TREASURER’S REPORT

December 8, 2001

 

 

Bills:  The Finance Committee met on Dec.1.  Following review of the “Unpaid Bills Summary”, comparison with the bills on file and clarification of questions with B. Huff, the committee recommends that the bills be paid.  The bills for November do not include repairs to the Island ferry ramp motor and electrical system.

 

Finance Update:

• The Unpaid Bill summary includes a transfer of $7,250 from the General Fund to Vanguard to establish the new Legal/ Insurance Fund ($5,250 was transferred from the Administration account and $2000 was transferred from the Ferry account).  A second transfer of $7,500 will be made later in the fiscal year.

• The Treasurer and Office Manager met on Dec. 7 to set up an online bill payment system for several of our regular monthly bills.
• Consistent with HMC policy, liens have been filed on eleven delinquent owners.
• We have just received notification of marine insurance renewal (payment due by Dec. 19).  Unfortunately, the renewal premiums include unanticipated increases in two of the three coverage lines  - an 11% increase on our primary coverage and a 15% increase on secondary coverage (See D. Allen’s report).  On a positive note, ferry diesel prices have decreased to $ .90/gallon.

 

Annual Audit: The annual audit conducted by Doug Collier’s office is nearing completion. The process has gone extremely smoothly.  It is anticipated that the full audit will be published in the Jan. Beachcomber.

 

November Ferry User Fees:  $8,238 (vs. $9,305 in Nov. 2000).  Year to date ferry revenue is $18,008 (vs. $17,368 in 2000).  With the start of the new fiscal year, there has been significant Senior pass activity.  Twenty-six passes were purchased in October; seven were purchased in November.  Five crew discount passes have been purchased year to date.