Planning and Finance Meeting Minutes
Tuesday, May 2 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, Vice Commodore Michael Day, Rear Commodore Doug Genord
Opening Comments: Planning and Finance Chairman Mark Weiss.
Approval of Minutes: Terron Lindholme, Motion to correct the April Minutes to 380 members.
Bridge Reports: Commodore Michele Bedner, Signed the contract for work to be done and begin at the Bainbridge Outstation.
Vice Commodore Michael Day, another large contract to sign for Dock 2. ***CORRECTION “Workslip 2”*****
Rear Commodore Doug Genord, nada.
Board Report: Rodger McKinley, Board Chair, tax attorney may give us an opinion on our 520 compensation taxability by May 12-13. Eric Wood doesn’t play well with others.
Treasurer Report: Joyce Carlson, tax bill received for $1900+/-. Going to request a tax exempt status. This is a bill we’ve never paid in the past. Had to move money around, and we now have $800K in t-bills. After everything matures, we will have all monies back by August. We have $761K in cash.
- Budget Review 2022-2023 – Review
- VC recommends using unspent dock 3 capital to launch Work Slip (WS) 2. There’s $40K left from another project. WS 2 requires $32K to get started. VC says the project should start now, given many variables, as described but not noted herein. Motion by Mark to follow VC’s recommendation, Jan 2nd the motion; All YAY.
- Mark spoke about the revenue short fall due to the current membership number of 375, which causes a “$42k ish” budget shortfall.
- Actions offered by Mark, Bridge review line items in budget to potentially give more accurate forecast.
- VC says we are not doing everything we should be to the docks, because of concern for budgeting.
- Budget 2023-2024
- Discussion on Budget 2023/24 –
- Mark said the Net income still down $22k after proposed moorage and other income increases. Terron stated P&F knew and discussed the outstation price raise, would not cover all costs.
- VC Updated
- Line 117 – 5050V Office Supply/Computer – New Quickbook license is more costly.
- Line 133 - Grounds Maintenance – VC says Fernando’s costs need to be added to budget.
- Line 192, 194 – Band and Architectural Committee will be Removed.
- Jeff thinks the numbers need to be “turned”, the current budget shows a $37K deficit and P&F’s charter is to present a nearly balanced budget. Joyce wants to fine-tune in July, as she uses her summer to dial-in the budget. Jeff agreed that the budget is in better shape than originally thought, after much discussion.
- Capital items update by VC.
- Using spreadsheets and shadow puppets, explained the merits and expenses of future projects. Said finishing stringers and firebreaks on docks 2&3, is reasonable. However, understanding the other needs of the club, VC says it’s best to defer this. Rodger said there are other factors, and there may be a moorage increase in the stars considering the need for cash for forecasted projects.
- Mark gave a 520 update. We have an electrical engineer coming tomorrow. Plans are done for the dock, but not electrical. We agreed to remove two 50’ slip revenue from the budget.
- Gerald Fey floated the idea of not sending two annuals to every member. Instead, each member only would get a single copy. Gerald will research the viability of acting on this.
- Discussion on Budget 2023/24 –
Next Meeting: - Tuesday, June 6 at 6:00pm Zoom Meeting