Do I have a motion?

I have a motion to approve the bond.

Second, all in favor say aye.

Aye, the approval of the resolution number four bond uh obligation bond has been approved, and um the next item up is um the budget presentation by Laurie.

Yes, and so uh today Lori will be presenting the budget.

This is not for a vote, this is just our budget introduction, um, and then come back at the December meeting to approve the budget.

All right, all right, Lori.

Thank you for the opportunity to present our proposed budget for the 2026 fiscal year.

Before I go into the details of our 2026 budget, I'll provide a high-level summary of what is before you.

In addition to the 2025 budget and numbers you approved last year, you'll see a column that breaks down where we think the bond bank will stand from a PL perspective by year end.

These extrapolated figures are based on a combination of events that have already occurred and the most up-to-date information we have as to what is still expected to happen in the remaining weeks of 2025.

As of now, our operations are reflecting a net profit a year end of one million dollars.

There are a couple key factors that contribute to this year's end result.

First, we have exceeded our opening fee revenue due to the issuance of the 2025 C and D health and hospital refunding bonds, which is set to close later this month, and we've also exceeded our interest income due to earnings on the CD we purchased with our reserves this year.

In addition, we have underspent this year as well.

We're expecting to come in under budget on several line items with professional services and QE focus support being the largest.

And with that, I'd be happy to answer any questions relating to our projected 2025 year in numbers.

Anybody have any questions for Laura?

We did go through some of it before today.

Right.

You and I and Joe.

Okay.

All right.

So the last item for the meeting is cut.

Oh, I'm still I need to do the budget part, Chairman.

You need to so there's no questions on the 2025 projected numbers.

I'll go into my 26 proposed budget.

Um so looking ahead at our 2026 proposed budget, it was created with balance in mind.

We will again this year present a break-even budget.

Our total revenue is budgeted at 4 million.

Our main source of revenue is bond bank fees.

This consists of annual fees and opening fees.

Our fee arrangements are for annual fees will remain the same as prior years, with our annual fees for 2026 totaling 3.5 million.

Opening fees are based on the discretion of our executive director.

Our current policy is that fees are assessed based on the complexity, outlay of costs that can't be reimbursed, and the amount of the time incurred working on the deal.

We conservatively budgeted 250,000 for opening fees.

We will again budget miscellaneous revenue at zero since this is unknown and varies each year.

We budget 300,000 for interest income based on current interest rates and balances.

In general, operating expenses are budgeted based on a trend analysis that includes historical data as far back as three years.

We either increase or decrease line items based on that analysis or any new information brought to our attention.

These are fairly consistent year after year.

I've held the line on most line items, but I'll go ahead and highlight the items that are over 100,000.

Professional services remain at 500,000 based on a three-year average analysis, the extrapolated 2025 numbers and added contingency for any fee increases.

Items include legal accounting, auditing, financial advisory fees, and software support.

Leaving room for flexibility and allowing the bond bank to help fund important initiatives throughout the year.

Earmarked items include employee Indy, 212,000, which includes Project Indy and Indy Achieves, Spark on the Circle, 200,000, Mayor's Office Interns, 82,000, Indiology 70,000, for OFM policy analytics for professional services, 50,000, and Indy hub for 50,000.

We budgeted 500,000 to continue to support the arts council, which is a separate line item we added last year.

We've budgeted 120 in trustee fees due to the annual fees for new issuances.

Potential wages are budgeted at 140,000.

This includes one open position, a bonus pool of 15,000, and two summer interns at $15 per hour.

Real benefits are budgeted at $230,000.

This includes benefits for seven FTEs at the plan rates currently enrolled for 2026.

Potential benefits are budgeted at 47,000.

This includes benefits for one FTE at the highest rate for each level of benefits.

And this concludes my budget presentation for the 2026 fiscal year, and I'll be happy to answer any questions at this time.

First and foremost, apologies for being late, Lori.

Glad you didn't sack my hand coming in.

Um you might have already explained it.

What is this and well done on holding the line on 2025?

But what is the discrepancy between budget and actual for the professional services?

This year, um, well, I'm holding the line for next year for any increases, potential services.

We really came in under budget for like legal and financial advisory services.

I feel like we kind of maybe perhaps have done more internal than out than outside, so that's where the biggest discrepancy or where the savings were for 2025.

Excellent.

And well done.

And so then I guess next year we'll monitor that to see.

Yeah, we'll see, and then we can decrease.

I typically hold the line once I start seeing the pattern.

If we're going to be under, then I'll think about decreasing, but for one year, kind of just rather hold it there.

I don't want to be over it to be conservative.

Makes sense.

Thank you.

Uh does anybody have any other questions or comments about the uh budget?

Okay.

Okay.

Uh since uh we are going to uh take we won't take a vote on the budget this month, uh we'll just vote on it next month at our December 15th meeting, yes, and that will take care of the city and uh everybody to the end of the year, and we'll start again next year.

But uh we will vote on the budget on December 15th.

Uh so the last issue for discussion is Karen is gonna uh update our current projects.

Okay, so we have been working obviously on the new issuance of the GO bonds.

I failed to mention our team who is here, so um we have uh an underwriting uh our underwriter is loop capital is leading that transaction.

They're not here today, but their underwriter counsel um with Ice Miller is here.

We also have Bozemini Evans serving as bond counsel and then sick more advisors as our municipal advisor to that transaction, and we um hope to price those bonds uh right before Thanksgiving and then close in uh December so that way the city will have those funds in the bank before year end and can start working on those critical upgrades.

Um we also uh had a successful pricing last month of our health and hospital uh bonds, so that was the 2025 C and D bonds uh that were approved at the last board meeting.

Um so we will close we're working towards closing those um in about eight days.

Um so those are all the documents Norm had assigned prior to the meeting.

Um and then we also continue on old city hall uh continue to work with the developer to finalize terms and we'll keep you all updated at how that project proceeds.

Um and then the last item I have in the packet here is our 2026 board meeting calendar, so I just want to make sure everyone saw a copy of the calendar, and I believe that's uh it that we have for our update.

Um I don't know if anyone has any questions.

Okay, nobody has any questions.

Uh so I'll take a motion to dismiss all in favor say aye.

Aye.

Okay, we're done.

Thank you.

Thanks for coming.