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Finance Committee Meeting Minutes – Wednesday, January 19, 2022

Written by Janice Meridith on . Posted in Finance Committee Minutes.

For your consideration, please read the minutes from the Finance Committee Meeting held on Wednesday, January 19, 2022 at 3:00 p.m. in the Commission Meeting Room.

Finance Mtg Mins with Attachments 1-19-22

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

Brunswick-Glynn Joint Water & Sewer Commission

1703 Gloucester Street, Brunswick, GA 31520

Commission Meeting Room

Wednesday, January 19, 2022 at 3:00 PM 

FINANCE COMMITTEE MINUTES

MEMBERS PRESENT:         

Bob Duncan, Committee Chairman

Charles Cook, Commissioner

Tripp Stephens, Commissioner

Andrew Burroughs, Executive Director                                               

ALSO PRESENT:                  

Ben Turnipseed, Commission Chairman                   

LaDonnah Roberts, Deputy Executive Director

Frances Wilson, Accounting Manager

Christa Free, Procurement Coordinator

Janice Meridith, Executive Commission Administrator

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 citizens that wished to address the Committee, Committee Chairman Duncan closed the Public Comment Period.

APPOINTMENT

Commissioner Duncan appointed Chairman Turnipseed to serve the Finance Committee as third member as Commissioner Stephens was late for the meeting.

MOTION

Commissioner Cook made a motion to move the Discussion item to the beginning of the meeting so that Commissioner Stephens could arrive for Approval items. The motion was seconded by Commissioner Duncan. Motion carried 2-0-0.

DISCUSSION

  1. Financial Statements Month End December 31, 2021 – F. Wilson

Mrs. Wilson presented the financial statement for the month ending December 31, 2021.   She reviewed the Balance Sheet with the Committee, and highlighted current assets such as Accounts Receivable, and current liabilities, for example, Customer Deposits Payable.  Mrs. Wilson also briefly reviewed line items on the Combined Revenue Statement, Project Report, and Reserves. She noted that a line had been added to the Financial report to show the ARPA funds received from Glynn County. Mrs. Wilson made note that the JWSC was slightly over on water/sewer income.

APPROVAL

  1. Minutes from the December 15, 2021 Finance Committee Meeting

Commissioner Cook made a motion seconded by Commissioner Turnipseed to approve the minutes from the December 15, 2021 Finance Committee Meeting.  Motion carried 3-0-0 

  1. GEFA Loan Time Extension – A. Burroughs

Mr. Burroughs presented a request for a time extension approval on the BGJWSC GEFA loan for improvements to the Academy Creek WPCF and the gravity sewer system in the amount on $15,000,000. Due to impacts from COVID-19 and supply delays on materials associated with the projects, the Project has experience significant supply chain and delivery delay issues, which have subsequently impacted the project schedule and timeline. Time extension is the only change to the original terms and conditions of the loan.

Commissioner Cook made a motion seconded by Commissioner Stephens to move that the Finance Committee recommend that the full Commission approve the modification for time extension for GEFA Loan CW2019008.  Motion carried 3-0-0.

COMMENTS

Mr. Burroughs mentioned that the Low Income Household Assistance Program was underway that the Commission had passed at the December meetings.

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

There being no further business, Chairman Duncan adjourned the meeting at 3:20 p.m.