Finance Committee Meeting Minutes – Wednesday, October 16, 2024
For your consideration, please read the minutes from the Finance Committee Meeting held on Wednesday, October 16, 2024 at 3:00 p.m. in the Commission Meeting Room.
Finance Minutes 10-16-24 with Attachments
To read the minutes, please open or download the pdf from the link above, or you may see more below.
Brunswick-Glynn Joint Water & Sewer Commission
1703 Gloucester Street, Brunswick, GA 31520
Commission Meeting Room
Wednesday, October 16, 2024, at 3:00 PM
FINANCE COMMITTEE MINUTES
MEMBERS PRESENT:
Charles Cook, Committee Chairman Pro tem
Clayton Watson, Commissioner (Via Teams)
Lance Sabbe, Commissioner
Andrew Burroughs, Executive Director
ALSO PRESENT:
Ben Turnipseed, Commission Chairman
LaDonnah Roberts, Deputy Executive Director
David Owens, Director of Finance
Frances Wilson, Accounting Manager
Pam Crosby, Director of Procurement
Janice Meridith, Executive Commission Admin.
Trey Scott, Mauldin & Jenkins Auditing Firm
Commissioner Cook served as Committee Chairman Pro tem and called the meeting to order at 3:00 PM.
PUBLIC COMMENT PERIOD
Commissioner Cook opened the Public Comment Period. There being no citizens that wished to address the Committee, Commissioner Cook closed the Public Comment Period.
APPROVAL
- Minutes from September 18, 2024, Finance Committee Meeting
Commissioner Sabbe made a motion seconded by Commissioner Watson to approve the minutes from the September 18, 2024, Finance Committee Meeting. Motion carried 3-0-0.
- Fiscal Year 2024 Audit Presentation & Acceptance – Trey Scott, CPA, Mauldin & Jenkins
The BGJWSC is required to have its financial statements audited annually. The Operational Agreement requires that the audit be completed by October 15 of each year. Mauldin & Jenkins, Certified Public Accountants, issued their unqualified opinion for the Fiscal Year ended June 30, 2024, and issued their report. Mr. Scott presented the Fiscal Year 2023-2024 Financial & Compliance Audit to the Finance Committee for acceptance to forward to the full Commission. He stated that a clean unmodified opinion resulted from the analysis. There were no findings or management points for discussion. Mr. Scott was very complimentary of the JWSC Finance staff members diligently doing a great job and for providing a high level of assistance for the auditors during their process.
Commissioner Sabbe made a motion seconded by Commissioner Watson that the JWSC Finance Committee recommend to the full Commission the acceptance of the audited financial report for the Fiscal Year ended June 30, 2024, and authorization of its release to the public and reporting agencies. Motion carried 3-0-0.
- Fiscal Year 2024 Year End Transfer – A. Burroughs
Mr. Burroughs noted that the Fiscal Year 2024 financial statements have been audited by our external auditors. As a result of effective management of operational funds, JWSC has positioned itself to be able to transfer funds to their elective reserves. Personnel costs for FY24 came in approximately $315,000 under budget, due to difficulty filling open positions. Revenues came in stronger than expected, particularly service fees, operational fees from new construction, and septic hauler fees. These line items savings total approximately $1,100,000. Based upon current cash balances and projected upcoming cash needs, staff is comfortable recommending a total transfer amount around $2,200,000. Based upon the most recent Pension Plan Actuarial Review, the calculated unfunded liability for the JWSC pension program as of January 1, 2024, is $1,281,842, with a funded ratio of 88.95%. The JWSC has an existing capital lease for the purchase of four (4) VacCons as approved by the Commission at the August 2022 Commission meeting. The remaining balance on this lease is $902,570.93.
Commissioner Sabbe made a motion seconded by Commissioner Watson to move that the Finance Committee recommend the full Commission authorize the transfer of $1,281,842 to the Brunswick-Glynn County Water and Sewer Retirement Plan and $902,570.93 to Truist Bank to payoff the remaining VacCon lease from net operating revenue generated in Fiscal Year 2024. Motion carried 3-0-0.
- Christmas 2024 Staff Gift Cards – D. Owens
Mr. Owens stated that The Brunswick-Glynn Joint Water and Sewer Commission has in past years given employees a Christmas gift card as an expression of appreciation and thanks. The cost of the cards is included in the Fiscal Year 2025 budget. The cards will be distributed on December 13th, 2024, along with payroll. The staff of the JWSC recommends that the Brunswick-Glynn Joint Water and Sewer Commission provide employees with a gift card in the amount of $100.00 to Walmart. The total number of cards would be 143 for a total of $14,300.00. Commissioner Sabe requested that in the future gift cards for local businesses be considered in place of the Walmart gift cards to support our local vendors.
Commissioner Sabbe made a motion seconded by Commissioner Watson recommend that the full Commission approve providing employees with a gift card in the amount of $100.00 to Walmart. The total number of cards would be 143 for a total of $14,300.00. Motion carried 3-0-0.
DISCUSSION
- Financial Statement Month End September 30, 2024 – F. Wilson
Mrs. Wilson presented the financial statement for the month ending September 30, 2024. She reviewed the Balance Sheet noting the Current Assets and Current Liabilities and briefed the Committee on the Combined Revenue Statement. The various Operating Revenues accounts were noted, and details on the Summary of Revenues and Summary of Expenses were highlighted. Mrs. Wilson briefly reviewed line items on the Cash Balances and the Project Report.
Commissioner Cook asked if there was any further business to discuss.
Commissioner Cook adjourned the meeting at 3:27 p.m.