I’M TYPING AS FAST AS I CAN SO PLEASE EXCUSE TYPOS. HOPEFULLY YOU CAN UNDERSTAND. AFTER MEETING, I’LL UPDATE WITH CORRECTIONS AND CLARIFICATIONS:

DELEGATE LEONARD TSOSIE
Looking at law here and once let KPMG get away with it. This is two years old and excuse is building moldy and afraid walk in with face mask.
Grant and OMB as keeper of documents should have kept continuity of revenues. Now getting info that is useless to budget. To me this is worthless.
Wish could hold accountable. Did they increase pay?
If you look at law, Title 12, we do audit first to take latest information and consider as part of budget but yesterday, Naabi considered budget first. We reversed everything.
If do that, heading to cliff. We shouldn’t be so lax. Reasons for strictness in laws.
I don’t know when see other audits.
See investemtn found way to rob Permanent Trusyt Fund without authorization from Concil. Cahoots with investors. Heard about in New York. Give no Gomez to legal advice. Why see mingling of Land Acquisition and Gaming dollars.
Bad financial practices.
My understanding is cuz word investment in Title 2 for B&F and supposedly carte blance to do whatever with investments.
How much did we pay investment managers and how much did they make for Navajo Nation? Misleading to say investments have grown. Navajo Nation sends a check annually to these funds and now being robbed by Investment Committee thru dubious means.
We subsidize growth. Important when see reports that you outline, how much thru investment managers. Much of Funds are tied up in investments. If separate then decide if keep investment managers.
But no way know that without separating numbers. DK if this attempt to keep us in dark.
We should be seeing trends, a graph, thru the years. Ask KPMG do from here on and past on use of investments. Is it growing? Is it being depleted? Where is money going?
Can’t tell.
Give us copies of power point presentation. You make it hard for us to look at these numbers. Beginning to think it’s an attempt to keep us in the dark.
If so open, here are all numbers, power points, charts showing trends, year in and year out allow and getting worse and worse.
DK how much paying for this audit. When look at not learning anything.
Why waste committee time? Get summary especially since doing in reverse.
And save money paying KPMG and use that money for Headstart playgrounds.

WALTER PHELPS
Question on revenues. Knowing IDC/Indirect Cost beind in getting rates updated. How is that figured into audits? Are they reflected as revenues? Since IDC for 2010 and 2011 may not be updated yet, are those figures reflected in here, if any.
Cuz in general revenue projections, we project IDC amounts.

SPONSOR JONATHAN NEZ
Fault not KPMG, court action shut down admin 1 & 2 and why had to waive audit last year. Who to blame? Courts?
Agree with Tsosie on graphs especially for Permanent Trust Fund.
Before financial debacle, prior Council ready to take some of money from master trust fund, which is now $1.5 billion.

CONTROLLER MARK GRANT
There were a couple of other items that Delegate Tsosie asked: Investments of Master Trust and how allow investment into casinos? Cuz structured in a way to fit in investment policies which require PTF invest in equities and fixed income so how investments in casinos constructed.
Next item, point out that attorney Gomez not on Investment Committee, that Gomez is Investment Committee attorney.
(Delegate Tsosie says out loud that that is the same thing. B&F Committee chairperson, who sits on Investment Committee says that it’s not the same thing.
Lot of information is available at Investment Committee, including charts and just call and we can provide to you.
Delegate Phleps request for IDC: IDC rate was recently approved by NBC so Office of Controller posting IDC right now. Amount we had included IDC projection was about $15 million and only reported $2 million received year to date.
But now approved but problem expire by 9-30-13 so posting so programs can be reimbursed. Other IDC rates hopefully approved early 2014.