Finance Committee Minutes 3-17-21 with Attachments<\/a><\/p>\nTo read the minutes, please open or download the pdf from the link above, or you may see more below.<\/p>\n
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Brunswick-Glynn Joint Water & Sewer Commission<\/strong><\/p>\n1703 Gloucester Street, Brunswick, GA 31520<\/strong><\/p>\nCommission Meeting Room<\/strong><\/p>\nWednesday, March 17, 2021 at 3:00 PM<\/strong>\u00a0<\/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>\nCharles Cook, 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>\nLaDonnah Roberts, Deputy Executive Director<\/strong><\/p>\nFrances Wilson, Senior Accountant<\/strong><\/p>\nJanice Meridith, Executive Commission Admin.<\/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>\nCommittee Chairman Duncan called the meeting to order at 3:00 PM.\u00a0\u00a0<\/strong><\/p>\nPUBLIC COMMENT PERIOD<\/strong><\/p>\nChairman Duncan opened the Public Comment Period.<\/p>\n
There being no additional citizens that wished to address the Committee, Committee Chairman Duncan closed the Public Comment Period.<\/p>\n
APPROVAL<\/strong><\/p>\n\n- Minutes from the February 17, 2021 Finance Committee Meeting<\/strong><\/li>\n<\/ol>\n
Commissioner Cook made a motion seconded by Committee Chairman Duncan to approve the minutes from the February 17, 2021 Finance Committee Meeting.\u00a0 Motion carried 2-0-1.\u00a0 (Commissioner Stephens abstained due to absence from that meeting.)<\/u>\u00a0<\/strong><\/p>\n\n- JWSC Property and Liability Insurance Renewal<\/strong> \u2013 Fred McGinty, McGinty-Gordon<\/li>\n<\/ol>\n
Mr. McGinty of McGinty-Gordon & Associates presented the annual JWSC Property and Liability Insurance Proposal for renewal to the Finance Committee.\u00a0 The coverage types included in the package are:\u00a0 Liability Package, Crime, Cyber Liability, Property, and Equipment Floater.\u00a0 McGinty-Gordon & Associates has conducted the proposal process and received premium quotes with pricing increases in both the liability and property coverage categories.\u00a0 Mr. McGinty provided a summary of all proposed premiums, carriers, limits, and deductibles for the Committee to review.\u00a0 The proposed renewal total premium cost is $377,472 for an increase of $38,672 over the past year\u2019s premium total of $338,800.<\/p>\n
Commissioner Cook made a motion seconded by Commissioner Stephens to move that the Brunswick-Glynn Joint Water and Sewer Finance Committee recommend that the Commission approve insurance renewal rates for each coverage category and insurer as listed in the attached memo as provided by staff.\u00a0 Motion carried 3-0-0.<\/u>\u00a0<\/strong><\/p>\n\n- Surplus Inventory<\/strong> \u2013 A. Burroughs<\/li>\n<\/ol>\n
Mr. Burroughs informed the Committee that there are 18 Metron meters in inventory that are no longer of use to the JWSC.\u00a0 These are obsolete Metron meters that are being removed from the system to be replaced by Neptune meters as part of the JWSC Meter Replacement Project.<\/p>\n
Commissioner Stephens made a motion seconded by Commissioner Cook to move that the Finance Committee recommend that the full Commission approve the above listed items as surplus to be disposed of in a manner most beneficial to the JWSC.\u00a0 Motion carried 3-0-0.<\/u>\u00a0<\/strong><\/p>\nDISCUSSION<\/strong><\/p>\n\n- Fiscal Year 2022 Budget Draft<\/strong> \u2013 A. Burroughs<\/li>\n<\/ol>\n
Mr. Burroughs presented the draft version of the Proposed Annual Budget for Fiscal Year 2022 to the Committee for review, discussion, and feedback.\u00a0 He noted that this balanced budget supports the goals of the Commission and maintains customer affordability.\u00a0 Mr. Burroughs briefly highlighted the budgeting process.\u00a0 He commented that even though there are slight decreases in budgeted revenues and expenses, he remains confident that this proposed budget will allow for continued improvement in the services provided to the JWSC customers, and is good for the ratepayers.\u00a0 The proposed Annual Budget for Fiscal Year 2022 will be brought forth in April to the Finance Committee and the Commission for approval.\u00a0<\/strong><\/p>\n\n- Financial Statements Month End February 28, 2021 <\/strong>\u2013 F. Wilson<\/li>\n<\/ol>\n
Mrs. Wilson presented the financial statement for the month ending February 28, 2021.\u00a0\u00a0 She reviewed the Balance Sheet with the Committee, and highlighted current assets such as Accounts Receivable, and current liabilities, for example, Accounts Payable.\u00a0\u00a0 Mrs. Wilson noted the Revenue Deposit Account on the Supplemental Schedule of Cash Balances is holding steady, and also commented on the Customer Deposit Reserve.\u00a0 Mrs. Wilson also briefly reviewed line items on the Combined Revenue Statement, Project Report, and Reserves.<\/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 3:46 p.m.<\/p>\n","protected":false},"excerpt":{"rendered":"
For your consideration, please read the minutes from the Finance Committee Meeting held on Wednesday, March 17, 2021 at 3:00 p.m. in the Commission Meeting Room. Finance Committee Minutes 3-17-21 with Attachments To read the minutes, please open or download the pdf from 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":[18,5],"tags":[],"class_list":["post-24514","post","type-post","status-publish","format-standard","hentry","category-finance-committee-minutes","category-general-news"],"_links":{"self":[{"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=\/wp\/v2\/posts\/24514","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=24514"}],"version-history":[{"count":0,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=\/wp\/v2\/posts\/24514\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}