Minutes of Planning & Finance 1/5/2021

 

Minutes of Planning and Finance Meeting

January 5th, 2021 6:00 PM

 Meeting held remotely via Zoom Meetings

 

P&F Committee Members: Chairman P/BC - Mark Weiss, P/BC- Gerald Fey, P/BC- Mark Vanderwall, P/BC- Rick Ashleman, Jeff Ohlstrom, Commodore Terron Lindholme, Vice Commodore Margaret Krows, Rear Commodore Michele Bedner, Treasurer Joyce Carlson, Board Chairman Doug Wadden, Val Ohlstrom

Excused absence: None. 

 

Opening Comments: Meeting called to order at 6:04 pm by Chairman Mark Weiss 

Approval of Minutes: Minutes of December 1st, 2020 - Unanimously approved

Commodores Report: No new work on the breaker project, but work has started on adding the locking rings to the pedestals.

Vice Commodores Report: No report

Rear Commodores Report: No report.

Board Chair Report: BOT met in a special session with the 520 committee members to discuss the latest updates on the 520 project 

Treasurer Report: No report

Old Business:

Mark Weiss presented the loan options.

Option 1: Payoff the loan

Option 2: Acquire an extension 

An extension is not feasible as they are only available to facilitate new financing.

Option 3: Refinance the loan

Reviewed projected revenue with and without paying off the loan

 

Review fund allocations and leftover funds from previous budget years.  P&F recommends that the leftover funds be transferred to the Capital Asset Fund.

Discussed the reserved study:

It was noted that the useful life of items in the reserve study that had previously been at 0 years remaining had been revised.

Why did the useful life change?

Rick asked Mark Weiss for a running dollar total of items with 0 life remaining in the reserve study

New Business:

P&F will meet again on Tuesday, January 12th at 6 pm to discuss the reserve study and the items for the Capital 5-year worksheet 

5-year plan has been delayed by the reserves study coming in late.  The draft Capital 5-year worksheet should be delivered to the BOT by January 15th.

Mark Weiss provided a 520 update.  At this time there should be no long-term impacts to the club due to the 520 construction project.  The State’s offer to the club is under review with outside legal, appraisal, and engineering.

Meeting adjourned at 7:46 pm

Next Meeting: Tuesday, February 2nd, 6:00 pm.  

 

Meeting Date
Meeting Type
Planning & Finance
Audience