Jun 17, 2024 Venue Board Meeting

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ALL RIGHT, WELL, IT'S PAST 2:00, AND WE DO HAVE A QUORUM.

[CALL TO ORDER]

COMMENT PERIOD.

THERE'S ANYONE IN THE AUDIENCE WHO WOULD LIKE TO MAKE A COMMENT.

PLEASE STEP FORWARD.

SEEING NO ONE.

THERE WILL BE NO VOTES OR ANY FORMAL ACTION TAKEN ON SUBJECTS PRESENTED DURING PUBLIC COMMENT.

PUBLIC COMMENT PERIOD WILL ONLY ALLOW MEMBERS OF THE PUBLIC TO PRESENT IDEAS AND INFORMATION TO BOARD, OFFICIALS AND STAFF.

IS THERE ANYONE THAT WOULD LIKE TO MAKE A PUBLIC COMMENT? IF NOT, I WILL NOW CLOSE THE PUBLIC COMMENT PERIOD.

WE NOW MOVE INTO ITEM NUMBER ONE, APPROVAL OF THE MINUTES FROM THE APRIL 3RD, 2024 MEETING.

[1. Minutes: Approval of the Minutes from the Regular Meeting Held on April 3, 2024.]

I MOVE THAT WE APPROVE THE MINUTES.

SECOND. WE HAVE A MOTION BY JUDGE CROWLEY AND A SECOND BY KYLE MCALLISTER.

ANY FURTHER DECISION? ALL IN FAVOR, SAY I.

I. AND ALL THOSE OPPOSED? ALL RIGHT. WE WILL NOW MOVE TO ITEM NUMBER TWO, DISCUSSION AND APPROVAL OF A MUNICIPAL ADVISORY AGREEMENT FROM HILLTOP SECURITIES INCORPORATED.

[2. Discussion and Approval of a Municipal Advisory Agreement with Hilltop Securities Inc.]

HIS NIGHT. ITEM TWO IS A MUNICIPAL ADVISORY AGREEMENT FOR WITH HILLTOP.

IT'S FOR SERVICES PROVIDED BY GEORGE WILLIFORD AND PREPARATION OF THE BOND SALE AND THE VENUE DISTRICT'S ISSUANCE OF BONDS.

SINCE THE DISTRICT IS A LEGAL SEPARATE ENTITY FROM THE CITY, THE DISTRICT WAS REQUIRED TO EXECUTE A SEPARATE AGREEMENT.

SO WE'RE JUST NEEDING APPROVAL FROM THE BOARD.

ARE THERE ANY COMMENTS ON PRESENTATION MADE BY MISS? RIGHT. I WOULD ASK FOR A MOTION AND A SECOND TO APPROVE THIS ADVISORY AGREEMENT WITH HILLTOP SECURITIES.

SO MOVED. I HAVE A MOTION FOR MR. MCALLISTER. IS THERE A SECOND? SECOND. THERE'S A SECOND FROM JUDGE CROWLEY.

WE HAVE A MOTION AND A SECOND.

ANY FURTHER DISCUSSION? ALL IN FAVOR, SAY AYE.

AYE. ANY OPPOSITION? MOTION PASSES.

WE WILL NOW MOVE.

CHARGE! YOU'RE 100%.

WAY TO GO. ALL RIGHT, LET'S MOVE TO ITEM NUMBER THREE.

[3. CONSIDER AND ADOPT AN ORDER AUTHORIZING THE ISSUANCE OF ABILENE-TAYLOR COUNTY EVENTS VENUE DISTRICT VENUE TAX REVENUE BOND (HOTEL OCCUPANCY TAX), SERIES 2024; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BOND; PROVIDING AN EFFECTIVE DATE AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT.]

VENUE. DISTRICT. VENUE.

TAX REVENUE BOND.

THAT'S THE HOTEL OCCUPANCY TAX SERIES 2024, PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BOND, PROVIDING AN EFFECTIVE DATE, AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT.

I WILL CALL UPON GEORGE WILLIFORD OF HILLTOP SECURITIES TO MAKE A PRESENTATION, PLEASE.

ALL RIGHT. MR. PRESIDENT. COMMISSIONER.

PLEASURE TO BE BACK.

