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Home My WebLink About02-17-2010 Regular MeetingPublic Meeting Notice Committee: Fairhope Airport Authority Date & Time : Wednesday, February 17 , 2010 at 4:30 p .m. Place: Conference Room 161 North Section Street Subject: See Posted Agenda Notice must be stamped, dated and initialed before posted on bulletin board. POSTED Fairhope Airport Authority Agenda -February 17, 2010 4:30 p.m. in the Mayor's Conference Room City Hall-161 N. Section St., Fairhope, AL • Approval of Minutes for January 19 , 2010 meeting • Wetlands Mitigation Bank project • Resolution to reduce City appropriation for debt service by $40,000 • Resolution to open a second Operating Fund account • Treasurer's report • New business Schedule Of Future Meetings (Note: Regular meetings are on the 3 rd Tuesday of each month at 4:30 p.m. in the Mayor's Conference Room at City Hall, 161 N. Section St., Fairhope, AL.) • Next regular meeting: Tuesday, March 16 , 2010 The Fairhope Airport Authority met Wednesday, February 17, 2010 , at 4:30 PM at the City Administration Building, 161 N. Section Street. Present: Chuck Zunk, Chairman. Members : Charlie Bassett, Dan Stankoski, Rod Platt, Pam Caudill. Also David Bagwell, Attorney, and Gregg Mims. Absent: Joe McEnerney, Howard Hadley. Pandora Heathcoe, City Administrative Assistant took the minutes. The minutes of the January 19th meetinp were considered and duly approved on motion by 1st Rod Platt, 2" by Charlie Bassett and unanimously carried . Wetlands Mitigation Bank project-Christopher Baker, HMR, brought two . final layouts and descriptions of the options for each layout. Board members voiced that they preferred Option 8 to carry forward with. Mr. Baker said he would have more detailed information for the next meeting to show everyone . Treasurer's Report -The financial statements for both December and January were distributed to everyone for review. Resolution for City debt service-It was brought up for a resolution to reduce the City appropriation for debt service by $40 ,000 . This would be done in two increments of $20,000. This was duly approved on motion by 1st Charlie Bassett, 2nd by Rod Platt and unanimously carried . Resolution for Operating Fund account-A resolution was made to open a second Operating Fund at Compass bank. The required signatures would be the same as the other operating account. This was duly approved on motion by 1st Pam Caudill, 2nd by Rod Platt and unanimously carried . New Business-There will be a meeting Thursday, February 18t h with the FAA and ALDOT concerning the plans on the East side expansion . Charles Zunk reported that he has renewed the DNO policy which is pretty much the same as last year; he also reported the lawn maintenance contract will be renewed for 2010 . There being no further business a resolution to adjourn was duly approved on motion by 1st Rod Platt, 2nd by Charlie Bassett and unanimously carried ; therefore, meeting was duly adjourned at 5 :10 PM . 1 09Z final · Layout Project Summary -lnfrastructyre Narrative The · infra5tructure cost~ for Optl,ons 7 and 8 .are ,estfmated to be :$300 .per Unear toot. The cost.of the ·1nf~ructu~ li,ciud~ the con~(ru_ctio~.()f the n®ded .wat~. sewer, ga$., dralnag~ improvements , and ·~y bu.~\.IP In ~ right-of-way of the ·~~. The Infrastructure cost doe.a not l.nclude any phy&lcal .iml)iwements-:ne.eded for the ·1ots themse}v.~. such a$, fill material, lndlviduaUzed drainage !tiiprovements, ·aod simila r activities. -Option 8 • 6,666 linear feet road • $1 ,~,80(>_ infrast_ructure cos~.'= $8.