>> Those meeting to order.
Time is approximately 09:30AM in the morning.
Give any electronic devices that make noise please showing
off put it on silent. We greatly appreciate to limit the
interruptions
opening,
we like to have the invocation led by pastor John Lynch East
Coast believe it's all about the pledge of allegiance by
commissioner Mike are we all stand please.
Good morning everyone, thank you for having me today.
We can just our heads in close our eyes.
>> Father we come before you this day to pray for our County
government.
We pray that these leaders and their families would be
strengthened by you and that they would be given wisdom and
strategy to make the best decisions for the people
families schools and businesses and Seminole County.
I prefer unity among them supporting each other through
good and bad supporting each other when they may not agree
and standing together when people try to divide them
grant them all a special blessing this morning to
withstand and overcome any challenge that might come their
way at a time where people are divided, give them the boldness
to stand up for what is right, making the best decisions they
can for this County at a time where people want to tear down,
give them the strength to look to you to help them build up.
We believe this morning that nothing is impossible for those
who believe and I pray that great things will come from
this group of people
that they would be remembered not for the mistakes, but for
their wisdom, their resolve their boldness and hard work
for what they're about to do
less than this day in Jesus name Amen
please join me in the clutch.
>> I stands one nation under God indivisible all.
Thank you. Jessica Lynch.
Commissioner locko.
>> For the record we're going to have to commissioner
zembower joining us via zoom. A welcome commissioner zembower
before we go on to proclamation was presentations
I do want to take a little bit of a privilege here if the
board would mind.
So many times we have we have we have so many great staff
people here to single one out or a group of them out it's
almost impossible Christa so many of them. But there is one
individual that's been.
Every Commission meeting
since February of 2000.
And he's retiring at the end of this month.
I'm sure he would wanting to be here standing in front of us
but he's always behind the glass window,
running the meetings on as she TV.
And that is Paul Lewis Paul Lewis has been with us since
February of 2000.
It's not missed one County Commission meeting.
In fact I spoke to just before it suggests that coordinated my
vacation so I would miss a meeting
true dedication.
And he will be sadly missed.
I will also tell you I loved his sense of humor. He always
has that one line that they did that to be really say that.
He did he really did he did as we all know. So fall
will be missed.
I know you can't wait, but I'm waving at you. God bless and
thank you.
Thank you. Commissioners. First proclamation will be
presented by commissioner commissioner.
>> Thank you it is my absolute honor to move the following
proclamation of the Seminole County Board of County
commissioners recognizing United States Marine Corps
private Robert Conti junior for his outstanding service to the
United States and Seminole County.
Whereas the brave men and women of our army Navy Marines Air
Force Coast Guard and space force demonstrate a resolute
spirit and unmatched selflessness reminding us there
are few things more American and giving ourselves to make a
difference in the lives of others and whereas throughout
our County the country's history generations of service
members have answered the call to leave their families their
jobs and put their futures and even their lives on the line to
valiantly defend our nation. And whereas for many service
members. The sacrifice has ended in permanent injury or
death yet their spirit remains in the continued preservation
of our freedoms and the promise of Liberty
and whereas there are more than 30,000 living veterans in
Seminole County who served our nation in times of peace a more
by their service they kept America strong and whereas
private Robert Conti junior joined the U.S. Marine who
works in 1970 and served at Parris Island, South Carolina.
Camp Lejeune North Carolina Marine Corps recruit Depot
South San Diego California. Camp Pendleton California in
Okinawa, Japan and whereas private Robert Conti junior
served with battery K 4th battalion 12th Marines, 3rd
Marines division as a field radio operator and a radio
telephone operator.
His duties included training to fight with members of combat
units under the stress of combat training, he controlled
multimillion dollar radio systems to enable wartime
Communications. His actions led to the award of the National
defense medal and the good conduct medal and where as
private Robert Conti junior transition to a civilian career
in the field of fire fighting with the New York Fire
Department from May of 1987 until his retirement in April
of 2005.
On 9/11/2001 he Herrera heroically responded to the
tragic terrorist attacks focusing on rescue operations,
evacuations and providing lifesaving tactics for the
injured.
