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.