AND WE DISCUSSED THIS IN THE APRIL MEETING ON KIND OF A PROSPECTIVE BASIS AND MOVE FORWARD WITH EVERYTHING AS WE HAD LAID OUT.

AND WHAT WE DID IS THE STRUCTURE OF THE ISSUE WAS SUCH TO PROVIDE $2 MILLION OF PROCEEDS FOR IMPROVEMENTS AT FRONTIER TEXAS.

AND YOU ALL SHOULD HAVE A WITHIN YOUR PACKAGE, A 3 OR 4 PAGE PIECE LIKE THIS THAT REALLY GIVES THE RESULTS AND SO ON. BUT I WANTED TO KIND OF OUTLINE WHAT WHAT WE HAD DONE AND SO ON, KIND OF GOING BACK, IT KIND OF TIES TO JUST WHAT YOU HAD TO APPROVE.

IN THE LAST ITEM IN 2004, WE JUST DID THIS UNDER THE ENGAGEMENT BY THE CITY.

OF COURSE, WE'RE ENGAGED BY BOTH THE CITY AND THE COUNTY, BUT REGULATIONS HAVE CHANGED SUCH THAT WE'VE GOT TO BE SEPARATELY ENGAGED IN.

STANLEY EVEN CONCURRED THAT THAT WAS APPROPRIATE AND PROPER.

WELL THAT'S AFFECTED DIRECT PLACEMENT OR PRIVATE PLACEMENT OF BOND ISSUES AS WELL, BECAUSE WHEN THE FINANCIAL CRISIS HIT IN 2008, BANK REGULATIONS GOT A LOT TIGHTER, A LOT DIFFERENT AND SO ON.

SO WHEREAS IN 2004, IT WAS PRETTY SIMPLE TO WORK WITH THE LOCAL BANKS AND GET A BID FOR THEM TO HOLD 20 YEAR FIXED RATE ISSUANCE AND SO ON.

IT WAS A LOT HARDER THIS TIME BECAUSE THE REGULATORS REALLY CRACKED DOWN.

[00:05:03]

AND THEN, OF COURSE, THE INTEREST RATE MARKET THAT WE'RE IN IS NOT REALLY HELPING THE UNCERTAINTY AND SO ON.

AND, YOU KNOW, WE'RE EVERYONE HAD HOPED THAT WELL, RATES WOULD BE COMING DOWN.

THAT'S NOT HAPPENING.

AND SO ON.

AND SO TO COMMIT TO SOMETHING THAT'S A FIXED RATE FOR 20 YEARS MAKES IT TOUGHER.

IT'S VERY SIMILAR TO THE MORTGAGE MARKET.

MORTGAGE RATES HAVE RISEN AND SO ON.

SO BOTTOM LINE IS THE INTEREST RATES A LITTLE BIT OFF OF WHAT WE HAD HOPED WHEN WE DISCUSSED IN APRIL.

BUT AT ANY RATE, WE SENT A TERM SHEETS AND PACKETS OF INFORMATION TO LOCAL BANKS THAT HAD INDICATED THEY MIGHT HAVE SOME INTEREST IN THIS AND SO ON.

AND IN THE END, FIRST FINANCIAL, AS YOU KNOW, THEY BOUGHT THE 2004 ISSUE WAS THE BANK THAT BID TO BUY THE ISSUE, AND THEY BID A RATE OF 5.5%, LIKE I SAID, A LITTLE BIT HIGHER THAN WHAT WE HAD HOPED AND WHAT THAT RESULTS IN.

YOU'LL SEE ON THE NEXT TWO PAGES BEHIND THE FIRST, THE ANNUAL DEBT SERVICE ASSOCIATED WITH THAT FOR THE 2 MILLION PROJECT PROCEEDS AMOUNT IT'S GOING TO WORK OUT TO BE AROUND $175,000 A YEAR.

AND WE'D HOPED THAT IT WOULD BE SOMEWHERE AROUND, YOU KNOW, 10,000 OR SO LESS THAN THAT.

WE ACTUALLY REACHED OUT WHEN WE GOT THE BID TO THE TO FRONTIER TEXAS, TO SEE IF THEY WANTED TO ALTER THE SIZE, HAVE A FEW DOLLARS LESS PROCEEDS, PULL DOWN THE DEBT SERVICE.