Following his retirement he moved with his wife Angela to
Seminole fan. G let me get that right Angie
to Seminole County where they have lived for the past 13
years and whereas private Robert Conti junior has brought
great credit and distinction upon himself, the United States
of America, the United States Marine Corps and Seminole
County. Now therefore be it proclaimed that we the Board of
County commissioners of Seminole County Florida express
our gratitude. Admiration and respect for private Robert
Conti junior for his outstanding service to the
United States Marine Corps and residents of Seminole County it
further proclaimed that this proclamation is presented to
private Robert Conti junior along with our sincere
congratulations and recognition as Seminole County's veteran of
the month adopted the 22nd day of February 2022 seconds.
>> The motion second discussion for the motion signify by
saying aye I was like sign. Motion passes the Senate which
you like to come down.
>> I just want to say thank you very much. She was one minute I
want to give you.
>> I mean our places of bright shining faces for you.
>> I just want to say thank you very much from the bottom of my
heart, a deeply humbled
enjoy the Marine Corps.
Back then because wayward Kate
and I needed some discipline
and the military gave me that discipline and that 42 so I
could become the man that I am today
Aya left recall joined the Fire Department.
I did what I had to do to have to do it all over again I would
take the same route. And I want to thank you very much from the
bottom of my heart with family. Thank you I thank you.
Thank you very much. Thank you.
The commissioner.
>> Next item on the agenda. We have is our investment from
our investment advisor
can we get Scott on the right here.
Person
is it real or is it ever acts.
Well, it's got a good morning.
>> All right since to use it to do so for the record. Yes,
I'm Scott mcintyre on my mansion, director and senior
portfolio manager for hilltop securities Asset Management
thank you Scott, and just treating this like today after
that I was glued to the news and not my watch is a lot going
on today, obviously
seems like we're kind of going from
one crisis to the other do this right.
We should point.
The good news is that the virus seems to be fading away at
least for the time being at least this particular variant
and that side normally a real big positive and also people
that is a positive for the economy. The labor market is
now considered healthy. Not so much because there is a really
good report, but because the Labor Department's smoothed out
the last year and so instead of
having a job growth slowed the end of the year we have some
momentum coming into the new year so sort of take that with
a grain of salt but the Fed is essentially thrown in the towel
to believe that the labor market is okay now they're
hyper focused on inflation.
And
what question worries are mounting so inflation
expectations are also rising because we expected that
inflation would at least moderate inflation continues to
rise. And you know that is that's worry people want to get
worried they react in the markets react to that some
market yields have spiked since last summer here. In fact quite
a bit I think in my career percentage wise. Since the
beginning of October it is probably the most
violence reform but probably the most of the products
shipped on the short end of the market percentage wise I've
seen.
Okay, there we go. So they're greatly economic growth and you
wouldn't guess said, but last year in 2021 5.7% growth for
the entire year was the strongest year the economic
growth we've had since 1984 as sort of a piece of the puzzle
that kind of gets left off that suggests that demand is there
but all we all know that supplies lacking and I'll just
throw this into the mix
politics aside. What's going on all along with this the
truckers strike is
in terms of how that affects supply could be pretty
significant not just because of that but because that has a
tendency to spread so if we have a trucker
stoppage in the United States. Whereas it appears as though
the bottlenecks have been easing quite a bit that would
sort of assuming it
we've got bigger and bigger and bigger could potentially put
that to you and I will mention too that
as a sign, GM said that they expect 30% more production this
year over last year because they feel like the microchips
that they had not been getting they're getting a lot quicker
than they have so there are a lot of pluses for every minus
but I'm you know it seems like we're going from one
crisis to another these days without really being able to
catch our breath and then what I had mentioned is that you
know this is what I was focused on today's the Russian invasion
of Ukraine whatever you want to call it. You know I I think
that is a real wild card in terms of what happens
ultimately was that if anything else it probably hurts the for
the markets once they think about it because that does
suggest that you shouldn't take risks that hymel stocks and
wants to be
I know the stock selloff this market as a whole does if I
were also fact if we feel like we're not where we were a
couple months ago.
Even if it's in your 4 o one K you're going to Tennessee to
spend less on your home or your car things like that.
Anyway to the as I mentioned before and I wish I had another
side appear to show you but as you can see if you look at
those blue
Barr lines that their labor statistics to smooth out the
nonfarm payroll growth don't really know what to think about
except that things like health care.
