Pennichuck Water Special Committee

REPORT OF THE PENNICHUCK WATER SPECIAL COMMITTEE NOVEMBER 17, 2014 A meeting of the Pennichuck Water Special Committee was held on Monday, November 17, 2014, at 7:06pm in the Aldermanic Chamber. Alderman-at-Large Daniel T. Moriarty, Chair, presided. Members of the Committee present: Alderman-at-Large David W. Deane Alderman Sean M. McGuinness Alderman-at-Large Lori Wilshire Members Not in Attendance: Alderwoman Mary Ann Melizzi-Golja Also in Attendance: Mr. Thomas J. Leonard, Chairman of the Board of Directors Mr. John L. Patenaude, Chief Executive Officer Mr. Larry Goodhue, Chief Financial Officer Mr. Donald Ware, Chief Operating Officer PUBLIC COMMENT - None COMMUNICATIONS From: John L. Patenaude, Chief Executive Officer, Pennichuck Corporation Re: Pennichuck Corporation Quarterly Report to the Sole Shareholder for the Quarter Ended June 30, 2014 MOTION BY ALDERMAN MCGUINNESS TO ACCEPT AND PLACE ON FILE MOTION CARRIED From: John L. Patenaude, Chief Executive Officer, Pennichuck Corporation Re: Pennichuck Corporation Quarterly Report to the Sole Shareholder for the Quarter Ended September 30, 2014 MOTION BY ALDERMAN MCGUINNESS TO ACCEPT AND PLACE ON FILE MOTION CARRIED ON THE QUESTION Alderman Deane Normally Mr. Goodhue goes through them. Do you have a summary that you would like to present? Mr. Larry Goodhue, Chief Financial Officer, Pennichuck Corporation I guess I would focus you mostly on page 4. The income statement for the quarter ended and the year to date as of September 30th. You’ll see the comparative results year on year and focus on the first line looking at the regulated utilities revenues. As you see we are about $1.4 million ahead of the nine months from last year. That’s reflective of a couple of things. It’s reflective of some of the rate increase activity that we have started earn relative to recoupment and the rate cases that were completed within the quarter. It’s also reflective of some consumption differences as far as the amount of water that was consumed by our rate payers. When you look at the operating expenses they are relatively flat year on year; about a $300,000 Pennichuck Water Special Committee -2- 11/17/14 differential down and things are operating as we would expect them to. If you look at the earnings before interest, taxes, depreciation and amortization (EBITDA) it produced just over $12.5 million towards the contribution to be able to pay for the obligations of the corporation both to the city and to our other stakeholders. It’s relatively consistent with the same period from last year. If you then turn to page 6 and look at the balance sheet one of the things that always pops out to folks is about ¾ of our assets or maybe at least 2/3 is relative to the invested capital that we have; about $170 million worth of property and plant and equipment. We’ve put about $4 million into the ground this and we still have some construction season left between now and the end of the year. We have a number of projects that will carry over to next year. Relative to our cash, we run our cash position pretty thin at this point in time. We do have some obligations on a line of credit; about $3.1 million. We are in the process of completing our bond financing which we have come to this Board at a previous meeting to seek approval and that is going to be closing, at least as we see it right now, within the next month or 20 days. When that comes in, the line of credit will be paid off and it’s step one in the process of recapitalizing the company for the overall debt structure. Page 8, which is the cash flow statement, one of the key things to focus in on is the net cash provided by operating activities. Through the first 9 months of this year, about $4.6 million was provided from operations. That is the money that really pays for the working capital needs of the company. That has been used to a good extent to help fund the purchase of property, plant equipment along with the usage of the line of credit. Those are the highlights of what I would point too and right now we are in the middle of our budgeting cycle for next year where we will be seeking approval for our capital budgets at our Board level next week and next month for the overall operating budgets of all of the corporations. Alderman Deane I have a question on your pension plan. Who manages that? Mr. Goodhue The assets are invested at Mass Mutual and then we have Summit Financial Corporation as our actuary and they are also an investment advisory and co-fiduciary on that plan with the corporation. Alderman Deane Who does your actuary report? Mr. Goodhue Summit Financial does. Alderman Deane How often is that done? Mr. Goodhue Once per year and we are subject to an annual audit as well as all of the actuarial activities that are associated with that. We just completed the pension plan audit for the year ending 12/31/2013 and those audited financial statements were actually presented to our Compensation Committee this past month and will be into the Board as well. Alderman Deane What’s your current unfunded liability? Pennichuck