AND THEY CONCLUDED THAT, NO, THE FULL 2 MILLION IS WHAT THEY NEEDED, AND SO ON.

AND EVEN AT 175,000 A YEAR, GIVEN THE RECENT HISTORICAL HOTEL MOTEL TAX COLLECTIONS MILLION TWO OVER A MILLION. THREE LAST YEAR THAT SHOULD LEAVE WELL OVER $1 MILLION A YEAR ON A GOING FORWARD BASIS, TO BE DISTRIBUTED BETWEEN THE EXPO CENTER AND FRONTIER, TEXAS TO SUPPLEMENT AND HELP THEIR OPERATIONS.

SO, AT ANY RATE, WHAT YOU SEE ON THAT SECOND PAGE BEHIND THE COVER IS WE'RE PRODUCING $2 MILLION, THE COST OF ISSUANCE ALL TOTAL OR $95,000.

AND THEN THIS WILL HAVE MATURITIES BEGINNING JUNE 15TH OF NEXT YEAR.

AND THAT'LL GIVE LITERALLY FROM THIS POINT IN TIME, A FULL YEAR COLLECTIONS OF HOT REVENUES BEFORE THERE IS A FIRST PRINCIPAL PAYMENT.

AND AS I HAD TO TRY TO EXPLAIN TO THE BANK WHY 20 YEAR, WHY NOT A SHORTER OR THIS OR THAT HAVING THAT FULL 20 YEAR REPAYMENT IS IMPORTANT BECAUSE YOU CAN ONLY COLLECT THE HOT TAX AS LONG AS THERE'S DEBT OUTSTANDING.

SO THE 20 YEAR DEBT IS NEEDED TO JUSTIFY AND ENABLE THE ONGOING COLLECTION OF THOSE MONIES AND SO ON.

BUT THIS WILL GO BEFORE THE.

THE CITY COUNCIL FOR THEIR APPROVAL ON THE 27TH, THE COMMISSIONERS COURT ON JULY 2ND, AND THEN SAM GILL WITH MCCALL PARKHURST, WHO'S BEEN COUNSEL TO THE VENUE DISTRICT AS WELL AS THE OTHER TWO ENTITIES, WILL AFTER TODAY AND AFTER THE INITIAL SIGNATURE, IF APPROVED BY THE BOARD, SUBMIT THIS TO THE ATTORNEY GENERAL.

TYPICALLY WE ALLOW AROUND 30 DAYS.

AND SO WE'RE WE'RE TARGETING JULY 25TH FOR CLOSING.

AND THAT WAS THAT'S THE DATE.

THE FULL $2 MILLION OF PROCEEDS WILL BE COMING TO BE INVESTED AND THEN SPENT AS SOON AS POSSIBLE ON THE PROJECT AND SO ON. BUT WITH THAT, I'D BE GLAD TO ANSWER ANY QUESTIONS THAT YOU MIGHT HAVE.

THANK YOU VERY MUCH.

THANK YOU. SINCE OUR.

DO YOU HAVE QUESTIONS? THANKS, GEORGE.

APPRECIATE IT. THANK YOU.

VERY GOOD. ALL RIGHT.

SINCE THERE ARE NO QUESTIONS, I WOULD ASK FOR A MOTION AND A SECOND FROM THE BOARD TO CONSIDER TO APPROVE AND ADOPT THE ORDER AUTHORIZING THE ISSUANCE OF THE ABILENE-TAYLOR COUNTY EVENTS VENUE, DISTRICT VENUE TAX REVENUE BOND, OR HOTEL OCCUPANCY TAX SERIES 2020 FOR PROVIDING FOR THE SECURITY AND PAYMENT OF SAID BOND, PROVIDING AN EFFECTIVE DATE, AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT.

SO IS THERE A MOTION? I'M. MAKE A MOTION. THERE'S A MOTION FROM MR. MCALLISTER. IS THERE A SECOND, SECOND, SECOND FROM JUDGE CROWLEY?

[00:10:01]

ANY FURTHER DISCUSSION? ALL THOSE IN FAVOR SAY AYE.

AYE. ANY OPPOSED? MOTION PASSES.

ALL RIGHT. WE WILL MOVE TO ITEM NUMBER FOUR.

[4. Presentation of Programs and Venue Tax Use a. Frontier Texas!]

