November 18, 2025 Regular Meeting

Upper Thompson Sanitation District
Regular Meeting of the Board of Directors
District Administrative Conference Room

Pursuant to C.R.S., §32-1-903, notice is hereby given to the members of the Upper Thompson Sanitation District Board of Directors and to the general public that the Board will hold its regular meeting, which is open to the public, at 4:00 p.m. on Tuesday, November 18, 2025, at the Upper Thompson Sanitation District Administrative Office, 2196 Mall Road, Estes Park, CO, 80517. Individuals who wish to address the Board via public participation may do so “in-person,” via telephone, or virtually through online participation, facilitated by the Zoom platform. Members of the public wishing to join the meeting via online or telephone participation, please email a request for the meeting link or telephone number to Ms. Gina Moore, Financial Officer, at gina@utsdco.gov by 2:00 p.m. on November 18, 2025.

Agenda

1. Call to Order.
2. Pledge of Allegiance.
3. Roll Call, Absences Excused.
4. Next Meeting Date: Regular Board Meeting, Tuesday, December 16, 2025.
5. Agenda: Correction and Approval.
6. Disclosure of Potential Conflicts of Interest.
7. Public Forum: An opportunity for presentation by the public to provide information to the Board of Directors on anynon-agenda item. Note: The Board cannot take any action on non-agenda items but may direct staff to include the item on a future agenda.
   Public Comment on Agenda Items: Public comments will be heard by the Board at the conclusion of the presentation of the agenda item. Persons addressing the Board shall first be recognized by the District Manager or Board Chairmanand may speak only one time per agenda item. Speakers shall state their name and address for the official minutes,address comments to the Board as a Body, and shall be allotted three (3) minutes for public comment.
   All public commentary must be made at the podium or offered virtually via Zoom Chat.
8. Minutes: Correction and Approval: Special Board Meeting, October 14, 2025.
   Regular Board Meeting, October 21, 2025.
9. New Business and Special Orders:
   1. Public Hearing on Proposed 2026 Budget – presented by Ms. Jurgens and Ms. Moore.
   2. Update: Phase II - Water Reclamation Facility (WRF) and Lift Station Improvements Project – presented by Mr. Ravel, P.E., Senior Project Manager, AE2S.
   3. Request for Approval: WRF and Lift Station Improvements Project, 20% Design and Value Engineering, AE2S Invoice No. 106416 - presented by Ms. Moore.
10. Reports from Officers, Committees, and Staff: Questions, Comments, Correction and Approval:
    1. Treasurer’s Report.
    2. Plant Report.
    3. System Development Fee Allocation and Connection Report.
    4. Collection System Report.
    5. Operations Manager’s Report.
    6. District Manager’s Report.
11. Executive Session: §24-6-402(4)(e), C.R.S., Determining positions relative to matters that may be subject to negotiation, developing strategy for negotiations, and instructing negotiators regarding the Water Reclamation Facility Project 20% Design and Value Engineering Construction Estimate.
12. Adjournment.

Upper Thompson Sanitation District (District) prohibits discrimination against its customers, employees, and applicants for employment on the basis of race (including traits historically associated with race, such as hair texture and length, protective hairstyles), color, ethnic or national origin, ancestry, age, disability, sex, gender, sexual orientation, gender identity and expression, religion, creed, political beliefs, marital status, familial or parental status in employment or in any program or activity conducted by the District. The District will make reasonable accommodations for qualified individuals with known disabilities. If any person has a disability and requires a reasonable accommodation to fully participate in this event, please contact District Manager, Ms. Suzanne Jurgens, three days before the event via email at suzanne@utsdco.gov, or telephone at 970-586-4544, or dial 711 to connect with Relay Colorado.

Record of Proceedings

Minutes Of a Regular Meeting of the Board of Directors Of 
Upper Thompson Sanitation District 
Held: November 18, 2025, at 4:00 p.m., at the 
District Office, 2196 Mall Road, Estes Park, Colorado

Call to Order 

A regular meeting of the Board of Directors of the Upper Thompson Sanitation District, Estes Park, Colorado, was called to order at 4:01 p.m. and held as shown above and in accordance with the applicable statutes of the State of Colorado with the following Directors present and acting: 

Pledge of Allegiance 

The Pledge of Allegiance was recited. 

