TREASURER’S REPORT

February 9, 2002

 

Bills:  The Finance Committee met on February 2.  The committee reviewed the bills on file and compared them with the “Unpaid Bills Summary.”  No unusual bills were noted. The committee recommends that the bills be paid.

 

Finance Updates:

• The Coast Guard has agreed to decrease the fine for Nov. 5, 1999  infractions from $5,000 to $2,000 based on a written appeal by Doug Allen, which focused on demonstrated improvements in ferry operating policies and procedures.  The fine was paid out of last year’s surplus funds, so it has no impact on our current operating budget.
• A recent Neiman Marcus photo shoot using the Charlie Wells yielded a $6,000 check for Herron Island.  The check has been deposited in our General Fund.
• The State Employment Security Department offered the option to reduce our 2002 unemployment tax rate, which is based on four years of past claims, by “voluntarily contributing” a lump sum (minimum payment = $1,224).  After careful review of various tax scenarios and confirmation by our CPA, I’m recommending that we not make a voluntary contribution.  Doug will contact the employment security department to assure that past claims are legitimate.
• We have been informed that our property insurance through Safeco will be dropped when the current policy expires this spring. Our broker is exploring alternative coverage. In the meantime, Doug, Nick and I will meet with a broker from Acordia, a company that offers both marine and property coverage to determine if consolidation of coverage would make sense.
• Ferry revenue year to date is $32,402 (vs. $31,984 in 2001).

 

Budget Planning Schedule 2002-2003      

Proposed Timeline

• Feb 9 – Planning sheets and instructions distributed to budget chairs
• By Feb 25 – Initial drafts due to Treasurer
• March 2 – Drafts reviewed by Finance committee
• March 9 Budget chairs meet with Finance Committee and the Board to present their proposals
• April 13 – Joint meeting of budget chairs, Finance committee and the Board to prioritize and refine budget proposals
• May 11 - Board votes to approve budget to present to members.  Proposed budget with explanations is published in the May Beachcomber.
• June 8 - Final proposed budget presented at the Annual Meeting.  Budget ballot sent out in the June Beachcomber
• July 13 – Votes tabulated

Budget section responsibilities Administration: Doug/Kathy/Barbara/Ken; Ferry: Doug/Nick; Docks: Doug/Nick; Water: Doug/Dick; Parks: Tracy/Doug; Roads: Al/Doug.