LET'S CALL UPON JEFF SALIMAN OF FRONTIER TEXAS TO MAKE THAT PRESENTATION.

JEFF, GOOD AFTERNOON.

THANK YOU FOR YOUR SERVICE ON THIS BOARD.

ONCE AGAIN, WE APPRECIATE THAT.

AND I WANT TO THANK THE OTHER CITY STAFF MEMBERS WHO TOOK TIME TO MOVE THINGS FORWARD.

AND, GEORGE, FOR YOUR DILIGENT WORK ON THE BOND.

SO WE ARE UNDERWAY WITH CONSTRUCTION.

AND SO THAT IS GOOD.

THAT WAS BID OUT TO MULTIPLE CONSTRUCTION AGENCIES AND THE LOW BID CAME IN WITH CROWE CONSTRUCTION.

AND SO THEY HAVE BEEN UNDERWAY FOR A BIT NOW.

AND THE GOOD NEWS WAS THAT LAST WEEK WE ARE A WEEK AND A HALF AGO, WE HAD THE FOUNDATION POURED FOR THE NEW PART OF THE BUILDING. AND WE SAW THE STRUCTURAL STEEL SHOW UP LAST WEEK AT THE BEGINNING OF THE WEEK.

AND AS I WAS LEAVING THE BUILDING JUST NOW, SOME STRUCTURAL STEEL WAS GOING VERTICAL, WHICH IS A VERY GOOD SIGN FOR US.

WE'RE VERY PLEASED TO SEE THAT.

AND SO IN TERMS OF CONSIDERING BUDGET FOR THE ALLOCATION OF THE BONDS HEARING THAT IT DOES CLOSE AMAZINGLY, ON MY BIRTHDAY, JULY 25TH I THOUGHT THAT WAS INTERESTING NEWS THAT WE WOULD REQUEST THAT WE ARE FUNDED WITH THE FULL AMOUNT, AS YOU KNOW, AS SOON AS POSSIBLE WHEN THE REASON OF THAT TIME SINCE THAT WE HAVE BEEN EXPENDING THE, OUR PRIVATE SIDE OF OUR FUNDS AND THOSE ARE FOR THIS PROJECT ARE, ARE DWINDLING QUICKLY AS WE DO EXACTLY WHAT WE WERE TOLD TO DO.

AND WITH THAT, AND BECAUSE OF THAT GOOD NEWS ABOUT STRUCTURAL STEEL, WE HAD BEEN WORKING ON A TIME FRAME WITH CROWE THAT I HAD ORIGINALLY TOLD YOU THAT THE CONSTRUCTION MIGHT PROBABLY GO UNTIL ABOUT MARCH OF NEXT YEAR, BUT WHEN I ASKED THEM THE QUESTION VERY THOUGHTFULLY ASKED QUESTION LAST WEEK OF WHEN DO YOU WANT ME TO MAKE SURE I HAVE THE VERY LAST DOLLAR YOU NEED TO GET TO PAY FOR, MEANING YOU ARE COMPLETED? THEY SAID THAT IT WAS SOMETHING THAT MY, MY BILLINGS ARE GOING TO PICK UP RIGHT NOW, BUT THAT THE FINAL ONE COULD VERY EASILY BE IN DECEMBER.

AND SO I WAS GLAD TO HEAR THAT.

AND JUST WANTED TO MAKE THAT REQUEST THAT FUNDS BE AVAILABLE FOR US THERE THAT'S IN TERMS OF CONSTRUCTION.

SO THAT'S THE END OF THAT PART.

OTHERWISE FRONTIER TEXAS IS OPEN AND RUNNING AND DOING WHAT WE ALWAYS DO.

WE'RE OPEN SEVEN DAYS A WEEK RIGHT NOW.

WE DID HAVE A LITTLE BIT OF TIME WHILE WE WERE CLOSED BECAUSE OF GUTTING PARTS OF OUR LOBBY AND SOME THINGS LIKE THAT, BUT WE'VE BEEN FULLY OPEN.

DID SCHOOL TOURS ALL THROUGH THE MONTH OF MAY, JUST GOT FINISHED SERVING A FEW THOUSAND KIDS WITH THE CALF FESTIVAL AND, AND SO WE'RE VERY BUSY WITH TOURISTS AND EVERYBODY COMING IN RIGHT NOW AND LOOKING FORWARD TO CONTINUING THAT.

