Planning and Finance Meeting Minutes
Wednesday, March 1 6:00 PM Zoom Meeting
P&F Committee Members: Chairman P/BC - Mark Weiss, P/BC - Gerald Fey, Jeff Ohlstrom, Jan Gould P/T, Terron Lindholme P/C, Commodore Michele Bedner, Board Chairman Rodger McKinley
Guests: Treasurer Joyce Carlson, Rear Commodore Doug Genord, Tom Johnson (520 Committee)
Opening Comments: Planning and Finance Chairman Mark Weiss.
Approval of Minutes: Jeff Ohlstrom (motioned) / Gerald Fey (2nd) / Passed unanimously.
Bridge Reports: Commodore Michele Bedner, No report
Vice Commodore Michael Day, No report
Rear Commodore Doug Genord, still waiting to hear back from Seattle Water on their assessment of the water damage they caused.
Board Report: Rodger McKinley, Board Chair, No report
Treasurer Report: Joyce, has been working on the upcoming budget, but has not worked on the investment accounts yet. Asked about a Freelock $7000 charge, Michael and Mark said it a line item (Website update) in the current budget.
Old Business:
- Budget 2023-2024
- Review of 5 year Capital Plan
- 520 review and impact. Mark said our dock 3 movement has been delayed a year. Tom Johnson, went on to explain why the dock movement has been delayed. Because QCYC has pilings, that makes it “real property”. This new discovery has moved the project concerning QCYC to another part of the overall 520 project. Additionally, since the primary contractor has not been selected, permits cannot be issued to begin work.
- Mark: All of work-slip 2 must be completed by Fall 2024. QCYC may have to pay for 1/3 of the cost of dock replacement with the move. Since we won’t have direct interface with the new docks contractor, may mean QCYC has fewer options in the how’s and what’s of the move.
- Tom: QCYC is becoming part of a multi-million project (Instead of Sea & Shore managing) there may be a better chance to WA paying to essentially rebuild much of dock 2.
- Mark: Next meeting with WA is for “betterments/requirements”
- Jeff: Are there other items that we can work on now that there’s a year delay in 520? Mark said “Yes”. Docks committee is working on getting quotes for replacement of the long-term needed stringers.
- Mark: All of work-slip 2 must be completed by Fall 2024. QCYC may have to pay for 1/3 of the cost of dock replacement with the move. Since we won’t have direct interface with the new docks contractor, may mean QCYC has fewer options in the how’s and what’s of the move.
- Bainbridge Updates. Mark: Eric Wood requested that monies be spent on the outstation. Permits are in process, then we can get an Engineering plan, then contractor bids.
- Mark then showed how there’s a $748K deficit in the 23/24 budget.
- Mark: We should start looking at financing options for the $748K Bainbridge deficit.
- Gerald made a motion, and was 2nd passed unanimously to Investigate Funding options for the deficit.
- Jeff said we should look at using existing funds and borrow less money.
- Mark: We should start looking at financing options for the $748K Bainbridge deficit.
- 520 review and impact. Mark said our dock 3 movement has been delayed a year. Tom Johnson, went on to explain why the dock movement has been delayed. Because QCYC has pilings, that makes it “real property”. This new discovery has moved the project concerning QCYC to another part of the overall 520 project. Additionally, since the primary contractor has not been selected, permits cannot be issued to begin work.
- Treasurer provided Draft Budget Proposal: Mark: Moved the Bainbridge $850K from 24/25 to 23/24 budget years.
- Michael: Website upgrades require an additional $10 for his year. Mark added to budget.
- Review of 5 year Capital Plan
- Budget Review 2022-2023
- Mark asked Joyce to account for ensuring member numbers and initiation fees reflect pending member and historic 15 member attrition.
- Joyce: Deer Harbor contract has been executed.
- There are 375 members, with 2 coming in, with 15 in typical attrition = 360. P&F: Joyce should use 360 members for her budget calculations.
- Joyce raised several areas of the budget 3% - 5% to accommodate for inflation.
- Joyce raised moorage 5% effective 10/23 just to see how that affects the budget as well as upwardly adjusted locker rates, just to see how they affect the budget.
- Terron: Make certain the “for effect” rate increases are well noted in the budget, so they don’t “get lost”.
- Terron: Make certain the “for effect” rate increases are well noted in the budget, so they don’t “get lost”.
- There are 375 members, with 2 coming in, with 15 in typical attrition = 360. P&F: Joyce should use 360 members for her budget calculations.
- Michael: Looking at contacting a bookkeeper for the office at $40 per hour. That has also been added to his budget for consideration.
- Mark: P&F needs to sit down and really read the budget and be ready for discussion in next meeting.
- Mark: Schedule a P&F meeting the week of March 20th.
- Water Pipe Repair Expenses Estimates, Michael said maybe $5000, but less than $20K
- Revenue short fall current membership number at 375 - $42k ish
- Gerald suggested we put forward a discount. Discussed merits of incentives.
- Jeff doesn’t agree with a joining discount. Believes we need better marketing.
- Jeff doesn’t agree with a joining discount. Believes we need better marketing.
- P&F deferred any suggestion for joining incentives
- Gerald suggested we put forward a discount. Discussed merits of incentives.
- Mark asked Joyce to account for ensuring member numbers and initiation fees reflect pending member and historic 15 member attrition.
New Business:
- Joyce: Where to put interest money from the upcoming 520 accounts.
- Michael: The 520 funds resolution BOT voted on should define where interest monies go. Rodger will take the issue to the BOT.
- Terron: Motion to recommend to the BOT that QCYC keep interest monies with the “account” they were derived from. Gerald 2nd Jeff abstained (Managing interest from t-bills and other investments will be difficult to manage and needs more thought). Passed.
- Michael: The 520 funds resolution BOT voted on should define where interest monies go. Rodger will take the issue to the BOT.
Meeting concluded: At 7:49PM.
Next Meeting: - Tuesday, April 4 at 6:00pm Zoom Meeting