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Meeting Minutes for:
Finance Committee Meeting Minutes
Yuma International Airport, Conference Room
Thursday, February 08, 2024 at 11:00 AM
Call to Order:
The Yuma County Airport Authority, Inc. (YCAA)Finance Committee Meeting of the Board of Directors was called to order at 11:00AM on February 8, 2024, in the Yuma International Airport Conference Room, 2191 E. 32nd Street, Suite 218, Yuma, Arizona 85365. The Presiding officer was Stanley Gourley, Chairman.
YCAA FINANCE COMMITTEE MEMBERS PRESENT WERE:
Stanley Gourley, Treasurer
Dean Hager, 1st Vice President
Russell Jones, 2nd Vice President
Albert Gardner, Director
YCAA FINANCE COMMITTEE MEMBERS ABSENT WERE:
None
ALSO PRESENT WERE:
Bill Craft, President
Gladys Brown, Airport Director
Gerald Hinkle, Jr., Chief Financial Officer
CALL TO THE PUBLIC
There were no Public Comments.
REGULAR AGENDA
1) Finance Committee discussion and overview of FY24 Year to Date Budget through December of 2023.
Ms. Brown, Airport Director, explained the YTD FY24 Budget is presented each month at our regular Board of Director meetings and went over the latest financial presentation which is slated to be provided at the February regular meeting of the Board of Directors.
2) Finance Committee discussion and overview of the YCAA’s Capital Reserves.
Staff provide a summary of recent changes in the balance of YCAA’s capital reserves since expenditures related to the retirement of long-term debt and an investment into a Certificate of Deposit. Following this update, staff provided a list of expected uses of capital reserves over the next couple of years. The Committee discussed the necessity of capital reserves and preferred minimum balances to ensure operational capability in some detail.
3) Finance Committee discussion and possible recommendation related to the status of note payable #1713 held by 1st Bank Yuma
Ms. Brown, Airport Director, explained the status of Note #1713 with the intention of determining direction to be taken in July of 2025 when the terms of the note call for the interest rate to be “reset” based on the effective Prime Rate of Interest at that time, less .25%. Using current rates as an example, this change would increase the annual rate of interest applied to the outstanding balance from 3% to 8.25%.
YCAA Staff provided the Committee with the project balance due on Note #1713 in July of 2025 which initiated a discussion of options to consider as this date approaches.
4) Finance Committee discussion and possible recommendation on Certificate of Deposit.
Ms. Brown, Airport Director, explained in February of 2023 the YCAA invested $2 Million into a 12-month Certificate of Deposit (CD) at 1st Bank Yuma. This CD will mature on February 24, 2024, with an expected balance of $2,080,000 available. The Committee was provided several offers to re-invest $2 Million into another CD by 1st Bank Yuma which were considered in detail.
The Committee reached a consensus the idea of investing $2 Million into another CD upon the maturity of the previous but left the desired term available for additional consideration after staff approaches 1st Bank Yuma with a counteroffer intended to improve the terms available.
Specifically, staff was directed to inquire of Ms. Silvia Gunderman of 1st Bank Yuma if the bank would consider increasing the Annual Percentage Rate Yield on the 24 month CD offered, as well as reducing the penalty for early withdrawal. Ms. Brown will provide the new information in the Board meeting on February 13, 2024.
The Committee Chairman described his intention to consider the results of this inquiry during the upcoming meeting of the Board of Directors on February 13, 2024.
5) Finance Committee discussion on YCAA Upcoming Projects.
Ms. Brown, Airport Director, provided an update on upcoming airport improvement projects. Recommendation to provide the update on the 1st floor restroom renovation projected to be an off budget expenditure of $500,000. Additional projects provided such as the parking lot at the FBO, project and the update on the replacement of the airport terminal flooring system.
6) Finance Committee discussion and possible recommendation on general matters related to the operational finances of the YCAA.
Ms. Brown, Airport Director, provided insight into the operational finances of the YCAA or as instructed by the committee members. Recommendation and direction was given for Ms. Brown to work with the bank regarding establishing an operating line of credit and closing the existing ADOT grant related line of credit.
ADJOURNMENT
There being no further business before the Board the meeting adjourned at 1:05PM.
// Approved //
Stanley Gourley
Treasurer, Yuma County Airport Authority; Finance Committee Chairman | |
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| Tue Jan 9, 2024 -- January Board |
| Tue Jan 9, 2024 -- Annual Board Meeting 2024 |
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