There are still 1.6 1.7 jobs for a person looking for work
right now and that is opposed to the last great recession
where there was one person and I'm sorry
6 people in one job so you know certainly looks okay and in
labor land here.
But inflation is the real story inflation will continue to be
real story and what I want to mention the size of fact that
were 7.5% headline consumer price inflation has of the
month of January. I'd expect Haitians that February is going
to be hotter, but to a year-over-year basis by the
time we get to the end of the year economists and a whole are
looking for that 7.5 be closer to 3.5.
Lot of that is that you're over your face in fact, a part of it
is that that one less that trucks stoppage gets more
severe. It is sure years and so supply was is coming back,
you know a lot of that will be the factor workers who may have
been sick, we're able to work longer shifts because the virus
seems to be behind us for now.
So has she this isn't something that typically show, but I want
to show 10 weeks ago versus now this is the implied fed funds
rate the Fed funds rate the overnight rate the overnight
rate is currently 0 a 25 basis point hike is is the chances of
that anyway or what's in that red box. If you look really
closely expectation in an October early October was by
the time we got that fed meeting on March 16th, which is
the top of that there was a 0% chance.
The market was indicating that there would be a rate hike of
any kind and also in October to go out a four-year the
expectation was not even one rate hike baked into the market
for us forward.
Earlier this week.
We actually looked at one point last week you can see that
through the March meeting which was a little bit better to the
March meeting, there is now over a one and a half percent
chance of 25 this basis point high so there is a possibility
of a 50 basis point hike
our 60's if you go out all the way one year you can see there
are now 7 quarter point rate hikes that are built into the
market
and I would bring them since her early on.
Inflation expectations, because people want to get pay forward,
the idea that their money is going to be worth as much and
expect the Fed is going to react to this.
So Bloomberg your forecast in just want to toss to said these
are 2 different forecast the most recent one is at the
bottom you can see that the 70 economist now believe that very
differently than they did in November.
So as the Fed is the Economist says the market everybody's on
the same page look at our current events that Joyce is
that kind of had a habit now of going back and put a line
through where we were the last meeting but you can see that
things have progressively stepped up over the course of
the last, you know 4 or 5 months. That's good in terms of
what our investment choices are but it puts us in a difficult
position because the idea is to invest now or do we wait.
The idea is ultimately going to be that you leave more power to
draw that you might normally leave and you come in and put a
couple of feet into the market and you do the best that you
can with all the unknown variables that we have in
place. Just one thing I want to point out too is that those
those right here is the top right hand corner, invest the
banks, the banks kept you guys afloat for a long long time
paid above market rates.
All of the clerk's office has contacted the banks and asked
him that when the Fed steps so they will be willing to step up
in lock step with their rate the idea generally speaking is
probably not maybe not so I think we'll probably get a wine
to the pan hitting them probably keeping some money
there, but that won't be you know the life preserver for the
most part in the pool rates. You're still very little to
move up with fed action starting next month but for
right now they're low, so you know our choices are very low.
We're stepping out of the car and accepting some of the year
along with a little bit of the market risk.
So I want to mention a couple things. Recent upcoming
maturities this is a good thing is you can see what's coming
off in terms of doing the math 3050 61 million is coming off a
very low rates. Those are going to be invested much much higher
rates regardless of where we go in the curve.
I'm looking at the recent maturities this first couple
that we have done last month were very short the intention
was that we would like to position those that we can
reinvest within the church higher rates so we've been
starting now actually 40 million now to nicely 5,
6, months out on the curb double 41 to 48 went out a
little bit longer. A lot of those those purchases are
designed to actually have money maturing in a ladder, so that
regardless of what happens here well-funded it's
but what I'm recommending today is a little less then they you
know would normally be the case a little more cautious but
we're looking at October November and February so
essentially. There was 8 months 9 months and then a little over
12 months can pick up an average of one percent there
that's because the market is already take these in.
For little elected to go out and made them much further than
that to skip to the next it real quick and come back summer
full list at you're out and about
between 6, 7, months on average which is about where you want
to be and we expect rates to go up.