~,3~s ·per 'lo~ • Proposed wetland area = 71.57 .aQi'es .. Total wetland. on.site• 83.9.9 acres •• 37 estimated wetland credits= Sf,285,000 • 5, f4.0. sµeain .Jln~ar feet = $449A000: • 24 lots • Lc,ts ra qge.from .. 94 to 4 .. 8.acres • Tota l aer.eage of ·lots .develop.ed = 62 .94 acres • Cost or developed acre = $31,773 Option) -• 6,778 llnear feet of ro1;1d • $2 ,033;400.infrastructure costs= 88 ;408 ~r lot • Proposed wetland area = 76 .25 ac(e.s • T.otal weUand on-si.te = 88.67 acres • 40 es.tl mat~ ~tland -credlts = $1,400~0oo • 5,140 stream linear feet-= $449,000 • 23 lots • Lots range from .94 to 4.8.acres • To'3I acreage -of lots:<t~vefopecl ·=·~~,88 • Cost of develo~g acre = $34,534 McGOWJN DIUV2 HUTOiINSON, MOORE 8t RAUCH. U.C BlfGINBHI. Sunnou I.AND PLAN.Ill NOT TO SCALE ffl'IDAr>.T.AIU 7 ..--------------HUTCHINSON.MOORE~ RAUCH, l.l.C -----. Mc.GOWIN DPJVB l!)IGIN8 ■U♦SuavaToas La110 PLAJOl ■U NOT TO SCALE mlDAUnm& a CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTWIDE FINANCIAL STATEMENTS MEASUREMENT FOCUS • ECONOMIC RESOURCES ACCRUAL BASIS OF ACCOUNTING DECEMBER 31, 2009 BALANCE SHEET ASSETS CHECKING ACCOUNT CITIZEN'S CERTIFICATE OF DEPOSIT BAY BANK CERTIFICATE OF DEPOSIT BANKTRUST CERTIFICATE OF DEPOSIT FNB CONSTRUCTION ACCOUNT LAND CAPITAL IMPROVEMENTS ACCUMULATED DEPRECIATION DEFERRED EXPENSE -BOND ISSUE TOTAL ASSETS LIABILITIES 2007 ALLIED IRISH BANK -LETTER OF CREDIT CAPITALIZATION RETAINED EARNINGS INVESTED IN CAPITAL ASSETS , NET OF RELATED DEBT NET EARNINGS TOTAL LIABILITIES ANO CAPITALIZATION INCOME STATEMENT REVENUES FUEL SALES CITY OF FAIRHOPE APPROPRIATION FESTIVAL OF FLIGHT T HANGER RENT BIG HANGER RENT OFFICE RENT INTEREST INCOME FAA GRANT EXPENSES INSURANCE PROPERTY TAX TRAVEL/DUES/MEETINGS BANK FEES LEGAL PROFESSIONAL SERVICES OFFICE AND GENERAL SUPPLIES MAINTENANCE VEH ICLE MAINTENANCE MISCELLANEOUS INTEREST EXPENSE ELECTRICITY FES TI VAL OF FLIGH T TOTAL REVENUES TOTAL EXPENSES NET EARNINGS • INSURANC E REFUND -FESTIVA L OF FLIGHT Prepared by Rose Fogarty Financ fal Reporting manager * CURRENT MONTH 1,270.48 28,113.0 0 3,840.00 7 ,000.00 201.24 40,424 .72 415 .00 1,500.00 10,563 .06 5 ,907 .54 2,500 .00 6,828 .83 749 .6 1 28,464 .04 11,960.68 ENDING BALANCE · 184 ,697.70 100,000.00 99 ,000 .00 107 ,000 .00 138,691 .01 10,934,228 .00 13,376,708 .64 (2,200 ,949 .00} 166,057 .00 22,905,433 .35 8 ,785,517 .00 814,236 .72 13,264 ,988 .00 40,691 .63 22,905,433.35 YEAR TO DATE 1,899 .80 84 ,339 .00 1 1,950.00 659 .88 2 1,000.00 736.43 120 ,585 .11 (1,2 13 .00) 1,165.00 4 ,500 .00 10,563 .06 151 .0 8 14 ,988.42 2 ,500 .00 44 ,889.89 2,349 .03 79,893 .48 40 ,691 .63 CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTAL FUNDS FINANCIAL STATEMENTS MEASUREMENT FOCUS • CURRENT FINANCIAL RESOURCES MODIFIED ACCRUAL BASIS OF ACCOUNTING DECEMBER 31, 2009 BALANCE SHEET ASSETS CHECKING ACCOUNT CITIZEN'S CERTIFICATE OF DEPOSIT FNB CONSTRUCTION ACCOUNT FNB CERTIFICATE OF DEPOSIT BANKTRUST CERTIFICATE OF DEPOSIT TOTAL ASSETS FUND BALANCE AND NET EARNINGS FUND BALANCE NET EARNINGS TOTAL LIABILITIES AND NET EARNINGS INCOME STATEMENT REVENUES FUEL SALES CITY OF FAIRHOPE APPROPRIATION FESTIVAL OF FLIGHT T HANGER RENT BIG HANGER RENT OFFICE RENT INTEREST INCOME FAAGRANT EXPENSES INSURANCE PROPERTY TAX TRAVEUDUES/MEETINGS BANK FEES LEGAL PROFESSIONAL SERVICES OFFICE AND GENERAL SUPPLIES MAINTENANCE VEHICLE MAINTENANCE MISCELLANEOUS INTEREST EXPENSE BOND ISSUE EXPENSE ELECTRICITY FESTIVAL OF FLIGHT CAPITAL PURCHASES ~LAND CAPITAL IMPROVEMENTS DEBT SERVICE Prepared by Rose Fogarty Flnanclal Reporting manager TOTAL REVENUES TOTAL EXPENSES NET EARNINGS CURRENT MONTH 1,270.48 28,113.00 3,840.00 7,000.00 201 .24 40,424 .72 415.00 1,500.00 10,563.06 5,907.54 2,500.00 749.61 6,826.63 28 ,464.04 11,960.68 ENDING BALANCE 184,697.70 100,000.00 138,691.01 99 ,000 .00 107,000.00 629,388.71 588,697 .08 40,691.63 629,386.71 YEAR TO DATE 1,899.80 84,339 .00 .. 