bgjwsc_finance_committee_september_20_2016<\/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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\nDonald M. Elliott, Chairman<\/strong><\/p>\nRonald Perry, Commissioner<\/strong><\/p>\nJohn A. Cason, III, City Commissioner <\/strong><\/p>\nJimmy Junkin, Executive Director<\/strong><\/p>\nJohn Donaghy, Chief Financial Officer <\/strong><\/p>\nThomas Boland, Commissioner<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\nALSO PRESENT: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\nPam Crosby, Director of Procurement <\/strong><\/p>\nFrances Wilson, Senior Accountant<\/strong><\/p>\nChairman Elliott called the meeting to order at 2:00 PM.<\/p>\n
PUBLIC COMMENT PERIOD<\/strong><\/p>\nThere being no citizens that wished to address the Committee, Chairman Elliott closed the Public Comment Period.<\/p>\n
ADOPT:<\/strong><\/p>\nMinutes from August 16, 2016 Finance Committee Meeting<\/strong><\/p>\nCommissioner Perry made a motion seconded by Commissioner Cason to adopt the minutes of the August 16, 2016 Finance Committee Meeting. Motion approved 4-0-0.<\/u><\/p>\n
Financial Advisor Award Recommendation \u2013<\/strong> P. Crosby\/J. Donaghy<\/p>\nPam Crosby presented the Financial Advisor recommendation to the committee. The memorandum provided the background and stated that the JWSC desires to engage the services of a recognized consultant with expertise in governmental financing to assist in the review, evaluation, planning, development, and administration of its financial operations.\u00a0 Due to recent regulatory changes the advisor will be prohibited from participating in the underwriting, whether by negotiated sale of competitive bid, of any bond issue in which the Financial Advisor(s) has been retained to give advice regarding the bond issue or any other borrowing BGJWSC is considering.\u00a0 The RFP was issued on August 4th<\/sup> and seven (7) proposals were received on Thursday, September 8.\u00a0 Four (4) firms were invited to return and provide presentations to the selected committee on September 15th<\/sup>.\u00a0 Those firms were Davenport & Co., PFM Public Financial Management, Inc., PRAG Public Resources Advisory Group, and Stephens, Inc.\u00a0 After the post-interview the selection team reviewed and reference checks were completed.\u00a0 Davenport & Co was selected based on recent experience, working with combined intergovernmental agency funding and education programs available to the Commission members.\u00a0 Also Davenport & Co service rates were very competitive against the other proposers.\u00a0 It was stated that all that participated were strongly qualified.\u00a0 The contract would run for 3 year period with additional renewals for 2 years.\u00a0 John added that all of the firms that responded were all very qualified and ranged from national firms with hundreds of employees to smaller firms with less than 20 employees. Experience did play a factor in the team\u2019s decision.\u00a0 John continued by stating there were many reasons why Davenport & Co was the better choice which included: debt service reserve, GFA programs, bank borrowings and all firms addressed the Moody\u2019s and Standard & Poor\u2019s provide and establish credit ratings.\u00a0 It was confirmed that this is the first time JWSC has engaged in the process of obtaining a Financial Advisor.<\/p>\nCommissioner Cason made a motion seconded by Commissioner Boland to approve the recommendation of Davenport & Co and to forward to the full Commission for approval. Motioned approved 4-0-0.<\/u><\/p>\n
DISCUSSION:<\/strong><\/p>\nJuly\/August End of Month Financial Comparative:<\/strong> Balance Sheet, Income Statement \u2013 J. Donaghy<\/p>\nJohn Donaghy presented to the Financials for July and August. The actual year to date was discussed from the Revenue and Expense report.\u00a0 The total Operating Expenditures YTD were 1.988 M and have over 700K in purchase orders or encumbrances. After purchases the balance is 1.2M to the good as far as Operations.\u00a0 The Capital Tap fee were then reviewed.\u00a0 For year to date when taken into account<\/p>\n
John continued the review and stated that at this time there is a revenue of $337k to the good.<\/p>\n