Attendance 

Board of Directors: 
Christopher Eshelman, Chairman 
Susan Doylen, Vice-Chairman/Secretary 
Michael Morton, Treasurer 
Kent Bosch, Assistant Treasurer/Secretary 
Andrew Kessler, Assistant Secretary/Treasurer 

Staff: 
Suzanne Jurgens, District Manager 
Gina Moore, Financial Officer 
Matt Allen, Operations Manager 
Nathanael Romig, Collection Superintendent (arrived to meeting at 4:33 p.m.) 
Henry Newhouse, Plant Superintendent 
Sheryl Panzer, Customer Accounts Manager 
Cristie Rambeau, Customer Accounts Specialist 
Naomi McCracken, Secretary (joined via web conference call)

Invited Guests: 
Steve Ravel, P.E., Senior Project Manager, Advanced Engineering and Environmental Services (AE2S) 

Next Meeting Date 

A regular meeting of the Board of Directors will be held on December 16, 2025, at 4:00 p.m. 

Approval of Agenda

The Board considered the Agenda. 

It was moved by Ms. Doylen and seconded by Mr. Morton to approve the Agenda as presented. Motion carried unanimously. 

Disclosure of Potential Conflicts of Interest 

Disclosure of potential conflicts of interest is a topic of discussion at every Board meeting to address potential conflicts of interest that may arise as new agenda items are introduced. District Directors who have disclosed potential conflicts of interest can vote as issues arise. 

Public Forum 

Mr. Eshelman opened the meeting for public comment. 

Mr. Eshelman explained the Public Forum is an opportunity for presentation by the public to provide information to the Board of Directors on any non-agenda item. He further explained the Board cannot take action on non-agenda items but may direct staff to include the item on a future agenda. 

Regarding public comment on Agenda Items, Mr. Eshelman provided the following statement: 

Public comments will be heard by the Board at the conclusion of the presentation of the agenda item. Persons addressing the Board shall first be recognized by the District Manager or Board Chairman and may speak only one time per agenda item. Speakers shall stand at the podium, state their name and address for the official minutes, address comments to the Board as a Body, and shall be allotted three (3) minutes for public comment. 

There were no public attendees at the meeting. 

Approve Minutes from Prior Meetings: 

The Board reviewed and discussed the Minutes of the October 14, 2025, Special Board Meeting and the October 21, 2025, Regular Board Meeting. 

It was moved by Mr. Morton and seconded by Mr. Bosch to approve the Minutes of the October 14, 2025, Special Board Meeting as presented. Motion carried unanimously. 

It was moved by Ms. Doylen and seconded by Mr. Morton to approve the Minutes of the October 21, 2025, Regular Board Meeting as presented. Motion carried unanimously. 

New Business and Special Orders: 

Public Hearing on Proposed 2026 Budget - presented by Ms. Jurgens and Ms. Moore: 

At 4:04 p.m. Mr. Eshelman opened the Public Hearing on the Proposed 2026 Budget. 

Ms. Jurgens stated the proposed 2026 budget has been revised since it was originally presented at the Special Board Meeting on October 14, 2025. 

Ms. Jurgens noted that the proposed budget complies with legal requirements showing estimated beginning and ending fund balances, previous year audited figures, year-end estimated figures for 2025 and figures for the year in which the budget will be adopted. 

Ms. Jurgens said that the Notice of the Public Hearing for the proposed 2026 budget was published in the Estes Park News and the Estes Park Trail Gazette on October 17, 2025. 

Ms. Jurgens reported the District has received a single comment from a customer concerning the proposed 2026 budget. This individual attended the Regular Board Meeting on October 21, 2025, and provided feedback to the Board following their discussion of the document. 

Ms. Jurgens commented that the budget was presented at the Special Board Meeting on October 14, 2025, and discussed again on October 21, 2025, at the Regular Board Meeting. Ms. Jurgens asked the Board to direct questions and comments regarding the proposed 2026 budget to her. 

Ms. Jurgens noted that following those meetings, the Board has sought clarification on various issues, such as the 2025 budgeted and estimated overhead and operational costs, the 2026 projected revenue and expenses, and the anticipated capital improvements outside of the Water Reclamation Facility and Lift Station Improvements Project (Project). 

Ms. Jurgens stated that the she and the staff will respond to all inquiries regarding the proposed 2026 budget at this meeting and prior to the December 16, 2025, board meeting at which time the budget will be submitted for approval and adoption by the Board of Directors. 

