Minutes of Planning and Finance Meeting
February 1, 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 -Gerald Fey, P/BC Rick Ashleman, Jan Gould, Board Chairman Doug Genord, Margaret Krows
Guests: Vice Commodore Michele Bedner, Rear Commodore Mike Day, Treasurer Joyce Carlson.
Opening Comments: Meeting call to order at 6:15 PM by Chairman Mark Weiss.
Approval of Minutes: Minutes of December 7, 2021 unanimously approved as revised.
Commodores Report: No report
Vice Commodore Report: The AAC wanted to get 2 tents but have decided not to pursue at this time. They will replace if current tent is no longer workable.
Rear Commodore Report: QCYC is working to get bids/invoices from contractors for replacing the parking lot after our flood. The expectation is that the city will reimburse.
Board Chair Report: The Board is preparing a short presentation for members regarding the $200 increase they voted on for a dues increase. Mark volunteered the committee to look over the completed presentation if needed.
Treasurers Report: Joyce reported that the billings are coming in but since they went out late, members have until February 7 before they are late.
Old Business:
The Board is still considering the recommendation from Planning and Finance that state funds received will go into the 520 fund. There will be a vote on this at a future date.
The state is questioning the piling placement on Dock 3. There will be no pilings at the end of the work slip. It is likely that the workslip will not be moved back to its current position. The Docks committee has the statement Mark prepared that was presented to the state and is in the process of reviewing.
The 520 project has now been moved back one year by the state.
Doug told the committee the amendment to the Capital Funds verbiage will be presented to the Board at the next meeting.
Mark reported on the meeting regarding the current state of the contingency fund in which he, Jeff, Jan, and Gerald participated. Originally when the loan was paid off, there was an amount recommended by Planning & Finance and officially designated by the Board to be taken out of contingency to leave a balance of $558,000. It appears that a lesser amount was deducted from the contingency fund. As a consequence the amount in cash and investments is negative by ($73,681) at 9/30/2021. It was decided at the meeting to recommend to Planning and Finance that the year end balance of contingency be adjusted downward by that amount so the budget year would start without shortage. The funds and how they work were discussed. The question of what portion of QCYC funds are covered by FDIC insurance was brought up. Planning and Finance will research if funds are fully insured and make a recommendation to the Board regarding the insurance.
After much discussion, a motion was made to recommend to the Board that account 1022 be moved to other assets on the balance sheet immediately below the contingency account so it can be netted against the contingency and to reduce the contingency by $65,452.87 as of yearend September 30, 2021. The motion was made by Jeff Ohlstrom and seconded by Gerald Fey. It passed unanimously.
Under new business, the status of the budget for Oct 22-Sep 23 was reviewed. It is on track with Michele talking to the committees and Joyce tracking expenses for the operating budget.
The capital budget is already outlined in the reserve study. Gordy Foote, House Chairman, has been talking about equipment in the House that will need to be replaced. Rick indicated that the HVAC system needs to be updated with Covid requirements. Dock 3 renovation and dock work on Caps/Stingers will be done this year and next. There is a meeting on this Friday with Marine Floats for Bainbridge to get revised numbers on the dock project. IT portion will need to be adjusted so that $15,000 is in budget for next year, up from $10,000.
Jeff asked when Planning and Finance would get the 1st draft of the budget. To give Joyce additional time, the next meeting was moved from March 1st to March 3rd. The budget will be distributed prior to that meeting.
The last item on the agenda was postponed until the next meeting.
Meeting was adjourned at 8:08.
Next meeting will be March 3rd at 6:00 on Zoom. Note that this is a change of day from Tuesday to Thursday.
Action items:
Review budget process document regarding negative/positive transfer of funds
Planning & Finance will analyze bank accounts for FDIC coverage. If not, they will send recommendation.
Review HVAC analysis to update reserve study and 5 year plan
Review amount in current plan for Bainbridge dock engineering work
Update amount for IT work to $15,000 for next year plan and reserve study