Water Special Committee -3- 11/17/14 Mr. Goodhue As of the end of September it was $4.9 million actuarially. We meet the requirements of the Pension Protection Act and under that you must be within 7 years of being fully funded at the end of any given year and as a result, when the actuarial work is done, that determines not only the expense for the next year but the funding requirements for the next year to maintain compliance with that. Your funding liability and your requirements will move depending on what happens with the return on investment on your assets. More importantly, what happens to the interest rates of the bond market because that determines the discount rate on the future liability in total creating that gap between invested assets and the present value of those liabilities? Alderman Deane What’s the investment policy? Mr. Goodhue We have an investment policy statement. I believe it is on our website and if not we can certainly supply it to this committee. Basically it is 60/40 equity to debt ratio. Chairman Moriarty On page 2 it’s worth pointing out that the PUC (Public Utilities Commission) affirmed that there would be no increase to Pennichuck Water Works customers for the 2013 rate case so that’s good news to Nashua residents. Have you received any complaints from Pittsfield customers with their 9% increase or the Pennichuck East with their 9% increase? Mr. John L. Patenaude The answer to both of those questions is no. Keep in mind that on Pennichuck East the last rate increase they had was about 8 years ago so 9.1% is not that extreme. Actually with the step up, it’s 12%. It’s about 2% per year. With Pittsfield Aqueduct what happened there was the passed increase was based on a certain amount of utilization and revenue and that revenue stream didn’t come on board so had the projections from 2010 been met, they would have been in the same position as PWW. Their increases totally meet the revenue requirements based on the expenses at that point in time. Chairman Moriarty My second question is what do you expect them to be in the future? The City of Nashua has a Spending Cap which historically set to the growth of the Consumer Price Index and we have a lot of salaried contracts coming through and I routinely try to request that they be held to the CPI so that we have some long-term steady state so that people’s salaries grow at the inflation rate and their expenses grow with the inflation rate and everything is status. Is the economics or physics of water companies different or is it similar such that we can project cost of living growth for now on? Mr. Goodhue Understand that the rate structure, we get a return on our invested assets as well as a return of our necessary required hot burning expenses. As we are investing assets based on that weighted cost of capital, that’s predictable to an extent; how much do we invest and what does that cost in capital. What’s a little bit less predictable is what inflation is going to do to those necessary operating expenses and/or certain operating expenses we might incur for repairing mains, meters, and all of those types of things. One of the key things that drive our costs is property taxes. Healthcare cost is another large item however we have Pennichuck Water Special Committee -4- 11/17/14 been working very diligently at the company to control the increase of our healthcare costs. In fact, we are looking at a rebuild this year that is about 3% on healthcare costs. There is no way to predict exactly and there’s no cap. It comes down to we prosecute a rate case based on are we earning based on our consumption levels and what are the operating expenses that we would have born in test year. Mr. Patenaude I think Larry pretty well covered it. About 60% of our costs are labor, power, electricity, chemicals, fuel, and things that are impacted by inflation. About 40% is our return on investment, the capital that we put into the ground. We are in the process of completing an asset management plan which is going to define the best path for us to replace our assets. Once we have that view, it’s our obligation as a company to maintain the system at a functional level. Right now we believe that number is between $8 million - $12 million a year. We project that if you could go for rates every year it would be a rate of 3 ½%. Mr. Leonard I have one comment and obviously these gentlemen are the experts and they know the finances in detail that I don’t but the one thing you have to be careful about when you start talking about the CPI is that first of all, there are many different CPI’s and secondly, it’s not really measuring how much our costs go up, it’s measuring the base of that particular CPI. We need to make a return in order to pay our obligations but we don’t make a profit so we have the PUC who reviews and makes sure that our return is actually reflecting our actual costs. Mr. Goodhue Just as a point of reference, when we discussed the Integrated Capital Plan and what was included in those projections was about 3.29% annual escalator within that revenue cycle. This was very