HMC TREASURER’S REPORT

October 13, 2001

 

Bills:  The Finance Committee met on Oct.63.  Following review of the Unpaid Bills Summary and comparison with the bills on file, the committee recommends that the bills be paid.

 

Fees: Over the next month, the Finance Committee will be reviewing recommendations regarding a variety of HMC fees, many of which have not been increased since 1993. Our plan is to present recommendations at the November board meeting.

 

Financial Year in Review

I’d like to thank Doug Allen and the various budget chairs (Tracy Anspach, Al Moren, Gary Petersen, Maggie Petersen and Ken Freeman) for their wise use of resources throughout the year.  In addition, thanks to the members of the HMC Finance Committee (Barbara Haskins, Carole Crowley, Mary Turpin, Janet Podell and Ken Freeman), who provided strong budget oversight.  Even though we had a few surprises –specifically in the areas of insurance, the DNR lease and significant water repair bills, we ended the year in good financial shape.  Based on preliminary figures, approximately $21,000 remains from the 00-01 year (to be confirmed through our annual audit).

 

Department	Budget	Actual	%of Budget
Administration	$ 105,685	$ 91,408	86.5 %
Ferry	$265,286	$254,284	95.9%
Water	$ 12,170	$ 16,150	133%
Docks	$  8,200	$5,810	70.9%
Roads	$ 12,500	$7,967	63.7%
Parks	$  7,850	$8,107	103.3%

 

·         Collections: J. Strichartz collected of $15,564 + one deed in lieu on a total of nine delinquent accounts.

·         Ferry Revenue: Ferry revenue for the year was $110,812 compared with $94,882 last year.  This was under our revenue projection of $125,000 for the year.

·         Reserve Account Status: Following transfer of surplus funds approved at the December Board meeting, the Vanguard Reserve Account balances are as follows:

 

Reserve Fund	Balance as of Sept. 30	Current Target	Actual vs. Target
Dock/Dolphins	$ 75,080	$ 75,000	$     80
Dry Dock*	$ 64,464	$ 75,000	($10,536)
Water	$ 57,158	$ 58,195	$  (1,037)
Roads	$   7,689	$  7,000	$     689
TOTAL	$204,391

*Note: $12,500 will be transferred to the dry dock fund from the 01-02 Assessment.