 Okay. Okay. Okay. I'll hang on a minute. All right. Anyone who's listening. Out there and not on this call on video, you can see it live stream, go to the legislative website, finance committee website. And hope live streaming. You're in and thank you. We are in. So we are live. We're live streaming. We're live streaming. We're live streaming. We're live streaming. We're live streaming. We're live streaming. We're live streaming. The first one on our agenda. And we're just. Looking for any information you can give us. I know we had some. Combingling of funds that you had to do. You sent us a memo on that. But an idea of. Any of the. Fiscal implications you're seeing at this point. I have to see if some of my, my, my co-workers are on the phone. Is real on the phone. I am Beth. Okay. So we'll crew. Well, there's our financial officer. And. And one of our experts on this. I don't know if you have Dan or. John with you. I have stuff from Ashlyn. Yeah. I'm just going to go through. And this is our. Okay. The Alson is Ashlyn is our policy director and Dan. Courier is our cash manager. And just to give Dan a little credit here. Dan has been with us before I started. So I started in 2003. And he's one of the best and two of the people I know in terms of managing your cash. And. Right, right, right from the beginning. So I just wanted to point him out and well as built. So I think we've got a great team. And I'm confident I'm going to start off right with that. I'm confident that we will be paying all of our bills. And paying them on time without disruption. And I'll go through a little bit of. Okay. And that's the first positive information I've heard in a couple of weeks. That's good. So. Beth. Beth, this is Jane Kitchell. I just wanted. You're not aware. We're, we have, you have members of the appropriations committee as well. We thought. For time demands that it would be easier to have one. Come just. Are you all right? Yes. My iPad just slipped. I'm good. This thing doesn't hold up. So I just wanted to let you know that. We have. Not only the finance committee, but we have as. The members who are able to make it up the Senate appropriations committee as well to hear your testimony. Excellent. Thank you very much. It's a pleasure. It's good to hear from all of you. And again, I hope everyone is safe and the relatives are safe as well. And getting back to my positive news. We expect to make all of our payments on time. You know, without disruption. And let me walk through a few pieces. I'm hoping someone put the graph. That we sent up on the screen. Is that up to folks to see. I think that's one of the documents that Ashlyn sent us. So it's in your emails. Yeah. Absolutely. Read it. But okay. Okay. Faith is doing double duty with the several things, but I'm coming. Okay. There you go. We've got a lot of new things we're all doing. So we can all be patient and try to work that out. And you guys obviously no patient is my best skill. So, Hey, patient. So, is it okay to start on this graph? Yes. Yeah. Okay. So this is a, a summary of our cash over a number of years. And you see that we started. We've got an average down at the bottom. So if you look at the chart. On the top average, average of fiscal year 0409. And what that shows you is what our cash flows look like by months. End point of each month. And then you see, at the end, I have the average. And the high and the low period. And if you look at it, the good news is as you look at the average cash flow, and you see that it really is a good amount of money. That was the average. And it was worth several years of $130 million. Average cash position. Moved up a tad a little up and down, but at this point in time, you'll see that it moved up from. In 2017, 18, 19. Somebody needs to use. Okay. And that is because you folks have done a really good job. I want to thank. No disrespect to finance, but the the appropriations committee for fully funding our reserves creating new reserves rainy day funds. And that reflects very well on us and what puts us at a very good position. I want to thank the finance and ways and means as well for working with us on this. I'm impressed with the way that this this assembly has done that job works and talk through and then forward thinking. And it is serving us well in this crisis. We've got a lot of work to do that doesn't mean that we're not going to have issues to resolve. But this was very, very much a contributor to our success to make the payments. So, again, looking at that chart, you see that our average is moving up. That's again a good thing. If you look at the graph below it, you see them the month to date. And whether it's a little bit, you know, from one year that I mean one year to the next, a little bit. You see an average that the bottom line you see is an average for 0409 and you see that there's a little bit of a trend to this thing and even though it's a little bit tough to follow. And you see that our cash position in December is a little low in September. You see a little dip in April. Those are when the act 68 or the education payments go out the door. I'm