TREASURER’S REPORT

August 11, 2001

 

 

Bills:  The Finance Committee met on Aug. 4.  Following review of the “Unpaid Bills Summary” and comparison with the bills on file, the committee recommends that the bills be paid.

 

 

Account Status: As of Aug. 3, the balance in HMC accounts is as follows:

 

Key Bank Sweep Account                       $  63,991  (General Fund + Surplus)

Dock CD                                           $   1,834

Dock/Dolphin Reserve                      $ 74,407

Dry Dock Reserves                                 $ 63,886

Road Reserves                                             $   7,620

Water Reserves*                               $ 63,354

                        TOTAL                      $275,093

*Note: Water Reserve funds will be used to pay for water pump replacement and related electrical work

 

 

Ferry Revenue: As of Aug. 7 year to date revenue is $ 92,861 YTD compared to 79,889 this time last year.

 

 

Quarterly Compilation Report: Doug Collier and Associates has provided our quarterly compilation report as of June 30 2001.  As of that date, total assets and total liabilities + members equity = $1,935,018

 

 

Senior/Disabled Ferry Discount Program: Since the program start date in March 2001, 70 passes have been sold.  Of these, 10 passes were sold to members who would typically purchase commuter passes anyway.  The financial impact of the program YTD is $1308.  Considering that we are well into the heavier summer travel season, the Treasurer  feels confident that the annual financial impact of the program will be less than the $2,500 originally projected.  The Finance Committee recommends that the program be continued for the 2001-2002 fiscal year.

 

 

Respectfully Submitted,

 

/s/

 

Kathy Fennell, Treasurer