Ms. Jurgens said that the 2026 budget is a collaborative effort of District staff - including Ms. Moore, Ms. Panzer, Mr. Allen, Ms. Mourning, Mr. Newhouse, and Mr. Romig. She extended her appreciation for their participation in the budget process. 

Ms. Jurgens emphasized that this proposed budget represents the best effort to predict business activity and outline initiatives for the year 2026. The proposed budget illustrates the District's ongoing efforts toward the new Water Reclamation Facility in 2026, which include finalizing value engineering and the 20% design phase, completing the revised design, and initiating construction. 

Ms. Jurgens noted it is imperative that the District maintain diligent operation and upkeep of the current wastewater treatment facility, lift stations, and collection system. 

Ms. Jurgens thanked the District's employees for their unwavering commitment to managing and operating the District's resources, while providing outstanding water reclamation services. 

Ms. Jurgens explained that the proposed budget for 2026 includes provisions for employment benefits and provides funds in support of professional growth and development of personnel. The District's achievements rely on the team's proficiency and commitment, especially with a focus on sustainability and fiscal responsibility. 

Ms. Jurgens stated it is important to note that while this proposed budget identifies and estimates revenue and expenditures of financial resources, upon adoption it becomes a policy setting document. It provides guidance on Upper Thompson Sanitation District's allocation of staff time and resources and influences management decisions for the year 2026. 

Ms. Jurgens commented that the budget message reviews District activities through October 2025 and outlines the basis for the 2026 budget. Furthermore, the budget document outlines the allocation of revenues as well as overhead and operational expenses for each department within the District. The proposed budget document includes a capital improvement plan which specifies anticipated capital projects spanning the years from 2026 through 2035. 

Ms. Jurgens said that the revenue budget incorporates the service rate and system development fee increases for 2026, as determined by the Board of Directors during the regular meeting held on September 23, 2025. The proposed 2026 General Fund Budget Summary indicates operational revenues to be $8,029,688 and capital revenues to be $230,400. 2026 total operational and capital revenue, including income from Water Reclamation Facility funding sources of $31,759,000, is budgeted at $40,019,088, and is approximately 25.6% lower than 2025's total budgeted revenue. 2026's interest income is budgeted conservatively at $401,000. 

Ms. Jurgens then presented budgeted overhead expenditures for the year 2026 stating the total is $5,172,580, and budgeted operation expenditures total $1,213,100. 2026 budgeted operation and overhead expenditures total $6,385,680. Total capital expenditures in 2026 are budgeted at $32,009,000, which includes $30,019,000 allocated to the Water Reclamation Facility Project and a $250,000 contingency. All 2026 budgeted expenditures for the year, including overhead, operation, capital, and debt service equal $39,981,207. The 2026 budget expenses have decreased by $16,789,364 compared to the 2025 budgeted expenses. This reduction is primarily due to the lower estimated construction expenditures for the Water Reclamation Facility Project in 2026. 

Ms. Jurgens explained that the proposed budget for 2026 projects a net operating surplus of $1,644,008. This surplus results from Project funding sourced from District reserves and proceeds obtained from the Colorado Water Resources and Power Development Authority's Water Pollution Control Fund, as well as from the EPA's Water Infrastructure Finance and Innovation Act (WIFIA). 

Ms. Jurgens noted that contingency funds are incorporated into the budget document for a future event or circumstance that is possible but cannot be predicted with certainty. The 2026 budget for Overhead Contingency is $10,000. The 2026 Operation Contingency is allocated at $50,000; and the Capital Contingency is allocated at $250,000. Contingencies will only be used at the discretion of the District Manager and Board of Directors. 

Ms. Jurgens reported that projected capital revenue for 2025 is $443,032. This amount exceeds the budgeted capital revenue figure of $223,200 by $219,832. The 2025 capital expenses are estimated to be $1,105,838, which is $48,120,162 under the 2025 capital expense budget of $49,226,000. This is due to the delay in the start of construction of the Water Reclamation Facility Project. 

Ms. Jurgens highlighted that anticipated 2025 revenues are $12,754,129, which includes $8,079,270 in operating revenue, $443,032 in capital revenue, and includes $4,231,837 in CWRPDA loan reimbursements. Projected 2025 expenses, including overhead, operations, capital and debt service, total $6,223,119. The estimated new operating and capital surplus (without funding for the WRF Project) for 2025 is $2,299,183. 

