Finance Committee Meeting Minutes – Wednesday, December 16, 2020

For your consideration, please read the minutes from the Finance Committee Meeting held on Wednesday, December 16, 2020 at 3:00 p.m. in the Commission Meeting Room.

Finance Committee Meeting Minutes 12-16-20 with Attachments

To read the minutes, please open or download the pdf from the link above, or you may see more below.

Brunswick-Glynn County Joint Water & Sewer Commission

1703 Gloucester Street, Brunswick, GA 31520

Commission Meeting Room

Wednesday, December 16, 2020 at 3:00 PM 

FINANCE COMMITTEE MINUTES

MEMBERS PRESENT:         

Bob Duncan, Committee Chairman

Donald Elliott, Commissioner

Tripp Stephens, Commissioner

Andrew Burroughs, Executive Director                                               

ALSO PRESENT:                  

Ben Turnipseed, Commission Chairman

Charles Cook, Commissioner

Charlie Dorminy, HBS Legal Counsel

LaDonnah Roberts, Deputy Executive Director

Christa Free, Procurement Coordinator 

MEDIA PRESENT:               

None

Committee Chairman Duncan called the meeting to order at 3:00 PM.  

PUBLIC COMMENT PERIOD

Chairman Duncan opened the Public Comment Period.

There being no additional citizens that wished to address the committee, Chairman Duncan closed the Public Comment Period.

APPROVAL

  1. Minutes from the November 18, 2020 Finance Committee Meeting

Commissioner Elliott made a motion seconded by Commissioner Stephens to approve the minutes from the November 18, 2020 Finance Committee Meeting.  Motion carried 3-0-0. 

  1. Minutes from the November 18, 2020 Executive Session

Commissioner Elliott made a motion seconded by Committee Chairman Duncan to approve the minutes from the November 18, 2020 Executive Session.  Motion carried 2-0-1.  (Commissioner Stephens abstained due to not being present at the Executive Session.)           

  1. Workers’ Compensation Renewal – J. Singletary, TSI / Jarrett Bridges, Turner & Associates

Mr. Bridges from Turner & Associates introduced himself to the Commissioners and provided that The Zenith has provided workers’ compensation insurance for JWSC since 2009-2010.  Turner & Associates does go out to the marketplace every year to obtain current policy quotes from various carriers.  Mr. Bridges stated that this year, quotes were requested from twelve (12) different companies out of which six (6) provided quotes.  He noted that the 2020 policy year premium was $257,231, and that JWSC has been doing increasingly better each year with safety incidents and accidents.  The apparent lowest premium quoted was Bridgefield Casualty at $198,135.  The 2020-2021 premium renewal quote received from The Zenith was $203,032, which is a reduction of $54,199 from last year’s premium with The Zenith, and $4,897 above Bridgefield Casualty’s quote.  Mr. Bridges stated that The Zenith has other services that are offered to JWSC at no additional cost.  Each year, The Zenith provides defensive driver training for 100 employees, and offers the Zenith Solution Center Platform which provides on demand safety, human resources, and management training to JWSC employees at no additional cost. Staff reviewed the marketing analysis provided by Turner & Associates.   Given the longstanding relationship and the value of additional services with The Zenith, JWSC staff recommended renewing coverage for the 2021-2022 policy year with The Zenith in the amount of $203,032.

Commissioner Elliott made a motion seconded by Commissioner Stephens to move that the Finance Committee recommend the full Commission approve the renewal of Workers’ Compensation Insurance coverage with The Zenith for policy year 2021-2022 in the amount of $203,032.  Motion carried 3-0-0. 

  1. GEFA Loan Execution– L. Roberts

Mrs. Roberts advised that this $7.5M GEFA loan is for a 30 year period at 0.07 percent interest.  The loan documents do require signatures.  At this time, staff is requesting for the Chairman and Vice-Chairman be authorized to sign the documents for execution of the loan.  Staff also recommends that two signatories be required for draws on the loan.  Staff is suggesting that the Chairman, Vice-Chairman, Executive Director and Deputy Executive Director all be authorized as signatories to sign for draws.

Commissioner Stephens made a motion seconded by Commissioner Elliott to recommend to the full Commission that the Chairman and Vice-Chairman be authorized to execute the appropriate loan documents for GEFA Loan DW2020040; I further move to recommend to the full Commission that the Chairman, Vice-Chairman, Executive Director, and Deputy Executive Director be authorized to sign for draws on GEFA Loan DW2020040.  Motion carried 3-0-0.

EXECUTIVE SESSION – Personnel

Commissioner Elliott made a motion seconded by Committee Chairman Duncan to enter into Executive Session to discuss Personnel.  Motion carried 2-0-1.  (Commissioner Stephens was not present for the vote.)

Return to Regular Session.

Committee Chairman Duncan made a motion seconded by Commissioner Stephens to return to Regular Session.  Motion carried 3-0-0.

  1. Amendment to Executive Director Contract – C. Dorminy

Mr. Dorminy noted that this item would need to be deferred.

Commissioner Elliott made a motion seconded by Commissioner Stephens to defer Approval Item #5 until the full Commission Meeting on December 17, 2020.   Motion carried 3-0-0.

DISCUSSION

  1. Financial Statements Month End November 30, 2020 – L. Roberts

Mrs. Roberts presented the financial statement for the month ending November 30, 2020.   She reviewed the Balance Sheet and highlighted various accounts such as Cash and Cash Equivalents, and the Bond Sinking Fund, as well as points on liabilities.  Mrs. Roberts also noted line items on the Combined Revenue Statement, Project Report, and Reserves.

Committee Chairman Duncan asked if there were any other items to discuss.

There being no further business, Chairman Duncan adjourned the meeting at 3:42 p.m.