Finance Committee Minutes 11-18-20 with Attachments<\/a><\/p>\nTo read the minutes, please open or download the pdf in the link above or you may see more below.<\/p>\n
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Brunswick-Glynn County Joint Water & Sewer Commission<\/strong><\/p>\n1703 Gloucester Street, Brunswick, GA 31520<\/strong><\/p>\nCommission Meeting Room<\/strong><\/p>\nWednesday, November 18, 2020 at 3:00 PM<\/strong><\/p>\nFINANCE COMMITTEE MINUTES<\/strong><\/h2>\nMEMBERS PRESENT: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\nBob Duncan, Committee Chairman<\/strong><\/p>\nDonald Elliott, Commissioner<\/strong><\/p>\nTripp Stephens, Commissioner <\/strong><\/p>\nAndrew Burroughs, Executive Director<\/strong><\/p>\nALSO PRESENT: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\nBen Turnipseed, Commission Chairman<\/strong><\/p>\nCharles Cook, Commissioner<\/strong><\/p>\nCharlie Dorminy, HBS Legal Counsel <\/strong><\/p>\nLaDonnah Roberts, Deputy Executive Director<\/strong><\/p>\nChrista Free, Procurement Coordinator<\/strong><\/p>\n\u00a0<\/strong>MEDIA PRESENT:\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\nNone <\/strong><\/p>\n\u00a0<\/strong>Committee Chairman Duncan called the meeting to order at 3:00 PM.<\/p>\n\u00a0<\/strong>PUBLIC COMMENT PERIOD<\/strong><\/p>\nChairman Duncan opened the Public Comment Period.<\/p>\n
There being no additional citizens that wished to address the committee, Chairman Duncan closed the Public Comment Period.<\/p>\n
EXECUTIVE SESSION \u2013 Personnel<\/strong><\/p>\nCommissioner Elliott made a motion seconded by Commissioner Duncan to enter into Executive Session to discuss Personnel.\u00a0 Motion carried 2-0-1.\u00a0 (Commissioner Stephens was not present for the vote.)<\/u><\/p>\n
Commissioner Stephens arrived at 3:05 p.m.<\/p>\n
Return to Regular Session.<\/p>\n
Commissioner Elliott made a motion seconded by Commissioner Stephens to return to Regular Session.\u00a0 Motion carried 3-0-0.<\/u><\/p>\n
APPROVAL<\/strong><\/p>\n\n- Minutes from the October 14, 2020 Finance Committee Meeting<\/strong><\/li>\n<\/ol>\n
Commissioner Elliott made a motion seconded by Commissioner Stephens to approve the minutes from the October 14, 2020 Finance Committee Meeting.\u00a0 Motion carried 3-0-0.<\/u>\u00a0<\/strong><\/p>\n\n- Christmas Gift Card Approval<\/strong> \u2013 L. Roberts<\/li>\n<\/ol>\n
Mrs. Roberts recalled for the Committee that every year the JWSC does provide a $25 gift card for WalMart to every employee.\u00a0 This year there would be a total of 150 cards purchased for a total amount of $3,750.\u00a0 Commissioner Elliott mentioned having previous discussion on raising the amount of gift cards.\u00a0 At that time, it was discussed but there was not a formal approval to increase the amount.\u00a0 The Fiscal Year 2020-2021 budgeted amount for the gift cards was established at $25 per employee.\u00a0 It was noted to consider increasing the amount in the future as it has remained the same for the past eight years or more.\u00a0 Commissioner Stephens offered the suggestion to forgo the virtual luncheon and add that amount to the gift cards for this year.<\/p>\n
Commissioner Stephens made a motion seconded by Commissioner Elliott to move that the Finance Committee recommend that the full Commission review and approve providing employees with a gift card in the amount of $25 to Walmart.\u00a0 The total number of cards would be 150 for a total cost of $3,750.\u00a0 Motion carried 3-0-0.<\/u>\u00a0<\/strong><\/p>\n\n- Proposed Year-End Transfer<\/strong> \u2013 L. Roberts<\/li>\n<\/ol>\n
Mrs. Roberts commented that as per the financial policies that were passed by this Board, the Board has the opportunity under the section of \u201cReserve Management\u201d at the end of the year to transfer funds that exceed the operating funds needed to maintain the normal cash flows at JWSC.\u00a0 She noted that staff has done some review of the situation as far as cash flow is concerned and the year end audit has been completed.\u00a0 At this particular point staff proposes that a transfer of $1.25M be authorized from the Utility Reserve account to the Repair and Replacement Investment account.\u00a0 Mr. Burroughs pointed out that these funds are coming from operational savings that have been achieved, and JWSC does not budget much in the way of late fees coming in throughout the year, so that money is coming from operational savings.<\/p>\n
Commissioner Elliott made a motion seconded by Commissioner Stephens to move that the Finance Committee recommend that the full Commission review and approve a transfer of $1.25M from the Utility Revenue account to the Repair and Replacement Reserve Investment account.\u00a0 Motion carried\u00a0<\/u>3-0-0.<\/u><\/p>\n\n- Leak Adjustment<\/strong> \u2013 A. Burroughs<\/li>\n<\/ol>\n