going to see if I get this right Dan. So September 10 December 10th and April 30th, if I did that correctly. And so you see a little bit. On the other hand, on December 1st, we collect some money from the, from the state of, excuse me, from the municipalities that are payers. And we also do that on June 1st and you see that uptick there. So, it's a little bit ups and downs and even within each month, it's there's an up and down. And this chart is for unrestricted cash. We also have restricted cash and let me explain why this works in terms of making sure everybody. Every, every payment can go out the door. So unrestricted cash would include the pool cash. So it's all the different funds are in there together. It would include the education fund. It would include the general fund. I'm going to hope that I get this right either will Dan correct me if I'm wrong that the transportation fund. Some of our, a lot of our operating funds. And it's a pooled cash position, which means that each fund has a has a portion of it. And in the, and in their primary funds in the fund itself, the ed fund. For the general funds, for instance, it will have a cash position, which is reflected as a portion of that pool. So, we do pool our money and that actually helps us as we're as we're working working through managing, you know, our daily cash position. The unrestricted funds might be funds that are segregated per statute. That can't be for whatever reason, a regulatory issue, a federal, federal issue that that that are segregated and essentially not part of that that unrestricted cash. So we do pool our money and that that little account as well. And right now, I think we have about a hundred million if I'm correct. Well, you know, restricting cash fund balances. Yeah, that's correct. Yeah, so thank you. So, again, you know, we have a fairly healthy position going into this. As I said, we're taking some hits. You know, we, we are pushing out the, the, the income tax. They're pushing out the, the sales tax and meals and rooms into into the next fiscal year. We have analyzed that. Will and Dan have spent a great deal of time looking at that. And our, our estimate is that we will be able to, to pay our bills, despite that. And, and we're comfortable that our belief is that there will be no disruptions based on just our balances and the unrestricted funds. That said, you always want to backstop. Go, you know, we were talking about canopers before we started and somebody somebody's electric canopers wasn't working, but they had that they had the backup. So, took a little bit more, you know, with the, with the risk and doing that, but you had the plan. So, one of the back steps that already in statute is that in December. So from December 10 to this. I think it's for a month again. I'm going to check with Dan from December 10 to January 10. Is that correct? Yes. Okay. And then from from. I'm going to get this one wrong from June 15 to July 15. We have a a window as well. And what those windows say is that if you're having a temporary cash position issue, you may borrow from restricted funds. Obviously when you borrow from the restricted funds, you have to pay back the interest on that. So you're paying back the interest to those funds, but it gives you a little bit of flexibility. And by doing that, and again, there was the December 10 was because as I said earlier, that's when the education payments go out that first round. So it gives you a little bit of a backstop it gives you a little flexibility, and it saves you money because you don't have to go out and do a bond or a band of bond anticipation, excuse me, a revenue anticipation note. In the, in the, in the, in the markets, because when you do that, it costs you more money. And so this is a less expensive and more flexible way of doing that. Back in to that September of 03 was the last time we did a barley is about $48 million. And to be very candid. We borrowed it and we had a, I think it was from September to to about February, if I recall, we actually didn't need it during a few, some of those periods and you're paying for it. And I'd rather be in a position where you're internally borrowing from from those restricted funds again paying back the interest as a backstop and going out to to the bond market. So we think that again, cash position is strong enough to meet those, those revenue changes that pushing off those into the next year, and as well as any, any amounts that so far have been estimated in terms of actual losses. We have backstop number one, which would be, you know, restricted funds using utilizing those and backstop number two, if you had to get to it, which I can't do not contemplate us doing that would be to be able to do an external borrowing if needed. So that's, that's the way this this works. We wanted to add a little bit more to the restricted fund backstop backstop number one, and to give us a little bit more flexibility. What we wanted to do instead of having a June 15 to July 15, given a little bit of room on both sides. So another 30 days. So, roughly May 15, 30 more business days on either