11,950.00 659.88 21,000.00 736.43 120,585.11 (1,213.00) 1,165.00 4,500.00 10,563 .06 151.08 14,988.42 2,500 .00 2,349.03 44,889 .89 79,893 .48 40,691 .63 CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTWIDE FINANCIAL STATEMENTS MEASUREMENT FOCUS • ECONOMIC RESOURCES ACCRUAL BASIS OF ACCOUNTING JANAURY 31, 2010 BALANCE SHEET ASSETS CHECKING ACCOUNT CITIZEN'S CERTIFICATE OF DEPOSIT BAY BANK CERTIFICATE OF DEPOSIT BANKTRUST CERTIFICATE OF DEPOSIT FNB CONSTRUCTION ACCOUNT LAND CAPITAL IMPROVEMENTS ACCUMULATED DEPRECIATION DEFERRED EXPENSE -BOND ISSUE TOTAL ASSETS LIABILITIES 2007 ALLIED IRISH BANK -LETTER OF CREDIT CAPITALIZATION RETAINED EARNINGS INVESTED IN CAPITAL ASSETS , NET OF RELATED DEBT NET EARNINGS TOTAL LIABILITIES AND CAPITALIZATION INCOME STATEMENT REVENUES FUEL SALES CITY OF FAIRHOPE APPROPRIATION FESTIVAL OF FLIGHT T HANGER RENT BIG HANGER RENT OFFICE RENT INTEREST INCOME FAA GRANT EXPENSES INSURANCE PROPERTY TAX TRAVEUDUES/MEETINGS BANK FEES LEGAL PROFESSIONAL SERVICES OFFICE AND GENERAL SUPPLIES MAINTENANCE EQUIPMENT MAINTENANCE MISCELLANEOUS INTEREST EXPENSE ELECTRIC ITV FESTIVAL OF FLIGHT TOTAL REVENUES TOTAL EXPENSES NET EARNINGS * INS URANCE REFUND -FESTIVAL OF FLIGHT Prepa red by Rose Fogarty Financ ial Reporting manage r * CURRENT MONTH 28 ,113 .00 2,560.00 659.88 7,000 .00 151.98 38,484 .86 1,500 .00 11,818 .75 214.72 196 .00 559 .00 9,917 .59 652 .75 24,858 .81 13,626 .05 ENDING BALANCE 198,205.96 100,000 .00 99,000 .00 107 ,000 .00 138 ,808 .80 10,934,228.00 13,376,708 .64 (2,200,949 .00) 166,057.00 22,919,059.40 8 ,785,517.00 814,236 .72 13,264,988 .00 54,317 .68 22,919,059 .40 YEAR TO DATE 1,899 .80 112,452 .00 14 ,510 .00 1 ,319 .76 28,000 .00 888 .41 159 ,069 .97 (1,213 .00) 1,165 .00 6 ,000 .00 22,381 .81 365 .80 15,184.42 559 .00 2 ,500 .00 54 ,807 .48 3 ,001 .78 104,752 .29 54,317 .68 CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTAL FUNDS FINANCIAL STATEMENTS MEASUREMENT FOCUS • CURRENT FINANCIAL RESOURCES MODIFIED ACCRUAL BASIS OF ACCOUNTING JANAURY 31, 2010 BALANCE SHEET ASSETS CHECKING ACCOUNT CITIZEN'S CERTIFICATE OF DEPOSIT FNB CONSTRUCTION ACCOUNT FNB CERTIFICATE OF DEPOSIT BANKTRUST CERTIFICATE OF DEPOSIT TOTAL ASSETS FUND BALANCE AND NET EARNINGS FUND BALANCE NET EARNINGS TOTAL LIABILITIES AND NET EARNINGS INCOME STATEMENT REVENUES FUEL SALES CITY OF FAIRHOPE APPROPRIATION FESTIVAL OF FLIGHT T HANGER RENT BIG HANGER RENT OFFICE RENT INTEREST INCOME FAA GRANT EXPENSES INSURANCE PROPERTY TAX TRAVEL/DUES/MEETINGS BANK FEES LEGAL PROFESSIONAL SERVICES OFFICE AND GENERAL SUPPLIES MAINTENANCE EQUIPMENT MAINTENANCE MISCELLANEOUS INTEREST EXPENSE BOND ISSUE EXPENSE ELECTRICITY FESTIVAL OF FLIGHT CAPITAL PURCHASES-LAND CAPITAL IMPROVEMENTS DEBT SERV ICE Prepared by Rose Fogarty Financial Report in g manager TOT Al REVENUES TOTAL EXPENSES NET EARNINGS CURRENT MONTH 28,113.00 2,560.00 659.88 7,000.00 151.98 38,484 .86 1,500.00 11,818.75 214 .72 196.00 559 .00 652.75 9,917.59 24,858.81 13,626.05 ENDING BALANCE 198,205.96 100,000.00 138,808.80 99,000.00 107,000.00 643,014 .76 588,697 .08 54,317.68 643,014 .76 YEAR TO DATE 1,899.80 112.452.00 14,510.00 1,319.76 28,000.00 888.41 159,069.97 (1,213 .00) 1,165.00 6 ,000.00 22,381.81 365.80 15,1 84.42 559.00 2,500 .00 3,001 .78 54,807.48 104,752 .29 54,317 .68