Finance Committee Meeting Minutes – Wednesday, July 14, 2021

For your consideration, please read the minutes from the Finance Committee Meeting held on Wednesday, July 14, 2021 at 3:00 p.m. in the Commission Meeting Room.

Finance Mins 7-14-21 Docs

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, July 14, 2021 at 3:00 PM 

FINANCE COMMITTEE MINUTES

MEMBERS PRESENT:         

Bob Duncan, Committee Chairman

Tripp Stephens, Commissioner

Andrew Burroughs, Executive Director                                               

ALSO PRESENT:                  

Ben Turnipseed, Commission Chairman

LaDonnah Roberts, Deputy Executive Director

Frances Wilson, Accounting Manager

Janice Meridith, Executive Commission Admin. 

ABSENT:                               

Charles Cook, Commissioner

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.

Committee Chairman Duncan requested to appoint Commissioner Turnipseed to replace Commissioner Cook for this meeting due to Commissioner Cook’s absence.

APPROVAL

  1. Minutes from the June 16, 2021 Finance Committee Meeting

Commissioner Turnipseed made a motion seconded by Commissioner Duncan to approve the minutes from the June 16, 2021 Finance Committee Meeting.  Motion carried 2-0-1 (Commissioner Stephens abstained as he was absent from that meeting). 

  1. Contract Award – Dunbar Creek WPCF Rehab Engineering – A. Burroughs

Mr. Burroughs advised that this approval item was deferred earlier by the Facilities Committee and requested that this committee defer it until their next meeting as well.

Commissioner Stephens made a motion seconded by Commissioner Turnipseed to move that the Finance Committee defer this item until the next Finance Committee Meeting.   Motion carried 3-0-0.

  1. Change Order No. 1 – SPLOST 2016 North Mainland Phase III Force Main – A. Burroughs

Mr. Burroughs provided a brief background of the contract awarded to TB Landmark for the SPLOST 2016 North Mainland Force Main Phase III Project. He discussed the facts regarding current situations with significant material shortages, increased manufacturing/delivery lead times, as well as substantial cost increases.  While this North Mainland Project is funded by SPLOST, the water main installation is not funded by the SPLOST proceeds. TB Landmark is the contractor for JWSC on this project, and was able to order some of the materials prior to incurring significant price increases.  The suppliers are declaring force majeure and have either withdrawn quotes for piping or have issued price increases to existing bids.  Unfortunately the disruptions in the PVC and HDPE pipe supply chain have caused TB Landmark to make the request for Change Order No. 1 to the original contract.   Their request is for approval of an increase in the amount of $168,801.82, and also an additional 110 day time extension.

Commissioner Turnipseed made a motion seconded by Commissioner Stephens to move that the Finance Committee recommend approval of Change Order No. 1 to the SPLOST North Mainland Phase III Force Main Project to T.B. Landmark Construction, Inc. to increase the contract amount by $168,801.82 and contract time by 110 consecutive calendar days.  Motion carried 3-0-0.   

DISCUSSION

  1. Project List for Potential Bond Issuance – A. Burroughs

Mr. Burroughs stated that this project list is the same list as presented to the Facilities Committee just earlier.  He briefly reviewed the list and advised that this is not the finalized regarding the projects as well as the scope of the projects. This list was compiled a year earlier as recommended projects for SPLOST 7 which did not pass.  The projects under consideration include:  CIPP Gravity Sewers, Dunbar Creek WPCF Rehab, Transite Water Main Replacements, Arco Area Service Extension, Community Road Area Service Extension, and an Exit 42 Elevated Storage Tank. 

  1. Financial Statements Month End June 30, 2021 – F. Wilson

Mrs. Wilson presented the financial statement for the month ending June 30, 2021.   She reviewed the Balance Sheet with the Committee, and highlighted current assets such as Accounts Receivable, as well as current liabilities, i.e. Customer Deposits Payable.  Mrs. Wilson also briefly reviewed line items on the Combined Revenue Statement, Project Report, and Reserves.  Mrs. Wilson explained to the Finance Committee that this report is basically a preliminary rough draft for June 30, 2021.  Some numbers will change in the next few weeks as the annual financial audit begins.  The auditors are expected to begin work on site August 30, 2021.  On the Project Report Mrs. Wilson noted that during the fiscal year of 2021 there were 11 projects capitalized.

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

There being no further business, Chairman Duncan adjourned the meeting at 3:35 p.m.