Shawn B. Crumlish

The meetings covered multiple committee reports and presentations related to the Virginia Resources Authority's investment portfolios, loan monitoring, and risk management. Key topics included discussions on economic outlooks by investment advisors, the status of the loan monitoring and compliance database, the risk profile of various borrowers including the Town of Tangier, and updates on the Virginia Pooled Financing Program. The board also received an executive director's report regarding disaster recovery loans, recent program structuring achievements, and a legislative summary of the 2026 General Assembly session.

The Board of Directors meeting included the approval of the agenda. Discussion centered on the proposed 2026 meeting dates for the Board and its committees. A primary action item was the consideration and subsequent approval of a resolution authorizing the settlement and payoff of the outstanding local loan to the Accomack-Northampton Transportation District Commission Railway Transportation Bond 1990 Series for a specified payment amount. No old or new business was presented.

The document contains minutes from three separate meetings held by Virginia Resources Authority (VRA) bodies: the Audit Committee, the Portfolio Risk Management Committee (PRMC), and the Board of Directors. Key discussions included the presentation of the FY2025 Audit by external auditors, noting no material noncompliance issues, and the recommendation to accept the FY2025 Annual Comprehensive Financial Report (ACFR) pending the Auditor of Public Accounts' opinion on Virginia Retirement System data. The PRMC overviewed the Clean Water and Drinking Water State Revolving Funds (SRFs), noting a record number of closings for the Drinking Water program in FY2025 and the approval of the FY2026 SRF shelf resolution ($350 million ceiling). The Board meeting addressed the annual election of the Vice-Chair, adopted electronic participation policies, received the Executive Director's Report highlighting FY2025 investment earnings exceeding budget, and approved a standing resolution authorizing grants and loans pursuant to the Virginia Community Flood Preparedness Fund Act. Additionally, the Board continued discussion on Executive Director compensation, resulting in a motion to recommend a 5.5% merit increase.

The document compiles minutes from several meetings of the Virginia Resources Authority (VRA) committees and the full Board of Directors that took place around September 9-10, 2024. Key discussions across these meetings included the presentation and recommendation for approval of the Fiscal Year 2024 Annual Comprehensive Financial Report (ACFR), including review of financial highlights related to bond refunding activity. The Audit Committee held an executive session with auditors to discuss the performance of specific public officers. The Budget and Investment Committee reviewed portfolio performance, where external managers outperformed benchmarks, and recommended approval of updates to the Investment Policy, including a proposed benchmark change supported by 20 years of data analysis. The Portfolio Risk Management Committee provided an overview of the Clean Water Revolving Loan Fund (CWRLF) and Drinking Water State Revolving Fund (DWSRF) programs, noting high demand and discussing the FY2025 SRF shelf resolution. The VPFP Summer Series 2024B pricing results were presented. The full Board Meeting recognized two departing members, Mary B. Bunting and Bill Kittrell, and adopted updated policies governing electronic participation in meetings. The Board also authorized the issuance and sale of up to $350,000,000 in State Revolving Fund Revenue Bonds for the period ending September 30, 2025, and discussed forming an ad hoc Committee to review the Strategic Plan.

The Board of Directors meeting agenda was approved. Key discussions included the Executive Director's report, which noted required Conflict of Interest Act training, proposed funding options for the Town of Crewe based on the General Assembly's Conference Budget, and ongoing concerns regarding the status of the municipal bond tax exemption review at the federal level. The Director of Program Management presented on the $101 million received in Virginia Pooled Financing Program applications for the 2025A pool. The Board authorized grants and loans pursuant to the Resilient Virginia Revolving Fund Act, specifically noting anticipated needs for disaster recovery financing for Storm Helene recovery projects in Washington County Service Authority ($20 million) and the Town of Wytheville ($6 million). The Compliance Committee report detailed the Loan Monitoring and Compliance Database (LMCD) analysis, highlighting the strength of the VPFP and Clean Water Revolving Loan Fund, and discussing legacy loan defaults and current borrower risk increases. The Personnel Committee report confirmed that the compensation study consultants found VRA salaries to be in line with the market and set a plan for the Executive Director's annual performance review feedback collection.