AND THEN IN TERMS OF THE BUDGET FOR THE NEXT, THIS NEW DISTRICT AND THIS NEXT COMING FISCAL YEAR.

I JUST ASK THAT YOU STICK WITH THE PLAN THAT HAS BEEN DISCUSSED AMONGST THE EXPO CENTER AND FRONTIER TEXAS AND THE MEMBERS OF THIS BOARD FOR A COUPLE OF YEARS NOW, THAT AS WE INSTITUTE THIS NEW DISTRICT, THAT WE STICK WITH THE 5050 SPLIT ON OPERATING REVENUES AFTER THE CITY'S 2%.

TUITION FEE AND THE DEBT IS PAID, AND THAT THOSE ALLOCATIONS ARE PAID IN THE SAME MANNER THAT THEY HAVE BEEN CURRENTLY.

THAT'S ALL I HAVE TO SAY.

DO YOU ALL HAVE ANY QUESTIONS? JEFF, YOU KNOW, WE LAST COUNCIL MEETING, AND I KNOW THE COUNTY IS FEELING SOME OF THE SAME PAIN ABOUT SALES TAX, WHICH IS.

LOCAL YET NOT LOCAL.

BUT ANYWAY, IS THERE ANY INDICATION IN YOUR INDUSTRY, IN YOUR CIRCLES, THAT WHAT'S HAPPENING, LIKE WITH THE CITY OF ABILENE COULD TRICKLE DOWN AS FAR AS OVERALL SALES DOLLARS OR TOURISM DOLLARS THIS YEAR? OR DO Y'ALL HAVE ANY ANY IDEA? YEAH, I LOOK AT THAT REALLY CLOSELY, AND I TALK A LOT WITH ROBERT OVER AT THE CONVENTION AND VISITORS BUREAU.

[00:15:04]

I'M ALSO SERVING ON THE BOARD OF DIRECTORS OF THE TEXAS TRAVEL ALLIANCE, WHICH IS OUR STATE TRAVEL TRADE GROUP, AND WE HAD GONE EARLIER THIS YEAR AND REALLY STARTED IN 23 WITH A DIP IN THE HOTEL TOURISM SECTOR.

AND IT HAD DROPPED TO AS MUCH AS ABOUT 6% OFF FROM THE PREVIOUS YEAR.

AND TO BE HONEST, ABOUT 4% FROM ALMOST ANYBODY'S TREND LINES UNDER THAT.

BUT IT CAME BACK AND IT HAS COMING BACK PRETTY WELL RIGHT NOW.

I JUST LOOKED AT THE VENUE CHECK THAT AND MY THAT WE JUST RECEIVED AND IT WAS A LITTLE BIT OFF FROM MY EXPECTATIONS BUT NOT MUCH.

AND SO LOOKING AT THE THE LAST EIGHT MONTHS, THE FIRST EIGHT MONTHS OF THE FISCAL YEAR, THE COLLECTIONS SEEM TO BE RIGHT IN LINE WITH MY ESTIMATION.

SO I FEEL LIKE WE'RE IN GOOD SHAPE.

AND THE OTHER FACTOR ON THAT IS THAT YOU KNOW, THE HILTON IS A NEW PROPERTY IN TOWN THAT THERE WAS A, YOU KNOW, THERE'S A LITTLE BIT OF AN ADJUSTMENT PERIOD WHEN A NEW BIG PROPERTY COMES INTO TOWN AND THEN IT HELPS RAISE THE TIDE FOR EVERYBODY.

AND THEN WE HAVE TWO OTHER NEW GOOD, VERY NICE PROPERTIES THAT JUST OPENED IN TOWN.

AND SO I FEEL LIKE WE'RE ON SOLID FOOTING.

OKAY, I APPRECIATE IT.

THANK YOU. ANY FURTHER QUESTIONS? THERE'S NO ACTION REQUIRED BY THIS ITEM.

IT'S SIMPLY FOR DISCUSSION AND INFORMATION.

THANK YOU JEFF.