Ms. Jurgens then reviewed the 2025 and 2026 beginning and ending fund balances: The 2025 fund balance began at $17,663,806 and is estimated to end at $24,194,826. The 2026 budgeted beginning fund balance is $24,194,826 and the ending fund balance is projected to be $24,232,707. 

Ms. Jurgens stated that the 2026 Capital Improvement Plan forecasts capital projects and expenses through the year 2035. 

Ms. Jurgens reviewed 2026 capital expenditures budgeted per department: 

Administration: 

• Purchase of a vehicle and copy machine
• Connection of Administration Building to Town of Estes Park water service - including a tap purchase and construction

Collection System: 

• The 2026 CIP allocates funds needed for ongoing collection system rehabilitation (CIPP, pipe burst, and new construction)
• Purchase of a new utility truck
• Replacement and rehabilitation of manholes near Eagle Rock school
• Purchase of GPS equipment and a hands-free radio system
• Connection of the Collection Building to Town of Estes Park water service-again, a tap purchase and construction to install the water line

Treatment Plant: 

• Purchase of new SCADA software and hardware
• Purchase of a hands-free radio system
• Replacement of a blower PLC cabinet and generator transfer switch
• Pump and mechanical screen replacement at TRLS and a pump replacement at FCLS
• Purchase of a welder
• Connection of the treatment plant to Town of Estes Park water service

Ms. Jurgens reported that the proposed 2026 budget allocates costs for the Water Reclamation Facility Project amounting to $30,019,000. This includes construction and engineering support, legal and permit management, relocation of primary electric and communication lines, and engineering services during construction. The capital improvement projects are subject to approval by the Board of Directors. 

Ms. Jurgens concluded her presentation stating expenditures in the proposed 2026 budget exceed revenues due to capital improvement projects, specifically due to the Water Reclamation Facility and Lift Station Improvements Project. These projects significantly impact the operating/capital net position. The District plans to utilize cash reserves and loans to balance the net position resulting from these projects. 

Ms. Moore then reported to the Board that since the October 14, 2025, Special Board Meeting, the 2026 budget message was updated to reflect figures presented in the November Proposed Budget. 

Ms. Moore noted the 2025 forecast spreadsheet has been updated to reflect actual year-to-date revenues and expenses through October 31, 2025. Additionally, Ms. Moore stated the 2025 estimated revenues and expenses have been revised based on year-to-date figures and staff input and reflect a best effort to predict final totals. 

Ms. Moore stated the 2026 Proposed Budget revenue includes a 10.5% increase in rates for metered, non­metered, and data collection fees, as adopted by the Board via Resolution No. 2025-09-01 at the September 23, 2025, Regular Board Meeting. 

Ms. Moore then explained that 2026 system development revenue forecasts the sale of twelve new system development fees (SDF) at the rate of $18,700 per SDF, as adopted by the Board via Resolution No. 2025-09-01. A total of fifteen permit fees is projected to be sold in 2026. She added that through October 31, 2025, 23 system development fees and 24 permit fees were sold.

Ms. Moore noted the 2026 revenue budget includes $11,642,827 in bond proceeds from the CWRPDA Water Pollution Control Revolving Fund and $14,376,173 in loan proceeds from WI FIA. These bond and loan proceeds will fund construction of the Water Reclamation Facility and Lift Station Improvements Project (Project). The 2026 revenue budget also includes a contribution of $4,000,000 to the cost of the Project that will be drawn from the District's reserves. Total projected revenue, including the bond and loan proceeds, District cash contribution, and operating and capital income is $40,019,088 for budget year 2026. 

Ms. Moore forecasted total operating and capital revenue to be just over $8.5 million dollars at year end 2025, which is approximately $1.1 million dollars more than budgeted. She explained this is primarily due to the District receiving more in interest income and system development fee income than was conservatively budgeted, as well as revenue for the sale of assets that were not budgeted in 2025. Ms. Moore noted that the 2026 Proposed Budget forecasts just over $8.2 million in operating and capital revenue. 

Ms. Moore then summarized revisions to the 2026 budgeted expenses since the proposed budget was presented to the Board on October 14, 2025. 