analogous to models that were put together when the city purchased us which was at 2.9% and the fact that we have gone through almost 3 years with a 0% increase, believe it or not, that 3.29% and that 2.9% are almost the same place. Chairman Moriarty There are several different answers but one answer is that the official plan is going to be closer to 3% each year for the foreseeable future. Mr. Goodhue That’s based on a great number of assumptions relative to how fast certain operating costs will increase based on static consumption levels. Alderman Deane So basically if it rains a lot in the summer then you have some problems? Mr. Goodhue It does put pressure on our revenues, that’s correct. Alderman Deane When you are talking consumption, it’s not just consumption within a dwelling or a business; it’s overall consumption. Pennichuck Water Special Committee -5- 11/17/14 Mr. Goodhue And you have the exact opposite situation if it’s a very hot and dry summer. Alderman Deane Your increase rates, those are predicated on capital as well, correct? Is that part of your operating expense or is it feathered out of the operating expense? Mr. Leonard About 40% of the revenue requirement is the return on investment, depreciation expense, and property taxes associated with our invested capital. In Pennichuck Water Works, 18% of our revenue requirement is property taxes paid to local communities and the state. Chairman Moriarty I had made a note on page 3 of the executive summary of things that have happened in the past year. It says the issuance of $54.5 million in financing. I assume that went through. Mr. Goodhue I can give you the time table on that. The official statement is going out into the market place and based on the current time table the middle of the month of December is when this will be completed. The number is just south of $50 million because we are not needing to fund a debt service reserve fund in this issuance and there are favorable rates in the marketplace. Indications are very favorable for the company and the rate payers. Mr. Leonard That is the financing that this committee and the Board approved a couple of months ago. Chairman Moriarty On page 4, the unaudited financial highlights it shows revenues, operating expenses, and I am guessing that the other in the operating expenses is the MARA. Mr. Goodhue It is not, that is actually the operating expenses for our non-regulated subsidiaries. Pennichuck Water Service Corporation and Southwood Corporation, as well as the Pennichuck Corporation itself. The regulated utilities, those operating expenses relate to Pennichuck Water Works, Pittsfield Aqueduct, and Pennichuck East Utilities. This is a breakdown between regulation and non-regulated both revenues and operating expenses. The MARA amortization is included on both lines. The lion’s share of it is on the regulated utility line. The amortization at the regulated utilities is there and the amortization slice that relates to Pennichuck Corporation is included on the other line. Chairman Moriarty I have a question which relates to the amount of MARA vs. the bottom, the net income loss and the net income is a very small number but its…Is the goal to make that net income to be approximately zero and do you make it zero by picking the amount of MARA to make the numbers work out? Pennichuck Water Special Committee -6- 11/17/14 Mr. Goodhue No, we don’t pick it. The MARA was a determined number based on the merger approval order and it’s for the whole 30 year duration of the city’s bonding that the MARA is amortized in concert with that. The difference between the net income line and the EBITDA line is not only the amortization of the MARA but the depreciation and amortization on all of our invested assets. We have about $4 million a year on depreciation alone and probably another million on amortization for deferred assets and then the amortization of a MARA which is probably about $1.5 or $1.6 million per year. Chairman Moriarty Does this table show the $8 million that gets paid back to the City of Nashua every year? Mr. Goodhue It does not on the income statement but that EBITDA line is the line that shows you the funding that is available for that repayment to the city. Mr. Ware Part of that is in the net interest expense; a large piece of that is paid to the city. Chairman Moriarty It looks very close to $8 million so I thought that was all but it’s a large percentage of it. Page 5 talks about taxes. Which line do you pay tax on? Mr. Goodhue On a GAP basis, the pre-tax income loss line is what we would pay income tax on, however, this is our book income statement and there are certain book tax differences that are of a material nature for our corporation and that’s principally resulting from the fact that the average lives of our assets are about 42 years but for income tax purposes, it’s about 25 years so there’s a big difference. It’s called a schedule M-1 and as a result, our pre-tax book income would turn into a pre-tax loss for income tax purposes on a consolidated basis for federal purposes at this point in time. In the State of