Mr. Burroughs noted that this was a rather large leak adjustment which had to be brought before the Commission.\u00a0 A JWSC customer, Kenneth Gibson had a significant water leak under his mobile home.\u00a0 He was notified by his landlord and maintenance staff that the leak was non-repairable and he has been forced to move to a new location because he could not maintain water service.\u00a0 However, his account has been transferred to the new location so JWSC would like to give him the requested leak adjustment.\u00a0 Mr. Burroughs provided a chart indicating that Mr. Gibson\u2019s usages for May 2020, June 2020 and July 2020 were 6.3, 5.4, and 61.3 times his normal monthly usage.\u00a0 Typically in order to qualify for a leak adjustment the customer does have to provide proof of repair to the leak, but this leak was cut-off at the curb stop on the service line, and will have to be repaired before anyone else can utilize the service, but given that the failure to repair is on the part of the landlord, JWSC does recommend giving Mr. Gibson a credit towards his account.\u00a0 Commissioner Stephens commented that he thought the graph and chart were helpful in seeing the monthly usage numbers for determination of excess usage amounts and should be included in the future.<\/p>\n
Commissioner Stephens made a motion seconded by Commissioner Elliott to move that the Finance Committee recommend the full Commission approve the leak adjustment in the amount of $2,804.13 to the account of Kenneth Gibson as presented.\u00a0 Motion carried 3-0-0.<\/u><\/p>\n\n- Supplemental Executive Retirement Plan<\/strong> \u2013 C. Dorminy<\/li>\n<\/ol>\n
Mr. Dorminy noted that this item would need to be deferred.<\/p>\n
Commissioner Stephens made a motion seconded by Commissioner Elliott to defer item 5 until the next meeting.\u00a0\u00a0 Motion carried 3-0-0.<\/u><\/p>\n
DISCUSSION<\/strong><\/p>\n\n- Financial Statements Month End October 31, 2020 <\/strong>\u2013 L. Roberts<\/li>\n<\/ol>\n
Mrs. Roberts commented that there were no large or significant changes of the Financial Statements for this month.\u00a0 Starting with the Balance Sheet, she noted that between Cash and Cash Equivalents and the Bond Sinking Fund there was an increase of about $1M between last month and this month.\u00a0 The transfer of funds as approved earlier will affect the Cash and Cash Equivalents.\u00a0 In response to a question from last month\u2019s meeting concerning the composition of those Accounts Receivable and their ages, Mrs. Roberts provided that the Accounts Receivable are $1.85M of which $1.74M were in the category of either current or 30 days or less.\u00a0 The remainder of that is largely from 2 huge leak adjustments that were approved by the Commission recently, one has a balance remaining of about $68K in the 60 day plus range, and the other has a balance of about $20K remaining in that 60 plus range.\u00a0 Mr. Burroughs provided commentary from contractors who have been very appreciative of JWSC\u2019s Accounts Payable for paying the bills in a much more-timely manner than their other customers.\u00a0 Commissioner Stephens asked about the status of commercial deposits being refunded.\u00a0 Mrs. Roberts stated that last month the first batch was processed, and this month another batch of 311 accounts are currently being reviewed to see if they meet all of the criteria for that deposit to be applied back to the account, and staff is continuing the process for these commercial deposits.\u00a0 Commissioner Cook suggested considering only providing an Executive Summary monthly for the financials, and printing the full detailed report once per quarter to save extra printing and paper.<\/p>\n
Mr. Burroughs stated that notification has been received from GEFA following the public notice for the meter loan which has been approved.\u00a0 There are a couple of items that need to be done on the post-approval check list before we get on the final approval, and this process is moving along.<\/p>\n
Committee Chairman Duncan asked if there were any other items to discuss.<\/p>\n
There being no further business, Chairman Duncan adjourned the meeting at 4:05 p.m.<\/p>\n","protected":false},"excerpt":{"rendered":"
For your consideration, please read the minutes from the Finance Committee Meeting held on Wednesday, November 18, 2020 at 3:00 p.m. in the Commission Meeting Room. Finance Committee Minutes 11-18-20 with Attachments To read the minutes, please open or download the pdf in the link above or you may see more below.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[18],"tags":[],"class_list":["post-22236","post","type-post","status-publish","format-standard","hentry","category-finance-committee-minutes"],"_links":{"self":[{"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=\/wp\/v2\/posts\/22236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22236"}],"version-history":[{"count":0,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=\/wp\/v2\/posts\/22236\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}