SO NOW LET'S MOVE TO ITEM NUMBER FIVE DISCUSSION AND POSSIBLE ACTION REGARDING THE FY 2025 ALLOCATION OF THE 2% VENUE

[5. Discussion and Possible Action Regarding the FY 2025 Allocation of the 2% Venue Tax]

ITEM FIVE IS THE ALLOCATION OF THE 2% VENUE TAX.

IF YOU LOOK AT PAGE 58 OF YOUR BOARD PACKETS, I'VE PROVIDED THE HISTORICAL ALLOCATION.

AS OF 2024, WE ARE FINALLY AT A 5050 SPLIT BETWEEN THE EXPO CENTER AND FRONTIER TEXAS.

IF YOU LOOK AT PAGE 59, SHOULD THE BOARD DECIDE THEY WANT TO CHANGE THE ALLOCATION, THERE ARE SOME SCENARIOS AND PROJECTIONS OF WHAT THAT IMPACT WOULD DO.

REALLY, THIS IS JUST INFORMATION TO PROVIDE THE BOARD ON WHETHER OR NOT THEY WANT TO CHANGE THE ALLOCATION OR KEEP IT AT THE CURRENT 50, 50%.

DOES ANYONE HAVE ANY QUESTIONS FOR ME? WHY WOULD WE WANT TO CHANGE IT? CHANGE THE ALLOCATION? YOU WOULDN'T NECESSARILY WANT TO.

THIS IS JUST AN ITEM THAT HISTORICALLY WE'VE ALWAYS BROUGHT BEFORE THE BOARD.

JUST SO AS THE BOARD CHANGES, THEY CAN MAKE A NEW DECISION EVERY YEAR.

SO SO I GUESS SO NO ONE CAN SAY, WELL MAN, IF I HAD BEEN ABLE TO CHANGE, WE WOULD HAVE CHANGED.

YOU KNOW, AT LEAST JUST GIVE US THAT EVEN IF WE'RE NOT GOING TO, WE JUST AT LEAST HAVE THE OPTION, I GUESS.

THANK YOU. IN OUR AUDIENCE, WE HAVE MR. DENNIS O'DELL, CHAIRMAN OF THE TAYLOR COUNTY EXPO CENTER BOARD.

DENNIS, DO YOU HAVE ANYTHING TO SAY? WE APPRECIATE WHAT WE'RE WHERE WE'RE GOING, AND WE'RE BUSY AS WE CAN BE.

TEXAS HIGH SCHOOL RODEO JUST FINISHED.

IT'S GREAT. IF NO ONE HAS ANY RECOMMENDED CHANGES, THEN I WOULD ASK FOR A MOTION AND A SECOND FROM THE BOARD FOR THE ALLOCATION OF 50% FOR FRONTIER TEXAS AND 50% FOR THE EXPO CENTER.

SO MOVED. MOTION BY MR. MCALLISTER, SECOND BY JUDGE CROWLEY.

ALL IN FAVOR, SAY AYE.

AYE. ANY OPPOSED? MOTION PASSES.

AND NOW WE WILL MOVE TO ITEM NUMBER SIX.

[6. Acceptance of the Annual Audit Report for the Year Ending September 30, 2023]

ONCE AGAIN, MAY I CALL UPON MARJORIE KNIGHT TO PRESENT THIS ITEM, PLEASE? BEFORE YOU IS THE 2023 AUDITED FINANCIALS FOR THE VENUE DISTRICT.

THE VENUE DISTRICT IS AUDITED AS A FIDUCIARY FUND OF THE CITY OF ABILENE.

THE CITY'S AUDITORS FOR THIS HAVE PROVIDED AN UNQUALIFIED, CLEAN OPINION ON THE FINANCIAL STATEMENTS.

I DID PROVIDE A COPY OF THIS REPORT IN YOUR BOARD PACKETS.

IF YOU'LL LOOK AT PAGE 69 AT THE STATEMENT OF NET POSITION.

AS OF SEPTEMBER 30TH, 2023, TOTAL ASSETS FOR THE VENUE DISTRICT ARE $248,643.

MATCHED WITH THE TOTAL LIABILITIES ARE $212,145, FOR A TOTAL NET POSITION OF

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TOTAL REVENUES AND EXPENSES FOR THE YEAR WERE 1.3 MILLION REMAINING, MOSTLY FLAT OVER THE PRIOR YEAR, AND THEN AT THE CLOSE OF THE FISCAL YEAR, THERE WAS ONLY ONE MORE BOND PAYMENT REMAINING.

