Minutes of Planning and Finance Meeting
November 1st, 2022 7:00
Meeting via Zoom Meetings
P&F Committee Members: Chairman P/BC Mark Weiss, Jeff Ohlstrom, P/BC Gerald Fey, P/BC Rick Ashleman, Jan Gould, Commodore Michele Bedner, Terron Lindholme
Board of Trustees: Rodger McKinley
Guests: Vice Commodore Mike Day, Treasurer Joyce Carlson, Rear Commodore Doug Genord
Opening Comments: Meeting call to order at 7:05 PM by Chairman Mark Weiss.
Approval of Minutes: Minutes of September 6 unanimously approved as presented.
Commodore’s report: Michele gave update AAC looking at new motors for 3rd floor blinds.
Looking to buy acoustical panels.
Bainbridge outside door is moving forward after bidding process.
VC Michael Day gave an update on “Terron 2.0”, the 2nd flooding of the parking lot. Waiting on quotes for fixing the damage, but thought is it may be +/- $120K.
Board Report: Rodger said we are still waiting to hear from attorney on Al Riche’s Will issue.
Treasurer Report: What year budget does the new pedestals come from? Decided Michele’s year.
Mark asked when Joyce will have draft of closed budget for reserve study. Joyce will get back to us on that. Mark is sending reserve study peeps documents.
Old Business:
Mark talked to PC McGrew and the city will pay for new pedestals for the dock move project. Pedestal order will be placed by Docks/VESC.
Mark gave us a Homework Assignment to review budget process document. Received no input, so item is closed.
Gerald gave Paper vs Cash plan and showed slides. What is reported in all accounts differs from what is available in usable funds. Funds are comingled, including daily operating, capital fund, contingency reserve, 8 Bell, etc. Gerald also agreed to be part of the presentation to the Board.
Rodger will let us know when he wants to go through the educational portions of a “Budget 101” presentation to the Board. He suggests to do this in early January.
Mark: Investment Committee. Mark talked to Tom, and he hasn’t been able to get an Investment Committee together yet. He did send Mark CD information.
Mark asked P&F what they think of creating an investment account, specifically to earn better interest on our money that otherwise sits in a low interest checking account. Tom said these are 6 month investments at 3%-4% interest.
Joyce invests in T-Bills after account gets over $250K due to FDIC coverage.
Jeff doesn’t like the entire board having control since they are not experts in investments.
P&F discussed what level of risk will the membership tolerate.
VC Day: The investment committee should pull together a proposal for P&F to review.
NEW BUSINESS:
Mark talked about the web site rebuild statement of work. Rebuild estimate for the website, is $10K over the approved $30K ($40K total). QCYC spent none on website last year, even though $15K was approved.
VC Michael told of work that’s been done, and how that affects other parts of the site. Michael asked for $10K more.
Motion to recommend $10K for the website upgrade. Carried. P&F recommends that Board authorize an additional $10K.
Michael is going to the Board on this, along with the P&F recommendation.
PC Dean Lentgis sent insurance increase emails out to P&F. Insurance estimated to be $16K - $17K. P&F suggested we anticipate 8% increase in rates. Insurance now close to $200K annually.
Jeff suggested P&F take a deep dive into our insurance coverage. Rodger stated concern that we may not have enough coverage to replace a total replacement of docks. Mark is on insurance committee, and will watch this closely.
Docks Committee wants to rebuild 2/3 of dock 3. It’s estimated at $100K. We have the money from last year, because we did not spend the allocated money last year.
Outstation Rate Increase. Eric Wood is suggesting we increase outstation (Bainbridge) moorage from $8. Terron hit his head on something and immediately volunteered to contact Eric and document his thoughts.
The meeting was adjourned at 8:20pm.
Next meeting will be December 7th at 6:00pm.