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The Kentucky Association of Counties Leasing Trust held a special Board of Trustees' meeting, pursuant to proper notice given in accordance with KRS 61.823, at 9:10 a.m. on Thursday, May 21, 2020 via teleconference.
The roll was called. The following Trustees participated via phone: Chair Sue Carole Perry, Shelby Co. Clerk; Vice-Chair Amy Milliken, Warren Co. Attorney; Tommy Turner, LaRue Co. Judge/Executive; Gary Moore, Boone Co. Judge/Executive; and Bill Bartleman, McCracken Co. Commissioner.
Others participating via phone included: Grant Satterly, Director of Financial Services; Jim Henderson, Executive Director/CEO; Lonnie Campbell, Assistant Director; Kelly Mittler, Finance Officer; B. J. White, Accounts Receivable Officer; Karen Basham, Chief Financial Officer; Tim Sturgill, General Counsel; Roger Peterman, Board Counsel, Dinsmore; Elizabeth Younger; Dinsmore; R. J. Palmer, Compass Municipal Advisors, LLC; Temple Juett, Director of Insurance; Jon Sharp, IT Manager; and Sonya Chesser, Chief Administrative Officer/Executive Assistant to CEO.
Chair Perry called the meeting to order at 9:20 a.m.
Motion made by Bill Bartleman, seconded by Gary Moore, to approve the minutes of the April 23, 2020 meeting as presented. Motion carried.
Mr. Satterly presented a list of invoices to be paid for May totaling $22,400.00.
Motion made by Tommy Turner, seconded by Amy Milliken, to approve payments of the invoices totaling $22,400.00. Motion carried.
Mr. Satterly presented and discussed the following operational reports: check detail and deposit detail for April 2020; transactions by account as of April 30, 2020; and FY 2019/20 PAF budget for period July 1, 2019 - April 30, 2020.
Motion made by Bill Bartleman, seconded by Gary Moore, to accept the financial reports. Motion carried.
Mr. Satterly presented and discussed the consolidated financial statement for period ended April 30, 2020.
Mr. Satterly presented and discussed the investment report as of April 30, 2020 including the security position changes for April. He provided his personal opinion concerning the market outlook and future projections.
Motion made by Bill Bartleman, seconded by Gary Moore, to approve the security positions changes as presented. Motion carried.
Ms. Basham presented and discussed the proposed draft budget for FY 2020/21.
Mr. Satterly discussed a new loan program for the board's consideration. He provided an update on a survey that CoLT sent out gauging potential borrowing needs to help with cash flow associated with the COVID-19 impact. He said the survey results indicate relatively small needs for this year. However, the potential needs for next year are large. He said a second survey will be sent out as a reminder to those who have not yet responded.
Mr. Satterly presented and discussed the lease activity report for FY 2019/20 including the leases closed in the internal loan program.
The next regularly scheduled meeting will be held June 25th at 9:00 a.m.
Motion made by Gary Moore, seconded by Bill Bartleman, to adjourn the meeting at 9:52 a.m. Motion carried.
