BGJWSC_Finance_Committee_Meeting_December_1,_2015<\/a><\/p>\nTo read the minutes, please open or download the pdf from the link above or you may see more below:<\/p>\n
PRESENT:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Donald Elliott, Chairman<\/p>\n
Ronald E. Perry, Commissioner<\/p>\n
John Cason, Commissioner<\/p>\n
Steve Swan, Executive Director<\/p>\n
John Donaghy, Chief Financial Officer<\/p>\n
ALSO PRESENT:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Pam Crosby, Director of Procurement<\/p>\n
Lyman Wray, Stephens Incorporated<\/p>\n
Thomas Boland, Commissioner (arrived at 3:00 PM)<\/p>\n
<\/p>\n
Chairman Elliott called the meeting to order at 2:00 PM.<\/p>\n
PUBLIC COMMENT PERIOD<\/strong><\/p>\nThere being no citizens who wished to address the Commission, Chairman Elliott closed the Public Comment Period.<\/p>\n
PRESENTATION<\/strong><\/p>\nLyman Wray of Stephens, Inc. presented information on Public Finance and Financial Advisors.\u00a0 Stephens, Inc. is providing services as a Financial Advisor, and only that.\u00a0 Fiduciary role\/duty ways to offer advice:<\/p>\n
\n- RFP can compete for services<\/li>\n
- Go through Financial Advisor<\/li>\n
- State and local governments do not need to be registered with the FDIC.<\/li>\n<\/ul>\n
Mr. Wray is familiar with salt water intrusion, water storage facilities and aquifer storage systems.\u00a0 Also referenced page 11 of presentation which presented some of Stephens, Inc.\u2019s experience.\u00a0 If hired they would provide: financial and credit analysis, long range planning, debt structuring, refinancing analysis, ongoing support, continuing disclosure, financial forecasting, and disclosure under the Dodd-Frank Rule.\u00a0 They can do a request for a proposal, negotiate terms and rates, i.e. negotiation with engineers, feasibility studies, etc.\u00a0 Mr. Wray also noted the Fee Structure and stated the contingency fee is capped.\u00a0 Mr. Wray discussed BGJWSC\u2019s Debt Summary \u2013 Outstanding Debt is not a lot of debt and BGJWSC currently has a solid strong financial profile (In 2014 debt service coverage of 2.26x = very good debt service coverage).\u00a0 BGJWSC currently funds a study (WRMAC) \u2013 good to show records.\u00a0 Referring to the City of Brunswick, Incorporated our rates are high compared to the demographics of the city of Brunswick.\u00a0 BGJWSC has a good financial rating, and it is recommended that a transition be made from Financial Report to Comprehensive Annual Financial Report (CAFR).\u00a0 Also suggested is a Rate Stabilization Fund, (after debt services and operations requirements, money goes into this fund).\u00a0 In certain years this fund is used to help shave off the increase rate.\u00a0 Every 2 to 4 years it is funded (Spartanburg uses this). Also discussed and advised on \u201cIndenture\u201d \u2013 which governs \u2013 You have to fund a debt service reserve fund, typically a year\u2019s debt service. Customer Base Contacts \u2013 3 or 4 can provide advice.\u00a0 REU\u2019s were introduced and explained to Mr. Wray.\u00a0 Cost for financial advisor are transactional and a retainer and hourly fees can be provided.<\/p>\n
APPROVAL<\/strong><\/p>\nCommissioner Perry made a motion seconded by Commissioner Cason to adopt the minutes of the October 20, 2015 Finance Committee meeting. Motion carried 3-0-0. <\/u><\/p>\n
DISCUSSION<\/strong><\/p>\n\u00a0<\/strong>Balance Sheet as of October 31, 2015<\/strong> \u2013 J. Donaghy<\/p>\nJohn Donaghy addressed the Committee and discussed the Detailed Balance Sheet. Commissioner Elliot questioned if we can reflect, restore and renew \/ capital tap fee?\u00a0 John can provide a supplementary.<\/p>\n
Income Statement as of October 31, 2015 \u2013<\/strong> J. Donaghy<\/p>\nJohn Donaghy updated the Commissioners on the income statement.\u00a0 Net income are over cost.\u00a0 Small Summary was given.<\/p>\n
2015\/2016 Annual Budget Execution Review<\/strong> \u2013 J. Donaghy<\/p>\nJohn Donaghy explained various items on the annual budget.\u00a0 Temporary employees are to be completed in February, which will end this cost.\u00a0 Implementation of software will allow some cost savings in addition to savings on chemicals (.10 cents per gallon savings). With regards to a Financial Policy, comment was made that a consultant could be hired to write up the policy (suggestion of Carl Ninson Study).\u00a0 John explained Internal controls that are written to audits which shows areas for policy.\u00a0 We added Brookman Facility and Plantation.\u00a0 Due to changing the lights to halogen at Academy Creek we could be entitled to a discount.