Finance Committee Meeting Minutes – Wednesday, March 17, 2021
For your consideration, please read the minutes from the Finance Committee Meeting held on Wednesday, March 17, 2021 at 3:00 p.m. in the Commission Meeting Room.
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Brunswick-Glynn Joint Water & Sewer Commission
1703 Gloucester Street, Brunswick, GA 31520
Commission Meeting Room
Wednesday, March 17, 2021 at 3:00 PM
FINANCE COMMITTEE MINUTES
Bob Duncan, Committee Chairman
Charles Cook, Commissioner
Tripp Stephens, Commissioner
Andrew Burroughs, Executive Director
Ben Turnipseed, Commission Chairman
LaDonnah Roberts, Deputy Executive Director
Frances Wilson, Senior Accountant
Janice Meridith, Executive Commission Admin.
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, Committee Chairman Duncan closed the Public Comment Period.
- Minutes from the February 17, 2021 Finance Committee Meeting
Commissioner Cook made a motion seconded by Committee Chairman Duncan to approve the minutes from the February 17, 2021 Finance Committee Meeting. Motion carried 2-0-1. (Commissioner Stephens abstained due to absence from that meeting.)
- JWSC Property and Liability Insurance Renewal – Fred McGinty, McGinty-Gordon
Mr. McGinty of McGinty-Gordon & Associates presented the annual JWSC Property and Liability Insurance Proposal for renewal to the Finance Committee. The coverage types included in the package are: Liability Package, Crime, Cyber Liability, Property, and Equipment Floater. McGinty-Gordon & Associates has conducted the proposal process and received premium quotes with pricing increases in both the liability and property coverage categories. Mr. McGinty provided a summary of all proposed premiums, carriers, limits, and deductibles for the Committee to review. The proposed renewal total premium cost is $377,472 for an increase of $38,672 over the past year’s premium total of $338,800.
Commissioner Cook made a motion seconded by Commissioner Stephens to move that the Brunswick-Glynn Joint Water and Sewer Finance Committee recommend that the Commission approve insurance renewal rates for each coverage category and insurer as listed in the attached memo as provided by staff. Motion carried 3-0-0.
- Surplus Inventory – A. Burroughs
Mr. Burroughs informed the Committee that there are 18 Metron meters in inventory that are no longer of use to the JWSC. These are obsolete Metron meters that are being removed from the system to be replaced by Neptune meters as part of the JWSC Meter Replacement Project.
Commissioner Stephens made a motion seconded by Commissioner Cook to move that the Finance Committee recommend that the full Commission approve the above listed items as surplus to be disposed of in a manner most beneficial to the JWSC. Motion carried 3-0-0.
- Fiscal Year 2022 Budget Draft – A. Burroughs
Mr. Burroughs presented the draft version of the Proposed Annual Budget for Fiscal Year 2022 to the Committee for review, discussion, and feedback. He noted that this balanced budget supports the goals of the Commission and maintains customer affordability. Mr. Burroughs briefly highlighted the budgeting process. He commented that even though there are slight decreases in budgeted revenues and expenses, he remains confident that this proposed budget will allow for continued improvement in the services provided to the JWSC customers, and is good for the ratepayers. The proposed Annual Budget for Fiscal Year 2022 will be brought forth in April to the Finance Committee and the Commission for approval.
- Financial Statements Month End February 28, 2021 – F. Wilson
Mrs. Wilson presented the financial statement for the month ending February 28, 2021. She reviewed the Balance Sheet with the Committee, and highlighted current assets such as Accounts Receivable, and current liabilities, for example, Accounts Payable. Mrs. Wilson noted the Revenue Deposit Account on the Supplemental Schedule of Cash Balances is holding steady, and also commented on the Customer Deposit Reserve. Mrs. Wilson also briefly reviewed 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 3:46 p.m.