New Hampshire, we are subject to a minimum tax of the business enterprise tax and that is based on a formulated approach based on interest, dividends, and payroll. Chairman Moriarty So should this come up a level sort of philosophically about taxes and Pennichuck Corporation isn’t, I mean its goal isn’t to go out and make huge profits and so taxes…it’s almost like a non-profit organization in some sense but it’s not. It acts like one. Mr. Goodhue Our rate structure is minimal profitability at a pre-tax level. Chairman Moriarty What is the amount of tax that you pay per year? Pennichuck Water Special Committee -7- 11/17/14 Mr. Goodhue Right now the business enterprise tax is about $150,000 a year. Mr. Leonard That’s the State of New Hampshire tax. Mr. Goodhue We pay a very small minimum tax to the State of Massachusetts and currently nothing to the federal government. We’ve got net operating losses that are winding down over time as those book tax differences decline. Chairman Moriarty On page 6, the balance sheet assets, $152,000 cash on hand is pretty lean. Can you even cover payroll? Mr. Goodhue Yes, we have a $10 million line of credit for short term working capital and once we complete this round of the bond financing, we are going to be repaying all of the dollars that have been used out of company cash to actually pay for certain capital this year. Our balance sheet at year end is going to look markedly different. Chairman Moriarty My last question is where are the loans in all of this? Mr. Goodhue If you look on page 6, bonds, notes, and mortgages are at $173,220,000 as well as current portion of long term debt which is $3 million and if you add those together it’s $176 million of long term debt of which the largest piece of that is the net remaining balance on the note payable to the city; I think it’s about $116 million right now. Chairman Moriarty So pretty soon, that $173 million is going to turn into a $227 million. Mr. Goodhue It’s going to look a little bit different than that because with the refinancing that is being completed this next month, we are refinancing some of our current debt, however, there is a 30-45 day notice requirement so that money will come in and be escrowed but those bonds can’t be repaid until the middle of January. We will have a fairly robust footnote to the audited financial statements and the debt area. Chairman Moriarty Will there ever become a time when you are basically debt free. Pennichuck Water Special Committee -8- 11/17/14 Mr. Ware Not as long as we are putting capital in the ground. To make sure the infrastructure is there, that will be a continual process. Again, it’s about $8 - $9 million of replacements each year. We’ve got pipes that have been out there since the 1800’s so there is a continual need for upgrades. Mr. Patenaude We don’t really have a way to do that. It’s not possible to run this company and end up debt free. Chairman Moriarty I think I remember that discussion last time that that was basically the way pre-purchase/post-purchase; the difference in the operating is now it’s a debt finance as opposed to equity. Mr. Leonard We are in the process of converting the company from a term debt model to a fully amortizing debt model. The new debt is being repaid over its entire life which will change the dynamic a little bit. Rather than having big growth and then having it sit for a while, it will actually give better churn relative to that debt. Mr. Patenaude Our refinancing effort that we are in the process of is going to make some of these line items in the balance sheet look a little different but it puts the company in a significantly better position. Mr. Goodhue We can disclose that the company was a BAA3 credit when the city took us over and at the end of the year last year we were upgraded to a BAA2; that’s the Moody standard. The bonds that we are going out with today we are going out with our own credit rating which is an A rating. The structure that we are seeking - we are getting credibility for that in the credit rating. Alderman McGuinness I think it is fascinating. I don’t have any criticisms or other comments. I think you guys do a wonderful job. There’s a big difference there to us in what the cost of the money that you borrow is and maybe you might want to comment on that. Mr. Goodhue We have not issued the bonds yet so I don’t know what will happen between now and the day we close. There is a significant difference between where we were rated as a credit rated security and where we are not. It could be as much as 100 basis points. From: John L. Patenaude, Chief Executive Officer Re: Tours of Water Treatment Plant and Distribution Facilities MOTION BY ALDERMAN MCGUINNESS TO ACCEPT AND PLACE ON FILE MOTION CARRIED Pennichuck Water Special Committee -9- 11/17/14 ON THE QUESTION Alderman Deane What are you going to do about this? Are you going forward it out to everybody and see if we can set a date? I’d like to go. Chairman Moriarty Are you offering two separate days for the tour? Mr. Patenaude We’d like to pick one and it would be on a Saturday for the convenience