HomeMy WebLinkAbout07-23-2021M I N U T E S
Barkley Regional Airport Authority
FINANCE COMMITTEE
Quarterly Meeting - Thursday, 07/23/21, 3:30pm Via Zoom Meeting Finance Committee (FC) Chairman Durbin welcomed everyone and recognized that a quorum was present. Committee Members present were Board Chairman Jay Matheny, Marshall Davis, John Durbin, Chairman and Emerson Goodwin. Ashley Johnson was not present. Staff present was Dennis Rouleau, Executive Director (ED), Eddie Grant, marketing and Carol Creason, Accountant.
Review of June 2021 and full year ending June 2021 Financial statements
Durbin and Rouleau went over the month of June and the full year June financials noting the positive and negative variances to both budget and the prior fiscal year ending. Despite the impact of COVID on operations, the airport finished the year $88,800 over budget for gross income and only under the prior FYE by $51,400. We did excellent in the spending/expenses finishing under budget by $172,400 and under the prior FYE by $56,000. Combined we were better than budget for net income by $261,300 and better than the prior FYE by $4,600. The largest negative variances to the prior FYE for income were parking lot income down $73,100 (-57.8%) and ground transportation down $34,600 (-36.6%). The largest positive variances to the prior FYE were FBO facilities rent up $45,000 (+42.8%) under the new lease agreement and tenant services income up $26,200 (+91.0%) as COVID cleaning generated this revenue opportunity. On the expense side, the largest negative variance to the prior FYE was supplies up $14,200 (+52.6%) because of the ice event this winter and maintenance up $10,400 (+9.6%) mostly from COVID supplies and cleaning. The largest positive expense variance to the prior FYE was salaries and related expenses down $47,500 (-8.4%) as we had a couple open position unfilled for a number of months during the year and advertising/marketing down $19,700 (-53.1%) mostly COVID related pullback on spending.
The balance sheet is likely the strongest it has been in years (maybe in history) with our cash position at $1,495,400 compared to $849,900 the end of FYE 2020. The new terminal is underway with $4,476,500 capitalize to date.
Review of consent agenda items
Rouleau reviewed the check register, bank recons and bank statements for June answering questions on individual items.
Banking discussion
A general discussion on the likely increase in cash reserves from the next two rounds of federal aid was had and the timeline of spending such aid. This could create some temporary increases in cash in the bank, so a general discussion was had about if we need to allow other financial institutions to bid on being the depository for such excess reserves. No action is recommended at this time.
Report on status of year end audit
Creason reported that the Kemper Group will likely start the year end audit next week.
Other items and adjournment
A general discussion was had on Barkley Blue Skies Alliance and the funding of any extension of the
consultant contract and banking and administrative needs for such a campaign.
Discussion on EAS vs non-EAS air service development was had in addition to what it would take to upgrade our fire service to the next higher index in order to serve more charter flights and the revenue it
could create.
The next Board meeting is July 26th, and the next full quarterly FC meeting is set for October 21st at
3:30.
Meeting adjourned at 4:50PM