The following notable revisions made to the 2026 Administration budget include: 

• Account 5140 (Board Packet Page 54)-Permits-Deleted Pre-Treatment Program Fee, $125, for 2026, as no longer needed.
• Account 5197 (Board Packet Page 55) -Admin Clothing Expense -Increased from $500 to$750.
• Account 5215 (Board Packet Page 55)-Office Furniture-Added $1,200 for a picnic table for District staff to utilize during lunch breaks.
• Account 5225 (Board Packet Page 55)-Software Maintenance -Increased from $14,000 to $24,000 to include G3 Cloud and data migration software expense, per quote from District IT provider. Decreased Waterly Core software from $5,000 to $3,500 due to anticipated credit. Removed Azure and Virtual SCADA software from the 2026 budget.
• Account 5251 (Board Packet Page 55)-Workman's Compensation Insurance -Decreased from $35,000 to $27,000 based on renewal invoice received for 2026.
• Account 5252 (Board Packet Page 55) -Property & Liability Insurance -Increased $10,000 based on renewal invoice received.
• Account 5410 (Board Packet Page 56)-Salaries & Wages-Included a salary for an Assistant District Manager. Payroll taxes, account 5420, were adjusted accordingly.
• Account 5430 (Board Packet Page 56) - Employer Benefits Expense - Included health insurance for potential administration new hire (Assistant District Manager).
• Account 5460 (Board Packet Page 56)-CO PERA 401 a Employer Contribution -Adjusted to include employer contributions for potential administration new hire (Assistant District Manager).
• Account 5510 (Board Packet Page 56) -Conference Expense -Decreased from $9,000 to $5,500 due to removal of Utility Management Conference.
• Account 5740 (Board Packet Page 57) -Tech Support Expense -Added $2,000 to account for ongoing service related to SCADA equipment support.
• Account 5761 (Board Packet Page 57)-Engineering Services -Increased from $215,000 to $300,000 to include Wastewater Treatment Facility Condition Assessment of Fish Creek Lift Station, Thompson River Lift Station (TRLS), TRLS Force Main, and Head Works.
• Account 5775 (Board Packet Page 57) - Professional Services - Added $100,000 for condition assessment for Eagle Rock Lift Station appurtenances including valves and force main. Added $60,000 for a rate study.

The following notable revisions made to the 2026 Collection budget include: 

• Account 5175 (Board Packet Page 54) -Cell Phone Expense -Added $500 for cell phone data plan for the new collection iPhone that will be used for Global Positioning System (GPS) work.
• Account 5430 (Board Packet Page 56)-Employer Benefits Expense -Decreased by $7,062 to reflect changes in collection employee selected medical plan for year 2026.

The following notable revisions made to the 2026 Plant budget include: 

• Account 5115 (Board Packet Page 54) - Janitorial Expense - Added $800 for window cleanings at the plant.
• Account 5155 (Board Packet Page 54) -Telephone Expense -Added $300 for an additional user license for plant operator (from 17 users to 18 users).
• Account 5220 (Board Packet Page 55) -Computer Equipment - Added $7,500 for SCADA equipment per a quote received from the District's IT provider.
• Account 5410 (Board Packet Page 56)-Salaries & Wages -Included wages for the addition of a laboratory intern. Payroll taxes, account 5420, were adjusted accordingly.
• Account 5510 (Board Packet Page 56 )-Conferences-Added $1,000 for plant staff to attend Colorado Rural Water Association Conference (no lodging).

The following notable revisions made to the 2026 Capital budget include: 

• Account 7065 (Board Packet Page 59) - Plant Expansion - Increased Site Primary Electrical Relocation by $50,000. This increase is also reflected in the District's Capital Improvement Plan.
• Account 7020 (Board Packet Page 59) - Office Equipment - SCADA Equipment for $20,000 was removed from the capital budget. $7500 was included for SCADA Equipment in account 5220, per revised quote from District IT provider.

Ms. Moore indicated that before adoption of the 2026 budget, further revisions will be made and presented to the Board for consideration at the December 16, 2025, Regular Board Meeting. 

Ms. Moore explained to the Board that, at the December 16, 2025, Regular Board Meeting a resolution will be prepared for the Board to adopt the budget and appropriate funds for the 2026 budget year. Upon adoption of the 2026 budget, she stated, as statutorily required, it will be submitted to the Division of Local Government in January 2026. 

