Minutes of Planning and Finance Meeting
April 5, 2022 6:00
Meeting held both at QCYC and remotely Zoom Meetings
P&F Committee Members: Chairman P/BC – Mark Weiss, Jeff Ohlstrom, P/BC Rick Ashleman, Jan Gould, Board Chairman Doug Genord, Margaret Krows
Guests: Vice Commodore Michele Bedner, Rear Commodore Mike Day, Treasurer Joyce Carlson.
Excused: P/BC Gerald Fey
Opening Comments: Meeting call to order at 6:05 PM by Chairman Mark Weiss.
Approval of Minutes: Minutes of March 5th unanimously approved as revised.
Commodore’s report: Margaret reported that there is an ongoing project of roof cleaning on the docks. It is not in the capital budget but was in the operations budget for docks. She wanted to make sure that there are funds in Michele’s budget for next year. Michele will check with the docks committee.
Vice Commodore reports: No report.
Rear Commodores report: Michael reported that Joyce is working on the QCYC Junior Boating transfer. As QCYC pays many of their expenses, there needs to be a reimbursement issued. It is in the range of $30,000. In addition, he has been working with Bill McGillian to communicate with the appropriate city employee regarding our damages in the water main break. A meeting is planned for April 15th. A claim will be submitted but is unknown if or how much QCYC will be reimbursed.
Board report: Doug informed the committee that with the number of applications, QCYC membership will be at 400. A wait list will be established with each participant paying $1750. These funds which are refundable if requested, will be in a deferred liability until the application is accepted by the club.
At a future meeting, the Board will discuss if QCYC wants to put money into an investment account which will mean we take more risk but have possibility of more return. Planning and Finance will provide a presentation with options on this issue.
The funds needed to do the permitting on the Bainbridge dock project this year were approved by the Board. It will be allocated from the capital project fund. The amount of $19,000. Joyce needs to make sure the invoice will be segregated in the capital spreadsheet.
Dean Lengtis reported to the Board that live a-boards personal boat insurance is being canceled. This will affect their ability to have moorage at QCYC.
The Board passed the resolutions regarding the capital asset methodology and the 520 reserve fund.
The presentation on the dues at the meeting was well received. The notice of the date and location of the vote has been sent to members. The vote will take place on April 27th and members need to be present to vote.
The office manager’s salary was reviewed and found to be below market. The Board agreed to support an increase as of April 1.
Al Ritchie ‘s boat was left to the QCYC. It has been sold but funds not yet received from the executor. Follow up to the executor is needed.
Treasurers Report: No report.
Old Business:
Dock 3 engineering survey with estimates was just received. This will be reviewed and discussed with the Docks committee to finalize budget numbers. The stingers/caps are $40,000 in this year’s budget and $50,000 in next year’s budget. Rick will get with the committee to determine total amounts needed for dock repairs. He will bring to the May meeting.
Balance of contingency fund reduction was approved by the Board and will be reflected in the February financials.
Gerald is working on fund allocation balances versus individual bank accounts. It is expected at the May P&F meeting.
The budget for 22/23 was reviewed. The committee had a very quick discussion of the operating budget. The main issues remaining are in the capital budget. The detail items were reviewed. There is an $80,000 shortfall. Now that docks committee has information from survey, the amounts of $360,000 for dock 3 and the $50,000 from the stingers/caps will need to be finalized. The timeframe for these repairs is the next 18 months.
New Business
Margaret reported that a member has approached her regarding solar panels on the docks. The possibility was discussed and determined to be a long-term issue. The member indicated that they would work on a proposal if the club was interested. Margaret will discuss with them.
The meeting was adjourned at 7:36.
Next meeting will be May 3rd at 6:00.
Action items:
Set up a meeting with interested P&F committee members to discuss investments/options.
Joyce to make sure that Bainbridge docks invoice will be segregated on capital speadsheet.