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Home My WebLink About02-21-2017 Regular MeetingMinutes of Fairhope Airport Authority February 21, 2017 The Fairhope Airport Authority met February 21, 2017 at 4:30PM in the Delchamps Suite, Room 1, in the Civic Center at 161 N Section Street. Present: Joe McEnerney, Chairman, Vince Boothe, Pam Caudill, Ray Hix, Tom Scheck, and Chip Groner. Also present was Josh Myrick, attorney and Mayor Karin Wilson. Jack Burrell was absent. Cynthia A Boothe took the minutes. The minutes of the January 17, 2017 meeting were considered and approved on a motion by Vince Boothe, second by Chip Groner and unanimously passed. The minutes of the January 31, 2017 Special Meeting were considered and approved on a motion by Chip Groner, second by Tom Scheck and unanimously passed. The minutes of the February 9, 2017 Special Meeting were considered and approved on a motion by Pam Caudill, second by Chip Groner and unanimously passed. Approval of the fiber optic easement for AT&T: Josh Myrick stated that he had received all of the paperwork needed for the easement and asked for a motion to authorize Joe McEnerney as chairman to sign the necessary documents. A motion was made by Vince Boothe, second by Pam Caudill and unanimously passed. Approval of normal Airport maintenance items: Chip Groner said that he had received a low bid of $4,895.00 to power wash the runways and taxiways. He made a motion to go forward with the power washing of the runway, second by Ray Hix and unanimously passed. Also, Chip stated that the Authority needed to spend $4,500.00 to repair buckled asphalt on the taxiway. Chip made a motion to move forward with the repairs, second by Pam Caudill and unanimously passed. Treasurer's Report and review of large maintenance expenses in January: Ray Hix stated that the financials are in good order. He also reported that the Authority received additional lease income in January from the CPI adjustment clause in the Public Safety Hanger lease and the CMS lease. He also reported extra expenses to the airport due to repairs to the AWOS and gate repairs due to lightening damage. After the Treasurer's report Chip Groner reported that he had visited the construction projects for the Cedar Creek and Mid Bay Air hangars and that they are progressing well and should both be finished by late spring. Approval of letter of support for grant for enlarging the welding lab at Aviation Academy: Joe McEnerney stated that the Aviation Academy is applying for grant money to enlarge the welding lab at the Academy. The Authority has been asked to write a letter of support for the expansion of the welding lab. A motion was made by Ray Hix to issue a letter of support, second by Chip Groner and unanimously passed. Update the status of the East Side construction project: Joe McEnerney stated that the project is on time and that they are 46% complete. Discussion of the development of the west side of the Airport: Joe McEnerney stated that he has spoken with a couple of realtors who are interested in marketing the property on the west side but he does not have anything else to report at this time. Approval of the bank to refinance the Airport Authority's $7,445,629.00 existing debt: Joe McEnerney presented the final proposals for the loan refinancing and after a group discussion Vince Boothe made a motion to select Bryant Bank for the refinancing, it was seconded by Chip Groner. Vince Boothe, Pam Caudill, Tom Scheck and Chip Groner all voted yes. Joe McEnerney and Ray Hix recused themselves from the vote. Other Business: Joe McEnerney stated that he had received Tom Scheck's resignation from the Airport Authority in that he is moving to south Florida. He expressed his appreciation to Tom for all the expertise he brought to the Authority and how much he had enjoyed serving with him on the Board over the last year. Joe McEnerney stated that the grass cutting contract is coming up for renewal and he wants to send out an RFP to be returned within 30 days for review. Joe McEnerney said it was time to review the Airport's insurance policies. He has been in contact with two insurance companies that are looking at the policies to try and obtain better rates. Ray Hix stated that he feels the Airport needs a press liaison and suggested Chip Groner for that position. Joe McEnerney agreed and Chip said he was willing to do it. There being no further business, the meeting was adjourned at 5:OOPM. CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTWIDE FINANCIAL STATEMENTS MEASUREMENT FOCUS - ECONOMIC RESOURCES ACCRUAL BASIS OF ACCOUNTING MONTH ENDING JANUARY 31, 2017 DOES NOT INCLUDE YEAR END ADJUSTMENTS (cD- 1/31/2017 BALANCE SHEET ENDING BALANCE ASSETS PNC OPERATING ACCOUNT 81,872.97 PNC MONEY MARKET ACCOUNT 401,356.89 PNC FAA 2016 ACCOUNT 72,575.36 GRANTS RECEIVABLE 70,295.00 FAA PROJECT - LAND AND CONSTRUCTION IN PROGRESS 11,463,429.18 CAPITAL IMPROVEMENTS 19,729,757.10 ACCUMULATED DEPRECIATION (3,658,734.00) DEFERRED EXPENSE - BOND ISSUE - TOTAL ASSETS 28,160,552.50 LIABILITIES 2010 PNC LOAN-DEFEASE 2007 ALLIED IRISH LETTER OF CREDIT 7,445,629.00 DUE TO GEN - A/P TRADE - DEFERRED INFLOWS OF RESOURCES SERVICE CONCESSION ARRANGEMENT REVENUE APPLICABLE TO FUTURE YEARS-BCBOE 2,539,885.32 SERVICE CONCESSION ARRANGEMENT REVENUE 1,047,604.00 APPLICABLE TO FUTURE YEARS -CONTINENTAL MOTORS NET POSITION RETAINED EARNINGS 977,072.69 INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT 15,772,839.00 NET EARNINGS 377,522.49 TOTAL LIABILITIES AND CAPITALIZATION 28,160,552.50 INCOME STATEMENT CURRENT MONTH YEAR TO DATE REVENUES FUEL SALES 1,118.32 5,623.52 CITY OF FAIRHOPE APPROPRIATION 26,666.00 128,666.00 PUBLIC SAFETY RENT 1,390.54 3,286.75 FBO CONTINENTAL/OFFICE RENT 12,964.53 51,214.53 GROUND LEASE REVENUE - - INTEREST INCOME 114.90 332.76 SALE OF ASSETS - - MISCELLANEOUS INCOME - - FAA GRANT 150,002.00 259,483.00 TOTAL REVENUES 192,256.29 448,606.56 EXPENSES INSURANCE - - TRAVEL/DUES/MEETINGS 526.68 526.68 BANK FEES 198.67 294.41 LEGAL 1,400.00 4,200.00 PROFESSIONAL SERVICES 1,325.78 1,325.78 OFFICE AND GENERAL 163.66 3,764.63 SUPPLIES - - MAI NTENANCE-BLDGS/FACI LITY 240.57 11,053.95 MAINTENANCE -GROUNDS - - EQUIPMENT MAINTENANCE - - MISCELLANEOUS - - INTEREST EXPENSE 12,202.89 47,154.59 ELECTRICITY 639.86 2,764.03 TOTAL EXPENSES 16,698.11 71,084.07 NET EARNINGS 175,558.18 377,522.49 Jill Cabaniss, Finance Director 2/20/2017