HomeMy WebLinkAbout04-22-2021M I N U T E S
Barkley Regional Airport Authority
FINANCE COMMITTEE
Meeting - Thursday, 04/22/21, 3:30pm Via Zoom Meeting ID 879 7506 4045 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 Ashley Johnson., Emerson Goodman is unable to attend. Staff present was Dennis Rouleau, Executive Director (ED), and Carol Creason, Accountant.
Review of bank accounts/reports and statements from Board Consent Agenda Items as of March 31, 2021
The bank statements for the Advocates (now Barkley Blue Skies Alliance or BBSA), the ICS Sweep, the Operating and PFC (passenger facility charges) sweep accounts were reviewed in detail with time spent on checks clearing the operating account and how the ICS sweep protects BRAA by spreading our deposits among multiple banks to maximize FDIC coverage. The $65,000 loaned to the BBSA was noted as deposited in the that account and it was noted that capital campaign expenses to CCS will be paid out of this account. Separate FDIC deposit protection exists for the BBSA-Advocates account because it is a separate legal entity. Questions were asked and answered on numerous individual disbursements on the operating account. The March Journal Entries were reviewed. The monthly check register was reviewed as well as the primary operating account bank reconciliation. The February credit card statement transactions were reviewed. Statistical reports were reviewed in detail with noted recent improvements to numbers.
Review of March 2021 YTD Financial statements/Technology Contract
ED Rouleau and Chairman Durbin explained the favorable and unfavorable variances to budget for March and for the nine months ending March 31st. We continue to have favorable monthly net income results ($26,167 for March and $176,874 for the YTD March) with $78,898 from the income side and $97,976 from the expense control side. It was noted the relationship with the new attorney group is going well as is the new engineering group. One noted positive variance on the expense side was the technology expense budget of $22,500 vs zero actual. ED Rouleau has acquired roughly $6,000 in new laptops, servers and other IT equipment that is yet to be installed awaiting approval of a new technology contract. The FC recommends the full board accept the proposal to be present on Monday for a $5,000 set up fee for the new equipment and a $800 per month fixed fees to service and maintain the equipment. This will be considerably less than what was budgeted for in FY 2021 that was delayed.
The March 31, 2021 Balance Sheet was reviewed. It was noted that total costs incurred to date on the new terminal’s construction in progress stands at $3,370,246. Comparison of cash on account at March 31st of $1,379,197 vs. $118,711 is reflective of the $1,086,000 received from the CARES Act in the past year. It was noted BRAA is expected to receive $1,006,000 in “round 2” of stimulus dollars from December 2020 congressional actions and an unknown amount from the March 2021 federal stimulus bill passed by Congress.
Reviewed the accounts receivable aging report for March 31st and April 14th noting that the TSA gets behind up to three months at times and then catches up. Simmons Engineering is expected to vacate soon with a couple of other potential tenants being explored.
Preliminary Budget Discussions
Durbin explained the process for coming up with the next year budget. A quick review of the major income sources and which are essentially fixed without regard to number of passengers and the various income which is mostly dependent on passengers. The hope is that by the fourth quarter FY 2022 we
can be back to pre-COVID level through a gradual increase of volumes of passengers. A quick run-through of major expense budget items was discussed. The Finance Committee will meet again on May 20th for a special meeting to go over a detailed potential budget including a listing of necessary capital type expenditures for equipment, etc needed but not in the new terminal budgets.
Other items and adjournment
The next Board meeting is April 26th, and the next full FC meeting is set for July 22nd at 3:30. The special meeting for the budget will be May 20th at 3:30.
Meeting adjourned at 4:45PM