side of this and out to August. We think that that would give us some more flexibility. And that is the request that we made in a memo. So if we can put up that memo, our second, our second slide in this presentation. I don't know if people have done that yet. I'm going to do it myself. But it's a memo dated March 26. And it's to all of you as well as Senate President Tim Ash and Speaker Mitzi Johnson. And essentially what we are asking for is more flexibility in the inner fund borrowing and putting again, an additional flexibility of 30 days to to assist us on either side to provide just a little bit more room if we need that. And we also don't think we're going to need that in future years. We don't, we don't want to get in the habit of doing that over extended period of time. So our goal would be to have this sunset. So we've provided some language that, you know, we, and that's at the end of this, this presentation. And it shows you the statute that currently has the inner fund borrowing. I understand that legislative council has made that into into the proper legal lease. We're better at numbers than we are legal and has that for your for your review. But we think again that this, this will be an extra step and provide that extra option for liquidity. But again, as the memo says, we, you know, and we stress again, we have sufficient cash to meet our payments. Could I just This is Jane, I just had something come on my iPhone saying Congress has just passed the stimulus bill so Obviously, that has a big impact on our, our fiscal health so at least that hurdle is over now that President just needs to sign so it's finally got through the Congress. We're very happy with that. You know, we're trying to analyze that as you are in a joint fiscal way. And we're obviously working and sharing information with with all parties, including the governor's office. We want to understand, you know, how that, you know, what are the rules around it, you know, where you, you know, what it can be used for how it can be used, how it interacts with our cash flows. So this analysis that we presented to you right now does not contemplate that. But that's certainly once once we get a little bit more into the review would be updating our numbers. And I also want to stress that we're updating these numbers daily Dan and well we're doing a great job with that. And, you know, our, we're working, we're meeting twice a week with the with the administration, and we're keeping them on joint fiscal in the loop as well. But that's great news, Senator glad to hear that. Can I ask another question and I know you know the answer to this but I don't. If you in fact had to go in and take money, some of that restricted cash that comes with the strict and you said it has to be paid back with interest. And could you just tell us how, how is that in interest determined it would be the interest rate that it would have earned otherwise. Absolutely, you know, it's interesting because April 30, the Ed fund always has almost always. And Dan can correct me if I'm wrong in this. A negative cash position for a few days because those those dollars went out. And I can remember having a conversation with then ways and means chair oba house about that and and why it had to pay interest and and the opportunity and essentially the opportunity cost based on the investments that we currently have. So this is not an unusual event to have that position on April 30 and by June 1 or earlier that cash position is the rate that the negative cash position is erased and we're back to to a positive position. But that's the beauty of having a pooled system. So the Ed fund doesn't have to go out to borrow increased cost to the system. Because again the cost of borrowing in the external markets in the bond market would be higher. And it allows us some flexibility. And each fund has its own integrity and each fund has its own position within the pooled cash account. Thank you. This is Michael Sarruck and we talk about restricted and unrestricted funds, including there is the stabilization fund and the rainy day fund. Okay, so the stabilization and the rainy day fund are do have their own cost centers as well, but they're part of the, they're part of the unrestricted funds. Okay, thank you. Okay. I'm going to, if I could. Senator, could I ask will if there's anything he wants to add to this. You sure can. No, but we'll take it away. Well, I think, I think. Could I ask. Okay, good. Somebody's arm on video. I'm trying to find my agenda. Bobby has a question and Chris. Yeah. I'm wondering in the stimulus package. They've talked about setting money aside for states to be able to borrow and you looked into that and what the interest rate might be on that. And if it would be lower than borrowing, say, from the restricted funds. Number one, I think our rates are. Unfortunately, you know, with the market going in the direction it is in the federal reserve, the rates are pretty low. I have not checked that yet. We certainly are going to. We sent off some communication with the national association of state treasurers the other