Ms. Jurgens, Ms. Moore, and Mr. Allen answered questions of the Board regarding the budgeted wastewater rate study and condition assessment for the Eagle Rock Lift Station. The Board and Ms. Jurgens also discussed the one-time option to reset the WIFIA loan interest rate, if market rates decrease before any funds are drawn. 

The Board thanked Ms. Jurgens and Ms. Moore for the update on the 2026 Proposed Budget. 

At 4:44 p.m. Mr. Eshelman closed the Public Hearing on the 2026 Proposed Budget. 

Update: Phase II - Water Reclamation Facility (WRF) and Lift Station Improvements Project -presented by Mr. Ravel, P.E., Senior Project Manager, AE2S: 

Mr. Ravel provided an update regarding the Water Reclamation Facility and Lift Station Improvements Project (Project). He mentioned there has been minimal activity from the engineering side of the Project as RN Civil Construction has been working on the 20% cost estimate based on the value engineering work provided by AE2S. Mr. Ravel noted that RN Civil Construction submitted a Project cost estimate which will be discussed in executive session. Mr. Ravel explained that additional information related to the cost estimate is anticipated from RN Civil Construction on November 19, 2025. 

The Board thanked Mr. Ravel for the Project Update. 

Request for Approval: WRF and Lift Station Improvements Project, 20% Design and Value Engineering, AE2S Invoice No.106416- presented by Ms. Moore. 

Ms. Moore asked the Board for approval to remit payment to AE2S for an invoice received by the District: Invoice Number 106416 in the amount of $34,979.72. The invoice pertains to services provided for the Water Reclamation Facility and Lift Station Improvements Project, specifically covering 20% design and value engineering work conducted between September 13, 2025, and October 10, 2025. Ms. Moore stated she has prepared a check for payment of this invoice, and it is ready for signature at this meeting. 

It was moved by Ms. Doylen and seconded by Mr. Kessler to approve payment to AE2S for Invoice Number 106416 in the amount of $34,979.72. Motion carried unanimously. 

Reports of Officers, Committees, Professional Consultants, & Staff 

The Board considered the Reports of Officers, Committees, Professional Consultants, and District Staff. 

The Board asked the staff questions regarding the departmental reports. 

The Board did not have corrections to the departmental reports. 

The Board thanked District Staff for preparing the reports. 

Adding to the District Manager's Report, Ms. Jurgens announced that the District's holiday party will be held on Friday, December 19th at 5:30 PM, at the Fairchild Lodge in the YMCA. The meal will be catered by the YMCA. Ms. Jurgens requested that Board members and staff save the date. She also thanked Director Eshelman for his key role in organizing the event accommodations. Ms. Jurgens noted that additional information will be provided as the date approaches. 

It was moved by Ms. Doylen and seconded by Mr. Bosch to accept the Treasurer's Report, Plant Report, System Development Fee Allocation and Connection Report, Collection System Report, Operations Manager's Report, and District Manager's Report. Motion carried unanimously. 

At 4:56 p.m., the Board took a 17-minute recess. 

Executive Session 

At 5:13 p.m., it was moved by Ms. Doylen and seconded by Mr. Bosch to go into Executive Session pursuant to §24-6-402(4)(e), C.R.S. "Determining positions relative to matters that may be subject to negotiation, developing strategy for negotiations, and instructing negotiators regarding the Water Reclamation Facility Project 20% Design and Value Engineering Construction Estimate. Motion carried unanimously. 

The Executive Session was attended by Directors Doylen, Bosch, Eshelman, Morton and Kessler; and Ms. Jurgens, Ms. Moore, Mr. Allen, Mr. Romig, Mr. Newhouse, Ms. Ponzer, and Mr. Ravel. 

The Board did not engage in substantial discussion of any matter not enumerated in §24-6-402(4)(e) C.R.S., nor did it adopt any proposed legislative policy, position, resolution, rule, regulation, or formal action. 

The Executive Session was adjourned at 6:43 p.m. 

Return to Regular Session 

At 6:45 p.m., the Board returned to Regular Session. 

Adjournment 

Having no further business, at 6:46 p.m. It was moved by Mr. Bosch and seconded by Mr. Morton to adjourn the meeting. Motion carried unanimously. 

Susan L. Doylen, Vice-Chairman/Secretary

Christopher L. Eshelman, Chairman

Date: December 16, 2025