of the Board. MOTION BY ALDERMAN DEANE TO SELECT SATURDAY, DECEMBER 6, 2014, FOR A TOUR OF THE WATER TREATMENT PLANT AND DISTRIBUTION FACILITIES MOTION CARRIED From: Dorothy Clarke, Deputy Corporation Counsel Re: Resolution R-14-083  Referred to Cmte – 10/14/14 MOTION BY ALDERMAN MCGUINNESS TO ACCEPT AND PLACE ON FILE MOTION CARRIED UNFINISHED BUSINESS – None NEW BUSINESS – RESOLUTIONS R-14-073 Endorsers: Mayor Donnalee Lozeau Alderman-at-Large Lori Wilshire Alderman Richard A. Dowd Alderman-at-Large Brian S. McCarthy AUTHORIZING THE GRANTING OF AN EASEMENT TO PENNICHUCK WATER WORKS, INC. FOR CONSTRUCTION, UTILIZATION AND MAINTENANCE OF A WATERLINE  Board of Public Works Issued Favorable Recommendation – 10/30/14 MOTION BY ALDERMAN WILSHIRE TO RECOMMEND FINAL PASSAGE ON THE QUESTION Mr. Ware We, as usual, are working with the city as they replace the sewer, we replace the water. On Park Street we were in a project just like that. A quick side note, the water line on part of Park Street was inside the storm water line. It was a good use of both. What happened was is that there was a short section where the water line and the storm drain line were apparently at the same elevation and there was a manhole 20’ down the way and they were going turn right and we were going to go straight ahead so the pipe went straight through the pipe and straight through the manhole and out the back side. Suffice it to say that the sewer on Park Street failed and they were separating sewer and storm drain. We had to replace the water line while they Pennichuck Water Special Committee -10- 11/17/14 were at it. The water line on Park Street goes out onto Main Street, the original intent was to connect back into Main Street but it meant crossing Main Street and about 18 feet wide of telephone duct bank. It was not a very pretty picture from a cost perspective or traffic control. Since Pearson Avenue, which I believe is the next street to north, also connects into Main Street. We determined that instead of having those two connections we could have just one as long as we could get between Park and Pearson Street which is what we are doing through this particular easement. Alderman Deane Is the easement down the unnamed alley way? Mr. Ware Yes. Chairman Moriarty Can you technically drive from Park Street to Pearson Street? Alderman Deane I just brought a piece of legislation in to make that one-way and had no idea of the controversy that would create. Chairman Moriarty For those in the audience who are not familiar with the region we are talking about, if you leave the Nashua Library and you are going back to Main Street, before you get to the building that used to be the Saffron Bistro, to the right is the area where we are going to put an easement through where they want to run this line to connect from Park Street down to Pearson Avenue. Alderman Deane Otherwise known as the unnamed alley way. When is this work going to take place, in the spring or are you doing it now? Mr. Ware It will probably not happen until the spring. Alderman Deane Okay, so if something happens with that, whether they widen it a little bit or whatever the case may be, just as long as we know that you know that we know that if we go to do something, the water line will be in the street and connected and it’s going to be deep enough so it’s not really going to matter to anyone. Mr. Ware Absolutely. Pennichuck Water Special Committee -11- 11/17/14 Alderman Deane I feel your pain about what you encountered out on Main Street. I think our public works crews are going encounter a little bit more of that with the sidewalk project. It seems like nothing crossed the street, it was like everything was left on the east side of Main Street so there are going to be quite a few surprises found in that area. MOTION CARRIED R-14-083 Endorsers: Mayor Donnalee Lozeau Alderman-at-Large Lori Wilshire Alderman Sean M. McGuinness Alderman-at-Large David W. Deane APPROVING THE PROPOSAL OF PENNICHUCK CORPORATION TO ENTER INTO LONG TERM LOANS WITH COBANK AND THE NEW HAMPSHIRE DEPARTMENT OF ENVIRONMENTAL SERVICES STATE REVOLVING FUND MOTION BY ALDERMAN WILSHIRE TO RECOMMEND FINAL PASSAGE ON THE QUESTION Mr. Goodhue What you have before you is a request for approval for long term financing for our Pennichuck East Utility subsidiary. We came to the Board earlier this year for some financing that was based on state revolving fund loans that were available for a portion of the (Capx) requirements for Pennichuck East Utility for the 2014 fiscal year. We had a net need of over and above that that we were working on obtaining that financing as well and so what we are seeking is $625,000 worth of financing through Cobank which would be for the balance of the capital needs for Pennichuck East Utility for the 2014 year. Some of that work will be completed in 2014 and some may lap over into 2015 but we will have the money there available for that. At the same time, we are seeking to convert $1 million of short term intercompany advances between Pennichuck Corporation and Pennichuck East Utility to long term intercompany