The average yield to stepped out from a 38 to 43. Actually
it's yes step up from 30 to 40 with Theresa result of these
purchases last time. I'm worried about it.
2 thirds fixed one-third floating rate and then and this
is key inside of a 100 days there's 367 million so a little
over half your money is very very short has been positioned
to be able to mature.
So coming back up here.
So what I need is a is a motion to implement the purchase
recommendations, those would be the the. It's a 35 Million.
But I have up there on the relatively short us Treasury
purchases and
to recommend to 30 implement and and movies for work.
>> Thank you Scott before we do that anyone the public like to
address the board
seeing them go to the board discussion. Mister chairman if
there's no discussion I will move the approval of the
recommendation of the investment advisor second the
motion second before we call the question commissioner
zembower here are the questions. I do not Mister
chairman thank you for your discussion on board
cinema call the question for the motion signify by saying
aye aye oppose like sign motion passes. Thanks Scott. Thank you
all to see you too and I'd be remiss a look Mister Mulloy the
many questions.
Thank you.
Okay we'll move on to the consent agenda before moving to
consent agenda.
But his patient proved too far along with the public has a
right to be heard on all propositions except for the
Board of County commissioners acting ministry for emergency
or emergency matters or conducting a meeting exempt
from section.
286-0114 statute public.
Come a time on proposition to stream in a trend a vigil 6
minutes for a group of a group representative.
The right to be heard across to judicial hearings governed by
Florida law.
Pro who provided an opportunity to be heard on non agenda items
at the end of the meeting a proper decorum is always
question at these meetings this time ago to the consent agenda
County manager your comments.
No change is certain, but I just do want to bring your
attention that there were a couple items that you didn't
get a supplemental information and and hopefully. It was him
and at least timely enough a manner for you to be able to
review those for decision-making.
>> Mister chairman. If if there is no questions comments from
the audience I will move the approval of consent items,
3 through 1819 which is the clerks. And second second any
written request. Comments from the floor.
Commissioner zembower you have any questions.
Good Mister chairman thank you to get. It is a discussion on
fed emotion see the mess and I was like saying.
The motion passes. Mister chairman yes, if I could I
would like to just mention I didn't want want to pull it out
because I was not opposed to it is just that an item number 7
which is the pride. It once again it's in that will kind of
protection area we're there's 2 lots they're going to
put because there is no sewer available. They're going to be
put in septic tanks, the one thing that I am thankful for is
that as requirement by state statute as soon as.
Sewer a sanitary sewer is available in that area they
will have to hook up in.
The point is that if if we don't make sure that that
happens that
we're just costing our own taxpayers money eventually that
we're going to have to replace those things so that's I just
want to make sure that that's part of the development order
because it's also state statute.
We're not here in the Des Moines register on the plat
but I know I understand, but I just wanted to make sure
everybody knew that it was going to be deceptive got it.
Thanks.
Thank you point that out
any other comments from
thank you remember on to item number
which is the legislative update.
>> Good morning. Chairman and commissioners Trisha Johnson
deputy County manager just a quick update for you today,
we have about 2 weeks left in the legislative session said
the House and Senate are about 3 million apart from their
budget will go into conference believe next week.
To now that gap before it goes to the governor are
appropriations requests are still strong in fact I want to
thank John dress and tending Nelson and their team. We had
some paperwork. We received Friday afternoon to have
completed by midday yesterday related to our a e Williamson
preparations requests, no private Springs Road
intersection requested a fairly significant documents we had to
come places they helped me turn that around and a very timely
manner said thanks to them.
We do feel positive about this request, it's hard to say where
they'll land but because those 2 requests service in the House
and Senate budget it doesn't appear they'll be funded Lester
vetoed by the governor. As you know discussions continue to
focus on redistricting the House advanced a map last
Friday that is further align with the Senate map the
proposed that will need approval from the House
redistricting committee which meets this Thursday before it
goes to the full the House also Nutley of course the map that
they agree upon the Senate House grip on well then go to
the governor and I believe the the main challenges associated
with redistricting right now is related to a district in North
Florida, the Jacksonville area said that. It's not necessarily
related to central Florida that it that's kind of that
continued hole that respect redistricting
the bill that has been a concern related to an
additional homestead exemption for critical public service
workers is on special order for the House today meeting House
will the floor.
