Minutes of Planning and Finance Meeting
January 3rd, 2023
Meeting VIA Zoom Meetings
P&F Committee Members: Chairman P/BC Mark Weiss, Jeff Ohlstrom, P/BC Gerald Fey, P/BC Rick Ashleman, Jan Gould, , P/C Terron Lindholme, Commodore Michele Bedner
Board of Directors: Roger McKinley
Guests: Vice Commodore Mike Day, Treasurer Joyce Carlson.
Opening Comments: Meeting call to order at 6:05 PM by Chairman Mark Weiss.
Approval of Minutes: Minutes of December 7 unanimously approved as presented.
Commodore’s report: Michele had no report
Michael good news dock 3 resurfacing looks complete
Eric Lindbeck is getting quotes to replace water feed lines that froze on docks 2 – 3
Our insurance deductible is $50K so we will likely absorb the entire cost without submitting a claim.
Lessons were learned regarding how to better protect our facilities in extreme cold weather.
Mark says there’s enough money in the Capital Asset Fund ($70K) to cover the repairs, but the Contingency Fund could also be used.
V/C Doug Genord said, the way people leave their boats and vehicles when they go South, may need to be considered.
Board report: Rodger McKinley said they are just watching the budget.
Treasure Report: No report.
Jan Gould asked how we manage variances. Commodore Ball looks like it may have gone way over budget. Joyce said not all monies have been accounted for, so the ball related expenses are not as bad as they may look at this time.
Gerald suggested P&F provides the Board with guidance regarding budgetary items that seem to be outside of variances.
Joyce stated that the Board does receive highlighted budgeting reports when the line item is 10% above the budgeted item.
Mark asked that we still provide guidance to the Board through written communication. No action items were set.
Depending upon timing budgetary line items may seem out of variance. There may be extenuating circumstances as to why this may be just a situation of timing.
Old Business:
Mark showed forecasting document, which showed the potable water longevity and replacement costs. Docks 2 – 3 potable lines were about half through their expected life expectancy.
Michael said Dock 1 may need re-decking. Many planks near the end are bad, and he’s asked the Docks Committee to get quotes on replacing planks or grated decking as is going on Dock 3.
Mark stressed the importance of getting quotes into the next year budget or they will not be considered until two years budget out.
New Business:
Rodger discussed items for the upcoming “Budget 101” retreat on 1/21. Terron volunteered to bartend the event.
Mark discussed an Investment Committee. Joyce shared how little interest ($84) is being made on the $600K 520 money, and with our $100K T-Bill, we make $350 per month. That means QCYC is missing a potential $2016 per month in interest because there is no guidance as to where to invest funds.
Rodger suggested the Board would have little interest in any kind of a risky investment, considering insured CD’s, Government backed Bonds and other conservative investment vehicles.
P&F will setup a working meeting with P&F, Rodger and Joyce to bring a more granular understanding of the role of an investment committee and guidelines that direct them.
Terron presented the moorage-by-foot rate increase at the outstation.
Discussion leaned toward moorage-by-foot. Gerald suggested P&F ensure the Board will support a moorage increase before P&F spins their propellers. Much discussion. Should QCYC continue to subsidize members stays at the Bainbridge Outstation and all other outstations?
Terron to submit a summary proposal for the outstations ASAP. Looking to change fees at Winslow & Deer Harbor (Should they be handled differently?). Rodger and Mark will take a proposal to the Board to see if they have any appetite for a moorage change.
Next P&F meeting Wednesday, Feb 1st.
Meeting concluded at 7:34pm.