\u00a0 Meters have been replaced; 663 k over; camera van\/hot shot; 300 k over expenditures.\u00a0 ON vehicles, Angela Walker\u2019s vehicle was totaled and needs to be replaced since she needs to be out on the field where most of her work is done.\u00a0 We are in the final stages of finding a fleet manager.\u00a0 There will be continued weekly review of various departments\u2019 expenditures as instructed by Executive Director to cut back on spending.\u00a0 Commissioner Cason suggested that we could review freight payment terms and negotiate through shipping and terms of net 5 or net 10, for example.\u00a0 Budgets were discussed; rate increase has not been done for a while.\u00a0 Will explain why we have to raise to 5% increase; also will need to advertise long before the rate increase.<\/p>\n
Project Funding Status by Service Area <\/strong>\u2013 J. Donaghy<\/p>\nJohn discussed the project list.\u00a0 To complete projects would require 8.3 million.\u00a0 SR99 budget of 2.2 million was raised to 4.4 million in the last 45 days.\u00a0 S. Swan provided Todd & Harry DOT site for use.\u00a0 It was stated that when a low bid is placed, we have a bid bond placed.\u00a0 The estimated project cost will include all equipment.\u00a0 Pam Crosby was tasked with the purchasing policies that include (+) or (-) estimates when costs are incurred, and when payments are due.\u00a0 Commissioner Elliott commented that as we look at the Master Plan we can review up to 5 years.\u00a0 Commissioner Cason noted that we can utilize the financial analyst for a plan, and that the Master Plan needs to be priority.<\/p>\n
SPLOST Remaining for BGJWSC <\/strong>\u2013 S. Swan<\/p>\nSPLOST #4 project engineer items were discussed by Mr. Swan.\u00a0 Regarding SPLOST 6 23.6% of money from SPLOST will go to the city and 18% for BGJWSC.\u00a0 The list was covered by Mr. Swan.\u00a0 Regarding the Brookman facility, we have asked for details on the Brookman facility regarding SPLOST. Referencing finance for the county, debt is still on Brookman.\u00a0 Thomas & Hutton has not been paid on the project.<\/p>\n
Multi-Year Contract Extensions <\/strong>– P. Crosby<\/p>\nPam Crosby explained the list changed.<\/p>\n
\n- Banking Services, BB&T, due by the first of year, including Drop Box, checking account (before conversions; no limit on checks; no cost to maintain), electronic software, and NFS charges to go back to customer.<\/li>\n
- Bill Printing, Pinnacle Data, extension option due end of December, has a per piece charge, and we have established a value \u2013 2.5 cents in insert.<\/li>\n
- Debt Collection, Penn Credit, extension option due December 17, no issues, note they get 18% without litigation.<\/li>\n
- HR Administration, Teamwork Services, Inc., this is final extension on current contract, do we want to bring in house just payroll? They are good at payroll and benefits. We can do a combination of HR options; Risk Manager to look at savings on rates and look into internet services.\u00a0 May want to look at this position. Mr. Swan to follow up on Risk Manager, HR Coordinator, and farming our payroll and benefits.<\/li>\n
- Risk Management, McGinty Gordon & Associates, extension option due January 1, no issues.<\/li>\n
- Uniforms, Cintas, extension option due December 19, we are still renting from them.<\/li>\n<\/ul>\n
\u00a0<\/strong>High Efficiency Fixture Rebate <\/strong>\u2013 S. Swan<\/p>\nAn e-mail had been received concerning a High Efficiency Fixture.\u00a0 The subject has been being lobbied on for the past year or two.\u00a0 EPD has a model.\u00a0 Pam Crosby noted the Water Conservation Plan and that sometimes there is grant money.<\/p>\n
Director\u2019s Update<\/strong><\/p>\nCommissioner Boland asked about status of the RFP for Dunbar Creek Tank Cleaning & Repair. \u00a0Pam Crosby stated that the scope of work is in development with BGJWSC staff and Four Waters Engineering.<\/p>\n
There being no additional business to bring before the Finance Committee, Chairman Elliott adjourned the meeting at 4:53 PM.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
For your consideration, please review the minutes for the Finance Committee Meeting from\u00a0December 1, 2015: BGJWSC_Finance_Committee_Meeting_December_1,_2015 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],"tags":[],"class_list":["post-3762","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\/3762","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=3762"}],"version-history":[{"count":0,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=\/wp\/v2\/posts\/3762\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}