THAT IS THE BOND PAYMENT THAT WE JUST MADE ON THIS LAST FRIDAY.

AND THAT IS ALL.

DOES ANYONE HAVE ANY QUESTIONS? ONE OF MY FAVORITE PHRASES, AND I THINK JUDGE CROWLEY CAN ATTEST TO THAT, IS CLEAN AUDIT.

I'D LIKE TO HEAR THAT.

SO WE HAVE, I WOULD ENTERTAIN A MOTION AND A SECOND TO ACCEPT THE FY 23 AUDIT REPORT. SO MOVED.

MOTION BY JUDGE CROLEY IS SECOND BY MR. MCALISTER. ANY FURTHER DISCUSSION? ALL THOSE IN FAVOR SAY AYE.

AYE. ALL THOSE OPPOSED? NONE. MOTION WILL PASS.

WE WILL NOW MOVE TO ITEM NUMBER SEVEN.

[7. Approval of the Fiscal Year 2024 Revised Budget and the Fiscal Year 2025 Proposed Budget]

AND ONCE AGAIN, MAY I CALL UPON MARJORIE KNIGHT TO PRESENT THIS ITEM? YOU'RE GETTING YOUR STEPS TODAY.

I KNOW I AM.

SO I BELIEVE BEGINNING ON PAGE 76 OF YOUR BOARD PACKETS, I DID GO AHEAD AND PREPARE A REVISED 2024 BUDGET, FACTORING IN THE THE NEW BOND ISSUANCE SO WE COULD GET THE ANTICIPATED TRANSFERS FOR DEBT SERVICE IN THERE.

I DID ADJUST THE REVENUES TO FACTOR IN OUR MOST RECENT VENUE TAX RECEIPTS.

I INCREASED THE TRANSFER TO DEBT SERVICE TO $116,004.

SO WE'LL HAVE ENOUGH FUNDS SET ASIDE TO MAKE THE DECEMBER INTEREST PAYMENT.

AS A RESULT, THE ESTIMATED DISBURSEMENTS TO THE EXPO CENTER AND FRONTIER, TEXAS ARE ESTIMATED AT ABOUT $586,000 EACH.

ALSO INCLUDED IN THIS BUDGET, AND IT SHOULD BE ON THE LAST PAGE OF YOUR BOARD PACKET.

SO I DID GO AHEAD AND INCLUDE IN THE CONSTRUCTION FUND BUDGET.

THIS SHOWS THE BOND PROCEEDS COMING IN.

ESTIMATED COST OF BOND ISSUANCE OF $95,000.

AND THEN YOU'LL SEE THE LINE ITEM FOR FRONTIER TEXAS AT $2 MILLION.

THE 2025 PROPOSED BUDGET HAS ESTIMATED REVENUES WILL REMAIN MOSTLY FLAT.

IT DOES HAVE THE ALLOCATION FOR FRONTIER TEXAS AND THE EXPO CENTER AT ABOUT 50, AT THE REMAINING AT THE 5,050% ALLOCATION.

WE DO HAVE THE TRANSFER FOR DEBT SERVICE THAT YOU'LL NOTICE IS INCREASED ABOUT $67,000.

THIS LEAVES ABOUT $525,000 GOING TO FRONTIER, TEXAS AND THE EXPO CENTER.

DOES ANYBODY HAVE ANY QUESTIONS? OKAY. THERE ARE NO QUESTIONS I WOULD ASK FOR A MOTION AND A SECOND TO.

ACCEPT THE FY 23 AUDIT REPORT.

OF ACTUALLY THE FY 24 PROPOSED FY 25 BUDGETS.

SO MOVED SECOND.

OKAY, WE HAVE A MOTION BY MR. MCALLISTER AND A SECOND BY JUDGE CROWLEY.

ANY FURTHER DISCUSSION? ALL THOSE IN FAVOR SAY AYE.

AYE. ANY OPPOSED? OKAY. THAT CONCLUDES OUR AGENDA.

IT IS NOW 2:27 P.M., AND THIS MEETING OF THE ABILENE TYLER COUNTY EVENTS VENUE DISTRICT IS ADJOURNED.

* This transcript was compiled from uncorrected Closed Captioning.