day to start to take a look at this. And the treasurers across the country are meeting weekly to have a conversation about what's going on and what we can do to help each other and ideas. So we're going to take that bill apart and look at those provisions. And I will be able to get an answer to you down the road, but I do not have that right now, sir. Thank you. Okay. And, yeah, Chris. I'm curious if, if we grant you the permission to borrow between funds. How, why would we expect that the funds would be reimbursed. I mean, what would lead us to believe there would be a swell of cash flow down the road and given the current projections. And on that we've looked at the, at the projections and we've done some scenario analysis and work with Jeff card the economist the administration joint fiscal to look at what the revenue losses and revenue deferrals into the next fiscal year are and we are confident that we have sufficient cash to meet our needs. You know, there are some questions about financial statement preparation that need to be hammered out. And I'm not the expert on that, but we're going to continue to try to try to get some resources for that. I happen to be the president of the National Association of auditors comptrollers and treasures. And while treasures are don't do the financial statements. Clearly the comptrollers are involved in that process and the auditors are involved in the gap in the review of that. So we are going to be working with our resources with NASA to try to help us as well. There are very competent people in finance and management, but that is not our particular area of expertise. That said, we have sufficient cash to meet our requirements and to pay our bills and to to move forward and again we're going to catch up with that in July. Obviously there's going to be some impacts to specific funds I know you've been looking at the ed fund in particular. And again, the final position of that fund at year end is something that needs to be discussed. But that's not the area that we're concentrating in our presentation today, but we will be happy to assist folks that will be working on that. Thank you. Okay. Any questions for the treasure? Okay. Hearing none. Thank you, Beth. Thank you. And again, I want to compliment my staff they've done a great job in, in doing the, the contingency planning and in my deputy Michael class and who's not on the phone but he's, he's the captain of our of our of our work, remote processing work teams and they've all done a great job. And I just want to say thank you to them and thank you for you folks in the middle of all this and the what you've been doing to conduct the business of the state and keep us moving so thank you very much for your good work. Take care. Okay, thank you. If I actually have one. We have one more. One follow up question. There you go. Yeah. I don't know if there are any new sounds. I don't know if I want to say promising that we don't have a cash flow problem at this point but if things go south in terms of borrowing, just generally, I don't know if you can answer this now what opportunities made out there for the state of Vermont. Well, again, some states are in worse shape than others and some have already done some borrowing out in the market. Typically revenue anticipation notes, which is a note essentially going out to the market in expectation of future revenues. And they're doing different things to meet their needs. We're in a more fortunate position because we do have it with the with the great work of the general assembly to have sufficient reserves as we move forward to help us through this. So our first thing would be into fund borrowing. And again, we're asking for the extension of that period for one year. Just and it will, it will go back to it. It's still, we have authority for different fund borrowing, but for a shorter period going forward. And we do have access to the markets if we need to. One of the things that buried in the 600 some odd pages of the stimulus bill is a section called section 4003. And what that did was, and we spent a lot of time on that, the treasurers across the country, investment professionals across the country to, to, to tweak that section a little bit to free up some of the. There was a log jam in the, in the, in the market, a lot of outflows from institutional funds and, and, and no buyers at the time, and consequently there was some really high cost to borrowing that with that section of the stimulus bill that's going up that market. It already has just by, by knowing that that's out there. And so there are options to do that. Should we need to, and we have the authority to do that. And the treasurers office to do short term borrowing, as I said, the state has not done short term borrowing since, since fiscal year 2004. We hope not to have to do it, but we certainly have the capacity to do it if necessary. Thank you very much. Okay, other questions. Okay. So, I think that's it. Thank you. Again. Thank you again. Good news. Okay. Okay. Thank you. Have a good day and again, thank you for your service. Okay. Thank you very much.