Status on Project Funding \u2013 <\/strong>J. Donaghy<\/p>\nJohn Donaghy continued the discussion on the Project Funding Report. The report included on-going projects and those not closed out yet.\u00a0\u00a0 Lift Station 2030 is still outstanding as there are expenditures still being incurred for the project.\u00a0 Year to date the JWSC has spent 720K on projects and project commitments (encumbrances) 3.14M.\u00a0 The Project Funding sheet was discussed showing the history of the Expansion Repair and Replacement Capital Tap Fee Reserve.\u00a0 At the end of August the Repair and Replacement Reserve was at 4.7M.\u00a0 John stated that of the 3M in encumbrances on the projects sheet, 2M will be paid out of the repair and replacement reserve leaving the cash available of 2.7M.\u00a0 A good portion of the 2.7M will be going to Basin 2032 Forcemain and Pump Station as significant funds will be needed for this project.\u00a0 A good portion of the 1.5M Capital Reserve for SSI will be used for SR 99 and Canal Road projects.\u00a0 John stated there is a need to get with Planning and Construction compare the revised budgets to see what has been spent.\u00a0 It was requested that the project report should show the individual projects and include the master budget, funding sources, encumbrances and percentages completed (to include physical and financial).\u00a0 Additional items to be considered on a summary capital projects report are: scheduling, potential problem and issues, key milestones on capital projects, and more details on budget and financing.\u00a0 The Microsoft Project has been purchased and will be implemented shortly.<\/p>\n
Public Information Officer\/Management Analyst \u2013 <\/strong>J.Junkin<\/p>\nJimmy Junkin discussed the Public Information Officer and stated it was previously discussed and JWSC is preparing the final steps for this position.<\/p>\n
Vac-Con Capital Lease \u2013 <\/strong>P. Crosby\/J. Donaghy\/K. Young<\/p>\nJohn Donaghy discussed the Van-Con Capital Lease option verses the direct purchase option. These vehicles are used by Systems Pumping and Maintenance.\u00a0 Previously (2) vehicles were approved in the 1.5M authorization to spend from the Operating Reserve and are leased monthly.\u00a0 The option of (4) Vac-Con trucks were discussed as costing 2.47M to finance verses 2.71M to direct purchase.\u00a0 The amount of 1.4M will not need to be expended if leased and could stay in the bank and provide interest earnings.\u00a0 Kirk Young, SP&M Superintendent, stated that all four Vac-Con vehicles will give JWSC the ability to provide quicker corrective action planning.\u00a0 It was stated that 700K was already earmarked for these vehicles in the budget and would cover the initial year.\u00a0 The lease would be incorporated into the Operating Budget.\u00a0 The following year would fall into the rate increase.<\/p>\n
Commissioner Perry made a motion seconded by Commissioner Boland to lease all (4) vehicles and the first year lease will go through Capital Lease financing and the second year will come from the Operating Budget and the Rates will be adjusted and to forward to the full Commission for approval. <\/u><\/p>\n
Motion approved 4-0-0.<\/u><\/p>\n
CHAIRMAN\u2019S UPDATE<\/strong><\/p>\nCommissioner Elliott discussed the Water and Sewer Summary Over the Next 5 Years presentation. The total Water Projects Cost over 5 years will be $33.9M.\u00a0 The sewer projects Cost over 5 years will be 73M.\u00a0 The total for both costs will be 106M with anticipated and total funding of $49M.\u00a0 This causes a total shortfall of 57.1M.\u00a0 Commissioner Elliott discussed the REU table and how it will affect the restaurants.<\/p>\n
EXECUTIVE DIRECTOR UPDATE<\/strong><\/p>\nJimmy Junkin updated the committee on the plans to provide a financial detail report detailed by division.<\/p>\n
Project summary report of the top 10 lift station is in the works to be developed.<\/p>\n
Unsolicited Proposals could be listed in the newspaper and communicate in larger capacity.<\/p>\n
Sewer Allocation Policy could be approved at the full Commission this week.<\/p>\n
A detailed Capital Production report is being planned.<\/p>\n
Meeting was adjourned at 3:23 pm.<\/p>\n","protected":false},"excerpt":{"rendered":"
For your consideration, please review the minutes for the Finance Committee Meeting from September 20, 2016: bgjwsc_finance_committee_september_20_2016 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-5276","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\/5276","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=5276"}],"version-history":[{"count":0,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=\/wp\/v2\/posts\/5276\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.goldenisleslepc.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}