loans. The reason for doing that is that there are certain monies that have come through working capital that have actually funded some of the capital for Pennichuck East Utility. They were sitting there as short term obligations. We have mismatch between long term assets and short term borrowings and that’s a little bit of a contradiction to stay in compliance with PUC requirements. Thirdly, in getting prepared for the 2015 year, in meeting with the Department of Environmental Securities and relative to their SRF loan process, you go and get pre-approved and then you put things on the docket for funding that is available for next year. When our chief engineer met with those folks he indicated that one of our projects, the W&E water system had a two-phase approach where we are doing some work in 2014 which was already approved this year and in 2015. He was told if we bundled those together they could give us 2014 interest rates instead of 2015 by doing an addendum. We wind up saving about $63,000 to the ratepayers by doing so because you are talking about a 2.7% interest rate vs. an interest rate north of 3%. Chairman Moriarty The intercompany loan with Pennichuck Corporation, is Pennichuck Corporation going to act like a banker to loan money to Pennichuck East or other subsidiaries when they need it? Pennichuck Water Special Committee -12- 11/17/14 Mr. Goodhue All of our cash is swept up from the subsidiaries on a daily basis, it all resides at Pennichuck Corporation and as we pay our checks, it comes back down. That money has already been leant to PEU through those daily transactions; this is just converting it from short term to long term. We are required to have no more than 10% short term intercompany borrowings or borrowings at any regulated entity level relative to our invested capital. Chairman Moriarty My main question is when will the loans stop and I know the answer is never. It was a struggle for a while, as you know, transparency, the Right-to-Know Law, having to accept the fact that there is a difference between a rate payer and a shareholder and corporation and a board of directors. You have to follow these certain rules. Becoming comfortable with the idea of acknowledging that some information we just don’t have access to. As a person that fear debt and I avoid it if at all possible, the very basis of this company is to be debt financed and it’s always take a while to get used to. Mr. Ware You’ve got a certain amount of capital you’ve got to replace in terms of infrastructure out there. Corporate wide we have 630 miles worth of pipeline. The rule of thumb would be you have to replace 1/100 of it every year so 6.3 miles cost about $1 million per mile to replace so right there it’s $6.3 million. Obviously we don’t replace all of our pipes every year. Some last longer 100 years and some less but it’s an on-going process if we are going to be able to deliver water consistently and have it available when people need it. We just put $39.6 million into the water treatment plant after 30 years to get it up to speed. Our only source of capital because of how our rate structure is set up and the fact that we have no equity investment is debt. It’s very much like all of your municipal water systems; they operate in the same fashion. They are out there and when they need to invest in capital they borrow the money and that gets amortized over time over the life of the asset. Alderman Deane Do you have a percentage of your system that’s…what rate it’s at for depreciation, your pipes in the ground? Mr. Ware The rate of depreciation for pipes in the ground varies with the size from 40 – 80 years in length. Alderman Deane So if you look at what you have in the ground now, what percentage of it is near failure rate? Mr. Ware We have very few breaks per year on the 460 miles where the pipeline and the core water system are. We have 13 water main breaks per year, which is very low. The stuff that they made in the 1850’s, 60’s, 70’s, 80’s, & 90’s are nice and thick. We live in a stable geological environment and we don’t have hot soils. That pipe which is very similar to some of the original pipe that went in in New York and Philadelphia 300 or 400 years ago, that pipe is going to last a long time. It’s actually some of the newer pipe that’s’ more subject to corrosion that will last a shorter period of time. Pennichuck Water Special Committee -13- 11/17/14 Alderman Deane I bet you the wall on some of that older pipe is thicker than it was when it was originally put in, right? Mr. Ware There’s been corrosion on the interior but surprisingly not on the exterior. Alderman Deane We have significant depreciation issues in our sewer lines. My understanding is that 30% of our sewer lines are at failure rate now. That’s an awfully high number. MOTION CARRIED NEW BUSINESS – ORDINANCES – None PUBLIC COMMENT - None REMARKS BY THE ALDERMEN - None POSSIBLE NON-PUBLIC SESSION ADJOURNMENT MOTION BY ALDERMAN WILSHIRE TO ADJOURN MOTION CARRIED The Pennichuck Water Special Committee meeting was adjourned at 7:57pm. Alderman Sean M. McGuiness Committee Clerk