This bill is a positive bill in that I list critical public
service workers will get an additional homestead exemption,
the challenge of course is what does that mean for the county
in terms of property taxes. I know I have a tax or excuse
me a property appraiser David Johnson is monitoring this and
running numbers to determine what kind of impact this may
have on Seminole County. He doesn't believe it will be
significant that being said I know that he is keeping his
eyes open work will be to believe our next board meeting
so it may be something that he addresses at that time.
And other than monitoring. Appropriations requests an
ongoing matters and certainly watching for anything related
to development when it comes to local bills has certainly in
this last 3 weeks of session. That's really my update for you
redistricting and now the budget have really been the
name of the game.
>> Thank you from onto board discussion is you and the
public alike to address the board
cinema clothes that I would like to publicly thank both
commissioner Lockhart and commissioner Constantine for
going with you up to Tallahassee if not one but
multiple times. And a fair work up there. I just want to
publicly thank them both, thank you.
>> Questions commissioner Constance thank you on just one
thing I think that we want to monitor and maybe a report next
time because it will be far down the road is the
the changes in the sovereign immunity. The end of the trial
lawyers proposed to particular thing that will increase
the sovereign immunity which could have a significant impact
on our insurance. There's also a portion of it that would
allow us to make the final determination as opposed to the
fact that we can come to an agreement
then it goes Tallahassee start the process all over again.
And I can tell you that that I agree that the claims bill
system is
magic way
it sometimes takes up to 6, 7, years for people to get claims
paid. Even when the county's approve it.
But and that the the numbers I do agree and I think the
association counties agrees that
it is to love.
What we're trying to negotiate that it doesn't become too
high.
And so there is ongoing negotiations and I know they
don't respect part of that but I just wanted to bring that
point out too that could have
impact on our budget certain determinations.
It was
which is about.
No thank you.
>> Thank you, thank you. Kate before we move on I'd like
to ask any manager if he has any updates. Nothing at this
time. It is like to ask any manager, I know that the last
meeting we talked about updating a only updating the
board at the same address for the courthouse, it will make
sure that we take care of. Yes, I think we met with
everyone except for commissioner zembower
and we moved his meeting because of some other I issues
that he had but we will catch up with him when he's been
rescheduled. Thank you
any discussions or questions from board.
As the county attorney for everything nothing from the
county Attorney's Office chairman
he's moving too quick to. I don't have my district report
with the like to do in the afternoon if there's no
objection. I think it's afternoon the quickly as well.
>> Commission Constance yeah, Mister chairman from the county
attorney I believe that I received a information and I
think that the county Attorney's Office received also
about something that we rejected last meeting about the
petition drive me about not putting it on the ballot for
the the
from Park highlight potential casino, whatever you want to
call it I heard and I just want to verify that the county
Attorney's office is working
with them on. There decided to go we do a petition drive that
are you aware. Commissioner, I personally I'm not aware of
that that may be taking place I can get with Bryant and will
make sure that I believe that
the turning commissioner commissioner attorney Applegate
is aware of that but I just wanted to make sure
the one thing that concerns me is that we have him put
and work with them on the language of the petition
because you know people could say anything when a petition
and we want to make sure that the language in the petition is
very clear
and straightforward and the people that are signing those
petitions if they do go forward with it are aware exactly of
what it's doing sure thing.
In the coming true County attorney commissioner.
>> Yes, I think in the last meeting commissioner Lockhart
asked that 5 slave in share the county manager posting with all
of us. I think that's been done.
I know Bryant has been out. But I'm there's been
significant amount of feedback from my office shared I want to
give a shout out to Trisha and Melanie and the crew for
jumping in and helping to make sure that that's posted
appropriately representing the county. So that's in play.
I have not spoken to Brian about it.
>> Yes, yes, that is that is the case he can we ask this if
the board is OK with it can use gives an update in the media in
the afternoon. That's no problem with that that are
going to be appropriate that way everyone up to speed.
Any other questions commissioners him out.
No commissioner covered the question. Thank you okay.
Well once again, thank you for all your hard work is quite
obvious that to the man behind the screen is definitely doing
his job.
So with that we're going to recess and back here in the
afternoon session at one 30.